11052020 BUSINESS

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THURSDAY, NOVEMBER 5, 2020

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‘Carve out’ tourism from BTC’s revenues drop over $21m future COVID lockdowns

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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“JUBILANT” Cabinet minister yesterday urged that the tourism industry be “carved out” from future COVID-19 lockdowns after Baha Mar confirmed plans to begin a phased re-opening from December 17.

Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that exempting the sector from such restrictions was vital to restoring “stability” and market confidence in a business that is The Bahamas’ largest source of jobs, economic activity and foreign exchange earnings.

• Minister: We can’t afford any more instability • Industry must operate through restrictions • ‘Jubilant’ over Baha Mar re-opening date

DIONISIO D’AGUILAR

Arguing that this justified what some may regard as special treatment, Mr D’Aguilar said The Bahamas could ill-afford a repeat of what occurred in late July - with the reimposition of border controls and restrictions that effectively shut the sector down once again - as it now bids to “come out of the blocks a second time”.

Suggesting that the confirmed re-opening dates from Atlantis and Baha Mar are “the instant result of the removal of the 14-day quarantine” on November 1, Mr

D’Aguilar said of the moves

by The Bahamas’ two largest resorts: “It’s hopeful.

I’m jubilant, I’m excited, I’m happy, but it’s important to reiterate once again the need to bring stability to the tourism market.

“While the government may have to, from time to time, impose restrictions on the domestic economy, it’s important we carve out those operating in the tourism sector so that they can operate with some

SEE PAGE 4

Baha Mar: February ‘goal’ for final hotels

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHA Mar’s president yesterday revealed its two remaining hotel brands will re-open in February 2021 as he hailed the mega resort’s return as “a real shot in the arm” for the Bahamian economy.

Graeme Davis, speaking after the $4.2bn Cable Beach property confirmed its Grand Hyatt resort will open on December 17 at “a maximum 60 percent capacity”, told Tribune Business that the more than 1,500 staff who will be recalled for this first phase represent about 30 percent of its total workforce.

He added that more were likely to return in the New Year, as Baha Mar is targeting February 2021 as “the goal” for re-opening its

• President says return ‘real shot in arm’ • Expects ‘strong pick up’ for Xmas season • Full return of workforce may take till 2022

GRAEME DAVIS high-end Rosewood and SLS properties in time to catch the traditional peak months of the winter tourism season.

The Baha Mar chief, though, said this timeline

Superplex holding firm; avoids ‘tough decisions’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Fusion Superplex is “holding firm” and not made any decisions about staff terminations or financial restructuring as it awaits word from the Prime Minister on when it can open.

Nikolette Elden, the cinema and entertainment complex’s marketing manager, told Tribune Business this week that it had so far held off making what Carlos Foulkes, its chief executive, had previously referred to as “some serious decisions” if it was unable to resume

operations by early November 2020.

That timeline has now been reached, but Ms Elden said: “Right now we’re in a holding pattern. We had hoped we would have got more detailed information from the prime minister’s last address. We are still awaiting a government decision.

“No decision has been made in terms of ‘tough decisions’. We’re still holding firm and hoping the prime minister will give us some indication as to an opening date so we can see

SEE PAGE 7

Don’t criminalise Asues, urges opposition deputy

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net The opposition’s deputy leader yesterday urged the government to clarify whether new laws will criminalise the Asue savings schemes long popular among many Bahamians.

Chester Cooper, pictured, the Exuma and Ragged Island MP, while backing efforts to stamp out Ponzi schemes and other common financial frauds that “prey on Bahamians” warned many could find themselves in violation of the law if the new Financial

and Corporate Services Providers Bill also caught Asue schemes in its net.

“I’m very glad that this legislation clearly outlaws financial schemes, like Ponzi and pyramid schemes,

SEE PAGE 6

could alter due to the everevolving nature of the COVID-19 pandemic both in The Bahamas and abroad.

Linking the return of other furloughed staff to how

quickly tourism demand ramps back up, he added that it may not be until 2022 that the full workforce is back on property.

However, with Baha Mar spotting “light at the end of the tunnel” following its closure more than seven months ago on March 25, Mr Davis said the mega resort may also be able to re-hire some of the 1,100-1,200 employees it permanently terminated during the summer through the creation of “a minimum 500” new jobs at its new water park and additional amenities.

SEE PAGE 5

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas Telecommunications Company’s (BTC) fell by more than $21m year-over-year for the nine months to end-September 2020 despite further slowing the erosion of its mobile customer base.

Liberty Latin America (LiLAC), the ultimate parent for BTC, in unveiling its results for the 2020 third quarter yesterday disclosed that BTC suffered an 11 percent top-line fall for the period as revenues dropped by more than $5m compared to 2019 dropping from $50.1m in a quarter impacted by Hurricane Dorian to some $44.6m this time around.

The extent of the 2020 third quarter shrinkage, though, was reduced in comparison to the 13.6 percent year-over-year revenue decline for the first nine months. Over that period, BTC’s income dropped from $156.2m to $134.9m as the COVID-19 pandemic’s fall-out bit into the communications industry’s financial performance.

LiLAC yesterday said the Bahamian tourism industry’s near-total shutdown for at least two months of the 2020 third quarter was the chief factor behind the $6m decline in roaming revenue suffered by BTC’s immediate parent, Cable & Wireless Communications (CWC), during that period as there were no visitors to use their phones.

“Inbound roaming revenue declined by $6m year-over-year, with the largest impact in The Bahamas due to a reduction in tourism as a result of COVID-19,” LiLAC added.

However, there was

better news for BTC when it came to its mobile market share, as the data unveiled

by LiLAC suggests it is now holding its own in the battle against Aliv for subscribers given that the attrition appears to have stabilised amid the pandemic.

While BTC lost some 1,800 pre-paid subscribers during the three months to end-September 2020, with the total falling to 150,100 quarter-over-quarter, the net customer loss was reduced to 1,200 after it gained 600 post-paid users.

This drove total post-paid subscribers to 29,000, giving BTC some 179,100 mobile customers at the third quarter’s end. This follows the additional 1,600 subscribers post-paid subscribers that it gained in the 2020 second quarter, in what is a more lucrative, higher margin category that pre-paid.

And the third quarter loss in pre-paid is modest compared to the 20,700 drop-off during the three months to end-June.

Elsewhere, BTC added a net 1,000 customers across its other business lines during the 2020 third quarter. Additions of some 1,500 new broadband Internet subscribers, and 600 video/ TV customers, more than offset the 1,100 decline in fixed-line voice phone clients.

The latest BTC data reveal comes as the carrier aims to ensure more than half the homes in Nassau and Grand Bahama will be passed by its latest network technology come yearend 2021 as it launches a national Internet connectivity drive.

Andre Foster, its chief operations officer, told Tribune Business recently that the carrier also plans

SEE PAGE 6

PAGE 2, Thursday, November 5, 2020

THE TRIBUNE

PROVIDER PARTNERS WITH SUPER VALUE FOR QR CODE PAYMENTS A BAHAMIAN financial technology provider has teamed with Super Value to enable shoppers to pay for their groceries using QR codes that facilitate cashless transactions.

MobileAssist, in a statement issued yesterday, said the partnership has effectively created more than 130 virtual automated teller machines (ATMs) at the supermarket chain’s cash registers where its wallet users can pay for their shopping and get cash back. All transactions will be facilitated by Aliv top-up devices that have been outfitted with the MobileAssist app.

Dr Donovan Moxey,

pictured, MobileAssist’s chief executive, said: “Once the customer is at the register, they simply scan the QR code and enter the amount of their purchase. The cash back option is immediately

available. Customers can get as much cash back as the merchant allows, which is deducted in real time from their MobileAssist wallets.”

Persons wishing to simply withdraw funds from their MobileAssist wallets can scan the QR code and select only the cash back feature.

The MobileAssist app, which can be downloaded on both android and iPhone from Google Play or App Store, can be loaded using both local and international credit/debit cards.

All transactions, including refunds done in-store, are completed instantly.

Notifications are generated within the app giving both

the customer and the Super Value administration team “digital receipts” for each transaction.

MobileAssist added that its app allows merchants such as Super Value to run end-of-day batch reports. and track transactions by register and cashier/clerk.

“While the administration teams will obviously be able to use their desktops and laptops to generate, print and export reports and data, floor managers need only their access codes and their smart phone to view and, if needed, print reports,” said Dr Moxey.

The financial technology provider added that

electronic couponing for retail locations can be distributed and redeemed virtually within its app.

Whether a percentage discount or ‘buy one; get one free’ promotion, customers can exploit these offers once they have registered their account. Notifications on store hours, opening and closures can also be communicated to clients via the app.

“There wasn’t a question of if we would sign on to MobileAssist as a merchant,” said Rupert Roberts, Super Value’s owner and chief executive. “The ease of use, and the transparency of transactions, were great selling points, but what really

sealed the deal was the easy to use cash back feature.

“It removes cash from the premises securely while aligning with our goal of digitisation. It was an operational no-brainer. Customers are tired of waiting in bank lines to get out a couple of dollars. This app kills all the birds with one smooth stone.”

MobileAssist is regulated by the Central Bank of The Bahamas, and its software platform is hosted in the Amazon Cloud. It said there have been more than 90,000 downloads, and more than 7,500 registered users, of its app to-date.

Sterling names environmental overseer for $500m in projects STERLING Global Financial has named an environmental and operations project manager to help oversee more than $500m in resort and residential developments presently underway in The Bahamas.

Stacy Lubin will head environmental planning and management for the transformation of Paradise Island’s Hurricane Hole Marina, and the adjoining Sterling Commons development, in addition to the full development of Montage Cay, a resort and residential community off the coast of

STACY LUBIN Great Abaco.

“We are delighted to announce the appointment

of Stacy Lubin to the growing team of specialists at Sterling Global Financial,”

said David Kosoy, its chairman. “She brings a wealth of knowledge, particularly about the marine and coastal environments, and a strong commitment to guide Sterling Global Financialfunded developments along a course that protects and preserves the very features that make The Bahamas and our developments so desirable in the eyes of the world.”

Ms Lubin, who holds a bachelor’s degree in marine biology and coastal ecology from the University of Plymouth, and a master’s degree in

sustainable environmental management, served with the BEST Commission (now the Department of Environmental Planning and Protection) for 13 years.

For the last five of those years she was the senior environmental officer. In 2018, she accepted a post at a major Bahamian resort and, when COVID-19 resulted in a longer-thanexpected tourism lockdown, she was invited to consider the position at Sterling Global.

“Having had the privilege of working with Stacy

in previous positions, I can only say that she brings a welcome balanced approach to the task at hand, finding solutions to allow much-needed development and growth with the equally important value of preserving or enhancing the natural environment,” said Khaalis Rolle, Sterling Global Advisory’s president.

“Her skills in project and specific event management, environmental awareness, sustainability, policy analysis, strategic planning and research will be invaluable.”

BEVERAGE MANUFACTURER EXPANDS BEYOND HOME A HOME-based drinks provider is expanding to the Soldier Road Industrial Park after leasing premises from the Bahamas Agricultural and Industrial Corporation (BAIC).

Limeade Bahamas, which produces an all-natural flavour lime-based beverage, described as A taste of Bahamian pleasure, said it has grown sufficiently to move to the next phase of its evolution via a physical manufacturing location.

Its drinks are produced from a family recipe passed down to its chief executive, Joshua Miller, by his late father, Rudolph Miller. It uses limes indigenous to The Bahamas along with other natural fruit flavours to create the finished product. Mr Miller started the

Reopening November 5th

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home-based business in 2012 to generate funds during the summer months.

Limeade Bahamas beverages come in six different flavours (lime, strawberry, ginger, peach, pineapple and

mango). They are produced in three sizes (12 ounces; 20 ounces; and gallons) and are available at 150 locations including restaurants, schools, convenience stores and gas stations.

Port Authority highlights benefits from mentorship THE Grand Bahama Port Authority (GBPA) highlighted the virtues of mentorship to the licensees and entrepreneurs that attended the launch of MicroMentor’s Virtual Marketplace.

MicroMentor, the world’s largest community of entrepreneurs and volunteer business mentors, teamed with the GBPA on October 28-29, 2020, to host virtual Zoom sessions to share details about the Marketplace and the resources designed to help local businesses succeed.

Derek Newbold, GBPA’s senior manager of business development, told the gathering. “It’s really quite simple. In hard times, having a mentor will help you stay focused,” he said.

“A mentor who has experienced the highs and lows of running a business is in the perfect position to give advice. And not only do they have the right words to share - they have ideas to help you navigate your way to success.”

DEREK NEWBOLD

Among the benefits of mentorship, as outlined

by Mr Newbold during the virtual sessions, are the experience businesses gain that is not shared in books.

Benefits are derived from ongoing encouragement and reassurance, while the access provided by mentors to a broad network of people can help business owners improve and grow their enterprises.

JP Michielsen, lead consultant at MicroMentor Bahamas, said: “We

are pleased to engage the local licensees in Freeport, and to provide an opportunity for them to connect with global mentors. The insight gained from these kinds of business relationships has proven to be fruitful to both new and seasoned business owners.

We are also appreciative of the continued partnership with the GBPA and the support they continue to give.”

The Marketplace sessions can be viewed on the MicroMentor Caribbean Facebook page (https:// www.facebook.com/ groups/mmcaribbean), and will remain posted there for easy access.

A programme of Mercy Corps, MicroMentor’s Virtual Marketplace provides a social platform that enables the world’s largest community of entrepreneurs and business mentors to create connections, solve problemsn and build successful businesses together.

THE TRIBUNE

Thursday, November 5, 2020, PAGE 3

Govt moves to outlaw major financial frauds

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE deputy prime minister yesterday unveiled legal reforms designed to outlaw Ponzi schemes and other common financial frauds that have “plagued unsuspecting Bahamians for generations”.

K Peter Turnquest, unveiling the Financial and Corporate Services Providers Bill 2020 in the House of Assembly, said the upgraded legislation makes The Bahamas “one of the leading jurisdictions to introduce legislation to expressly criminalise this type of activity”.

Many Bahamians have lost significant sums of money, including a substantial portion of their life savings, to such schemes over the years, and the Bill specifically defines them as offences in a bid to deter and catch the perpetrators behind them.

“The Bill defines for the first time certain criminal financial schemes, making

Digital assets legislation to ‘expand playing field’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE deputy prime minister yesterday hailed new legislation as “expanding the playing field” for the Bahamian financial services industry into the digital assets and technology space.

Branding the Digital Assets and Registered Exchanges (DARE) Bill 2020 as “a bold piece of legislation”, K Peter Turnquest told the House of Assembly during its second reading that the legislation will create the regulatory platform for the sector and its clients to exploit financial technology (Fintech) solutions such as cryptocurrencies and digital ledgers (blockchain).

“By establishing the legal foundation for a new industry, the Bill expands the playing field for financial services activity in this country, potentially creating new businesses, providing expansion opportunities for existing financial services providers and corporate services providers to grow their businesses into the digital space, as well as for new fintech operators to establish themselves in The Bahamas for their operations, or to work with firms already in The Bahamas,” Mr Turnquest said.

“In fact, the commission has had direct, specific

The Bahamas one of the leading jurisdictions to introduce legislation to expressly criminalise this type of activity,” Mr Turnquest said. “These may take the form of pyramid schemes, Ponzi schemes and advance fee schemes, among others, and many of them have plagued unsuspecting Bahamians for generations.

“Further, these schemes are fundamentally detrimental to investors and the public. The Bill criminalises the promotion or marketing of these financial schemes, and empowers

the commission to dissolve them where circumstances so warrant. It also empowers the commission to investigate and enforce against persons engaged in financial schemes.”

Pyramid or Ponzi-type frauds typically promise or guarantee investors a high return, claiming they can turn a small investment into a much larger sum of money within a short period of time - but without saying how.

They use “new investor” monies to meet the promised payments to investors who entered the scheme earlier, relying on attracting a high number of new participants on a daily basis to stay afloat. Eventually, when they are unable to attract enough money to meet the promised payouts, the scheme collapses.

Insolvency practitioners recently told Tribune Business that there was likely to be a marked increase in such schemes as criminals and fraudsters sought to exploit the economic

devastation inflicted by the COVID-19 pandemic, with many Bahamians likely to be easy prey and vulnerable due to the loss of jobs and/ or income.

Mr Turnquest, meanwhile, said the new Bill will “provide much needed legal clarity to the nonbank financial services falling under its remit, in the process creating new entrepreneurial opportunities”. He added that it also has a “significantly greater focus on customer protection and safeguarding the public than the previous Act”.

The Bill brings financial services businesses that conduct money lending; money broking; payday and cash advances; credit extension; bill paying services; debt collection; financial leasing; financial and advisory or consultancy services; financial intermediation services; trading in commodities and other financial instruments; custody of digital assets and wallet services providers under its regulatory remit.

Mr Turnquest said the Securities Commission had seen “increasing non-bank financial services activities, such as offering loans to the public; payday advance services; and retail businesses self-financing consumer goods. These all had implications for proper industry oversight to ensure that the consumers of these financial services were not abused, and had appropriate protections under the law.

“Related to this, the commission also observed the continuing trend of scammers seeking to defraud Bahamians of their hard-earned money through unscrupulous financial schemes, with little legal recourse. These are some of the factors leading to the development of this legislation.”

Mr Turnquest added that there were 344 financial and corporate services licensees in The Bahamas as at September 30, 2020. As a result, he said the new Bill “directly impacts Bahamian entrepreneurs and

operators perhaps more than any other financial services legislation”.

He added: “Licensees will be required to take all reasonable steps to ensure that information it provides to clients are presented fairly and clearly. The regulations also require that licensees protect client personal data in keeping with the provision of the Data Protection (Privacy of Personal Information) Act. “Further, the regulations will require licensees to ensure their data protection measures adequately address the collection and storage of personal data, prevent unauthorised access to personal data, and allow for the correction of erasure of inaccurate data.

“Licensees will also be required under the Bill to have adequate financial resources and be solvent, and to have adequate insurance coverage appropriate to their business operations.” This, Mr Turnquest said, will also help protect investors.

and sustained expressions of interest in the regulation of digital assets in this jurisdiction since 2018 from both local and international entrepreneurs. In some instances, I understand, these were from relatively significant digital assets businesses.”

He added: “Among the potential business, the Bill facilitates the registration of digital token exchanges and the provision of services related to digital token exchanges. It provides for the regulation of digital assets-based payment service businesses. It also embraces the provision of distributed ledger technology platforms for the exchange and transfer of digital assets.

“It also provides for registration for the provision of financial services related to the creation, issuance or sale of digital tokens and other digital assets. The opportunities for Fintech entrepreneurs are immense - potentially involving development of asset tokens, such as stable coins; distributed ledger technology-based payment systems; new digital tokens and coins and ensuing business funding or capital raising options through initial token offerings.”

Mr Turnquest said the Bill meets Financial Action Task Force (FATF) requirements, with regard to meeting anti-money laundering and counter-terrorism financing standards, as well as the relevant principles of the International Organisation of Securities Commissions (IOSCO).

“I think it is important to note here that in

establishing the regulatory perimeter for digital assets and digital assets business, the Bill does not incorporate digital currency, such as the Sand Dollar digital currency, which the Central Bank of The Bahamas launched in October,” Mr Turnquest said.

“Virtual currency tokens are included in the scope of the Bill, and defined as a digital representation of value which can be digitally traded and functions as a medium of exchange, unit of account or store of value. However, the definition limits these virtual assets to having a cryptographic value, and specifically excludes them from having legal tender status or carrying any security or guarantee in any jurisdiction.”

The DARE Bill “does not seek to regulate the underlying technology itself,” Mr Turnquest said, adding: “There has been growing local and international interest from digital asset creators and service providers for legal and regulatory certainty in The Bahamas for some years.

“As a result, the Securities Commission set out on a path of diligent research in 2018 to develop the legislative and regulatory framework. This included benchmarking the legal and regulatory approaches deployed by leading jurisdictions in the digital assets space, industry and public consultation, and careful attention to and analysis of developing international standards and best practices impacting regulation of the digital assets space.”

Bahamas must ‘cooperate’ over marijuana legalisation

ones that are beneficial for human use.

“We invite the Government of The Bahamas to partner with us and support the GAIN cooperative,” Mr Miller said. “While we are not at this time opposing the sale of licenses to wealthy supporters and others, we are saying: ‘Empower us, we the people, empower us by not only taking political ownership but by giving to GAIN licenses in every category of the industry.”

He added: “Some of our members have had extensive training in various aspects of hemp/ cannabis production - from hempcrete production to cannabis-induced native fruit wines; from the intricacies of maintaining a cannabis hydroponic farm for medicine production to the extraction labs.

“For those who cannot see the economic value of an emerging cannabis

industry, let me say unequivocally this industry will train and employ thousands of young Bahamians in more than 50 specialities for high-paying jobs but, more importantly, if properly regulated, if truly legislated for the economic empowerment of the majority of Bahamians, it will create large-scale Bahamian ownership.

“Since we have had more time to contemplate this than the government - when they were talking about whether or not, we were talking about how - the only equitable conclusion we could have arrived at, and we conclude that this is indeed a fair and just approach, we concluded that the business model that would empower Bahamians most equitably is a cooperative.”

K PETER TURNQUEST

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A PROMINENT advocate for marijuana’s legalisation yesterday urged that The Bahamas adopt the “co-operative business model” to facilitate a homegrown industry that has true local ownership.

Terry Miller, chairman of the non-profit Bahamas Cannabis Research Institute (BACARI), told a webinar that the organisation has already formed the Green Alternative Investment Network (GAIN) Cooperative Society to focus on researching and developing plant products especially medicinal-related

SEE PAGE 4

PAGE 4, Thursday, November 5, 2020

Bahamas must ‘cooperate’ over marijuana legalisation FROM PAGE THREE Following consultations with cannabis stakeholders in The Bahamas, Mr Miller said: “After many intense reasoning sessions, we all agreed on the following points. Firstly, that the cannabis species of plants, and the products derived therefrom, were too diverse to be placed in a single package.

“Secondly, we all agreed that industrial hemp, which was legalised in the US on December 20, 2018, should have been legalised immediately as there was absolutely no rationale for the criminalisation of this plant.

“We now know that industrial hemp has more than 50,000 industrial applications - from roofing

materials, panelling, and concrete (hempcrete) to all variety of paper products and car parts to airplane parts. This plant is the most versatile in the world.”

Mr Miller continued: “Third, based on the scientific evidence, medical marijuana should be legalised immediately to bring medical relief to thousands of our people suffering from more than 50 non-communicable diseases including all forms of epilepsy, dementia, various types of cancers, nausea, arthritis, diabetes, chronic pain.

“Lastly, every person in our group of 16 agreed completely and unequivocally that once cannabis is re-regulated to accommodate legal trade and commerce, the industry should be designed for Bahamian ownership. So we were all pleased to hear the prime minister say that the marijuana industry will be Bahamian owned.”

‘Carve out’ tourism from future COVID lockdowns FROM PAGE ONE

semblance of stability.”

Making the case for hotels and other tourism-related businesses to continue operating even if the government has to impose harsher COVID-19 lockdowns and other restrictions on the rest of the economy and Bahamian society, Mr D’Aguilar said the country’s dire economic condition meant it had no choice but to fire up its largest industry.

He added that the newly-announced testing COVID-19 testing regime, which requires all visitors to present a negative PCR test within five days of travelling

to this nation combined with a further test for those whose stays extend into a fifth day, would sufficiently mitigate the risk of hotel guests spreading the virus to other tourists as well as staff.

“Everybody going into those properties has been tested with a PCR test,” Mr D’Aguilar added, “so the health risk is lower because they have been tested with the gold standard of testing.

All those persons going into their facilities will have been tested as well.

“It’s important we allow them to operate and remain competitive with the rest of the world but, even more importantly, contribute the impact they have on job creation and foreign exchange earnings, and the additional money they add to government revenues in VAT and departure taxes.

“It’s very important given that they make up 50 percent of GDP, and employ two out of every three Bahamians. It’s very important coming out of the blocks a second time we ensure we do our level best to allow this sector to operate in a very stable environment because of the enormous impact it has.”

Mr D’Aguilar’s message is effectively that The Bahamas cannot incur a second reversal of the tourism industry’s re-opening, via the imposition of lockdowns, tighter curfews and other restrictions, due to the disastrous impact this would have for market confidence in this nation among potential visitors, travel agents, tour operators and airlines.

The minister also moved yesterday to downplay any expectations that the phased re-opening of Atlantis and Baha Mar, with both resorts employing a “bubble” or ‘vacation in place’ business model in the initial stages, meant an instant return to “business as usual” for both

hotel workers and spin-off tourism businesses that rely on both resorts.

As Bahamian resort properties ease into their ‘new normal’, Mr D’Aguilar explained that their focus will be on preventing any COVID-19 outbreaks among guests or staff, meaning that business volumes for the likes of straw vendors and taxi drivers could be depressed for some time yet.

And, with the United Nations’ World Tourism Organisation (UNWTO) reporting that global travel and tourism business is down by 70 percent, Mr D’Aguilar said this translated - in the context of The Bahamas’ stopover visitors - to a near-1.3m year-overyear decline compared to 2019’s 1.8m land-based arrivals.

And, when it came to tourism and the wider economy’s post-COVID-19 recovery, the minister warned all Bahamians to brace for a long haul given that it took many businesses some seven years to return to 2007 numbers following the 2008-2009 recession.

Still, Mr D’Aguilar voiced optimism that the re-opening of The Bahamas’ two mega resorts will encourage other hotel properties to follow suit by creating sufficient scale that encourages the major US airlines to ramp up services to this nation.

“We’ve got Atlantis opening, Baha Mar opening, and hopefully it starts to build momentum,” he told Tribune Business. “When we get properties online it builds scale, and with scale you get lift and that creates an opportunity for the hotels to operate in all the islands.

That’s a positive outcome.

“We need to build scale so that the airlines will find us attractive in order to operate. I have spoken to some

THE TRIBUNE of the airlines to have the lift come back into place, and now Atlantis and Baha Mar have indicated they are ready to move forward they will start to fill the planes in terms of getting lift back into place and tourism into the destination.”

However, with resorts focused on COVID-19 health and safety, Mr D’Aguilar warned: “It’s not going to be business as usual. It’s not going to be as it was with pre-COVID-19 conditions. It’s [tourism] not going to be accessible and interlinked with other parts of the economy as it was pre-COVID.” This will impact the likes of beach vendors and hair braiders, as the minister emphasised: “It’s not OK, with everything back to normal and everybody back to work as it once was. Everybody is moving cautiously at the outset. It will return to business as usual at some stage, but at least at this point it’s a different business model.

“It’s important to manage expectations. World tourism is down 70 percent. We are going to try and get our share of it, but it will not be like it was. If you take 30 percent of last year’s 1.8m stopover visitors, you’re going down to 540,000.”

Asked about Central Bank projections that the tourism industry is unlikely to make a full COVID-19 recovery until 2023, Mr D’Aguilar responded: “Let me put it to you this way. In 2008 the recession started, and many businesses took seven years - to 2014 - to get back to 2007 numbers.

“The effects of COVID19 have been so precipitous - to go from record numbers down to almost nothing there’s going to be a bounce back, but to get back to 2019 it’s anyone’s guess when that’s going to happen.”

Mr D’Aguilar added that the major hotels’ December openings had given The Bahamas some four to six weeks “to perfect” its Bahamas Health Travel Visa and testing regime, suggesting this had provided enough time to “work out the kinks”.

THE TRIBUNE

Thursday, November 5, 2020, PAGE 5

Baha Mar: February ‘goal’ for final hotels FROM PAGE ONE Disclosing that Baha Mar had not allowed the COVID19 crisis to go to waste, he added that the resort had pressed on with a $300m investment to refresh and upgrade its product offerings/visitor experience via the Baha Bay water park and Beach Club plus the addition of other retail and restaurant options.

Enhancements have also been made to its Melia Nassau Beach resort, which is also expected to re-open in the 2021 first quarter alongside the Rosewood and SLS. While bookings from December 17 through to the New Year at Grand Hyatt are “certainly a low number at present”, Mr Davis said Baha Mar expects these could increase swiftly following its re-opening confirmation.

Describing December 17 as “the right time” to return, given that it coincides with when families will be determining their winter vacation plans, he added that Grand Hyatt could have “several thousand guests” over the Christmas period with COVID-19 border entry testing regimes increasingly driving travellers to last-minute reservations.

“It’s an opportune time to open,” Mr Davis told Tribune Business. “The US elections are hopefully going to settle down soon, and it certainly catches the festive season. But, most importantly, it’s that time when people are thinking about their winter break; thinking of February, their children’s Spring Break and taking the children out of school.

“Now’s the right time while people are thinking about their winter break, so now is an opportune time to re-open.” He added that Baha Mar was wellequipped, through its Kids Club and Explorer Programme, to provide children with online learning facilities so that they and their parents

GRAEME DAVIS can also enjoy a work and education vacation.

The government’s announcement of The Bahamas’ entry testing requirements for visitors, together with the recent drop in New Providence’s COVID-19 infection rate, have also helped pave the way for Baha Mar’s return by providing greater clarity and confidence.

“We’re excited at this time to call back about just over 1,500 associates,” Mr Davis said, “and we’re certainly looking forward to bringing back many more. We certainly have a goal of opening up the next phases in early 2021, the Rosewood and SLS. “Our goal will be February. That could change, but that’s the goal for us. We feel very confident in our safety protocols. Of course, we are in full construction with our Baha Bay water experience, which will come on line fully by next summer 2021. That will create, at a minimum, another 500 jobs at Baha Bay. “We expect to look at recalling some of our associates that we ended up permanently severing. We hope there may be opportunities here later in 2021, but it really depends on business returning to where it was pre-COVID. It may take all of 2021 and into 2022.”

While reservations at the Grand Hyatt, which will have about 1,080 of its 1,800 rooms online for December 17, are presently low, Mr Davis said Baha Mar expects “the pick-up to be

quite strong for the festive season” with The Bahamas’ five-day pre-travel window in which visitors have to obtain a negative COVID-19 PCR test likely pushing bookings towards last-minute decisions.

“I’ll tell you that it’s certainly a low number as far as what we have on the books for December 17 and through Christmas,” he told Tribune Business, “but we feel the traveller today is making last-minute decisions.

“We’re quite confident that with our announcement today there will be a very strong pick-up, and it will be very last minute, of transient demand... There’s definitely some pent-up demand.

We’re optimistic the pick-up will be quite strong for the festive season. We have 1,800 rooms. Multiply that over the holiday season, and we could have several thousand guests staying with us.”

Mr Davis also voiced confidence that sufficient airlift will be in place from the US to meet the demand produced by Baha Mar and other resorts which have opened. He said discussions with American Airlines had revealed “a solid line-up” of flights coming from core markets such as the northeast, Florida, Charlotte and the mid-west US in time for the Christmas season.

Emphasising that visitor and staff safety was “of the utmost importance” and its “number one priority”, Mr Davis said Baha Mar had decided to administer a rapid COVID-19 antigen test to guests upon their arrival at the resort - despite the government doing away with this measure at the border to provide “another level of safety” that increases visitor confidence.

He explained that the mega resort, owned by Hong Kong-based Chow Tai Fook Enterprises (CTFE), was partnering with Doctors Hospital on this initiative and the testing of its staff. Baha

Mar workers will be tested for COVID-19 upon their return to work, and weekly thereafter, in a bid to further mitigate infections and their spread both in the resort and outside in the community.

Disclosing that Baha Mar has invested “hundreds of thousands of dollars” on COVID-19 protection equipment and resources, Mr Davis said the resort was also exploring how it could develop a testing regime

covering all members of a group booking. That business traditionally accounts for around 30 percent of its total bookings, and several such reservations have been made for February 2021.

Besides Baha Bay, the Cable Beach-based mega resort’s new Chef Marcus Samuelsson restaurant is due to open in 2021 along with the Sugar Factory outlet that features a partnership between the franchisor and Bahamian

investor. John Bull is also adding new retail outlets, with Hackett’s of London, Tory Burch and Montblanc among the new brands.

“Certainly we can see light at the end of the tunnel with the opportunity to get re-open and people back to work,” Mr Davis told this newspaper. “It’s a real shot in the arm to get moving again.

I hope it’s a pathway for the local economy to get moving again.”

PAGE 6, Thursday, November 5, 2020

THE TRIBUNE

Don’t criminalise Asues, urges opposition deputy FROM PAGE ONE

Position Wanted Leading Vacation Resort is seeking to hire

Sales Executives Must be able to generate maximum sales efficiencies, while maintaining or exceeding targeted net sales volume. Must be able to adopt to state-of-the-art Sales Programs. Also be able to give high quality virtual and face to face presentations to clients. Must have excellent communication skills and a proven track record in sales productions.

“Great Income Potential”.

Interested and qualified candidates must email resumes to Jacquelyn.Gardiner@vacationclub.com Deadline is November 11th, 2020.

that prey on Bahamians who may not be well-versed in complex financial operations,” the opposition’s finance spokesman added.

“We need to protect people from bad actors who claim that money just falls from the sky. Some have lost their life savings, and we need to protect them and prevent this from happening again.”

Mr Cooper, though, quickly added: “I would like, however, for government to clarify whether this covers Asues. While I don’t personally like the high-risk profile of Asues, making them illegal might see many Bahamians in violation of the law.

“As the violation carries a fine of up to $75,000 on a first violation, and double the fine and possibly four years in prison on the second violation, we need to be careful. Asues are as much a part of Bahamian culture as conch salad. It would be good if we could get some clarity from government on this and what it all means for Asues.”

Turning to the Digital Assets and Registered Exchanges (DARE) Bill, which was introduced at the same time, Mr Cooper said: “It has my support, but I want to point out a few things. So, this Bill is clearly about regulating who can provide platforms for digital currency, cryptocurrency trading, custodianship and interchange with digital and other government-backed currency. I think this is a really good step.

“It creates the framework for a progressive ecosystem.

However, I do want to note that mobile wallet providers are well ahead in this arena and should be continuously engaged. The Central Bank alone cannot build all the capacity needed with the ongoing engagement of the stakeholders.”

Mr Cooper also called for a national savings campaign to assist Bahamians in setting aside some of their incomes for retirement and future needs. He said: “I have noted repeatedly in here that our national savings rate is abysmal. Yes, we understand the current environment of high unemployment and high cost of

To advertise in The Tribune, contact 502-2394

living. However, this is an historic challenge even in pre-pandemic economic times.

“As the economy crawls back toward some sense of normalcy, hopefully, once the major resorts reopen, we should encourage Bahamians to put something away for a rainy day.

“I call on the government to lead a national savings campaign with the support of banks, insurance companies and financial services institutions. Not only is this critical for families in emergencies, but it also fosters national development, financial discipline and increases the possibilities for wealth creation by being able to take advantage of investments and other opportunities.”

Linking this to pension reform, Mr Cooper added: “There is also a concern about the low level of participation in pension plans in the country. We need pension reform in the public and private sector, and there also needs to be easier access for companies to get their employees participating in pension funds.

“Too many Bahamians

work for a lifetime and find themselves struggling in retirement or unable to retire. We also call on the government to harmonise regulators of financial and corporate service providers. As it stands there is too much overlap that leads to inefficiencies, such as sometimes needing multiple licenses and submitting to multiple oversight procedures that duplicate efforts.

“Under the Financial and Corporate Service Providers Bill we are debating today, it provides oversight of mobile wallets and bill payment services. However, the Central Bank of The Bahamas also seems to provide oversight of mobile wallets under its Non-Bank Electronic Retail Payment license, and then there is the issue of the Financial and Corporate Service Providers license itself.

“It is unclear from reading this legislation whether a company only providing corporate services, like company incorporations, would require the full Financial and Corporate Service Providers license.”

BTC’s revenues drop over $21m FROM PAGE ONE to “turn up” its off-island broadband connectivity next year through the addition of 20 gigabytes of connectivity between the first and third quarters, as its network “brings on stream” new neighbourhoods in the Carmichael Road area and western New Providence.

And, with 50 percent of homes in Grand Bahama, and 45-47 percent in New

Providence, already bypassed by its fibre-to-the-home technology, Mr Foster said BTC was targeting an increase to “55 percent combined between the two islands” by year-end 2021.

Disclosing that BTC was looking to integrate its fibre and mobile networks more closely, he added that this will provide the platform for new product launches by year-end or the 2021 first quarter.

THE TRIBUNE

Thursday, November 5, 2020, PAGE 7

Superplex holding firm; avoids ‘tough decisions’ FROM PAGE ONE some light at the end of the tunnel, but they’ve not communicated anything yet. With the borders opening we’re still under an 8pm curfew, which doesn’t help us.

“We’re waiting to see if there are any changes.

We’re all just awaiting some word from the Prime Minister: Is it a go? Can we start preparing to ramp up? We’re just in a holding pattern. The good news is that no ‘tough decisions’ have been made. We’re still really optimistic we can open soon.”

Fusion Superplex, together with the likes of Mario’s Bowling and Entertainment Centre,

Galleria Cinemas and bars and nightclubs, are among the final categories of businesses yet to re-open following the COVID-19 lockdown in March 2020 due to government fears that their confined spaces - together with the large crowds they attract - will lead to the virus re-emerging and spreading.

Mr Foulkes, its chief executive, had last month told this newspaper that the complex, which overlooks the JFK Drive and Gladstone Road roundabout, was pushing for permission to re-open between late October and early November so that it could adjust staffing levels to consumer demand and “know what the business is capable of” prior to the

late 2020 round of Hollywood movie releases.

He added that “patience has already worn thin” among the company’s lenders even though they recognised its sevenmonth closure was due to a pandemic beyond the company’s control and is covered by a “force majeure” clause in the two sides’ agreements.

Acknowledging that Fusion Superplex’s debts were increasing for every day it remains closed with no revenue income, Mr Foulkes said this “creates a higher burden for the business to recover from and get back on its feet”.

Fusion Superplex, whose construction budget grew from an initial $42m to $50m, was financed by a combination of Bahamasbased equity investors and overseas debt funding but Mr Foulkes has not identified any of them.

The company placed some 350 staff on furlough,

FUSION SUPERPLEX or temporary lay-off, when COVID-19 first hit in mid-March and the government forced it and other businesses to close.

Some employees have previously voiced doubts as to whether the cinema and

entertainment complex would re-open given the extent of the revenue and bottom-line losses produced by the company’s continuing COVID-19 lockdown.

This newspaper also

reported that Fusion Superplex was unable to meet the last $500,000 monthly staff payroll before the lockdown, which Mr Foulkes blamed on the inability/refusal of the company’s debtors to pay the $1.2m in accounts receivables that they owed.

And it then emerged that the entertainment complex had not been paying National Insurance Board (NIB) contributions on behalf of staff, which had left furloughed workers unable to receive unemployment benefits when they applied. Mr Foulkes conceded then that the company was on a payment plan with NIB.

PAGE 8, Thursday, November 5, 2020

LEGAL NOTICE NOTICE

EXXONMOBIL EXPLORATION AND PRODUCTION SOUTH AFRICA LIMITED ________________________________________________ N O T I C E IS HEREBY GIVEN as follows: (a)

EXXONMOBIL EXPLORATION AND PRODUCTION SOUTH AFRICA LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.

(b)

The dissolution of the said Company commenced on the 3rd day of November 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said Company is Mario Pedercini, of 22777 Springwoods Village Parkway, Spring, Texas 77389,

Dated the 5th day of November, 2020 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

NOTICE

EXXONMOBIL EXPLORATION AND PRODUCTION SOUTH AFRICA LIMITED ________________________________________________

Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 1st day of December, A.D., 2020. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 5th day of November, A.D., 2020.

Mario Pedercini Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

THE TRIBUNE

THE TRIBUNE

Thursday, November 5, 2020, PAGE 9

Tech leads rally as Wall Street shrugs off election limbo Associated Press TECHNOLOGY and health care companies led a stock market rally yesterday, as Wall Street embraced the upside of more gridlock in Washington even as the outcome of the US presidential election remained in limbo.

The S&P 500 rose 2.2% for its best day in five months. The benchmark index had been up 3.5% before the market lost some of its momentum toward the end of the day. That pullback wiped out more than 450 points from the Dow Jones Industrial Average, though the blue-chip index still closed more than 360 points higher.

The Nasdaq was the standout, notching its biggest gain in more than six months as traders doubled down on technology stocks.

Health insurers were big winners, too, as prospects for an overhaul of the industry dimmed.

The fate of the US presidency remains undecided as neither President Donald Trump or Democratic challenger Joe Biden had secured the 270 Electoral College votes needed to win by yesterday afternoon. But after a tumultuous overnight session in global markets where Trump prematurely declared victory, Wall Street acted as if the occupant of the White House might be secondary.

Analysts said the gains came as markets focused on the benefits of the country’s political control remaining split between Democrats and Republicans. With Republicans edging closer to retaining control of the Senate, prospects dimmed for the tax increases and tighter regulations on businesses that investors expected if Democrats scored an electoral sweep, although a big stimulus effort for the economy that some on Wall Street say is needed now seems unlikely as well.

“The first information that people are digesting is that a split government is OK, and we can deal with this,” said Melda Mergen, deputy global head of equities at Columbia Threadneedle. “No big changes are expected anytime soon on the policy side.”

She cautioned, though, that the initial moves for the market may not last. “It’s a very quick reaction without knowing the final results,” she said. “It’s emotional rather than rational.”

The S&P 500 rose 74.42 points to 3,443.44. The Dow added 367.63 points, or 1.3%, to 27,847.66. The Nasdaq gained 430.21 points, or 3.9%, to 11,590.78.

Much of yesterday’s strength for Wall Street was due to big gains for technology stocks. Investors have increasingly seen these stocks as some of the safer bets in the market, able to grow their profits even in a pandemic as more of daily life shifts online.

They don’t need a big stimulus effort for the economy as much as other companies, and the likelihood of Washington approving such a package dropped with the chances of a Democratic sweep. That led to the much better performance for the tech-heavy

Nasdaq over other indexes.

Microsoft rose 4.8%, Amazon climbed 6.3%, Facebook surged 8.3%, and Google’s parent company gained 6.1%.

Cigna, UnitedHealth Group and Anthem were among the biggest gainers in the S&P 500, as investors bid up health care stocks.

Other areas of the stock market, where profits are more dependent on the strength of the economy, lagged behind.

Financial stocks in the S&P 500 dropped 1.3%. Companies that make construction materials and could have benefited from a big infrastructure plan under a Democratic sweep also fell.

Some of the market’s sharpest moves overnight were in yields for US government bonds, which had earlier risen on growing expectations for big economic stimulus.

The ten-year Treasury yield swung from 0.88% late Tuesday up to 0.94% as polls were closing. It then sank as low as 0.75% after Trump made premature claims of victories in several key states, Republicans held onto Senate seats and a couple economic reports came in weaker than expected. It slipped to 0.76% in late-afternoon trading.

All the swings are a bit reminiscent of four years earlier, when Trump surprised the market by winning the White House.

Markets initially tumbled after polls and the market’s expectations proved to be so wrong in 2016, but they quickly turned around on expectations that Trump’s pro-business stance would be good for corporate profits.

The difference this time is that the uncertainty seems set to linger. It may take days for a winner of the White House to emerge, and professional investors say they’re bracing for sharp market swings in the meantime. The Trump campaign yesterday filed lawsuits over the voting in Michigan and Pennsylvania, and earlier the president said he’d take the election to the Supreme Court, though it’s unclear exactly what he means by that.

A drawn-out court battle “just adds more and more uncertainty, and the last thing the market needs is that,” said Quincy Krosby, chief market strategist at Prudential Financial.

Many fund managers suggest investors hold steady through the tumult in large part because one person can’t singlehandedly move the economy and stocks tend to rise regardless of which party controls the White House. What happens with the coronavirus pandemic is likely to have a much greater effect on markets than this election’s results, they say.

“It’s really about the solution to the health crisis and how do we bridge between now and that eventual period of time,” said Bill Northey, senior investment director at US Bank Wealth Management.

Uber soared 14.6% and Lyft jumped 11.3% after the ride-hailing companies won a vote in California allowing them to continue classifying

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SHATIQUA JASMINE JOHNSON, of Pinewood, #61 Jacaranda Street, Nassau, Bahamas intend to change my name to SHATIQUE JASMINE VALLE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE NOTICE is hereby given that ROSE ANDREE LOUIMA of Nassau, Bahamas., is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 6th day of November 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

their drivers as contractors instead of employees and preserve their business models.

European markets also closed broadly higher.

Besides the election’s impact

on Trump’s enthusiasm for tariffs, European investors are also watching what it will do to the US dollar’s value. By making additional stimulus less likely, a divided US government could force

the Federal Reserve to do even more on its own to support the economy, which could send the dollar lower against the euro and other currencies.

The Fed will announce its

latest decision on interestrate policy today. Its moves earlier this year to slash interest rates to record lows and prop up bond markets have helped Wall Street soar since March.

MARKET REPORT www.bisxbahamas.com

WEDNESDAY, 04 NOVEMBER 2020

BISX ALL SHARE INDEX:

CLOSE

CHANGE

2082.30

0.09

%CHANGE

YTD

YTD%

0.00 -149.30

-6.69

(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 6.10 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 5.92 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 2.36 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 2.13 6.10 10.01 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 2.06 6.10 10.20 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 (0.07) 0.00 0.19 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

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 20.2 13.1 15.8 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% 21.07% 0.98% 3.22% 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

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

PAGE 10, Thursday, November 5, 2020

Fed confronts a shaky US economy that likely needs more help WASHINGTON Associated Press FEDERAL Reserve officials are meeting this week with the economy facing growing threats from a resurgence of the coronavirus and from Congress’ failure to provide any further aid for struggling individuals and businesses.

Yet the Fed will likely end its latest policy meeting today by deciding to wait before determining whether

or how to expand the economic support it has been supplying through ultra-low interest rates. The central bank has been buying Treasury and mortgage bonds to hold down long-term borrowing rates to encourage spending. And it has kept its key short-term rate, which influences many corporate and individual loans, near zero.

The Fed’s meeting comes against the backdrop of an anxiety-ridden election week, with the results of Tuesday’s voting still uncertain, and an escalation of the virus across the country. The economy and the job market have weakened again after initially strong bounce-backs from the pandemic-fueled recession that erupted in early spring. If the rise in

THE TRIBUNE confirmed COVID cases were to cause widespread business shutdowns or restrictions as cold weather arrives, consumers might cut back on spending and further slow the economy.

Heightening the risks, the multi-trillion-dollar stimulus aid that Congress passed in March and that helped sustain jobless Americans and ailing businesses has expired.

Lawmakers have failed thus far to agree on any new rescue package, clouding the future for the unemployed, for small businesses and for the economy as a whole.

Most economists say that unlike Congress, the central bank may already have provided almost all the help it can for the economy through its low-rate policies. Fed officials themselves, including

Chair Jerome Powell, have sounded a similar message.

In March, when the pandemic first struck, the Fed cut its key rate to an ultralow range of 0% to 0.25%.

In August, it announced that it planned to keep rates near zero even after inflation has exceeded the Fed’s 2% annual target level. And in September, the policymakers signaled that their key rate would likely stay near zero at least through 2023 — and possibly longer.

Yet in recent weeks, various Fed officials have expressed concern that even more assistance might be needed, especially if the virus forces another round of lockdowns in the United States similar to what Europe is already experiencing.

“The Fed is going to be very worried about the risk of a double-dip recession given the lack of further support by Congress,” said Diane Swonk, chief economist at auditing firm Grant Thornton.

Some Fed watchers think the policymakers may be discussing whether to increase the power of their other major programme — a bond buying effort that is intended to boost the economy by lowering longer-term borrowing rates. But any such announcement won’t likely be made until a future meeting.

In mid-March, when the virus first hit hard, the Fed accelerated its bond purchases to try to ease disruptions in the Treasury bond market resulting from

the outbreak. The central bank later modified the rationale for its bond purchases by saying they would help support the economy — the same reason it gave during earlier bond purchases that it engineered to bolster the weak recovery from the 2008 financial crisis.

In the past, critics have asserted that the Fed’s aggressive bond buying risked destabilising financial markets and triggering runaway inflation. That hasn’t happened. And given the rising threat of another economic setback, many economists say the Fed will eventually increase the size of its bond purchases or shift the mix of those securities to longer-term securities — or perhaps some of both.

PAGE 12, Thursday, November 5, 2020

EU: Brexit trade talks still face ‘too many difficulties’ BRUSSELS Associated Press

WITH a deadline looming ever more menacingly, the European Union’s chief negotiator on the post-Brexit trade deal with Britain yesterday publicly blamed London for a lack of progress in the two sides’ belated attempt to reach an even rudimentary agreement.

“At this stage, there are

THE TRIBUNE still too many difficulties remaining on important topics,” Michel Barnier said on his way to brief the envoys of the 27 member states.

In a Twitter comment later, Barnier said that “Despite EU efforts to find solutions, very serious divergences remain.”

Britain’s chief negotiator David Frost said he agreed that “wide divergences remain on some key issues”.

“We continue to work to find solutions that fully respect UK sovereignty,” Frost tweeted.

Barnier’s comments threw a dampener on optimistic reports that progress was being made at a rapid pace on issues such as fisheries rights, one of three remaining major topics that

EUROPEAN Commission’s Head of Task Force for Relations with the United Kingdom Michel Barnier talks to journalists as he leaves the European Commission headquarters in Brussels yesterday. Barnier yesterday briefed the European Union ambassadors on the state of negotiations with the United Kingdom, as both sides continue to struggle to find common ground on a free trade deal which needs to be in place by Jan 1.

Photo: Francisco Seco/AP

need a compromise solution if a deal is to be found before Jan 1, when a transition period in the Brexit divorce proceedings ends.

Barnier’s stern words were in complete contradiction to the olive branch he offered London only two weeks ago after British Prime Minister Boris Johnson insisted that the EU and Barnier fundamentally had to change tack to continue the negotiations.

Both sides have been intensely negotiating since, but, as Barnier pointed out, to little effect.

The lack of progress on fisheries and on the need to have common regulatory standards and fair competition to make sure Britain won’t undercut EU businesses has befuddled the negotiating teams for

months, as both sides have been trying to strike a trade deal since the UK left the EU on Jan 31.

They must do so within weeks if an agreement is to be ratified by the end of the year, when a post-Brexit transition period ends. A key hurdle is the EU’s parliament, and apparently Barnier was just as scathing in his assessment of the British efforts in front of key legislators.

“The list of fundamental divergences remains long,” said German MEP David McAllister, the legislature’s top Brexit official.

And it has to get past the parliament to be approved.

Without a deal, trade between both sides would fundamentally change, and hundreds of thousands of jobs would be threatened

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 83° F/28° C Low: 69° F/21° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

MONDAY

Mostly cloudy, showers; windy

Cloudy with a couple of showers

Periods of sun with a few showers

Windy with rain at times

Windy with rain and a thunderstorm

Mostly cloudy, showers; windy

High: 82°

Low: 76°

High: 83° Low: 75°

High: 83° Low: 75°

High: 84° Low: 74°

High: 84° Low: 74°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

85° F

75° F

89°-75° F

85°-73° F

87°-73° F

88°-78° 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: 81° F/27° C Low: 78° F/26° C

12-25 knots

S

High: 81° F/27° C Low: 77° F/25° C

12-25 knots

FT. LAUDERDALE

FREEPORT

High: 83° F/28° C Low: 78° F/26° C

E

W S

E

W

WEST PALM BEACH

N

uV inDex toDay

TONIGHT

High: 86° F/30° C Low: 72° F/22° C

High: 83° F/28° C Low: 74° F/23° C

MIAMI

High: 83° F/28° C Low: 77° F/25° C

10-20 knots

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 82° F/28° C Low .................................................... 77° F/25° C Normal high ....................................... 82° F/28° C Normal low ........................................ 71° F/22° C Last year’s high ................................. 88° F/31° C Last year’s low ................................... 74° F/23° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ............................................... 59.52” Normal year to date ................................... 36.16”

ELEUTHERA

NASSAU

High: 82° F/28° C Low: 76° F/24° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 81° F/27° C Low: 78° F/26° C

N

KEY WEST

High: 83° F/28° C Low: 78° F/26° C

tiDes For nassau High

E

W

10-20 knots

S

8-16 knots

Low

Ht.(ft.)

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

Monday

1:44 a.m.

2:09 p.m.

2.4 2.9

7:50 a.m.

8:42 p.m.

0.8 0.6

Tuesday

2:48 a.m.

3:10 p.m.

2.7 3.0

8:58 a.m.

9:37 p.m.

0.6 0.3

Wednesday 3:48 a.m.

4:08 p.m.

2.9 3.0

10:03 a.m. 0.4 10:29 p.m. 0.0

sun anD moon Sunrise Sunset

6:20 a.m.

5:27 p.m.

Moonrise Moonset

9:22 p.m.

10:38 a.m.

Last

New

First

Full

Nov. 8

Nov. 14

Nov. 21

Nov. 30

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 82° F/28° C Low: 78° F/26° C

High: 80° F/27° C Low: 77° F/25° C

N

High: 82° F/28° C Low: 78° F/26° C

E

W S

LONG ISLAND

tracking map

High: 81° F/27° C Low: 77° F/25° C

H

Ht.(ft.)

Today

High: 81° F/27° C Low: 78° F/26° C

N

S

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

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

CAT ISLAND

E

W

on both sides, especially in nations close to Britain such as Ireland, France, Belgium and the Netherlands. Barnier insisted again yesterday that the EU “is prepared for all scenarios”.

In the trade negotiations, Britain wants to retain as many of the advantages of EU membership as possible without having to live by the bloc’s rules. The EU is insisting on stringent trade regulations to avoid having a giant buccaneering trade partner on its doorstep that could freely undercut the bloc’s state aid, social and environmental standards.

After negotiating in Brussels this week, the talks are set to move to London again in the coming days.

10-20 knots

MAYAGUANA High: 84° F/29° C Low: 77° F/25° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 82° F/28° C Low: 78° F/26° C

High: 83° F/28° C Low: 78° F/26° C

GREAT INAGUA High: 84° F/29° C Low: 78° F/26° C

N

E

W

E

W

N

S

S

8-16 knots

8-16 knots

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

Today: 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 NE at 12-25 Knots ENE at 10-20 Knots SE at 10-20 Knots E at 8-16 Knots E at 8-16 Knots E at 8-16 Knots ENE at 8-16 Knots E at 8-16 Knots E at 10-20 Knots E at 8-16 Knots E at 12-25 Knots ENE at 10-20 Knots SE at 8-16 Knots E at 8-16 Knots NE at 8-16 Knots E at 7-14 Knots E at 8-16 Knots E at 8-16 Knots ENE at 10-20 Knots E at 8-16 Knots E at 8-16 Knots E at 8-16 Knots E at 8-16 Knots E at 7-14 Knots E at 10-20 Knots E at 8-16 Knots

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

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

WATER TEMPS. 81° F 81° F 78° F 79° F 83° F 83° F 83° F 83° F 83° F 82° F 77° F 76° F 82° F 81° F 84° F 84° F 84° F 83° F 83° F 82° F 82° F 82° F 83° F 83° F 83° F 83° F