10202020 BUSINESS

business@tribunemedia.net

TUESDAY, OCTOBER 20, 2020

$4.10 Baker’s Bay official: Extend ‘silver bullet’ of tax exemptions

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A SENIOR Baker’s Bay official has urged the government to extend the “big silver bullet” of Abaco’s Special Economic Recovery Zone status and tax breaks beyond year-end 2020 to aid reconstruction.

Geoffrey Jones, director of sales and marketing, told the Abaco Business Outlook webinar that Baker’s Bay Golf and Ocean Club will re-open on December 21 but called for less “COVID confusion”.

He said: “It’s a beehive of activity over here at the Baker’s Bay Golf and Ocean Club. It’s a private membersonly club that was started 15 years ago here on the northwest end of Great Guana Cay. It is one of 24 clubs developed and managed by Discovery Land Company, our parent, where we have clubs all around the world and a very diverse membership to all of the above.”

“We had 185 homes completed before Dorian and another 40 under construction. We feature a 200-slip deep water marina, capable of hosting yacths up to 250 feet, and the other amenities including tennis, pickle ball, basketball, football fields, six or seven dining venues and other water sports and features, etc.”

Mr Jones added: “I honestly believe that without Dorian we would have been crazy busy, and likely would have sold out of the 18 percent of real estate we have remaining left for sale. Even including the COVID crisis, I think that for the Abacos in general these resorts and clubs would have been a great safe haven for those looking to work remotely and avoid contact with COVID. “Had we not had the events of September 1 and the two days ensuing, we would have been in much better shape. In the meantime we are trying to strive for a December 21 opening where we can have our membership back here.

“We expect upwards of 450 members to join us over the holidays; that’s down from a peak of about 1,400 that we would normally have over these weeks, but we don’t have all the facilities and homes ready. We have members that are chartering yachts to be here, while their homes are being renovated.

“We have got currently under construction all of the facilities, all of the amenities, and over 100 member houses being renovated and

SEE PAGE 5

$4.10

Mining project pledges 100% local ownership

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

N

ORTH Andros residents and individual Bahamian investors will own 100 percent of the company that will hold some 5,200 acres targeted for an aggregate mining project, it was revealed yesterday.

Cameron Symonette, The Symonette Group’s chief executive, and his joint venture partner were said to have structured their proposal such that they will “never own the land” from which their Bahamas Materials Company Ltd vehicle will seek to extract calcium carbonate (limestone) for export to other Bahamian islands and internationally.

The development, which has been formally submitted to the Bahamas Investment Authority (BIA) and other government regulatory agencies in a bid to obtain the necessary approvals, is instead planning to create a separate entity, Morgan’s Bluff Development Ltd, to obtain a conditional purchase lease of the nowdisused Water & Sewerage Corporation wellfield site in North Andros.

• North Andros residents, investors to hold land • Symonette JV’s application submitted to govt • Proposing royalty rates of 25 cents per ton The proposed 40-year lease, Tribune Business was told, would give the developers sufficient long-term security and confidence to make the investment, but be balanced to ensure the government could take back what is presently more than 5,000 acres of crown land should they fail to perform and live up to their obligations under any Heads of Agreement.

Rather than be handed the entire site at once, the project calls for Morgan’s Bluff Development Ltd to receive crown grants for 500 acres at a time. These parcels would then be sub-let to Bahamas Materials Company (Mr Symonette and his partner Ted Baker) for the limestone mining, with just two-thirds of the site understood to be earmarked for this activity.

Once the mining has finished, and the developer fulfilled its responsibilities, the Bahamian investor-owned Morgan’s Bluff Development Ltd would then obtain fee simple

ownership of that parcel in what is ultimately intended to be a land reclamation project.

It would then be able to develop this land, by itself or through joint venture opportunities and third-party investors, to the benefit of shareholders and the North Andros community via activities such as housing/real estate, tourism development, healthcare, agriculture and aquaculture.

The present intention is for Morgan’s Bluff Development to be owned 49 percent

by North Andros residents, with the remaining 51 percent stake floated to public investors and listed on the Bahamas International Securities Exchange (BISX) through an initial public offering (IPO).

Tribune Business was told that the IPO would target investment by small Bahamian retail investors, rather than large institutions, in much the same manner as the Arawak Port Development Company (APD) IPO

A CHAMBER of Commerce executive yesterday argued it will be “a sad day” whenever Shell’s power plant deal is agreed because it goes against The Bahamas’ pledge to fight climate change.

Debbie Deal, head of the private sector group’s energy and environment committee, told Tribune Business that the proposed agreement to provide New Providence’s base-load generation will lock The Bahamas into fossil fuels - including liquefied natural gas (LNG) - as its primary energy source for the next 20-25 years.

Questioning how this fitted with The Bahamas’ commitments to the Paris climate accords, and the devastating effects these changes were already having

and the plan to give locals a 49 percent stake in Nassau’s new cruise port. This is designed to guard against the North Andros project becoming dominated by a few major investors.

“Morgan’s Bluff Development Group will be all owned by Bahamians,” one source familiar with the project, speaking on condition of anonymity, told this newspaper. “Bahamas Materials Company will never actually own the land. Ever. It is designed so that the ultimate benefit is not going to be vested in the developer.

“It will be broad ownership. What they [the developers] are interested in doing is financing the purchase of shares for North Androsians. If North Androsians are on the register of voters, they can go to the [company’s] office in Nicholls Town and the shares will be financed by the developers.

SEE PAGE 4

‘Hang in there’, union chief tells furloughed employees

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A TRADE union leader yesterday urged frustrated hotel employees and other furloughed workers to “hang in there” and not seek termination packages due to the difficulty many will have finding new jobs.

Obie Ferguson, the Trades Union Congress (TUC) president and prominent labour attorney, told Tribune Business that while full severance payments were tempting to those enduring COVID-19 induced hardship they could ultimately endanger their longer-term welfare by accepting them.

He warned that the pandemic’s economic impact, which has forced multiple businesses to close and/or furlough and permanently sever staff, makes it “much more difficult” for Bahamian workers to obtain alternative employment should they opt to press for full redundancy.

• Would have placed increased burden on itself • By making non-profits ‘incapable’ of operating • Sector’s society services faced cut-back

OBIE FERGUSON While the plight of furloughed workers, especially given the continued uncertainty surrounding the tourism industry’s re-opening and cuts in government-funded unemployment benefit, was recently highlighted by the protest from Atlantis workers, Mr Ferguson said taking

severance packages could effectively be equivalent to taking short-term gain for long-term pain.

“If I had to advise them, it would be my position that they ought to try and work with the employer that they have with a view to maintaining their jobs, and to make whatever

Shell power plant deal is ‘sad day’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.03

• Chamber executive laments 25-year fossil fuel lock-in • Suggest agreement incompatible with climate change • And National Energy Policy’s 30% renewable target

BPL Clifton Pier’s station during a previous fire outbreak. on the country through more frequent and powerful hurricanes, Ms Deal also suggested any such deal would not help the country’s goal of producing 30 percent of its energy from renewable

sources by 2030.

Arguing that it also seemed contrary to the recent $170m Inter-American Development Bank (IDB) loan, a significant portion of which is focused

on Family Island renewable energy development, Ms Deal said of the seemingly imminent agreement between Shell and Bahamas Power & Light (BPL): “I’m extremely sad.

“I sent a What’s App message to the Economic Recovery Committee and the committee saying this is a sad day. I’m part of the National Climate Change Committee, and we are in the process of doing reports that need to be done honouring the Paris agreement.

“Our National Energy Policy from 2014 said there will be 30 percent renewables by 2030. Then we were

SEE PAGE 4

adjustments are necessary to enable them to be ready to be available to be reinstated once the hotels open up in November, December,” the TUC chief told this newspaper.

“It’s going to be much more difficult if they take the redundancy and leave.

It’s going to be much more difficult for them to find a job. Hang on, things will get better. We just have to comply with the protocols.

Until there is a vaccine, or whatever they call it, the COVID-19 protocols should be strictly adhered to and they should hang in there because when the hotels open up they will have their jobs.

“They will not have to apply for new jobs. If they

SEE PAGE 4

$3.95 BTC targets 55% of Nassau, GB for fibre linkage

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas Telecommunications Company’s (BTC) operational head yesterday said more than half the homes in Nassau and Grand Bahama will be passed by its latest network technology come yearend 2021 as it launches a national Internet connectivity drive.

Andre Foster told Tribune Business that the carrier also plans to “turn up” its off-island broadband connectivity next year through the addition of 20 gigabytes of connectivity between the first and third quarters, as its network “brings on stream” new neighbourhoods in the Carmichael Road area and western New Providence.

And, with 50 percent of homes in Grand Bahama, and 45-47 percent in New Providence, already bypassed by its fibre-to-thehome technology, Mr Foster said BTC was targeting an increase to “55 percent combined between the two islands” by year-end 2021.

Disclosing that BTC was looking to integrate its fibre and mobile networks more closely, he added that this will provide the platform for new product launches by year-end or the 2021 first quarter.

Mr Foster’s spoke out as BTC unveiled a national connectivity campaign aiming to provide all islands and communities with broadband Internet services tailored to their needs.

Garfield “Garry” Sinclair, BTC’s chief executive, said: “Over the last seven months, we’ve seen a huge shift in traffic and an increased demand for broadband services. We were prepared for this, having installed a ten gigabyte link to provide additional bandwidth for customers.

“Access to broadband Internet is absolutely necessary, especially with a great number of students attending classes virtually and some people continuing to work from home.

We’ve embarked on what we believe is a necessary mission to ensure that we are providing the speeds and connectivity that our customers need regardless of their location.

“During this pandemic, we’ve had to adapt our operations to meet the evolving needs of our customers and our communities. Today, this means we must ensure that every customer across The Bahamas

SEE PAGE 5

PAGE 2, Tuesday, October 20, 2020

THE TRIBUNE

PROVIDER TEAMS WITH SUPER VALUE OVER HOME DELIVERIES A DELIVERY service provider has teamed with Super Value/Quality Supermarkets to enable New Providence residents to purchase groceries from the safety of their home amid COVID-19.

Bahama Eats’ cofounder, Gershwin Greene, in a statement described the partnership as an “obvious” one to forge given the supermarket chain’s islandwide reach.

“They are the largest supermarket on the island with 13 shopping locations.

Their expansive reach allows us to reduce delivery time, no matter where a customer is on the island.

Furthermore, they are a highly-respected business and a national household name. We are grateful for the massive opportunity

FROM left: Gershwin Greene, co-founder, Bahama Eats; Debra Symonette, Super Value/Quality Supermarkets’ chief financial officer; and Jevon Butler, chief sales officer, Kanoo. that Mr Roberts has given us,” Mr Greene said.

Bahama Eats offers ondemand grocery, retail, restaurant and liquor delivery services in New Providence through its app.

By downloading the app, customers can add items from Super Value to their

cart. Once they check out, an assigned personal grocery shopper will collect the items, and send a link to complete payment for the goods. The shopper then delivers those items to the customer.

Debra Symonette, Super Value/Quality

Sustainable building focus for internship THREE former CR Walker students were selected to participate in a sustainable construction internship designed to equip the industry’s next generation and give them a career path.

Robiniqua Allen, Webson Exhilhomme and Anthony Hutchinson were selected

by Bahamas-based Capstone Construction to participate in an internship that focused on practices designed to reduce construction’s impact on the environment, conserve natural resources and preserve them for future generations.

The internship combined educational sessions and individual on-the-job experience. The trio were taught by local and international executives, and saw the theory put into practice as they worked on a construction site in Albany. They received support to focus on skills which were closest to their own interests, including carpentry, drywall masonry and use of

LUKE Myers and sustainable construction internship participants discuss environmentally-friendly building practices at Capstone Construction. heavy machinery.

The internship was conceived by Luke Myers, son of Capstone Construction principal, Robert Myers. He developed the curriculum, facilitated the educational sessions and oversaw the logistics of the internship.

Luke Myers said he was motivated, as the son of a contractor, to design an initiative that will provide Bahamian builders with the skills to succeed in the industry while gaining the necessary knowledge to build in an environmentally responsible way.

Arguing that sustainable construction merits increasing focus and attention, Mr

Myers said such practices are vital to preserving The Bahamas’ environment.

Capstone Construction said it was important to sponsor and support the Sustainable Construction internship as a way to create opportunities for young Bahamians who struggle to complete their high school diplomas.

Two of the interns learned of the internship through their participation in the Organisation for Responsible Governance’s (ORG) education apprenticeship programme, which creates alternative pathways for education and employment in areas underserved

Supermarkets’ chief financial officer, said: “This partnership will allow our customers to view our products online and decide what they would like to purchase without coming into the stores. They will also have the convenience of delivery.

Considering the ongoing pandemic, this is a service that many customers will embrace.”

Bahama Eats has also partnered with Bahamian digital wallet provider, Kanoo, to facilitate business-to-business payments between themselves and Super Value.

“We are proud to partner with Kanoo to utilise its proprietary financial technology to assist with merchant payments. We believe their tech solutions will help facilitate payments

and take some unnecessary headaches away from our operations,” Mr Greene said.

Jevon Butler, Kanoo’s chief sales officer, added: “It is exciting to see merchants take advantage of the ‘business-to-business’ feature where you can pay funds and receive instant confirmation of that payment.

“This milestone represents the further inclusion of new companies, such as Bahama Eats and Kanoo, into the economy with the assistance and support of legacy entities like Super Value. As our merchant base continues to grow, Kanoo anticipates more business-to-business transactions taking place across our platform.”

Ms Symonette added: “We feel an obligation to

by the traditional education system.

The ORG education programme integrates with the public high school curriculum to increase educational opportunities and job-readiness through interventions designed to facilitate socioemotional learning, improve self-efficacy, introduce skill development, and ultimately empower marginalised youth.

The three ex-CR Walker students are now taking the skills and concepts they learned in the sustainable construction internship, and applying them to future careers in the industry.

Two are enrolled with the Bahamas Technical and Vocational Institute to give them more knowledge and skills. All are actively seeking job placements in the industry.

For more information about the sustainable construction internship, contact Luke Myers at lukeduke27@ me.com. For further information on mentoring, apprenticing or hosting a workplace excursion contact the Organisation for Responsible Governance (ORG) at info@orgbahamas.com.

BAHAMIAN LAW FIRM WINS LITIGATION AWARD A BAHAMIAN law firm has been named Commercial Litigation Law Firm of the Year in The Bahamas

by Corporate INTL - 2021, a global business and legal publishing house.

“The global crisis has taught us all to be thankful for what we have, so we are incredibly honoured by this award,” said Jacy Whittaker, partner at Grand Bahama-based ParrisWhittaker.

“Our firm faced new challenges in 2020. So did our clients and everyone in our community. I am so proud of the way our team has pulled together and worked even harder than ever. Every person on staff contributed to this award.”

Corporate INTL’s publications are designed to connect business leaders, financiers and advisors.

Its annual awards cover an array of countries and continents, and honour those who have been successful over the previous

assist Bahamian-owned companies such as Kanoo and Bahama Eats. We rely on Bahamians to support our business, which they have done throughout the years. It is only natural that we lend the same support to upcoming Bahamian companies with such great potential.

“I foresee this partnership growing rapidly as more customers experience the ease and convenience of using Bahama Eats for grocery shopping. More and more customers will gravitate towards this service as they seek more convenient and, during this time of COVID-19, ‘safer’ ways to shop.”

Shoppers can also pay for deliveries using the Kanoo wallets in the Bahama Eats app.

JACY WHITTAKER 12 months, displaying excellence in expertise and service.

“We are all counting our blessings and crossing our fingers in hoping for the best in 2021. Winning this award will definitely inspire our team to do even more,” Mr Whittaker said. The award was presented on Friday, October 16.

THE TRIBUNE

Tuesday, October 20, 2020, PAGE 3

Union kept ‘in dark’ ARAWAK CAY: 75% OF VENDORS CLOSED on Shell agreement

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A UNION leader yesterday slammed Bahamas Power & Light (BPL) for keeping himself and his members “in the dark” on the new power plant negotiations and potential fall-out for their jobs.

Kyle Wilson, the Bahamas Electrical Workers Union’s (BEWU) president, told Tribune Business he had “no information or inkling about the deal” with Shell North America and was unaware of any agreement being signed”.

Noting that he was elected in January 2020, and took office the following month, Mr Wilson indicated he was surprised by Shell’s project director, Gerard Van-Ginkel, telling this newspaper that a deal with BPL and the government for New Providence’s base-load power plant could be just “a few weeks away”.

“I really don’t know, to tell you the truth,” Mr Wilson said. “I just don’t know, and I think it’s a travesty with the union being an integral part of BPL not to have our concerns being noted and being asked of our concerns. No one is asking me anything, and no one is telling me anything. You only keep people in the dark when you intend to put them to the gallows.

“Why shouldn’t the union be a part of it?” Mr Wilson asked of the talks. “Why shouldn’t we be made to know what our future would be? Reading the newspapers this morning, even I was in shock and I had received so many calls yesterday from staff members that are panicked, and who are afraid and asking me what is their job?

“Would they have a job within the next two years, and how come the union isn’t saying anything? I have to tell them that I don’t know anything to say anything.

So I sympathise with those people, when you see the Shell people saying they are trying to move swiftly and no one is saying anything.

“I don’t see anybody being trained in LNG (liquefied natural gas), I don’t see anybody mentioning to me anything about LNG or what’s going on, or what

gasification plan is being implemented and people trained in this regard. So, what really is the game plan for the Bahamian people?

What is the game plan for the union workers, what is the game plan for the workers at BPL?” the union chief continued.

“To me, this is all very shocking and it’s a slap in the face. I really honestly don’t know anything much about this Shell deal, and I really can’t even speak to it, but yesterday’s headline really is driving a lot of fear in my members because no one really knows and no one is really saying anything not even to the union - and I have yet to sit down with BPL’s board to even discuss what the future would be.”

“Minister (Desmond) Bannister sat down the the chief executive (Whitney Heastie), myself and another director, and he told them to communicate with the union as much as possible and inform them of as much issues as you can. For some reason this order seems to have fallen on deaf ears for these things to happen and the union is not being informed.”

Shell North America was selected as the preferred bidder to build, own and operate New Providence’s new 225 megawatt (MW) base load power plant in early 2018, with a Memorandum of Understanding (MoU) signed by itself and BPL to kick-start negotiations before that year ended, so the union’s claim of ignorance would appear to be a stretch.

And with Shell taking over New Providence’s base-load generation from BPL, it was always thought that at least some of the latter’s Clifton Pier-based staff would transition to the new power plant once the two sides conclude a deal that has appeared fairly frequently in the media over the past several years.

The key terms to any agreement 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 state-owned 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.

Both 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 that will supply this fuel to the power plant for generating electricity.

Mr Van-Ginkel told this newspaper on Monday that Shell North America aims to begin construction on the Clifton Pier-based regasification terminal and associated facilities early in 2021.

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 pandemicrelated 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.

THREE-quarters of Arawak Cay vendors are currently closed due to the COVID-19 restrictions, their president revealed yesterday, with only 30 percent re-opening at any time since the pandemic’s start.

Rodney Russell, the Arawak Cay Association’s head, told Tribune Business: “Yesterday morning I only counted eight places operating. We only have eight places in operation now, and as the weeks go by they are closing one by one. We have 24 places out of 32 that are closed.”

Mr Russell said only 12 of the 32 stalls have reopened at all since the COVID-19

Realtor’s digital platform to eliminate middleman

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN realtor says his digital platform will make transactions more efficient and reduce costs by connecting buyers directly with sellers and eliminating the agent “middleman”.

Kyle Barnett, Be Realtor Bahamas chief executive, told Tribune Business: “The business is basically about connecting buyers and sellers directly with each other with this real estate platform that I created through our website.

It’s similar to what a classic newspaper classified section would do, but on a more deeper level, and it is more advanced when it comes to technology and giving a little more information.”

Arguing that his newlylaunched platform is distinguished from rival real estate marketing platforms by its “different features”, Mr Barnett explained: “Whereas you would have a mortgage calculation, you have my home’s worth calculation. You have lawyers

pandemic started, which leaves 20 that never returned since the lockdowns began in late March.

“Things are not getting better for us, things are getting worse,” he added.

“I assume things are bad around the entire island, but things are slowing down for the vendors at Arawak Cay. I hope this lockdown is working for us, and we hope that the sacrifice we are making, others are making the same sacrifice as well.”

Unwilling to estimate how many vendors will close permanently and not return, Mr Russell said: “I would wait and see whether or not we bounce back, but I believe the owners at Arawak Cay are resilient. I believe that we are also real

Bahamians who have the best interests of our country.

“So therefore we look forward to when the Government has grasped the COVID-19 pandemic, so that all Bahamians who have made a great sacrifice to ensure the welfare of this nation will be gratified to know that we who made the sacrifice made a great decision for all of our people.

“I want the Bahamian people to know that Arawak Cay, despite the fact that their cultural centre is closed due to the COVID-19, we would want the persons who do come out to wear their masks and adhere to the regulations that the government has put in place, so that we all can come out unscathed.”

and legal features, where a user would then connect with a legal team if they have any questions.

“If they sold their property and they need to connect with a lawyer for a conveyance and a title transfer, you have an appraisal team.

Right now I am in discussions with RBC (Royal Bank of Canada) and we’re about to do a partnership where they are going to be on my platform with the mortgage calculation section.

“Persons would be able to reach out to mortgage officers and mortgage specialists to get an accurate pre-qualification or pre-approval on how much they would qualify for if they were to go home shopping,” he continued.

“When a person would list their property on the website, they go ahead and do it themselves. They can post up to five photos and they can have a video, or they could have a 3D version of a virtual tour, so it is really about giving that access to the buyer.

“We want to have that one-stop shop right on that platform where you just bring everything right there to the customer. This doesn’t have anything to do with a real estate agent. I compare it to Airbnb and Zillow. Airbnb is a platform where people can go to their website, sign

up, they list their own property, just like a hotel, and how many nights it would cost, but on our platform it is more long-term rentals or you are selling your property. We are not after the Airbnb market,” Mr Barnett said.

“Anything real estate related, we do it. Whatever the owner of the property has to sell, they are able to post it on the website. Whether it’s a vacant lot, whether it’s a developed piece of land, whether it’s commercial land, or whether it’s a commercial lease, so anything.”

Mr Barnett said the rental portion of his website had attracted significant interest and is “moving”. He added: “There are three packages a person can choose from if they come to our website. The first is you can rent your property. Then you can choose to sell your property, or you can get the premium package where buyers can get 3D virtual tours and all of the video tours.”

Disclosing that the “response rate” for Be Realtor Bahamas’ digital platform is about 50 percent, Mr Barnett said: “I have a lot of leads from persons that want to buy and want to rent, so it is now about getting more inventory on the website. Our marketing is through social media channels right now.”

PAGE 4, Tuesday, October 20, 2020

Mining project pledges 100% local ownership FROM PAGE ONE

The only thing they will have to pay is a $100 administrative fee.

“The idea is to create generational wealth. What’s going to be interesting about this is it will be the first public offering of a direct concession gifted from the Government of The Bahamas to the citizenry since commonage land. This is the first time in the history of The Bahamas for 100 years where direct benefits will be granted to Bahamians by way of land concessions.”

Messrs Symonette and Baker, and their team, are understood to have spent significant time in Andros in recent weeks consulting

with local residents via group meetings and oneon-one chats to obtain feedback on the proposed project and understand what benefits locals wish to obtain from investment projects.

The consultations were said to have sparked a mixed reaction, with many Androsians said to be in favour of the project’s concept and structure, while those opposed have already taken to social media to vent their concerns and unhappiness.

The Bahamas’ natural resources, their exploitation and who should benefit has aroused significant controversy in recent weeks, and the developers through Bahamas Materials

THE TRIBUNE Company - are planning to export the mined limestone to both other Bahamian islands and the US for use in the construction industry.

Concessionary prices will be offered on Andros.

The developers are understood to be targeting annual exports of between 1m to 3m tons of limestone, a volume that would make The Bahamas a net exporter of this product while providing a new source of foreign currency earnings and economic diversification - two features that have assumed increased importance due to the COVID-19 pandemic.

Well-placed sources said they are also proposing to pay the government a royalty fee on the exported limestone equivalent to $0.25 per ton, a figure they argued compares favourably with - and even exceeds - similar levies paid in Florida, which was used as the benchmark for this rate.

Another contact, speaking on condition of anonymity, said Bahamas Materials Company’s investment could ultimately reach the $150m level with some 150 jobs created “out of the gate”.

Suggesting that salaries would be 40 percent higher than the tourism industry equivalent, they added that the projected $45m economic impact over the first decade would have a major impact in a small 4,400-strong community where - according to the Andros sustainable development plan produced in 2017 - around 60 percent of persons living in the island’s north lack full-time sustainable employment.

“It’s a huge impact,” the source said. “The 150 jobs they will create can almost entirely be filled by Andros residents and those who have left for Nassau. We can bring them back.” Tribune Business understands

that the developers plan to create 40 jobs almost immediately, ramping this up to 100 in the fourth year, with 67 employees required for the mining operation alone.

“They’re not seeking exclusive use of the Morgan’s Bluff dock,” the source added, referring to the former Water & Sewerage Corporation facility.

“They need to use it like everyone else, and want to make improvements to it and let everyone use it.”

And an entity called the North Andros Foundation, funded by the developers, will be used to take care of community issues.

This newspaper understands, though, that Bahamas Materials Company’s plans to mine for limestone in the wellfields is being opposed by the Water & Sewerage Corporation, which is resisting bore-hole drilling and other testing that would confirm whether they have

been contaminated by salt water intrusion relating to hurricanes. Adrian Gibson, its executive chairman, declined to comment when contacted by this newspaper.

Mr Symonette’s partner, Mr Baker, is founder and chief executive of US-based Blue Water Industries, a construction materials supplier billed as emerging into “one of the top five privately-held aggregate suppliers” having been founded in 2018.

Mr Baker, whose family have been involved in the aggregates industry since 1929, previously sold another industry venture, Bluegrass Materials Company, to industry giant Martin Marietta for $1.625bn in 2018 after just eight years in existence. He will provide the mining and production expertise, and develop a customer base and market access for the business in Florida.

‘Hang in there’, union chief Shell power plant deal is ‘sad day’ tells furloughed employees FROM PAGE ONE

FROM PAGE ONE resign or take redundancy packages, to me it makes it much more difficult to regularise their economic situation. The company can say you didn’t want to stay in difficult times, and we have to find new employees.

That will have a devastating effect on a number of homes. I would suggest they hang in there.”

Many furloughed workers, who have been without jobs and much - if not all of their income for the past seven months will likely retort that what Mr Ferguson is advising is easier said than done.

However, he added that the 2017 reforms to the Employment Act made after Sandals Royal Bahamian closed down temporarily and laid-off its then-workforce, in what some saw as a clear case of union-busting - mandate that existing staff must have “first option” to go back whenever an employer reopens for business.

While unable to pinpoint

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the exact amendment because he did not have the Act in front of him, Mr Ferguson said: “Even though the employees have a right to redundancy, there is an obligation in the present Act, through the 2017 amendment, that makes provision for them to be given the first option if there is re-establishment of that particular company.

“Even if they take the redundancy, there is a provision that provides for them to be given first option for re-employment. That’s the spirit and intent of the Act. Those persons who have to take redundancy, if there company re-opens they ought to be given first precedent.”

Mr Ferguson was in accord with Peter Goudie, the Chamber of Commerce’s labour chief, who agreed: “It makes no sense to me why anybody wants their severance pay when there are no jobs. I don’t know what else to say.

“You can take your severance pay and it might be six months or less than that.

What are you going to do after that when there are no jobs? Why is it you want severance or redundancy pay but there’s no jobs out there? I just don’t get it, I just don’t get it. It doesn’t make any sense to me.”

However, in a move that is likely to alarm employers who can ill-afford even

LEGAL NOTICE

NOTICE International Business Companies Act (No. 46 of 2000) Sunset Exuma Ltd. Registration Number: 172806 B Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that Sunset Exuma Ltd., has been dissolved and has been struck off the Register of Companies with effect from the 17th day of July, 2020. ________________________________ GSO Corporate Services Ltd. Liquidator

the slightest potential cost increase, Mr Ferguson said he and the trade union movement will be “pushing” for legal reforms that treat COVID-19 workplace cases as equivalent to “an industrial injury”.

Arguing that the National Insurance and Employment Acts had never anticipated a situation such as COVID19, he told Tribune Business: “We will certainly be putting forward something to the government that this pandemic be classified as an industrial injury.

“It’s like you have an accident on the job. It’s classified as an industrial incident, and you get compensation from NIB and the employer. The NIB Act does not anticipate this type of pandemic situation we are experiencing. If the worker contracts it, they are sent home and will be off the job for 14 days. Who will pay for that?

“You have to make provision for that in law for it to take effect. That’s a little onerous on the worker. One of the things we are going to be pursuing is we want to make sure it becomes law. I’m certain businesses will react to it, but I think it’s a fair and equitable thing to do in this set of circumstances.”

Mr Ferguson, noting that employers are responsible for maintaining a healthy and safe workplace, argued that existing legislation was not specific enough when it came to COVID-19. “The law should be amended to bring clarity to all, and workers know what processes to follow to address that situation,” he added.

talking about how to reduce our energy consumption to reduce the amount of fossil fuels we use. The IDB had given the government a $170m loan to do renewable energy in the Family Islands and some transmission work,” she added.

“Here we are as a country; we are in the middle of climate change, which is alive and well and living in The Bahamas. We are suffering from all these storms, have all these planes going through our air and waters, and have carbon emissions into the ocean.

“Yet here we are. We have an energy company [BPL] and a government that has signed up to an energy deal for 25 years with fossil fuels. Never once has Shell come to the Bahamian people or government saying we are a company that can do alternative energy. Not once have they said we’re looking to do 30 percent of our energy in renewables.”

Ms Deal was reacting after Tribune Business exclusively revealed yesterday that Shell North America believes it is just “weeks out” from concluding nearly two-year negotiations with the government and BPL for New Providence’s new power plant, having been selected as the preferred bidder in early 2018.

Some sources suggested the proposed deal may be discussed at today’s full meeting of the Minnis Cabinet, adding that there were concerns about the price Shell may be seeking for the energy it will sell to BPL under their proposed power purchase agreement (PPA).

That could not be confirmed, though, but other contacts argued it would be impossible to meet New Providence’s base load from renewables as Ms Deal - who has clashed several times with the government over the New Providence power plant project - is suggesting.

Gerard Van-Ginkel, Shell North America’s project director, told Tribune Business that negotiations with 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.

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 VanGinkel 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 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.”

NOTICE

NOTICE

NOTICE is hereby given that ESTHER MORTIMER of #50 James Close, Jubilee Gardens P.O.Box GT 2808, Nassau, Bahamas., is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of October 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that ELTA SAINTVIL of Sun Light Cottage Off East Street, Nassau, Bahamas., is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of October 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

LEGAL NOTICE

NOTICE AQUARIUS LEONIS FUND IC NOTICE IS HEREBY GIVEN as follows: (a)

AQUARIUS LEONIS FUND IC is in dissolution under the provisions of the Investment Condominium Act, 2014

(b)

The dissolution of the said Company commenced on the16th day of October, 2020 when its Notice of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said Company is Shareece Scott, Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Shareece Scott Liquidator

THE TRIBUNE

Tuesday, October 20, 2020, PAGE 5

Baker’s Bay official: Extend ‘silver bullet’ of tax exemptions FROM PAGE ONE rebuilt. We currently have over 1,000 people on property every day. We currently have 1,400 licensed contractors that are welcomed to do work here at any given time, and we are pushing as hard as we can to reopen the club on December 21.”

Mr Jones, responding to a question about the type of assistance Baker’s Bay requires to move a little faster, said: “I think for Abaco, and everyone here, the big silver bullet would be an extension of the VAT tax holiday.

“As typical when Bahamian islands have been wrecked by hurricanes in the past, the government has alleviated some of the duties that existed prior, especially for construction materials and construction activity, and this has primed the pump to get materials here and to get people rebuilding, and to do it without the burden of the tax.

“So a tax holiday is typical. They have run as much as three years in the past over all of the hurricanes, and I think it’s vitally important for the government to get their tax system back up and running, but it’s also for Abaco a huge incentive to get people building quickly here. So a continuation of that would be helpful.”

Mr Jones also encouraged the government to address ongoing crime, and called for “less of the COVID confusion. We have more prospects cancelling visits because of not being sure of the testing and quarantining and the lockdowns”.

BTC targets 55% of Nassau, GB for fibre linkage

Mr Foster added: “Even if you already have internet services with us, and you think you need more speed, we can help. We have the ability to connect every customer by utilising one or a combination of our network technologies, whether its upgraded fibre-to-the-node,

FROM PAGE ONE

has access to the broadband solutions they require.”

GARFIELD SINCLAIR

fibre-to-the-home (FTTH) or our 4G-LTE network.

We are very confident in the capacity and resilience of our network.

“We have had consistent growth in our fibre-to-thehome footprint in Grand Bahama and eastern New Providence, and we have

started extending that footprint to the western communities. Just recently we ‘fiberised’ the Sea Beach community, and over 400 customers have access to BTC’s fibre-to-the-home network which delivers up to 600 megabytes per second.”

IMF: Nearly all Mideast economies hit by pandemic recession DUBAI Associated Press THE coronavirus pandemic has pushed nearly all Mideast nations into the throes of an economic recession this year, yet some rebound is expected as all but two — Lebanon and Oman — are anticipated to see some level of economic growth next year, according to a report published yesterday by the International Monetary Fund.

This comes as the IMF estimates that the global economy will shrink 4.4% this year, marking the worst annual plunge since the Great Depression of the 1930s.

Well before the coronavirus swept across the globe, several Mideast countries had been struggling with issues ranging from lower oil prices and sluggish economic growth to corruption and high unemployment.

The IMF projects the Lebanese economy will see one of the region’s sharpest economic contractions this year at 25%. The pandemic has only pushed the country further to the brink after a wave of anti-government anger before the virus struck.

Lebanese demonstrators were protesting government corruption, foreign exchange shortages, hyperinflation, constant electricity cuts and increasing poverty. The currency has dropped by 70% compared to the end of last year, with people struggling to afford basic goods.

JIHAD AZOUR, the IMF’s director of the Middle East and Central Asia Department reacts during a press conference in Dubai, United Arab Emirates in 2018. The coronavirus pandemic is hitting countries in the Middle East in wildly different ways, but nearly all are in the throes of an economic recession this year and all but two, Lebanon and Oman are expected to see some level of economic growth next year, according to the latest report published by the International Monetary Fund yesterday.

Photo: Kamran Jebreili/AP A devastating explosion at Beirut’s main port in August killed at least 180 people, injured more than 6,000 and destroyed entire neighbourhoods. The blast left hundreds of thousands of people homeless.

While Mideast nations have seen fewer confirmed cases and deaths from the virus than countries in Europe and the US, the region still faces challenges in containing the disease.

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YOUR

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

PUBLIC NOTICE

“Risks of a worse-thanprojected scenario loom large, particularly given recent surges in COVID-19 infections in many countries around the world that have reopened,” the IMF warned.

Iran, for example, recorded its highest daily death tolls from the virus last week. Its economy shrank by 6.5% last year and is projected to contract by another 5% this year.

The IMF, however, expects Iran’s economy to rebound with 3.2% growth next year, based in part on the government’s future capacity to manage the virus, which it thus far as has struggled to do.

“Iran was among the first countries to become an epicenter of COVID-19 and we are now in the third wave of the pandemic, and this was on top of an economy that has been underperforming because of (US) sanctions,” Jihad Azour, director of the Middle East and Central Asia Department at the IMF, told The Associated Press.

Meanwhile, wealthy Mideast oil exporters are expected to see their economies contract by 6.6% in 2020, the IMF said. Gulf Arab states, however, are expected to see average economic growth of 2.3% next year. The IMF says it projections are based on assumptions that the price of oil averages $41.69 a barrel

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, ERICA ANGELA MARIA LIGHTBOURNE, of Prince Charles Drive East, CB11819, Nassau, Bahamas intend to change my name to ERICA ANGELA MARIA FOX. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

The Public is hereby advised that I, ANGELA ANGIE KELLY, of The Bluff, Eleuthera, Bahamas intend to change my name to ANGELA KAREN HUDSON. 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.

INTERNATIONAL BUSINESS COMPANIES ACT, 2000

TREVOR-BAIN LIMITED In voluntary Liquidation NOTICE is hereby given that in accordance with Section 138(4) of The International Business Companies Act, 2000, TREVOR-BAIN LIMITED is dissolution.

The date of commencement of the dissolution was the 16th day of October, 2020 Mr. Michael C. Miller, P.O.Box EE-17971, Nassau, Bahamas is the liquidator of TREVOR-BAIN LIMITED

Michael C. Miller Liquidator

LEGAL NOTICE

in 2020 and will rise to $46.70 a barrel in 2021.

The IMF revised its gloomy estimate of Saudi Arabia’s economic contraction down from 6.8% to 5.4%. As one of the world’s largest oil producers and top 20 largest economies, the kingdom took the bold step this year of trying to shore up more revenue by tripling value-added tax to 15% and increasing customs duties.

Egypt was the sole outlier in the region, experiencing modest growth of 3.5% this year after more than 5% growth annually for past two years as lower energy prices help it as an oil importer.

Still, Egypt faces challenges with its massive population and as tourism revenues remain sluggish.

The IMF, known for its bullish stance on taxes and subsidy cuts, has largely suspended its calls for belt-tightening austerity measures as people struggle under the weight of lockdowns and job losses. The IMF said “in general, tax increases would be more effective after the crisis” as such measures “will likely be a drag on the recovery and invite larger fiscal costs in the future”.

The international lender is calling on countries to focus their immediate priorities on ensuring adequate resources for health care and correctly targeting support programmes to the mostvulnerable people.

Meanwhile, other Mideast oil exporters like the United Arab Emirates, home to Dubai and Abu Dhabi, will see an economic contraction of more than 6% this year, while Oman’s economy is projected to shrink by 10%.

Iraq faces a recession of 12%, the IMF said.

The World Bank estimates the pandemic has thrown between 88 million and 114 million people into extreme poverty, which is defined as living on less than $1.90 a day.

According to the International Labor Organization, working hours in Arab states declined by 1.8% during the first quarter of 2020, equivalent to about 1 million full-time jobs. That number jumped to 10.3% in the second quarter, equivalent to about six million full-time jobs.

While Mideast states have rushed to provide various forms of support to their own citizens amid the pandemic, the impact from the virus has been acutely felt by many of the millions of low-wage laborers who hail mostly from South Asia and reside in the region. Their families back home rely on their salaries for survival.

Azour said Gulf Arab states alone provide 18% of global remittances. He said these countries should use the moment “to modernise labour laws” by providing support to all labourers in their countries.

AUCTION Caterpillar Forklift – Broken Phone: (242) 352-7606 ********

NOTICE

Catepillar Forklift P600 – Broken

(In Voluntary Liquidation)

Phone: (242) 698-7402

UB SOFTWARE LTD.

NOTICE is hereby given that, in accordance with Section 138(4) of the International Business Companies Act 2000, the above-named Company is inbdissolution, which commenced on the 8th Day of October A.D., 2020. TheLiquidator is Secured Management Services Ltd., P.O Box CB-12762, Nassau, Bahamas.

************ (2) Tractor truck 2005 Marck – Broken Manlift 1999 JLG - Broken Dodge RAM 1500 2005 - Broken (2) Dump truck (tripper)

SECURED MANAGEMENT SERVICES LTD. (Liquidator)

Phone: (242) 601-5328

PAGE 6, Tuesday, October 20, 2020

THE TRIBUNE

Stocks fall on Wall Street as hopes for new virus aid fade Associated Press STOCKS gave up some of their recent gains yesterday as hopes faded on Wall Street that Washington will come through with badly needed aid for the economy before Election Day. The S&P 500 dropped 1.6%, its worst day in more than three weeks.

The benchmark index had been up 0.5% in the early going following a report that China’s economy grew at a 5% annual rate in the last quarter. The market’s slide was broad, though technology, health care and communication stocks bore the brunt of the selling. Treasury yields were mixed.

The early gains evaporated by midafternoon ahead of another round of talks between Democratic and Republican leadership

over a long-sought economic stimulus bill. Wall Street is expecting that lawmakers will agree on new stimulus measures for the economy, but the odds of that happening before the Nov 3 election have dimmed. Over the weekend, House Speaker Nancy Pelosi said a deal would have to come within 48 hours — or by today — for a stimulus package to be enacted by Election Day. Uncertainty over when more aid for the economy may arrive, signs new coronavirus infections are surging and the upcoming election will likely make for a volatile few weeks, analysts say.

“We’re in a period here in the the next couple of weeks where the market goes sideways through the election,” Terry Sandven, chief equity strategist at US Bank Wealth Management.

The S&P 500 fell 56.89 points to 3,426.92. The Dow Jones Industrial Average of big blue chips dropped 410.89 points, or 1.4%, to 28,195.42. The Nasdaq composite extended its losing streak to a fifth day, losing 192.67 points, or 1.7%, to 11,478.88.

Small company stocks also fell. The Russell 2000 gave up 20.18 points, or 1.2%, to 1,613.63. The index has gained 7% so far this month, outpacing the 1.9% gain for the broader S&P 500.

Stocks have been mostly pushing higher this month after giving back some of their big gains this year in a sudden September swoon.

The benchmark S&P 500 has notched a gain in each of the past three weeks.

Even so, trading often has been choppy from one day to the next, reflecting uncertainty over the timing

of more stimulus for the economy, something investors have been hoping for since July, when a supplemental $600-a-week unemployment benefit package ran out.

Senate Majority Leader Mitch McConnell is expected to bring a his version of a stimulus bill to the floor of the Senate for a vote on Wednesday. However that bill is likely to get zero traction with the Democrat-controlled House of Representatives. So far, McConnell, Pelosi and President Donald Trump have not been on the same page.

Pelosi and Treasury Secretary Steven Mnuchin spoke yesterday and are due to resume talks Tuesday, Pelosi spokesman Drew Hammill tweeted after the end of regular trading.

Investors were also looking ahead to another busy week of corporate earnings reports. Procter & Gamble, Netflix and American Express are a few of the companies that will reveal the extent of the virus pandemic’s impact during the most recent quarter.

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.

AMC Entertainment was among the few gainers Monday. Its shares jumped 16.4% after the movie theater chain said it plans to resume operations in theaters in New York State later this week.

Several airlines also rose after the Transport Security

Administration said the number of passengers screened in a single day for flights in the US topped one million on Sunday for the first time since the coronavirus cases began to spike in March. That compares with 2.6 million passengers screened by TSA on the same day last year, or roughly 60% fewer. United Airlines rose 3.9% and Southwest Airlines edged up 0.4%.

ConocoPhillips fell 3.2% after the oil giant announced it would buy Concho Resources for $9.7bn. The deal is the largest in the oil industry since crude prices plummeted this year due to the COVID pandemic.

Concho lost 2.8%.

The yield on the 10-year Treasury note rose to 0.77% from 0.76% late Friday.

European stocks closed broadly lower, and Asian markets ended mixed.

Wales locks down as COVID-19 cases spike; Manchester resists LONDON Associated Press WALES became the second nation in the United Kingdom to lock down large swaths of its economy to combat rising coronavirus infections, even as British Prime Minister Boris Johnson yesterday resisted loud calls to do the same throughout England.

Wales’ First Minister Mark Drakeford said Monday administration was backing a short, sharp “firebreak” to slow the spread of COVID-19. All

HOSPITALITY workers protest in Parliament Square in London yesterday. Hospitality workers are demonstrating outside Parliament against tougher coronavirus restrictions and the amount of financial support given by the government to the industry.

Photo: Frank Augstein/AP

non-essential retail, leisure, hospitality and tourism businesses will close for two weeks beginning at 6pm Friday — a lockdown similar in scope to the UK - wide measures imposed in March.

“This is the moment to come together to play our part in a common endeavour to do everything we can together to protect the (National Health Service) and to save lives,’’ Drakeford said.

Authorities across the UK are imposing new restrictions on business and social interactions as COVID-19

MARKET REPORT www.bisxbahamas.com

MONDAY, 19 OCTOBER 2020

BISX ALL SHARE INDEX:

CLOSE

CHANGE

2051.24

-0.15

%CHANGE

YTD

YTD%

-0.01 -180.36

-8.08

(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 3.50 5.99 11.26 2.21 5.60 10.45 8.44 14.30 3.96 8.16 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 2.16 5.60 10.33 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 0.00 0.00 0.00 (0.05) 0.00 (0.12) 0.00 0.00 0.00 0.00 0.00

VOLUME

20,000

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

9 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 21.2 12.0 16.0 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% 20.09% 1.07% 3.18% 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%

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

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infections rise throughout all age groups and parts of the country, filling hospital beds and intensive care wards. One of their main goals is to reduce the strain on the NHS ahead of the winter flu season.

Public health experts say a lockdown can help reset the pandemic at a lower level, giving doctors time to treat the ill and providing breathing room for the government to improve its response. Britain has the deadliest coronavirus outbreak in Europe, with over 43,700 confirmed deaths.

Drakeford said the Welsh lockdown will definitely end Nov 9.

“The benefit will be seen in the weeks that follow,’’ Drakeford said.

Northern Ireland has already ordered schools to close for the next two weeks, banned most social gatherings and shut down many businesses including bars and restaurants for a month.

The Welsh decision came as officials in Greater Manchester continue to reject efforts by Johnson’s Conservative government to move the region into the highest level of restrictions in the three-tier system Johnson unveiled for England a week ago. While the government’s scientific advisers have recommended a short national lockdown, Johnson says his tiered, regional approach limits the economic and social damage from the pandemic on areas where infection rates are lower.

Johnson’s government said the talks with authorities in Manchester must be completed urgently because the public health situation is deteriorating, but local officials were holding out for more financial assistance for those hurt by the restrictions.

“Disappointingly, we have still not been able to reach an agreement,” the British government said yesterday in a statement. It said it was “carefully considering next steps”.

Johnson’s government has threatened to impose the measures unilaterally if an agreement can’t be reached.

Sean Fielding, a council leader in the Manchester area, told the BBC that local leaders are trying to protect residents from the government’s “untested” strategy. Fielding said a short national lockdown would be “much less painful because it will be for a shorter period”.

“It will be cheaper in the long run as well, because you will only have to provide that financial support for those few weeks whereas this could run on and on and on beyond Christmas,” he said.

Greater Manchester Mayor Andy Burnham told Sky News that a deal was not just about the “size of the check’’. Local officials want to protect low-paid workers, self-employed people and businesses that may collapse under the restrictions, he said.

“We’ve always said we would put people’s health first, and we will do that,” he said. “But health is about more than controlling the virus — people’s mental health, I think, is now pretty low given that we’ve been under restrictions here for three months already.”

Under the UK’s system of devolved government, the regional administrations in Northern Ireland, Scotland and Wales control health policy in their areas and the UK government makes the rules for England.

Johnson’s three-tier strategy applies only to England, but he says he will coordinate with the devolved administrations in other parts of the UK. “We have worked closely with the devolved administrations at every step of the pandemic response and we will continue to do so,” said James Slack, the prime minister’s spokesman. “I think there are more similarities in our approaches than there are differences.”

“The prime minister continues to believe that targeted local action in those areas with high prevalence of the virus is the correct course” for England, he said.

The Liverpool and Lancashire areas are so far the only parts of England to be placed in the highestrisk tier, forcing the closure of pubs and restaurants, and banning meetings with other households indoors or outside.

London is in tier two, which prohibits indoor gatherings of people from different households.

Even this is controversial.

Hospitality workers, including high-profile chef and author Yotam Ottolenghi, demonstrated yesterday outside Parliament, banging metal cooking implements and carrying signs such as “For the many, not the curfew” and “Let us serve cake”.

Ottolenghi said he, too, favored a “circuit-break’’ lockdown with strong financial government backing, rather than incremental restrictions that are slowly killing the industry.

“It’s really hard,” he said.

“We’ve got a great industry with lots of heart, and nobody works in the hospitality industry to get rich.

We do it because we love what we’re doing — and there’s so many people who depend on it,” he said.