12022020 BUSINESS

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WEDNESDAY, DECEMBER 2, 2020

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SIMON POTTER

Oil explorer blasts activists over last ditch legal threats

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMAS Petroleum Company (BPC) last night blasted oil exploration opponents for “significantly exaggerated” claims and waiting more than a decade to make a last-minute attempt to halt its plans.

The oil explorer, which is aiming to begin drilling its first exploratory well in waters 90 miles west of Andros on December 15, accused Fred Smith QC, the lead attorney for the Our Islands, Our Future coalition, of making “inaccurate” and “ill-informed” statements concerning the potential environmental risks.

Arguing that it has complied with all the required legal processes to obtain its Environmental Authorisation (EA) and other permits, BPC argued that Mr Smith’s assertions “do not appear to stand up under scrutiny of both the facts, nor the extensive body of work undertaken” by the company to de-risk the project since it arrived in The Bahamas in 2007.

Simon Potter, BPC’s chief executive, said in a statement that Our Islands, Our Future’s threatened legal action was interfering with “the sovereign right” of the Bahamian government to determine whether a potentially substantial natural resource exists within its maritime boundaries.

He and BPC have previously said their project could generate up to $5bn in royalty revenues for The Bahamas and its people over a ten to 20 year period IF commercial quantities of oil are found, and Mr Potter argued last night that this potential needed to be explored “now more than ever” with the economy reeling from the twin effects of COVID-19 and Hurricane Dorian.

BPC also asserted that there was “a silent multitude of Bahamians” who wanted to discover whether commercial oil reserves exist in their country, but they are being drowned out by Mr Smith - who declined to comment when contacted by this newspaper - and other environmental activists.

Questioning why Mr Smith and Our Islands, Our Future have left their legal challenge until the 11th hour, especially given that the EA was issued in February 2020, BPC said: “Mr Smith is only now demanding a cancellation of BPC’s authorisation to proceed with the exploratory drilling exercise it is obliged to carry out under that authorisation.

“However, BPC considers the characterisation of the environmental risks put forward by Mr Smith to be significantly exaggerated,

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‘Deer in headlights’ on $1.5bn debt increase

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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ISCAL watchdogs yesterday warned The Bahamas’ debt-to-GDP ratio must “be upwards of 90 percent” after Central Bank data revealed the government’s direct debt rose by $1.5bn in just 12 months.

Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business that this and other key economic indicators were only likely to worsen as The Bahamas faces “at least another six to eight months of hell” due to the COVID19 pandemic.

Despite rising hopes a vaccine will soon become available, he argued that “there’s no way we’re out of the woods” yet given the skyrocketing COVID19 infection rates in the US

government’s “total direct debt” had risen by almost 20 percent or $1.5bn over the prior 12 months, jumping from $7.638bn at end-October 2019 to $9.159bn due to the twin deficit blowouts produced by Hurricane Dorian and COVID-19.

While the Central Bank’s quarterly review for the three months to end-June pegged the national debt as equivalent to 74 percent of Bahamian gross domestic product (GDP), it is unclear whether this ratio accounted for 2020’s economic output shrinking by a projected 20 percent - as forecast by the Central Bank, credit rating agencies and International Monetary Fund (IMF).

Taking the $12.055bn

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• Downtown resort to ‘partially’ return • Union chief hopes momentum stays • Concern remains over US infections

BRITISH COLONIAL HILTON because of demand it will be a partial opening of our whole inventory.”

The downtown Nassau resort, which effectively acts as the “anchor property” for Bay Street, first “suspended operations” on August 1 due to the devastating impact the COVID-19 pandemic and associated containment

measures were having on its business and the wider tourism industry as visitor numbers dried up.

It had aimed to initially reopen in early October, but this was delayed indefinitely due to continuing market uncertainty caused by soaring COVID-19 infection rates in both The Bahamas

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

and in major source markets such as the US. In its letter to staff at that time, the British Colonial Hilton wrote: “We were hoping to resume our operations in October but, unfortunately, this is not the case. We continue to see an increase and spread of the virus with no flattening of the curve right now. As a result, we are now faced to further extend the temporary suspension of our operations effective October 1, 2020, until further notice.”

However, the replacement of the mandatory 14-day quarantine for all visitors with a more frequent COVID-19 testing regime, coupled with the re-opening

nominal GDP figure for 2019-2020, as set out in May’s budget estimates, a 20 percent decline would slice some $2.411bn off economic output. This would drop it to $9.644bn, creating a debt-to-GDP ratio of almost 95 percent based on the end-October 2020 figure provided by the Central Bank.

Using real GDP figures, which strip out the impact of inflation on economic output, would likely result in a debt-to-GDP ratio of 100 percent or greater something that would mean The Bahamas’ debt is larger than the size of its economy.

John Rolle, the Central

‘Wind in the sails’: Hilton in December 15 reopen

By YOURI KEMP and NEIL HARTNELL Tribune Business Reporters

THE hotel union’s president last night said The Bahamas’ battered tourism product must “keep the wind in its sails” after the British Colonial Hilton confirmed it will “partially” re-open on December 15.

Darrin Woods, the Bahamas Hotel, Catering and Allied Workers Union’s (BHCAWU) chief, told Tribune Business the industry needed to maintain the momentum created by the return of major New Providence resorts to create Christmas cheer for at least some hotel workers and their families.

He spoke out after Pablo Casal, the British Colonial Hilton’s general manager of the hotel, told this newspaper: “I am writing you just to let you know that we are reopening December 15. We are very happy to re-open our doors to guests although

Realtor: Don’t ‘cripple’ retail Xmas run-up A PROMINENT realtor yesterday urged the government to ensure the Bahamian economy remains open between now and Christmas to avoid “crippling” the retail industry.

David Morley, whose firm is one of The Bahamas’ largest commercial property managers, told Tribune Business it was vital that any further restrictions on business activity be avoided as merchants seek to “salvage” what they can of 2020.

The competent authority, or Prime Minister’s Office, yesterday gave no indication of any COVID19 related tightening as it pushed curfew hours back to a 10pm start, thus enabling businesses to remain open until 9pm if they choose.

However, with Dr Hubert Minnis’ warning that the cycle of “loosening and tightening” will likely be repeated again during this pandemic fresh in many people’s minds, Mr Morley said: “I honestly hope and pray that the competent authority realises that the economy cannot shut down between now and Christmas. We’ve got to let those retailers try and make some money.

“It’s absolutely critical for them. Historically, Christmas time represented anywhere between 50-60 percent of their annual business for some. If we’re going to handicap or cripple them at this time of year we will end up with really bad repercussions.”

Those consequences, he added, would involve retail closures and staff lay-offs, with the cost borne by the government as well as those impacted through lower tax revenues and increased social assistance spending.

Rather than lockdowns and curfews, Mr Morley urged greater enforcement to control COVID-19’s spread with non-compliant businesses hit wit fines and closures if they fail to enforce social distancing and mask wearing, or have too many people in their establishment.

• Watchdogs warn debt-to-GDP ‘upwards of 90%’ • As Bahamas faces ‘6-8 months of COVID hell’ • Import outflows down 24%, $108m in October - this country’s major tourism source market - where more than 270,000 Americans have died and there have been some 13.5m total cases.

Mr Myers argued that The Bahamas’ latest debt figures were “very, very concerning” given that there was little tangible sign of the government moving to stimulate activity, adding that it appeared to be “stuck like a deer in the headlights” rather than proactively trying to kickstart both domestic and foreign direct investment (FDI) projects.

He spoke out after data at the back of the Central Bank’s monthly economic report for October 2020 revealed that the

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BOB: ‘Highest risk lawsuits’ involve ex-Cabinet ministers

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BANK of The Bahamas will soon know the fate of its “two highest risk litigation matters” that both involve former Cabinet ministers, its chairman has revealed to shareholders.

Wayne Aranha, writing in the BISX-listed institution’s just-released annual report, said it continued to vigorously contest the separate claims mounted by Leslie Miller and Damian Gomez QC that collectively involve sums worth more than $36m.

The Court of Appeal will rule on January 8, 2021, on the bid by companies 50 percent owned by the

• Over $36m at stake in Miller, Gomez battles • Fate of both actions soon to be revealed

LESLIE MILLER

DAMIAN GOMEZ QC

family trust of Mr Gomez, former minister of state for legal affairs under the last Christie government, to overturn a prior verdict that set aside the $6m-plus default judgment they had

previously obtained against Bank of The Bahamas.

“On October 21, 2019, the judgment in default of defence entered against the bank, and in favour of the Kaydee plaintiffs, in excess

of $6m, was set aside by the deputy registrar,” Mr Aranha wrote. “The plaintiffs subsequently appealed the decision, which appeal was heard on September 4 and 29, 2020. The appeal ruling is scheduled to be handed down on January 8, 2021.”

Companies that are jointly owned 50/50 by the family trusts of Mr Gomez and David Jennette had initially obtained a default judgment against Bank of The Bahamas on March 31, 2016, after it failed to appear in response to the action they filed over a

mortgage loan dispute.

The four disputed loans, which were secured on real estate controlled by the trusts’ companies, totalled some $7.659m. That first default ruling was set aside prior to then-acting Supreme Court justice, Andrew Forbes, ordering that the dispute proceed to trial in traditional fashion before the Supreme Court.

While the companies owned by the family trusts filed their case in accordance with the judge’s orders, Bank of The Bahamas failed to submit its defence, leading to another default ruling. That was granted three years ago in October 2017, and the family trusts

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GB Power moves to Bahamian-led team GRAND Bahama Power Company (GBPC) yesterday said it is transitioning to a fully Bahamian-led operation after its top executive was given a regional role by the Canadian owner.

Nikita Mullings was appointed chief operating officer with effect from yesterday after GB Power’s 100 percent shareholder, Emera, named Dave McGregor, its former top executive, as president and chief operating officer of its Caribbean operation where he will retain oversight responsibilities for the Bahamian asset.

A Grand Bahama native,

Ms Mullings will oversee all areas of operations and administration. “Since joining GB Power in 2014, Nikita has been an invaluable part of the team,” said Mr McGregor, now head of Emera Caribbean (ECI).

“Among her responsibilities has been storm lead, with accountability for our emergency storm response plan, including leading restoration following the devastation of Hurricane Dorian in 2019. Now, as chief operating officer, Nikita will oversee operation-wide leadership with responsibility for strategy;

department development and oversight; team and culture building; and core operational functions and reporting. With her commitment to safety and operational excellence, Nikita is more than prepared for this challenging role.”

GB Power has also named Toni Seymour as its vice-president of operations, while Domonique Pinder will become vicepresident of administration, reporting to the new chief operating officer.

A Long Island native, Ms Seymour has overseen

BAHAMIAN NAMED TO CRITICAL OECD TAXATION COMMITTEE

which is designed to combat tax avoidance and evasion by multinational companies and entities conducting crossborder commerce.

The steering group is responsible for policymaking over the standards and guidelines relating to the 15 BEPS actions, and sets out a variety of measures ranging from new minimum standards; the revision of existing standards; common approaches for converging national practices; and technical guidance on best practices in international financial systems.

Mr Coakley Wells’ appointment was said to be the first time a “no or nominal tax” jurisdiction such as The Bahamas, which are often under-represented or completely absent from policymaking bodies that develop international financial regulations, will have direct involvement on the steering group.

He will play a key role in advancing the viewpoints and concerns of The Bahamas and other “no tax jurisdictions” in the ambitious BEPS agenda to tackle harmful tax practices. The Bahamas has been a member of the BEPS inclusive framework since 2017.

Ministry teams for cultural showcase

A BAHAMIAN has been chosen to sit on a key Organisation for Economic Co-Operation and Development (OECD) advisory committee dealing with global tax standards.

Stephen Coakley Wells, pictured, the Ministry of Finance’s director of regulatory and international affairs, was voted on to the steering group for the G-20/OECD Inclusive Framework on BEPS (Base Erosion and Profit Shifting).

Mr Coakley Wells, who is trained as an economist and lawyer, was elected by the 137 members of the BEPS Inclusive Framework. He was chosen from a field of 12 other international financial regulation specialists.

He is internationally recognized as an authority on the regulatory and governance standards underpinning global financial markets.

The steering group consists of 26 states that are signatories to the BEPS initiative,

THE Ministry of Tourism and Aviation has teamed with cultural promoters to showcase the Bahamian straw industry and Junkanoo at a prominent south Florida mall.

The partnership with the Island Society for the Promotion of Artistic and Cultural Education (SPACE) Caribbean Museum will showcase The Bahamas as part of an 18-month long exhibit at the Westfield Broward Mall in Plantation that focuses on the Caribbean.

The first six months of the exhibit will be dedicated to The Bahamas solely, with an official opening ceremony scheduled to take place at the mall in January 2021.

Calibe Thompson, executive director of Island SPACE Caribbean Museum, said: “Our goal through the creation of this 1,500 square foot Caribbean museum project is to educate and inform of our history, promote diversity, build cultural tolerance and celebrate our ancestry, heritage and common traditions of the Caribbean.

NIKITA MULLINGS

TONI SEYMOUR

DOMONIQUE PINDER

day-to-day maintenance, planning and operations at the energy plant since joining GB Power in 2018. Prior to that, she held increasingly senior leadership and technical roles at Bahamas Power and Light (BPL).

Ms Seymour adds customer operations to her new portfolio as vice-president of operations in a move designed to create better efficiency, communication and planning between the generation and transmission and distribution of energy to customers.

Ms Pinder, meanwhile, maintains her current responsibilities including legal, compliance and regulatory affairs, and assumes accountability for customer solutions as vice-president of administration. Her nine years in progressively senior roles in the customer service division will help develop and implement innovative solutions to address customers’ needs and increase transparency.

“The appointments of Toni and Domonique round out a skilled, agile

and committed senior team that will guide the organisation to continually improve reliability and service to customers,” added Mr McGregor.

“Advancements from within make way for opportunities for more Grand Bahama Power employees while streamlining and strengthening the team, and allowing for clearer succession planning. There is a very bright and exciting future ahead for GB Power and the island of Grand Bahama.”

THE MINISTRY of Tourism and Aviation partners with Island SPACE Caribbean Museum to showcase authentic culture at the Westfield Broward Mall. From left: Kendy McPhee-Ferguson, Ministry of Tourism; Sanique Culmer, Ministry of Tourism; Calibe Thompson, Island SPACE; and Phylia Shivers, Ministry of Tourism.

“The Caribbean diaspora and influence in South Florida are substantial. In fact, according to the 2017 census data, one in every four persons in South Florida are of Caribbean descent.”

Island SPACE is a non-profit organisation dedicated to the development of arts, culture, history and educational initiatives that represent the Caribbean region in South Florida

and the broader diaspora community. It produces numerous cultural events including Taste of the Islands Festival.

“Westfield Broward Mall is not only the central hub for people from the Caribbean, but it also attracts a number of Florida residents and other visitors who frequently visit The Bahamas.

The opportunity to partner with Island SPACE in this

promotion was a logical one and perfect marriage for us,” said Betty BethellMoss, the Ministry of Tourism’s director of sales and marketing.

“One of our major goals has been to stimulate travel to The Bahamas by staying visible within the market as we seek to keep The Bahamas at the top of mind with consumers. We know that people want to travel, experience a different culture and connect while doing so.

Florida is so close to us, less than 50 miles away, so this is quick, easy and safe to do.

“The Bahamas has a rich, diverse and colourful history. Through this interactive exhibit we are able to tell our own story, beginning with the history of those who came before us, from the Lucayan Indians to the Loyalists, enslaved Africans, colonialism, as well as the development of the various trades, all of which have shaped who we are as a people and are highlighted in our video and audio presentations, and replicated in our authentic Junkanoo and straw craft displays.”

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Wednesday, December 2, 2020, PAGE 3

CENTRAL BANK MOVES ON ‘MOVEABLE ASSET’ REGISTRY

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Central Bank yesterday revealed it is moving forward with plans to enable businesses and individuals to pledge “moveable assets” as security for bank loans and other forms of credit.

The regulator, in a statement, confirmed it has initiated a bidding process to find consultants able to perform “a diagnostic study analysis” that would underpin the creation of a Bahamian “moveable collateral registry”.

The creation of such a registry, which is viewed as a complement to the upcoming Credit Bureau, would enable lenders to record and secure their interest over vehicles and other mobile assets that could be pledged as loan collateral.

The driving motivation behind the proposal is thus improving Bahamians’ access to credit by enabling potential lenders to properly perfect and secure collateral - something they often struggled to do with

JOHN ROLLE such assets in the past.

“The Central Bank of The Bahamas invites proposals from qualified firms or individuals to perform a diagnostic study analysis that guides the establishment of a moveable collateral registry for The Bahamas,” the regulator said.

“This input is intended support a second stage project to develop a modernised, secure framework, in which businesses and individuals can pledge movable assets as security towards credit and other commercial transactions.”

John Rolle, the Central Bank’s governor, told Tribune Business last November that it planned to study the feasibility of creating “a registry to track movable

chattel pledged by borrowers”, such as vehicles, in a bid to improve credit access for deserving borrowers.

He confirmed the regulator had been asked to investigate such a registry by the Ministry of Finance as a means to improve the information available to commercial banks and other lenders when assessing the creditworthiness of loan applicants.

“What’s important when we talk about access to credit, so that there are no misconceptions, is the need for more legal reforms in the country so the information system lenders rely on improves,” Mr Rolle said then. “The credit bureau is one of them. The Central Bank has also been asked by the Ministry of Finance to put in place a registry to track movable collateral pledged by borrowers - automobiles and other items used to secure debt.”

He added that such a registry could also be used to “create information and monitor what happens with legal judgments awarded, and claims made against, legal assets. That part of the information system needs

to be improved”.

The Central Bank governor said technology advances had potentially enabled the registry’s creation so that banks and other lenders will be better able to perfect and oversee loan security/collateral and avoid competing claims to the same asset.

“We are going to study how it could be done,” he explained. “With the infrastructure improvements the possibility came to mind. We’re going to look in detail at what possibilities exist. At some level it may require some legal reforms.”

Bahamian commercial banks and other lenders currently lack complete information on the credit history of many potential borrowers, which makes it impossible to properly assess the risk they pose and price the loan (interest rate) accordingly.

And, as a result, delinquent borrowers are able to bounce from institution to institution, obtaining credit and subsequently defaulting with banks unaware of their previously wretched history with competitors.

A registry of “movable assets” pledged as collateral, together with judgments and liens secured on them, would certainly boost a lender’s ability to properly assess a borrower’s creditworthiness, but it may be difficult to pull together given that information would have to be sought from numerous sources within a court system and public sector that is not digitised.

Now, just over one year later, the Central Bank appears ready to give it a go. Bids for the consultancy must be submitted

by Christmas Eve, with the regulator anticipating that the study will begin by March 1, 2021, and take no longer than nine months.

“The bank expects to identify a solution which is a best fit for The Bahamas’ economic environment.

Alongside a credit bureau and potential reform to bankruptcy laws, the collateral registry would strengthen the domestic framework for access to credit, particularly for micro, small and mediumsized businesses,” the regulator added.

“This project is being launched in close collaboration with the Ministry of Finance. It is expected to enlist close co-operation with existing government agencies with responsibility for maintaining public registries, and with credit originating stakeholders in the financial sector. A level of consultation with other domestic stakeholders is also anticipated.”

The Central Bank said the study should be guided by the United Nations Commission on International Trade Law (UNCITRAL) model law on secured transactions, and assess all system aspects that hinder or promote access to credit.

“It should examine all current domestic legislation relevant to the use of movable property as collateral, and identify any class of property that could be impeded from use as collateral under existing laws. Actionable outcomes include comprehensive recommendations on new or amended legislation to achieve the modernised collateral registry framework,” it added.

New digital payment provider bar extended until end-2021

By NEIL HARTNELL and YOURI KEMP Tribune Business Reporters

of existing operations.”

The moratorium’s imposition drew a mixed reaction when it was announced.

Harvey Morris, Omni Financial Services’ chief executive, praised the regulator’s decision as “an excellent move” that will enable existing Bahamas-based payments operators and money transmission businesses to develop their products/services in a sustainable market environment.

However, other industry sources, speaking on condition of anonymity, criticised the Central Bank’s action as an attempt to “artificially control” the fledgling sector rather than encourage its innovation-led development. They argued that the regulator needed to step back and allow consumerdriven “market forces” to determine the best operators, and who succeeds or fails.

The Central Bank’s action thwarted the hopes and business plans of two unnamed digital payments providers whose licence applications

it confirmed had been submitted - but not approved - prior to the moratorium’s imposition.

This left the Bahamian non-bank payments market with three licensed digital providers and five approved money transmission businesses, together with the latter’s collective 23 agents.

The suspension applies only to new licensees, meaning the likes of Cash N’Go, Sun Cash and Omni can still expand via new locations and/or by adding agents once the latter get the necessary approvals.

The Central Bank has never explained the underlying reasons for its decision, but it appears the rationale lies in fears that the market would become unsustainable and over-saturated if more licences were awarded, with too many players chasing too few customers and undermining its orderly development.

Meanwhile, the sector’s existing players appear poised for further expansion. Herbert Cash, Kanoo’s

chief financial officer, told Tribune Business: “Digital payments, and the adoption of digital wallets, has increased over the last few months. This has been driven primarily by the users receiving social benefits from non-governmental organisations and the government. COVID-19 is the main driver for all of this.

Banks have even seen a greater use of their online banking services.”

Kanoo, which was launched in December 2019, said it had attracted 12,000 users of its digital wallet services by October this year.

“We recognise that more persons are comfortable using the wallet services, and more merchants are using it to collect and process payments,” Mr Cash added, with the launch of the Bahamian digital currency, the Sand Dollar, set to give a further boost.

He said: “With our lineup of improvements and product releases, 2021 is expected to be a year of tremendous growth for Kanoo

and the industry. We see not only significant interest in The Bahamas but also throughout the Englishspeaking Caribbean.

“Kanoo’s digital gift card platform has been a tremendous benefit for many persons. This form of digital payment is being embraced by merchants and corporate entities wanting to do something special for their staff this Christmas. This is our way to encourage persons to shop locally and support our domestic businesses and the labour market by extension.”

Jeffrey Beckles, IslandPay’s managing director, added: “We’re working at IslandPay, in particular, in ensuring that we collaborate with stakeholders so that the educational component is very robust and strong, and people understand what it means to have a digital wallet and what it means to handle digital currency.I think the more people get comfortable with the idea, the more people will embrace it.

“I do see significant growth for 2021, because as I said, digital payments is the order of the day and I think 2021 is going to give us a tremendous opportunity. We’ve been preaching about businesses becoming more tech savvy and digital, encouraging digital integration and all of that.

But remember that those businesses are only going to be as successful as the consumer base is educated.”

Sean Smith, SunCash’s business development manager, added: “For next year, how are we planning to change people’s lives is the government now is really and aggressively moving forward with the digital payments with the roll out of the Sand Dollar nationwide, which now allows us to be able to help a lot of people in 2021.

“The government is going to be doing payroll in Sand Dollar, and they’re going to start with certain government agencies where they will be paying you by Sand Dollar.”

Eleuthera rebound ready after firms ‘caught hell’

adjustments and new measures that Eleuthera will face.

However, Jermaine Cancino, general manager of Lutra Pure, questioned the lockdown’s logic. “I don’t think that we should have been on the curfew for so long,” he said, given the economic impact which forced him to furlough some staff.

He added: “At the end of the day, 5pm, people are getting off of work, struggling and rushing trying to get things done. They really put a real damper on business on the island. But luckily the restrictions have been lifted.”

Victor Russell, owner/ operator of Smart Roofing,

said that while he was “glad” the restrictions were lifted and the curfew time changed to 10pm, he does not expect much on the island to change. He added: “I think it will be the smaller retailers that will be impacted most by the

change in the curfew.

“A lot of times you get off work at 5pm and you can’t even get close to some places, because by the time you get off of work they are closed. That’s what’s been happening to me. Even right now I need to buy a

couple pair of pants, but I was working and cannot get off in time.

“I could have hoped for Sunday shopping before the weekend lockdown, but now that it is back and the curfew is lifted, this would help me a great deal.”

DIGITAL payments providers yesterday forecast “significant growth” for the sector next year as the Central Bank confirmed that the bar on new market entrants will remain in place until end-2021.

The regulator, in a statement, confirmed that the moratorium on new payment services and money transmission provider licences - first unveiled on November 19 last year - will in effect in place for two full years.

It added: “The Bank has reviewed this position and advises that given the impact of the pandemic and ongoing adjustments in the sector, the moratorium will remain in place until the end of 2021. At that time, the Central Bank will undertake another review.

The bank will continue to consider other regulatory applications affecting the scale or ownership

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net ELEUTHERA’S private sector “caught hell” but is ready to move beyond weekend lockdowns and tight curfews after the prime minister announced an easing to the island’s COVID-19 restrictions.

Christopher Cates, the Lumber Shed’s owner, told Tribune Business: “I think we’re definitely ready. I think our numbers are down. I think the community understands the implications of going backwards with our [infection] numbers, and I think that everybody is clearly intent.

“The message we received was loud and clear.

We needed to cut down in order to get the numbers under control. I think it’s a relief for us to do the 10pm [curfew], and it’s wonderful to know that we’re making progress.

“With international travel opening up, this is going to be an excellent time for the easing of the restrictions.

Bahamasair starts flying into the island on Wednesday [today], and they’re going to be coming in three days a week, so I guess we just need to play it out and see where it goes.”

Dr Hubert Minnis said restrictions imposed on

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Eleuthera on November 9, in a bid to combat a surge in COVID-19 infections, will be eased due to a decline in cases. With the exception of Spanish Wells and Harbour Island, Eleuthera had been subjected to a 24-hour weekend lockdown, 6pm weekday curfew and border closures.

Thomas Sands, Eleuthera’s Chamber of Commerce president, declined to comment when contacted by Tribune Business as he was still awaiting written confirmation on the

PAGE 4, Wednesday, December 2, 2020

AMERICAN AIRLINES CANCELS 12 FLIGHTS OVER PAST MONTH

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net AMERICAN Airlines has cancelled 12 flights to The Bahamas over the past 30 days, it confirmed yesterday, but cannot provide details on the number of passengers affected.

Responding to the move, Fredrick Lounsberry, president of the Nassau/Paradise Island Promotion Board, said: “This is something that the airlines have been doing over the last several months, and that is they have been adjusting to demand. Obviously we want flights coming in but, with low room availability, there are limited beds available at this time until the major hotels reopen.”

He added that the major US commercial airlines have not been adjusting their flight plans regularly, and had largely gone with last year’s schedule. However, with 2019 a record year for air and tourist arrivals as opposed to the near complete absence of visitors amid COVID-19, they are now ringing the changes. Mr Lounsberry added: “It would be good to know where those flights originated from.”

A hotel executive, speaking under condition of anonymity, said that: “We have to stop the negative news about the COVID19. I heard that 40,000 visitors cancelled their trip to the country during the last month. This is not good; they are afraid of COVID-19.”

American Airlines refused to say how many passengers were booked on those 12 flights, and nor did they confirm where they were originating from in the US. A Nassau Airport Development Company (NAD) official, speaking on condition of anonymity, said airlines work within the OAG (Official Aviation Guide of the Airways) schedule. Confirming that flights were scheduled sometimes a full 12 months in advance, and ahead of the COVID-19 pandemic, they said cancellations now due to low travel demand were not out of the ordinary.

Mr Lounsberry, though, said Jet Blue will be doing daily flights from Fort Lauderdale instead of their normal four flights a week, adding: “The Bahamas is in high demand. This is one of their favourite stops.”

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‘Deer in headlights’ on $1.5bn debt increase FROM PAGE ONE

Bank’s governor, earlier this week reassured that the government will still be able to service the country’s debt.

However, based on the Central Bank data, Mr Myers warned: “It’s got to be approaching 100 percent debt-to-GDP. We’ve got to be upwards of 90 percent debt-to-GDP, and there’s no way we’re out of the woods. We’ve still got at least another six to eight months of this, COVID19, and dealing with the fall-out.

“It’s so bad in the US that many people are not travelling and this tourism season is going to be extremely low. I’d be surprised if we had 30-40 percent of the tourism numbers we had in 2019 [for Christmas and New Year]. We’ve got at least another six to eight

months of hell.”

The government-appointed Economic Recovery Committee (ERC) recommended focusing on foreign direct investment (FDI), and ensuring viable projects in the so-called “pipeline” were rapidly approved, as the quickest means of attracting significant foreign currency inflows in the short-term amid the wait for tourism to revive.

However, Mr Myers said he had seen precious little activity in this area to-date. “The government is not doing anything to stimulate foreign direct investment, and that’s the only thing that is going to have an immediate effect on employment, dollar stability and GDP,” he added.

“It’s very concerning given that we have not heard anything about how they’re going to tangibly stimulate the economy. It’s

very, very concerning. It’s like it’s any other day at the office. We’re not seeing any massive increases in investment, and no improvement in the ease of doing business.

“All that matters is attracting foreign direct investment and we’re not doing it. We’re stuck like a deer in the headlights. It’s not happening. The longer this thing lasts, the slower the rebound will be. Let’s hope the US economy holds its own through the winter months. What Biden does is going to be significant. It’s a very uncertain time.”

The Central Bank’s report also provided further evidence of the fall-off in economic activity, and the decline in jobs and incomes, via the 24 percent yearover-year decline in foreign currency sales that financed import purchases.

“Provisional data on foreign currency sales for

current account transactions showed a $108m decline in outflows to $342.3m in October, relative to the same period of 2019, owing to decreases across almost all categories,” the Central Bank said.

“Specifically, ‘other’ current items — primarily purchases of foreign goods and services by credit and debit card transactions— reduced by $39.8m, while oil imports and travel related payments fell by $27.5m and $22.5m, respectively.

“In addition, foreign currency sales were lower for factor income payments ($13.6m) and non-oil imports ($8.1m). Providing a modest offset, foreign currency sales for transfer payments rose by $3.4m.”

Rupert Pinder, economics lecturer at the University of The Bahamas (UoB), told Tribune Business he was “not surprised” by the magnitude of this decline

given the impact COVID19 lockdowns, curfews and other restrictions have had on economic activity during the past nine months.

“It’s reflecting what’s happening with aggregate demand,” he added, “because consumption is a significant part of GDP. If we were to look at something as simple as traffic on the road, and traffic at the Mall, it kind of suggests to me that going into Christmas things are going to pick up, which bodes well for the economy, but come January and February you are going to have that correction.

“It’s going to be a long time before we see any recovery to pre-2020 numbers. For me it’s not just in terms of what you’re going to see in the first quarter of 2021 and maybe the second quarter. It’s beyond that. It’s going to take some persons some time to recover. It’s going to take some time.”

‘Wind in the sails’: Hilton in December 15 reopen FROM PAGE ONE of other major Nassau/Paradise Island resorts appears to have convinced the British Colonial Hilton to follow suit. It will return five days after Atlantis re-opens on December 10, and two days before Baha Mar’s Grand Hyatt property comes back on December 17.

The British Colonial Hilton, which attracts more corporate customers than rival properties, is owned by China State Construction, the contractor that built the $4.2bn Baha Mar resort and is now completing the $200m Pointe expansion adjacent to the downtown resort.

Mr Woods, the hotel union president, said he and

other executives did not know how many workers will be recalled, and which areas of the property will be opened, as they had only been informed of the British Colonial Hilton’s move on Monday and had yet to meet with management.

Some 30 workers were terminated by the resort in May 2020 during the early stages of the pandemic, and Mr Woods said some 160 remain on temporary furlough. He added that the British Colonial Hilton’s return provides further much-needed momentum for the rebound of an industry that is The Bahamas’ largest employer, economic activity source and foreign exchange earner.

“I’m cautiously optimistic,” Mr Woods told Tribune

Business. “It’s going in the right direction finally. We just need to see if we can keep the wind in the sails.

This is what we were hoping for once we saw the major hotels begin to open up..... that the smaller ones would follow suit.

“Once the major hotels move in that direction it pulls the smaller ones, all of them, to get a bit of whatever’s happening. We’re hoping that the people who normally travel in winter will come to where it is a bit warmer for them.

“The persons who were laid off will go back to work in phases, I assume. Our industry works on occupancy, so in the interim we wouldn’t have 100 percent occupancy. So I would expect some would go back

on the first day and others will follow suit in phases.”

Mr Woods said he remained concerned, though, about the health and safety risk posed to union members and all hotel workers by the skyrocketing COVID-19 infection rates in The Bahamas’ major US source market, although he acknowledged this nation cannot afford to delay its reopening because of it.

“We can do all we need to do here, but if it doesn’t happen on the outside, externally, we may be defeating the purpose,” he added of COVID-19 mitigation measures. “That’s why it’s going to be so important that the testing and re-testing is done. It’s [tourism] critical to what we do, so we have to find a way where

we’ll be able to co-exist with this whole COVID-19 situation.”

The hotel union chief voiced particular concern that a visitor to The Bahamas could catch COVID-19 after taking their PCR test pre-travel, and bring the virus to the country while going undetected for five days until they take a rapid antigen test.

While Atlantis, Baha Mar, Comfort Suites and now the British Colonial Hilton have now all announced preChristmas re-opening dates, two of Baha Mar’s properties - the Rosewood and SLS - as well as its Melia Nassau Beach Resort are eyeing a February 2021 return. Sandals, too, is eyeing a similar timeframe for its two Bahamian resorts.

Realtor: Don’t ‘cripple’ retail Xmas run-up FROM PAGE ONE “I just wish there was more enforcement of those protocols. Let’s encourage businesses to stay open but, at the same time, enforce any rules being broken so we all get through this together,” he added.

Many retailers, Mr Morley suggested, were likely to evaluate whether they remain in business in the New Year once they get through the holiday season, as January/February are typically among the slowest months as consumers

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, KRYSTALYN ANTONIA GRIFFIN of #15vColleton Street, Nassau, The Bahamas, Parent of KAEDYNN AMARI GRIFFIN A minor intend to change my child’s name to KAEDYNN AMARI MICHAEL GRIFFIN CUNNINGHAM 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.

recover from their Christmas spending.

“I think the retailers are hoping to have a decent Christmas to salvage something from 2020,” he told Tribune Business. “My suspicion would be that with retail people they will reevaluate early in 2021 with regard to the way forward.

“It’s been rough on retail, no if’s, and’s or but’s. They have inventory they have put money out on, hoping they can sell it and make something from it, but the challenge is that January and February are slow retail months.”

NOTICE

NOTICE

NOTICE is hereby given that ALICIAN SHANA MERLENE LEWINMcGREGOR NEE LEWIN of Freeport Grand Bahama, 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 2nd 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 JEANNINE ATILUS of Union Village 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 2nd day of December 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

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 BLONISE NORDILES of Sunshine Park off Carmichael, P.O.Box General Delivery 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 25th day of Novemver 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Wednesday, December 2, 2020, PAGE 5

BOB: ‘Highest risk lawsuits’ involve ex-Cabinet ministers FROM PAGE ONE of Messrs Gomez and Jennette subsequently obtained a multi-million damages award Bank of The Bahamas on March 7, 2019, before moving to enforce it.

However, despite being branded “careless and negligent” in its approach to the case, Bank of The Bahamas and its attorneys, Callenders & Co, persuaded Stephana Saunders, the Supreme Court’s deputy registrar, to find there was sufficient “merit” in its defence to set aside the second default judgment.

“The most important issue is whether the defence has a meritorious claim and, in my determination, it does. I conclude that the nature of the claim should be fully ventilated at trial when all of the evidence would be heard and perused, orally and in written documents,” the deputy registrar found.

“At this juncture, the court has only one side of the story, and that is the plaintiff’s side. Setting the judgment in default of defence aside will allow the entire claim to be examined and justly adjudicated. It would permit the defendant and the plaintiff’s claims to be properly reviewed and assessed by the court.”

As for the case involving Mr Miller, the Bank of The Bahamas chairman said all parties had made submissions to the Supreme Court on November 20, 2020, over an earlier draft ruling that was leaked publicly. He added that Justice Cheryl Grant-Thompson had pledged not to “perfect” her verdict before hearing

from all sides.

“In September 2020, the judge having carriage of the Miller case issued a draft ruling on the application made by the plaintiffs [the former minister and his companies] for judgment against the attorney general and the treasurer of the Commonwealth of The Bahamas, awarding judgement to the plaintiffs for a sum in excess of $9.8m,” Mr Aranha wrote “The draft ruling, which was only intended to be circulated to the parties’ counsels for review before being finalised, entered the public domain and, thereafter, was printed in several of the local dailies.

The bank took exception to certain comments and assertions in the draft ruling and, through its attorneys, pointed out the inaccuracies and misstatements to the court and to the media.

“The court has scheduled further hearings for November 20, 2020, to consider submissions from all parties on the matters that the bank has taken exception to, and the court has indicated that the ruling will not be perfected before the parties have been heard on the matter.” Details of what happened at the November 20 hearing were not revealed, and could not be obtained despite this newspaper’s efforts.

Bank of The Bahamas had previously “categorically denied” Mr Miller’s claims that it participated in a “malicious conspiracy” against the former Cabinet minister, who it alleges had defaulted on some $30.5m owed to it.

The BISX-listed institution, via a statement issued by its attorney, Gail

ROBERTHA QUANT

Lockhart-Charles, said it stood by its “comprehensive defence” to the allegations despite the draft verdict finding it had “acted in bad faith” and worked together with the government over the latter’s breaches of five leases at the MP’s Summerwinds Plaza.

Reiterating that no damages award had been made against Bank of The Bahamas, Mrs Lockhart-Charles described the judgment as only finding against the government for “an abuse of the court process” by providing “no reasonable defence”.

She said: “The bank’s decision to refuse to lend Mr Miller and his companies any more money was a decision that was made in the best interests of the bank and its customers. The bank’s defence asserts that the bank gave notice to Mr Miller and his companies that they were in serious default of their loan repayment obligations, and the bank demanded repayment of the entirety of the balance owed under the loan facilities.........

“As is set out in the bank’s defence and will be proved at trial, the size of the debts and the state of persistent default left the bank with no reasonable alternative but to cease providing advances to Mr Miller and his companies.

“The bank in its defence asserts that the amount of the debt owed by Mr Miller and his companies to the bank was in excess of $30.5m. The bank maintains that there was nothing improper whatsoever in the circumstances about its refusal to extend further credit to Mr Miller and his companies.”

FRED SMITH QC

Oil explorer blasts activists over last ditch legal threats FROM PAGE ONE inaccurate in many parts, and ill-informed of the extreme precautionary environmental preparedness and the science and technical expertise that is the foundation of modern-day oil exploration.

“Indeed, BPC notes that it is precisely because of these extreme precautionary environmental measures that, in the past ten years, over 10,000 offshore oil wells have been drilled safely and without incident all around the world. This includes in Cuba, in other parts of the Caribbean, and in other areas with extensive tourism and fishing industries, such as the Mediterranean,” it continued.

“Many of Mr Smith’s assertions do not appear to stand up under scrutiny of both the facts, nor the extensive body of work undertaken by BPC over more than a decade to prepare for this activity, during which process BPC and the government were assisted by a large number of globally renowned environmental scientists, consultants and environmental service companies.”

Those scientists, consultants and environmental companies were not named.

Besides allegations concerning a lack of consultation, the Our Islands, Our Future case is based on claims that the government failed to follow the processes set out

in law when issuing BPC’s permits.

In particular, it is claiming that BPC’s decision to switch drilling ships to the Stena IceMAX required it to request a change to the EA, which brings the process back under the newly-named Department of Environmental Planning and Protection and should kickstart a new round of consultation.

Mr Potter, though, emphasising that BPC’s Perseverance One well involves no production of oil, said: “The Bahamian government is exercising its legitimate, sovereign right to find out if The Bahamas has its own hydrocarbon - oil - resource, which we believe could be substantial.

“Now more than ever, with the islands facing economic fragility, suffering from both the aftermaths of hurricane damage and the impacts of COVID-19, a successful discovery has the potential to boost government revenues by billions of dollars in royalties and allow for the creation of new contracts and jobs.”

He added: “Based upon our extensive interactions with communities throughout the islands over many years, we believe there is a silent multitude of Bahamians who are in favour of knowing the outcome of our 45-60 day fact-finding exercise – named Perseverance One. “But as we have stated time and again, oil will not

actually be produced from this exploratory drilling activity. Once scientific tests establish if oil is present, the well will be permanently sealed. We firmly believe that the people of The Bahamas have a right to know if this resource exists, which could deliver considerable wealth for not only this generation of Bahamians but for future generations to come.”

Mr Potter said there was no reason why The Bahamas could not follow Mexico, Trinidad and Tobago, Suriname and Guyana in developing an offshore oil production industry that can co-exist alongside sectors such as tourism and fisheries.

“BPC’s planned activities have been subjected to a thorough, comprehensive process of review and scrutiny over many years by many scientists and experts in their individual fields.

In gaining Environmental Authorisation, BPC was required to demonstrate compliance with all applicable Bahamian laws,” he added.

“As a drill ship, this included all maritime requirements, like any other vessel operating in Bahamian waters. Over and above this the project had to demonstrate it adhered to all applicable guidelines, international standards and best practices as demanded by the legislation of the Bahamian government.”

PAGE 8, Wednesday, December 2, 2020

THE TRIBUNE

Strong start to December as S&P 500 index sets another high Associated Press WALL Street kicked off December with more milestones yesterday after a broad rally for stocks pushed the S&P 500 and Nasdaq composite to new highs.

The S&P 500 gained 1.1%, with Big Tech companies and banks driving a big part of the rally. The strong opening to December follows a 10.8% surge for the broad index in November, marking its best month since April. The tech-heavy Nasdaq climbed 1.3%. Both indexes beat the record highs they set on Friday.

Treasury yields also rose in another sign of optimism from investors.

Stocks have been ramping higher in recent weeks as investors focus on the possibility that coronavirus vaccines could soon help usher in a fuller global economic recovery. Meanwhile, lawmakers in Washington are debating once more

whether to deliver another round of coronavirus relief to the economy before President Donald Trump leaves office.

“It seems like both the House and the Senate are trying to break this logjam,” said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute. “It seems the market is feeding off that.”

The S&P 500 rose 40.82 points to 3,662.45. The Dow Jones Industrial Average gained 185.28 points, or 0.6%, to 29,823.92. The Nasdaq climbed 156.37 points to 12,355.11. Small company stocks also added to their recent gains. The Russell 2000 index picked up 16.23 points, or 0.9%, to 1,836.05.

While the economic recovery has been stunted by a resurgence of the virus, investors are looking past much of that because of good progress on vaccine development. Several pharmaceutical companies have reported encouraging

data recently suggesting their vaccine candidates are highly effective, raising hopes on Wall Street that the economy will begin to turn around next year as the vaccines are distributed to a world beaten down by the COVID-19 pandemic.

The Organization for Economic Cooperation and Development said in a report that the world economy will bounce back to its pre-pandemic levels by the end of next year, though the recovery will be uneven across the countries and many risks remain.

European regulators could approve a coronavirus vaccine developed by drugmakers Pfizer and BioNTech within four weeks. The companies have already asked for approval to begin vaccinations in the US in December. Moderna is also asking US and European regulators to allow emergency use of its COVID-19 vaccine.

Traders are also holding out hope that Democrats

and Republicans may reach a deal on some amount of economic stimulus for the economy before 2021, but the parties remain divided on the details and the cost.

Unemployment remains high as the COVID-19 outbreak widens the gulf between average people and the wealthiest Americans. The virus, which has claimed more than 269,000 lives nationwide, is resurgent across the country amid holiday travel and colder weather sending people indoors.

President-elect Joe Biden yesterday repeated calls for Congress to pass immediate pandemic relief funding even before he takes office.

The coronavirus vaccine optimism, low interest rates, economic data that, while uneven, continue to point to a recovery, and now signs that Washington might take another stab at a stimulus bill are giving investors a green light to push stocks to new highs, said Samana.

“When you take it all together and piece it into a mosaic, to a lot of investors it seems like there’s no way to lose if all of these tailwinds are conspiring to drive equities higher,” he said, adding the market’s upward push may be getting “a bit overdone”.

Roughly 76% of the companies in the S&P 500 rose yesterday, as did every sector in the index, except for industrials. Technology stocks led the way higher, with the Big Tech companies notching gains. Apple rose 3.1% and Microsoft gained 1%.

Facebook climbed 3.5%, while Netflix added 2.8%. Google parent Alphabet rose 2.3% and Amazon gained 1.6%.

Banks, health care stocks and companies that rely on direct consumer spending also helped drive the market higher. JP Morgan Chase gained 1.6% and Pfizer rose 2.9%.

Early in Wall Street’s recovery this spring, it was Big Tech that almost

singlehandedly carried the market higher on expectations that work-from-home and other trends would mean bigger profits for them. But hopes for a vaccine and return to economic normalcy have been helping boost stocks of companies whose profits are more closely tied to the economy’s strength.

Salesforce.com shares fell 4% in after-hours trading after the business software pioneer announced it is buying work chatting service Slack for $27.7bn. The acquisition is by far the largest in the 21-year history of San Francisco-based Salesforce.

The yield on the tenyear Treasury rose to 0.93% from 0.83% late on Monday, a big move. The higher yields also helped bolster financial stocks, since they allow banks to charge more lucrative interest rates on loans.

European and Asian markets rose.

Glimmers of hope for world economy, but dangers lurk PARIS Associated Press VENDORS broke out in applause in the flagship Galeries Lafayette department store in Paris as eager shoppers returned for the first time in a month, after yet another virus lockdown.

The reopening won’t be enough to make up for sales lost during the pandemic but reflects the glimmer of hope that forecasters are starting to see in the global economy.

The Organization for Economic Cooperation and Development predicted yesterday that the world economy will bounce back to its pre-pandemic levels by the end of next year though that recovery will be

PEOPLE queue to enter Louis Vuiton store on the Champs Elysee avenue, in Paris yesterday. Across Europe, governments are reopening their economies as they get a handle on a second virus surge, but only gradually, and partially. Vast cobblestone plazas stand empty this festive season instead of hosting Christmas markets that usually electrify historic cities.

Photo: Christophe Ena/AP

MARKET REPORT www.bisxbahamas.com

TUESDAY, 1 DECEMBER 2020

BISX ALL SHARE INDEX:

CLOSE

CHANGE

%CHANGE

2091.59

0.03

0.00

YTD

YTD%

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

-6.27 -140.01

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

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 6.60 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

CLOSE 4.05 32.12 1.62 1.78 1.67 6.00 6.61 2.99 4.75 3.64 5.90 11.26 2.20 6.50 10.14 8.40 14.12 3.80 8.25 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.01 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

9,000

250

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

40 25

VOLUME

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

NAV 2.37 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

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

YIELD - last 12 month dividends divided by closing price

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

Bid $ - Buying price of Colina and Fidelity

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 21.6 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% 3.93% 0.00% 0.00% 3.30% 3.73% 6.39% 19.73% 0.92% 3.23% 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%

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

Ask $ - Selling price of Colina and fidelity

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

Last Price - Last traded over-the-counter price

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

Weekly Vol. - Trading volume of the prior week

Change - Change in closing price from day to day

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

Daily Vol. - Number of total shares traded today

NAV - Net Asset Value

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

N/M - Not Meaningful

NAV Date 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

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

uneven across the countries and big risks remain.

In a report on the state of the economy, the OECD said that progress on coronavirus vaccines means that the outlook has improved for the first time since the pandemic began.

“The road ahead is brighter but challenging,” the international watchdog said.

China, which has brought its virus infections under control better than many major economies, will lead that economic recovery and account for a third of global growth next year.

Europe, Japan and the US will lag, while many poorer countries, particularly those that rely on tourism, will continue to suffer and require international aid, the OECD said.

It predicts the global economy will shrink about 4.2% this year and rebound by the same rate in 2021 before growing 3.7% the following year.

Across Europe, governments are reopening their economies as they get a handle on a second virus surge – but only gradually, and partially. Vast cobblestone plazas stand empty this festive season instead of hosting Christmas markets that usually electrify historic cities.

Lines of shoppers reappeared this week outside the Louis Vuitton boutique on the ChampsElysees Avenue in Paris, glittering with holiday lights -- but France’s famed cafes remained shuttered for several more weeks, the tourists that are the country’s lifeblood are gone, and many small businesses aren’t expected to survive.

With just a few weeks until Christmas, luxury shops and conventional retail stores alike are all hoping to claw back a pinch of sales in what will be a catastrophic year.

Jean-Noel Reinhardt, who presides over the Champs-Elysees Committee that oversees the avenue’s businesses, estimates a loss this year of up to one billion euros, and a downturn in business activity of 70%.

“The Champs-Elysees thrives on two types of

visitors: foreign tourists who have not come, and the second population are those who work in the neighborhood … and these people are working from home online,” Reinhardt told The Associated Press.

The only saving grace, he said, is that most Champs-Elysees shops are worldwide brands that are part of larger conglomerates that might be able to absorb the losses in a way that smaller businesses can’t.

The OECD, which advises countries on economic policy, warned about this and other kind of economic inequalities that have been been worsened by the pandemic.

It recommended investing public money in reducing these inequalities as well as in other areas that deliver long-term benefits, including health, education and fighting climate change.

It said that governments should continue to support people who have been hit hardest by the virus and ensuing lockdowns, and that global co-operation is sorely needed to maximise the impact of government efforts to bring economies back to health.

Despite still-high virus infections in many countries, some consumers are eager to be able to shop in person again.

“I bought myself a computer, a telephone, of course. I didn’t just buy to buy. I could have done it online but the pleasure of buying from a boutique is not the same as shopping online,” said 25-year-old legal expert Alexandra Esquier, carrying her bags down the Champs-Elysees.

At the Galeries Lafayette, vendors and shoppers seemed equally excited to see each other again, at a reopening accompanied by Christmas music, animated holiday decorations, lots of hand sanitizer and the chatter of masked crowds.

“It’s about trying to do some shopping and have our relatives and the family enjoy everything we can buy, and kickstart the economy,” said Stephane Ney, a 41-year-old customer from the Paris region. “It’s important.”

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THE TRIBUNE

Wednesday, December 2, 2020, PAGE 11

UK LEADER TOUTS LOCAL VIRUS RULES BUT PUBS ARE IN DISTRESS LONDON Associated Press

BRITISH lawmakers voted yesterday to approve new coronavirus restrictions in England to take effect within hours, but Prime Minister Boris Johnson faced substantial opposition from within his Conservative Party over the measures’ economic impact.

England’s current fourweek national lockdown ends at midnight, and Parliament needed to sign off on the replacement, a three-tier regional system based on the severity of the

outbreak in different parts of the country. Critics say the measures will devastate businesses, especially pubs, which face some of the tightest restrictions.

Johnson urged legislators to back the measures, saying the country must “hold our nerve” until vaccines are approved and distributed.

But dozens of Conservatives abstained or voted against him as the new regulations were approved by a 291-78 vote in the House of Commons. The main opposition parties abstained.

Starting today, most of the country will be put into the upper two tiers where

shops, hairdressers, beauty salons and places of worship can reopen. But pubs and restaurants face strict limits in Tier 2 and closure in the topmost Tier 3.

Johnson told the House of Commons that a lockdown imposed on Nov 5 had succeeded in levelling off the coronavirus infection rate in England, but that there was “a compelling necessity” for further restrictions.

“What we cannot do is lift all of the restrictions at once, or move too quickly, in such a way that the virus would begin to spread rapidly again,” triggering a new lockdown in

January, he said.

The new measures are to be reviewed every two weeks and restrictions will be eased for five days over Christmas so that families can get together. Other parts of the UK — Scotland, Wales and Northern Ireland — are all following their own local restrictions to curb the spread of the virus.

Britain has had Europe’s deadliest COVID-19 outbreak, with more than 59,000 confirmed virusrelated deaths.

But many Conservative lawmakers say the economic damage of the restrictions is increasingly outweighing the

public health benefits. They say the government has not provided data to show the need for the restrictions, and is proposing a complicated and unfair system.

Conservative lawmaker Andrea Leadsom said she would not vote for the measures because she was not convinced they were “a lesser of all evils”.

A humble foodstuff, the Scotch egg, has become a symbol of the discontent and confusion around the new rules. Livelihoods may depend on whether the popular concoction of a boiled egg wrapped in sausage meat and encased in breadcrumbs is a snack or a meal.

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 62° F/17° C Low: 48° F/9° C

TAMPA

THURSDAY

FRIDAY

SATURDAY

SUNDAY

Breezy with low humidity

Breezy early; mainly clear

Mostly sunny, breezy and pleasant

Sunshine and nice

Partly sunny, breezy; a p.m. shower

Pleasant with clouds and sun

High: 75°

Low: 67°

High: 77° Low: 70°

High: 80° Low: 70°

High: 80° Low: 68°

High: 78° Low: 67°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

75° F

64° F

76°-68° F

82°-70° F

81°-66° F

80°-66° F

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

N

almanac

E

W

ABACO

S

N

High: 72° F/22° C Low: 62° F/17° C

10-20 knots

S

High: 74° F/23° C Low: 63° F/17° C

8-16 knots

FT. LAUDERDALE

FREEPORT

High: 74° F/23° C Low: 65° F/18° C

E

W S

E

W

WEST PALM BEACH

N

High: 72° F/22° C Low: 62° F/17° C

MIAMI

High: 74° F/23° C Low: 62° F/17° C

8-16 knots

KEY WEST

High: 73° F/23° C Low: 68° F/20° C

NASSAU

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 77° F/25° C Low: 66° F/19° C

N

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

tiDes For nassau Low

Ht.(ft.)

Today

8:46 a.m.

9:03 p.m.

High

Ht.(ft.)

3.0 2.2

2:23 a.m.

3:18 p.m.

0.1 0.2

Thursday

9:26 a.m.

9:45 p.m.

3.0 2.2

3:01 a.m.

3:59 p.m.

0.1 0.2

Friday

10:08 a.m.

10:31 p.m.

2.9 2.2

3:43 a.m.

4:42 p.m.

0.2 0.3

Saturday

10:54 a.m.

11:22 p.m.

2.9 2.2

4:29 a.m.

5:29 p.m.

0.3 0.3

Sunday

11:45 a.m.

-----

2.8 -----

5:23 a.m.

6:20 p.m.

0.4 0.3

Monday

12:20 a.m.

12:40 p.m.

2.3 2.8

6:23 a.m.

7:14 p.m.

0.5 0.2

Tuesday

1:21 a.m.

1:39 p.m.

2.4 2.7

7:30 a.m.

8:09 p.m.

0.4 0.0

sun anD moon Sunrise Sunset

6:39 a.m.

5:20 p.m.

Moonrise Moonset

7:18 p.m.

8:34 a.m.

Last

New

First

Full

Dec. 7

Dec. 14

Dec. 21

Dec. 29

CAT ISLAND

E

W

High: 78° F/26° C Low: 68° F/20° C

N

S

E

W S

12-25 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 75° F/24° C Low .................................................... 70° F/21° C Normal high ....................................... 80° F/27° C Normal low ........................................ 68° F/20° C Last year’s high ................................. 84° F/29° C Last year’s low ................................... 63° F/17° C Precipitation As of 1 p.m. yesterday ................................. 0.20” Year to date ............................................... 67.04” Normal year to date ................................... 38.65”

ELEUTHERA

High: 75° F/24° C Low: 67° F/19° C

10-20 knots

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 79° F/26° C Low: 69° F/21° C

High: 79° F/26° C Low: 72° F/22° C

N

High: 77° F/25° C Low: 67° F/19° C

E

W S

LONG ISLAND

tracking map H

uV inDex toDay

TONIGHT

High: 64° F/18° C Low: 49° F/9° C

Pubs in Tier 2 areas can open and serve alcohol but only alongside a “substantial meal”. Ministers have given mixed messages about whether a Scotch egg fits the bill.

Cabinet Minister Michael Gove told broadcaster ITV that “as far as I’m concerned, it’s probably a starter”, but later said “I do recognise that it is a substantial meal.”

Critics say the Scotch egg debate — and related disputes about the status of sausage rolls, pork pies and pizza — shows the measures are inconsistent and open to abuse.

High: 79° F/26° C Low: 72° F/22° C

10-20 knots

MAYAGUANA High: 81° F/27° C Low: 73° F/23° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 79° F/26° C Low: 73° F/23° C

High: 80° F/27° C Low: 73° F/23° C

GREAT INAGUA High: 82° F/28° C Low: 74° F/23° C

N E

W

N E

W

S

S

12-25 knots

7-14 knots

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

Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:

WINDS N at 8-16 Knots ENE at 8-16 Knots NE at 10-20 Knots ENE at 8-16 Knots NNE at 10-20 Knots NE at 8-16 Knots ENE at 7-14 Knots NE at 10-20 Knots NNE at 10-20 Knots ENE at 8-16 Knots NNE at 8-16 Knots E at 8-16 Knots NE at 12-25 Knots ENE at 10-20 Knots NE at 7-14 Knots ENE at 10-20 Knots NNE at 12-25 Knots NE at 10-20 Knots NE at 6-12 Knots NE at 10-20 Knots NNE at 8-16 Knots ENE at 8-16 Knots NE at 12-25 Knots ENE at 10-20 Knots NE at 10-20 Knots NE at 8-16 Knots

WAVES 4-7 Feet 4-7 Feet 3-5 Feet 2-4 Feet 4-8 Feet 4-7 Feet 2-4 Feet 4-7 Feet 4-8 Feet 4-7 Feet 3-5 Feet 3-5 Feet 2-4 Feet 2-4 Feet 2-4 Feet 3-6 Feet 3-5 Feet 3-5 Feet 4-7 Feet 6-10 Feet 3-5 Feet 2-4 Feet 2-4 Feet 3-6 Feet 3-6 Feet 3-5 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 7 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 79° F 79° F 77° F 75° F 79° F 79° F 82° F 82° F 79° F 79° F 76° F 74° F 78° F 80° F 83° F 82° F 82° F 82° F 83° F 83° F 80° F 80° F 82° F 82° F 79° F 79° F