11112020 BUSINESS

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WEDNESDAY, NOVEMBER 11, 2020

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FRANKLYN BUTLER

Cable pledges ‘remedy’ over Aliv $60m bond

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net CABLE Bahamas’ top executive yesterday said itself and the government will “remedy any challenges” caused by non-compliance with covenants related to $60m in bonds issued on Aliv’s behalf.

Franklyn Butler, the BISX-listed communications provider’s chief executive, told Tribune Business that itself and the government - as the mobile operator’s two shareholders - will “do all we can to support” it and realise its earnings and growth potential.

He spoke out after Cable Bahamas’ financial statements for the year-ended on June 2020 revealed that there was non-compliance with the terms and conditions attached to the unsecured Series A and B bonds issued in March 2017 to help provide capital to fund Aliv’s network expansion.

“The proceeds of the notes were used for various capital projects and to fund working capital requirements,” the financial statements said. “The terms of the notes are governed by a trustee agreement, and all payments associated with the notes are required to be paid through a payment agent.

“During the year, and as at June 30, 2020, the group was not in compliance with the financial covenants of the notes as set out in the trustee agreement. As a result, the notes have been reclassified this year to current liabilities in the consolidated statement of financial position.

“Subsequent to year-end the breach remained unresolved, and while no waiver had been received, the notes have not been called by the trustee.” According to Cable Bahamas’ financial statements, some $58.455m in bond payables remain outstanding to the investors who bought them.

There is no suggestion that Cable Bahamas/Aliv has defaulted on due interest and principal payments to-date, as more than $5m in interest was paid to the bondholders during the 12 months to end-June 2020.

When contacted about the non-compliance, Mr Butler indicated further refinancing and restructuring of Aliv’s debts was in the works although he declined to reveal details because talks are continuing.

“Those are bonds specifically related to Aliv,” he told Tribune Business. “My answer is we are working to address that, and we’ll have something a bit more formal on that in the coming days. I don’t want to say any more on that. That’s active.

“But we are going to do all we can to to support Aliv and make sure their growth continues, and they grow further their subscribers. market share and net income. As shareholders, we’ll do all we can to support that.

“My position is that [non-compliance] is not a concern. The shareholders have made a commitment to remedy any challenges with

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Major Bahamas investor defeats ‘nuclear weapon’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

SUPREME Court judge has rejected a Nassau hotel owner’s bid to deploy a “nuclear weapon” against a prominent Bahamian investment house and resort/real estate developer.

Justice Ian Winder, in a November 4, 2020, ruling found that Sunset Equities, owner of the Courtyard

by Marriott Nassau resort opposite Junkanoo Beach, had failed to provide sufficient evidence to justify imposing a “mareva injunction” that would have frozen Sterling Asset Management’s assets and those of its chairman and chief executive, David Kosoy.

His verdict details the multiple Supreme Court actions triggered by a dispute stemming from Sterling’s initial provision of up to $12.5m in financing to

Sunset Equities and its president/majority shareholder, Yaron (Ron) Hershco.

This funding, released from March 2013 onwards, enabled Sunset Equities to acquire and overhaul the former Nassau Palm Resort on West Bay Street, transforming it into the now-Courtyard by Marriott.

The financing deal also resulted in Sterling becoming a minority shareholder in Sunset Equities via a ten percent equity stake, which later increased to 15 percent.

Justice Winder noted that the differences between the two sides were sparked in early 2016, when Sunset informed Sterling it planned

NEW Providence’s major commercial shipping port is projecting a near-20 percent year-over-year profit decline for its current financial year as COVID-19 depresses demand for cargo imports.

Arawak Port Development Company (APD), in its just-released annual report for the 2020 financial year, revealed that it is forecasting net income will be down by $1.434m for the 12 months due to close on June 30 next year.

The BISX-listed Nassau Container Port operator said it was basing these predictions on a 12 percent, or $3.6m-plus, fall in annual revenues due to a drop in cargo volumes with the number of twenty-foot equivalent unit (TEU) containers passing across its wharves and bulkheads set to fall by 10,000 year-over-year.

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• New income to fall $1.434m in 2021 • Based on 12% revenues drop-off • TEU imports set for 10,000 plunge

NASSAU CONTAINER PORT “For the 2021 fiscal year we are budgeting gross revenue of $27.525m (2020 was $31.16m) or 12 percent less than the prior year’s actual gross revenue,” APD said.

“Net income is projected to be approximately $5.796m or approximately $1.434m

less than the 2020 actual net income of $7.23m.

“The decline in revenues, net income and volumes are solely attributable to the negative impact of COVID19, on our local economy, especially our tourism sector. Our net income is

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

currently three percent or $29,321 under budget as at August 31, 2020.”

While resort and real estate-related investments such as Baha Mar’s waterbased theme park; Sterling Global Financial’s Hurricane Hole redevelopment; The Pointe; the Nassau Cruise Port; Albany West; and GoldWynn’s condo hotel and residences are either under construction or in the pipeline, APD said its cargo volume forecasts were cautious.

“Management remains extremely conservative and does not foresee any significant project volumes during financial year 2021,” APD said. “As a result of

to repay all outstanding sums due under the $12.5m credit facilities. The February 22, 2016, notification was given some 90 days before full repayment was due, but that deadline was missed.

“On June 25, 2016, Sterling wrote to Sunset indicating that the 90-day notice period had expired and the loan became due and payable,” Justice Winder wrote. “Sterling indicated that a default rate of interest would be applied if the sum was not paid within seven days, and threatened to appoint a receiver over Sunset.

“On June 30, 2016, Sunset immediately wrote to Sterling indicating that it was not in default.” To remedy

Arawak port predicts 20% profits plummet

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Aviation stunned by ‘flip-flop’ over domestic travel BAHAMIAN aviation operators were left stunned last night by the government’s 48-hour “flip-flop” in re-imposing a mandatory 14-day quarantine on all domestic inter-island travel from New Providence.

The government’s latest Emergency Powers Order, issued yesterday morning, seemingly reaffirmed the recently-announced changes where persons heading to all Family Islands (bar Eleuthera) from Nassau could do so by obtaining a Health Travel Visa, presenting a negative COVID-19 PCR test taken within five days before travelling, and submitting to a rapid antigen test after five days in their destination.

The changes, which took effect from Sunday, November 8, were designed to create a uniform COVID19 health protocol whereby Bahamians and residents travelling to the Family Islands from New Providence would have to comply with the same requirements as those imposed on foreign visitors.

However, an amendment to the Emergency Powers Order, issued after 5pm and signed by the prime minister, seemingly reverted back to the old 14-day quarantine system just two days’ later and did away with the switch to more frequent testing for travellers from New Providence.

“A person travelling from New Providence shall be required, upon arrival on the other island, to submit to mandatory quarantine at a government-identified facility or any other appropriate facility as determined by the Ministry of Health at his own expense for a period of 14 days or for the duration of stay if for a lesser period,” the amendment stipulated.

No other change was made to the Emergency Orders issued earlier. The government provided no explanation for the switch, which is likely to throw the travel plans of many Bahamians into confusion with the Christmas season fast approaching, and again reduce passenger load factors on domestic routes to

• Would have placed increased burden on itself • By making non-profits ‘incapable’ of operating • Sector’s society services faced cut-back

COURTYARD MARRIOTT AT JUNKANOO BEACH

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‘Very little left in tank’ for GB private sector

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net GRAND Bahama has “very little left in the tank” after a September 2020 survey revealed almost twothirds of its businesses are faring “worse or in danger of not surviving” due to COVID-19 and Dorian.

The findings, based on responses from 156 firms, prompted the Grand Bahama Chamber of Commerce’s president, Greg Laroda, to reiterate to members that “we simply cannot wait any longer to arrest the decline of Grand Bahama”.

And, with 44 percent of survey respondents - representing some 68 businesses - warning that they will likely “struggle to meet obligations/retain staffing levels” or find it tough to survive the next three to six months, Mr Laroda said: “We cannot stress how dire the situation is.”

Pointing to the inertia and lack of action to address Grand Bahama’s economic plight, which has worsened due to the double blows inflicted by Hurricane

• Almost two-thirds ‘faring’ worse or fear for survival • Chamber chief: ‘We can’t stress how dire it is’ • Warns: ‘We can’t wait any longer on GB decline’

GREG LARODA Dorian and the COVID19 pandemic, Mr Laroda’s update to chamber members - which has been obtained by this newspaper - was headlined, The main things remain the same things.

The GB Chamber chief could not be contacted before press time last night, but he told members that the survey results - and the “unsustainable strain” being imposed across the island’s private sector - came as no surprise with almost onethird of survey respondents

yet to bring any of their employees back to work.

“The surveys and focus groups all reveal businesses who are struggling to meet their commitments, and some who are still not in operation. We see further erosion in employment levels, which is very alarming, and an overall and continued decline from most market segments other than those who provided essential goods or services,” said Mr Laroda.

“As far as the most pressing concerns go, businesses need to be able to safely operate to recover - not just from COVID, but from Dorian - and we need enough people living and employed in Grand Bahama to support those businesses.

There is very little left in the tank, so to speak, for many and we cannot stress how dire the situation is.”

Arguing that businesses need to remain open with strict compliance to the

COVID19 protocols, the GB Chamber chief added: “Despite the devastating impact of COVID on our economy, it really served to just kick us while we were down after Dorian.

“In Grand Bahama, we were already at a crossroads, with alarming unemployment, and in desperate need for a laser focus and collaborative effort to revive our economy. COVID has only exacerbated the pain points.

What is very clear is that the main things have remained the main things, 14 months after Dorian.”

Mr Laroda listed these as “our airport, our hospital, potable water, resolution to our hotel strip (Grand Lucayan) and the real property tax exemptions, extending duty and VAT concessions so that post-Dorian recovery can continue, access to low cost funding, addressing the alarming increase in dilapidated buildings and

eyesores throughout the island, the ease of doing business, the need for diversification and the lack of critical mass”.

He added: “These issues are reiterated over and over in our focus groups and surveys. We understand the overwhelming burdens and domino effect from Dorian and now COVID – no doubt this is an unprecedented time. However, we simply cannot wait any longer to arrest the decline of Grand Bahama.

“We believe that holds true not only for Grand Bahama but in the interest of the country as a whole as our island has the development potential this country needs more than ever. The Grand Bahama Chamber of Commerce is calling on both the Government of The Bahamas and the Grand Bahama Port Authority to act with the greatest urgency to work together to address what we all know to be the challenges holding us back.

“It will take all stakeholders collaborating – with the same priorities, with all

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THE TRIBUNE

Atlantis to re-open on December 10 ATLANTIS yesterday confirmed it will begin its phased re-opening on December 10 via the return of the Royal Towers, The Reef and Harborside timeshare complexes.

The 200-acre Paradise Island mega resort, in a statement, said amenities and attractions that will open include the casino, Dolphin Cay marine habitat and its 50,000 aquatic animals, marina, Mandara spa, Ocean Club Golf Course, restaurants such as Nobu and Todd English’s Olives, the Marina Village and Crystal Court shops.

Atlantis did not confirm how many employees will return for the first phase re-opening, but it will likely be around 2,000 - a number similar to the 1,500 that

A ROOM at Atlantis. will come back to Baha Mar just a week later on December 17.

The return to work of between 3,500 to 4,000 hotel workers at The Bahamas’ two largest resorts just before Christmas will likely boost consumer and business confidence,

Bahamas moving rapidly over Basle III compliance

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A TOP Central Bank official yesterday said The Bahamas was aiming to roll out the “world’s simplest and cheapest” capital adequacy regime in compliance with the Basel III standards.

Charles Littrell, the Central Bank’s inspector of banks and trust companies, told a Bahamas Institute of Chartered Accountants (BICA) webinar that the regulator’s approach to implementing the worldwide regime had shifted significantly since the process began.

“I want to update you on some numbers from the last three years,” he said. “When we started this requirements approach, we converted the old suite of recommendations into 216 requirements in 2017. Since then, our supervisory examiners have added 428 requirements across our supervised flock, which is roughly 100 institutions.

“What we started with, and what we added, is well over

600 requirements. Happily, the industry has cleared off about 540 of those, and one of the real benefits of what we’re doing is industry has responded well and we have seen a real gratifying increase in the speed at which identified issues are cleared.

“So, as of today, we only have 103 outstanding requirements; roughly one for every supervised institution,” Mr Littrell said. “When we started this process, about two-thirds of the requirements had to do with financial soundness and one-third had to do with financial crime/risk management.

“That’s now moved to about 50/50 in the remaining requirements. We have also seen the average time to clear come down quite a long way.

When we made this change, we also changed the way we wanted institutions to prove to us they had sorted out the requirements rather than telling us. The two most common forms of proof is a board certification or an internal board sign-off.

“The industry has cleared 541 requirements in three

together with spending and economic activity. While thousands more will still have to be recalled, the pressure placed on the government and National Insurance Board (NIB) by unemployment lines will also be reduced.

“We are so excited to years. That’s really quite good, and we’re feeling like the industry got itself in good shape. We weren’t really preparing for COVID-19, but it helps that all of that stuff was sorted out before COVID-19.”

When it came to Bahamas-based bank and trust companies outsourcing portions of their services/operations to other providers, Mr Littrell said the Central Bank was “moving away from the pre-approval requirement to something that’s less onerous on us and the industry”.

He explained: “A fair minority of the requests are not approved on the first go round. We’ll give feedback that says you haven’t been through the proper internal approvals and things like that. So what you will see in our new approach is we’re checking to make sure that the proper internal governance has been done, but we’re trying to avoid taking a business view on whether or not the outsourcing was a good idea or not.

“One reason we’re simplifying the process, and reducing some of the hurdles, is that the ultimate rejection rate in recent years has been quite low.”

welcome back our loyal guests, families and new visitors to experience Atlantis Paradise Island and reconnect with themselves and their loved ones. Atlantis will reopen in planned phases, and our highest priority is and will always be to ensure the health, safety and wellbeing of our guests, team members and community,” said Audrey Oswell, its president and managing director.

“To help reassure travellers, we have implemented our Atlantis Clean & Safe Promise, which meets international and local standards for health and safety protocols. Our guests will receive heartfelt service, and create lifelong memories by being immersed in our authentic

Bahamian culture, experiences, and attractions available throughout our lush resort grounds.”

For travellers flying from the New York tristate region, Atlantis has partnered with JetBlue to create an air and resort package offering non-stop charter flights to Nassau from Newark, New Jersey.

The resort also confirmed it will be creating a COVID19 free “bubble” for guests via the “Vacation in Place” model. Mrs Oswell, according to previously leaked briefing notes from an Atlantis management meeting, in a reference to the COVID-19 pandemic said: “Re-opening does not get us to the end of this, but it’s a start to getting back up and running.

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

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

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

TOURISM TO REVIVE LATIN AMERICA, ASIA ‘OUTREACH’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A TOP Ministry of Tourism official yesterday said The Bahamas will resume “outreaches” to Asia and Latin America once borders re-open in a bid to further diversify its tourism base.

But Joy Jibrilu, pictured, the Ministry of Tourism’s director-general, told a Bahamas Institute of Chartered Accountants webinar that this nation’s desire to expand into other markets will not lose sight of the reality that the US will always be its prime visitor source.

“I think, particularly as we look at the 2008 global recession and the impact that it had on the US economy. and as a consequence the impact on visitor arrival numbers, it really brought home this notion that we need to diversify,” Mrs Jibrilu said. “[But] in the context of saying that we cannot ignore, avoid or diminish in any way, shape or form, that our competitive advantage is our proximity to the US.

The eastern seaboard is only 45 minutes to two hours away from The Bahamas.

“This is an advantage that many, many global destinations would do anything to have, and no matter what we say or what we do, we should not move away from the fact that this will always remain our number one source market.”

Mrs Jibrilu, though, said the Ministry of Tourism understood the value provided by visitors that come from Canada, Europe and from Latin America. “They may be less in numbers, but they stay longer, they visit the Family Islands, so you see that trickle-down effect into the economy throughout the Commonwealth

of The Bahamas, and the economic impact of visitor spend is greater,” she added.

“As a result of that, once we get beyond this, and once international borders open up, we will continue doing what we started doing a few years ago in terms of the Ministry of Tourism doing outreaches to Asia, where there is a huge, robust market with a huge interest in the Caribbean, but the Bahamas in particular.

“Latin America has a huge interest in the Caribbean, Cancun and the DR (Dominican Republic) in particular, so these are our advantages, and it is up to us to capitalise on them and facilitate making it an easy stay for people to come over and stay with us.”

Ms Jibrulu added that it was time for the Family Islands “to seize the moment”, especially its small hotels and Airbnbstyle vacation rentals, and provide the socially-distanced vacation experience that many persons are seeking amid COVID-19.

THE TRIBUNE

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HE deputy prime minister yesterday indicated the government will be forced to take “more direct” measures if tourism and foreign exchange inflows do not significantly rebound during the 2021 first half.

K Peter Turnquest, addressing the Bahamas Institute of Chartered Accountants’ (BICA) accountants week seminar series via a webinar, did not explicitly detail what fiscal and/or economic actions the government might have to take, or if this would require extra borrowing beyond the net $1.334bn approved by Parliament following the May budget.

He said: “If the foreign exchange economy does not turn around in the first quarter or second next year, then I think we are going to have some challenges that we will have to address more directly. But in terms of borrowing, we would have successfully accessed the capital markets for $600m, which was oversubscribed with about $1.3bn worth of interest.”

Mr Turnquest conceded that the 8.95 percent interest rate attached to The Bahamas’ $600m foreign currency bond issue was

Wednesday, November 11, 2020, PAGE 3

‘More direct’ intervention if no rebound by mid-21

BY YOURI KEMP | TRIBUNE BUSINESS REPORTER YKEMP@TRIBUNEMEDIA.NET

K PETER TURNQUEST “much higher than we would have wanted it to be”, but argued that this merely reflected market realities due to the COVID19 pandemic and the

country’s already-reduced creditworthiness following repeated downgrades by the rating agencies.

“Unfortunately, where we were in terms of the markets at the time, and given the fundamental risk for jurisdictions like ours, which is very heavily tourism dependent, our interest rates have been much higher than we would have wanted it to be,” the deputy prime minister added.

“But it reflects the market. The price is where it is, and while the markets may give us tremendous

Top Finance official denies that Bahamas over-taxed

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A TOP Ministry of Finance official yesterday acknowledged that the business licence fee could be transformed into a flat-rate corporate income tax as he refuted arguments this nation is over-taxed.

Marlon Johnson, pictured, the acting financial secretary, conceded to a Bahamas Institute of Chartered Accountants (BICA) webinar that The Bahamas’ current consumption-based taxation system is regressive and places a disproportionate burden on lower income persons by taking a greater proportion of their monies.

However, he argued that any reforms needed to be based on empirical data and evidence. “We don’t know if income tax or corporate tax is the answer just yet,” Mr Johnson said. “We really need to do the foundational study. Our intuition tells us that, yes, we need to make that shift, but we really believe that shift needs to be informed by the studies.

“The premise of this is that we have a system that is sort of regressive. Intuitively and anecdotally we know that, but I think we need to test some of our assumptions and there are ways to do this. If you look at the issues you would be able to say that these segments of your society get

the disproportionate share of taxation, and once you start to do that and you understand how income is driven in the economy, then you could start to have a more sensible discussion around how to shift the taxes to a more equitable stance.

“What you want to avoid is putting in cumbersome tax systems that create an incentive to evade. These are expensive, and difficult to do in even the most developed countries. So you don’t want to replicate something in The Bahamas that will just create an incentive to evade, or it inadvertently now puts the burden on the salaried class.”

Rejecting arguments that The Bahamas is over-taxed, Mr Johnson said asserted that this was “not true”, and added: “For competitive reasons, governments have kept us lightly taxed.

The positive side is that you have more disposable income to spend, but on the other side our infrastructure is in tatters because we have a $2bn infrastructure deficit

according to the IDB. “There are a lot of social credits that are limited because your tax base is relatively narrow. So fundamentally I think the better question is that we have to now get past this aversion to tax, or make the determination that we will be lightly taxed, but then expect that we will get little in return from the government.”

As to calls for a flat rate corporate tax, Mr Johnson said the Economic Recovery Committee he co-chaired had suggested transitioning the business licence fee from a tax based on gross revenue to one based on gross profit.

“We have done some studies on that, and that is a fairly simple move,” he added, “but that could end up in the end being a flat corporate tax. But we have an offshore industry space that we have to look at, and there are some implications there. We also want to do things that are ensuring that we facilitate growth.

“So, in that tax structure, you want to think about ways you can give incentives for businesses that do make initial investments and structured it around that.

So, conceptually, yes, I see the value in that but we do believe that is one of those areas that you want to do the empirical analysis. The decisions you make follow from the analysis you do.”

credit for our stewardship over the last several years and the reforms we put in place, and the programme that we have with respect to public procurement - all of these programmes we have - it still has us at a much higher rate than we would be able to access in ordinary times. Those are just the realities.”

Previous Tribune Business calculations suggested that, at 8.95 percent, the government - via Bahamian taxpayers - will be paying close to an extra $20m per year to service this latest bond’s annual interest costs when compared to the six percent rate obtained on the last such issue in November 2107.

Over the 12-year bond’s lifetime, this adds up to more than $200m in extra debt servicing costs, although the government will doubtless be hoping to refinance at much lower interest rates in the intervening years if market circumstances permit. Otherwise the total interest bill will likely equal the $600m bond principal that has to be repaid, thereby taking the total burden to $1.2bn.

“We want to be careful that we do not over-extend ourselves into the international markets at this

GOVT ACCOUNTING SHIFT EYES 2023 COMPLETION

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE government is aiming to complete the shift to accrual-based accounting, and full compliance with global public sector financial reporting standards, by mid-2023, it was revealed yesterday.

K Peter Turnquest, deputy prime minister, told a Bahamas Institute of Chartered Accountants (BICA) webinar that a “road map” has already been developed to guide government ministries, agencies and departments away from the “modified cash basis of accounting” that it currently employs.

“The current crisis also underscores the need for a resilient and responsive public sector that is able to effectively partner with the private sector to further advance the financial stability of The Bahamas,” he said.

“The government has already begun work on transitioning from the modified cash basis of accounting it currently employs to an accruals-based accounting system in compliance with the International

time,” Mr Turnquest added, “because those rates would burden our current budget for several years to come, as well as set us up for a situation that’s unsustainable in the long term. So we want to manage that international exposure as best we can.

“We did go out a little bit heavier than we normally would to the international market this year, again trying to make sure we support the currency peg in the event something seriously bad happens, and that’s why the majority of this year’s budget has been accessed from the [foreign] capital markets.

“We do anticipate that we will have additional borrowings in the New Year to complete our borrowing plan for this fiscal year. I think it’s about 24 percent left on the $1.3bn that we have approved from our borrowing plan from Parliament, so the bulk of that will be sourced from the domestic economy in Bahamian dollars at better rates.”

Mr Turnquest reaffirmed the government’s present projections that it will have to borrow around $800m (actual forecast is for $813.6m) in the 20212022 budget, “but then

again it all depends on the turnaround of the economy. Once we can see the economy starting to pick up we will do some further contractions in terms of government spending to try to get us back to our fiscal targets”.

He added: “In this environment, the need to finance these critical expenditures led to expected increases in borrowings as the government tapped into both the foreign and domestic markets – taking advantage of the most favourable rates and terms offered by multilateral and other international financial partners given the current global financial realities.

“At the end of the day, the government has a clear mission to not only address the ongoing crisis but to approach its response in a way that positions the country better for the future. In other words, allocating resources in ways that would both mitigate the potential damage to income and employment in the country while ensuring we are able to recover stronger, more resilient and more resistant to future large-scale economic shocks.”

Public Sector Accounting Standards (IPSAS), and have dedicated significant resources to making this transition a reality.”

Accrual-based accounting will provide a more accurate and complete picture of the government’s true financial position by capturing future spending commitments it has already entered into - something the current cashbased system does not.

“The public will hear more of the details on this process in the upcoming weeks,” Mr Turnquest added. “However, I am pleased to announce today that a road map has been developed for the transition to full IPSAS reporting by the end of the 2022-2023 fiscal year.

“At various stages throughout the IPSAS transition, the government will need to partner closely with BICA members, tapping into your advanced knowledge of accrual-based financial reporting as it is currently being applied to the private sector in The Bahamas.

“This uniformity as it relates to financial reporting will only further strengthen The Bahamas’ ongoing commitment to transparency and accountability in both the public and private sectors. and will require the combined efforts of our entire accounting profession in order to be successful,” he continued.

“Thus far, progress had been made [within government] to move from cheques to electronic payments, the reductions in the number of bank accounts and in automating the capture of receipt information. Work must be done on the modernising of internal controls and the production of manuals and instructions.”

Mr Turnquest added that work to digitise government services, and facilitate the electronic payment of fees, was moving at “a rapid pace”. He said: “The public will soon see the launch of electronic payment solutions at the Department of Road Traffic, Registrar General’s Office, fisheries, and for port and marina fees just to name a few.

“These efforts will allow us to reduce revenue leakage and jealously guard every single dollar collected. As we adapt to the ‘new norm’ in a post-COVID environment, these new revenue collection measures that reduce person-to-person contact will become increasingly more important.”

Mr Turnquest said the government’s revenues were “down across-the-board” by 45 percent during the first quarter of its 2020-2021 fiscal year, including “in key areas” such as VAT, import duties, departure taxes and business license fees.

PAGE 4, Wednesday, November 11, 2020

Major Bahamas investor defeats ‘nuclear weapon’ FROM PAGE ONE

the situation, the two sides executed a July 5, 2016, commitment letter for Sterling to lend Sunset Equities some $6.03m. However, the resort owner never executed or returned the loan documents.

“On September 23, 2016, Sterling sent a letter to Sunset which stated...that if they did not receive duly executed loan documents in accordance with the terms of their agreements, the new commitment letter would become null and void in seven days. Sterling says that the demand was without prejudice to any other remedies,” Justice Winder said.

“On September 28, 2016, Sunset wrote to Sterling indicating that it was not minded to proceed with the new borrowing, and requested the pay-out amount for its facilities.

Sunset insisted that it was not in default of its existing loan commitments with Sterling.”

Justice Winder’s verdict discloses that the affair has triggered no less than four separate legal disputes. The first saw Sunset obtain a Supreme Court injunction

to prevent Sterling and Mr Kosoy obtaining a receiver for the Courtyard by Marriott Nassau, with the two sides later agreeing - via a Consent Order - a mechanism whereby the sums owed to the lender were duly paid.

However, Sterling subsequently filed a separate action against Sunset Equities, Mr Herscho and Parris Jordan, another of the resort owner’s shareholders, alleging they had breached the contract contained in the July 5, 2016, commitment letter.

Sterling and Mr Kosoy, who are arguably the most active investors in The Bahamas at present amid the COVID-19 pandemic, sought damages for “interest payments, loss of opportunity and the breach of the agreement to repurchase Sterling’s shares in Sunset”.

“The commitment letter, Sterling says, provided it with a right of first refusal on financing,” Justice Winder added, noting its claim that Sunset Equities had breached this by entering into an alternative loan agreement on August 16, 2016, with a vehicle associated with a New York-based finance house, Stabilis Capital Management.

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With this dispute unresolved, Justice Winder added that a third action involving Sterling’s April 6, 2017, petition to have Sunset Equities wound-up on the basis of insolvency is now before the Court of Appeal after the Supreme Court struck it out on a technicality.

However, Justice Winder’s ruling was concerned with a fourth lawsuit launched by Sunset Equities on March 5, 2020, in which it sought damages against Sterling and Mr Kosoy for “malicious presentation of a winding-up petition” and “conspiracy to injure by unlawful means”.

Sunset demanded “special damages” of $4.75m as of May 2020, and a so-called “mareva injunction” or blanket freeze of Sterling and Mr Kosoy’s assets to prevent them from being removed from The Bahamas.

The resort owner and Mr Hershco, in attempting to make their case, claimed that Sterling broke Sunset’s shareholders’ agreement which stipulated that the winding-up of the latter required the “unanimous prior written consent” of all owners. They also claimed that the windingup petition was “prosecuted

a bare minimum for Bahamasair and private aviation operators.

Anthony K Hamilton, president of the Bahamas Association of Air Transport Operators, told Tribune Business that while he was not surprised by the government’s about-face it would only create further instability for an aviation industry already reeling from the COVID-19 pandemic.

He added that the “mixed messages” were also causing confusion for travellers, both locals and foreign visitors, even though the change to the emergency orders seeks to protect Family Island tourism by allowing persons “transiting through New Providence” to escape the 14-day quarantine if they are in the capital for less than 24 hours.

NOTICE STAPLETON INVESTMENT LTD. Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 30th day of October, A.D., 2020.

Dated the 11th day of November, A.D., 2020.

Marcel E. Melhem LIQUIDATOR Avenida Scalabrini Ortiz 3333 Piso 4 (1425) Ciudad de Buenos Aires Argentina

the Thirty-Six development on Paradise Island among others.

Rejecting Sunset Equities’ injunction bid, Justice Winder ruled: “Kosoy in his evidence provides, in my view, plausible explanations for Sterling’s actions.

Whether the explanations come up to proof at trial is not a matter for me at this stage.

“Some of those explanations, if true, may indeed amount to boorish conduct, sharp business practices and/or poor judgment, but that is an entirely different issue from dishonesty or want of probity. Whilst the allegations are made here of dishonest conduct, I am not satisfied that what is alleged demand that I infer a risk of dissipation so as to warrant the imposition of the nuclear weapon of a mareva injunction.”

Noting Sterling’s wellestablished presence in The Bahamas, its regulation by multiple laws and supervisory bodies, and reputation as a major investor, Justice Winder said Sunset Equities’ evidence failed to meet “the required threshold”.

“I am not satisfied that there exists the grave risk of dissipation of assets, which Sunset contends and must show,” he added. “There has been an unexplainable delay in moving the application, and no real effort by Sunset to explain the cause of this delay. If the risk was real, one would have expected Sunset to have moved with greater alacrity.

“Sunset’s direct evidence of a risk of dissipation [is] made up principally of a property search detailing

Sterling’s transactions and the receipt of disbursement payments from a third party.

Sunset says that the property search shows satisfaction of mortgages, and the fact that the disbursements came from a third party in the Cayman Islands suggests something untoward.

“This evidence has not, in my view, met the required threshold. The evidence of Kosoy, which is not seriously contradicted by any real evidence, is that the property search identified by Sunset merely demonstrates that Sterling is a money lender and facilitates loans. I am not persuaded that the transactions identified, as having been engaged into by Sterling, arise other than in Sterling’s ordinary business as a money lender.”

The battle with Sterling is not the first time Sunset Equities and the Courtyard by Marriott have been embroiled in litigation. Tribune Business reported in 2017 how the resort’s former operator, Donald J Urgo and Associates, sued Sunset Equities to recover $556,000 in allegedly unpaid fees amid claims of numerous contractual breaches.

And Mr Herscho, a New York, Brooklyn-based real estate developer, also appears to have a colourful track record based on Internet research conducted by this newspaper. He and his company, United Homes, have in the past attracted media and legal scrutiny over their practice of buying foreclosed homes often in poor condition, doing minor repairs and then selling them on for substantial profits.

Aviation stunned by ‘flip-flop’ over domestic travel FROM PAGE ONE

LEGAL NOTICE

dishonestly” as Sterling and Mr Kosoy knew “there was no basis for asserting” the resort owner was insolvent.

Justice Winder, though, said the freezing injunction that Sunset was seeking is only granted in cases where the risk of assets being dissipated is “appropriately grave”. It is unclear why the resort owner pursued this angle given that Sterling and Mr Kosoy are both headquartered in The Bahamas, with multi-million dollar investment projects in construction and development mode.

Besides the redevelopment of Paradise Island’s Hurricane Hole property into a high-end, mixed-use community featuring office, retail and residential components complete with an expanded marina targeted at mega yachts, Sterling is also readying for a $352.2m development on Matt Lowe’s Cay in the Abacos.

That property will be named Montage Cay and Marina, and converted into a high-end boutique resort via a partnership between Sterling and Montage, a “six-star hotel operator”.

Sterling has also financed and developed other real estate projects in The Bahamas, having helped fund

THE TRIBUNE

Mr Hamilton, who said he had not seen the amendment until it was sent to him by this newspaper, warned that the constant changes - combined with what he described as the lack of “controls” and testing in the Family Islands - could result in The Bahamas “potentially putting ourselves in a situation of having an explosion [in COVID-19 cases] on our hands”.

“They’ve flip flopped.

That was my concern from the outset,” he told Tribune Business. “This makes the industry even more unstable. Right now, in terms of communication, what information can we share with confidence and make decisions on with confidence? If you’re going to have a flip flop situation a lot of operators will sit on the side and just watch.

“It doesn’t make sense.

We need to be consistent in the messages going forward for the clients, the passengers. Imagine all then information shared with the clientele, and now that information has been revised. It’s a very confusing situation. Somebody has to take responsibility. I’ll have to look at it, digest it and share it with my colleague operators as I’m not sure they’re privy to it.

“We are constantly being bombarded, not only by local clients but foreign clients, calling from overseas to find out what’s going on and we cannot intelligently respond.” Mr Hamilton, warning that the situation opened up domestic aviation operators to potential liability, said the frequent changes to the domestic inter-island travel regime were also interfering with the industry’s ability to

operate “responsibly”.

“There’s no way they can do so in this kind of situation,” he added. “The rogue operator will ram-rod the situation, but the responsible operator wants a system in place because the risk is too great. It’s risky for the employee, risky for the clientele, and risky for the industry.”

NOTICE EXXONMOBIL GAS VENTURES (RUSSIA) 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 7th 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 10th day of November, A.D., 2020.

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

NOTICE

NOTICE

NOTICE

EXXONMOBIL EXPLORATION AND PRODUCTION RUSSIA BLACK SEA LIMITED ______________________________________

EXXONMOBIL EXPLORATION AND PRODUCTION RUSSIA OFFSHORE LIMITED ____________________________________

EXXONMOBIL RUSSIA HOLDINGS LIMITED

Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 7th 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 10th day of November, A.D., 2020.

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

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 7th 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 10th day of November, 2020 Matteo Pedercini Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

______________________________________

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 7th 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 10th day of November, A.D., 2020.

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

THE TRIBUNE

Wednesday, November 11, 2020, PAGE 5

NOTICE

NOTICE SUPPORT THE BLOOD BANK

SAVE A LIFE GIVE THE GIFT OF

Pursuant to the provisions of The Exempted Limited Partnership Act, notice is hereby given that Seforong L.P. has been placed in voluntary liquidation and the date of commencement of the liquidation is 10 November 2020.

Beecham Braynen and Lorna Kemp LIQUIDATORS c/o Clairmont Trust Company Limited Pineapple Grove #5 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas

Mr. Lukas Ruflin LIQUIDATOR c/o Clairmont Trust Company Limited Pineapple Grove #5 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas

NOTICE

NOTICE

Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that Quthing Ltd. is in dissolution and the date of commencement of the dissolution is 10 November, 2020.

Pursuant to the provisions of The Exempted Limited Partnership Act, notice is hereby given that Thabatseka L.P. has been placed in voluntary liquidation and the date of commencement of the liquidation is 10 November 2020.

Beecham Braynen and Lorna Kemp LIQUIDATORS c/o Clairmont Trust Company Limited Pineapple Grove #5 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas

Lukas Ruflin LIQUIDATOR c/o Clairmont Trust Company Limited Pineapple Grove #5 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas

BLOOD

BECOME A REGULAR DONOR

1 PINT CAN SAVE 3 LIVES

Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that Mihale Ltd. is in dissolution and the date of commencement of the dissolution is 10 November , 2020.

GIVE BLOOD - GIVE LIFE

SOME HELPFUL TIPS BEFORE YOU DONATE:

4 You must have eaten at least once for the day.

4 You need at least 30 minutes between your last meal and donating blood.

4 You will need at least 10 minutes rest after donating blood.

4 You can donate blood every 8 weeks.

4 The Blood Bank will do FREE Pre-screening tests to make sure you are healthy enough to donate blood.

BECOME A REGULAR DONOR

PLEASE ENCOURAGE YOUR COLLEAGUES TO SUPPORT THE BLOOD DRIVES

LEGAL NOTICE

NOTICE GOLD ZONE HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows:a)

GOLD ZONE HOLDINGS LIMITED. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

b)

The dissolution of the said company commenced on the 06th November, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

c)

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 11th day of November, A. D. 2020

_________________________________ Bukit Merah Limited Liquidator LEGAL NOTICE

LEGAL NOTICE

LEGAL NOTICE

NOTICE

NOTICE

NOTICE

YUKI BLUE LIMITED

PLATINUM YEAR MANAGEMENT COMPANY LIMITED

FOREVER HARMONY INVESTMENT LIMITED

N O T I C E IS HEREBY GIVEN as follows:-

N O T I C E IS HEREBY GIVEN as follows: (a)

PLATINUM YEAR MANAGEMENT COMPANY LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

The dissolution of the said company commenced on the 9th November, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b)

The dissolution of the said company commenced on the 06th November, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

The Liquidator of the said company is OCTAGON MANAGEMENT LIMITED, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas.

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

a)

YUKI BLUE LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

b)

c)

Dated this 11th day of November, A. D. 2020

Dated this 11th day of November, A. D. 2020

N O T I C E IS HEREBY GIVEN as follows: (a)

FOREVER HARMONY INVESTMENT LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 06th November, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 11th day of November, A. D. 2020

_________________________________

_________________________________

_________________________________

OCTAGON MANAGEMENT LIMITED Liquidator

Bukit Merah Limited Liquidator

Bukit Merah Limited Liquidator

LEGAL NOTICE

LEGAL NOTICE

LEGAL NOTICE

NOTICE

NOTICE

NOTICE

ISLAND OF TRANQUILITY LTD.

EURASIA VENTURE LIMITED

ASAP INTERNATIONAL LIMITED

N O T I C E IS HEREBY GIVEN as follows:-

N O T I C E IS HEREBY GIVEN as follows:-

a)

ISLAND OF TRANQUILITY LTD. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

a)

EURASIA VENTURE LIMITED. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a)

ASAP INTERNATIONAL LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

b)

The dissolution of the said company commenced on the 6th November, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

b)

The dissolution of the said company commenced on the 6th November, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b)

The dissolution of the said company commenced on the 06th November, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

c)

The Liquidator of the said company is Octagon Management Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas.

c)

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

(c)

The Liquidator of the said company is CST Administration (Bahamas) Limited of the Bahamas Financial Centre, Shirley and Charlotte Streets, P.O.Box N-3023, Nassau, Bahamas.

Dated this 11th day of November, A. D. 2020

Dated this 11th day of November, A. D. 2020

N O T I C E IS HEREBY GIVEN as follows:

Dated this 11th day of November, A. D. 2020

_________________________________

_________________________________

_________________________________

OCTAGON MANAGEMENT LIMITED Liquidator

Bukit Merah Limited Liquidator

CST Administration (Bahamas) Limited Liquidator

PAGE 8, Wednesday, November 11, 2020

THE TRIBUNE

‘Very little left in tank’ for GB private sector FROM PAGE ONE collective resources allocated to those priorities, to reverse course for our economy and redirect it towards stability and sustainable growth for the benefit of all Bahamians.”

Mr Laroda said the survey findings have been shared with both the government and the Grand Bahama Port Authority (GBPA). The results showed that nearly 30 percent of respondents are not currently operational due to a combination of COVID19 lockdown restrictions; lack of consumer market and resources; or still trying to rebound from Hurricane

Dorian. Some 17 percent, or 26, had not reopened since the storm in September 2019.

While most planned to resume operations, just two percent - some three businesses - said they were uncertain whether they will re-open or have decided not to. Together, the respondents said their combined staffing levels were down by 350 workers or some 17 percent compared to preCOVID levels, with the figure standing at 1,764 as opposed to 2.114.

The GB Chamber added that the findings showed “55.8 percent of respondents are either falling short of sustaining business/

meeting obligations or not operating at all”. Around 32 percent had yet to recall staff to work, while “almost two-thirds of respondents are doing slightly worse, significantly worse or are in jeopardy of not surviving, compared to prior to COVID”.

While 44 percent of companies surveyed “expect to struggle to meet obligations/retain staffing levels or question of they can remain in operation” in the short term, the chamber said the outlook was more optimistic for the medium to long-term as more than 75 percent of respondents projected they would grow beyond six months’ out.

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Wednesday, November 11, 2020, PAGE 9

Arawak port predicts 20% profits plummet FROM PAGE ONE COVID-19 volumes have been down by as much as 25 percent since March/April 2020. We foresee that volumes will remain down until at least the first quarter of 2021.

“Total market volumes have decreased as a result of COVID-19 and are estimated to be around 123,000 TEUs for 2021 or 10,000 under the 2020 budgeted volumes of 133,000 TEUs. Our total revenues as at August 31, 2020, are under budget by approximately $52,000 or one percent.

Total expenses as at August

Cable pledges ‘remedy’ over Aliv $60m bond FROM PAGE ONE the bonds.” Cable Bahamas holds a 47.25 percent equity stake in Aliv, and has Board and management control, with the government owning the 51.75 percent majority interest.

Cable Bahamas returned to profitability, with $58.654m in net income for the financial year to endJune 2020, thanks solely to the $109.13m net gain on the sale of its former Florida subsidiary, Summit Broadband.

31, 2020, were under budget by $142,220.”

However, there was better news for APD when it came to cargo volumes, as these were two percent ahead of forecast for the first two months of its 2021 financial year through to end-August.

Turning to the performance for its 2020 financial year, APD added that it had “processed 129,694 inbound/outbound TEUs.This represents a 1.55 percent decline in container volumes under 2019 volumes of 131,734 TEUs”.

It continued: “In the 2020 financial year, APD exceeded budgeted net

income projections. Budgeted net income was $7.121m, while actual net income for 2020 was $7.23m, which is $108,409 or 2 percent more than budget.

The company’s total revenues for 2020 were $31.16m, which is $247,333 or 0.8 percent higher than the prior year.

“Net income for 2020 totaled $7.23m or ten percent lower than the prior year. Net income and revenues would have been higher had it not been for the concessions that APD gave on all imports from March 23, 2020, to April 22, 2020, to provide relief for all imported cargo into New

Providence at the onset of the COVID-19 pandemic.

“Our direct operating margin (DOM) for 2020 was 50 percent. Our budgeted DOM for 2020 was 42 percent. For the period ended August 31, 2020, our DOM is 41 percent which is two percent more than our budgeted DOM for the same period.”

Dion Bethell, APD’s president and chief financial officer, told shareholders that the concessions provided to shipping carriers at the height of the COVID-19 lockdown and restrictions in March-April 2020 amounted to some $1.043m in foregone revenues.

“APD delivered a comprehensive 30-day package of emergency assistance relating to warehousing, manpower and fee concessions encompassing security, landing, stevedoring, terminal handling/throughput, hazmat, dockage, line handling, gates and reefers,” he wrote in the annual report.

“Some specifics included the reduction of Port fees by 50 percent and waiving tenant rents/leases at the Gladstone Freight Terminal for 30 days from March 23 to April 22. The company also extended for a further 14-day period free storage time for loaded containers and vehicles, an initiative

aimed at helping to reduce the strain from the coronavirus pandemic on the Bahamian purse.

“With the cooperation of other businesses and entities along the supply chain, the monetary reductions were intended to work to bring much needed economic relief in this time of challenge. The programme came at a cost to the company’s revenues, as did the effort to maintain employment levels and the concessions to carriers. Few can honestly refute that APD stood in the gap to prevent a harmful chain reaction that could have seriously impinged on national survival.”

“The negotiated base price for the sale of Summit was $301.5m,” Cable Bahamas’ financial statements said.

“This amount was adjusted [for] deductions as set out in the sale agreement for closing net working capital adjustments; the closing indebtedness of the subsidiary; and other transaction costs.

“The consideration following the adjustments totaled $253.135m, of which $251.648m was received in cash. A gain on disposal of discontinued operations was recognized in the amount of $112.166m in the consolidated statement of profit or loss and other comprehensive income.”

UK defiant even after House of Lords rejects Brexit bill LONDON Associated Press THE British government insisted yesterday it will press ahead with legislation that breaks a legally binding Brexit treaty with the European Union, despite a resounding rejection of the bill by the upper house of Parliament.

The House of Lords voted by large margins late on Monday to strip from the Internal Market Bill clauses that give the Conservative government power to break sections of the divorce agreement it signed with the EU before the UK left the bloc in January.

Prime Minister Boris Johnson’s government acknowledges that the bill breaches international law, and the legislation has been condemned by the EU, US President-elect Joe Biden and scores of British lawmakers, including many from Johnson’s own Conservative Party.

John Major, a former Conservative prime minister, said the bill had “damaged our reputation around the world”.

Former Conservative leader Michael Howard, a member of the Lords, said he was “dismayed” by the bill and urged the government to think again.

But the government said it would restore the rejected sections when the bill returns to the House of Commons in late November or December.

It says the bill is needed as an insurance policy to ensure smooth trade among all parts of the UK — especially Northern Ireland, which shares a border with the EU — no matter what happens to UK-EU trade after Brexit. Critics say it could undermine the foundations of Northern Ireland peace by leading to border checks along the currently invisible frontier between

Ireland and Northern Ireland.

The British government denies that will happen.

“We’ve been consistently clear that the clauses represent a legal safety net to protect the integrity of the UK’s internal market and the huge gains of the (Northern Ireland) peace process,” the government said.

Britain left the EU’s political side on Jan 31 but remains in its economic embrace until a transition period ends on Dec 31.

The two sides are trying to strike a new trade deal, but talks are stuck on key issues including fishing rights and competition rules, and have been soured further by the Internal Market Bill.

Britain and the EU say any post-Brexit trade deal must be agreed upon by mid-November so it can be ratified by the end of the year.

Although Johnson said on Sunday that a trade deal is “there to be done”, the two sides still accuse one another of refusing to compromise.

The bloc accuses Britain of wanting to “have its cake and eat it” — retaining access to the EU’s lucrative markets without agreeing to follow its rules. Britain says the EU is making unreasonable demands and is failing to treat the country as an independent, sovereign state.

If there is no deal, businesses on both sides of the English Channel will face tariffs and other barriers to trade starting on Jan 1. That would hurt economies on both sides, with the impact falling most heavily on the UK, which does almost half of its trade with the 27-nation bloc.

Still, German Foreign Minister Heiko Maas said yesterday he was optimistic there would be an agreement.

“London has long recognised that it’s in Britain’s interest to have an agreement,” he told the AP.

NOTICE NOTICE is hereby given that RANDALL TYNES of Wemyss Bight, Eleuthera, 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 11th day of Novemver 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

TUESDAY, 10 NOVEMBER 2020

BISX ALL SHARE INDEX:

CLOSE

CHANGE

2066.96

-0.91

%CHANGE

YTD

YTD%

-0.04 -164.64

-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 9.26 15.21

52WK LOW 3.13 22.65 0.67 1.62 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 5.50 6.75 2.99 4.75 3.65 5.99 11.26 2.07 6.22 10.49 8.44 14.30 3.94 8.19 15.20

CLOSE 4.05 17.43 1.62 1.63 1.67 5.50 6.75 2.99 4.75 3.65 5.99 11.26 2.07 6.22 10.58 8.44 14.30 3.94 8.30 15.20

CHANGE 0.02 0.00 0.00 (0.15) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.09 0.00 0.00 0.00 0.11 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 5,000 11,800

2,000

5,000

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

296

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

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

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 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

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 20.3 13.3 16.4 11.6 17.5 19.4 8.8 24.1

YIELD 4.20% 7.23% 1.23% 0.00% 0.00% 0.00% 3.85% 0.00% 0.00% 3.29% 3.67% 6.39% 20.97% 0.96% 3.10% 2.84% 3.78% 3.05% 2.41% 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

THE TRIBUNE

Wednesday, November 11, 2020, PAGE 11

GOP unveils $1.4tn spending bill amid post-election turmoil WASHINGTON Associated Press REPUBLICANS controlling the Senate unveiled a government-wide, $1.4tn spending bill yesterday, a largely bipartisan measure that faces uncertain odds during this period of post-election tumult in Washington.

The GOP-drafted measure contains funding for President Donald Trump’s border wall and other provisions opposed by Democrats, but top leaders in both parties want to try to mount a drive to enact the unfinished spending bills — which, along with a separate

COVID-19 relief effort and annual defense policy bill, represent the bulk of Capitol Hill’s unfinished business for the year.

Success depends on getting the signature of Trump, however, whose unpredictability and toxic relationships with Democrats threaten to doom the effort. The recent history of lame-duck sessions conducted as the White House is turning over has been that unfinished spending bills get kicked into the next year, with existing funding simply left on auto-pilot.

“I’ve had this argument before and so far I’ve lost.

I argued 12 years ago, the Obama transition, that the

best thing you could do to help the new president was to get this year’s work done, and we didn’t get it done,” said Sen Roy Blunt, R-Mo. “Four years ago I argued that ... and we didn’t get it done.”

At issue is the roughly one-third of the federal budget that is written annually by Congress under a time-tested bipartisan process. The overall spending amount has been set in law by last year’s bipartisan budget mini-deal, so any delay into next year won’t likely result in more money for the Biden administration. Current funding expires Dec 12.

The 12 spending

measures, released by Senate Appropriations Committee Chairman Richard Shelby, R-Ala, have been stalled for months, trapped by fights over COVID relief and potential battles over police reform issues. But he has the backing of top panel Democrat Patrick Leahy of Vermont, Majority Leader Mitch McConnell, R-Ky, and top Senate Democrat Chuck Schumer of New York to at least pursue the effort.

House Speaker Nancy Pelosi, D-Calif, herself a long-ago veteran of the Appropriations Committee, also would like to wrap up the unfinished business.

“By and large, these bills

are the product of bipartisan cooperation among members of the committee,” Shelby said in a statement.

“Time after time, we have demonstrated our willingness to work together and get the job done. We have before us the opportunity to deliver for the American people once again.”

But Leahy carefully avoided endorsing the measure outright and instead criticised the legislation for ignoring COVID-19 relief, shortchanging safety net programs and the environment, and wasting money on unused detention beds for immigrants entering the country illegally.

Large swaths of the

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 85° F/29° C Low: 75° F/24° C

TAMPA

THURSDAY

FRIDAY

SATURDAY

SUNDAY

Partly sunny with a shower or two

Partly cloudy, warm and humid

Times of clouds and sun

Mostly sunny and comfortable

Breezy in the a.m.; sunny, pleasant

Periods of sun, a t‑storm possible

High: 84°

Low: 77°

High: 85° Low: 76°

High: 85° Low: 76°

High: 84° Low: 75°

High: 85° Low: 74°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

92° F

80° F

91°-80° F

92°-79° F

90°-79° F

90°-75° 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: 83° F/28° C Low: 78° F/26° C

10‑20 knots

S

High: 84° F/29° C Low: 78° F/26° C

10‑20 knots

FT. LAUDERDALE

FREEPORT

High: 85° F/29° 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: 76° F/24° C

High: 84° F/29° C Low: 76° F/24° C

MIAMI

High: 85° F/29° C Low: 78° F/26° C

25‑35 knots

KEY WEST

High: 83° F/28° C Low: 78° F/26° C

High: 84° F/29° C Low: 77° F/25° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 83° F/28° C Low: 78° F/26° C

N

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

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

Monday

8:11 a.m.

8:32 p.m.

3.8 2.9

1:48 a.m. ‑0.7 2:41 p.m. ‑0.4

Tuesday

9:03 a.m.

9:25 p.m.

3.7 2.8

2:39 a.m. ‑0.6 3:34 p.m. ‑0.3

sun anD moon Sunrise Sunset

6:24 a.m.

5:24 p.m.

Moonrise Moonset

2:21 a.m.

3:07 p.m.

New

First

Full

Last

Nov. 14

Nov. 21

Nov. 30

Dec. 7

CAT ISLAND

E

W

High: 83° F/28° C Low: 77° F/25° C

N

S

E

W

7‑14 knots

S

8‑16 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 84° F/29° C Low .................................................... 81° F/27° C Normal high ....................................... 82° F/28° C Normal low ........................................ 70° F/21° C Last year’s high ................................. 82° F/28° C Last year’s low ................................... 71° F/22° C Precipitation As of 1 p.m. yesterday ................................. 0.12” Year to date ............................................... 64.77” Normal year to date ................................... 36.78”

ELEUTHERA

NASSAU

measure are indeed bipartisan, including a $696bn defense budget that adds 96 F-35 fighters to the Pentagon’s ranks, funds nine Navy ships, and provides $69bn for overseas military operations.

It adopts $2bn for 82 miles of border wall, certain to be fought by Democrats, along with $8.8bn for Immigration and Customs Enforcement that Democrats charge isn’t needed because there are fewer apprehensions of illegal border-crossers.

NASA, health research, and veterans’ programmes all would be rewarded with healthy increases, while foreign aid and education programmes would get smaller increases.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 83° F/28° C Low: 77° F/25° C

High: 83° F/28° C Low: 78° F/26° C

N

High: 84° F/29° C Low: 78° F/26° C

E

W S

LONG ISLAND

tracking map

High: 83° F/28° C Low: 78° F/26° C

10‑20 knots

MAYAGUANA High: 84° F/29° 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: 84° F/29° C Low: 79° F/26° C

High: 84° F/29° C Low: 78° F/26° C

GREAT INAGUA High: 85° F/29° C Low: 79° F/26° C

N

E

W

E

W

N

S

S

8‑16 knots

10‑20 knots

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

Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:

WINDS SE at 10‑20 Knots SE at 8‑16 Knots SE at 7‑14 Knots SE at 7‑14 Knots ESE at 10‑20 Knots ESE at 8‑16 Knots E at 10‑20 Knots E at 10‑20 Knots ESE at 8‑16 Knots ESE at 8‑16 Knots SE at 8‑16 Knots SE at 8‑16 Knots SE at 8‑16 Knots ESE at 8‑16 Knots E at 10‑20 Knots ENE at 10‑20 Knots E at 8‑16 Knots E at 8‑16 Knots E at 10‑20 Knots E at 10‑20 Knots ESE at 8‑16 Knots SE at 7‑14 Knots E at 8‑16 Knots E at 10‑20 Knots SE at 10‑20 Knots ESE at 8‑16 Knots

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

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

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