11092020 BUSINESS

business@tribunemedia.net

MONDAY, NOVEMBER 9, 2020

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Make COVID-19 ease ‘permanent’, PM urged

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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HE prime minister was last night urged to make his latest COVID19 relaxation “permanent” after he gave retailers on the brink of closure a last-minute reprieve that may enable their survival.

Merchants and other businesses hard-hit by the curb-side restrictions imposed since early October, while grateful at being permitted to resume in-store sales from today, voiced fears to Tribune Business that some companies may have suffered “lasting damage” from the loss of revenues and cash flows that resulted.

And they warned that Dr Hubert Minnis’s affirmation yesterday that the economy will “go through cycles of tightening and loosening restrictions” in response to the local COVID-19 infection rate threatens to inflict further uncertainty and

• Last-minute curb-side reprieve survival key • Many retailers were set to close this week • But ‘loosen, tighten’ cycle generating fears harm on both business and consumer confidence.

Still, all private sector executives spoken to by Tribune Business yesterday hailed the end of 24-hour weekend lockdowns and curb-side selling as a “big boost” that will help companies re-open, bring staff back to work and generate additional revenue streams.

They added that the timing “could not have been better” with the Christmas holiday shopping season fast approaching, even though consumer spending this year may well be muted due to the high unemployment rate and income slashes still being endured by many Bahamians as the pandemic’s fall-out continues to bite.

Tara Morley, the Bahamas Federation of Retailers’ (BFR), who had just last week warned that curbside restrictions were

$65m Exuma airport: December start eyed

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE government’s top aviation official yesterday said we “definitely want to break ground” on Exuma’s $65m airport redevelopment early next month as part of a wider $165m Family Island upgrade.

Algernon Cargill, pictured, director of aviation, told Tribune Business that officials were now waiting on the government to approve the preferred contractor for a project that will increase the airport’s terminal from the present 2,000 square feet

to some 60,000 square feet.

Exuma, together with ongoing upgrades to the Great Harbour Cay airport in the Berry Islands, represent the first steps in a wider overhaul that is designed

SEE PAGE 7

Food stores given weekend choices

By NEIL HARTNELL and YOURI KEMP Tribune Business Reporters

SUPER Value’s president last night said the prime minister wants “to maintain a certain level of control” over his COVID ease as he revealed food stores were given the choice of which weekend day to open.

Rupert Roberts, pictured, told Tribune Business he was “actually asked” by the government which day he preferred to remain open,

with the 13-day supermarket chain picking Saturday and closing on Sunday as its option.

SEE PAGE 4

endangering the livelihoods and well-being of 20,000 retail sector workers and their families, said the easing unveiled by the prime minister may gave merchants who were on the verge of announcing their closure as early as this week a chance to survive.

“We are heartened and relieved that the prime minister, in conjunction with the Ministry of Health (MOH), has given permission to the retail sector for us to open our doors once again to our valuable customers instore,” Ms Morley said.

“The retail community is beyond thrilled to get back to work, but recognise we have a long road ahead. There were many business closures about to be announced this coming week if they were unable to resume regular operations. These businesses will

now be given the chance to survive under extremely challenging times.”

She added: “The health and safety protocols outlined by the Ministry of Health, and suggested by members of the BFR, are imperative to remaining open. We encourage our members to continue following these protocols and thank everyone for the tremendous support and feedback over the last several months.

“We certainly appreciate your commitment and compliance that ensures we remain sustainable and open for our employees and customers as we head into this critical holiday season. The BFR stands ready to assist with educational initiatives to facilitate safety measures

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Finlaysons fail in COVID bit to halt creditor’s pursuit

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Court of Appeal has rejected the Finlaysons’ bid to use the COVID19 pandemic to halt a US financier’s pursuit over a multi-million dollar debt owed on a luxury yacht.

Attorneys for Garet “Tiger” Finlayson, and his son, Mark, had argued their clients would be placed at a “disadvantage” if crossexamination of Caterpillar Financial Services Corporation’s main witness was allowed to proceed via video link.

Judith Smith, representing the well-known father-and-son businessman duo, alleged this would occur because “there is a sensory dilution in videoconferencing” whereas Robert Hughes, Caterpillar’s US east coast manager, had already appeared in the Supreme Court in Freeport to give his initial testimony.

That occurred when the trial, relating to a near-$10m loan that financed construction of Garet Finlayson’s

MARK FINLAYSON 147-foot Maratani X vessel, began in February 2020 just prior to the world locking down in response to the COVID-19 pandemic.

Miss Smith, on the Finlaysons’ behalf, argued that the trial should be delayed until Mr Hughes could appear in person to be cross-examined, and urged that the Court of Appeal issue a stay of Justice Petra Hanna-Adderley’s ruling that it proceed by video conference.

However, Appeal Court president, Sir Michael Barnett, in a unanimous verdict backed by his two fellow judges, said their arguments had little merit and it was

SEE PAGE 6

PAGE 2, Monday, November 9, 2020

THE TRIBUNE

Restaurant hails return Family Islands hope for with new sushi product domestic tourism boost

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A SANDY Port restaurant proprietor last night said he will introduce a new sushi shack product when he re-opens this week, with staff “incredibly excited” to be back with the return of outdoor dining.

Jacques Carlino, owner/ operator of the Blue Sail Bar & Grill, told Tribune Business of the prime minister’s announcement: “I am happy. I think this is all very good. We are glad to be back at it. I am just now having a WhatsApp chat with my team, and my team is incredibly excited.”

Dr Hubert Minnis, in his latest COVID-19 national address, said: “Outdoor dining may resume at restaurants and at Fish Fry’s [Arawak Cay and Potter’s Cay] from Monday to Saturday.”

However, several sources questioned why outdoor dining is being permitted on six days per week but not on Sunday. The prime minister said only drive-through and takeaway services will be allowed on Sunday - a move that will be greeted by fast food restaurants and others set up to cater to these niches, but not those

establishments focused on outdoor/indoor dining.

And it did not escape the notice of several private sector observers, spoken to

by Tribune Business, that while hotels are now being allowed to offer indoor dining their competitors catering to a domestic audience cannot. This is likely to again prompt accusations from some quarters of discrimination and unequal treatment.

Mr Carlino, though, was focused on the positives.

He said: “We are glad to get back. We are on the beach now, so we go back today to make the place look fabulous. But I think we will open up on Wednesday because I want the bad weather to pass over.

“The exciting thing for us is that I have been working on something since last December, and I’m introducing a Sushi house at the restaurant, so I am doing Blue Sail sushi. I have been waiting to introduce it because I did not want to do it during the lockdown, because it was like an emergency situation and I have worked too hard.

“Then there was the issue of getting the work permit for my chef, my equipment coming in was stalled and everything. So we are very

excited that we are restarting with the new sushi shack on the beach. This is brand new to Blue Sail. I have really wanted to do this for a long time, so I have a new chef coming in especially for this. It’s a shack on the beach so people can see the sushi being made in front of them. It’s very exciting,” he added.

“This is the first time I am making this official. I have not told anybody until now because I wasn’t ready yet, as I was waiting on my work permit. So I am very excited now that with the lockdown over I can finally introduce my new sushi shack.”

Mr Carlino said he will be introducing new items to the menu, including gold leaves and truffles, adding that he is going “Fully Monty” and introducing the “smoked truffle”.

“The chef is here and we are ready to go,” said Mr Carlino. “All of us have to make sure we follow the rules and follow all of the protocols so we don’t get closed again. I think that most important for all of the business owners is that we all must remember to adhere to protocols, follow them and get customers to follow so we don’t have another lockdown. As a population we need to behave.”

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net FAMILY Island resorts are hoping yesterday’s end to the mandatory 14-day quarantine for travellers coming from New Providence will spark a repeat of July’s domestic tourism boost.

Chris Morris, the Cape Eleuthera Resort and Marina’s general manager, speaking to Tribune Business before yesterday’s imposition of more restrictive measures on the island, said: “Everything is fine right now. The marina is open but the hotel and the restaurant are not open as yet. I am pushing very hard for a mid-month opening for Thanksgiving time and trying to get the ball rolling again.

“I feel like we have to get the inter-island travel opened back up. We had a big boost from domestic travel in July when we were opened briefly. I know people are ready to get out of the big city of Nassau and get away a little bit.

“We’ve got good reservations come Christmas, and in New Year’s I expect to be sold out. I pray that’s the case. Unfortunately, however, the COVID-19 numbers in Eleuthera keep going up. I think as of last week Thursday the count was over 100, whereas a few

weeks prior it was only 30.

There is a lot of heresay.”

The government has moved to facilitate the resumption of domestic travel, albeit still with COVID-19 health and safety measures, by eliminating the mandatory 14-day quarantine with effect from yesterday.

In a move also designed to harmonise the travel regime for Bahamians/residents with that for foreign visitors, persons travelling from New Providence to other Family Islands now have to present a negative COVID-19 PCR test taken within the five-day window prior to flying and also submit to a rapid antigen test five days after arriving.

“I really feel they needed to decide something on domestic travel quickly,” Mr Morris added. “I don’t think it was fair to the locals to keep the quarantine in place if you were to come over from Nassau, but at the end of the day it is anybody’s guess as to what the best course of action is. We just have to try our best to protect one another.

“I pray for a good end of year. I find it very encouraging to see that Atlantis and Baha Mar are trying to get it going before the end of December. I just feel like they really are the two biggest players that the ‘average Joe’ from the United States looks at and

FAMILY’S SPONGE BUSINESS EYS ELEUTHERA ALTERNATIVE A LONG Island family has shrugged off the devastation Hurricane Dorian inflicted upon their sponging expansion plans by targeting another island as an alternative.

Lou Carroll and his brothers are harvesting, purchasing sponge from local harvesters, and processing the product for export to Europe and Asia even though the destruction inflicted by the category five storm on east Grand Bahama’s sponging beds stalled their growth plans for that island.

The Carroll brothers, who started their business Long Island Sponge Company, on that island two years ago, decided to instead switch their focus to Eleuthera as a result of Dorian’s impact.

Lou’s brother, Ricardo, is in charge of Eleuthera operations, while another brother, Charles, heads operations in Long Island.

Describing sponging as a “hands-on business” from which a decent standard of living can be earned, Lou

SPONGE harvesting. says there are thousands of species of sponge in the world but only five of commercial value are found in The Bahamas: hardhead, grass, wool, reef and yellow.

He added that hardhead and grass sponges can be harvested in shallow water, while wool sponge is found in deeper water. “Young people can find beneficial work in harvesting sponge in shallow water,” Lou Carroll said.

The Bahamas Agricultural and Industrial Corporation (BAIC) said sponging in The Bahamas was started by a French sailor, Gustave Renourd, who after recovering from a shipwreck in 1841 began harvesting sponge in the waters of this nation for sale in Paris.

Up to 1938, Bahamians around the archipelago were engaged in sponging

says: ‘Well, if they’re closed then The Bahamas isn’t open’. It’s just perception.”

Matthew Brear, general manager of Long Island’s Cape Santa Maria resort, said: “Currently, the weather is our only problem. Once this storm passes we hope things will slowly get back to normal.”

Adelaide Andrews, general manager of the Hut Pointe Inn, Eleuthera, added: “There is absolutely zero in current guests or future reservations. Not a single guest. I don’t see how that’s going to change much.

“I’ve heard from some of my previous guests who come every year. So far, I’ve spoken to nine families, and they’ve all said the same general things.

They are unwilling to pay extra money for testing for what amounts to a seasonal flu. And there aren’t many flight options anyway, so they’re just going to stay in the US/Canada for the holiday season.

“Another thing I’m hearing is frustration with the government for calling the mandatory testing ‘health insurance’. It’s not insurance; it’s testing, but the verbiage is confusing and because of that people have even less trust in the government. Six of the nine families I spoke with remarked about it.” mainly in the shallows of the Great Bahama Bank on the west coast of Andros.

The Bahamas was exporting over 1.2m pounds of sponge annually in 1908, only to be undone by the 1926 hurricane and a microscopic fungus attack in 1938, which wiped out 99 percent of the sponge beds and caused the industry’s collapse.

However, by the 1950s, The Bahamas was back to exporting some 600,000 pounds of sponge annually.

To ensure Bahamian spongers capture a larger portion of revenues from sponging, the government and the Inter-American Development Bank (IDB) agreed to fund a $1.11m project to revitalise the industry.

BAIC was selected as the designated executing agency for the project, which was launched In 2016.

The project was started in New Providence; Red Bays, North Andros; and Mangrove Cay, South Andros, and it was also supported by the Inter-American Institute for Cooperation on Agriculture, the Bahamas National Trust, the Department of Marine Resources and the Bahamas Commercial Spongers Association.

The project is ongoing.

COMPLIANCE SPECIALIST TO ADDRESS JAMAICA FORUM A BAHAMIAN regulatory and compliance professional will join a panel discussion at Jamaica’s ninth annual anti-money laundering/counter terror financing virtual conference set for this week.

Cheryl Bazard, pictured, will be speaking for the fourth time at the conference, which is this year being held under the theme Manoevering the Matrix: Playing the Right CARDS (Collaboration, Adaptability, Risk Management, Discipline and Security). The conference, from November 1213, is being hosted by The Jamaica Bankers Association (JBA) in collaboration with the Jamaica Institute of

Financial Services (JIFS).

Mrs Bazard, an attorney, will on Friday present on the topic Data protection and privacy impact on anti-money laundering and Know Your Customer regulations.

She specialises in corporate governance, and has experience in banking, law and gaming. She holds certificates from the International Compliance Association (ICA) and formerly served on its international advisory board.

“Mrs Bazard will bring a wide perspective to the topic based on her knowledge and experience in the area of compliance - both as a practitioner as well as an attorney-at-law,” said JIFS executive director, Darlene Jones.

“As we embrace the new digital era, it is important for financial institutions

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THE TRIBUNE

Monday, November 9, 2020, PAGE 3

TOURISM ‘DESTROYED’ IF NO COVID LOCKDOWN

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE prime minister yesterday justified the COVID-19 restrictions imposed on businesses by arguing that the tourism industry would have been “destroyed” had the virus been allowed to run amok.

Dr Hubert Minnis, pictured, in announcing the easing of several measures, said The Bahamas would have been branded “a COVID-19 hot spot” something that would have “destroyed our reputation internationally” and undermined prospects for tourism’s rebound - had the government not intervened to prevent the virus spreading unchecked.

Arguing that the harsh medicine had been painful, but necessary short-term pain for longer term gain, he said the government and the private sector “must now control the opening” of the economy and businesses in much the same way as temporary shutdowns/restrictions have been handled in recent months.

Disclosing that he had been asked by a businessman, on the way to deliver his address, why the government had been “so hard on the business sector in locking down”, Dr Minnis responded that the surge in “second wave” COVID-19 infections on New Providence, Grand Bahama and Abaco had overwhelmed

a public health system that was already badly strained prior to the pandemic.

With coronavirus cases taking up most of the available bed space at the Princess Margaret Hospital (PMH), especially in its intensive care unit (ICU), the prime minister argued that the health system would have collapsed - with doctors and nurses reaching burn out point, and many becoming infected themselves - unless the government implemented restrictions to reduce community spread.

Although these measures have resulted in some businesses closing temporarily or for good, while others have been forced to operate on just a fraction of the revenues and cash flow they have been accustomed to, Dr Minnis said a failure to act on the recent COVID19 spike would have dealt

even greater harm to the economy.

“We were placed in a situation where, had we allowed the virus and infections to continue to rise, it would have destroyed our reputation internationally and we would have been recognised as a COVID-19 hot spot,” he argued, “destroying our international economy and likewise destroying our domestic economy.”

Noting that businesses were themselves being forced to close for sanitising and deep cleaning, as staff members tested positive for COVID-19, Dr Minnis said the decisions taken by the Government were designed to save lives and protect the healthcare system from failure.

With infection rates on New Providence and Abaco having reduced satisfactorily following the

its economy.

“The BCCEC (Bahamas Chamber of Commerce and Employers Confederation) has been consistent in its position regarding the impacts of restricting retailers, restaurants and other businesses to offering curbside pick-up and delivery services,” she said.

“We feel justified in seeing other businessrelated organizations [The Bahamas Federation of Retailers] echo the sentiments that the BCCEC expressed immediately

following the announcement of the restrictions.

We are further pleased to see that our recommendations and concerns have not fallen on deaf ears, as seen by the implementation of most of the BCCEC’s recommendations on easing restrictions.”

Mrs Rutherford-Ferguson spoke out after Dr Hubert Minnis, in unveiling a widely-expected easing of COVID-19 measures following the drop in cases in New Providence and Abaco, announced that the 24-hour weekend lockdowns will cease and retailers will be allowed to resume curb-side services with effect from today.

Retailers will also get much of their Saturday sales period back, with the prime minister saying: “The weekend 24-hour curfew is lifted. The curfew on Saturdays and Sundays will now be from 6pm to 5am. The weekday curfew will move from 9pm to 5am, and this

COVID easing shows worries ‘have not fallen on deaf ears’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Chamber of Commerce’s chairman said last night’s easing of COVID19 restrictions showed the private sector’s “recommendations and concerns have not fallen on deaf ears”.

Khrystle RutherfordFerguson, pictured, in a statement issued following the prime minister’s national address, said that while loosening their limitations on businesses and their operations would help bring staff back to work and increase revenues, The Bahamas was still some way off from returning to “normalcy, viability and predictability” with

imposition of the latest measures in early October, he added: “We decided to control the closure of our businesses as opposed to allowing the virus to force their closure. As we controlled the closure, now we must control the opening.”

Dr Minnis also urged companies to ensure their staff and customers abide by the COVID-19 health protocols, revealing that eight out of every ten calls in the 2,888 made to the COVID Command Centre related to persons not wearing masks or social distancing inside a business establishment.

“If we work together to do this, we will be able to keep various areas of the economy open. It is in all of our best interests to follow the health measures. It is better for business and it is better for the country at large,” he said.

The prime minister spent a significant portion of his address hailing the “unprecedented” support his government has provided to Bahamian businesses and entrepreneurs, especially micro and small businesses, during the pandemic.

In particular, he praised the newly-launched $5,000 small business grant launched by the Small Business Development Centre (SBDC) to help persons get into business or expand existing small enterprises. He added that the initial $500,000 allocation to the initiative is being 9pm to 5am curfew will also apply to Grand Bahama on weekdays and at the weekends.

“The retail sector, including pharmacies, may resume in-store services Monday to Saturday, following the protocols prepared by the Bahamas Federation of Retailers (BFR) and certified by the ministry of health.”

SEE PAGE 4

doubled to $1m.

“These are grants or funds that these entrepreneurs get to fund a specific business need that they have. These funds do not have to be repaid,” Dr Minnis said. “To date, the SBDC has received over 400 applications toward the $500,000 that has been budgeted for the programme.

“The response has been so positive, that the SBDC has shifted its budget to add an additional $500,000 to the programme to bring the total programme allocation to $1m. Through this programme, individual entrepreneurs and micro businesses will get equipment, supplies and materials to allow them to start a business or to give their enterprise a boost.”

Noting that the SBDC has provided $52.7m in loans and grants to more than 950 Bahamian micro

and small businesses since his administration took office in 2017, Dr Minnis added that some $40m of this related to support for those affected by Hurricane Dorian and the COVID-19 pandemic.

And, of the $50m per annum that the government has promised to provide Bahamian entrepreneurs over the next five years, Dr Minnis said half that sum - $25m per year or $125m in total - will be targeted at young Bahamians and female entrepreneurs in a bid to focus on “marginalised and under-represented groups”.

The prime minister also reaffirmed that the SBDC will be launching a $1.5m Youth Programme to “provide grants, loans, training and business support for young entrepreneurs getting into their first business or expanding their existing businesses”.

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

PAGE 4, Monday, November 9, 2020

COVID easing shows worries ‘have not fallen on deaf ears’ FROM PAGE THREE Mrs Rutherford-Ferguson added: “The impact of such easing is likely to result in businesses being able to service their customers more efficiently, increase the revenue generated, or lack thereof, over the past few months, and bring employees back to work.

“However, current easing is not sufficient to return to a sense of normalcy, viability and predictability.

Moving forward, we will continue to advocate for the continued compliance with all COVID-19 safety protocols and the enforcement thereof.”

She continued: “The return of the tourism market is a welcomed opportunity for the private sector. Every opportunity to create buffers for the continued operation of this sector must be taken.

For many months the economy relied heavily on domestic consumption, which has served us well in the absence of the tourist market.

“We, the BCCEC, continue to encourage the Bahamian public to shop locally. However, the business community, through tourism, also welcomes the ability to expand its customer base, increase staff levels and better plan for the future.”

“There is no doubt that to continue to navigate the impacts of COVID-19 is a prodigious task; one that calls for community

THE TRIBUNE mindedness, individual responsibility and adherence to the safety protocols, namely, wearing of masks, frequent handwashing, and social distancing,” Mrs Rutherford-Ferguson said.

“The BCCEC has been committed to engaging with our members, the wider business community, policymakers, health professionals and other stakeholders in advocating for a balanced approach towards mitigating against the economic and health impacts of COVID-19.

“We are pleased to hear of the various easing of restrictions. We are also happy to hear of the new business grants and support programmes being enabled through the Small Business Development Centre (SBDC), of which the BCCEC is a founding partner.”

COMPLIANCE SPECIALIST TO ADDRESS JAMAICA FORUM FROM PAGE TWO and other organisations to understand how to properly manoevere this landscape filled with opportunities and unseen risks.”

Mrs Bazard added: “The ever-increasing compliance obligations imposed both nationally and internationally appear at times to be the antithesis of privacy.

With the introduction of competing responsibilities under the European Union’s GDPR, this creates a minefield for compliance experts

and places them squarely in the forefront of making some very difficult decisions on behalf of their respective organizations.”

She is the founding and immediate past president of the Bahamas Association of Compliance Officers (BACO), formed in 1999.

“I am once again grateful and honoured to join the JBA and JIFS family in their annual endeavour, and look forward to sharing with their usual engaged and interactive audience,” said Mrs Bazard, whose speaking engagement follows closely

Food stores given weekend choices FROM PAGE ONE

The other choice, he added, was to close on Saturday and open on Sunday. Mr Roberts said he plumped for the former, which was announced by the prime minister yesterday. Food stores, while able to open on Saturday between 6am and 5pm, will be closed to the public on Sunday for restocking.

This brings the sector into line with all other retailers who, freed from their curb-side restrictions, are now being allowed to operate from Monday through Saturday with instore sales. “We lockdown on Saturday with the rest of the country,” Mr Roberts said, adding of the Sunday restock: “Thousands move the merchandise off of our shelves, dozens put it back on.

“We’re grateful we’re getting our hours back but it’s not enough. We really cannot get our sales in.

Consumers in the time they have are not able to shop wisely and healthy. They’re rushed when they get in the store.”

Despite the easing announced by the prime minister, retailers were

talking of the hardship imposed by the curb-side and lockdown restrictions right up until his address last night. Margo Farrington, chief marketing officer at Lorene’s, told Tribune Business: “We have orders just holding.

We don’t know what is going to happen, if we are going to be allowed to be open, if we are going to end this curbside service.

“We just don’t know so we have to play it cautiously. Right now, it’s just holding. The problem is is that if I don’t get my stock in soon then I won’t have them in time for Christmas. The latest I can get my stock in by is the end of November.

Another clothing retailer, choosing to comment under anonymity, said: “I’m going to have trouble. I already have trouble, if I make it. It is ridiculous. Totally ridiculous. I have already closed three stores permanently.

It’s terrible.

“I’m trying curb-side with clothing. It’s ridiculous. If the Prime Minister would just allow us to have at least three people in the stores leading up to Christmas week at any given time it would help a lot.”

behind her presentation to the ICA Bermuda branch’s annual general meeting (AGM) on the topic, Register of beneficial owners – necessary evil or just plain evil.

Conference delegates will include Jamaica’s compliance practitioners from the deposit taking and non-deposit taking sectors; attorneys; front-line staff; internal and external auditors from the local and regional financial sectors; real estate practitioners; gaming industry personnel; accountants; and regulators.

Lamenting the other bills are mounting, including utilities, rent, insurance and security costs, he said: “I’m just trying to keep my staff employed at this time.

It is not about me making money right now. My staff are hurting and they look to me to help them.”

“I’m digging into the pot.

I had sold property just to stay afloat and hold my business together because this is my life. Before COVID-19 I had over 60 staff; now I’m down to just 12 and they’re only part time.

“I also have businesses on Bay Street, all retail.

Prior to COVID-19 I had 10 retail stores. I’m down to five now, and the five I closed down I am not bringing them back. I may resurface again when this COVID-19 passes, but right now I just can’t operate the way I used to. I just want to keep the little I have left together.”

John Cathapoulis, general manager of John’s Shoe store, said: “We’re prepared for Christmas.

We have inventory that comes in every week.

That’s just the type of business we are, so we have stuff coming in. I have a shipment right now in my warehouse.”

Gas station operators, meanwhile, described curb-side sales as “crazyside”, with one adding: “The government can’t kill us any further, we’re already dead.”

THE TRIBUNE

Monday, November 9, 2020, PAGE 5

Markets moving up but they won’t like a long electoral inquest ACTIVTRADES WEEKLY

By CARLO ALBERTO DE CASA www.activtrades.bs

recovery, but markets anxiously wanted the election to be over.

The risk now is that despite a verdict, the dispute over the result could rumble on into multiple tribunals, dragging the process out indefinitely.

Technically, markets don’t like uncertainty, nor

T

HE US presidential election seemed like a thriller with multiple possibilities for a conclusion. In the end, the originally predicted outcome has proven accurate, albeit with a smaller margin.

The initial forecasts were clearly in favour of Joe Biden, who was expected to win with a large majority. Things appeared to be turning out quite differently, especially in the early stages after the polls had closed, when a surprising victory for Donald Trump seemed possible. But this initial surge didn’t take into account mail-in votes, which largely favoured the Democratic candidate.

Indeed, due to coronavirus, the Democrats were insistent on mail-in votes being an option with a significant proportion of their vote coming via this route, the validity of which is now being contested by Trump.

The eyes of the world keenly followed developments; particularly in the key swing states of Michigan, Georgia, Arizona, Nevada, Pennsylvania and North Carolina. And in less than 24 hours, when the huge volume of mailin votes was included, the verdict started to turn decidedly in favour of Biden who emerged as the presumptive winner of the presidential race.

For betting lovers, it is interesting to note Biden was available at 1.50 in the days before the election.

Or in other words, for each dollar bet on the Democrat, you would get $1.50 back if he won. In the evening after the election this jumped up to 4.50, giving him less than a 25 percent

protracted political disputes. If this occurs it will generate more uncertainty

and further questions about the entire US electoral system.

PRESIDENT-elect Joe Biden gestures to supporters on Saturday in Wilmington, Del. Photo: Andrew Harnik/AP chance of winning.

The financial markets were nervous, seeing various scenarios: a large victory for Biden; a narrow victory for one of the two candidates; or a deadlock with legal battles ensuing.

With Biden’s narrow win the last scenario is still a possibility as Donald Trump is making desperate attempts to contest victory for Biden via legal challenges. This seems unlikely at this stage, as Trump would probably need to reverse the result of more than one state.

It is noteworthy that Trump has had one success by not conceding the Senate to the Democrats.

What does it all mean for financial markets?

Overall, stock markets have reacted positively with a significant rebound. Dow Jones again reached 28,000 points, while S&P climbed to 3,500 or higher than February’s pre-crisis level.

Most commodities ended last week in the green, including silver, gold and oil. The decline of the greenback has boosted stocks and commodities

The US Embassy Nassau has a requirement for qualified companies to provide Packing & Shipping Services.

Solicitation: CS20-0001 Posted Date: 11/06/2020 End Date:

11/16/2020

Interested parties can request a copy of the requirement by email to MyersSP@state.gov All companies that respond to the solicitation must be technically qualified and financially responsible to perform the work. At a minimum, each offeror must meet the following requirements: • Be registered in SAM (System for Award Management) • Have an established business with a permanent address and telephone listing • Have a secured warehouse location in Nassau • Have all licenses and permits required by law to operate in the Bahamas • Have liability insurance • Had no adverse criminal record • Have no political or business affiliation which would be considered contrary to the interests of the United States • Willing to accept payment in full within 30 days after completion and inspection by electronic transfer of funds, no mobilization or stage payments are authorized *** US Companies please visit www.bahamas.gov.bs to see requirements to operate in The Bahamas. ***

PAGE 6, Monday, November 9, 2020

Finlaysons fail in COVID bit to halt creditor’s pursuit FROM PAGE ONE

“difficult to see” how the Finlaysons’ case would be prejudiced if Miss Smith was forced to cross-examine Mr Hughes remotely.

The Court of Appeal verdict provided little detail on the background to the dispute between Caterpillar and the Finlaysons, other than to say the US financier had initiated legal action to recover “the balance of monies due and owing after it realised the security on a ship that was mortgaged to them”.

It added that the Finlaysons were defending the claim on the basis that Caterpillar had “breached its fiduciary duty to them in

the exercise of its powers”.

However, further research

by Tribune Business - and documents obtained by this newspaper from the South Florida district federal courts - provide the specifics.

Caterpillar successfully persuaded the south Florida courts to seize the Maratani X in 2016, and ultimately sell it at auction via the US marshalls, to recover a $4.266m debt owed by the Finalysons after they defaulted on repaying a loan that was secured by a mortgage over the yacht.

Research by this newspaper shows a $6.5m price was sought at auction for the Maratani X, but the sales price is likely to have been

THE TRIBUNE much lower than both this and the alleged $4.266m debt given that Caterpillar is now seeking to recover the “balance” from the Finlaysons via the Bahamian courts.

Father and son both ended up guaranteeing repayment of the initial $9.68m loan, taken out by Kurc Ltd, an entity which listed Garet “Tiger” Finlayson as its president, to finance the yacht’s construction. Caterpillar now appears to be coming after both men in their personal capacities as guarantors.

The loan security, according to court documents seen

by Tribune Business, was recorded in The Bahamas’ Registry of Records as a mortgage on January 23, 2006. “On or about April 2006, Kurc Ltd and guarantors [the Finalysons] became indebted to Caterpillar in the principal sum of US$9.68m pursuant to the agreement, as amended, a master note and the guarantees,” Caterpillar alleged.

The final repayment of principal was due on May 1, 2016, yet almost two months before Caterpillar had

informed the Finlaysons that they were in default on the loan and demanded its settlement.

“As a result of the default, Caterpillar Financial has rightfully demanded full payment of the indebtedness secured by the vessel, and is thereby entitled to proceed with obtaining a judgment and to foreclose on the vessel,” Caterpillar argued then.

“Through March 31, 2016, Kurc Ltd and the guarantors owe the principal amount of $4.209m plus accrued interest of $59,895, late fees of $5,236 and continuing per diem interest of $617.98, exclusive of additional costs, interest and attorney’s fees.”

The Finlaysons seemingly did not contest the Florida court proceedings, thus paving the way for Caterpillar to seize the vessel and ultimately ensure its sale.

A clue as to why it did not obtain the full auction sale price is provided by a Captain Timothy Hammer’s report to the court, which detailed numerous mechanical defects including issues with the steering; bilge

pump; fire and electrical systems; pumps; generator; engine start-ups; and grey and black water tanks.

Fast forward to the present, and the Finlaysons’ objections to the trial involving Caterpillar’s bid to enforce the personal guarantees proceeding amid COVID-19. Justice Hanna-Adderley, in the Supreme Court, noted Miss Smith’s protestations that her clients would be placed at a disadvantage “because there is a different setting when a witness is giving evidence by video.

“He would be very comfortable in his home, whereas when in the witness stand and the person is cross-examining, she and the court are able to perceive him in real-time,” the judge added of Miss Smith’s arguments.

“In addition, she submitted that we (those observing) would not know his set up - whether he is going to be sitting down when in court he would be standing up. There would be different conditions available to him than when he was in Freeport and had

to come in person. Conditions should be equal, and he needs to be crossexamined the same way that he was led and that is in-person.”

However, the Supreme Court, noting that Sir Brian Moree, the chief justice, had issued numerous COVID-19 protocols and directions to keep the courts operating, including the use of video conferencing as a tool to proceed with half-finished trials, dismissed Ms Smith’s arguments as did the Court of Appeal thus allowing the case to proceed.

The Finlaysons have been prominent figures in the Bahamian business community, having sold their interest in Commonwealth Brewery/Burns House (now 700 Island Wines and Spirits) to Heineken for $125m almost a decade ago.

Other ventures they have been involved with, most notably the now-defunct City Markets supermarket chain and Solomon’s Mines, the luxury goods retailer, have been notably less successful.

Make COVID-19 ease ‘permanent’, PM urged FROM PAGE ONE

YOUR

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

for the retail sector in order to stay open safely, systematically and sustainably.”

Ms Morley had previously warned that the drop in retail revenues and cash flow caused by the curb-side restrictions, with some merchants reporting that sales were off by up to 80 percent compared to normal, combined with uncertainty over the commercial landscape they will face had left may unable or unwilling to purchase and/or clear Christmas inventory purchases.

It remains unclear whether the Prime Minister’s easing will arrive in time for Christmas. Ben Albury, Bahamas Bus and Truck’s general manager, whose industry has also been hit by the recent curbside restrictions, said the end to curb-side restrictions and weekend lockdowns will be “a big boost” as it will allow employees to return to work and get back weekend hours.

Describing curb-side as “cumbersome” to pull-off, especially for consumers who wanted to search for, try and test product, Mr Albury urged the prime minister to avoid the

“loosening and tightening” cycle he referred to yesterday due to the harm it inflicts on consumers and businesses.

“I hope it’s permanent and not something he goes back on in a few weeks,” he told Tribune Business.

“That’s what’s damaging businesses the most. The constant up and down. I just don’t think that’s practical, and that hurts a lot of consumer confidence as well. People considering a purchase start to pull back and hold off as they lose confidence.

“Hopefully he [Dr Minnis] considers that a bit more. There’d have to be some extreme circumstances to justify that [going back to curb-side and lockdowns]. I know before, when we were allowed to do in-store and work at weekends, our business was drastically better than what it has been.”

Mr Albury revealed that Bahamas Bus and Truck’s vehicle sales were down 80 percent over the past month of curb-side restrictions and weekend lockdowns when compared to the prior month when there were no such limitations. He added that their October imposition seemed to cause “the bottom to fall-out” of the

economy at a time when vehicles sales were back to 90 percent of pre-COVID levels.

“I’m hoping this last wave of restrictions does not do permanent damage,” Mr Albury said. “If it continues the way he says, loosening and tightening, loosening and tightening, there’s only so much that can happen. I see businesses closing every week, and some businesses that have closed have not reopened because you cannot manage your business that way. It’s not practical.”

Andrew Wilson, the retail entrepreneur who operates Quality Business Centre (QBC), said the removal of curb-side restrictions and weekend lockdowns would be “a tremendous boost” for his formats - especially his Fashion on Broadway clothing boutique - as customers will be able to shop in-store and try product on.

Noting that Saturday shopping traditionally accounted for 30 percent of his group’s sales, Mr Wilson added that the curbside and other restrictions had caused his top-line to drop by the same amount.

Pointing to the approaching Christmas season, he added that the easing “couldn’t be better” in terms of the timing.

THE TRIBUNE

Monday, November 9, 2020, PAGE 7

$65m Exuma airport: December start eyed FROM PAGE ONE

to transform key Out Island airports into true tourism “gateways” and links/hubs to other parts of The Bahamas.

Mr Cargill confirmed that officials plan to put the construction contract for a new $15m airport at Deadman’s Cay, Long Island, out to tender in January, with construction work starting in March 2021.

He also affirmed that the government remains committed to a public-private partnership (PPP) model for financing and managing the construction/development of these airports in a bid to alleviate the strain on an already cash-strapped Public Treasury.

Revealing that the process had been broken down into individual airports, Mr Cargill said officials were also awaiting the go-ahead to release several Request for Proposal (RFP) tender documents in a bid to “find the right partner” to manage/ operate The Bahamas’ key aviation infrastructure assets.

With $35m in Inter-American Development Bank (IDB) financing set to kickoff Exuma’s redevelopment, the aviation chief said the government remained confident that the necessary extra capital could be secured from both domestic and international private sources after receiving several such offers already.

He added that potential airport manager/ operator partners were also being encouraged to find ways for Bahamian investors to participate in the financing and earn a return, suggesting that the model would be similar to that used to fund Arawak Port Development Company (APD).

“We definitely want to break ground next month in Exuma,” Mr Cargill told this newspaper. “The recommendation has been made on the contractor, and we’re waiting on the Cabinet of The Bahamas to give the go ahead, confirm the contractor and advise that we can proceed. We certainly have the funding to move ahead.”

He did not name the likely contractor.

The IDB’s $35m, while substantial enough to get construction in Exuma moving, “is a very small contribution to the total cost” of an initiative that Mr Cargill estimated will require a $165m total investment between Exuma, north

Eleuthera, Long Island, Abaco and Great Harbour Cay. Exuma and north Eleuthera will each cost $65m, he added, with the former involving airside redevelopment through work on the runway as well as a new fire crash rescue station and control tower. “The market has outgrown the current airport,” Mr Cargill said, “so we’re moving from a terminal with 2,000 square feet space to 60,000 square feet space for arrivals.

“It will bring a lot of strategic advantages in terms of the tourism market as it will allow jets to fly in directly to Exuma rather than have to stop in Nassau. The midrange strategic plan is to have the Exuma airport act as a hub for the southern Bahamas, so instead of stopping in Nassau planes can stop in Exuma and Eleuthera. We’re creating support for travel from those places to other islands in The Bahamas.”

Mr Cargill added that the design for Exuma, by Bahamian architect firm, Alexiou & Associates, will be replicated in North Eleuthera.

He added that the government would not provide direct funding for the Family Island airport overhauls, but instead will contribute assets such as land, which it is working to acquire via compulsory acquisition in both Eleuthera and Long Island.

“We’re moving quickly.

We’d have liked to be a bit further ahead, but this is where we are,” Mr Cargill said. “We’re at the roof stage in Great Harbour Cay for a 5,000 square foot terminal, and we’re in the final stages of planning in Long Island.

Our plan is to go to tender in Long Island in January, and then be able to start construction in February/March.

“We’re improving the gateways for The Bahamas, as the airports are the first point of entry that travellers see. We’re creating businesses for Bahamians to work in at airports and communities around the airport, so we’re creating entrepreneurship and creating additional industries for more Bahamians to get hired in the aviation sector.

These are all projects that have huge benefits for our economy.”

Mr Cargill said it was vital that potential airport operators/managers “come with good plans to generate revenues” and make these facilities financially self-sustainable, adding: “We have

a proposal already done, an RFP to go out to find partners for these PPPs. As soon as that’s approved, we will be able to issue several of them.

“We’ve already done the groundwork and are ready to release them to find the right partner to move ahead with. These are for the operator services primarily. We’re not too concerned about the financing. We have the financing to move ahead from private sources, arranged mainly by local institutions.

“We have local financing arranged in the event we cannot source international funding, but I doubt that will be an issue. A part of the financing is that Bahamians are able to participate in investing in the airports.

That’s how we structured it.

The important thing is Bahamians are able to participate in the local financing similar to what we did to APD. It’s intended to encourage Bahamians to invest in airports.”

PAGE 8, Monday, November 9, 2020

THE TRIBUNE

Pent-up global wish list of hopes, demands awaits Biden LONDON Associated Press SPARE a thought for the people who’ll be managing Joe Biden’s presidential appointment diary.

Four years of inwardlooking “America First” leadership by outgoing President Donald Trump have generated pent-up global demand for a more engaged and amenable America.

The leaders of governments and global institutions will likely be hammering on White House doors and email inboxes with a long wishlist of priorities they want American help with — which, on issues big and small, from climate change to taxing Internet companies, Trump’s administration often refused to provide.

Beating back the coronavirus pandemic and slowing the rise in global temperatures are top priorities for America’s partners. Beyond

them: a dizzying array of other issues vital to specific regions and nations now hoping to be heard by the incoming administration.

“Tackling climate change, trade, international security,” British Prime Minister Boris Johnson said, listing in an interview yesterday with The Associated Press just some of the things that he wants to talk about.

“Many, many, many, many, many other issues.”

Overall, there are broad expectations for a White House that will be easier to work with, and that solutions will flow from there.

“The big difference will be in the communication, that we treat each other again with full respect as partners, allies,” said Peter Beyer, a German lawmaker who coordinates transAtlantic contacts for the government of Chancellor Angela Merkel, whose relationship with Trump never really developed beyond frosty.

“President Donald

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 46 of 2000) AP INTERNATIONAL BUSINESS HOLDINGS, LTD. IBC No. 196054 B (In Voluntary Liquidation)

Trump didn’t always differentiate between friends and foes.”

Here’s a look at some of the big issues that world capitals want Biden’s help with: THE PANDEMIC Those involved, from World Health Organization experts to doctors and nurses on front lines, argue that nations will beat the coronavirus faster by working together.

But that proved a tough sell with Trump, whose presidency was ultimately, in part, undone by his refusal to heed scientific advice. His administration dealt a blow to global coordination by announcing a US withdrawal from WHO. Biden’s election immediately raised hopes that the world will now benefit more readily from US investment in treatment efforts.

“You cannot have a country by country approach.

You need a global approach,” Dr Soumya Swaminathan, the WHO’s chief scientist, told the AP. She said she hopes the United States will join with a WHO-led project, the Covax Facility, which aims to deploy vaccines to the world’s neediest people.

The head of the Africa

NOTICE

NOTICE is hereby given that as follows: (a)

That AP INTERNATIONAL BUSINESS HOLDINGS, LTD. is in Dissolution under the provisions of The International Business Companies Act 2000.

(b)

The Dissolution of the said Company commenced on the 19th day of June 2020 when the Articles of Dissolution were submitted and registered by the Registrar General.

(c)

The Liquidator of the Company is Sterling (Bahamas) Ltd of 2nd Floor, Saffrey Square, Bank Lane and Bay Street, Nassau, Bahamas.

(d)

Any person having a Claim against the above name Company are required on or before the 30th day of November 2020 to send their name, address and particulars of the debt or claim to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is approved.

Centers for Disease Control and Prevention, John Nkengasong, also told the AP that he has heightened expectations.

“The world has always been a better place in terms of fighting diseases when America has played a key leadership role,” he said.

A chief doctor at a frontline hospital dealing with the explosion of COVID-19 cases in Paris said he doesn’t expect that US pharmaceutical companies will share any medical breakthroughs for free, but is hopeful that people outside the United States might now benefit more readily.

“Although Biden is a Democrat, he is still the US president (-elect), so we shouldn’t expect free philanthropy if the patents and copyrights for all of the medicines that emerge come from the United States,” said Dr Philippe Montravers, head of critical care at Paris’ Bichat Hospital.

But Montravers, himself recently recovered himself from a nasty bout of COVID-19, said he expects the Biden administration will be “less aggressive”.

“Less oriented on ‘America First’ and ‘Nothing but America,’” he said.

NOTICE is hereby given that SAINTI SACY VALCIN of Havens Road 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 9th day of November 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Sterling (Bahamas) Limited Liquidator

MARKET REPORT www.bisxbahamas.com

FRIDAY, 06 NOVEMBER 2020

BISX ALL SHARE INDEX:

CLOSE

CHANGE

2066.93

18.37

%CHANGE

YTD

YTD%

0.90 -164.67

-7.38

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

BISX LISTED & TRADED SECURITIES 52WK HI 4.05 22.66 2.00 1.79 2.46 6.00 6.75 4.50 8.59 4.50 6.16 12.77 3.64 6.25 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 4.03 17.43 1.62 1.78 1.67 6.00 6.75 2.99 4.75 3.50 5.99 11.26 2.06 6.22 10.20 8.44 14.30 3.94 8.19 15.20

CLOSE 4.03 17.43 1.62 1.78 1.67 6.00 6.75 2.99 4.75 3.64 5.99 11.26 2.01 6.22 10.32 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 0.14 0.00 0.00 (0.05) 0.00 0.12 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

200 6,000

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 19.8 13.3 15.6 19.7 13.3 16.0 11.6 17.5 19.4 8.7 24.1

YIELD 4.22% 7.23% 1.23% 0.00% 0.00% 0.00% 3.85% 0.00% 0.00% 3.30% 3.67% 6.39% 21.59% 0.96% 3.18% 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

CLIMATE CHANGE Licypriya Kangujam, age 9, is among those hoping the United States will get back in the fight against global warming.

“The United States and India can do more together,” the Indian child activist said.

Now, multiply her voice by countless others around the world who are looking forward to Biden making good on his promise to plug the United States back into climate protection efforts from the get-go in the Oval Office.

“America is a leader.

Where America goes others follow,” said Desmond Majekodunmi, an environmentalist in Nigeria.

South Asia, home to almost one-fourth of the world’s population, and other regions are already seeing the effects of climate change. Major cities are becoming increasingly prone to devastating floods.

Longer-than-usual summers are bringing unbearable heat waves and disruption in rainfall patterns that impact agriculture. For island nations, delayed action brings mounting concern.

“Together, we have a planet to save from a #ClimateEmergency,” the prime minister of the Pacific island nation of Fiji said in his tweeted congratulations to Biden.

“Now, more than ever, we need the USA at the helm of these multilateral efforts.”

BUILDING ALLIANCES After the disruptive “America First” diplomacy of Trump, world leaders want Biden to revive Washington’s role as a leader of alliances. Among their priorities are containing Chinese and Russian strategic ambitions and North Korea’s nuclear programme.

“American leadership is indispensable to meeting these challenges,” Australian Prime Minister Scott Morrison said, referring to fears of Chinese encroachment in the South China Sea. Asian governments on edge about China’s growing military power invoked their “shared values” with the United States and expressed hope for

close relations.

In Europe, Biden has pledged to strengthen US alliances and supports NATO, which Trump showed disdain for.

But it’s unclear if he will reverse Trump’s order to reduce the number of US troops in Germany from 36,000 to 24,000, seen as Trump’s punishment for Germany’s failure to spend 2% of its annual economic output on defense.

Russia is looking for Biden to extend the last remaining arms control agreement between the two nations. Ukraine is expecting increased military and humanitarian aid, and anticipating that it could again be drawn into the invariably multifaceted, delicate and frequently complex ballet of relations between Washington and Moscow.

“Biden’s geopolitical game includes Ukraine as a significant player,” said Vladimir Fesenko of the Penta analytical centre in Kiev. “It will be important for Biden to have this strategic trump card.”

AFRICA The continent of 54 countries and 1.3 billion people is, for starters, looking for more respect.

“A return to an American president who doesn’t insult African countries,” South African columnist Barney Mthombothi said, referring to Trump’s remarks in 2018 that likened African countries to filthy toilets.

Africans are also looking for American leadership to promote democracy.

“Many in Africa recognised Trump as someone who acted like an authoritarian leader, like some leaders here in Africa,” author and human rights activist Elinor Sisulu said. “It was a pernicious influence.”

Livingstone Sewanyana, head of the Uganda-based civic group Foundation for Human Rights Initiative, said he hopes Biden will “restore that sense of civility among nations, but also among the people of nations”.

“He is experienced,” he said. “He has demonstrated empathy for ordinary people.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, COREY DARWIN BURROWS, of #12 Twaynam Heights, Nassau, Bahamas intend to change my name to COREY DARWYN BURROWS. 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 ANTONIA PATRICE ORDELUS of #16 Gamble Heights, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 2nd day of November, 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PAGE 10, Monday, November 9, 2020

THE TRIBUNE

UK and EU to ‘redouble efforts’ on post-Brexit trade deal LONDON Associated Press BRITISH Prime Minister Boris Johnson and the head of the European Union’s executive arm agreed on Saturday to stay in contact as their negotiating teams step up efforts to conclude a post-Brexit trade deal between the UK and the European Union before time runs out.

With less than two months to go before the UK exits the EU’s economic orbit, a spokesman at Johnson’s Downing Street office said the negotiating teams would “redouble efforts to reach a deal” when talks

resume in London today.

The spokesman said Johnson told European Commission President Ursula von der Leyen during a Saturday telephone call that “significant differences” remain despite “some progress” in the negotiators’ recent discussions.

In a similar sounding statement, Von der Leyen noted some progress as well as “large differences” in the trade talks, adding that the negotiating teams will “continue working hard” to secure a deal.

Both sides said the main issues at hand related to a so-called “level playing field” governing business

BRITAIN’s Prime Minister Boris Johnson greets European Commission President Ursula von der Leyen outside 10 Downing Street in London. Johnson and European Commission President Ursula von der Leyen have agreed to stay in contact over coming days as their negotiating teams step up efforts to conclude a postBrexit trade deal between the UK and the European Union. With less than two months to go before the UK exits the EU’s economic orbit, a spokesman at Johnson’s Downing Street office said the negotiating teams would “redouble efforts to reach a deal” when the talks resume in London today.

Photo: Matt Dunham/AP

regulations and fisheries.

Though the UK left the EU on Jan 31, it remains within the bloc’s tariff-free single market and customs union until the end of the year. In order for a deal to pass the necessary legislative hurdles, an agreement has to be secured soon, potentially over the next week.

A trade deal would ensure there are no tariffs and quotas on trade in goods between the two sides, but there would still be technical costs, partly associated with customs checks and non-tariff barriers on services.

Though both sides would suffer economically from

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 80° F/27° C Low: 75° F/24° C

TAMPA

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Cloudy and windy; showers, t‑storm

Mostly cloudy; windy with showers

Variable clouds with a few showers

Partly sunny, a shower; breezy

Breezy with times of clouds and sun

Mostly sunny

High: 84°

Low: 76°

High: 84° Low: 76°

High: 85° Low: 76°

High: 85° Low: 76°

High: 84° Low: 75°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

89° F

80° F

90°-80° F

92°-80° F

91°-79° F

91°-80° F

N

almanac

E

ABACO

S

N

High: 82° F/28° C Low: 79° F/26° C

30‑40 knots

S

High: 82° F/28° C Low: 80° F/27° C

20‑30 knots

FT. LAUDERDALE

FREEPORT

High: 85° F/29° C Low: 80° F/27° C

E S

E

W

WEST PALM BEACH

W

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

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.

W

N

uV inDex toDay

TONIGHT

High: 81° F/27° C Low: 77° F/25° C

High: 83° F/28° C Low: 75° F/24° C

MIAMI

High: 83° F/28° C Low: 79° F/26° C

30‑50 knots

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 77° F/25° C Low .................................................... 75° F/24° C Normal high ....................................... 82° F/28° C Normal low ........................................ 71° F/21° C Last year’s high ................................. 88° F/31° C Last year’s low ................................... 74° F/23° C Precipitation As of 1 p.m. yesterday ................................. 2.60” Year to date ............................................... 62.68” Normal year to date ................................... 36.57”

ELEUTHERA

NASSAU

High: 84° F/29° C Low: 76° F/24° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 83° F/28° C Low: 79° F/26° C

N

KEY WEST

High: 82° F/28° C Low: 79° F/26° C

High

E

W

20‑40 knots

S

10‑20 knots

Low

Ht.(ft.)

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

Thursday

4:44 a.m.

5:03 p.m.

3.2 3.1

11:03 a.m. 0.1 11:20 p.m. ‑0.3

Friday

5:37 a.m.

5:57 p.m.

3.5 3.1

12:00 p.m. ‑0.2 ‑‑‑‑‑ ‑‑‑‑‑

Saturday

6:29 a.m.

6:49 p.m.

3.7 3.1

12:09 a.m. ‑0.5 12:55 p.m. ‑0.4

Sunday

7:20 a.m.

7:40 p.m.

3.8 3.0

12:59 a.m. ‑0.7 1:48 p.m. ‑0.5

sun anD moon Sunrise Sunset

6:23 a.m.

5:25 p.m.

Moonrise Moonset

12:17 a.m.

1:47 p.m.

New

First

Full

Last

Nov. 14

Nov. 21

Nov. 30

Dec. 7

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 83° F/28° C Low: 79° F/26° C

High: 83° F/28° C Low: 79° F/26° C

N

High: 84° F/29° C Low: 79° F/26° C

E

W S

LONG ISLAND

tracking map

High: 84° F/29° C Low: 79° F/26° C

H

Ht.(ft.)

Today

High: 83° F/28° C Low: 80° F/27° C

N

S

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

tiDes For nassau

CAT ISLAND

E

W

a failure to secure a trade deal, most economists think the British economy would take a greater hit, at least in the near-term, as it is relatively more reliant on trade with the EU than vice versa.

When the EU’s chief negotiator, Michel Barnier, and his British counterpart, David Frost, meet next week, they will do so in the knowledge that Joe Biden has won the US presidential election; The Associated Press and other US news outlets called the race in Biden’s favour on Saturday.

Though the election is not connected directly, many analysts say it could have a bearing on the discussions.

12‑25 knots

MAYAGUANA High: 83° F/28° C Low: 79° F/26° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 85° F/29° C Low: 81° F/27° C

High: 84° F/29° C Low: 80° F/27° C

GREAT INAGUA High: 85° F/29° C Low: 80° F/27° C

N

E

W

E

W

N

S

S

8‑16 knots

7‑14 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 E at 20‑30 Knots ESE at 15‑25 Knots SE at 20‑40 Knots SE at 8‑16 Knots ESE at 10‑20 Knots E at 12‑25 Knots ESE at 8‑16 Knots E at 8‑16 Knots ESE at 12‑25 Knots E at 12‑25 Knots E at 20‑35 Knots ESE at 12‑25 Knots SE at 10‑20 Knots ESE at 8‑16 Knots SE at 7‑14 Knots ESE at 7‑14 Knots SE at 10‑20 Knots ESE at 7‑14 Knots ESE at 10‑20 Knots E at 10‑20 Knots ESE at 15‑30 Knots ESE at 12‑25 Knots SE at 8‑16 Knots SE at 6‑12 Knots SE at 12‑25 Knots E at 12‑25 Knots

WAVES 12‑16 Feet 8‑12 Feet 5‑8 Feet 2‑4 Feet 6‑10 Feet 6‑10 Feet 5‑9 Feet 4‑7 Feet 8‑12 Feet 8‑12 Feet 6‑10 Feet 4‑7 Feet 2‑4 Feet 1‑3 Feet 4‑8 Feet 3‑6 Feet 3‑5 Feet 2‑4 Feet 8‑12 Feet 8‑12 Feet 3‑6 Feet 3‑5 Feet 2‑4 Feet 1‑3 Feet 4‑8 Feet 3‑6 Feet

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

WATER TEMPS. 80° F 80° F 78° F 79° F 81° F 81° F 82° F 82° F 82° F 82° F 80° F 78° F 79° F 79° F 83° F 83° F 82° F 82° F 82° F 82° F 79° F 79° F 82° F 82° F 81° F 81° F