10292020 BUSINESS

business@tribunemedia.net

THURSDAY, OCTOBER 29, 2020

$4.00 Marijuana chief admits ‘dilemma’ over bank threat

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas faces “a dilemma and serious concern” in developing a medical marijuana/hemp industry due to US legal restrictions, a government advisory body co-chair conceded yesterday.

Quinn McCartney, pictured, who heads the National Commission on Marijuana with Bishop Simeon Hall, told Tribune Business The Bahamas cannot afford to be cut-off from the US financial and economic system by Bahamian banks losing their correspondent relationships

due to concerns about a legalised industry conflicting with US federal law.

Speaking after two prominent bankers sounded the alarm over this issue, Mr McCartney said the threat posed to The Bahamas developing its own medical marijuana/hemp industry was something already on the Commission’s “radar”.

SEE PAGE 8

Scotiabank: 93% of transactions at closing sites digital

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SCOTIABANK (Bahamas) top executive yesterday said 93 percent of transactions at the five branches it plans to close are now being conducted over self-service or digital banking channels.

Roger Archer, the institution’s managing director, in e-mailed replies to Tribune Business questions said the use of these mechanisms by customers using its Andros, Exuma, Long Island, Abaco and Paradise Island branches had accelerated

during the COVID-19 pandemic.

“Within the branches impacted by these changes, approximately 82 percent of total transactions were being conducted using our self-service banking channels (which include ABM, point of sale, mobile and online) at the start of 2020,” he said. “By September, this number moved to approximately 93 percent. We believe the current trend in customer preference was further accelerated by the COVID-19 pandemic.”

SEE PAGE 12

Atlantis affirms phased re-open before year-end

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ATLANTIS yesterday reaffirmed its re-opening will take a phased approach with its “first guests” expected to return to Paradise Island before year-end 2020.

Audrey Oswell, the mega resort’s president and managing director, told the property’s roughly 8,000strong workforce that not all staff will be recalled for the initial opening and said further details will be provided shortly on “the milestones Atlantis needs to achieve to bring” all back.

Confirming the contents leaked briefing notes, which revealed Atlantis plans to re-open before year-end, although the date has yet to be specified, Mrs Oswell said: “I am writing to update you that we will be

AUDREY OSWELL announcing our plans to reopen Atlantis in the weeks ahead. Currently, we expect to welcome our first guests before the end of 2020.”

The prime minister’s address yesterday did little to alter the COVID-19 environment facing Atlantis and other New Providence resorts, although the move to re-open beaches on weekdays was likely made with the industry’s November

SEE PAGE 11

$4.03

$4.03

$3.95

Albany targeting phased South Ocean expansion

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

LBANY is planning a phased redevelopment of its South Ocean neighbour that will create several hundred construction jobs in the initial stages, environmental submissions have revealed.

The southwestern New Providence development will first transform the waterfront of the former 363-acre hotel site via Albany West, which will involve the demolition of existing structures connected to the South Ocean resort and their replacement with a clubhouse, condominiums, associated

• Several hundred construction jobs in first phases • Waterfront transformation developer’s first goal • South West Bay re-routed; Stuart Cove’s to move amenities and beachfront lot sales to homeowners seeking to purchase their own real estate.

The project’s Environmental Baseline Survey, which was prepared by Caribbean Coastal Services and approved by the newly-named Department of Environmental Planning and Protection (DEPP) on August 5, 2020, disclosed that the construction workforce will quickly triple as Albany West goes through the gears.

“During construction approximately 100

temporary jobs will be generated in Phase 1A, and approximately 300 in Phase 1B. As the project phases are rolled out additional jobs will be made available,” the document added.

Albany representatives declined to comment when approached by Tribune Business, indicating it would be premature and inappropriate to speak presently - a sign that the expansion project is still working through all the necessary approvals with the government.

However, given the established track record

and financial resources of Albany and its shareholders, which include the Tavistock Group, the vehicle for worldwide investments by Lyford Caybased billionaire Joe Lewis, and world-renowned golfers Tiger Woods and Ernie Els, the expansion of the 600-acre southwestern New Providence has every likelihood of proceeding.

The government, desperate to generate jobs and foreign currency earnings amid the COVID-19

SEE PAGE 4

Oil opponents stoke fears for 122k jobs

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ENVIRONMENTAL activists yesterday warned the Prime Minister more than 122,000 Bahamian jobs could be in jeopardy if imminent oil exploration activities result in any accidental spills or pollution.

The groups behind the Our Islands, Our Future coalition, in a letter to Dr Hubert Minnis that was obtained by Tribune Business, alleged there were numerous deficiencies in the Environmental Impact Assessment (EIA) and Environmental Management Plan (EMP) submitted by Bahamas Petroleum Company (BPC).

With an impact

• Activists slam explorer’s environmental submissions • Allege spill could hit industries with $7.7bn output • Urge PM to ‘immediately cancel’ existing licences assessment suggesting that $7.7bn, a sum equivalent to 62 percent of The Bahamas’ 2018 GDP, could be threatened in a worst-case scenario, Our Islands, Our Future accused BPC of bombarding Bahamians with “meaningless information to make us think they have done their homework” when it has not.

The oil explorer has already obtained the necessary Environmental Authorisation (EA) and all related permits to drill its first exploratory well, which it hopes to begin pre-Christmas 2020 in waters some 80

miles west of Andros close to The Bahamas’ maritime boundary with Cuba.

But, while BPC has steadfastly maintained that its environmental submissions are fully compliant with Bahamian law and international standards/best practices, Our Islands, Our Future said an analysis of the EIA and EMP that it commissioned from Dr William J Rogers, of Omega EnviroSolutions, highlighted at least five areas containing alleged flaws.

The group, whose main participants are the Bahamas Reef Environment

Education Foundation (BREEF) and Waterkeepers Bahamas, argued the deficiencies it had identified should be sufficient cause for Dr Minnis to “immediately cancel all existing licenses” for oil exploration - including those of BPC. Noting that its petition opposing BPC’s activities has obtained more than 40,000 signatures, Our Islands, Our Future said it was providing the Government with “important and relevant information” to help it “make the best

SEE PAGE 9

PAGE 2, Thursday, October 29, 2020

THE TRIBUNE

MUST admit that it can be tricky to accurately assess a person from a quick study of their resume and a brief interview or two.

Candidates are obviously putting their best foot forward, and seasoned professionals have learned how to identify tell-tale signs of their true potential. This is particularly true when it comes to hiring bad graphic designers, making it pretty easy to spot them. Here are a number of signals identified as red flags to avoid.

One-tone portfolio Hiring decisions seek more than just sheer skill.

A one-tone portfolio can be a sign of inexperience, and showcase creative inability.

Designers may have similar designs, but they should be used in slightly different variations.

Busy designs Designers with minimum

training can sometimes miss the most basic design elements often taught in an introductory graphic design programme. Multiple fonts that crowd a small advertisement, with numerous Photoshop effects, is taboo. A busy design with pretty much everything on it usually lacks the fundamentals of the “elimination process”.

Questions Graphic designers are naturally observant and pay close attention to details.

However, one important marker is their ability to ask good questions. In fact, employers should be cautious of potential candidates who have no inquiries. If a designer does not ask questions to understand your values and culture, their efforts may have minimal impact on your business.

Design ideas Organisations welcome

fresh, creative perspectives.

If a designer accepts your first idea without question, that is a concern. Design is subjective, and good designers understand that even the most buttoned-up assignments benefit from a little collaboration between designer and client.

A good designer understands when to push back and respectfully say “no”, leading clients from bad ideas to good ones. A client’s initial idea often might not be the best solution.

Effective designs must communicate clearly and drive viewers towards an action.

Poor typography We may have all heard “stay away from fonts like Comic Sans and Papyrus”, but there is more to typography than font choice alone. The general rule of thumb is normally two or three fonts, ensuring that they complement each other. Using four to five fonts that do not highlight a brand’s personality or convey a message is definitely a red flag. Every font has a specific use. Therefore, that expression should

WATER CORP’S $2.5M SOLAR OUTLAY TO DRIVE SUSTAINABLE REBUILD

project epitomised its drive to rebuild using more sustainable systems.

Adrian Gibson, speaking at a webinar featuring Caribbean ministers responsible for water, said: “We want to highlight our solarisation project in Abaco. The Water & Sewerage Corporation and our international partners have committed that

all infrastructural systems rebuilt in the Abacos must be stronger and more climate resilient to withstand potential future storms.

“As part of this commitment, Water & Sewerage Corporation partnered with the United Nations Children’s Fund (UNICEF) and the international nongovernmental organisation,

Spotting ‘red flags’ for bad designers

I

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE Water and Sewerage Corporation’s (WSC) executive chairman yesterday said its $2.5m Abaco solarisation

step forward.

Colour Palettes Graphic design relies heavily on colours to evoke emotion. Similar to typography, various colours can conjure different feelings or reactions. As such, colours should complement rather than compete against each other. Conflicting colours that do not complement is a red flag as well.

Unclear design message One of my biggest pet peeves are designs with a bad eye trail that fail to lead towards important elements, such as a headline or a call to action. If a viewer is confused after looking at a design, or does not understand the message, then that designer has failed.

Every design needs to have a clear point.

Aesthetic over client’s needs Bad designers may follow personal trends, or even their heart, as opposed to a client’s directions. It is my firm belief that if a designer can place branding above self, then employers will definitely win in the marketplace. We must put

the brand first, as a “cute design” cannot stand alone as a representation of the brand.

Criticism While we can agree that it is difficult to take criticism, we must agree it comes with the territory.

If criticism is not used as a learning tool, then the designer may be incapable of accepting and sharing creative ideas.

As with any career, there is a learning curve when it comes to working as a professional designer, but thankfully there are a host of seasoned professionals out there who have shared many red flags. As you begin laying the foundation for your design career, it can be helpful to know what makes good graphic designers so successful.

Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game.

NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre M Bastian is

a professionally-trained graphic designer/brand marketing analyst, author and certified life coach with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

WaterMission, to design and construct a 120 kilowatt (KW) solar field for our Marsh Harbour wellfields, and a 216 KW solar field for our Marsh Harbour pumping station.”

He added: “Works on both solar fields are progressing well despite many supply chain and logistical challenges in the Abacos

post-Hurricane Dorian and the global impact of COVID-19. It is projected that the wellfields solar field will be commissioned later this year, and the pumping station solar field will be commissioned thereafter.

“When completed these solar fields will substantially reduce Water & Sewerage Corporation’s demand for

power supply in the Marsh Harbour area, the major population centre, and they will work in conjunction with the Bahamas Power and Light (BPL) grid supply and Water & Sewerage Corporation on-site standby generators to provide uninterrupted power supply for our Marsh Harbour operations.”

The Art of Graphix

BY DEIDRE M BASTIAN

THE TRIBUNE

Thursday, October 29, 2020, PAGE 3

DPM praises efforts to regulate digital assets

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE deputy prime minister yesterday hailed The Bahamas’ efforts to regulate the fast-evolving financial technology (Fintech) industry as “bold” and “forward thinking”.

K Peter Turnquest, pictured, speaking at a Securities Commissionorganised webinar, said: “The Digital Assets and Registered Exchanges Bill 2020, referred to as the DARE Bill, will regulate the issuance, sale and trade of digital assets.

“The Emergent Technologies Bill 2020 will regulate emergent technology arrangements and

services, and the Financial Services and Corporate Providers Bill 2020 will bring certain virtual assets service providers under its scope.”

It is expected that these pieces of legislation will be debated by the House of Assembly when it meets next Wednesday, with the so-called DARE Bill

Water Corp seeks extra $13m for Abaco rebuild

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Water & Sewerage Corporation will be seeking a minimum $13m in additional funding to complete the rebuilding of Abacobased infrastructure that was devastated by Hurricane Dorian.

Adrian Gibson, its executive chairman, yesterday told a forum featuring Caribbean ministers responsible for water that the state-owned utility is seeking $8m for sewerage works that include a new “tertiary level” wastewater treatment plant for Treasure Cay. That facility will supply the treated wastewater to the Treasure Cay golf course, with the Water & Sewerage Corporation seeking a further $3.6m for distribution system restoration and improvement works on Abaco.

Mr Gibson added that a $15m allocation from an Inter-American Development Bank (IDB) loan to the government had financed procurement activities related to the reconstruction

of water and sewerage systems on Abaco.

“Key total contractual expenditure to date stands at nearly $15m, with the following works done or in progress,” he said, describing them as including land clearing; refurbishment of existing pumping stations and related buildings and construction of new buildings; desalination; distribution system restoration; fleet and heavy plant replacements; storage tank replacements and repairs; and sewerage....

“As of today, Water & Sewerage Corporation has been able to restore water supply to all our 11 water supply systems in The Abacos. However, two systems on the mainland and two systems on remote islands/cays are especially challenging, and only still receive supply between the hours of 6am and 10pm.

“Regular power supply at one facility has not yet been restored. However, fulltime back-up generation is in place. Two water tanker trucks were also at one point being utilised to tanker

representing two years’ worth of work by the Securities Commission and Bahamian financial services industry to develop an appropriate regulatory regime for crypto and digital assets and the businesses that use them.

“The proposed legislation provides a regulatory framework,” Mr Turnquest added. “It aims to facilitate innovation, particularly technological innovation in financial services. This creates opportunities for digital-based entrepreneurship, and investment in employment opportunities in a variety of soundly-regulated financial products and services for consumers.”

Mr Turnquest said

COVID-19’s impact, as well as Hurricane Dorian, meant The Bahamas needed to focus on sustainable opportunities to diversify its economy and make it more resilient.

He added that the DARE Bill was designed for this purpose, introducing a regulatory regime that meets international best practices and standards.

The deputy prime minister, though, acknowledged that “there is no silver bullet to replace” tourism as he conceded that “large-scale diversification is a long-term project”. Mr Turnquest said: “It is imperative for us to continue the process of diversification to ensure the resilience of the system, and the

possibility to survive not only economic downturns but also exogenous shocks.

“This means a lot of things like creating the opportunities, and access to opportunities for Bahamians, within the current economic structure as well as taking bold strides to create new industries, create new career opportunities, boost productivity, promote and spur economic growth.

“The legislation being discussed today is an example of the bold, forward-thinking needed, and it aims to accomplish these goals,” he continued. “The framework, and the implementation of the legislation governing digital assets and financial technology, will

establish the legal infrastructure for innovative opportunities within the fintech space.

“It will set the standards for fair competition among industry players, and protect consumers in technology services as well as investors in a manner compliant in international regulatory expectations.

“In 2020 we have embraced a role that is increasingly digital in nature. Extensive crossborder transactions are resulting in a constant integration in emerging technologies and traditional finance, as a result pushing regulators to develop guidelines that facilitate innovation and still fulfill the function of regulation.”

water to critical locations on the mainland.”

Recalling the full extent of Dorian’s impact, Mr Gibson said two of the Water & Sewerage Corporation’s largest wellfields suffered extensive salt water intrusion due to a 30-feet plus feet storm surge. The Marsh Harbour and Treasure Cay wellfields combined produced some two million imperial gallons of water per day.

“The overall initial damage assessment was in the order of $15m to $20m,” Mr Gibson added. “Over the last year, with ongoing works by ourselves and independent contractors, and in-depth assessments, we note that that figure has increased by $13m to $15m, and I have indicated to government that we will be seeking more funding in an effort to reconstruct and fully restore Abaco systems.”

Of the 25 Water & Sewerage Corporation employees located in Abaco pre-Dorian, the executive chairman said ten have opted to remain in the Abacos including eight on the mainland and one each on Grand Cay and Moore’s Island. Of the 15 who have opted to relocate, one Sweetings Cay-based staffer was temporarily assigned to

the Grand Bahama Utility Company.

Turning to the financial impact, Mr Gibson said: “Pre-Dorian (January through August 2019, Abaco collections were up 14 percent or $254,359.

For the months of September, October, November and December revenue was down 71 percent, 48 percent, 68 percent and 58 percent, respectively, for a total of US$1.327m at the end of 2019, or an average of $331,679.43 per month.

“The loss of Water & Sewerage Corporation’s second highest revenue generator has greatly impacted our cash flow. Abaco’s cash collection has decreased by 89 percent from $2.117m yearto-date to September 2019 to $225,638 for the same period for 2020.”

Mr Gibson added that the COVID-19 pandemic has devastated Water & Sewerage Corporation’s cash flow. “There was an overall decrease in cash collection of $15.035m or 31 percent, from $48.759m year-to-date September 2019, to $33.724m for the same period of 2020,” he said.

“With the onset of COVID-19, Water & Sewerage Corporation was directed to not disconnect residential

customers’ accounts. This has resulted in a shortfall of residential customer payments for the period March to September 2020 of $9m. Notably,

there is an additional shortfall of $3.6m for commercial customer accounts for the same period or some $12.6m in total.”

PAGE 4, Thursday, October 29, 2020

Albany targeting phased South Ocean expansion FROM PAGE ONE pandemic, will be eager to approve projects from proven investors with an already strong presence in The Bahamas.

And the development itself is a further indication that Albany, after several previously unsuccessful, is making progress towards acquiring the South Ocean site - which has been closed since 2004 - from its long-time owner, the Canadian Commercial Workers Industry Pension Plan (CCWIPP).

“The pension fund wanted to close the books on The Bahamas, and they made a deal with Joe Lewis and Albany,” one well-placed source, speaking to Tribune Business on condition of anonymity, said. “They’re taking the waterfront, the best part, and attaching that to Albany.”

This newspaper was informed that Albany, possibly in partnership with other investors, is acquiring the whole of the South Ocean site, including the abandoned hotel and overgrown golf course. Any redevelopment, though, will occur in phases and no timeline is contained in the environmental submissions for when construction work on Albany West will start.

Among the features, though, will be the relocation of South-West Bay road from its present position together with utility infrastructure, while Stuart Cove’s Dive will eventually be moving to Coral Harbour and its present marina filled in.

“The project site totals 16 acres of land located along South West Bay Road and South Ocean Boulevard in the western district on the island of New Providence. The site is inclusive of the former South Ocean Resort and casino, and the Stuarts Cove Dive Shop,” Caribbean Coastal Services wrote.

“Phase 1A of the project entails the demolition of all infrastructure within the South Ocean waterfront property, inclusive of all above and below ground infrastructure on the property, minus the sea wall and necessary below ground utilities along South West Bay road (Water & Sewerage Corporation water mains and Bahamas Power & Light (BPL) fuel lines).

“The realignment of South West Bay road is also proposed for Phase 1A of the project, and will entail the redirecting the current road alignment into the disturbed forests north of its current location. Phase 1B of

THE TRIBUNE the Albany West project entails the demolition of remaining infrastructure at the evacuated Stuart Cove site and adjacent lot, and the construction of condo units, club house and pool,” it added.

“This phase will also include the reclamation of the approximately 0.7 acre marina, and is estimated to utilise approximately 17,347 cubic yards of uncompacted fill (compacted volume 30,000 cubic yards). A golf cart path will be constructed to provide access from the current Albany west gate to the newly developed Albany West residential area and condos.”

Caribbean Coastal Services added that the marina reclamation “will not include the entrance channel” and only the marina basin proper. It added: “The dive company has intentions of moving from its current location and will relocate its business prior to commencement of demolition activities.

“The [golf cart] path will follow the perimeter of the South Ocean Estates residential community bordering the existing Blue Shark Golf course.”

None of the documents mentioned what Albany’s intentions may be for South Ocean’s casino licence, which kicked in if the resort hit a certain number of rooms, which is believed to have been 500.

That licence has long been viewed as the property’s most valuable asset.

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.

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).

‘Overwhelming’ staycation response for Exuma resort AN EXUMA-based resort community says it has received an “overwhelming” response to its $8,000 per month long-term rentals offer as it transitions from being a luxury getaway to stayaway.

Grand Isle Resort, with its 5,000 square feet villas, has adjusted its focus to respond to rapidly evolving market needs amid the COVID-19 pandemic.

“It’s clear we were built for this,” said Michael Lorenz, Grand Isle’s sales and marketing director.

“The response to the offer of long-term rentals starting at $8,000 a month has been overwhelming. Individuals and families want to be in a safe environment where they can live with a sense of comfort, work remotely if they choose and enjoy their lives.

“We are returning to what we were built to be, each private residence a spacious, sumptuous home away from home.” Mr Lorenz said the development has received more than 50 inquires for an average stay of 30-plus nights.

Peter Nicholson, who owns several units at Grand Isle, said the closed hotel season prompted it to look at innovative ways to attract business.

“Grand Isle was designed as a stylish, upmarket residential-like resort with 78 villas, each with generous balconies and patios overlooking the white

GRAND Isle Resort in Exuma is targeting visitors who want to live, work and play in a home away from home for a minimum of two weeks. It says it is enjoying a favorable response with bookings that by February could outpace a record 2019. sand half-moon beach and breathtaking waters of Emerald Bay,” he added.

“Consider that the average hotel room is about 500 square feet, and our smallest unit is 1,250 square feet. Our penthouses are more than 5,000 square feet. So the design was created to do exactly what it is doing now, serving as a home.”

Mr Nicholson also pointed to what he described as “the sprawling nature” of the gated community affording privacy for all. “With its many amenities, Grand Isle lends itself easily to the new model of luxury longterm accommodations for those who want a safe and secure place where they can live, work, play in a picturesque setting that has all the warmth of a home,” he added.

“No one saw the coronavirus coming, so in the first few months, we were all

caught between being in shock and in denial. Then we got down to work and said: ‘What other options are there when people are not doing short-term travel because of restrictions, limited airlift, quarantine requirements, and the like?’ We looked around and the answer was in front of our eyes.

“Grand Isle’s villas are far more than a hotel ‘room’. Each villa is like a private home with full chef’s kitchen, sub-zero appliances, dining area, large living room, TVs and sound systems throughout, multiple patios, full laundry facilities and highspeed Internet. They are perfectly suited and furnished for a life that still has a touch of vacation feel and a reality that you can live, work, play, cook, swim, walk the beach and get on with life in a setting that is beautiful beyond words.”

THE TRIBUNE

Thursday, October 29, 2020, PAGE 5

Regulator: Digital assets enjoy ‘undeniable’ growth

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Securities Commission’s top executive yesterday said the “undeniable growth” in digital asset activity meant The Bahamas had little choice but to focus attention on the sector’s growth possibilities.

Christina Rolle, its executive director, told a webinar organised by the regulator that the Securities Commission has been working “since mid-2018” to develop the Digital Assets and Registered Exchanges Bill (DARE).

“There were a number of factors which led us to set out on this course at the time, when it can undoubtedly be said that the digital assets space globally was remarkably less regulated than it is now,” she said.

“From the perspective of a financial regulator, however, there has been an undeniable growth in fin-tech (financial technology) and digital assets that has demanded our focus and attention. Just by way of example, we can look at

CHRISTINA ROLLE the market capitalisation of crypto currencies.”

“Crypto-currencies are one of the most well-known forms of digital assets, and compared to others there is some degree of data and information available on them. Market capitalisation for crypto currencies reached a peak of $566bn in 2017, led by tremendous spikes in Bitcoin, which is notoriously volatile,” Ms Rolle continued...

“After some adjustment, market capitalisation dropped to $129bn in 2018.

The market, however, has continued its upward trend

since then, and according to crpytomarketcap.com was valued at $395bn at October 25, 2020.

“The lion’s share of the crypto currency market is dominated by Bitcoin, based on data from coinmarketcap.com, indicating Bitcoin accounts for over 61 percent of total market capitalisation of cryptocurrencies, followed by Etherium with around 12 percent and Tether with around four percent.”

Ms Rolle said the digital assets space consists of more than crypto currencies, and data suggested there was a continued trend of broader Fintech and digital assets growth.

“For example, CB Insights, a private business analytics platform providing fin-tech market intelligence, in its 2020 Fintech 250 Report, indicted $10.3bn in equity funding for the 250 private fin-tech companies on its list as at 26 August, with 32 of the 250 companies valued at or above $1bn as of their last funding round,” she added.

“It also reported 87 mega-rounds.

That is, more than $100m in equity investment since 2019 in the 250 companies it was tracking.n Just yesterday, UBS announced that it was investing $200m of its own money in fin-tech startups through its UBS Next portfolio.”

Ms Rolle said the data “presents a strong case for the continued trend of growth of fin-tech firms and fin-tech initiatives, cryptoassets and investor interest. For regulators, it underscores the need to be not just an observer in the space but to be at the forefront in the development of robust and appropriate regulation to support innovation, and to foster best practices and standards

to protect the markets, investors and the financial system”.

She added: “Certainly, in the case of The Bahamas, there were a number of factors converging that required us to embrace the need for a world-class legal and regulatory framework for digital assets and digital assets service providers.

“Financial services, of course, plays a key role in the Bahamian economy, and in that regard international wealth management, in particular, is still at the centre of Bahamian product offerings. Wealth managers in The Bahamas are keenly aware of increasing investor interest in fin-tech and crypto assets.

As a relatively small international financial centre, policymakers at the highest levels have also been keen to ensure the jurisdiction is renowned for regulatory excellence and supporting innovation, including fintech innovation.”

Ms Rolle said the DARE Bill and accompanying Emergent Technology Bill gained further momentum after Fintech entrepreneurs, both local and international,

approached the Securities Commission and other policymakers about developing a formal regulatory structure to provide the industry with legal clarity.

“The rise of fin-tech and digital assets has not come without increasing threats and risk, including risks to investors of abuse, and risk that emerging technologies, assets, platforms, exchanges etc are used to move illicit funds around the globe or otherwise support criminal activity, including potentially terrorist activities,” she said.

“Just by way of example, I think we all know the currency of choice of cyber criminals and website hackers has been Bitcoin, due to its anonymity features and broad demand. All these factors converged to drive the commission to step forward and bring legal certainty to the digital assets space; to provide a worldclass regulatory structure that brought digital assets and digital assets service providers under appropriate risk-based supervision to safeguard market integrity and protect investors from abuse and the financial system from misuse.”

The Securities Commission chief added that the regulator “engaged a leading international consultant, to support us in the research phase of the legislative development. That consultant also performed its own benchmarking exercise and, in all, 13 jurisdictions were benchmarked: Bermuda, Hong Kong, Ireland, Gibraltar, Jersey, Malta, Luxembourg, Thailand, Singapore, Switzerland, the US, Abu Dhabi and Barbados.

“We were obviously keen to include some small international financial centres in our review,” Ms Rolle said, “but also included some of the larger jurisdictions for various reasons.

“Critical to the development of the legal framework were considerations of industry best practices and standards, as well as the utterances and guidance of international standards setters including the Financial Action Task Force (FATF), which is the global anti-money laundering, counter-terrorist financing [overseer], and IOSCO, the global securities regulation standards setter.”

PAGE 8, Thursday, October 29, 2020

THE TRIBUNE

Marijuana chief admits ‘dilemma’ over bank threat FROM PAGE ONE

He added that the matter had been brought to its attention by Jamaica, which had detailed the problems experienced by its banks over their US correspondent relationships ever since it unveiled a legalised marijuana industry in 2015-2016.

Mr McCartney, who also heads the Financial Intelligence Unit (FIU), said that post made him all too aware that The Bahamas cannot afford for a legalised medical marijuana/hemp sector to keep its monies outside the formal banking industry as

this could lead to the creation of a parallel financial system and/or underground economy.

This occurred with the web shop industry pre-legalisation, and the National Commission co-chair acknowledged that a repeat could see The Bahamas attract increased scrutiny from global bodies responsible for ensuring compliance with anti-money laundering standards.

However, Mr McCartney said it was vital that The Bahamas not be deterred from “putting in the ground work now” to come up with the structure for a viable

medical marijuana and hemp industry given that US federal law will likely alter at some point to permit such activities.

While the National Commission on Marijuana has received no formal submission from Bahamian commercial banks on the problems a legalised marijuana industry may create, Mr McCartney said he had discussed the matter with Gowon Bowe, Fidelity Bank (Bahamas) chief executive, as well as being informed of the difficulties encountered by Jamaican banks.

“We are aware that this will be a challenge in terms of how this country moves,” Mr McCartney told this newspaper, “and it’s certainly something that will be mentioned in our final report. It is a concern because the reality is the US is our largest

neighbour to the north, and all of our commercial banks have relationships with the US so we must be compliant with their regulations.

“That is an issue that will have to be addressed and looked at significantly to see how we can operate [a legal marijuana industry] if we are allowed to. Jamaica has pointed out to us the impact it is having on the industry over there because of the limitations and restrictions set by the US. The commission realises this is an obstacle that has to be dealt with if we want a viable industry.”

Many US states have legalised marijuana, especially for medicinal purposes, and community and state banks accept its monies. However, US federal law largely prohibits any activities associated with its

cultivation and use, and it is this which governs the major American and multinational banks who hold the correspondent relationships with their Bahamian counterparts.

As a result, Mr Bowe and Kenrick Brathwaite, the Clearing Banks Association’s chairman, revealed they were bluntly warned last year that Bahamian commercial banks could lose these ties if they accepted clients or deposits from a marijuana industry and its players even if they were legalised under this nation’s laws.

Losing these correspondent banking relationships would effectively bring the Bahamian economy to a grinding halt, as it would be cut off from the US dollar currency sources that are vital to the conduct of this nation’s international trade and paying for its imports.

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

Access to US currency, and such clearing and settlement facilities, is exactly what is provided by these correspondent relationships, meaning in effect that correspondent banking is the glue that binds the Bahamian economic system together and lubricates its international business centre model.

“That is a dilemma and serious concern for our country,” Mr McCartney told Tribune Business of the potential all-out for correspondent banking and the wider Bahamian economy.

“Our financial services industry is critical to our economy, and we don’t want to create any additional upset to our society or country based on actions that may cause problems for our banks.”

However, he added that the situation should not discourage The Bahamas from analysing the feasibility of a medical marijuana and/or hemp industry especially since the whole world - including the US - appeared to be moving towards legalisation eventually.

“Notwithstanding the challenges, the exercise in terms of looking at it - whether the decision is made now or taken later - it’s important to put in the ground work now,” Mr McCartney said. “It’s [the US concerns] not an impediment to the discussion and work we’re doing in the interim.”

He conceded, though, that The Bahamas must “at all costs” avoid a situation where a legalised marijuana industry was unbanked, and unable to deposit its revenues and earnings with the formal Bahamian banking system, due to fears about the potential consequences for correspondent banking relationships.

MARKET REPORT www.bisxbahamas.com

WEDNESDAY, 28 OCTOBER 2020

BISX ALL SHARE INDEX:

CLOSE

CHANGE

2081.10

0.69

%CHANGE

YTD

YTD%

0.03 -150.50

-6.74

(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 4.50 8.59 4.50 6.16 12.77 3.64 6.00 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 2.10 5.65 10.28 8.44 14.30 3.94 8.19 15.20

CLOSE 4.05 17.43 1.62 1.79 1.67 5.50 6.75 2.99 4.75 3.76 5.99 11.26 2.03 6.00 9.98 8.44 14.30 3.94 8.19 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 (0.50) 0.00 0.00 0.00 0.00 0.00 0.00 (0.07) 0.35 (0.30) 0.00 0.00 0.00 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

2,000 3,000 4,000

6,985

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 19.9 12.8 15.4 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% 21.38% 1.00% 3.29% 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

AUCTION Caterpillar Forklift – Broken Phone: (242) 352-7606 ******** Catepillar Forklift P600 – Broken Phone: (242) 698-7402 ************ (2) Tractor truck 2005 Marck – Broken Manlift 1999 JLG - Broken Dodge RAM 1500 2005 - Broken (2) Dump truck (tripper)

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

Phone: (242) 601-5328

THE TRIBUNE

Oil opponents stoke fears for 122k jobs FROM PAGE ONE

decision for the future of The Bahamas and its coastal economy, which generates $7.696bn and supports 122,257 jobs”.

Casuarina McKinney–Lambert, BREEF’s executive director, told Tribune Business that the economic output and jobs data, produced for the coalition through an analysis

by Anthony Rogers of Sea Change Economics, related mostly to the potential impacts from any spill on the tourism and fisheries industries.

“Given the current economic situation, we most certainly cannot afford to jeopardise these industries that are important for lives, livelihoods and food security,” Mrs McKinney–Lambert told this newspaper. “The risk is too great.”

Away from the economic effects, the Our Islands, Our Future coalition mounted a full-scale assault on BPC’s environmental studies and submissions in a sign that oil exploration opponents are intensifying their efforts to halt the company’s activities with its first exploratory well likely less than two months away.

“BPC is not mitigating their risk, they are not adequately protecting us from an oil disaster, nor are they prepared to respond to one,” the group argued, drawing on the assessment carried out by Dr William J. Rogers.

This critcised the EIA for a “lack of cumulative impact analysis”, or what it described as the ‘one bite-free approach’. “If an EIA only analyses a single project in isolation, it fails to consider or disclose the magnitude of cumulative impacts, which can be severe,” Our Islands, Our Future said.

“In this case the EIA is at times referring to a single exploratory well, and at times a series of three exploratory wells, but it completely fails to show how it relates to a full drilling programme that includes production and pumping of oil at multiple locations, as well as storage and transfer of crude oil from producing wells.”

The coalition also argued that BPC’s submissions did not address how it would mitigate “toxic discharges” of barite and heavy metals that it alleged are associated with water-based drilling and cutting, and would impact the ocean floor.

And it also suggested that the oil spill recovery plan was inadequate, asserting: “This is not acceptable considering the sensitivity and uniqueness of the potentially-impacted habitats and natural resources.

There are no plans for oil recovery using oil skimming equipment, nor to utilise oil booming to protect sensitive areas in the event of a spill.

“There is no discussion on how a spill with multiinternational implications would be managed, or who would assume ‘command’

YOUR

in such an event. BPC has not addressed the response capacities of The Bahamas, Cuba or the exposed parts of the US coastline, nor identified the need for any capacity building in these areas.”

Finally, Our Islands, Our Future alleged there was “no discussion of protecting vulnerable, threatened or endangered species, or unique and vulnerable areas” in BPC’s submissions. “The EIA and EMP fail to identify irreplaceable, unique and sensitive areas, which oil fate and transport modeling has shown will reach The Bahamas, Cuba and the US under realistic unplanned events (blowouts and spills),” it said.

“There is no discussion of protective booming of sensitive areas or how entities managing those resources would be involved in the response. The EIA and EMP have not addressed the small spill, and catastrophic oil spill, reproductive effects of surface oil on breeding birds (oiling) and the potential impacts of oil inhalation by surfacing sea mammals, many of which are endangered, threatened or vulnerable.”

BPC’s EIA and EMP, though, have already been approved by the Government as part of the Environmental Authorisation granted earlier this year. The company has repeatedly said it has mitigated all risks associated with its exploratory drilling, including spills and pollution, to an irreducible minimum through its near13 years in The Bahamas.

Roberta Quant, BPC’s environmental scientist, was recently critical of some of the concerns and allegations being voiced, arguing that “fear-based sensationalism should not replace facts and science” when it came to analysing the company’s project.

“On a fact-based risk assessment of the science and proposed operations of BPC, the chance of an oil spill would have to be considered extremely minimal,” she explained. “That said, ‘prevention is better than cure’.

“BPC has thus taken extensive steps to ensure a process that seeks a full protection of marine life and the natural environment through extensive planning, management, experience and use of cutting-edge technology.”

Ms Quant said the project had met all standards set by the World Bank and International Finance Corporation, as well as those of the International Association of Drilling Contractors (IADC) and International Association of Oil and Gas Producers (OGP).

That, though, is unlikely to satisfy Our Islands, Our Future and other activist groups. The former warned the prime minister: “We cannot afford to put our nation’s future at risk, nor risk our invaluable tourism reputation if we are tied to a devastating accident.

“Your timely decision to stop drilling, along with the voices of over 40,000

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

individuals from The Bahamas and all over the world who have already signed​ our petition​ , will send a clear message that we highly value and intend to protect the essential biodiversity that exists in The Bahamas, which supports our livelihoods and contributes significantly to our gross domestic product.

“Beyond the imminent risk of toxic discharges and oil spills, our nation is unfortunately already one of the ‘first and worst’ hit by the increasing impacts of global climate change,” Our Islands, Our Future added.

“We are already - and will continue to - experience heightening effects of sea level rise, ocean acidification and catastrophic storms of intensifying magnitude. How will we call on others to do their part to protect our atmosphere and oceans that we rely on if we simultaneously approve drilling for oil in our waters?

“We respectfully urge you to invoke your authority to make an urgent decision to cancel existing licenses immediately, disregard any license renewal proposals and place a permanent ban on offshore oil drilling in The Bahamas. Let us be known for pristine waterways and our commitment to a sustainable economy, not dirty fossil fuels or another uncontrolled and costly oil disaster.”

Thursday, October 29, 2020, PAGE 9

THE TRIBUNE

Thursday, October 29, 2020, PAGE 11

Atlantis affirms phased re-open before year-end FROM PAGE ONE 1 return in mind. However, the weekend lockdowns and curfews remain in place.

“Atlantis will re-open in several planned phases,” Mrs Oswell added, emphasising that the health and safety of staff and guests will be the priority. “We are also focused on reopening the property in response to our guests’ pent-up demand to visit, which continues to be impacted by COVID-19.

“Unfortunately we cannot welcome everyone back for phase one. In the

features and parts of the Marina Village.

The Paradise Island mega resort may still be targeting the Thanksgiving holiday weekend that traditionally represents the start of the winter tourism season for its return, as well as Christmas and New Year.

Its re-opening would likely boost confidence throughout the Bahamian tourism industry, possibly encouraging other resorts to announce and bring forward their re-opening plans, especially since Atlantis and Baha Mar - as the two largest resorts - drive airlift capacity and seat demand that benefits access to the entire destination.

However, with COVID19 infection rates still soaring in The Bahamas’

coming weeks, we will share details on how we will support those colleagues in the interim period, and the milestones Atlantis needs to achieve to bring you back.”

Tribune Business sources suggested that while Atlantis has already identified an opening date, it will not announce one until after next week’s US presidential election is over. It is thought likely that the Royal Towers, and possibly the Cove, will open in the first phase together with amenities such as some restaurants, the water park

main tourism source markets in the US, and numbers remaining high on New Providence, there are still many factors that could throw Atlantis and other resorts off their plans.

Mrs Oswell, according to previously leaked briefing notes from an Atlantis management meeting, said the resort planned to create a COVID-19 free “bubble” for guests via the ‘Vacation in Place’ model.

“Re-opening does not get us to the end of this, but it’s a start to getting back up and running,” the notes added.

“We will open in phases with limited portions of the entire resort to re-open in phase one. As business demands grow, we will open more and more of the resort

offerings and bring employees back to work.

“We are working closely with the government, and we have the same goal: To open Atlantis as quickly as possible. We understand how important we are to the country, and want to open fiscally responsibly and safely.

“Working with the airport, the government and the medical professionals, we have the prime minister’s blessing and the minister of tourism’s. The Vacation in Place concept will be the approach for re-opening Atlantis.”

The meeting notes said that once guests comply with the government’s COVID-19 requirements, and produce both a negative PCR test

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 90° F/32° C Low: 71° F/22° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

MONDAY

Mostly sunny and humid

A moonlit sky, warm and humid

Partly sunny and humid

Partly sunny and humid; a shower

Some sun with a couple of showers

Breezy with a shower possible

High: 85°

Low: 77°

High: 85° Low: 76°

High: 84° Low: 76°

High: 84° Low: 75°

High: 82° Low: 72°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

94° F

88° F

98°-86° F

93°-82° F

94°-83° F

87°-69° 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: 85° F/29° C Low: 80° F/27° C

7-14 knots

E

W S

WEST PALM BEACH High: 87° F/31° C Low: 74° F/23° C

7-14 knots

FT. LAUDERDALE E

W

FREEPORT

High: 88° F/31° C Low: 77° F/25° C

N

uV inDex toDay

TONIGHT

High: 88° F/31° C Low: 72° F/22° C

S

High: 87° F/31° C Low: 77° F/25° C

MIAMI

High: 88° F/31° C Low: 76° F/24° C

6-12 knots

KEY WEST

High: 86° F/30° C Low: 79° F/26° C

ELEUTHERA

High: 85° F/29° C Low: 77° F/25° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

N

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

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

Wednesday 9:47 a.m.

10:05 p.m.

3.0 2.3

3:25 a.m.

4:18 p.m.

0.5 0.7

sun anD moon Sunrise Sunset

7:16 a.m.

6:31 p.m.

Moonrise Moonset

5:44 p.m.

5:30 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

7-14 knots

S

SAN SALVADOR

GREAT EXUMA

High: 85° F/29° C Low: 80° F/27° C

High: 85° F/29° C Low: 79° F/26° C

7-14 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 ................................................... 86° F/30° C Low .................................................... 79° F/26° C Normal high ....................................... 83° F/28° C Normal low ........................................ 72° F/22° C Last year’s high ................................. 91° F/33° 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 ................................... 34.90”

High: 85° F/29° C Low: 80° F/27° C

NASSAU

and negative antigen test upon their arrival in The Bahamas, they “will be able to come to the Atlantis bubble”. Visitors will then have to take further antigen tests on the fifth and ninth days of their visit if they stay that long.

“We will be testing every team member weekly for the first four to six weeks to protect the bubble,” the meeting notes added.

“Employees who refuse to be tested will not be permitted to return to Atlantis.”

While Mrs Oswell’s latest letter may give staff renewed hope that the end to an eight-month furlough is in sight, it is unclear whether it will be enough to appease those who have been agitating to receive their full severance packages.

ANDROS

N

High: 87° F/31° C Low: 77° F/25° C

E

W S

LONG ISLAND

tracking map

High: 85° F/29° C Low: 80° F/27° C

7-14 knots

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

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 85° F/29° C Low: 80° F/27° C

H

High: 85° F/29° C Low: 80° F/27° C

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

N

E

W

E

W

N

S

S

7-14 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: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:

WINDS SE at 7-14 Knots SW at 4-8 Knots SE at 7-14 Knots S at 3-6 Knots ESE at 7-14 Knots E at 4-8 Knots E at 8-16 Knots SE at 6-12 Knots ESE at 7-14 Knots E at 4-8 Knots SSE at 7-14 Knots W at 6-12 Knots SE at 7-14 Knots ENE at 4-8 Knots NE at 8-16 Knots SSE at 4-8 Knots E at 7-14 Knots E at 4-8 Knots E at 8-16 Knots SE at 7-14 Knots SE at 6-12 Knots SE at 3-6 Knots E at 7-14 Knots E at 4-8 Knots SE at 7-14 Knots ENE at 4-8 Knots

WAVES 3-6 Feet 3-6 Feet 1-3 Feet 0-1 Feet 3-5 Feet 3-5 Feet 3-6 Feet 2-4 Feet 3-6 Feet 3-5 Feet 1-3 Feet 1-3 Feet 1-3 Feet 1-2 Feet 3-5 Feet 2-4 Feet 2-4 Feet 1-2 Feet 4-8 Feet 4-8 Feet 1-3 Feet 0-1 Feet 3-5 Feet 1-3 Feet 1-3 Feet 1-2 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

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

PAGE 12, Thursday, October 29, 2020

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THE TRIBUNE

Scotiabank: 93% of transactions at closing sites digital

CHESTER COOPER FROM PAGE ONE Some observers will likely voice surprise at the high level of electronic and self-service banking use, especially in the four Family Islands affected, where Scotiabank’s pull-out has been greeted with alarm due to the implications for financial access and inclusion with communities being stripped of long-standing physical branch presence.

Mr Archer added that Scotiabank will “seek to preserve employment by reassigning impacted team members to other areas of our operations where possible. As such, we are not able to immediately determine the number of team members who will be impacted. Staff members who are affected by these changes will also be prioritized in the recruitment process for any current vacancies”.

Chester Cooper, the Opposition’s deputy leader and finance spokesman, and Exuma MP, yesterday accused the government of “throwing in the towel” on the drive to electronic banking as he branded Scotiabank’s withdrawal “a serious blow”.

Arguing that the Sand Dollar, the Central Bankbacked digital currency, was not ready to replace cash transactions in many Family Island communities, Mr Cooper said: “The closure of Scotiabank branches on the Family Islands will deal a serious blow to the economies of Abaco, Andros, Exuma and Long Island, which are already struggling greatly from the effects of

the pandemic and the harsh economic recession.”

“This move is most disappointing to the loyal customers and residents of these islands that have used the services of this institution for decades. The people of Exuma have consistently complained of the dwindling level of services of banks there, particularly after Bank of The Bahamas closed its branch in 2017.

“On Exuma, the move will impact many businesses, tourists, workers at Sandals, government employees, pensioners, churches and others. It will be near to impossible to keep the ATMs properly stocked with cash. It will also hamper attempts to deposit cash, posing a safety risk to business owners.

The vast majority of Family Islanders cannot afford or risk travelling to Nassau for their banking needs.”

Mr Cooper continued: “It is even more of a logistical nightmare considering the reduced operating hours of banks on New Providence and the ever-shifting travel protocols for inter-island travel under the state of emergency that apparently has no foreseeable end.

“The idea that their new model can replace traditional banks on islands is unrealistic. This is not a serious alternative to meet the needs of the people in these communities. In summary, adequate banking is essential to commerce, orderly Family Island growth and development and our way of life.”

“I implore the government to immediately engage the bank in discussions to delay or cancel this move. Comments in the press by the minister of finance (K Peter Turnquest) today indicate that the current administration has already thrown in the towel in this regard. They must not give up so easily.”

Mr Cooper called on the government to re-open the Bank of the Bahamas branch on Exuma and expand the bank’s satellite network throughout the Family Islands.

“By doing nothing we are leaving thousands of Bahamians essentially unbanked and at an extreme disadvantage in terms of economic viability and growth. These developments cannot be left as is as we witness the further erosion of the financial capacity of our Family Islands,” he said.

“The laissez faire, hands-off attitude of this administration with regard to the stripping away of banking services on our Family Islands and, in fact, all our islands, is intolerable. The government should stand in the gap for its people. To continue to do nothing is not acceptable.”