10152020 BUSINESS

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THURSDAY, OCTOBER 15, 2020

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Water Corp warns on disconnection restart

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE Water & Sewerage Corporation’s executive chairman will today write to Cabinet ministers asking to restart delinquent customer disconnections as the utility grapples with “dire financial straits”.

Adrian Gibson told Tribune Business that the state-owned water supplier has little choice but to “recoup” some of the multi-million dollar sum it is owed given that current cash flows “cannot sustain monthly payments to vendors and [staff] payroll for

• No cut-off directive creates $9m arrears build-up • Cash flows ‘can’t sustain payroll, vendor payments’ • Govt agencies owe total $7.9m; not paid since March

ADRIAN GIBSON

the balance of 2020”.

He revealed that the corporation was “going back and forth” with the Ministry of Finance over reclaiming a “roughly $9m shortfall” in residential customer payments as a result of being directed to cease all disconnection activity since late March 2020 due to the COVID-19 pandemic.

With the Water & Sewerage Corporation facing a $30.8m “backlog” on payments due to vendors at end-August 2020, a sum

that continues to grow, and a $15m-plus year-over-year decline in revenue for the year to-date, Mr Gibson said such “unprecedented challenges” required immediate action to place the entity on “a firmer footing”.

Noting that other government ministries, agencies and departments currently owe the corporation some $7.9m, with no payment made on this collective debt since March 2020 and

SEE PAGE 5

Kelly’s hopes 13-month recovery is ‘inspiration’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A 55-YEAR “cornerstone” of Grand Bahama’s retail community is hoping the completion of its 13-month Hurricane Dorian recovery will serve as “inspiration” for other firms to undertake a similar journey.

Lynne Fraino, Kelly’s (Freeport’s) marketing executive, yesterday told Tribune Business it was “full force ahead” after the hardware and home centre retailer opened its revamped store following a 400-day transformation process in the wake of the category five storm’s devastation.

The company, which has kept all its 115-strong workforce fully employed throughout both Dorian’s

• GB retail ‘cornerstone’ unveils revamped store • 30,000 sq ft facility completes Dorian rebound • ‘Full force ahead’ despite COVID-19 threats

KELLY’s Freeport back in swing. aftermath and the COVID19 pandemic, overcame the “huge setback” of the hurricane’s storm surge to return its retail store to full business on October 5.

Central Bank ‘stretch’ on borrower leniency

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Central Bank was yesterday said to have given commercial banks “a stretch” by urging them to be lenient with borrowers who show signs they may be able to resume repayments in 2021.

Kenrick Brathwaite, the Clearing Banks Association’s (CBA) chairman, told Tribune Business that the regulator was encouraging, rather than ordering, banks to “not be too hard” on customers whose loans remain in deferral due to

COVID-19 if they show “ability and willingness” to start meeting their obligations next year.

The Central Bank’s position, was set out by Charles Littrell, its inspector of banks and trust companies, in his 2020 third quarter letter to bank and trust company licensees. “The domestic banks and credit unions have performed well in offering deferrals to adversely affected borrowers,” he wrote in relation to COVID-19.

“As we now settle into a substantial but unknown

SEE PAGE 8

Family Island hotels in re-open ‘wait and see’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net FAMILY island resorts yesterday said they remain in “watch and see” mode over the sector’s scheduled November 1 re-opening due to ongoing COVID-19 uncertainties at home and abroad.

Dr Larry Carroll, owner/ operator of Abaco’s Sandpiper Inn, told Tribune Business: “The hotel is closed and we are in a watch and see mode. I will wait and see what happens after the next three or so weeks, and only then make a decision about

re-opening. Our citizens are not yet resolved to beat this monster, so until then we wait.

“To gear up to open will cost a lot. Payroll will kick in, and we will need a breakeven in revenue to meet payroll before we start to lose money like we saw in the July attempt. So until we know we are able to attract sufficient sustainable guest flow, opening becomes a fool’s move.

This is not including the possibility of getting staff and/ or guests infected. That is all another story.”

SEE PAGE 5

Recalling how the retail store appeared in early September 2019, following Dorian’s passage, Ms Fraino said: “The storm surge had resulted in flooding

throughout the entire store, in the warehouse and all of our offices as well. It was complete devastation.

“All of the store’s fixtures, all of the shelving was toppled over. All the products were thrown about. It was a complete and utter mess inside the store. Everything was ruined. It was just very mind-blowing to see what happened inside the store.”

With its retail arm out of action, Kelly’s (Freeport) was forced to rely on its building materials department - which opened just three weeks after Dorian

SEE PAGE 4

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Sandals delay is ‘devastating’ blow to Exuma’s hope

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SANDALS’ move to delay re-opening its Emerald Bay Resort until February 1 has dealt Exuma residents a “devastating” psychological blow, the island’s Chamber of Commerce chief warned yesterday.

Pedro Rolle told Tribune Business the further three-month delay would undermine what “hope” residents had of a near-term improvement in their economic prospects, with the island now facing a bleak Christmas in the absence of its ‘anchor’ resort property.

“The economic impact is just a continuation of what we have been going through,” Mr Rolle said.

“But, in a real way, I believe that greater than the economic impact might be the loss of hope.

“Over time people have been living with the loss of jobs, income and activity. That’s been very challenging. I don’t want to under-estimate that but, during this [COVID19] time, people were at least living with hope that between now and the end of the year they would begin to have some kind of income for when Christmas comes.

“What this does, greater than the actual loss of income, to the hope of people; it’s going to devastate it, and create a level of negativity and helplessness.

That might be as impactful as the loss of income itself. It’s very disappointing news.”

Jeremy Mutton, Sandals Emerald Bay’s general manager, could not be reached for comment yesterday to determine why the resort

chain has made this decision. However, the move to push back the resort’s opening date by three months - from November 1 to February 1, 2021 - was confirmed by its website.

The revised opening date, though, brings Emerald Bay into line with Sandals’ other Bahamas-based resort, Royal Bahamian, which is currently scheduled to reopen on January 28, 2021.

However, Sandals Emerald Bay’s continued closure comes less than one week after American Airlines resumed regular five times per week service into Exuma from its Miami hub, as well as a weekly flight from Charlotte in North Carolina, indicating that any airlift concerns should have been eased.

The situation again highlights the difficulties The Bahamas faces in re-opening its resort and wider tourism industries, with COVID-19 infection rates in both this nation and Sandals’ major tourism markets likely to have factored into the decision.

Given that other Sandals resorts around the Caribbean, from Jamaica to St Lucia, Grenada and Barbados are now open, with only its Bahamian properties still shuttered, the signs are that this nation’s own COVID19 levels and travel-related restrictions - which are set to ease on November 1 may have been the greatest factor.

“It’s going to cause people to now reassess what they do, and how they live their lives for a longer period of time without any income or on reduced income,” Mr Rolle added. “I know it’s going to be devastating.”

SEE PAGE 5

PAGE 2, Thursday, October 15, 2020

Becoming animated on moving pictures

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NE of the most common questions I am asked is: “I want to get into animation; where do I start?” Well, it is easier to get into animation today than ever before as software is cheaper (or even free), and most modern computers can handle the simpler animation tasks (mostly 2D). The catch is that although anyone can start animating immediately, the art itself still takes time to master. The good news is you do not need to be a Disney-grade animator to create really cool animations. You can start small and simple, and slowly develop your skills and unique style.

Before we veer off track, the first goal is to define computer animation. Computer animation refers to the on-screen movement of the display device created by displaying a sequence of still images. Animation is the technique of designing, drawing, making layouts and preparation of photographic series that are integrated into multimedia and gaming products.

A person who creates animations is called an

animator. He/she use various computer technologies to capture the still images, then animated these in the desired sequence. In a nutshell, to animate means “to give life to”. An animator’s job is to take a static image or object and literally bring it to life by giving it movement and personality.

One type on the rise is the independent animator.

They mostly use YouTube as their main platform, and make their living through advertising, sponsorships and merchandise. They surface all the time. The video game industry is massive, and there is a lot of work for animators in it. Commercial work will often be motion graphics rather than character animation, which requires knowledge in “After Effects and/or Cinema4D” if that is your path.

In computer animation, animators use software to draw, model and animate objects and characters in vast digital landscapes. There are two basic kinds of computer animation: Computer assisted and computer generated. While there are many forms of animation, these three are most prominent.

2D. Classical. Hand-drawn animation The principles of drawing remain the same, but the technology has changed.

While technical tools are making it easier and more accessible, some of the greatest animators still employ

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pencil and paper to draw their animation.

3D. Computer Graphics The computer graphics allow the animator to create photo realistic images that classical animation cannot.

Powerful animation software allows for in-betweens, lighting, building crowds, environments and more.

Because of this, it has become the most common form of animation used in the industry today.

Stop-motion animation This is the oldest form of animation, and one of the most interesting. This form involves taking individual photographs one frame at a time. It is most uncommon, because it is too time consuming, to create the objects and sets, and to take individual pictures for every frame.

Ultimately, animators create digital character models in a computer program and move them into different positions that are known as “keyframes”.

Thereafter it is programmed to simulate to move between points. But in order to get the final product, there’s an entire “pipeline” - a line of different groups that each scene passes through. Each group handles a single different aspect of the scene.

That is the simple idea behind “moving pictures”, and technology has long been a part of the animator’s toolkit. It is this combination of art and technology, creativity and skill, that opens up the

WORK/STUDY VISA TO LAUNCH OCTOBER 22 The Art of Graphix

BY DEIDRE M BASTIAN

story world and gives form to the visions that drive the animated films we all love today.

Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game.

NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT columnist: Deidre M. Bastian is a professionally-trained graphic designer/brand marketing analyst/author and certified life coach with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

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Grow your business digitally

ELSWORTH JOHNSON THE Bahamas will launch its much-touted work/study visa on October 22 to ensure it is available in time for the November 1 tourism re-opening, it was revealed yesterday.

The Ministry of financial services, trade and industry and Immigration unveiled the annual visa’s launch date amid a series of digital upgrades designed to improve Immigration-related procedures by making them more efficient and user friendly.

Referring specifically to the work/study visa, Elsworth Johnson, minister of financial services, trade and industry and Immigration, said: “This innovative programme, which has been fast-tracked by the government, makes The Bahamas one of the leading innovators in the strategic pursuit of the remote work and study market as the world contends with the global pandemic.

“It not only creates a new revenue stream for the government through fees collected, and taxes generated, due to increased consumption and import of goods, but it also brings money into the private sector and stimulates business activity.” Once launched, it is expected that the government will begin marketing the programme via a multi-ministry, multidepartmental effort.

The work/study visa’s launch lags that of Barbados, which unveiled its Barbados Welcome Stamp proposal - which mirrors this nation’s product - in early July amid much global media publicity and interest.

That product is designed to allow tourists to stay in Barbados for 12 months, working remotely from hotels, condos, rental villas and other accommodations. Work spaces will also be made available, as Barbados gained several months’ head start in responding to the loss of its traditional leisure tourism market due to COVID-19.

The Bahamas’ rival effort was recommended by the government-appointed Economic Recovery Committee (ERC) as part of its 163 proposals for reviving the economy and making it more sustainable in the pandemic’s aftermath.

The visa is effectively an extension of The Bahamas’ existing annual residency permit, with the aim being to make the application and approval process much simpler, quicker and efficient. It is designed to inject spending by successful applicants into the domestic economy via landlords (rent); car rentals; retailers; restaurants and a host of other sectors.

Foreign workers and students who qualify for the permit will NOT be

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

Such restrictions are intended to reassure Bahamians that local jobs will be protected, especially with an unemployment rate of around 50 percent due to COVID-19. The visa is effectively aiming to attract a different type of visitor, with the hope that ultimately these persons - and their employers - redomicile to The Bahamas permanently rather than just providing a short-term post-COVID boost.

Kenwood Kerr, the Economic Recovery Committee co-chair, said: “If we get to 1,000 successful applicants and they spend $30,000 on average within the economy on rent, food, and entertainment, that is equal to a much needed $30m injection into the economy.

“Moreover, our marketing will showcase our Family Islands where the potential impact on those smaller island economies will be even more pronounced.”

Elsewhere, the Department of Immigration plans to roll-out its first cashless payment platform next week while reintroducing its Monarch House location on East Bay Street for dealing with all citizenship and permanent residency applications by early November.

Applicants will be able to pay for Immigrationrelated services via on online portal or at “third party sites”, while certified cheque payments will also be available. An e-mail address or mobile phone will be required to gain access, with applicants able to check on the progress of their submissions by December 2020 and apply for permits by the 2021 first quarter.

“We are dedicated to the continued modernisation of all platforms throughout our Ministry,” Mr Johnson said. “The Immigration Department has focused its resources on improving the efficiency of our systems and the conveniences offered to the public. I am certain that users of this new system will welcome these changes with open arms.

“All cashless transactions will now be traceable, providing for greater transparency in our processes and eliminating opportunities for anyone to circumvent the systems we have in place. This will help greatly with our ‘zero tolerance’ approach to corruption, as well as our accountability efforts.”

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Thursday, October 15, 2020, PAGE 3

Money providers given Bahamas gains ‘Safe digital B$ assessments Travels’ designation

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

illicit activities as well as counterfeiting.”

Ms Davis said the Sand Dollar is a digital representation of the Bahamian dollar that will be transacted primarily using mobile phone technology.

She said its use will attract little to no cost. “For person to person activities there is no cost associated with the use of Sand Dollar, while for businesses the cost should be minimal,” she added. “It is also important to note that Sand Dollar will be non-interest bearing.”

Ms Davis said the Central Bank wants the Sand Dollar to be interchangeable with other digital wallets, and be linked into the payments system’s real time gross settlement (RTGS) and Automated Clearing House (ACH). This will allow users to move Sand Dollar between their digital wallets and regular bank accounts, making it interchangeable with paper currency.

“The key motivation behind the introduction of Sand Dollar was to promote greater financial inclusion across The Bahamas,” Ms Davis said. “It is quite a challenge with banking in some of these islands.

“There are some that have access to a bank, or maybe one or two, but then it’s really spaced out in terms of access and getting to the bank, and there are some islands that literally do not have what we know as a traditional bank.”

Sametria McKinney, the Central Bank’s chief information security officer, said: “The goal of the Central Bank is to offer a product that is as secure as possible, and for the general public to feel confident in its use. We are doing our due diligence to continuously provide a product that you feel safe when using, but we focus on four overarching principles.

“One is cyber security risk management, which is when we are accessing risk continuously. Also, application security and data protection security operations, and security resiliency. For you, the user, we have implemented multi-factor authentication, and this is at every layer of the ecosystem for wallets, and to protect the integrity of the data and information.

“We’ve included encryption to make sure that the information is secure and the integrity is sound, and lastly, the Central Bank has made sure to do a thorough assessment of all of its connectors and stakeholders,” she added.

“We are working with our partners, our authorised financial institutions, to make sure that we assess not only our internal environment as the owners, but also to assess the integrity and the confidentiality and the availability of the infrastructure and application that will be used with those AFI’s (authorised financial institutions).

Kimwood Mott, the Central Bank’s project manager for digital currency implementation, said the Sand Dollar should produce lower transaction costs and enhanced payroll management among its benefits.

He added: “Merchant fees are associated with Sand Dollar, but are far less than the current merchant fees.” Instant settlement of payments was another attraction.

Mr Mott said there are little to no fees attached to digital wallets, but this will depend on the provider Bahamians decide to use and their business model.

Bobby Chen, assistant Manager for e-solutions, added: “For peer to peer, it will be free. For personal wallet-to-wallet transactions, that subset is free.”

Business support network touts over 1,000 members

they maintain relationships and support one another.

She added that 1,365 members are registered with it, and as part of the network membership, it is offering free advertisement on its Facebook page; access to over 1,000 business owners and vendors; and affordable branding and marketing packages.

The BBO is also offering members training, and educational seminars and workshops; access to its e-commerce website and international exposure through trade shows. In addition, the network is also offering an after-school tutoring programme for members’ children only, as well as business plan drafting and helping small business owners to obtain their business licenses.

NUMEROUS local money transmission and digital payments providers have been assessed as authorised financial institutions (AFIs) to handle digital Bahamian dollar transactions, it was revealed yesterday.

Central Bank of The Bahamas officials said Cash and Go; MoneyMaxx; SunCash; Omni Financial Group; Kanoo; and Mobile Assist have all undergone their cyber security and other assessments as the roll-out of the digital dollar, known as the Sand Dollar, kicks into gear later this month.

Several commercial banks were scheduled to be added to the AFI list yesterday and, by the first week in November, the Central Bank will launch a second assessment phase for further providers.

Cleopatra Davis, head of the Central Bank’s banking department, told a webinar: “A key component of the Central Bank’s vision is to promote a leading financial services industry with a modernised payments system.

“To this end, through the Sand Dollar, we are aiming to make the payment system more efficient. We also will attempt to achieve more financial inclusion and a more effective way of transacting in financial services as well as to provide greater access across the geographical layout of The Bahamas.

“Sand Dollar is also intended to provide a mechanism for non-discriminatory access to financial services, without regard to status, whether it’s residential, undocumented or Bahamian. Sand Dollar is also intended to strengthen our national defence against money laundering,

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A NEWLY-formed business support network says it has amassed 1,365 members in just over nine months since its ‘soft’ launch in January 2020.

Roxianna Deveaux, founder of the Bahamian Business Owners (BBO) network, told Tribune Business: “We just started this network on January 6. We have launched on September 26, so we have testimonials from persons within the network itself that have benefited from it.

“After the launch we can now get out there to see what’s going on with the business community. We have a few initiatives going on like the coupon booklet, the advertising catalogue that we have developed.

“We have a lot of initiatives we have now out there, and that we have made known to the public, so hopefully by November or so we will get more feasible feedback on how it is working and how businesses and customers are accepting us in the community.”

Ms Deveaux said BBO’s aim is to bring Bahamian businesses together to ensure

THE Bahamas has been recognised as a Safe Travels destination by the World Travel and Tourism Council (WTTC) after meeting its enhanced COVID-19 health and safety protocols.

The designation represents a timely and much-needed boost for The Bahamas’ efforts to restart its tourism industry with the elimination of the mandatory 14-day quarantine for all visitor arrivals on November 1.

“The return of visitor confidence to travel to revitalise the economy of The Bahamas is crucial to the well-being of our people and country and, as such, the Safe Travels Stamp will allow those travelling to regain the necessary confidence and comfort as global standards are being met on each of the islands as restrictions are gradually lifted,” said Janet Johnson, the Tourism Development Corporation’s (TDC)chief executive The TDC will be communicating with all stakeholders in The Bahamas as to the benefits and responsibilities for every tourism-related business that is given the “stamp of approval” for implementing the Safe Travels protocols, and their ongoing compliance with such.

The WTTC’s protocols are designed to rebuild traveller confidence amid the ongoing pandemic, and ensure there is a co-ordinated public and private sector approach to the tourism industry’s recovery.

The Bahamas’ receipt of the WTTC’s Safe Travels Stamp also comes amid new lockdowns and restrictions that have been imposed on both New Providence and Abaco, in a bid to cut the COVID-19 infection rate, and warnings from the US and other countries warning against non-essential travel to The Bahamas. Both are

DIONISIO D’AGUILAR obstacles to the tourism industry’s revival.

The WTTC initiative is the first-ever global safety and hygiene stamp for travel and tourism, especially designed during the COVID-19 pandemic and for other similar outbreaks.

The Bahamas, through the TDC, will accrue both benefits and responsibilities as a user of the Safe Travels Stamp to maximize its positive impacts.

“It is proving a great success, demonstrating its importance not only to destinations and businesses, but also to travellers and the hundreds of millions of people around the world who work in, and depend on, the travel and tourism sector,” said Gloria Guevera, the WTTC’s president and chief executive. “More than 40 countries and ten sub-regions are already utilising the stamp as part of the relaunching strategies for their tourism industries.”

The Safe Travels protocols take World Health Organisation (WHO) and Centres for Disease Control and Prevention (CDC) guidelines into account. Guidelines have also been established for airlines in conjunction with International Civil Aviation Organisation (ICAO) guidelines during COVID-19.

Guidelines and protocols for what the WTTC

calls the “new normal” have been developed for every sector of hospitality and tourism, ranging from airports, cruise ports, attractions, restaurants and tours to convention centres and car rental companies etc.

“When the visitor, and also resident, sees the Safe Travels stamp at a tourismrelated business anywhere in The Bahamas they will have the comfort level to feel safe and enjoy the destination and the particular experience, knowing that global standards have been met and appropriate protocols implemented,” Dionisio D’Aguilar, minister of tourism and aviation.

“The TDC has been authorised to ensure that every establishment in The Bahamas wishing to display the WTTC’s Safe Travels Stamp has met the programme’s guidelines and standards prior to receiving the stamp.

“It is really gratifying to note that our implemented protocols and measures as part of the Tourism Readiness and Recovery plan, and the Sustainable Tourism Seal of Approval programme developed in conjunction with the InterAmerican Development Bank (IDB), have met the enhanced standards of the WTTC and enabled our designation as a Safe Travels destination.”

PAGE 4, Thursday, October 15, 2020

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FINANCIAL PROVIDERS UNVEIL NEW IDENTITY BAHAMIAN insurance and pension administration providers have unveiled their consolidation under the unified CG Atlantic brand.

Security and General Insurance Company; Atlantic Medical Insurance; Colonial Pension Services Bahamas; and Nassau Insurance Brokers and Agents Company showcased their new group identity following the recent renaming of their parent company, Colonial Group International, to Coralisle Group (CG).

CG Atlantic principals

said the new corporate identity, and unification of the Bahamian-based companies, allows their operations to move forward with a progressive brand

that reflects shared history and motivation to provide elite, convenient service that puts clients first.

“The shift to the name Coralisle is an accurate

representation of the company because the core markets where we have fiscal presence - Bermuda, Cayman Islands, The Bahamas, British Virgin Islands and Turks and Caicos - all have a common geographical make-up of coral islands in the Caribbean,” said Larry Gibson, chief operating officer of CG Atlantic Pensions (the former Colonial Pension Services).

When asked what the new identity means for her department, Paulette Turner, general manager of CG Atlantic General (the former Security and

Digital B$ to use three-tier system

to the wallet,” Mr Mott explained. “But there is nothing limiting somebody to having just one wallet. If you want to have multiple wallets, with one for your business and one for your person, then like with any other financial institution, you would then have to present yourself as yourself and, as well, your business as your business.

“Because businesses are entities unto themselves, therefore they would have to go through more stringent KYC - and enhanced KYC as a business. You yourself can decide on whether or not you want to operate as a tier one or a tier two, and

follow the KYC requirements that will be applied to those particular tiers.”

There are three Sand Dollar tiers for KYC. The first is the “simplified level one”, where the accounts are low value accounts under $500, and with a maximum transaction limit of $1,500 as either the sum of payments or receipts.

The second tier is the “regular level two” for medium value accounts with a maximum balance of $5,000, and a maximum transaction limit of $10,000.

The third tier is the “enhanced level three” for high value business accounts with a maximum balance

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BUSINESSES wanting to use the Bahamian digital currency must undergo “the more stringent” Know Your Customer (KYC) due diligence that is required for traditional accounts, it was revealed yesterday.

Kimwood Mott, the Central Bank’s project manager for implementation of the

digital currency, known as the Sand Dollar, said there were no restrictions limiting Bahamians and residents to just one digital wallet.

However, if entrepreneurs wanted one wallet for themselves and another for their company, they would have to undergo two separate KYC processes.

“If users are having a single wallet, the KYC requirements only apply

General Insurance Company), said: “We are able to reach more customers and cross-sell into the medical division.

This means that customers that have medical insurance with CG Atlantic Medical, formerly Atlantic Medical Insurance, can now be offered home and motor insurance as well.”

Lynda Gibson, CG Atlantic’s executive vicepresident and general manager, said: “This brand change represents stronger visibility and a united front, especially within The Bahamas. We are one name, one

company, all together.”

Pictured from left: MayKui Butler, agency manager of CG Atlantic Agents; Larry Gibson, chief operating officer of CG Atlantic Pensions; Lynda Gibson, executive vice-president and general manager of CG Atlantic; Paulette Turner, general manager of CG Atlantic General; Annastasia Francis, vice-president of health, CG Atlantic Medical & Life (also known as Atlantic Medical Insurance); and Dave Sands, financial controller, CG Atlantic Medical & Life.

of $8,000, and a maximum transaction limit of $20,000 per month or just under 15 percent of annual revenues whichever is greater.

Applicants at this latter level are asked to comply with enhanced due diligence measures issued by the Central Bank.

Mr Mott added: “If somebody wants to operate their business account, and make personal transactions through that business account, by all means they are free to do so. But then establishing a relationship with the financial institution as a business, that would actually call for the business KYC.”

Cleopatra Davis, head of banking at the Central Bank, said: “As an individual if you are a small business person, like a straw vendor or fisherman or trading as, you also have the option to have an individual account for your small business.

“Then it will follow the guidelines to the individual account, and you can also have your separate individual account. But if you want to move into that business category purely because of the parameters around it regarding limits, then there are additional KYC requirements.”

Kelly’s hopes 13-month recovery is ‘inspiration’ FROM PAGE ONE left Grand Bahama - to carry it through both the storm rebuilding and provide some much-needed revenue income amid the lockdowns and restrictions of the COVID-19 pandemic.

Ms Fraino said the postDorian clean-up effort inside the store took “months”, with all staff members weighing in to remove the dirt, debris and other materials washed in

by Dorian’s storm surge. “It was definitely a challenge,” she recalled. “Sometimes you felt defeated and helpless because you did not know how long it would go on .

“The scope of work was so extensive that it was physically and mentally

taxing on the employees. It didn’t matter what position you had in the company, everyone pitched in. Everyone got down and dirty.”

The redesign of Kelly’s (Freeport’s) 30,000 square store was pieced together by its co-operative partner, True Value, which developed the layout plans. Ms Fraino said Christopher Lowe, one of its senior executives, led the construction/renovation effort that involved “a very significant reinvestment” although no price tag has been placed on it.

The redesign raised the store to a higher level to guard against future storm surges, while also placing it on one level with an open floor plan. New departments have been created, and products moved around, in a store that Ms

Fraino said has been given a “complete new look” with everything from the ceiling tiles to the flooring, fixtures, fittings and air conditioning installed as new.

“It was a huge setback, but your setbacks come to propel you forward and advance us,” she added.

“It [Dorian] definitely motivated us for a strong comeback. We are such a cornerstone for Grand Bahama, and we are full force ahead.”

Voicing optimism that Kelly’s (Freeport’s) full recovery, together with that of the Bahamian Brewery and Beverage Company, can be an “inspiration” for Grand Bahama-based companies of all sizes to follow suit, Ms Fraino said: “It wasn’t easy, but we had to finish the rebuild. It wasn’t

KELLY’s Paint Department.

an option, and that’s what we did.

“You can be completely wiped out, and completely devastated and in disarray, but you can find the strength and the spirit to come back and rebuild better than it was before.”

Lynn Lowe, Kelly’s (Freeport’s) managing director, said in a statement that there was “nothing left here that was here before the storm.” She added: “Be patient with us as we

balance the excitement of re-opening with important safety measures. It’s been 400 days, but we are grateful and excited for our comeback.

“From the first day after the storm that we were able to get to Kelly’s, my staff was here, and they never left me. Without them all of them collectively - we would not be here.

Everything you see here that’s been done, except for the construction, was

done by them.

“Some cashiers were stocking shelves, some sales personnel were washing things and trying to save what we could save.

Everyone was humble enough to fill whatever role needed to be filled so we could rebuild.”

Mrs Lowe added that True Value was introducing new products to bring a “fresh look” to the new store, with Christmas items set to be added soon.

THE TRIBUNE

Thursday, October 15, 2020, PAGE 5

Water supplier teams up over bill payment THE New Providence Water Development Company (NPWDCo) has teamed with MobileAssist to provide customers with a convenient and secure bill payment platform via their mobile devices.

The water provider said the partnership is among several upgrades designed to improve the quality of its products and services, and to transform the way customers engage with it.

“Our customers have

MOBILEASSIST App.

Water Corp warns on disconnection restart FROM PAGE ONE

COVID-19’s arrival, he added that the Budget’s cut to its annual subsidy and Hurricane Dorian’s impact had further worsened the utility’s woes.

“We’re trying to position ourselves to be able to recoup funds, and tomorrow I will be sending correspondence to my colleagues in the government, including minister Bannister [who has ultimate responsibility for Water & Sewerage] and my colleagues in finance and so on, with a view to the corporation looking to commence disconnection exercises again,” Mr Gibson disclosed.

“At the outset of COVID-19, we at the Water & Sewerage Corporation were directed not to disconnect residential customer accounts given that COVID-19 meant the maintenance of cleanliness and hygiene was paramount. This directive resulted in a shortfall of residential customer payments

for the period March to September 2020 of roughly $9m.”

However, should the government give the go-ahead to resume disconnections, Mr Gibson reassured struggling non-payers that their water supply will not be cut-off overnight. “We recognise the need to be able to encourage customers to come in and make payments to their accounts,” he said.

“While we need to be able to revisit disconnections, should we move to resume the same we would certainly want to give persons adequate notice so they can come in and make the requisite payments to get their accounts current.

It will not be overnight. It will not be decide today and tomorrow we come. We will give persons an opportunity to pay.”

Mr Gibson said the Ministry of Finance had pledged to cover the financial hole produced by the ‘no disconnection’ directive, which resulted in delinquent customers - including those who had lost jobs and/or

income due to COVID-19 not paying for services they continued to consume.

“We’ve been going back and forth with Finance with a view to restoring the outstanding funds and getting a payment,” he added.

“We’re waiting for that to be addressed as it relates to refunding or reimbursing Water & Sewerage Corporation for the accumulated arrears since this directive for COVID was given.”

The executive chairman, who is also MP for Long Island, signalled that the need to recover such funds was becoming more urgent by the day. “Frankly, the Water & Sewerage Corporation is in dire straits,” he continued. “Our operating cash flow cannot sustain monthly payments for vendors and payroll.

“These challenges have resulted in a backlog of supplier payments that are steadily growing, and there’s concern about monthly payroll for the balance of 2020. Our vendor payments backlog as at August 27, 2020, was some $30.8m.”

Mr Gibson said this payable covered everything from monies owed to thirdparty contractors; vehicle and building insurance;

been very thankful for the move, especially during the COVID-19 lockdowns where customers could not leave their homes or were out of the country.

Thanks to the app, they were able to access their accounts remotely and still pay their bills on time and with receipts,” explained NPWDCo chief executive, Andrew Symonette.

“We receive an instant notification that a payment has been made, and by

whom, which makes it much easier to apply the payments securely and correctly to our customers’ accounts.”

Customers interested in accessing the payment app can do so free of charge by visiting their phone’s Apple Store or Google Play Store, then downloading it directly to their device. To get started, users simply download and register on the app, then set up their mobile wallet.

The mobile wallets can

either be loaded with any major debit/credit card or topped up (with cash) at a designated top-up location.

Once the process is complete, users must simply tap the bill pay icon, select the desired company logo, enter their account details, and hit pay.

Since its inception, MobileAssist has helped technology advances throughout the wider business community. It has 90,000 downloads to-date.

and loans due to multilateral institutions such as the Inter-American Development Bank (IDB) and Caribbean Development Bank (CDB).

While the Ministry of Finance has assumed responsibility for repaying the former institution, the Water & Sewerage Corporation is charged with taking care of the interest and commitment fee on a multi-million dollar CDB loan that will soon come due for principal repayment.

“Additionally, we have government receivables of some $7.9m as at September 30, 2020,” Mr Gibson said of debts owed by other public sector entities. “Our last payment on the government side was in March; some $5m.”

The Water & Sewerage Corporation’s plight further exposes how state-owned enterprises (SOEs), which are already heavily lossmaking, are threatening to become an ever-increasing burden for the government and Bahamian taxpayers to subsidise at a time when the Public Treasury is struggling to pay its own bills.

The water provider thus joins Bahamasair as a second SOE to either

warn of, or report, issues with meeting payroll as its income sources and revenues dry up. However, it is unclear whether the Water & Sewerage Corporation will be given permission to resume disconnections, as Bahamas Power & Light (BPL) has done, due to the potential social, economic and political fall-out.

In common with BPL, Water & Sewerage Corporation has been placed at a long-term disadvantage financially because it has been selling water to Bahamian consumers at prices below the cost of production. This has meant its revenue income has, for at least two decades, been insufficient to cover operating costs well before COVID-19 arrived.

Mr Gibson said the Water & Sewerage Corporation’s financial position had been further weakened by the 2020-2021 Budget’s cut to its annual subsidy, which was slashed from $25m in the prior year to $20m last year.

And Hurricane Dorian cost the utility its second-largest market, with customer collections for the year-to-date on Abaco down by 89 percent. For the period to end-September

2020 they stood at just $223,638 compared to $2.117m for the prior year.

Overall, the Water & Sewerage Corporation has experienced a $15.035m or 31 percent drop-off in total income/cash flow for the nine months to end-September 2020, with revenues standing at $33.724m compared to $48.759m for the same period in 2019.

This reflects the impact from both COVID-19 and Hurricane Dorian. Mr Gibson said the decline in customer collections had been far steeper in the Family Islands than New Providence, for while September saw an 11 percent overall “shortfall” compared to 2019, the slump outside the capital island had been by a much greater 33 percent.

And, while August produced a total collection of $2.2m compared to $3.3m in 2019, a drop of 32 percent, the executive chairman revealed that the Family Islands were off by 41 percent. As for July 2020, Mr Gibson said the Water & Sewerage Corporation’s collections from customers were down by $4.7m yearover-year, standing at $3.3m as opposed to $8.1m, a 58 percent fall.

Sandals delay is ‘devastating’ blow to Exuma’s hope

Family Island hotels in re-open ‘wait and see’

FROM PAGE ONE

Dr Carroll said the Sandpiper Inn has reservations booked around the US Thanksgiving Day holiday in late November, “but the question is whether it is worth the great financial outlay to re-open considering the uncertainty of the future months with all that is going on around us.

“For example American politics and untamed COVID-19, and our untamed COVID-19.

Too many unknowns and a daily changing status makes the decision very difficult. I will wait and see,” he reiterated.

Jeff Birch, owner/operator of the Small Hope Bay Lodge in Fresh Creek, Andros, said: “We’re doing well. We open on November 3 unless there are further complications with the Government protocols.”

When asked if he had bookings, he responded: “Yes, but very soft. However, it is my hope if we open they will come, especially after the US election.

New Year’s bookings are strong.

The rest are soft with several periods having none”.

Asked if January will see a return to business volumes approaching normal, Mr Birch added: “I can’t say that. January is basically empty. It is mostly repeat clients. So we are still very unsure of the future.”

Matt Brear, general manager of the Cape Santa Maria resort

“It’s probably going to be an old time Christmas.

Those of us who grew up on the island know what it’s like to rely on family and relatives, and not so much on things. Those are going to be put on the side, and people will have to do things as a family. That’s the clear message at this point, and where the psychological impact comes in.”

Mr Rolle said that businesses, too, who had invested what little funds they have remaining in anticipation of spin-off benefits from Sandals re-opening will also be impacted. “We already had a diminished sense of economic activity, and now it’s going to be even worse,” he added.

To advertise in The Tribune, contact 502-2394

“Effort has to be extended to giving people hope of some type of activity. That’s the reality. We’ve got to come up with a solution to tide people over for the next six months.”

Chester Cooper, the Opposition’s deputy leader and Exuma MP, in a posting on his Facebook page, said the delayed Sandals Emerald Bay re-opening was “disappointing and disheartening”.

He added: “These crushing blows are now the nature of the times, I suppose. But that makes it no easier for the people of Exuma. Sandals is the largest private sector employer on the island and a good corporate citizen. This will be crippling for the local economy and the hundreds of families who rely on their employment to put bread on the table.

“Also disadvantaged are those in local economy who rely on spin-off business.

While this is a tough pill to swallow, I remain firm in my belief that Exuma will bounce back stronger than before and has the potential to be a major driver of economic activity for the country.”

FROM PAGE ONE

in Long Island, said: “We are still struggling with the availability of the COVID-19 rapid tests, but we are opening up on November 1.”

Long Island and Cat Island are two islands that, while open to receive guests on November 1, are not eligible to give rapid COVID-19 tests at the ports of entry.

When asked if the lack of rapid tests at the borders is

turning potential visitors away, Mr Brear said: “Yes. They are asking for tests. Yes, they are trying to see how they can get here.”

Cheryl Bastian, general manager of Swains Cay Lodge in Fresh Creek, Andros, said: “The opening is supposed to be November 1 at the last Prime Minister’s speech. They are working on the testing procedure with the additional antigen

test on arrival as of November 1 and how the procedure will be.

“What we had rebooked for January, February and beyond. People are not booking. So much uncertainty on the Bahamas given the surge. We need to reduce the COVID-19 rates in Nassau and promote a low COVID-19 environment. Bahamians need to better, although many are co-operating.”

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PAGE 8, Thursday, October 15, 2020

THE TRIBUNE

Central Bank ‘stretch’ on borrower leniency FROM PAGE ONE

period of economic disruption, it is important that domestic lenders” apply four criteria, or guidelines, suggested by the Central Bank. These included borrowers who can pay, and meet their obligations, to regular payments after their deferrals expired, while also “communicating with and understanding” those unable to do so due to job and income losses.

However, Mr Littrell then said: “Continue deferrals for borrowers who display the likely ability and willingness to resume payments in 2021, and resolve, in a sensible and balanced fashion, non-performing loans that will not be repaid in full.”

Confirming that the Central Bank’s request was not a directive that commercial banks must comply with, Mr Brathwaite told Tribune Business that “it’s a stretch” for the industry to meet given the difficulty in determining whether jobless borrowers will be able to resume employment in 2021 given the economic and tourism uncertainty.

“They’ve basically said to the banks that if you think there is any kind of indication an individual will be able to resume employment in 2021 and be able to pay you, you should not be too hard on them,” he explained.

“The Central Bank is working hand-in-hand with them [the Government] to say bear in mind anything you

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, AQUILLA AMANDA PRISCILLA KNOWLES, of Montel Heights, Bell Road, Nassau, Bahamas intend to change my name to AMANDA AQUILLA PRISCILLA. 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.

do creates an impact on the economy, and we’re asking you to be lenient. If there’s any evidence that individual will be employed in 2021, let’s be lenient with them.”

Mr Littrell, meanwhile, moved to “reinforce” the Central Bank’s earlier COVID-19 loan deferral guidance “that implies, among other things, a minimum 10 per cent provision on the portfolio of unsecured deferred loans (net of security held) by 31 December”.

He added: “Feedback from the domestic banking sector is that, as a group, the banks can afford to provision more conservatively than this, and have started that process.”

This suggests Bahamian commercial banks will be taking provisions will in excess of the floor set by the Central Bank.

Calling for better compliance with statutory reporting guidelines, Mr Littrell said: “The Central Bank reviewed the timeliness and compliance of reporting by supervised financial institutions for the period 1 July, 2019, to 31 August, 2020. The overall results showed that there is an average on-time reporting rate of 76 percent for all documents that are to be submitted.

“The expectation of the Central Bank is that, absent a specific waiver, supervised financial institutions must submit all statutory or regulatory filings on time. Each institution should conduct an internal review to determine whether it has submitted all of its required documents, and immediately upload any discovered omissions through the portal.”

NOTICE NOTICE is hereby given that LAMERCY SAINVIL of Lower Bogue Eleuthera, Bahamas., is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 15th day of October 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

BISX ALL SHARE INDEX:

CHANGE

2094.84

-0.05

%CHANGE

YTD

YTD%

0.00 -136.76

-6.13

(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 5.60 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 3.85 9.60 7.50 13.04 3.20 8.00 13.90

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 0.90

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

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

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

BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

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

52WK LOW 100.00 100.00

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

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

52WK HI 2.35 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 4.00 17.43 1.62 1.79 1.67 6.00 6.75 2.99 5.10 3.76 5.99 11.26 2.17 5.60 10.40 8.44 14.30 3.96 8.97 15.20

CLOSE 4.00 17.43 1.62 1.79 1.67 6.00 6.75 2.99 5.10 3.76 5.99 11.26 2.17 5.60 10.34 8.44 14.30 3.96 8.97 15.20

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

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

Caterpillar Forklift – Broken Phone: (242) 352-7606 ******** Catepillar Forklift P600 – Broken Phone: (242) 698-7402 ************

WEDNESDAY, 14 OCTOBER 2020 CLOSE

AUCTION

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 0.00 0.00 (0.06) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

VOLUME

9,000

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

EPS$ 0.239 0.932 0.000 0.000 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

DIV$ 0.170 1.260 0.020 0.000 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 16.7 18.7 N/M N/M N/M N/M 18.3 -6.8 36.4 20.4 13.3 15.6 21.3 12.0 16.0 11.6 17.5 19.5 9.6 24.1

YIELD 4.25% 7.23% 1.23% 0.00% 0.00% 0.00% 3.85% 0.00% 0.00% 3.19% 3.67% 6.39% 20.00% 1.07% 3.17% 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

(2) Tractor truck 2005 Marck – Broken Manlift 1999 JLG - Broken Dodge RAM 1500 2005 - Broken (2) Dump truck (tripper) Phone: (242) 601-5328

THE TRIBUNE

Thursday, October 15, 2020, PAGE 9

UNITED LOSES $1.8BN, AIMS TO SHIFT FOCUS TO RECOVERY Associated Press

UNITED Airlines financial hole grew deeper over the summer as a modest recovery in air travel slowed down, pushing the carrier to a loss of $1.84bn in the typically strong third quarter.

The airline said yesterday that revenue plummeted 78% from a year earlier.

The loss was worse than analysts had expected.

The results from United, and those issued a day earlier by Delta Air Lines, reinforced the damage that the pandemic is doing to a major industry. Seven months into the worst of the

coronavirus impact in the US, air travel remains down 65% from a year ago. The decline in lucrative business travel is even deeper.

United executives believe investors are less interested in current losses and more interested in what the airline plans to do to improve its competitive position when travel recovers.

CEO Scott Kirby said the airline has “successfully executed our initial crisis strategy” and is ready to move on.

“Even though the negative impact of COVID-19 will persist in the near term, we are now focused on positioning the airline for

a strong recovery that will allow United to bring our furloughed employees back to work and emerge as the global leader in aviation,” Kirby said in a statement.

United declined to make officials available to discuss the results before a call with analysts today.

Chicago-based United began furloughing 13,000 workers on Oct 1, and several thousand other employees took severance packages to leave voluntarily.

The airline has cut flights more aggressively than some of its closest competitors in a bid to align costs with dramatically lower

ticket sales. And United is borrowing billions of dollars from the federal government and private lenders to outlast the pandemic. The airline ended September with $19.4bn in liquidity.

United met a goal it set in July to reduce cash losses to $25m a day, down from $40m a day in the second quarter, and roughly in line with Delta, which reported a $5.4bn quarterly loss on Tuesday.

At current revenue, United has enough cash to last nearly 21 months — longer than American Airlines but not as long as Southwest or Delta — according to calculations by

Raymond James analysts.

United, Delta and American rely on business and international travelers for much of their revenue.

Those high-fare customers, however, are expected to return more slowly than leisure travelers booking trips closer to home. The airline industry is pushing governments to test travelers for COVID-19 instead of closing borders or imposing long quarantine requirements on international travelers.

Airlines also are trying to lure passengers by requiring face masks, stepping up their cleaning of plane cabins, and citing industry claims that transmission

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 89° F/32° C Low: 72° F/22° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

MONDAY

An afternoon t‑storm in spots

A few passing show‑ ers or t‑storms

Rather cloudy with a t‑storm or two

Breezy with showers and a t‑storm

Mostly cloudy, breezy, a shower

Windy; a p.m. shower in spots

High: 88°

Low: 78°

High: 87° Low: 77°

High: 88° Low: 78°

High: 88° Low: 77°

High: 87° Low: 76°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

97° F

88° F

97°-87° F

97°-83° F

95°-82° F

92°-77° 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.

N

almanac

E

W

ABACO

S

N

High: 85° F/29° C Low: 81° F/27° C

7‑14 knots

S

High: 87° F/31° C Low: 78° F/26° C

7‑14 knots

FT. LAUDERDALE

FREEPORT

High: 88° F/31° C Low: 79° F/26° C

E

W S

E

W

WEST PALM BEACH

N

uV inDex toDay

TONIGHT

High: 90° F/32° C Low: 75° F/24° C

High: 86° F/30° C Low: 77° F/25° C

MIAMI

High: 88° F/31° C Low: 79° F/26° C

6‑12 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 88° F/31° C Low .................................................... 79° F/26° C Normal high ....................................... 85° F/29° C Normal low ........................................ 73° F/23° C Last year’s high ................................. 87° F/31° C Last year’s low ................................... 74° F/23° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ............................................... 53.21” Normal year to date ................................... 31.80”

ELEUTHERA

NASSAU

High: 88° F/31° C Low: 78° F/26° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 86° F/30° C Low: 81° F/27° C

N

KEY WEST

High: 87° F/31° C Low: 80° F/27° C

High: 86° F/30° C Low: 81° F/27° C

N

S

E

W

6‑12 knots

S

6‑12 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

6:59 a.m.

7:21 p.m.

3.5 3.5

12:50 a.m. 0.1 1:16 p.m. 0.0

Friday

7:49 a.m.

8:11 p.m.

3.8 3.5

1:37 a.m. ‑0.2 2:10 p.m. ‑0.2

Saturday

8:39 a.m.

9:01 p.m.

3.9 3.5

2:24 a.m. ‑0.3 3:02 p.m. ‑0.3

Sunday

9:30 a.m.

9:51 p.m.

4.0 3.3

3:12 a.m. ‑0.4 3:55 p.m. ‑0.2

Monday

10:22 a.m.

10:44 p.m.

3.9 3.1

4:01 a.m. ‑0.3 4:50 p.m. ‑0.1

Tuesday

11:15 a.m.

11:39 p.m.

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of the new coronavirus on flights is rare. Some, like Delta and Southwest, leave middle seats open to put more space between passengers. United and American do not.

United’s third-quarter loss compared with a year-ago profit of $1bn. Excluding what the company considers unusual items, the loss was $8.16 per share, worse than the $7.53 per share loss that analysts expected, according to a FactSet survey.

Revenue plunged to $2.49bn, roughly in line with analysts’ forecast. Cargo was a rare bright spot, with revenue up 50%.

6‑12 knots

MAYAGUANA High: 88° F/31° C Low: 82° F/28° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 86° F/30° C Low: 82° F/28° C

High: 86° F/30° C Low: 82° F/28° C

GREAT INAGUA High: 88° F/31° C Low: 81° F/27° C

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

Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:

WINDS E at 7‑14 Knots ESE at 6‑12 Knots SE at 6‑12 Knots ESE at 4‑8 Knots ESE at 6‑12 Knots ESE at 6‑12 Knots ESE at 6‑12 Knots E at 7‑14 Knots E at 7‑14 Knots ESE at 6‑12 Knots E at 7‑14 Knots SE at 4‑8 Knots SE at 6‑12 Knots ESE at 6‑12 Knots E at 7‑14 Knots ENE at 7‑14 Knots E at 6‑12 Knots E at 6‑12 Knots E at 7‑14 Knots E at 7‑14 Knots E at 7‑14 Knots ESE at 6‑12 Knots E at 7‑14 Knots E at 6‑12 Knots SE at 6‑12 Knots ESE at 6‑12 Knots

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

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 7 Miles 10 Miles 10 Miles 10 Miles 5 Miles 7 Miles 10 Miles 7 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 85° F 85° F 85° F 85° F 85° F 85° F 85° F 85° F 85° F 85° F 84° F 84° F 86° F 85° F 85° F 85° F 85° F 85° F 85° F 85° F 86° F 86° F 85° F 85° F 86° F 86° F

THE TRIBUNE

Thursday, October 15, 2020, PAGE 11

US official: Nuclear energy can attract more supporters BOISE Associated Press THE resurgence of interest in nuclear power as a clean energy source could be boosted by emphasising how it would help humanity, the chairwoman of the US Nuclear Regulatory Commission said yesterday.

Kristine Svinicki told an Idaho governor’s advisory group that non-traditional nuclear energy backers could be drawn to the idea if it’s made clear how nuclear energy can combat global poverty and help advance opportunities for women.

“If all you offer them is (nuclear) waste, the conversation is over,” Svinicki said. “But if you tell them that girls around the world don’t have to be home collecting firewood, and they can be educated, and maybe one of those girls has the cure for cancer ten years from now, that’s powerful. That’s a narrative that inspires and moves people.”

Current nuclear energy research involves small reactors with a range of designs that can be placed in isolated areas to provide power.

Revamping the nation’s nuclear power is part of a strategy to reduce US greenhouse gas emissions by generating carbon-free electricity with nuclear power initiated under the Obama administration and continuing under the Trump administration, despite Trump’s downplaying of global warming.

Svinicki spoke to the Leadership in Nuclear Energy Commission, which advises the Idaho governor on policies to support nuclear industries and the Idaho National Laboratory, a federal nuclear research facility in eastern Idaho that is among the state’s largest employers.

Republican US Rep Mike Simpson, who sits on a committee that appropriates money for the lab, addressed the group on budget matters.

“We haven’t moved forward on finding a nuclear repository for nuclear spent fuel,” Simpson said. “It is one of the issues that I think is holding back the progress on nuclear energy.”

He said that even if a proposed Yucca Mountain nuclear waste repository opens in Nevada, there’s enough waste scattered across the US to immediately fill it. The site northwest of Las Vegas was first proposed in the 1980s to entomb 77,000 tons (70,000 metric tons) of the nation’s most highly radioactive spent nuclear fuel.

“If you’re really going to address climate change, you better start making sure that we have nuclear energy in the future,” Simpson said.

There are just under 100 commercial nuclear power plants in the US, supplying about 20% of the nation’s energy. Most of the spent nuclear fuel they have generated over the decades remains at the sites where the power plants are located.

The commission also heard a report on a new type of test reactor described as one of the most ambitious US nuclear

location will be selected through the environmental review process. Pasamehmetoglu said the reactor could be in operation at the end of 2026.

The commission also heard a report about progress on a commercial effort to build small modular reactors at the 890-square-mile US Department of Energy site that includes the Idaho National Laboratory.

Doug Hunter, chief executive officer and general manager of an energy cooperative called the Utah Associated Municipal Power Systems, said plans for building up to a dozen of the small module reactors remain viable as various entities sign up to receive power.

The small reactors can produce about 60 megawatts of energy, or enough to power more than 50,000 homes. The first would be built in 2029, with the rest constructed in 2030, if regulatory agencies approve.

THE TRANSIENT Test Reactor at the Idaho National Laboratory about 50 miles west of Idaho Falls, in eastern Idaho.

The chairwoman of the US Nuclear Regulatory Commission says the resurgence of interest in nuclear power as a clean energy source can be boosted by emphasising how it will help a wide range of humanity.

Kristine Svinicki yesterday told an Idaho governor’s advisory group that non-traditional nuclear energy backers could be drawn to the idea if it’s made clear how nuclear energy can combat global poverty and help advance opportunities for women. Photo: Keith Ridler/AP projects in decades. The Versatile Test Reactor is in an environmental review stage with a draft environmental impact statement expected to be released in November.

“Outside Russia right now this capability does not exist,” said Kemal Pasamehmetoglu, executive director of the project.

“This will be a unique capability in the Western World.”

The test reactor would be fueled by about 1,000 pounds of plutonium, preferably surplus weapons-grade plutonium, Pasamehmetoglu said.

The reactor would be the first new test reactor built in the US in decades and give the nation a dedicated “fast-neutron-spectrum” testing capability. Such reactors are called fast reactors, and Pasamehmetoglu said they are needed to do testing for a new wave of modern nuclear reactors.

The Union of Concerned Scientists has expressed concern about the reactors, saying the plutonium could be turned into a devastating weapon if it falls into the hands of rogue groups.

The group, whose objectives include reducing the threat of nuclear war, also said those reactors produce waste that is more hazardous and difficult to dispose of than waste from conventional reactors.

The Idaho National Laboratory and the Oak Ridge National Laboratory in eastern Tennessee are the two possible locations for the test reactor and the final

PAGE 12, Thursday, October 15, 2020

THE TRIBUNE

Stocks fall on Wall Street as hopes fade for stimulus deal Associated Press STOCKS gave up early gains and closed lower yesterday, adding to Wall Street’s losses from a day earlier.

The S&P 500 fell 0.7% after spending the morning swaying between small gains and losses. Companies that rely on consumer spending, banks and technology and communication stocks bore the brunt of the selling. Trading in stock markets overseas was subdued as coronavirus counts climb around the world, raising the risk of more government restrictions on businesses. Treasury yields fell, while prices for crude oil and gold rose.

The decline came as talks between Democrats and

Republicans in Washington over another economic stimulus package continued to drag on, dimming investors’ hopes for a deal that can deliver more aid for the US economy in the near term.

Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi spoke by phone again yesterday morning but didn’t reach an agreement, Pelosi aide Drew Hammill tweeted, adding that the two plan to speak again today. Mnuchin said at a conference sponsored by the Milken Institute that it would be “difficult” to get a deal done before the presidential election next month.

“The time for being able to pull this off is now coming to a close,” said

Rod von Lipsey, managing director at UBS Private Wealth Management. “The market has been listless because it understands that it’s probably not going to happen.”

Investors are still anticipating some kind of an aid package eventually passing, he said, but it will now likely wait until after the election.

The S&P 500 fell 23.26 points to 3,488.67. The benchmark index broke a strong four-day winning streak on Monday. The Dow Jones Industrial Average lost 165.81 points, or 0.6%, to 28,514. The pullback knocked the Dow back into the red for the year. The Nasdaq composite slid 95.17 points, or 0.8%, to 11,768.73. At one

point it had been up 0.6%.

Small company stocks, the biggest gainers so far this month, also fell. The Russell 2000 small-caps index gave up 15.20 points, or 0.9%, to 1,621.65.

Despite the market’s two-day slide, stocks have been mostly pushing higher this month. About halfway through October, the major stock indexes have recouped most of their losses from last month’s market swoon.

Even so, this week’s kickoff to earnings reporting season is painting a mixed picture for investors.

Big banks are traditionally the first companies to tell investors how much profit they made in the prior quarter, and Bank of America and Wells Fargo

fell following the release of their reports, posting the biggest losses in the S&P 500. Bank of America sank 5.3% after its revenue fell short of analysts’ forecast, while Wells Fargo dropped 6% after its earnings were lower than Wall Street expected.

Goldman Sachs rose 0.2% after reporting stronger profit than analysts expected. US Bancorp was fell 0.4% after giving up an early gain following its earnings report, which was also stronger than analysts expected.

Across the S&P 500, analysts are expecting companies to report another drop in profits for the summer from year-ago levels. But they’re forecasting the decline to moderate from the nearly 32% plunge from the spring as the economy has shown signs of improvement.

The sharpest profit drops for the quarter are expected to come from energy stocks, but the sector rose yesterday to some of the biggest gains among the 11 that make up the S&P 500 index. A 2.1% rise for crude oil prices helped. So did a report that ConocoPhillips is in talks to buy Concho Resources. Concho jumped 10.2%, the biggest gainer in the S&P 500, following the report from Bloomberg News.

Tech stocks fell, weighing down the broader S&P 500. Amazon fell 2.3% and Microsoft slid 0.9%. Apple bounced back from an early slide and eked out a 0.1% gain.

Because of their massive size, the movements of Big Tech stocks have an outsized effect on the S&P 500 and other indexes.

The yield on the tenyear Treasury note fell to 0.72% from 0.74% late on Tuesday despite a report showing that inflation at the wholesale level strengthened more than economists

expected last month.

Prices for producers rose 0.4% last month from August, double economists’ expectations. But even though inflation firmed, economists say it’s still subdued amid a weakened economy.

The Federal Reserve has also indicated that it will keep interest rates at nearly zero for a while to support the economy, even if inflation hits its target level.

Aid for the economy from elsewhere in Washington, though, has been harder to come by. Hopes are fading that Congress and the White House can agree on another round of support any time soon.

“The cold reality that markets have refused to countenance is that even if an agreement was reached, its chances of being enacted before the November election are about zero,” said Jeffrey Halley of Oanda.

“Still, this is 2020, the year where markets never let reality get in the way of a good story.”

Economists and the head of the Federal Reserve have said the economy will likely need such stimulus. Earlier benefits for laid-off workers and other support that Congress approved earlier this year have expired.

The rate at which Americans save money spiked earlier this year as the pandemic-related business shutdowns limited where people could shop. Thus far, that extra savings cushion has helped people who lost their job weather the loss of extra unemployment benefits, said Elyse Ausenbaugh, global market strategist at JP Morgan Private Bank.

“It’s not going to last forever, especially with the unemployment rate so high,” she said. “That really underscores the need for the government to gas the economy.”

European and Aisian markets ended mixed.

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