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developer Port: Breakwater woes $580m ‘stretches to max’ threaten harbour crisis for environment By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

EPAIRS to Nassau Harbour’s “severely damaged” breakwaters are a national “imperative” that cannot be delayed due to the “significant threat” posed to tourism, cruise and commercial shipping. Arawak Port Development Company (APD), in a stark warning contained in its just-released 2020 annual report, said existing breaches in both breakwaters - one up to 350 feet long - were already impacting its ability to service vessels at the Nassau Container Port

• Breaches ‘significant threat’ to cruise, shipping • Alliance formed to source funds, contractor • APD alarm reveals nothing done since flagged in 2017 as well as the piloting of cruise ships pre-COVID-19. Targeting a problem that was first flagged three years ago, but about which seemingly nothing has been done, APD said it had formed an alliance with the Nassau Harbour Pilots Association (NHPA) in a bid to source financing and construction services to address the breaches prior to a Hurricane Dorian-style storm hitting Nassau. The BISX-listed commercial port operator said it had hired two US-based

companies to provide proposals for repairing the breakwaters, which guard the entrances to both Nassau Harbour and Arawak Cay, and had received a threephase road map setting out how this could be achieved. Dion Bethell, APD’s president and chief financial officer, was in a Board meeting when contacted by Tribune Business yesterday and unable to comment on how far the proposals had progressed in winning government support and approval.

However, the company’s annual report made clear the extent of the threat it believes is posed to Nassau’s tourism product and import trade, with 90 percent of physical goods brought into New Providence coming across the Arawak Cay port. “The COVID-19 pandemic has also brought forcefully home the potential negative impacts from the interconnections among maritime networks, natural disasters and international

SEE PAGE 7

Minister: ‘Friday at latest’ for domestic travel visa

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A CABINET minister yesterday said the domestic travel visa will “roll-out by Friday at the latest” as he admitted the government had “absolutely” under-estimated the COVID-19 testing regime’s complexity. Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business he wished to “apologise to the Bahamian people” for any disruption caused by implementing a virus testing and tracing regime that could be “very inconvenient, very irritating and very annoying” for travellers to comply with. He argued, though, that The Bahamas had little choice but to adopt such protocols if it wished to restore its tourism industry - the country’s main source of jobs, economic activity and foreign

• ‘Apologises’ for COVID test regime disruption • And admits govt under-estimated complexity • Visa site attracts ‘spam’, card issuer scrutiny

DIONISIO D’AGUILAR exchange earnings - to at least partial health amid the global pandemic. Arguing that the testing strategy was already “yielding positive results”, as it had encouraged both Atlantis and Baha Mar to confirm December re-opening dates and

Aliv targets up to 10% revenue rise

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ALIV’S top executive yesterday said it aims to shrug off COVID-19 by growing revenues up to ten percent after launching a product to “revolutionise” mobile post-paid services. Damian Blackburn, pictured, told Tribune Business the mobile operator, which has just celebrated its fourth anniversary, had effectively made the US and Canada “part of The Bahamas” by enabling

post-paid customers to use their existing data, voice and text allowances in those markets. While quick to point out that Aliv is not encouraging

SEE PAGE 8

Oil opponents to govt: ‘Come to your senses’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

OIL exploration opponents yesterday voiced hope that the “big deal” of support from around 80 international sources would “make the government come to its senses before it is too late”. Ramping up its campaign to persuade the government to halt the Bahamas Petroleum Company’s (BPC) plans, the Our Islands, Our Future coalition said it had received backing from “some of the

biggest names in global ocean conservation”. The group, which is spearheaded by local activists such as the Bahamas Reef Environment Education Foundation (BREEF) and Waterkeeper Bahamas, touted the names of non-profit organisations such as Oceana, Surfrider Foundation, Waterkeeper Alliance, Earthjustice, the Rainforest Action Network and Friends of the Earth in the latest letter said to have been sent to the prime minister.

SEE PAGE 9

the return to work of some 4,500 combined employees between the two properties, Mr D’Aguilar said there was still sufficient time to resolve the information technology (IT) “kinks” before visitors return en masse. He admitted that it had been “a very rough two weeks” putting the IT support network for COVID-19 testing, tracing and compliance in place, as it was “something very new and different for the Ministry of Tourism” to handle, and said: “The vaccine can’t come soon enough.” Mr D’Aguilar revealed that sending out hundreds of e-mails from a new website,

and suddenly accepting multiple credit card payments related to the Health Travel Visa, had also attracted scrutiny from those fearing it was “a centre of spam” and/or facilitating a payments scam, resulting in more problems that had to be overcome. The minister spoke out after Dr Hubert Minnis revealed that the reimposition of the 14-day quarantine for all persons travelling from New Providence to the Family Islands, just 48 hours after this was supposed to be scrapped, resulted from the domestic travel visa not being ready.

SEE PAGE 8

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE economic viability of a $580m South Abaco project has been “stretched to the maximum” to produce “the lowest density project in The Bahamas” and satisfy environmental concerns. Ra’anan “Ronnie” BenZur, the principal behind the Tyrsoz Family Holdings development, yesterday told Tribune Business he was “extremely conscious” of the issues raised by his proposed development before activists such as Sustainable South Abaco raised them publicly. Acknowledging that his project’s two sites, collectively covering around 1,100 acres, lie in an area of extreme environmental sensitivity close to the Abaco National Par, and breeding and nesting grounds for the Abaco parrot, Mr Ben-Zur reassured that it made no business sense to disrupt this since it represented “a selling proposition” to attract visitors and clientele. Speaking after the project’s Environmental Impact Assessment (EIA) was submitted to the Department of Environmental Planning and Protection (DEPP) for review, and released publicly, Mr Ben-Zur said the development will involve substantial investment to upgrade South Abaco’s airport, road and electricity infrastructure. Urging observers not to lose sight of the development’s projected $2bn economic impact over its first ten years, plus the 600 full-time and “average” 600 construction jobs it promises to provide, he added that South Abaco’s

need for employment and economic development especially post-Dorian and COVID-19 - cannot be “over-emphasised”. Declining to provide figures beyond what has already been released, Mr Ben-Zur pledged: “We are going to be very low density because of this environment. We stretched the economic flexibility to the maximum we can, but we are very comfortable with the results. We have a very powerful project that should work very well.” Asked about the environmental concerns that were raised last year, he replied: “We are extremely conscious, and were conscious of it before the concerns were raised. When I went to the site, I’m not an environmentalist, but I’m a responsible person who cares about the world. It was obvious we would decide to do it low density. “We have 1,100 acres and could put 4,000 keys there without thinking twice, but the moment I went to see it, it was obvious it was not on the cards. It is the most low density project you will find in The Bahamas. “Compare it to Albany, Baker’s Bay and the Ocean Club. We’re way less dense than they are; half of what they are or better. It’s very hard to measure, but I believe we’re at 40 percent to 60 percent of their density.” Mr Ben-Zur added that Tyrsoz Family Holdings will also be contributing significantly to environmental causes via a $1m donation to the Bahamas National Trust “for the purpose of improving and developing the Abaco National Park”

SEE PAGE 9

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Thursday, November 12, 2020, PAGE 3

ENTREPRENEUR HITS TARGET WITH SCALP-CARE PRODUCT By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A BAHAMIAN entrepreneur yesterday said she is planning to “give back in a great way” to her homeland after her flourishing scalp-care product line penetrated 200 Target stores in the US. Sherrel Fountain-Sampson, pictured, founder of Canviiy, a US-based cosmetic provider, told Tribune Business that the inspiration to start her own firm came after spending 13-plus years in corporate marketing in the beauty industry. “I was already thinking about starting my own brand because I worked for small groups, boutiques and personal care brands,” she said. “I really just fell in love with the process, and fell in love with just the building stage. “So I made a decision to myself and said: ‘Do I go and work for a multinational company like an Estee Lauder or L’Oreal, or do I take all of my knowledge now that I have learnt and build something for myself?” Recalling her years growing up in The Bahamas, Ms Fountain-Sampson said: “I was raised by my grandparents in Nassau. They were both leaders in the community and the church. More importantly they bestowed family values such as respect, integrity, work ethic, responsibility and spirituality that I keep near and dear to my heart. “I lived in Golden Gates number two, where I attended Carlton E Francis and SC McPherson. We were also church members of Transfiguration Baptist Church. I have fond memories of my grandfather attending sports day at the stadium to watch my track and field events, and my grandmother preparing a large feast for our family beach days.” She added: “I decided building something for myself is something I wanted to do. But the real challenge was figuring out what was going to be that ideal product. One day, coming from the hairdresser,

economic growth and prosperity for families across the nation. While I am proud of Canviiy’s achievements, my hope is to leave a legacy that uplifts and inspires others to lead a life rooted in purpose.” Since Canviiy launched on November 2015, its reach has only grown. “It has been amazing to start in farmer’s markets, and today we now have a growing domestic and international customer base from Australia to Canada, Germany,

my scalp was on fire, and so that really encouraged me to find out what was in the marketplace. “I noticed there were a lot of different scalp oils and products that were heavy and greasy. They were oily, and contained toxic ingredients such as parabens or urea or triclosan, so from there I decided that if we as a team decided to take the time to build something special we could come up with a game changing anti-itch, scalp soothing product. “So that was the initial charge, and that took 14 months in which we partnered with an organic chemist to develop our first formulation. That’s how Canviiy was born. The product is based on phenomenal ingredients, so you are going to have a healthy treatment as it is based in aloe vera. “It has witch-hazel, lavender Manuka honey, and in addition to that you can expect that the product is non-greasy and non-runny, so it penetrates the scalp extremely well. But the special sauce that we have is the fact that it is extremely long lasting, so for three to four days customers can expect no itching sensation whatsoever.” Asked whether she always saw herself as an entrepreneur, Ms Fountain-Sampson said: “I was inspired by many of my family members, especially

my mother, Carolyn Johnson-Fountain. She’s always been a scholar from her adolescent days at St Augustine’s College to graduating with honours from Florida A&M University in accounting. “My grandfather, Basil Johnson, dedicated a lifetime of service at The Tribune, and I was influenced by my aunts and uncles that are successful in their own right. Therefore, I always knew there was a path to success with the foundation of education and hard work. “I envisioned myself being a business leader, because from a child I was surrounded by strong, confident, intelligent women who served as examples. I envisioned myself being a business leader because I come from a lineage of strong, confident, intelligent women who served as examples.” Ms Fountain-Sampson said her family in The Bahamas has always been proud of her success, adding: “It warms my heart to feel the pride that my family exudes from the success of Canviiy. My ultimate goal in life is to return to The Bahamas to help drive economic development for everyday citizens. “I have a plethora of strategies and concepts that would span beyond the tourism industry to aid in driving sustainable

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Denmark, France and the United Kingdom,” Ms Fountain-Sampson said. Canviiy products have featured in more than 200 Target stores across the US since February 2020. “We have distribution in four airport stores, so we have distribution in the aviation sector as well,” she added. Canviiy has also partnered with the Moffitt Cancer Centre, which means it can work “hand in hand” with leading physicians involved in

cancer treatment. “One thing I wanted to share for myself is that a lot of people ask what the motivating drive behind what we do is, and truthfully the drive for me is wanting to bring back economic development to The Bahamas,” said Ms Fountain-Sampson. “So once Canviiy builds up enough influence and capital gains where I can come back, and give back in a great way, that’s really what my longterm intentions are and what I intend to make happen.”

PAGE 4, Thursday, November 12, 2020

AVE you ever had a tough time deciding which hardware platform to use for graphic design? Many designers have, and feel that if they cannot afford a Mac they will not be taken seriously, so they will even invest in purchasing a used Mac that costs twice as much as a newer Windows PC. In the early days of graphic design and digital typography, meaning the early 1980s, the Apple Macintosh was the first computer to truly allow for digital typography. But what does that have to do with the Mac versus PC debate? Could it be that the reason many designers gravitate to buying a Mac is mostly a matter of tradition, and not substance? Most people who have 20

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THE GRAPHIC CONTEST ON DESIGN PLATFORMS years or more experience in the industry have a preference for Mac, because it was the only option for a long time. Apple has been good for their careers, so they have remained loyal. Due to changes in how users understand and relate to technology there are many graphic designers today who use Windowsbased PCs. Part of the shift is that many designers also are gamers or video editors, and want to take advantage of the ability to customise their hardware and get more power for the price, something they cannot easily do with a Mac. As a result, more

designers are dropping their bias towards Macs, having experienced a certain degree of freedom in choosing components and hardware, and having more options based on their budgets. In the end, it is a matter of preference, and it is up to each person to choose the tools that are reliable. Those of you who are photographers in your spare time may remember there were similar debates between Canon and Nikon users, but they were unable to tell if a picture was shot on one or the other just by looking. The same is true of design work. The â€œreal designers use

Macâ€? argument dies the moment you are shown quality work, regardless of what device is used in its creation. PC advantages The number one advantage of PCs is that they are generally cheaper than Macs. PCs also come in many different configurations and can be customised. After purchase, hardware can be swapped out if it has become inadequate or obsolete. Some Macs can be upgraded after purchase as well, but generally only the memory and storage drive can be changed. The initial cost of a PC will also usually be less. This is because parts can be swapped, and it is not necessary to buy an entirely new system every three or four years. Moreover, most PCs have multiple points to connect peripherals and software created exclusively for Windows. While most of this software tends to be general office software, PCs tend to have a greater backward compatibility. That is, they can run older versions of software or operating systems. Mac advantages Apple focuses its

operating system on ease of use, introducing new features with each release that improve the user experience. The integration from application to application enables a clean workflow. Applications such as Photos and iMovie continue through to professional tools and third-party products. While Microsoft has improved the user experience in the Windows operating system, Apple wins in the ease-of-use category. Overall, both platforms provide the software and hardware power needed to create graphics. Both support peripheral devices such as styluses, tablets and digital assistants that make graphic design easier. In summary, a new user can do anything they wish regardless of whether they choose a Mac or a PC, but they should know the strengths and limitations of each. Macs are generally more expensive but focus on compatibility. PCs have more software available, but Windows does not have the seamless integration between devices such as the Apple macOS, iPadOS and iOS. Until we meet again,

The Art of Graphix BY DEIDRE M BASTIAN

fill your life with memories rather than regrets. Enjoy life and stay on top of your game. NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre M Bastian is a professionally-trained graphic designer/brand marketing analyst, author and certified life coach with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

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Thursday, November 12, 2020, PAGE 5

Exuma road repairer Pharmacies eye boost unveils its $1m plant through COVID easing By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

CARIBBEAN Pavement Solutions (CPS) has introduced a mobile asphalt mixing plant in Exuma. The 120-foot machinery can produce up to 110 tons of asphalt per hour. A BAHAMAS Striping subsidiary has rolled out its new $1m mobile asphalt manufacturing plant as a key component in the rebuilding of Exuma’s transportation infrastructure. Caribbean Pavement Solutions (CPS) said the plant, which can be assembled on site and just as swiftly broken down for transport to another island, figures prominently in its efforts to repair ten miles of roads on the island. Much of the island’s infrastructure has gone beyond the 15-year lifespan for roads, and CPS said the job could provide a model for how it rebuilds roads on other islands in a more efficient and cost-effective fashion. “An important element to all of this is the Exuma labour force,” said Atario Mitchell, president of CPS, a Bahamas Striping Group of Companies (BSGC) affiliate. “We are currently conducting a manpower audit to determine what skill-sets are available in Exuma to meet our needs. “We are not only hiring locals to work on the road. For example, we have brought on three security guards, and we are looking for two more mechanic apprentices. We already have one apprentice from the island. At the height of this project, we expect to employ 50 workers with most of our hires being persons who come from Exuma or they’re living here.” Dominic Sturrup, Bahamas Striping’s executive chairman, added: “We have not done anything like this before in our ten-year history. This is the single largest investment our company has made since we’ve been in business. This is an

example of what Bahamians can do when given an opportunity. “We are sure that Charles Maynard [the former minister of state for youth, sports and culture] is looking down from heaven, smiling and proud to see a programme that started under his watch with a $5,000 grant from the government now managing and executing a multi-million-dollar road improvement project in Exuma.” The company, he said, is committed to using the best technology to meet both public and private sector demand for highquality, long-lasting roads throughout the Bahamas

and the Caribbean. CPS’ latest acquisition, the 120-foot mobile asphalt plant, was towed – section by section – to its home site at the former Navy base in George Town on Sunday, November 8. In advance of the plant’s arrival, Exuma-based Cox Construction erected the necessary concrete base and loading ramps. It also constructed a mechanic shop and the security booth. S&G Construction installed the ground’s perimeter fencing. Two more contracts are set to be issued next week for the plant’s electrical and

SEE PAGE 6

PHARMACIES yesterday said the COVID-19 easing unveiled by the prime minister will boost revenues and staff hours while also improving healthcare-related services offered to customers. Shantia McBride, the Bahamas Pharmaceutical Association’s (BPA) president, told Tribune Business that the end to curb-side restrictions, together with longer opening hours and an end to weekend lockdowns, would benefit all stakeholders. “We are appreciative of the competent authority’s consideration, and that the prime minister saw it fit that pharmacies will be able to serve our patients one-onone so that we could give more private consultations to patients,” she said. “We can also now assist those patients who may need recommendations for over-the-counter

medications or other ailments as it is cold and flu season. We are grateful and thankful that we can now serve our public.” Speaking to the economic benefits from the latest relaxation, Ms McBride added: “We are open longer due to the ease of restrictions on lockdowns, so therefore revenue will increase. It will help our economy and our staff by increased hours, which would bring in increased revenue. ”But we will still be social distancing the staff, and we still may have to have persons on the outside for additional assistance with managing the line because we are still only allowing a certain amount of persons in per square feet. We are excited to see our patients once again... at least they are allowed to come in and be able to access better healthcare services.” Ms McBride explained that pharmacies will only permit one customer for every 30 square feet of floor

space, so smaller outlets may only be able to admit two to three persons at a time. For larger stores, that will likely mean a maximum of about six to eight persons. “Most of our pharmacies have equipped themselves with air purifiers,” she added, “and we are now looking at ways where we can sanitise our stores on a daily basis, instead of just having the fogging specialist come in. “We need that daily cleaning air flow, and we have deployed the air purifiers within our different rooms within the pharmacies. There are some pharmacies that do self-fogging every evening. “Some stores have purchased the fogging devices themselves to fog the stores. We have purchased the cleaning chemical supplies that the specialists have, so we can do the cleaning on a daily basis. So we have all done all of that to make sure that we can increase our protection for the public.”

PAGE 6, Thursday, November 12, 2020

Exuma road repairer unveils its $1m plant FROM PAGE FIVE plumbing works. Gas line hook-ups must also be put in place before factory technicians arrive to calibrate, test and commission the plant later this month. Once it is officially up and running in early December, CPS will be able to produce up to 110 tons of asphalt per hour. “This is an internationallycertified asphalt production plant which meets US environmental regulations and the highest international standards in terms of safety,” said Dr Allen Albury, CPS’ managing director. Adjacent to the plant is CPS’ laydown yard for its fleet. It consists of more than

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40 pieces of heavy equipment ranging from road pavement machines, graders and rollers to dump trucks and excavators. From the onsite mechanic shop, a master-level mechanic and his three apprentices will implement a comprehensive preventative maintenance programme to minimise downtime or delays. “By any stretch of the imagination this was a large undertaking involving engineers, topographers, safety officers and lab technicians for asphalt quality control, among other professionals. It was a huge process,” said Dr Albury. The company’s goal is to complete one to two miles of asphalt before Christmas. The Exuma road improvement contract is the second major project the company has undertaken in recent times. Last year, the company cleaned up The Mud shantytown following Hurricane Dorian with a workforce comprised mostly of Abaconians.

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GRANT APPLICATIONS DOUBLE TO NEAR 870 By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

APPLICATIONS for the Small Business Development Centre’s (SBDC) new $5,000 grant have more than doubled compared to the 400 unveiled by the prime minister on Sunday, it was revealed yesterday. Davinia Grant, the SBDC’s executive director, addressing a Bahamas Institute of Chartered Accountants (BICA) webinar, said the number of applications submitted by entrepreneurs and small micro firms now stands at 870. “We’re over 800 applications, actually at 870 applications, which is significant,” she said. “We only had $500,000 then in the pot for 870 applications. So, fortunately, the government has allowed us to expand that to $1m. Round two of our standalone grant programme will be released or opened up for applications next week, Thursday, November 19.”

DAVINIA GRANT Touting how the SBDC has facilitated more more than $50m in financing to 962 clients since it was created, Ms Grant said these efforts have boosted nine islands and some 38 industries. We have a very wide reach in many dimensions,” she added. Waste management was the sector receiving the lowest percentage of funding at 0.7 percent, while the food and beverage industry gained nearly 15 percent of the more than $50m in micro, small and mediumsized enterprise (MSME) financing. “Fishing and farming (at 6.2 percent) is surprisingly larger than the tourism aspect (at 1.7 percent of total funds) here,”

Ms Grant said, “and I think some of that has to do with the fact that a number of these businesses were funded in this year. Given what was going on during the pandemic it would have presented some difficulty for a number of the tourism business plans or businesses to be funded. “When you look at some of the data during the pandemic only 22 percent of our clients, meaning the employees of our clients, were furloughed or terminated...... Pretty much the lion’s share, 76 percent, were able to be retained during this period of time.” Ms Grant said entrepreneurs requires two sets of approvals to access funding via the SBDC. The first involved getting the SBDC’s approval to underwrite the financing with a government guarantee, and the second required the actual lending institution to release the funds. “The government this year has given the Access Accelerator [SBDC] a budget of $55.8m to disburse through the centre to businesses throughout the islands. If you look at what

we did from inception to now it was about just under $53m, but that was over a span of two years. Now we’re saying $55m in one year. “So $25m of that $55m is for what I’m going to call business continuity 2.0. We’re calling it our economic recovery programme, and so this $25m we want to target at specific industries for Bahamian businesses to get the capital injection they need to be able to recover smarter, more strategically, and in areas that we feel can bring a boost to everybody. “There’s also $15m specifically for companies who need assistance to continue to survive during this period of time. There’s substantial resources available - a total of almost $40m of the $55m - specifically for this initiative. “Making sure Bahamians are part of the shared economy is another huge focus, information and communications technology. We want to increase the productivity of a lot of the small businesses, and technology is a big part of that.”

REGULATOR FOCUSES ON TAX COMPLIANCE By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Securities Commission’s top executive yesterday said the regulator plans to focus on compliance with the Common Reporting Standard (CRS), and cracking down on tax evasion

and avoidance. Christina Rolle, pictured, its executive director, told a Bahamas Institute of Chartered Accountants webinar that disaster recovery will be another area attracting attention from the capital markets and investment funds regulator. She added: “The commission is well underway

with an initiative to launch a regulatory filings portal. This will allow registrants and licensees to submit their filings electronically to the commission through a secure portal. The portal will allow users to check the status of filings, where applicable. “New or prospective registrants and licensees will also be able to submit application forms via the filings portal. We see this move not only making conducting business easier for our constituents, but adding to our efficiency as well as permitting us to automate more processes, and eventually to more effectively convert application data into valuable supervisory information.”

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Port: Breakwater woes threaten harbour crisis FROM PAGE ONE politics, and how they can impact port efficiency and profitability,” APD said. “Going forward, we must concentrate on building sustainability and resilience. “In the case of the Bahamas maritime industry, this includes paying urgent attention to repairing of the eastern and western breakwaters at the entrance to Nassau Harbour and Arawak Cay. It must be emphasised at the outset that these severely damaged structures pose a significant threat to our tourism product and negatively impact the flow of commercial and cruise shipping coming into the country’s capital. Given what seems an inevitable progression of mega hurricanes impacting our islands, it is imperative to address the problem.” Recalling the breakwaters’ history, APD said they were constructed in the 1960s by the US Army Corps of Engineers

Waterways Experiment Station in an effort that was sponsored by the then-Ministry of Maritime Affairs, as part of a bid to “stabilise” Nassau Harbour’s entrance. The west breakwater, around 3,100 feet long, extends from Silver Cay to the harbour entrance channel while its eastern counterpart is located at the west end of Paradise Island and was around 800 feet long when first built. “A serious breach occurred in the eastern breakwater, likely created during the 1991 Halloween Storm (also called the ‘No Name’ storm), which originated off the eastern coast of Canada, generating high waves that wreaked havoc along the North American eastern seaboard and affected Bermuda, The Bahamas, the Dominican Republic and Puerto Rico,” APD added. “Now approximately 350 feet long, the gap is located near the east breakwater’s shore terminus. The western

GREECE, EGYPT SEEK BIDEN ROLE IN EAST MEDITERRANEAN DISPUTE ATHENS Associated Press

GREECE’S prime minister said yesterday that he expects US President-elect Joe Biden’s incoming administration to play a more active role in attempting to calm tension in the eastern Mediterranean. “We have every reason to welcome, along with all our partners in the region, the return of the United States to its central role as a leader of NATO,” Greek Prime Minister Kyriakos Mitsotakis said after a meeting in Athens yesterday with Egyptian President AbdelFattah el-Sisi. Greece and Egypt are at odds with Turkey in a volatile maritime boundary dispute in the eastern Mediterranean over rights to search for and exploit natural gas deposits. The European Union and the United States have both criticised Turkey’s ongoing maritime research missions in waters where Greece asserts jurisdiction. But Athens says it expects a Biden administration to

be more engaged in the dispute. “I believe that Greece and Egypt will welcome and have a positive attitude toward the determination of America’s contribution to the events of the Middle East and eastern Mediterranean in our troubled region,” Mitsotakis said. The dispute between Greece and Turkey triggered a major military buildup over the summer that raised concerns of military confrontation. Turkey argues that Greek islands along its coastline are blocking its access to undersea gas deposits and that boundaries should be set around the mainland and not include the islands. A Turkish research vessel, the Oruc Reis, is currently continuing a survey in a maritime area between Turkey’s coast, southeast Greek islands, and Cyprus. Greece’s Foreign Ministry condemned a new notification to mariners by Turkey extending the research through Nov 23, which it said covered an area of the Greek continental shelf.

Thursday, November 12, 2020, PAGE 7 breakwater has numerous breaches complicating navigability of cargo vessels and cruise ships. “Several times throughout the year the breakwaters do not provide adequate protection in the channel and turning basin; this interrupts operations at Nassau Container Port and our ability to service vessels,” the annual report continued. “To a great extent, it impacts the harbour pilots’ ability to service incoming cruise ships. We note further that wave penetration into the inadequately-protected harbour has resulted in erosion to Junkanoo Beach and adjacent beaches at Long Wharf, and is believed likely to have an impact on the quality of The Pointe property, marina and beach.” APD’s annual report indicates nothing has changed since the late 2017 release of a report by the InterAmerican Development Bank (IDB), which warned that “heavily degraded” infrastructure in Nassau harbour is “threatening the Bahamian economy’s viability” by damaging cruise and commercial vessel access. An economic analysis, accompanying a $35m IDBfinanced project to upgrade The ministry said Turkey was “repeatedly violating the International Law of the sea and undermining peace and stability in the region”. Greek Foreign Minister Nikos Dendias had given instructions for a complaint to be lodged with Turkey over the move, the ministry said. Turkey’s behaviour, it said, “pushes further away any prospects of a constructive dialogue” between Greece and Turkey. Michael Carpenter, a foreign policy advisor to Biden, said that the new administration could seek closer cooperation with France, Germany and other European nations in its policy concerning Turkey and its president, Recep Tayyip Erdogan. “I do think and I am hopeful that when a President Erdogan sees a united front, that suggests that there is room for cooperation, but also that there are very negative consequences to pursuing a more aggressive policy, then he will have a rethink,” said Carpenter, managing director of the Penn Biden Center for Diplomacy and Global Engagement. He made the remarks on Monday, speaking by video link at a diplomatic conference organised in Greece.

The Bahamas’ coastal management and infrastructure, warned then that the harbour’s deteriorating breakwaters are affecting the flow of ships to both Prince George Wharf and Arawak Cay. It revealed that Ministry of Works personnel had described the breakwaters’ repair as “a top project priority”, given the potential impact to The Bahamas’ main cruise passenger gateway and the sole entry point to New Providence for commercial goods in the shape of the Arawak Cay port. All this, though, has seemingly yet to translate into action. APD said “mutual concern” over the situation had resulted in its partnership with the harbour pilots’ association in

an effort to drive repairs, and find the right contractor and financing option. “Both partners recognise that the rehabilitation and maintenance of the breakwaters fall under the responsibility of the Port Department. We further recognise that there have been underlying constraints inhibiting the Department from ensuring these essential breakwaters are properly maintained,” APD said. “APD engaged two firms widely recognised and respected in marine and industrial construction - Orion Marine Construction and Bermello Ajamil & Partners - to provide proposals for the design of repairs to the breakwater structures located at the

Nassau Harbour entrance and adjacent to Arawak Cay. “The APD/Pilots Association Partnership has now received proposals providing valuable information to support further action from both companies. The bona fides of Orion and Bermello Ajamil & Partners (BA) can be reviewed at their websites.” The proposals call for a three-phase approach to effecting the repairs. No figure has been provided for how much this will cost, although it is likely to run into the millions of dollars. The Caribbean Development Bank (CDB) previously suggested the total could amount to $20m.

PAGE 8, Thursday, November 12, 2020

THE TRIBUNE

Minister: ‘Friday at latest’ for domestic travel visa FROM PAGE ONE

The move, unveiled late on Tuesday night, sparked consternation in the domestic aviation industry with some operators aghast at what they called a “flipflop”. They argued that the constant changes in the COVID-19 protocols were making it impossible to provide the correct advice to potential passengers, thereby threatening the sector with more instability. The sudden switch also threatened 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 a bare minimum for Bahamasair and private aviation operators. Mr D’Aguilar, though, said the domestic travel visa - which will facilitate the 14-day quarantine’s elimination, replacing it with more frequent testing - should be in place by Friday. Speaking ahead of last night’s imposition of tighter restrictions on Exuma, he said: “I’ve been assured it will be ready to roll on Friday; that’s my goal.

“Trying to roll-out all of the technology is quite taxing on the programmers. They’ve been rolling out the Health Travel Visa [for inbound visitors and returnees to The Bahamas]. That’s caused a lot of growing pains, and consumed a lot of programming time. “Then we have to roll-out the five-day rapid antigen test and send reminders to persons in the country for more than five days. Then you have to make sure everybody has the test, and determine who had and did not take it. Then you have to review the test, while

also rolling out the online questionnaire.” Mr D’Aguilar was backed by the Prime Minister, who in his address on Exuma, said: “Yesterday, the government reimplemented the 14-day quarantine requirement for travellers from New Providence to the Family Islands. “This requirement will be in place for a short period of time only. We anticipate that it will be lifted once the domestic health screening survey is implemented, consistent with the international health screening survey.” Travellers are supposed to complete a questionnaire daily as part of a self-assessment process to determine whether they are showing any COVID-19 symptoms, and Mr D’Aguilar said the IT platform being constructed by his ministry also needed to address cases where such signs were reported. “You have to build infrastructure. You have to build all that reporting and follow up, and you also have to build the domestic travel visa,” Mr D’Aguilar added. He suggested the latter would be “fairly straightforward”, requiring just the uploading of an identity document and negative COVID-19 PCR test taken

within five days before travelling. “With all the technology roll-outs you never have enough time to test it,” the minister said. “You have to rush it, roll it out and deal with the bumps as that come with it. It’s been a very rough two weeks getting this up and running. “When you dig into the weeds and drill down into the moving parts, it’s extremely complex and time consuming. Viewed from 50,000 feet, it’s easy to say do a five-day test and upload the results, but you have to build the network for testing.” In particular, Mr D’Aguilar said rolling-out the five-day antigen test across multiple islands had been especially challenging. Besides finding locations and providers to administer the test, reminders had to be sent to those taking it, with mechanisms developed for results to be uploaded to the Ministry of Tourism’s platform, assessed and then follow-up with the subjects if they test positive. “If you send all those e-mails out to people, you run the risk of being targeted as a centre of spam,” Mr D’Aguilar said, detailing further complications. “You also have to build in a payment system, and

getting all that sorted out is never easy. The credit card companies noticed an increase in card activity with the health travel visa side, so they were naturally concerned and declined the cards. “We’re working with them on that. Don’t get me wrong, all this infrastructure is definitely an impediment to travel, so we’re trying to make it as seamless and easy to use as we can using technology. We’re working through all our problems... “This is something very new and very different for the Ministry of Tourism. Some would argue that it shouldn’t be in the Ministry of Tourism, but I thought it important that the Health Travel Visa be embedded with us for a number of reasons,” the minister continued. “If there’s a problem you want someone trained, understanding and empathetic with the traveller, particularly in communicating with people in different scenarios. It’s very important we control that messaging. We’re probably the agency of government most motivated to get it right. We’re not quite there yet, but are pushing to get it right.”

Aliv targets up to 10% revenue rise FROM PAGE ONE

Bahamians to travel amid a global pandemic, he added that the move will end high roaming bills and enable subscribers to avoid having to purchase a US cell phone when they visit that nation. And, while Aliv’s quarterly revenues had dropped from their $21m peak due to the impact of COVID-19 restrictions, and the impact on jobs and incomes, Mr Blackburn said the mobile operator’s top-line for the three months to end-September 2020 had increased six percent year-over-year. This, he added, had given it the confidence to forecast that revenues for the full year to end-June 2021 will be between five to ten percent ahead of last year notwithstanding the continued

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disruption and uncertainty resulting from the pandemic. “We remain committed to keep on doing innovative things in the market,” Mr Blackburn told this newspaper, “and in that vein we’ve relaunched our post-paid plans. These plans allow you to roam in the US and Canada and use your voice, data and text allowances as if you were in The Bahamas. “We’ve effectively made the US and Canada part of The Bahamas, and there will not be any roaming charges if you use your phone in the US and Canada. That’s really a revolution of post-paid in The Bahamas and an indication we are not going to be resting on our laurels. “We want to keep attracting new customers and bring them a new value proposition. If you travel to the US and Canada, you don’t have to worry any more about roaming bills or buying a US mobile phone.” Mr Blackburn, though, conceded that Aliv’s revenues had dropped ten percent from their quarterly $21m peak amid the COVID-19 restrictions and lockdowns. He added that

most of the decline was due to a loss of roaming revenues, as there were no tourists to use its network here while fewer Bahamians were travelling abroad. “Most of our revenue decline is actually roaming, incoming and outgoing roaming, because of the travel restrictions,” the Aliv chief revealed. “Our performance in the last quarter, ending September 30, we actually experienced six percent yearover-year revenue growth. “The business is going well. Given that six percent yearover-year growth in the first quarter, we think five to ten percent for the full year is achievable. We expect revenue growth of five to ten percent over last year despite the fact COVID-19 has had an impact on us.” Mr Blackburn said Aliv had also passed its rival Bahamas Telecommunications Company’s (BTC) total 179,100 mobile subscribers, although he declined to provide figures for Aliv’s customer base. “We’ve gone past the number they published,” he added. “Our 60-day basis has gone ahead of that.”

THE TRIBUNE

Thursday, November 12, 2020, PAGE 9

Oil opponents to govt: ‘Come to your senses’ FROM PAGE ONE

“This is a big deal,” Casuarina McKinney-Lambert, BREEF’s executive director, told Tribune Business. “The whole world is watching what The Bahamas does - whether we decide to allow oil drilling in our waters or choose a more sustainable future. These are some of the biggest names in global ocean conservation. “The Bahamas has been a world leader in marine conservation. The conservation measures that the country has taken over the years, including establishing a network of Marine Protected Areas (MPAs) and protecting endangered species, have sustained our tourism and fishing industries. Drilling for oil would jeopardise it all.” Time is running out for environmental activists, both in The Bahamas and abroad, to encourage the government to reverse course on all the approvals it has provided to BPC. The ship hired by the company to drill its first exploratory well, in waters some 91 miles west of Andros close to the maritime boundary with Cuba, is due to arrive in The Bahamas in around a month’s time.

Our Islands, Our Future, in a statement released yesterday, said “businesses and high profile personalities” had also given their backing for a campaign seeking “a permanent ban enacted on all fossil fuel exploration anywhere in the country”. It added that 80 groups in 15 countries had signed the latest letter to the Prime Minister. The group’s website, in listing its supporters, did not name any “personalities” among both local and international backers. Those from overseas appeared to be mainly nonprofits, although businesses did figure among Our Islands, Our Future’s local advocates. Noting that it had not received a reply to its earlier letters, which cited the 40,000-plus signatures to its petition against oil exploration as well as listing the perceived dangers associated with drilling, Our Islands, Our Future said it had also received backing from Mission Blue. It added that the group was led by marine biologist, explorer and author, Dr Sylvia Earle, a National Geographic explorer-inresidence was the first female chief scientist of the US National Oceanic and Atmospheric Administration (NOAA), and named

$580m developer ‘stretches to max’ for environment FROM PAGE ONE and its 20,000 acres pine tree forest. The developer has also pledged to grant 175 acres from its landholdings to increase the Abaco National Park’s footprint, along with a $350,000 donation to develop a coppice tree habitat for the Abaco Parrot. And a further $1.5m has been promised to restore the Hole in the Wall lighthouse. The Tyrsoz Family Holdings project currently features 170 hotel rooms, 290 residential units, a 136slip mega yacht marina, 18-hole golf course and other amenities. Mr BenZur declined to name any of his hotel, golf and marina management/design partners yesterday, citing confidentiality agreements with all of them, and said there were no plans to make South Abaco a mega casino destination. Asked whether he planed to include a casino among the amenities, he answered: “We probably will, but only a small amenity level casino. This is not going to be a location for casino tourism. We have not yet approached any casino management groups to try and attract them; it is too early for that. If [we do it] then it will be a part of the Marina Village complex.” Mr Ben-Zur also cited non-disclosure agreements when asked about the identity of Tyrsoz Family Holdings’ financial backers, replying: “We have agreements for what we need. I’ve already put a lot of money into it, millions of dollars, and three-and-a-half years of my life, so I can assure you we have everything we need to take it forward.” The project’s two real estate holdings include the 620-acre Lantern Head parcel, which is closer to the National Forest. The other 467-acre tract, called “South-West Point”, lies further south on Abaco’s south-western tip. Mr Ben-Zur yesterday revealed that while both parcels are “under contract” he has yet to close on them amid the wait for final government approvals and

permits. With the Heads of Agreement signed with the Minnis administration in February 2020, the environmental permissions now remain the only potential obstacle to completing the land purchase. The Environmental Management Plan (EMP) is targeted for completion and submission to the DEPP before year-end 2020, and Mr Ben-Zur voiced hope that all environmental goaheads would be received by January/February 2021 so that engineering and architecture work - plus site clearance - can proceed. He revealed that the “big elements of construction” are being targeted for a start 12-18 months from that date, with build-out taking three years and the project opening in 2026 if not sooner. Environmentalists remain unconvinced. Cindy Pinder, of Sustainable South Abaco, in an e-mail to Tribune Business last night said that while the EIA was still being examined “a high level overview has our many scientists extremely concerned at some of the data gaps”. She added: “A full review has not, and cannot, be accomplished in such a short time period, but we are working on a comprehensive response that we hope to present to the relevant authorities in the near future. “An immediate concern is that in light of the tremendous impacts of Dorian on Abaco, can this overtly large and complex development succeed at this time? Moreover, the 60 percent decline in tourism to The Bahamas and the worldwide economic downturn because of COVID raises even more concerns as to the economic viability of such a protect. “We are furthermore not convinced that this developer has either the financial resources or the experience to make a success of such a large development especially in light of the negative environmental impacts that we anticipate occurring.” However, Mr Ben-Zur and Tyrsoz Family Holdings have already won the backing of the South Abaco District Council.

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Time Magazine’s first Hero for the Planet in 1998. “It’s clear this issue is giving great concern to organisations all over the world,” said Chris Wilke, global advocacy manager of Waterkeeper Alliance, which focuses on protecting rights to clean water. “The world is watching, and in the face of global climate change, the world needs for this precious resource of community resiliency and biodiversity protected for future generations”. Ms McKinney added of BPC’s plans: “This poses a critical threat to our worldrenowned oceans, reefs and beaches. BPC cannot be allowed to move forward with their plans, and we need the Bahamas government to understand that the world is watching this situation very closely. “It is difficult to exaggerate how out of step with the global trend this is. For example, notably fossil fuelfriendly President Trump recently agreed to extend the moratorium on offshore drilling in Florida waters to cover the state’s Atlantic coast, literally right on our doorstep. “The prime minister should perhaps ask himself

why BPC is so keen on coming here. Could it be that these start-up oil companies are finding fewer and fewer communities willing to gambling away their future?” she continued. “We could not be more pleased with, or appreciate, the fantastic level of international support we have been receiving. Hopefully the Government of the Bahamas will take note and come to its senses before its too late.” Rashema Ingraham, executive director of Waterkeeper Bahamas, added: “Any major disaster would totally devastate our tourism, our commercial fishing, diving and marine recreation industries..... We call on the government to cancel all existing licenses immediately, disregard any license renewal proposals and place a permanent ban on all offshore oil drilling.” She also voiced scepticism on previous BPC pledges that it has sufficient insurance to cover the costs associated with any oil spill clean-up and remediation, arguing that The Bahamas would be “left holding a toxic bag of unthinkable consequences”.

Roberta Quant, BPC’s environmental scientist, had previously told Tribune Business the insurance coverage for its first well will cover any tourism or fisheries losses “in the highly unlikely event” of any spill or environmental impact. The oil explorer said all necessary insurance covers for Perseverance One had been secured through the broker, Aon UK, with insurers from Lloyd’s of London and other international markets underwriting it. “This policy provides cover for the costs of halting and remediating any incident during drilling, including the costs of redrill, the costs of drilling a relief well, and the costs of any remedial or clean-up operations,” Ms Quant told this newspaper. “The insurance policy also provides third-party liability cover losses that might be suffered in the highly unlikely event of such an incident – for example, losses that a fisherman or hotel might suffer - although, as mentioned, this is considered to be an extremely remote and highly unlikely possibility.

“The level of insurance cover obtained is considerably in excess of the minimum levels of cover required by the government, as well as commensurate with or in excess of cover in place for similar wells being drilled in other locations in the world,” she continued. “It is also worth noting that the insurance companies – who will be financially exposed to the costs of responding to any incidents – required BPC’s drilling plan, Environmental Impact Assessment, Environmental Authorisation and Environmental Management Plan to be submitted to a third-party technical review. “This review assessed all BPC plans, policies and procedures to be of global standard, with risks appropriately identified and planned for, such that the project was able to secure insurances as required. Furthermore, all of our main well contractors, being Stena, Halliburton and Schlumberger, again global names and industry leaders, have extensive insurance policies of their own in place.”

PAGE 10, Thursday, November 12, 2020

THE TRIBUNE

Asia Today: Hong Kong, Singapore OK quarantine-free travel HONG KONG Associated Press HONG Kong and Singapore will start an air travel bubble at the end of November, allowing travelers from each city to visit the other without entering quarantine in a first step to stimulate tourism amid the coronavirus pandemic. Starting Nov 22, visitors from either city must have a negative virus test result before they leave, when they arrive and before they return. Flights designated to carry passengers in the bubble will carry a maximum of 200 travelers each. It will start with one flight a day to each city and increase to two designated flights Dec 7. The bubble will be suspended for two weeks if either Hong Kong or Singapore reports a

seven-day moving average of more than five untraceable coronavirus infections, according to the Hong Kong government. “Hong Kong and Singapore are similar in terms of epidemic control. Both are regional aviation hubs and international cities, enjoying strong trade, investment, finance, tourism and people-to-people ties,” said Hong Kong’s secretary for commerce and economic development Edward Yau. “The revival of cross-border air travel between the two places is of utmost importance.” He said that he hopes the aviation, tourism, hotel and retail businesses will benefit from the bubble, and that it would gradually help Hong Kong’s economy to recover. Separately, government officials also announced that Hong Kong residents

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PUBLIC NOTICE

returning to the city from Guangdong province or Macau will be exempted from quarantine from Nov. 23, as long as they register in advance and test negative for the coronavirus. However, the exemption from quarantine is only one-way, and Hong Kong residents travelling to the mainland must still serve 14 days of quarantine on arrival. A temporary daily quota of visitors is in place. This is to ensure it can be handled smoothly and without overcrowding, according to Tommy Yuen, director of special duties at the Constitutional and Mainland Affairs Bureau. In other developments in the Asia-Pacific region: • Vanuatu has recorded its first case of the coronavirus after a citizen who had been repatriated from the United States tested positive while in quarantine. The Pacific nation had been among the last few countries to have avoided the virus altogether. Health authorities say the 23-yearold man was asymptomatic when he returned on Nov 4 and his infection was confirmed on Tuesday after routine day five testing. Authorities say they plan to keep everyone from the same flight in quarantine and to trace the man’s close contacts but don’t need to impose any broader measures in the nation of 300,000 people. • India’s capital has recorded a new peak of

7,830 new coronavirus cases in the past 24 hours as festivals and weddings attended by large crowds fuel a resurgence. Authorities targeted testing in shopping areas, workplaces and religious places with New Delhi’s tally continuing to be more than 7,000 daily this week after dropping to nearly 1,000 in September. India’s infections overall have held steady recently with 44,281 new cases reported Wednesday. The Health Ministry also reported 512 deaths, taking total fatalities to 127,571. Testing in India has generally remained opaque, with the government not sharing the total share of rapid tests that India has used to boost its testing levels in the past months. The rapid antigen tests can miss infections, while the RT-PCR molecular tests are more reliable. • The number of daily new coronavirus cases is on the rise in Japan as the country has entered a third wave of infections, experts said yesterday. Experts on a Japanese coronavirus task force said the rise of infections has picked up since earlier this month, with daily new cases repeatedly exceeding 1,000. “I think we can say that a third wave of infections has started,” Japan Medical Association president Toshio Nakagawa told reporters. He said a rapid resurgence in Hokkaido, where clusters have been spotted in night entertainment areas in the prefectural capital

NOTICE Please be advised that

WILVER DELEVEAUX

is no longer associated with Rolle, Newton & Co. and as such cannot conduct any business and/or transaction on behalf of the firm. Signed Mrs Shakira Rolle-Davis Acting CEO, Rolle Newton & Co.

NOTICE OF ANNUAL GENERAL MEETING

Notice is hereby given that the Final Meeting of Thabatseka L.P. will be held at Pineapple Grove #5, Lyford Cay, Nassau, Bahamas on 3 December 2020 at 11:00 am to receive the Report of the Liquidator up to the date of the Meeting.

of Sapporo, is particularly a concern. Hokkaido had 197 cases yesterday, after reporting a prefectural record of 200 on Monday. As of yesterday morning, Japan had 110,156 total cases with 1,841 deaths. • A leading Chinese health official has expressed confidence the country may avoid a second wave of coronavirus infections this winter if it maintains current precautions. Feng Zijian, deputy director of the Chinese Center for Disease Control and Prevention, told leading financial magazine Caixin that China “will very likely prevent” a new round of infections given present trends. Feng described the present state of the outbreak in China as “very safe overall”. China has largely eliminated new local outbreaks by requiring masks indoors and on public transport, requiring two-week quarantines for those entering the country and banning some foreign travelers entirely. Authorities have quickly moved to address local outbreaks by tracing potential contacts, carrying out widespread testing and sometimes locking down entire communities. While China was accused of suppressing information about the outbreak at its initial stage, its recent data have not been seriously challenged and local officials have moved swiftly to disclose new cases. That has allowed the world’s secondlargest economy to largely recover, partly with the help of the country’s thriving home delivery services. • The number of South Koreans with jobs annually declined for the eighth straight month in October,

NOTICE Notice is hereby given that the Final Meeting of Seforong L.P. will be held at Pineapple Grove #5, Lyford Cay, Nassau, Bahamas on 3 December 2020 at 11:00 am to receive the Report of the Liquidator up to the date of the Meeting.

Lukas Ruflin Liquidator

The safety of our shareholders, directors and staff is our utmost priority.

Beecham Braynen and Lorna Kemp Liquidators

Therefore, in light of the current restrictions on public gatherings as a result of the Covid-19 global pandemic, NOTICE IS HEREBY GIVEN THAT the Annual General Meeting of the Shareholders of FamGuard Corporation Limited will be held VIRTUALLY, on Thursday, 3rd December, 2020 at 4:00pm (Eastern Standard Time). Shareholders will be required to register in advance of the meeting with the office of the Corporate Secretary at AGMregistration@familyguardian.com. Registration for the virtual AGM closes on Tuesday, 1st December, 2020 at 5:00pm (Eastern Standard Time). The Company’s Annual Report is available on its website at www.famguardbahamas.com.

a streak unseen since a 2009 financial crisis. Statistics Korea yesterday said the number of employed people in the country was measured at 27.09 million last month, 421,000 fewer than a year earlier, with fears of viral spread and global lockdowns decimating jobs in both domestic service industries and export-driven manufacturing sectors. “The (domestic) resurgence of COVID-19 since August and the prolonging of the virus crisis have expanded the job losses,” Statistics Korea official Chung Dongmyung during a briefing. The country added 146 new cases on Wednesday, its fourth straight day of over 100, bringing its caseload to 27,799, including 485 deaths. • New Zealand’s central bank is making more monetary moves to counter the economic downturn caused by the pandemic. The Reserve Bank says that from December, it will provide retail banks with lower funding costs, allowing them, in turn, to lower borrowing rates for companies and households. That’s in addition to a large asset-buying program already introduced by the central bank. The bank also announced yesterday that it was keeping its benchmark interest rate at a record low 0.25% and was considering lowering it to zero or to a negative rate next year. But the bank also said it was considering reintroducing mortgage restrictions from next March due to concerns about an increase in house prices and high-risk lending to housing investors.

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THE TRIBUNE

Thursday, November 12, 2020, PAGE 11

Future of business travel unclear as virus upends work life Associated Press BRIAN Contreras represents the worst fears of the lucrative business travel industry. A partner account executive at a US tech firm, Contreras was used to traveling frequently for his company. But nine months into the pandemic, he and thousands of others are working from home and dialing into video conferences instead of boarding planes. Contreras manages his North American accounts from Sacramento, California and doesn’t expect to travel for work until the middle of next year. Even then, he’s not sure how much he will need to. “Maybe it’s just the acceptance of the new normal. I have all of the resources necessary to be on the calls, all of the communicative devices to make sure I can do my job,” he said. “There’s an element of face-to-face that’s necessary, but I would be OK without it.” That trend could spell big trouble for hotels, airlines, convention centers and other industries that rely so heavily on business travelers like Contreras. Work travel represented 21% of the $8.9tn spent on global travel and tourism in 2019, according to the World Travel and Tourism Council. Delta Air Lines CEO Ed Bastian recently suggested business travel might settle into a “new normal” that is 10% to 20% lower than it used to be. “I do think corporate travel is going to come back faster than people suspect. I just don’t know if it will be come back to the full volume,” Bastian told The Associated Press. Right now, Delta’s business travel revenue is down 85%. Dubai-based MBC Group, which operates 18 television stations, says it’s unlikely employees will travel as often once the pandemic ends because they’ve proven they don’t need to. “We have managed to

deliver projects and negotiate deals very successfully, though remotely,” MBC spokesman Mazen Hayek said. MBC has reduced trips by more than 85%, Hayek said. Amazon, which told it employees to stop traveling in March, says it has saved nearly $1bn in travel expenses so far this year. The online shopping giant, with more than 1.1 million employees, is the secondlargest employer in the US. At Southwest Airlines, CEO Gary Kelly said while overall passenger revenue is down 70%, business travel — normally more than onethird of Southwest’s traffic -- is off 90%. “I think that’s going to continue for a long time. I’m very confident it will recover and pass 2019 levels, I just don’t know when,” Kelly told the AP. US hotels relied on business travel for around half their revenue in 2019, or closer to 60% in big cities like Washington, according to Cindy Estis Green, the CEO of hospitality data firm Kalibri Labs. Peter Belobaba, who teaches airline management at MIT, said business travel is down partly because some people are afraid to fly and partly because companies fear liability if employees contract COVID-19 while traveling for work. Companies have also reined in travel because times are lean, he said. ExxonMobil cut business travel in February — even before the pandemic’s full impact was felt in the US — because of falling global demand for oil. Those who want to travel may also be limited by travel restrictions, Belobaba added. Last month, Polestar CEO Thomas Ingenlath observed a mandatory 14-day quarantine in China after flying in from Sweden for the Beijing Auto Show. Polestar, an electric car brand jointly owned by Sweden’s Volvo and China’s Geely, has always tried to limit travel for environmental reasons. But the 14-day quarantine has restricted

NOTICE OF

CLOSURE

On 13th October, 2020, the late Hon. Darrell E. Rolle former Parliamentarian and Cabinet Minister, also the Owner & the Founding Partner of Rolle Newton & Co., passed away. On these premises, please be advised with the utmost sincerest regret, that the Law Firm of Rolle Newton & Co., shall be permanently closing its office with immediate effect as of 11th November, 2020 respectively. We apologize for any inconvenience that we may have caused you in this regard. If you may require any further assistance, please contact the Law office of Executive Chambers at

326-6791.

Thank you for your patience and cooperation during this time of bereavement, we are very much obliged. Yours sincerely, Mrs. Shakira Rolle- Davis Acting CEO, Rolle Newton & Co.

NOTICE Aetna Global Benefits (Bahamas) Limited NOTICE IS HEREBY GIVEN as follows: (a)

Aetna Global Benefits (Bahamas) Limited is in dissolution under the provisions of the International Business Companies Act 2000.

(b)

The dissolution of the said Company commenced on the 5th day of November, 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas. Dated 12th November 2020 H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

PASSENGERS walk through Salt Lake City International airport. travel even further, said Kiki Liu, Polestar’s head of communications. The cutback in travel has been a boon for teleconferencing services. Zoom said it had 370,200 customer businesses with at least ten employees at the end of July, more than triple the number it had at the end of April. But for some workers, teleconferencing can’t replace being there in person. Rebecca Lindland, an automotive consultant and founder of Rebecca Drives, used to travel 38 weeks each year for test drives and auto shows. This year, she didn’t fly from March until September. Test drives have been cut back to regional events, so attendees don’t have to travel as far. Lindland misses the downtime air travel gave her, and she’s confident she can return to the skies safely. She wears a mask, and even before the pandemic she always carried Lysol wipes and hand sanitizer. “I’ve been wiping down my tray tables since 1985,” she said with a laugh. Sam Clarke, an assistant professor in the college of business at California State University San Marcos, agrees that some in-person events — like trade shows — will still be important in the future. But he thinks new kinds of business travel could also emerge. Lockdowns have taught employees how to adapt to different work environments, he says, so hotels, airlines and even cruise ships should beef up their connectivity and cater to business travelers. Late last month, Marriott introduced flexible options aimed at business travelers, including one-day stays with an evening check-out. Clarke also expects some

companies will flip their travel. Instead of letting a few executives travel a lot, he said, companies could let most employees work from home and fly them all back to their headquarters once a year. Some businesses are already changing the way

their work is done. Cynthia Kay and Co, a media production company based in Grand Rapids, Michigan, used to send its seven employees around the country to make videos for clients like Siemens. When travel came to a halt in March, the company

invested in proprietary software and sent iPads and other equipment to clients so it could coach them through their own video shoots, President Cynthia Kay said. As a result, the company’s sales are down only 15-20% even though its travel spending has plunged 75%.

PAGE 12, Thursday, November 12, 2020

THE TRIBUNE

UK TO INCREASE POWERS TO BLOCK FOREIGN INVESTMENTS LONDON Associated Press

YOUR

THE British government plans to increase its ability to prevent foreign investors from acquiring strategic assets amid increasing concern about the threat to national security posed by potentially hostile states such as China and Russia. The government yesterday introduced legislation requiring businesses to notify authorities about foreign investment in sensitive industries, including defense, transportation, communications and technology. A new regulatory agency would have 30 days to review potential transactions and either block or impose conditions on those deemed to pose a risk to national security. The legislation follows similar moves by Britain’s allies, including the US, Australia and Germany, amid concerns about the influence of foreign investors such as Chinese technology giant Huawei. Stock market declines triggered by the COVID-19 pandemic have left many companies undervalued by historical standards, heightening concerns about international takeovers. “The UK remains one of the most attractive investment destinations in the world and we want to keep it that way,” Business Secretary Alok Sharma said in a statement. “But hostile actors should be in no doubt – there is no back door into the UK.”

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

Fidelity Bank (Bahamas) Limited

BORIS JOHNSON The legislation applies to deals that would give foreign investors access to UK technology and intellectual property, as well corporate takeovers. Penalties for violating the new rules will be steep, including fines of up to ten million pounds, or 5% of worldwide revenue, whichever is higher. “This bill gives the government the power to scrutinize broad swathes of M&A activity with any UK nexus,” said Nicole Kar, head of UK competition at the law firm Linklaters. “We therefore anticipate that foreign investment rules, both in the UK and internationally, will be an increasingly onerous consideration for overseas investors planning international transactions.” The government is facing competing pressures to protect strategic national interests while attracting foreign investment after its withdrawal from the European Union. Sharma said the legislation shouldn’t be an

Consolidated Statement of Changes in Equity (Unaudited) For the Year Ended 31 December 2019 (Expressed in Bahamian dollars)

(Incorporated under the laws of the Commonwealth of The Bahamas) Consolidated Statement of Financial Position (Unaudited) As of 30 September 2020 (Expressed in Bahamian dollars)

ASSETS Cash on hand and at banks Investment securities Loans and advances to customers Other assets Investments in joint ventures Property, plant and equipment

2020 $

2019 $

190,481,495 80,976,011 422,237,443 1,859,143 208,539 10,903,988

165,667,063 83,364,488 431,080,313 928,932 204,691 11,669,397

Total assets

706,666,619

692,914,884

Capital – Ordinary Shares $

Capital – Preference Shares $

Revaluation Reserve $

Retained Earnings $

Total $

20,380,694

15,000,000

330,695

54,156,529

89,867,918

32,822,573

Property, plant and equipment revaluation

725,349

Total comprehensive income

725,349

32,822,573

33,547,922

Depreciation transfer

(42,980 )

42,980

Total transfers

(42,980 )

42,980

29,356

77,394

106,750

(975,000 )

As of 1 January 2019 Comprehensive income Net income Other comprehensive income

Transfers

LIABILITIES Deposits from customers Accrued expenses and other liabilities Debt securities

569,716,327 14,762,536 24,403,892

567,607,647 3,391,919 24,193,064

Transactions with owners

Total liabilities

608,882,755

595,192,630

Dividends – ordinary shares

EQUITY Capital – ordinary shares Capital – preference shares Revaluation reserve Retained earnings

20,410,050 15,000,000 981,684 61,392,130

20,410,050 15,000,000 1,013,064 61,299,140

Total equity

97,783,864

97,722,254

706,666,619

692,914,884

Dividends – preference shares

(24,825,336 )

29,356

(25,722,942 )

(25,693,586 )

20,410,050

15,000,000

1,013,064

61,299,140

97,722,254

0.86

0.65

Capital – Ordinary Shares $

Capital – Preference Shares $

Revaluation Reserve $

Retained Earnings $

Total $

20,380,694

15,000,000

330,695

54,156,529

89,867,918

32,822,573

Property, plant and equipment revaluation

725,349

Total comprehensive income

725,349

32,822,573

33,547,922

Depreciation transfer

(42,980 )

42,980

Total transfers

(42,980 )

42,980

As of 31 December 2019 Dividends per share

Consolidated Statement of Changes in Equity (Unaudited) For the Year Ended 31 December 2019 (Expressed in Bahamian dollars)

As of 1 January 2019

Consolidated Statement of Comprehensive Income (Unaudited) For the Nine Months Ended 30 September 2020 (Expressed in Bahamian dollars)

Comprehensive income Net income

3 Months Ended 30 September 2020 $ INCOME Interest income Bank deposits, loans and advances Investment securities

Issuance of ordinary shares

Total transactions with owners

Total liabilities and equity

impediment to foreign investment, which created more than 46,000 jobs throughout the UK in the last financial year. Among the transactions that could be affected is US-based Nvidia’s plans to buy Arm Holdings, which designed the chips used in most mobile phones, in a deal worth up to $40bn. The British government has already said it could intervene in the takeover under existing laws because of the “vital role” Arm plays in the UK’s tech sector. The move, which would create a global powerhouse in the chip industry, is also being scrutinised by regulators in the US, China and EU. Some lawyers raised concerns about about the legislation’s retroactive provisions. The bill would give the government power to retroactively review deals in the wider economy for up to five years, even though they aren’t subject to mandatory notification. “The timing is interesting given the current rhetoric that Global Britain is open for worldwide business as we leave the EU,” said Samantha Mobley, a specialist in competition and mergers at Baker & McKenzie in London. “As the system will be retrospective, from today, investors into the UK must navigate the complexities of working out whether their deal falls on the wrong side of the national security calculus.”

9 Months Ended 30 September 30 September 2020 2019 $ $

Other comprehensive income

Transfers

16,104,414 856,854

48,376,362 2,581,192

49,805,876 2,740,012

Transactions with owners

16,961,268

50,957,554

52,545,888

29,356

77,394

106,750

Interest expense

(3,094,715 )

(8,900,193 )

(9,521,004 )

Dividends – preference shares

(975,000 )

Net interest income

13,866,553

42,057,361

43,024,884

Dividends – ordinary shares

(24,825,336 )

752,971 57,396

2,243,164 149,615

2,255,842 20,156 191,114

(25,722,942 )

(25,693,586 )

61,299,140

97,722,254

Total income

14,676,920

44,450,140

45,491,996

EXPENSES Provision for loan losses General and administrative Salaries and employee benefits Depreciation and amortisation

11,702,890 3,514,077 2,918,763 290,112

20,314,224 9,998,981 9,527,314 900,176

7,326,323 9,592,297 9,463,220 1,061,235

Total expenses

18,425,842

40,740,695

27,443,075

Operating profit/(loss)

(3,748,922)

3,709,445

18,048,921

13,662

13,808

3,723,107

18,062,729

1,591,078

3,723,107

19,653,807

Fees and commissions Rental income Other income

Share of profits of joint ventures Net income/(loss) from continuing operations Profits of operations held for sale Net income/(loss) OTHER COMPREHENSIVE INCOME Items not reclassified to net income Property, plant and equipment revaluation

1,537 (3,747,385 ) (3,747,385 )

Total comprehensive income/(loss)

(3,747,385 )

3,723,107

19,653,807

Weighted average number of ordinary shares outstanding

28,815,779

28,812,221

0.10

0.66

Earnings/(Loss) per share

(0.14)

Issuance of ordinary shares

Total transactions with owners As of 31 December 2019 Dividends per share

29,356

20,410,050

15,000,000

1,013,064

0.86

0.65

Notes to the Consolidated Financial Statements (Unaudited) For the Nine Months Ended 30 September 2020 (Expressed in Bahamian dollars) Corresponding Figures Where necessary, corresponding figures are adjusted to conform with changes in presentation in the current year. Further, corresponding figures presented in the consolidated statement of financial position and related notes are as of 31 December 2019. Capital Management The objectives of Fidelity Bank (Bahamas) Limited (the Bank) when managing capital, which comprises total equity on the face of the consolidated statement of financial position, are: 

To comply with the capital requirements set by the Central Bank of The Bahamas (the Central Bank).



To safeguard the Bank’s ability to continue as a going concern so that it can continue to provide returns for its shareholders and benefits for other stakeholders; and



To maintain a strong capital base to support the development of its business.

Capital adequacy and the use of regulatory capital are monitored by the Bank’s management, employing techniques designed to ensure compliance with guidelines established by the Central Bank, including quantitative and qualitative measures. The required information is filed with the Central Bank on a quarterly basis. The Central Bank, the Bank’s principal regulator, requires that the Bank maintains a ratio of total regulatory capital to risk-weighted assets at or above a minimum of 14.00%. For the nine (9) months ended 30 September 2020 and the year ended 31 December 2019, the Bank complied with all of the externally imposed capital requirements to which it is subject.

THE TRIBUNE

Thursday, November 12, 2020, PAGE 13

Cuomo orders end to late-night service at bars, restaurants NEW YORK Associated Press AFTER months of loosening coronavirus restrictions, New York state took a step backward yesterday, limiting the maximum size of private gatherings to ten people and ordering restaurants, bars and gyms to close no later than 10pm. Gov Andrew Cuomo said the new restrictions, which go into effect on Friday, are a painful but necessary step to curb what has been an accelerating resurgence of the coronavirus. “It’s tough on bars and restaurants. It’s tough on gyms. It’s tough on everyone,” the Democrat said. “I would say we are within sight of the finish line. The vaccine has been discovered. It has to be perfected, it had to be operationalised, but we see the finish line.” The limitation on gatherings in private homes comes two weeks before families traditionally get together for Thanksgiving. The announcement was met with dismay from hard-hit restaurant owners and their advocates. Melissa Fleischut, president and CEO of the New York State Restaurant Association, called it “a huge blow to the restaurant industry that is desperately trying to stay afloat.”

BARTENDER Cassandra Paris takes a farewell shot at an early closing time at 169 Bar with patrons in New York. Restaurants, bars and gyms will have to close at 10pm across New York state in the latest effort to curb the spread of the coronavirus, Gov Andrew Cuomo announced today. Cuomo said the new restrictions, which go into effect on Friday, are necessary because new coronavirus infections have been traced to those types of activities. Photo: John Minchillo/AP Cuomo spoke as rates of coronavirus infection continued to take off in New York and elsewhere. Over the past seven days, New York has seen an average of 3,600 new infections and nearly 22 deaths per day due to COVID-19. That average number of new cases has doubled in the past 14 days. As recently as late August, the state was

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, EVERETTE LIVINGSTON ALLEN, 183 Mango Close, Pioneers Loop, P.O. Box F-40782, Freeport, Grand Bahama, intend to change my name to EVERETTE LIVINGSTON JOHNSON. 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 F-43536, Grand Bahama, no later than thirty (30) days after the date of publication of this notice.

NOTICE NOTICE is hereby given that LEANNA JEAN-JACQUES of Pinedale, #41C, P. O. Box CR-54802, 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 12th day of November, 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

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

averaging around 600 new cases per day. Tuesday, it recorded 4,820, a new high since April. More than 1,600 people were in the hospital with the virus across the state on Tuesday. Cuomo shut down all nonessential businesses in the spring when New York was the epicenter of the pandemic in the United States and started allowing restaurants and other businesses to open at limited capacity when infection rates appeared under control. Even without the early closing time, restaurateurs have complained that the restrictions make it difficult to stay in business. Alfred Castricone, who owns a country-western nightclub, a neighbourhood bar and a bowling alley in western New York, said the new closing time is just the latest in a string of

pandemic restrictions that have made it difficult to keep his businesses afloat. “For the first time in 50 years in business, I don’t know what I’m going to do,” Castricone said at The New Four Aces in Blasdell, south of Buffalo. “I owed no money when this thing started and now I have $346,000 in loans and I’m over $800,000 in lost business. They change the rules constantly. And now he wants to close me down at 10pm. Where am I supposed to get more money?” Castricone said his nightclub doesn’t get busy until after midnight, when local factory shifts end, so he’s going to have to shut it down. “I have a bunch of college kids working for me, I have single moms working for me, and guys with families. How are these people going to pay their bills?”

Castricone and several other nightclub owners are suing Cuomo and other state officials in federal court, claiming the restrictions are unconstitutional. In Rochester, Kelly Metras said her two restaurants already have been closing before 10pm. because the pandemic restrictions have drawn down demand. The mandates have been stressful, she said, but she understands the importance of keeping people safe. “We are just hoping that we can stay open in some capacity to keep our employees paid,” Metras said by email. “It is apparent that financial assistance for employees and business owners will not be passed any time soon.” Cuomo’s announcement came days after New Jersey Gov Phil Murphy announced that bars and

restaurants in his state would have to halt indoor dining at 10pm starting today. Cuomo said further restrictions, including limiting restaurants to operating at 25% capacity across the state, may be necessary if COVID-19 numbers continue to rise. The new closing time applies to all establishments licensed by the State Liquor Authority. Only carry-out service will be allowed after 10pm. Cuomo urged local governments to enforce the rules. After 10pm, “If the lights are on and people are drinking, they get a summons,” he said. New York City Mayor Bill de Blasio supports the new rules, a spokesperson tweeted, saying they were necessary to fight back a second wave of the virus.

MARKET REPORT www.bisxbahamas.com

WEDNESDAY, 11 NOVEMBER 2020

BISX ALL SHARE INDEX:

CHANGE

2066.95

-0.01

%CHANGE

YTD

YTD%

0.00 -164.65

-7.38

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

BISX LISTED & TRADED SECURITIES 52WK HI 4.05 22.71 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 11.06 2.71 3.85 9.60 7.50 13.04 3.20 8.15 13.90

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 0.90

SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard RF Bank & Trust Limited Focol Finco J. S. Johnson

SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ

Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A RF Bank & Trust Limited Class A Focol Class B

BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00

52WK HI 2.36 4.43 2.13 198.39 176.73 1.69 1.85 1.77 1.24 8.34 10.26 7.08 12.15 12.71 10.81 10.00 8.98 11.79

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.64 1.79 1.73 1.06 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

SECURITY RF Bank Note 22 (Series B) + Bahamas First Holdings Limited

SYMBOL FBB22 BFHB

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

MUTUAL FUNDS

MARKET TERMS

Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407

LAST CLOSE 4.05 17.43 1.62 1.63 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

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 2.17 6.22 10.52 8.44 14.30 3.94 8.30 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.10 0.00 (0.06) 0.00 0.00 0.00 0.00 0.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

VOLUME 100

2,100 1,000

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 21.3 13.3 16.3 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% 20.00% 0.96% 3.12% 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

Thursday, November 12, 2020, PAGE 15

US NUCLEAR LAB PARTNERING WITH UTILITY TO PRODUCE HYDROGEN BOISE Associated Press

THE US Department of Energy has awarded just under $14m for an attempt to build a hydrogen-energy production facility at a nuclear power plant in Minnesota with the help of a nuclear research lab in Idaho. Idaho National Laboratory and Minneapolis-based Xcel Energy will work on devising and building the facility, most likely at Xcel Energy’s Prairie Island Nuclear Generating Station in Red Wing, Minnesota. The project announced this week is part of the

Energy Department’s strategy to reduce US greenhouse gas emissions using nuclear power to generate carbon-free energy. Vehicles using hydrogen fuel cells, for example, produce only water vapor and warm air as exhaust. Hydrogen could also be used in industry, such as in the production of steel. Xcel Energy officials said they have a large amount of wind-generated energy they supply to customers. Officials said the Prairie Island Nuclear Generating Station could make hydrogen when wind energy meets customer demand for electricity. Officials said the hydrogen would initially be used at the power plant but could

ultimately be sold to other industries. According to its website, Xcel Energy provides energy to millions of homes and businesses across eight Western and Midwestern states, and has a goal of being 100% carbon-free by 2050. “Now we’ll be the first company to produce carbonfree hydrogen at a nuclear plant using this technology,” Tim O’Connor, Xcel Energy chief generation officer, said in a statement. The effort planned at the Minnesota plant will use a process called high-temperature steam electrolysis. Water is made out of three atoms: one oxygen and two

hydrogen. The proposed project would use Prairie Island Nuclear Generating Station’s steam and electricity to split water and separate the hydrogen. Idaho National Laboratory will help with technical aspects of the project. The Energy Department said it hopes the result will be a functioning hydrogen plant capable of operating as a hybrid system that can also test electrolysis technologies. “This is a game-changer for both nuclear energy and carbon-free hydrogen production for numerous industries,” said the Energy Department’s Richard Boardman in a statement. “It offers a view of the energy

structures of the future, which will integrate systems to maximise energy use, generator profitability and grid reliability all while minimising carbon emissions.” Hydrogen is abundant in the environment and is stored in water, methane and organic matter. The primary challenge is economically extracting it and being competitive in the marketplace. Most of the hydrogen currently produced in the nation comes from combining high-temperature steam with natural gas. Officials say nuclearproduced hydrogen has the advantage of being carbonfree. That’s opposed to fossil fuels such as natural gas,

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 82° F/28° C Low: 72° F/22° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

MONDAY

Breezy in the morn‑ ing; partly sunny

Partly cloudy, warm and humid

Mostly sunny and comfortable

Nice with plenty of sun

Mostly sunny and pleasant

Clouds and sun, a t‑storm possible

High: 85°

Low: 77°

High: 85° Low: 76°

High: 84° Low: 75°

High: 83° Low: 74°

AccuWeather RealFeel

92° F

84° F

94°-84° F

93°-79° F

91°-78° F

91°-74° F

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

almanac

ABACO

High: 83° F/28° C Low: 79° F/26° C

10‑20 knots

High: 83° F/28° C Low: 75° F/24° C

8‑16 knots

FT. LAUDERDALE

FREEPORT

High: 84° F/29° C Low: 75° F/24° C

W S

WEST PALM BEACH

uV inDex toDay

TONIGHT

High: 81° F/27° C Low: 74° F/23° C

High: 84° F/29° C Low: 76° F/24° C

MIAMI

High: 84° F/29° C Low: 75° F/24° C

15‑25 knots

KEY WEST

High: 83° F/28° C Low: 77° F/25° C

ELEUTHERA

NASSAU

High: 85° F/29° C Low: 77° F/25° C

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

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

Wednesday 9:55 a.m. 10:20 p.m.

3.5 2.6

3:31 a.m. ‑0.4 4:28 p.m. ‑0.1

sun anD moon Sunrise Sunset

6:25 a.m. 5:23 p.m.

Moonrise Moonset

3:25 a.m. 3:46 p.m.

New

First

Full

Last

Nov. 14

Nov. 21

Nov. 30

Dec. 7

CAT ISLAND

High: 84° F/29° C Low: 79° F/26° C

7‑14 knots

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 .................................................... 79° F/26° C Normal high ....................................... 81° F/27° C Normal low ........................................ 70° F/21° C Last year’s high ................................. 84° F/29° C Last year’s low ................................... 71° F/22° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ............................................... 64.77” Normal year to date ................................... 36.89”

High: 83° F/28° C Low: 79° F/26° C

coal and oil that produce greenhouse gases that cause global warming. The Energy Department says that nearly all hydrogen produced in the US is used for refining petroleum, processing food, producing fertiliser or treating metals. According to the US Energy Information Administration, the United States at the end of 2019 had 96 operating commercial nuclear reactors at 58 nuclear power plants in 29 states. They produce about 20% of the nation’s electricity. Most of the reactors are decades old, and some are having a tough time competing economically with other forms of energy production.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 83° F/28° C Low: 79° F/26° C

High: 84° F/29° C Low: 79° F/26° C

W S

LONG ISLAND

tracking map

High: 85° F/29° C Low: 79° F/26° C

8‑16 knots

MAYAGUANA High: 85° F/29° C Low: 80° F/27° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 84° F/29° C Low: 80° F/27° C

High: 84° F/29° C Low: 79° F/26° C

GREAT INAGUA High: 87° F/31° C Low: 80° F/27° C

N E

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: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:

WINDS SE at 8‑16 Knots S at 7‑14 Knots SE at 7‑14 Knots ESE at 4‑8 Knots ESE at 8‑16 Knots ESE at 7‑14 Knots E at 10‑20 Knots E at 8‑16 Knots SE at 8‑16 Knots SE at 7‑14 Knots SSE at 10‑20 Knots S at 7‑14 Knots SE at 8‑16 Knots ESE at 7‑14 Knots E at 10‑20 Knots E at 10‑20 Knots E at 8‑16 Knots ESE at 8‑16 Knots E at 10‑20 Knots E at 8‑16 Knots SE at 7‑14 Knots SE at 6‑12 Knots E at 10‑20 Knots ESE at 8‑16 Knots SE at 8‑16 Knots ESE at 7‑14 Knots

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

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

WATER TEMPS. 81° F 80° F 81° F 82° F 80° F 80° F 83° F 83° F 81° F 81° F 79° F 80° F 81° F 81° F 84° F 84° F 83° F 83° F 82° F 82° F 81° F 81° F 83° F 83° F 80° F 80° F

PAGE 16, Thursday, November 12, 2020

THE TRIBUNE

Money to support Trump court fight could flow to president WASHINGTON Associated Press AS President Donald Trump’s chances of reelection dwindled last week, his campaign began blasting out a nonstop stream of emails and text messages that led to a website raising money for an “election defense fund” to contest the outcome. Like many hallmarks of the Trump presidency, the messages contained allcaps lettering and blatant mistruths about voter fraud during the Nov 3 election. They also mislead supporters about where the money would go. Trump has promised to contest President-elect Joe Biden’s win in court. But the fine print indicates much of the money donated to support that effort since Election Day has instead paid down campaign debt, replenished the Republican National Committee and, more recently, helped get Save America, a new political action

PRESIDENT Donald Trump arrives to speak at the White House in Washington. Photo: Evan Vucci/AP committee Trump founded, off the ground. The unusual way the Trump campaign is divvying up the contributions has

drawn scrutiny from election watchdogs, who say Trump and his family are poised to financially benefit from the arrangement.

“This is a slush fund. That’s the bottom line,” said Paul S Ryan, a longtime campaign finance attorney with the good

government group Common Cause. “Trump may just continue to string out this meritless litigation in order to fleece his own supporters of their money and use it in the coming years to pad his own lifestyle while teasing a 2024 candidacy.” The Democratic National Committee and Biden’s campaign are also raising money for a legal fight over the outcome of the election. Most of the money is for the DNC’s legal account, though some of it will be routed to the party’s general fund, which doesn’t face the same spending restrictions. It could then be used to pay for ads, for example, if Republicans try to get ballots tossed out with minor — and correctible — errors, according to a DNC official. Trump’s approach is far different. The first few days after the election, money that was purportedly for the legal fight primarily went to Trump’s campaign for debt payment, as well as the RNC, as first reported by The Wall Street Journal. But on Monday, Trump launched Save America, his new PAC, which is now poised to get the largest share in many cases. Save America is a type of campaign committee that is often referred to as a “leadership PAC”, which has higher contribution limits — $5,000 per year — and faces fewer restrictions on how the money is spent. Unlike candidate campaign accounts, leadership PACs can also be tapped to pay for personal expenses. A detailed breakdown of how contributions are split up shows that 60% of any donation now goes to Save America PAC. The next 40% goes to an RNC account. It’s only once a donor reaches the maximum contribution limit for each group — $5,000 for Trump’s PAC and $35,000 for the RNC — that money will spill into legal accounts for Trump and the RNC, according to campaign finance attorneys who have reviewed the details of the arrangement. In a statement, Trump campaign communications director Tim Murtaugh did not address questions about how the incoming donations are split up. “The President always planned to do this, win or lose, so he can support candidates and issues he cares about, such as combating

voter fraud,” Murtaugh said. A spokesperson for the RNC did not respond to a request for comment. Biden spokesperson Andrew Bates said Trump’s fundraising effort was exploitative but not surprising. “Given the rate at which these lawsuits are being thrown out of court one after another, it’s fitting to learn that they were never engineered to succeed in the first place and are instead the dismal basis for a dog and pony show,” Bates said. Leadership PACs have long been abused. While they are intended to be used for raising money that can later be donated to other candidates, they can legally be used to pay for lavish — and questionable — expenses. “They could pay (Trump) children consulting fees. They could pay the children’s significant others consulting fees. They could buy Don Jr’s book, which the campaign can’t do,” said Adav Noti, a former Federal Election Commission attorney who now works for the nonpartisan Campaign Legal Center. “They could do anything with it. There’s no personal use restriction.” (The RNC, not the Trump campaign, did spend almost $100,000 buying copies of Donald Trump Jr’s book, “Triggered”, last year.) Trump has refused to acknowledge Biden’s victory and has argued without proof that there was widespread voter fraud that has benefited Biden. He has also vowed to fight the results in court. His fundraising messages sought to capitalize on that message. “THE DEMOCRATS WANT TO STEAL THIS ELECTION! There will be FRAUD like you’ve never seen, plain and simple!” Trump’s fundraising homepage reads. “We Need YOUR HELP to ensure we have the resources to protect the results and keep fighting even after Election Day. Don’t wait, step up NOW to DEFEND the integrity of our Election!” There is no evidence of widespread fraud in the 2020 election. In fact, election officials from both political parties have stated publicly that the election went well, and international observers confirmed there were no serious irregularities. The issues Trump’s campaign and its allies have pointed to are typical in every election: problems with signatures, secrecy envelopes and postal marks on mail-in ballots, as well as the potential for a small number of ballots miscast or lost. With Biden leading Trump by wide margins in key battleground states, none of those issues would have any impact on the outcome of the election. Legal challenges filed by the Trump campaign have complained that their poll watchers were unable to scrutinise the voting process. Many of those challenges have been tossed out by judges, some within hours of their filing; and again, none of the complaints show any evidence that the outcome of the election was affected.

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