11182020 BUSINESS

business@tribunemedia.net

WEDNESDAY, NOVEMBER 18, 2020

$4.00 ‘Buy Bahamian’ initiative critical for 25,000 jobs

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net AROUND 45 companies yesterday joined forces in a bid to drive “behavioural change” among Bahamian consumers and help preserve up to 25,000 jobs heading into the Christmas shopping season.

Unveiling the ShopLocal campaign, an initiative created by The Bahamas Federation of Retailers (BFR), merchants and other backers said the economic devastation inflicted by the COVID-19 pandemic had made it even more vital for Bahamians to ensure the survival of local businesses and jobs by patronising them over the next six weeks.

The ten-week campaign, which launched yesterday and is sponsored by the Mall at Marathon, Nassau Cruise Port, Southwest Plaza, AID, Furniture Plus, the Graham Thompson law firm and The Bahamas Light Industries Development Council (BLIDC), said the retail, wholesale and manufacturing sector’s rebound “relies heavily on a behavioural shift” by consumers.

“Now, more than ever, we need everyone to consider the financial impact and consequences of every shopping choice,” said Alannah van Onselen, the Federation’s ShopLocal director and president of Bahama Hand Prints.

“I cannot think of a more important initiative to support. Our local economy depends on it.

“As a local manufacturer, our success as a company and all the jobs it supports relies on Bahamians taking pride and supporting all that is Bahamian. We hope this important initiative will help to change consumers’ hearts, minds and shopping behaviours to strengthen local businesses, our economy and our collective standard of living.”

The ShopLocal initiative will likely be aided, at least in part, by the reluctance of Bahamians and residents to travel abroad to shop in Florida and other US destinations where they may be exposed to COVID-19.

Travel restrictions, border closures and the general uncertainty created by the pandemic, together with the loss of jobs and incomes, will also discourage travel by locals - as the government is also attempting to do.

However, online shopping remains attractive and will likely present local merchants with their stiffest competition this Christmas.

To combat this, the ShopLocal initiative will feature radio ads, billboards, social media marketing, and newspaper ads designed to educate local consumers about the direct connection between their purchase decisions, jobs and the Bahamian economy’s health.

“In this economic environment, consumers are rightfully careful about every dollar they spend, but they often assume that shopping abroad brings greater savings, and that is not always true,” said Elizabeth Ramsay, Nassau Tile’s managing director, urging Bahamians to keep money in their local economy.

“The landed cost of imported goods can often be higher than the cost of goods available locally. In addition, the added value of seeing and touching the product in person and having quick access to it once purchased are further incentives to shop local rather than abroad - not to

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$4.03

$4.03

Last-ditch threat to oil exploration

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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NVIRONMENTAL activists last night threatened to initiate legal action against the government and Bahamas Petroleum Company (BPC) within 14 days unless the latter halts its oil exploration plans.

Fred Smith QC, the Callenders & Co attorney and partner, fired off multiple letters to the prime minister, Cabinet ministers and relevant government agencies warning that his clients will seek to obtain a Supreme Court injunction blocking BPC’s activities until such time as the merits of their Judicial Review are determined.

Acting on behalf of the

• Activists to launch BPC legal challenge in 14 days • Will seek injunction unless voluntary halt agreed • Say govt failed to follow lawful approval process

FRED SMITH QC Our Islands, Our Future group, as well as Waterkeeper Bahamas and a “coalition” of unnamed “Bahamian citizens, local businesses and local and international environmentalists”, Mr Smith argued

that the approvals granted to BPC breached assurances given by Dr Hubert Minnis, were contrary to the nation’s international obligations, and did not follow legally-mandated processes.

In a letter to BPC’s chief executive, Simon Potter, which was sent just hours after it revealed the vessel hired to drill its first well is poised to leave the Canary Islands for The Bahamas before end-November, Mr Smith urged the company to avoid the need for an injunction battle by giving a voluntary “undertaking” not to proceed with

the project.

“We... invite you to undertake not to proceed with the project until such time as a full and proper public consultation process has taken place,” the Callenders & Co attorney urged Mr Potter.

“We hereby put you on notice that absent a satisfactory response within 14 days to this letter or to our letters sent today to the [government], we are instructed by our client to apply to the court for leave to bring Judicial Review proceedings.”

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Oil explorer: ‘We will pay double required royalties’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMAS-based oil explorer yesterday said it will “pay double the royalties that the law provides for” to the government should it strike success when exploratory drilling starts in less than a month.

Simon Potter, Bahamas Petroleum Company’s (BPC) chief executive, speaking before the threatened legal challenge by environmental activists emerged (see other article on Page 1B), told Tribune Business that the company and Bahamian government will enjoy an equal 50/50 share of any proceeds should it discover commercial quantities of oil in this nation’s waters.

Asserting that BPC’s activities could produce up to a $5bn revenue windfall for the government over the project’s 10-20-year life, depending on the volume

• BPC chief: ‘We’re looking to get on with job’ • Aiming to settle outstanding licence fees • Consultants to be posted on drilling vessel

SIMON POTTER of oil found beneath the seabed, he reiterated the “tremendous difference” this could make to an economy afflicted by the ravages of COVID-19.

With BPC yesterday revealing that the Stena IceMAX vessel hired to drill its Perseverance One exploratory well is poised to leave the Canary Islands for The Bahamas by November’s

end, in preparation for a December 15, 2020, operational start, Mr Potter told this newspaper: “We’re looking forward to getting on with the job we’ve been trying to do for the last ten years.

“The royalty structure is embodied in law and the licence. The law establishes a royalty that we have to pay for the production of oil and gas, and the licence we signed provides more royalties on top of that.

“It doubles the amount of royalties we’d pay under the law. We agreed with the government many years ago to pay more royalties than the law provides for. Depending on the volume of oil it could double the royalties.”

BPC’s existing commercial terms with the government

involve a “sliding scale” of royalty fees, with the rates tied to production (the daily volume of oil, measured in per barrel terms) that is extracted from Bahamian waters.

The royalty rates range from a low of 12.5 percent for 75,000 barrels per day to a peak of 25 percent for 350,000 barrels per day or more, with a production licence granted for 30 years.

And, using a market price of $80 per barrel of oil, BPC has said that once production costs - equal to around $40 of this sum - are taken out, the remaining $40 would be “split 50/50 between us and the government”.

While the discovery of commercial oil quantities

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$3.95 Tourism could be off by 75% ‘through 2021’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas could endure tourism volumes up to 75 percent below last year’s record-breaking 7.2m visitors “through 2021”, the Inter-American Development Bank (IDB) warned yesterday.

The multilateral lender, in its latest Caribbean Quarterly Bulletin, said data measuring year-overyear airplane booking search changes showed that this nation and other tourism-dependent Caribbean nations face the prospect of a protracted recovery in their major industry.

“Internet search data suggests that future travel for the rest of 2020 and through 2021 will remain 40 to 75 percent below 2019 levels in Barbados, The Bahamas, and Jamaica,” the IDB warned.

“A major caveat, however, is that people might respond with last-minute bookings as health circumstances evolve in both source and destination countries. The response is likely to depend on the evolution and distribution of a vaccine, and a better understanding of how sanitary measures reduce the risk of infection, particularly in airplanes and airports.”

The IDB’s forecast was backed by Dionisio D’Aguilar, minister of tourism and aviation, who told Tribune Business that tourism was likely to be “a sliver of its former self but certainly better than we’re doing now, which is very limited” once 2021 was reached with both Atlantis and Baha Mar having re-opened.

Based on the United Nations’ World Tourism Organisation (UNWTO) forecast that travel and tourism is down some 70 percent globally, Mr D’Aguilar said the tourism industry was likely to restart at some 30 percent of its former capacity.

“I think Americans are still willing to travel, but they are being bombarded daily about the state of affairs in their country,” he added. “It makes it difficult, but we soldier on.”

Segmenting COVID test window ‘could be floated’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET minister yesterday said extending the COVID-19 PCR testing window for tourists from countries with fewer cases is “an idea that could be floated” when the present global spike is arrested.

Acknowledging that the present five-day stipulation for incoming travellers is “a tight deadline”, Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that “fine tuning” this procedure and and segmenting the market could be the direction ultimately taken by The Bahamas.

However, he conceded that public health officials, in particular, will likely want the “status quo” to remain given the present COVID-19 surge in the US that he branded as “a little disconcerting” for The Bahamas’ tourism revival prospects.

Canadians, as well as returning Bahamians and other nationalities, have frequently complained that the five-day window

• Longer than five days for low infection countries eyed • Domestic Travel Card awaits ‘policy decisions’ for go • Exploding US infection numbers ‘disconcerting’

DIONISIO D’AGUILAR in which they must take a COVID-19 PCR test and obtain a negative result is simply too tight for booking their flight with comfort “We are aware of it.

We are aware it’s a tight deadline,” Mr D’Aguilar told this newspaper, “but given what’s happening around the world maybe it’s prudent to leave a tight window right now, certainly for countries that are experiencing an explosion in case growth.

“If you look through the Caribbean, a lot of

countries Barbados, Belize - have a three-day window. There’s three days, five days and seven days, and one or two are at ten days. Maybe we do need to fine tune it a little for those countries where the extent of community spread is less, and start to bifurcate it a little for those.

“That’s an idea that could be floated - five days for countries experiencing a lot of cases, and seven days for those with less. We’ll see.

It’s all a little disconcerting right now. We’re minded to let the status quo remain and keep the number of days where they are now.”

Mr D’Aguilar could not be contacted for comment later after it emerged that Atlantis, via its website, was telling prospective guests that they no longer needed to take the COVID-19 rapid antigen test when staying for five days or longer if they remained on property within its “bubble” for the

entire duration of their stay.

“Atlantis registered guests are not required to take a second test if they vacation/stay in the Paradise Island Safe Zone for the duration of their stay,” the Paradise Island mega resort’s website said in bold text.

This raised immediate questions as to whether Atlantis and its guests have been given an exemption from what is one of the cornerstones of the government’s more frequent COVID-19 testing policy, which is designed to eliminate the mandatory 14-day quarantine seen as vital to tourism’s rebound.

Mr D’Aguilar, meanwhile, revealed that “some tweaking” needed to be performed to the Domestic Travel Card that will facilitate inter-island Family Island travel by Bahamians.

“There’s some policy issues that have to be decided as it relates to that,” he said.

“Which islands are travellers going to be required to produce negative PCR tests from - New Providence, Exuma and Eleuthera...We have to determine whether any follow-up testing is required, and if there’s an online survey for persons travelling domestically. We just need direction on what the policy is, and be able to implement is. The programmers are willing and able to go. We have to make some decisions.”

With the US recording more than one million new COVID-19 cases over the past week, and a daily peak of more than 180,000, Mr D’Aguilar acknowledged that this infection surge could throw The Bahamas’ tourism rebound plans offcourse yet again given the country’s dependence on that nation for 85 percent of its visitors.

Voicing optimism, though, that The Bahamas’ new testing system will sufficiently mitigate the risk this presents to the country’s health, he said: “It is always a little disconcerting when your core market is

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PAGE 2, Wednesday, November 18, 2020

Harnessing messy data for future improvements

BY RHONDA MCDEIGAN-ELDRIDGE, CPA, CA FOUNDER, HARNESS ALL POSSIBILITIES INC

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ATA does not rest. It is everywhere, created by everyone for anything and everything. Silently, it has grown exponentially over the past few years, especially most recently, with the attention on COVID-19. We are obsessed with the momentto-moment updates. While data is messy, I believe it is the most significant contributor to our emotional discomfort and mistrust, as well as disinformation – which are all at unprecedented levels. We would like to believe what the data says but do not trust it.

Three reasons why data and I struggle with its message: 1. Data’s story is as good as the storyteller On its own, data is messy, random and disorganised.

One cannot take it at face value because its source may have its own agenda or perspective. The data may have some hidden facts that are like needles in a haystack. The storyteller may have an agenda - a call to action or a desire to appease, oppress, suppress or depress others.

Let us assume the source is an expert, a respected leader, or a trusted friend.

One would immediately lean towards believing the storyteller versus the messy data, no matter what may be revealed – even if it is misinformation. The details we see in the data trigger our emotions, ranging from “comforting stories” to “unpleasant realities”.

When it comes to human survival in the COVID19 environment, one must weigh economic and emotional conclusions against the source that provides interpretation or perspective on the data.

2. The data, the expert and personal experience When it comes to basic human needs, survival beats data. My experience during the 2008 financial crisis proved this assumption.

I worked for a European bank and was awoken at 4am by a call from the head office. The conversation confirmed what the data had been showing for months. We were facing a precipitous decline in the company’s stock price, a trend for many of the major global banks at the time.

The data was messy and forewarned of a domino effect, potential bank failures, or significant losses spread from one to the next in the banking world. The global financial tsunami was underway. There was nowhere to run or hide.

Our primal human instincts of survival kicked in; a Fear of Not Acting (FONA)

THE TRIBUNE mindset left many frozen.

The media, economists and every subject matter expert chimed in with their angle on the data.

However, I was able to take a different, regional perspective with access to other data. My team and I recognised something the media had yet to cover. I did not believe the “doom and gloom” scenario. There was something in the data telling me to read the data from a fresh angle. I was insistent and unwavering in the quest for a gold nugget, digging into and through a plethora of liquidity and “what if” scenarios to see what the data was saying.

My team and I switched to survival mode. Using our instincts, experience, and teamwork, honed by doing unusual deals, we scoured the data to sort facts from conjecture and took a different path. The experts knew what they knew, and we saw the data from a different angle. We ignored them and went against the tide with our version of our truth and harnessed opportunities. This united my tribe.

3. Do the numbers lie?

Well, yes!

Numbers can and do lie because people who gather the data misstate, overestimate or underestimate their expectations. We may not be aware of our biases and ingrained actions. People have an agenda, tell lies, misunderstand the purpose of data, or manipulate the system or data at the source.

The book and movie of The Big Short relates the story of individuals who found the nuggets of data highlighting the subprime home loan problems, resulting in the 2008 financial crisis. They showed that the underlying data was poor and not verified. The entire subprime lending model was based on lies.

These observations, and a deep dive into the data, predicted the housing market collapse, setting off a global financial crisis that impacted every major bank.

The Big Short was the realisation of a big data opportunity. The nugget:

People lie about their income on their mortgage applications. Human nature often supports fudging inputs to achieve the desired outcome. In this case, those little lies were the trigger that ignited a global crisis. The cumulative data told the story of a catastrophic financial disaster. It was messy. Maybe no one wanted to understand or dig into it until it was too late. No one likes messy.

So what? Why does this matter? Why is data relevant to The Bahamas?

There are many reasons.

However, I shall touch on three areas.

COVID-19 is an airborne pathogen. We breathe it as we do oxygen, except it triggers a technical glitch in humans for which there is no technical solution. Yuval Noah Harari describes our human condition in Homo Deus: “Humans always die due to some technical glitch.”

Humans spread COVID19 to varying degrees. The data tells the truth about capacity to care for those with the disease (caregivers and hospitals reach capacity), potential risks of super spreader events across age, sex and pre-existing technical glitches (diabetes, weight, immune, heart or lung). People have died.

The data tells how many did. That is past tense. It tells at any point in time the potential risks of not trusting these past observations to predict future occurrences.

Elections are another area where data is important for truth-telling.

Bahamians laser focus on them, and observations of past elections tell a story of what happened. However, data is omnipresent within the context of the election period in showing the number of persons at a rally, persons registering and, at polling day, who is predicted to win or lose.

Are there any predictive models for what candidates have said before an election to predict their likelihood of delivering the outcomes once elected. How can data help with accountability and transparency reporting?

Can data also speak to credibility, trust, being held accountable? How does this data help move a country forward in making decisions about candidates?

What did the candidate do to have a measurable impact on socio-economic well-being and the community’s growth? Data can provide some insights on the intangibles and tangible outcomes of the electoral process.

Finally, skills. Data has some truth-telling about human skills in The Bahamas. The efforts to upskill and reskill, and to close gaps, have been thwarted

by COVID-19, and pressing the pause and reset buttons post-Dorian. A 2019-2020 collaboration by five private sector summer technology programmes found little reliable publicly available data on the national skills portfolio; breakdown of the student population; reliable learning trackers or other variables to get and tell a skills story.

Data is the common language to tell this story and solve people, planet and profit problems. It is an engine for economic recovery for small island nations like The Bahamas. Data highlights business, education, health, government and innovation pain-points, work-skill gaps and laser focuses efforts to accelerate, target, track and scale human capital programmes to close multiple divides.

The absence of data is the absence of knowledge, resulting in operating in a vacuum versus having a catalyst to thrive, strive and harness work opportunities that match local and global

workforce needs.

Using data’s predictive qualities would provide valuable insights on the present value impact on the country’s GDP, and in almost real time, given the feedback loops and data harvesting tools now available. The predictive model from our research for one summer STEM programme, for example, showed an approximate present value to GDP of $54m. Now imagine the predictive story of the data on all national skills programmes. Imagine telling that story to ignite the power of data analytics. Think STEManalytics, LEARNanalytics, BAHAMIANMADEAnalytics, JUNKANOOAnalytics, FISHAnalytics, EXPERIENCEAnalytics offered to the world? Massive remote work opportunities with imagination and creative passion.

So while data is messy, it may be an untapped source that has the potential to unite a nation in understanding what has happened and is happening, through the “what-if-then” scenarios, ways to pivot or anticipating obstacles. But, most importantly, a plan must be developed to harness that messy data which will tell evidence-based stories. That plan will become a tool for, and of, infinite possibilities.

NB: Rhonda Eldridge is a finance professional and founder of Harness All Possibilities, a non-profit social impact enterprise focused on innovation, technology and other factors driving transformation of industry impacting humans skills and underserved communities.

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

RETAILER’S ‘HARD DECISION’ TO EXIT MALL AT MARATHON

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN retailer yesterday said high rental rates combined with the ongoing uncertainty over COVID-19 restrictions had given it no choice but to exit its space at the Mall at Marathon.

Gabrielle Armaly, owner/ operator of Jean Junction, said the retailer was “currently closed down until further notice next year.

The Mall rent is expensive and, because, you know, the lockdown, on and off. When you have a lockdown that don’t necessarily mean your bills stop.

“Our lease was up and, because our lease was up, I made the decision to shut it. Because if I go to sign on for another five years, what if this COVID-19 continues for another year or God knows when. I would really be in debt. So, I had to make a hard decision to say I can either pull from my

Greater FDI linkages ‘beautiful’ for locals

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN manufacturing advocate yesterday said it would be “beautiful” if the government fosters greater “linkages” between local producers and major resort and real estate developments.

Karla Wells-Lisgaris, vice-president of the Bahamas Light Industries Development Council, said the government needed to stipulate in its negotiations with overseas developers that they “buy local” as much as possible in return for the multiple tax breaks and other investment incentives they receive.

Addressing a press conference, she said: “I think there’s a lot of things that the government can do. I’ve had the opportunity to review the recommendations from the Economic Recovery Committee, and I think one of the recommendations that would be beautiful, if it was adopted, would be trying to get some of the bigger investments that get tax concessions from the government to buy local.

“We understand that, typically, items are more expensive when they are procured within the economy, but there’s a lot that goes into that and makes the product more expensive. So a lot of these investors, when they come in to get the tax concessions, their first instinct is to purchase all those items abroad.

“I think greater dialogue needs to happen between the investor, through the Bahamas Investment Authority, and the local businesses to find ways that we can supply more of these developments,” Ms Wells-Lisgaris said.

“It can be challenging enough to get into some of the larger hotels and, you know, the two large properties are at least in our face.

We can see Atlantis and we can see Baha Mar. When Cat Cay got their first case, we had to Google ‘where is Cat Cay’. It’s a whole development. There’s a lot of developments across our 700 islands that we don’t even know are there, and so if we don’t know they’re there, then how can other Bahamian businesses really do business with that entity?

“I think the government creating linkages would be beneficial. I think we all understand the government has a very daunting task, but

savings and try to hang on, or I could just shut it down.”

Ms Armaly spoke out after a Mall at Marathon executive said the few tenant departures it has suffered to-date have not been directly related to COVID-19’s fall-out.

Carla Moss-Fitzgerald, the retail hub’s marketing director, said: “With regard to the COVID-19 situation and the economic downturn, we haven’t had that many stores leave for that reason. We had two stores whose leases have come to an end and they’ve declined to re-sign, and those were major stores - the Shoe Depot and Jean Junction.

“However, they also had other things that they were looking into and other things that are going on within their store, so they’ve made the decision that they weren’t going to renew. It wasn’t so much the economic downturn at that time because those stores had planned their departure I think there is a bit more that can be done to assist businesses.”

Establishing stronger linkages between foreign direct investment (FDI) projects and the domestic economy has been eyed for decades as a means to grow wealth and enhance opportunity for Bahamian entrepreneurs, as well as create jobs.

While such links exist, little progress appears to have been made in recent years towards expanding them.

Developers/investors frequently cite concerns over uncompetitive pricing, product quality and consistency of supply as reasons why they do not source more Bahamian goods.

However, Michael Pintard, minister of agriculture and marine resources, recently said Cabinet had approved a policy whereby major FDI projects must purchase 40 percent of their food requirements locally.

Meanwhile Alannah Onselen, president of Bahamas Hand Print, responding to the prime minister’s charges that merchants have not been proactive enough in developing an online presence, said: “A lot of businesses have done their best to get their websites updated, but there are huge costs involved with getting your website up and running and making it a site where you can place orders online.

“I know a lot of businesses would love to be able to do that. It’s almost like you need an entire person to manage the website to get the website up and running. You’ve got to get your product out there. It’s actually a massive undertaking.

“Smaller businesses, I know, will struggle at this stage - and have been struggling - to get that up and running. What people have been doing, which is second best I suppose to shopping online, is you can get in contact via WhatsApp if you’re not comfortable to go in,” she added.

“I know that the Bahamas Federation of Retailers has put out guidelines for shops, and people are following them strictly so that you can shop safely where there’s only a certain amount of people allowed in at the same time.

“With regards to online, everybody is doing their best but it has been an incredibly challenging year and coming from before the pandemic, when that was just not how Bahamians shopped at all, to through a pandemic, when things are done to now invest in websites and e-commerce, getting somebody to manage the website, getting photographs up and things like that, it’s very challenging and some people, some businesses can’t quite get it done at the moment.”

CORRECTION IN an article on Page 3B of Tribune Business on November 17, 2020, under the headline Water sports operators say a harvest is taken from us, it was reported that Kamal Shandon is the owner/operator of My Own Watersports company. This was incorrect. Mr Shandon is the owner/operator of a different water sports company, and his comments do not represent the views of My Own Watersports. This newspaper apologises for the error.

Wednesday, November 18, 2020, PAGE 3 prior to the big lockdown that came.

“We had a few of the smaller stores [leave]. There was a massage kiosk and a virtual reality thing, because if you’re not able to come out and touch and feel and what not, those smaller kiosks have had to recently close due to COVID-19.”

Ms Moss-Fitzgerald’s comments on the larger retailers, though, are contradicted by what Tribune Business was told earlier this year. Egan Kemp, president of Eunison Company, the Shoe Depot parent, told Tribune Business in April that it had made “the hard call” to end its 30-year presence at the Mall at Marathon after being placed “in an impossible position” by its landlord during lease renewal talks.

He said it would have been “imprudent and unwise” to extend the lease beyond its expiry in a postCOVID-19 environment because “all options given us” involved rental rate increases.

“To be clear we have been Mall tenants since the very beginning in the late 1980s... growing from one bay into a three-bay single store of approximately 4,221 square feet,” Mr Kemp said in e-mailed responses to this newspaper’s questions.

“Unfortunately, the Mall Ms Onselen said the government’s waiver of import duty for clothing and apparel retailers, in a bid to improve their price competitiveness against foreign and online rivals, has “helped hugely”.

However, she added: “I think that one of the problems is a lot of people don’t know that actual clothing and shoes items are duty free. So essentially, when you shop at the Sports Centre or Rubins, or wherever you’re going to shop, those shorts aren’t US prices plus shipping.

“So if you had flown to Florida and bought the same pair of shorts, it’s cheaper to get it here. I’m hoping that we get that message across as well, because it has been a very good initiative. I think a lot of people don’t know that a lot of things are duty free.

So they have been making an effort to encourage Bahamians to shop now.”

has put us in an impossible position.

“Our existing lease expires on April 30. Our discussions on lease renewal were not successful. We expected that the landlord would take a ‘tenant retention’ approach and factor in the current COVID-19 climate and the dire economic reality of the next several months/years to offer some measure of compromise.

“However, we felt their final offers were not reasonable and instead included periodic increases, while only offering discretionary abatement on a month-tomonth basis at their sole discretion, and without any legal protection in the lease itself during the crisis,” he added.

“In planning for business into the future, and anticipating the reality of a COVID-19 impacted world, it would be imprudent and unwise to sign a long or short-term lease at the same pre-COVID-19

rent and which also includes increases like this. So, we made the hard call not to renew the lease, which means closing the store.”

Ms Armaly, also reacting to Ms Moss-Fitzgerald’s claim, said yesterday: “Well, yeah, they would say that, but we had to close down because of COVID-19.

Their rent is $13,000 a month, and I want to thank God, they gave us half price, which was $6,000.

But if you’re on curb-side, or you’re not making no income at all, that’s a lot of money to still be paying out.”

Complaining that it was difficult to control customers when she was offering a 75 percent-off sale, Ms Armaly said: “The police said if you don’t control the crowd, you’re going to get charged $10,000. So I was like, let me shut this door now because the last thing I need is a fine.

“You can’t control it, so I’m not going to tolerate

that. It’s not your business any more. That is government, because government has to dictate to you how and when you can open, and when you can’t open How many people you can have in a store. And if you only have allowed ten people in store, you’re not going to make it.”

Ms Moss-Fitzgerald, meanwhile, added: “We’re hoping that most stores can continue to hold on.

At this time, I’m not quite sure of the exact numbers of stores that are in the Mmall, because we do count the smaller kiosks and there are also stores within stores.

“Aliv has the Western Union and such. Then there is the tattoo parlour that also does Cash for Gold.

So there are a number of stores within stores that are counted as separate entities. So we’re in the area of about 90 to 95, including small kiosks and stores, within the Mall.”

PAGE 6, Wednesday, November 18, 2020

THE TRIBUNE

Scotia named Bahamas BTVI explores tie-up private banking leader with landfill manager SCOTIA Wealth Management says it has been named by Global Finance Magazine as the best private bank in The Bahamas.

“Scotia Wealth Management is proud to be recognised for its holistic, team-based approach to wealth management,” said Raquel Costa, its senior vice-president for international wealth management.

“Our team delivers comprehensive financial plans that are tailored to the unique circumstances of each client who walks through our doors, and we are committed to helping clients achieve their short and long-term goals and to helping them navigate any obstacles that might arise along the way.”

The Global Finance Best Private Banks Awards for 2021 honour institutions that best serve the specialised needs of highnet-worth individuals as they seek to enhance, preserve and pass on their wealth.

“This award is exceptional during what has been such a challenging year,” said Peter Slan, Scotiabank’s vice-chair and head for the global strategic client group. “We are proud that our team

OFFICIALS from the Bahamas Technical and Vocational Institute (BTVI) recently visited the New Providence landfill site to explore partnership opportunities with its management firm.

The visit aimed to explore ways to promote traderelated opportunities for

MARIO CAUSARANO, Scotiabank’s vice-president of international trust and wealth management. in The Bahamas has been recognised for their deep commitment and tireless dedication to our clients.”

“We are delighted that our wealth management team in The Bahamas achieved this well-deserved recognition for going the extra mile for our clients when they’ve needed us most,” said Mario Causarano, Scotiabank’s vice-president of international trust and wealth management.

Scotia Wealth Management received Global Finance’s 2021 Best Private Bank Award in both Peru and The Bahamas.

students, as well as addresssustainability initiatives at the BTVI campus.

New Providence Ecology Park (NPEP), the landfill operator, donated tablets for use by BTVI students. NPEP is the first governmentapproved, privately-managed integrated waste management landfill in The Bahamas.

Last-ditch threat to oil exploration FROM PAGE ONE These, Mr Smith said, will focus on challenging the government’s February 2020 decision to approve BPC’s Environmental Impact Assessment (EIA), and subsequently issue its Environmental Authorisation (EA), “without proper consultation or at all”. It will also tackle similar issues with what he described as BPC’s revised EIA. “As part of this Judicial Review application we will be seeking an injunction preventing you from embarking on the project

pending final determination of the Judicial Review,” he told Mr Potter. “To obviate the need to obtain such an injunction, we therefore invite you now to undertake not to proceed with the project until the final determination of any Judicial Review challenge launched by our clients.”

The move threatens to throw a last-minute wrench into BPC’s plans to spud its first exploratory well, Perseverance One, in Bahamian waters just before Christmas 2020. The oil explorer, in an update issued yesterday, said Stena Drilling, providers of its drill ship, had formally notified it that the vessel will begin operations on December 15.

“BPC anticipates that it will take four to five days from this start date for the rig to be provisioned, loaded and then transitioned to the drilling location for spud of the well,” the oil explorer said yesterday. However, that timeline for a project BPC says it has invested more than $100m on over the past 13 years, has now been thrown into doubt at the last minute if Mr Smith and his clients are successful.

Any Supreme Courtenforced delay could prove extremely costly to BPC and its shareholders, including the Reaction to the efforts of Our Islands, Our Future and its environmental partners is likely to be mixed given that the issue of oil exploration in Bahamian waters is highly divisive.

Some view it as a potential “game changer” that the Bahamian economy desperately needs, and can ill-afford to ignore,

Pictured from left: BTVI chairman, Kevin Basden; NPEP project engineer, Dr Bently Higgs; NPEP board member, Ginny McKinney;

BTVI’s president, Dr Robert W Robertson; and BTVI’s dean of construction trades and workforce development, Alexander Darville.

post-COVID-19 especially if commercial quantities of extractable oil lie below the seabed.

Advocates argue that The Bahamas simply cannot pass up the potential of a multi-million dollar windfall following the fiscal and social hardship inflicted by the pandemic, especially since there are few other economic diversification opportunities on the immediate horizon.

The project’s opponents, though, have always voiced scepticism about BPC’s ability to pull-off the project.

Many have also expressed fears for the environment, and the industries that rely upon it - especially tourism and fishing - were any oilrelated accidents to occur.

They also argue that an oil exploration industry is not compatible with fighting the very climate change now impacting The Bahamas.

Meanwhile Mr Smith, in a separate letter to Romauld Ferreira, minister of the environment and housing, said that “owing to assurances given by the prime minister” and himself “our clients had a legitimate expectation that the BPC EIA and EA would not be approved or granted”.

Suggesting that the government’s approvals were incompatible with its international environmental obligations and the treaties it has committed to, the QC also queried whether BPC had met the requirement in the Petroleum Act’s accompanying regulations that it “satisfy” any issues raised by those affected by its potential activities before submitting an EA application.

“This is of particular interest given that you granted EA to this project without notice to Our Islands, Our Future nine months after you gave unequivocal assurances to representatives of Our Islands, Our Future and

other environmental organisations that there would be no oil drilling in The Bahamas,” Mr Smith told Mr Ferreira.

“It seems clear to us that neither BPC nor your department engaged in any, or any proper, public consultation in relation to the EIA or the project..... There has been a complete failure to fulfill the public consultation obligation in relation to this project. Doubtless as a result of this failure, the BPC EIA is a woefully inadequate document.”

BPC has repeatedly refuted allegations that there has been little to no consultation with Bahamian stakeholder groups, citing meetings it has held with numerous fishing communities and other potentially affected parties in Andros and throughout the Family Islands.

Mr Smith, meanwhile, zeroed in on reports that BPC’s EIA is being updated due to the interruptions caused by COVID-19 and the change of drill ship.

Noting that the regulations accompanying the Petroleum Act require changes to an EA-approved project to be granted by the minister, meaning Mr Ferreira, he queried whether this had happened.

Arguing that the EIA would have to be resubmitted, and a new EA application made by BPC, Mr Smith suggested its Stena IceMAX drill ship “will not be able to begin drilling” until these documents were approved and a fresh round of public consultation had taken place.

“To this end we request that you suspend the EA and re-open the EIA process to allow proper public consultation to take place,” he argued, while also requesting that the government clarify whether BOC has been issued with a Certificate of Environmental Clearance (CEC) as required by the Petroleum Act. “If a CEC has not been issued, please provide an assurance that a CEC will not be issued without our clients having an opportunity to make representations in relation to the project in general, and the EIA and Environmental Management Plan in particular,” Mr Smith added.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SHARICE COLEBROOKE of Thompson Street, Dannottage Estates, New Providence, The Bahamas, intend to change my name to SHARICE ALEXANDRIA COLEBROOKE. If there are any objections to this change of name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, New Providence, Bahamas no later than Thirty (30) days after the date of the publication of this notice.

Press Release

18th November, 2020

Benchmark’s registered for the nine-month period 2020 a consolidated net loss of 21 cents per share against a net profit of 42 cents per share for the nine-month period 2019.

Benchmark’s unaudited consolidated financial results for the three-month period ended September 30, 2020 registered a consolidated net loss for the quarter of 10 cents per share against a profit of 26 cents per share for the same period in 2019. The quarterly results were influenced primarily by the performance of our securities investment portfolio and its impact on Net Movement In Unrealized Gain And Loss On Investments. For the quarter, Benchmark’s Net Loss was B$(482,150) against a Net Profit of B$1,274,597 for the same periods during 2019.

Net Operating Income for the three-month month period was B$56,055 before adjustments for Net Movement In Unrealized Gain And Loss On Investments which was B$(538,204). Revenue and Expenses for the period was down 40% and 15% respectively. Due to the COVID-19 Pandemic trading activity for the nine-month period was not as strong compared to 2019 results. Benchmark’s consolidated Net Loss for the nine-months ended 2020 was B$(1,041,208) against a profit of B$2,065,904 for 2019.

Benchmark’s Consolidated Net Profit/(Loss) contribution for the period was contributed by Benchmark B$43,781, Alliance Investment Management B$(294,335), Benchmark Properties B$204,365, Benchmark Advisors B$(970,824) and Benchmark Ventures B$(24,195).

Julian R. Brown CEO & President

THE TRIBUNE

Wednesday, November 18, 2020, PAGE 7

Oil explorer: ‘We will pay double required royalties’ FROM PAGE ONE remains an ‘if’, with much now depending on the results of BPC’s exploration activities, Mr Potter again defended royalty rates and terms which have come under fire previously from some observers who believe they provide too little to the Bahamian people.

The BPC chief, who previously told this newspaper that the payments it faces are “30 per cent higher” than those paid by Gulf of Mexico oil drillers, pointed out that the company had taken on all the risk by investing more than $100m to-date just to reach the well-drilling stage without the government parting with a single cent.

And, given that The Bahamas is effectively “virgin” oil exploration territory, with no well dug for more than 25 years, Mr Potter said comparisons with the rates paid in established oil producers

such as Trinidad & Tobago were not like-for-like “There’s no financial risk to the government,” Mr Potter reiterated. “We have to bear the contributed capital burden of exploration, appraisal and development.

That’s the business we’re in.

We understand the rules of the game, and it’s important to establish the rules of the game beforehand.

“That’s the contract we signed with the government.

They contracted with us to explore, they contracted with us to drill a well, and in the event of success the government and ourselves know who is getting what.”

BPC, in its statement yesterday, said a successful Perseverance One strike will “substantially de-risk” a structure that extends for between 70 and 80 kilometres below the seabed, “has a mapped areal closure of over 400 square kilometres, and has a ‘best estimate’ aggregate recoverable resource

potential in excess of two billion barrels”.

“Perseverance One is a potentially basin-opening well, with the kind of scale and associated value uplift exposure rarely offered outside of oil majors,” Mr Potter argued. “At the same time, our activities, in the event of success, have the capacity to be economically transformative for the nation of The Bahamas, and could ultimately contribute billions of dollars in royalty revenues to the national treasury at a time when the dual impact of recent hurricanes and the COVID-19 pandemic has been especially hard-felt by most Bahamians.

“Many other nations in the region such as USA, Mexico, Trinidad and Tobago, Suriname and Guyana have over the past decade safely and responsibly drilled offshore wells, developed or continue to develop offshore hydrocarbon resources, and reaped the economic benefits of an established or a whole new industry. Moreover, these other nations have been able to do so at the same time as seeing growth and development of existing industry sectors, such as tourism.”

Mr Potter told Tribune Business that BPC’s efforts could produce “$5bn in revenue over the 10-20-year life of the project depending on the volume we find”, and added: “This is a resource to the nation, and could make a tremendous difference to the revenue base of the economy and generate significant revenues over the life of the project.

“With the economy struggling it could be a huge help to many and all Bahamians.

What a difference it would be if we established this as a resource base for the economy.”

Mr Potter added that BPC was still working with the government to resolve the licence fees payable for its second exploration period.

“We’re still in discussions, that’s the best thing to say there,” he said.

“I think it’s one thing we’d like to get settled. We’ve paid licence fees in advance in good faith in the last few years although we’ve been unable to further activity with the licence. But it’s our obligation and we’re prepared to stand up.”

BPC yesterday said the Perseverance One well,

which will be drilled in waters some 90 miles to the west of Andros, close to the maritime boundary with Cuba, is “targeting recoverable prospective resources of 0.7 billion barrels of oil, with an upside of 1.44 billion barrels”.

With the Royal Bahamas Defence Force and US Coastguard briefed on the drill ship’s operating and safety procedures, the oil explorer added that the Department of Environmental Planning and Protection has now been briefed on the precise well location as well as having issued further unspecified approvals.

To provide further environmental safeguards, BPC said officials from Black & Veatch, the US-based consultants that assisted the government with assessing the company’s applications, will be present on the drill ship to provide a further layer of oversight during the 45-60 day drilling period.

“The well site is located within the Santaren Channel, a deep-water seaway that is already a major oil transhipment thoroughfare through which oil super-tankers pass daily carrying millions of

barrels of crude oil to oil facilities in The Bahamas and beyond,” BPC said “The Bahamas is already a significant player in the international oil industry, home to some of the world’s largest oil storage facilities. The Perseverance One well site is located more than 90 miles from the nearest inhabited Bahamian islands, and over 40 miles away from the nearest uninhabited Bahamian islands...

“In accordance with the requirements of BPC’s licences, BPC has formally notified the Bahamian Department of Environmental Protection & Planning (DEPP) as to the precise well location, as well as the specific details and technical specifications in respect of the Stena IceMAX drill ship, and has obtained the DEPP’s consent to same,” it added.

“BPC is currently working with the Government of The Bahamas’ appointed third-party expert adviser, international environmental consultants Black & Veatch, on a number of technical items relating to the Perseverance One drilling programme.”

NOTICE NOTICE is hereby given that RANDALL TYNES of Wemyss Bight, Eleuthera, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 11th day of Novemver 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

LEGAL NOTICE

NOTICE

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

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

(b)

The dissolution of the said company commenced on the 16th November, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Leeward Nominees Limited, Vistra Corporate Services Centre, Wickhams Cay 11, Road Town, Tortola, British Virgin Islands.

MARKET REPORT

Dated this 18th day of November, A. D. 2020 _________________________________ Leeward Nominees Limited Liquidator LEGAL NOTICE

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

(b)

(c)

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

The dissolution of the said company commenced on the 16th November, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

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

Dated this 18th day of November, A. D. 2020 _________________________________ Bukit Merah Limited Liquidator LEGAL NOTICE

NOTICE

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

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

(b)

The dissolution of the said company commenced on the 16th November, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Leeward Nominees Limited, Vistra Corporate Services Centre, Wickhams Cay 11, Road Town, Tortola, British Virgin Islands.

www.bisxbahamas.com

TUESDAY, 17 NOVEMBER 2020

BISX ALL SHARE INDEX:

CLOSE

CHANGE

2088.36

-0.13

%CHANGE

YTD

YTD%

-0.01 -143.24

-6.42

(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

LAST CLOSE 4.05 23.61 1.62 1.79 1.67 5.50 6.75 2.99 4.75 3.64 5.99 11.26 2.36 6.22 10.38 8.44 14.30 3.94 8.85 15.20

CLOSE 4.05 23.61 1.62 1.79 1.67 5.50 6.75 2.99 4.75 3.64 5.99 11.26 2.17 6.22 10.44 8.44 14.30 3.94 8.85 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.19) 0.00 0.06 0.00 0.00 0.00 0.00 0.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

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 230

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 VOLUME

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

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

EPS$ 0.239 0.932 0.000 0.000 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631

NAV 2.36 4.43 2.13 198.36 173.98 1.68 1.81 1.76 1.07 8.30 9.90 7.08 11.27 12.71 10.23 N/A 9.28 11.86

DIV$ 0.170 1.260 0.020 0.000 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 16.9 25.3 N/M N/M N/M N/M 18.3 -6.8 33.9 19.8 13.3 15.6 21.3 13.3 16.2 11.6 17.5 19.4 9.4 24.1

YIELD 4.20% 5.34% 1.23% 0.00% 0.00% 0.00% 3.85% 0.00% 0.00% 3.30% 3.67% 6.39% 20.00% 0.96% 3.14% 2.84% 3.78% 3.05% 2.26% 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

Dated this 18th day of November, A. D. 2020 _________________________________ Leeward Nominees Limited Liquidator

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CAROLISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

THE TRIBUNE

Segmenting COVID test window ‘could be floated’ FROM PAGE ONE

experiencing a rapid intensification of COVID-19 cases such that the US is experiencing.

“Because of the economic impact of the US on The Bahamas, and because we’re so close and there’s so much interaction, naturally it’s a concern. You cannot

Wednesday, November 18, 2020, PAGE 9 help but get concerned when you watch the news.

It is very unfortunate that cases are exploding, but we remain hopeful that a vaccine is around the corner.

“However, if it was 50,000 cases, 100,000 cases, 150,000 cases or 200,000 cases a day, I think we would have adopted the same protocol. I feel we have put in adequate defences against the importation of COVID-19.

We remain hopeful that it’s adequate to mitigate against it. This is very different from July when persons could go and come back within 72 hours, and not take a test.”

‘Buy Bahamian’ initiative critical for 25,000 jobs

FROM PAGE ONE

mention it facilitates ease of exchanges and, depending on the item, the ability to utilise product warranties which you would otherwise relinquish by shopping abroad.”

Ms van Onselen added: “Our economic success and sustainability as a country is enhanced when we support the local economy. Now more than ever, in light of

the devastating impacts of COVID-19.

“The importance of spending dollars at home makes a tremendously positive impact on to employment and their livelihoods. When local consumers shop local, they help to support thousands of existing local jobs and create new ones to build the economy by retaining monies within the community versus these funds going to a faraway corporation, and they grow entrepreneurship, innovation and diversity in the local economy.”

Carla Moss-Fitzgerald, marketing director at the

Mall at Marathon, said: “Brick and mortar stores traditionally have been dwindling. Their strength has been dwindling due to a lot more people becoming more social with technology and so they’re shopping online.”

“So we want to - through this campaign - let people know that the prices in the shops are fair. The job you save may be your own.”

ShopLocal participating merchants include A.I.D., Bahama Handprints, Bahamas Supply Agencies, Bahamas Supply Air Conditioning, Bijoux Terner, Blanco Chemicals, Brass & Leather, Caribbean Bottling

Company, Carpet World, CBS Bahamas, Clarks, Coin of the Realm, Cole’s of Nassau, Custom Computers, Cycles Unlimited, Dollar Plus, Furniture Plus, Jimmy’s Liquor Store, John Bull, John Watling’s, John’s Shoes, Jolly Roger, Kelly’s House & Home, Kelly’s Lumber, Liquid Courage, Maison Décor, Master Technicians, Morley for Men, Nassau Tile, Paint Suppliers, Pandora, Relish Socks, Rip Curl, Rubins, Sabrina Boutique, Seventeen Shop, Shayne’s, The Athlete’s Foot, The Perfume Bar, The Sign Man, The Sports Centre, The Shoe Village and Young’s Fine Wine.

PAGE 10, Wednesday, November 18, 2020

THE TRIBUNE

UK TO BAN GASOLINE CAR SALES BY 2030 AS PART OF GREEN PLAN LONDON Associated Press BRITAIN will ban the sale of new gasoline and diesel cars by 2030, a decade earlier than its previous commitment, the prime minister said yesterday.

Boris Johnson made the pledge as part of plans for a “green industrial revolution” that he claims could create up to 250,000 jobs in energy, transport and technology.

The government said sales of new gasoline and diesel cars and vans will end in 2030, though hybrid vehicles can be sold until 2035.

Automakers have expressed concern about the target, saying the previous goal of 2040 was already ambitious.

The government’s green plans also include investments in hydrogen energy and carbon capture technology, and an ambition to generate enough wind energy to power every home in the UK by 2030.

To the chagrin of some environmentalists, plans also include a new generation of nuclear power plants.

The environmental push is part of Johnson’s efforts to move beyond the tremors of the coronavirus

TRAFFIC moves along the M6 motorway near Birmingham, England. Britain will ban the sale of new gasoline and diesel cars by 2030, a decade earlier than its previous commitment, the prime minister said yesterday. Boris Johnson made the pledge as part of plans for a “green industrial revolution” that he claims could create up to 250,000 jobs in energy, transport and technology.

Photo: Rui Vieira/AP

pandemic and Britain’s divisive exit from the European Union, and to bring new jobs to struggling former industrial regions of central and northern England.

“Although this year has taken a very different path to the one we expected, I haven’t lost sight of our ambitious plans to level up across the country,” Johnson said in a statement.

“Our green industrial revolution will be powered by the wind turbines of Scotland and the North East, propelled by the electric vehicles made in the Midlands and advanced by the latest technologies

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 71° F/22° C Low: 60° F/16° C

TAMPA

THURSDAY

FRIDAY

SATURDAY

SUNDAY

Windy; a morning shower

Partly cloudy and breezy

Partly sunny and windy

Partly sunny and breezy; a shower

Breezy; a stray shower

Mostly sunny and breezy

High: 81°

Low: 72°

High: 80° Low: 73°

High: 82° Low: 74°

High: 82° Low: 74°

High: 83° Low: 73°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

78° F

69° F

79°-71° F

82°-74° F

86°-76° F

88°-78° 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: 76° F/24° C Low: 65° F/18° C

15-25 knots

S

High: 77° F/25° C Low: 69° F/21° C

12-25 knots

FT. LAUDERDALE

FREEPORT

High: 78° F/26° C Low: 70° F/21° C

E

W S

E

W

WEST PALM BEACH

N

High: 77° F/25° C Low: 67° F/19° C

MIAMI

High: 78° F/26° C Low: 69° F/21° C

12-25 knots

KEY WEST

High: 78° F/26° C Low: 71° F/22° C

NASSAU

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 80° F/27° C Low: 70° F/21° 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

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

Monday

2:27 a.m.

2:42 p.m.

2.4 2.6

8:34 a.m.

9:12 p.m.

0.8 0.5

Tuesday

3:24 a.m.

3:36 p.m.

2.5 2.5

9:34 a.m.

9:59 p.m.

0.8 0.4

sun anD moon Sunrise Sunset

6:29 a.m.

5:21 p.m.

Moonrise Moonset

10:06 a.m.

8:51 p.m.

First

Full

Last

New

Nov. 21

Nov. 30

Dec. 7

Dec. 14

CAT ISLAND

E

W

High: 82° F/28° C Low: 71° F/22° C

N

S

E

W S

12-25 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 .................................................... 76° F/24° C Normal high ....................................... 81° F/27° C Normal low ........................................ 70° F/21° C Last year’s high ................................. 79° F/26° C Last year’s low ................................... 71° F/22° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ............................................... 66.31” Normal year to date ................................... 37.42”

ELEUTHERA

High: 81° F/27° C Low: 72° F/22° C

12-25 knots

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 83° F/28° C Low: 72° F/22° C

High: 82° F/28° C Low: 75° F/24° C

N

High: 80° F/27° C Low: 72° F/22° C

E

W S

LONG ISLAND

tracking map H

uV inDex toDay

TONIGHT

High: 74° F/23° C Low: 59° F/15° C

developed in Wales, so we can look ahead to a more prosperous, greener future.”

Johnson also has made a shared commitment to fighting climate change part of his pitch to Joe Biden as he seeks to convince the US president-elect he is not a carbon copy of Donald Trump, who has downplayed the threat posed by global warming.

The UK is due to host the COP26 global climate conference next year, after a 12-month delay because of the coronavirus pandemic.

Britain has also pledged reduce its carbon emissions to net zero by 2050.

High: 83° F/28° C Low: 75° F/24° C

12-25 knots

MAYAGUANA High: 82° F/28° C Low: 77° F/25° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 82° F/28° C Low: 76° F/24° C

High: 82° F/28° C Low: 76° F/24° C

GREAT INAGUA High: 84° F/29° C Low: 76° F/24° 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: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:

WINDS NE at 12-25 Knots NE at 12-25 Knots NE at 12-25 Knots NE at 12-25 Knots NE at 12-25 Knots NE at 15-25 Knots NE at 10-20 Knots ENE at 12-25 Knots NNE at 12-25 Knots ENE at 12-25 Knots NE at 12-25 Knots ENE at 12-25 Knots NE at 12-25 Knots NE at 15-25 Knots NE at 8-16 Knots ENE at 12-25 Knots NE at 12-25 Knots NE at 20-30 Knots NE at 8-16 Knots ENE at 15-25 Knots NE at 12-25 Knots NE at 12-25 Knots NE at 10-20 Knots NE at 15-25 Knots NE at 12-25 Knots NE at 15-25 Knots

WAVES 6-10 Feet 8-12 Feet 3-6 Feet 3-6 Feet 5-9 Feet 8-12 Feet 4-7 Feet 6-10 Feet 6-10 Feet 8-12 Feet 6-10 Feet 6-10 Feet 3-5 Feet 3-6 Feet 3-6 Feet 5-9 Feet 3-5 Feet 4-8 Feet 4-8 Feet 10-14 Feet 4-8 Feet 4-7 Feet 3-6 Feet 4-8 Feet 4-8 Feet 5-9 Feet

VISIBILITY 10 Miles 10 Miles 5 Miles 10 Miles 6 Miles 10 Miles 10 Miles 6 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 5 Miles 10 Miles 10 Miles 10 Miles 4 Miles 5 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 80° F 80° F 79° F 77° F 81° F 80° F 83° F 83° F 80° F 80° F 80° F 78° F 81° F 81° F 83° F 83° F 82° F 82° F 83° F 83° F 81° F 81° F 82° F 82° F 81° F 80° F