10262020 BUSINESS

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MONDAY, OCTOBER 26, 2020

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Bahamas misses over marine genetics share

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE Bahamian people are earning nothing from foreign exploitation of this nation’s marine genetic resources that has produced over 100 “new natural products”, a report has revealed.

The Inter-American Development Bank (IDB), in a document accompanying its recent $200m loan to the government, disclosed that this nation is gaining zero commercial and financial benefits from the research activity it permits annually in the waters of its Exclusive Economic Zone (EEZ).

This is despite the granting of more than 100 research permits annually, most of which are to institutions based in the US and Canada. The report revealed that many of these research initiatives had resulted in patent applications being made in the US, “a large cluster” of which covered “a marine microbe”

• Over 100 ‘natural new products’ from EEZ • Multiple pharmaceutical patents sought in US • Govts failed to ensure nation also benefited found in Bahamian waters and its use in the lucrative global pharmaceutical industry.

The IDB said one of the “biomolecules” generated from this Bahamian microbe strain had made it to “clinical phase II” drug trials in 2014, but the failure of successive administrations to establish a commercial and regulatory regime to ensure this nation gains a just share of any resulting revenues/profit from such exploitation of its resources has deprived it of a potentially “significant” income source.

“The Bahamas used to issue over 100 research permits per year, about 90 percent of which were issued to foreign institutions (generally from the US and Canada) enabling access to genetic resources, mostly in the marine environment,” the IDB report said.

Minister: Tourists won’t visit Nassau under lockdown

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE competent authority will have to “give significant thought” as to whether the tourism industry can reopen on November 1 amid the current COVID-19 restrictions, a Cabinet minister said yesterday.

Dionisio D’Aguilar, pictured, minister of tourism and aviation, conceded to Tribune Business that visitors will not want to travel to “locked down” jurisdictions such as The Bahamas where the beaches - it main attraction - remain closed to both locals and guests.

“My response to you is

that we cannot have an open tourism sector first and foremost if we don’t have the beaches open,” he admitted.

“The number one reason why people come to this country is the beaches, and certainly - if they are not going into a hotel that offers multiple services - they will not come to a jurisdiction

SEE PAGE 7

BPL fears govt borrowing strike for $535m raise

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMAS Power & Light (BPL) is “concerned” it will be forced to pay a high price to place its $535m bond issue due to the government’s recent borrowing, a Cabinet minister has revealed.

Desmond Bannister, minister of works who has responsibility for BPL, told Tribune Business the utility’s board were fearful that the 8.95 percent interest attached to The Bahamas’ recent $600m

DR DONOVAN MOXEY sovereign bond will be used as a benchmark to price its own upcoming debt financing which it still aims to place before year-end 2020.

And, with BPL’s rate reduction bond (RRB)

SEE PAGE 4

“A study published in 2012 calculated that 125 new natural products were discovered in EEZ in the 2000s. A preliminary review of the patent databases of the US revealed that a significant number of research initiatives conducted in The Bahamas applied for US patents.

“A large cluster of patents covers a marine microbe originating from The Bahamas, the production of biomolecules with this specific Bahamian strain and their use as pharmaceuticals. For one of these molecules, clinical phase II tests were announced to start in 2014,” the report continued.

“These inventions based on a Bahamian genetic resource might be developed into commercially successful drugs with significant revenues. Due to the lack of a regulatory access

and benefit (ABS) regime in The Bahamas and appropriate contractual provisions, almost no benefits are flowing back to the country from these and other cases of utilisation and commercialisation of Bahamian genetic resources.”

With The Bahamas’ foreign exchange earnings having almost completely dried-up due to the COVID-19 pandemic and tourism industry shutdown, which have left the Public Treasury in a similar cashstrapped state, it behooves the government to seek out, identify and extract such revenue-earning opportunities as the one potentially identified by the IDB. While the subject of The Bahamas’ natural resources, their exploitation by foreign and local entrepreneurs, and how the public should

SEE PAGE 4

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Supplier ‘crossed line’ on Eleuthera water shutdown

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET minister yesterday blasted a water plant operator for “endangering the lives of Bahamians” by cutting off supply to Central Eleuthera residents due to a dispute with the Water & Sewerage Corporation.

Desmond Bannister, pictured, minister of works who has responsibility for the corporation, slammed Aqua Design Bahamas for “the nastiest, most callous conduct I’ve ever seen” in deciding to cease water production at the height of the COVID-19 pandemic.

Branding the company, a subsidiary of SUEZ – Water Technologies & Solutions, as “greedy” for its actions despite being paid $1.7m of the debt owed to it by the Water & Sewerage Corporation, Mr Bannister said it had made “tens of millions of dollars off the Bahamian people” through “onesided” contracts in its favour that were signed off by former administrations.

He pledged that the government will “do whatever we have to do”, revealing that it was taking legal advice after the Water & Sewerage Corporation was forced on Thursday night to obtain an

emergency Supreme Court injunction forcing Aqua Design to resume supply after the payments proved insufficient incentive.

However, Aqua Design and its parent last night revealed in a statement to Tribune Business that they plan to challenge the injunction obtained by the Water & Sewerage Corporation on the basis that “inaccurate statements” had been made to the Supreme Court to obtain it.

Acknowledging that the timing of its actions was “unfortunate”, as hundreds of Eleuthera residents some for a week or more - did not have water for bathing, washing, cooking and good hygiene amid COVID-19’s continued spread, Aqua Design blamed the Water & Sewerage Corporation’s delinquency in paying debts due to the company for leaving it with no choice but to act as it did.

SEE PAGE 8

PAGE 2, Monday, October 26, 2020

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THE TRIBUNE

Bahamians told: Cyber crime ‘not if, but when’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMIAN companies and individuals have been urged to adopt the “not if, but when” approach to combating hacking and other cyber crimes by a senior Central Bank information technology (IT) official.

William Gilbert, the financial regulator’s information security office administrator, told a webinar organised by the Utilities Regulation and Competition Authority (URCA) that “cyber security hygiene” measures were assuming ever-increasing importance given that many persons are working remotely due to the COVID-19 pandemic.

“Our reality today is not if we will get hacked, but when we’ll get hacked,” he warned. “This is a scary fact for a lot of persons to accept. Could you really imagine your identity being stolen, or perhaps your life’s earnings being wiped out in mere minutes from your secured bank account?

“As an individual with a cyber security background I must say that those very same scenarios have happened - and I suspect will continue to happen - especially during these trying times.”

Mr Gilbert added: “Cyber security hygiene refers to the steps that users, or computers and devices, take to maintain system health and improve online security. But why, exactly, is cyber security hygiene necessary, especially

during the COVID-19 pandemic? Cyber attacks have increased drastically, and have become more sophisticated within this season.

“The amount of emails about COVID-19 has increased by 667 percent since the end of February 2020. In one week alone in April, Gmail reported seeing 18m daily malware and phishing emails related to COVID-19.”

Mr Gilbert said that despite these alarming numbers, there are measures persons can take to improve their cyber security hygiene practices. He added: “One of the best defences against cyber attacks, inclusive of phishing, is cyber security awareness training.”

He also recommended that persons use a secure password while surfing the Internet, which should never be shared with anyone and changed every six months.

“Social media has changed the way in which we communicate, but it has provided a platform where hackers would have all of the information they need to target you,” Mr Gilbert added. When using social media, he urged persons to “think before you post, and don’t post things like your location, travel history, specific information about your family and your place of employment. Lastly, but not least, privacy. Make use of the built-in privacy settings on all of your social media platforms.”

Royann Dean, head of the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) digital committee, said: “We know that from when the pandemic hit The Bahamas in March there have been a lot of changes, and it resulted in many of us having to work from home or work from a more flexible workspace. I think it is safe to say remote working will be here for a while.”

Ms Dean said the “starter kit” for working from home is a stable Internet connection, plus a network that keeps data in a secure space

YOUR

where it is not easily visible.

She also called for “noise cancelling headsets” when working from home to cancel out any background noise.

“It’s critical to maintain the productivity of your team when they are working in separate spaces,” Ms Dean added. “So the first tip is to manage expectations around how your team will work. Discuss your normal working hours, discuss the reply times and how long is it OK before people reply. How should they notify when things are not going to be done as expected?

“Get your team organised with productivity software.

Software like MS Project, Asana, Monday and Wrike.

Help to set schedules, track progress and assign tasks and deadlines. Consider video conferencing software to have regularly scheduled meetings” Ms Dean said “staying connected is crucial for working remotely”, and added: “My first tip is to use software that allows messaging within teams.

For example, Slack, Asana or Basecamp. Also establish consistent one on-one meetings, weekly reviews and daily warnings or endof-day check-ins.

“Small businesses have been experiencing an increase in cyber attacks, and it’s crucial that we keep data safe when we are not working in the same space.

The first thing is to let your technology team set cyber security goals and Internet controls.

“That means identifying which systems will be protected, knowing how many people are end points for the data, identifying where your data should be stored and keeping your data internal to your network if possible.”

Ms Dean also warned against using Universal Serial Buses (USBs), as these connectors have a very low security threshold and are “perfect” for spreading malware on a computer.

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, GIENNDEAR MISTY PINDER of #3 Garden Hills, Orange Biossom Avenue Nassau,The Bahamas, P.O. Box, General Post Office. Parent of DEMETRIUS LARENZO ALEXANDER COLE BROOKE A minor intend to change my child’s name to DEMETRIUS LARENZO ALEXANDER PINDER If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE NOTICE is hereby given that 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.

THE TRIBUNE

Monday, October 26, 2020, PAGE 3

Principle more important than revenue on Facebook ad VAT

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A TOP Ministry of Finance official says the principle behind Facebook levying VAT on Bahamaslinked advertisements is more important than any revenue that will be earned by the government.

Marlon Johnson, the Ministry of Finance’s acting financial secretary, confirmed to Tribune Business that the monies derived from Facebook and its affiliate, Instagram, collecting and remitting VAT charged on fees for placing advertisements on their social media platforms “isn’t going to be substantial”.

But with COVID-19 accelerating the trend towards digital and online transactions, Mr Johnson said it was far more critical to establish the principle that such commercial interactions must be taxed in the jurisdiction where they are consumed.

He spoke out after Facebook, in a notice that circulated widely among Bahamians on social media after it was posted to the social media platform’s Facebook for Business page, confirmed it will start levying, collecting and remitting VAT at 12 percent on all fees charged for advertisements involving the sale of goods and services in this nation.

“Beginning 1 November, 2020, Facebook ads in The Bahamas will be subject to a value-added tax (VAT) at the applicable local tax rate.

This applies to advertisers whose ‘sold to’ country of their business or personal address is set to The Bahamas,” Facebook said.

“Add your taxpayer identification number (TIN) in the Ad Accounts Settings of Ads Manager. You don’t have to enter a TIN. However, if you’re registered for VAT and provide your TIN, your TIN will show up on your ads receipts. This may

MARLON JOHNSON help you recover any VAT you paid to Bahamian tax authorities if you’re a VAT registered business in The Bahamas.

“VAT is added whenever you’re charged for your ads regardless of whether you’re purchasing Facebook ads for business or personal purposes. Because VAT is added on top of charges, you won’t reach your billing threshold faster, but you may be charged more than your billing threshold amount,” it continued.

“If you pay for Facebook ads with a manual payment method, VAT is accounted for at the applicable rate when your ad account is funded to determine the total balance available.”

Mr Johnson said Facebook’s VAT arrangement with The Bahamas was similar to taxation-related agreements it had reached with other countries. He added that it was not dissimilar to the partnership between the government, via the Ministry of Tourism, and Airbnb where the latter has agreed to levy, collect and remit VAT on all Bahamian vacation rental properties marketed via its website.

Asserting that the Ministry of Finance was seeking to get ahead of any challenges posed by the digital economy, and ensure due taxes were collected on all goods and services sold in The Bahamas, Mr Johnson said: “Over the last two budget cycles we made clarifications in the law just to confirm that all goods and services rendered in the country are subject to VAT.

“What we have been doing is that the team has been contacting various electronic services providers to bring this to their attention, and what you see is a culmination of that.”

The acting financial secretary indicated that the Ministry of Finance was seeking to close-off any tax avoidance and evasion loopholes stemming from the transition to a more digital-driven economy, and any belief that payments to the Public Treasury could be circumvented by going online.

“The context is this,” Mr Johnson told Tribune Business. “It [the Facebook revenues] isn’t going to be substantial. We don’t anticipate that. It will be a modest source. But that isn’t really the point.

“The point is that whenever goods and services are rendered in the country they have to be subject to VAT. As more and more of the economy is generated online, and as the digital economy continues to evolve, more and more transactions will be rendered online and be rendered from anywhere.

“But if you are rendering services inside The Bahamas, or they’re being consumed in the jurisdiction, it’s subject to VAT. I think the global standard has been established that digital transactions are taxed in the jurisdiction where they are consumed.”

Suggesting that the Ministry of Finance was seeking to keep pace with the digital economy’s evolution, Mr Johnson added: “If we continue to get better at these things then they really won’t become an issue.

“It [the Facebook arrangement] speaks to the fact we have in place the protocols, have an understanding of how it works, and will remain on top of it. To the extent the government remains on top of it, it won’t become an issue.”

‘Perfect time’ to clean up downtown eyesores

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Downtown Nassau Partnership’s (DNP) cochair says “this is the perfect time” to clean-up Bay Street, with owners of dilapidated and abandoned buildings put on notice they are running out of time.

Charles Klonaris told Tribune Business that the COVID-19 lockdown and associated restrictions, together with the shutdown of the cruise industry and other tourism segments, had given downtown Nassau stakeholders the chance to seize the moment and upgrade the city’s appearance and amenities before commerce and visitors resumed.

Calling on all parties to “get on the same page”, Mr Klonaris said the DNP and its members plan “to force the issue” of rundown and abandoned properties that blight much of East Bay Street and surrounding streets - especially the area east of Elizabeth Avenue - and undermine the city’s attraction for both Bahamians and visitors.

He acknowledged, though, that no formal discussions have been held with the government prior to last week’s DNP statement, which called on it to use powers under chapter 200, section 10 of the Building Regulations Act that allow for action against buildings that are either deemed to be “dangerous” or “seriously detrimental to the amenities of the neighbourbhood”.

The DNP believes many of the properties east of Elizabeth Avenue fall into that category. Besides the COVID-19 fall-out, Mr Klonaris argued that these buildings’ demolition and/ or upgrade has also been made more urgent by the new investments taking place in downtown Nassau.

Apart from the upcoming completion of The Pointe and its Margaritavillebranded resort, he pointed to the new cruise port, ongoing construction of the new US Embassy and the proposed redevelopment of the former Royal Victoria Hotel site on East Hill Street into the Central Bank’s headquarters as developments that will help to revitalise the city of Nassau.

Agreeing that owners of dilapidated and abandoned properties are effectively running out of time, Mr Klonaris told Tribune Business: “We feel this is really the time to start cleaning up the city in terms of the cosmetics as well as trying to transform those unsavoury properties downtown.

Either they fix them up or they demolish them.

“We’re trying to push the government because this is a really suitable time to do a clean up downtown.

That’s a critical component of the city’s revitalisation.

We don’t want people to be doing when there’s a dilapidated building next door.

“This is the time to get the city moving. There are a lot of positive things taking place. We don’t see them now because of the pandemic, but we have Margaritatville, The Pointe, the US embassy and the government moving to build a new Central Bank.

There’s a lot going on, and we want everything to come together during this pandemic,” Mr Klonaris added.

“If we start seeing these dilapidated buildings being demolished and refurbished, it’s a good sight.

Psychologically it adds a lot to the city. This is the right time to do it. Little is going on, but we can do a lot. We think this is a good time to push the government in this direction.”

The DNP is essentially advocating that the government switch to a “get tough” approach with landlords and property owners in the downtown Nassau area, given that the provision of tax breaks and investment incentives to encourage the revamping of

SEE PAGE 4

PAGE 4, Monday, October 26, 2020

‘Perfect time’ to clean up downtown eyesores FROM PAGE THREE derelict buildings appears not to have worked.

Legislation such as the City of Nassau Revitalisation Act, which came into effect since 2008 under the last Ingraham administration and has been repeatedly renewed by successive governments, provides a menu of import duty and other tax breaks for businesses, landlords and owners seeking to restore, repair and upgrade buildings in the downtown area.

However, many observers will likely argue that the results - in terms of building clean-up - have not been sufficient to justify their

wide-ranging provision even though they have been successfully exploited by the likes of Graycliff.

“Timing is important,” Mr Klonaris added. “We don’t want, when the city opens up, for people to be trying to demolish buildings or upgrade them. This is the time to do it when the city is shut down. It’s the perfect time to start moving in this area. We don’t know when the cruise ships are coming back.

“If you own property there’s a responsibility for its upkeep. We cannot let them deteriorate in this area.

It’s critical everyone plays a part in the development of the city. Now is the time, and that’s why we’re moving quickly in this direction. We want everybody to be on the same page. This is out thinking, and we’re going to force the issue.”

THE TRIBUNE

Bahamas misses over marine genetics share FROM PAGE ONE benefit and to what extent, have all become controversial topics in recent weeks, marine microbes are not a product that has featured in the debate.

The IDB report suggests persons have been looking in the wrong place, and nothing was mentioned in the just-released Economic Recovery Committee (ERC) report about this potential earnings source even though there was an entire section in that 60-page document on “revenue generation for the environment”.

“There are many avenues for new or improved government revenue streams within

the environmental sector.

This increased revenue can support a more efficient use of public resources, as well as help to fund a number of critical environmental improvements,” the committee’s report said.

It instead focused on imposing levies on cruise ships and freighters passing through Bahamian waters on their way to destinations throughout the western hemisphere, as well as extracting fees from the telecommunications cables that pass through this nation’s waters and connect Florida to central and South America.

The IDB, meanwhile, said the government is moving to create an ABS policy framework that would allow The Bahamas to share in the financial benefits from research, development, innovation and commercialisation of its marine microbe assets as part of its economic diversification strategy via the so-called “Blue Economy”.

The Blue Economy involves maximising economic growth and environmental sustainability through controlled exploitation of this nation’s marine industry, and the IDB revealed that the

BPL fears govt borrowing strike for $535m raise

FROM PAGE ONE

likely to be perceived as riskier than the government’s borrowing, especially given the absence of a guarantee from the latter and the fact the utility is still in the middle of its turnaround strategy, the interest rate will almost certainly be greater in either the high single digit or even double digit range.

This means that BPL’s household and business customers, who will be called upon to service the interest and principal costs owed to investors who buy into the National Utility Investment Bond, may have to pay higher electricity bills than were initially anticipated.

BPL executives previously said the extra charge to be added to customer bills would be equivalent to 15 percent of current consumption, but the higher interest

government is in the process of establishing an Inter-Departmental Blue Economy Co-ordination Group to drive this effort.

Headed by the Ministry of Agriculture and Marine Resources, the Group will have input from academics as well as the private and public sectors, and be responsible for coordinating agencies with responsibilities for ocean affairs and marine resources.

“The Bahamas’ Exclusive Economic Zone (EEZ) covers 260,000 square miles, of which five percent is land and 95 percent is sea, representing the largest development space for the country. The geographical and climate conditions of The Bahamas provide unique possibilities derived from the Blue Economy if properly managed and protected,” the IDB report said.

“With 95 percent of the country’s territory located in a marine habitat, and a regional average of 70 percent of the country’s population living on the coast, marine resources have the potential to become an even more important source of economic production.

“The fisheries sector only contributes an estimated one percent to the GDP, and still plays a limited role in the economy in terms of foreign currency earnings, food supply and employment, as it is mainly

concentrated in traditional activities.

“The Bahamas produced 11,400 tons from capture fisheries in 2017, with Caribbean spiny lobster and queen conch accounting for about 68 percent and 29 percent of total catches, respectively, and exported $87.7m. Ninety percent of spiny lobster is exported.

Without proper conservation measures, such as the establishment and management of Marine Protected Areas, the sustainability of the traditional products is challenged.”

Sea cucumbers, sea moss, pelagic species, marine aquaculture, marine biotechnology and renewable energy were among the niches that the IDB recommended The Bahamas target as it seeks to rebuild and diversify its economy following the devastation inflicted by COVID-19.

The report acknowledged that some 41 MPAs have been declared in The Bahamas to-date, while a proposal for 43 new sites was submitted to the Minnis Cabinet for 43 new sites by a working group involving the Department of Marine Resources and several non-profit groups in 2019.

A Biological Diversity and Conservation Bill has also been drafted and consulted with stakeholders.

rate that will likely have been set following the government’s recent borrowing may force this to increase.

“I know they are concerned about current interest rates, but they are very optimistic about what they can do and I’m very positive about their leadership,” Mr Bannister told this newspaper. “The challenge is if you get a sovereign rate, it’s hard to get a rate lower than that on the commercial market.”

The board’s concerns were confirmed by BPL chairman, Dr Donovan Moxey, who said it did not want any further delay to the $535m bond raise and will try to obtain an interest rate that is “fair and favourable” for Bahamian consumers.

Implying that BPL will have to balance global capital markets realities with imposing further costs on an economy and society already battered by COVID19, Dr Moxey said: “We’re working to close that bond before the end of this year, so we continue to move in that direction. I don’t have a

precise timeline for it, but I know our goal is to have that completed before the end of the year.”

Echoing Mr Bannister, he acknowledged that potential investors in BPL’s RRB issue will base their pricing (interest rate) and risk perceptions on what the government was forced to pay for its $600m following two ‘junk’ creditworthiness downgrades and COVID-19.

“Investors will always look at that,” Dr Moxey said of the government’s sovereign debt issue, “because investors always look for benchmarks. Given that the most recent pricing for financing was the government’s issue, that’s something investors will look at.

“We’ll have to try and negotiate a better rate if possible. It was $535m that we’ve been approved for. That’s what we’re certainly having discussions with potential investors on, and we will see how much of that can be raised at rates we consider to be fair and favourable.”

THE TRIBUNE

Monday, October 26, 2020, PAGE 5

Cursed - or is just the way things are?

ACTIVTRADES WEEKLY | BY RICARDO EVANGELISTA | WWW.ACTIVTRADES.BS

P

OPULAR wisdom often refers to an old Chinese curse: May you live through interesting times. The point being that the humdrum of a quiet and stable life is preferable to the excitement and uncertainty of the unforeseeable.

In the aftermath of World War II humanity came together in its desire to build a peaceful and prosperous future. Several multilateral institutions were set-up, such as the United Nations, the World Bank and the World Health Organization. For decades, despite the cold war between the Unites States and the Soviet Union, life was pretty good. Populations grew, and economies expanded, with each new generation expecting to live longer, healthier and wealthier lives than the previous one.

In the late 1980s, the iron curtain started to collapse and the Soviet Bloc nations eventually embraced Western capitalism and values.

After a 20th century marked by the two world wars, deadly revolutions in Russia and China and the great depression of the 1930s, humankind stepped into the new century believing the end of history had been reached, with a new era of progress and peace laying ahead; one sustained by free global trade and a consensual western democracy template to which all nations were, or would at some point be, queuing-up to join.

The financial crisis of 2007/8 was the first nail in the coffin of this idyllic illusion. The shock waves caused by the near collapse of the global financial system reverberated violently across Western societies, as austerity measures brought hardship to the less well-off. It triggered resentment towards the elites overseeing a globalised world were many of the jobs available to previous generations had been

Communism, humanity had reached the pinnacle of ideologic evolution and the end of history. As we subsequently learned, the universe conspired to prove him wrong, as it always does. Our history is one of evolving from one socio-political epoch

to another and we must never assume that the end of the line has been

reached. There will always be “interesting times” to look forward to.

PUBLIC HOSPITALS AUTHORITY

NOTICE TENDER FOR THE PROVISION OF SECURITY GUARD SERVICES AT THE SANDILANDS REHABILITATION CENTRE OF THE PUBLIC HOSPITALS AUTHORITY TENDERS ARE INVITED FROM QUALIFIED COMPANIES FOR THE PROVISION OF SECURITY GUARD SERVICES AT THE SANDILANDS REHABILITATION CENTRE OF THE PUBLIC HOSPITALS AUTHORITY, FOR A PERIOD OF ONE (1) YEAR. TENDER DOCUMENTS, WHICH INCLUDE INSTRUCTIONS TO TENDERERS, SPECIFICATIONS AND OTHER RELEVANT INFORMATION, CAN BE COLLECTED FROM THE PHA’s WEBSITE AT www.phabahamas.org.

A ONCE busy intersection in Chicago, IL, USA. outsourced to countries with cheaper labour. Many in the working classes felt abandoned, giving rise to populist movements that mixed economics with nationalism. Brexit and the election of Donald Trump were the most visible manifestations of this phenomena. Fast-forward to 2020 and the coronavirus may be the final blow that knocks down the postWorld War II order.

The current sanitary and economic crisis has reclaimed a central role for the State. After several decades dominated by the dogma of the market, we are witnessing unprecedented levels of financial stimulus dished out by

governments and central banks attempting to revive pandemic-battered economies. But the enhanced role of the State is likely to stretch beyond the economy and also impact individual freedom. Privacy and anonymity may become a luxury as mass surveillance is normalised.

In China this is already a reality, with effective tracking of citizens data pointed out as the main reason behind the successful containment of COVID-19 in the country.

Francis Fukuyama wrote The End of History and the Last Man in 1992, defending the idea that with the triumph of liberal democracy over Soviet

TO REGISTER FOR PARTICIPATION IN THE ONE (1) TIME WALKABOUT ON NOVEMBER 6th, 2020 OF AREAS REQUIRING SECUIRTY COVERAGE AT THE SANDILANDS REHABILITATION CENTRE, TENDERERS ARE REQUESTED TO EMAIL award@ phabahamas.org and mcartwright@phabahmas.org.

TENDERS ARE TO BE RETURNED TO THE PUBLIC HOSPITALS AUTHORITY AT Tendersubmission@phabahamas.org IN A PASSWORD PROTECTED FILE (TO BE OPENED BY TENDERER AT PUBLIC OPENING) NO LATER THAN 12:00 P.M. on Friday NOVEMBER 20th, 2020.

All submissions must be accompanied by (i) a current Business License that states your company is Licensed to provide security guard services; (ii) three (3) references from current or previous clients; (iii) Value Added Tax (V.A.T) Registration Certificate; (iv) An up-to-date (not less than one (1) month old) V.A.T Compliance Certificate; (v) a copy of Insurance Policy Certificate indicating that your company is insured against loss of life, injury or damages; and (vi) a letter from the National Insurance Board (NIB) stating that your company is up to date (not less than one (1) month old) and in good standing in the payment of its NIB contributions on behalf of those persons employed in your company and (vii) a signed copy of the Public Hospitals Authority Disclosure statement.

The Public Hospitals Authority reserves the right to accept or reject any or all Tender(s).

MARKET REPORT www.bisxbahamas.com

FRIDAY, 23 OCTOBER 2020

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BISX LISTED & TRADED SECURITIES 52WK HI 4.07 22.65 2.00 1.79 2.46 6.00 6.75 4.70 8.59 4.50 6.16 12.77 3.64 5.60 10.88 8.44 16.99 4.25 9.33 15.21

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Catepillar Forklift P600 – Broken Phone: (242) 698-7402 ************ (2) Tractor truck 2005 Marck – Broken Manlift 1999 JLG - Broken Dodge RAM 1500 2005 - Broken

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 RF Bank & Trust Limited 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

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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 RF Bank Note 22 (Series B) + Bahamas First Holdings Limited

SYMBOL FBB22 BFHB

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

MUTUAL FUNDS

********

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 RF Bank & Trust Limited Focol Finco J. S. Johnson

MARKET TERMS

Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407

LAST CLOSE 4.05 17.43 1.62 1.79 1.67 6.00 6.75 2.99 4.75 3.57 5.99 11.26 2.10 5.60 10.35 8.44 14.30 3.96 8.16 15.20

CLOSE 4.05 17.43 1.62 1.79 1.67 6.00 6.75 2.99 4.75 3.76 5.99 11.26 2.15 5.60 10.43 8.44 14.30 3.96 8.19 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.19 0.00 0.00 0.05 0.00 0.08 0.00 0.00 0.00 0.03 0.00

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

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

VOLUME

20,300

2,500

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 VOLUME

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

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

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 9.28 11.86

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 16.9 18.7 N/M N/M N/M N/M 18.3 -6.8 33.9 20.4 13.3 15.6 21.1 12.0 16.1 11.6 17.5 19.5 8.7 24.1

YIELD 4.20% 7.23% 1.23% 0.00% 0.00% 0.00% 3.85% 0.00% 0.00% 3.19% 3.67% 6.39% 20.19% 1.07% 3.14% 2.84% 3.78% 3.03% 2.44% 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%

MATURITY 19-Oct-2022 30-Sep-2025

6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25%

20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 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 -0.50% 3.70% -3.80% 4.10%

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-Sep-2020 30-Sep-2020 30-Sep-2020

YIELD - last 12 month dividends divided by closing price

52wk-Hi - Highest closing price in last 52 weeks

Bid $ - Buying price of Colina and Fidelity

52wk-Low - Lowest closing price in last 52 weeks

Ask $ - Selling price of Colina and fidelity

Previous Close - Previous day's weighted price for daily volume

Last Price - Last traded over-the-counter price

Today's Close - Current day's weighted price for daily volume

Weekly Vol. - Trading volume of the prior week

Change - Change in closing price from day to day

EPS $ - A company's reported earnings per share for the last 12 mths

Daily Vol. - Number of total shares traded today

NAV - Net Asset Value

DIV $ - Dividends per share paid in the last 12 months

N/M - Not Meaningful

P/E - Closing price divided by the last 12 month earnings

(2) Dump truck (tripper) Phone: (242) 601-5328

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

THE TRIBUNE

Monday, October 26, 2020, PAGE 7

Minister: Tourists won’t visit Nassau under lockdown FROM PAGE ONE

where they are locked down.

“Significant thought is going to have to be given to that by the competent authority if we’re opening on November 1. It’s not only putting in a testing regime, but we have to make our destination attractive to potential visitors.

“These are all things that the competent authority, Cabinet, are going to have to consider in conjunction with the Ministry of Health on how that is going to occur. Our ministry is focused on one thing, which

is opening and getting visitors to come back here.”

The “competent authority” is Dr Hubert Minnis and his office but, with New Providence still under weekend lockdowns and early evening week-day curfews, together with beach closures and other restrictions, it remains hard to see how the centre of The Bahamas’ economy and tourism industry can properly re-open on November 1.

The measures have also yet to produce an appreciable reduction in the number of New Providence’s daily COVID-19 infections, with another 34 detected

yesterday to bring the total to almost 5,000 - albeit 3,997 cases have recovered nationwide.

This remains another worry for Bahamian hotels and tourism operators, and Mr D’Aguilar conceded: “Naturally the COVID19 infection rate is a major concern, and that’s why it’s so important for Bahamians to take seriously the guidelines from the Ministry of Health on wearing masks, social distancing and sanitising their hands. There’s no doubt we have to improve our statistics.”

The minister added that the Ministry of Tourism will “probably begin to turn our

marketing engine back on” once the US presidential election is over next week.

“If we are going to make a play in this tourism sector we certainly have to start doing so,” he said.

Mr D’Aguilar’s comments came as the Ministry of Tourism unveiled a partnership with the Living With COVID Coalition (LWCC), a not-for-profit coalition within the Organisation for Responsible Governance (ORG), to ensure The Bahamas has access to as many as three million World Health Organisation (WHO) and Ministry of Health-approved COVID19 rapid antigen tests.

“Having uninterrupted access to high-quality rapid antigen tests is a crucial component for us to begin reinvigorating our critically important tourism sector,” Mr D’Aguilar added. “The new testing protocols are designed so that we can responsibly enforce public health and safety measures, while giving our visitors a better and more seamless vacation experience, ultimately allowing tourismdependent professionals to get back to work.”

“We are proud to partner with the Government of The Bahamas on this nationally significant initiative,” said Thomas Bethel,

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 86° F/30° C Low: 74° F/23° C

TAMPA

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Humid with sun and clouds

Warm and humid with patchy clouds

Partly sunny and humid

Partly sunny, breezy and humid

Mostly sunny and humid

Mostly sunny and humid

High: 84°

Low: 78°

High: 86° Low: 78°

High: 86° Low: 77°

High: 86° Low: 77°

High: 87° Low: 76°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

95° F

87° F

96°-85° F

94°-84° F

95°-83° F

98°-82° F

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

N

almanac

E

W

ABACO

S

N

High: 84° F/29° C Low: 81° F/27° C

6-12 knots

S

High: 85° F/29° C Low: 79° F/26° C

7-14 knots

FT. LAUDERDALE

FREEPORT

High: 86° F/30° C Low: 81° F/27° C

E

W S

E

W

WEST PALM BEACH

N

uV inDex toDay

TONIGHT

High: 89° F/32° C Low: 77° F/25° C

High: 85° F/29° C Low: 76° F/24° C

MIAMI

High: 86° F/30° C Low: 79° F/26° C

8-16 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 81° F/27° C Low .................................................... 72° F/22° C Normal high ....................................... 84° F/29° C Normal low ........................................ 72° F/22° C Last year’s high ................................. 88° F/31° C Last year’s low ................................... 76° F/24° C Precipitation As of 2 p.m. yesterday ................................. 0.39” Year to date ............................................... 58.08” Normal year to date ................................... 34.37”

ELEUTHERA

NASSAU

High: 84° F/29° C Low: 78° F/26° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 85° F/29° C Low: 81° F/27° C

N

KEY WEST

High: 85° F/29° C Low: 80° F/27° C

High: 86° F/30° C Low: 82° F/28° C

N

S

E

W

7-14 knots

S

7-14 knots

ANDROS

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

4:58 a.m.

5:17 p.m.

2.6 2.9

11:06 a.m. 0.9 11:41 p.m. 0.7

Tuesday

5:48 a.m.

6:04 p.m.

2.8 2.9

11:59 a.m. 0.8 ---------

Wednesday 6:31 a.m.

6:45 p.m.

2.9 2.8

12:23 a.m. 0.6 12:45 p.m. 0.7

Thursday

7:10 a.m.

7:23 p.m.

3.0 2.8

1:00 a.m.

1:26 p.m.

0.5 0.6

Friday

7:47 a.m.

8:00 p.m.

3.1 2.8

1:35 a.m.

2:05 p.m.

0.4 0.5

Saturday

8:22 a.m.

8:36 p.m.

3.1 2.7

2:08 a.m.

2:43 p.m.

0.3 0.4

Sunday

7:57 a.m.

8:11 p.m.

3.2 2.6

1:42 a.m.

2:21 p.m.

0.3 0.4

sun anD moon Sunrise Sunset

7:14 a.m.

6:33 p.m.

Moonrise Moonset

4:10 p.m.

2:56 a.m.

Full

Last

New

First

Oct. 31

Nov. 8

Nov. 14

Nov. 21

SAN SALVADOR

GREAT EXUMA

High: 86° F/30° C Low: 80° F/27° C

High: 86° F/30° C Low: 81° F/27° C

N

High: 86° F/30° C Low: 81° F/27° C

E

W S

LONG ISLAND

tracking map

High: 87° F/31° C Low: 81° F/27° C

L

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

CAT ISLAND

E

W

LWCC’s head of operations. “COVID-19 will be here for a while and we believe that it is our responsibility as Bahamians to work together, act fast, and present a practical and responsible solution that is simple, easy, rapid and connected.

“Our diverse membership of concerned Bahamians from the private sector, civil society, academia, labour, politics and religious society are all feeling the strain from the COVID-19 pandemic. It’s up to each of us to get tested and follow the health protocols if we want to save our economy.”

7-14 knots

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

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 85° F/29° C Low: 82° F/28° C

High: 86° F/30° C Low: 82° F/28° C

GREAT INAGUA High: 87° F/31° C Low: 81° F/27° C

N

E

W

E

W

N

S

S

8-16 knots

8-16 knots

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

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

WINDS SE at 7-14 Knots ESE at 6-12 Knots SE at 7-14 Knots E at 7-14 Knots SE at 7-14 Knots E at 7-14 Knots ESE at 8-16 Knots E at 8-16 Knots SE at 7-14 Knots E at 7-14 Knots SE at 6-12 Knots ESE at 7-14 Knots SE at 7-14 Knots E at 7-14 Knots SE at 8-16 Knots ENE at 8-16 Knots ESE at 8-16 Knots E at 8-16 Knots ESE at 8-16 Knots E at 8-16 Knots SE at 6-12 Knots E at 7-14 Knots SE at 8-16 Knots E at 8-16 Knots SE at 7-14 Knots E at 8-16 Knots

WAVES 3-5 Feet 2-4 Feet 1-3 Feet 1-2 Feet 3-6 Feet 3-5 Feet 3-6 Feet 3-6 Feet 2-4 Feet 2-4 Feet 2-4 Feet 2-4 Feet 1-3 Feet 1-3 Feet 3-6 Feet 4-7 Feet 3-5 Feet 3-5 Feet 4-8 Feet 4-8 Feet 1-3 Feet 1-3 Feet 1-3 Feet 2-4 Feet 2-4 Feet 2-4 Feet

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

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

PAGE 8, Monday, October 26, 2020

THE TRIBUNE

Supplier ‘crossed line’ on Eleuthera water shutdown FROM PAGE ONE

“Water & Sewerage Corporation contracts with Aqua Design Bahamas, SUEZ’s legal entity in The Bahamas, that provides desalinated water in several locations. Water & Sewerage Corporation has consistently, and for many years, been delinquent in paying for the service provided,” Aqua Design said.

“With regard to Central Eleuthera, there have been multiple attempts to work diligently with Water & Sewerage Corporation to avoid having to cease production at the plant and resolve the matter. However, they have generally been non-responsive. We have sent multiple communications over the course of several months, but it was only after the plant was shut down that Water & Sewerage Corporation acted.”

Aqua Design added: “Rest assured we did not make the decision lightly. By not paying their bills, Water & Sewerage Corporation has risked water supply for the people of Eleuthera, and their non-payment has now brought this to a head at an unfortunate time.

“On October 23, we were ordered to restart production as part of an injunction made by Water & Sewerage Corporation. We complied with that order, but, given a number of inaccurate statements, we will be challenging the order.”

Aqua Design’s pledge of a court challenge is unlikely to go down well with residents of Governor’s Harbour, Palmetto Point, James Cistern, Savannah Sound, Windermere Island and other settlements affected by last week’s cut-off.

Rather than a fingerpointing blame game between the Water & Sewerage Corporation and Aqua Design, which has effectively made them pawns or held to ransom over a payment dispute that

does not directly involve them, all those communities will likely want is a consistent supply of water for their homes and businesses.

Still, Mr Bannister spared no effort in lashing out at Aqua Design, blasting: “They have cut the water off in Eleuthera at the height of the pandemic. There was no excuse for what they did. It is something the Bahamian people will never accept, and we will do whatever we have to do.

“They have endangered the lives of Bahamians.

Money cannot bring back lives. They have endangered lives. It has been callous. If they are owed money, that’s fine, but you cannot bring back lives with money. It’s the nastiest, most callous thing that I have ever seen.

In the middle of a pandemic, to turn off the water in Eleuthera.

“You can use someone as a pawn, as a hostage, but when you deny them water... water is life saving.

Everybody needs to exist.

It’s entirely unacceptable.

They’ve crossed the line with what they’ve done to the Bahamian people. We will not accept that type of conduct in The Bahamas.

I’m very angered by what they have done in Eleuthera.

They don’t care. They were callous about human life.”

Tribune Business sources, speaking on condition of anonymity, said the Water & Sewerage Corporation had made a $1m payment on the debt owed to Aqua Design the week before last.

A further $700,000 was said to have been paid last week in response to the supplier’s demands, but it ultimately took the Supreme Court to order that the water be turned back on.

Mr Bannister confirmed that this newspaper’s figures were “pretty much correct”, although neither side has confirmed the total sum owed to Aqua Design.

Besides the 500,000 imperial gallons per day supplied to Central Eleuthera by its

Rock Sound plant, the company operates three other reverse osmosis plants on the island, effectively giving it a monopoly lock on production on the island.

“The corporation has made some payments,” Mr Bannister added. “I think you can appreciate, based on what you know, that the corporation has not had the kind of assets to make all the payments it would like to make. The corporation has made such payments as it can.”

Adrian Gibson, the Long Island MP who is the Water & Sewerage Corporation’s executive chairman, will give a statement on the central Eleuthera situation when the House of Assembly meets today. He previously told this newspaper that it owed some $30.8m to vendors and suppliers, a portion of which will have been due to Aqua Design, at end-August 2020.

Aqua Design has around eight to nine contracts to supply the Water & Sewerage Corporation throughout The Bahamas, including on San Salvador as well as Eleuthera. “As far as I’m concerned they’ve made tens and tens of millions of dollars off the Bahamian people,” Mr Bannister told Tribune Business. “I hate to say this, but they have a sweetheart deal that’s not in the interests of the corporation.

“Whatever the situation was they could have waited, but they are greedy, and we have to deal with greedy people. I believe the contracts they signed were one-sided in their favour.

They are not contracts any thinking government would have signed. These are contracts that were obviously signed under an administration other than this one. No thinking government would have signed those contracts.”

Mr Bannister thus placed the blame on the former Christie, and possibly Ingraham, administrations before revealing that relations between the Water & Sewerage Corporation and Aqua Design had been souring for some time as the latter’s reverse osmosis contracts come to an end.