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MONDAY, NOVEMBER 2, 2020

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COVID testing: ‘11th hour’ u-turn blasted

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMIAN non-profit has blasted the government’s “180 degree turn at the 11th hour” for “sidelining” their agreement to provide three million COVID-19 test kits to facilitate tourism’s re-opening. Robert Myers, a principal with the Living with COVID Coalition (LWCC), told Tribune Business the Minnis administration’s last-minute decision to abandon rapid antigen testing for all border arrivals occurred after the group had already distributed the kits “throughout The Bahamas” to all ports of entry. Revealing that the coalition was only informed of the policy switch last Thursday, less than 72 hours before tourism’s “reopening” yesterday, Mr Myers said the reversal represented a waste of time and money for both himself

• Coalition stunned by ‘180 degree’ reversal • Came after 3m kits distributed to entry ports • Principal: ‘This why I don’t like work for govt’

ROBERT MYERS

DIONISIO D’AGUILAR

and other members as he declared: “This is why I don’t like doing work for government.” To eliminate the 14-day mandatory quarantine for all arrivals, which was seen as a major impediment to tourists travelling to The Bahamas, the government initially announced its replacement with a series of more frequent tests. Besides presenting a

negative COVID-19 PCR test upon arrival, visitors were to also receive an antigen test at the border and again if they stayed for five days. The Living With COVID Coalition, in a joint statement with the Ministry of Tourism that was issued a week ago Sunday, touted that as part of a publicprivate partnership (PPP) between the two sides it

Chamber war on COVID advocacy By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FURIOUS internal row has erupted at the Bahamas Chamber of Commerce over a major retailer’s complaint that it is doing to little to address private sector concerns over COVID-19 restrictions. The response to an e-mail from Kelly-Anne Huber, Rubins Department Store’s marketing manager, prompted the chamber’s vice-chairman to rebuke a fellow director and

Board member for creating “unneeded animosity” with the very business community whose interests it is supposed to represent and advocate for. Tim Ingraham, who is also Summit Insurance Company’s principal, told Khalil Parker, also the Bahamas Bar Association’s head, in an October 29, 2020, e-mail that the chamber would now have to “repair the damage” caused by a response he branded “inappropriate” and “dismissive”.

SEE PAGE 8

Bran: Banks cannot hold nation hostage on marijuana plans By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas’ ambitions to develop a legalised medical marijuana/hemp industry cannot be held hostage by the banking industry’s concerns, an ex-Democratic National Alliance leader is arguing. Branville McCartney, pictured, under whose leadership the DNA made legalising the sector a 2017 general election campaign issue, told Tribune Business that the well-being of the Bahamian people and their

economy took priority over fears that the banks might lose their cherished US correspondent relationships. “We need to do things

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had secured three million World Health Organisation (WHO) and Ministry of Health-approved rapid antigen tests via local medical supplier, Ports International, to enable country-wide testing of all arrivals. Yet, just four days later, both the partnership and rapid antigen border testing were dumped by the government. Both Dionisio D’Aguilar, minister of tourism and aviation, and Dr Delon Brennen, the Baltimore-based deputy chief medical officer, on Saturday said the “upon arrival” testing was dropped because it was not “supported by the science”. They argued that these tests would add little to a traveller’s negative

SEE PAGE 6

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Retailer ‘can’t afford to take risks blindly’ after 80% sales fall By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN retailer has warned he and others “cannot afford to take blind risks any more” due to the government’s handling of COVID-19, with curb-side restrictions slashing his sales by 80 percent. Egan Kemp, president of Eunison Company, the Shoe Depot parent, told Tribune Business he and his staff would likely be out of work within months as it was “impossible to sustain curb-side indefinitely” - a sentiment shared by multiple other retailers. Revealing that government-imposed limitations were playing havoc with his product ordering cycle, Mr Kemp also hit out at what he described as “inequity” with customers seemingly allowed to go into courier companies to pick up packages and imported shipments yet barred from entering local retail stores. Arguing that this was providing a further incentive for Bahamians to purchase online from Amazon and

overseas retailers, he backed Tara Morley, the Bahamas Federation of Retailers’ copresident, for warning that curb-side restrictions mean 20,000 retail jobs “are on the line” as he urged more merchants to speak out. “I’ve been trying to tell them all that if they don’t speak up now, in three to four months they may not be able to speak up at all because they’ll be out of business,” Mr Kemp told this newspaper. “This curbside is absolutely a losing proposition. There’s no way a retailer like us can do this. When your sales are down 80 percent it’s not sustainable. “The government doesn’t understand what they’re doing to us. I don’t think they have a firm grasp of the impact they’re having on everybody. They need to understand that clearly. To be quite honest, the 80 percent loss in sales is the reason I’m willing to fight. “I’m basically going to bleed out slowly, and be out of business in a matter of months anyhow. There’s no

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PAGE 2, Monday, November 2, 2020

Reporting compliance key to fighting financial crime

BY DEREK SMITH

N the Bahamas, both supervised financial institutions (SFIs) and designated nonfinancial businesses and professions (DNFBPs) are required to appoint a Money Laundering Reporting Officer (MLRO). If the latter role is unfamiliar and you attempt to identify their universal responsibilities, the result may surprise you. Notwithstanding the ambiguity of the MLRO’s role and responsibilities, what is constant throughout the laws and regulations of many jurisdictions is that thy are, at a minimum, accountable for ensuring the reporting of suspicious transactions/activities to their local Financial Intelligence Unit (FIU).

FinTech Future noted: “The role of anti-money laundering compliance officer, or as it is known in the UK, MLRO, is a defined senior management function under the senior managers and certification Regime (SMCR), which currently applies to UK banks. The MLRO must

THE TRIBUNE have a level of authority and independence within the firm, and access to resources and information sufficient to enable them to carry out that responsibility.” The global money laundering and terrorist financing watchdog, the Financial Action Task Force (FATF), in its recommendation 18 states that financial institutions must be required to implement programmes to combat these crimes. It is my submission, and the view of many senior anti-money laundering and compliance professionals, that the MLRO is not merely established to receive, assess and determine suspicious transactions filing but, instead, is a key player in the prevention of financial crimes. Here are three reasons for my position. Risk-Based Approach With the risk-based approach being the gold standard for a financial crime risk mitigation programme, the MLRO should be inherently involved with risk assessment processes because they will need clarity regarding the risks of their business, the mitigating controls deployed, and the risk appetite of

executive management. This foundation will direct the appropriate framework to manage the risk of financial crimes. Robust anti-money laundering compliance framework This framework exposes fraud, money laundering and terrorist financing risks. The MLRO should be intimately involved with the design of a thorough reporting system that would make reporting to the relevant authorities efficient. Additionally, the MLRO should ensure that staff are aware of their personal obligation, and the institution’s policies and procedures, while the basis for the institution’s risk-based approach is understood. Moreover, they have to develop and maintain the institution’s anti-money laundering and counter-terrorist financing policy in line with evolving statutory and regulatory obligations. Liability Administrative monetary penalties are a reality in The Bahamas. If the anti-money laundering compliance environment is mismanaged, even unintended fines and penalties are possible. Failure by a financial institution to

submit a report to the Financial Intelligence Unit (FIU) under the Financial Transactions Reporting Act 2018, Section 25-26, carries up to a $200,000 penalty. Also, a person who “knowingly concurs in a financial institution’s failure to submit a report to the FIU” is subject up to a $50,000 penalty. If the MLRO is not involved with the ongoing management of their institution’s financial crime regime and only receives, assesses and determines suspicious transaction filing, their awareness and ability to sufficiently review internal filings could be delayed, or even a decision could be incorrectly made not to file with the FIU. This decision could result in penalties on institutional and personal level. In short, the reality is that many supervised financial institutions in the Bahamas, who have been operating within the regulated space for decades, may consider this article common knowledge. For others, it may be a new perspective. Whether you are the former or the latter, institutions have a unique opportunity to redesign and establish anti-money laundering compliance

frameworks that are more robust, and it is never too late to start. I encourage all at a minimum to reevaluate your current framework and ask yourself: Is this sufficiently designed to provide the best defense against money laundering and terrorist financing? Locally, the role of the MLRO and other key compliance topics will be discussed by local and regional professionals during the Bahamas Association of Compliance Officers’ MLRO Day 2020 on Thursday, November 5, 2020. NB: Derek Smith Jr is a compliance officer at a leading law firm in The Bahamas, and a former assistant vice-president, compliance and money laundering reporting officer (MLRO), at local private bank. His professional career started at a ‘Big Four’ accounting firm and has spanned over 15 years, including business risk management, compliance, internal audit, external audit and other accounting services. He is also a CAMS member of the Association of Certified Anti-Money Laundering Specialists (ACAMS).

RBC starts building new Abaco branch ROYAL Bank of Canada (RBC) says it has begun construction on a digitallyenabled branch that will serve Marsh Harbour and the Abacos once it opens in February 2021. “The effects of Hurricane Dorian are still a reality for many persons in

The Bahamas. This is especially true for residents of the Abacos,” said LaSonya Missick, RBC’s managing director and head of personal banking for The Bahamas and Turks & Caicos Islands. “Our original branch was completely destroyed.

Through our innovative mobile banking unit, we quickly restored operations and were open for business. However, this was only ever designed to be a temporary solution. That is why today I am proud to announce that we will open a new stateof-the-art branch to serve

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the Abacos.” The full-service branch will provide RBC clients with the expertise and advice to address the buying, refinancing or renovating of a home; purchasing a car; investing for the future or their retirement; investing for their business; and saving for their children’s education. The branch will also be “digitally-enabled” to showcase RBC’s digital and mobile solutions for day-today banking transactions. “In a few short days, RBC will celebrate 112 years of

service to The Bahamas,” added Ms Missick. “This announcement further demonstrates our commitment to our islands, and our confidence in the future of the Abacos. As an Abaconian myself, I know that those communities’ best days lie ahead, and I’m proud that RBC will be there, on the ground, supporting every step of the way.” Construction and planning have already started for the new branch. Ken Hutton, Abaco’s Chamber of Commerce president, recently told this newspaper

that the new branch will be located at the site of Scotiabank (Bahamas) former Marsh Harbour premises. He added that RBC had been operating “out of a 40-foot container” and offering minimal banking services, with the taking of deposits not included. RBC said the dates and timelines for opening its new Abaco branch may alter due to the ongoing COVID-19 pandemic. It added that Abaco clients can continue to use the mobile branch in the meantime.

BAHAMAS MUST BE ‘CLEAR’ TO RESTORE TOURISM CONFIDENCE By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas must set “clear and concise rules” for its tourism opening, and stick to them, if it is “to restore confidence in the market”, a top Ministry of Tourism official has warned. Joy Jibrilu, the ministry’s director general, said this nation must “show we’re committed to the path we’re on” following yesterday’s tourism re-opening to enable it to restart building visitor volumes - which - apart from July - have almost completely dried up since the COVID-19 pandemic began in March. “We need to continue to restore confidence in the market, show we’re committed to the path we’re on,” she told a press conference called to address the sector’s relaunch. Noting the demands of tour operators and The Bahamas’ other travel partners, Mrs Jibrilu added: “They want clear, concise rules and regulations that are not confusing, and once they see that the numbers will pick up in the direction we want to see them.” Whether the latest travel and tourism COVID-19 protocols provide the clarity and certainty the industry, and its customers, need remains to be seen. The framework unveiled on Saturday contained a number of last-minute changes and clarifications for the health procedures visitors must

JOY JIBRILU comply with, some of which raised more questions than answers. Besides the decision to drop COVID-19 onarrival rapid antigen testing less than 72 hours before the November 1 tourism “re-opening”, the latest emergency orders issued by the Office of the Prime Minister on Friday afternoon still stipulated that the mandatory 14-day quarantine period remained in place. This forced Dionisio D’Aguilar, minister of tourism and aviation, to begin Saturday’s national address with an immediate pledge that the 14-day quarantine - which most tourism industry participants have long argued was a major deterrent to visitors coming here - is indeed being eliminated consistent with previous promises, and that the oversight in the orders will be corrected. None of this, though, is likely to do much for the tourism market certainty that Mrs Jibrilu described as absolutely critical to

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THE TRIBUNE

Monday, November 2, 2020, PAGE 3

HOTEL QUERIES ON COVID TEST AND QUARANTINE PLAN By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A MAJOR New Providence hotel says numerous unanswered questions remain over the COVID-19 re-opening protocols - especially around the five-day testing and quarantining of asymptomatic visitors. Muna Issa, Super Clubs Breezes managing director, told Tribune Business she was “comfortable” with the 14-day mandatory quarantine’s elimination and “five-day test window” for travellers to obtain a negative COVID-19 PCR test prior to coming to The Bahamas. But, speaking after Dionisio D’Aguilar, minister of tourism and aviation, addressed the nation on Saturday over yesterday’s tourism re-opening kickoff, Ms Issa said she was less certain about the procedure for tourists obtaining a rapid COVID-19 antigen test if they are staying in The Bahamas for five days or longer. She also questioned what was expected of resorts, and other visitor accommodations such as Airbnb vacation rentals, if guests were to test positive for the virus but be asymptomatic. Mr D’Aguilar on Saturday suggested such visitors would be able to remain in The Bahamas but quarantine for 14 days. “What I am not sure of is the procedure or rationale for the test on day five.

What are the guidelines for the tourist, accommodation or taxi if a tourist tests positive?” Ms Issa asked. The minister said the cost of the fifth day test, for tourists staying longer than four nights, will be included in the Bahamas Health Travel Visa that all visitors are required to obtain and pay a fee for. “The location of where this test can be administered will be provided on the Bahamas Health Travel Visa website. In Nassau, it will be any Doctors Hospital location. In the Family Islands, obviously, each island will have a different option,” Mr D’Aguilar said. “When you receive your Bahamas Health Travel Visa, it will possess a QR code which is like a bar code. When you present for the five-day test, that QR code will be scanned by the screener so that the results of your test can be properly uploaded to your account. “Naturally, we encourage everyone to take the five-day test so that we can assess your status five days after entering The Bahamas. We also encourage you to take the test since you would have already paid for it and there may be a small fine if you do not.” However, when it came to the fifth day test, Ms Issa queried: “”A tourist must take a taxi to the testing site and back at their expense, I believe, as I don’t see this included in the cost of the health visa.”

“Will the taxi driver be waiting for the tourist while the test is done? if a tourist is positive, is the taxi to transport the guest back to the accommodation? Will the taxi driver need to then quarantine for 14 days, as they would have been in contact with a positive person?” “Will the hotel or Airbnb or tourist accommodation owner be advised of a guest’s positive result? Can a private individual’s medical results be released without their agreement?” Ministry of Tourism officials, in a subsequent release on the issue, said over the weekend: “Hotel properties will provide relevant information on testing arrangements, while others will facilitate the required rapid test for their guests. “All persons on yachts and other pleasure craft will be able to make arrangements for their required rapid tests at the port of entry or via the relevant website. All other visitors, returning residents and citizens will be able to make arrangements for their required rapid tests at the port of entry or via the relevant website.” However, this appeared only to add to the uncertainty. Diane McTague, general manager of Nassau’s Holiday Inn Express, replied: “‘Hotel properties will provide relevant information on testing arrangements, while others will facilitate the required rapid test for their guests’.

I have not been informed of this.” Ms Issa, meanwhile, voiced concerns about allowing visitors who test positive for COVID-19 during their stay - but show no symptoms of the virus to stay in The Bahamas and quarantine in their accommodation for 14 days. “If I understand what was said today - if a tourist is positive but asymptomatic - they can return to their accommodation and still enjoy their vacation,” she said. “ If so, what protocols are to be followed? Is the guest expected to stay in their room? Who checks to ensure the guest doesn’t leave the room if they are in fact to stay in the room? “If staying in a house or Airbnb, can they still go grocery shopping? What if one member of the travelling party is positive and one negative - do they still continue to share the same room/accommodation?” The hotel industry is also likely to have concerns about its staff being exposed, and becoming infected, if COVID-19 positive guests are allowed to stay for up to 14 days. Outlining the Government’s policy, Mr D’Aguilar said the COVID-19 travel health insurance policy put in place by CG Atlantic, the former Atlantic Medical, would cover all costs associated with an infected visitor quarantining in The Bahamas for 14 days. “In the case where a visitor tests positive, three

Digital currency is ‘a giant step’ A FINANCIAL services provider has the Central Bank’s launch of a Bahamian digital currency as “historic” and “a giant step” that will help propel The Bahamas ahead of many industrialised nations. Robert Pantry, pictured, Simplified Lending’s founder and chief executive, said his company - which has more than tripled in size since its launch two years ago - would jump at the chance to explore using the Bahamian digital dollar, known as the Sand Dollar, to speed up the process of approving and disbursing loan proceeds. “On October 20, The

Bahamas became the first country to roll out a Central Bank digital currency with the successful launch of the Sand Dollar,” said Mr Pantry. “This is a giant step in digital currency history,

putting The Bahamas ahead of economic powers like China and the US in modernisation of domestic payment systems.” He added that the decision to pursue a national digital currency arose not because of a desire to get out of the gate first, but from a need to find an alternative solution for residents in far-flung Family Islands where banking options are limited or non-existent - and becoming even more so. “By creating the digital version of the Bahamian dollar backed by Central Bank giving it the same value as a physical dollar you can hold in your hand,

Central Bank is meeting the needs of thousands of people and hundreds of businesses who need to pay their bills, buy goods and supplies and engage in trade without worrying about a brick-and-mortar bank branch,” said Mr Pantry.

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comprehensive options are available to the visitor, none of which will burden our existing health infrastructure,” he explained. “First, those who test positive but exhibit no symptoms (asymptomatic) can quarantine in place for up to 14 days. The insurance will cover the hotel costs of that quarantine.” “Second, if a person tests positive, exhibits no symptoms (asymptomatic) but has a pre-existing medical condition, then they will have the option to be medically evacuated out of the country. And third, if a person tests positive and exhibits symptoms, they will be immediately medically evacuated to their home country for medical purposes. This policy will be in force throughout the entire Commonwealth of The Bahamas.” Ms Issa, though, had more questions: “If they [visitors] are positive on

day five and are to depart on day seven, are they allowed to travel to the airport? Will the airline be advised? What transportation do they take? “If they are expected to quarantine in The Bahamas until they get a negative result, who will cover the cost? I am assuming the insurance company. If so, does the tourist pay upfront and then claim on the insurance? Or will the insurance pay the accommodation directly in advance?” “I believe most tourists come for six nights/seven days or less. Why not do the test for those staying longer than six nights as a start, and then if the testing ratio is high move it to four night/ five days? We are hoping that prior to November 5, when the first tests will be administered, the accommodation sector will get some guidelines on the procedures we are expected to follow.”

PAGE 4, Monday, November 2, 2020

BAHAMAS MUST BE ‘CLEAR’ TO RESTORE TOURISM CONFIDENCE FROM PAGE TWO restoring The Bahamas’ major source of jobs, economic activity and foreign currency earnings. And the situation further reinforces the comments made last week by Adam Stewart, Sandals group chief executive, who said the resort chain had left its Bahamas re-opening to last - out of all the Caribbean territories in which it operates - because then lack of clarity and certainty in the Government’s COVID-19 approach was causing too much “confusion” in the

visitor market. Mrs Jibrilu, while warning that The Bahamas’ tourism rebound was likely to be slow with numbers not “anywhere near where they would have been at the beginning of the year”, said the Ministry of Tourism’s travel health unit had 1,000 applications for travellers wanting to access the country during this first week of November. She voiced optimism that, once past tomorrow’s US presidential election, The Bahamas will resume its tourism marketing and demand will start to build similar to the likes of other

THE TRIBUNE Caribbean and central American nations that have already relaxed COVID-19 restrictions, such as Mexico, the Dominican Republic and Jamaica. Also expressing confidence that commercial airlift to The Bahamas will build back as tourist demand grows, Mrs Jibrilu said she and the Ministry of Tourism had “been surprised” at the level of interest shown by existing second homeowners in how they could take advantage of the new one-year work/ study visa even before it launched. While the likes of Barbados entered this market earlier, she added: “Our advantage is proximity and the ease of getting here, so we anticipate it will be a

good value added to what we already promote and market.” Mr D’Aguilar, meanwhile, said The Bahamas’ was reopening its tourism industry out of “necessity” to avoid an economic and social implosion. Should The Bahamas match the average global decline identified by the United Nations’ (UN) World Tourism Organisation, he warned it would see a five million drop-off from last year’s 7.2m visitors. “The latest data from the World Tourism Organization shows that international tourism is down a whopping 70 percent,” Mr D’Aguilar said. “Put another way, if we used to get 7.2m tourists a year, as we did just last year in 2019, the best we

Digital currency is ‘a giant step’ FROM PAGE THREE Besides filling a void, Mr Pantry said the Sand Dollar increases efficiency and reduces overall service delivery costs. “It virtually turns your cell phone into your bank so long as you are dealing with a payment

or transfer with any merchant who has a Central Bank approved e-wallet,” he added. Mr Pantry, a veteran banker and former managing director of RBC FINCO, said the recent announcement by a major financial institution to close

most of its Family Island branches makes the need for a secure, efficient financial payment system all the more critical. “Scotiabank was the most recent to announce impending closure of several Family Island branches, the latest to follow a trend as banks

encourage customers to use online services,” he added. “Many people are still afraid of e-banking because of cyber security threats and, for them, the closure of a bank meant returning to the old-fashioned way of finding someone to take money to Nassau to pay bills. “Even for those who are comfortable with online banking, the advantage of a Sand Dollar transaction is its speed. The minute it hits

can expect right now is 2.2m tourists a year – a reduction of a staggering five million tourists, assuming we all do our part to prevent, diminish and stop further community spread of this deadly virus by wearing our masks, social distancing and not congregating in groups, both large and small.” Mr D’Aguilar said no decision had been taken to alter Bahamasair’s “grounding” on international routes as the current minimal demand meant there was simply insufficient business to justify resuming flights to Florida. While it was costing the Government “an absolute fortune” to restrict the national flag carrier to domestic routes only, he added that restarting

international routes would only threaten to “exacerbate the losses”. The minister, though, said he and the Ministry of Tourism were “really excited” that the US Centres for Disease Control and Prevention (CDC) was working with the cruise industry to enable it to resume sailing through its Framework for resuming safe and responsible cruise ship passenger operations. Mr D’Aguilar described this as a “small step, but a big step” in terms of that sector resuming its Bahamas’ cruises, as it indicated the CDC had shifted its position - prompted likely by a nudge from the Trump White House - away from simply issuing ‘no sail’ orders due to COVID-19.

a digital wallet, it is good as gold. There’s no waiting for a payment to move from one bank account to another. “Peer-to-peer is the way of the future as we move toward a cashless society, and it is exciting to see The Bahamas take the lead. Interestingly enough, the Sand Dollar introduction is making history while the penny is fading into history,” Mr Pantry said. “That is also an intelligent move on the part of Central Bank.” It costs more than a penny to make a penny, and advocates of its removal from active currency have

argued for years that its weight and volume bog down systems and bear high transportation costs. Financial services regulators say the national digital currency will also strengthen efforts against money laundering, illicit activities and counterfeiting. Six financial institutions have been granted the ability to provide Sand Dollars to residents, including Omni Financial Group, Cash & Go, Mobile Assist, Kanoo, Money Maxx and Sun Cash. Banks and other financial institutions are expected to be added soon.

THE TRIBUNE

Monday, November 2, 2020, PAGE 5

Holding our breath for what could turn out to be a dangerous day ACTIVTRADES WEEKLY By RICARDO EVANGELISTA www.activtrades.bs

NE of the greatest political upsets of all times happened four years ago, when Donald Trump beat the expectations of many and proved pollsters wrong by snatching victory from the hands of the hot favourite Hilary Clinton. Perhaps for that reason, but also due to other factors, polls that overwhelmingly predict a win by Joe Biden, uncertainty and even some anxiety persist over the result of tomorrow’s American Presidential election. Contrary to what some think, American voters don’t directly elect the President. Tomorrow’s election decides the composition of the electoral college, with each state being allocated a set number of such representatives. For this reason, despite having had almost three million more votes in 2016 than Donald Trump, Hilary Clinton

was defeated. Trump ended up winning by small margins in all the so-called swing states, capturing the seats allocated to them in the electoral college. And if the intricacies of the American electoral process make it difficult to accurately predict a winner - even when the polls

BFSB ELECTS NEW BOARD OF DIRECTORS THE Bahamas Financial Services Board (BFSB) elected a new board of directors to serve for a twoyear term (2020-2022) at its recent annual general meeting (AGM). Elsworth Johnson, minister of financial services, trade and industry and immigration, gave the keynote address during which he updated attendees on the priority items his ministry is targeting. These include a streamlined application process at the Department of Immigration, and moving forward with industryrecommended reforms to trust and fiduciary services legislation, as well as plans to introduce a tax residency certificate. Tanya McCartney, BFSB’s chief executive and executive director, highlighted the board priorities that include tracking international initiatives impacting the sector and continued promotion and marketing of the jurisdiction amid the COVID 19 pandemic. She told attendees that BFSB has remained true to its mandate of promoting a greater awareness of The Bahamas’ strengths as an international financial centre (IFC). This, coupled with advocacy for the industry on policy matters, has dominated an agenda that focuses on several broad areas - promotion and marketing; international initiatives; policy and legislation; and stakeholder engagement. Following the AGM, the Board held its first meeting where the following executives were elected to their posts 1. Chairman – Kevin Moree, partner at McKinney, Bancroft and Hughes and a member of the firm’s financial services and regulation, litigation and dispute resolution and tax and trade practice groups 2. Vice-Chairperson – Latonia Symonette-Tinker, principal at The Bayshore Group and former consultant in the Ministry of financial services, trade and industry and Immigration 3. Treasurer – Angela Butler, vice-president and chief financial officer at Credit Suisse Trust 4. Assistant Treasurer – Deidree Bain, managing director of Suntera Global 5. Assistant Secretary – Kelli Ingraham, attorney at Holowesko Pyfrom Fletcher 6. Secretary – Fareda Sands, compliance consultant Permanent Directors Tanya McCartney, BFSB chief executive and executive director Deborah Watson, director of financial services in

KEVIN MOREE the Ministry of Financial Services BFSB Board of Directors for the 2020-2022 term: Theresa Haven-Adderley, Isles of Knight Trust Company Deidree Bain, Suntera (Bahamas) Antoine Bastian, Genesis Fund Services (Bahamas) Angela Butler, Credit Suisse Trust Anastacia Campbell, Graham Thompson Timothy Colclough, JPMorgan Trust Company (Bahamas) Linda Beidler-D’Aguilar, Glinton Sweeting O’Brien Arada Davis, UBS Trustees (Bahamas) Cira Davis, Credit Suisse Trust Nerissa Greene, Halsbury Chambers Kelli Ingraham, Holowesko Pyfrom Fletcher John Lawrence, Windermere Corporate Management Taran Mackey, IPG Family Office Kevin Moree, McKinney Bancroft and Hughes Portia Nicholson, Higgs & Johnson Fareda Sands, Acetop Global Markets Latonia SymonetteTinker,The Bayshore Group

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consistently give one of the candidates the lead by a significant margin - this year’s forecasts are even more complicated by the substantial probability of a disputed result. The election of 2000 is a good example of such a scenario, with George W Bush declared the winner more than a month after election

day. The vote count in the swing state of Florida was very close and the final result was declared only after the Supreme Court decided by a margin of five to four to rule against a recount. The ruling meant that Mr Bush took the 25 electoral seats allocated to the state of Florida by a margin of only 537 votes

and was proclaimed winner with 271 representatives in the electoral college against Al Gore’s 266, becoming the 43rd American President. The run-up to this year’s election has been marked by unprecedented numbers of postal and early voting, with the incumbent President repeatedly mentioning supposed irregularities and stating that he only sees himself losing if the election is rigged, hinting that should that be the case he won’t concede and may refuse to hand over power. It appears that unless the winner manages to hedge over his opponent by an undisputable margin, we may have to wait weeks or even months to know who the next President will be. The US has become a socially divided country,

with a culture war raging between partisan political views that are increasingly belligerent towards each other. The economy has been battered by the first wave of the pandemic and the prospects for the winter ahead look bleak. This is not a good time for a protracted dispute over the election result; it could trigger a constitutional crisis, delay the release of a much-needed economic stimulus package and generate potentially dangerous social unrest. Therefore, we can only hope that this election is decided tomorrow, with a clear win by one of the two contestants. A disputed result would be the worst-case scenario for the United States, and for the rest of the world.

PAGE 6, Monday, November 2, 2020

BFSB elects new Board of Directors FROM PAGE FIVE Tiffany Jones-Williams, FC Capital George White, Leno Corporate Services Raquel Wilson, Lombard Odier & Cie (Bahamas) Igal Wizman, EY Bahamas Joneka Wright, The Winterbotham Trust Company Deborah Watson, government representative as director of financial services Representatives of Professional Industry Associations Shawn Forbes, Association of International Banks & Trust Companies (AIBT) Maria Dorsett, Bahamas Association of Compliance Officers (BACO) Kelli Ingraham, Bahamas Bar Association (BBA) Warren Rolle, Bahamas

Insurance Association (BIA) Diveane Bowe, Bahamas Institute of Chartered Accountants (BICA) Andrew Rolle, Bahamas Investment and Securities Business Association (BISBA) Christine Wallace-Whitefield, Bahamas Real Estate Association (BREA) Kenia Nottage, Chartered Institute of Arbitrators Jerome Franks, CFA Society Bahamas Kendrick Brathwaite, The Clearing Banks Association Joann Pyfrom, Society of Trust & Estate Practitioners (STEP) Zelma Wilson, Restructuring and Insolvency Specialist Association (RISA)

THE TRIBUNE

COVID testing: ‘11th hour’ u-turn blasted FROM PAGE ONE COVID-19 PCR test, which they have to obtain within five days’ prior to getting on a plane to The Bahamas, adding that they would not detect visitors carrying the virus who are asymptomatic. Mr Myers, disputing this, argued that international experience and research had shown it typically took three to five days before COVID-19 carriers became infectious and “started shedding”. As a result, he said a rapid antigen test upon arrival would still “catch a large percentage” of these - especially those who had obtained a negative COVID-19 PCR test three to five days before travelling. And Mr Myers also questioned why the Government did not conclude border testing was “not supported by the science” some 12 weeks ago, when it and the

coalition first started talks on providing a solution. He added that Mr D’Aguilar, who was quoted in the November 25, 2020, press release touting the partnership with the coalition, and Dr Brennen had been its main contact points and who had requested that kits be provided for a comprehensive testing regime that included the border. “This is not something the Living With COVID Coalition came up with on its own,” Mr Myers told Tribune Business. “This was a collaborative effort with the government, Health and the deputy chief medical officer. Dionisio and the deputy chief medical officer were in constant contact, as were the Department of Health and other doctors,. “You can imagine our complete surprise when they pulled this. We had built the whole system for them. We had delivered the tests throughout the country by plane on Thursday and Friday, and got the platform for the Bahamas Health Travel visa in place. That’s where we’re at. We can’t do anything more than that. I can’t help them any more. We’ve done all we promised to. “They changed their minds and we don’t support that change. We’ve worked for 12 weeks on this, spent hundreds of thousands of dollars. It’s disappointing but that’s life. It’s not everything that works. We put a lot of time into it and at no cost. I didn’t make any money. I put a lot of time and personal money into it, but if they do what they’re doing it’s a tremendous waste of my time and other people who contributed.” It is unclear why, just four days the Ministry of Tourism’s name was placed alongside the Living With COVID Coalition’s, the “science” supporting border testing abruptly changed from the government’s perspective - especially when the two sides had been talking for three months. Mr D’Aguilar, in his national address on Saturday, indicated that the challenge of rolling out rapid antigen testing at all Bahamian ports of entry, and across all islands, was simply too complex from a logistical perspective. “As you can imagine, the logistics and complexities of rolling out any type of testing in a country with as many islands and, as a consequence, as many ports of entry as we have in The Bahamas, is no small undertaking,” he said.

“As the Ministry of Tourism fleshed out that idea, of testing at the border and began to roll it out with the huge support of the Immigration Department, Nassau Airport Development Company (NAD), the Airport Authority, the Grand Bahama Airport Company, marina operators, local health care providers and other interested parties in the private sector, the guidance from the Ministry of Health changed. “The use of rapid antigen tests as an effective screening tool at the border was not supported by the available research or, was not supported by the science.” Dr Brennen later explained the “science” as being that rapid COVID-19 antigen tests upon arrival were of little use in picking up asymptomatic carriers of the virus given that all visitors coming to The Bahamas must produce a negative PCR test taken within five days of their travel. “If someone were to be exposed on Monday, and travel on Tuesday, if they had a test done at that time it would not show as positive anyway, so it will not give you the type of results you are looking for,” Dr Brennen added. Due to the five to six-day “incubation period” that COVID-19 carriers go through, he said “testing on arrival will not give you the type of results you think it would”. Mr D’Aguilar said: “I looked throughout the Caribbean, I looked at a total of 20 destinations, and of those 20 countries only three were testing upon arrival. So obviously this is not something that has gained traction, and not being generally accepted, so if everybody is not doing it, there must be some reason why they are not doing it. “They are not doing it because science is not supporting it. We can only go with science. We have a very robust public health department. We are guided by them. We had the same questions as you.” It is unclear, though, why the government would effectively wait until the last minute to abandon a partnership that it had endorsed via the Ministry of Tourism just four days before. And also why it took so long to research other countries and decide the support for border testing had evaporated when it had been talking to the coalition for 12 weeks. “I don’t like doing work for the government because there’s not enough leadership,” Mr Myers added. “It’s

always such a bloody mess any time you deal with the government. That’s why in all the things they do that don’t attract the ‘Grade A’ people because they do not want to put up with their nonsense. “The problem is at the 11th hour, after we had delivered the kits, they changed their minds. We didn’t expect the government to do a 180 degree on us, but we can’t help them any more. I’m certainly not willing to give up any more of my time when you move the goal posts. I wasn’t willing to play that game anyway.” The indications are that the Ministry of Health overruled their tourism counterparts on the rapid antigen border testing. However, Mr Myers argued that it was “a big risk to run”, with the multiple doctors involved with the coalition also disagreeing with the government’s decision. He argued that elimination of this testing phase could potentially result in COVID-infected visitors being into their 10th day before they are uncovered, and spreading the virus to other tourists and Bahamians alike, even though the government has narrowed the PCR test window from seven days before travel to five as a result - a deadline Mr D’Aguilar conceded will be a major “undertaking” to comply with. Mr Myers, who said the coalition will now focus on providing test kits for employers, churches, civil society and the government, added that the end to “upon arrival” testing will cut the number of COVID tests required “in half” and thus make it uneconomic for clinics and private practices - who would just be covering their costs - to participate. Whether the latest travel and tourism COVID-19 protocols provide the clarity and certainty the industry, and its customers, need remains to be seen. The framework unveiled on Saturday contained a number of last-minute changes and clarifications for the health procedures visitors must comply with, some of which raised more questions than answers. Besides the decision to drop COVID-19 on-arrival rapid antigen testing less than 72 hours before the November 1 tourism “reopening”, and dropping the pre-arrival PCR test from a seven-day to five-day window, the latest emergency orders issued by the Office of the Prime Minister on Friday afternoon still stipulated that the mandatory 14-day quarantine period remained in place. This forced Mr D’Aguilar to begin Saturday’s national address with an immediate pledge that the 14-day quarantine - which most tourism industry participants have long argued was a major deterrent to visitors coming here - is indeed being eliminated consistent with previous promises, and that the oversight in the orders will be corrected.

THE TRIBUNE

Retailer ‘can’t afford to take risks blindly’ after 80% sales fall FROM PAGE ONE

way we can survive on curb-side sales, no way, and many others are in the same position. There’s no way to sustain curb-side indefinitely, and when the government talks about loosening, tightening, loosening, tightening, you lose the ability to order next month’s supply or two months’ supply,” he added. “We’ve always taken risks, but now you’re asking us to take risks blindly as business people and we cannot afford risk any more, not now, not in these circumstances.” Mr Kemp said footwear, fashion and apparel retailers faced an extremely difficult challenge, as they were ordering product six months in advance, yet have no idea of the COVID-19 restrictions that await them then. Mr Kemp spoke out after Ms Morley and the Federation, in a statement, hit back at the prime minister for voicing disappointment that so few Bahamian retailers have developed online e-commerce operations by saying this typically accounted for just 15 percent of their sales maximum. “Even those with fully functioning, state-of-theart websites still only see a

minimal return - roughly ten percent to 15 percent of overall sales - which is not enough to support their full operations,” the Federation said. “Curbside business for the majority of our over 100 member businesses in the Federation represents a mere one percent to 15 percent of sales. “Outside of retailers who cater to the tourism market, most of our members have found that while allowed to open they are at least able to cover their operating costs and keep staff members employed. However, after being either shut down or only permitted to operate online/curbside for five out of the last eight months, retailers were relying on the November 1 re-opening date to generate much needed income during the upcoming holiday season in order to avoid bankruptcy and further layoffs. “Many retailers committed to orders based on the prime minister’s promise of ‘no more lockdowns’ in early September. However, in addition to the obligations faced by all businesses such as electricity bills, rent, payroll, internet etc, they now find themselves with insufficient cash flow to clear these shipments meaning

Bran: Banks cannot hold nation hostage on marijuana plans FROM PAGE ONE

in this country, and ensure the laws in this country are beneficial for this country, and not for the banks whether they are local or internationally owned,” he argued. “Those banks are making a hell of a lot of money in this country. If they want to be here, they need to follow our laws, and those laws need to be predicated on what’s best for our country. If they won’t do that, bye bye.” Suggesting that Bahamians were not benefiting from the commercial banking industry as presently structured, Mr McCartney added: “We need to be more prepared in this country to take a stand and move this economy forward for the benefit of the Bahamian people and not the benefit of foreign entities that come to this country. “This administration needs to do what’s best for this country. As a government they can do it; change and amend the laws, and do it for the benefit of this country, the economy and the Bahamian people. Look at where we are today: What do we have to lose? The banks will fall into line. I can almost guarantee you that. They make too much money here to turn their backs on it.” Mr McCartney spoke out after several bankers warned that The Bahamas cannot afford to be cut-off from the US financial and economic system by the industry losing its correspondent relationships with counterparts in that nation due to concerns about a legalised industry conflicting with US federal law. 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, Gowon Bowe, Fidelity Bank (Bahamas) chief executive, 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. However, one way around these US concerns would be to create a local bank that transacts in Bahamian dollars only to accept deposits from a legalised medical marijuana/hemp industry.

AMENDED NOTICE PURSUANT TO SECTION 218(1)(e) COMPANIES ACT, 1992 EQUITY BAHAMAS LIMITED (the “Company”) (IN VOLUNTARY LIQUIDATION) NOTICE IS HEREBY GIVEN that on July 24, 2020 the Company was placed into voluntary liquidation. The Liquidator is Kim D. Thompson of Equity Trust House, Caves Village, P.O. Box N-10697, West Bay Street, Nassau, Bahamas and can be contacted via kthompson@equitybahamas.com . Dated: October 29, 2020 Signed: Kim D. Thompson (Liquidator)

Monday, November 2, 2020, PAGE 7 that they cannot even outfit their stores with the requisite inventory to sustain seasonal turnover. These measures are choking the local economy and exporting our Bahamian dollars abroad.” The Federation added: “These restrictions and lockdowns disproportionately impact the blue collar workers of this nation that do not have the luxury of ‘working from home’ as other white collar positions in an office job may afford. The fact of the matter is over 20,000 jobs are on the line now. That’s 20,000 families. “We ask that the policies being contemplated have a heart and a soul. We have remained stagnant for too long and, as we all know, COVID-19 will be around for well beyond 2020. It is the policies of this nation that will allow it to carry on or not. We need to work together to forge the path forward.” The federation added that there were numerous

hurdles to establishing an e-commerce platform in The Bahamas, citing “the lack of a stable power source, no functioning postal service, unstable internet connection, and unreliable phone service”. “Furthermore, our members have frequently cited many hurdles faced when trying to integrate a digital payment platform here given the challenges associated with e-commerce options at the local commercial backs,” it continued. “Local businesses who have the resources have worked tirelessly to launch an online platform since COVID first hit our shores back in March. However, even when they do, 15 percent of anyone’s business is still not enough to sustain current operating expenses and overhead. The math just does not add up if the government is going to take the economic threat of lockdowns and curbside restrictions seriously.”

PAGE 8, Monday, November 2, 2020

Chamber war on COVID advocacy FROM PAGE ONE Khrystle Rutherford-Ferguson, the chamber’s chairman, told Tribune Business yesterday she had attempted to reach out to Ms Huber to discuss the issues Rubins and herself were facing but had been unable to contact her. Pointing to previous statements to this newspaper and other media, Mrs Rutherford-Ferguson said the position of herself and the chamber since the beginning of the latest COVID-19 restrictions in early October was that curb-side limitations and curfews would be damaging to all retail and restaurant businesses. She also denied allegations that the chamber’s role as business community advocate was being compromised, or blunted, by her political ambitions. Mrs Rutherford-Ferguson, refuting claims she was on the candidates’ shortlist to run for the Free National Movement (FNM) at the next general election, said she was focused on representing “the entire business community no matter their political persuasion”. The entire e-mail exchange, which was leaked to Tribune Business and other media, was triggered by an October 29, 2020, e-mail from Ms Huber that was headlined Where is The Bahamas Chamber of Commerce. She argued that the private sector’s main advocacy body had been “silent since March” and provided little to no support for retailers currently suffering under the curb-side limitations. “As many of you know we have been in business a very long time and hope to continue serving The Bahamas for many more years,” Ms Huber said of Rubins, in an e-mail that was sent to all chamber directors, and which Tribune Business

MARKET REPORT www.bisxbahamas.com

FRIDAY, 30 OCTOBER 2020

BISX ALL SHARE INDEX:

CHANGE

2081.46

-0.34

%CHANGE

YTD

YTD%

-0.02 -150.14

-6.73

sources have confirmed as genuine. “We understand these times are uncertain and difficult for all of us. However, we are curious as to what your plan of action is? You have been SILENT since March, with little to no support to the retail sector. “Besides Ms [Tara] Morley, who has stuck her neck out for retail businesses, we are extremely disappointed in the leadership of your organisation. Sadly, because of Ms Morley’s outspokenness, I’m sure she is scrutinised and targeted by the ‘powers a be’, and most certainly making it impossible for her to run a business.” Ms Morley, head of the Bahamas Federation of Retailers, has consistently spoken out about the impact COVID-19 restrictions have had on retailers. Ms Huber, though, concluded her e-mail with a plea for help for the retail sector: “Where is the chamber? Why aren’t you all protesting like the rest of us? Why aren’t you on the front page of the papers? Where is the chamber president [chairman]? Where is your voice?” This provoked a dusty, dismissive reply from Mr Parker in his capacity as chamber director. He wrote to Ms Huber: “Your passion is noted. However, the substance of your unwarranted attack on the Chamber of Commerce and its board undermines your objective. “Like most businesses, you may have been distracted by global and national events, which may account for your apparent failure to observe the chamber’s consistent championing on behalf of the business community throughout this ordeal.” Suggesting that her concerns had not been voiced in an “appropriate manner”, Mr Parker added: “I would invite you to ask specific questions as opposed to casting broad aspersions. There is always room for improvement and deeper engagement. However, this must begin with civil discourse. You appear to have a relationship with Ms Morley, I invite you to

THE TRIBUNE engage with her and she can revert to us regarding the same.” This produced a withering reply from Mr Ingraham in his position as vice-chairman, who told Mr Parker: “I personally find your response very inappropriate to a member, or indeed any business owner, in this country. We are here as servants of, and advocates for, that community, and such responses will only create unneeded animosity between us and the people we represent. “We are nothing without our members. Businesses are frustrated with the current conditions, and that is not without reason, and certainly should not be minimised. While they may occasionally express frustration toward us for a perceived lack of advocacy, answering them in a flippant, dismissive manner is never the answer. “We must always ensure that we are doing, appear to be doing or are prepared to do what is reasonable to advance the interest and concerns of members, and not dismiss them because the language used is not to our liking. Hopefully we can repair the damage I believe was done with your response.” The e-mail exchanges are understood to have caused consternation among multiple chamber board directors who fear it will alienate their members and the wider business community at the worst possible time with the private sector already reeling from COVID-19. Mrs Rutherford-Ferguson, meanwhile, told Tribune Business: “First and foremost I do understand there are many retailers that might be frustrated, especially with all the restrictions placed on the way they do business. “It’s very clear, the chamber’s position on curfews and curb-side restrictions..... Curb-side restrictions are very damaging to businesses, especially in the retail and restaurant space. The chamber’s efforts with regard to advocacy on behalf of the business community is well put. There are no questions around the chamber’s position on certain restrictions. “We are continuing to advocate on behalf of our members so as many as possible get back to operations as quickly as possible, and in as safe a manner as possible.”

(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

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 2.36 4.43 2.13 198.39 176.73 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 2.03 6.00 10.17 8.44 14.30 3.94 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 2.01 6.00 9.76 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 (0.02) 0.00 (0.41) 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

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

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

VOLUME

10,000

400

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 2.36 4.43 2.13 198.36 173.98 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 19.7 12.8 15.1 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% 21.59% 1.00% 3.36% 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% 3.35% 4.31% 1.56% 3.12% 1.84% 2.51% 1.65% 2.39% 4.34% 9.82% 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 30-Sep-2020 30-Sep-2020 25-Sep-2020 30-Sep-2020 30-Sep-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

Monday, November 2, 2020, PAGE 9

To advertise in The Tribune, contact 502-2394

PAGE 12, Monday, November 2, 2020

THE TRIBUNE

ZAMBIA’S RISK OF DEFAULT HIGHLIGHTS AFRICA’S DEBT CRISIS UGANDA Associated Press

FACING financial difficulties aggravated by the coronavirus pandemic, the southern African nation of Zambia appears headed for a default on debt owed to private investors. One of the world’s top copper producers, Zambia for years has been heavily indebted but now could get an undesired reputation for financial unreliability if a group of investors who hold $3bn of the country’s eurobonds insist on payments that have come due. Zambia seeks a holiday of six months, but the bondholders’

final decision is pending. The cash-strapped country is a strong example of the debt distress for other governments in Africa even as they try to focus limited resources on urgent problems such as healthcare and education. How Zambia fares will be watched by other nations that owe large amounts not just to private bondholders but also to commercial banks and state lenders such as China. A debt moratorium granted by G20 countries in response to the pandemic that freed up to $20bn for low-income nations ends in late December, and African governments seek an

extension to free up further resources to fight the COVID-19 pandemic and help battered economies. A default on private debt is damaging in the eyes of investors, and credit rating agency Fitch downgraded Zambia to almost junk status after the government sought to delay interest payments to bondholders in September. Zambia’s looming default “definitely sends a wrong signal in the eyes of investors”, said Stephen Kaboyo, a Ugandan analyst who runs the asset management firm Alpha Capital Partners. “There’s always peer comparison,” he said. “They ask themselves, ‘Who is next?’”

Abebe Selassie, the director in charge of Africa at the International Monetary Fund, sought to allay the concern in a news conference on Oct 22, saying he hoped the market would differentiate Zambian assets from others in Africa. “That’s what we’re seeing so far, and I hope that will continue to be the case, as is the case elsewhere,” he said. The South Africa-based research firm NKC African Economics in an assessment related to Zambia’s troubles said it saw “moderate” contagion risk in the broader region and warned that pandemic-related disruptions to global trade could raise

default risk in the entire subSaharan African region. A “prolonged external shock may disrupt refinancing efforts” in Kenya, Ghana and Senegal in the debt cycle that begins in 2021, it said. Many sub-Saharan African countries, from Cameroon to Kenya, have issued eurobonds over the years, amassing debt that is maturing at a time of rising financial burden amid the pandemic. The World Bank and IMF have announced some relief measures, including freeing up billions in debt payments, and some African countries have secured more loans from those institutions. But debt-related anxiety will

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 72° F/22° C Low: 55° F/13° C

TAMPA

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Cloudy and windy with showers

Partly to mostly cloudy and windy

A spotty t‑storm; windy

Mostly cloudy, windy

Clouds and sun, a t‑storm around

A morning shower; some sun

High: 82°

Low: 71°

High: 80° Low: 73°

High: 82° Low: 75°

High: 82° Low: 74°

High: 83° Low: 75°

AccuWeather RealFeel

88° F

67° F

77°-70° F

81°-75° F

86°-78° F

89°-77° 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.

almanac

ABACO

High: 80° F/27° C Low: 71° F/22° C

25‑35 knots

High: 77° F/25° C Low: 68° F/20° C

25‑35 knots

FT. LAUDERDALE

FREEPORT

High: 80° F/27° C Low: 71° F/22° C

W S

WEST PALM BEACH

uV inDex toDay

TONIGHT

High: 75° F/24° C Low: 54° F/12° C

High: 80° F/27° C Low: 66° F/19° C

MIAMI

High: 82° F/28° C Low: 69° F/21° C

20‑30 knots

KEY WEST

High: 83° F/28° C Low: 73° F/23° C

High: 82° F/28° C Low: 71° F/22° C

High: 82° F/28° C Low: 75° F/24° C

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

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

Thursday

10:29 a.m. 10:49 p.m.

3.0 2.3

4:04 a.m. 5:03 p.m.

0.6 0.8

Friday

11:16 a.m. 11:41 p.m.

2.9 2.3

4:48 a.m. 5:52 p.m.

0.8 0.8

Saturday

12:09 p.m. ‑‑‑‑‑

2.9 ‑‑‑‑‑

5:41 a.m. 6:47 p.m.

0.8 0.9

Sunday

12:40 a.m. 1:08 p.m.

2.3 2.9

6:42 a.m. 7:45 p.m.

0.9 0.8

sun anD moon Sunrise Sunset

6:18 a.m. 5:28 p.m.

Moonrise Moonset

7:01 p.m. 7:55 a.m.

Last

New

First

Full

Nov. 8

Nov. 14

Nov. 21

Nov. 30

CAT ISLAND

High: 84° F/29° C Low: 76° F/24° C

15‑25 knots

10‑20 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 88° F/31° C Low .................................................... 79° F/26° C Normal high ....................................... 83° F/28° C Normal low ........................................ 71° F/22° C Last year’s high ................................. 89° F/32° C Last year’s low ................................... 75° F/24° C Precipitation As of 1 p.m. yesterday .................................. trace Year to date ............................................... 59.07” Normal year to date ................................... 35.84”

ELEUTHERA

NASSAU

deepen as the year winds down. Nathan Hayes, an analyst with the Economist Intelligence Unit, told The Associated Press that for Africa “the picture in 2021 looks different” because $20bn in private obligations are coming due in addition to $14bn in bilateral debt. “These debts are highly unlikely to be part of any renewed suspension initiative, as it would be negatively reflected in sovereign credit ratings and potentially restrict market access at a crucial time,” he said. The servicing burden will rise again in 2021, putting pressure on governments.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 85° F/29° C Low: 77° F/25° C

High: 85° F/29° C Low: 79° F/26° C

High: 83° F/28° C Low: 76° F/24° C

W S

LONG ISLAND

tracking map

High: 84° F/29° C Low: 79° F/26° C

10‑20 knots

MAYAGUANA High: 85° F/29° C Low: 78° F/26° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 84° F/29° C Low: 81° F/27° C

High: 85° F/29° C Low: 79° F/26° C

GREAT INAGUA High: 86° F/30° C Low: 79° F/26° C

10‑20 knots

8‑16 knots

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

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

WINDS NE at 25‑35 Knots ENE at 15‑25 Knots NE at 15‑25 Knots NE at 25‑35 Knots NE at 10‑20 Knots NE at 25‑35 Knots ENE at 8‑16 Knots E at 12‑25 Knots NNE at 12‑25 Knots NE at 20‑30 Knots NNE at 25‑35 Knots ENE at 15‑25 Knots NE at 10‑20 Knots NE at 25‑35 Knots NE at 8‑16 Knots E at 12‑25 Knots ENE at 10‑20 Knots ENE at 20‑30 Knots E at 7‑14 Knots ENE at 12‑25 Knots NE at 20‑30 Knots ENE at 20‑30 Knots NE at 10‑20 Knots ENE at 20‑30 Knots NE at 10‑20 Knots NE at 25‑35 Knots

WAVES 8‑12 Feet 6‑10 Feet 2‑4 Feet 3‑6 Feet 4‑7 Feet 8‑12 Feet 3‑5 Feet 4‑7 Feet 5‑9 Feet 8‑12 Feet 6‑10 Feet 4‑8 Feet 1‑3 Feet 3‑6 Feet 3‑5 Feet 4‑8 Feet 1‑3 Feet 3‑6 Feet 5‑9 Feet 6‑10 Feet 3‑5 Feet 4‑8 Feet 2‑4 Feet 3‑6 Feet 3‑5 Feet 6‑10 Feet

VISIBILITY 10 Miles 5 Miles 10 Miles 5 Miles 10 Miles 5 Miles 10 Miles 10 Miles 10 Miles 5 Miles 10 Miles 5 Miles 10 Miles 5 Miles 10 Miles 10 Miles 10 Miles 5 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 5 Miles

WATER TEMPS. 82° F 82° F 83° F 82° F 84° F 84° F 84° F 84° F 83° F 83° F 82° F 79° F 84° F 84° F 84° F 84° F 84° F 84° F 84° F 84° F 84° F 83° F 84° F 84° F 84° F 84° F