11192020 BUSINESS

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THURSDAY, NOVEMBER 19, 2020

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$16.5m recovery boost for Gulf Union creditors

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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EPOSITORS and creditors of a long-collapsed Bahamian bank may receive an unexpected late windfall through a potential near-$16.5m increase in asset recoveries.

This is because Gulf Union Bank (Bahamas) new liquidators, in their recently filed report with the Supreme Court, sharply improved the “estimated realisable value” of assets upon which the bank’s loans are secured.

Should this new $16.5m valuation be realised, Gulf Union’s long-suffering depositors and creditors who have now waited 23 years to recover their full savings and investments - might ultimately end up receiving the bulk of their monies.

Mark Munnings and Tiphaney Russell, both Deloitte & Touche (Bahamas) accountants, in their first report since taking over the Gulf Union

• New liquidators sharply increase realisation prospects • Depositors set to recover most of money • Collapsed bank’s owners may face renewed pursuit

assignment revealed that the deficit facing the liquidation estate - meaning the difference between what is owed to creditors/ depositors and what they will actually receive - could be slashed from the previously-estimated $18.548m to just $2.698m.

The $18m-plus estimate came from the former liquidators who have overseen Gulf Union’s painstakingly slow winding-up since it was first placed into their care in 1997, Raymond Winder and Graham Garner. Mr Winder stepped down when he left his post as Deloitte & Touche (Bahamas) managing partner to become Commonwealth Bank’s president, while Mr Garner has retired.

No explanation was provided, though, for the dramatic increase in the potential recovery value of assets/collateral pledged to secure still-outstanding

Tourism operators seek oil exploration ‘pull back’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net WATER-based tourism operators yesterday voiced optimism that the threat of legal action will force the government to “pull back” on oil exploration with some revealing it has already cost them business.

Shawn Leadon, joint proprietor of Andros Island Bonefish Club, and head of Andros Outdoor Adventures, told Tribune Business that a 24-strong group booking from New York that was due to arrive during the first week in November had cancelled on the basis that The

Bahamas appeared not to be taking eco-tourism seriously.

Expressing hope that the potential Judicial Review litigation, and injunction bid to halt Bahamas Petroleum Company’s (BPC) first exploratory well, will increase “pressure” on the Minnis administration to reverse course, Mr Leadon said: “This is a very sensitive matter, so sensitive that just the perception alone damages my business and other businesses on the island because of the clientele we cater to.

“Having them halt the project, and taking legal

SEE PAGE 8

Three-generation retailer to shutter

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A 74 YEAR-old Bahamian retailer that has remained in the same family for three generations yesterday confirmed it plans to close in the New Year once all existing inventory is sold-off.

Bruce Raine told Tribune Business that the devastation inflicted by COVID-19, with the total shutdown of the cruise industry,

had given himself and his family little choice but to permanently close the Bay Street-based The Linen Shop.

Warning that more retail businesses, both in downtown Nassau and elsewhere, will likely “follow” the fate of his family’s operation, Mr Raine said the pandemic had accelerated and worsened a declining sales trend that had started more than a decade ago.

SEE PAGE 4

Gulf Union Bank (Bahamas) loans. Messrs Winder and Garner, in their last report to the Supreme Court, had pegged the collective value of such assets at a comparatively paltry $335,542.

Mr Munnings promised to respond to Tribune Business inquiries seeking an explanation for the major revaluation of potential loan recoveries, but to reply was received before press time. However, such an increase could stem from multiple factors, including the discovery of previously unknown loan security or higher-than-expected offers from potential purchasers of real estate collateral.

Noting that the first liquidators had estimated Gulf Union’s total remaining assets, including loan security, as having a collective $2.335m value, Mr Munnings wrote in his report to the Supreme

Court: “Notwithstanding the above, having reviewed [their report], the bank’s records and assets held as collateral for loans, the estimated realisable value of the bank’s assets has been calculated at $18.59m as at August 31, 2020.

“The assets consist of cash and cash equivalents of $2.09m, and loans of $16.5m... From a review of the bank’s loan portfolio, which included secured and unsecured assets and the collateral held as security for loans, and having attended meetings with debtors and other interested parties, the estimated realisable value for loans has been revised to $16.5m.”

As a result, Mr Munnings and Ms Russell informed the Supreme Court that the combined deficit facing Gulf Union Bank’s

SEE PAGE 7

$3.92

$3.95

BPC director blasts ‘preposterous’ action

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMAS Petroleum Company (BPC) director yesterday slammed “preposterous” environmental activists for seeking to block this nation from discovering whether it has natural resources to exploit.

James Smith, one of the oil explorer’s non-executive directors, emphasised that he was speaking for himself and not the company when he told Tribune Business that the threat of legal action by the Our Islands, Our Future coalition and its allies “doesn’t sit well with me”.

He argued that with tourism “collapsing, and the economy tanking” as a result of COVID-19, there was “even more reason” to allow BPC to proceed with its exploratory well drilling and determine whether commercial quantities of oil exist that could benefit the Bahamian people.

Saying that he nevertheless “understood” environmental concerns over BPC’s plans, the exCentral Bank governor and finance minister also questioned why the threatened Judicial Review and

JAMES SMITH injunction bid had singled out the explorer rather than all oil-related activities in The Bahamas.

Pointing out that tankers were moving through Bahamian waters every day, and sometimes offloading their cargos at the Buckeye (former BORCO) and South Riding Point terminals in Grand Bahama, as well as at Bahamas Power & Light’s (BPL) facilities, Mr Smith argued that these activities presented a greater risk of a spill than BPC’s exploratory, non-production Perseverance One well.

BPC and its chief executive, Simon Potter, did not respond to requests for comment sent via their public relations agency after Our Islands, Our Future and its

SEE PAGE 6

PAGE 2, Thursday, November 19, 2020

THE TRIBUNE

ATLANTIS PARADISE ISLAND

Taxi union solves its Atlantis transport row

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE taxi union’s president yesterday said Atlantis had promised to alter advice that appeared to cut his members out of providing ground transportation to the resort’s guests from December 10.

Wesley Ferguson told Tribune Business he and his members were “up in arms” over what he branded “an act of aggression” by Atlantis, adding that the union also hoped that Baha Mar had received its message.

“There was an email that was circulating yesterday afternoon after we had met with Atlantis, and agreed that taxi drivers will be tested [for COVID-19] as they have commanded,” Mr Ferguson said.

“We are going to be compliant with the new protocol as it pertains to the government, and we were concerned at the outset that Atlantis had contracted buses to transport these people in this ‘bubble’ environment and leave the taxi drivers out.

“Subsequently, a senior vice-president from Atlantis contacted us, and he assured us that this was not their intention. This was not their plan and, lo and behold, today there was an e-mail sent to me that was circulating where Atlantis was saying that we strongly suggest that you catch the bus from the airport, and that the taxi drivers are not

our first choice but they will be available.”

The Atlantis e-mail, which was seen by Tribune Business, advised visitors: “We strongly encourage guests to pre-book roundtrip airport transfers when booking your room reservation.

Transportation options are available when you book on our website or by calling 1-800-ATLANTIS. All transportation operators must adhere to government mandated safety protocols, including wearing masks at all times and weekly COVID testing.”

As for public taxi services, Atlantis said: “Before taking a public taxi to Atlantis, we advise guests to ask the driver to display/present their negative COVID-19 rapid antigen test valid within seven days of your ride. It will be required to enter the resort.

“The driver is required to display/present their negative COVID-19 test to enter the resort. If the driver cannot display/present a negative COVID-19 rapid antigen test, the taxi will not be allowed to enter Atlantis.”

Mr Ferguson added: “Atlantis decided they will throw us in there, but then send sort of some subliminal messages that the taxi drivers are not our main source of transportation and we want you all to catch the bus.

“We figure this is in contravention of the emergency orders as it

pertains to social distancing, because you can’t be advertising a bus and then say you’re operating in a bubble. You can have multiple families in one bus, from multiple planes, and be adhering to the social distancing. Then you want to disenfranchise the taxi drivers as a result of that.”

Mr Ferguson said the union held an emergency meeting with Atlantis executives’ yesterday afternoon, adding that the resort promised to amend the e-mail message to guests after he made the taxi drivers’ position “very clear”.

“Atlantis should not be getting involved in the transportation industry,” Mr Ferguson said. “We have made it very clear that we were not concerned about what the ‘bubble’ entails as it pertains to the hotel; we just want to get our piece of the pie out of the ‘bubble’ by complying with new protocols like having the antigen test available in case it is requested.

“We want to be a part of the transportation section in the ‘bubble’. We were not concerned about what Atlantis was going to do because it’s not our business. We are not in the hotel business. When Atlantis overstepped their bounds by getting involved in the transportation business, that’s where we see this as an act of aggression.”

An Atlantis spokesperson could not be reached for comment.

THE TRIBUNE

Thursday, November 19, 2020, PAGE 3

LOCAL CRUISE PORT BUY-IN WHEN ‘WE HAVE SOMETHING TO SHOW’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

BAHAMIANS will get the opportunity to own a piece of Nassau’s new $268m cruise port in the 2021 second quarter once tangible progress is made on its redevelopment, it was disclosed yesterday.

Michael Maura, Nassau Cruise Port’s chief executive, said the offering of shares in the Bahamas Investment Fund (BIF), the vehicle that will hold a collective 49 percent of the new port on behalf of local investors, would also likely coincide with the cruise industry’s return following COVID-19’s devastating impact.

“Because we’re dealing with a segment of the community that may not be used to making these types of investments, we felt that it was best to have something to show for it,” Mr Maura said.

“So that’s why we were looking at some time in the 2021 second quarter, where persons would be able to actually see work that had commenced, improvements and things underway, versus someone that is pretty savvy on the investment side that’s preparing to put seed capital up based off an idea.”

Cruise port poised for berth expansion

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net NASSAU Cruise Port is poised to begin the expansion of key vessel berths as it revealed yesterday that demolition of the former Festival Place welcome centre is now 90 percent complete.

Lionel Turnquest, its director of projects and facilities, said the $200mplus construction work to transform Prince George Wharf was starting to pickup speed with the project’s “superstructures” set to start emerging from the ground in 2021.

“During the [COVID19] lockdown period we have started demolition of the various buildings to advance the works as quickly as possible,” Mr Turnquest said. “So we can add to it the demolition of the Customs warehouse, or the old Customs warehouse as it was referred to, and we have now moved into the demolition of Festival Place, which is about 90 percent complete.

“Then we’re moving slowly on to complete

WORK in progress at Nassau Cruise Port.

Mehmet Kutman, chairman of Global Ports Holdings (GPH), Nassau Cruise Port’s 49 percent controlling shareholder, agreed that “the right timing would be when people can start seeing certain things” in terms of construction progress at Prince George Wharf.

Mr Maura, meanwhile, added that a 2021 second quarter placement of the Bahamas Investment Fund’s shares will also “align with some cruise visits” “The cruise industry is working very, very hard [to] work through the CDC’s (Centres for Disease Control) 40-page pathway to

recovery,” he said. “We are fairly confident that we’re going to be seeing ships coming in, just gradually over 2021. Where you might get a ship a day early on in the year, you would get back to the five and six shows a day towards the end of 2021.”

Nassau Cruise Port and its financial adviser, CFAL, have pledged to take a “bottom up” approach to placing the Bahamas Investment Fund such that it focuses on attracting several thousand small retail investors rather than major institutions.

This is designed to ensure the Fund is not controlled

the rest of the demolition throughout the rest of this year, early next year. The contractor’s team is fully mobilised and on site, getting the area ready. They’ve already started receiving piles, started piling their piles and getting prepared for the construction. If you are able to pass by the port you will also see that all of their barges, trucks, cranes etc are on Island and ready to go.”

Mr Turnquest said the concrete piling represented the start of Nassau Cruise Port’s marine-side construction, which focuses on the extension, strengthening and redevelopment of several cruise ship berths.

“In February of next year, you will start seeing superstructures going up, and obviously the infrastructure as well,” he added. “Once you start to see things happen above ground, I think the excitement will start to build even further.

“Once we start the upland works, you will also see a lot of traffic management requirements.

They’ll be implemented throughout the streets, but even more so there will be traffic adjustments for persons moving in and about around the port area.”

Michael Maura, Nassau Cruise Port’s chief executive, added: “It is going to be exciting to begin to see the piles being driven to create a new Oasis-class

[cruise ship] berth. It’s going to be exciting to see the sheet pile coming together.

“It’s going to be exciting to see the sheet pile being driven to the west end of what’s called berth 16 to create additional commercial space for authentically Bahamian experiences arts, music, food. All these are exciting things. And so this construction activity.

It’s been anticipated, it’s exciting, and we can’t wait to get going.

Mr Maura said Nassau Cruise Port will provide temporary facilities for the Port Department to operate from before it demolishes the building that presently houses the agency.

“Persons that are working from within the Port Department should be assured that, obviously, their building is not going to come down until they have a temporary home,” he added.

Mehmet Kutman, chairman of Global Ports Holdings (GPH), Nassau Cruise Port’s 49 percent controlling shareholder, said: “‘I’m very proud that construction has started.

Every time I have a Zoom with Mike (Maura) on various issues, which we don’t have too many of, I keep asking him to send me construction pictures, and I only see evolution.”

by one majority shareholder, or a controlling clique of investors, with the minimum investment threshold

set at $1,000. Global Ports Holding has also agreed to make financing available so Bahamians can purchase the Fund’s shares.

Mr Kutman, meanwhile, said he foresaw no issues with raising the remaining $50m to $100m in capital required to complete Nassau cruise port’s transformation.

If arose, he added that “it’s something that the Global Ports Holding parent can easily swallow”.

While acknowledging that the global cruise industry will endure return “a phased return to normalcy” following the COVID-19 pandemic, Mr Maura said The Bahamas’ proximity to the US gives it a major competitive advantage.

“You think about the project and the investments

and the, you know, monumental improvement to our waterfront, to the expansion of berths to handle the largest ships,” he added.

“The interesting fact is that, notwithstanding the impact of COVID-19 on every industry around the world, if you look at the net growth in cruise ships, in 2021, as opposed to 2019, there’s actually going to be more cruise ships on the way in 2021 than there were in 2019.”

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PAGE 4, Thursday, November 19, 2020

THE TRIBUNE

COVID BLAMED OVER FISCAL STRATEGY DELAY

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE prime minister blamed the COVID-19 pandemic’s “fluid nature” for the government’s failure to meet yesterday’s deadline for tabling the annual Fiscal Strategy Report in Parliament.

The report, which sets out the government’s mediumterm fiscal projections, and the rationale for its revenue and spending plans, is normally tabled on the third Wednesday in November but Dr Hubert Minnis said this has now been pushed

DR HUBERT MINNIS back into next month.

“Given the fluid nature of the ongoing COVID-19 pandemic and its economic impact, my Cabinet and I have agreed that the prudent thing to do is to defer

Three-generation retailer to shutter FROM PAGE ONE Arguing that there was also a lack of interest in Bay Street’s pre-COVID problems, especially from the government, he added that it would likely be three-four months into 2021 before the

retailer - which was founded in 1946 just after the Second World War - closes its doors for good.

“I think we might have struggled on, but Bay Street is really a cruise ship location, and they’re the only customers we have,” Mr

final deliberations and release of the Fiscal Strategy Report to December,” Dr Minnis said.

Arguing that the International Monetary Fund (IMF) and others have confirmed the difficulties associated with providing accurate economic forecasts amid the COVID-19 pandemic, Dr Minnis said the resulting emergency had “exerted significant pressure on the country’s fiscal position”.

“While we expect the re-opening of tourism on November 1 to have a growing positive impact on near-term macroeconomic

conditions, the government is seeking to make use of the most current information to the extent possible to inform critical policy deliberations,” the prime minister added.

“Let me reiterate that the Government of The Bahamas is committed to the highest standards of fiscal transparency and accountability, and is taking extra diligence in crafting our strategies for revenue and expenditure. Even amid these unusually volatile times, we will seek to ensure that our forecasts are aligned as closely as possible to our overarching fiscal sustainability goals.”

K Peter Turnquest, deputy prime minister and minister of finance, had revealed earlier this week that the Fiscal Strategy Report’s tabling would be delayed due to himself being out of the country and the need to “wrap up” consultations on various parts of the document.

He added that the report would seek to fill what some observers perceive as a gap in The Bahamas’ post-COVID-19 economic and fiscal turnaround strategy by addressing the short to immediate term, and the options for tackling a weaker-than-expected

tourism recovery.

Dr Minnis said the government had never missed a fiscal reporting cycle before yesterday, and had always complied with the obligations set out in the Fiscal Responsibility Act. “The Fiscal Strategy Report provides the medium-term macro-fiscal framework that underpins and informs the preparation of the government’s annual budgets. It sets out the government’s strategic priorities with respect to revenue collection, spending and financing over the mediumterm horizon,” he added.

Raine told this newspaper.

“They may not be coming back until 2022. We cannot stay on with all that. When you go from 7.2m tourists to nothing it’s pretty crazy. It’s not going to get better.

“The hotels are going to keep their guests on-site, on-property, so they’re not going to come downtown, and there’s nowhere for local people to park. We’re kind of dead in the water.

“We’re having a big sale to sell down all the stock we had from March when we had to close down. We have

a lot of inventory we have to sell. It will be three to four months into the New Year before we’re able to windup all the stock. We cannot throw it in the harbour. It’s going to take a while. We don’t want to write it off.”

The Linen Shop has its heritage in fine linens, before it expanded into gifts and housewares.

Retail, together with the tourism, hospitality and entertainment sectors, has been especially hard-hit by the COVID-19 induced downturn, and Mr Raine warned that his family’s business will not be the last to shutter permanently.

“I think it is only the beginning. There will be more to follow,” he told

Tribune Business. “We’ve seen it coming for most of this year, but even before that. There had been a steady decline in sales.

“The sales have been declining over the years.

The quality of tourist we get now, on the prebooked cruises, is nothing like the old days when people came off the boat with money in their pockets and spent it.

“For the last several years, people have been coming in, walking around the store and going back out. Then another crowd comes in and walks back out. It’s been declining for ten years at least.”

Mr Raine acknowledged that the closure would be

an emotional wrench for his family and The Linen Shop’s five staff as they currently supervise a ‘50 percent off’ storewide sale.

He revealed that the business had been started by his grandmother before being handed down to his mother, and it was his wife and sister now managing it.

He urged the government to implement time-restricted parking in downtown Nassau so that spaces were regularly made available for local customers. Mr Raine said that, at present, in the absence of taxis and tourist traffic, government workers were parking on Bay Street for the entire day.

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THE TRIBUNE

Thursday, November 19, 2020, PAGE 5

Bahamas services exports shrink by 26% in 2020 Q1

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas suffered a 25.9 percent year-over-year contraction in its 2020 first quarter services exports as the COVID-19 pandemic took hold, it was revealed yesterday.

The Inter-American Development Bank’s (IDB) Trade and Integration Monitor disclosed that output from the Bahamian economy’s key sector, which includes both tourism and financial services, shrank by more than one-quarter compared to the same period in 2019.

Highlighting the devastation inflicted by the pandemic, which increasingly tightened its grip in March, the IDB document said the 2020 first quarter performance contrasted sharply with the 14.6 percent and 4.6 percent annual growth rates recorded for 2018 and 2019. Services exports in those two years totalled $3.7bn and $3.9bn, respectively.

The IDB report did not break these figures down by industry, although it also documented a 28.4 percent increase in The Bahamas’ export of physical goods during the 2019 calendar yea - again something that was not explained.

That followed 10.8 percent growth in 2018, with

the value of The Bahamas’ physical goods exports pegged at $500m for that year and at $700m in 2019.

Physical goods imports to The Bahamas in 2019, meanwhile, were said to have declined by 5.9 percent in 2019 to $3.3bn as opposed to $3.5bn in the prior year, when they grew by 1.3 percent.

The IDB said the value of exports from Latin America and the Caribbean contracted more than global trade, which dropped by 13.3 percent year-on-year in the first half of 2020.

The pandemic affected international trade in services more severely than trade in goods. Service exports from Latin America and the Caribbean entered negative ground for the first time since 2015, contracting by an estimated rate of 29.5 percent year-on-year in the 2020 first half.

“So far, the trade shock has been less intense than was initially predicted, and we are beginning to see some signs of recovery.

However, new outbreaks and lockdown measures may affect the recovery of global trade, which had already weakened even before the health crisis hit,” said Paolo Giordano, principal economist at the IDB’s integration and trade sector, which coordinated the report.

Latin America and the

Caribbean’s trade performance was particularly affected in the first half of 2020 by the downturn in exports to large markets such as the US (-19.5 percent), the European Union (-18.6 percent), and China (-1 percent).

However, the drop in intraregional trade was sharper. These flows fell by -30.3 percent in the Andean Community, -24.6 percent in MERCOSUR, -24 percent in the Pacific Alliance, and -8.8 percent in Central America and the Dominican Republic. As a result, the share of intraregional flows in total trade from Latin America and the Caribbean continued to shrink, coming to account for just 12.8 percent of the total.

Although the downturn affected the entire region, it was felt the most in Mexico and the South American energy-exporting countries, largely in response to oil prices, which plummeted by 29.2 percent between January and August 2020.

Imports from Latin America and the Caribbean fell 17.1 percent year-onyear in the first half of 2020, mainly impacting Mexico (-19.5 percent), Central America (-17.4 percent), and South America (-15 percent).

The IDB report urged countries to adopt an ambitious international integration agenda and

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consolidate regional value chains to attract new investments and take advantage of nearshoring opportunities in both goods and services.

It added that priorities should include strengthening export promotion and investment attraction agencies, improving trade

facilitation and modernising Customs facilities, diversifying the services sectors, and promoting trade digitalisation.

The IDB report added that pragmatic initiatives to reduce transportation costs will be critical if Latin American and Caribbean

economies hope to compete in future global production networks. It recommended strengthening regional integration and co-operation initiatives to ensure the region’s economies are operating in an efficient, reliable regulatory space that is attractive for investors.

PAGE 6, Thursday, November 19, 2020

BPC director blasts ‘preposterous’ action FROM PAGE ONE attorney, Fred Smith QC, unveiled their threatened legal action accompanied by warnings urging both the government and oil explorer to “stand down” until the merits of their case are decided.

However, Mr Smith said: “It would be preposterous for any group to sue the government, private or otherwise, for pursuing a policy of trying to determine if we have natural resources and the extent of it.

“The next step, if they [BPC] find something, is they have to go back to the government and negotiate over how they exploit it. It’s a two-step process. The end of

this process is whether they find something or not. It’s an exploratory well.

“They have to go back to the government if they find reserves estimated at so and so, and a new round of negotiations begins between the government and the company for the right to produce.

That could take any number of forms. The government might reduce the acreage and keep some for itself, or take a checker board approach where they take the red and the company the black,” he added.

“I understand the environmental concerns. I’m not an expert, but when you have oil wells around the world in the Gulf of Mexico, Persian Gulf, UK, US and Russia, and through Latin America,

THE TRIBUNE Venezuela, Guyana and Suriname, and you’re saying The Bahamas doesn’t have the right to determine whether they have natural resources and commercially viable natural resources?

“To find out, at a time when the main industry is collapsing and the economy is tanking, should be even more reason to find out whether there are other valuable commodities or activities to address the downturn.”

Mr Smith echoed the policy of the last Christie administration, which was to allow BPC to explore for oil and determine whether there were sufficient commercial quantities that could be extracted, before taking the issue to a referendum where the Bahamian people would decide whether to allow commercial production.

“Any sovereign government has the right to determine what is there, and if they’re talking about going to the courts to say an

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Applications should be submitted via hrapply@ub.edu.bs by the deadline of Friday, 27th November 2020 marked: Office of the President University of The Bahamas Oakes Field Campus University Drive P.O. Box N-4912 Nassau, The Bahamas

elected government should be stopped from finding out if they have natural resources that are commercially viable, that doesn’t sit well with me,” he told Tribune Business.

Apart from publicly saying it will grant no other oil exploration licences, the Minnis administration’s position on the issue has been less clear. It has tended to hide behind its predecessor, saying that it is bound to honour the obligations the Christie government committed to.

It is also unclear whether any oil discovery would trigger a fresh round of talks between the government and BPC that could increase the royalty rates paid to a sovereign wealth fund on the Bahamian people’s behalf.

Mr Potter earlier this week said the existing rates were embedded in both the law and BPC’s licence, and gave no indication they would be subject to re-negotiation in the event of commercial success.

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.

Using a hypothetical example of oil priced at $80 per barrel, BPC has said once production costs - which typically make up 50 percent of the per barrel price - are deducted, the remainder will be split 50/50 between itself and the government.

This would see both parties earn roughly $20 per barrel at the $80 price. Under current global oil prices, which are trading around $40 per barrel, the split would seemingly be $10 a piece - if oil is found.

Mr Potter has also indicated that BPC is not deterred by the present relatively low global oil prices given that it will be some years before production starts in the event of a discovery. This means that any decision on oil production, if reserves are below the Bahamian seabed, will fall to the next administration.

Mr Smith, meanwhile, said it was “somewhat curious” that environmental activists were not complaining about what he argued was the greater risk of an oil spill occurring from the multiple tankers passing through Bahamian waters daily.

“The horse is already out of the gate in terms of The Bahamas being a transshipment centre,” he added. “If you are really concerned about it, you should spread your wings and go after everything that could result in a potential oil spill rather than selectively going after an exploration company.”

THE TRIBUNE

$16.5m recovery boost for Gulf Union creditors

FROM PAGE ONE

liquidation estate - meaning the combined sums that depositors and creditors will not recover - has now been pegged at $2.697m as opposed to the $18.548m when Messrs Garner and Winder demitted their role - an 85.5 percent reduction.

These calculations, though, depend entirely on how successful the new liquidators are in recovering assets if they are to be realised. “The estimated deficit will be significantly affected by the settlement and recovery of loans, the results of litigation and the ongoing liquidation costs,” Mr Munnings and Ms Russell wrote.

“Accordingly, the final dividend distribution to the company’s creditors is contingent on the actual realisation of the outstanding loans and the satisfaction of liquidation costs. As at the date of the report, 40 cents on the dollar has been paid to creditors whose claims have been accepted in the winding-up proceedings.

Depositors and creditors have recovered a near-$10m of what is due to them since Gulf Union collapsed into insolvency in late 1997, and saw its banking licence pulled by the Ministry of Finance. While memories recalling those events may have dimmed, some $32.74m was due to the bank’s victims at the time it was shuttered.

Mr Munnings and Ms Russell said the latter sum has now been reduced to $20.641m, with Gulf Union Bank’s remaining $21.287m in total liabilities also including liquidation fees and other costs.

However, thanks largely to the work of their predecessors, the duo added that recoveries on behalf of depositors and creditors had already exceeded expectations. “At the liquidation date, the estimated

Thursday, November 19, 2020, PAGE 7 realisable value for loans was valued at $6.552m,” they told the Supreme Court.

“Notwithstanding this, as at August 31, 2020, we have collected $11.933m from customers who were indebted to the company at the liquidation date. This is an increase of $5.381m from the initial estimated realisable value. The increase in the expected recovery resulted from the sale of assets held as security for loans and the payment of outstanding loan balances.”

Mr Munnings and Ms Russell indicated that their increased recovery estimates may have been driven by higher-thanexpected assets offers for some of the real estate assets that secured Gulf Union loans. In particular, they referenced “interest” received in the 1,407-acre Anguilla Beach Development Company property on Cat Island.

“We have also been approached by a creditor who expressed an interest in purchasing judgments the bank obtained in legal proceedings commenced by the bank to collect its assets,” the new liquidators added.

“We are actively considering all legal matters to recover the bank’s assets, and assessing the cost to be incurred in the recovery efforts. Accordingly, we will seek directions from the court regarding this matter.”

Among the claims that Gulf Union’s liquidators are pursuing is renewed litigation against the estate of a borrower, the late Audley Kemp. The initial $3.378m default judgment with interest that was obtained on December 1, 2008, was subsequently overturned and Mr Kemp’s estate permitted to defend the claim.

Gulf Union’s liquidators subsequently “updated” the amount being claimed, and renewed their pursuit through the courts after settlement talks broke down.

Shannon Lee Ewers-Kemp, as administratrix of Mr Kemp’s estate, was added as a defendant.

The liquidators are also engaged in a legal battle with Leon Smith, and his El Condor Enterprises and Adam International Ltd vehicles, to recover loans from Gulf Union that they have allegedly defaulted on and failed to pay.

And there appears to be renewed interest, and enthusiasm, to pursue previously-obtained default judgments against Gulf Union’s last owner, the Qatar-based Al Thani family, as well as the Quareshi family, who they had lined up as potential purchasers of the bank before it collapsed.

Gulf Union’s failure was blamed on shoddy banking practices, with loans granted “without regard to the normal criteria for lending”. Many borrowers were unable or unwilling to repay credit that either had insufficient or no security, or the collateral was improperly perfected.

Loan collection mechanisms were inadequate, while Gulf Union “continued to accrue interest on delinquent loans contrary to acceptable banking procedures”. The former liquidators obtained a $12.5m default judgment against the Al Thani family, with interest running at an annual 10 percent until it is settled, on November 4, 2008.

However, Messrs Winder and Garner never pursued this recovery on the basis that the “significant amount of costs” involved would likely outweigh the recovery benefits. The Al Thani judgment has never been paid, as has the $4.2m default ruling obtained against the Quareshis who removed $5.5m from Gulf Union before the bank was sold to them.

But, while the former liquidators were unable to locate any Quareshi assets to satisfy the judgment, Mr Munnings and Ms Russell said they plan to “seek directions from the court” on chasing both that and the Al Thani verdict.

The Board of Directors of FOCOL Holdings Limited (FOCOL) is pleased to present the unaudited results for the year-ended September 30, 2020.

Net income for the fourteen (14) month period ended September 30, 2020 was $30.45 million compared to $27.97 million for the twelve (12) month period in the previous year.

Note that the impact of the implementation of International Financial Reporting Standard (IFRS) 16, Leases is pending subject to the finalization of the assessment which is in progress.

At our 2019 Annual General Meeting, FOCOL obtained shareholder approval to change its fiscal year end from July 31 to September 30 effective for fiscal year 2020. Fiscal year 2020 reflects our financial results for the fourteen (14) month period August 1, 2019 to September 30, 2020.

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED) (B $000)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) (B $000)

Our financial results remain strong. Management continues to actively monitor the impact of the novel coronavirus (COVID-19) globally and locally. We are aware of the challenges the country will face in the upcoming year due to the uncertainty of COVID-19. Management remains focused on developing new business segments to diversify and strengthen our business and to offset potential losses as a result of COVID-19.

Management also continues to strictly enforce COVID-19 protocols and procedures throughout our organization to ensure the safety of our customers and staff.

The Board of Directors wishes to thank our loyal customers, dedicated staff and shareholders for their continued confidence in FOCOL Holdings Limited.

Sir Franklyn Wilson, KCMG Chairman.

Copies of a full set of the unaudited financial statements can be obtained from Barbara Pinder (bpinder@sunoilbahamas.com), FOCOL Holdings Limited, P.O. Box F-42458, Freeport, Grand Bahama, Bahamas.

PAGE 8, Thursday, November 19, 2020

Tourism operators seek oil exploration ‘pull back’ FROM PAGE ONE action, is the right thing to do. I’m just hoping with all the pressure being put on government that they should pull back. This is exploration for something we don’t know that we have. How is it that we burn a hole in what we have already to explore something else. It doesn’t make sense to me. It’s very damaging to my business.

The perception alone is damaging.”

Asked if he had suffered any tangible impacts yet, with BPC planning to spud its first exploratory well in waters more than 90 miles west of Andros beginning on December 15, 2020, Mr Leadon replied: “I have had a lot of cancellations due to the thought of that.

“Persons don’t want to come into a situation where the environment is not taken

care of. I had a big group of 24 that was due to come in during the first week of November, who are looking to lobby against this whole deal. A lot of guys in the group were talking about this not being the destination they want to go to.

“These guys are heavy hitters, and they’re very disappointed in that regard.

They’ve been coming here for 30 years and never once have they seen any indication that the government was not taking this seriously.

If the government allows oil drilling in an eco-sensitive destination, they’re not in tune with what an eco-sensitive destination is.”

Neal Watson, owner of Neal Watson’s Bimini Scuba Centre, voiced fears to Tribune Business that any oil spill would have an impact similar to Hurricane Dorian, where international media made it seem as if the entire

Bahamas was impacted rather than just one island.

Backing the legal action threatened by the Our Islands, Our Future group and its allies, he said: “I’m supportive of anybody acting in the best interests of the environment and state of the environment.

“The Bahamas has been catching up on eco-tourism centric places like Costa Rica and Mexico, which have been doing it for some years.

I’d hate to see any setback to the progress we have made in that sector from something potentially happening with that [oil drilling.”

Mr Watson added that “the risk is high, especially for the eco-tourism sector; it’s super, super high”. However, he also urged the government and BPC to be more transparent on the potential benefits from striking commercial oil quantities, and in particular detail how the

THE TRIBUNE Bahamian people might benefit and by how much, so a proper risk/reward assessment could be made.

“The way 2020 has been going, I’m just trying to stay in business and trying to keep food in the mouths of the people who work for me,” Mr Watson said. “We’re just trying to stay in business at this point.”

Members of the Our Islands, Our Future group yesterday urged BPC to “cease and desist” from its oil drilling plans until their court action is heard. “To be clear, we intend to stop BPC from drilling in Bahamian waters,” said Rashema Ingraham, executive director of Waterkeeper Bahamas and member of the group’s steering committee.

“We are very encouraged by the huge support, both local and international, that we continue to receive. Over 100 businesses and organisations have joined the Our Islands, Our Future coalition and 40,000 concerned individuals have signed the change.org petition. The petition numbers are growing every day.

“At the same time, we are disappointed with the lack of dialogue with the Bahamas

government, and are finding it necessary to ask the courts of law to step in and examine the approvals process. The company has been duly put on notice; any further actions to pursue or accelerate its plans will be undertaken at its own risk,” she added.

“The coalition had hoped to avoid legal action, which is why we wrote to the Prime Minister about our concerns several times but got no response. Now, as the drill ship is about to sail, we have been left with no choice.”

Fellow steering committee member, BREEF executive director, Casuarina McKinney-Lambert, said the group believe there were certain fundamental flaws in the approvals process, including a deficient Environmental Impact Assessment (EIA) and a lack of proper consultation at various stages, which

means that BPC’s approvals need to be revisited.

“We have asked repeatedly to be consulted on the details of the deal, to see the drilling licences themselves, for access to more information on BPC’s insurance coverage and the environmental sensitivity maps they have supposedly compiled. It seems appealing to the courts is the only way to achieve some transparency,” she added.

“For example, we are being asked to take their word that the company has adequate insurance. What does that even mean in this context? The Deepwater Horizon disaster took place while BP was trying to cap the exploratory well and it cost $65bn to clean up.

“We find it highly unlikely that BPC has insurance coverage to that level, and if they do, why won’t they simply come out and provide proof of coverage?”

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THE TRIBUNE

Thursday, November 19, 2020, PAGE 9

Europe has half of world’s 4M new virus cases but sees hope GENEVA Associated Press EUROPE made up almost half of the world’s four million new coronavirus cases last week but recorded a nearly 10% fall in infections compared to the week before, thanks in part to strict government lockdown measures that have fanned some discontent, the World Health Organization reported yesterday.

In the German capital of Berlin, violent clashes between those protesting coronavirus restrictions and police erupted yesterday near the city center after protesters disregarded police advice to wear masks and social distance.

The latest weekly tally from the UN health agency found its 54-nation European region continued to report most new cases of any region worldwide — 46% — but its decline in cases followed “the strengthening of public health and social measures”. But as new cases fell, the tally of virus deaths still rose “substantially” in Europe over the last week to more than 29,000 new deaths, WHO said.

WHO’s Americas region saw a 41% increase in new cases, suggesting that a higher weekly death toll could soon follow there.

Southeast Asia was the only region that saw a drop in cases and deaths.

In Europe, WHO said

the sharpest rise in coronavirus cases was in Austria, which saw a 30% increase in new cases compared to the previous week. WHO also noted the UK was the first country in the region to record more than 50,000 deaths.

Pockets of Western Europe have shown signs of turning a corner, particularly in the lowlands near the English Channel.

Belgium said yesterday it had taken a major step in containing the resurgence of the coronavirus, reporting a drop in the daily death count for the first time since the latest COVID-19 wave hit this autumn.

Virologist Steven Van Gucht, from the government’s Sciensano health group, said Belgium’s daily average of virus deaths now stood at 185, a 5% decrease compared to the average a week ago. Over the last week, the daily average of hospital admissions dropped 24% and new infections fell 39%.

Officials in the Netherlands, to the north, were easing coronavirus restrictions amid falling infection rates, and were poised to reopen venues like cinemas, museums, libraries, zoos and swimming pools — still with limitations on how many people can visit — after a two-week closure.

Dutch Prime Minister Mark Rutte hailed a “positive” downward trend but said case counts were still too high. He warned the country to remain on a

partial lockdown. In midOctober, Dutch rates of infection were among the worst in Europe.

Switzerland, which has registered some of the highest transmission rates in the world in recent weeks, on yesterday stepped up government support to help people affected by the virus and by lockdown measures — including a extra one billion Swiss francs in state aid — even as case counts eased back from recent peaks.

The Alpine country counted over 6,000 new cases over the last day, down from a peak of more than 10,000 daily cases in

October. Economic Affairs Minister Guy Parmelin cited a “more optimistic horizon” in Switzerland yesterday.

Regional officials in Geneva noted a “plateau” in positive COVID-19 tests in recent days and yesterday eased some restrictions on hairdressers, tattoo parlors, therapists and personal trainers, among others.

Meanwhile, some people in Germany were growing increasingly restive about the prospect of increased lockdown measures.

In Berlin, police fired water cannons yesterday at demonstrators and carried away some who were

protesting coronavirus restrictions near the famed Brandenburg Gate and the seat of the federal government. The melee erupted after crowds ignored calls to wear masks and keep their distance from one another in line with pandemic rules.

It came as German lawmakers were debating a bill that could provide the legal groundwork for the government to issue social distancing rules, require masks in public and close stores and other venues to slow the spread of the virus.

Most people in Germany support such rules, but a vocal minority has staged regular rallies arguing that

the restrictions violate the constitution.

“We want our lives back,” read one sign carried by protesters in Berlin.

Germany was praised for its handling of the first wave of the virus, but like many parts of Europe has seen a sharp uptick in new infections in recent weeks.

Overall the country has seen 833,000 coronavirus cases and more than 13,000 virus-confirmed deaths, a death toll one-fourth that of Britain’s.

Europe has seen over 338,000 confirmed virus deaths in the pandemic, according to a tally by Johns Hopkins University.

PAGE 10, Thursday, November 19, 2020

THE TRIBUNE

BOEING MAX CLEARED FOR TAKEOFF, 2 YEARS AFTER DEADLY CRASHES Associated Press AFTER nearly two years and a pair of deadly crashes, the US Federal Aviation Administration has cleared Boeing’s 737 Max for flight.

The nation’s air safety agency announced the move early yesterday, saying it was done after a “comprehensive and methodical” 20-month review process.

Regulators around the world grounded the Max in March 2019, after the crash of an Ethiopian Airlines jet.

That happened less than five months after another Max flown by Indonesia’s

A BOEING 737 Max jet, piloted by Federal Aviation Administration Chief Steve Dickson, prepares to land at Boeing Field following a test flight in Seattle. The FAA is poised to clear the Boeing 737 Max to fly again after grounding the jets for nearly two years due to a pair of disastrous crashes that killed 346 people.

Photo: Elaine Thompson/AP

Lion Air plunged into the Java Sea. A total of 346 passengers and crew members on both planes were killed.

Federal Aviation Administration chief Stephen Dickson signed an order yesterday rescinding the grounding. US airlines will fly the Max once Boeing updates critical software and computers and pilots receive training in flight simulators.

The FAA says the order was made in cooperation with air safety regulators worldwide.

The move follows exhaustive congressional hearings on the crashes that led to

criticism of the FAA for lax oversight and Boeing for rushing to implement a new software system that put profits over safety and ultimately led to the firing of its CEO. Investigators focused on anti-stall software that Boeing had devised to counter the plane’s tendency to tilt nose-up because of the size and placement of the engines.

That software pushed the nose down repeatedly on both planes that crashed, overcoming the pilots’ struggles to regain control.

In each case, a single faulty sensor triggered the nosedown pitch.

The new software now requires inputs from two sensors to activate the software, which Boeing says does not override pilot controls like it did in the past.

The company changed the software so it doesn’t repeatedly point the nose of the plane down to counteract possible aerodynamic stalling.

On a conference call with reporters, Dickson said the Max is now the most scrutinized transport aircraft in history, with over 40 FAA employees working tens of thousands of hours on the plane.

“The design changes we have overseen make it impossible for these accident scenarios to reoccur,” he said.

He said that if FAA knew after Lion Air what it learned during this review of the plane, it should have grounded the plane after the first crash.

“These events and the lessons we have learned as a result have reshaped our company and further focused our attention on our core values of safety, quality and integrity,” Boeing CEO David Calhoun said in a statement.

The aircraft maker’s redemption comes in the middle of a pandemic that has scared away passengers and decimated the aviation industry, limiting its ability to make a comeback.

Air travel in the US alone is down about 65% from a year ago.

Boeing sales of new planes have plunged because of the Max and the coronavirus pandemic.

Orders for more than 1,000 Max jets have been canceled or removed from Boeing’s backlog this year.

Each plane has a sticker price of $99m to $135m, although airlines routinely pay less.

Boeing shares fell 2.1% to $205.55 in trading yesterday afternoon. That’s about half of the all-time high of $440.62 reached on March 1, 2019, just days before the Ethiopian crash, but well above the $95 trough in March, when the pandemic caused massive disruptions to travel and the global economy.

John Hansman, an aeronautics professor at MIT, said people typically avoid airplanes for a few months after there are problems.

But the Max case is unusual, and were it not for the novel coronavirus, Hansman said he would feel safe flying on a Max. “It’s probably the safest airplane to be on,” he said.

Relatives of people who died in the crashes aren’t convinced. They accused Boeing of hiding critical design features from the FAA. “The flying public should avoid the Max,” said Michael Stumo, whose 24-year-old daughter died in the second crash.

“Change your flight. This is still a more dangerous aircraft than other modern planes.”

American is the only US airline to put the Max in its schedule so far, starting with one round trip daily between New York and Miami beginning Dec 29. United expects to start using the plane early next year, while Southwest said its Max jets won’t fly before the second quarter of 2021.

Some consumer groups urged airlines to fully disclose when Max flights are planned. That’s usually on an airline’s website, although passengers have to know where to click. Advocates are concerned about airlines using the Max in a last-minute switch.

Nearly 400 Max jets were in service worldwide when they were grounded, and Boeing has built and stored about 450 more since then.

All have to undergo maintenance before they can fly.

Pilots must also undergo simulator training, which was not required when the aircraft was introduced.

Hansman said training for qualified 737 pilots shouldn’t take long because Boeing has fixed software problems.

Boeing’s reputation has taken a beating since the crashes. Its then-CEO, Dennis Muilenburg, initially suggested that the foreign pilots were to blame.

However, congressional investigators discovered an FAA analysis — conducted after the first Max crash — that predicted there would be 15 more crashes during the plane’s life span if the flight-control software were not fixed.

Boeing was repeatedly wrong about how quickly it could fix the plane. When those predictions continued to be wrong, and Boeing was perceived as putting undue pressure on the FAA, Muilenburg was fired in December 2019.

After an 18-month investigation, the House Transportation Committee heaped blame on Boeing, which was under pressure to develop the Max to compete with a plane from European rival Airbus, and the FAA, which certified the Max and was the last agency in the world to ground it after the crashes. The investigators said Boeing suffered from a “culture of concealment”, and pressured engineers to rush the plane to the market.

Among the criticisms was the FAA’s use of Boeing employees to inspect and evaluate the Max, with some workers feeling pressured by the company to act in its favour.

Dickson said the so-called designee programme has changed, with the FAA handling all evaluations of the Max itself. FAA inspectors will check every new Max before it’s cleared for flight, he said.

THE TRIBUNE

Thursday, November 19, 2020, PAGE 11

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PAGE 12, Thursday, November 19, 2020

NOTICE

LEGAL NOTICE

LEGAL NOTICE

NOTICE

NOTICE

EXXONMOBIL EXPLORATION AND PRODUCTION IRELAND (OFFSHORE SOUTH) LIMITED

EXXONMOBIL EXPLORATION AND PRODUCTION GEORGIA LIMITED

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 24th day of September, 2020

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 3rd day of November, 2020

Dated the 19th day of November, A.D., 2020

Dated the 19th day of November, A.D., 2020

Matteo Pedercini Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION IRELAND (OFFSHORE SOUTH) LIMITED

THE TRIBUNE

NOTICE is hereby given that LEANNA JEAN-JACQUES of Pinedale, #41C, P. O. Box CR-54802, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 12th day of November, 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

Matteo Pedercini Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION GEORGIA LIMITED

NOTICE is hereby given that SHANA JOSEPH of Coconut Grove, 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 19th day of Novemver 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that LACEWANNE AUGUSTIN of Beufort 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 19th day of Novemver 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

WEDNESDAY, 18 NOVEMBER 2020

BISX ALL SHARE INDEX:

CLOSE

CHANGE

2087.72

-0.64

%CHANGE

YTD

YTD%

-0.03 -143.88

-6.45

(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 6.10 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 2.17 6.22 10.44 8.44 14.30 3.94 8.85 15.20

CLOSE 4.05 23.61 1.62 1.78 1.67 5.50 6.61 2.99 4.75 3.64 5.99 11.26 2.21 6.22 10.34 8.40 14.30 3.94 8.85 15.20

CHANGE 0.00 0.00 0.00 (0.01) 0.00 0.00 (0.14) 0.00 0.00 0.00 0.00 0.00 0.04 0.00 (0.10) (0.04) 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 1,000 150,000 4,537 10,300 3,200 3,800

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 17.9 -6.8 33.9 19.8 13.3 15.6 21.7 13.3 16.0 11.5 17.5 19.4 9.4 24.1

YIELD 4.20% 5.34% 1.23% 0.00% 0.00% 0.00% 3.93% 0.00% 0.00% 3.30% 3.67% 6.39% 19.64% 0.96% 3.17% 2.86% 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

PUBLIC NOTICE OF INTENDED APPLICATION TO RESEAL A FOREIGN GRANT In the Estate of NICOLE DUMONT late of 15 rue Richelieu, Bordeaux, France, deceased.

NOTICE is hereby given that CASTINO D. SANDS of the Western District of the Island of New Providence one of the Islands of the Commonwealth of the Bahamas, after the expiration of fourteen days from the date hereof, and as the Attorney for FRANCOISE AMADIO, Executor of the above referenced estate, will make application to obtain a RESEALING OF A GRANT OF REPRESENTATION WITH THE WILL ANNEXED in the above estate granted to FRANCOISE AMADIO of the Estate, by the Appeals Court of Bordeaux, Procureur General, in Bordeaux, France on the 9th day of March, 2014.

Dated this 17th day of November, 2020.

Lennox Paton Counsel & Attorney-at-Law

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

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PAGE 14, Thursday, November 19, 2020

Apple to cut app store fees as legal scrutiny intensifies

SAN RAMON Associated Press

APPLE will cut its app store commissions in half for most developers beginning next year amid an intensifying debate about whether the iPhone maker has been using the fees to unfairly fatten its profits and stifle rivals competing against its own music,

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video, and other subscription services.

The concession announced yesterday will lower Apple’s commissions for in-app subscriptions and other purchases from the 30% rate that has been in place since 2008 to 15%, effective Jan 1. But the discount will only apply to developers with app store revenue up to $1m annually — a threshold that excludes the makers of some of the most popular apps downloaded on iPhones, iPads and other Apple devices.

That group includes two of Apple’s fiercest critics, music streaming service Spotify, and Epic, the maker of the popular Fortnite video game.

Both those companies have helped spur increasing scrutiny of Apple’s app store practices among lawmakers and regulators in the US and

Europe. Apple sells music streaming and video services that have been helping to offset a slowdown in iPhone revenue in recent years.

The app store commissions feed Apple’s services division, which saw its revenue climb 16% to nearly $54bn during the company’s last fiscal year ending in September. Only iPhone sales generate more revenue for Apple than services.

Apple is framing its fee reduction as a way to help most of the companies that make the roughly 1.8 million apps in its store during the tough economic times brought on by the pandemic.

About 98% of the app developers generate less than $1 million in revenue annually, according to the mobile analytics firm SensorTower.

But the reduced

commission probably won’t leave much of a dent in Apple’s revenue.

That’s because the small developers in line to qualify for the cut only contribute about 5% of Apple’s app store revenue, based on SensorTower’s estimates.

Moody’s analyst Raj Joshi predicted the reduced commission will pare Apple’s annual revenue by less than 1% while buying the company more goodwill from app developers and perhaps regulators, too. “The move will alleviate risks to some degree from the growing global regulatory scrutiny of the App Store’s pricing and business model,” Joshi said.

That’s probably one reason investors seemed unfazed by Apple’s forthcoming fee cut.

The company’s shares slid 1% to close yesterday at $118.03.

Spotify scoffed at Apple’s lower commissions as “window dressing” designed to discourage regulators from cracking down on its practices. “This latest move further demonstrates that their app store policies are arbitrary and capricious,” Spotify said in a statement.

The Match Group, which owns popular online dating sites, also lashed out at Apple in a statement questioning how much the lowered commissions will help. “If you manage to grow your revenue over $1m, they then double their cut — arbitrarily — making it even harder for the startup to continue to grow,” Match said.

Epic is continuing to pursue a lawsuit it filed against Apple earlier this year in an effort to win the right to sell products within its apps without having

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 74° F/23° C Low: 63° F/17° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

MONDAY

Windy wtih sun and some clouds

Partly cloudy and breezy

Partly sunny and windy

A couple of showers

Partly sunny

Partly sunny

High: 80°

Low: 73°

High: 82° Low: 74°

High: 83° Low: 74°

High: 82° Low: 73°

High: 83° Low: 72°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

79° F

71° F

82°-75° F

87°-76° F

88°-78° F

91°-75° F

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

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: 68° F/20° C

15-25 knots

S

High: 78° F/26° C Low: 73° F/23° C

15-25 knots

FT. LAUDERDALE

FREEPORT

High: 79° F/26° C Low: 72° F/22° C

N E S

E

W

WEST PALM BEACH

W

uV inDex toDay

TONIGHT

High: 78° F/26° C Low: 63° F/17° C

High: 77° F/25° C Low: 69° F/21° C

MIAMI

High: 79° F/26° C Low: 72° F/22° C

10-20 knots

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 79° F/26° C Low .................................................... 74° F/23° C Normal high ....................................... 81° F/27° C Normal low ........................................ 70° F/21° C Last year’s high ................................. 82° F/28° C Last year’s low ................................... 70° F/21° C Precipitation As of 1 p.m. yesterday ................................. 0.19” Year to date ............................................... 66.50” Normal year to date ................................... 37.52”

ELEUTHERA

NASSAU

High: 80° F/27° C Low: 73° F/23° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 80° F/27° C Low: 71° F/22° C

N

KEY WEST

High: 79° F/26° C Low: 73° F/23° C

High

E

W

12-25 knots

S

20-30 knots

Low

Ht.(ft.)

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

Wednesday 4:14 a.m.

4:24 p.m.

2.6 2.4

10:28 a.m. 0.7 10:41 p.m. 0.3

sun anD moon Sunrise Sunset

6:30 a.m.

5:21 p.m.

Moonrise Moonset

11:02 a.m.

9:52 p.m.

First

Full

Last

New

Nov. 21

Nov. 30

Dec. 7

Dec. 14

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 81° F/27° C Low: 72° F/22° C

High: 81° F/27° C Low: 76° F/24° C

N

High: 80° F/27° C Low: 72° F/22° C

E

W S

LONG ISLAND

tracking map

High: 81° F/27° C Low: 74° F/23° C

H

Ht.(ft.)

Today

High: 80° F/27° C Low: 72° F/22° C

N

S

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

tiDes For nassau

CAT ISLAND

E

W

to pay Apple’s fees.

Meanwhile, a group called the Coalition for App Fairness, a Washington-based nonprofit, is calling for “fair treatment” in the way the tech giants run their app stores. Its members include Epic, Spotify, online dating app maker Match Group, and other members including Tile, Basecamp, ProtonMail and European media industry associations.

And European regulators are investigating Apple’s mobile app store and payment platform over concerns its practices distort competition, part of the EU’s battle against the dominance of big tech companies.

Apple CEO Tim Cook cast the fee reductions as a mutually beneficial move everyone involved.

20-30 knots

MAYAGUANA High: 82° F/28° C Low: 76° F/24° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 81° F/27° C Low: 76° F/24° C

High: 81° F/27° C Low: 76° F/24° C

GREAT INAGUA High: 83° F/28° C Low: 77° F/25° C

N

E

W

E

W

N

S

S

15-25 knots

12-25 knots

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

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

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

WAVES 8-12 Feet 8-12 Feet 3-6 Feet 2-4 Feet 8-12 Feet 6-10 Feet 5-9 Feet 6-10 Feet 10-14 Feet 8-12 Feet 6-10 Feet 4-8 Feet 3-6 Feet 3-5 Feet 5-9 Feet 6-10 Feet 4-8 Feet 4-7 Feet 10-14 Feet 10-14 Feet 4-8 Feet 4-7 Feet 4-8 Feet 4-8 Feet 6-10 Feet 4-8 Feet

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

WATER TEMPS. 80° F 80° F 78° F 75° F 80° F 80° F 82° F 82° F 80° F 80° F 77° F 75° F 81° F 81° F 83° F 83° F 82° F 82° F 81° F 81° F 81° F 81° F 82° F 81° F 80° F 80° F

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Thursday, November 19, 2020, PAGE 15

PAGE Thursday,XXXMONTH November 19, PAGE 16, 3 , XXXDAY, XX,2020 2015

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