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TUESDAY, DECEMBER 1, 2020

$3.98 $580m developer urged to reassess cost projections By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ENVIRONMENTAL activists yesterday urged the developer behind the proposed $580m south Abaco resort project to “re-evaluate his costs” due to labour and material price spikes cause by Hurricane Dorian. Cindy Pinder, of the Sustainable South Abaco group, told Tribune Business that “things have changed so much” since Ra’anan “Ronnie” BenZur, the principal behind the Tyrsoz Family Holdings development, first conceived of and put together his project. Speaking from her own personal experience about the impact labour and material shortages have had on construction prices for Dorian’s rebuilding, Ms Pinder recalled how a friend was charged $12,000 to paint a 2,000 square foot interior space. And, to put roofs on a one-two bed home, and three-unit office space, she said she was personally quoted $30,000 for labour alone. “I think he need to reevaluate his plans, his timelines, his costs. His costs are going to go way up,” she said of Mr BenZur. “We have a lot of concerns with his ability to pull this off as a developer. He’s never done anything like this before. He’s done projects renovating existing hotels, which are very different to coming out to the woods where there is nothing and trying to make something.... “We’re afraid of failure and he’s talking really big numbers. We are not against development that is environmentally favourable or friendly, but he’s chosen one of the most sensitive areas on the entire island of Abaco... “The Environmental Impact Assessment (EIA) as a whole has a tremendous amount of gaps and issues that should be addressed and haven’t been addressed. Ronnie is saying he wants to be environmentally friendly but there’s going to have to be a lot of mitigation for what he wants to do.” Ms Pinder spoke after the Sustainable South Abaco coalition held a Zoom meeting with Mr Ben-Zur to discuss the project, the outcome of which appears not to have eased their concerns. The group has engaged various environmental experts and scientists to review the EIA

SEE PAGE 4

$3.98

Aviation ‘cutting edge’ targeted for early 2021 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

CABINET minister is aiming to bring a reform package that will keep The Bahamas on aviation’s “cutting edge”, and improve its global regulatory standing, to Parliament in the 2021 first quarter. Dionisio D’Aguilar, minister of tourism and aviation, yesterday told Tribune Business the threestrong group of Bills - one of which will repeal the present Civil Aviation Act 2016 - were critical to The Bahamas’ ambitions of launching a true aircraft registry. Asserting that they will replace a “quite cumbersome” regulatory regime that has made it difficult to keep up with frequent regulatory changes made by the International Civil Aviation Organisation (ICAO), the global industry overseer, Mr D’Aguilar said it was becoming increasingly urgent that the trio of Bills be enacted into law. This is because The Bahamas’ civil aviation safety and oversight regime is set to undergo another ICAO

• Minister aims to bring three-Bill package to House • Urgency growing ahead of next year’s ICAO audit • Major upgrade needed for aircraft registry ambition

DIONISIO D’AGUILAR evaluation in November 2021, and the assessors will want enough time to have passed between the Bills’ enactment and their visit to determine whether their provisions have been “implemented effectively”. The Bahamas is desperate to improve upon the results of its last ICAO audit, where it was found to have only properly implemented 32 percent of the “critical elements of a safety oversight system” for the aviation industry in this country, and Mr D’Aguilar acknowledged that a much better showing was vital to the country

realising its aircraft registry aspirations. Besides the upgraded Civil Aviation Bill, the other two pieces of legislation that will be brought to Parliament are The Bahamas Air Navigation Services (BANS) Authority Bill, which attempts to further separate regulator and operations by breaking out the air traffic controllers from the Civil Aviation Department and Authority, plus the Civil Aviation Authority Bill. The latter, Mr D’Aguilar explained, will define the Civil Aviation Authority’s organisational structure and set-up as the sector regulator, as well as “how it operates and codifying in law” the oversight functions it currently performs. Confirming that drafting work on the Bills was “done”, he added that they now needed to be presented to, and approved by, the Minnis Cabinet before making it on to the House of Assembly’s legislative agenda. “It’s close.

OIL exploration royalties collected by The Bahamas’ sovereign wealth fund could be used to finance spill/ pollution clean-up from the very same activities, environmental activists are warning. An analysis produced for the Our Islands, Our Future coalition argues that the Sovereign Wealth Fund Act’s language effectively permits royalties generated by commercial oil production to be used to finance remediation of the same industry’s most harmful effects, thereby undermining the fund’s main goal of building wealth to benefit future generations of Bahamians. The report, by Sea Change Economics, pointed to the Act’s “exceptional withdrawals from fund” clause, which would allow

Hopefully we will get it on the agenda in the first quarter of next year,” Mr D’Aguilar said. Explaining the BANS Bill’s merits, he added that “ICAO rules suggest strongly” that the roles of aviation regulator not be mixed with operational functions such as air traffic control given the potential for conflicts of interest. Thus the air traffic controllers will be established as a separate entity. As for the Civil Aviation Act’s repeal and replacement by the new version, Mr D’Aguilar said the intention was to enable The Bahamas to keep pace with ICAO’s changes to international rules by enabling the country to implement these reforms via regulations as opposed to having to go back to Parliament every time to change the Act. “ICAO has made some amendments and upgrades that are too cumbersome

SEE PAGE 5

‘True fall-out’: Household loan defaults grow $58m By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net MORTGAGE and consumer loan delinquencies increased by $58m during October 2020 with a senior banker warning it may take five to seven years to recover from COVID-19’s “true fall-out”. Gowon Bowe, pictured, Fidelity Bank (Bahamas) chief executive, speaking as the Central Bank unveiled data exposing the extent of households’ inability to meet their obligations as payment deferrals come to an end, said the October data represented neither “the beginning” nor “the end” for commercial banks and their borrowers. With the sector’s “end game” focused on “how we manage our loan portfolios to get to the other side”, Mr Bowe said Bahamas-based institutions were now likely facing a similar scenario to the 2008-2009 financial crisis and subsequent recession

• Top banker warns of 5-7 year recovery • October rise ‘neither start nor the end’ • Every payment missed adds 3 months

when it took some borrowers between six to seven years to recover and get back on track with their repayments. Revealing that the banking industry’s “rule” is that every month of missed repayments adds the equivalent of three months to a loan’s life, the Fidelity chief said persons who have been sent home from March

through to now - and with no sign of being recalled to work - are already looking at more than two years before they can catch up. Mr Bowe spoke out after the Central Bank’s report on October’s monthly economic developments, released yesterday, revealed that total loan arrears among Bahamian businesses and households rose by a net $51.4m during that month. The impact was most pronounced for households and individuals, as combined residential mortgage and personal loan delinquencies rose by a collective $57.8m during October. The total arrears increase was slightly less, though, due to a reduction in outstanding “bad” credit owed by businesses.

Sovereign wealth ‘backstop’ for oil exploration fall-out By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$3.92

• Activists: Fund ‘insurance’ for clean-up • Say defeats Bahamian wealth-building • Cite inequality examples in govt warning the Central Bank to withdraw from the Bahamian sovereign wealth fund an amount beyond the annual limits set for any given financial year. The “exceptional circumstances” justifying such a move include “devastation caused by man-made natural disasters”, a definition that Sea Change Economics said would almost certainly include any major oil spill or pollution-related incident if one were to occur as a result of future Bahamas-based production. As a result, the economists contracted by Our Islands, Our Future argued that The Bahamas’ sovereign wealth fund could ultimately be used as a form of “insurance” in a

worst-case scenario that cuts across its main objective. Noting that the Act was passed at the same time as upgrades to The Bahamas’ petroleum industry regulatory regime, designed to facilitate Bahamas Petroleum Company’s (BPC) activities, the Sea Change Economics report said: “The Act does define ‘exceptional circumstances’ that will allow for additional withdrawals from the fund over the regular specified limit. “Interestingly, the very first of these exceptional circumstances include ‘man-made environmental disasters or natural disasters’, which would almost certainly include oil spills. Because the intended source

of revenue to this fund is the revenue received from offshore oil extraction, this would almost seem to structure this fund as additional insurance to The Bahamas, as funds that came from oil could be used in the event of an oil disaster. “Unfortunately, this framing would also erode the intended use of this very fund, with payments intended for future generations instead being used as an emergency back-stop.” Tribune Business’ own review of the Act confirmed the existence of the language referred to in the report, which also questioned whether the

SEE PAGE 6

“Banks’ credit quality indicators weakened during the month of October, underpinned by a rise in short-term delinquencies due to the adverse effects stemming from the ongoing COVID-19 pandemic,” the Central Bank said. “Total private sector arrears rose by $51.4m (7.4 percent) to $748.7m, elevating the corresponding ratio by 99 basis points to 13.3 percent. “Across the major claims categories, mortgage delinquencies advanced by $39m (9.8 percent) to $438.6m, as both the short and long-term components rose by $36.4m (29.3 percent) and by $2.6m (one percent), respectively. “Similarly, consumer arrears grew by $18.8m (8.3

SEE PAGE 6

$3.95 Nassau’s tourism arrivals see 99% September drop By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net TOURISM arrivals almost totally dried up in September 2020 due to COVID-19 lockdowns and border restrictions, falling by 98.6 percent against a prior year comparative that contained Hurricane Dorian. The Central Bank’s monthly economic developments report for October 2020, released yesterday, confirmed the “virtual absence” of air and sea visitors in what is traditionally the weakest month in the tourism calendar as it coincides with the peak of hurricane season. The Family Islands were said to have enjoyed an “incrementally better experience” relative to New Providence, with the Central Bank disclosing: “In New Providence, arrivals matched less than one percent of the previous year’s outcome, with only a slightly better outcome for Grand Bahama. “However, Grand Bahama’ air arrivals reached 28.2 percent of the 2019 levels. For the Family Islands, the air arrivals matched 39.6 percent of last year’s results, although weighed down by the absence of cruise traffic, total arrivals were at only 3.1 percent of the 2019 volumes.” Turning to an assessment of the year’s first nine months, the Central Bank added: “On a year-to-date basis, activity remained contracted, as total foreign arrivals reduced by 68 percent vis-à-vis a 10.5 percent growth during the same period last year. “Underpinning this outturn, air arrivals declined by 72.4 percent following a gain of 11.6 percent in the previous year, while sea visitors fell by 66.6 percent relative to a 10.1 percent advance in 2019. “In terms of traffic through the country’s main gateway, data provided by the Nassau Airport Development Company (NAD) revealed that total international departures fell to 4,794 passengers during the month of October, overturning the 1.7 percent uptick to 91,115 a year earlier. “On a year-to-date basis, total foreign departures declined significantly by 71.7 percent, a reversal from the 14.2 percent expansion in the prior year. By region, the US component, which is higher by volume,

SEE PAGE 6

PAGE 2, Tuesday, December 1, 2020

THE TRIBUNE

Businesses urged: Embrace digital fully for 75% fees cut A SCOTIABANK (Bahamas) executive says local businesses could slash their banking fees by up to 75 percent if they more fully embrace digital banking. Gregory Stuart, the bank’s director of corporate and commercial banking, said COVID-19 had sparked the acceleration of its own digital initiatives and the delivery of new and enhanced services to its customer base.

GREGORY STUART

virus containment measures still impacting business operations, Mr Stuart said Scotiabank continues to facilitate day-to-day business banking operations via the use of technology. He said it has provided extra options for businesses to collect from customers via merchant services, collections services and bill payment options. “We now offer standalone devices (wired and wireless

devices equipped with a SIM card) that facilitate point-of-sale transactions in remote locations. Additionally, all of our machines now have the function of accepting contactless transactions (TAP) for added safety during these times,” Mr Stuart said. “Through a variety of bespoke banking solutions we have helped many of our customers to maintain buoyancy and, in many cases,

they have been able to pivot, accelerate or even expand operations, despite ongoing challenges in the local economy.” Scotiabank said it has seen a spike in the number of businesses signing up for online banking services, and has been able to offer - in some cases - reductions in annual banking fees and significant reductions in processing times for certain transactions.

Doctors targets 100 beds by end of 2021

Liquor chain expands Kraven tieup to GB COMMONWEALTH Brewery says its retail chain, 700 Wines and Spirits, has expanded its partnership with the Kraven delivery service app to Grand Bahama. “We are very excited to announce the launch of our Grand Bahama partnership with Kraven,” said Ulan Dawkins, 700 Wines and Spirits’ retail customer service manager. “We initially started our partnership in July 2020 on the island of New Providence, and we were very pleased with the service offered by Kraven. “They provided an alternative platform in which we are able to reach our customers, affording them the convenience of shopping for their preferred brands of wines, spirits and beers and having them delivered to their door.” Mr Dawkins said the liquor retail chain was seeing consistent, incremental growth on New Providence each week in terms of consumers using Kraven to make purchases and deliveries for them., “The opportunity to expand this service to our Grand Bahama customers was a no brainer,” he added. “It allows us to continue to provide great products to

“We have placed emphasis on providing clients with alternative banking avenues, focused on three main areas - receivables, payables and reporting. Proactively supporting a client’s transition to digital channels and solutions during this pandemic has resulted in greater efficiencies for our clients,” he added. With lockdowns, reduced foot traffic, shorter operating hours at branches and other

our loyal customers, while minimising the transmission of COVID-19.” Kyle Albury, Kraven’s principle, said:n “Partnering with a company like 700 Wines & Spirits further validates Kraven as a reputable brand that can be trusted to offer reliable service.” He added that since the launch of the company in October 2019, it has acquired some 140 delivery drivers in New Providence and seven in Grand Bahama. Mr Albury said it plans to expand their services to other Family Islands once they have done more analysis on feasibility. In the meantime, Grand Bahama’s 700 Wines and Spirits customers can access delivery services by downloading the Kraven app onto their mobile devices. 700 Wines and Spirits has more than 50 stores across 12 islands. Pictured: Kyle Albury (left), Kraven’s principal, is pictured collecting a customer order for delivery from a 700 Wines & Spirits customer service representative.

DOCTORS Hospital’s president said the healthcare provider plans to increase its in-patient bed numbers to more than 100 by the end of 2021. Dr Charles Diggiss, pictured, said COVID-19 has forced the health system to continue increasing capacity to meet demand. “Pre-COVID-19, our complement of in-patient care beds was 72 at our main facility, Doctors Hospital East (DHE),” he explained. “We realised that 72 beds were functional, but our capacity was realistically about 55. We were full at 55 in-patients. But because of COVID-19 protocols, we had to allocate only one person per room which resulted in our being near full at 40 beds. “Two additional facilities deserve mention,” he added. “One is Doctors Hospital West, where we are committed to COVID19 care. That facility started off with the ability to accommodate 15 to 18 patients. And now we’re in a ramp-up to about 33 patient single rooms on December 1, 2020. “Doctors Hospital Harbourside (DHH), on East Bay Street, which we acquired some three years ago, is intended to be a long-term care facility and will, by the end of 2021, bring us an additional 40

single rooms - 20 rooms in phase one. So that would take our health system inpatient bed complement up to over 100 beds by the end of 2021.” Dr Diggiss said that in partnership with the Government, Doctors Hospital moved COVID-19 related care into a separate facility at Doctors Hospital West on Blake Road and established a drive through testing facility at the Town Centre Mall. “Early on in our response to this pandemic, we realized that the country, both the public and private sector, had limited resources,” he added. “If there was one time that it was prudent for us and the other private sector entities to reach out to the government, it was then.

“We accepted the government’s request for a severe cases dedicated treatment facility and, fortunately, that relationship has really taken on a life of its own. That proved to be a very useful move, which helped both our main facility as well as the public facilities to preserve space for the treatment of non-COVID 19 problems.” Doctors Hospital has also partnered with several corporate entities to establish a specialist clinic and primary care service at Centerville Medical Centre, as well as an urgent care clinic and drive through COVID-19 testing at Albany. The healthcare provider is also providing remote COVID-19 testing services at Baha Mar and drivethrough testing at Atlantis in advance of those properties reopening in December 2020. “Public education becomes really important because we only have so many beds that we can put bodies in. And it is important for the public to understand that there is so much that you can do at home,” Mr Diggiss said. With an imminent ramp up in COVID-19 cases expected between December 2020 and February 2021, Dr Diggiss advised that if COVID-19-like symptoms arise it is possible

to go to a Doctors Hospital drive through (Blake Road or Town Centre Mall) and get tested. “But if you are either minimally symptomatic or it’s just like a cold or flu, which otherwise you would have managed at home, then we are encouraging you to continue to do that,” Dr Diggiss, adding that vaccination will be a “vexed issue”. “There’s a possibility that by the middle of 2021 a vaccine will be available commercially and ‘in’ countries like ours. And I think this is enough time for public education, starting in the fall of 2020, to prepare the public as best we can so that by the time the vaccine becomes available then we would get the optimum acceptance of vaccination,” he explained.

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THE TRIBUNE

Tuesday, December 1, 2020, PAGE 3

Full tourism rebound Governor rejects nonmay take until 2023 essential import curb By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A FULL tourism recovery that matches 2019’s record-setting numbers may not occur until early 2023, the Central Bank’s governor warned yesterday, with the economy possibly shrinking further in 2021. John Rolle, pictured, addressing a webinar organised by the Chartered Financial Analyst (CFA) Society of The Bahamas, said: “The baseline forecasts are very clear. You’re going to have a very sharp reduction in economic activities, and it will take at least 24 months for a full recovery to get here once it started. “It was very clear as well that there would be very large fiscal deficit financing needs because revenues were off and the government is in a situation where it needs to provide stimulus, particularly in this case, very targeted social assistance support.” Mr Rolle said that besides monitoring the government’s stimulus and social assistance support, the Central Bank also began “to position ourselves whenever there is the onset of the recovery, the necessary path of our private sector that needs additional support in terms of access to credit. “We’re giving banks more tolerance in terms of the debt service capacity and other assessments that they might use to determine who is creditworthy,” he added. “When we start to look ahead now to recovery for us in The Bahamas, it is really about restarting and sustaining activity in the tourism sector.” Arguing that The Bahamas must open up the tourism industry despite the ever-present infection risk posed by the COVID-19 pandemic, Mr Rolle said: “We expect that we will still

want to enjoy some returns from tourism in the midst of the winding down of the pandemic, meaning that we cannot wait until the entire population is exposed as vaccinated. “We need to find a way to carefully manage some returning of tourism in the interim in our present state.” Going further, Mr Rolle suggested that a full tourism rebound may not happen until 2023. He said: “When we talk about the economic forecast and the period ahead, it really amounts to saying that we’re not going to get back to the 2019 levels until about 2022-2023. So that’s the path of recovery that is ahead of us in tourism.” Forecasting low growth prospects for 2021, and possibly even an economic contraction, Mr Rolle said low growth means The Bahamas will not have recovered the ground it lost due to the COVID-19 pandemic. He added that the recovery process could take the country until the “end of 2022 or beginning of 2023”. Mr Rolle added that critical to recovery will be how The Bahamas “accelerates” its processing of both domestic and foreign direct investment proposals. He highlighted the latter as a means by which The Bahamas can attract extra “foreign exchange supply”. Mr Rolle said, though,

that tourism will dominate the economic rebound regardless of what happens with investments or other economic sectors. He added: “There are a lot of risks ahead of us in the outlook. Some of these may be less stringent now than they may have been, and that is partly because we know that the vaccines have some reasonably high rate of success. “That helps in terms of timing of recovery. But the fiscal side will still require careful management. And when you start to talk about fiscal, you’re talking about a lot of the issues related to credit market relationships and debt management that one has to keep in mind.” Mr Rolle warned, however, that The Bahamas’ potential for economic growth is “very low, particularly compared to where we would like to be”. He added: “Some estimates say that, on average, the potential growth for The Bahamas is not more than 2 percent given that the “tax base and economic base is very narrow”. This narrow base, Mr Rolle said, had worsened the “blow” from COVID19 and Dorian’s “dramatic” impacts on employment and financial sector balance sheets, making recovery more difficult.

THE Central Bank’s governor yesterday rejected as “bureaucratically inefficient” suggestions that The Bahamas impose restrictions on non-essential imports to protect the foreign currency reserves. John Rolle, addressing a webinar organised by the Chartered Financial Analyst (CFA) Society of The Bahamas, argued that this nation needed to switch to using “macro tools” to ensure certain economic outcomes rather than measures he described as draconian, short-term and small level policy responses. He added that The Bahamas’ foreign currency reserves remain relatively stable thanks to the government’s foreign currency borrowing activities, including its recent $600m sovereign bond issue as well as $200m loaned by the Inter-American Development Bank (IDB) and a further $50m from the Caribbean Development Bank (CDB), plus the receipt of Hurricane Dorian reinsurance inflows. The Central Bank’s report on October 2020’s monthly economic developments, released yesterday, disclosed that the external reserves expanded by almost $208m that month to hit $2.314bn

- despite the near-total absence of any tourismrelated inflows - due to the receipt of net proceeds from the $600m bond. “We’ve seen over the first half of the year growth in bank liquidity, and really it is because inflows from the government’s borrowing activities have accumulated on the balance sheets of banks,” Mr Rolle said. “Once it is converted into Bahamian dollars, some of those inflows have contributed to the build-up of liquidity within an environment where credit or lending to the private sector is still very, very flat and negative on net.” Dorian-related reinsurance settlements, he added, had also served to bolster the foreign reserves during the initial weeks of the COVID-19 pandemic. Asked how long the foreign reserves, which are critical to underpinning the one:one currency peg with the US dollar, can hold up without significant tourism earnings, Mr Rolle said: “In the case of The Bahamas, we have to always have 50 percent equivalent value in hard currency reserves to supply the Central Bank liabilities. “What people should understand is our liabilities also shrink during some periods of downturn in the economy, and they expand during the upturn. When you break the link between

the growth in your liabilities and your currency and your foreign reserves, is when you start to print money - literally, when you print money to lend to the government. “That is where The Bahamas is moving more in the direction of shackling its hands in the sense that there are now comprehensive limits on how much the Central Bank can lend to the government and that is a tremendous discipline enhancer,” he added. “So, from my point of view, that gives some flexibility in managing. But similarly, when we look at how we protect our foreign reserves and our exchange rate, medium and long-term, there will also continue to be a role for the fiscal policy, because to the extent that you’re properly financing the fiscal needs, and you’re managing the deficit financing needs of the government, you will also be managing the pressures that fiscal policy might exert on your foreign exchange market if it is happening in ways that are not sustainable. But it’s not a concern.” When it came to the amount of import coverage provided by the foreign reserves at present, Mr Rolle added: “In terms of months of goods’ import coverage, the reserves coverage have been improving since about the end of 2017.”

PAGE 4, Tuesday, December 1, 2020

THE TRIBUNE

Concern over Grand Lucayan uncertainty By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net GRAND Bahama businesses yesterday said they were “extremely disappointed” by the renewed uncertainty surrounding the Grand Lucayan’s sale given hopes it will act as a catalyst for tourism’s revival. Brent Collins, chief executive of Freeport-based Power Equipment, said: “We were hoping to have some sort of closure on the deal. That would have been good for the island. I know a lot of people that work at the hotel because I used to work there in the IT department.” He spoke out after Michael Scott QC, chairman of Lucayan Renewal Holdings, the governmentowned vehicle that owns the resort, told Tribune Business he and the Board were “considering a number of options” as it awaits the results of the KPMG probe into the merits of the revised ITM Group/Royal Caribbean deal. Confirming this newspaper’s exclusive revelations

$580m developer urged to reassess cost projections

FROM PAGE ONE

and prepare submissions in time for the December 3 deadline set by the Department of Environmental Planning and Protection. Mr Ben-Zur previously told Tribune Business he had “stretched to the maximum” the economic viability of his $580m development to produce “the lowest density project in The Bahamas” and satisfy environmental concerns. Acknowledging that his project’s two sites, collectively covering around

MARKET REPORT www.bisxbahamas.com

MONDAY, 30 NOVEMBER 2020

BISX ALL SHARE INDEX:

CHANGE

%CHANGE

2091.56

0.94

0.04

YTD

YTD%

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

-6.28 -140.04

BISX LISTED & TRADED SECURITIES 52WK HI 4.05 33.05 2.00 1.79 2.39 6.00 6.75 4.50 8.59 4.50 6.16 12.77 3.64 6.50 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 3.96 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

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 2.37 4.43 2.13 198.39 176.73 1.69 1.85 1.77 1.24 8.39 10.26 7.23 12.80 12.81 10.81 10.00 8.98 11.79

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.65 1.79 1.75 1.05 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 32.12 1.62 1.78 1.67 6.00 6.00 2.99 4.75 3.64 5.90 11.26 2.28 6.50 10.25 8.40 14.12 3.80 8.25 15.20

CLOSE 4.05 32.12 1.62 1.78 1.67 6.00 6.60 2.99 4.75 3.64 5.90 11.26 2.19 6.50 10.13 8.40 14.12 3.80 8.25 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.60 0.00 0.00 0.00 0.00 0.00 (0.09) 0.00 (0.12) 0.00 0.00 0.00 0.00 0.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

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

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

VOLUME

479 1,000

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

NAV 2.37 4.43 2.13 198.36 173.98 1.69 1.79 1.77 1.05 8.39 9.88 7.23 12.33 12.80 10.20 N/A 9.28 11.86

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

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 17.9 -6.8 33.9 19.8 13.1 15.6 21.5 13.9 15.7 11.5 17.3 18.7 8.8 24.1

YIELD 4.20% 3.92% 1.23% 0.00% 0.00% 0.00% 3.94% 0.00% 0.00% 3.30% 3.73% 6.39% 19.82% 0.92% 3.24% 2.86% 3.82% 3.16% 2.42% 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% 3.76% 4.43% 1.54% 2.56% 2.12% 2.59% 1.65% 2.39% 4.34% 9.82% 1.65% 1.95% -3.06% -2.22% 0.80% 1.17% -12.30% -11.81% 0.64% 0.98% 1.19% -3.63% 4.20% 5.04% 2.63% 7.68% 3.68% 3.93% -4.89% -4.62% N/A N/A -0.50% 3.70% -3.80% 4.10%

NAV Date 31-Oct-2020 31-Oct-2020 30-Oct-2020 30-Sep-2020 30-Sep-2020 31-Oct-2020 31-Oct-2020 31-Oct-2020 31-Oct-2020 30-Sep-2020 30-Sep-2020 30-Sep-2020 30-Sep-2020 30-Sep-2020 30-Sep-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

of last week, Mr Scott said he personally views the sale to the duo’s Holistica partnership as “a bad deal” that does not create sufficient immediate benefits for the Bahamian people after the commercial terms were watered down due to COVID-19. KPMG and its accounting team have been hired to provide an independent opinion on whether this is the case, but the Lucayan chairman said he did “not have any faith in it” as the sale conditions stand now. Suggesting that his views were shared by other Board members, Mr Scott said he was pushing for KPMG to complete its review within “the next couple of weeks” with the directors now looking at “other viable options” for the Grand Lucayan’s future in case the ITM Group/Royal Caribbean deal fails to materialise. Mr Collins yesterday said his company is in a “wait and see” over the February re-opening date, adding that he has seen deals happen “overnight” and remains

cautiously optimistic. d’Sean Smith, managing director of Spartan Builders, said: “I can’t say that I agree with Mr Scott’s sentiments on the proposal, to be honest with you. We obviously welcome the hotel being sold. We understand why the government obviously would have bought it. But I think all parties are looking for the best deal for them, all things considered with COVID-19.” Mr Smith added that it would be “disheartening news” if the search for a buyer had to start afresh, saying that “everything is affected” by the Grand Lucayan being closed and not just his business primarily. Suggesting that a February re-opening is “a bit of a stretch”, he said: “Obviously we’re going into the holiday season and seeing just how things are progressing on a lot of fronts. I know there’s a lot of supply chain delays within the industry, so I think that that would be a challenge, but you know if it could be done by then, it would be great news.”

1,100 acres, lie in an area of extreme environmental sensitivity close to the Abaco National Par, and breeding and nesting grounds for the Abaco parrot, Mr Ben-Zur reassured that it made no business sense to disrupt this since it represented “a selling proposition” to attract visitors and clientele. Urging observers not to lose sight of the development’s projected $2bn economic impact over its first ten years, plus the 600 full-time and “average” 600 construction jobs it promises to provide, he added that South Abaco’s need for employment and economic development especially post-Dorian and COVID-19 - cannot be “over-emphasised”. Asked about the environmental concerns that were raised last year, he replied: “We are extremely conscious, and were conscious of it before the concerns were raised. When I went to the site, I’m not an environmentalist, but I’m a responsible person who cares about the world. It was obvious we would decide to do it low density. “We have 1,100 acres and could put 4,000 keys there without thinking twice, but the moment I went to see it, it was obvious it was not on the cards. It is the most low density project you will find in The Bahamas. “Compare it to Albany, Baker’s Bay and the Ocean Club. We’re way less dense than they are; half of what they are or better. It’s very hard to measure, but I

believe we’re at 40 percent to 60 percent of their density.” However, when questioned by Tribune Business, Mr Ben-Zur said he presently does not own the land on which the project will be located but has an option and contract to buy if the environmental studies are favourable. He also declined to disclose his financial backers. Still unimpressed, Sustainable South Abaco yesterday said it “strongly urges the relevant authorities to ensure that appropriate due diligence is done on Mr Ben-Zur and Tyrsoz Family Holdings, along with a comprehensive and independent environmental review and a detailed engineering feasibility study of the proposed marina and golf course..... “The worst thing that can happen to this critically sensitive environmental area of South Abaco is the large-scale destruction of natural resources that can never be replaced, without economic gains resulting as promised,” it added, requesting that the government not “needlessly rush” any approvals. “Sustainable South Abaco simply does not want to see a large-scale, failed development that would leave permanent scars on the beautiful green land of South Abaco, leaving it barren and stripped, like numerous other unfinished and failed developments throughout The Bahamas.”

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THE TRIBUNE

Tuesday, December 1, 2020, PAGE 5

MOBILE RIVALS ENJOY ‘STRONG’ BLACK FRIDAY DESPITE COVID By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas’ two mobile rivals yesterday hailed “strong” and “excellent” Black Friday sales despite being down on last year due to COVID-19’s devastating economic impact. Damian Blackburn, Aliv’s top executive, told Tribune Business: “It obviously was a challenge logistically with the social distancing, but the staff did a great job at the stores. Our sales were strong considering. We were happy with everything.

DAMIAN BLACKBURN

GARFIELD SINCLAIR

“We sold a lot of phones, wi-fi and tablets, and then had the Samsung Saturday to carry us. It was in line with expectations. It was not quite as strong as previous years, but it was very good considering. We expect a similar sales pattern for Christmas given all

the offers we have coming out.” Mr Blackburn, who did not provide figures, said Aliv generated all its sales through its physical branches and did not use an online or virtual store for Black Friday. “We obviously had to let only so

many people in at once, and things like that,” he added. “The team did well considering those challenges and the customers were very patient. “It was a good kick-in to Christmas. We expect, despite how tough it is, that Alive will still be a gift choice for Christmas. While we feel it will be a bit modest compared to previous years, we will be doing our part to make sure people enjoy Christmas a bit more.” The Bahamas Telecommunications Company (BTC), meanwhile, described its first “Blue Friday” promotion - the

had already slashed their prices once the government gave permission for in-store sales to resume so, rather than advertising another sales promotion for Black Friday, they just maintained the discounts implemented earlier in the month. Craig Pyfrom, DC Technology’s managing director, said Black Friday sales had been slow, and added: “I don’t think it will pick up for Cyber Monday either. It has been slow for the past couple of weeks. The last couple of weeks has

been worse than ever.” Acknowledging that Cyber Monday is not a phenomenon here, he said this often saw persons shop abroad or use online shopping platforms. There has also been little response to his advertising campaign. Keva Gotlieb, the Sports Centre’s Sandyport general manager, added: “We are not having any sales, but we’re offering our customers reward cards. Where our customers purchase, they get five percent back for every dollar they spend. On Friday, they double

Retailers in ‘mixed’ Black Friday sales By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net RETAILERS have indicated a mixed “Black Friday” sales performance with some suffering up to a 45 percent decline compared to 2019 due to depressed consumer spending amid the COVID-19 economy.

Tara Morley, the Bahamas Federation of Retailers (BFR) co-president, told Tribune Business there had been “mixed” reports from her members, ranging from “things went well” to “not as good as last year”, with one member revealing sales were down 45 percent. Ms Morley said many Federation members

Aviation ‘cutting edge’ targeted for early 2021 FROM PAGE ONE to implement with the present Act,” he told this newspaper. “It’s just neater to repeal and replace the Act, which will allow for the Civil Aviation Authority to very easily make amendments as made by ICAO. “When ICAO publishes amendments and updates as it relates to civil aviation it’s quite cumbersome to do so through the existing Act. This new Bill’s framework provides the ability to make these changes through regulations so we keep on the cutting edge of changes that are made. “It enables the Civil Aviation Authority to do what it needs to do to remain on the cutting edge. Right now, it’s very, very cumbersome. There are lots of layers of approval, and we can never keep up with the changes,” he added of the new Civil Aviation Bill. “It allows for some flexibility in amending and updating aviation regulations. “The goal is to embrace all the changes and suggestions by ICAO since that Act was first conceived in 2015. The Civil Aviation Authority will be strictly the entity providing oversight of all areas of the aviation sector, and will be true to its purpose of aviation oversight and improving safety in the country.” Mr D’Aguilar said it was critical that the Bills be passed in early 2021 to allow for sufficient implementation time ahead of the ICAO audit later in the year, given that examiners will be looking to see whether The Bahamas has put the legislative reforms into practice. This, in turn, is vital to improving The Bahamas’ safety and compliance ranking, and unlocking its ambitions to develop and aircraft registry - something that could provide the Public Treasury with a valuable additional revenue stream post-COVID-19 as well as creating a valueadded service for the high net worth individuals targeted by this nation. “We are supposed to be having an audit by ICAO in November 2021,” Mr D’Aguilar told Tribune Business. “It’s important that we can demonstrate ‘effective implementation’,

as this is what ICAO auditors want to see when they come in. “This all came about when we looked at implementing an aircraft registry. Back in early or late 2017 we had an audit done, and didn’t score very well. It’s very hard to launch an aircraft registry if you have an ICAO audit score in the mid to low 30s.” The last ICAO report revealed that The Bahamas had only properly implemented 32 percent of the “critical elements of a safety oversight system” for the aviation industry, with deficiencies found in all eight key areas. The report, which effectively “downgraded” The Bahamas from 56.98 percent compliance pre-audit, found it had implemented just 2.5 percent of its aviation industry “surveillance”, and 15.97 percent of its “licensing, certification and authorisation”, obligations. Similar low scores were achieved on the “resolution of safety issues”, where The Bahamas was found by ICAO’s team to be just 11.76 percent compliant, and on “qualified technical personnel”, where it gained a 36 percent ranking. It fared better on the quality of its aviation legislation and “state systems and functions”, which both scored in the 50 percent range, and achieved its highest compliance rating of 61.06 percent for “specific operating regulations”. Captain Charles Beneby, the Bahamas Civil Aviation Authority’s former director-general, told Tribune Business at the time that the last ICAO audit had caught the regulator when it was “transitioning” from a government entity to a standalone supervisory authority. As a result, he argued that the BCAA “didn’t have sufficient time” to show ICAO that The Bahamas had implemented more of the necessary safety standards than allowed for by the report. Captain Beneby also said it was aiming to achieve a 65 percent “effective implementation” score at the next audit - now scheduled for November 2021 - effectively “doubling” the present 31.98 percent safety oversight compliance rating.

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initiative that is replacing Black Friday for this year as “excellent” although it, too, did not reveal any sales figures. Garfield “Garry” Sinclair, BTC’s chief executive, said in a statement: “BTC’s Blue Friday sales were excellent. We started our offers last Wednesday, and by early Friday morning, everything was sold out. For us, this was another opportunity to give back to our customers in a really big way. “We were particularly proud of our $89 Samsung tablet offer which included an Always On mobile data combo plan. This allowed many customers

to purchase quality tablets that they could regift to children in need. If you weren’t able to take advantage of the savings last week, it doesn’t end here, as Blue Fridays continue in December with big deals. “Additionally, there are tons of special offers every day with our ‘All I want for Christmas is’ campaign, where customers get huge savings on mobile and residential products and services. We are encouraging customers to continue to use our virtual stores by sending a Whats App message to 424-SHOP or 577-SHOP for quick and easy service.”

that. So it’s something that would continuously go on, and not just Black Friday, but will be for a week.” As for Black Friday, she said: “I have not seen the big increase in sales that I we thought we would. We’ve been advertising online, we’ve been doing it on Facebook, Instagram and also on the radio. So we’re hoping that, you know, people who don’t catch the sale on Friday, at least they’ll have this week in order to do so but it’s definitely a feeling of we’re patiently waiting.”

Margo Farrington, Lorene’s chief marketing officer, said: “We can only let so many in at a time. So there’s been a line sometimes during Friday. Obviously, it’s better for us that we’re able to have people in the store, but it definitely hasn’t made up for the losses that we’ve had.” Cautious about opening up fully, even with the social distancing and hand sanitiser protocols, Ms Farrington said this was the way retailers will have to operate until there is a vaccine in place.

PAGE 6, Tuesday, December 1, 2020

THE TRIBUNE

‘True fall-out’: Household loan defaults grow $58m FROM PAGE ONE

percent) to $246.8m, owing to respective growth in short-term arrears and nonaccrual loans of $15.6m (16.8 percent) and $3.2m (2.4 percent).” Short-term arrears, where the biggest increases occurred, include loans between 31-90 days past due, representing credit that has just come off COVID-19 loan deferral programmes. Long-term refers to loans that have already fallen into the non-performing category, meaning they are more than 90 days past due. “I would distinguish between recovery and recovered,” Mr Bowe replied, when asked by Tribune Business as to how long it will likely take banks and their borrower clients to recover from the devastation

inflicted by the global COVID-19 pandemic. “In the recovery part, we have to manage a significantly impacted portfolio of loans for 18 months to two years until economic progress starts to be felt and we see an increase in employment etc. In terms of managing the true fallout from COVID-19, it will probably be five to seven years.” Pointing to the parallels with the 2008-2009 recession’s aftermath, Mr Bowe added: “I think if you spoke to bankers going back to 2008m, when we had the financial crisis, they would probably say that they had to manage it straight through to 2015.” Explaining why he distinguished between recovery and recovered, he said that even if delinquent borrowers

regained jobs and their former income within one to two years they would still be unable to automatically make up all the missed payments because “they have a bunch of rolling obligations, so it will probably be extended by two-three times’ whatever the missed period is”. With the banking industry calculating that every month of missed payments typically adds about three months to a loan’s life, Mr Bowe said a borrower who has been furloughed ever since the pandemic struck in March would likely face three years being added to the life of their mortgage or personal loan if they did not go back to work within the next three to four months. Agreeing that the Central Bank’s October 2020 data is likely to be a trend

repeated over the next several months, as more COVID-19 loan deferrals are unwound, Mr Bowe said: “I don’t think the numbers being reflected in October are the beginning and end. I would imagine that is a substantial portion of the ones going into arrears.... “I think the end game is going to be, as the Central Bank has started to articulate, how we manage the portfolio to get to the other side. It’s about striking a balance between forward looking information and the need to maintain liquidity in that period.” He added that the Central Bank was advocating “what I’d almost call a common sense” approach in telling its commercial banking licensees to stop recognising interest on loans that have not been paid

Sovereign wealth ‘backstop’ for oil exploration fall-out FROM PAGE ONE proposed sovereign wealth fund as structure could be too reliant on oil and commodity prices. “The text of the Act explicitly prohibits investment of the fund in Bahamas-related activities, a standard practice in sovereign wealth funds as a way to reduce investment risk and avoid potential corruption,” Sea Change Economics added. “There are no limits on investing in oil extraction outside of The Bahamas. However, in the interests of diversifying risk, it is perhaps worth asking whether the fund and the revenue going into the fund should both be reliant on the state of global oil prices.” The analysis prepared for Our Islands, Our Future and its members also argued that - based on what has happened in other countries where oil has recently been discovered - there is no certainty that the benefits will filter down and be felt at all levels of Bahamian society.

“There are many promises and expectations surrounding the question of how the economy of The Bahamas could be changed if the country becomes an oil-producing nation,” it added. “However, with oil prices at historic lows, a global energy transition underway and an increasingly crowded world market dominated by controlling interests, there is a great amount of uncertainty about whether The Bahamas can realistically expect to benefit from entering the field.” Acknowledging that there were numerous factors beyond the scope of its analysis, Sea Change Economics cited the case of Ghana. While the west African nation’s economic output has more than doubled since oil drilling started there, growing from $32.2bn annually to $66.98bn, the employment rate among its working age population was said to have shrunk by 1.54 percent over that period. While conceding that Ghana’s economy appeared to have benefited, Sea Change Economics argued that the country’s dependence on oil

and other export commodities such as cocoa had left it vulnerable to global market price swings. “This has played out over the second half of the last decade, as the fall in oil prices since 2015 has reduced Ghana’s oil revenue by half, despite expanding exploitation to two additional offshore oil fields in 2016 and 2017,” Sea Change Economics said. “Unsurprisingly, the COVID-driven oil price freefall has further increased the Ghanian government’s budget shortfall to nearly $1bn, renewing calls for further diversification of the nation’s economy.” Turning to Angola to further make its point, Sea Change Economics added: “On paper, Angola appears to be the best case scenario for entering the global oil market. Since the beginning of commercial oil production in 1999, GDP has grown from $6.15bn to $94.64bn, a 1438 percent increase. “However, context is important, as the country scores very low on many human development indexes.

The wealth from petroleum is more than half of the economy’s value, yet that value has not accrued to the general populace.” Citing Cyprus, Namibia and Lebanon as examples of countries where exploratory drilling has taken place, but commercial production has yet to start, Sea Change Economics also pointed to Uganda as an example where little has happened despite oil having been discovered some ten years ago. “Uganda may serve as a cautionary tale of the potential delays that countries considering entering the global oil market could unexpectedly face, as contractual and tax disputes, differences between the government and international investors over the portion of oil production to be exported versus refined locally, disagreements over the export pipeline, and, of course, historically low global oil prices have all caused significant delays to what has been an ongoing promise of wealth to its citizens,” it added.

for three months regardless of whether they are in a COVID-19 deferral initiative. “Recognising interest compounds that level of uncertainty because you may not collect it,” Mr Bowe said. “Ultimately what I think you will find is more a move to say the deferral programme moniker is being dropped, and there’s more a recognition in the system that the numbers are in the non-performing category.” Meanwhile, the Central Bank said commercial banks had further increased their loan loss provisions in October 2020 to cope with the expected increase in COVID-19 related defaults as the industry collectively wrote-off some $9.6m as unrecoverable. “As a result of the uncertainty surrounding the

pandemic, banks increased their total provision for loan losses by $38.2m (7.4 percent) to $551.7m in October,” the Central Bank said. “Consequently, the ratio of total provisions to arrears firmed by five basis points to 73.7 percent. “Further, the ratio of total provisions to non-performing loans rose by 10.4 percentage points to 120.8 percent. During the review month, banks wrote-off approximately $12.1m in bad loans and recovered an estimated $2.6m.” Meanwhile, commercial loan delinquencies fell by $6.5m or 9.3 percent to $63.4m, as the $14.4m (26 percent) retrenchment in non-performing loans eclipsed the $8m (55.5 percent) rise in short-term arrears.

Nassau’s tourism arrivals see 99% September drop FROM PAGE ONE reduced by 72.7 percent, a turnaround from the 15.5 percent growth recorded in 2019. Similarly, the non-US international component contracted by 64.8 percent, contrasting with a 6.2 percent increase a year earlier.” The Airbnb and vacation rental market, though, were boosted by domestic business as persons sought nightly and weekend getaways to escape from lockdown pressures and party. “Data provided by AirDNA revealed positive movements in the shortterm vacation rental market for the month of October, favoured by domestic

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tourism demand,” the Central Bank said. “In particular, total room nights sold rose by 19.6 percent, a turnaround from the 19.9 percent decline during the same period in 2019, supported by improvements in entire place listings (21.6 percent) and hotel comparable accommodations (14.7 percent). “Similarly, the average daily room rate (ADR) for both entire place listings and hotel comparable listings increased by 3.9 percent and one percent, to $369.13 and $143.63, respectively. On a year-to-date basis, total room nights sold contracted by 46.6 percent, as bookings for entire place listings and hotel comparable reduced by 47.8 percent and 36.1 percent, respectively. “Pricing data varied, as the ADR for entire place listings grew by 2.9 percent to $401.95, while the ADR for hotel comparable listings fell by 2.3 percent to $150.86.”

NOTICE

NOTICE is hereby given that ELISHA NAAMA DUROZIER of Marsh Harbour, Abaco,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 1st day of December 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that JAKLIN DARIUS of Treasure Cay, Abaco,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 1st day of December 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 MARK ANDERSON CHARLES of Marsh Harbour, Abaco, 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 1st day of December 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that MANOUSHKA CASTER of, Carmicheal 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 20th day of Novemver 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that LEROY PATRICK ESTIME of Carmichael Road, P.O.BOX CR-56302 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 1st day of December 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

LEGAL NOTICE

SAM INVEST & TRADE CORPORATION Company No. 419304 (In Voluntary Liquidation)

NOTICE is hereby given pursuant to Section 204 (1) (b) of the BVI Business Companies Act, 2004 that SAM INVEST & TRADE CORPORATION is in voluntary liquidation. The voluntary liquidation commenced on 24th November, 2020 and Anja Lange, of Claridenstrasse 25, 8027 Zürich, Switzerland been appointed as the Sole Liquidator.

Dated this 24th day of November, 2020 Sgd. Anja Lange Voluntary Liquidator

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SYNDEI JANICE MAJOR, of #5 Glendale, Soldier Road P.O.Box N-10427 Nassau, Bahamas intend to change my name to SYDNEY JANICE MAJOR. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

WALZREAL LIMITED

EC (BAHAMAS) LTD.

NOTICE IS HEREBY GIVEN as follows: (a) WALZREAL LIMITED is in dissolution under the provisions of the International Business Companies Act, 2000. (b) The dissolution of the said Company commenced on the 26th November, 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Beryn Neeley of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas

NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, EC (Bahamas) Ltd. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 11th day of November, A.D., 2020. Dated the 1st day of December, A.D., 2020.

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

Beatus Limited Liquidator