09292020 BUSINESS

business@tribunemedia.net

TUESDAY, SEPTEMBER 29, 2020

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DR DUANE SANDS

Sands: COVID infection ‘knock out’ for tourism

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net DR Duane Sands yesterday warned that current COVID-19 infection rates would “knock us out of the tourism market” as he called for a “radical change” in The Bahamas’ approach to fighting the virus.

The ex-minister of health told Tribune Business he had not heard or seen anything “that suggests we have the formula” to safely reopen The Bahamas’ largest industry and employer as local COVID-19 cases continue to mount at the rate of between 50-100 per day.

While his former Cabinet colleague, Dionisio D’Aguilar, minister of tourism and aviation, has suggested the government is looking at ramped-up postarrival and in-stay testing as the solution to tourism’s dilemma over the 14-day quarantine, Dr Sands questioned whether there was sufficient data and science to support abandoning the latter measure.

“The local infection rate would knock us out of the market,” Dr Sands said, when asked about the likelihood of tourism’s revival.

“Our infection rate puts us near the top in terms of infection per capita. We are going to have to drastically change our approach where we do not have the daily cases we currently have.

“Imagine getting back to when six cases per day was thought to be too much. We are at a clip per capita that puts us among the top ten to 20 countries in terms of the number of cases per million per day. We’ve got to get that under control and it’s going to require a really aggressive approach and deviation from the current approach.”

Reiterating that The Bahamas has not been testing as much as it needed to, Dr Sands said The Bahamas still has the chance to become a safe tourist destination “pace setter” if it adopts the more rapid form of antigen testing, which is said to provide COVID-19 results within 15 to 30 minutes. Some 120m of these

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Sands Beer comeback a ‘survival difference-maker’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

BAHAMIAN brewery yesterday hailed the return of its own-brand beers as the difference between “being in business or out of business” after surviving for a year on just 35 percent of normal revenues.

Jimmy Sands, the Bahamian Brewery and Beverage Company’s founder, told Tribune Business the firm had struck “a hell of a milestone” as the “first full run” of its Sands and Sands Light beers came off the production line almost 13 months after its manufacturing plant was devastated by Hurricane Dorian’s storm surge.

Disclosing that the vertically-integrated brewer, wholesaler and retailer “has a chance of survival now that we’re back in business”, Mr Sands said the loss of brewing capacity meant the firm had to ride out the past year and COVID-19 without 65 percent - almost two-thirds - of its regular income streams.

Praising his workforce and expatriate German technicians for “a real team effort” to rebuild the Bahamian Brewery and Beverage Company, he

• Brewery lasts year on just 35% of revenues • Aims to return all 140 staff by end-October • Targets November to produce other brands

INSIDE the Bahamian Brewery’s Grand Bahama warehouse.

Jimmy Sands, right, is pictured with Minister Kwasi Thompson, centre. voiced optimism that all 140 will be operating at 85-90 of his staff will be able to percent capacity for some return to full-time employ- two months as it “gets all ment by end-October with the tweaks out of” its new the restoration of brewing equipment, the Bahamian Brewery and Beverage chief capacity.

While the COVID-19 said he aimed to begin propandemic initially forced duction in November on all him to furlough 100 work- the company’s other lines ers, Mr Sands said some 120 - Strong Back Stout, High were now “back to work” as Rock Lager, Bush Crack he unveiled a second target Beer, Triple B Malt and to accomplish before Octo- Sands Passion Radler.

And, having seemingly ber’s close - that of ensuring Sands and Sands Light were survived the loss of “tens of once again fully distributed millions of dollars” due to the loss of Dorian, Mr Sands throughout The Bahamas.

Although the brewery expressed hope that the

BAHAMIAN commercial banks saw loan defaults spike by $83m in August as the sector started to feel the COVID-19 chill, with one senior executive saying: “The accounting is catching up with reality.”

Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told Tribune Business it will likely take 18 to 24 months before the industry gains a complete picture of the pandemic’s fall-out for borrowers after it was revealed that loan arrears among individuals, households and businesses rose by some 13.1 percent during August compared to the prior month.

The Central Bank of The Bahamas, in its monthly economic developments report, attributed the increase to the end of COVID-19m

company’s comeback will serve as an inspiration to other Freeport and Grand Bahama business owners that there is “light at the end of the tunnel” as they, too, seek to rebound from the twin perils produced by Dorian and COVID-19.

“It’s a very important step we have taken here,” Mr Sands told Tribune Business of brewing’s restart. “It may mean being in business or out of business. Between Dorian, which destroyed the brewery, and COVID-19, which delayed the rebuild, and the result is that for 12-and-a-half months we we have not been able to produce anything.

“Now we’re back in business we have a chance at survival, and making this brewery bigger and better that it was before. This is a hell of a milestone. If it had played out any longer we would have had some problems.”

The sale of Sands Beer and the other domestic brands had accounted for 65

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Fisherman: ‘Risk outweighs rewards’ over oil exploration

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A PROMINENT fisherman yesterday voiced his opposition to oil exploration near “some of the most critical dive and trap areas on the Bahama Bank”, adding: “The risks far outweigh the rewards.”

Paul Mailis, director of the National Fisheries Association of The Bahamas, told Tribune Business that even a small oil spill from the well that Bahamas Petroleum Company (BPC) is aiming to spud before Christmas 2020 could threaten the investment made by fishermen in “tens of thousands” of lobster condos and traps laid in the area.

While acknowledging that “opinion varies” among fishermen depending on where they live, as BPC’s plans were “out of sight, out of mind” for some, Mr Mailis urged the government to impose a “pause” on all BPC’s activities and

• NFA director fears for ‘critical dive and trap area’ • Tells govt to ‘pause’ and not feel COVID pressure • Activists say petition closing on 17,000 signatures not feel pressured to go head because of the economic and fiscal devastation caused by COVID-19.

“We’ve discussed these concerns about oil drilling,” he said of the fisheries sector, “because it’s taking place in some of the most critical and important dive and trap areas on the Bahama Bank.

“We feel it’s something we’re not prepared for. Fishermen now have very real and tangible investments out there, the lobster traps and condos. There’s tens of thousands of them there. There’s a lot of fishermen invested there, and the threat to the reef and lobster out there is tremendous even from a small spill. We’re looking at this with great concern.”

BPC and its chief executive, Simon Potter, have repeatedly pointed out that

their plans for a first exploratory well in Bahamian waters, named Perseverance One, comply with all Bahamian and international regulatory standards and best practices.

Romauld Ferreira, minister of the environment and housing, confirmed last week that the Environmental Authorisation and all such necessary approvals have been granted to BPC, leaving it clear to proceed, with the Minnis administration repeatedly insisting it is merely honouring an obligation made by its predecessors.

And BPC has also argued that the well will not be seeking to extract commercial quantities of oil but merely confirm the presence of hydrocarbons beneath the sea bed, thereby minimising

COVID ‘reality’ hits banks: Loan defaults spike $83m

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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• Increase caused by deferral initiative end • Banks face 18-24 month pandemic work-out • Senior executive predicts ‘bumpy road ahead’

GOWON BOWE payment deferral plans for borrowers who accounted for some of the $1.85bn - almost one-third - of outstanding bank credit that went into forbearance after the pandemic struck.

“Banks’ credit quality indicators weakened during the review month, led by an increase in short-term

delinquencies. Specifically, total private sector arrears rose by $82.8m (13.1 percent) to $714m, while the accompanying ratio moved higher by 1.5 percentage points to 12.64 percent,” the Central Bank said.

“Contributing to this development was an $80.6m (42.3 percent) growth in short-term arrears (31-90 days) to $271.m - signaling the conclusion of some banks forbearance programmes — and corresponding to a 1.4 percentage points firming in the attendant ratio to 4.8 percent.

“In addition, non-performing loans grew by $2.3m (0.5 percent) to $442.8m, resulting in a 4 basis points

rise in the relevant ratio to 7.84 percent.”

Breaking this down by loan type, the Central Bank said consumer loans - those for vehicles, furniture and other items - saw the greatest rise in defaults followed by credit extended to private sector businesses.

“Disaggregated by loan type, the increase in total delinquencies was led by a $48.4m (26.7 percent) expansion in consumer loan arrears to $230.1m, as both the short and long-term segments increased by $45.2m (81.3 percent) and $3.2m (2.5 percent), respectively,” the Central Bank added.

SEE PAGE 5

the possibility of any spill or pollution.

However, Mr Mailis questioned whether either of the government and BPC “have a plan” to address such an incident. “If several thousand traps are covered in oil, who’s going to pay for that and cover the environmental damage from that?” he asked.

“That’s going to impact fishermen for decades if it does happen. What’s the plan? I’ve not seen anything from the government. Does the company have a plan?

The fishermen feel this has to be done very cautiously.

“I personally am against the oil drilling because the profits will only go to a small amount of people. The majority will not profit. How

SEE PAGE 5

$3.95 Govt ‘front loading’ aid for reserves

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Central Bank yesterday said the government’s “front loaded” foreign currency borrowing meant the expected decline in The Bahamas’ external reserves will be “delayed” until 2021.

The regulator, in its monthly economic developments report for August, said the Minnis administration’s borrowing to fund an anticipated $1.3bn deficit for the 2020-2021 fiscal year had increased the external reserves by $145.3m compared to July to hit $2.128bn by month’ end.

Indicating that the previously projected drawdown on the reserves to $1bn by year-end 2020 will now not happen to such an extent, the Central Bank suggested there will be sufficient foreign currency to maintain the one:one US dollar peg into 2021.

“While private sector net foreign currency drawdowns are projected to continue through the end of the year, external reserves are forecasted to end the year higher than in 2019, largely supported by the front loading of government’s external financing operations,” the Central Bank said.

“As a consequence, the cumulative reduction in external balances is expected to be delayed to 2021. This continues to be in line with only gradual recovery prospects for tourism, utilisation of private sector reinsurance proceeds still committed to hurricane reconstruction, and outflows on imports of goods and services, due to the various fiscal stimuli. Nonetheless, external balances are estimated to remain more than adequate to sustain the Bahamian dollar currency peg.”

Elsewhere, the Central Bank said tourism’s July reopening attracted just 23,398 visitor arrivals compared to 650,353 for the same month the previous year. “In particular, air arrivals amounted to 14,970, in contrast to a 7.7 percent growth to 175,971 in the same month of 2019.

Further, sea arrivals totaled 8,428, relative to an 8 percent expansion to 474,382 a year earlier,” it added.

“By major port of entry, total arrivals to New Providence declined to 7,899, contrasting with a 2.9 percent uptick in the prior year to 329,520, with the

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PAGE 2, Tuesday, September 29, 2020

THE TRIBUNE

Tourism operators back quarantine replacement

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net HOTEL and marina operators yesterday urged that more rapid COVID-19 testing and health cards replace the mandatory 14-day quarantine that is “hampering business” for the tourism industry.

Peter Maury, the Association of Bahamas Marinas (ABM) president, told Tribune Business: “We suggested very early on that the rapid test be administered once the vessel has been here, or even the tourist.

I think the 14 days is just hampering any development we have, especially in the tourism industry.

“The ABM put forward several proposals for rapid testing for the industry. I think the rapid test is the only way to get people back on the job. I think a lot of people are understanding now that the hospitality industry is what drives this country if we want the hotels, marinas and the attractions to remain profitable.

“We depend so much on tourism that the trickle down for all of the other tours and the like is a direct part on it. We need to bite the bullet and decide on a rapid test and get moving,” Mr Maury continued. “Florida opened up yesterday, and people are focused on the infections rather than the long-term morbidity of people not working and all of the issues that come with it. We know there are a lot of psychological issues and what not.

“We are trying to beat the infection down but, in the meanwhile, people are dropping down dead as a result of other issues that are nonCOVID. This has ruined people’s lives, and I think rapid testing is the most we can hope for and try to deal with it the best way we can.

It is up to the person to take the risk, but there are others

who are going to take precautions with pride.”

“The ABM supports the rapid test. Hopefully they can go with it and get rid of this 14-day quarantine. We made a mistake early on and that is easy to fix; we just have to be careful.”

Mr Maury spoke out after Dionisio D’Aguilar, minister of tourism and aviation, told this newspaper yesterday that post-arrival COVID19 testing for tourists may be part of the solution to “easing” the mandatory 14-day quarantine impediment to the industry’s revival.

While declining to provide details, and confirming that The Bahamas has no plans to abandon the demand for a negative COVID-19 PCR test from visitors prior to their arrival, the minister cited the likes of Bermuda and Hawaii, which are both conducting COVID-19 testing when visitors arrive and, in the latter’s case, during their stay.

The Dominican Republic, too, has shifted to testing for COVID-19 upon arrival, while Barbados, too, is conducting on-site testing of visitors. And international media reports yesterday suggested COVID-19 testing will be made easier by the release of 120m antigen test kits, able to produce on-the-spot results within 15 to 30 minutes, to low and middle income countries.

This may make increased testing of tourists upon arrival to The Bahamas, and during their stay, more feasible and enable the country to ease 14-day quarantine (vacation in place) requirements that have been deemed a turn-off by tourists and the global travel industry.

But, given The Bahamas’ existing difficulties with testing and contact tracing involving its own citizens and residents, some observers are likely to be sceptical as to whether onarrival and in-stay testing,

or a combination of both, will adequately mitigate the COVID-19 risks involving tourists. Tracking down those staying in vacation rental accommodation could prove especially challenging.

Matthew Brear, Cape Santa Maria’s general manager, yesterday agreed the 14-day quarantine should be totally eliminated but was unsure what should replace it.

He said: “I do think that COVID tests would still be necessary, and I think people would need to be taking the necessary precautions like we did in July. I don’t think it was the tourists who caused the commotion here in The Bahamas. The problems we are facing wasn’t as a result of a quarantine or anything like that; it was people jumping on the ferry and going to Florida.

“I think we can open safely without a quarantine.

I think that we do need to have something to promote the health and safety, and I think maybe a COVID19 test prior to arriving is something. I think health cards are an important thing also. That’s what we did here in July at the Cape, and we managed to open and had a very successful July without any issues.

“We had a COVID test, and at that time I think it had to be done within seven days of arrival. People managed to do that and we had a great month. We ran at a low occupancy and that further assisted in the social distancing, but this two-week quarantine is crazy to think.

The idea of the quarantine is the challenge. People can’t wrap their minds around it.”

Mr Brear added: “The challenge with tourists staying in their hotel room for 14 days is that’s what they do at Atlantis, and that’s what they do at Baha Mar. They go and sit at the pool, maybe go to the beach; they don’t leave the hotel.”

Online delivery providers see business flatten out

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net ONLINE delivery service providers yesterday said they have experienced no major uptick in demand since COVID-19 restrictions were relaxed on restaurants and other sectors over the past month.

Granville Collie, MUTRU’s managing director, told Tribune Business there is “definite potential” for online deliveries to gain scale. Yet he added: “The factor that we all have to be aware of is that delivery in general is more of a convenience type of thing.

“It is not a necessity and, with that being said., with the country having a downturn that’s going to affect any businesses that aren’t a necessity. It depends on how fast the economy can

rebound. I wouldn’t use the word luxury, but it [online delivery services] isn’t a necessity. So when people’s finances drastically lessen, they tend to only spend on necessities more.

“It’s highs and lows, but definitely right now our economy hasn’t rebounded.

Just because we are able to go out a lot more, and some businesses are able to operate, it doesn’t change the fact that the majority of the population for the last six months haven’t been working, or have been working for a minimum three months.”

Mr Collie said much depends on how fast the Bahamian economy can rebound, particularly the tourism sector. “As long as we don’t have the tourists then that means a lot of people just won’t have the money. While the tourism industry isn’t a major area or focus for us, we are open to all possibilities to be honest,” he added.

Kyle Albury, owner/ operator of Kraven, acknowledged: “I haven’t

BFSB chief shortlisted for international awards THE Bahamas Financial Services Board’s (BFSB) chief executive has been shortlisted for honours in two categories at the 21st International Investment Awards.

Tanya McCartney, who is also the BFSB’s executive director, has been nominated in the Woman of The Year and Personality of the Year categories.

A UK-trained barrister and chartered banker who has held her position with BFSB for the past four years, Ms McCartney facilitates collaboration between the private sector and policymakers on matters concerning the Bahamian financial services sector.

“Being shortlisted for these awards highlights the ongoing work of BFSB and its stakeholders to inform the international

TANYA MCCARTNEY community of the tremendous strides that The Bahamas has made as an international financial centre,” she said.

“We work assiduously with international partners to ensure that the world knows that we are a legitimate IFC (international financial centres) with clear

seen a tremendous uptick in activity. Things have been steady. I think the industry will continue to evolve because it’s now the norm; not only locally but globally.

“The mindset of consumers has also changed, and I think they will continue to embrace these types of services and find ways to integrate the use of technology in their every day lives.”

Jamial Rolle, Runnah’s chief executive, said: “Well, this is the new norm. Safety is in the forefront of people’s mind now, and I think it will be going forward. Logistics have taken this route, businesses have to evolve to get their products to customers safely and quickly, and customers have to think about what is the safest method of getting what they want.

“I’ve seen the adaptation where I am and that’s why we’ve opened an office here in Atlanta. I think in regards to The Bahamas it will definitely head that way, more so especially with tourists entering the country.” attributes which continue to make us an attractive jurisdiction.”

The International Investment Awards are the longest-running event of their kind. The International Investment publication is targeted at investment professionals such as independent financial advisers and wealth management professionals serving expatriate and cross-border clients. The awards cover the full spectrum of the industry - from Fintech to trusts to private banking.

Nominees for the Woman of the Year and Personality of the Year awards will be judged against factors including their ability to deliver exceptional service levels to clients; deliver improved service levels over time; and their own professional development and adoption of clear, sustainable business models in their current role.

THE TRIBUNE

Tuesday, September 29, 2020, PAGE 3

GOVT SEEKS ‘MORE ROBUST’ E-PROCUREMENT RESPONSE

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government yesterday said it is seeking a “more robust” private sector response after just 30.6 percent of VAT registrants signed up to an electronic procurement initiative that is set to “ramp up”.

Marlon Johnson, the Ministry of Finance’s acting financial secretary, told Tribune Business that while 1,629 companies represented “a healthy number” there was a need to rapidly increase this as the government looks to increasingly shift bidding for public sector contracts online.

The data shows some 3,700 VAT registrants have yet to join the Ministry of Finance’s eProcurement and Supplier Registry System (ePSR), which was launched last year, as potential suppliers of government goods and services.

The portal is designed to enable registrants to bid on government tenders and contracts digitally, thus improving the transparency and efficiency of such processes. Some 300 tenders have already been posted on it.

“That’s a healthy number but we believe it could be more robust,” Mr Johnson said of the response to-date. “I think that, with anything new, you will see a slow ramp up. But the goal, notwithstanding the slow ramp up, is we are taking the steps within government to ensure that all the agencies are up to speed and are moving over, and are starting to put jobs and contracts on the portal.

Sands: COVID infection ‘knock out’ for tourism FROM PAGE ONE

test kits were yesterday reported as being made available to medium and low income states.

However, Dr Sands questioned the decision to abandon the current mandatory 14-day quarantine requirement for all visitors in the absence of “robust data” suggesting it was safe to do so.

“As long as you don’t have the data you’re flying blind,” he added. “I don’t know on what basis, what undergirds that decision.

Is it a vision from God that says it’s OK to get rid of it? I don’t know.”

Mr D’Aguilar on Monday signalled that post-arrival

Just 31% of VAT registrants sign on to portal

MARLON JOHNSON “We expect over the next few months to see a significant ramp up in registration and utilisation of the platform. Between now and the end of the year - over the next few months - we will see a significant ramp up.

“We’ve been doing a lot of work internally with the government agencies and State-Owned Enterprises (SOEs), making them aware of the platform and providing training, so that we follow through on the ambition to move all the jobs, solicitations for jobs and responses through the portal.”

The Public Procurement Bill and accompanying regulations, which legally underpin the portal and reforms to the government’s acquisition of goods and services, have yet to be debated/passed and tabled in the House of Assembly, respectively. The Bill was tabled during the 2020-2021 budget debate.

“The ambition with the whole procurement process is to modernise it and bring it into line with global standards,” Mr Johnson COVID-19 testing for tourists may be part of the solution to “easing” the mandatory 14-day quarantine impediment to the industry’s revival.

While declining to provide details on the outcome of talks between his officials and the Ministry of Health, he said an announcement on a proposed solution could “hopefully come this week”.

Confirming that The Bahamas has no plans to abandon the demand for a negative COVID-19 PCR test from visitors prior to their arrival, the minister said the Government had been maintaining a keen watch on what other tourism-reliant jurisdictions were doing to balance reopening with mitigating the risk posed by the virus.

In particular, he cited the likes of Bermuda and Hawaii, which are both conducting COVID-19 testing when visitors arrive and,

added, “and be more prescriptive throughout the process to allow recourse for bidders who feel aggrieved.

“Once it’s done we feel we will have a procurement regime that reflects global standards, which is the ambition of the government. People will have a very transparent and open view into the available jobs and opportunities.

The platform allows full transparency; persons will be able to see which contracts were awarded and to whom. It brings the whole transparency element into it.

“There’s a mechanism in the Bill for bidders who feel aggrieved that their tender was not considered, or that the process did not follow the Act. They have documented recourse in the law for what they can do.” A certain percentage of government contracts, Mr Johnson will also be set aside for small businesses to enable them to build and grow, rather than let larger ones “monopolise” the work.

Government tenders, bidding processes and contract awards have frequently been caught up in claims from certain bidders that the process was unfair, lacked transparency or resulted in numerous other issues and questionable actions.

Another issue that has frequently reared its head is whether Bahamian taxpayers have always obtained value for money - something that will become extremely important with the $9bn-plus national debt and deficits faced amid COVID-19. in the latter’s case, during their stay. The Dominican Republic, too, has shifted to testing for COVID-19 upon arrival, while Barbados, too, is conducting on-site testing of visitors.

Given The Bahamas’ existing difficulties with testing and contact tracing involving its own citizens and residents, some observers are likely to be sceptical as to whether on-arrival and in-stay testing, or a combination of both, will adequately mitigate the COVID-19 risks involving tourists. Tracking down those staying in vacation rental accommodation could prove especially challenging.

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“The ambition of all procurement is to try and maximise value in the process,” Mr Johnson added.

“The more open and transparent we are in this space, the more it builds value.

Value is not the lowest offer; it is the best offer.

“The digital portal creates a one-stop shop for persons to find out where the jobs are and bid on them. It’s a critical part

of the ecosystem.” Companies that sign up to the portal will receive notices of new contract opportunities; receive acceptance of their quotes and bids digitally; and have submissions vetted electronically.

“The ePSR system is web-based and userfriendly, allowing for a more efficient and contactless procurement process for users, which is especially

important given the current social climate,” said Daniel Ferguson, procurement officer in the Ministry of Finance.

“I would encourage every business to register as a supplier on the ePSR portal to access a new potential revenue stream by exploring and actively bidding on those opportunities that align with the goods and services they offer.”

PAGE 4, Tuesday, September 29, 2020

THE TRIBUNE

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, JANICE DORETTA MCKENZIE ALSO KNOWN AS JANNIS DORETTA NEWTON of Saint Vincent, Nassau, Bahamas intend to change my name to JANICIA AREITHA NEWTON MCKENZIE. 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.

LEGAL NOTICE

NOTICE

ISSE BUSINESS CORP. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, ISSE BUSINESS CORP. is in dissolution as of September 23rd, 2020.

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

Sands Beer comeback a ‘survival difference-maker’ FROM PAGE ONE percent of the Bahamian Brewery and Beverage Company’s revenues preDorian, Mr Sands added, and their absence forced the company to rely on just one-third of its business - the distribution of Budweiser and other imported labels, and associated retail sales to carry it through the past year.

“That’s what’s been keeping us afloat, but the margins are not that high,” he disclosed, while confirming that millions of dollars had been invested over and above the Dorian-related insurance claim as this was “not the answer to all financial requirements”.

“What we have been

To advertise in The Tribune, contact 502-2394

LIQUIDATOR ____________________ LEGAL NOTICE

doing in the past year is baling the water out of the boat,” Mr Sands told Tribune Business, “but hopefully we’ve caught everything up and the company can get back on its feet again. With the loss of revenue, the loss of machinery, you’re talking tens of millions of dollars.

“We’ve been able, without tens of millions of dollars, to keep this company afloat.

It’s been a monumental job, a monumental feat, when one considers it’s a Bahamian company that doesn’t have any international corporate backing.

“We had to bear the full brunt of it, and put it back together. Now we’ve put it back together we have to sail the boat again without the pump.”

Describing himself and all his staff as “very elated” at brewing’s return, he described the company’s rebuilding as a true team effort and praised his staff as well as the expatriate technicians. “It wasn’t me who put it together; it was we,” Mr Sands said.

LEGAL NOTICE

NOTICE

NOTICE

SNOWYCOPPER LIMITED In Voluntary Liquidation

MADENA NI INVEST & TRADE LIMITED In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, SNOWYCOPPER LIMITED is in dissolution as of September 23rd, 2020.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, MADENA NI INVEST & TRADE LIMITED is in dissolution as of September 23rd, 2020.

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

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

LIQUIDATOR ____________________

LIQUIDATOR ____________________

MARKET REPORT www.bisxbahamas.com

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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 2.35 4.43 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 3.90 17.43 1.62 1.65 1.67 6.00 6.75 3.00 5.10 3.76 6.00 11.26 2.16 5.50 9.95 8.44 14.30 3.96 8.97 15.20

CLOSE 3.90 17.43 1.62 1.65 1.67 6.00 6.75 3.00 5.10 3.76 6.00 11.26 2.15 5.50 10.11 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

October, if not before, we will have nationwide distribution.

“Initially production will be at 85-90 percent, and by the end of October, hopefully we will be at 100 percent. The new equipment is highly technical and sensitive, so we have to get all the tweaks out. Once we do that we’ll be good to go.”

Mr Sands said he had wanted to invest further to make the Bahamian Brewery and Beverage Company’s facilities even more resilient against Dorian-type storms, but said COVID-19 restrictions had forced him to defer these ambitions as he was unable to bring in the persons necessary to do the work.

“My own focus was to get this brewery back up and going, and hope to Christ no other storm came. Thank God we dodged a bullet there,” he told this newspaper. “It’s a lot of weight off my shoulders knowing we have got the brewery back up and running. You have to have stickability.”

Mr Sands said the number of of expatriate German technicians had been reduced from a high of 26 to the present eight amid hopes all will be able to return home next month.

LEGAL NOTICE

NOTICE EC (BAHAMAS) LTD. NOTICE is hereby given as follows: (a)

EC (Bahamas) Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000.

(b)

The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas.

(c)

The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated 29 day of September, 2020.

MONDAY, 28 SEPTEMBER 2020 CLOSE

“We’re back up to 85-90 percent staffing levels, and hopefully we will bring on the rest by the end of next month. Hopefully we will have 100 percent staffing by then. When COVID-19 came down I had 100 people furloughed, but now I’ve got 120 people back to work and have got to get the rest back as well.

“This is a breath of fresh air that is desperately needed for Grand Bahama.

People up here have been catching eternal hell, and this is at least a sign there is light at the end of the tunnel. It gives confidence to people in Grand Bahama that things can be put back, and instead of all the negatives there’s some positive developments up here that will hopefully rub off on other commodities.”

Mr Sands said the “first case” of beer came off the Bahamian Brewery and Beverage Company’s production line on Friday ahead of yesterday’s “first full run”, with Sands and Sands Light set to be distributed by the can, keg and bottle.

“The Grand Bahama market will be the first market to be fully supplied,” he added, “and when Grand Bahama is done all the other islands will follow.

I’m hoping by the end of

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.01) 0.00 0.16 0.00 0.00 0.00 0.00 0.00

VOLUME

1,130

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 2.35 4.43 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 16.3 18.7 N/M N/M N/M N/M 18.3 -6.8 36.4 20.4 13.4 15.6 21.1 11.8 15.7 11.6 17.5 19.5 9.6 24.1

YIELD 4.36% 7.23% 1.23% 0.00% 0.00% 0.00% 3.85% 0.00% 0.00% 3.19% 3.67% 6.39% 20.19% 1.09% 3.24% 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% 2.95% 4.23% 1.39% 3.17% 1.60% 2.52% 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-Aug-2020 31-Aug-2020 28-Aug-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

Beatus Limited Liquidator

NOTICE NOTICE is hereby given that KERLINE TADOR, of Carmicheal 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 29th 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 DIANNA NOE, of Toote Shop Corner, 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 29th 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 MARKENSON ISMA, of Hope Town, Abaco, General Delivery, 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 29th day of September 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Tuesday, September 29, 2020, PAGE 5

Fisherman: ‘Risk outweighs rewards’ over oil exploration FROM PAGE ONE

much is the Public Treasury going to benefit? The risks far outweigh the rewards.

We have a thriving fisheries industry in this country and need to protect it.”

Warning that one oil spill could cost The Bahamas its reputation as a tourism destination, Mr Mailis argued that the information made available to the Bahamian public on BPC’s project is lacking - even though both the Environmental Impact Assessment (EIA) and Environmental Management Plan (EMP) for the

project have been placed on the Department of Environmental Planning and Protection’s website.

“We need to put a pause on this, and not force it through because of desperate COVID-19 times and because the government needs money,” Mr Mailis added. “This is a far more impactful situation than we’re prepared to deal with in these depressed times.

We need to be careful, very careful.”

He was backed by Prescott Smith, the Andros-based president of The Bahamas Fly Fishing Industry Association (BFFIA), who argued

that “oil drilling serves us no benefit” while endangering the environment and failing to empower Bahamians.

BPC’s Mr Potter, in an interview with Tribune Business published yesterday, urged environmental activists to give “a fair representation of the facts” surrounding the company’s project. While saying he welcomed a “robust conversation” on the issues, he accused some of seeking to “misconstrue or misrepresent” facts about it and oil exploration as a whole.

Mr Potter said any debate also needed to take into account The Bahamas’

COVID ‘reality’ hits banks: Loan defaults spike $83m FROM PAGE ONE “Similarly, commercial loan delinquencies rose by $18.3m (30.7 percent) to $77.9m, owing to a $17.5m (106.8 percent) rise in short-term arrears and a $0.8m (1.9 percent) uptick in non-accrual loans.

“Further, mortgages delinquencies advanced by $16.1m (4.1 percent) to $406m, attributed to a $17.9m (15.1 percent) growth in the short-term component, which outstripped the $1.8m (0.7 percent) decline in non-performing loans.”

The Central Bank said its commercial licensees reacted by increasing their loan loss provisions some $3.7m in August, taking the industry total to $501.8m a sum equivalent to 113.3 percent of non-performing loans.

This indicates the sector is braced for COVID-19 delinquencies and defaults, as the provisions for nonperforming loans - those 90 days past due, and on which interest is no longer being accrued - exceed the value of credit in this category.

“However, the ratio of total provisions to arrears narrowed by 8.6 percentage points to 70.3 percent.

During the review month, banks wrote-off an estimated $3.4m in bad loans

Govt ‘front loading’ aid for reserves

FROM PAGE ONE

air and sea components comprising 7,199 and 700, respectively.

“Similarly, total traffic to the Family Islands decreased to 13,645, vis-à-vis a 17.8 percent increase to 241,962 in the preceding year, reflecting reductions in the air and sea traffic segments, to 7,253 and 6,392, respectively. Further, arrivals to Grand Bahama fell to 1,854, following a 2.6 percent growth to 78,871 in 2019, as respective sea and

and recovered approximately $0.9m,” the Central Bank added.

Mr Bowe, meanwhile, told Tribune Business the loan delinquency situation will start to “crystallise” for Bahamian commercial banks “between now and the end of the year”, as they identify those who have lost their jobs or remain in furlough, and thus are unable to service their obligations.

“I put the reality this way: The accounting is starting to catch up with reality,” he said. “For those institutions with deferral programmes, their loan portfolios continued to record those persons on deferral as being current, and as that period comes to an end the accounting starts to catch up....

“By the end of this year we’ll start to have crystallisation of those in extended furlough periods. There’s going to be a long, bumpy road ahead to manage the period when people are out of sustainable incomes.”

Mr Bowe said it may be another 18 months to two years before Bahamian commercial banks gain a complete grip on the situation, adding: “All financial institutions in some or fashion will have identified that upper limit, identified those persons in the hotel sector and those persons in the private sector who are

unemployed, and be able to say what their nuclear scenario will be.

“All of us are sitting here with some form of bated breath, hoping for an early opening of tourism, a return to normal visitor numbers and a return of employment. All of us appreciate that rapid return will not be rapid. It will be over 18-24 months.”

The COVID-19 fall-out will likely undo the Bahamian commercial banking industry’s slow, decade-plus process of working itself out of the “bad loans” pile that built up following the 2008-2009 recession, which peaked at around $1.2bn.

With much depending on the strength and timing of tourism’s rebound, and the return of economic activity, jobs and incomes that will allow persons to service their loan obligations, Mr Bowe said commercial banks will not be immune from COVID-19’s fall-out.

Institutions will feel a top-line impact from reduced interest income, while also taking a hit to the bottom line from higher loan loss provisions. In the meantime, their expenses remain unchanged due to the retention of staff and continuing overhead costs, which will result in an earnings squeeze for shareholders.

air passengers declined to 1,336 and 518.”

The Central Bank continued: “On a year-to-date basis, total arrivals contracted by 61.9 percent, a reversal from a 13.2 percent increase during the same period of the preceding year.

Underlying this outturn, the air component fell by 68.5 percent, while the sea segment decreased by 59.6 percent.

“As it relates to the vacation rental market, data provided by AirDNA for the month of August, compared with the same period last year, showed that total room nights sold contracted by

70.5 percent, as bookings for entire place listings and hotel comparable listings reduced by 71 percent and 65.5 percent, respectively.

“Pricing indicators varied, with the average daily room rate (ADR) for entire place listings firming by four percent to $407.99, while the ADR for hotel comparable listings fell by 6.9 percent to $141.87. On a year-to-date basis, total room nights sold declined by 45.3 percent, attributed to respective reductions in bookings for both the entire place and hotel comparable components, of 46.6 percent and 33 percent.”

present COVID-19 economic situation, and the “economic possibilities this could open up” if commercial quantities of extractable oil were found in BPC’s licence zones.

He confirmed, though, that any oil recovered would be sold for processing outside The Bahamas, with the main benefits being royalties earnings for The Bahamas’ sovereign wealth fund as well as the jobs, education and training that BPC has committed to provide under its licence.

However, Casuarina McKinney-Lambert, the Bahamas Reef Environment

Educational Foundation (BREEF) executive director, who is spearheading the Our Islands, Our Future campaign against BPC’s ambitions with Waterkeepers Bahamas, also echoed Mr Mailis’ concerns about the proximity of the drilling site to the Great Bahama Bank’s “important fishing grounds” and the Cay Sal Marine Protected Area (MPA).

“Of course the drill site is right next to the Great Bahama Bank, one of our most important fishing grounds, and the leases overlap with existing marine protected areas that are

essential for our fishing industry,” she said, adding that the Our Islands, Our Future petition “has now exceeded the target of 15,000 signatures. We’re up to 17,000 now and rapidly increasing”.

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