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MONDAY, SEPTEMBER 21, 2020

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‘Don’t get hung up on October hotel return’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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CABINET minister yesterday urged Bahamians not to get hung up over the October 15 date for the hotel sector’s re-opening as the British Colonial Hilton became the latest resort to delay its return.

Dionisio D’Aguilar, minister of tourism and aviation, suggested to Tribune Business that the “enormous emphasis” being put on this date was misplaced given that October is traditionally the second-slowest month in the Bahamian tourism calendar.

He told this newspaper that, rather than being a “hard-and-fast” deadline by which all resorts must re-open, the Ministry of Tourism had instead intended it as a “signal to the market” as to when The Bahamas’ largest industry will be ready for business once again.

• Hilton latest to delay re-opening indefinitely • Minister: ‘Too much emphasis’ on October 15 • Bahamas had to ‘signal we’re ready to rumble

BRITISH COLONIAL HILTON

DIONISIO D’AGUILAR

Water union election integrity ‘in question’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Water & Sewerage Corporation’s line staff union must hold a new election after the Supreme Court found “the overall fairness” and integrity of the first leadership ballot was “called into question”.

Justice Ian Winder, in a September 16 ruling, agreed with John Pinder, director of labour, that Dwayne Woods, pictured, the Bahamas Utilities Services & Allied Workers Union (BUSAWU) president, had “interfered with, and called into question

the integrity”, of the June 30, 2020, vote to elect new officers for the union.

Mr Woods and his team were said at the time to have won a resounding victory, but Justice Winder upheld

SEE PAGE 2

BOB rejects $31m Miller ‘conspiracy’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BANK of The Bahamas is “categorically denying” that it participated in a “malicious conspiracy” against a former Cabinet minister who it alleges had defaulted on some $30.5m owed to it.

The BISX-listed institution, via a statement issued by its attorney, Gail Lockhart-Charles, said it stood by

its “comprehensive defence” to the allegations against it

by Leslie Miller, pictured, and his companies despite a Supreme Court justice finding it had “acted in bad faith” and worked together with the government over the latter’s breaches of five leases at the MP’s Summerwinds Plaza.

But, reiterating that no damages award had been made against Bank of The

SEE PAGE 7

And the choice of October, given the relatively minimal visitor flows normally enjoyed at this time, was also designed to give Bahamian resorts time to train staff, implement the necessary COVID-19 health and safety protocols and test them ahead of the Thanksgiving and Christmas holidays that mark the winter season’s start.

“I don’t know why there’s this enormous emphasis on

October 15,” Mr D’Aguilar told this newspaper. “October is the second slowest month of the year. We’ve targeted, and want to get things finished, things in place, in time for opening at Thanksgiving or prior to Thanksgiving, and prepare ourselves for the Christmas season - what we can salvage from that.

“2020 will be a horrible year. But we have to send a signal to the market that we’re ready to rumble....

People are not travelling as much as they used to. Let’s start letting everyone know we’re back in business, all the hotels will assess their own situation and, once they feel it’s right, the groundwork and foundations have already been laid for when they re-open.”

SEE PAGE 4

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Cruise chief: 2021 berth bookings up over pre-COVID

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net NASSAU Cruise Port’s top executive says he remains hopeful the cruise industry may return with “very limited sailings” before year-end with 2021 berth bookings exceeding pre-COVID-19 levels.

Michael Maura, the cruise port operator/developer’s chief executive, told Tribune Business that the cash flow lost from missing its projections of the sector’s return to Nassau in October will not impact the $250m Prince George Wharf redevelopment that is preparing to demolish the former Festival Place facility within the next two weeks.

Arguing that the cruise industry has “made significant progress” despite having voluntarily extended its shutdown until endOctober 2020 at the earliest, while facing a Centres for Disease Control and Prevention (CDC) imposed ‘no sail’ order currently due to expire on September 30, Mr Maura said the sector’s

MICHAEL MAURA COVID protocols are now being finalised for presentation to US regulators.

And, with the cruise industry having resumed limited sailings in Europe and the Mediterranean, Mr Maura said in messaged responses to Tribune Business questions: “I believe it is possible that we may see very limited sailings in late 2020 with a more widespread return in January.

“We had previously contemplated the return of business as of October 1 at approximately 50 percent capacity through to December 31, 2020. This will not happen, and we may see limited business in

SEE PAGE 6

PAGE 2, Monday, September 21, 2020

THE TRIBUNE

GBPS AND PARTNERS ISSUE $3M FOR BUSINESS SUPPORT THE Grand Bahama Port Authority (GBPA) and its partners have issued some $3m in grants and business stimulus to boost the island’s private sector amid Hurricane Dorian and COVID-19.

Rupert Hayward, the GBPA’s executive director, revealed the figure during a Zoom meeting with the Rotary Club of Freeport last week. The initiatives include the Restoring Industry, Sustaining Employment (RISE) grant, which is a collaboration between the GBPA and Mercy Corps, a global humanitarian organisation, with funding support from the American Red Cross and Bacardi Ltd. “Along with Bahamas Red Cross, we announced a grant programme for licensees for up to $6,000 to stimulate economic recovery for micro businesses on the island,” Mr Hayward said. “We have also extended the RISE programme for COVID-19 assistance. Our combined economic stimulus programmes and grants throughout this period total

RUPERT Hayward, right, shares recovery efforts by the GBPA during a Rotary Club Zoom meeting. approximately $3m.

“In partnership with Dudley Seide of Reach Out Ministries, needy families are being fed through an island-wide food distribution programme. Through the GBDRF (Grand Bahama Disaster Relief Foundation) partnership with local pastors, supported by Pastor Eddie

Victor, we have distributed bedding and furniture throughout the community of Freeport as well as East End and Eight Mile Rock.

“The GBDRF were on the ground from day one working with our partners, like Nexus Global and Amazon, to help reach and feed over 45,000 Grand Bahamians, from east to

west. We then utilised our GBPA geo-mapping system to successfully identify hundreds of storm-damaged properties, and teamed up with various local and international partners including the Bahamas Red Cross, SPB-USA, and yourselves (Rotary).”

Mr Hayward added that some 800 homes

to-date have been touched by the post-Dorian repair programme.

Othyneil Pinder, the Rotary Club of Freeport’s president, said: “It is heartening to understand the full scope of support the GBPA, in its service to Freeport’s businesses and residents, has provided since the passing of Hurricane Dorian.

“Since the implementation of the government’s emergency order, the GBPA has suspended the collection of licensee fees as well as disconnections of water supply for those struggling to maintain their accounts.

“They leased a medical facility for use by GB Health Services for COVID-19 patients, and donated x-ray machines used for COVID-19 screening as well as rapid-result test kits to the Grand Bahama medical community. These are hugely impactful efforts that are helping our community through this challenging time,” Mr Pinder added.

“Despite the many difficulties we have faced as a result of COVID-19 in our communities, we’re a resilient island and, together, we are recovering. With the help of the GBPA and so many organisations, local and international, and with the determination of residents and business owners, we will continue to rebuild and once again thrive.”

Andros student in Deltec scholarship A STUDENT from Mangrove Cay High School in Andros is the recipient of the 2020 Deltec Initiatives Foundation scholarship.

David Rolle is the second Deltec scholar since the scholarship programme was launched in 2019.

The Deltec Initiative for Scholarship and Education (DIFSE), one of the three pillars of the Deltec Initiatives Foundation, provides Bahamian students in the Family Islands with a full scholarship and mentorship throughout four years of tertiary education at University of the Bahamas.

The scholarship aims to increase post-secondary education opportunities among Family Islands students who otherwise would not have the financial means to fulfill their goals.

Deltec said Mr Rolle has been described as “a determined young man who is

passionate about conservation in Andros”.

He will pursue an electrical engineering degree at University of The Bahamas this fall. His inspiration for this career came from the “severe and constant power outages in Andros”.

Mr Rolle aims, through completing his studies, to promote energy efficiency and overall infrastructure improvements in

Water union election integrity ‘in question’ FROM PAGE ONE Mr Pinder’s decision - in his dual capacity as registrar of trade unions - not to certify the election as compliant with the Industrial Relations Act after two major irregularities were brought to his attention.

While the Department of Labour’s Family Island offices had been designated as the only lawful places where the BUSAWU officers’ election could be held, the ballots on Exuma were instead sent

by Mr Woods - in his capacity as the union’s incumbent president - to the island administrator’s office on the basis that members preferred to vote there.

Then further concerns over the election’s integrity emerged when it was discovered that the back of all ballot papers had been stamped with the election logo of Mr Woods and his team of candidates for offices that included vice-president, secretary general and treasurer.

“On the morning of the election, June 30th, 2020, the designated officer at the Department of Labour’s

office in Exuma, Leslie Curtis, notified the registrar of trade unions that he was not in receipt of any of the union’s ballots,” Justice Winder recorded of the day’s events.

“It was discovered shortly before the polls closed that the ballots were actually sent to the island administrator’s office in Exuma, and the island administrator was in possession of the union’s ballots and supervised the Exuma poll.... “[Dwayne] Woods says the polling place in Exuma was changed by him as the members in Exuma preferred using the island administrator’s office instead of using the Department of Labour’s Exuma office.”

As for the second infraction, Justice Winder added: “The registrar says that on the day of the election, he received multiple calls from designated officers, from both New Providence and the Family Islands, who expressed member concerns about the integrity of the poll as they recognised the back of each ballot was stamped with an election team symbol. This

his home island.

The DIFSE initiative’s chair, Marcia Adderley, said: “In spite of the pandemic, candidates applied to our programme without any guidance as schools were closed. The perseverance of these students really impressed the DIFSE team, and even more impressive was the number of male students who put themselves forward.

“We are elated to have chosen David as Deltec’s newest scholar. He is a brilliant young man with lots of potential and drive, and we are delighted to help him along this path to achieving his goals. We continue to encourage all Family Island students to take this simple action by applying for this scholarship.”

The DIFSE initiative is full scholarship for

leading public high school seniors in the Family Islands. It is open to students wishing to undertake studies in information technology, economics, banking, finance, human resource management, marketing, management, mathematics, engineering or sciences at the University of The Bahamas, and who commit to remain in The Bahamas post-study.

The successful candidate will also receive professional development opportunities through Deltec’s internship programme.

Winners are chosen based on their academic achievements, leadership skills, participation in school and community activities, financial need and a commitment to give back to their communities.

The application deadline for the 2021 scholarship will

symbol was the symbol of Woods’ team.

“On July 2, 2020, a [rival] presidential candidate wrote to the registrar with concerns about an election team stamp being placed on the back of the ballot. He thought that it was unfair and that it gave that election team an advantage.”

As a result, Mr Pinder met with all presidential candidates on July 13, 2020, explaining that these irregularities were why he was not going to certify the poll as compliant with the Industrial Relations Act. This prompted Mr Woods and his team to initiate a Judicial Review action in a bid to uphold the results and prevent a new election from being held.

The Attorney General’s Office, acting for Mr Pinder, challenged the Judicial Review approach on the basis that Mr Woods and his team, represented by Wayne Munroe QC, had not first explored alternative legal avenues.

Justice Winder agreed, finding that the incumbent president and his team should have first appealed to Dion Foulkes, minister of labour, to use his powers under the Industrial Relations Act to certify the poll rather than go the Judicial Review route given that this is “normally a remedy of last resort”.

He rejected Mr Woods’ assertion that a What’s App exchange on July 8, 2020, between himself and Mr Foulkes amounted to such an appeal request given that Mr Pinder did not render his decision not to certify the vote until five days later.

Mr Woods, in the exchange, accused Adrian Gibson, the Water & Sewerage Corporation executive chairman, with whom he has repeatedly clashed of trying to intervene in the union’s election. He told Mr Foulkes: “Thanks Bro. Adrian is attempting to interfere.”

This issue was never raised again by Justice Winder, who said the case presented by Mr Woods and his officers’ team was that Mr Pinder was guilty of “irrationality or unreasonableness” in refusing to certify the election results and his team’s success. They added that even if the five Exuma votes, which were all cast in favour of rivals, were excluded they would still have won.

However, Mr Pinder and the Attorney General’s Office argued that the placement of Mr Woods’ team stamp on the back of all ballot papers was “used to influence voters and denied all candidates an equal and unbiased election process”.

As incumbent president, Mr Woods was responsible for preparing

the ballots, and Mr Pinder and the government argued: “The placement of an election team stamp on the back of each ballot was a significant irregularity, and there is no way to quantify how the results were or were not affected, hence the influential ballot substantially distorting the election.

“The candidates were never given an opportunity to view the ballots, even though the ballots were already sent to the Family Islands days before the election. The candidates were only able to view the ballots on the morning of the election.

“It is humbly submitted that this demonstrates unfairness on the part of the first applicant [Mr Woods] who wanted to avoid the probability of an objection raised to the influential ballot. The first applicant used his position as president to unduly influence voters by placing his election team stamp on the back of each ballot,” they continued.

“The Department of Labour doesn’t permit any campaign paraphernalia around any designated voting area, as guided by the parliamentary election procedures, in order to maintain electoral fairness. The first applicant attempted to circumvent this procedure.

“In other words, by the first applicant’s conduct in changing the location of the poll in

be released early next year.

Public high school seniors from the Family Islands will be invited to apply by completing the application form and writing a 250word essay on the topic: Why I should be the next Deltec Scholar. Submissions are accepted online at https://www.deltecbank. com/difse-registration or should be emailed to difse@ deltecbank.com.

Pictured from left: Tanya Carey, chief financial officer, Deltec; Jean Chalopin, chairman, Deltec International Group; David Rolle, Deltec 2020 scholar; Marcia Adderley, senior vice-president, client services, Deltec and DIFSE chairlady; Marie Cargill, legal counsel, Deltec; Paul Winder, head of fiduciary products and markets, Deltec; and Milton Hanna, junior client services officer, Deltec.

Exuma in contravention of the Industrial Relations Act and further by placing his election team stamp on the ballot, it is humbly submitted that he has interfered with and called into question the integrity of the election process and therefore the poll cannot be certified in these premises.”

Justice Winder said that while it was hard to determine where the union’s involvement in running the election ended, and the Department of Labour’s involvement began, but said the union and Mr Woods were responsible for producing the ballot papers.

He added that the decision not to certify the vote was not unreasonable, as alleged

by Mr Woods and his team, and concluded: “Whilst the five votes in Exuma would not have affected the overall outcome of the elections it cannot be said that issue, having regard to the authorities, is a trite one.

“When considered in conjunction with the issue of the applicants’ marking of the ballots with their team stamp, the overall fairness of the election is called into question.” Dismissing the Judicial Review action by Mr Woods and his team, Justice Winder gave the go-ahead for a new election to be held.

THE TRIBUNE

Banks take over $125m COVID loan loss buffer

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN commercial banks suffered a 70.7 percent fall in collective profitability during the 2020 first quarter as bad debt expenses soared by more than $54m year-over-year due to COVID-19.

The Central Bank of The Bahamas, in its economic report for the three months to end-June 2020, attributed the $59.3m fall in total industry profits compared to the 2019 first quarter to the industry’s preparations for pandemic-related credit write-offs and credit losses.

With businesses, households and individuals unable to meet their obligations due to the mixture of lockdowns, terminations and temporary furloughs, the Central Bank revealed that the commercial banking industry took another $70m worth of loan loss provisions for the second quarter following the $55.7m taken during the first three months of 2020.

The combined $125.7m in provisioning would appear to be prudent given that the Central Bank previously revealed that some $1.85bn worth of credit, representing almost one-third of outstanding Bahamian commercial bank loans, had been placed on bank-run deferral programmes lasting from between three to six months at the peak of COVID-19 restrictions.

With these deferrals only now starting to be unwound, the true consequences of many corporate and retail borrowers’ inability to service their debt due to COVID-19’s fall-out for economic activity and jobs is starting to become clearer - both for the bank and their clients.

“During the first quarter of 2020 - the latest available data - banks’ overall profitability contracted by $59.3m (70.7 percent) to $24.6m, relative to the same quarter of 2019, led by a significant increase in provisions for bad debt in anticipation of eventual COVID-19 losses,” the Central Bank said.

“Banks reported a net expense on other activities of $25.6m, a turnaround from a net gain of $40.8m a year earlier. This largely reflected a hike in bad debt expenses to $55.7m from a mere $1.3m in the prior year, as banks anticipate an eventual increase in loan delinquencies due to the COVID-19 pandemic.”

The 2020 first quarter only included two weeks of COVID-19’s impact, and the banks were unnerved enough by what they had seen to further increase their loan loss provisioning over the following three months.

“Banks increased their total provisions for loan losses by $70m (16.3 percent) to $498.4m during the review quarter,” the Central Bank added of the three months to end-June 2020.

“Consequently, the ratio of provisions to total arrears firmed by 16.1 percentage points to 78.4 percent, while the ratio of provisions to non-performing loans rose by 17.7 percentage points to 113.4 percent.

“Further, banks wroteoff an estimated $31.4m in delinquent loans and recovered approximately $3.4m over the three-month period. Banks’ credit quality indicators improved during the second quarter, as the COVID-19 impact remained delayed owing to the implementation of loan deferral schemes.”

Elsewhere, the number and value of construction starts fell by more than 50 percent compared to the 2019 second quarter. “Total mortgage commitments for new buildings and repairs— a forward-looking indicator of domestic activity—lessened in number from 156 to 78, relative to the same period in 2019, while the associated value declined by 57.5 percent to $13.4m,” the Central Bank said.

“A breakdown by loan category revealed that the number of undisbursed

SEE PAGE 6

Monday, September 21, 2020, PAGE 3

Relief that environmental bond size watered down

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE government would have “driven every developer away” if the requirement to post an environmental bond equal to 50 percent of a project’s value remained in newlypassed regulations.

Private sector and developer sources, speaking on condition of anonymity, told Tribune Business they were hugely relieved that the final Environmental Impact Assessment (EIA) regulations tabled in the House of Assembly last Wednesday capped this bond at a sum equal to five percent of a project’s value.

They said the initial version of the regulations, which stipulated that such performance bonds be “no less than five percent, and no more than 50 percent, of the value of the project” would have brought foreign direct investment (FDI) and that by Bahamians to a complete standstill at a time when The Bahamas needs every cent it can get post-COVID-19.

“The big one was the environmental lien,” one contact said of the EIA regulations as first drafted.

“If they had to put up a 50 percent bond it was going to drive every developer away. People would not have invested here.

“It was more stringent than anywhere else; than in Florida and California, which have very strong environmental impact restrictions. Five percent is more reasonable.” The source also pointed out that the initial EIA version required such a performance bond, whether it was five percent or 50 percent of a project’s value, to remain in place for the lifetime of the development - some 65 years.

Branding this as “ridiculous”, the source said the final version mandates that a performance bond remain in place throughout a project’s construction and the first three years of operation - something they said developers “can live with”.

Tribune Business reported last week how the performance bond provisions in the EIA regulations had 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 on Wednesday drastically reduced the performance bond obligation imposed on developers “to a sum no more than five percent of the value of the project” due to fears that requiring developers to post a bond equivalent to 50 percent of their project’s value was too great a burden.

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 making the project non-viable. A security equal to five percent would be a much more manageable $20m.

However, while the government may have dealt with the area of greatest concern, this newspaper understands that other issues relating to the EIA regulations remain outstanding. Foremost is its failure to consult the engineers and practitioners who actually conduct Bahamas-based EIAs on behalf of developers and the government, as they are the persons who will actually use them.

“I’m hearing a lot of rumblings and grumblings from the practitioners because they’ve never really been consulted on the regulations,” one source, speaking on condition of anonymity, added. “The (Environmental Planning and Protection) Act places emphasis on public outreach, but the

government is not practicing what they preach.

“They haven’t introduced the regulations to, or consulted with, the very practitioners; the very people who use this stuff and act as the ‘yes’ or ‘no’ to FDI projects. They haven’t had sight of the damn thing or been consulted prior to it going to Parliament.

They’ve not officially seen anything.

“It’s totally wrong that they can expect this to go and be tabled into effect without consulting with people who know the strengths and weaknesses of this document. Is regulation needed? Absolutely.

Do we need something jammed down our throats?

No,” they continued.

“It’s got big holes in it and will need years of refining. There’s gaps. The Family Islands are excluded from the Act. Whilst Nassau and Grand Bahama are in, the Family Islands are excluded. Where is the

bulk of the development in The Bahamas? The Family Islands. There are things to be addressed in the regulations, and they can’t be tabled in the House without the practitioners having a look at them.”

Tribune Business was told other concerns relating to the EIA regulations involve the level of power and discretion granted to the Department of Environmental Planning and Protection’s director, plus the appeals process to challenge any EIA-related decision, which was described by one contact as “very weak and one-sided”.

Environmental activists, too, remain unimpressed.

Save the Bays’ Joe Darville reiterated that despite his group, reEarth, Bahamas Reef Environment Educational Foundation (BREEF) and the Waterkeepers Alliance jointly

SEE PAGE 6

Third Notice NOTICE OF CLOSURE The Law Office of Joseph C. Ledee has been closed.

Enquires about files and documents may be addressed to Joseph C. Ledee P.O.Box N-8887 Nassau, Bahamas or J.ledee@yahoo.com or Tel: 3273475a

PAGE 4, Monday, September 21, 2020

THE TRIBUNE

‘Don’t get hung up on October hotel return’ FROM PAGE ONE

YOUR

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

“Many, many, many hotels around the world are closed. We’re going to set the conditions in place, let everyone re-open, airlift will come back and everyone will take it from there.”

Mr D’Aguilar spoke out after the British Colonial Hilton informed staff late last week that Bay Street’s anchor property will not return as planned on October 1, following a suspension of operations that has already lasted two months, and will instead remain closed indefinitely until COVID-19 infections improve in both major tourist source markets and in The Bahamas.

Pablo Casal, the downtown Nassau hotel’s general manager, confirmed the move to Tribune Business, citing “market conditions” caused by the pandemic.

He declined to comment further.

However, in its letter to staff, the British Colonial Hilton wrote: “We were hoping to resume our operations in October but unfortunately, this is not the case. We continue to see an increase and spread of the virus with no flattening of the curve right now. As a result, we are now faced to further extend the temporary suspension of our operations effective October 1, 2020, until further notice.”

Mr D’Aguilar, in response, said: “Obviously the longer it takes for those hotels to re-open, the more impactful it is on the economy. Market forces are market forces. Obviously this is a work in progress.

“The biggest impediment to tourism is this 14-day quarantine on arrival requirement. We have to figure out a way to deal with that. That’s a major hurdle, and the market is telling us that. It’s very difficult to

have a tourism sector once one of the tenets of travelling to The Bahamas is quarantine.

“That’s causing an enormous amount of uncertainty, and we have to address that and find a way to make it work.”

The British Colonial Hilton, which attracts more corporate customers than rival properties, is owned by China State Construction, the contractor that built the $4.2bn Baha Mar resort and is now completing the $200m Pointe expansion adjacent to the downtown resort.

Its extended closure to an unknown date further reduces the accommodation options for essential and corporate travellers who must visit The Bahamas during the COVID-19 pandemic, while also prolonging the uncertainty for hundreds of staff members over when jobs and incomes will return.

The decision also adds to the number of major resort properties, including Baha Mar, Melia Nassau Beach, Sandals Royal Bahamian and Club Med, who have confirmed they will not reopen this month, with the latter two pushing their return back into 2021 - and, in the case of the latter, December of that year.

And, with Atlantis and other major resorts yet to confirm when they will come back, the British Colonial Hilton’s decision will further raise the pressure on the government to extend the individual and business assistance initiatives launched to lessen COVID-19’s worst effects beyond end-September 2020 as funding has only been budgeted up to this point.

The government has already financed a 13-week extension to the National Insurance Board’s (NIB) unemployment benefit,

taking such welfare to 26 weeks in total or six months (half a year). It had previously voiced hope that the recommended October 15 tourism re-opening will reduce the social security lines, but this now looks an increasingly distant prospect.

And, should there be no further extension of the temporary lay-off period that expires at end-September, employers will be mandated to pay workers they do not bring back their full severance pay as mandated by the Employment Act. Yet weeks and months of COVID-19 lockdowns and restrictions, with no revenue coming in, will likely leave many companies struggling to afford this, while many workers may not want to accept severance packages given the difficulty in finding new jobs amid the depressed COVID-19 economy.

However, financial pressures may compel others to accept these.

One furloughed hotel worker, speaking on condition of anonymity, told this newspaper yesterday: “It’s almost like this is going right to the end of the year.

I thought maybe the hotels might try to make a special effort to open up for Thanksgiving. That’s still possible but uncertain.

“What’s going to happen in the meantime if the government does not extend unemployment benefit and the hotels are not opening?

The government will have to take into consideration that they are only giving us $150 a week, which is just grocery money for some people.

“Something is better than nothing, but at what point do you take the tough decisions? There are many persons close to retirement who would want to take a separation package.”

THE TRIBUNE

Monday, September 21, 2020, PAGE 5

The flights to nowhere AN AIRPLANE landing.

ACTIVTRADES WEEKLY

By RICARDO EVANGELISTA www.activtrades.bs ONE of the first economic sectors to suffer the full impact of the COVID pandemic was tourism, with aviation being particularly affected. The airplane was for decades a symbol of a globalised international order, flying passengers and goods across an increasingly “smaller” world. As the coronavirus struck, traveling restrictions were imposed and borders closed, with images of grounded airplanes becoming one of the most striking and powerful illustrations of the new normal.

Nine months into the crisis many Airlines are struggling financially, with some big names, such as Virgin Atlantic, having already filed for bankruptcy. But a few operators decided to fight back, coming up with creative ways to mitigate the losses caused by the sudden halting of international traveling.

The market of the socalled “trips to nowhere” is gaining increasing popularity in the Asia-Pacific region. Companies such as Qantas Airways and Singapore Airlines are reacting to the substantial decrease in revenues resulting from the reduction in the number of regular scheduled flights,

caused by the pandemic, by offering flightseeing hops over locations of touristic value. If we take into consideration the levels of ticket demand experienced so far, it appears that this new market may indeed become a fruitful one.

The idea is simple: Departure and arrival will be at the same airport, with the trip itself consisting of a circular route, during which the plane will fly over regional places of interest, including cities as well as natural attractions.

The concept itself has been around for years, pioneered

by Airlines from Australia and New Zealand that for some years have been organising flights over Antarctica, going all the way to the South Pole before flying back for landing.

Qantas recently arranged a “trip to nowhere” lasting seven hours, with departure and arrival at Sidney Airport and an itinerary taking one of its Boeing 787 airplanes over the famous Uluru rock, the Outback desert, the Great Coral Reef and Sydney harbour.

The airline issued 134

tickets, with prices ranging between 787 and 3787 Australian dollars, which sold out within ten minutes.

According to an airline spokesperson, quoted by the Business Insider magazine, it was the fastest ever selling flight in the firm’s 100 years’ history. On a similar episode, occurred during the last month of August, EVA, the Taiwan national airline, organised a special Father’s Day flight around the South Korean island of Jeju; all the tickets sold out in less than five minutes. Such high demand for flights that are all about enjoying the journey, not arriving at the destination (as wise people say it should always be), is testament to the appeal of being high-up in the sky.

Extraordinary times call for unusual solutions; some airlines in the Asia-Pacific region came up with a good example of lateral thinking, that perhaps others can follow. Many of those pre-COVID frequent fliers clearly miss the experience and that creates commercial opportunities for cash stranded operators.

PAGE 6, Monday, September 21, 2020

Cruise chief: 2021 berth bookings up over pre-COVID FROM PAGE ONE December with anticipation of a more material return in January.

“The cash we had hoped to receive in the fourth quarter of 2020 would have been welcome but the absence of ships during this time does

not compromise the project. The bookings we have for 2021 exceed 2019 actuals, which is very promising.

We have forecasted 2.6m passengers in 2021, so if the bookings occur as scheduled we would exceed our forecast.”

Many observers may view Mr Maura’s projections as optimistic, given that they come just after Carnival cancelled sailings by four of its vessels until the MarchMay 2021 period, with its chief executive, Arnold Donald, saying ships were

THE TRIBUNE unlikely to be back at full capacity until 2022.

And, besides satisfying the CDC’s concerns, the cruise industry will also have to restore consumer confidence in the health and safety of its ships after they become one of the initial COVID-19 “hot spot” sources, meaning it will likely take a while to ramp up to full business.

Mr Maura, though, said he believed that the COVID-19 pandemic had given the cruise industry “a further appreciation

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.

for The Bahamas” and how - through multiple destinations accessible to passengers for just an $18 per head tax - it was “geographically superior” to rival ports of call.

“We must also consider Bay Street businesses, the hundreds of taxis and tour operators, and the thousands of jobs dependent on the arrival of cruise passengers,” he added. “The suspension of cruise tourism has been devastating to all and highlights its value to our small island economy.”

As for Prince George Wharf’s construction transformation, Mr Maura said: “Materials are on order, equipment is on route and teams are arriving this weekend. The old Customs warehouse is down, demolition of Festival Place is to commence within two weeks, and the contract for the demolition of the port building will be awarded shortly.”

Dionisio D’Aguilar, minister of tourism and aviation, concurred that “there’s a glimmer, a faint light beginning to gather speed” on the prospects for the cruise industry’s resumption of sailing and return to The Bahamas.

“I’m getting positive vibes that November is looking achievable possibly,” he told Tribune Business. “Before we didn’t know at all, but there seems to be some sort of rumblings that something is happening, and potentially, possibly some time in November. But there’s nothing we can do about that.”

Mr D’Aguilar said the Ministry of Tourism had been in constant contact

with the cruise industry over its shore and on-boarding health protocols. While the cruise lines had indicated The Bahamas will be “the country of choice for their first sailing”, he acknowledged this would only involve their private islands initially followed by heavilycontrolled tours to minimise passengers’ COVID-19 exposure.

Nassau Cruise Port, in its $150m bond offering projections earlier this year, forecast that the cruise industry would return to Prince George Wharf after “six months of nothing” in the 2020 fourth quarter with much-reduced passenger numbers.

Some 635,000 cruise arrivals were forecast to come during a final quarter that includes the Thanksgiving and Christmas holidays. “In the first quarter we handled on average 76,000 passengers a week,” Mr Maura told Tribune Business at the time. “In the fourth quarter we’re looking at handling approximately 48,000 passengers a week. That’s after six months of nothing....

“We said we’re going to look at the fourth quarter.

I have spoken to, and had the benefit of speaking with, every cruise line that comes to The Bahamas. They say The Bahamas is significant and strategic in their return to the water.

“They see themselves calling on The Bahamas first because of the three to fourday cruises, enabling them to offer two to three calls in the same itinerary, and with only one head (departure) tax needing to be paid.”

Relief that environmental bond size watered down FROM PAGE THREE working to assess the regulations with assistance from outside experts, little to none of their recommendations had been taken into consideration.

“We are extremely distressed that after being consulted for our professional input, and having worked diligently and extensively on recommended changes and additions, the EIA was tabled without any regard for our recommendations,” Mr Darville said.

“We were not even afforded the courtesy of the final fourth draft of the EIA regulations. Additionally, we were given the impression that we still had a few days in which to complete our work on the document.”

However, Debbie Deal, head of The Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) energy and environment division, said of the regulations: “I thought they were very good. After I read them I sent a message to director Newbold saying I can hardly wait to see that in action.”

Banks take over $125m COVID loan loss buffer FROM PAGE THREE

approvals for residential commitments fell by 80 to 73, while the corresponding value contracted by 52.6 percent to $11.6m. Conversely, commercial commitments grew in number by two to five, but the accompanying value decreased by 74.7 percent ($5.3m) to $1.8m.”

And the report added: “Total mortgage disbursements for new construction and repairs - as reported by banks, insurance companies and the Bahamas Mortgage Corporation - declined further by 45.9 percent ($12.5m) to $14.7m, after a 13.1 percent fall-off a year earlier.

“In particular, the residential component contracted by 45.2 percent ($11.8m) to $14.4m, following a 9.2 percent reduction in 2019. Further, commercial disbursements reduced by 63.5 percent ($0.7m) to $0.3m, relative to a 58.4% percent decrease during the prior year.”

THE TRIBUNE

Monday, September 21, 2020, PAGE 7

BOB rejects $31m Miller ‘conspiracy’ FROM PAGE ONE Bahamas, Mrs LockhartCharles described the judgment delivered by Justice Cheryl Grant-Thompson as a “draft” verdict that only found against the government for “an abuse of the court process” by providing “no reasonable defence”.

“There has been no application for judgment against the bank nor has there been any trial or adjudication of the claims made by Mr Miller and his companies against the bank,” Mrs Lockhart-Charles said on behalf of her client.

“The bank takes very seriously the reports in the media that the bank acted in ‘bad faith’ or ‘hand in hand’ with the government. The claims made by Mr Miller against the bank are pending trial and the defence filed by the bank categorically denies these claims.”

Although Bank of The Bahamas is 82 percent majority owned by the government, through the Treasury and National Insurance Board, with the majority of its board of directors appointed by it, Mrs Lockhart-Charles said it was “an entity that

is independent” of the government.

She added: “The bank’s decision to refuse to lend Mr Miller and his companies any more money was a decision that was made in the best interests of the bank and its customers. The bank’s defence asserts that the bank gave notice to Mr Miller and his companies that they were in serious default of their loan repayment obligations and the bank demanded repayment of the entirety of the balance owed under the loan facilities.

“The bank categorically denies Mr Miller’s allegation that the bank’s demand for repayment of the loans, and refusal to extend further credit to Mr Miller and his companies, was part of a malicious conspiracy scheme to harm Mr Miller.”

Mrs Lockhart-Charles continued: “As is set out in the bank’s defence and will be proved at trial, the size of the debts and the state of persistent default left the bank with no reasonable alternative but to cease providing advances to Mr Miller and his companies.

“The bank in its defence asserts that the amount of the debt owed by Mr Miller and his companies to the bank was in excess of $30.5m. The bank maintains that there was nothing improper whatsoever in the circumstances about its refusal to extend further credit to Mr Miller and his companies.

“The bank maintains that Mr Miller’s allegation that the bank acted maliciously and in breach of contract by refusing to extend further sums to Mr Miller and his companies is completely without merit.”

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 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 government 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 GrantThompson 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 Grant-Thompson 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.”

PAGE 8, Monday, September 21, 2020

THE TRIBUNE

Trump backs proposed deal to keep TikTok operating in US NEW YORK Associated Press PRESIDENT Donald Trump, pictured, said on Saturday he’s given his “blessing” to a proposed deal that would see the popular video-sharing app TikTok partner with Oracle and Walmart and form a US company.

Trump has targeted Chinese-owned TikTok for national security and data privacy concerns in the latest flashpoint in the rising tensions between Washington and Beijing. The president’s support for a deal comes just a day after the Commerce Department announced restrictions that if put in place could eventually make it nearly impossible for TikTok’s legions of younger fans to use the app.

Trump said if completed the deal would create a new company likely to be based in Texas.

“I have given the deal my blessing,” he said. “If they get it done, that’s great. If they don’t, that’s OK too.”

Trump said the new company will be hiring at least 25,000 people and making a $5bn contribution to a fund dedicated to education for Americans. “That’s their contribution that I’ve been asking for,” he said.

TikTok said Oracle and Walmart could acquire up to a cumulative 20% stake in the new company in a financing round to be held before an initial public offering of stock, which Walmart said could happen within the next year. Oracle’s stake would be 12.5%, and Walmart’s would be 7.5%, the companies said in separate statements.

The deal will make Oracle responsible for hosting all TikTok’s US user data and securing computer systems to ensure US national security requirements are satisfied. Walmart said it

stop what it called bullying behaviour. It also said China may take “necessary measures” to protect Chinese companies.

The US Treasury Department said on Saturday that TikTok’s deal still needs to close with Oracle and Walmart, and it also needs documentation and conditions to be approved by the Committee on Foreign Investment in the United States.

That, of course, also leaves the potential for more roller coasters of

will provide its ecommerce, fulfillment, payments and other services to the new company.

“We are pleased that the proposal by TikTok, Oracle, and Walmart will resolve the security concerns of the US administration and settle questions around TikTok’s future in the US,” TikTok said in a statement.

Trump has been demanding that the US operations of TikTok be sold to a US company or else be shut down. He’s also been targeting WeChat, another Chinese-owned app.

The administration contends that the user data collected by the two apps could be shared with the Chinese government. On Saturday, Trump said the US-based TikTok “will have nothing to do with China”.

TikTok says it has 100 million US users.

On Friday, the US Commerce Department said it would bar TikTok from US app stores as of late yesterday. Further restrictions that would prevent TikTok from accessing essential internet services in the country would go into effect on Nov 12. Commerce said on Saturday that it will delay the barring of TikTok from US app stores until

Sept 27 at 11.59pm.

Commerce is imposing similar restrictions on WeChat, although all of the restrictions on that app were set to go into effect last night at 11.59pm.

Earlier on Saturday, WeChat users asked a US judge to block the government’s actions, saying they would restrict free speech.

WeChat is an all-in-one app with instant-messaging, social media and other communication tools. The US government argued that it is not restricting free speech because WeChat users still “are free to speak on alternative platforms that do not pose a national security threat”.

US Magistrate Judge Laurel Beeler asked lawyers for the government and WeChat users whether the prohibitions would cripple WeChat as soon as the clock ticked from last night into this morning without a resolution. An attorney for the government said they would likely lead to a “degradation” of WeChat over time.

Judge Beeler did not rule immediately on the motion.

WeChat has millions of US users who rely on the app to stay in touch and conduct business with people and companies in China and

around the world. In court filings, the founder of the Mental Health Association for Chinese Communities, who is a US citizen in California, said that the group’s primary tool to reach out and provide services to Chinese Americans is WeChat.

“Since many of the Chinese community members we serve are not fluent in English, WeChat is the only online tool that they rely on,” Elaine Peng said.

The Trump administration’s aggressive tactics are part of its latest attempt to counter the influence of China, a rising economic superpower. Since taking office in 2017, Trump has waged a trade war with China, blocked mergers involving Chinese companies and stifled the business of Chinese firms like Huawei, a maker of phones and telecom equipment.

China-backed hackers, meanwhile, have been blamed for data breaches of US federal databases and the credit agency Equifax, and the Chinese government strictly limits what US tech companies can do in China.

China’s ministry of commerce condemned the US moves and urged it to

MARKET REPORT www.bisxbahamas.com

FRIDAY, 18 SEPTEMBER 2020

BISX ALL SHARE INDEX:

CLOSE

CHANGE

2095.17

5.77

%CHANGE

YTD

YTD%

0.28 -136.43

-6.11

(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 3.70 17.43 1.62 1.75 1.67 6.00 6.75 3.00 5.10 3.75 6.10 11.26 2.26 5.50 10.04 8.44 14.30 3.90 8.97 15.20

CLOSE 3.80 17.43 1.62 1.75 1.67 6.00 6.75 3.00 5.10 3.77 6.10 11.26 2.26 5.50 10.04 8.44 14.30 3.96 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 0.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

VOLUME 2,000

500 5,000

1,000

50

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

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

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 15.9 18.7 N/M N/M N/M N/M 18.3 -6.8 36.4 20.5 13.6 15.6 22.2 11.8 15.5 11.6 17.5 19.5 9.6 24.1

YIELD 4.47% 7.23% 1.23% 0.00% 0.00% 0.00% 3.85% 0.00% 0.00% 3.18% 3.61% 6.39% 19.20% 1.09% 3.27% 2.84% 3.78% 3.03% 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

emotion for TikTok users, such as Haley Hoffman Smith, a 24-year-old who moved to Manhattan this year to pursue her dream of becoming a talk-show host.

She said she had just hit 100,000 followers on TikTok and was crushed on Friday to hear it may be headed for a shutdown.

“TikTok is an inextricable part of my dream chasing story,” she said, “and to lose it forever would not only be an inconvenient setback, but an absolute heartbreak.”

LEGAL NOTICE

NOTICE MARLA TRADE AND DEVELOPMENT CORP. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, MARLA TRADE AND DEVELOPMENT CORP. is in dissolution as of August 31st, 2020.

International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

LEGAL NOTICE

NOTICE

MCL Business Investment Ltd. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, MCL Business Investment Ltd. is in dissolution as of August 24th, 2020.

International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

LEGAL NOTICE

NOTICE

MOSQUITE BITE CO. LTD. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, MOSQUITE BITE CO. LTD. is in dissolution as of August 28th, 2020.

Mr. Cristian Cordella, Professionally residing at 2, Boulevard De La Foire, L-1528 Luxembourg, Grand Duchy of Luxembourg is the Liquidator.

LIQUIDATOR ______________________

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

THE TRIBUNE

Monday, September 21, 2020, PAGE 9

As Trump holds back, tech firms step in on election security WASHINGTON Associated Press ADAM Schiff was in the audience at the 2018 Aspen Security Forum when a Microsoft executive mentioned an attempted hacking of three politicians up for reelection. It was the first that Schiff, then the top Democrat on the House Intelligence Committee, had ever heard of it.

Schiff said he thought it was “odd” that Congress hadn’t been briefed. He got in touch with high-ranking officials in the intelligence agencies, and they didn’t know about it, either. It turned out that Russian hackers had unsuccessfully tried to infiltrate the Senate computer network of thenSen Claire McCaskill, D-Mo, and other unidentified candidates.

Two years later, Schiff says that breakdown is still emblematic of the disjointed effort among government agencies, Congress and private companies as they try to identify and address foreign election interference.

But this year, with President Donald Trump adamant that Russia is not interfering and his administration often trying to block what Congress learns about election threats, it’s those private companies that often are being called upon to fill the breach.

Lawmakers welcome the help from the private sector and say the companies have become increasingly forthcoming, but it’s a haphazard way to get information. It allows the companies to control much of what the public knows, and some are more cooperative than others.

“If a company wants to publicise it, that’s great,” says Virginia Sen Mark Warner, the top Democrat on the Senate Intelligence Committee. “But what happens when they don’t want to bring it to the attention of the government?”

That’s what happened in 2016, when Russia spread disinformation through social media, including Facebook, Twitter and YouTube. Those companies were slow to recognise the problem and they initially balked at government requests for more information. But after Congress pushed them publicly, they gradually became more cooperative.

Now, Facebook and Twitter give Congress regular briefings to the intelligence committees, issue frequent reports about malicious activity and are part of a group that regularly meets with law enforcement and intelligence officials in the administration.

Microsoft, which is part of that group, announced last week that Russian hackers had tried to breach computers at more than 200 organisations, including political campaigns and their consultants. Most of the hacking attempts by Russian, Chinese and Iranian agents were halted by Microsoft security software and the targets notified. But the company would not say which candidates or entities may have been breached.

Lawmakers say the private sector can only do so much.

“It’s certainly important that the social media companies participate and cooperate, which they have not always done in the past, but that does not in any way replace the analysis that is done by the intelligence community, and I believe that analysis should be shared with Congress,” says Sen Susan Collins, R-Maine, a member of the Senate Intelligence Committee.

That relationship between intelligence agencies and Congress has grown strained since Trump took office. He has

has doubted the agencies’ conclusions about Russian interference in 2016 and he fired, demoted and criticised officials who shared information he didn’t like.

The current director of national intelligence, John Ratcliffe, a close Trump ally, tried to end most in-person election security briefings — a decision he later reversed after criticism from lawmakers from both parties. But Ratcliffe maintains that his office will not provide “all member” briefings for all lawmakers, citing what he says were leaks from some of those meetings this year.

Lawmakers say that in restricting what’s given to Congress, the administration is effectively restricting what it tells the public about election security and misinformation. That threatens to sow confusion, just as foreign adversaries such as Russia are hoping for.

Schiff, now chairman of the House Intelligence Committee, has pressured the companies to act more quickly, including taking down misinformation before it goes viral, not after. He has particular concerns about Google, which owns YouTube, and says it has been less transparent than others. Schiff and other lawmakers have stepped up concerns about doctored videos and foreign-owned news outlets spreading fake news on the video platform.

At a hearing with tech companies in June, Schiff pressed Google, saying that it “has essentially adopted a strategy of keeping its head down and avoiding attention to its platform while others draw heat”.

Richard Salgado, Google’s director for law enforcement and information security, told Schiff: “I certainly hope that is not the perception. If it is, it is a misperception, Mr. Chairman.”

Google has made some disclosures, including recently revealing a Chinese effort to target Trump campaign staffers and an Iranian group’s attempt to target the Biden campaign.

But the company gave little detail on the attacks, including when they took place or how many were targeted.

Still, the companies have stepped up in many cases.

Facebook and Microsoft have been making disclosures to the public while also working behind the scenes with the federal government and the intelligence committees.

Facebook issues a monthly release on foreign and domestic election activity, and Microsoft has publicly disclosed more than a dozen instances of threat activity since Schiff was caught unaware at the Aspen event in 2018.

The executive who revealed the Russian activity at that event, Microsoft’s Tom Burt, says the company has learned to be more proactive with the federal government. He says the attempted hackings were not something he had planned to announce at the security forum, but he answered honestly when asked a question by the moderator. Today, Burt says the company gives federal and congressional authorities a heads-up when they have announcements about election interference.

Foreign attackers “are persistent, they are skilled, they are super wellresourced, and they are going to continue to try and interfere with the electoral process and try to sow distrust with the American people,” Burt said.

As lawmakers pursue other channels of information, there are still places where the private sector cannot help. Florida Rep Stephanie Murphy, a Democrat, has been fighting for more than a year to have

the administration publicly identify two Florida counties where Russian hackers gained access to voter databases before the 2016 election. People living in those counties are still unaware.

“The only way you can fight that disinformation is with transparency, and the US government has to be transparent about the attacks on our democracy by providing the public with the information they need to push back against this foreign interference,” Murphy said.