11132020 BUSINESS

business@tribunemedia.net

FRIDAY, NOVEMBER 13, 2020

$4.00

$4.03

Ex-landfill manager ‘won’t be driven out’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE New Providence landfill’s former top executive yesterday said he and his company have been “targeted and harassed” in a bid to drive them out of The Bahamas and halt their pursuit of legal claims.

Michael Cox, pictured, speaking to Tribune Business after the Court of Appeal overturned his conviction and fine for working without a valid work permit, said events leading up to those charges being brought against him appeared to be

• Renew chief alleges ‘harassment campaign’ • Says ambushed by attackers outside home • Court overturns work permit conviction

part of “a campaign” being waged against himself and Renew Bahamas.

Pledging that neither himself, nor the UK investors behind Renew Bahamas,

plan “to give up and walk away”, Mr Cox disclosed he had previously been targeted by physical violence involving an ambush outside his home that left him hospitalised when an attacker smashed what he believes was a large rock on his head.

Saying he “feared for my life at the time”, he provided photographs to this newspaper showing a large gash in his head following the attack, as well

as clothing caked in blood from his injuries. Nothing was stolen from him during the assault, which he believes was intended as a warning to back off, as were other incidents that involved tyres on his car being slashed.

No one has been charged over these episodes, with Mr Cox arguing that the Royal Bahamas Police Force has failed to “fully

SEE PAGE 5

FDI fear on latest S&P downgrade

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

AN economist last night warned that investors will likely seek greater tax breaks and concessions as a result of The Bahamas’ latest sovereign credit downgrade.

Rupert Pinder, who lectures at the University of The Bahamas (UoB), told Tribune Business that foreign direct investment (FDI) projects and their sponsors would seek greater compensation for this nation’s higher “country risk” as a result of Standard & Poor’s (S&P) downgrading its sovereign credit to “BB-” from “BB”.

The move, which pushes The Bahamas deeper into so-called “junk” territory, was based on the country’s

• Economist: Investors likely to seek greater concessions • Rating agency says Bahamian economy to shrink 21% • Questions local institution ‘appetite’ for more govt debt limited “fiscal flexibility” due to reforms being too slow prior to the COVID-19 pandemic, combined with the near-total eight month shutdown of the tourism industry and loss of key foreign exchange earnings.

S&P said the immediate economic outlook for The Bahamas had further worsened, with gross domestic product (GDP) for 2020 now projected to shrink by 21 percent - a loss of more than $2bn compared to 2018’s real GDP figure of $10.763bn.

Revealing that Bahamian GDP growth per person will, thanks to COVID-19,

Grand Lucayan ‘turn over’ before end-20

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A CABINET minister yesterday voiced optimism that the Grand Lucayan will be “fully turned over” to the ITM Group/Royal Caribbean joint venture before year-end 2020.

Kwasi Thompson, minister of state for Grand Bahama, said in his national address that the duo’s partnership, known as Holistica, remains “committed” to the hotel’s transformation and that of Freeport Harbour but the project’s start will be delayed

due to COVID-19.

“We are currently reviewing their post COVID-19 development plans and hope to fully turn over the hotel property before the end of the year,” he said, although few specifics or new details were provided.

Tribune Business previously revealed that the government was hoping to close the Grand Lucayan’s sale by December 10, but this will not happen until Royal Caribbean and its joint venture partner have sealed the deal for Freeport Harbour.

SEE PAGE 7

Govt pivots to Cisco MOU on technology hub

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government has signed a Memorandum of Understanding (MoU) with Cisco Systems to lay the education foundation for its technology hub ambitions, a Cabinet minister said yesterday.

Senator Kwasi Thompson, minister of state for Grand Bahama, in his national address said the longtouted agreement would see Cisco help the government develop a so-called Innovation Centre in partnership

with the University of The Bahamas’ northern campus.

“Cisco will also facilitate best practices and technical guidance in order to assist the Government of The Bahamas in building an information and communications technology (ICT) hub as well as to jointly work on marketing events, both domestic and international, and campaigns to position the ICT hub,” he added.

“Through the existing Networking Academy Programme, Cisco will assist

SEE PAGE 7

be -0.11 percent over a ten-year period, S&P also questioned whether prudential/regulatory limits - as well as “appetite” would inhibit institutional investors such as banks, insurance companies and pension funds from buying into the remaining $400m debt the government plans to issue this fiscal year.

The rating agency also suggested the government’s willingness to undertake fiscal reforms, and raise revenues through new and/ or increased taxes, was likely to be constrained by a desire to let the economy recover from COVID-19’s

ravages and the upcoming general election in 2022.

And Mr Pinder also warned that the latest in a series of downgrades by S&P and its fellow traveller, Moody’s, will also have implications for the foreign direct investment (FDI) which the government-appointed Economic Recovery Committee (ERC) made a priority for the country to attract and offset the loss of tourism.

While arguing that The Bahamas remains “an attractive place to invest”, Mr Pinder added: “What

SEE PAGE 6

$4.03

$3.95

‘Hidden agendas’ are slammed over $580m ‘gold mine’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SOUTH Abaco’s chief councillor says “hidden agendas” are attempting to derail a $580m investment project that she believes can transform the area into an economic “goldmine”.

Jacquelyn Estevez, in an October 27, 2020, letter to Candia Ferguson, the Bahamas Investment Authority’s (BIA) director, lashed out at environmental activists and others opposed to the Tyrsoz Family Holdings development and its principal, Ra’anan “Ronnie” Ben-Zur. Decrying newspaper reports, many of which appeared in Tribune Business, detailing concerns about the potential negative impacts the project could have on an area of major wildlife, ecological and environmental significance, Ms Estevez said the South Abaco District Council “fully endorses” the development.

“Despite a number of negative articles circulating throughout The Bahamas in May 2019 by various interest groups with hidden agendas to perhaps frustrate and discourage the investors, and our government to revisit and decline the proposal, my opinion remains favourable in this matter,” Ms Estevez wrote.

“In all of our dealings with Mr Ben-Zur we have found him to be a man of integrity and one that has placed the preservation of the ecosystem surrounding the proposed site as being of the utmost importance and a priority in this regard...

“Being an environmentalist in my own rank it is my opinion that this proposed

investment would impact the Bahamian economy positively, attract tourists to our shores, open up added gateways to the island, create jobs, enhance our national parks, wetlands, coppices, feeding and fishing grounds with minimal damage, all elements of this investment working for the overall good of The Bahamas and our Bahamian families.”

Environmental activists spoken to by Tribune Business yesterday voiced surprise to learn that Ms Estevez had described herself as an environmentalist.

One source, speaking on condition of anonymity, said the just-published Tyrsoz Family Holdings Environmental Impact Assessment (EIA) was still being reviewed.

However, they argued that a preliminary inspection had revealed several gaps and omissions for a development they fear could end up becoming another among many incomplete Family Island resort projects that are scattered throughout the Family Islands.

“What we’re all fearful of is this becomes another Ginn project, and we know what happened with Ginn,” the source said. They added that the EIA appeared to have missed the historical ruins of the settlement, known as Alexandria, that was built in the 1840s to house the Hole in the Wall lighthouse keepers, while the area’s “more than 19 species of warbler have been glossed over.

“It didn’t pick up on one of them,” they added.

“They haven’t done enough

SEE PAGE 4

PAGE 2, Friday, November 13, 2020

THE TRIBUNE

Stepping up to tackle COVID education woe

T

HE COVID19 pandemic has created the greatest-ever disruption of education systems in world history. It has affected nearly 1.6bn learners in more than 190 countries.

Closures of schools and other learning spaces have impacted 94 per cent of the world’s student population, a figure that rises to 99 percent in developing countries.

The Bahamas is certainly no exception. Tens of thousands of students now confined to home are struggling to adjust to the new normal. The anonymity of classroom instruction with no teacher present; the absence of books and other school supplies; the lack of internet services; and the lack of peace and quiet in the home, combined with little to no positive reinforcement and encouragement to achieve, has exacerbated a dilemma that will result in years of social struggle.

I have laid the case for a dire trajectory, and a bleak future for the educational health and well-being of our nation, if only to shock us all into the reality that ‘something must be done’.

The business community must rise to the occasion in helping fill the gap for thousands of students who are now more disadvantaged than ever before.

Here is how we can rise to the occasion and help resolve this national educational crisis: 1. Provide Internet wireless services for the children of employees and others in the business community. With so many parents struggling to keep food on

IAN FERGUSON BY

the table, internet services and even electricity - seem a luxury. Arranging with Internet service providers (ISPs) to offer special community rates is a noteworthy gesture during this time.

2. Provide tablets and computers for students.

Internet services without instruments are useless.

Perhaps this is a good time to donate the used systems to parents struggling without resources.

3.

Provide student secured stations and packages. Any remote employee will tell you that of great concern is finding a quiet station to do work. Students are no different. The slightest disruption on the bed, in the front room or in the kitchen causes the child to lose focus.

4.

Provide tutoring services in literacy and numeracy. Every little bit helps. Hire a tutor who will help with the basic subjects, and let your employees know you are concerned about them and

their children.

5. Provide scholarships for students. We must not forget that many graduates are leaving in this economically-depressed time. A $1,000 college advance for a senior accepted to a college or university is a tremendous help to the parent and economy.

6. Provide incentives for parents with children who are excelling. Twenty dollars for every report card “A” gives great motivation to parents with school age children. This also provides support and encouragement for others who are not as focused on their children.

7. Public recognition of parents who are excelling. Awards celebrations, newspaper write-ups and anything that will bring exposure to parents stepping up to the plate will provide motivation for increased parental support.

8. Provide parents with flexible working hours to allow them time for education. In cases where employees can complete assignments on weekends or in the afternoon hours, workers should be allowed to give focused time in the morning to settle their children for a successful day at school.

• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Friday, November 13, 2020, PAGE 3

Govt to acquire 400 acres for new Long Island airport

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE bidding process to select a contractor to build Long Island’s new international airport, which will have runway 2,000 feet longer than the present version, will be launched by January 2021 at latest.

Adrian Gibson, Long Island’s MP, told the Long Island Business Outlook webinar that the island has long “desperately needed an international airport that could cater to large local and international aircraft, and direct flights from North America, South America, etc, much like San Salvador, Eleuthera, Exuma and Abaco.

“The lack of airlift has held Long Island back,” he added. “An international airport would greatly assist in the expansion of our tourism product. The airport, quite honestly, is the catalyst for Long Island’s growth.

“The new international hub would represent the turnaround. The economy of Long Island desperately needs the international airport. Its construction would lead to an economic boom on Long Island, with construction activity likely picking up, new spin-off businesses, with top companies, restaurants, the bars, the shore and ground vendors, the fishing all taking off.

“This is the stimulus that the Long Island economy needs. I am pleased to note that architectural drawings, a survey plan and addenda documents are being drawn for the construction of a new $18m international airport. The tender for the new airport is expected to be published in December 2020 or January 2021, and the construction of the new airport is expected to begin early next year.”

Algernon Cargill, the Ministry of Tourism and Aviation’s director of aviation, said there were many

ALGERNON CARGILL airports still “1,000 percent better than what we have in Deadman’s Cay. You all know that the runway is currently not long enough to accommodate direct flights internationally from North America, and that’s one of the major improvements we’re doing”.

He added: “The Department of Aviation has undertaken a survey by a land surveyor to identify the land that the government needs in order to expand the airport. This survey is completed.

“When the government moves to finalise the land acquisition, you will all be notified about the process, and certainly the process of compensation. So you can see quite a lot of land, over 400 acres, will be acquired for the Long Island International Airport at Deadman’s Cay. “The airport is split into two separate projects. One is the air side, and when we say air side, we refer to the runway and the aprons.... anything that’s not the building. Our design aircraft is the Embraer 190 that can accommodate approximately 100 passengers. This is the the regional jet that American Eagle, for example, fly all across North America,” Mr Cargill said.

“The current runway is 4,000 feet, and our goal is to expand the runway to 6,008 feet rather than 6,500 feet, and increase the width to 100 feet. This project has an estimated budget for the air side only of $10.1m, and it will be going out to tender by the end of December 2020.”

MP pushes for bank shared service hubs

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net LONG Island’s MP yesterday urged Bahamian commercial banks to created shared services hubs that will cater to multiple Family Islands rather than abandon these locations completely.

Adrian Gibson, pictured, also executive chairman of the Water and Sewerage Corporation, told the Long Island Business Outlook webinar that Scotiabank’s decision to exit four Family Islands over the next four months would further undermine the ability of residents to access financial services.

“The recent revelation by Scotiabank that they intend to exit those branches on Long Island, Exuma, Andros, Abaco and Paradise Island has caused much consternation, I understand, particularly given that our population is middle aged [and] elderly,” Mr Gibson said. “I believe that this will affect my constituents greatly.

“As I told Scotia, there are many who are also challenged with Internet access and digital literacy. Let me note that I’ve written to the minister of finance to suggest that Bank of The Bahamas (BOB) be domiciled on Long Island to ensure that residents have this banking option as Scotia closes its branch in four months.”

K Peter Turnquest, deputy prime minister and minister for finance, told the House of Assembly last week that replacing Scotiabank’s closing branches with Bank of The Bahamas’ locations is “unlikely to be a viable option”.

And Roger Archer, Scotiabank (Bahamas) managing director, had previously contradicted Mr Gibson’s concerns over Internet access and digital illiteracy by asserting that 93 percent of transactions at the five branches it plans to close are now being

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

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

11/16/2020

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

conducted over self-service or digital banking channels.

However, Mr Gibson argued that the commercial banks needed to merge their Family Island branches into shared services hubs. This, he suggested, would reduce costs and generate greater efficiencies while enabling them to continue serving these markets.

“That need for Bank of The Bahamas to have a physical presence on the island will ensure that residents are not unbanked, and we also note that I’ve heard from the managing director and the retail director of Scotiabank, and they have assured me the automated teller machine will remain on the island,” Mr Gibson said.

“Islanders will be able to withdraw funds, deposit funds, pay credit cards, etc, and that they will fly into service; that they’ve also assured me. They will provide customer assistance in training business persons

and the elderly to prepare them for the digital platform, and they will maintain their credit card machines and business relations with Long Island business operators.

“I’m of the view that the commercial banks should consider creating banking hubs on the islands, where they share the cost of space under one roof and can carry some of their regular services and multiple brands under the same roof.”

As for ongoing water infrastructure works in Long Island, Mr Gibson added: “I’ve charged the corporation’s management to review their strategies for provision of affordable water supply for residents where we have not already reached.

“When it’s all said and done, only about ten percent of the population does not have access to potable water. We will be working on those as well. We know that we will also be establishing a commercial office in north Long Island as we expand the system and bring new customers on to the system.”

He continued: “In recent weeks, several pieces of equipment have been taken to Long Island to commence the first phase of the roadworks on the island. A

$4.3m project was awarded to Bethel’s Trucking and Heavy Equipment. This is the first phase of the road paving exercise. I look forward to seeing them again in short course.

“The road to the monument, and development of that cultural and economic site, is substantially complete. A $500,000 bridge connecting the eco-touristic haven, Newton’s Cay, to Long Island is also completed and serves as a major tourist attraction.”

Mr Gibson lamented that Long Island’s Road Traffic office remains closed following the death of its sole employee. “I, too, have a rental car business, and I understand the importance of having access to licensing.

I’m pleased to announce that I’ve been in talks with Dion Foulkes (minister for transport), and the Cabinet has approved the hiring and training of a number of persons to man local road traffic offices.

“Moreover, a new Road Traffic office will also be opened in Deal’s, which will complement the office in Hamilton’s. We expect those offices to be opened in short course. Those offices will be equipped with brand new printers for the printing of driver’s licenses and other modernised features.”

PAGE 4, Friday, November 13, 2020

THE TRIBUNE

ENTREPRENEURS WARNED TO BRACE FOR MODEL CHANGES

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

ENTREPRENEURS were yesterday urged to radically adjust their business models if they are to survive the COVID-19 pandemic’s fall-out and emerge into prosperity on the other side.

Michael Cunningham, the Bahamas Entrepreneurial Venture Fund’s chairman, told the Long Island Business Outlook webinar: “I want to highlight six factors

that should be considered.

One is to change your business model. What you were doing in the past may no longer be relevant today.

“What does changing your business model mean?

It may mean diversifying your operation. You may have been a service-oriented operation. It may mean being a retail plus a service-oriented operation.

It may also mean that you are servicing and providing services or products during various hours of the day. That may no longer

be practical, so you may need to change the way you deliver your service and the way that you deliver your product as well.”

Mr Cunningham added that some companies may also need to change their location, as their present site may not be attracting the type of traffic it enjoyed pre-COVID-19.

“Understand your market,” he said.

“If you don’t understand your market you certainly will die.

“We have been encouraging a number of our clients

on our portfolio to consider these factors because we’re trying to get them through a period they have never experienced before, and we have never experienced before, but we have a little history in being around during 2008 and now we have this.”

Mr Cunningham continued: “We have discovered that a number of entrepreneurs certainly have knowledge in providing the type of service they send to the market, and the price that they are selling

to the market as well, but they don’t understand the numbers.

“That is very important.

They shy away from engaging an accountant to even help to explain the numbers. In a pandemic you need to understand what the numbers mean.”

He added: “Fourth, don’t only think global but take your operation globally to the international market.

The Bahamas Entrepreneurial Venture Fund has been around for some time.

We have been very quiet,

‘Hidden agendas’ are slammed over $580m ‘gold mine’ FROM PAGE ONE homework on this one. The source also raised questions over the $29m environmental bond that Tyrsoz Family Holdings will now have to post under the new EIA regulations, and queried how the project would attract sufficient construction workers when Abaco is already suffering shortages in this area.

Ms Estevez, though, told the BIA that the council does not share these concerns. She said it “shares the vision of the developer, and has sent numerous writings to our past and present governments for many years requesting varying partnerships in our

quest to make South Abaco the leading touristic destination in the region.

“We still opine that the South Abaco District is a gold mine with so many natural resources available throughout the South Abaco district that, once harvested and manufactured can be additional contributors to our fiscal revenue, income increase and poverty reduction,” she added.

“It is the Board’s opinion that partnering with Tyrsoz Family Holdings will bring restoration to the declining economic growth of South Abaco and thus have an immense impact on the social and economic climate for the good people of Abaco.

LAND development plan for Tyrsoz’s South Abaco project.

“This development will not only bring about change and stability to a declining economy that was left from the 1990s to survive on its own, worsened from the impact of the pandemic and a devastating hurricane last year, and is in dire need of a stimulus, but it will bring back stability through the creation of jobs and startups of new businesses.”

Ms Estevez urged the Department of Environmental Planning and Protection to “expedite” approvals for the project in a letter that was copied to Mr Ben-Zur, and is now being used as part of his marketing. The letter resembles a similar one she sent to Nicole Campbell in the Prime Minister’s Office in April 2019.

Cindy Pinder, of Sustainable South Abaco, this week told Tribune Business 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

but there are a number of companies that have received funding from this institution and are now global. They are now international companies and that’s our focus.

“The last thing is that you need a disaster recovery plan. What do you have in your operation that’s a plan for when something like this happens, so that you can be able to recover very quickly and become profitable to sustain your operation until things change.” 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.”

To advertise in The Tribune, contact 502-2394

LEGAL NOTICE

LEGAL NOTICE

LEGAL NOTICE

NOTICE

NOTICE

GRUPPO ZECCA BAHAMAS LTD. ____________________

CHANESGRO CORP. (In Voluntary Liquidation) Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the above-named Company is in dissolution, which commenced on the 31st day of August, 2020. The Liquidator is Dillon R. Dean of Nassau Bahamas.

Norzen PTC Ltd.

NOTICE IS HEREBY GIVEN as follows: (a)

Norzen PTC Ltd. is in dissolution under the provisions of the International Business Companies Act 2000.

(b)

The dissolution of the said Company com menced on the 11th 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. Beryn Neeley of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas.

Dated 13th November 2020

Dillon R. Dean (Liquidator)

H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

LEGAL NOTICE International Business Companies Act (No. 45 of 2000) AS Investments Ltd. (the “Company”) In Voluntary Liquidation Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), AS Investments Ltd. (the “Company”) is in Dissolution. The date of commencement of the Dissolution is the 11th day of November, 2020. Luciane Ribeiro Moreno is the Liquidator and can be contacted at Rua Afonsa Braz, 747, AP 41D, Vila Nova Conceição, CEP 04511-011, São Paulo – SP, Brazil. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before the 11th day of December, 2020.

Luciane Ribeiro Moreno Liquidator

NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of the Shareholders of GRUPPO ZECCA BAHAMAS LTD. is hereby called to be held in Nassau, Bahamas, on the 4th day of December, 2020 at 12 o’clock in the forenoon. The object and purpose of said meeting is to have laid before the Shareholders of the Company the accounts of the Liquidator, Delano Aranha, showing the manner in which the winding up of the Company has been conducted and also to hear any explanation that may be given by said Liquidator.

Dated the 13th day of November, 2020 Delano Aranha LIQUIDATOR of GRUPPO ZECCA BAHAMAS LTD.

THE TRIBUNE

Ex-landfill manager ‘won’t be driven out’ FROM PAGE ONE

investigate”. While not identifying anyone he suspects of orchestrating the “campaign” against himself and Renew Bahamas, he also showed this newspaper a message he received immediately after his deportation from The Bahamas was ordered last October.

“Bye, bye. I told you you were under-estimating me,” read the note to Mr Cox, which came after he and his uncle, Maurice, were found guilty of breaching the Immigration laws by working without a valid work permit.

“We feel we’re being targeted and harassed. We genuinely believe there’s an attempt to force us not to follow through on the issues with Renew,” Mr Cox told Tribune Business after the Court of Appeal overturned that conviction.

“All this [the work permit case] happened without any evidence and on the basis of a phone call from an unknown person. It was a set-up, and we were framed by someone who was trying to get us to give up and walk away. That’s not going to happen. That’s not the person I am, and it’s not the person the [Renew] investors are. It’s not something we’re walking away from under any circumstances.

“It’s just a campaign of harassment against a British national and foreign investor. Someone out there is co-ordinating all this. It’s not just a coincidence. We’re not walking away, we’re not giving up.

I’m still the chief executive, and we are going to continue through all the different legal processes we need to go through, as are our UK investors as well.”

Mr Cox hit out after Appeal Court Justice Jon Isaacs, in an oral verdict, blasted both senior magistrate, Carolyn Vogt-Evans, and the director of public prosecutions/Attorney General’s Office, for the verdict and the way the case was handled.

Finding that the magistrate had made “a fundamental error” in ruling that Mr Cox and his uncle were working without permits, Appeal Justice Isaacs said there was “an obvious dearth of evidence” and “no prima facie case” that the duo were working.

“There is an obvious dearth of evidence to raise even a prima facie case that the appellants were somehow engaged in gainful occupation. This is a criminal matter and, as in all criminal matters, the prosecution is required to prove beyond a reasonable doubt that the essential elements of the offence are disclosed and are present,” he wrote.

“As indicated, there is not even a prima facie case that either Maurice Cox or Michael Cox was engaging in gainful occupation.

What is disclosed is that both men were found at a site which apparently dealt with metals and heavy machinery; that both were dressed in a manner which suggested that they were working. While that is entirely suspicious, it

does not rise to the level of proof of engaging in gainful occupation.”

In ordering that Mr Cox be refunded the $3,000 fine he paid, Appeal Justice Isaacs added: “In view of the court’s decision that this is a fundamental error on the part of the magistrate, and in our view a basic error, this decision, as an extemporary decision, will be the decision of the court.

We do not intend to write.

“For future reference, those public authorities, when seeking to prosecute persons for breaches of their particular statutes, ought to confer with those persons more learned in the law, more au fait with the law out of an abundance of caution.”

The initial probe into the two men had resulted from a tip-off to the Immigration Department. However, the magistrate court proceedings revealed that an application to renew Mr Cox’s work permit had already been made to the Department at the time he was picked up.

And, despite the case against him, that permit and subsequent renewals have all been approved.

Renew Bahamas, of which Mr Cox is still chief executive, has remained fully incorporated as it works its way through various legal claims involving both private entities and the government.

It has also been paying-off sums owed to Bahamian creditors prior to it walking away from the landfill management deal it signed with the former Christie administration in late 2016.

Renew Bahamas cited the contract’s “force majeure” clause, which deals with “unforeseeable circumstances” that prevent either party following through on their obligations, as its rationale for the break.

However, Tribune Business understands that the ex-landfill manager has launched legal proceedings over what it believes are “material breaches of the contract” by the government.

Mr Cox yesterday confirmed there was “an ongoing arbitration process” involving Renew Bahamas and the Government, but declined to say more citing a non-disclosure agreement (NDA). Carl Bethel QC, the attorney general, also acknowledged that the matter was live but refused to comment further.

However, this newspaper understands that Renew Bahamas is seeking what could turn out to be an eight-figure sum against the government via an arbitration proceeding that is currently before retired Justice Jeanne Thompson. The former landfill manager is thought to be arguing that the Christie administration never met its obligations, thereby leaving Renew Bahamas unable to perform.

To advertise in The Tribune, contact 502-2394

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.

Tribune Business has seen legal documents confirming that Renew Bahamas has settled debts owed to the likes of Mediterranean Shipping Company (MSC) and local contractors, and both itself and Mr Cox are also pursuing their own claims against private entities and individuals here.

“We’ve won all seven of the nine cases so far in the courts, and have two more to go,” Mr Cox told this newspaper. “We’ve fought everything, and paid-off all the Bahamian debtors. There’s two more to go through but we’re getting there. We’ve been working, keeping our heads down and are confident we’ll get everything cleaned up and get a clean slate. There’s been huge progress.”

He added that Renew Bahamas had also seen off a $5m claim by Massachusetts-based American Paper Recycling, which had sought to obtain summary judgment via the Supreme Court.

Friday, November 13, 2020, PAGE 5

BAHAMAS FACES TOURISM CATCH-UP

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas is playing catch-up to Caribbean tourism rivals who avoided lockdowns and continued operating throughout COVID-19, a top official yesterday.

Ellison “Tommy” Thompson, the Ministry of Tourism’s deputy director-general, told the Long Island Business Outlook webinar that it has been working to get “brand Bahamas out there into the marketplace” from midSeptember 2020.

“A lot of countries did not go into lockdowns,” he said.

“For example, the Dominican Republic, Cuba and Cancun have been doing business right through. We are now getting out there in terms of working with the airlines, our tour operator partners and getting the word that The Bahamas is back out there and putting the brand Bahamas back into the forefront.

“Then, for the third phase in 2021, that’s when we are going to go full force in terms of our marketing along with the private sector.”

Matthew Brear, general manager of Long Island’s Cape Santa Maria resort,

ELLISON THOMPSON said: “The primary thing is that we have 100 percent committed ourselves to the clean and pristine initiative introduced by the Ministry of Tourism, and regulated by the hotel licensing department.

“I must admit that when I heard of the clean and pristine programme, I gave a bit of an eye-roll and a grumble, but now we have developed a safety plan and we had rolled it out successfully on July 1. I have seen the positive impact it has had on our business, and not just the physical plan like Plexiglas shields and hand sanitiser stations and signage, or our staff wearing masks and doing daily temperature checks and doing things socially distant, but the extraordinary bi-product of all of this is the positive PR our commitment to the clean and

pristine programme has impressed on our guests and the general public.

“Our product is not simply our amenities or our product, but our product is Long Island in its entirety,” said Mr Brear. “We are selling a Long Island experience. Never before has it been so important for Long Island tourism stakeholders to offer a consistent message of collective commitment to the health and safety of our guests.”

Explaining how he would market the “Long Island experience”, Mr Brear added: “At Cape Santa Maria over the last few years our focus has been on social media platforms like Facebook and Instagram. That has been by far our most successful campaign.” He said that these social media platforms have generated the most positive feedback from potential visitors.

Further highlighting the potential advantage Long Island has moving into next year Mr Brear said most travellers now want to avoid large cities as a result of the COVID-19 pandemic. This, he added, gives Long Island a strategic advantage from a marketing perspective as a “remote” location.

PAGE 6, Friday, November 13, 2020

FDI fear on latest S&P downgrade

FROM PAGE ONE

you are going to find happening as a result of this downgrade is that investors will say to you there is greater country risk. Therefore, they will be looking for a higher level of return, and those higher returns will come by way of their ability to lower their cost of investing.

“And that will come through putting pressure on you in terms of subsidies. It does factor into the risk profile of the country.”

S&P, justifying its latest

action, said: “The country’s fiscal measures have evolved slowly, and we expect the pandemic will hinder meaningful public finance reform, while large fiscal deficits and a high debt burden increase funding pressures.

“The dramatic decline in tourism is having a major impact on The Bahamas’ economy and government finances that is larger than anticipated.” S&P maintained its ‘negative’ outlook on The Bahamas on the basis that there was “at least a one-in-three chance” that another downgrade will occur next year.

It warned this would occur “if the economic recovery in 2021 is weaker, or more prolonged, than our base case due to challenges related to COVID-19 containment measures or a longer-term fall in tourism”. Persistently high fiscal deficits at the present level, difficulties encountered by the government in obtaining financing and an inability to address “weak public finances” are other factors in the mix.

“The Bahamas entered the pandemic with little fiscal flexibility owing to its sustained budgetary imbalances and high

debt burden,” S&P said.

“Although successive administrations have identified the need to reform the country’s finances, reforms have been slow and failed to eliminate fiscal deficits.

“The failure to implement timely fiscal reform and strengthen public sector finances has meant the country has limited liquid financial assets to deploy during the pandemic. At the same time, The Bahamas faces financing risks as it seeks to fund large pandemic-related fiscal deficits and refinance existing debt.

“We have lowered our institutional assessment of The Bahamas due to the political challenge of addressing shortcomings in public finances in an uncertain economic climate over the next one-two years.”

As for the real economy, S&P added: “COVID-19 has triggered an economic shock that is more pronounced in tourism-dependent countries like The Bahamas. The country’s important tourism sector was shut down in March. Although it has since slowly reopened, arrival levels remain dramatically lower than usual.

“The loss of tourism revenue worsens an alreadystrained external position.

At the same time, a high debt burden limits the country’s fiscal flexibility, while the currency regime limits monetary policy flexibility.

We believe the economic impact of the pandemic remains a considerable risk to The Bahamas. Consequently, we have maintained our negative outlook.”

S&P’s assessment did not appear to factor in the recently-announced

December re-openings for Atlantis and Baha Mar, and the collective return to work of 4,500 employees. It added: “Since our review in April, we have revised our economic growth expectations for The Bahamas, and now believe that the economy will contract 21 percent in 2020, before a more gradual recovery begins in 2021.

“Although we believe it will take several years for nominal GDP to reach prepandemic levels, the country will benefit from its strong marketing presence and easy access for visitors from its main source market, the US. “We expect 2020 GDP per capita will be $28,400, and the weighted-average real GDP per capita trend growth over a ten-year period will be negative 0.11 percent, which is below that of sovereigns in the same GDP category.”

Noting that the government had suspended the targets set out in the Fiscal Responsibility Act following Hurricane Dorian, S&P added that it was working on policies and legislation to support this goal rather than implementing “material revenue measures or sustained expenditure cuts”.

“Moreover, the current economic environment and upcoming election in 2021 [2022] make difficult fiscal reforms unlikely in the short term,” the rating agency said. “The ongoing delays and failure to advance reform in key sectors of the economy will make it more challenging for the government to finance larger fiscal deficits and promote balanced economic growth over the longer term.”

PUBLIC 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.

THE TRIBUNE While backing the government’s projected $1.3bn deficit projection for the 2020-2021 fiscal year, S&P added: “We believe the weak economy could limit the government’s ability and willingness to raise revenues through additional tax measures.

“The fiscal deficits will propel the government’s net debt burden to about 69.5 percent of GDP by the end of 2021, while interest payments will remain above 15 percent of government revenues for three or more years.

“We expect The Bahamas will finance its deficit with a combination of domestic and external borrowing.

In the past few years, most government borrowing has been from domestic institutions. However, commercial banks’ exposure to the public sector is now close to 20 percent of their assets and they might have less ability or appetite to absorb additional exposure.”

The Ministry of Finance, responding to S&P’s action, last night issued a statement saying the government was “weighing policy options” based on how tourism performs between now and year-end, although the rest of the release bore little relation to this.

Acknowledging that the decline in tourism earnings, due to the sector’s longerthan-expected shutdown amid COVID-19 lockdowns and curfews, the Ministry said this had resulted in “larger than expected deviations from established fiscal targets”.

K Peter Turnquest, deputy prime minister and minister of finance, said: “The government remains committed to meaningful public finance reform. We have accelerated our legislative reforms to strengthen the country’s fiscal framework, and we are following through on structural reforms in the coming months to significantly strengthen accountability and transparency in fiscal and procurement matters.

“We cannot forget that the Bahamian economy is experiencing unprecedented shocks from two catastrophic external events.

Nevertheless, we remain confident in the economy’s ability to rebound and our commitment to restoring fiscal balance over time.

“The Bahamas’ vulnerability to severe external shocks has been apparent throughout this crisis, but we are in the same boat as most countries around the world. It remains to be seen just how deep and prolonged the impact of this economic crisis will be. The government is taking proactive and prudent steps to meet its obligations and to plan for the recovery.”

THE TRIBUNE

Friday, November 13, 2020, PAGE 7

Grand Lucayan ‘turn over’ before end-20

FROM PAGE ONE Dionisio D’Aguilar, minister of tourism and aviation, previously confirmed that ITM Group and the cruise line want to seal “the entire transaction at once” to protect their commercial interests and not hand an advantage to either Freeport Harbour Company or the government.

“We would obviously like to conclude the entire transaction at the same time,” Mr D’Aguilar told this newspaper. “So, yes, ITM wants to conclude the entire transaction at once. They don’t want to close on one part of the deal and the other part of the deal is still pending.”

The minister’s confirmation adds another twist to long-running negotiations that are attempting to get an agreement perceived as vital to Freeport’s economic and tourism revival over the line amid the devastation inflicted by the COVID-19 pandemic.

The ITM Group/Royal Caribbean joint venture, known as Holistica, is understandably reluctant to close the Grand Lucayan’s purchase without first sealing an agreement with Freeport

with the government awaiting receipt of the cruise line’s post-COVID-19 plans. “It is expected that the project will lead to 1,000 jobs during construction and between 500 and 1,000 jobs post-construction,” he added.

There was also little new with respect to Grand Bahama International Airport, where talks with

Hutchison Port Holdings and the Grand Bahama Port Authority were continuing in a bid to “reach an agreement on the best way forward in rebuilding a world-class airport”.

“In the interim, a temporary structure is open and fully functional, operating regular daily international and domestic flights. However, in addition to the existing facility work continues to proceed on the expansion of the temporary facility. This new facility is 8,500 square feet, adding to the existing 8,200 square foot facility,” Mr Thompson said.

“Once completed there will be 350 seats total, and a new combined Customs and Immigration arrival hall.

The airport will be able to accommodate some 350-400 passengers. The project is currently more than 85 percent completed.

“The airport will require a long-term sustainable rebuilding plan. It has been destroyed by hurricanes several times. The airport has been rebuilt three times in the last seven years,. which signifies that a greater plan must be put into place.

However, even as we work toward the final product, we are indeed accessible.”

However, the renewed focus on education and training appears to be an indication that the government has pivoted its efforts towards developing a skilled Bahamian technology workforce that will prove attractive to the industry and encourage companies to domicile in this nation.

The Minnis administration had initially focused on attracting the businesses to Grand Bahama, employing a “top down” as opposed to “bottom up” strategy for building the technology hub, workforce development representing the latter.

However, the initiative has been marked by several high-profile failures, with GIBC Digital, hailed as the “poster child” for the initiative, closing its physical office and laying off staff.

“We also will continue the BTVI ICT Skills Development Programme, which is a three-year programme designed to train students leaving the ninth grade up until the time they are in 12th grade, with the view that they would graduate with tech-related certifications - already in a position to launch their own businesses or have a head-start for further studies,” Mr Thompson added.

“Cohort I started in summer 2018, Cohort II began in summer 2019. The programme was offered at both BTVI Grand Bahama and Nassau campuses. To date there have been some 300 students successfully trained in this programme with an additional 100 that will be added this year.”

THE GRAND LUCAYAN RESORT IN FREEPORT, GB. Harbour Company, and its 50 percent shareholder and manager, Hutchison Whampoa.

Securing the hotel without the harbour, and the proposed additional cruise berths and water-based adventure theme park, would hand the advantage to Hutchison. Knowing that ITM/Royal Caribbean

To advertise in The Tribune, contact 502-2394 PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, DEANN BAIN AND VERNARD LOCKHART of Boatswain Hill Nassau,The Bahamas, P.O. Box, SB-50112. Parent of AMINAH DEVEA BAIN A minor intend to change my child’s name to AMINAH DEVEA LOCKHART If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE NOTICE is hereby given that ADELINE JOSEPH SAINTIDOR of Highbury Park, Soldier Road Nassau, Bahamas., is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 6th 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 DALIN LUBIN ODEUS of Knowles Drive off Tonique Darling Highway 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.

NOTICE

NOTICE is hereby given that DALINN LUBIN ODEUS of Knowles Drive off Tonique Darling Highway 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.

will now be desperate to tie down terms for the harbour to complement the Grand Lucayan, Hutchison could seek to alter the deal to its commercial advantage and extract extra concessions from the joint venture.

Thus ITM/Royal Caribbean’s interest in sealing both aspects of its $300m project simultaneously.

However, sources familiar with developments, speaking on condition of anonymity, argued that the government has done too little to push Freeport Harbour Company and Hutchison to close their end of a complex deal.

Mr Thompson, meanwhile, said Carnival Cruise Line’s separate port project was in the permitting stage,

Govt pivots to Cisco MOU on technology hub FROM PAGE ONE in training 100 software developers to build in-country talent based on Cisco standards which are recognised around the globe.

“Also, those participants can access Cisco’s Talent Bridge platform in order to identify possible job openings on Cisco and some of its partners. CISCO and BTVI (Bahamas Technical and Vocational Institute) have already began the training for this programme, and applications will be

available in December for the launch date in January.”

The government’s efforts to establish Grand Bahamas as a so-called “technology hub”, unveiled with much fanfare in the post-2017 general election “Speech from the Throne”, appear to have stalled with the Cisco MoU a seeming attempt to revive it.

Mr Thompson conceded earlier this year that the “technology hub” proposal “continues to be a work in progress” but was something the government is “very, very dedicated to”.

MARKET REPORT www.bisxbahamas.com

THURSDAY, 12 NOVEMBER 2020

BISX ALL SHARE INDEX:

CLOSE

CHANGE

2066.30

-0.65

%CHANGE

YTD

YTD%

-0.03 -165.30

-7.41

(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 5.00 5.92 2.70 4.75 3.50 5.60 11.06 2.10 3.85 9.60 7.50 13.04 3.20 8.15 13.90

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 0.90

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

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

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

BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

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

52WK LOW 100.00 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

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

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

SYMBOL FBB22 BFHB

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

MUTUAL FUNDS

MARKET TERMS

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

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407

LAST CLOSE 4.05 17.43 1.62 1.63 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

CLOSE 4.05 17.43 1.62 1.63 1.67 5.00 6.75 2.99 4.75 3.65 5.99 11.26 2.17 6.22 10.40 8.44 14.30 3.94 8.30 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 (0.50) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.12) 0.00 0.00 0.00 0.00 0.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

VOLUME

93,000

12,000 1,000

1,500

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

5 55 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 16.1 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% 3.15% 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

Friday, November 13, 2020, PAGE 9

Haze surrounds cannabis bill as leaders discuss taxes TRENTON Associated Press A HAZE hung over New Jersey’s recreational marijuana legalisation effort yesterday as negotiations over taxes delayed required legislation.

Democrat-led Assembly and Senate committees had planned to consider legislation setting up the recreational marijuana market, just over a week after voters overwhelmingly approved recreational marijuana on the ballot.

A critical vote had been scheduled for yesterday, but

has been held up as Assembly Speaker Craig Coughlin, Senate President Steve Sweeney and Gov Phil Murphy — all Democrats — discuss at what level the substance should be taxed, according to Senate Budget Committee Chairman Paul Sarlo and Assembly Appropriations Committee Chairman John Burzichelli.

The 216-page measure lawmakers were supposed to consider this week is a thicket of technical details and jargon. It was set for a vote on the floor of both chambers for Monday, but lawmakers say that’s also expected to be held now. Still, the delays are expected to be worked out as early as next week.

Murphy and Coughlin have said they support an excise tax, which applies to specific goods or services and

which consumers ultimately pay. Legislation that all three leaders agreed on last year but that ultimately stalled included a $42-per-ounce tax.

It’s unclear if that’s the level being considered again.

“If we get the tax formula wrong, the only people who are going to win will be the bad guys on the street,” Burzichelli said. That’s because marijuana bought outside the legal market could be much cheaper if the tax rate is too high.

Coughlin’s and Sweeney’s spokespeople said negotiations are continuing. A message seeking comment was also left with Murphy’s offices.

As discussions continue, members of the Legislative Black Caucus are pushing for a portion of any tax levied to be reinvested in their

communities. They have been a driving factor on legalisation because Black communities disproportionately face legal consequences from the prohibition of marijuana prohibition.

“The voters gave their view,” said Assemblywoman Shavonda Sumter, the vice chair of the caucus said. “We need to see enabling legislation that allows money to go to restorative justice for all the gross, negligent inequities of the War on Drugs.”

That amounts to using 70% of proceeds for programs aimed at preventing violence and supporting families as well as mental health in Black communities, she said — “all those things that there’s never enough money to fund”.

Assemblyman Jamel Holley, a fellow caucus

member, said he thinks such a measure would be necessary to gain the governor’s support.

“The social justice component of legalisation was the driving force,” he said.

“I cannot imagine that the governor would sign legislation that does not show a level of relief for impacted communities.”

It’s unclear how soon the market could be up and running, but the legalisation measure says that the commission will adopt rules for the transition to a recreational marijuana marketplace in six months at the latest after the bill is signed into law. A month after that, the commission will begin accepting and processing applications for licenses.

The legislation also tasks the state’s Cannabis

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 84° F/29° C Low: 66° F/19° C

TAMPA

TONIGHT

SATURDAY

SUNDAY

MONDAY

TUESDAY

Mostly sunny and comfortable

Mainly clear

Nice with plenty of sun

Mostly sunny and nice

Mostly cloudy

Clouds, a t‑storm possible; breezy

High: 85°

Low: 76°

High: 84° Low: 76°

High: 84° Low: 75°

High: 84° Low: 75°

High: 82° Low: 72°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

95° F

85° F

93°-79° F

91°-79° F

90°-76° F

86°-70° F

High: 83° F/28° C Low: 68° F/20° C

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

N

almanac

E

W

ABACO

S

N

High: 83° F/28° C Low: 75° F/24° C

4‑8 knots

S

WEST PALM BEACH High: 84° F/29° C Low: 75° F/24° C

6‑12 knots

FT. LAUDERDALE E

W

FREEPORT

High: 85° F/29° C Low: 76° F/24° C

N

S

E

W

High: 83° F/28° C Low: 75° F/24° C

MIAMI

High: 86° F/30° C Low: 75° F/24° C

7‑14 knots

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 ................................. 87° F/30° C Last year’s low ................................... 71° F/21° C Precipitation As of 1 p.m. yesterday ................................. 1.54” Year to date ............................................... 66.31” Normal year to date ................................... 36.99”

ELEUTHERA

NASSAU

High: 85° F/29° C Low: 76° F/24° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 85° F/29° C Low: 75° F/24° C

N

KEY WEST

High: 82° F/28° C Low: 76° F/24° C

High: 86° F/30° C Low: 75° F/24° C

N

S

E

W

4‑8 knots

S

7‑14 knots

ANDROS

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

uV inDex toDay

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

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

Thursday

3.3 2.5

4:25 a.m. ‑0.1 5:25 p.m. 0.1

10:50 a.m.

11:19 p.m.

sun anD moon Sunrise Sunset

6:25 a.m.

5:23 p.m.

Moonrise Moonset

4:30 a.m.

4:27 p.m.

New

First

Full

Last

Nov. 14

Nov. 21

Nov. 30

Dec. 7

CAT ISLAND

E

W

Regulatory Commission, which currently oversees the medical marijuana industry, with overseeing and regulating the new marketplace. It sets up six classes of license: for growers, processors, wholesalers, distributors, retailers and couriers.

While an excise tax is still up for grabs, the ballot question calls for the state’s 6.625% sales tax to apply.

The measure also permits towns to levy taxes of up to 2% on different parts of the marijuana market, where wholesalers or retailers. For example, the bill authorises taxes of up to 2% of the receipts from each sale by a processor and 1% of the receipts from sales by a wholesaler. Another 2% tax of the receipts from each sale by a retailer is also authorised under the measure.

SAN SALVADOR

GREAT EXUMA

High: 86° F/30° C Low: 75° F/24° C

High: 85° F/29° C Low: 78° F/26° C

N

High: 86° F/30° C Low: 76° F/24° C

E

W S

LONG ISLAND

tracking map

High: 86° F/30° C Low: 76° F/24° C

7‑14 knots

MAYAGUANA High: 85° F/29° C Low: 77° F/25° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 86° F/30° C Low: 77° F/25° C

H

High: 86° F/30° C Low: 76° F/24° C

GREAT INAGUA High: 87° F/31° C Low: 77° F/25° C

N

E

W

E

W

N

S

S

10‑20 knots

10‑20 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND

L

ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday:

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

WAVES 4‑7 Feet 3‑6 Feet 1‑2 Feet 1‑2 Feet 3‑6 Feet 3‑5 Feet 4‑8 Feet 4‑7 Feet 4‑7 Feet 3‑6 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 4‑7 Feet 4‑7 Feet 3‑5 Feet 2‑4 Feet 6‑10 Feet 4‑8 Feet 1‑3 Feet 1‑2 Feet 4‑7 Feet 3‑6 Feet 2‑4 Feet 1‑3 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. 79° F 79° F 81° F 82° F 80° F 80° F 82° F 82° F 80° F 80° F 82° F 82° F 81° F 81° F 83° F 83° F 82° F 82° F 81° F 81° F 81° F 81° F 82° F 82° F 80° F 80° F

PAGE 10, Friday, November 13, 2020

THE TRIBUNE

Stocks pull further below record highs as infections spread NEW YORK Associated Press US stocks pulled back yesterday, amid increasing worries about worsening coronavirus counts across the country.

Markets around the world have taken a pause after galloping higher this month, at first on expectations that Washington will continue several probusiness policies following last week’s US elections.

More recently, encouraging early results for a potential COVID-19 vaccine have investors envisioning a global economy returning to normal.

The S&P 500 index lost 35.65 points, or 1%, to 3,537.01. The Dow Jones Industrial Average dropped 317.46 points, or 1.1%, to 29,080.17 and the Nasdaq composite lost 76.84 points, or 0.7%, to 11,709.59.

Analysts are still largely optimistic the market can

climb even higher, largely because they see a potential vaccine as a game changer.

Despite the declines, the S&P 500 and Dow are both close to their record highs.

But several risks remain that could trip up markets in the near term. Rising above them all is the continuing pandemic, with daily counts climbing in nearly every state.

The trends are worsening enough in New York, for example, that the state is ordering restaurants, bars and gyms to close at 10pm each night, beginning Friday. New York had been a hotbed for the virus early in the year but had seemed to have gotten it largely under control. In Europe, several governments have brought back even tougher restrictions that will likely restrain the economy.

“From a health standpoint and economic standpoint, the very near term looks relatively bleak,” said Mike Dowdall,

investment strategist with BMO Global Asset Management.

But while he says more volatility may hit the market in the near term as governments bring back restrictions, he’s still optimistic about its prospects into next year.

“If you think back to the dark days of March, you didn’t know how far we were from normalisation,” he said. “People were saying it may be years. But the backdrop from a markets standpoint is just a lot different than it was in March.”

Beyond the vaccines in development, which could get everyday life closer to normal, he cited the Federal Reserve, which has already shown it can roll out bondbuying programmes swiftly to support markets.

Yesterday’s slip for the S&P 500 pares its gain for November down to 8.2%.

If it holds there, it would still be the best month for

the benchmark index since April, when the market was first exploding out of the crater created by the market’s sell-off amid pandemic panic.

Declines in Big Tech stocks, which have held out well throughout much of the pandemic, helped pull the market lower. Microsoft and Facebook each slipped 0.5%.

Several of the stocks that would benefit most from an economy returning to normal, meanwhile, were lagging.

Financial stocks in the S&P 500, whose profits are more closely tied to the strength of the economy than Big Tech, fell 1.7% for one of the largest losses among the 11 sectors that make up the index. Only energy, raw materials and utility companies fell more.

While the market is showing signs of worry over the uptick in virus cases, the longer view for an economic recovery is still

solid, said Brent Schutte, chief investment strategist of Northwestern Mutual Wealth Management. That scenario is bolstered by the advances in vaccine development.

“At some point the vaccine means the virus ends and we get back to something normal,” he said. “I feel fairly confident going into next year.”

A report on Thursday showed that the number of layoffs across the country remains incredibly high, though it again eased by a bit. Last week, 709,000 workers filed for unemployment benefits, down from 757,000 a week earlier.

It was also a better reading than economists were expecting.

But economists caution that the numbers could climb again if coronavirus counts keep rising across the country and trigger more business closures.

A separate report showed that inflation at the

consumer level was weaker last month than economists expected.

In European stock markets, the French CAC 40 fell 1.5%, and Germany’s DAX lost 1.2%. The FTSE 100 in London dropped 0.7% after data showed the economy slowed in September following strong growth in the summer. That bodes ill for the autumn, when new restrictions on businesses were imposed.

In Asia, Japan’s Nikkei 225 rose 0.7% but other indexes were weaker. South Korea’s Kospi lost 0.4%, Hong Kong’s Hang Seng dipped 0.2% and stocks in Shanghai slipped 0.1%.

Chinese technology shares have taken a beating this week, losing about $290 billion in market capitalisation after the government issued new proposed antitrust regulations for digital industries, said Jeffrey Halley of Oanda.

TOP CENTRAL BANKERS: ECONOMY NEEDS HELP DESPITE VACCINE NEWS FRANKFURT Associated Press

THREE of the globe’s top central bankers said their economies continue to need help despite progress toward a COVID-19 vaccine, with US Federal Reserve Chair Jerome Powell, pictured, saying that the US Congress “may need to do more” to cushion the blow from the pandemic.

Speaking at an online conference held by the European Central Bank, Powell, Bank of England Governor Andrew Bailey and ECB head Christine Lagarde emphasised the longer-term threat to the

economy from the pandemic while welcoming the preliminary results showing a vaccine by BioNTech and Pfizer was highly effective.

Powell said the main risk to the economy “is the further spread of disease here in the United States” and that people may lose confidence that it is safe to go

out: “We have said from the beginning that the economy will not fully recover until people are confident it is safe to resume activities involving crowds of people.”

He said news about the vaccine was “certainly good for the medium term” but that it was “too soon to assess the implications for the path of the economy, especially in the near term.

And I would say that with the virus spreading, the next few months could be challenging.”

Powell said that though stimulus efforts from Congress and the Fed in the US had been “quite strong” thus far, “my sense is that

we will need to do more, and Congress may need to do more as well in fiscal policy.”

The three spoke as virus numbers climb and raise pressure for governments and central banks to do more to help. Germany, France, the UK and others have added new measures such as closing bars and restaurants while states and cities around the US are imposing new restrictions.

All three central banks have deployed large-scale stimulus such as interest rate cuts and bond purchases that aim to keep borrowing costs affordable for businesses.

A multi-trillion-dollar

stimulus, enacted in the spring, had helped sustain jobless Americans and ailing businesses but has since expired. The failure of lawmakers to agree on any new aid has clouded the future for the unemployed, for small businesses and for the economy as a whole. There is some hope, though, that a logjam can be broken and more economic relief can be enacted during a post-election “lame-duck” session of Congress between now and early January.

Bailey said that the vaccine news “is encouraging and we need encouraging signs” at the moment but pointed out that the vaccine

“is not here yet”.

Lagarde said central banks and governments would need to continue to provide support to “help bridge over to the other side of the river” to avoid long-lasting damage to the economy. “I don’t want to be exuberant about this vaccination,” she said.

Powell said that technological change accelerated by the pandemic would leave some workers struggling to adapt. “We’re recovering to a different economy,” he said, and there will be a substantial number of workers who will need support as the economy is changed by the pandemic.