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MONDAY, OCTOBER 5, 2020

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BOB hit by Central Bank’s 3-year bar By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ANK of The Bahamas’ top executive admitted its risk management had been poor as he revealed the Central Bank has blocked it from taking on new business borrowers for three-plus years. Kenrick Brathwaite, the BISX-listed institution’s managing director, told Tribune Business that events before his appointment meant it was unable to currently rebuild a commercial credit portfolio that he believes remains “really critical” to the bank’s future prospects. “We still have a restriction from the Central Bank with regard to new commercial credit. The restriction has been in place for the last three years, and we cannot take on any new commercial clients. That’s still continuing,” he disclosed.

• Still prohibited from new commercial loans • Top executive admits past risk problems • Banks ‘don’t want to think’ of tourism woe “That part of the business, which is really critical to us in my evaluation, we’re not able to build. That’s because of history, and history suggests that we’ve not done the things we should have done with regard to risk. We’d like to start building more commercial relationships, but we’re still seeking the Central Bank’s authorisation.” Mr Brathwaite, who was appointed to the post some years after Bank of The Bahamas required two taxpayer-financed bail-outs to survive, is the first senior executive or board member at the government-majority owned institution to admit that risk management practices may have been at fault in the run-up to those events in 2014 and 2017.

Oil explorer: We’ve got tourism, fishing covered By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMAS-based oil explorer yesterday reassured that the insurance coverage for its first well will cover any tourism or fisheries losses “in the highly unlikely event” of any spill or environmental impact. Roberta Quant, Bahamas Petroleum Company’s (BPC) environmental scientist, told Tribune Business it had obtained protection “considerably in excess of the minimum levels of cover required by The government” for the Perseverance One well that will be drilled

in waters some 91 miles to the west of Andros near the maritime boundary with Cuba. In written replies to this newspaper’s questions, Ms Quant said the well’s location was not in a Marine Protected Area (MPA) as suggested by environmental activists, adding that its location was some 85 miles from Cay Sal and had been subjected to intense scrutiny that showed “there are no sensitive environmental receptors anywhere near the drill site”.; A 17-year environmental industry veteran, with a

SEE PAGE 5

Three insurers tasked on COVID visitor coverage By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government is seeking to implement by November 1 a COVID-19 travel insurance scheme to cover the treatment/ evacuation costs for any visitor who falls sick in The Bahamas. Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business last night that he had contacted three separate Bahamasbased health insurers over the past two weeks to assess the feasibility, costs and

structure of such a plan. Speaking after Dr Hubert Minnis revealed this element of the Ministry of Tourism’s strategy in his earlier national address, Mr D’Aguilar said the insurance move was designed to address any difficulties posed should visitors test positive for COVID-19 upon either their arrival at the airport or during their stay. While the experience of other Caribbean countries suggested there were

SEE PAGE 6

Many observers, especially the Bank of The Bahamas minority shareholders who collectively hold just under 18 percent of its equity, will though likely regard Mr Brathwaite’s comments as an understatement given the spectacular destruction of investor value that left more than $144m in accumulated losses on its balance sheet at end-June 2020. Besides risk management, the Central Bank also previously took Bank of The Bahamas to task for its heavy credit exposure to politically exposed persons or PEPS such as ex-Cabinet minister and MP, Leslie Miller, with whom it is locked in a court battle over $30.6m it alleges he owes

over loans secured on the Summerwinds Plaza. The taxpayer has also, at a conservative estimate, spent over $300m in propping up Bank of The Bahamas through a combination of the two bail-outs, which injected government bonds worth $100m and $167.6m, respectively, into its balance sheet, plus a $40m rights offering that had to be 100 percent acquired by the Public Treasury. The latter, together with the National Insurance Board (NIB), owns 82-plus percent of the bank on the government’s behalf. Bank of The Bahamas’ commercial loan portfolio shrunk by almost $5m during the 12 months

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Bahamasair’s revenue off a ‘staggering’ $32m By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMASAIR’S “staggering” financial losses continue to mount, its chairman revealed yesterday, disclosing that revenues for its just-completed 2020 financial year were down $32m compared to 2019. Tommy Turnquest, giving a bleak near-term outlook for the national flag carrier, told Tribune Business that passenger numbers and load factors on its domestic routes are “dismal” with as few as six persons travelling on its service between Nassau and Freeport. He added that the airline had cut back its weekly number of flights “like 90 percent”, with the 22 to 26 presently scheduled equivalent to what it used to do per day prior to the COVID-19 pandemic. With Bahamasair presently confined to servicing its domestic inter-island routes only, Mr Turnquest said it had yet to look at restarting its international flights into the US and other Caribbean destinations given the government’s continuing concerns over the rate at which COVID-19 infections are increasing on New Providence.

TOMMY TURNQUEST With memories still fresh about how the second domestic COVID-19 wave was sparked by Bahamians returning from travelling to Florida and elsewhere, Mr Turnquest said the national flag carrier simply lacked the “economies of scale” of an American Airlines to begin pre-flight virus testing of passengers before they boarded the plane. “They’re still very, very low,” the Bahamasair chairman said of passenger numbers on the airline’s domestic flights. “For example, we went into Marsh Harbour this morning, and I guess we had about 15 and brought back 21-22m, either on a 70-seater or 50-seater. “We combined Rock Sound and Georgetown on a 70-seater, and had 21 passengers total. On Nassau to

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PAGE 2, Monday, October 5, 2020

THE TRIBUNE

BAHAMIAN UTILITIES URGED TO SEIZE INSURANCE OFFER By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ACTIVISTS yesterday urged Grand Bahama Power Company to prevent further controversy over efforts to recover hurricane restoration costs from its customers by seizing on a new regional initiative. Pastor Eddie Victor, president of the Coalition of Concerned Citizens (CCC), a long-time GB Power critic, told Tribune Business that a just-unveiled product from the Caribbean Catastrophe Risk Insurance Facility (CCRIF) sounded “absolutely fantastic” for both consumer and utility. CCRIF, from which the government obtained a nearly-$11m insurance payout over Hurricane Dorian, announced that it had launched an insurance product targeted specifically at limiting the financial burden imposed on Caribbean electricity utilities by storm-related damages to their transmission and distribution networks. The parametric product, which will see payments triggered by a hurricane or other natural disaster, is designed to provide utilities throughout the region with financial liquidity to cover the restoration process. Acknowledging that the region’s hurricane

BPL HEAD OFFICE exposure, and vulnerability of hundreds of miles of overhead lines and poles, makes it virtually impossible for Caribbean electrical providers to secure reasonably-priced insurance for their transmission and distribution networks, CCRIF said its new product will be focused on this area only. “Economic losses of utility sectors, particularly transmission and distribution systems, after these events also are high, with citizens often-times bearing the brunt of the costs through their electricity bills,” CCRIF said. Its product is thus focused on the very issue

that prompted GB Power to seek to recover $15.6m in Dorian restoration costs, related primarily to its transmission and distribution network, via the addition of an extra charge to customer bills. Public protests against the new charge subsequently pushed the Storm Recovery and Stabilisation charge’s start back from October 1 to New Year’s Day 2021. Dave McGregor, GB Power’s chief executive, could not be reached for comment on the CCRIF product yesterday, and its introduction comes to late to address the Dorianrelated situation.

But Pastor Victor said “anything that would not cause more expense to the customers and consumers of GB Power” in relation to future storms will be “absolutely fantastic”. Adding that his message to GB Power is “go ahead and get the coverage”, he added that it could “eliminate the whole idea and concept” of any Storm Recovery and Stabilisation charge or hurricane fund that was financed by consumers. Grand Bahama Power and the the Grand Bahama Port Authority (GBPA) have consistently argued that the new charge, which will be a separate

line item in customer bills, will represent an increase of less than $7 per month for the “average” residential customer, and $24 for the “average” business customer, in a bid to soften the upcoming blow and any consumer push back/ fall-out. The charge for the three customer categories was initially set at: • Residential - $0.013 cents per kilowatt hour (kWh) or 1.3 cents • Commercial - $0.008 per kWh or 0.8 cents • GSL (industrials) $0.010 per kWh or one cent CCRIF’s product could equally benefit Bahamas Power & Light (BPL), which initially estimated that Dorian-related restoration costs on Abaco would cost itself and taxpayers some $90m. Desmond Bannister, minister of works who has responsibility for BPL, yesterday said he was unaware of its offering, and that it would first need to be evaluated by the utility’s Board. CCRIF’s statement said the insurance product was developed “in close collaboration with CARILEC, an association of electric utilities, suppliers, manufacturers and other stakeholder operations in the electricity industry in the Caribbean, where 35 of its members are electric

utilities”. BPL and GB Power are both members. Isaac Anthony, CCRIF’s chief executive, said: “The close relationship between wind speed and overhead transmission and distribution system damage created the opportunity for CCRIF to develop a new and innovative parametric insurance product, which could be priced much more competitively in the marketplace than traditional indemnity insurance and would present lower basis risk to the insured utilities”. The product has already been purchased by the Anguilla Electricity Company Limited (ANGLEC), and CCRIF said more utilities are set to follow. Peter Lamontagne, ANGLEC’s acting chief executive, said: “ANGLEC was severely impacted by Hurricane Irma in 2017, and almost all of its transmission and distribution network was destroyed, costing the company in excess of XCD40 million to restore. “At the time the company had XCD16 million in its reserves (a self-insurance fund) and, needless to say, all the reserves were used up. There was an urgent need to find an alternative mechanism because of the active hurricane seasons that we are experiencing.”

Bahamian insurers receive new names

NEW corporate identity of CG Atlantic brand. TWO Bahamian insurance companies will today take on new names as part of a rebranding strategy by their Bermuda-based parent. Colonial Group International, in a statement, said the new corporate identity adopted for all its operations will see its Bahamian affiliates operate under the CG Atlantic brand. Atlantic Medical Insurance will trade as CG Atlantic Medical & Life, while Security and General Insurance Company becomes CG Atlantic General. Colonial Group’s legal name is now Coralisle Group Ltd, hence the CG brand. Colonial Medical Insurance Company, for example, becomes Coralisle Medical Insurance Company, with its operations in Bermuda, Barbados, the British Virgin Islands (BVI) and Turks & Caicos trading as CG Insurance. In the Cayman Islands, the name change will see the CG companies operate under the banner CG Britcay. Coralisle Group’s chairman, Dr Grant Gibbons, said: “The Colonial name has served the group well for more than 60 years, but we believe its historical

provenance no longer represents who we are or what we stand for as a group in the 21st century. “We started out in the 1950s as a Bermuda company providing local insurance, and have grown since then into a multinational concern serving diverse markets across the Caribbean. The name change positions us to project a unified brand identity that facilitates recognition and growth in new markets, while building and expanding our business in current markets.” Naz Farrow, CG’s president and chief executive, said: “CG’s growth across decades in diverse markets had been achieved through a commitment to providing people with products and services that make their lives better and more secure. “CG’s philosophy starts with putting people first, and the name change will strengthen our ability to reach people needing insurance solutions. We’re excited about the change because it positions CG for the next chapter in our story as the premier insurance provider from Bermuda to the Caribbean.”

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THE TRIBUNE

Monday, October 5, 2020, PAGE 3

RECOVERY PLAN URGES ‘DIGITAL MARKETPLACE’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE government’s Economic Recovery Committee has called for the creation of “a national digital marketplace” among 163 proposals designed to “spur” economic recovery, the prime minister said yesterday. Dr Hubert Minnis, pictured, in his national address, provided few specifics or details on the committee’s report, the conclusions of which were presented to his full Cabinet last Tuesday. He did, though, reveal that the government-funded unemployment benefits initiative will be extended “through December” to provide jobless Bahamians and their families with some means of income support. Confirming Tribune Business revelations last week that the government will allocate a further $45m to COVID-19 related individual and business support initiatives, the prime

minister added that another $10m will be provided to finance the second phase of the national food assistance programme through to year-end 2020. The latter initiative is currently providing food for more than 100,000 persons, or over one-quarter of the Bahamian population, and Dr Minnis yesterday urged persons whose jobs and incomes have at least partially returned to end their reliance on the national food programme so that the government’s “limited resources” and private donations can be focused on those “truly in need”. Dr Minnis made no reference to last week’s

Islands slam ‘oversight’ on rapid COVID testing By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net CAT Island and Long Island resorts have branded the government’s decision not to have COVID-19 testing at their ports of entry a “major oversight”. Carl Rolle, general manager of Rollezz Villas Beach Resort on Cat Island, told Tribune Business: “I think we have the correct professional people out here to do that quick test. It is just like taking your blood pressure, so I don’t see why we are overlooked, but we are trying to address that situation because for the way forward, if you don’t have that, it is going to be a problem.” “We want to keep the place safe, but it’s a difficult task. The thing is if you do it in the correct way it will be for the long-term and not the short-term. I believe that if you take the correct action, the Bahamian people will be happy and blessed by it. But if you just try to show immediate

results, and then have to come back and repeat your actions, it is not a good thing.” Matthew Brear, general manager of Cape Santa Maria Resort on Long Island, added that the island’s tourism, hospitality and resort sectors were working with their MP, Adrian Gibson, to address its non-inclusion among the ports of entry where tourists will receive rapid COVID-19 antigen tests upon arrival. “We’re working with our MP on this currently,” Mr Brear said. “Again, we opened and ran successfully for almost the entire month of July with no quarantine, but still adhering to all safety protocols as outlined by health officials. “There were zero issues with no quarantine. I think people may be forgetting that the cases spiked primarily as a result of the local population flocking to Florida at the spike of that particular state’s first wave. Tourism was not the primary cause of the current

suggestion by Brensil Rolle, minister of the public service and national insurance, that the government was debating whether to further reduce the weekly unemployment benefit from $150 to $100. However, the date outlined by the prime minister yesterday indicates the government it at least hedging its bets as to the strength and timing of tourism’s comeback if it is going to continue fund unemployment benefits through December. This suggests it is not confident that the tourism and hotel sector will see a rapid return of business in time for the Thanksgiving and Christmas holidays. As for the Economic Recovery Committee’s (ERC) proposals, Dr Minnis gave only broad outlines of their recommendations as the Cabinet was still studying the full report and determining which will be “a priority for execution”. Only when these decisions are taken,

he added, will the report be released to the public. “This past Tuesday, the committee presented to Cabinet their executive summary report that details some 163 recommendations on a range of subject areas to spur our economic recovery and our sustained economic health,” the prime minister said. “The ERC and its subcommittees consulted with 60 companies and organisations, and had the benefit of 300 submissions sent to it from Bahamians across the entire country.” None of the 60 companies and groups consulted by the committee, co-chaired by Marlon Johnson, the Ministry of Finance’s acting financial secretary, and Kenwood Kerr, Providence Advisers’ chief executive, were named. Dr Minnis said the committee had followed his instructions to be “bold and innovative”, adding that its recommendations “will guide discussions of policy development in the country

for many years to come”. Setting out some of the areas covered in the report, the prime minister said it called for the creation of an undefined “national digital marketplace” and “small business incubators” to assist entrepreneurs, as well as “independentlymanaged national funds” for the pooling of public and private sector capital to finance sustainable development throughout The Bahamas. It was unclear whether this meant a sovereign wealth fund, while other recommendations urged improved food security by increasing the agriculture and fisheries sector’s share of GDP; a “full revamp” of the investment regime to eliminate government bureaucracy to enable projects and business expansion to proceed more rapidly; and “accelerated” renewable energy reforms. Warning that it cannot be business as usual for The Bahamas post-COVID-19, Dr Minnis said: “The

thinking that informed The Bahamas in its pre-COVID days will not be well suited for The Bahamas that emerges from the pandemic. In many respects, the status quo will need to be set aside. “This will require us all – including myself and my Cabinet colleagues – to understand that as a country we will have to do things differently. These necessary changes, as they always do, will invite resistance as many would like to be able to stay in a comfortable space and era that simply will not exist after COVID-19. “As I have said before, I did not establish this committee just to write a nice report that will then sit on a shelf to collect dust. We are taking the recommendations seriously. We must be prepared for the dawning of this new economic day by implementing the changes, and by executing the plans that will lead to a Bahamian economy that is more resilient, dynamic, inclusive and sustainable.”

COVID situation within The Bahamas. We have got plenty of reservations today, though, for the coming months as a result of the last announcement.” The Ministry of Tourism, in long-flagged changes, revealed late last Thursday that it has switched the 14-day quarantine that forced visitors to remain in place - either at a hotel, on a boat or some other accommodation - for increased rapid antigen once they arrive in The Bahamas and during their stay. Besides removing the “Vacation in Place” quarantine beginning on November 1, which coincides with the run-up to the Thanksgiving holiday and winter tourism season, The Bahamas has sought to further incentivise travel by increasing the time given to visitors to obtain a negative COVID-19 PCR test before they travel from the present five days to seven days. While this test, detailing the result plus name and address of the laboratory involved, will still be required along with The Bahamas Health Travel Visa, visitors will now undergo a COVID-19 rapid antigen test at specified air

and sea ports of entry when they arrive in The Bahamas. And tourists staying in The Bahamas for longer than four nights and five days will be required to take a second COVID-19 antigen test. This allows short-stay visitors to avoid a second test, with the cost of these tests - which can produce results in 20 minutes or less - included in the health visa. The government, though, has identified only specific airports and seaports where COVID-19 antigen tests will be available. No locations were provided in the southern Bahamas, with the likes of San Salvador, Cat Island and Long Island excluded from the list. Nassau; Freeport; Marsh Harbour; North Eleuthera; Georgetown (Exuma); Bimini (and Cat Cay); and San Andros are the approved airports. As for seaports and marinas, the selected venues

are Nassau (Atlantis, Bay Street Marina, Lyford Cay and Albany); Grand Bahama (West End – Old Bahama Bay and Freeport – Lucaya); Abaco (Marsh Harbour government dock); Eleuthera (Spanish Wells marina); Berry Islands (Chubb Cay Club); Bimini (Big Game Club and Cat Cay Club); Exuma (Georgetown government dock). It is likely that the Government, with scarce technical, financial and human resources, is testing the new COVID-19 health protocols at its busiest ports of entry before rolling the initiative out to other islands. The thinking is also likely to be that many stopover visitors headed to the likes of Cat Island and Long Island will transit through Nassau first, and thus take their on-arrival test there. However, that could create complications for long-stay visitors remaining

in The Bahamas beyond four days/five nights or 96 hours, as they will be required to take another COVID-19 antigen test. Aton Mackey, general manager of Cat Island’s Hawks Nest Resort and Marina, said: “Right now we’re closed. The resort is closed, so I haven’t really been following a lot because I have been busy with maintenance and preparation for re-opening. The marina is always open, but it is just that the hotel and the restaurant is closed.” He added of the 14-day quarantine’s elimination come November 1: “That’s a good thing. That means we can have some traffic come through here because we’re hurting. We expect to open right before Thanksgiving. I had people call and they were talking about the quarantine period, so now that that’s lifted I’m going to get some traffic here.”

PAGE 4, Monday, October 5, 2020

THE TRIBUNE

Taxi chief’s delight at ‘silly’ quarantine end By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas Taxi Cab Union’s (BTCU) president is voicing delight that the government has dropped the “silly idea” of a mandatory 14-day visitor quarantine that was opposed by many in tourism. Wesley Ferguson told Tribune Business: “I knew he (Dionisio D’Aguilar, minister for tourism and aviation) was going to backtrack on the Vacation In Place (VIP) because he got no support from any of the local people, and the government didn’t get any support from the major hotels. “He knows that it was not attractive to those people who wished to travel to The Bahamas, especially the Americans. They are

not going to want to come to The Bahamas and be locked down anywhere, not even Atlantis. “If it was a small Airbnb or a small hotel, you can’t expect somebody to come here on vacation to basically suck up some of the sun, sand and sea, and to mingle with the Bahamian people, and instead go into an Airbnb and lockdown in God knows where for how long then go back to America? You may as well stay home where you are,” Mr Ferguson added. “At home they have freedom to move around wherever, so why come here to lockdown?” Mr Ferguson suggested that the VIP concept will remain in place until October 15 as a way for the government to “save face”, with the 14-day quarantine’s elimination to take effect on November 1 and arrive in time for the

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Thanksgiving and Christmas holidays. The taxi union chief added: “He (Mr D’Aguilar) is hoping that dropping this idea of VIP on November will possibly open the floodgates for tourists to get back here in time for Thanksgiving. I’m happy that he dropped it because it was not going to benefit anybody. “It was not going to benefit the local people, and you may as well have not let the tourists come, because he admitted that he made this decision with the large resorts in mind. You can’t make a decision with wealthy people in mind and you have poor people suffering. You have to make the decisions for the poor people to benefit, and if the poor people benefit then the wealthy are going to benefit.” Chris Morris, Cape Eleuthera Resort’s general manager, said: “I think we are moving in the direction we need to. I feel like there are a great deal of questions to address over the next month logistically. “The cost of the [health travel] visa, and will I as a hotelier be able to administer the third rapid test? Better yet, who will supply and train staff to do the testing? What happens if you arrive in The Bahamas and actually test positive even though your PCR test was negative seven days ago? Mr Morris added: “I have faith in the minister of tourism and his staff. I truly believe they are doing an awesome job in a very difficult time. These are just initial questions I have, and I am confident they will be able to provide answers over the next month. “I must admit this is the most difficult thing I have had to manage as I am sure it is for the government. The reality is we are trying to do the best we can with the knowledge at hand to make the best decision for our employees, as well as all of the people that make up the Commonwealth of The Bahamas. You can find a beautiful island anywhere; it is the people that make it special. That’s what we have, and that is why my heart belongs here.”

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BOB hit by Central Bank’s 3-year bar

FROM PAGE ONE

to end-June 2020, according to its recently-released unaudited financial statements, finishing the year at $70.556m compared to $75.385m. Mr Brathwaite said the bail-outs, which transferred many delinquent borrowers to the Bahamas Resolve work-out vehicle, had enabled Bank of the Bahamas to “get rid of a lot of the toxic loans” that previously plagued it. That recent past has likely encouraged the Central Bank to keep the bar on new commercial lending in place, even though it restricted the bank’s loan book growth prior to COVID-19. And, while the BISX-listed institution has returned to regular - albeit reduced - profitability in the years following the 2017 bail-out, the pandemic and its fall-out threaten to reverse such gains. Some $15.348m worth of loan loss provisions, in anticipation of COVIDlinked borrower defaults, and a $6.316m impairment to the value of its government debt holdings due to the Moody’s downgrade, produced a more than-$10m bottom line reverse that plunged Bank of The Bahamas into a $7.384m bottom line loss for its June 2020 financial year. Mr Brathwaite said that while an economic rebound would enable Bank of The Bahamas to recover at least some of these provisions, he did not expect one to occur before the April-June 2021 quarter - the fourth in the

bank’s financial year - at earliest. He added that a significant chunk of the $1.85bn worth of commercial bank loans placed on deferral due to COVID-19 earlier this year, representing around one-third of all outstanding credit, could fall into default if the hotel and tourism industry did not rebound soon. “We’re hoping at some point in time we’ll be able to put this back,” Mr Brathwaite said of the bank’s provisioning, noting that the $6.3m impairment related to Moody’s would likely take longer to reverse given that this depends on an improvement in the government’s fiscal position. “We’re hoping that when this economy spins around we’ll be able to reverse most of that provisioning that’s affecting us tremendously. “Forty percent unemployment is going to be around for a while,” he added. “The hotels seem as if they’re not going to open up. We haven’t even begun to think of what it will look like in the banking industry if those hotels do not open. “You’re talking most of the $2bn becoming non-performing. A lot of that $2bn is government employees. I don’t think it’s as critical as we think it is, but a lot of that $2bn will be hotel borrowing and it’s going to affect delinquency numbers for the entire industry.” Mr Brathwaite voiced hope that Bank of The Bahamas will be able to start reversing some of the loan loss provisioning during its 2021 financial year’s fourth quarter, but it remains the most vulnerable and

Bahamasair’s revenue off a ‘staggering’ $32m FROM PAGE ONE

Freeport we had six passengers. We just don’t have the numbers. We’ve cut back. We’re down to 22 to 26 flights a week when we used to do that in a day. We’ve cut back like 90 percent.” Mr Turnquest said this comparison was not exactly like-for-like, as Bahamasair was only currently flying domestically, whereas pre-COVID it was also on international routes. He added, though, that the present halt on flights to Miami, Fort Lauderdale, West Palm Beach and Orlando in the US; Providenciales in Turks & Caicos; two destinations in Haiti; and Havana had cost Bahamasair 50 percent of the locations it normally serves. “You take those destinations out of the mix, that’s eight of 16 destinations,” the Bahamasair chairman told Tribune Business. “We’ve cut back tremendously. In terms of lost revenue, the numbers are staggering. We’re talking tens of thousands versus millions. “Bahamasair, for the fiscal year ended June

30, 2019, had revenues of $92m. For the year ended June 2020, because of Dorian in late 2019 and three to four months of COVID-19 - March, April, May and June - we were down to around $60m. “It’s been huge, and then we didn’t fly. We flew for a couple of days in July, didn’t fly in August and started up in September. The numbers, as I’ve told you, have been dismal. Again, we’re trying to do the best we can.” With a near-35 percent year-over-year drop in Bahamasair’s top-line, Mr Turnquest said the national flag carrier was seeking to “keep the operational costs at a minimum”. He acknowledged that the government was continuing to subsidise the airline’s $3.5m monthly wage bill, and said the airline was “talking about everything” to find ways to slash its expenses. Besides the loss of jobs and incomes inflicted by COVID-19, and with many Bahamians wanting to stay close to home, the mandatory 14-day quarantine imposed on all domestic travellers from New Providence remains the major

exposed commercial bank due to its pre-COVID-19 problems. For removing the $162.803m worth of bonds injected into its balance sheet would leave it with an $8m solvency deficiency, where liabilities exceed assets. Accumulated losses are again moving in the wrong direction, while almost one-quarter of its loan portfolio - some 23.78 percent - remains non-performing or more than 90 days past due. Mr Brathwaite said Bank of The Bahamas’ loan portfolio will “look a lot different” once it either restructures delinquent loans or sells the residential properties that act as collateral for these mortgages. He added that the bank was “gaining a windfall” from its “improved collections effort” and sale of delinquent properties, and said: “We’re well on our way to improving the numbers. “The challenge is the percentage [of delinquent loans] is not changing because the portfolio is not growing. The lack of growth is keeping the percentage high even though the actual number as a dollar value is reducing.” The Bank of The Bahamas chief also pledged that COVID-19 will “not derail” the institution’s turnaround strategy, although he acknowledged it had been set back by three to four months. He added that it remained focused on automating its systems, such as loans, debt management and accounting, as well as various credit and debit card-related plans. factor driving reduced domestic travel. The government has given no indication that this will be lifted any time soon, and Mr Turnquest said Nassau’s rising infection rate was likely giving it pause for thought on Bahamasair restarting its international operations given that many Bahamians liked to use it for travel. “We haven’t looked at that,” Mr Turnquest added of an international restart. “We’re still very concerned about our domestic numbers which we are facing. The government is still concerned about the number of COVID-19 cases we have in The Bahamas and whether they want to encourage Bahamians to travel. “I know some Bahamians are travelling on the foreign carriers’ reduced schedules but when Bahamasair starts travelling it’s wide open.” Mr Turnquest added that Bahamasair simply lacked the “wherewithal” to offer the pre-flight testing that American Airlines plans to introduce. “We can’t achieve the economies of scale to make this thing worthwhile to set up a whole infrastructure,” he said, adding that the best solution would be to “piggyback” on the US authorities if they set up such schemes for the pre-flight testing of all passengers.

THE TRIBUNE

Monday, October 5, 2020, PAGE 5

The pros and cons of dollarisation - it’s no magic wand ACTIVTRADES WEEKLY | BY RICARDO EVANGELISTA | WWW.ACTIVTRADES.BS

debate has been lively with both advocates and opponents arguing passionately. But what exactly is dollarisation and how does the idea work? Could it be the

magic wand many long for? Here we’ll look at the concept and try to weigh some of its pros and cons. Dollarisation is a form of currency substitution;

in this case, the term is used to describe the use of US dollars, alongside or completely replacing the domestic coinage of another country. It is usually implemented when national authorities seek to protect themselves from the destabilising attacks of financial speculators on locally denominated assets, or when the currency has become unstable and starts to lose its usefulness as a means of exchange for everyday transactions, as happens in hyper-inflation scenarios. This process may develop as the product of official monetary policy or spontaneously, as a de facto market process with citizens and businesses opting to use foreign means of payment. Usually, the main reason for dollarisation is the benefit of greater monetary stability, which helps to

Oil explorer: We’ve got tourism, fishing covered

and with active assistance from fisherman from multiple locations, BPC held detailed consultation meetings with many fishing communities. Amongst fishing communities visited were Long Island (north, central and south), Eleuthera (Spanish Wells), Andros, Abaco (Fox Town, Marsh Harbour and Sandy Point), to name a few,” she said. “An important outcome of these consultations was the creation by BPC of incredibly detailed environmental sensitivity maps, which for the first time ever comprehensively mapped and documented critical habitats and environmental zones across The Bahamas. “With the collaboration of local communities, these critical maps highlight, define and prioritise all habitats so that all concerned can be fully aware of how best to safeguard and protect key and sensitive areas of the environment.” Reiterating that the prospects of any oil spill from BPC’s first exploratory well “have to be considered extremely minimal”, Ms Quant urged: “Fear-based sensationalism should not replace facts and science.” Ms Quant said sea conditions, weather and the Great Bahama Bank would keep all activity at BPC’s drill site “remote from tourism and fishery activities”, with the well already located in a deep-water channel that is a major shipping lane crossed by oil tankers every day. “Whilst naysayers like to focus on the extremely rare cases of incidents, all over the world literally thousands of offshore wells have been drilled safely in locations characterised by higher pressures, temperatures and at greater depths than the Perseverance One well,” she added. “For example, approximately 10,000 wells have thus far been drilled in the Gulf of Mexico - and with nearly twice as many onshore - and over 3,000 production platforms are currently operating

in the Gulf of Mexico. “Indeed, in the last ten years the US government (under various administrations) has sanctioned many hundreds of wells to be drilled in the US Gulf of Mexico, notwithstanding the impact of the previous incident, which have been drilled safely.” Pointing to facilities such as Buckeye Bahamas (the former BORCO) and South Riding Point in Grand Bahama, as well as this nation’s present demand for fossil fuels, Ms Quant said: “From my work over the past decade, and through my interactions across the broader communities in The Bahamas, I have observed that many people don’t realise that The Bahamas is already well and truly in the oil game. “We have oil tankers passing through The Bahamas archipelago daily, whether to transport bunker C fuel or diesel to generate power, or transporting oil to one of the world’s largest oil berthing facilities and storage tanks facilities in Freeport, Grand Bahama. “We apparently live comfortably with these risks everyday – as we do in our personal lives with driving cars, flying in planes, and even crossing the roads – but perceive exploratory drilling, although very remote and temporary, in a very different way as if somehow more hazardous,” she added. “We in The Bahamas are surrounded by other countries, such as Cuba and the United States in the Gulf of Mexico, who all engage in substantial exploration and oil production activities. If anything happens in one of these countries, it will affect us in The Bahamas just as much. “So really, what this all means is that we in The Bahamas are already exposed to all of the risks of an international oil industry, but without seeing any of the potential benefits from that industry flow to the people of The Bahamas.”

VER the course of last week the discussion on dollarisation became a hot topic in local news. The

FROM PAGE ONE

master’s degree in the sector’s engineering discipline, Ms Quant said the risk of any oil spill from BPC’s first well was “minimal” - especially given that it is an exploratory well design to detect whether commercial quantities of oil exist beneath the Bahamian seabed, rather than one that will be used for full-scale commercial production. She added that efforts by some activists to compare BPC’s activities to the Deepwater Horizon disaster, which occurred in the Gulf of Mexico more than ten years ago, were “technically and geologically inaccurate”. This, Ms Quant argued, was because the rock structures and pressures on the Bahamian seabed are much less than those in the Gulf of Mexico, meaning that the “risk of a spontaneous flow of oil, or a spill, is dramatically reduced” where BPC is concerned. However, taking no chances, the oil explorer said all necessary insurance covers for Perseverance One have been secured through the broker, Aon UK, with insurers from Lloyd’s of London and other international markets underwriting it. “This policy provides cover for the costs of halting and remediating any incident during drilling, including the costs of redrill, the costs of drilling a relief well, and the costs of any remedial or clean-up operations,” Ms Quant told this newspaper. “The insurance policy also provides third-party liability cover losses that might be suffered in the highly unlikely event of such an incident – for example, losses that a fisherman or hotel might suffer - although, as mentioned, this is considered to be an extremely remote and highly unlikely possibility. “The level of insurance

cover obtained is considerably in excess of the minimum levels of cover required by the government, as well as commensurate with or in excess of cover in place for similar wells being drilled in other locations in the world,” she continued. “It is also worth noting that the insurance companies – who will be financially exposed to the costs of responding to any incidents – required BPC’s drilling plan, Environmental Impact Assessment, Environmental Authorisation and Environmental Management Plan to be submitted to a third-party technical review. “This review assessed all BPC plans, policies and procedures to be of global standard, with risks appropriately identified and planned for, such that the project was able to secure insurances as required. Furthermore, all of our main well contractors, being Stena, Halliburton and Schlumberger, again global names and industry leaders, have extensive insurance policies of their own in place.” Paul Mailis, director of the National Fisheries Association of The Bahamas, had last week voiced concerns that the well 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 Great Bahama Bank area if there was a spill or any incident. However, Ms Quant asserted that the well is not located in a Marine Protected Area (MPA) and lies 85 miles away from Cay Sal. She said consultations with fishing communities had for the first time resulted in the production of maps documenting fisheries habitats and environmental zones across The Bahamas. “Through the co-ordination of the Bahamas Commercial Fishers Alliance,

NOTICE

CHRONOVALUE INVESTMENT FUND SAC LTD. (In Voluntary Liquidation)

HESHCEL FUND LIMITED

Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the abovenamed Company is in dissolution, which commenced on the 28th, day of January, 2020. The Liquidator is Dillon R. Dean of Nassau Bahamas. Dillon R. Dean (Liquidator)

(In Voluntary Liquidation)

Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the abovenamed Company is in dissolution, which commenced on the 2nd, day of September, 2020. The Liquidator is Dillon R. Dean of Nassau Bahamas. Dillon R. Dean (Liquidator)

control inflation and makes it harder for predatorial speculators to attack. Other benefits lie in reducing the costs that otherwise would be incurred by providing and maintaining a country’s own money supply; this is particularly advantageous for nations that maintain strong economic relations with the United States. And what are the potential downsides? Obviously, the loss of monetary strategy independency, by outsourcing it to the United States Federal Reserve; increasing the money supply to remediate high levels of debt or fund public expenditure will no longer be an option. Also, the US monetary policy is conducted in the way its authorities see as being in their best interest, and it may not always match the adopting country’s needs, who in such a scenario will have to endure it without being able to influence any change. Overall, the partial or total adoption of dollarisation has been the subject of mixed reviews; looking at the example of Zimbabwe, who tested the process in the aftermath of last decade’s financial crash, the pros and cons are well illustrated.

In 2008, the country’s economy was collapsing under the weight of an inflation rate of 250 million percent – the Zimbabwe dollar was so worthless that bank notes started being used as a stuffing and isolation material. Faced with such a challenge the government announced that US dollars were to be accepted as legal tender; the effect was almost immediate – inflation dropped to workable levels and the economy started growing again; however, a few years later the authorities announced the end of the strategy. The monetary policy of the American Federal Reserve, with its high interest rates, meant the dollar was becoming increasingly expensive causing Zimbabwean exports to lose competitiveness relative to those of its neighbours, triggering a new economic recession. The conclusion to be drawn is that in monetary policy there is no magic wand; every choice will have upsides and downsides. An effective approach requires making timely decisions, remaining alert and flexible to make the necessary adjustments and changes.

CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY

he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned. YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides. Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property. This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home. We look forward to your continued support in this worthwhile endeavour.

MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100

CIRCLE of FRIENDS Silver: $1,500 - $2,499 Gold: $2,500 - $4,999 Platinum: $5,000 plus

OPPORTUNITIES • • • •

Invitations to Ranfurly events Assist with fundraising events Involvement with special activities Adults are eligible to join the Board after three months • Stay in touch with Ranfurly through website and newsletters

BENEFITS

• Personal fulfillment in knowing you are impacting lives • Ranfurly children’s appreciation and positive response • Continued support provides stability and constant care

For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115

Establish Paving Company is seeking to employ a

Heavy Equipment Operator/ Trailer Head Truck Driver

Applicants must: • Have a minimum of 5 years experience • Be 25 years or older • Have a valid Driver’s License • Be a multi-tasker and a team-player email resumes to:

nassaurecruitment@gmail.com

PAGE 6, Monday, October 5, 2020

THE TRIBUNE

Three insurers tasked on COVID visitor coverage FROM PAGE ONE “very, very few cases” of foreign tourists being struck down with COVID-19 after their arrival, the minister said The Bahamas would “encourage” such persons to leave rather than quarantine here for 14 days and become a potential burden to an already-over stretched healthcare system. With the insurance plan designed to cover related treatment and departure costs, Mr D’Aguilar told this newspaper that the costs associated with paying for and setting up this structure would likely be passed on to visitors via The Bahamas’ health travel visa that all must obtain as a condition of entry to this nation. “About a couple of weeks ago I reached out to two of the major insurance carriers to investigate this,

and last night I reached out to another one to let them go to their reinsurer and see what they can come back with,” Mr D’Aguilar told Tribune Business. “We’d like to hopefully get that in place for November 1. “This is obviously not something the government has the experience in, so we have to seek private sector solutions for this problem. The cost of this will probably be included in the travel visa. We’re trying to keep it as reasonable as possible, and hope most visitors - once they’re identified as positive through a vigorous testing regime - will leave the destination rather than quarantine.” Mr D’Aguilar said the government had yet to take any decision on whether to adjust the mandatory 14-day quarantine currently imposed on all travellers leaving New Providence

PUBLIC NOTICE

UK, EU leaders urge intensified talks on elusive trade deal LONDON Associated Press

DIONISIO D’AGUILAR for other Bahamian islands, which has been blamed for “dismal” passenger numbers on inter-island flights. “The government is still reviewing how it’s going to deal with domestic travel,” he added. “The initial focus was to address foreign visitors seeking to book holidays here over Thanksgiving and Christmas. A lot of visitors are on the cusp of making their travel plans for later this year. “We were anxious to address the quarantine issue as it was a major stumbling block for visitors wanting to come to The Bahamas or not, and hotels as to whether they open.

We will now shift our focus to what protocols will be in place for domestic travel. “Obviously the problem is Nassau, as the Prime Minister outlined. Nassau is not faring well from a COVID19 standpoint. How best to address that when people travel to the Family Islands is something we will bring focus to this week. “The prime minister is anxious for it not to spread to other islands. Nassau is the epicentre of COVID19 spread. We don’t want people in Nassau to go to the Family Islands and replicate what we have here in other islands.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, CARLAROUND ROLLE aka CARLAROUND TURNER, of #9 Carmichael Road, P.O.Box N-9847 Nassau, Bahamas intend to change my name to CARLA ROLLE. 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.

The Public is hereby advised that I, CARISSA MARINA KEMP nee DUNCOMBE, of Harry Island Drive, Carmichael Subdivision Nassau, Bahamas intend to change my name to COREISA MARINA KEMP. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that RITCHIE D’ANGELO PRUDENT, of Palm Breeze Road off Carmichael Road, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 28th day of September 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that LOUISENACK VICTOR, Shady Tree Street, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 28th day of September 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

MARKET REPORT www.bisxbahamas.com

FRIDAY, 02 OCTOBER 2020

BISX ALL SHARE INDEX:

CHANGE

2092.55

0.04

%CHANGE

YTD

YTD%

0.00 -139.05

-6.23

(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 4.80 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 1.65 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

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 2.35 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 3.95 17.43 1.62 1.79 1.67 6.00 6.75 2.98 5.10 3.76 5.90 11.26 2.06 5.50 10.14 8.44 14.30 3.96 8.97 15.20

CLOSE 3.95 17.43 1.62 1.79 1.67 6.00 6.75 2.98 5.10 3.76 5.90 11.26 2.10 5.50 10.15 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

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

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

BRITAIN’S prime minister and the head of the European Union told their chief negotiators Saturday to get back together and push “intensively” to strike a post-Brexit trade deal before time runs out in a matter of weeks. Prime Minister Boris Johnson and European Commission President Ursula von der Leyen held a video call in a bid to overcome a stubborn roadblock in the trade negotiations. In a joint statement, the two said that “progress had been made in recent weeks but that significant gaps remained, notably but not only in the areas of fisheries, the level playing field, and governance.” The statement said they instructed their chief negotiators to work intensively to try to bridge those gaps. The UK’s chief negotiator, David Frost, said on Twitter that he would begin talks with EU counterpart Michel Barnier “as soon as we can next week”. Britain left the EU politically in January after more than 45 years of membership, but remains economically tied to the bloc until a Brexit transition period ends on Dec 31. The two parties are trying to strike a rudimentary trade deal before then, to avoid a barrage of uncertainty, tariffs and red tape that would hurt economies on both sides. But while negotiators have inched close to agreement in many areas during six months of talks, they remain deadlocked over European fishing boats’ access to UK waters, and over the level of support governments can give to industry. The EU is concerned that British plans to subsidise sectors such as technology will amount to unfair competition. Von der Leyen said on

Friday that the most difficult issues “are still completely open”. “We want a deal because we think it is better to have a deal as neighbours — also, on top of these COVID times with devastating impact on the economies,” she said. “But not at any price.” Johnson said before on Saturday’s call that “there’s a good deal to be done” with the EU. Johnson told reporters that the UK wants a free trade deal along the lines of the one the EU has with Canada, but is also prepared for negotiations to fail. “We’re resolved on either course, we’re prepared for either course and we’ll make it work, but it’s very much up to our friends and partners,” Johnson said. Mujtaba Rahman, managing director for Europe at political consultancy the Eurasia Group, said the “sober” joint statement showed both sides were now serious about a deal — but that success still was not guaranteed. “I think both sides have a good understanding of a landing zone,” Rahman told the BBC. “It’s not really a policy problem. I think both sides believe a deal is doable … it’s more a political question” of whether leaders in Britain and the EU can sell compromise to their people, he said. Johnson says an Oct 15-16 EU summit is effectively the deadline for a deal if it is to be ratified by year’s end, though EU officials think talks may drag on beyond then. Johnson insists that Britain will thrive even if it ends the transition period without a deal. But economists say it would be a heavy blow, introducing tariffs and other barriers to trade with the EU, which accounts for almost half of the UK’s trade.

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 0.04 0.00 0.01 0.00 0.00 0.00 0.00 0.00

VOLUME 6,700

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 16.5 18.7 N/M N/M N/M N/M 18.3 -6.8 36.4 20.4 13.1 15.6 20.6 11.8 15.7 11.6 17.5 19.5 9.6 24.1

YIELD 4.30% 7.23% 1.23% 0.00% 0.00% 0.00% 3.85% 0.00% 0.00% 3.19% 3.73% 6.39% 20.67% 1.09% 3.23% 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%

NOTICE is hereby given that ILICIA BAZILE TOUSSAINT, Spring Road, Lewis Yard, Grand Bahama 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 28th day of September 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

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

July

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

2020

16th

PAGE 8, Monday, October 5, 2020

THE TRIBUNE

UK’S JOHNSON DEFENDS VIRUS STRATEGY AS INFECTIONS SOAR LONDON Associated Press

the country. But many in Johnson’s right-of-centre party argue that restrictions must be eased to save the battered economy. Johnson told the BBC the government had to strike a difficult balance and he couldn’t “take a course that could expose us to tens of thousands more deaths in very short order”. “It is a moral imperative to save lives ... but on the other hand, we have to keep our economy moving. That is the balance that we are trying to strike,” he said. Britain went into a national lockdown in March, with most businesses closed and all but essential

BRITISH Prime Minister Boris Johnson defended his handling of the coronavirus pandemic yesterday despite weeks of rising infections, but warned that the country faced a “bumpy” winter ahead. Britain has Europe’s highest coronavirus death toll, at more than 42,400, and Johnson’s Conservative government is facing criticism from all sides. Opponents say tougher social restrictions are needed to suppress a second wave of COVID19 that is already sweeping

travel barred. Restrictions began to be lifted in June as the pandemic tide receded. But like other European countries, daily new coronavirus infections began to rise again when pubs and restaurants reopened, children went back to school and students returned to university. The UK is now under national restrictions on socialising, including a 10pm curfew for bars and restaurants, and groups limited to six, with areas of high infection facing stricter local measures, which Johnson and other ministers have sometimes struggled to explain clearly. Critics

say months of mixed messages and changes of advice on everything from wearing masks to whether or not to work from home has left people confused and exhausted. A national test-and-trace program to find people who have been exposed to the virus has also had persistent problems, and is failing to reach more than a quarter of infected people’s contacts. Keir Starmer, leader of the opposition Labour Party, accused the government of “serial incompetence”. “The prime minister is governing in hindsight,”

Starmer told the Observer newspaper. “So he charges forward, not recognising the problem, has a car crash, looks in the rear mirror and says: ‘What’s all that about?’” Britain recorded 12,872 new coronavirus infections on Saturday, by far the highest daily total since the outbreak began, although the figure includes a backlog of previously unreported cases. The daily number can’t directly be compared to UK’s peak in April because many more tests are being performed now. The number of hospitalisations and deaths in Britain is also rising, but remains far

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 86° F/30° C Low: 75° F/24° C

TAMPA

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Breezy with partial sunshine

Partly cloudy with a shower

Winds subsiding; brief p.m. showers

Clouds and sun; breezy, pleasant

Some sun with a thunderstorm

Clouds and sun, t‑storms possible

High: 89°

Low: 78°

High: 89° Low: 79°

High: 88° Low: 78°

High: 89° Low: 77°

AccuWeather RealFeel

99° F

86° F

98°-85° F

97°-82° F

97°-85° F

98°-84° F

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

almanac

ABACO

High: 86° F/30° C Low: 82° F/28° C

8‑16 knots

High: 89° F/32° C Low: 81° F/27° C

7‑14 knots

FT. LAUDERDALE

FREEPORT

High: 89° F/32° C Low: 81° F/27° C

N E S

WEST PALM BEACH

uV inDex toDay

TONIGHT

High: 87° F/31° C Low: 77° F/25° C

High: 88° F/31° C Low: 78° F/26° C

MIAMI

High: 88° F/31° C Low: 82° F/28° C

8‑16 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 88° F/31° C Low .................................................... 80° F/27° C Normal high ....................................... 86° F/30° C Normal low ........................................ 74° F/23° C Last year’s high ................................. 87° F/31° C Last year’s low ................................... 75° F/24° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ............................................... 52.43” Normal year to date ................................... 29.73”

ELEUTHERA

NASSAU

High: 89° F/32° C Low: 78° F/26° C

High: 87° F/31° C Low: 82° F/28° C

KEY WEST

High: 90° F/32° C Low: 83° F/28° C

High: 87° F/31° C Low: 81° F/27° C

8‑16 knots

8‑16 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

10:37 a.m. 10:52 p.m.

3.1 2.7

4:23 a.m. 5:00 p.m.

0.7 0.8

Tuesday

11:15 a.m. 11:31 p.m.

3.1 2.5

4:57 a.m. 5:41 p.m.

0.8 1.0

Wednesday 11:57 a.m. ‑‑‑‑‑

3.0 ‑‑‑‑‑

5:35 a.m. 6:27 p.m.

0.9 1.1

Thursday

12:14 a.m. 12:45 p.m.

2.4 2.9

6:18 a.m. 7:18 p.m.

1.0 1.2

Friday

1:05 a.m. 1:40 p.m.

2.4 2.9

7:09 a.m. 8:16 p.m.

1.1 1.3

Saturday

2:04 a.m. 2:41 p.m.

2.4 3.0

8:09 a.m. 9:17 p.m.

1.1 1.2

Sunday

3:09 a.m. 3:43 p.m.

2.5 3.1

9:15 a.m. 1.1 10:16 p.m. 1.0

sun anD moon Sunrise Sunset

7:04 a.m. 6:52 p.m.

Moonrise Moonset

9:22 p.m. 10:07 a.m.

Last

New

First

Full

Oct. 9

Oct. 16

Oct. 23

Oct. 31

CAT ISLAND

below the UK’s springtime peak. Another 49 COVID19 deaths were reported on Saturday, compared to almost 1,000 a day at the height of the outbreak. Johnson acknowledged that many people feel “fatigue” after months of restrictions and expressed hope that progress on vaccines and testing would “change the scientific equation” in the next few months, allowing a return to normality. But he warned “it’s going to continue to be bumpy through to Christmas. It may even be bumpy beyond”.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 87° F/31° C Low: 82° F/28° C

High: 86° F/30° C Low: 82° F/28° C

High: 88° F/31° C Low: 82° F/28° C

LONG ISLAND

tracking map

High: 87° F/31° C Low: 82° F/28° C

H H

8‑16 knots

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

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 86° F/30° C Low: 83° F/28° C

GREAT INAGUA High: 88° F/31° C Low: 82° F/28° C

N E

High: 86° F/30° C Low: 82° F/28° C

8‑16 knots

7‑14 knots

marine Forecast ABACO ANDROS CAT ISLAND

CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

WINDS SE at 7‑14 Knots E at 8‑16 Knots SE at 8‑16 Knots ESE at 8‑16 Knots ESE at 8‑16 Knots ESE at 8‑16 Knots ESE at 8‑16 Knots ESE at 8‑16 Knots ESE at 8‑16 Knots ESE at 8‑16 Knots E at 8‑16 Knots E at 8‑16 Knots SE at 8‑16 Knots ESE at 8‑16 Knots SE at 7‑14 Knots ESE at 8‑16 Knots ESE at 8‑16 Knots ESE at 8‑16 Knots ESE at 8‑16 Knots ESE at 8‑16 Knots ESE at 8‑16 Knots ESE at 8‑16 Knots SE at 8‑16 Knots ESE at 8‑16 Knots SE at 8‑16 Knots ESE at 8‑16 Knots

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

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

WATER TEMPS. 84° F 84° F 85° F 84° F 85° F 85° F 85° F 85° F 85° F 84° F 85° F 85° F 85° F 84° F 85° F 85° F 85° F 85° F 84° F 84° F 85° F 85° F 85° F 85° F 85° F 85° F