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VOLUME:117 No.231, OCTOBER 28TH, 2020
THE PEOPLE’S PAPER: $1
INSIDE: BUMPER PUZZLER PULLOUT FOR ALL THE FAMILY
UP IN SMOKE? US banking rules may stop move to cannabis industry By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE 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, said Bahamian institutions were informed last year their correspondent relationships with US banks would be endangered if they took deposits from this sector even if legalised here. This, they said, is because US federal law still treats the cultivation of marijuana
SEE PAGE EIGHT
SCOTIA TURNS ITS BACK ON KEY ISLANDS
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 this issue had seemingly not figured more prominently in both the National Commission on Marijuana, and the Economic Recovery Committee’s reports and discussions even though Mr Bowe said he had raised the potential obstacles with both the former body and the government.
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 the Canadian-owned bank’s decision to close its “semi-operational” 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 pull-out several years ago. “I fear this will have a devastating impact on my people’s access to financial services,” he said. Scotiabank yesterday 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.
FULL STORY - SEE BUSINESS
GROCERS IMPLORE PM TO END WEEKEND LOCKDOWN By KHRISNA RUSSELL Tribune Chief Reporter krussell@tribunemedia.net THE Retail Grocers Association has called for the end to the weekend lockdowns along with the 7pm curfew, insisting the measures have left businesses teetering on the edge of bankruptcy. Lockdowns have not stopped the spread of COVID-19, the association said in a letter to Prime Minister Dr Hubert Minnis in his capacity as competent authority. The group also said the curfew does not provide a reasonable
enough time frame to allow businesses to meet the demands of consumers. That letter dated October 26, seen by The Tribune, noted: “Call off the future planned weekend lockdown and extend the curfew to a reasonable time in order to accommodate all business.” It came as the House of Assembly on Monday passed a resolution to extend Emergency Powers Orders until November 30. The Senate passed the State of Emergency extension yesterday. SEE PAGE FOUR
WHY DO WE LET THE CHURCH KEEP PULLING STRINGS?
FULL STORY - SEE BUSINESS
IT’S A B-RUSHOUT JUNKANOO legend Eddie Dames captured on canvas by Bahamian artist Alton Joseph. The artist champions Bahamian creativity, with work focusing on the nation’s scenery, icons and landmarks as well as exploring Africa in his work. See Friday’s Weekend section for the full story.
MY AMBITION? MINNIS CAN WIN IT By RASHAD ROLLE Tribune Senior Reporter rrolle@tribunemedia.net FORMER Health Minister Dr Duane Sands said he believes the Free National Movement can win the next general election with Prime Minister Dr Hubert Minnis at the helm of the organisation, though he cautioned that the party faces challenges. He made the comment during an appearance
FORMER Health Minister Dr Duane Sands. on talk show Beyond the Headlines with Clint Watson last night. Dr Sands was coy about his own intentions, however, when
asked by the show’s host if he had plans to “make a move” to be prime minister for “the next election”. Dr Sands replied: “I would have made it very clear that there are no options off the table, but the one thing I’m going to say is my ma didn’t raise no fool and the last thing I’m going to do is telegraph what my strategy and plan is at this point. Let us see how things play out.” SEE PAGE THREE
Nassau & Bahama Islands’ Leading Newspaper
LOVE BEACH PROJECT IS BACK IN PLAY
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. FULL STORY - SEE BUSINESS