10282020 BUSINESS

business@tribunemedia.net

WEDNESDAY, OCTOBER 28, 2020

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ADRIAN GIBSON

‘Banking desert’ fears following Scotia pull-out

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net LONG Island’s MP yesterday voiced fears his constituency will become “a banking desert” after Scotiabank unveiled plans to withdraw from four Family Islands with a series of branch closures.

Adrian Gibson told Tribune Business that the Canadian-owned bank’s decision to close its “semioperational” Buckley’s site, and end its presence on Long Island, meant the island will no long have a physical branch following Royal Bank of Canada’s (RBC) pull-out several years ago.

“I fear this will have a devastating impact on my people’s access to financial services,” he said, while nevertheless thanking Scotiabank for its “stellar service” to the island and long-standing presence as a key asset for the community.

However, noting the implications for Long Island’s residents and private sector, Mr Gibson quickly added: “Given the withdrawal of the Royal Bank of Canada a few years ago, this will be felt even more because Long Island has essentially become a banking desert.

“Our island is comprised of largely middle aged to elderly people, so this will affect my constituents incredibly. You can imagine the elderly may not have access to online banking or may lack digital literacy.”

Giving an insight into how RBC’s pull-out impacted Long Island businesses, the MP added: “One businesswoman told me she has to catch a speed boat to Exuma every week after RBC closed to get funds for staff payroll and to deposit funds.”

This, he acknowledged, presented both a safety and security risk, but highlighted the problems faced

by Family Island communities as commercial banks rationalised their branch networks and exited unprofitable locations where their presence cannot be justified.

Scotiabank (Bahamas), in a statement yesterday unveiling the move, said it came in response to the current COVID-19 pandemic and was based on two key factors - a reduction in revenues and profits, and the increase in online transactions by customers.

It suggested the switch to digital banking, which it has increasingly been seeking to drive in The Bahamas, had reduced customer traffic at some branch locations by more than 50 percent. As a result, it Scotiabank (Bahamas) said it had decided to “consolidate” - meaning close - its operations on Abaco, Andros, Long Island, Paradise Island and Exuma into branches on New Providence.

The move, the bank added, will take place over the next four months and result in the transfer of all customer accounts to branches located on New Providence as it seeks to cut costs, and extract efficiencies and economies of scale, from pushing customers to

SEE PAGE 5

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US ‘cut off’ fear on marijuana pursuit

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE Bahamas faces being “cut off from the US” economy and financial system if its banks accept monies generated by a marijuana/hemp industry, top financial executives warned yesterday.

Gowon Bowe, Fidelity Bank (Bahamas) chief executive, and Kenrick Brathwaite, the Clearing Banks Association’s (CBA) head, told Tribune Business that Bahamian institutions were informed last year their cherished correspondent relationships with US banks would be endangered if they took deposits from this sector even if it was legalised here.

This, they explained, is because US federal law still treats the cultivation

• Vital financial links at risk if banks accept monies • Banker warns against ‘throwing caution to wind’ • Can result in parallel financial system like web shops

GOWON BOWE of marijuana and its recreational use as a crime.

US-based banks, especially multinationals and those subject to federal oversight, will thus automatically refuse to deal with foreign banks that accept

marijuana-related funds for fear they will become tainted and accused of committing a criminal offence.

The Bahamian banker duo yesterday voiced surprise that this issue had seemingly not figured more prominently in both the National Commission on Marijuana, and the Economic Recovery Committee’s (ERC), reports and discussions even though Mr Bowe said he had raised the potential obstacles with both the former body and the government.

Pointing out that Canadian banks catering to that nation’s multi-billion dollar medical marijuana/ hemp industry are already

experiencing problems conducting cross-border transactions with the US as a result, Mr Bowe warned that The Bahamas and its COVID-battered economy “will die without” the correspondent ties its banks presently enjoy with their American counterparts.

As a nation that imports virtually all it consumes, with most goods originating from or transiting the US, access to US dollars is vital for Bahamian companies and individuals to execute and clear these transactions.

Access to US currency, and such clearing and settlement

SEE PAGE 4

Dealers ‘can’t stay afloat’ if 47% Q3 drop persists

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AUTO dealers yesterday warned they “cannot remain afloat” if the 2020 third quarter’s 47.37 percent industry-wide decline in new auto sales persists.

Data obtained from the Bahamas Motor Dealers Association (BMDA) revealed that the drop-off for the three months to endSeptember was greater than the 38.29 percent decline recorded for the year-todate, as it included an August when the industry was largely shut down due to COVID-19 restrictions.; Rick Lowe, the BMDA’s secretary, told Tribune Business that while some dealers were able to complete August sales to government entities such as the COVID19 enforcement unit, the ongoing lockdowns, curfews and restrictions were continuing to create uncertainty

• Drop-off greater than 38% year-to-date fall • But not as steep as 2008’s 60% decline • Mergers, lay-offs and/or closures may result and undermine what little confidence remains.

“It’s certainly a major impact,” he said of the government’s present measures.

“We cannot continue to stay afloat with these sorts of declines. We need some sort of resurgence to pull back even. We cannot keep paying out and nothing’s coming back.”

While the COVID-19 falloff in new car sales was “not quite” as steep as the 60 percent drop that the industry experienced in 2008, when it was hit by the global financial crisis and subsequent recession, the latter decline came following a record year in 2007.

Most auto dealers have been effectively treading water ever since, and Mr Lowe said of the pandemic’s

impact: “It’s quite disconcerting. If this goes on much longer you might see amalgamations, closures and lay-offs. There’s any number of bad scenarios.

“We just have to hope the economy ramps back up, but there’s a lot of people hurting, and a lot of people that are unemployed. It’s a lot, a lot. We’re in a quandry as to when we order, what we order. When you have a seven-month order cycle it’s pretty precarious. We order five to seven months before the vehicles arrive, and you’re sitting on inventory that’s moving very slowly.

“How do you figure that out? The old model of you’ve sold two a month last year, so we’ll sell two per month this year, that ain’t happening.

Curb-side for sales isn’t bad

because the customer doesn’t have to go into the office, but parts has been impacted pretty drastically and service is more of an inconvenience.

“Customers have to sit outside under an awning and pay through the window. It’s an inconvenience for the customer and is not a good way to do business.”

Still, the 2020 third quarter sales declined was less than the industry-wide 55.5 percent drop-off suffered in the second quarter when COVID restrictions were at their peak.

New vehicle sales were then down by more than 200 units year-over-year against 2019 second quarter comparisons. Sales were 177 units for the second quarter as opposed to 398 in the second quarter for 2019.

$3.95 Restaurant invests $10k for COVID’s growing realities

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN restaurant yesterday said it has invested $10,000 in developing an e-commerce platform to meet the demands of COVID-19 lockdowns and business restrictions.

Wayne Wilson, owner/ operator of Six ‘n Four restaurant, told Tribune Business: “We’re looking to move into the phase of whatever this new normal is, which is more contactless and more technology.”

He added that he is “embracing technology in a fully integrated fashion to reduce customer contact for mostly safety reasons, health and safety, making sure we reduce contact between customers and our staff”.

When asked how much this change has cost, Mr Wilson replied: “We have always been a business that is focused on technology, so some of the systems we have had in place you can call over-developed. It ended up benefiting us in the end because we were in a good place technology-wise to kind of transition into a lot of the integrations we have needed to transition into.

“So, overall, we’re probably looking at a $10,000 investment. What we are doing through the website will erase a server going to a customer completely, so that makes it transactionless. The food is prepared in as much as a sterile environment as there could be. We disinfect and clean every day. All of our surfaces are routinely cleaned, and everything that we do.”

Explaining the restaurant’s technology focus, Mr Wilson added: “We got with our partners at Plato Alpha, and got them to create for us a fully integrated e-commerce website, which puts us really at the forefront of what’s happening in the restaurant industry.

“It puts us on an even field with any of the large international chains in terms of the way that we are able to conduct business, and the way that the systems are fully integrated to allow for the smooth flow of things through it.

“Once we engaged the services of Plato Alpha the

SEE PAGE 5

$100m Love Beach condo project revives

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A $100M Love Beach condominium project’s planners yesterday voiced optimism that changes to the original design will “overcome” prior objections from nearby residents.

Sean Mathews, of N & M Architects, the Bahamian executive architect for The View at Love Beach Residences development, said the previous boutique hotel and “over-water units” have been omitted from the revised plan that has been scheduled for a public hearing before the Town Planning Committee on November 12.

“One or two of things objected to at the time have been removed, so hopefully the way is eased a little,” he said in reference to the February 2019 Town Planning meeting, where Love Beach and western New Providence residents voiced multiple objections. “I think we should have done enough to remove the original objections.”

However, Dr Gloria

• ‘The View’ set for Town Planning on November 12 • Planners: 300-plus building jobs meet vital need • Residents to ‘definitely’ maintain previous objections

PROPOSED development plans of ‘The View at Love Beach’.

Ageeb, one of those who had opposed the original application by the property’s developer, Mylor Caribbean Development, last night confirmed that the objections would “definitely” continue despite the withdrawal of the hotel component and accompanying need to re-zone the area as “commercial”.

“This has been a very quiet neighbourhood, and we have rights to the road right before the beach, right

at the entrance,” Dr Ageeb said, suggesting there were covenants in her title deeds and those of other Love Beach residents providing them with access to the beach where The View at Love Beach Residences will be located.

However, Mr Matthews in an August 24, 2020, letter to Adrian White, the Town Planning Committee’s chair, argued that there were “no restrictive covenants applicable to this site” on which

Mylor Caribbean Development aims to construct 121 new condominium units to go along with the eight already present at the property.

The project, which is projected to create 309 construction jobs and a total $38.59m wage bill over its three-year build-out, was cited by Mr Matthews as delivering a much-needed boost to a COVID-stricken economy that is “frankly so desperate for investment”.

He wrote in his letter to Mr White: “With our economy in ruins the need for foreign direct investment and job creation has never been more great.” Such needs are likely to have prompted Mylor, its architects and planners to revive and modify the proposal, and ready it for another go at obtaining Town Planning approval.

Mr Matthews told Tribune Business it was “hard

to overstate” the impact of projects such as The View at Love Beach Residences, adding: “With all of these things the jobs are more important than anything.

The construction industry is the one industry that takes people off the street who, regrettably, can’t do more than lift stones from ‘point a’ to ‘point b’. It gives people pride, and changes their behaviour.

“I’d hate to see the bureaucracy get in the way. That’s what the Prime Minister has talked about, speeding things up, but regrettably we have yet to see any evidence of that.”

The View at Love Beach Residences will incorporate several five-storey condominium properties, together with swimming pool and associated amenities.

However, Mr Matthews said he was unaware who Mylor’s beneficial owners were. He referred this newspaper to the company’s attorney, Gregory Cottis, who did not return Tribune Business’ call before press time last night.

SEE PAGE 8

PAGE 2, Wednesday, October 28, 2020

THE TRIBUNE

Facebook VAT to level playing field THE deputy prime minister last night said VAT’s imposition on Facebook advertisements was part of a drive to “level the playing field” and ensure Bahamian firms do not face a “competitive disadvantage”.

K Peter Turnquest said the social media giant’s agreement to collect, then remit, due VAT on advertising fees to the government highlighted the Ministry of Finance’s ongoing drive to collect due taxes from foreign entities providing services that are consumed in The Bahamas.

He added, in a statement, that the ultimate goal was to ensure uniform taxation treatment is applied to both Bahamian and foreign service providers operating in the digital economy.

CHAMBER TEAMS WITH CABLE FOR ELEUTHERA BUSINESS HUB CABLE Bahamas has teamed with the Eleuthera Chamber of Commerce to launch a shared office space solution for small businesses and start-ups on the island.

The Eleuthera Business Hub facilities will open on November 20, 2020, offering collaborative office space that will also provide networking opportunities for entrepreneurs to ease their start in commerce.

The flexible workspace enables small firms to move into an instant office that comes fully equipped with managed solutions, such as meeting rooms and audio visual equipment, thus providing the tools and amenities entrepreneurs need to run operations and ensure smooth migrations for flexible workspaces.

“We are proud to be a partner in this innovative initiative”, said Chantelle

This, Mr Turnquest added, will ensure foreign players do not obtain a competitive advantage over their local rivals.

“Countries around the world have been working to establish international rules for taxation in the digital and shared economy.

The big question has been: Who should have taxing rights over services and goods ordered from one

country and delivered to another country? The generally agreed position is that the tax is due to the state in which the good or service is consumed,” said Mr Turnquest.

“In the case of Facebook, and other digital providers like Airbnb, they are required by law to collect VAT and remit it to the government. Why should a foreign state earn tax revenue on activities taking place in The Bahamas?”

The VAT Act requires all services consumed inside The Bahamas to be subject to the 12 percent levy provided that the vendor meets the minimum $100,000 annual sales threshold for registration under the law.

That includes advertising services regardless of where

Sands, head of Family Island business accounts for commercial innovations at Cable Bahamas Business Solutions.

“Being able to provide technology solutions that include fixed and mobile phone services, reliable Internet, secure cloud solutions and TV services for all the business needs - from the onset of construction and throughout - was a great opportunity for us, and we are extremely excited for the grand opening. We look forward to further growing our relationships throughout the island while expanding our network reach.”

The Hub is located in recently-remodeled office space at The Market Place in Rock Sound. Open desks, private offices, Wi-Fi and printing facilities are provided to cater to all business needs.

“The technology being brought to this project is essential for the continued growth and success of our business community here in Eleuthera,” said Thomas Sands, the Eleuthera Chamber of Commerce’s president.

“This space is the perfect solution for large and small

companies, and entrepreneurs, who want to work in a dynamic office environment. It’s all about business growth and creating innovations so that businesses can survive and thrive in this new environment that we find ourselves in.”

John Gomez, Cable Bahamas’ chief operating officer, and a native of Rock Sound, Eleuthera, said the BISX-listed communications provider intends to partner with businesses in their digital transformation. “This is supported and reinforced by Cable Bahamas’ robust and resilient network,” he added.

“Business continuity is nothing new for us, but the COVID-19 pandemic has certainly shifted the concept of business as usual. Recent enhancements to the network infrastructure enables us to provide secure capabilities across a wide network that can scale.

“Therefore we’re excited about the establishment of this Business Hub workspace in conjunction with the Eleuthera Chamber, which will nurture and grow business opportunities in our economy.”

K PETER TURNQUEST

the company may be physically located.

The Ministry of Finance’s latest move places Facebook and other online operators on even footing with Bahamian companies offering marketing services inside this nation. These companies must charge VAT on advertising services.

“If we do not uniformly enforce the law we are putting Bahamian companies at a competitive disadvantage.

Local newspapers and televisions, for example, have to charge VAT on advertising services. We are levelling the playing field, while doing all we can to standardise revenue collection,” said Mr Turnquest.

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 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.”

BUSINESS MENTOR GROUP HOLDS GB MARKETPLACE

A BUSINESS mentoring group is extending its involvement with Freeport by staging a two-day marketplace event that begins today in a bid to aid Grand Bahama entrepreneurs.

The Grand Bahama Port Authority (GBPA), in a statement, said it has partnered with MicroMentor, the world’s largest community of entrepreneurs and experienced volunteer business mentors, to help Freeport’s business owners in their recovery from Hurricane Dorian and the COVID-19 pandemic.

“MicroMentor is a programme of Mercy Corps, a global humanitarian organisation that has been on-the-ground, providing invaluable support to the Grand Bahama community post-Hurricane Dorian,” said Derek Newbold, GBPA’s senior manager of business development.

“Businesses throughout Freeport and Grand Bahama stand to benefit from MicroMentor’s upcoming online marketplace event by connecting with mentors to support the growth of their businesses while building skills and confidence.

“The Marketplace platform also gives them access to business development opportunities through financial resources, professional networks and new export markets. The event takes place online on October 28 and 29, and the Grand Bahama Port Authority (GBPA) is pleased to help connect licensees and local businesses to these vital resources,” added Mr Newbold.

“There is something on offer for all business owners, large and small, seasoned and new. We

encourage our licensees to attend and take advantage of resources designed to help them and their businesses succeed.”

MicroMentor has a social platform that enables the world’s largest community of purpose-driven entrepreneurs and business mentors to create connections, solve problems, and build successful businesses together.

Since 2008, MicroMentor has bridged geographical and cultural barriers between entrepreneurs and mentors, fostering more than 41,000 connections that span the globe.

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Wednesday, October 28, 2020, PAGE 3

BAHAMAS ‘TRAILBLAZING’ WITH ITS DIGITAL CURRENCY

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

small, medium and large, and I want to go back to first principles when we start talking about the Sand Dollar and how it impacts businesses,” Mr Davies said.

“What I mean by that is let’s stage our discussion. So, as a business, you ask yourself what are you trying to accomplish?

“Aside from anything else, it’s shocking to me sometimes when I talk to business owners about what they are trying to achieve. If you are a governmental agency, a charity or even if you are a business, what is it you are trying to do? You want to make more than you spend.

So generally you want to make a profit.

“Even if you are a business, doing wonderful things in the community, you have initiatives, you want to be a good corporate citizen,” Mr Davies added. “None of those things are possible unless you have the means with which to do it with.

“I always tell businesses you have to focus on helping yourself first before you can begin to help others,

and you need savings to do that as well. We want to talk about what is the benefit of using Sand Dollars for my business, whether I am small, medium or large.

“Why would I use it, and how am I going to use it?

How is it going to impact my business. Are there any negatives, or is it going to improve my business? At Kanoo, we focus on this. What problem does Sand Dollar solve or address in my business?” the Kanoo chief continued.

“The reason I am going down this path from the perspective of Kanoo is because these are precisely the questions we have encountered when we launched Kanoo with our digital cash, which forms a part of our platform and our ecosystem. This is no different when you are rolling out Sand Dollar to the general population.

“At Kanoo we have fully embraced, and have integrated, the Sand Dollar into our platform. We have passed all of the international security protocols and tests performed by the Central Bank to be able to fully

integrate Kanoo with the Sand Dollar, and therefore we will talk about what this means for business owners.

“Our users can effortlessly move between Sand Dollars and Kanoo digital currency seamlessly within our platform. So, when you join Kanoo, you are able to as a user or merchant automatically begin to use Sand Dollars.”

Mr Davies added that, as a result, Kanoo users will not have to wait for their money to clear the traditional banking system or depend on a third party to manage their funds.

Bobby Chen, the Central Bank’s assistant manager of e-solutions, said digital currencies are becoming more popular worldwide. “This is something that we are at the forefront of; something we are definitely trailblazing, and other economies are using us as a model to base some of their findings and research on,” he added.

“With the de-risking, a lot of the financial institutions decided it was not economically feasible to operate in

sparsely populated locales.

So, as a solution to counter that de-risking and the whole exercise around the impact, we have decided to pursue this extension of the payment service modernisation initiative that began back in the 1990s and to truly revolutionise the way we do business.

“This is truly a universal payments drill that is going to change the way small businesses and e-commerce operates and interacts with each other. You’re able to accept payments now in the palm of your hands through mobile applications,” Mr Chen continued.

“You are also able to embed certain features directly on to your e-commerce site so that you can transact and accept payments instantaneously without having a period of settlement. No T plus one, no T plus two, instantaneous transaction settlements as well as a time stamped, very highly secure ledger access through the transactional history.”

Ferry eyes November 5 to resume GB voyages

BISX ADDS NEW FUND TO LISTINGS

working through curfews and a continuation of the workfrom-home environment.

“The process continues smoothly, this time with the listing of Americas Energy Growth Fund Ltd, a private equity fund dedicated to the energy and real estate sector.

As the administrator with most funds under administration in The Bahamas, and the main sponsor of listed funds - with close to 50 percent of fund-related listings - partnering with BISX has become a key component of our offering, and a key enhancer in our ability to attract funds to The Bahamas. Being able to continue our services and ability to list during these times is key to the success of the industry.”

Holland Grant, BISX’s chief operating officer, added: “The COVID-19 pandemic has - and continues to be - a challenging time for most organisations, and truly for the entire Bahamas. I think it appropriate at this time

to show appreciation to the staff at Winterbotham and at BISX that have gone above and beyond to ensure that our offices were able to still provide services uninterrupted through this period even while working from home. I’m truly proud to be a member of this team that adjusted and outperformed under such unusual circumstances.”

The Winterbotham Trust Company served as the BISX sponsor member that brought the Americas Energy Growth Fund Ltd to the exchange.

The investment decisions will be made by Exmer Partners, and The Winterbotham Trust Company has been appointed to serve as the administrator.

The Americas Energy Growth Fund Ltd is incorporated as an International Business Company (IBC) under the laws of the Commonwealth of The Bahamas, and is licensed under the Investment Funds Act 2019.

THE Bahamian digital currency can ease multiple challenges faced by businesses of all sizes, Central Bank officials argued yesterday, including the risk of theft by both employees and outsiders.

Kimwood Mott, the regulator’s Sand Dollar project manager, told a webinar: “For our small businesses, we are creating a platform where we can see a lot of improvements in the way we do things. You could be a small business owner that wants to operate in the digital space, but you just can’t because you don’t have the financial history to approach one of the more structured financial institutions to request to operate in this space.

“You may be in a situation where you are very cash heavy, and you are being robbed by your staff just by reason of employment. You may be fed up with depositing large sums of cash at the bank, or even to avoid that

BALEÀRIA Caribbean yesterday announced it will restart voyages between south Florida and Grand Bahama on November 5 with an initial weekly service.

Disclosing that the initial itinerary will be temporary, the company said it was approaching its return with extreme caution given the ongoing COVID-19 pandemic. Bahamians who travelled to south Florida on the company’s vessel when the borders were reopened in July were blamed for bringing the virus back with them and triggering the present second wave of infections.

risk, you may have to incur the cost of hiring armoured cars.

“Or, if you are a bus driver or a taxi driver who may feel threatened by a certain individual, and you are unsure whether or not there is a higher risk that they may rob you at the end of the day. So there is a myriad of things that the Sand Dollar can bring to help alleviate some of these things. Right now, as we are in the age of COVID19, you may even feel uncomfortable exchanging cash from hand-to-hand, not knowing where those bills have been or who has touched them.”

Keith Davies, chief executive at Kanoo, the digital payments provider, said it had passed all the necessary security tests to integrate the Bahamian digital currency into its platform. This, he added, means that Kanoo’s several thousand users and merchants will have instant access to Sand dollars.

“I have been talking to businesses of multiple sizes,

Baleària Caribbean said the Jaume II will sail out of Port Everglades at 8 am on Thursday, and depart Freeport at 4 pm on the same day. It promised Bahamians that “strict safety and sanitation protocols” will be enforced.

“The company has been certified by the international entity, Bureau Veritas, with the Global Safe Site COVID-19 certificate,” the ferry operator said. “Baleària is the first shipping company in operation to hold such a high level of safety certification.

“The use of face masks/ coverings will be mandatory during the duration of

the travel process for both passengers and staff members. Plexiglass dividers on every seat and common area have added additional layers of safety.”

Other measures include temperature scanning for each passenger before boarding, and easy access to sanitiser dispensers in the terminals and aboard the vessel. To facilitate social distancing, passenger capacity has been reduced by 40 percent temporarily.

Both ship and terminals will undergo a deep and extensive sanitation process before, during and after each sailing.

Doctors Hospital

Notice

TO SHAREHOLDERS OF DOCTORS HOSPITAL HEALTH SYSTEM REGARDING DIVIDEND DECLARATION

Whereas there are sufficient funds to provide a cash dividend to the shareholders of Doctors Hospital Health System, and Whereas the Directors have determined that after the payment of such dividends the Company will be able to meet all of its oblig continuing obligations and provide adequate funds for reinvestment in the business, Notice is hereby given that the Board of Directors has declared a dividend of $0.04 per share to be paid to shareholders of record on November 4th, 2020.

The payment date shall be November 6th, 2020.

Isn’t Your Health Worth It?

THE Bahamas International Securities Exchange (BISX) has made another addition to its growing ranks of investment fund listings.

The exchange, in a statement issued yesterday, said the Americas Energy Growth Fund Ltd had completed the listing process and been added to its mutual fund listing roster.

Ivan Hooper, chief executive of The Winterbotham Trust Company, which brought the fund to the exchange, said: “We continue working with the BISX team in listing funds during these challenging times, particularly as we continue

PAGE 4, Wednesday, October 28, 2020

THE TRIBUNE

US ‘cut off’ fear on marijuana pursuit FROM PAGE ONE

facilities, is exactly what is provided by these correspondent relationships.

In effect, correspondent banking is the element in the Bahamian financial system that lubricates the economy and its international business centre model. Mr Bowe said the key question for The Bahamas is whether it should “throw caution to the wind”, and endanger these banking ties, by pursuing a medical marijuana and/or hemp industry as part of its COVID-19 recovery plan.

Suggesting The Bahamas must be sure the benefits from doing so outweigh the likely economic loss caused by the severing of correspondent links, Mr Bowe revealed there had been banking industry discussions on the feasibility of this nation purchasing or setting up its own US-based correspondent to ensure it retains US dollar clearing and settlement access.

Mr Brathwaite, meanwhile, warned that The Bahamas could see a repeat of what happened with the web shop gaming industry if it proceeded to legalise a medical marijuana/hemp industry but the commercial banks refused to conduct business with it.

Just like the web shops pre-legalisation, he warned this could result in the creation of an “underground” or parallel financial system where the marijuana industry’s potentially vast proceeds remained outside the formal banking system

- a development that would likely bring increased scrutiny upon The Bahamas from the world’s anti-money laundering overseers.

“There is one concern that no one is commenting on,” Mr Brathwaite said yesterday. “Marijuana is still a US federal crime, and as such any industry will become an ‘underground’ industry just like the numbers industry prior to it being legalised.

“Any bank in the Caribbean that decides to bank the proceeds will risk losing their losing their correspondent bank relationships. This was conveyed to the Caribbean Banks Association meeting which was held in Florida in summer 2019.”

The Clearing Banks chief said this “unequivocal” and “unambiguous” message was delivered by a US State Department official.

While not necessarily sending proposals for a Bahamian medical marijuana and/or hemp industry completely up in smoke, the threat to The Bahamas’ US correspondent banking relationships represents a major obstacle.

Mr Bowe, who said he had warned potential funders and financiers of medical marijuana about this problem, added that Canadian banks were having to “ring fence” accounts and monies linked to that nation’s legalised marijuana industry from participation in US crossborder transactions.

Branding this as “very difficult and a tall order”, as well as a sign of what

LEGAL NOTICE

NOTICE CASH INVEST S.A. Company No. 568328 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that CASH INVEST S.A. is in voluntary liquidation. The voluntary liquidation commenced on 26th October, 2020 and GABRIELA DIAS of Kohlrainstrasse 1, 8700 Küsnacht, Switzerland, has been appointed as the Sole Liquidator.

Dated this 27th day of October, 2020 Sgd. GABRIELA DIAS Voluntary Liquidator

The Bahamas may be faced with, Mr Bowe said the signal from the same Florida conference was that Bahamian and Caribbean banks should “only take on clients acceptable to correspondent banks.

“As it stands,” he added, “US banks are not prepared to take on any respondent banks that have the [marijuana] industry as a client,” he added. “Whilst it is a wonderful conversation to have in terms of what we believe this industry can produce, there are a lot of underlying factors that have to be recognised and set out if it’s to be a a meaningful sector.

“It’s a golden rule. As long as the US is opposed to it at a federal level, because we are reliant and heavily dependent on them for correspondent banking, imports and trade, we’d have to consider how we find an alternative to this if we go down this path because we will not have the same easy access to the US as we currently enjoy.

It’s not as simple as people think...

“Is it a multi-billion industry for The Bahamas that is so worthwhile throwing caution to the wind, and taking it on, because it compensates for everything we lose on the other side? That is to be the debate before we take it on.”

Mr Bowe recalled a seminar he attended in Jamaica, which legalised medical marijuana some five years ago, and the challenges it was having in developing the sector. He said the major dispensaries and

“players” in Canada talked about how technology was allowing them to “produce far more potent strains than they produce naturally” which raised questions about The Bahamas’ potential competitiveness.

Asked what would happen should The Bahamas lose its US correspondent banking ties, Mr Bowe replied: “Without them you die. We would literally be back to personal savings institutions where only Bahamian dollar transactions take place.

“Any banking institution that is not a co-operative whose intended purpose is to conduct transactions wholly in Bahamian dollars will not exist without a correspondent relationship.

And if we import 90 percent of what we consume, and if we pursue this, think about not having US currency and access.”

The Fidelity Bank (Bahamas) warned that the loss of US correspondent banking links would leave Bahamians unable to obtain US dollars from local commercial banks, or use credit/ debit cards and wire transfers to pay for purchases from Amazon and other online sites.

Warning against “cutting off our nose to spite our face” over the medical marijuana/hemp proposal, Mr Bowe said community and state banks that typically did not conduct transactions across state lines were being used to accept the industry’s funds in the US and avoid coming under the remit of US federal law.

He added that there

had been talks among Bahamas-based commercial and private banks over the creation of a US-based correspondent to serve the industry here, but this would still come under the oversight of federal regulators.

Mr Brathwaite, meanwhile, said even medical marijuana was still treated as a federal crime based on the US State Department official’s explanation at last year’s conference. “People think this is an excellent way to make money,” he added, “and build our economy, but there some challenges to that. We all need to be careful with this if we’re going to be involved in this kind of industry.

“Just think of a bank where you cannot transfer funds, transact business in the US and all your expenses. How do you deal with that? You cannot send wires throughout the US without a correspondent connection. You are cut off from the US. I don’t think anyone wants that.”

Mr Brathwaite pointed out that Bahamian banks’ US correspondent relationships had already been under pressure for some years, as their counterparts moved to “de-risk” and drop links to institutions where the perceived risk of being exposed to regulatory breaches - and multi-million dollar fines - outweighs the potential earnings reward.

Warning that medical marijuana/hemp could worsen this trend, he added that any refusal by Bahamian commercial banks to accept deposits and

transactions with the sector could create “an underground economy” similar to that of the web shops pre-legalisation where “the proceeds and profits did not go through the banking system”.

None of this was addressed in the Economic Recovery Committee (ERC) report, which simply recommended that all Bahamas-based companies involved in the production, manufacturing, sale and export of cannabis must have a “minimum” of 50 percent Bahamian ownership.

It also called for the government to “make crown land available to Bahamians to cultivate cannabis (with special provisions for small-scale farmers and the Rastafarian community), and manufacture cannabisbased products”.

“The government should avoid over-regulation of the market, which will have the effect of sustaining a black market for smaller producers or retailers who do not have the means to navigate complex bureaucracies,” the ERC added.

It also urged an exemption of CBD products - hemp and hemp derivative products with minimal or no THC levels - “from the regulatory ambit, and permit their trade with minimal restriction”.

Mr Brathwaite admitted he was “kind of surprised” that the correspondent banking fears were not addressed given that these have been known since last year.

NOTICE

NOTICE

MELINCUE LIMITED

SAHABE LIMITED

N O T I C E IS HEREBY GIVEN as follows:

N O T I C E IS HEREBY GIVEN as follows:

(a) MELINCUE LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) SAHABE LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 26th October, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said company commenced on the 26th October, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is CST Administration (Bahamas) Limited of the Bahamas Financial Centre, Shirley and Charlotte Streets, P.O.Box N-3023, Nassau, Bahamas.

(c) The Liquidator of the said company is CST Administration (Bahamas) Limited of the Bahamas Financial Centre, Shirley and Charlotte Streets, P.O.Box N-3023, Nassau, Bahamas.

Dated this 28th day of October, A. D. 2020 _________________________________ CST Administration (Bahamas) Limited Liquidator

Dated this 28th day of October, A. D. 2020 _________________________________ CST Administration (Bahamas) Limited Liquidator

NOTICE

NOTICE

NOTICE

FARLOW LIMITED

CLARO DE LUNA LIMITED

GAMA ASFALIA MANAGEMENT LIMITED

N O T I C E IS HEREBY GIVEN as follows:

N O T I C E IS HEREBY GIVEN as follows:

N O T I C E IS HEREBY GIVEN as follows:

(a) FARLOW LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) CLARO DE LUNA LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) GAMA ASFALIA MANAGEMENT LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 26th October, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said company commenced on the 26th October, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said company commenced on the 26th October, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is CST Administration (Bahamas) Limited of the Bahamas Financial Centre, Shirley and Charlotte Streets, P.O.Box N-3023, Nassau, Bahamas.

(c) The Liquidator of the said company is CST Administration (Bahamas) Limited of the Bahamas Financial Centre, Shirley and Charlotte Streets, P.O.Box N-3023, Nassau, Bahamas.

(c) The Liquidator of the said company is CST Administration (Bahamas) Limited of the Bahamas Financial Centre, Shirley and Charlotte Streets, P.O.Box N-3023, Nassau, Bahamas.

Dated this 28th day of October, A. D. 2020 _________________________________ CST Administration (Bahamas) Limited Liquidator

Dated this 28th day of October, A. D. 2020 _________________________________ CST Administration (Bahamas) Limited Liquidator

Dated this 28th day of October, A. D. 2020 _________________________________ CST Administration (Bahamas) Limited Liquidator

NOTICE

NOTICE

NOTICE

HAPPY GRAPE TREE LIMITED

ZOUNDS LIMITED

TICUNAS LIMITED

N O T I C E IS HEREBY GIVEN as follows:

N O T I C E IS HEREBY GIVEN as follows:

N O T I C E IS HEREBY GIVEN as follows:

(a) HAPPY GRAPE TREE LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) ZOUNDS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) TICUNAS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 26th October, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said company commenced on the 26th October, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said company commenced on the 26th October, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is CST Administration (Bahamas) Limited of the Bahamas Financial Centre, Shirley and Charlotte Streets, P.O.Box N-3023, Nassau, Bahamas.

(c) The Liquidator of the said company is Leeward Nominees Limited, Vistra Corporate Services Centre, Wickhams Cay 11, Road Town, Tortola, British Virgin Islands.

(c) The Liquidator of the said company is CST Administration (Bahamas) Limited of the Bahamas Financial Centre, Shirley and Charlotte Streets, P.O.Box N-3023, Nassau, Bahamas.

Dated this 28th day of October, A. D. 2020 _________________________________ CST Administration (Bahamas) Limited Liquidator

Dated this 28th day of October, A. D. 2020 _________________________________ Leeward Nominees Limited Liquidator

Dated this 28th day of October, A. D. 2020 _________________________________ CST Administration (Bahamas) Limited Liquidator

THE TRIBUNE

Wednesday, October 28, 2020, PAGE 5

‘Banking desert’ fears following Scotia pull-out

Restaurant invests $10k for COVID’s growing realities

FROM PAGE ONE mobile and online banking.

Roger Archer, Scotiabank (Bahamas) managing director, said: “While we have made the difficult decision to consolidate a number of our retail operations, these changes are necessary for our long-term viability and success as a business.

We will make every effort during this process to minimise customer impact and preserve the employment of affected staff through redeployment, where possible”.

The bank did not respond to Tribune Business inquiries on how many staff will be impacted, and how many jobs may go, before press time last night. However, Scotiabank (Bahamas) said its decision was driven by “significant shifts in customer behaviour and transaction volumes over the past few years, which have accelerated since the onset of the COVID-19 pandemic”.

It added: “Branch traffic in some locations has been reduced by as much as 50 percent as customers continue to utilise digital banking platforms.” Scotiabank (Bahamas) Family Island withdrawal will open the way for digital providers and money transmission businesses, such as Kanoo, Omni and Sun Cash, to fill the gap.

However, Mr Gibson said poor internet connectivity in parts of Long Island would make accessing digital financial services difficult for constituents.

He also questioned the timing of Scotiabank’s decision given that Long Island was being positioned for a post-COVID turnaround by infrastructure upgrades involving the airport and water systems.

The MP said he would

FROM PAGE ONE again write to the minister of finance to see if there was a possibility that Bank of The Bahamas, in which the government owns a combined 82 percent stake, could establish a presence on Long Island. And he also suggested that the commercial banks establish a shared services hub that met the needs of multiple islands.

“We desperately need financial inclusion as people are unable to access basic services,” Mr Gibson added.

K Peter Turnquest, pictured, deputy prime minister, in a statement said COVID-19 had “accelerated” the drive towards digital commerce “and these developments have caught up with us, unfortunately”.

While the government “regrets” Scotiabank’s decision, especially the redundancies that will result, Mr Turnquest urged residents and businesses in the impacted islands to take advantage of the justlaunched Bahamian digital dollar and other electronic means to meet their payment needs.

“We must double our efforts to further deepen and diversify our economy, projecting the future of work in The Bahamas and opportunities to move into different types of work, taking advantage of the technology and Fintech developments,” he added.”

Scotiabank said it will provide customer assistance for digital banking.

It added that following the closures, the bank will still have nine branches across The Bahamas as well as over 70 automated banking machines - a network it plans to expand.

LEGAL NOTICE

process was definitely ‘owned’ by the team there,” he continued. “They gathered contacts for our various service providers and began correspondence immediately on putting together the various complex integrations that were required to tie our in-store POS system directly with the website.

“In addition, they organised merchant services with our local bank and the third party provider, all in a seamless manner, as we gave basic information and access along the way to move the project forward.”

“As we evaluated our needs we came to understand that there were several approaches we could take, which had varying degrees of complexity, cost and ultimately effectiveness towards our end goal,” Mr Wilson said.

“We discussed the options with the team at Plato Alpha and were impressed with their ability to outline and translate the technical hurdles into value-added touch points for our business. Ultimately we decided

on a fully integrated e-commerce solution that we plan to take Six ‘n Four into 2021 and beyond.”

Mr Wilson added: “I think the biggest challenge for us is that with our restaurant, in particular, we’ve worked to create a physical service environment, one where we create an environment that is aesthetically pleasing and a lot of the elements we bring in from a brand perspective, we put into the physical brick and mortar.

“In addition to that we’re real big on service, and so it takes an element of that human service and personal touch; that is kind of the things we are known for. It takes that and it puts that in a new format. So our challenge is to really bring across a menu of those elements through the technology to our customers.

“That’s a challenge, but with everything else it is just business. You have to understand that it is something everyone else is facing, and it’s all about making it a priority and the figuring out how do you do the best job that you can.”

YOUR

WWW.FACEBOOK.COM/JOYFM1019

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

LEGAL NOTICE OF DISSOLUTION

Catepillar Forklift P600 – Broken

INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000)

Phone: (242) 698-7402

In Voluntary Liquidation

************

Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), LILY CORPORATION LIMITED is in dissolution. The date of commencement of the dissolution is 26th October, 2020. Ian Simon Osborn is the Liquidator and can be contacted at 25 North Bridge Road, #07-00 EFG Bank Building, Singapore 179104, Singapore. All persons having claims against the abovenamed Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 25th day of November, 2020.

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

NOTICE

Phone: (242) 601-5328

INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) In Voluntary Liquidation Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), LOU LOU LTD. is in dissolution. The date of commencement of the dissolution is 26th October, 2020. Juliane Weigt is the Liquidator and can be contacted at Im Mühleholz 32, 9490 Vaduz, Liechtenstein. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 13th August, 2020.

PERSONAL ASSISTANT TO CEO Do you have great interpersonal skills, are you self-motivated, well presented and professional?

A progressive small business is seeking a suitable candidate to fill the roll of Personal Assistant.

The successful candidate will provide one-onone support to the office of the CEO by offering day to day office organization and administrative assistance.

Responsibilities ● Preparing communications on behalf of a CEO. ● Answering phone calls. ● Organising and planning meetings. ● Taking notes and writing minutes during meetings. ● Conducting or preparing any research that the CEO may require. ● Managing databases and filing systems. ● Implementing and maintaining procedures/ administrative systems. ● Liaising with staff, suppliers and clients. ● Collating and filing expenses related to the CEO’s office. ● Organising the CEO’s personal commitments including travel or childcare. ● Various reasonable and ad hoc requests Qualifications & Skills At least 3 years of experience in a similar position and a sound education; a degree in business or communications is advantageous but not required. ● ● ● ● ● ● ● ●

Discretion and trustworthiness Flexibility and adaptability Tact and diplomacy Computer literacy and knowledge of software standard software packages Verbal and written articulacy Efficiency Well-developed time management skills Strong organisational skills

Email:chinainvestment1969@hotmail.com

CHOICE FOR THE FAMILY

MARKET REPORT www.bisxbahamas.com

TUESDAY, 27 OCTOBER 2020

BISX ALL SHARE INDEX:

CLOSE

CHANGE

2080.41

-0.50

%CHANGE

YTD

YTD%

-0.02 -151.19

-6.77

(242) 323-2330 (242) 323-2320

BISX LISTED & TRADED SECURITIES 52WK HI 4.07 22.66 2.00 1.79 2.46 6.00 6.75 4.70 8.59 4.50 6.16 12.77 3.64 5.65 10.88 8.44 16.99 4.25 9.33 15.21

52WK LOW 3.13 22.65 0.67 1.65 1.67 5.40 5.39 2.70 4.75 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 RF Bank & Trust Limited 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 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

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 3.76 5.99 11.26 2.14 5.65 10.30 8.44 14.30 3.95 8.19 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 2.10 5.65 10.28 8.44 14.30 3.94 8.19 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.04) 0.00 (0.02) 0.00 0.00 (0.01) 0.00 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

17,000 9,600

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 20.6 12.1 15.9 11.6 17.5 19.4 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% 20.67% 1.06% 3.19% 2.84% 3.78% 3.05% 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

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

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

T

he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned.

YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides.

Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property.

This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home.

We look forward to your continued support in this worthwhile endeavour.

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

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

OPPORTUNITIES • • • •

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

BENEFITS

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

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

NOTICE NOTICE is hereby given that ALMEDA PATRICIA ORDELUS of #16 Gamble Heights, 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 28th day of October, 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that BRUNO THEODORIS JR. of James Cephas Lean, Grand Cay, Abaco, 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 28th day of October, 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE Pursuant to the provisions of Section 138 (4) (a), (b) and (c) of the International Business Companies Act, 2000, notice is hereby given that:-

To advertise in The Tribune, contact 502-2394

Wednesday, October 28, 2020, PAGE 7

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, STEPHONE LAVANO ADDERLEY of Western District of New Providence, intend to change my name to STEPHONE LAVANO JOHNSON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

LEGAL NOTICE OF DISSOLUTION

Notice International Business Companies Act (No. 45 of 2000) In Voluntary Liquidation

Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No. 45 of 2000), Turril Ireland Limited is in dissolution. Amin Khaled Badr-El-Din is the Liquidator and can be contacted at 36B Kayed Armouti Street, Abdoun, P.O. Box 140825, Amman 11814, Jordan. The date of commencement of the dissolution is 26th October, 2020.

All persons having claims against the above. The date of co named Company are required to send their names, dissolution is 26th October, 2020. debt or claims to addresses and particulars of their the Liquidator before the 25th day of November, 2020.

November, 2020.

25th

NOTICE Pursuant to the provisions of Section 138 (4) (a), (b) and (c) of the International Business Companies Act, 2000, notice is hereby given that:-

(a) ISMALENE COMPANY LTD. is in dissolution;

(a) KARMETTA COMPANY LTD. is in dissolution;

(b) The date of commencement of the dissolution is the 26th day of October A.D., 2020 and

(b) The date of commencement of the dissolution is the 26th day of October A.D., 2020 and

(c) the Liquidator is C.B. Strategy Ltd., of Sassoon House, Shirley & Victoria Streets.

(c) the Liquidator is C.B. Strategy Ltd., of Sassoon House, Shirley & Victoria Streets.

C.B. Strategy Ltd. LIQUIDATOR

C.B. Strategy Ltd. LIQUIDATOR

PAGE 8, Wednesday, October 28, 2020

THE TRIBUNE

$100m Love Beach condo project revives FROM PAGE ONE

Residents who attended last year’s Town Planning meeting had suggested controversial Austrian financier, Dr Mirko Kovats, was behind the project although this has not been confirmed.

Dr Kovats, a Bahamas resident who owns a home at Lyford Cay, was behind a 2014 bid to acquire the 363-acre South Ocean resort in southwestern New Providence which is now in the process of

being purchased by the Albany developers.

According to its website, Mylor is an “investment vehicle” created in Hong Kong SAR (China) in 2005, and financed by multiple investors specialised in real estate development.

It is primarily focused on retirement properties.

“Most of the Caribbean countries offer a very suitable location for retirement homes, with easy access to the US and Latin America. Most are islands and enjoy a very uniquely pleasant climate, in an

unpolluted environment, and present for non-US persons (depending on each country’s regulations and tax treaties) some very attractive tax advantages for anyone spending more than six months a year in here,” Mylor said.

“Mylor Ltd has created Mylor Caribbean Development to identify perfect properties for its clients and investors. We are currently exploring several acquisitions in The Bahamas and in the Turks & Caicos. Our intention is to offer to our clients a very

unique one-stop service, where our operation will provide package acquisition, inclusive of residency permit, and with all facilities to make our clients and investors’ retirement one of their happiest time ever.”

Mr Matthews, though, said the The View at Love Beach Residences, which is located just to the west of the Palms at Love Beach on New Providence’s north coast, was targeting an “expanding market” that will be attracted by The

Bahamas’ new work/study visa to operate online from this nation. “They see a bit of potential in that,” he said.

Love Beach residents had previously objected on the basis that the site on which the developer proposes to build are zoned for multi-family residential development only, not commercial development. They added that restrictive covenants prohibit the construction of any building 28 feet in height above ground level.

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 88° F/31° C Low: 73° F/23° C

TAMPA

THURSDAY

FRIDAY

SATURDAY

SUNDAY

Partly sunny, breezy and humid

A moonlit sky, warm and humid

Mostly sunny and humid

Sunny and humid

Mostly sunny, humid; a p.m. shower

Partly sunny, a t‑storm possible

High: 86°

Low: 77°

High: 86° Low: 77°

High: 85° Low: 77°

High: 84° Low: 76°

High: 85° Low: 75°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

94° F

85° F

95°-87° F

97°-84° F

94°-81° F

95°-77° F

High: 91° F/33° C Low: 77° F/25° C

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: 80° F/27° C

7‑14 knots

S

High: 86° F/30° C Low: 78° F/26° C

7‑14 knots

FT. LAUDERDALE

FREEPORT

High: 88° F/31° C Low: 80° F/27° C

E

W S

E

W

WEST PALM BEACH

N

uV inDex toDay

TONIGHT

High: 86° F/30° C Low: 76° F/24° C

MIAMI

High: 88° F/31° C Low: 79° F/26° C

8‑16 knots

KEY WEST

High: 87° F/31° C Low: 80° F/27° C

ELEUTHERA

NASSAU

High: 86° F/30° C Low: 77° F/25° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 85° F/29° C Low: 80° F/27° C

N

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

6:31 a.m.

6:45 p.m.

2.9 2.8

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

Monday

8:32 a.m.

8:48 p.m.

3.1 2.5

2:15 a.m.

2:59 p.m.

0.4 0.5

Tuesday

9:09 a.m.

9:25 p.m.

3.1 2.4

2:49 a.m.

3:37 p.m.

0.4 0.6

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

sun anD moon Sunrise Sunset

7:15 a.m.

6:32 p.m.

Moonrise Moonset

5:14 p.m.

4:40 a.m.

Full

Last

New

First

Oct. 31

Nov. 8

Nov. 14

Nov. 21

CAT ISLAND

E

W

High: 85° F/29° C Low: 80° F/27° C

N

S

E

W

8‑16 knots

S

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

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 88° F/31° C Low .................................................... 77° F/25° C Normal high ....................................... 83° F/29° C Normal low ........................................ 72° F/22° C Last year’s high ................................. 89° F/32° C Last year’s low ................................... 77° F/25° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ............................................... 59.07” Normal year to date ................................... 34.89”

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

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 85° F/29° C Low: 80° F/27° C

High: 85° F/29° C Low: 80° F/27° C

N

High: 86° F/30° C Low: 81° F/27° C

E

W S

LONG ISLAND

tracking map

High: 86° F/30° C Low: 80° F/27° C

8‑16 knots

MAYAGUANA High: 86° F/30° C Low: 81° F/27° 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: 80° F/27° C

GREAT INAGUA High: 88° F/31° C Low: 80° F/27° C

N

H

High: 85° F/29° C Low: 80° F/27° C

E

W

E

W

N

S

S

10‑20 knots

10‑20 knots

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

Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:

WINDS E at 7‑14 Knots SE at 7‑14 Knots E at 8‑16 Knots ESE at 7‑14 Knots E at 8‑16 Knots E at 7‑14 Knots ENE at 8‑16 Knots ENE at 8‑16 Knots E at 8‑16 Knots ESE at 7‑14 Knots E at 7‑14 Knots SSE at 7‑14 Knots E at 8‑16 Knots E at 7‑14 Knots NE at 10‑20 Knots ENE at 8‑16 Knots ENE at 8‑16 Knots E at 7‑14 Knots ENE at 8‑16 Knots E at 8‑16 Knots E at 8‑16 Knots ESE at 7‑14 Knots NE at 10‑20 Knots E at 7‑14 Knots E at 8‑16 Knots ESE at 7‑14 Knots

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

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 5 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 83° F 83° F 83° F 83° F 84° F 83° F 83° F 82° F 83° F 83° F 84° F 83° F 83° F 83° F 84° F 84° F 84° F 84° F 83° F 83° F 83° F 83° F 83° F 83° F