11162020 BUSINESS

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MONDAY NOVEMBER 16, 2020

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‘We don’t know where the Minister blames Baha Mar over next dollar is coming from’ benefits delay

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

N ex-Cabinet minister says his family’s business “doesn’t know where the next dollar is coming from” as losses hit $150,000 per month due to COVID-19’s devastating impact on the entertainment sector.

Leslie Miller, the former Tall Pines MP, told Tribune Business that Mario’s Bowling and Family Entertainment Palace was having to run its air conditioning (AC) systems constantly to prevent damage to its bowling lanes despite having “zero” income and customers amid the ongoing wait for government permission to re-open.

Despite facing “dire straits”, he pledged that the company will survive “as long as we have to” until it and others in the industry obtains the necessary go-ahead from the Prime Minister’s Office - acting as the competent authority - to resume business.

Acknowledging that the government could not be

• Miller: Mario’s losing $150k per month • Staff ‘catch eternal hell’ as lights cut off • Galleria chief: Re-open ‘right around corner’

LESLIE MILLER

CHRIS MORTIMER

blamed for COVID-19 and its impact, Mr Miller argued that “it doesn’t make sense to go out there crying and weeping” over Mario’s predicament because “no one is immune” and all Bahamasbased businesses are “in the same boat”.

However, he revealed that some of Mario’s 52 furloughed staff were now “catching eternal hell” after Bahamas Power & Light (BPL) cut off their electricity supply for non-payment, describing this as “a really terrible situation”.

With the Tonique

Williams Highway venue having been closed for almost eight months under the government’s emergency powers orders, Mr Miller told this newspaper: “We are in dire straits. We really don’t know where the next dollar is coming from because we’ve found ourselves closed for so long.

“We’re still running the AC for the bowling lanes.

We have to. They need to be set up at a certain temperature, otherwise we could damage them. We’re losing about $150,000 a month. We still have expenses but no

Water sports chief in retirement delay following $2m loss

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AN EXUMA water sports operator yesterday said he did “not know if I’ll ever retire” after the COVID-19 pandemic cost his familyowned business “$2m and counting”.

Ray Lightbourn, principal of Exuma Water Sports, told Tribune Business he had been anticipating “a booming year” and to begin handing the business over to his son as part of the transition to the next generation.

But, after an almost eightmonth closure that included July’s aborted tourism reopening, Mr Lightbourn said

he now faced the prospect of “working a few more years to get back to where I was” after the global pandemic turned 2020 into a write-off.

“We’re open but there’s no business,” he told this newspaper one week after the government tightened COVID-19 restrictions to contain the virus’ spread on the island. “We’ve lost, and my wife is trying to work it out but it’s hard to say, about $2m over the past nine months and counting.

“We were ready for a booming year. I was supposed to retire when I reached 65 the year before.

We were really busy, and I

SEE PAGE 7

‘Stop relying on good US fortune’, top banker urges

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas must “stop relying on its good fortune” and US proximity to reverse its downgrade spiral and recover its economy from COVID-19’s clutches, a top banker has warned.

Gowon Bowe, pictured, Fidelity Bank (Bahamas) chief executive, told Tribune Business in the wake of the latest downgrade by Standard & Poor’s (S&P) that The Bahamas must demonstrate there is more

to its game than simply depending on its northern neighbour.

He argued that present and future governments “have to stop relying on

SEE PAGE 8

income; none whatsoever now, zero.

“The hardest thing is our staff are now catching eternal hell. What was unfortunate last week was BPL turned off their lights.

It’s a really terrible situation.

The minister [Desmond Bannister] indicated BPL will stop disconnections, but it seems they didn’t pay him much attention.

They’re staff with families, and Bahamians are now only getting $100 a week in unemployment benefits.”

COVID-19 has been especially brutal for the hospitality and entertainment industry. Destinations such as Mario’s Bowling, as well as movie venues such as Galleria Cinemas and Fusion Superplex, have been shuttered since the pandemic first hit The Bahamas amid fears that the large crowds they attract will

SEE PAGE 7

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET minister last night blamed Baha Mar for the hold-up that has resulted in hundreds of its furloughed employees not receiving due unemployment benefits for up to four weeks.

Brensil Rolle, minister with responsibility for the public service and National Insurance, told Tribune Business that the mega resort had failed to supply the government with a list of still-furloughed employees at its Grand Hyatt, SLS and Rosewood brands as well as the Melia Nassau Beach resort.

He explained that the government required this information, which is requested from all other hotels and employers with still temporarily laid-off staff, so that the National Insurance Board (NIB) which is administering the now-taxpayer funded benefits - can verify that each worker’s status has remained unchanged.

BRENSIL ROLLE Explaining that this was done “to cover our backs”, and ensure the government’s scarce resources were directed to those most in need, instead of unemployment benefits going to persons who had gone back to work, Mr Rolle said he was “puzzled” by Baha Mar’s failure to send its employee list.

Phone calls, messages and texts sent to Robert Sands, Baha Mar’s senior vicepresident of government and external affairs, seeking comment were not returned before press time last night.

However, Mr Rolle said

SEE PAGE 9

PAGE 2, Monday, November 16, 2020

Risk identification vital to minimising all threat

BY DEREK SMITH

G

OVERNANCE, risk and compliance (GRC), once carefully crafted, can effectively manage and monitor a company’s enterprise risk environment and ensure compliance with industry regulations, while also addressing vulnerabilities that can negatively impact it.

Businesses are becoming more reliant on information technologies (IT) to increase productivity and efficiency, especially in the wake of the COVID-19 pandemic. Consequently, as dependence on IT increases, the threat of

technology failures and expensive breaches also increases. The traditional compliance department must now see themselves as not only agents to ensure business practices are aligned with governance,

THE TRIBUNE industry regulations, policies and procedures. We must now fully engross ourselves in the intricacies of information security risk management (ISRM).

Fenz, Heurix, Neubauer and Pechstein wrote, “Information security is as important as it has ever been, but the challenges to determine the factors contributing to information insecurity prove to be of a complex nature. In order to reach a desirable level of protection against threats, and to provide the necessary mechanics to protect an organisation’s assets and knowledge, a vast variety of management approaches and methods have been developed in the past decades.”

In this article, assets refer to sensitive data, intellectual property and access to critical operations. Assets become vulnerable once they are connected to the outside world via technology or human interaction.

This vulnerability can be

minimised but never eliminated. As a result, threats (human, computer or natural) to these assets can happen at any time and with or without warning. It is against this backdrop that ISRM has become a critical component of enterprise risk management.

The dance with risk, as I affectionally call it, is a strategy that requires risk identification and assessment, risk control and risk response. In earlier articles, I addressed risk responses in the form of contingency planning. Over the next two articles, I will cautiously dive into risk identification and assessment in the context of ISRM. Many of these approaches can be deployed to enhance other aspects of your organisation’s enterprise risk management framework.

Risk categorisation Risks associated with assets should be identified along with their correlated threats and vulnerabilities.

Risk managers should be

NEWLY-LAUNCHED REALTOR SAYS ‘INTEREST NEVER MORE ROBUST’ THE principals of a newly-launched Bahamian real estate firm say “inquiries have never been more robust” as high-end clients seek socially-distanced getaways amid the COVID-19 pandemic.

Richard Sawyer, managing partner at Bahamas Property Group (BPG), said: “Those who can afford to escape from other parts of the world are almost breaking down the door. In fact, the travel restrictions have created a pent up demand that we anticipate seeing the benefit of as we re-open.”

BPG’s launch was timed to exploit this trend, taking both a short to medium-term view as well as seeking to exploit long-term demand from high net worth individuals wanting seclusion and privacy.

“The pandemic will eventually pass,” Mr Sawyer, a realtor with 30 years’ luxury market experience, said.

“But in the meantime The Bahamas has an opportunity

to take advantage of this renewed attention to showcase its best assets to the world, revitalise our brand and create an enduring draw for all those who can afford to turn their dreams into reality.”

BPG is focused on highend communities such as Lyford Cay, Old Fort Bay and Ocean Club Estates, as well as exclusive Family Island properties and the mid-range market. The company was launched in partnership with business executive Omar Chemaly, who has spent more than two decades in retail, tourism, home rental and sales, and property development.

“Even as the high-end luxury market has exploded as a result of the pandemic, the broader market has remained relatively steady,” Mr Chemaly said. “Of course, the challenges of COVID-19 created some level of disruption within the local market, but we feel that this is now poised to take off

fully aware of the asset’s name, asset’s owner, and its importance to the business. Additionally, these assets should be further sub-categorised into information data, procedures and people. The associated inventory data should also be identified, simultaneously.

Risk valuation Another key step in risk identification is valuing the assets that are at risk. Some may argue that this action is purely financial because it requires calculations. I will not touch valuation calculations, but will merely make you aware that risk can be valued based on many options. These options include revenue generated, profit generated, replacement cost, depreciation, value to the owners, value to the users, the cost to protect, cost of loss, etc.

Does this seem straightforward thus far? It may be to some. However, the challenge arises when assets have more than one

owner and encompass multiple responsibilities.

Therefore, it is imperative that the foundation of your risk identification process is thorough and strategic.

To ensure your approach is comprehensive to risk management, risk and compliance professionals must start with identifying risks.

NB: Derek Smith Jr is a compliance officer at a leading law firm in The Bahamas, and a former assistant vice-president, compliance and money laundering reporting officer (MLRO), at local private bank. His professional career started at a ‘Big Four’ accounting firm and has spanned over 15 years, including business risk management, compliance, internal audit, external audit and other accounting services. He is also a CAMS member of the Association of Certified Anti-Money Laundering Specialists (ACAMS).

$5m ‘game changer’ for farming, fisheries RICHARD SAWYER

OMAR CHEMALY

once again.

“Timing is everything and we want to be ahead of the curve. With our experience, and local and international contacts, we feel that BPG is perfectly placed to thrive in both markets.”

Mr Sawyer added: “We want to support and promote new agents, share our market knowledge and assist them in achieving success. We plan to change the standard commission splits between agent and company to generously favour the agent, who is truly the core of any real estate business.

“Seasoned agents will also flourish within our structure where the wealth of knowledge they bring to the table will be rewarded emboldening their long term career.

Giving our agents a greater piece of the pie will, in our

view, push their desire to achieve and increase productivity, making it a win-win formula for all.

“This is unprecedented in The Bahamas,” Mr Sawyer continued. “I have been in the business a long time, and perhaps the most valuable lesson I’ve learned is that if you give an ambitious agent a path forward, a way to advance their career and encourage their entrepreneurial spirit, it results in a win-win situation for all.

“We are game changers in the industry, recognising that in this new atmosphere the old way of doing things is outdated. BPG is positioning itself to be on the cutting edge of the rapidly evolving real estate market in The Bahamas, and we feel we have all the tools to stay in the forefront.”

A CABINET minister has branded as a “game changer” the development of a $5m grant funding initiative for the farming and fisheries industries.

Michael Pintard, pictured, minister of agriculture and fisheries, said his ministry had partnered with the Access Accelerator Small Business Development Centre (SBDC) to support these sectors throughout The Bahamas.

“We must accomplish our objectives, and take decisive and bold steps toward food security. We will rebuild this economy, and agriculture and marine resources will play a pivotal role in that rebuild.

This programme, in the first instance, has $5m set aside for fishing and agri-business funding,” Mr Pintard said.

“These funds will be in the form of grants as follows: micro – $10,000 and under; small - $10,001 to $25,000; and medium

- $25,001 to $50,000.” He added that large agricultural projects (worth over $50,000) will also be eligible for funding in the form of loans and equity financing.

“This collaboration will be the first of many as my ministry seeks to leverage various opportunities for farmers and fishers. This particular grant window is open to new and existing businesses in the agricultural and fisheries industries,” Mr Pintard said. “We will also support

SEE PAGE 3

THE TRIBUNE

Monday, November 16, 2020, PAGE 3

‘Between devil and the deep blue sea’ $5m ‘game changer’ over $100m Love Beach development for farming, fisheries

By NEIL HARTNELL and YOURI KEMP Tribune Business Reporters AN ex-Bahamas Real Estate Association (BREA) president yesterday said he and the government are “caught between the devil and the deep blue sea” over a $100m Love Beach condominium project.

William Wong, who lives barely one-quarter of a mile away from The View at Love Beach Residences project site, told Tribune Business that while he wanted the neighbourhood to “remain quiet and peaceful” he also understood the urgent need to create jobs amid the economic devastation caused by COVID-19.

Speaking after last week’s Town Planning hearing on the proposal by Mylor Caribbean Development, which wants to construct 121 new condominium units to go with the eight already present at the property just west of the Palms at Love Beach, Mr Wong said he and his neighbours shared similar concerns over the project’s height and traffic that will be generated.

“My only concern with that project is the height; how high are they going to go?” he asked. “That poses a lot of problems for people in the area, and the amount of traffic through that area for people in the neighbourhood caused by the 100-plus extra units.

Town Planning may have to consider how to reduce the number of units that are going to be built.

“We have a traffic problem now. We have a lot of traffic going through the area to Lyford Cay, Old Fort Bay and Love Beach.

With the construction going on it’s really going to increase the density of the neighbourhood. The roads are very small anyway, and most of the time the street lights are not working. It could be a dangerous trap.”

The height that The View at Love Beach Residences will built to figured prominently at last week’s hearing.

Several Love Beach residents argued that the site’s original developer, British Hoffman, was capped to a height of 28 feet in conveyancing documents related to its acquisition of the property.

James Liddell, a Love Beach resident, said: “I’m looking at the moment at the site plan application, which was filled out by the Mylor team, and I note that the only restrictions in the covenants along with this application is the right of way.

“They don’t note any height restrictions. Likewise in a Tribune newspaper article, where the executive

PLANS for The View at Love Beach Residences. architect is quoted as saying that there are no restrictions incumbent upon the property. I’m also looking at three conveyances for British Hoffman, which was the original developer, all of which contain a very, very straightforward 28 feet height restriction, which I think the majority of the current residents at Love Beach will now seek to enforce.”

Alexander Christie, an attorney with the McKinney, Bancroft and Hughes law firm, which represents Mylor Caribbean Development, countered that the 28-foot height restriction was a misunderstanding. He argued that the Supreme Court had previously ruled this had not been properly imposed, which meant his client was not bound by it.

“Aside from the rights of way there are no restrictive covenants that impede the project, and that’s really relied on by a court case in 1980,” Mr Christie said.

“I know it’s been said that this building to the east of the property that is already there, the existing building, has ‘set the precedent’, but that really is not what the developer is relying on.....

“The reason why we have four storeys with a fifth floor underneath the roof [is] we are not bound by the restriction. The height restriction is really sourcing from this case in 1980.

It’s a Supreme Court case.

For the record, the name of the case is British Hoffman Ltd and Aragon Ltd v Bella Vista Beach Apartments Ltd. “In that case it was ruled that the restrictions, and the height restriction is something we refer to, had not been properly imposed so as to constitute a restrictive covenant capable of running with the land, and was therefore not binding effect so as to prohibit the defendant in that case from constructing condominium buildings.”

Mr Christie’s interpretation, though, was challenged by attorney Shannelle Bethel, of the Mitre Court law firm, who represents the owners of existing condos at the site.

She argued that the 28-foot restriction “ought to have run with the land” because it was contained in the conveyancing documents

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issued by the first developer to homeowners.

Mr Wong, meanwhile, acknowledged that the government faced a difficult task in balancing the concerns of Love Beach residents with the need to create jobs, foreign direct investment (FDI) and foreign exchange inflows amid the COVID-19 pandemic.

Arguing that construction industry jobs, in particular, have a ‘trickle down’ effect that benefits multiple families, he told Tribune Business: “In this time of COVID-19 there are limited jobs so we have to think about it twice before we say ‘no’.

“It’s hit and miss. We have to create jobs, and construction jobs provide a lot of families with money.

The government is going to be kind of leery to say ‘no’ right now. It’s going to be a big trade-off for a lot of the neighbours - jobs versus their own personal comfort.

They own a piece of paradise, and have to give it up to create jobs. Either way you’re caught between the devil and the deep blue sea.

“Things are so tough right now that every job we can get, we need to develop.

As a real estate broker I see

where the jobs are needed, but as a a resident of the area I’d like for it to remain quiet and peaceful. But progress needs to happen and this property needs to be developed,” Mr Wong added.

“I could be selfish and say we don’t need any more development, enough, but if I said that I’d not be here today in my job. People need to go back to work, business. Bahamians need jobs and I can’t be in opposition to that. I can’t.”

The View at Love Beach Residences is projected to create 309 construction jobs and a total $38.59m wage bill over its threeyear build-out. However, residents who attended last year’s Town Planning meeting suggested controversial Austrian financier, Dr Mirko Kovats, was behind the project although this has not been confirmed.

Dr Kovats, a Bahamas resident who owns a home at Lyford Cay, was behind a 2014 bid to acquire the 363acre South Ocean resort in southwestern New Providence which is now in the process of being purchased by the Albany developers.

Mr Christie, meanwhile, reassured attendees of the Town Planning meeting that the The View at Love Beach Residences will not be a commercial development, and will abide by the multi-family zoning restrictions in the area.

“It’s not going to be a commercial enterprise,” he added. “The spa and other features that will be for the residents and not for the general public.”

FROM PAGE TWO

the creation of new technologies that accelerate growth in our sector.”

He added that eligible businesses include those engaged in fishing for any marine resource for onward sale or processing, and agricultural enterprises including forestry; horticulture and the use of land for the purpose of husbandry; the keeping or breeding of livestock, poultry or bees; the cultivation or processing of fruit, vegetables and the like; and the establishment of grasslands.

Mr Pintard said the government has adopted a policy requiring all entities that import fresh and processed food to first purchase 40 percent of these items from Bahamian producers.

“We recognise that there are gaps along the supply chain that hinder some of our producers from

achieving 40 percent sales to food stores, restaurants and hotels, or providing 75 percent of the foods purchase by government entities,” he added.

“Therefore, this collaboration and our partnership with other financial services entities would enable us to fund businesses that plug gaps along the supply chain.”

Mr Pintard said the ministry’s goal is to foster Bahamian ownership and participation in the agricultural and fisheries sector.

The tie-up with the SBDC, he added, is designed to give more agri-entrepreneurs and fishermen access to capital to get into business.

Davinia Blair, the SBDC’s executive director, added that prior to the grant partnership some $1.05m worth of funding had been facilitated to 42 entities in the agriculture and fisheries sector via the Access Accelerator.

To advertise in The Tribune, contact 502-2394

PAGE 4, Monday, November 16, 2020

THE TRIBUNE

BAHAMIAN INSURERS SEE HIGH RATINGS CONFIRMED

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

TWO Bahamian insurance companies have seen their A (Excellent) financial strength rating reaffirmed by the industry’s leading rating agency.

Atlantic Medical Insurance, which now trades as CG Atlantic Medical & Life, and Security and General Insurance Company, which was renamed CG Atlantic General following

its parent’s rebranding as Coralisle Group, also saw their long-term issuer credit rating maintained at “a” by AM Best.

The rating agency justified its actions on the basis of the former Colonial Group International’s “excellent ability to meet its ongoing insurance obligations”.

It added: “The ratings reflect Coralisle Group’s balance sheet strength, which AM Best categorises as strongest, as well

as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

“The strength of the Coralisle Group’s ratings is driven by its strongest balance sheet strength assessment, which is primarily based on its strongest level of riskadjusted capitalisation. AM Best expects the group’s projected earnings to be strong over the near term.”

Pointing to Coralisle

Group’s “strong brand recognition” in the health and property and casualty markets across the Caribbean, AM Best added: “Its property business has incurred losses over the past few years from the catastrophic damages caused by Hurricane Dorian in 2019, and hurricanes Irma and Maria in 2017.

“AM Best has monitored these loss estimates, collections and related reinsurance contracts of Security and General Insurance Company, the Coralisle Group entity primarily affected by the storm damage in 2019. The financial exposure to Coralisle Group is within its current reinsurance contracts, and the net impact to

the organisation has been minimal but has resulted in some earnings fluctuations over the past five years.

“The group’s property and casualty operations have been extended beyond its traditional markets of Bermuda, the Cayman Islands and The Bahamas and, as a result, continues to diversify the composition of its book of business,” AM Best continued.

“Despite the unprecedented socioeconomic impact and continuing uncertainty presented by the COVID-19 pandemic, the group’s property and casualty operations have been resilient. In the first three quarters of 2020, the group’s property and casualty results have benefited

from the absence of storm and hurricane losses in its operating territories.”

“This is a very positive report reflecting sound business practices, prudent planning and teamwork,” Naz Farrow, Coralisle Group’s chief executive, said. “Best’s assessment of the group’s businesses across multiple jurisdictions is a testament to the strength of our management teams and the integrity of our products.

“Ultimately, Best’s assessment underscores our ability to meet the needs of our clients at all times and in all circumstances, validating our people-first approach to the business.”

FamGuard payouts drop $3.7m on COVID fall-out

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FAMILY Guardian’s chairman has attributed a $3.7m decline in policyholder payouts for the nine months to end-September 2020 to a fall-off in medical claims caused by COVID-19.

Norbert Boissiere, the BISX-listed life and health insurer’s chairman, explained the seemingly counter-intuitive drop by pointing out that the pandemic had caused other medical/surgical procedures to be deferred or postponed as resources were devoted to fighting the virus.

And the mixture of lockdowns, curfews and other restrictions had further inhibited the access of many Bahamians to medical care.

“Policyholder benefits totaled $59.6m compared to $63.3m for the nine month period of 2019,” Mr Boissiere said of the near-six percent year-over-year decline.

“The positive variance in benefits continues to be attributed to a decline in individual and group medical claims incurred during the period as restrictions on movement and a decline in elective procedures impacted the normal access to medical care.”

His comments came as FamGuard Corporation, Family Guardian’s BISX-listed parent entity, unveiled results for the 2020 third quarter and first nine months showing that the life and health insurer continues to hold firm despite the

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pressures inflicted upon itself and its clients by COVID-19.

While net income for the first nine months was down by almost $1m or 14 percent, standing at $5.94m compared to $6.902m the year before, the latter figure was boosted by some $2.631m in profits from discontinued operations - likely the sale of Family Guardian’s pension, investments and capital markets business to Leno.

Without that, Family Guardian’s net income for the first nine months of 2020 would have been almost $1.68m ahead of the prior year’s. And its profits for the three-month period to end-September were also flat against last year, standing at $1.443m compared to $1.36m - with the latter also bolstered by profits from its discontinued operations.

“The group recorded revenues totaling $93.1m for the nine months ended September 2020, which trailed the $96.2m recorded in September 2019,” Mr Boissiere said in his message to shareholders. “Net fair value losses from fluctuations in market prices continue to be the main contributor to the negative revenue variance, reflective of the impacts of the pandemic. As a result, investment income declined by 11.8 percent over the corresponding prior period.”

Family Guardian incurred a 1.334m loss on the value of its various investment holdings, due to their reduction in worth caused by COVID-19, through the three months to end-September 2020.

“Annuity and other deposits have declined by $1.1m, as anticipated in the current economic climate. While the COVID-19 pandemic has impacted our traditional methods of premium collection, gross premium income for the nine-month period totaled $83.5m, a one percent increase over the prior period through the resilience of our agency force,” the Family Guardian chairman added.

“Operating expenses continue to show a positive variance, while increases in mortgage provisions and provisions on premium receivables have increased during the period due to the increase in the credit risk exposure on these portfolios stemming from the economic and social challenges of the pandemic.

“The company’s balance sheet remains strong with total assets exceeding $353m, of which investment assets comprised $271m, representing 77 percent of our total asset base. The company’s insurance subsidiary, Family Guardian Insurance Company, continues to maintain capital solvency measures above the local and international minimum requirements.”

Mr Boissiere said Family Guardian was maintaining a “cautiously optimistic approach” to managing the COVID-19 pandemic, which resulted in its declaration of a $0.06 per share dividend - worth a collective $600,000 - to shareholders that will be payable on November 26, 2020.

THE TRIBUNE

Monday, November 16, 2020, PAGE 5

The light at the end of the tunnel ACTIVTRADES WEEKLY

By RICARDO EVANGELISTA www.activtrades.bs

American election in living memory. The outcome remains surrealistically uncertain as the incumbent President claims fraud and refuses to accept the results, without presenting any solid evidence of wrongdoing.

However, when future historians look back to the present time, I suspect the US electoral shenanigans won’t make more than a footnote.

Instead November 2020 will be remembered as the month when it was announced that, following satisfactory tests, production of a COVID-19 vaccine would soon start.

The announcement of the vaccine breakthrough,

I

F ONE was asked to call out an influential year in history, it is unlikely that 1796 would be picked. Years and dates tend to fade into the immense background that makes up the fabric of history, with only a few standing out among the myriad of events that brought us to where we are today.

However, 1796 deserves to be remembered as a remarkable year: Jane Austen began writing Pride and Prejudice and Napoleon Bonaparte won his first battle as an army commander, defeating Austrian forces at the site of Montenotte in the northeast of Italy.

But, above all, 1796 was a remarkable year because on May 14, in England, Edward Jenner administered the first ever vaccine, initiating the fightback against smallpox, one of the greatest killers of his time.

The disease has since been declared eradicated.

In an article published in 2018, in the Journal of Experimental Medicine, researchers from Institut Pasteur described vaccines as a safety belt and a life insurance for humankind.

At a time when fringes in our societies contest the utility of preventive inoculation, it is worth remembering that the

EDWARD Jenner inoculating his son.

World Health Organization estimates that between the years of 2010 and 2015 at least ten million deaths were prevented by vaccination.

Diseases such as polio, which until the middle of the 20th century continued to take its deadly toll on humankind, have been eradicated or confined to a few last remaining pockets due to successful global vaccination campaigns.

2020 is a year likely to stand the test of time and

remain vividly present in our collective memory. The coronavirus pandemic is perhaps humanity’s greatest challenge since the end of World War II and the global economy became its greatest collateral victim, as governments scrambled to apply draconian activitysuppression measures in their efforts to contain the virus.

Against this backdrop, we just witnessed the most intensely contested

Trump skips Asian summits as China set to expand influence HANOI, VIETNAM Associated Press PRESIDENT Donald Trump skipped summits with his Asian counterparts for the third year in a row on Saturday, even as rival China is set to expand its influence with a massive free trade deal in the region.

National Security Adviser Robert O’Brien said Trump regretted he was unable to attend the online summit with the ten members of the Association of Southeast Asian Nations, but stressed the importance of ties with the region.

“At this time of global crisis, the US-ASEAN strategic partnership has become even more important as we work together to combat the coronavirus,”

O’Brien said in remarks at the opening ceremony, which was livestreamed to ASEAN members watching from their respective countries.

Trump attended the ASEAN summit in 2017, but sent only representatives during the last two meetings. A special summit with ASEAN that he was supposed to host in Las Vegas in March was called off due to the pandemic.

Trump has been busy challenging the results of the Nov 3 presidential election, insisting he was the victim of election fraud. Most countries have acknowledged Joe Biden’s victory.

O’Brien also represented the US at an East Asia virtual summit later Saturday that included the ASEAN members as well

as Australia, China, India, Japan, South Korea, New Zealand and Russia.

Despite Trump’s absence, the White House said in a statement that ASEAN remains central to his vision for a “free and open IndoPacific”, Washington’s strategy to counter China’s growing influence in the region.

China’s sway in the region is set to expand with a free trade agreement that was signed yesterday. The pact, which will cover almost a third of the world economy, includes the ASEAN nations, China, Japan, South Korea, Australia and New Zealand.

India backed out of the plan last year, and the agreement also does not include the United States,

SEE PAGE 6

made on Monday November 9, exactly a week ago, is of historic significance. The stock markets’ immediate reaction illustrated the massive importance of what had just happened. Within hours the S&P500 index reached a new all-time high, with investors moving to pricein the prospect of a return to life without lockdowns and a rebound in economic activity.

For more 16 years,

attempts to create an inoculation for SARS (another coronavirus) failed to deliver positive results and the possibility of a similar outcome this time was, until last week, real.

The COVID-19 vaccine is the light at the end of the tunnel, creating real prospects of a return to normality in 2021. It is also a reminder of the essential role science plays in our lives.

PAGE 6, Monday, November 16, 2020

THE TRIBUNE

Trump skips Asian summits as China set to expand influence

FROM PAGE FIVE

despite America’s $2tn in trade with the countries in the pact.

In his remarks on Saturday, O’Brien touted ASEAN as the fourth-largest trading partner for the US, with trade reaching over $354bn last year.

“We deeply appreciate ASEAN partners’ efforts to keep the key supply chains open, factories operating and PPE flowing,” O’Brien

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said, referring to personal protective equipment used to protect against the coronavirus.

He noted that the US had contributed $87m to combat the coronavirus in Southeast Asia, including providing ventilators and PPE. “The United States has your back and we know you have ours,” O’Brien said.

At the East Asia summit later on Saturday, UN Secretary-General Antonio Gutteres said the virus had

The Securities Commission of The Bahamas (“the Commission”) is seeking to transition from its current document management system to a comprehensive document management solution to(“the storeCommission”) its digital documents/information Securities Commission of The Bahamas is seeking to transition from its current quickly and effectively; andathen have them available for workflow, review solution to store its ument management s�stem to comprehensi�e document management and retrieval purposes by securely defined user or group access.

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NOTICE OF

CLOSURE

Acting CEO, Rolle Newton & Co.

TheRequest deadlinefor forProposal, Proposals for thisdetailed project torequirements be submitted has extended complete with canbeen be found on the Commission’s to close of business 23 November 2020. Proposals may be delivered to the bsite – www�scb�go��bs� offices of the Securities Commission of The Bahamas by hand or transmitted electronically according to the details below: ƉŽƐĂů ^ƵďŵŝƐƐŝŽŶƐ NOTICE is hereby given that WILLIAM Attention: Ms. Christina R. Rolle PETIT-HOMME of Lincoln Boulevard deadlineExecutive for Proposals for this pro�ect to be submitted has been e�tended to close of business Ϯϯ Director No. 32, New Providence, Bahamas is ǀĞŵďĞƌ ϮϬϮϬ� Proposals ma�ofbe Securities Commission Thedeli�ered Bahamas to the offices of the Securities Commission of The applying to the Minister responsible House amas b�Poinciana hand or transmitted electronicall� according to the details below� for Nationality and Citizenship, for North Building, 2nd Floor Registration Naturalization as a �ttention� citizen of The Bahamas, and that any 31A�s� EastChristina Bay StreetR� Rolle person who knows any reason why ��ecuti�e �irector Nassau, The Bahamas registration/naturalization should not Tel:Commission (242) 397-4100 Securities of The Bahamas be granted, should send a written E-mail: info@scb.gov.bs and signed statement of the facts within twenty-eight days Poinciana �ouse from the 16th day of November, 2020 to the Minister �orth Building, �nd �loor responsible for nationality and Citizenship, P.O. Box ��� �ast Ba� Street N-7147, Nassau, New Providence, The Bahamas. �assau, The Bahamas Tel� (���) �������� ��mail� info�scb�go��bs

NOTICE

NOTICE

MARKET REPORT

www.bisxbahamas.com

FRIDAY, 13 NOVEMBER 2020

BISX ALL SHARE INDEX:

CLOSE

CHANGE

2082.44

16.14

%CHANGE

YTD

YTD%

0.78 -149.16

-6.68

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

BISX LISTED & TRADED SECURITIES 52WK HI 4.05 24.40 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

infected at least 14 million people in Asia and killed more than a quarter million in the region. At least 39 million people could revert to extreme poverty in East Asia alone, he warned.

The UN has urged countries to put together a stimulus package amounting to at least 10% of global gross domestic product, Gutteres said.

With the global community facing its deepest recession since World War II, the World Bank is on track to commit a record $160bn over 15 months, including grants and concessional financing, said its president, David Malpass.

Still, the pandemic remains an enormous obstacle to development and a successful vaccination programme will be key to recovery, he said.

Earlier on Saturday, China, Japan and South Korea sought deeper regional co-operation to battle the pandemic.

“Facing a possible second wave as winter is setting in, we can work together to mitigate the pandemic and to reopen the economy,” said Chinese Premier Li Keqiang.

South Korean President Moon Jae-in said the region must work together toward the development and equitable supply of vaccines and treatments, and establish an effective mechanism to prepare to battle new infectious diseases.

He said the speed of global economic recovery will be very uneven amid trade protectionism and uncertainties in the financial markets. An accelerated transition to a digital economy could also widen the gap between social classes, Moon warned.

“We must work to strengthen the resilience of our economies and identify measures for inclusive, sustainable growth,” he said.

Japanese Prime Minister Yoshihide Suga said Tokyo has been engaged in boosting ASEAN’s economic resilience and remains committed to deepening ties with Southeast Asia.

LAST 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

CLOSE 4.05 23.61 1.62 1.78 1.67 5.00 6.75 2.99 4.75 3.65 5.99 11.26 2.24 6.22 10.35 8.44 14.30 3.94 8.30 15.20

CHANGE 0.00 6.18 0.00 0.15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.07 0.00 (0.05) 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 1,000 260,000

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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 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

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

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00

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

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 25.3 N/M N/M N/M N/M 18.3 -6.8 33.9 19.8 13.3 15.6 22.0 13.3 16.0 11.6 17.5 19.4 8.8 24.1

YIELD 4.20% 5.34% 1.23% 0.00% 0.00% 0.00% 3.85% 0.00% 0.00% 3.29% 3.67% 6.39% 19.38% 0.96% 3.17% 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%

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

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

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

NOTICE is hereby given that SAINTI SACY VALCIN of Havens Road Nassau, Bahamas., is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 9th day of November 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

LEGAL NOTICE

NOTICE 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.

Dillon R. Dean (Liquidator)

THE TRIBUNE

Monday, November 16, 2020, PAGE 7

‘We don’t know where the Water sports chief in retirement delay following $2m loss next dollar is coming from’ FROM PAGE ONE

FROM PAGE ONE result in “super-spreader” events that aid the virus’ transmission.

Bars and nightclubs, too, especially those with indoor premises, face the same predicament along with newly-closed gyms and spas with no certainty on when they will be permitted to reopen by the government.

Mr Miller, though, told Tribune Business he was baffled by the decision to allow hotels to re-open indoor dining yet “a facility with a lot of space” - such as Mario’s Bowling with its 80,000 square feet was to remain shuttered.

Pointing out that Mario’s could shut down “one side”, or between 20-30 lanes, to enable social distancing with a restricted number of patrons, the former MP and Cabinet minister blasted: “It’s very difficult to comprehend why they have allowed the hotels to have indoor dining but a facility like ours can’t open. I find it a little stressful.”

He added that Mario’s had opened for two days in late September after learning that Carmichael Road-based Skate City had done likewise, but shut down again after learning no blanket approval had been given to entertainment businesses, saying: “We want to subscribe to the rules like everyone else.”

Mr Miller was more conciliatory towards the government’s overall handling of the pandemic, saying: “We can’t blame the government because it’s not the government’s fault for what is going on. Nobody knows what the road looks like going into next year.

“We’re in a very terrible state. Everybody’s in the same boat, and thank God for his blessings that we’re still alive because many of our Bahamian brothers and sisters are dying from COVID-19. Instead of criticising the government, try and provide some assistance. We don’t know if any of us could do any better.

“We are locked down but everyone is locked down.

Every Bahamian entity is in this game together, and we can’t bicker and bitch. We have to save lives. Whatever comes our way we have to deal with it as best we can in the circumstances on a daily basis. Hopefully we can get to the end of the tunnel, see the light and come through.”

Mr Miller argued that the increased costs associated with the government’s recent $600m foreign currency borrowing made it

MARIO’s Bowling & Family Entertainment Palace. vital that all “pitch in and do our best on behalf of the Bahamian people”.

He reiterated: “It doesn’t make sense to go out there crying and weeping because everyone is facing the same situation. No one is immune.”

Meanwhile Chris Mortimer, Galleria Cinemas’ principal, yesterday voiced optimism that the re-opening of his Mall at Marathon cinema and other entertainment businesses could be “right around the corner” as long as Bahamians all played their part in reducing COVID-19’s spread and bringing numbers down.

Acknowledging that there will be no new movie releases before year-end 2020, Mr Mortimer praised the government’s efforts to contain COVID-19 and pledged that Galleria will be “ready to re-open” whenever the public health authorities deem it safe to do so.

He acknowledged, though, that Galleria - in company with cinemas and movie theatres worldwide - will only re-open with 30 percent seating capacity.

“My take on it is that it’s better to be safe than sorry,” Mr Mortimer told Tribune Business. “I don’t have anything negative to say about the competent authority.

“We’re no different from any other business.

If people are getting sick that’s going to impact us as well. At this point in time the government did what was right for the interests of the country, and hopefully people will get to the point where we have jobs again. If they don’t have jobs, people have no money to come to the movies.

“I tend to put a positive spin on it. I understand what it is they’re doing. We’re preparing ourselves, and we’ll be ready. Whenever the competent authority and the health authorities determine it’s right to reopen will be ready. We have to get past this,” he added.

“I don’t think it’s going to be long-term before we re-open for entertainment businesses. I think it’s right around the corner as long as we continue to do the things we’re required to do - wear a mask, social distancing, hand washing and sanitising.”

Urging all Bahamians and businesses to take responsibility for halting COVID-19’s spread, Mr Mortimer said he expected 25-30 percent movie theatre seating capacity to remain as a limit until a vaccine or effective medicines were widely available.

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.

was trying to set things up where I did not have to come to work as much, and my son would gradually take it over.

Then this came down and I don’t know if I will ever retire. I will have to work a few more years to get the business back where it was.”

Mr Lightbourn said the tight five-day window in which travellers have to obtain a negative COVID-19 PCR test before visiting The Bahamas, combined with the continued uncertainty over whether the government will suddenly impose lockdowns and curfews, as it has done for Exuma and Eleuthera, were deterring tourism and resulting in cancellations for his business.

While acknowledging the need to detect tourists carrying COVID-19, especially as daily cases in The Bahamas’ main tourism market peaked at more than 184,000 on Friday, Mr Lightbourn nevertheless described

the restrictions as “just ridiculous”.

He revealed that his son, who had been preparing to return to The Bahamas from New Jersey, had spent a week trying to obtain a negative COVID-19 PCR test before he was successful. While this was taken five days before the flight, Mr Lightbourn said the results were only provided on the afternoon it was due to take-off.

“That’s the hurdle people have to go through to come here and they don’t want to do that,” he told this newspaper.

“Five days, unfortunately, is not enough, but within that time anybody can catch the virus. It’s difficult all around.

“No one really wants to travel when you have to check-in within five days and never know what’s going to happen. Every time you look things change. People are fed up. Every time you look people have cancelled.

We’ve had so many cancellations. People who’ve

cancelled had booked two to three times have cancelled.

“Almost everyone who booked with us ended up cancelling. Even some who booked a couple of weeks ago, they’ve cancelled too.

We had two family groups that cancelled. As soon as they saw the weekend lockdown they didn’t want to come and be locked down.

There’s hardly anything open in Exuma.”

Mr Lightbourn said despite zero income, Exuma Water Sports continues to incur expenses such as insurance, rent and dockage fees.

He added that it cost at least $180 per boat to launch it into the water, with this rising to $1,000 every time for his largest vessel.

And the 50 cases of Kalik the company had bought in anticipation of serving beverages to guests on its boats after a July re-opening, only for tourism and the borders to shut down again within weeks, were now all past their expiration dates.

PAGE 8, Monday, November 16, 2020

‘Stop relying on good US fortune’, top banker urges FROM PAGE ONE proximity and our good fortune when America does well” to drive this nation’s economic growth, job creation and fiscal performance.

“We have to be very deliberate in demonstrating we have our own policies, own strategy...,” Mr Bowe said.

“We have to stop relying on good fortune and instead rely on our intelligence, competence and ability we have, but which I don’t think we demonstrate sufficiently.”

S&P’s latest downgrade, from “BB” to “BB-”, pushed The Bahamas further into so-called “junk” territory.

The repercussions are likely to include the government having to pay more in terms of higher interest rates when it borrows on the international capital markets, a cost

that will be borne by Bahamian taxpayers, who already face an 8.95 percent coupon on the latest $600m bond.

The Bahamas’ reduced sovereign creditworthiness also means this nation’s country risk will have increased in the eyes of investors, with the consequence likely to be greater demand for tax breaks and subsidies by sponsors of major development projects.

While emphasising that he is not suggesting The Bahamas is going bankrupt, Mr Bowe argued that the country ought to adopt the posture of a company seeking Chapter 11 bankruptcy protection from its creditors and develop a credible restructuring plan to satisfy both them and the judge (playing the role of S&P and Moody’s).

“What it does signal,” he added of the downgrade, “is

THE TRIBUNE we’ve not demonstrated sufficiently to them [S&P] that there’s a specific and purposeful plan to address what is the intervention and material fall-out of the COVID-19 pandemic and what was Hurricane Dorian.

“The Bahamas’ recovery and economic fortunes will be in how we respond to the COVID-19 pandemic from a tourism perspective. We are caught in one of these vicious cycles that says when the economic environment around us is not bolstering our prosperity we have to be far more deliberate in the actions and policies we take and make.”

S&P, in justifying the rational for the downgrade, said the latest $600m foreign currency bond had also increased The Bahamas’ external debt. “Although external financing helped support The Bahamas’ foreign exchange reserves, it raised the country’s external indebtedness,” it added.

“We expect the external debt of the public and financial sectors, net of

usable reserves and financial sector external assets, will be about 117 percent of current account receipts in 2020. These figures include the government’s $2.25bn in external bonds, but do not include the external debt and foreign direct investment in the islands’ substantial tourism sector.”

S&P continued: “Based on the gross external liabilities of the country’s large banking sector, we expect the gross external financial needs of the public and financial sectors will be 352 percent of current account receipts in 2020, up from about 200 percent in 2019.

“This also reflects the high current account deficit, in part due to the significant decline in tourism receipts, and the financial sector’s high rollover needs. However, we consider the financial sector’s external assets highly liquid, which somewhat diminishes liquidity risk. Errors and omissions also contribute to a weak external profile.

Errors and omissions have

historically been high and tend to fluctuate.”

Turning to monetary policy and the Central Bank, S&P said: “We expect that the Central Bank will continue to primarily rely on a combination of interest rates, moral suasion, and macroprudential tools to influence domestic credit growth. The Central Bank has recently eased access to foreign currency and external financing for entities with foreign currency inflows to stimulate business activity.

“However, the limited nature of this measure and restriction to sectors that generate foreign currency should dampen the impact on the country’s external accounts.

Loss of correspondent banking relationships remains a risk for The Bahamas, as it does for many of the Caribbean sovereigns we rate.

“Although we do not believe that this trend will threaten the banking sector’s ability to roll over its debt, we do think that it could further stress the financial system.

We believe this highlights the importance of the Central Bank’s new anti-money laundering/counter-terrorist financing supervision regime, which should strengthen compliance and assist in the maintenance of the system’s correspondent banks.”

“We consider banking sector contingent liabilities limited, given the size of the sector, with assets estimated to be about 136 percent of GDP. The financial sector is dominated by foreign subsidiaries of Canadian banks, which comprise about twothirds of domestic assets,” the rating agency added.

“At the onset of the pandemic, the commercial banking sector as a whole had strong capital and liquidity ratios. Nevertheless, the severe external shock could erode the asset quality and profitability of those banks exposed to the tourism sector, particularly as banks work to resolve the forbearance offered to borrowers at the onset of the pandemic.”

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THE TRIBUNE

Monday, November 16, 2020, PAGE 9

Minister blames Baha Mar over benefits delay FROM PAGE ONE the Cable Beach-based mega resort had always co-operated in supplying the names of furloughed employees up until the point that benefits were cut to $100 a few weeks ago.

“From the start of the pandemic when the government first issued its assistance, beginning at $200 per week and then to $150 and $100, at every turn we requested Baha Mar to provide us with the list of individuals who were unemployed,” he told Tribune Business.

“We need to see the list to verify that persons are unemployed. They have not submitted that to us, so we cannot pay them.” NIB has typically paid unemployment benefits to furloughed individuals via their employers, both for its own 13-week benefit and the subsequent government funded extensions.

With Baha Mar paying its staff 30 percent of their regular salaries, Mr Rolle said NIB and the government had netted off this sum against the unemployment benefits they were due, effectively paying the difference. He added, though, that no reason had been given for why the mega resort had not submitted its furloughed employee list after the payouts were cut to $100 per week.

“One of my officers dealing with the problem said they were told by Baha

BAHAMAR RESORTS Mar that Baha Mar is going to approach the Ministry of Finance,” he recalled.

“We’re just waiting for them.

It’s not been a problem in the past. It only became a problem when unemployment assistance was reduced to $100. Before then there was no issue.

“The list is all we’re waiting for to issue cheques.

That’s where we are. We’ve got to be in a position to account for the government’s money, and to have our backs covered, as was done in the past. It’s really the government’s money, the people’s money and the Ministry of Finance’s money.

“I don’t know why they’re [Baha Mar] reluctant at this point. It’s been about four weeks, and I’m very concerned. It’s puzzling to me.

They had been doing it all along.”

Tribune Business contacted Mr Rolle after numerous Baha Mar and Melia staff approached this newspaper to complain they had received no

unemployment benefit for up to four weeks.

One Melia employee, speaking on condition of anonymity, said they and their colleagues were not receiving a portion of their salary - unlike staff on the main Baha Mar campus.

They said they were almost totally reliant on the $100 weekly unemployment benefit to keep bills under control and put food on the table.

Revealing that several of their co-workers were in the same position, they added that their Bahamas Hotel, Catering and Allied Workers Union shop steward was told

by Melia’s human resources that the hotel was still waiting for the money when she sought to intervene on the workers’ behalf.

“Other hotels are being paid, and it looks like we’re the only ones who aren’t,” the Melia worker said. “Why would Baha Mar/Melia not send them the list of people needing assistance? I don’t understand that. It’s not sitting well with me. It’s crazy. I

NOTICE

NEWFIELD WEST AFRICA INC. _______________________ N O T I C E IS HEREBY GIVEN as follows: (a)

NEWFIELD WEST AFRICA INC. is in dissolution under the provisions of the International Business Companies Act 2000.

(b)

The dissolution of the said Company commenced 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 Kirvy Ferguson of 253 Shirley Street, Nassau, Bahamas

don’t see why they’d hold up on the information.

“I’m not working. I’m depending on that to pay my bills. It’s food in my stomach.

Right now the bills are backing up and I’m not doing anything else. The people need their money. We’re not getting anything from Baha Mar or Melia. That’s why it’s essential to get the payment.

I’m trying to look for something, but the state of the country right now.......”

Mr Rolle revealed earlier this year that NIB has paid out some $176m in assistance related to COVID-19 and Hurricane Dorian. He added that the social security system has issued $91.6m in unemployment benefit payments to 37,000 beneficiaries since the onset of the pandemic.

As for the government’s own unemployment benefit programme, Mr Rolle said $56.1m has been spent towards that initiative so far to over 30,000 persons, with $15.6m paid out directly to self-employed people.

Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 4th day of December, A.D., 2020. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 16th day of November, A.D., 2020.

Kirvy Ferguson Liquidator 253 Shirley Street Nassau Bahamas

NOTICE

NEWFIELD CHINA EXPLORATION COMPANY LTD

NEWFIELD CHINA EXPLORATION COMPANY LTD _______________________

Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 4th day of December, A.D., 2020. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 16th day of November, A.D., 2020.

Kirvy Ferguson Liquidator 253 Shirley Street Nassau Bahamas

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

NEWFIELD WEST AFRICA INC ___________________________

NOTICE

__________________________

Dated the 16th day of November, 2020

NOTICE

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

NEWFIELD CHINA EXPLORATION COMPANY LTD is in dissolution under the provisions of the International Business Companies Act 2000.

(b)

The dissolution of the said Company commenced 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 Kirvy Ferguson of 253 Shirley Street, Nassau, Bahamas

Dated the 16th day of November, 2020 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

NOTICE

NOTICE

NOTICE

NEWFIELD OFFSHORE INC. __________________________

NEWFIELD OFFSHORE INC. ___________________________

NEWFIELD OFFSHORE INC. __________________________

Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 4th day of December, A.D., 2020. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 16th day of November, A.D., 2020.

Kirvy Ferguson Liquidator 253 Shirley Street Nassau Bahamas

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

NEWFIELD OFFSHORE INC. is in dissolution under the provisions of the International Business Companies Act 2000.

(b)

The dissolution of the said Company commenced 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 Kirvy Ferguson of 253 Shirley Street, Nassau, Bahamas

Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 4th day of December, A.D., 2020. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 16th day of November, A.D., 2020.

Dated the 16th day of November, 2020

Kirvy Ferguson Liquidator 253 Shirley Street Nassau Bahamas

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

NOTICE

NOTICE

NOTICE

NEWFIELD CHINA LDC ___________________________

NEWFIELD ASIA INC. __________________________

NEWFIELD ASIA INC ___________________________

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

NEWFIELD CHINA LDC is in dissolution under the provisions of the International Business Companies Act 2000.

(b)

The dissolution of the said Company commenced 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 Kirvy Ferguson of 253 Shirley Street, Nassau, Bahamas

Dated the 16th day of November, 2020 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 4th day of December, A.D., 2020. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 16th day of November, A.D., 2020.

Kirvy Ferguson Liquidator 253 Shirley Street Nassau Bahamas

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

NEWFIELD ASIA INC is in dissolution under the provisions of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced 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 Kirvy Ferguson of 253 Shirley Street, Nassau, Bahamas

Dated the 16th day of November, 2020 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

THE TRIBUNE

Monday, November 16, 2020, PAGE 11

JUDGE BLASTS US AGENCY’S ‘SLOPPY’ CLIMATE WORK IN OIL CASE BILLINGS Associated Press

A US federal court once again blocked new oil and gas drilling permits on Wyoming public lands in a ruling on Friday that rebuked the Trump administration for its “sloppy and rushed” analysis of climate change impacts.

US District Judge Rudolph Contreras said the administration’s Bureau of Land Management failed to look closely enough at climate change impacts from oil and gas extraction and consumption on almost 500 square miles of land in Wyoming.

Contreras first blocked drilling on the parcels in 2019, saying the bureau needed to consider greenhouse gas emissions from fuels extracted on public lands in the past, present and foreseeable future, including in neighbouring states such as Colorado and Utah.

In Friday’s ruling, he said the land bureau’s latest effort to tally up the impact of those emissions had again failed and “does not adequately consider the climate change impacts of the oil and gas leasing decisions”.

The judge pointed to numerous flaws in the

bureau’s climate change assessment such as failing to consider the cumulative impacts of multiple lease sales over time. He also highlighted simple math errors by officials that taken together “suggests a sloppy and rushed process” lacking scientific accuracy.

The ruling marks the latest in a string of court actions over the past decade that have faulted the US for inadequate consideration of greenhouse gas emissions when approving oil, gas and coal projects on federal land.

The case involving the Wyoming parcels originated with leases that were

sold in 2015 and 2016, under President Barack Obama.

Land bureau spokesperson Richard Packer said the agency’s leasing decisions were “based on the best available science”. He said that the agency would continue pushing Trump’s agenda supporting domestic energy production, but declined to answer whether government attorneys will appeal Friday’s decision.

President-elect Joe Biden’s administration has pledged to ban new oil and gas leasing on public lands and waters.

Environmentalist Jeremy Nichols with WildEarth

Guardians, one of the groups that sued over the Wyoming leases, said the latest ruling underscores the need for the incoming administration to reform government oil and gas sales.

“The oil and gas leasing program is a train wreck right now. They keep losing in court because they don’t want to acknowledge science and facts and the reality of climate change,” he said.

Companies pay billions of dollars annually to produce oil, gas and coal from federal lands and waters.

The money is split between the federal government

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 79° F/26° C Low: 62° F/17° C

TAMPA

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Mostly cloudy with a few showers

Mostly cloudy

Variable clouds with a shower

Strong winds subsiding; cloudy

Strong winds gradually subsiding

Strong winds gradually subsiding

High: 84°

Low: 76°

High: 83° Low: 74°

High: 81° Low: 72°

High: 80° Low: 73°

High: 82° Low: 74°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

90° F

78° F

87°-74° F

79°-69° F

79°-71° F

83°-73° F

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

N

almanac

E

W

ABACO

S

N

High: 80° F/27° C Low: 76° F/24° C

6-12 knots

S

WEST PALM BEACH High: 85° F/29° C Low: 73° F/23° C

4-8 knots

FT. LAUDERDALE E

W

FREEPORT

High: 85° F/29° C Low: 74° F/23° C

N

S

E

W

High: 83° F/28° C Low: 72° F/22° C

MIAMI

High: 85° F/29° C Low: 73° F/23° C

6-12 knots

KEY WEST

High: 81° F/27° C Low: 74° F/23° C

High: 84° F/29° C Low: 76° F/24° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 82° F/28° C Low: 77° F/25° C

N

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

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

10:50 a.m.

11:19 p.m.

3.3 2.5

4:25 a.m. -0.1 5:25 p.m. 0.1

Friday

11:47 a.m.

-----

3.1 -----

5:22 a.m.

6:23 p.m.

0.2 0.3

Saturday

12:20 a.m.

12:45 p.m.

2.4 2.9

6:24 a.m.

7:22 p.m.

0.5 0.4

Sunday

1:24 a.m.

1:45 p.m.

2.3 2.7

7:29 a.m.

8:19 p.m.

0.7 0.5

sun anD moon Sunrise Sunset

6:27 a.m.

5:22 p.m.

Moonrise Moonset

7:55 a.m.

6:52 p.m.

First

Full

Last

New

Nov. 21

Nov. 30

Dec. 7

Dec. 14

CAT ISLAND

E

W

High: 83° F/28° C Low: 78° F/26° C

N

S

E

W

7-14 knots

S

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

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 84° F/29° C Low .................................................... 74° F/23° C Normal high ....................................... 81° F/27° C Normal low ........................................ 70° F/21° C Last year’s high ................................. 88° F/31° C Last year’s low ................................... 73° F/23° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ............................................... 66.31” Normal year to date ................................... 37.30”

ELEUTHERA

NASSAU

To advertise in The Tribune, contact 502-2394

uV inDex toDay

TONIGHT

High: 83° F/28° C Low: 62° F/17° C

and states where the extraction occurs.

Extracting and burning fossil fuels from federal land generates the equivalent of 1.4 billion tons annually of the greenhouse gas carbon dioxide, according to a 2018 report from the US Geological Survey.

That’s equivalent to almost one-quarter of total US carbon dioxide emissions.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 82° F/28° C Low: 78° F/26° C

High: 83° F/28° C Low: 79° F/26° C

N

High: 83° F/28° C Low: 77° F/25° C

E

W S

LONG ISLAND

tracking map

High: 83° F/28° C Low: 79° F/26° C

8-16 knots

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

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 83° F/28° C Low: 79° F/26° C

High: 83° F/28° C Low: 80° F/27° C

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

N

E

W

E

W

N

S

S

10-20 knots

8-16 knots

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

Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

WINDS E at 4-8 Knots NE at 7-14 Knots E at 7-14 Knots NE at 8-16 Knots E at 8-16 Knots ENE at 8-16 Knots ENE at 8-16 Knots E at 8-16 Knots E at 7-14 Knots ENE at 8-16 Knots ENE at 6-12 Knots NE at 8-16 Knots E at 8-16 Knots E at 8-16 Knots NE at 8-16 Knots E at 7-14 Knots E at 8-16 Knots E at 8-16 Knots ENE at 8-16 Knots E at 8-16 Knots E at 7-14 Knots ENE at 8-16 Knots E at 10-20 Knots E at 8-16 Knots E at 8-16 Knots ENE at 8-16 Knots

WAVES 3-5 Feet 3-5 Feet 1-3 Feet 2-4 Feet 3-6 Feet 4-7 Feet 4-7 Feet 3-6 Feet 3-6 Feet 4-7 Feet 1-3 Feet 3-6 Feet 1-3 Feet 2-4 Feet 4-7 Feet 3-5 Feet 3-5 Feet 2-4 Feet 5-9 Feet 5-9 Feet 1-3 Feet 2-4 Feet 3-6 Feet 2-4 Feet 2-4 Feet 3-5 Feet

VISIBILITY 10 Miles 10 Miles 6 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 81° F 81° F 80° F 82° F 82° F 83° F 83° F 81° F 81° F 81° F 82° F 81° F 81° F 84° F 83° F 83° F 83° F 84° F 84° F 82° F 82° F 82° F 82° F 81° F 81° F

PAGE 12, Monday, November 16, 2020

THE TRIBUNE

CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY

T

he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned.

YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides.

Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property.

This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home.

We look forward to your continued support in this worthwhile endeavour.

MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100

CIRCLE of FRIENDS Silver: $1,500 - $2,499 Gold: $2,500 - $4,999 Platinum: $5,000 plus

OPPORTUNITIES • • • •

Invitations to Ranfurly events Assist with fundraising events Involvement with special activities Adults are eligible to join the Board after three months • Stay in touch with Ranfurly through website and newsletters

BENEFITS

• Personal fulfillment in knowing you are impacting lives • Ranfurly children’s appreciation and positive response • Continued support provides stability and constant care

For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115