11232020 BUSINESS

business@tribunemedia.net

MONDAY, NOVEMBER 23, 2020

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Grand Lucayan deal merits under review

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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onsultants have been hired to review the Grand Lucayan deal’s merits amid growing doubts that it now delivers the promised benefits to the Bahamian people, Tribune Business can reveal.

Multiple sources close to developments, speaking on condition of anonymity, confirmed that the goahead had been given to hire one of the so-called ‘Big Four’ accounting firms, thought to be KPMG, to assess whether the Government should proceed with the terms as they presently stand with Holistica, the ITM Group/Royal Caribbean joint venture.

This newspaper was told that while still interested in proceeding with the acquisition of Freeport’s former anchor resort property, ITM/Royal Caribbean had used the COVID-19

* Consultants hired to assess public benefits * Concerns that agreement watered down * Hotel transformation secondary to cruise pandemic’s devastating impact on the global cruise line industry to water down the focus on the hotel.

The number new hotel rooms to be constructed is said to have been

Abaco to meet Gov’t on ‘number one issue’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ABACO’s private sector is scheduled to meet with the Government today to resolve the “number one question” that is the fate of the island’s post-Dorian Special Economic Recovery Zone.

Ken Hutton, the Abaco Chamber of Commerce president, yesterday told Tribune Business that it was “critical to stretch out” the tax breaks and other investment incentives beyond December 31 as increasing numbers of

residents and second homeowners began returning to the island following the easing of COVID-19 travel restrictions.

Arguing that Abaco’s reconstruction efforts needed to “get out of the holding pattern” they have been placed in for the past nine months due to the global pandemic, he added that it was “incredibly unfair” that the island’s pleas to re-open schools had seemingly fallen on deaf ears while their counterparts at Old Fort Bay and Windsor had been

SEE PAGE 4

‘Abandoned’ Sky staff claim $740,000 owed

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Some 40 former Sky Bahamas employees will appear before the Industrial Tribunal today claiming that the former airline has “totally abandoned” them and the collective $740,000 it owes.

A spokesman for the staff, who include 13 managers, last night said the dispute arbitration hearing was taking place after all efforts to reach out to Captain Randy Butler, the airline’s chief executive, to resolve the allegedly outstanding severance pay,

back pay and vacation entitlement had proven futile.

They said that while contact was made with Captain Butler last September through the Labour Board, the former Sky Bahamas chief allegedly described himself as an employee, said he “had nothing to give” and hung up the phone on several staff who were in on the call.

“We tried to make contact through the Labour Board but there’s been nothing.

He’s totally ignored the employees,” the spokesperson said. “I personally have not had any

SEE PAGE 7

LIQUIDATOR CONCERN ON $8M TAKEN FROM COLLAPSED BROKER

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

adventure theme park, given that it would provide the greater amount of job opportunities, entrepreneurial spin-offs and economic benefits for the Bahamian people.

Michael Scott, chairman of Lucayan Renewal Holdings, the Government-sponsored special purpose vehicle (SPV) that owns

A Bahamian broker/ dealer’s liquidator has voiced concern that its majority shareholder and then-senior management removed over $8m in the two-and-a-half years prior to its insolvency.

Ed Rahming, the Intelisys (Bahamas) founder and managing director, in his second report to the Supreme Court hinted he was exploring the possibility of initiating legal action against Pacifico Global’s majority shareholder, Arturo Klein, to at least recover some of the $4.263m paid out to him.

“The liquidator has noted... the significant related party payments to the shareholder and former management

SEE PAGE 6

SEE PAGE 6

A VIEW of the Grand Lucayan resort. drastically slashed, with the redevelopment timeline pushed further and further back, as the Grand Lucayan becomes increasingly secondary to the cruise component and Freeport Harbour.

This contradicts the Government’s main goal, which was to ensure the resort’s transformation has equal billing with the harbour’s redevelopment as a water-based

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PAGE 2, Monday, November 23, 2020

THE TRIBUNE

Public officials need to ‘un-think’ how they work

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government’s digital transformation initiative requires public officials to “un-think” their traditional approach to serving the Bahamian people, a Cabinet minister has said.

Senator Kwasi Thompson, minister of state for Grand Bahama, who is also responsible for electronic communications and the Government’s digitisation programme, laid out The Bahamas’ progress and future plans at Red GEALC’s sixth ministerial meeting of digital government.

The virtual conference, held from November 18-20, brought together information and communications

technology (ICT) ministers from the Caribbean and Latin America. Red GEALC stands for The network of e-Government leaders of Latin America and the Caribbean.

Mr Thompson, in his presentation, said The Bahamas’ move towards e-government and the digital delivery of services was designed to foster transparency, effectiveness, efficiency and cost reductions.

“We focused on streamlining to reduce or remove the movement of paper or documents between customer and government, and agency-to-agency to reduce or remove the need for the public officer to review and approve where it adds no value,” said Mr Thompson.

“Our challenge was to get public officers to ‘unthink’ how things are done and to ‘rethink’ a better way for themselves and their customers. Our Bahamas Electronic Cabinet Management Information System (BECMIS) is a good example of our ‘focused’ approach. It is a six-month project with releases in sixweek intervals.

“Users, from clerks in the Cabinet Office to my Cabinet colleagues, are involved from the design to testing. We are successfully battling through the elimination of steps, the rethinking process flow, and redesigning documents.

When completed, there will be end-to-end handling of information and proceedings electronically. We will see digital collaboration

between agencies and collaboration between Cabinet colleagues.”

Mr Thompson said The Bahamas was excited about its Proof of Concept (POC) Interoperability Platform, which is currently in beta test mode. This platform, he added, will allow government services to share information from different data sources securely.

“Due to built-in verifications and validations, the user provides little to no information for renewal services and, in most instances, public officers will only have to review and approve requests or transactions that are an exception,” explained Mr Thompson.

“To reach this level of automation the IT agency worked closely with the service provider to streamline

processes, engaging them from design to testing. The platform in its POC stage will allow for renewal of driver’s licenses, renewal of passports, a request for the customer’s own birth certificate or marriage certificate.

“Also in pilot mode is the launch of the Sand Dollar, The Bahamas’ digital currency. The Central Bank in partnership with authorised payment service providers reaches the banked and the unbanked. The Government has also put forward the Digital Assets and Registered Exchanges Bill 2020 (DARE) aimed at establishing the framework for regulation of the issuance, sale and trade of digital assets in and from within The Bahamas.”

Mr Thompson said that due to the COVID-19

KWASI Thompson pandemic, agencies have accelerated their digital programmes, including the Food Assistance programme, the Bahamas Feeding Network and virtual schools. Parks and public spaces are being equipped to provide Internet access.

He added that through all these ICT initiatives there was a strong realisation within the Government of the need for growing capacity in specialised fields such as application development and IT operations, but also in business analysis, change management, procurement and public relations.

UN body teams to aid local MSMEs

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Organisation for Responsible Governance (ORG) has teamed with a United Nations (UN) body for an initiative designed to aid Dorian-ravaged micro, small and medium-sized enterprises (MSMEs).

The partnership with the United Nations

Development Program (UNDP) is designed to give small businesses on Grand Bahama and Abaco a platform to outline their current challenges via an online survey.

The results of the study will help to determine the effectiveness of current and past efforts to assist MSMEs through the postDorian and COVID-19 crisis. The survey can be

found at ORGs website orgbahamas.com/sme.

“The survey will officially launch on Thursday, November 19,” said ORG’s executive director, Matt Aubry. “Over three weeks, we will engage these business owners on a wide range of issues like the impact of COVID-related restrictions, challenges with access to supplies after the hurricane and how government

support has affected their capacity to remain open.”

Using ORG’s relationships with the Small Business Development Centre (SBDC), local Chambers of Commerce and non-governmental organisations (NGOs), the survey will be broadcast to multiple networks for completion.

The survey is estimated to take 15 minutes, with

anonymity for all companies. The results will be presented to the Ministry of Finance and the Small Business Development Centre to aid future policies and legislation, while also fostering MSME sustainability and resilience, particularly when faced by emergencies.

ORG had engaged Barefoot Marketing to assist with a media campaign designed to raise awareness about the initiative, and to conduct phone surveys to help participants have even greater access to participate in the study.

“We understand that many businesses may have had to relocate to smaller spaces or have transitioned into home businesses,” said Tiffany Bain, ORG’s research officer for the project. “It is critical that we secure a broad and representative sample of the MSMEs that made up much of the economy in Abaco and Grand Bahama to gain

meaningful and relevant information. We encourage everyone on these islands to share the survey and assist us in reaching all.”

MSMEs have long been considered key economic drivers for any strong economy.

In The Bahamas, companies falling into these categories represent more than 90 percent of businesses across the country.

In recent months, however, these businesses - particularly those in the northern Bahamas - have struggled to navigate difficult economic times caused

by Hurricane Dorian in September 2019 and then the widespread impact of the global COVID-19 pandemic.

The dual crisis has seen scores of once-thriving enterprises make the difficult to decision to lay off staff, open part-time, or close their businesses altogether.

BAHAMAS TARGETS SUMMIT FOR CONFERENCE PLANNERS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas was the only international destination represented and presenting at the recent National Coalition of Black Meeting Professionals (NCBMP) conference under the theme Focused and Empowered.

Dr Kenneth Romer, the Bahamas Ministry of Tourism & Aviation’s executive director of product quality and support, told the 400 meeting planners in attendance about the impact that COVID-19 has had on tourism in The Bahamas and the recovery strategy that is being implemented.

The session was moderated by TV and radio host Greg Davis, and the other panelists included Lieutenant-Governor Kate Marshall of Nevada and Harold Moses Love Jr, state representative of Tennessee.

“I would like to thank chairman Jason Dunn and the executives of the NCBMP for their invitation to be a part of this town hall meeting panel, and for the opportunity to directly address a group of professionals whose partnership we, in The Bahamas, highly value, and whose partnership is key to the sustainable growth of the groups business, one of

the most important growth sectors of our destination’s tourism portfolio,” said Dr Romer.

Historically a top destination for African-American visitors, The Bahamas is continuing to enhance its cultural product.

Dornell Watson-Dean, the Ministry’s group sales manager for diversity & SMERF (social, military, education, religious and fraternal) groups - North America, said: “The African-American planners’ high interest in The Bahamas product stems from The Bahamas’ long-standing ties with African-Americans; the country’s hassle-free border formalities and the eagerness of Bahamian hoteliers to work with planners to facilitate seamless conferences and conventions away from the American mainland.”

The conference, which annually attracts AfricanAmerican planners and suppliers from across the US, featured powerful presentations by top speakers including an address from MMGY Global on Black Travel reporting that black leisure travellers spent $109.4bn on travel in 2019. Other conference events included educational, health and wellness break-out sessions.

The National Coalition of Black Meeting Professionals, founded in 1983, is a non-profit organisation whose primary focus is the training needs of African-American meeting planners. The organisation has 400 members, including meeting planners from numerous business, civil rights, church and fraternal organisations. The Bahamas has been affiliated with the NCBMP for the past 20 years.

THE TRIBUNE

Monday, November 23, 2020, PAGE 3

Bay Street nervous on cruise return wait

By YOURI KEMP Business Reporter ykemp@tribunemedia.net A DOWNTOWN Nassau restaurant owner is hoping cruise tourism can make a full rebound earlier than 2021 given that 60 percent of his business is generated by that industry.

George Mousis, the Athena Café’s general manager, told Tribune Business: “Late 2022, not even for next year, but late 2022? Well, that’s unfortunate news. That’s late, especially for downtown merchants and the tour operators and the taxi operators.

“Yeah, that’s a big one.

We have to think. We have outdoor dining now; that helps. So, you know, it’s OK, I guess. We have just got to shift our model and, I guess, target local customers. That’s bread and butter.

They’re always here.”

Mr Mousis was responding after Mehmet Kutman, chairman of Nassau Cruise Port’s developer, Global Ports Holding, predicted in a recent conference

call with analysts that the cruise industry is unlikely to make a full recovery from COVID-19 until the 2022 second half.

He added that the sector is finally likely to resume sailing between February 2021 and April/May next year.

However, that was before the US Centres for Disease Control and Prevention (CDC) this weekend raised its warning about taking cruise ship travel from ‘Level 3’ to the highest ‘Level 4’ at the weekend, meaning there was “a very high level of COVID-19” infection possibilities.

“CDC recommends that all people avoid travel on cruise ships, including river cruises, worldwide because the risk of COVID-19 on cruise ships is very high. It is especially important that people with an increased risk of severe illness avoid travel on cruise ships, including river cruises,” the CDC said in a statement on its website. That, of course, only adds to the uncertainty around the cruise sector’s return.

DOWNTOWN Nassau business owners are hoping cruise tourism can make a full rebound earlier than 2021.

Asked how much his business depends on the cruise ships, Mr Mousis said: “It depends with the season. But I would say like 60 percent to 40 percent for cruise ship passengers versus the locals. So, obviously now, I guess, you just have to hold on. We’ve got to hunker down and hold tight.

“Just make the best of every situation, and just keep improving and staying on top of things. And, you know, make sure I got a lot of my employees on. We just have to ride this wave out.

“We should have some cruises come in hopefully

by early next year. The first quarter. We’ve got a whole lot of things to be positive and optimistic about. So you know we have to try our best. Everyone has to be on their ‘P’s’ and ‘Q’s’ no matter what.”

A Bay Street clothing retailer, speaking on condition of anonymity said: “Well, we’re trying to get the locals. COVID is here and it’s not going anywhere.

So it’s expected. It’s not a surprise that the cruise ships will not be coming in.

“I predict that the cruise ships are probably the last people that are coming in since they’re in such a confined space. So we’re

RETAILERS ‘SCARED’ ON EMERGENCY EXTENSION

By YOURI KEMP Business Reporter ykemp@tribunemedia.net RETAILERS say the Government’s extension of its COVID-19 emergency powers Order through to December 28 threatens to create more uncertainty for the key Christmas shopping season.

Craig Pyfrom, DC Technology,’s managing director, told Tribune Business: “I just don’t know what the Prime Minister is going to do at all. I hope he doesn’t just shut down everything and kill the economy.

“I mean, I see numbers dropping lately and it seems like he is trying to keep the

curfew on the weekends and other times in the night to avoid the clusters popping up.”

Mr Pyfrom said Christmas was the “biggest time” of the year for himself and many other retailers, and that he “hopefully” gets a chance to sell out with most of his inventory having already arrived.

Many retailers are already nervous about their prospects for the upcoming Christmas season, with the recent curb-side restrictions having impacted sales and cash flows to such an extent that some are uncertain whether they will be able to afford and clear holiday inventories. For some, the festive period accounts for

up to 40-50 percent of their annual sales.

Another retailer, speaking on condition of anonymity, said: “We just don’t know what the Competent Authority [Prime Minister’s Office] is going to do. We hope he doesn’t send us back to curb-side, but we just don’t know. So it is hard for us to gauge how our Christmas season may look.”

Shantel Rolle, general manager of the Brass and Leather Shop at the Mall at Marathon, said: “I know he [Dr Minnis] extended it but I don’t know what he’s going to do with these orders.

“I don’t know what he’s going to do That’s the thing.

Even though he extended the emergency orders, he could change the time to even later or earlier and say something else, which is a scary thing. We don’t know what he’s going to do.”

“Honestly, I can’t even say,” Ms Rolle added about her Christmas expectations.

“I can’t even see that now, everything so up in the air. You have to remember that he can come on today and then shut us down, and they would probably change the curfew time or do something else.”

“I know it won’t be a Christmas like last year and so, I I honestly can’t say. I don’t know what to tell you.

We just have to go with the flow. That’s all I could say.”

actually hoping to get more locals. We’re currently working on our website and we should launch that soon.

Hopefully, we’ll start catering to more local clientele.

We used to be a local client business many years ago, and everybody now has moved down to Carmichael Road.

“We still have a few locals that have shopped with us, but now we’re trying to get online and I think I think that should help. If it doesn’t, then we’ll close down. Yeah, it’s just that we can’t hold until we know vaccines are in place. I don’t know how long it’s going to take for the vaccine to come. I just don’t know,” they added.

“We’re just holding on.

We just opened actually.

This is our first week back and we opened on Tuesday.

We have we had a few tourists trickling in from yachts.

We said we have to give it a try. Because we’ve been closed since March and we had to either open or close down because obviously the expenses are still coming in.”

Edward Robinson, owner/operator of Bonneville Bones, said: “It’s one of the things you really can’t do anything about; you just have to wait until changes come about.” He added that getting local shoppers to come to his location downtown has been “challenging”.

Cathy Moultrie, operations manager at Coin of the Realm, said: “I know there’s no cruise ships right now.

“Right now we’re focused on local business, and trying to promote local business and ShopLocal.

“So that’s our number one thing we’re focusing on right now. Because of our business we are more local business than tourists.

“So the cruise ships being held off until late 2022 really applies more to the jewellers on the street because a lot of them are 100 percent tourists.

I can tell you that we’re happy to be open and we’re really promoting ShopLocal and, you know, promoting local business downtown,” he said.

PAGE 4, Monday, November 23, 2020

ABACO FROM PAGE 1 given the go-ahead on New Providence. “We are supposed to be having a meeting with the minister of finance tomorrow [today],” Mr Hutton disclosed, adding that the Chamber was hoping the Government will agree to extend the VAT and import duty breaks beyond their yearend expiry for appliances, furniture and everything that was needed to fit-out homes and offices.

“We do have a list of things we want to negotiate

on, but don’t want to give our position away at this point. I can say in the last five days that we’ve started to see an increase in second homeowners coming back, and the message I’m getting is that is expected to grow and continue in the days to come.”

Mr Hutton described the renewal of the Special Economic Recovery Zones in Abaco and Grand Bahama as “absolutely critical” for reducing rebuilding costs, stimulating construction and other economic activity and providing clarity/certainty for homeowners and businesses as to the rules governing their come back.

THE TRIBUNE “That is probably the number one question that we’re getting,” he added.

“What is the status of those concessions and exemptions, and what is happening on December 31. It’s critical. A lot of people are starting to return, and are able to return.

“It’s unrealistic to expect them to get everything in here before December 31.

People don’t want to rush spending tens of thousands of dollars getting things before the end of the year. We need to stretch that out and get people back in here for good.

“Abaco has been in a holding pattern since

February. We need to get out of this holding pattern and be able to take off. We need the capacity and ability to do that, and we’re hopeful that’s going to happen.”

The Economic Recovery Zones, implemented in late 2019 in Dorian’s aftermath, provide businesses and homeowners in stormravaged Abaco and Grand Bahama with a variety of tax breaks and concessions.

VAT, import duty and Excise Tax has been eliminated on construction materials and all other physical goods sold and brought into the zones, while discounts have also been provided on real property tax and other real estate-related taxes provided certain conditions are met.

The Government also removed VAT from construction services, and has already extended the zones’ life once beyond their initial end-June expiry to year-end 2020. And the tax exemptions related to building materials, as well as the elimination of VAT on construction services, do not expire until end-June 2021

to coincide with the close of the fiscal year.

K Peter Turnquest, deputy prime minister and minister of finance, previously told Tribune Business that the only tax breaks expiring at year-end in the zones relate to furniture/ appliances and vehicles.

“On those elements I’m fairly comfortable saying the vehicles will not be extended,” he said. “The furniture and furnishings we will have a look at in terms of how we see the building programme for the next six months, and make some determinations about that.”

Reiterating that the zones’ tax breaks were “not intended to be long-term”, Mr Turnquest said of their expiry: “This is one way to tackle the revenue shortfall without increasing taxes.”

The deputy prime minister said the zones, and their tax breaks, were created to enable persons without insurance coverage to rebuild their homes and livelihoods, while also stimulating construction and other economic activities.

Acknowledging that COVID-19 may have

impacted the pace of rebuilding, he added that the Government may also have to revisit the tax breaks and other incentives granted if reconstruction had not been stimulated as intended.

Mr Hutton, meanwhile, reiterated Abaco’s plea for its schools to be able to reopen now that COVID-19 lockdowns have been lifted on the island once again.

“We have written to the Prime Minister a couple of times,” he added.

“I know at least one school that has written asking to be re-opened but they’ve not heard anything back yet.

“We find it incredibly unfair. We find it incredibly unfair when schools in New Providence are being given exemptions. What’s the deal with that? What makes them special, and Abaco schools do not receive a reply.

“The Chamber has written on their behalf, they have written and are getting nowhere, and it’s incredibly unfair. It’s an integral part of getting this place back to some semblance of normalcy.”

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www.ub.edu.bs

CAREER OPPORTUNITY SENIOR ADMINISTRATION University of The Bahamas extends an invitation for suitably qualified candidates to apply for the position of Vice President of Human Resources.

The successful candidate will be responsible for providing creative vision, inspired leadership and strategic management for all human resources functions in support of the University’s mission and strategic plan, especially in setting goals and analyzing ways to raise standards, increasing the quality of efforts and improving overall performance of the human resources functions at the institution. To read the complete position announcement, visit http://www.ub.edu.bs/about-us/career-opportunities/ administration/ Qualifications include an earned master’s degree in Human Resource Management or Public Administration or a related field from an accredited institution; at least five (5) years of work experience at a leadership level in human resources in a complex organization, preferably in higher education; and applicable human resources certification and training.

Applicants should submit the following: • A letter of application highlighting work experience and accomplishments relevant to the position; • A curriculum vitae or resume; • Copies of all academic qualifications with transcripts (original transcripts will be required upon employment), certificates; and • The names and contact information of three professional references.

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

THE TRIBUNE

Bitcoin – The new gold or another supernova moment?

ACTIVTRADES WEEKLY

By RICARDO EVANGELISTA www.activtrades.bs

BY THE current year’s standards, 2017 was pretty average.

In January, Donald Trump was sworn in as the 45th president of the United States and a few months later, in May, the #metoo movement gained notoriety, following scandals involving big showbiz names such as Harvey Weinstein and Kevin Spacey.

But, at least from the financial markets’ perspective, the appearance of blockchain based currencies in the radar of mainstream investors was the most remarkable fact.

As the year approached its end, investors became increasingly excited about crypto currencies and by December Bitcoin reached its all-time high of almost US$20,000 per coin.

Since then, the most iconic crypto experienced wide fluctuations in value, dropping down to US$3,300 barely 12 months after reaching its peak, following a string of coin thefts from exchanges, and lack of traction in the real economy.

Fast-forward to the present time and interest in crypto currencies is once again surging.

There is a real possibility that by the time you’re reading this, bitcoin has surpassed its previous peak of US$20,000. But then again, it is also possible that the trend reverses; such is the nature of the financial markets.

So, why are investors and speculators once again increasing demand for cryptos and driving up the prices? There are three main reasons behind the emergence of this pattern: Firstly, the technology behind the assets; cryptos are based on blockchain technology, an electronic ledger distributed across a network of computers, which makes it immune to manipulation.

Secondly, Low interest rates means traditional investment vehicles, such as

government bonds, deliver negative real yields, triggering the quest for alternative ways to generate return on investment.

Finally, after years of relegation to the darker corners of the internet bitcoin is now being accepted by mainstream payment systems, such as PayPal. The challenges brought by the coronavirus forced central banks to increase monetary easing and to lower interest rates. In the past such moves ultimately led to the escalation of inflation with currency devaluation occurring as the result.

The recent vaccine breakthroughs boosted hopes of a quicker than expected rebound in economic activity in 2021, supported by massive governmental investment which will require more borrowing and the continuation of low interest rates; it does indeed appear that a steep rise in inflation could be looming on the horizon.

For this reason, large institutional investors, that in the past avoided deviating from traditional instruments, now see crypto currencies, and their independence from central banks, as a way of hedging against inflationary risks.

The rally of 2017 was driven mainly by retail speculators, encouraged by the novelty appeal and perhaps idealistic views of the outsider status of bitcoin.

To a large degree, the absence of large backers was the reason for the quick trend reversal and drop in value.

In 2020, the second crypto rally is being supported by the demand from institutional investors and greater traction in everyday use, so perhaps this time it will be sustainable.

Still, as many traders can testify, the financial markets’ mood shifts rapidly, and trends can easily be reversed.

To advertise in The Tribune, contact 502-2394

Monday, November 23, 2020, PAGE 5

PAGE 6, Monday, November 23, 2020

THE TRIBUNE

Grand Lucayan deal merits under review FROM PAGE 1 the hotel, declined to comment when contacted yesterday by Tribune Business although he did not refute the appointment of the consultants or their objective.

Neither Simon Townend, KPMG’s principal, nor Dionisio D’Aguilar, minister of tourism and aviation, and Senator Kwasi Thompson, minister of state for Grand Bahama, the latter two being the lead ministers negotiating for the Government, could be reached despite messages and texts being sent in addition to phone calls.

However, Tribune Business contacts said prospects for the ITM Group/Royal Caribbean deal going ahead were currently far less rosy than made out

by Senator Thompson in his recent national address unless something alters radically within the next few weeks. The issue is thought likely to be discussed at an upcoming Lucayan

Renewal Holdings Board meeting this week.

“A consulting firm has been hired to do a review,” one source, speaking on condition of anonymity, said.

“I’m not excited. They [ITM/Royal Caribbean] keep wanting more and more, and there hasn’t been any real action by the Government.

“It comes right back to Hutchison not having signed off on the harbour.

Royal Caribbean cannot be excited about the hotel because they do not have the harbour. They are pushing the fellow into the corner because he doesn’t have anything to fight with.

“They still want it but not in a decent timeframe. The Government should have put the pressure on Hutchison to sign-off. They’re missing the boat. The hotel deal cannot happen without the harbour. It makes no sense for Royal Caribbean.

Let’s face facts: Royal Caribbean wanted the hotel as an adjunct to the harbour deal.”

Mr D’Aguilar, who had said the final ITM/Royal Caribbean deal will likely look different to the one struck pre-COVID-19, recently confirmed that the joint venture partners want to seal “the entire transaction at once” to protect their commercial interests and not hand an advantage to either Freeport Harbour Company or the Government.

Securing the hotel without the harbour, and the proposed additional cruise berths and water-based adventure theme park, would hand the advantage to Freeport Harbour Company and its 50 percent shareholder and manager, Hutchison Whampoa.

Knowing that ITM/Royal Caribbean will now be desperate to tie down terms for the harbour to complement the Grand Lucayan, Hutchison could seek to alter the deal to its commercial advantage and extract extra concessions from the joint venture. Thus ITM/Royal Caribbean’s interest in sealing both

aspects of its $300m project simultaneously.

Another well-placed contact, also confirming the Government’s hiring of consultants to review the deal, said: “By and large there’s a feeling this Royal Caribbean deal won’t go through. The cruise lines are not going to be sailing any time soon, they’re struggling and it’s costing them millions to maintain these vessels.

“The hotel has to open soon. Port Lucaya is haemorrhaging, just emptying; the whole area. Then we will have no shopping left, and Port Lucaya will be like the International Bazaar.

That’s where we’re heading. It’s another Princess (Royal Oasis) and Bazaar situation.”

They added: “The Government has to face reality and come clean with the people: Some deals don’t work. The question is when, and if ITM/Royal Caribbean are satisfied with the airport. It’s if, if, if, and they have paid no nonrefundable deposits. Every

time there’s an extension they should pay something to the Government, but it seems happy to let them string it along as long as they want.”

Multiple contacts said some within the Government and Lucayan Renewal Holdings Board were mulling whether to approach other parties who bid on the resort to see if they remain interested as an alternative to ITM/Royal Caribbean.

However, one contact close to developments argued that doing so “makes no sense”. They argued: “How the hell can you find another buyer for a hotel in a town with no airport, no hospital? These people are all dreaming.

“Freeport tourism was dead before COVID-19 came. That’s why we need a group like Royal Caribbean to provide the visitor numbers. We need a group with clout and numbers. The cruise lines will have the numbers; they don’t have them now.

“There are no alternatives. Which group is going

to come and reinvent tourism in a dead tourism spot like Freeport? It has to be a group with potential.

Freeport was a dead tourism town before Dorian not to mention COVID-19.

Anyone who does their due diligence on Freeport sure as hell is not coming. I’m not proud of it but that’s the way it is.”

Mr Thompson in his national address voiced optimism that the Grand Lucayan will be “fully turned over” to the ITM Group/Royal Caribbean joint venture before yearend 2020.

He added that the duo’s partnership, known as Holistica, remains “committed” to the hotel’s transformation and that of Freeport Harbour but the project’s start will be delayed due to COVID-19.

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

Liquidator concern on $8m taken from collapsed broker FROM PAGE 1 members. These payments exceed $8m in the reviewed period. Given the current insolvent position of the company, these payments are concerning,” Mr Rahming wrote. “We found approximately $700,000 of related party-payments in the six months prior to liquidation [in August 2019].

These payments relate to Klein and represent monthly payments made to him for consulting fees. We will address this matter.”

Mr Rahming declined to comment when contacted

by Tribune Business, but persons close to developments with the Pacifico Global liquidation said he and his attorneys, Callenders & Co, were likely to seek directions from the Supreme Court as to whether recovery of such funds should be pursued although no claims

of wrongdoing have been levied yet.

Documents attached to the liquidator’s report on Pacifico Global’s collapse reveal that some $1.809m was removed from the struggling Bahamas-based broker/dealer and transferred to related party entities of which Mr Klein was a beneficial owner, while a further $1.579m was paid out to him directly. A final $875,000 was used to make payments on his prepaid credit card.

Meanwhile, Eliano Tamburini, Pacifico Global’s former chief executive, and Luca Lanciano, its ex-chief operating officer, received $2.009m and $1.865m between January 2017 and August 2019 as fees/commission payments for introducing clients and business to the broker/ dealer.

These $3.874m in combined payments are understood to have been part of the duo’s contractual

NOTICE NEWFIELD GLOBAL INC ____________________________________ N O T I C E IS HEREBY GIVEN as follows: (a)

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

(b)

The dissolution of the said Company commenced on the 18th day of November 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said Company is Kirvy Ferguson of 253 Shirley Street, Nassau, Bahamas

relationship with Pacifico Global and, while there are no allegations of any wrongdoing, there are likely to be questions as to whether it was prudent to take out such large sums at a time when Mr Klein and his senior management should have been aware of the deteriorating financial position.

Mr Rahming said his further investigations had not led him to change his opinion as to why Pacifico Global collapsed, with the root cause lying in “mismanagement of the company”.

“In 2017, the company began to experience a cash shortage/solvency issue which was the result of paying out ‘excessive cash’ to related parties for business introductions and consulting,” he revealed previously.

“There are substantial related party payments and transfers made with the apparent knowledge

that insolvency of the company would occur. There also appear to be creditor payments made shortly before the liquidation that were transacted with the knowledge that the company would shortly become insolvent.”

However, Mr Lanciano, who remains in The Bahamas after setting up his own financial services business, Phoenix Capital Ltd, was subsequently appointed to Pacifico Global’s liquidation or creditors committee.

Court documents seen by Tribune Business suggest the three-person committee has not made Mr Rahming’s life easy, as it seemingly stalled on approving remuneration requests for himself, his staff and attorneys for work done on the Pacifico Global liquidation.

It also challenged his plans for dealing with the bulk of client assets.

The other two committee members were Alexander Maillis, an attorney with

Legal Notice NOTICE

LIGHTHOUSE FX FUND LTD.

Co-Operation and Development (OECD).

Mr Rahming’s latest report affirmed that Pacifico Global’s liquidation estate faces a likely deficit, with available assets insufficient to repay creditors and clients all that they are owed.

Some 118 claims, totalling a collective $8.584m, have been accepted by the liquidator, when his and legal fees are factored in together with other accounts payables, Pacifico Global’s total liabilities exceed its assets by an estimated $518,301.

“The liquidation costs and the customers’ claims (trust claims) that have been adjudicated exceed the customers’ assets (trust assets) resulting in a net deficit position. The main reason for this is that the quality of many of the securities is questionable and there are liquidity issues,” Mr Rahming warned in his report to the Supreme Court.

“The liquidator will prepare a liquidity analysis to determine the actual assets that are available. We will also with court approval realise all securities, liquid and illiquid.”

NOTICE NOTICE IS HEREBY GIVEN as follows: (a) LIGHTHOUSE FX FUND LTD. has been dissolved on the 18th day of November, 2020 under the provisions of the International Business Companies Act, 2000.

Dated the 23rd day of November, 2020 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

Lighthouse Corporate Services Ltd. Liquidator

NOTICE

NOTICE

NEWFIELD GLOBAL INC

____________________________________

NEWFIELD SOUTH AMERICA/AFRICA INC. ____________________________________

Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 7th day of December, A.D., 2020. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 7th day of December, A.D., 2020. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 23rd day of November, A.D., 2020.

Dated the 23rd day of November, A.D., 2020.

Kirvy Ferguson Liquidator 253 Shirley Street Nassau Bahamas

Maillis and Maillis, representing Pacifico Global’s landlord, Mosko, and Paul Winder, a senior executive with Lyford Cay-based Deltec Bank & Trust.

Deltec “promoted” and administered investment structures into which Pacifico Global placed around $217m worth of clients’ monies. These structures, known as “sub-funds” of a main investment fund, are in receivership under Philip Galanis, the HLB Galanis & Company accountant and principal.

Following a Supreme Court ruling by Justice Renae McKay, Mr Rahming has transferred some $53m-plus of client assets invested in these sub-funds, which it was holding in escrow, to Mr Galanis and Deltec. Mr Winder, after this move, stepped down from the liquidation committee as Deltec’s claim has now been satisfied.

Pacifico Global’s collapse represents another ‘black eye’ for Bahamian financial services at a time when it continues to face continued scrutiny and attacks from the likes of the European Union (EU) and Organisation for Economic

NOTICE is hereby given that WILLIAM PETIT-HOMME of Lincoln Boulevard No. 32, New Providence, 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 16th day of November, 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NEWFIELD SOUTH AMERICA/AFRICA INC ____________________________________ N O T I C E IS HEREBY GIVEN as follows:

Kirvy Ferguson Liquidator 253 Shirley Street Nassau Bahamas

(a)

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

(b)

The dissolution of the said Company commenced on the 18th day of November 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said Company is Kirvy Ferguson of 253 Shirley Street, Nassau, Bahamas

Dated the 23rd day of November, 2020 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

THE TRIBUNE

Monday, November 23, 2020, PAGE 7

BIMINI RESORT LAMENTS SLOW TOURISM REBOUND

By YOURI KEMP Business Reporter ykemp@tribunemedia.net

A BIMINI resort manager is blaming confusion surrounding COVID-19 travel protocols for relatively low tourist arrivals since the borders re-opened with the mandatory 14-day quarantine’s end.

Jonisha Poitier, property manager at the Bimini Cove resort,

told Tribune Business: “It’s still extremely slow; nothing has picked up.

“I think a lot of persons are still worried about taking the COVID test when they get there. It’s very, very, very slow.

“To be honest, I don’t have any bookings for Thanksgiving right now and nothing yet for Christmas either.”

Ms Poitier suggested there were several factors behind the

‘Abandoned’ Sky staff claim $740,000 owed FROM PAGE 1 contact with him. An attempt was made last September through the Labour Board, and when the senior officer, Mr Graham, had him on the phone and some of the senior employees were there trying to talk to him, he hung up the phone.”

Captain Butler could not be reached by Tribune Business yesterday for comment despite phone calls and messages being sent. However,

the employees’ collective move represents another potential headache after companies controlled by Sky Bahamas’ main financier, Fred Kaiser, last week filed legal action claiming that Captain Butler and the airline had “conspired” to defraud him via near-$27m in alleged “bogus loans”.

The employee spokesperson said the former Sky Bahamas staff were concerned that Mr Kaiser’s claim might impact their ability to recover what they

slow tourism restart, including the tight five-day window in which travellers must take a COVID-19 PCR test before coming to The Bahamas.

Noting that this deadline has changed several times, she added: “I think the testing regime and COVID on the whole, a lot of persons wouldn’t want to quarantine.

“I think the up and down with the requirements of COVID [testing] too - seven days, 10 days, five

are owed, but added that that had subsequently been reassured that “based on how the law provides protection for payroll when a company goes belly up they should not be impacted”.

“They don’t know what to do,” the spokesperson added of the staff. “Just think about this. Some of them live in Abaco, some of them live in Freeport, and you know how Dorian impacted them. That’s their reality. The employer didn’t reach out to them, nothing.

“It’s been rough. Cat Island and Grand Bahama employees still haven’t been able to find employment.

They have nothing. One of them for sure is owed

Want to increase your Sales?

Advertise your Business in The Bahamas leading newspaper in circulation, or on Tribune242.com. Call our Advertising Department on 502-2350/502-2394 for more information.

www.ub.edu.bs

CAREER OPPORTUNITY SENIOR ADMINISTRATION University of The Bahamas extends an invitation for suitably qualified candidates to apply for the position of Vice President and Chief Information Officer. The successful candidate will be responsible for providing innovative vision, planning, strategic direction, technical leadership and operational management of information technology operations, facilities and services in support of the University’s mission and strategic plan especially in planning, prioritizing implementing, assessing and evaluating IT projects, to increase the efficiency of systems and improve the overall performance of the information technology functions at the institution.

To read the complete position announcement, visit https://www.ub.edu. bs/wp-content/uploads/2017/01/Ad-VP-and-Chief-Information-OfficerOctober-2020.pdf Qualifications include an earned master’s degree from an accredited institution in a relevant technical field; project management experience; and a minimum of ten (10) years of operations experience, five (5) of which must be in senior management, preferably of technical staff.

Applicants should submit the following: • A letter of application highlighting work experience and accomplishments relevant to the position; • A curriculum vitae or resume; • Copies of all academic qualifications with transcripts (original transcripts will be required upon employment), certificates; and • The names and contact information of three professional references.

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

days. That has been a challenge.

“I think there are a lot of different things that have caused people to hold off on coming and, of course, a lot of things here are closed.

“So we have our restaurant open, just as an amenity in case someone drops by, and we have one or two persons that would come by boat every once in a while, but nothing scheduled and not making the reservations like that.

somewhere around $35,000.

Some of the managers were not allowed to take vacation, so a lot of money is owed to them in accrued vacation. These are senior managers that supported them for years.”

“We were totally abandoned by the company,” said one former staff member in a statement.

“We have all suffered a very difficult time during the pandemic, many are still struggling with unemployment while Sky Bahamas continues to refuse to pay us what they owe.

“Several of the employees who were stationed in Abaco and Grand Bahama lost everything in Hurricane Dorian.

“Seven of them lost their homes or were displaced

“We’re getting calls, but some of those calls, of course, are geared towards what is happening now.

“If they come, do they have to quarantine? Do they have to take a test? What is the window now for the days; you know, for the test?

“So it’s questions like that we’re getting now. These are the normal volume of calls we get around this time of year.”

and are still struggling to find food and shelter for their children.”

Sky Bahamas was forced to cease flying last year after the Bahamas Civil Aviation Authority refused to renew the air operator certificate that was required to carry fee-paying passengers.

The staff are alleging that although Captain Butler informed them in an August 6, 2019, e-mail that the airline ceased operations on July 8, payroll actually started being late or not paid at all as far back as May last year.

Nevertheless, the employees continued to report to work up to August 16 without pay, when they arrived at work to find the locks changed and an eviction notice on the door. “Many

young adults with children in school were among the staff,” the staff spokesperson said. “Two had just had babies. This could literally not have come at a worse time as we were going through the expense of trying to get our children ready for school.”

Former Sky Bahamas staff are alleging that when they inquired about their employment status last June, they were told to march downtown and put pressure on the Nassau Airport Development Company (NAD), which eventually evicted the airline from its offices for outstanding fees. When asked about their salary, they were told to consult the National Insurance Board (NIB).

PAGE 8, Monday, November 23, 2020

THE TRIBUNE

B6BUSINESS

PAGE 8, Friday, November 20, 2020

THE TRIBUN

To advertise in The Tribune, contact 502-2394

‘Not reassured in slightest’ by oil drill ship’s watchdog FROM PAGE ONE Our Islands, Our Future coalition, of which BREEF is a prominent member, had not left its threatened legal action to halt BPC’s plans too late. “We do not feel that it is too late. Far from it,” she asserted.

“We feel that there were certain fundamental flaws

in the process, including lack of proper consultatio at various stages, whic means that BPC’s appro als need to be revisite Its EIA (Environment Impact Assessment) is de cient and also needs to b revisited. It is not us wh are late; it is BPC whic is moving prematurely drill.”

Rashema Ingraham executive director of Wate keeper Bahamas, anoth Our Islands, Our Futu member, added: “W believe the process w fundamentally flawed. W do not think those appro als were granted correctl Certainly they were grante in the absence of prop consultation.”

Red Lake Nation puts focus on solar power LEGAL NOTICE

NOTICE

SARTA INVESTMENT INC. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act ST PAUL, Minnesota believes the solar program 2000, SARTA INC.jobs is inwith dissolution Associated PressINVESTMENT will create livable as of November 6, 2020. wages and educate a work-

MARKET REPORT www.bisxbahamas.com

THURSDAY, 19 NOVEMBER 2020

BISX ALL SHARE INDEX:

CLOSE

CHANGE

2105.38

17.66

%CHANGE

YTD

YTD%

0.85 -126.22

-5.66

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

BISX LISTED & TRADED SECURITIES 52WK HI 4.05 33.05 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 6.00 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 1.78 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

CLOSE 4.05 32.12 1.62 1.78 1.67 5.50 6.00 2.99 4.75 3.64 5.99 11.26 2.21 6.22 10.27 8.40 14.30 3.94 8.85 15.20

CHANGE 0.00 8.51 0.00 0.00 0.00 0.00 (0.61) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.07) 0.00 0.00 0.00 0.00 0.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

VOLUME 1,115

1,000

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 VOLUME

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

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

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

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

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

P/E 16.9 34.5 N/M N/M N/M N/M 16.3 -6.8 33.9 19.8 13.3 15.6 21.7 13.3 15.9 11.5 17.5 19.4 9.4 24.1

YIELD 4.20% 3.92% 1.23% 0.00% 0.00% 0.00% 4.33% 0.00% 0.00% 3.30% 3.67% 6.39% 19.64% 0.96% 3.19% 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

YIELD - last 12 month dividends divided by closing price

52wk-Hi - Highest closing price in last 52 weeks

Bid $ - Buying price of Colina and Fidelity

52wk-Low - Lowest closing price in last 52 weeks

Ask $ - Selling price of Colina and fidelity

Previous Close - Previous day's weighted price for daily volume

Last Price - Last traded over-the-counter price

Today's Close - Current day's weighted price for daily volume

Weekly Vol. - Trading volume of the prior week

Change - Change in closing price from day to day

EPS $ - A company's reported earnings per share for the last 12 mths

Daily Vol. - Number of total shares traded today

NAV - Net Asset Value

DIV $ - Dividends per share paid in the last 12 months

N/M - Not Meaningful

P/E - Closing price divided by the last 12 month earnings

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

THE Red Lake Nation is force capable of succeeding betting big on solar energy. in a growing industry.

International Inc. situated 3rd The ChippewaLiquidator Indian Services The tribe’s casino athas Floor Withfield Tower, 4792 Coney Drive, Belize reservation in northern been a significant economic Minnesota willis the soon be driver. But tribal leadCity, Belize Liquidator. home to one of the region’s ers four years ago tapped largest solar arrays, a Jacobson to conduct a solar 240-kilowatt installation feasibility study to reduce atop a workforce training Red Lake’s energy bill and center that will generate create jobs. He developed L I Q U I aDplan A TtoOspread R four megaabout half the building’s electricity needs.

The real watts of panels over several ______________________ power, though, could be tribal-owned buildings. He in the emerging model to established a vision stateuse solar, microgrids, and on the solar L E GaA L ment N O T Icalling CE tribal-run utility as a path to initiative to “vault the Red energy sovereignty.

Lake Nation into the foreNOTICE “We have to prove that front of the movement to we can do this and we have modernise the national to doLIBERTY this not only for our- power grid” through energy MARITIME INTERNATIONAL LTD. selves but for other tribal storage, microgrids and In Voluntary Liquidation nations,” said Red Lake information technology. member Bob Blake, the Jacobson, 68, is one of founder and owner of Solar Minnesota’s solar pioneers.

Bear installation company.

He started his solar instalNotice is herebytraining given thatlation in accordance Section The workforce company with in 1991 and center solar array is the barely made a living at in 138(4) of the International Business CompaniesitAct second of 12 solar projects the beginning.

As the state’s 2000, LIBERTY MARITIME INTERNATIONAL planned for the reservation. solar economy has boomed in dissolution of November 2020.

Theis first sits not farasaway over the12, past several years, atop the Red Lake Gov- Impact Power Solutions blosernment Center, aLiquidator building Services somed through commercial International Inc. situated at 3rd distinguished by incorpo- and community solar garden Floor Withfield Tower, 4792 Coney Drive, Belize rating a two-story face of projects, leading to recogniis thespread Liquidator. an City, eagleBelize with wings tion as one of Minnesota’s across the façade. fastest-growing companies.

The projects are the first In his career’s twilight, Jacobtwo solar installations in son’s role as the company’s Minnesota to be financed chief innovation officer L I QinU I allows D A Thim O Rthe freedom to through crowdfunding, which dozens of______________________ small inves- nurture a new generation of tors lend to businesses to minority entrepreneurs and support entrepreneurs and target clean energy projects their products. The tribe in Indian Country.

NOTICE has a separate initiative In working with the Red to construct a utility-scale Lake Nation, Jacobson 13-megawatt solar farm in discovered nonprofit organpartnership with Allete, izations trying to finance one of the region’s primary solar usually turn to outelectricity providers. side investors because they In Voluntary Liquidation Ralph Jacobson, founder cannot use tax credits genand chief equity officer of erated by projects. They Impact Power Solutions work to attract outside (IPS) in the Twin Cities, investors who help pay for developed Red Lake project in return for the Notice isthehereby given the that in accordance with Nation crowdfunding tax credits and accelerated Section 52(2) (b) of the Foundation Act, 2004 approach. Still, even he’s depreciation of panels.

Private Foundation is in liquidation notCalis confident it will conWhen corporate moneyas tinue to pay for all tribal failed to materialise for the of November 3rd, 2020. projects even as new poten- government center project, tial lenders seem willing to Jacobson recalled what he hear his pitch. had learned at a conference The dream of establishing in St. Paul about crowdRenata Munhoz Meirelles is the Liquidator. a tribal utility in Minnesota funding. The word describes will take years, requiring reg- a process common to many ulatory approval and careful entrepreneurs who reach negotiations with the tribe’s out to family and friends to QUID A TinO R startups, with incumbent utility, La I small invest their cooperative. But Blake figthe promise of someday _____________________ ures good things always take receiving interest on their time. This will eventually loans or at least payback pay off in energy self-suffi- on their principal. Crowdciency, higher-paying L jobs funding web platforms offer EGAL NOTICE and a healthier psychological venues for people worldand physical environment. wide to fund the creations NOTICE Located in northwest of artists and entrepreneurs, Minnesota 160 miles from but Jacobson preferred the Canadian border, Red reaching out personally to ILANA LIMITED Lake Reservation sprawls friends and family capable over 1,259 squareIn miles and ofLiquidation lending small amounts of Voluntary is home to about half of capital. the tribe’s 14,000 members.

He had more than 50 According to a 2015 report conversations, meeting

by Notice the Bureau of given Indianthatwith people, mainly fellow is hereby in accordance with Section Affairs, 90ofpercent of Red Quakers, lent at least 138(4) the International Businesswho Companies Act Lake’s members qualified $1,000, driven in part by the 2000, ILANA . is in dissolution as of November as low income — 65 percent desire to help a struggling6 2020. lived on less than $12,000 reservation. Based on those a year — and half of the discussions, Jacobson raised tribe’s working-age popula- $115,000 and added $15,000 Liquidator Services Inc. situated at 3rd tionInternational was unemployed. of his own money.

Floor Withfield Tower, 4792 Coney Red Lake retained sov“In order toDrive, pull allBelize the ereignty over its original little pieces of capital from City, Belize is the Liquidator. land and links that status to unsophisticated invesits pursuit of energy sover- tors in the community eignty. Tribal Council Chair who want to see some cool Darrell Seki has said he sees things happen — and when a future where members L I Q U I nobody D A T has O Ra lot of money, receive free energy and the but everybody’s ______________________got a little danger of being disconnected — you got to be the comno longer exists. Blake munity organiser,” he said.

Calis Private Foundation

THE TRIBUNE

Monday, November 23, 2020, PAGE 11

SATELLITE TO ASSESS RISING SEAS VANDENBERG AIR FORCE BASE, California Associated Press

A US-EUROPEAN satellite designed to extend a decades-long measurement of global sea surface heights was launched into Earth orbit from California on Saturday.

A SpaceX Falcon 9 rocket carrying the satellite blasted off from Vandenberg Air Force Base at 9.17am and arced southward over the Pacific Ocean. The Falcon’s first stage flew back to the

launch site and landed for reuse.

The Sentinel-6 Michael Freilich satellite was released from the second stage about an hour later.

It then deployed its solar panels and made first contact with controllers.

Named for a former NASA official who had a key role in developing space-based oceanography, the satellite’s main instrument is an extremely accurate radar altimeter that will bounce energy off the sea

surface as it sweeps over Earth’s oceans. An identical twin, Sentinel-6B, will be launched in 2025 to ensure continuity of the record.

Space-based sea level measurements have been uninterrupted since the 1992 launch of the US-French satellite TOPEX-Poseidon, which was followed by a series of satellites including the current Jason-3.

Sea surface heights are affected by heating and cooling of water, allowing scientist to use the altimeter

data to detect such weatherinfluencing conditions as the warm El Nino and the cool La Nina.

The measurements are also important for understanding overall sea level rise due to global warming that scientists warn is a risk to the world’s coastlines and billions of people.

“Our Earth is a system of intricately connected dynamics between land, ocean, ice, atmosphere and also of course our human communities, and that system is changing,” Karen

St Germain, NASA’s Earth Science Division director, said in a pre-launch briefing Friday.

“Because 70 percent of the Earth’s surface is ocean, the oceans play an enormous role in how the whole system changes,” she said.

The new satellite is expected to have unprecedented accuracy.

“This is an extremely important parameter for climate monitoring,” Josef Aschbacher, the European Space Agency’s director of Earth observation, told The

THE WEATHER REPORT

5-Day Forecast

TODAY

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Partly sunny

Mostly clear

Partly sunny, a shower; breezy

Sun and areas of low clouds

Sunny

Mostly sunny, a t‑storm possible

High: 82°

Low: 74°

High: 81° Low: 74°

High: 82° Low: 74°

High: 82° Low: 73°

High: 81° Low: 72°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

89° F

76° F

84°-73° F

83°-75° F

86°-73° F

87°-75° F

ORLANDO

TAMPA

High: 80° F/27° C Low: 61° F/16° C

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

N

almanac

E

W

ABACO

S

N

High: 80° F/27° C Low: 70° F/21° C

7‑14 knots

S

High: 82° F/28° C Low: 72° F/22° C

7‑14 knots

FT. LAUDERDALE

FREEPORT

High: 83° F/28° C Low: 73° F/23° C

E

W S

E

W

WEST PALM BEACH

N

uV inDex toDay

TONIGHT

High: 78° F/26° C Low: 59° F/15° C

High: 80° F/27° C Low: 70° F/21° C

MIAMI

High: 84° F/29° C Low: 71° F/22° C

7‑14 knots

KEY WEST

High: 79° F/26° C Low: 73° F/23° C

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 82° F/28° C Low .................................................... 77° F/25° C Normal high ....................................... 80° F/27° C Normal low ........................................ 69° F/21° C Last year’s high ................................. 82° F/28° C Last year’s low ................................... 71° F/21° C Precipitation As of 1 p.m. yesterday ................................. 0.31” Year to date ............................................... 66.81” Normal year to date ................................... 37.85”

ELEUTHERA

NASSAU

High: 82° F/28° C Low: 74° F/23° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 82° F/28° C Low: 72° F/22° C

N

tiDes For nassau Low

Ht.(ft.)

Today

2:27 a.m.

2:42 p.m.

High

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

Thursday

4:58 a.m.

5:08 p.m.

2.7 2.4

11:16 a.m. 0.6 11:20 p.m. 0.2

Friday

5:38 a.m.

5:49 p.m.

2.8 2.4

12:00 p.m. 0.4 11:57 p.m. 0.1

Saturday

6:17 a.m.

6:28 p.m.

2.9 2.4

12:41 p.m. 0.3 ‑‑‑‑‑ ‑‑‑‑‑

Sunday

6:54 a.m.

7:07 p.m.

3.0 2.3

12:33 a.m. 0.1 1:20 p.m. 0.2

E

W

6‑12 knots

S

6‑12 knots

6:32 a.m.

5:20 p.m.

Moonrise Moonset

1:45 p.m.

12:43 a.m.

Full

Last

New

First

Nov. 30

Dec. 7

Dec. 14

Dec. 21

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 83° F/28° C Low: 73° F/23° C

High: 82° F/28° C Low: 75° F/24° C

N

High: 82° F/28° C Low: 73° F/23° C

E

W S

LONG ISLAND

tracking map

High: 83° F/28° C Low: 74° F/23° C

6‑12 knots

MAYAGUANA High: 83° F/28° C Low: 74° F/23° C

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

H

Ht.(ft.)

sun anD moon Sunrise Sunset

High: 82° F/28° C Low: 72° F/22° C

N

S

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

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

CAT ISLAND

E

W

Associated Press this week.

“We know that sea level is rising,” Aschbacher said.

The big question is, by how much, how quickly.

Other instruments on board will measure how radio signals pass through the atmosphere, providing data on atmospheric temperature and humidity that can help improve global weather forecasts.

Europe and the United States are sharing the $1.1 billion (900 million euro) cost of the mission, which includes the twin satellite.

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 82° F/28° C Low: 74° F/23° C

L

GREAT INAGUA High: 84° F/29° C Low: 75° F/24° C

N

N E

W

E

W

H

High: 83° F/28° C Low: 74° F/23° C

S

S

6‑12 knots

4‑8 knots

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

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

WINDS N at 7‑14 Knots NE at 8‑16 Knots NE at 6‑12 Knots ENE at 8‑16 Knots NNW at 6‑12 Knots NE at 8‑16 Knots NNW at 4‑8 Knots NE at 8‑16 Knots N at 6‑12 Knots NE at 8‑16 Knots N at 7‑14 Knots ENE at 8‑16 Knots NW at 6‑12 Knots NE at 8‑16 Knots NW at 4‑8 Knots NE at 8‑16 Knots NNW at 6‑12 Knots NE at 8‑16 Knots NW at 6‑12 Knots NE at 8‑16 Knots N at 6‑12 Knots NE at 8‑16 Knots NE at 6‑12 Knots ENE at 8‑16 Knots NW at 6‑12 Knots NE at 8‑16 Knots

WAVES 4‑7 Feet 5‑9 Feet 0‑1 Feet 1‑3 Feet 3‑5 Feet 3‑6 Feet 2‑4 Feet 3‑5 Feet 3‑6 Feet 4‑7 Feet 2‑4 Feet 3‑6 Feet 1‑2 Feet 1‑3 Feet 2‑4 Feet 2‑4 Feet 1‑2 Feet 1‑3 Feet 4‑7 Feet 4‑7 Feet 1‑2 Feet 2‑4 Feet 1‑2 Feet 2‑4 Feet 1‑3 Feet 3‑5 Feet

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

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

PAGE 12, Monday, November 23, 2020

THE TRIBUNE

Many Americans flying for holiday despite CDC pleas PROVIDENCE, Rhode Island Associated Press MILLIONS of Americans bought tickets to fly somewhere for Thanksgiving before the nation’s top public health agency pleaded with them not to travel for the holiday.

So what are they doing now? In many cases, they’re still crowding airports and boarding planes.

That’s despite relatively lenient cancellation policies that major airlines have implemented since the coronavirus pandemic emerged earlier this year.

“Consumers should feel comfortable changing their plans and canceling their

flights if they need to for health reasons,” said John Breyault of the National Consumers League.

Most airlines won’t pay cash to refund a flight if you decide to heed national health warnings but they are waiving fees and offering vouchers. Breyault said to “familiarise yourself with the policies” because the voucher specifics vary by airline and can depend on when the ticket was booked.

It’s not clear how many people are taking those vouchers.

Images that emerged this weekend of crowded airport terminals showed that plenty of people are flying anyway.

More than two million

people were screened at US airports on Friday and Saturday, according to the Transportation Security Administration.

While that’s far lower than during the same time last year, Friday was only the second time since mid-March that daily airport screenings topped one million.

A day earlier, the Centers for Disease Control and Prevention said Americans should skip Thanksgiving travel and not spend the holiday with people from outside their household.

The nation’s top infectious diseases expert, Dr. Anthony Fauci, said yesterday he’s worried that instances of crowding at US airports from Thanksgiving

travel could lead to a perilous situation as COVID-19 cases surge.

Fauci told CBS’ “Face the Nation” that people at airports “are going to get us into even more trouble than we’re in right now.”

He said that new COVID19 cases from Thanksgiving won’t become evident until weeks later, making it “very difficult” as the virus spirals out of control heading into colder weather and the December holiday season.

For most people, the new coronavirus causes mild or moderate symptoms, such as fever and cough that clear up in two to three weeks. For some — especially older adults and people with existing health

problems — it can cause more severe illness, including pneumonia, and death.

Airlines have emphasised what they’re doing to sanitize gates and kiosks, shorten lines and gatherings and purify the air. But most are also offering opportunities for people to skip their holiday flights and travel later, though travelers might have to pay more for the replacement flight if it’s more expensive.

Some have argued that airlines should do more. US Sen Ed Markey, a Massachusetts Democrat who has pushed for cash refunds for skipped flights during the pandemic, said people who dropped their Thanksgiving travel are doing the right

CYCLISTS ride along a quiet Oxford Street, London, where the majority of shops are closed as England continues a four-week national lockdown.

thing and following public health guidance.

“Airlines, which have already received billions in government bailouts, should provide passengers cash refunds when they are spending the holiday without both family and economic certainty,” he said in an emailed statement Sunday.

For those still traveling, the TSA said it had prepared for higher traffic this week, increasing staff levels to keep lines shorter and maintain social distancing.

“We have been handling passenger volumes reaching more than 900,000 a day frequently since early October,” the agency said in an emailed statement yesterday.

Photo: Dominic Lipinski/PA via AP

UK TREASURY TO KEEP UP SPENDING LONDON Associated Press

THE UK’s treasury chief batted away speculation yesterday that he is about to turn off the spending that has buoyed the economy during the COVID-19 pandemic, saying now is not the time to worry about the government’s record peacetime borrowing.

Rishi Sunak used appearances on Britain’s Sunday morning political talk shows to announce plans to give the National Health Service an extra $4bn and pledge that support for businesses and workers hurt by the pandemic will continue through the spring.

The comments came amid reports that Sunak may announce a pay freeze for government workers when he delivers his annual spending review to Parliament on Wednesday. That triggered questions about whether he was preparing to clamp down on spending and raise taxes amid forecasts that government borrowing will reach 372 billion pounds this fiscal year.

Sunak said the government is still focused on responding to the pandemic, with 750,000 people having lost their jobs already and more likely to follow. He declined to comment on pay freeze reports.

“It’s very sad to see,” he told the BBC. “It’s real, it’s not just numbers of a chart, it’s people’s lives, it’s their livelihoods, their security that’s being impacted. And it’s something that we’re going to grapple with for a while to come, sadly.”

The question of government spending is a very sensitive one in the UK, which struggled under years of austerity after the 2008 financial crisis.

The matter is even more fraught now, as public sector workers, including nurses, firefighters and care workers, bore the brunt of tackling COVID-19.

Frances O’Grady, leader of the Trades Union Congress, urged ministers to think twice about a pay freeze.

“If you want to motivate a workforce when we are still facing a second wave of a pandemic — and we’re going to have a tough

winter, we all know that — the last thing you do is threaten to cut their pay,” she said.

The overall impact of the virus on government spending will become more clear this week when the Office for Budget Responsibility releases its latest forecast for public finances and the economy.

The UK is facing one of the deepest recessions in its history, with economic production at least 10 percent smaller than last year, even after a rebound during the summer.

Government debt reached 101 percent of gross domestic product in October, the highest level since 1961.

“We thought what we saw back in the financial crisis was huge, but this is much, much bigger,’’ Paul Johnson, director of the Institute for Fiscal Studies, told the BBC. The government will eventually have to rein in spending and raise taxes, but with interest rates at record lows and the pandemic still raging there is no need to do so immediately, Johnson said.

UK LOCKDOWN TO END DEC 2 BRITISH Prime Minister Boris Johnson has announced plans for strict regional measures to combat COVID-19 after England’s lockdown ends December 2, sparking a rebellion by members of his own party who say the move may do more harm than good.

Johnson’s office said late on Saturday that the government plans to return to a three-tiered system of restrictions, with areas facing different measures depending on the severity of their outbreaks. Though

it is likely that a muchcriticised 10pm curfew on bars and restaurants will be altered, the tiers are likely to include tighter restrictions than when they were first used in October even as more communities are expected to be placed in the two highest virus alert categories.

Some of Johnson’s Conservative Party allies immediately demanded an impact analysis of the proposed restrictions so lawmakers can weigh the health benefits against harm to the economy, mental health and relationships.

Steve Baker, one of 70 lawmakers who have written to Johnson with their concerns, said they can’t support the approach unless the government can show the restrictions planned for after December 2 will have an effect on decreasing COVID-19 transmission, “and will save more lives than they cost”.

The prime minister will present his plan to the House of Commons today.

Parliament must approve the plan before the new measures take effect.