10192020 BUSINESS

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MONDAY, OCTOBER 19, 2020

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New power plant deal ‘weeks out’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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HELL North America says “a degree of urgency” is required to close the deal for New Providence’s new multi-million dollar power plant with an agreement thought to be just “weeks out” from conclusion.

Gerard Van-Ginkel, the multinational energy giant’s project director, told Tribune Business that negotiations with Bahamas Power & Light (BPL) and the government were “at the precipice” of reaching a conclusion following nearly two years of negotiations and the parties now needed to take that final step.

Speaking after Shell became the first Bahamasbased independent power producer (IPP) to be licensed

by Bahamian energy regulators, Mr Van-Ginkel said Shell North America aimed

• Shell: ‘Degree of urgency’ to close with BPL • ‘On the precipice’ as first IPP licence gained • Energy upgrade ‘paramount’ to COVID revival

PRIME Minister Dr Hubert Minnis on a previous tour of BPL’s Clifton Pier station with Whitney Heastie, BPL’s chief executive. to begin construction on the Clifton Pier-based regasification terminal and associated facilities that will supply liquefied natural gas (LNG) to the new power plant early in 2021.

Reforms ‘attack debt excesses’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE deputy prime minister believes upcoming fiscal reforms will “take the mystery out of the public finances” and enable the government to “attack the excesses” that have built a multi-billion national debt.

K Peter Turnquest, pictured, told Tribune Business that the Public Debt Management Bill and Public Finance Management Bill, which are both out for consultation until mid-November 2020, as well as public procurement reforms already tabled in the House of Assembly, will provide the “rigour” and discipline needed to transform the government’s finances on to a more sustainable

footing long-term.

With a national debt that is forecast to hit $10.4bn by end-June 2022, and this year’s COVID-19 and Dorianinflated $1.327bn fiscal deficit, Mr Turnquest said The Bahamas “just cannot continue doing what we’ve been doing in the past” by incurring nine-figure deficits

SEE PAGE 4

Minister: ‘Consequences’ for missing COVID tests

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A CABINET minister has warned there will be “consequences” for visitors and residents who fail to adhere to the new COVID-19 testing regime, adding: “Why would you not comply?”

Dionisio D’Aguilar, pictured, minister of tourism and aviation, told Tribune Business that the government is “appealing” to all tourist entrants to The Bahamas from November 1 onwards to comply with

the requirement to obtain a COVID-19 antigen test on the fifth day of their stay should they remain that long.

SEE PAGE 6

The timeline, though, depends on obtaining swift BPL, government and Shell Board approvals for the agreement to proceed, and with construction likely to take a minimum of two

years it is unlikely LNG will now be introduced into New Providence’s energy mix until early 2023.

Pledging that the new power plant and associated LNG infrastructure will “position The Bahamas as one of the lowest-cost power producers in the Caribbean region”, Mr Van-Ginkel said reliable, cheap and environmentally-friendly energy is “paramount for postCOVID-19 economic recovery” in this nation as the potential benefits will touch every aspect of the economy.

He added that the project’s Environmental Impact Assessment (EIA) is already underway despite having been hindered by

SEE PAGE 6

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Oil exploration fears for ‘eco centric mecca’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

AN ANDROS bonefishing lodge’s co-owner has voice alarm that that “the eco-centric mecca” of The Bahamas could be irreparably harmed if oil exploration plans go awry.

Shawn Leadon, joint proprietor of Andros Island Bonefish Club, and head of Andros Outdoor Adventures, told Tribune Business that even the slightest “mishap” from Bahamas Petroleum Company’s (BPC) proposed first well could undermine “the incubator for the entire country” that is the island’s western side.

BPC is aiming to potentially spud its Perseverance One well just before Christmas 2020 in waters just over 80 miles west of Andros, and has repeatedly said its environmental, technical and scientific research shows the possibility of any oil spill/ pollution - as well as damage to Bahamian waters and islands - is minimal at best.

However, Mr Leadon said just “the slightest bit of information” getting out on BPC’s plans to Andros’ ecovisitor and conservationist client base would be enough to damage the island’s

reputation as a sustainable tourism destination.

And, given that the exploratory well was “at my back door”, Mr Leadon questioned why neither himself nor his businesses had been consulted or approached by either BPC or the government for feedback on the proposed project.

“We’re talking about putting an exploratory well next to the largest ecosystem in the country,” he told Tribune Business in a recent interview, urging the government to put the brakes on BPC’s efforts at the last minute. “If there’s a mishap, what do we do from there? I think it’s a bad move; a very bad move.

“If there’s a malfunction and oil spill I will have to shut my doors. It would be a tragedy for us in Andros.

We have 38 fishing lodges in Andros, which collectively are the next largest employer to [US base] AUTEC. If we were to dampen that stream of income it would create an economic disaster in our communities.

“With the pandemic, there was no flowing of capital for the last seven months - the critical injection of capital - into our communities....

The divers, the fly fishermen, all of them come to Andros

SEE PAGE 5

PAGE 2, Monday, October 19, 2020

Bridging the gender gap critical for cyber security

BY DEREK SMITH

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HERE are arguably two key problems encountered with cyber security governance - the misrepresentation of cyber security risks at executive and board levels, and the under-representation of women in the industry. Yet the pressure to secure businesses against cyber-related incidents and, more importantly, cyber breaches is immense.

It is critical that your company’s approach to cyber security risks is thorough and representative of today’s challenges, while anticipating tomorrow’s

needs. One of the key obligations for a risk and compliance professional is to ensure that a firm’s objectives and cyber security

THE TRIBUNE framework are aligned, and take into consideration the local and international laws governing their industry. These factors may be disconnected due to misconceptions.

Elena Kvochko, a contributing writer at Forbes, in her article How to make cyber security more approachable, wrote: “Security knowledge can make or break a career.

While industries have evolved from awareness to implementation and specific guidelines, there are still a lot of misconceptions.

Not understanding the inner workings of technology is no longer an option for executives.”

One such misconception is that information technology (IT) is synonymous with cyber security. Their priorities, skills required and responsibilities are different, and many times compete. IT is concerned with the functionality of hardware, software and the network. Conversely, cyber security addresses the security of digital information.

IT establishes controls versus monitoring of the controls to ensure they work as intended by

cyber security. IT training is centred around new hardware, software and solutions, while cyber security training encompasses staying up-to-date on new threats, developments and risks that are constantly emerging.

Such misconceptions in practice can inadvertently cause issues because the incorrect role, or person, may have a seat in the boardroom. Here is why: Corporate Governance Without understanding the components of governance, corporate structures may be built with flaws. The compliance professional must assess the corporate landscape and provide, through board and management training, the need for segregation between IT and cyber security responsibilities.

Information technology/systems governance is the responsibility of the chief information officer (CIO), who is sometimes called the IT director or head of IT. Some companies even go to the length of splitting the role of CIO from that of chief technology officer (CTO). On the contrary, information security

(InfoSec) governance is the responsibility of the chief information security officer (CISO). If your CISO reports to your CIO or CTO, you may have a problem. If you are Board member and you have just identified that you have a structural problem, now is always the best time to correct it.

Under-representation of women in the industry Statistics from gender gaps in employment, produced by Poster in 2018, show that women account for less than 20 percent of all cyber security professionals worldwide. This is an unacceptable statistic in one of the world’s top careers in 2020.

The misconception that technology is a masculine career is outdated., and this image must change.

Addressing this disparity of women versus men within the cyber security space will assist with reducing the projected skills gap within the industry. “It is estimated that the number of unfilled cyber security positions will grow to a staggering 3.5 million by 2021”, said Sarah Hospelhorn in her Varonis.com article on

May 20, 2020.

In conclusion, as Cyber security Month continues, it is imperative that the gap in gender representation in the field is reduced by conscious efforts from Boards and management leaders to proactively recruit, train and promote women in the cyber security workforce.

Moreover, clarity must be achieved at board of director and executive levels for the inclusion of the CISO separate and apart from the CIO - at executive levels or the incidents and breaches will continue to rise.

NB: Derek Smith Jr is a compliance officer at a leading law firm in The Bahamas, and a former assistant vice-president, compliance and money laundering reporting officer (MLRO), at local private bank. His professional career started at a ‘Big Four’ accounting firm and has spanned over 15 years, including business risk management, compliance, internal audit, external audit and other accounting services. He is also a CAMS member of the Association of Certified Anti-Money Laundering Specialists (ACAMS).

Over 150 attend Bahamas real estate trade mission MORE than 150 realtors from The Bahamas and Florida’s Royal Palm Coast participated in the first joint Florida-Bahamas real estate trade mission held on October 1.

The event, nearly two years in the planning, was forced by COVID-19 to shift from an in-person trade mission to a virtual platform.

But, according to organisers, it represented “an historic and successful move” that brought agents and brokers together to network, exchange information and show what each region has to offer to attract the others’ buyers and investors.

“This historic meeting, even though not face-toface, was successful beyond our expectations and helped to bridge the gap that exists between neighbours who, pre-trade mission, thought of each other as competition and now consider one another as colleagues with whom we can co-operate,” said the Bahamas Real Estate Association’s (BREA) president, Christine Wallace-Whitfield.

“We have clients in The Bahamas who may be interested in Florida property, and they certainly have clients in Florida who dream of owning in The Bahamas.

Sharing specific information about what is involved in a purchase was extremely helpful. We all came away from the meeting with a clearer understanding and a bilateral commitment to work more closely together.”

The Bahamas aimed to send a clear message to its Florida realtor counterparts that the country remains open for business.

“Global turmoil as a result of the COVID-19 pandemic has put a strain on all countries, but The Bahamas remains a premier destination for investments and a favourable environment to offer,” K Peter Turnquest, deputy prime minister, told the joint mission.

The pandemic, he added, has focused attention on non-traditional thinking when it comes to real estate.

“Today more people are looking for less dense vacation spots and properties, opportunities to commune more with nature, and to find alternative sources for entertainment that do not necessarily involve close contact with people,” Mr Turnquest said.

Besides the deputy prime minister, the

mission included Dionisio D’Aguilar, minister of tourism and aviation; the chief of global strategy and engagement for NAR, the US-based National Association of Realtors; Joy Jibrilu, tourism’s directorgeneral; Dwight Burrows, Royal Bank of Canada’s (RBC) regional vice-president of private banking and wealth management; Mrs Wallace-Whitfield; Bianca Jones, Royal Palm Coast Realtor Association’s chief executive; and Donna Guido, ambassador and liaison from that association to The Bahamas.

“Real estate tourism is an individual experience magnified many times over,” Mr D’Aguilar told participants.

“We are now not only advertising stopover visits but also looking at the second home market as a new beginning for The Bahamas.”

Mr D’Aguilar said that despite Hurricane Dorian, 2019 was a ‘banner year’ for tourism with 7.2m visitors who could return home to “tell of the magic and magic of The Bahamas”. He promoted its proximity to the US, political stability, tax advantages and ease of purchase for non-Bahamians interested in a residence or property of less than five acres.

“We were really honoured to have the participation of so many great speakers, including NAR director of global strategy, Joe Schneider, who maintains relationships with 86 countries and took time out to spend with us,” Mrs Wallace-Whitfield said.

“Considering that the NAR is the largest trade association in the US with 1.4m members, his participation in this trade mission takes on great significance.

What is interesting is that they see part of their role is the creation of more business opportunities in the US to partner with others around the world, and helping them to create strategic marketing campaigns.”

BREA recently launched a renewed campaign advising non-Bahamian agents and brokers to work with BREA-licensed firms - as required by law - when handling Bahamian property transactions. It is reminding foreign sales associates that Bahamians cannot go to the US or Canada and sell property in those jurisdictions without working with local firms.

THE TRIBUNE

Monday, October 19, 2020, PAGE 3

BPL FUEL HEDGE HITS 30% SAVINGS TARGET

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A CABINET minister says many consumers may not appreciate that Bahamas Power & Light’s (BPL) fuel hedging strategy has already produced 30 percent savings on their total energy bill year-over-year.

Desmond Bannister, minister of works, told Tribune Business that households, in particular, needed to strip out the extra consumption produced by current COVID-19 lockdowns and stay-at-home orders to get a true like-for-like comparison between their 2020 electricity bills and the rates they were paying at the same time last year.

Asserting that BPL’s move to lock-in the fuel charge at 10.5 cents per kilowatt hour (KWh) until year-end 2021 had produced “almost a 50 percent saving” on that part of a consumer’s bill, alone, Mr Bannister said reduced energy costs would help to

DESMOND BANNISTER ease at least some of the economic hardship inflicted on companies and households by the COVID-19 pandemic.

“We’ve already improved the energy cost tremendously with the hedging exercise that we’ve gone through,” he told this newspaper. “I think there should be almost a 30 percent savings on the fuel charge alone.

“The hedging is a big part of what we’re doing, and is certainly something that is going to produce tremendous savings over time. It’s going to help everybody to keep up with their bills a lot more than they were before

because it is less for them, and less for BPL in terms of their outgoings.

“It’s going to help everybody. It’s a huge help for everybody, and we’re going to get there as a country. It’s almost a 50 percent difference on the fuel charge, and 30 percent on the net bill.

That’s a huge saving. Last year the fuel charge [on consumer bills] was 19 cents per KWh and now it’s 10.5 cents per KWh.” Research by Tribune Business, comparing a customer’s residential electricity bill for October 2019 with that received for the same month this year, confirmed that the fuel charge had indeed decreased by 30 percent - falling from just over 15 cents per KWh to 10.5 cents per KWH. This helped to produce a $334 year-over-year saving for that consumer on their total bill, and $252 reduction on the fuel charge, with Mr Bannister reiterating that this would be extremely beneficial for those on fixed earnings or

who have lost jobs/incomes due to the COVID-19 pandemic.

“It’s a huge savings for Bahamians to keep more money in their pocket,” he added. “I think this summer everybody saw the effects.

Some people may have measured it by their overall bill but that was a mistake.

“We spent more time at home this summer, used more A/C, used more energy. We wouldn’t necessarily appreciate the savings unless we look at the bill, and see how much power we consumed compared to last year, and then see the savings. Factor in the consumption, and it’s a huge savings to all of us. When you take that out it’s very big.”

When BPL’s fuel hedging strategy was unveiled in late March, Ministry of Finance officials said it was projected to save hard-pressed consumers and the wider economy some $150m over 18 months.

Both K Peter Turnquest, deputy prime minister, and

Marlon Johnson, the Ministry of Finance’s acting financial secretary, said then that the move effectively represents a triple win for BPL’s household and business customers; the government and its fiscal position; and the overall economy and the foreign exchange reserves.

The government and BPL said the $150m total savings would translate into a 30 percent reduction in consumers’ electricity bills when compared to the 18-month period prior to August 2020, as the hedge would eliminate for “the first time ever” the cost volatility created by swings in global oil prices.

The aim was to give businesses and households electricity rate certainty at a time when their finances were under huge strain due to the economic crisis created by COVID-19, putting control of energy costs back in consumers’ hands.

With rates fixed, and no longer vulnerable to global oil price fluctuations,

Bahamian energy costs will be determined by each business and households’ management of their consumption.

And, while consumers were to be the main direct beneficiaries, Messrs Turnquest and Johnson said BPL’s reduced fuel costs will also help reduce the drain on the $2bn-plus external reserves at a time when The Bahamas needs to preserve every cent of foreign currency it can get given that tourism-related inflows have virtually dried up.

BPL’s annual fuel bill is one of the most significant drains on the foreign reserves, which are vital to maintaining the Bahamian dollar’s one:one parity with the US dollar. The hedge will thus ease some of the anticipated pressure on external reserves that were initially projected to decline to around $1bn by year-end 2020 as import demand outweigh severely diminished foreign currency inflows.

DEVELOPER TO BUILD ON $80M IN PRE-EXISTING INFRASTRUCTURE

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMAS-based developer is aiming to capitalise on $80m in preexisting infrastructure investments by starting vertical construction on its high-end Abaco boutique resort before year-end.

Bill Green, president of Sterling Global Financial, the group spearheading the Montage Cay and Marina project on Matt Lowe’s Cay, said the marina and pre-existing infrastructure provided a first-class platform for a project that will hire “hundreds” of construction workers.

“This is an island that had a tremendous amount of infrastructure put in,” he said. “As you can see, about ten years ago a marina was excavated and there was about $80m of infrastructure put in with fibre optic

Top Abaco resorts: We’re ready for tourism’s return

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net TWO major Abaco resorts say they are ready for the country’s November 1 tourism re-opening after completing post-Hurricane Dorian repairs.

Brent Ingraham, the Abaco Beach Resort and Marina’s director of sales and marketing, told the Abaco Business Outlook webinar: “The Abaco Beach Resort, over the past 12 months, has undertaken an expensive renovation of the entire resort.

“We have renovated and refurbished all of our guest rooms; we have added two new restaurant concepts; we have built a new lobby and a new porte cochere and welcome lounge; we

cable. There is a switching station put in there that happens to be the switching station for Hope Town, for Man O’ War Cay, and for some of the other smaller cays.

“My company, Sterling, became involved about eight years ago and ended up with ownership of the project, so we were handed a brilliant island that had all of the infrastructure that one would want. Essentially, we were ready for vertical. So we began a process in 2018.

“We wanted to find a good operating partner, and after engaging with 12 of the world’s premier hotel groups we ended up deciding to work with Montage, which is a boutique, high-end, sort of six-star hotel operator,” Mr Green continued.

“I would put them on a par, in terms of luxury class, with an Aman, for

example, and they have been absolutely marvellous to our quest. We have engaged with them since fall of 2018. We are working on plans right now. We’re going into the ground on infrastructure, and then for the vertical for this calendar year subject to approvals.

“We have some estate lots for sale, we have some villas and we have a hotel, four restaurants, a spa and other recreational amenities.”

Dr Hubert Minnis, in his contribution to the 20202021 budget debate, said Sterling, which is also redeveloping Paradise Island’s Hurricane Hole property, had been given preliminary government permission to proceed with a $352.2m investment that will create 250 full-time jobs and 2,970 posts across the life of the project’s construction.

Bahamas-headquartered Sterling, which is chaired

have renovated our meeting space. We have rebuilt the entire marina - the marina was destroyed - and we have expanded the fuelling station.

“We have rebuilt and expanded the beach, we have expanded guest activities and, of course, guest amenities throughout the resort. I think most, and more importantly, during the entire renovation process we remained operational. Ownership felt it important to retain 100 percent of the management team during that entire operation,” Mr Ingraham continued.

“We’re open. We’re looking forward to a number of tourists for the official opening of the country, and we have continued to receive guest reservations to the resort. We’re looking forward to the grand opening on November 1.”

Shane Krige, the Abaco Club on Winding Bay’s general manager, added: “We’ve been very blessed that the club did not sustain a lot of damage from Hurricane

Dorian. In fact, the club was operating from October after the storm. In that respect we have been blessed, but we still have been putting the property together and our private club set up.

“We’ve also been very fortunate that we haven’t really closed in terms of having members on property as a safe haven during COVID19. We had probably 40 to 50 members on property. So the residential model has been working very well for us. Our developer, Southworth, is the owner and the operator of the property, and has been incredibly graceful with all of the investments that need to be done and, in particular, taking care of our employees.

“We even erected a village called, affectionately, Abaco City, so we’ve been able to retain all of our employees.

Another big component for us is our harbour, our Yacht Club, which is located in Little Harbour. Overall we’ve been doing very well, and there is plenty of work to do.”

by David Kosoy, has according to the prime minister already taken “title” to Matt Lowe’s Cay ahead of its planned $40m acquisition. The purchase was to be completed through a Sterling affiliate, Sterling Montage Ltd, with the project to be known as Montage Cay and Marina.

Matt Lowe’s Cay is located in the Sea of Abaco, in close proximity to Marsh Harbour, with Hope Town to the east and Man O’ War Cay to the north.

Meanwhile Mr Green, who was addressing the Abaco Business Outlook conference, said: “Everybody is facing economic challenges. Business owners are facing challenges, and I think the government in

consequence is facing challenges as well.

“The default, I think, is to look at economic incentives, and we have tried to think about where there can be some win-wins here. We will be engaging hundreds of construction workers, and shortly after that hundreds of employees to run the hotels and the residences and so on.

“So those people need a place to live, and they need to have a quality of life that’s going to entice them to move to Marsh Harbour or wherever. Any assistance that the government can provide to Bahamians, or jump-starting construction or infrastructure, in some ways I think is going to be to the benefit of everybody.

It’s going to need to be done

sooner or later anyway, so focus on getting that up and running as soon as possible and I think it’s going to help everybody.

“We are also concurrently going through a number of approvals for this project.

We have recently done so at Hurricane Hole and, in a way, I’m saying this is a thank you to the government for the speed at which they addressed a number of the approvals issues we had needed dealt with.

“Without those we could have been potentially held up for months and months before we can get into the ground, so I think a continued focus to help us get through approvals and work alongside us is needed and I hope will continue.”

PAGE 4, Monday, October 19, 2020

THE TRIBUNE

Govt expands digital Cruise line holds Bahamas platform roll-out drive return to December 18

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE government is developing digital platforms to automate the Cabinet Office’s functions and to handle the planning process at the Ministry of Works.

Lisa Culmer, IT manager for the government’s digital services, speaking at the Abaco Business Outlook webinar, said: “We have EPRIS, which is for the Ministry of Works, and is an electronic plan and preview inspection system that is related to plans for buildings and stuff like that.

“We have this other one, the Cabinet Office electronic management system (BECMIS), that is to automate the Cabinet Office and the various processes that the Cabinet Office go through. At the Road Traffic Department, with the TMS (Transportation Management System), they want to automate the renewal of driver’s licenses and renewal of vehicle inspections to limit people having to come in when you have applied to pay and pick-up whatever. I don’t think they are actually going to be submitting those documents online but I’m not sure.”

Ms Culmer continued: “Then with the Port Department, along with the Department of Marine Resources, they have various permits that you have to apply for. They are putting those applications online as well and then, last but not least, the new digital government online portal, which will hopefully - once we get it all done - actually unite to a single point of service where you can log in to one place, access all of the services, and you won’t have to go to this one to get this and that one to get that.

Everything should be able to tie in nice and neatly.”

Kimwood Mott, the Central Bank’s project manager for the Sand Dollar digital currency, said: “Through that initiative there are some key goals, primarily the financial inclusion and access; payment system efficiency; non-discriminatory access to the financial system; 100 percent access to the digital payment services; full admission of micro, small and mediumsized businesses into the digital space, and strengthening our national defence against money laundering and such activities.

“There are also some initiatives that are going to be geared towards government

services. There are going to be some synergies had with those online portals, and the ability for persons who may not be in that financial space to have credit cards to actually be able to pay for some of these government services through these online portals through the use of the Sand Dollar digital currency.”

The Sand Dollar is the digital representation of the Bahamian dollar. Mr Mott said: “It is one to one. It is not a cryptocurrency traded on any sort of open market.

It is fixed one-to-one with the Bahamian dollar. It is used through mobile phone technology, so basically if you have access to a mobile device, be it a tablet or an actual cellular phone with wi-fi or LTE communications, you should be able to participate on this network.

“There should be little to no cost in transacting with Sand Dollars, and while Sand Dollars reside in your wallet, it is not interest bearing. It operates the same way as if you held cash in your pocket; that cash will not generate any interest. So the same would apply to cash you would be holding in your digital wallet, because again it is just a digital representation of your Bahamian dollar.”

COVID-19 forces two Scotia branch closings SCOTIABANK (Bahamas) has been forced to close two Nassau branches within 24 hours after staff members tested positive for COVID-19.

The bank, in a statement, said its Thompson Boulevard branch will be closed to customers for the next two weeks after it was informed on Thursday of a staff member’s positive test. The move came less than 24 hours after it closed its Carmichael Road branch for a similar reason.

“Like all of The Bahamas, our operations continue to be affected by the ongoing COVID-19 health crisis.

Regrettably, we have had to close another branch today.

Nonetheless, we

remain committed to serving our customers via our other branches and customer channels to minimise any disruptions caused by this closure,” said Roger Archer, Scotiabank Bahamas’ managing director.

“We take this opportunity to urge everyone to remain vigilant and to follow the advice of the government with regard to the recommended protocols for controlling the spread of COVID-19. We also must reinforce the need for both our retail and business customers to register for online banking so that they can access a wide array of banking services remotely.”

Customers who require

in-branch services during the closure were directed to Scotiabank’s other branches.

Its Nassau Main, Palmdale, Paradise Island and Wulff & Jerome Avenue locations are currently operating cashless.

“Our ATM machines at the Thompson Boulevard branch will be operational for loan payments and other services excluding ATM deposits. However, over time, cash withdrawals may be affected. Night deposits will also be unavailable at the branch until operations return to normal,” Mr Archer said.

The tentative date for reopening of the Thompson Boulevard branch is Tuesday, October 27, 2020.

BAHAMAS Paradise Cruise Line has unveiled a further delay to its operational restart by setting December 18 as the date when its Grand Classica vessel will resume voyages to Grand Bahama.

Oneil Khosa, the cruise line’s chief executive, said in a statement that details on when it will begin sailing to Nassau again will be unveiled at a later date. To mitigate the risks associated with COVID-19, he added that the Grand Classica’s capacity will be “capped” at 60 percent on sailings to Grand Bahama, with almost 100 staterooms no longer available.

“We’re very pleased with the Centres for Disease Control and Prevention’s (CDC) decision to lift its No Sail Order on October 31, 2020,” Mr Khosa said.

“The past few months have been an incredible challenge for the cruise industry at large, and we’re thrilled to welcome our guests aboard for what we know is a much-needed getaway to Grand Bahama.

“While we are eager to return to sea, the overall health and safety of our guests and crew remain our top priority. Instead of returning to Grand Bahama on board Grand Celebration, we’ve decided

Reforms ‘attack debt excesses’ FROM PAGE ONE

on an annual basis.

Together with accrual-based accounting, which will provide a more accurate picture of the government’s financial position by incorporating future spending commitments, the deputy prime minister said all these reforms together with the Fiscal Responsibility Act will prevent any attempt to “manipulate” the public finances and “bring the system into the 21st century”.

“Both of them are landmark pieces of legislation that are going to help us bring some rigour and structure around the debt,” he told this newspaper in reference to the

A BAHAMAS Paradise Cruise Line ship.

to return on board Grand Classica, which features larger deck space and nearly 100 fewer staterooms.

“The guest-to-space ratio on board the Grand Classica is one of the highest in its class, and rivals many of our contemporary peers. This change, coupled with a capped capacity of 60 percent, will further ensure that our guests and crew members can easily maintain required social distancing onboard,” he continued.

“We will resume cruise operations to Grand Bahama on December 18, 2020, on board Grand Classica. We will announce details on our return to Nassau at a later date.”

Mr Khosa added: “ Since the outbreak of COVID19, we have remained one

of the few cruise lines to report no cases of the virus on board our ships. We have also followed all required guidelines, including adhering to strict requirements for our on board crew members, and installed the best safety protocols in the industry across our fleet to protect our guests and crew, who are always our top priority.

“We will continue to work closely with the CDC, the World Health Organisation, and the Bahamian government as we prepare to return to Grand Bahama.

We appreciate the unwavering support and patience of our partners and crew during this challenging time, and we look forward to welcoming guests back onboard soon.”

Public Debt Management Bill and Public Finance Management Bill.

“They will bring transparency and structure to what we do, which is what the Bahamian people have been asking for. From that perspective they are very important pieces of legislation, and demonstrate our commitment to transparency and fiscal matters. Together with the Fiscal Responsibility Act and procurement legislation we believe we’re moving in the right direction.”

Mr Turnquest branded the reforms as “taking the mystery out of the public finances”, and added: “Where we are today we just cannot continue doing what we have been doing in the past. We need to bring the system into the 21st century with all the modernisation and access to data that Bahamian individuals and businesses need to have to make sensible decisions.

“I’m very pleased with what we have accomplished thus far, and things we have on the drawing board to complete before the government’s term is done. I believe these steps and efforts will endure to the Bahamian people’s benefit well into the future.

“If we’re diligent and follow through behind the legislation, what we really should end up with is more sustainable fiscal policy guidelines going forward, and that will help us to start attacking the major problem of this debt and remove some of the excesses we have seen over the years,” the deputy prime minister continued.

“It fits nicely in terms of modernisation, accountability

and transparency. No longer will people be able to push things off. You’d not be able to manipulate the system. Everything would be transparent and you’d have real time date to make decisions on.”

Mr Turnquest told this newspaper that the government was seeking to “ramp up” the transition from its current cash-based to accrualbased accounting, and “get the project completed” before it leaves office, noting that it was becoming “more and more critical” to tackle the sustained rise in the national debt.

“We’re working on that assiduously to get that done,” he added, “hopefully before we leave office but, if not, it will be so advanced it will be carried through.”

The Public Finance Management Bill brings stateowned enterprises (SOEs) under its oversight, and will require individual ministries to prepare annual plans and reports, which must be tabled with the annual budget, along with mid-year reports.

An Internal Audit Committee will be formally established, and the Ministry of Finance previously said the Bill - once passed by Parliament - will be implemented in a phased approach given the need to “build capacity” in the public sector.

The Public Debt Management Bill, meanwhile, will legally codify the requirement for the government to prepare and implement a debt management plan, along with a borrowing strategy. It will also provide a framework for the establishment of sinking funds and their management.

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

Monday, October 19, 2020, PAGE 5

How to unlock down ACTIVTRADES WEEKLY

By RICARDO EVANGELISTA www.activtrades.bs

A

CCORDING to data published by the World Health Organisation, there is a virus going around causing an illness that this year will

be responsible for the death of more than six hundred thousand people around the globe. I am of course talking about the flu, a disease that alongside malaria, itself responsible for almost half a million annual fatalities, has over the last decades been seen as the greatest killers amongst

Oil exploration fears for ‘eco centric mecca’ FROM PAGE ONE because it’s the eco-centric mecca of the country. If we were to damage that, we have lost many industries.”

Pointing out that much of Andros’ economy depends on the island’s ecosystems and environment to provide sustainable jobs and livelihoods, Mr Leadon argued that the government is endangering industries that have been built by Bahamian entrepreneurs if the approvals granted to BPC stand.

“I haven’t gotten any notice, and my fishing lodge is the largest in the country,” Mr Leadon told Tribune Business. “They haven’t consulted me, and I’m on the Bahamas Fly Fishing Association and the Bahamas Sports Fishing Conservation Association.

“I’ve had no interaction with anybody in that regard [BPC], and they’re looking to put it at my back door. It’s not easy to rest on that. The harmful effects, the ripple effects from any incident, that entire county is in trouble because it’s the largest ecosystem.”

Pointing out that fishermen from Spanish Wells to Ragged Island, as well Androsians, relied on the area closest to the location of BPC’s project, Mr Leadon argued that any oil-related pollution that hit the west side of Andros would be especially “devastating” for the environment and all industries that relied on it.

Noting that scientific research had resulted in the west Andros coast being designated a natural park, he added that the nutrients contained in its powder-like silt sustained marine, bird and terrestrial life throughout the area - including crab, shrimp and other lifeforms that thrive on it.

Warning that any oil contamination would have “a domino effect” that killed off much life, Mr Leadon said: “It’s the largest collection of red mangrove estuaries in the world.. We’ve got the biggest flats in the world, salt water flats, and most fish-able flats in the world. I

To advertise in The Tribune, contact 502-2394

see unique species of birds there every day. I don’t want to put those in danger. The ecosystems of Andros are all inter-linked.”

BPC has said its research shows that ocean currents would carry any oil spills away from The Bahamas, but the Andros-based entrepreneur expressed scepticism about this and argued that this nation simply lacked the resources and expertise to regulate oil exploration properly.

“Our partners, whether they be in the UK, Canada or the US, if they were to even hear the slightest bit of information about exploratory drilling in The Bahamas, we are sending a bad message to the industry,” Mr Leadon told this newspaper.

PEOPLE social distancing. infectious diseases. Now there is a new kid on the block; COVID-19 makes the two big human nemesis we just talked about pale in comparison, having in less than 12 months infected 39 million humans and killed over a million.

The numbers are staggering and paint a clear picture, the coronavirus represents a tremendous threat and must be treated as such. Contrary to what some say, this disease is more deadly and contagious than the flu, presenting what is perhaps the biggest challenge faced by humanity since the end of world war II. Big hopes rest in several vaccines currently being developed, as

well as in effective therapies, but until these become available the danger is serious, not just in terms of public health, but also to the global economy, with very few countries escaping its impact.

Due to the seriousness of the disease, governments all around the world tried to stop the spreading of the virus and the overwhelming of medical resources by imposing restrictions to social and economic activities, which in its most extreme form resulted in complete lockdowns. In its stricter form these lockdowns brought entire nations to an almost standstill, closing borders and only allowing essential

“This is held as eco central for The Bahamas. These persons are environmentalists, conservationists, and exploratory drilling is not part of the eco-conservation repertoire. The people we cater to, they love the environment, care for the environment, and if word gets out that well is 80 miles away every business on the island will see the numbers shrink and fade away.

“Every business here will have an impact from that; just the reputation alone is going to be harmful for us.

I’m not just saying this. My clients are the Fortune 500, the one percent of the world.

They contribute to some of the biggest non-profits, and contribute to organisations in our domain to ensure we stay aligned and these parts of The Bahamas remain unique,” he added.

“This is the incubator for the entire country. If the notion of what is about to happen gets out to the entire world, we’re going to have a

serious impact from that. It’s not going to be beneficial.”

Mr Leadon urged the government to place a hold on the approvals granted to BPC until more consultation with affected stakeholders had taken place, and it had engaged other countries that have already had to deal with exploratory oil drilling proposals and the issues it creates.

15th October, 2020

14th November, 2020

activities to be carried out, with the majority of the population confined at home.

It’s hardly surprising that such measures proved to be divisive amongst the general population, with some agreeing and accepting it was for the greater good, while others, often due to economic hardship, resisting and criticising. This polarisation is becoming particularly visible in politics, with the issue being “weaponised” and used as leverage by politicians from across the spectrum, contributing to an increase in the partisanship that has characterised the global political landscape over the last few years. This division is not helpful.

Meanwhile, as the Bahamas prepares to reopen for business a second wave of the pandemic is already hitting several countries, with Europe at the forefront. Several governments

in the old continent reimposed restrictions on social gatherings and after-hours curfews, as well as ordering the closing down of bars and restaurants. It appears to be just a matter of time before complete lockdowns are imposed in some countries.

Until an effective vaccine is available, only the ethical behaviour of a significant majority of the population will make it possible to avoid cyclical lockdowns and the hardships they cause. Common ground must be found, and disinformation stopped. Only through a shared effort of respect for basic rules such as mask-wearing and social distancing will it be possible to keep infections under control without the need to re-enact the draconian measures that caused so much social and economic damage.

LEGAL NOTICE

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 46 of 2000) ETIA HOLDING LTD. IBC No. 169886 B (In Voluntary Liquidation) NOTICE is hereby given that as follows: (a)

That ETIA HOLDING LTD. is in Dissolution under the provisions of The International Business Companies Act 2000.

(b)

The Dissolution of the said Company commenced on the 16th day of October 2020 when the Articles of Dissolution were submitted and registered by the Registrar General.

(c)

The Liquidator of the Company is Sterling (Bahamas) Ltd of 2nd Floor, Saffrey Square, Bank Lane and Bay Street, Nassau, Bahamas.

(d)

Any person having a Claim against the above named Company are required on or before the 16th day of November 2020 to send their name, address and particulars of the debt or claim to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is approved.

Sterling (Bahamas) Limited Liquidator

PAGE 6, Monday, October 19, 2020

THE TRIBUNE

New power plant deal ‘weeks out’ FROM PAGE ONE pandemic-related restrictions and other measures, while geotechnical studies are set to start early in the New Year.

Mr Van-Ginkel also disclosed that Shell North America, working with BPL and the government, had managed to obtain all the land and “rights of way” required for the new power plant and LNG facilities from private and public landowners in the Clifton Pier area.

Signalling that all sides are close to completing a long-running, complex negotiation, he told this newspaper: “I think that we’re weeks out. I think that when we last spoke we were targeting to conclude in the third quarter.

“That has just passed.

Despite all the challenges caused by COVID-19 and lockdowns, I think in the next few weeks we will be in a position to see this come to a conclusion with BPL and the government.”

Desmond Bannister, minister of works who has responsibility for BPL, declined to comment on the status of negotiations when contacted by Tribune Business. However, Dr Donovan Moxey, BPL’s chairman, echoed Mr Van-Ginkel by telling this newspaper that “we have made progress” although he declined to detail the outstanding issues or give a likely

completion timeline.

“We’re still negotiating,” Dr Moxey said of the Shell talks. “I’m not prepared to say exactly where we are, but this negotiating process has been moving forward and we have been making progress. I’m not going to give a timeline, but we have made progress from January to now and are doing everything we can to get this wrapped up as soon as we possibly can.”

One source, familiar with developments in the power plant talks and speaking on condition of anonymity, said they understood that the pricing, commercial and other terms required for an agreement were largely in place, and the deal now just required approval from the Minnis Cabinet.

“The basic deal has been done for a while now,” the source said, “and it has to get Cabinet approval.”

While the finishing line now appears to be in sight for all parties, Mr Van-Ginkel and Shell North America indicated to Tribune Business they remain eager to get there as rapidly as possible.

“There’s a certain degree of urgency that needs to be recognised in delivering this project,” he told this newspaper. When asked what he meant, Mr Van-Ginkel replied: “We look forward to moving this on and getting on with construction in the New Year.

“We’ve been at this since 2018, and now we’re in

Minister: ‘Consequences’ for missing COVID tests FROM PAGE ONE

Asked whether the government has sufficient resources and infrastructure to track such visitors, especially those staying in Airbnb-style rental accommodation, Mr D’Aguilar said they would have to provide their address, e-mail and cell phone contact details to the authorities to

obtain their Bahamas health visas - a requirement to enter the country.

Those who failed to meet the five-day antigen testing deadline will be “flagged”, and contacted to comply, with a further refusal resulting in the matter being turned over to COVID-19 enforcement.

“They’ll do what they have to do,” Mr D’Aguilar said.

“Why not comply? Why

the fourth quarter of 2020.

We’ve had a tremendous amount of global change over that period. It’s Shell’s view that the project is at the precipice, and it is time to take the next steps and move into a conclusion.

“We’ve all worked hard to get to this point, and are hoping to take it the rest of the way. We believe we’ve put forward a compelling proposal, and it’s up to the government and BPL to decide how they want to proceed.”

After selecting Shell North America as the preferred bidder to construct, own and operate a new multi-fuel power plant that will deliver New Providence’s base-load electricity requirements more reliably and affordably, Bahamas Power & Light (BPL) signed a Memorandum of Understanding (MoU) with the multinational fuels and energy giant in December 2018.

The two sides have since been locked in negotiations on what Mr Van-Ginkel described as a “complicated” and “complex” agreement that is assuming ever-increasing importance given The Bahamas’ need to rapidly revive its economy post-COVID-19.

Lower cost, more reliable energy (there were power cuts on New Providence again this weekend) will be key to improving The Bahamas’ overall economic competitiveness, plus the viability of individual businesses and households, with the new 225 megawatt (MW) power plant playing a key role in this.

Suggesting that the multifuel power plant will be central to Bahamian energy

industry “modernisation”, Mr Van-Ginkel said: “We think improvement to the energy system is paramount for post-pandemic economic recovery whether in The Bahamas or anywhere else.

This project is an opportunity to reduce power prices, clean up the energy system.

“I can’t underplay the importance we see in transitioning this power system away from heavy fuel oils (HFO) to natural gas. Natural gas is the way forward for energy. We see this as a landmark project for The Bahamas.”

The Utilities Regulation and Competition Authority’s (URCA) awarding of the 15-year IPP licence to Shell Bahamas Power Company, the entity that has been formed to own the new power plant, is a “foundational requirement” for the project and brings it “one step closer” to fruition.

The URCA process ran in parallel to Shell North America’s continuing negotiations with BPL, and a separate process with the Bahamas Investment Authority (BIA) to approve its ability to operate in The Bahamas as a foreign investor.

“This is a complicated project, so the negotiations are especially complex,” Mr Van Ginkel added. “A project like this has never been undertaken in The Bahamas.

We’ve been working to land an agreement that is resilient in not only the short-term but the long-term.

“The negotiations have been long and impacted by COVID19. I used to go to The Bahamas every other week, and now I cannot do that. It’s taken a certain amount of pace out of the

process. I was there five times in the first ten weeks of the year, and not been there since March 4.

“Everyone wants to make sure we get this right.

Nobody wants to rush, rush a project that lasts 20-plus years and [represents] the foundational base load for the island of New Providence.”

While unable to provide precise figures on the level of investment required to construct the LNG terminal, Mr Van-Ginkel said it would be in the “hundreds of millions” of dollars. “It’s not a small project by any stretch of the imagination,” he said.

“Especially at a time of the pandemic, when foreign direct investment is critical to all economies in terms of foreign currency and keeping investment moving, this project represents an incredible opportunity in that space alone.”

The key terms will be the 20-25 year power purchase agreement (PPA), setting out the price at which BPL will buy electricity from Shell’s new power plant, and the asset purchase agreement detailing the price and mechanism by which the energy giant will acquire “Station A” and “Station D” at Clifton Pier from the stateowned energy monopoly.

The former station houses the 135 MW of new generation capacity that BPL acquired in 2019, while the latter - which will be home to the remaining 90 MW has yet to be constructed.

Mr Van-Ginkel said the price at which BPL will buy electricity, and the purchase price for the assets, have yet to be determined although the latter will be for “fair

market value”.

Separate and apart from the power plant itself, Shell will be responsible for constructing the nearby LNG facilities. The project director confirmed that it was still Shell’s intention to give Bahamian investors a chance to own a portion of the LNG assets, although he was unable to give details as these are still being worked out.

“This is something we’re really eager to get going,” Mr Van-Ginkel added of the LNG construction. “We intend to start early works in 2021 is everything goes to plan and we conclude negotiations in the next few weeks - the end of the first quarter if not sooner. We would see construction commencing in earnest in 2021 and the early works starting as soon as possible.

“The project as contemplated will position The Bahamas as one of the lowest-cost power producers in the Caribbean region. The project that Shell has put forward and is negotiating with BPL is best in class, and will result in more affordable, more reliable, cleaner energy. No doubt about that.”

Mr Van-Ginkel said LNG pricing, which would be linked to the Henry Hub benchmark index, would provide the stability necessary to “move The Bahamas away from all the volatility experienced in the crude market over the years”.

With the LNG terminal likely to take two to twoand-a-half years to construct, New Providence’s energy mix will likely include that fuel for the first time come the 2023 second quarter.

would you not comply and endanger people around you by not complying? If you don’t comply there needs to be consequences, but we’re appealing to everyone to comply. Make an effort.

Why not? We’re making the test as accessible and least costly as possible. There’s nothing to be gained by non-compliance.

“Understand the complexities of what we’re trying to do, but it’s better than a 14-day quarantine. It’s not perfect, it’s not easy to rollout, but we are attempting to open the destination.

The science supports this programme to mitigate the chances of you coming into the country and testing COVID-positive. It’s not going to eliminate; it’s going to mitigate.”

Doctor’s Hospital last night said it had teamed with the government to provide rapid antigen test screening on all international arrivals at the Lynden Pindling International Airport (LPIA), Jet Aviation and Odyssey Aviation from November 1 as The Bahamas seeks to re-open its tourism industry.

Along the walk from the

jet-bridge at LPIA, Doctors Hospital’s specimen collectors and testers will engage all passengers in a process that begins with a barcode swipe registration, specimen collection, specimen processing, sample reading and results uploaded into a data bank.

Passengers will then proceed to Immigration and Customs. They will be allowed to register into their hotel accommodation, by which time that hotel and the passenger would have received digital notification of the COVID-19 antigen test results.

NOTICE SUGAR CUBE INTERNATIONAL LTD. (In Voluntary Liquidation)

MARKET REPORT www.bisxbahamas.com

FRIDAY, 16 OCTOBER 2020

BISX ALL SHARE INDEX:

CLOSE

CHANGE

2051.39

-43.95

%CHANGE

YTD

YTD%

-2.10 -180.68

-8.10

(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 3.50 5.60 11.05 2.71 3.85 9.60 7.50 13.04 3.20 8.15 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 2.18 5.60 10.36 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 3.50 5.99 11.26 2.21 5.60 10.45 8.44 14.30 3.96 8.16 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

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.26) 0.00 0.00 0.03 0.00 0.09 0.00 0.00 0.00 (0.81) 0.00

VOLUME

5,000

10,000

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 16.7 18.7 N/M N/M N/M N/M 18.3 -6.8 36.4 19.0 13.3 15.6 21.7 12.0 16.2 11.6 17.5 19.5 8.7 24.1

YIELD 4.25% 7.23% 1.23% 0.00% 0.00% 0.00% 3.85% 0.00% 0.00% 3.43% 3.67% 6.39% 19.64% 1.07% 3.14% 2.84% 3.78% 3.03% 2.45% 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%

GSO CORPORATE SERVICES LTD. Liquidator

MATURITY

15th

October

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

NOTICE NOTICE is hereby given that JOICILIEN DESANTISTE of Carmichael Road, Nassau, The 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 19th day of October, 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PAGE 8, Monday, October 19, 2020

THE TRIBUNE

TWITTER BLOCKS TWEET FROM TRUMP ADVISER DOWNPLAYING MASKS NEW YORK Associated Press

TWITTER blocked a post yesterday from an adviser to President Donald Trump who suggested that masks do not work to stop the spread of the coronavirus.

Scott Atlas, who joined the White House in August as a science adviser, had tweeted “Masks work?

NO”, and said widespread use of masks is not supported.

The tweet violated a Twitter policy that prohibits sharing false or misleading misinformation about COVID-19 that could lead to harm, a company

spokesperson said. The policy bans statements that have been confirmed to be false or misleading by experts such as public health authorities.

In such cases, Twitter disables the account until its owner deletes the post in question.

Trump has downplayed the importance of masks in reducing the spread of the virus, even after he contracted the disease, which has killed more than 215,000 Americans.

“I don’t understand why the tweets were deleted,” Atlas said in an email, calling Twitter’s actions censorship. He said his

County, Miami-Dade County, Hawaii, Alabama, the Philippines, Japan and other places.

Researchers have concluded that masks can control the spread of the virus, and public health experts have urged the public to wear them. But Trump and his team often go without masks while campaigning.

Atlas, the former chief of neuroradiology at Stanford University Medical Center and a fellow at Stanford’s conservative Hoover Institution, has no expertise in public health or infectious diseases. He has criticised the coronavirus lockdowns

WHITE House coronavirus adviser Dr Scott Atlas speaks at the White House last Monday in Washington.

Photo: Alex Brandon/AP tweet was intended to show that “general population masks and mask mandates do not work”, and he clarified that the correct policy

is to use masks when one cannot socially distance.

Atlas added that infections exploded even with mandates in Los Angeles

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 86° F/30° C Low: 74° F/23° C

TAMPA

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Some sun, a stray t‑storm; windy

Mostly cloudy with a few showers

Some sun with a stray thunderstorm

Windy; a t‑storm around in the p.m.

Partly sunny, a thun‑ derstorm; windy

A t‑storm possible; winds subsiding

High: 86°

Low: 78°

High: 87° Low: 78°

High: 87° Low: 77°

High: 87° Low: 77°

High: 86° Low: 76°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

92° F

81° F

94°-81° F

92°-81° F

93°-81° F

93°-81° 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.

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almanac

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ABACO

S

N

High: 84° F/29° C Low: 81° F/27° C

10‑20 knots

S

High: 85° F/29° C Low: 79° F/26° C

10‑20 knots

FT. LAUDERDALE

FREEPORT

High: 86° F/30° C Low: 79° F/26° C

E

W S

E

W

WEST PALM BEACH

N

uV inDex toDay

TONIGHT

High: 89° F/32° C Low: 76° F/24° C

High: 85° F/29° C Low: 77° F/25° C

MIAMI

High: 85° F/29° C Low: 78° F/26° C

10‑20 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 81° F/27° C Low .................................................... 73° F/23° C Normal high ....................................... 85° F/29° C Normal low ........................................ 73° F/23° C Last year’s high ................................. 89° F/32° C Last year’s low ................................... 77° F/25° C Precipitation As of 2 p.m. yesterday ................................. 2.41” Year to date ............................................... 56.92” Normal year to date ................................... 32.58”

ELEUTHERA

NASSAU

High: 86° F/30° C Low: 78° F/26° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 85° F/29° C Low: 80° F/27° C

N

KEY WEST

High: 85° F/29° C Low: 78° F/26° C

tiDes For nassau High

E

W S

8‑16 knots

Low

Ht.(ft.)

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.

3.8 2.9

4:52 a.m. ‑0.1 5:46 p.m. 0.1

Wednesday 12:12 p.m. ‑‑‑‑‑

3.5 ‑‑‑‑‑

5:47 a.m.

6:45 p.m.

0.1 0.4

Thursday

12:39 a.m.

1:13 p.m.

2.7 3.3

6:46 a.m.

7:49 p.m.

0.4 0.6

Friday

1:44 a.m.

2:17 p.m.

2.6 3.1

7:50 a.m.

8:54 p.m.

0.6 0.7

Saturday

2:52 a.m.

3:22 p.m.

2.5 3.0

8:58 a.m.

9:57 p.m.

0.8 0.8

Sunday

3:59 a.m.

4:23 p.m.

2.5 2.9

10:06 a.m. 0.9 10:53 p.m. 0.8

sun anD moon Sunrise Sunset

7:10 a.m.

6:39 p.m.

Moonrise Moonset

10:11 a.m.

9:15 p.m.

First

Full

Last

New

Oct. 23

Oct. 31

Nov. 8

Nov. 14

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 86° F/30° C Low: 80° F/27° C

High: 85° F/29° C Low: 80° F/27° C

N

High: 84° F/29° C Low: 81° F/27° C

E

W S

LONG ISLAND

tracking map H

Ht.(ft.)

Today

High: 85° F/29° C Low: 81° F/27° C

N

S

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.

CAT ISLAND

E

W

and campaigned for children to return to classrooms.

Some scientists view Atlas as promoting dangerous theories around “herd immunity”.

Last week, Twitter and Facebook moved quickly to limit the spread of an unverified political story published by the conservative-leaning New York Post.

The story cited unverified emails from Democratic presidential nominee Joe Biden’s son, and it has not been confirmed by other publications. There have been no new tweets from the Post since Oct 14, indicating Twitter may still be blocking the newspaper’s tweets.

High: 85° F/29° C Low: 80° F/27° C

8‑16 knots

MAYAGUANA High: 86° F/30° C Low: 80° F/27° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 84° F/29° C Low: 81° F/27° C

GREAT INAGUA High: 87° F/31° C Low: 79° F/26° C

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N E

W

E

W

L

High: 85° F/29° C Low: 80° F/27° C

S

S

7‑14 knots

6‑12 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 NE at 10‑20 Knots ENE at 10‑20 Knots NE at 8‑16 Knots E at 8‑16 Knots ENE at 8‑16 Knots E at 8‑16 Knots E at 7‑14 Knots E at 6‑12 Knots ENE at 8‑16 Knots E at 10‑20 Knots ENE at 10‑20 Knots ENE at 10‑20 Knots NE at 8‑16 Knots E at 8‑16 Knots NE at 6‑12 Knots E at 6‑12 Knots ENE at 8‑16 Knots E at 7‑14 Knots ENE at 7‑14 Knots E at 6‑12 Knots E at 8‑16 Knots ENE at 8‑16 Knots NE at 7‑14 Knots E at 7‑14 Knots NE at 8‑16 Knots E at 8‑16 Knots

WAVES 5‑9 Feet 6‑10 Feet 2‑4 Feet 1‑3 Feet 4‑7 Feet 5‑9 Feet 2‑4 Feet 3‑5 Feet 4‑8 Feet 6‑10 Feet 4‑8 Feet 4‑7 Feet 1‑3 Feet 1‑3 Feet 2‑4 Feet 3‑5 Feet 2‑4 Feet 1‑3 Feet 4‑7 Feet 6‑10 Feet 2‑4 Feet 3‑5 Feet 1‑3 Feet 1‑3 Feet 3‑5 Feet 3‑6 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 83° F 83° F 83° F 81° F 85° F 85° F 85° F 85° F 84° F 84° F 82° F 80° F 84° F 83° F 85° F 85° F 85° F 85° F 85° F 85° F 84° F 84° F 85° F 85° F 85° F 85° F