12072020 BUSINESS

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MONDAY, DECEMBER 7, 2020

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‘Double’ aviation score to be serious player

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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N aviation law specialist says The Bahamas must double its safety and regulatory audit score to achieve “a brighter future” and be treated as a serious international player in the sector.

Llewelyn Boyer-Cartwright, pictured, who left Callenders & Co to found his own law firm, Harley James, told Tribune Business that this nation “won’t get anywhere” in developing its aviation industry to its true potential unless it dramatically improves the rock-bottom score it received on its last International Civil Aviation Organisation (ICAO) audit.

Branding aviation sector reform “a Herculean task”, Mr Boyer-Cartwright said the government was “spot on” with the three-strong Bill package it hopes to present to the House of Assembly early in 2021, but he warned: “Time is of the essence.”

• Aviation lawyer: ‘Time of the essence’ • Legislative reform is ‘Herculean task’ • But backs govt proposals as ‘spot on’

With ICAO examiners due to reassess The Bahamas in November 2021, he argued it was critical that the Bahamas Civil Aviation Authority (BCAA) be given every day possible to demonstrate it has implemented the new Bills and thereby addressed deficiencies that saw just this nation score just 32 percent on “critical elements of a safety oversight system”.

Noting that the BCAA’s own advisers were

Governor warns on future tax increases

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Central Bank’s governor has echoed warnings that Bahamians should brace for new and/or increased taxes as he dismissed suggestions the government may soon default on its debt.

John Rolle, pictured, in guarded, technical language, said The Bahamas has “significant space for public finance reform and taxation” as he rejected assertions

by Marla Dukharan, the former Royal Bank of Canada (RBC) chief economist for the Caribbean, that

a sovereign debt default by The Bahamas could occur as early as 2021.

However, in negating comments that Ms Dukharan offered no empirical evidence to support, the Central Bank governor

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Sovereign default ‘outside the realm’ of fiscal possibility

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A TOP Ministry of Finance official has dismissed assertions by a top Caribbean economist that The Bahamas is at risk of a sovereign debt default as early as 2021 as “outside the realm of fiscal possibilities”.

Marlon Johnson, pictured, the acting financial secretary, told Tribune Business that the position voiced by Marla Dukharan, the former Royal Bank of Canada (RBC) chief regional economist, had

“extremely little chance of happening”.

Ms Dukharan, now an RF Merchant Bank & Trust director, had echoed comments she gave previously this year in also asserting to a webinar given by that

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confident that score can be doubled, or improved 100 percent, this time around, Mr Boyer-Cartwright told this newspaper: “It’s paramount. It’s critical. I can’t imagine that we would get anywhere, or anyone pay attention to us, without at least a rating in the 60s or higher.

“To think our last audit was at 32..... The Aviation Registry Group (ARG), which was brought in to ensure that was addressed, they are confident that can be achieved - that we can double that or more. We have to be dedicated and committed to seeing that happen. It’s making sure the Authority is engaged and the staff are motivated, as it will be a brighter future for them and everyone.

“Time is of the essence.

You’re talking now of an audit that is less than 11 months away, and look

where we are. We have to move as swiftly as we can.

This pandemic, if you want to look for a silver lining, the slow down in the industry and everything else is an opportunity for us to take care of a lot of house keeping items without a lot of distractions.”

Mr Boyer-Cartwright suggested that aviation was one sector that held near-term economic diversification potential for The Bahamas in COVID-19’s wake, but he warned that developing a world-class aircraft registry - as multiple administrations have been keen to do - and exploiting other job and revenue-earning opportunities will be impossible without a much-improved ICAO evaluation.

“There’s still a lot of work ahead, but again it’s all there for the taking,” he

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Seize COVID chance and ‘reinvent the city’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Downtown Nassau Partnership’s (DNP} cochair is urging stakeholders to seize the opportunity provided by cruise tourism’s absence to “reinvent the city”, adding: “The door is open for change.”

Charles Klonaris, warning that he expects to see plenty of empty retail and office spaces on Bay Street once the cruise lines return after a year-long COVID-induced absence, told Tribune Business that the government and private sector needed to team with the cruise port developer to make it a “more attractive, liveable and environmentally friendly city”.

He argued that the focus for downtown Nassau’s near-term revival had to be placed on attracting Bahamians and residents, as well as hotel guests - whenever they emerge from their socalled “bubbles” - to shop and eat in the area.

This required improved restaurant options and parking, Mr Klonaris said, as well as a more diverse retail offering that appealed to locals’ needs as he added:

CHARLES KLONARIS “There’s got to be more than just t-shirts.”

Downtown Nassau’s redevelopment has been talked about for decades, spanning several PLP and FNM administrations, but to-date only incremental progress such as the harbourfront boardwalk and Pompey Square has been achieved.

The continued presence of multiple abandoned and dilapidated buildings “east of East Street”, and empty retail space, which existed before COVID-19 struck exposes how far the city has fallen and its long road back, but Mr Klonaris said the further “devastation” inflicted by the pandemic should provide the much-needed spark.

Speaking after Dionisio D’Aguilar, minister of tourism and aviation, disclosed

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PAGE 2, Monday, December 7, 2020

FARMER’S MARKET SET FOR A TRANSFORMATION A CABINET minister says the government plans to transform the Grand Bahama Farmer’s Market into a destination that sells only “authentically Bahamian” produce and handicrafts.

Four new vendor booths, painted in Caribbean colours, will also provide an attractive complement to the existing Farmer’s Market, which was recently toured by Michael Pintard, minister of agriculture and marine resources, and other Grand Bahama-based Cabinet ministers.

The booths, which are being constructed on the Ministry of Agriculture’s grounds, will soon be opened and ready for occupation by the Farmer’s Cooperative, the Apiary Cooperative, and other Bahamian entrepreneurs.

Mr Pintard was joined by Senator Kwasi Thompson, just-appointed minister of state for finance, and Iram Lewis, minister of state for disaster preparedness, management and reconstruction, on his visit to the Ministry of Agriculture’s facilities. They are being renovated and refurbished to create extra space.

“We are pleased with the progress that has been

CABINET Ministers tour renovations at the Ministry of Agriculture’s main building on Freeport. PICTURED RIGHT: Michael Pintard, left, minister of agriculture and marine resources; Iram Lewis, centre, minister of state for disaster preparedness, management and reconstruction, and Senator Kwasi Thompson, newly-appointed minister of state for finance, check out one of the new offices at the Ministry of Agriculture in Freeport.

Photos: Lisa Davis/BIS made, and we expect this he said. will call home.” project to be wrapped by “It was a successful coopMr Thompson thanked the end of the year,” said Mr erative, but unfortunately his agriculture minister Pintard. “This is one part of Hurricane Dorian destroyed colleague for pushing the the overall revitalisation of their place of operation, narrative that BahamiGrand Bahama.” as well as destroyed their ans must learn to feed Mr Thompson added that product, so they had to themselves and have food one of the new buildings will start again from scratch. security. The Apiary Coophouse entrepreneurs who We assisted them with some erative feeds into this are part of Grand Bahama’s additional grant funding through its production of successful youth apiary pro- through the Office of The homegrown honey and ject, which was launched by Prime Minister, as well as the Office of the Prime Min- the Small Business Devel- honey products.

Mr Lewis, meanwhile, ister more than a year ago. opment Centre said the new project at “We enrolled a number “We made a promise to of young people in Grand them that we would find the Farmer’s Market will Bahama, trained them, gave them a home where they be duplicated below the them the tools to start a could fully operate, sell new Fishing Hole Road business and partnered with their wares and find a place Causeway, allowing Grand the Bahamas Development where people could come Bahamians in the west to Bank, which allowed them and do business. And so take advantage of all things to start a cooperative,” this will be a place they Bahamian.

THE TRIBUNE

Minister in address to mark World Soil Day A CABINET minister was one of the main presenters at the Inter-American Institute for Cooperation on Agriculture’s (IICA) Living Soils Initiative.

Michael Pintard, minister of agriculture and marine resources, addressed an event that was held on December 4 to mark World Soil Day. It aims to encourage sustainable agricultural practices that can help reverse the degradation of soil around the world by promoting the use of climate and soil-resilient methods of farming.

Mr Pintard gave an update on The Bahamas’ efforts to achieve some measure of soil management. The Bahamas has completed a “concept note” for review to the Global Environment Facility (GEF), entitled Integrated landscape management for addressing land degradation, food security and climate resilience challenges in The Bahamas.

The initiative is a collaborative effort between the Ministry of Agriculture and Marine Resources, Inter-American Institute for Co-Operation on Agriculture (IICA) and the Department of Environmental Planning and Protection that seeks to showcase a strengthened planning process and good practices within landscape areas that are subject to degradation.

Climate-smart agricultural systems to be piloted in this project will incorporate climate resilient crops and agroforestry systems, generating benefits that will include mitigating further biodiversity loss, enhancing carbon sequestration and soil carbon storage, and moisture retention that will contribute to soil health and productivity.

“The ministry is also working closely with IICA to implement the short SDG13: Climate Action project, whose main objective is training farmers and

MICHAEL PINTARD citizens in organic waste management and composting,” Mr Pintard said.

“Since September 2020, the ministry and IICA have conducted two-day workshops on five different islands to train farmers in the science of composting.

Demonstration sites have been established on each island, and are being monitored by the participants themselves, who have been taught to measure the moisture and temperature of their compost experiments with tools provided by the project.

“This project is ongoing and, as an encouragement to the participants, the compost being created will be sampled and sent to a lab to be analysed for educational purposes. It is through initiatives like this that we hope to create more citizen scientists and compost warriors to aid in creating more productive and healthy soils.”

Mr Pintard hailed the IICA’s efforts in educating Bahamian farmers on soil management techniques, which will help this nation meet the United Nations’ (UN) Sustainable Development Goals. The IICA has hosted Bahamian farmers on New Providence, Abaco and Cat Island to seminars and workshops on soil management techniques, as well as practical training by IICA trainers.

The minister called for more collaboration to help strengthen the ecosystems of Caribbean countries.

World Soil Day 2020 was celebrated on December 5.

IDB’s $600k grant to aid 2,500 small firms THE Inter-American Development Bank (IDB) is providing $600,000 in grant funding to help kickstart an initiative designed to boost 2,500 micro, small and medium-sized (MSME) Bahamian businesses.

The multilateral lender is partnering with the Small Business Development Centre (SBDC), known as the Access Accelerator, for the total $1.3m initiative designed to provide support services to facilitate MSME development and growth amid the COVID19 pandemic.

The funding from IDB Lab, the bank’s so-called “innovation laboratory”, will be used for programming and activities related to promoting innovation; mentorship support; standardising advisory services; and implementing a digital platform to connect MSMEs to funding opportunities.

“The IDB Group remains committed to the development of businesses and entrepreneurship in The Bahamas, which furthers strengthens the nation economically and socially,” said IDB country representative, Daniela Carrera-Marquis.

“It is anticipated that this project will contribute greatly to the quality and robustness of ecosystem support for MSMEs in the country, and contribute to job creation and stimulus of the economy. Digital and financial inclusion for SMEs, with an emphasis on women-led SMEs and to those geared towards green businesses, will further strengthen business continuity and their ability to build a robust economy.”

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The project will also bring key players together for advocacy and policy recommendations related to entrepreneurship, the ease of doing business and the promotion of innovation in The Bahamas.

Steering committee members and participants will come together on a quarterly basis to ensure the project is having its expected impact, and discuss necessary actions for improving the environment for SMEs and entrepreneurs.

Davinia Grant, the SBDC’s executive director, said: “This collaboration with IDB Lab is timely. We have seen many businesses pivot during the pandemic to rely heavily on technology and digitisation. The incorporation of technology into businesses cannot be viewed as just a pandemic alternative but as the way to operate moving forward.

“Through the Accelerate Bahamas project we can focus on getting more businesses to realise the power of technology, and how using that power coupled with proper business development and accessibility to funding can lead to innovation and success for many Bahamian small business owners.”

Mikia Carter, IDB Lab’s private sector specialist, said the project’s execution comes as SMEs struggle with adapting their business models due to the COVID19 restrictions and social distancing measures. Previously, business transactions primarily relied on human and physical interactions.

“The need for digital transformation of businesses has never before been greater. Digitisation will not only improve the productivity and competitiveness of SMEs, but will play a major role in developing an inclusive and sustainable economy, and hopefully build the blocks to creating a diversified Bahamian economy through the pillars of innovation,” said Ms Carter.

THE TRIBUNE

Monday, December 7, 2020, PAGE 3

‘Greater confidence’ if PM said COVID easing stays

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net EXUMA’S Chamber of Commerce president last night argued the prime minister would have created “an even greater confidence boost” if he had said the latest travel easing would stay through year-end.

Pedro Rolle, while welcoming Dr Hubert Minnis’ move to eliminate the COVID-19 PCR test requirement for all persons travelling from Exuma, told Tribune Business that tourists and residents were more likely to firm up travel plans if he had announced the relaxations would remain in place for a set time period.

With the prime minister also confirming, albeit a month later than planned, that the mandatory 14-day quarantine on all travellers

from New Providence to the Family Islands will finally be eliminated, Mr Rolle said the loosening of COVID-19 inter-island travel protocols was “a big plus” for Exuma and other locations.

The quarantine will be replaced by more frequent testing, thereby bringing the COVID-19 travel protocols for Bahamians into line with those imposed on visitors, with the Exuma Chamber chief adding that the move had come just in time to enable the island’s businesses to fly to Nassau and stock up for Christmas.

Speaking after he just arrived in Nassau himself, Mr Rolle said a COVID19 PCR test cost $320 on Exuma. When this was added to the cost of taking a “return” PCR test in Nassau, plus the cost of a private flight, he suggested the cost of a round-trip to

his home island had been around $1,000 under the just-removed measures.

“I think it’s been what we’ve been crying out for in recent times,” Mr Rolle told this newspaper of the prime minister’s relaxations. “Our view has always been that the restrictions for travellers to take a PCR test were draconian and didn’t serve any purpose.

“It’s a plus that it was lifted, and it will make a huge difference to come to Nassau to do commerce to prepare for Christmas. It’s quite expensive to have the PCR test done in Exuma as opposed to Nassau. It will increase travel, it will increase commerce and we’ll see a positive result for the economy because of this.

“I’m telling you that people would not have been able to go ahead and do the necessary things in Nassau otherwise. Most businesses come to Nassau to get their Christmas stuff and go back, and some have to do it in person. This gives them enough time to get things done.”

Dr Minnis, in his national address yesterday evening, said: “Effective tomorrow, Monday, December 7, the quarantine presently in place for travellers leaving New Providence to go to

the Family Islands will be lifted.

“Travellers from New Providence and Grand Bahama to the rest of The Bahamas will be required to obtain the travel visa, to complete the daily health questionnaire and take the rapid antigen test on the fifth day after their travel.

This is the same protocol in place for international travellers to The Bahamas.

“Additionally, the requirement for people travelling from Exuma to the remainder of The Bahamas to take an RT PCR test will be removed.

The requirement for an RT PCR test for travellers from New Providence and Grand Bahama to the remainder of The Bahamas will remain in place.”

While acknowledging that the removal of Exuma’s COVID-19 PCR test requirement, and the mandatory quarantine’s end, do “send a positive message”, Mr Rolle told Tribune Business: “It would have been an even greater confidence boost if we could say with certainty that the plans put in place today will be in place for the next six to eight weeks so persons can travel without the threat of a sudden lockdown.

“It would have been good if the prime minister had

said this would remain in place for the next month or two as this would give them greater confidence to plan their travel. Locals can plan their Christmas travel to Exuma, and visitors can plan their trips.

“Let me give you an example. I’m in Nassau today. Let’s say I want to stay in Nassau and spend Christmas here, and go back and spend New Year in Exuma. That doesn’t allow me to go ahead and plan.

There could be a shutdown on the 29th, and I will not be able to get back home.

A plan from this date to that date for me really does make a difference.”

The government, though, will argue that recent history shows it has to be nimble and adjust rapidly to fast-evolving circumstances with COVID-19 as infection rates suddenly surge on different islands, thus making it impossible to plan as Mr Rolle suggests.

Meanwhile Anthony K Hamilton, president of the Bahamas Association of Air Transport Operators, last night told Tribune Business that the elimination of the 14-day mandatory quarantine for all travellers from New Providence should “definitely breathe some fresh air” into a struggling domestic aviation sector.

Noting that many airlines’ employees currently remain on furlough, he added: “This is some kind of reprieve. I’m hoping now that they have made the announcement we will have the instructions to make a good execution.

“We anticipate the Bahamas Civil Aviation Authority will make the requisite pronouncements.

The industry is a very structured industry, so for the requisite compliance these instructions are very necessary to provide smooth execution.

“The industry is so sensitive in light of the COVID-19 environment, there’s always concern about unnecessary exposure. The margins are very slim already, and we don’t want to expose ourselves unnecessarily.”

Mr Hamilton was referring to both the health and liability risks associated with the virus, but he voiced hope that the easing unveiled by Dr Minnis especially the end to the quarantine, which was seen as the biggest impediment to domestic travel - would enable “a bit of revenue generation” and allow domestic airlines to bring staff back ahead of the Christmas season.

Retail’s Sunday Xmas open ‘fantastic news’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE prime minister’s decision to permit all New Providence retailers to open on the two Sundays before Christmas was last night hailed as “fantastic news” following the sector’s COVID-inflicted beating.

Andrew Wilson, the Quality Business Centre (QBC) and Fashion on Broadway principal, told Tribune Business both his formats will “take advantage” after Dr Hubert Minnis sought to bring some modest holiday cheer to the industry by permitting it to open on both December 13 and December 20.

“That’s fantastic. I think it’s great news,” Mr Wilson replied, when informed by Tribune Business of the prime minister’s move. “Percentage wise I can’t give you a number on the impact but the fact Bahamians are not travelling in droves this Christmas holiday is an added factor.

“The retail sector needs this; it definitely needs it.

It has been a substantial beating. The overall situation of the economy has been depressing, it has been depressing, but despite that I’m still inclined to defer to the government’s decisions and I honestly think they’ve done the best they could with a bad situation.

“In hindsight there are

PRIME Minister Dr Hubert Minnis addresses the nation. probably things they could have done differently, but when you are facing a once in a lifetime, once in 100 hundred years pandemic, there is little hindsight. We appreciate it and will be open. We will take advantage of that and think it will be a hit actually. I’m sure the staff will appreciate the extra hours as well.”

Mr Wilson spoke out after Dr Minnis, in his national address, said last night: “For Sunday, December 13, and Sunday, December 20, retail operators will be able to provide services between the hours of 6am and 9pm.

This provision applies for the islands of New Providence and Abaco.

“To be clear, the special provisions for the Christmas season that I have just outlined apply only to islands where the daily 10pm and 5am curfew and certain other public health protection measures are still in place.”

The move, which is

designed to enable merchants to maximise their sales hours in the run-up to Christmas, will also help with social distancing amid the holiday rush. It signals that the government, following the decline in COVID-19 case numbers, is anxious to give retailers a chance to make up some of their 2020 losses in a season that can account for up to 40-50 percent of annual sales.

And, in a bid to spread a little bit of seasonal goodwill, the prime minister also announced with effect from today the third reopening of gyms following the outbreak of COVID19 in mid-March 2020. The move comes just days after one gym owner, Dr Kent Bazard, of Empire Fitness, questioned why the sector remained closed while industries where customers are in even closer proximity have been allowed to open.

He said then that communication between the gym owners and the Competent Authority (Prime Minister’s Office) was abysmal, adding: “It’s just wild situation, and there just doesn’t seem to be any plan. If there is a plan, nobody’s letting us in on it.

“So all this uncertainty is just..... it’s very unsettling.

The lack of concern is very unsettling. This is not the way you treat a tax paying business owner. This is not the way you treat a Bahamian tax paying business.

There’s just no excuse for it.”

While Mr Bazard and his fellow gym owners will be happier today, Dr Minnis gave no indication as to when entertainment destinations will be allowed to re-open. This includes the likes of Mario’s Bowling and Entertainment Centre; the Fusion Superplex and Galleria; and the likes of bars and nightclubs - all of whom have been closed since mid-March.

The prime minister, though, reiterated that the pace of The Bahamas’ economic rebound and job restoration was directly linked to keeping the number of COVID-19

infections at a manageable level.

“The discipline and collective sacrifices we are seeing from the majority of Bahamians is translating into fewer COVID cases. If we maintain this discipline, and if we are able to avoid future major restrictions, it will bode well for an uplift in our economic conditions,” he said.

“Indeed, we have seen that the modest reopening of the economy has already translated into improved revenues for the Treasury in the past month. We have shown that containing the spread of the pandemic lessens the need for the restrictive containment

measures that negatively impact economic activity.

“As we enter the holiday season, there is reason for growing optimism that the economic recovery is broadening.” The latter was a reference to the imminent re-opening of resorts such as Atlantis, Baha Mar and the British Colonial Hilton, and the return of several thousand previously furloughed hotel workers to work, although no figures were provided for the pick-up in government tax revenues.

The prime minister also confirmed that the government-funded

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PAGE 4, Monday, December 7, 2020

THE TRIBUNE

Retail’s Sunday Xmas Bimini: ‘Everything’ tied to Resorts World return open ‘fantastic news’ FROM PAGE THREE unemployment benefit, which is administered by the National Insurance Board (NIB), will be extended by one month beyond year-end to end-January 2021.

“This extended unemployment benefit programme, which is funded by the government but administered by NIB, has benefited 36,959 Bahamians whose employment benefits ended after the customary 13 weeks, or who otherwise would not qualify for unemployment,” Dr Minnis said.

“The payouts for this programme at the end of November totaled just over $70m. The extension of the programme through the end of January will mean that tens of thousands of Bahamians will continue to get some measure of assistance until they are called back to work.

“Similarly, the government will extend its food distribution programme for the first quarter of 2021 with an allocation of another $10m to provide food assistance to the most vulnerable in our society.

This programme has to date provided assistance to over

100,000 Bahamians.”

Elsewhere, Dr Minnis confirmed he will retain the minister of finance post following the resignation of K Peter Turnquest. Senator Kwasi Thompson, formerly minister of state for Grand Bahama, was named minister of state for finance in a move that raised eyebrows since he comes from a legal not a financial - background.

Nathaniel Beneby, the former Royal Bank of Canada (RBC) Bahamas managing director, was named as special advisor in the Prime Minister’s Office with responsibility for implementing the Economic Recovery Committee’s (ERC) reforms and improvements to the ease of doing business.

Other members of the prime minister’s “economic team” include ERC cochairs, Kenwood Kerr and Marlon Johnson; Wendy Craigg, ex-Central Bank governor who is now a Ministry of Finance consultant; former attorney general, John Delaney; Securities Commission chief, Christina Rolle; Bahamas First chief executive, Patrick Ward; and Cable Bahamas president, Franklyn Butler.

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

then they are closed. The seaplanes land at Resorts World, so if Resorts World is closed the seaplanes don’t come.

“It used to be things came out of the government dock based out of Alice Town, but now the base is up there. Everything’s up there, the jobs and everything you know. It’s that anchor project resort idea for the island.”

Resorts World Bimini, in a statement, confirmed the resort will open on December 26. Robert DeSalvio, President of Genting Americas East, said: “Resorts World Bimini couldn’t be happier to be opening its doors once again and welcoming back our guests. Our team members have done

everything under the sun to make guests’ experiences here clean, safe and fun.”

Resorts World Bimini had announced their second temporary closure back in July, just two weeks after they had reopened following the COVID-19 lockdown in March. The resort has given no indication of how many staff they intend to bring back or how much of the resort will be allowed to reopen.

Nathan Hanna, owner/ operator of Nate’s Variety of Bimini Bread & Catering, said: “Everything is tied into that resort.” He suggested its opening will increase economic activity on that island by up to 95 percent.

Edith Romer, owner/ operator of Edith’s Pizza,

added: “We need that boost because nothing is happening here right now.

Everything is dead, nobody is working. I’m not making anything in my restaurant.

It’s really slow.”

Warning that residents may have a tendency to become “slack” on the health protocols, Ms Romer said: “The economy is like bad and everything is tied into that resort because we rely mostly on tourists in Bimini. The money on the island can only circulate so far and for a certain time.”

She added that while unemployment assistance benefits were good, they could “only go so far”.

“People are hurting,” she said.

Sovereign default ‘outside the realm’ of fiscal possibility

purposes it isn’t within the realms of fiscal possibility. There are enough fiscal levers that the government can make use of, and short-term adjustments government can make, to address it.

“Our foreign reserves still remain at high levels, so we are in position to meet our obligations now and for the foreseeable future.”

Mr Johnson also queried why, if The Bahamas faced the dangers outlined by Ms Dukharan, foreign investors bought a further $225m worth of government bonds at an interest rate 125 basis points lower than the rate

they demanded less than two months earlier.

“The ministry isn’t particularly concerned regarding international investors and the like,” he added of Ms Dukharan’s comments.

“They have their information, and assessment of that information, that undergirds their sentiment towards the Bahamas’ market.

“They’ve just expressed that in the fact the government successfully was able to obtain additional financing at rates lower than they were several months ago. The proof of the pudding is that private investors don’t share the sentiment that a default is imminent otherwise they would not have provided credit to the country.”

Mr Johnson, saying this proved The Bahamas maintained its access to international financial markets and was “not even close to some of the jurisdictions more stretched than we are”, said neither the International Monetary Fund (IMF) and credit rating agencies - Moody’s and Standard & Poor’s (S&P) - had raised concerns about an imminent Bahamian sovereign default in their recent assessments.

“The important thing is to ensure Bahamians understand notwithstanding what is happening there is commitment on the part of the government to remain fiscally prudent and take whatever action is necessary to protect the country from a fiscal standpoint,” Mr Johnson said.

However, Ms Dukharan’s comments serve as a timely warning of what might happen - short term or further out - if The Bahamas does not swiftly bring its fiscal deficits and $10bn-plus national debt under control once COVID-19 has passed.

The Ministry of Finance, in its statement, admitted that The Bahamas is “not out of the woods”, but argued that the economy is “not in the danger zone”.

BIMINI businesses say “everything” concerning the island’s economic fate is tied to the Resorts World (RWB) property’s re-opening from December 26.

Neal Watson, owner of Neal Watson’s Bimini Scuba Centre, told Tribune Business “everything is tied into that resort”. He added that airlift to the island had dried up as a result of its closure, and added: “If Resorts World is closed then that means the ferry is closed.

“It used to be that the ferry used to come to the government dock, but now it goes to Resorts World. So if Resorts World is closed

FROM PAGE ONE

institution last week that The Bahamas was likely to find itself in an International Monetary Fund (IMF) structural adjustment programme next year due to the drying up of its tourism-related foreign currency inflows.

Speaking after the

Ministry of Finance rejected her views, branding them “unreasonably alarmist”, Mr Johnson said Ms Dukharan had not provided any data or evidence to support the claim that The Bahamas would miss a scheduled payment on the government’s $9bn-plus debt.

“There is extremely little chance of that happening,” he told this newspaper of a Bahamian sovereign debt default. “For all practical

THE TRIBUNE

Monday, December 7, 2020, PAGE 5

BOEING STOCK LIFTED BY THE 737MAX RETURN ACTIVTRADES WEEKLY

By RICARDO EVANGELISTA www.activtrades.bs ON 29 October 2018 an aircraft flying for Indonesian carrier Lion Air, crashed into the Java sea only thirteen minutes after taking off from the Jakarta International Airport, killing all 189 passengers and crew members on board.

Less than five months later, on 10 March 2019, Ethiopian Airlines flight 302 took off from Addis Ababa International with 157 people aboard. Six minutes later the plane crashed.

There were no survivors.

Both crashes involved brand new airplanes and happened within minutes of taking off. Also, the same aircraft model was involved: Boeing’s recently launched 737 MAX. The 737 MAX series of airplanes is the American giant plane maker’s latest version of the world’s most successful narrow body aircraft, of which more than 10,500 units have been delivered to airlines around the world since it first entered service in February 1968. Throughout the last fifty years several new editions of the 737 saw its

A BOEING 737 MAX taking off. body length stretched, the wings were redesigned, and the old jet engines replaced by larger and more powerful turbofans.

The maximum carrying capacity also increased, from the original 85 passengers to a current maximum of 215. So many changes on top of a 50-year-old legacy structure means that the latest 737 version’s ability to stay in the air depends on sophisticated software that works to compensate its

deficient balance.

After the Lion Air and Ethiopian Airlines crashes, the initial reports from the investigating teams, which in both cases operated in partnership with the American Federal Aviation Authority, pointed at human error as the most likely cause for the accidents. However, it soon became apparent that the real reason was a software malfunction and airlines around the world started

to ground their 737 MAX fleets. Orders were cancelled or put on hold and finally, on 26 November 2019, the FAA revoked Boeing’s authorisation to issue airworthiness certificates for the 737 MAX. The coronavirus impact on the travel industry has been brutal. From cruise liners to hotels, 2020 has been the most challenging year in living memory.

Aircraft manufacturers also suffered, due to order

cancelations by struggling airlines and the drying up of new business in the market.

For Boeing, the crisis was amplified by the grounding of its best-selling product, which seriously dented the firm’s reputation and even

threatened its future viability. However, after a very difficult couple of years, during which its stock market value depreciated by almost 70%, the wind has finally changed, and things are starting to look better for the giant American corporation.

In November the Federal Aviation Authority declared the jet safe to fly again, with other regulators expected to soon follow suit. And, last Thursday, in a multibillion-dollar deal, Ryanair, Europe’s largest budget airline, placed an order for 75 new 737 MAX airplanes. This could be the beginning of the troubled aircraft’s rehabilitation, and a return to normality for Boeing, as investors also reacted to the stream of good news and started to price-in the brighter prospects, with the stock value rising by more than 60% over the last five weeks.

PAGE 6, Monday, December 7, 2020

THE TRIBUNE

Seize COVID chance and ‘reinvent the city’ FROM PAGE ONE

that the cruise lines had informed him their return had now been pushed back further into the 2021 second quarter, the DNP co-chair told this newspaper: “It’s an opportunity for the city to reinvent itself, and that’s not an easy thing to do.....

“Start thinking of the opportunity created by this virus and make it more attractive. I would say we have to look at a lot of the side streets in terms of pedestrian-only, and how we attract the visitors from the hotels and Bahamians back to the city, and not rely on cruise ships.

“What we have to focus on is how we quickly reinvent the city to attract the locals as well as the tourists from the major hotels. I think that should be emphasised for quickly turning the city around. It has to be a greener, more friendly and liveable city that makes it more enjoyable.”

Many observers and prior redevelopment plans have

argued that making downtown Nassau a so-called “living city”, by attracting professional Bahamians to live there, was critical to its turnaround but Mr Klonaris argued that this was a medium to long-term objective that would do little to ease its current plight with the cruise lines likely to be absent for over 12 months due to COVID-19.

“The door is open for this change,” he added. “We have to sit down quickly with the government and Global Ports Holding [the cruise port developer] and see how best to quickly create this enjoyable, liveable city.

“More trees, more greenery, more parking and encouraging more restaurants. The quick turnaround for locals to come downtown is restaurants and retail that invites them to shop. It’s got to be more than t-shirts.

There’s got to be a balance.

You’ll always have the tourists and gift shops, but we have to upgrade and look seriously at upgrading.

A DESERTED Frederick Street off Bay Street.

Photo: Terrel W Carey Sr/Tribune staff

“Although right now it’s devastating, what it’s done is that it has opened our eyes to say we’ve got to do a much better job to encourage locals to come downtown.”

Amid predictions by Global Ports chairman and others that cruise tourism may not fully recover from COVID-19 until late 2022, Mr Klonaris said it was going to be “extremely

difficult” for Bay Street merchants and others reliant on the sector - restaurants, tour operators, taxi drivers, straw vendors and hair braiders etc - to survive the longer its absence lasted.

“There have been some landlords that have cooperated with the tenants in reducing the rent and trying to maintain the rental space,” he added, “and they have made projections of being able to do that through December.

“Going forward that is a difficult situation for them

for another three to four months [without cruise tourism]. It would depend on how valuable the retailers are to the landlord, and so I would presume the good ones that have tried and co-operated would get an extended discount. Whether the landlords would keep them I can’t answer.

“The hotels, even though they are opening up, are all in a bubble so none of their guests will be travelling downtown to help support the loss of revenue from those store.. I would say the

majority of them wouldn’t be able to survive.”

Pointing out that landlords are having to potentially cover mortgage costs themselves, as well as expenses such as electricity, maintenance and insurance, Mr Klonaris said: “I would expect to see a lot of empty retail space downtown as well as a lot of empty office space.

“The big catalyst is Global doing the port. We can sit with Global and see how perhaps moving forward we can reinvent the city.”

PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Disbursement of INTEREST on MEMBERS’ SAVINGS accounts (formerly known as Dividend) and CHRISTMAS CLUB accounts: Disbursement of INTEREST on: 1. Members’ SAVINGS ACCOUNTS, for the period January 1st, 2019 to December 31st, 2019, will begin on MONDAY, NOVEMBER 16th, 2020; ending on JANUARY 31st, 2021 and; 2. Members’ CHRISTMAS CLUB ACCOUNTS, for the period December 1st, 2019 to November 30th, 2020, will begin on MONDAY, DECEMBER 7th, 2020.

Additionally, due to Covid-19, and the related restrictions, the credit union was unable to hold its Annual General Meeting in 2020; where Dividend (on Qualifying Shares) would have been dealt with.

THE TRIBUNE

Monday, December 7, 2020, PAGE 7

‘DOUBLE’ AVIATION SCORE TO BE SERIOUS PLAYER FROM PAGE ONE said. “It’s not as if this is a new invention. It’s not novel; it might be novel for The Bahamas, but not for other countries. I’m so happy they’re [the government] giving it the attention it deserves.

“Once that [COVID-19] vaccine becomes available to the general public things will be moving after that in terms of travel. It’s the panacea that everyone’s waiting for. I look at it as creating a brighter future for the aviation sector in the country.”

The last ICAO report, following an assessment in 2017, 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”.

Dionisio D’Aguilar, minister of tourism and aviation,

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 46 of 2000) LIRA GLOBAL INVESTMENT OPPORTUNITIES FUND LTD. IBC No. 169608 B (In Voluntary Liquidation) NOTICE is hereby given that as follows: (a)

That LIRA GLOBAL INVESTMENT OPPORTUNITIES FUND LTD. is in Dissolution under the provisions of Section 138 (4) of The International Business Companies Act 2000.

(b)

The Dissolution of the said Company commenced on the 21st day of September 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the Company is Sterling (Bahamas) Ltd of 2nd Floor, Saffrey Square, Bank Lane and Bay Street, Nassau, Bahamas.

Dated this 30th day of November 2020 Sterling (Bahamas) Limited Liquidator

told this newspaper last week that the revised Civil Aviation Bill, as well as 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 were vital to an improved score.

Voicing his support for the government’s plans, Mr Boyer-Cartwright said he had been urging the last Christie administration as well as the current government that it had to “lay the foundation with new legislation to accommodate an aircraft registry that meets ICAO and global standards”.

Acknowledging that The Bahamas becoming a signatory to the Cape Town Treaty (Aircraft

Convention), which gives financiers and leasing companies security that their liens and charges over planes - and plane parts are recognised wherever the aircraft was in the world, was also critical to developing a registry, he argued that this could be done in parallel with legal reforms.

“It’s certainly what’s required to back a first class aircraft registry to compete with other jurisdictions,” Mr Boyer-Cartwright said, noting that the likes of the Isle of Man generated millions of dollars per year in revenues for their tax authorities.

“The Civil Aviation Act of 2016 had everything pretty much bundled into it. You had both the regulatory and the oversight all meshed into one, and that can blur the lines if you will.

The last audit took place when the authority was in

its infancy and the legislation was in its infancy, and that’s why I agree the sooner we get this past the better the because the authority can get on with things to better demonstrate how the new legislation has been implemented and our effectiveness in terms of dealing with those areas where we had deficiencies on the last audit.”

Mr Boyer-Cartwright added that the Civil Aviation Authority Bill created a clear “separation of powers” while also enabling its director-general, currently Michael Allen, to make changes to regulations that will keep The Bahamas in compliance with everevolving global standards without having to go back to Parliament all the time.

“It’s time consuming and lengthy,” he said, “and aviation is a very dynamic industry that is constantly

changing. It requires swift action without any inordinate delays to be effective.”

The Bahamas Air Navigation Services (BANS) Authority Bill, Mr BoyerCartwright added, would also separate air traffic control as an independent body with the ability to charge fees for its services, thereby “adding another source of revenue to the aviation sector without adding to the burden on the public purse”. The proposed fees have not yet been released.

To advertise in The Tribune, contact 502-2394

PAGE 8, Monday, December 7, 2020

THE TRIBUNE

NOTICE

NOTICE is hereby given that CARLINE JOSEPH VOLTAIRE of Joe Farrington 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 twentyeight days from the 7th day of December 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Governor warns on future tax increases FROM PAGE ONE

effectively warned Bahamian households and businesses that they will likely soon have to pay for the debt and deficit blow-outs caused by the combination of COVID-19 and Hurricane Dorian.

Calling for the Bahamian people to better understand

and recognise the fiscal and economic difficulties facing the country, as it grapples with a $1.327bn fiscal deficit, national debt forecast to hit $10bn by mid-2022 and a gross domestic product (GDP) that may shrink by up to 20 percent this year, Mr Rolle warned the country had little choice but to adopt austerity measures in the “medium term”.

“We must accept that The Bahamas has the resources and capacity to repair the government’s balance sheet,” Mr Rolle said in a statement rejecting Ms Dukharan’s assertions. “The Bahamas is not at the level of debt distress, nor is the burden of public debt such that it would make a sovereign default a credible likelihood in the near-term.

“The Bahamas has significant space for public finance reform and taxation should it become more urgent than is already apparent. The Bahamas is far off from having exhausted its fiscal options, and sophisticated creditors of the sovereign are conscious of this.

“Moving forward, though, there is a need for greater recognition and embrace by domestic stakeholders of the credible, non-default, range of options that are available to the sovereign. These options would impact the taxpayer well before creditors are harmed.”

Translated, Mr Rolle is warning that new and/or increased taxes, as well as greater enforcement and compliance, will be required to boost the government’s annual revenues, lower the deficit and bring the fiscal ratios back in line with the Fiscal Responsibility Act to avoid any possibility that current debt levels will create the problems Ms Dukharan referred to.

“As there continues to be support for fiscal stabilisation, based on deficit financing, over the recovery path from the pandemic, I encourage stakeholders to balance their discourse with

MARKET REPORT www.bisxbahamas.com

FRIDAY, 4 DECEMBER 2020

BISX ALL SHARE INDEX:

CLOSE

CHANGE

2088.94

0.15

%CHANGE

YTD

YTD%

0.01 -142.66

-6.39

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

BISX LISTED & TRADED SECURITIES 52WK HI 4.05 33.05 2.00 1.79 2.39 6.00 6.75 4.40 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 5.90 11.06 2.10 3.96 9.60 7.50 13.04 3.20 8.15 14.00

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 6.61 2.90 4.75 3.63 5.90 11.26 2.25 6.50 10.24 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 2.90 4.75 3.63 5.90 11.26 2.29 6.50 10.39 8.40 14.12 3.80 8.25 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.04 0.00 0.15 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

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 VOLUME

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

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

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

NAV 2.37 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

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 -6.6 33.9 19.7 13.1 15.6 22.5 13.9 16.1 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% 3.31% 3.73% 6.39% 18.95% 0.92% 3.16% 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

the recognition that the government will indeed require more means to repay the extra debt taken on,” Mr Rolle continued, :”and to recognise that as taxpayers we are all expected to help repay these obligations in one form or the other that does not involve default.....

“The Bahamas will have to do more to reduce the public debt burden in the medium-term. The debt burden leaves The Bahamas exposed to increased hardships from severe hurricanes and other shocks, as the sovereign will continue to need more flexibility and space to repair infrastructure, give relief to private businesses and provide social safety net assistance, after such setbacks.

“National consensus must continue to be developed around both taxation and expenditure management that pay down the debt burden within the mediumterm fiscal consolidation plan.”

Mr Rolle’s position echoes that set out in the International Monetary Fund’s (IMF) Article IV report on The Bahamas just last week, which warned that the government must impose harsher austerity measures on the Bahamian people to hit its 50 percent debt-toGDP target by 2030.

The fund argued that the government’s medium-term fiscal framework was inadequate to bring its finances back in line with the goals set out by the Fiscal Responsibility Act. That law requires the government to bring the debt-to-GDP ratio, which measures the amount it owes as a percentage of the Bahamian economy’s size, to a maximum of 50 percent and maintain it there.

However, the combined fall-out from COVID-19 and Hurricane Dorian has sent this ratio racing off in the opposite direction, with the IMF forecasting it will exceed 85 percent this fiscal year. The Ffnd - using heavily coded language - said the government needed to go further with austerity plans once The Bahamas has rebounded from the pandemic to bring order to its own finances.

“Achieving the Fiscal Responsibility Act targets over the medium term will require additional fiscal effort,” the IMF said.

“Given the significant increase in public debt, postponing the achievement of the debt target by another

two years in response to the pandemic would be appropriate. However, achieving the debt target of 50 percent of GDP by the beginning of the next decade will require significant additional fiscal effort compared to what is planned in the medium-term budget framework.”

The IMF, whose “significant additional fiscal effort” phrase effectively means greater austerity than that planned by the government, also urged that a road map be developed and released publicly so that Bahamian businesses and households can prepare themselves for what could be especially harsh measures.

“It is advisable to start preparing measures now, and communicate a timetable to implement them as soon as the pandemic-related uncertainty subsides,” the Fund added, as it urged the Ministry of Finance to immediately activate its planned debt management office given the sudden increase in the government’s liabilities.

“The Bahamas would benefit from a robust financing strategy,” the IMF said.

“Central government debt is projected to increase to over 85 percent of GDP this fiscal year. Financing needs will decline only gradually over the medium-term, resulting in elevated risks of debt distress.

“A robust, multi-year government financing strategy should also aim to support the overall foreign exchange position. The new debt management office within the Ministry of Finance should be fully operationalised without delay.”

The timing of any new and/or increased taxes is uncertain, with the government likely to delay until it is certain the economy has recovered from the COVID-19 pandemic and with a general election approaching.

Dr Hubert Minnis, in his national address last night, admitted that the Bahamian economy was in “terrible shape” due to COVID-19 with the government’s tax revenues off by as much as 50 percent compared to pre-pandemic.

He added that the soonto-be-tabled Fiscal Strategy Report would “highlight some of the immediate fiscal adjustments and accelerated reform efforts that are necessary and critical to remain on a stable economic and financial footing over the near and long-term”.

NOTICE

NOTICE is hereby given that NASTASIA TYNES of Governor’s Harbour, Eleuthera, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 7th 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 ANDREW BELJOUR of Beach Way Drive Freeport, 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 twentyeight days from the 7th 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 SAMUEL ALEXANDER JOSEPH BROWN of Frank Egdecombe Street, P.O.Box SS-5529 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 30th day of November 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Monday, December 7, 2020, PAGE 11

Netflix rejects calls to add disclaimer to The Crown LONDON Associated Press NETFLIX has “no plans” to add a disclaimer to “The Crown” stating that its lavish drama about Britain’s royal family is a work of fiction.

In a statement on Saturday, Netflix said it has always presented the drama, as just that — a drama.

“We have always presented The Crown as a drama — and we have every confidence our members understand it’s a work of fiction that’s broadly based on historical events,” it said.

“As a result we have no plans — and see no need — to add a disclaimer.”

began in 1952.

But the current fourth season is set in the 1980s, a divisive decade in Britain.

Characters include Conservative Prime Minister Margaret Thatcher, whose 11-year tenure transformed and divided Britain, and the late Princess Diana, whose death in a car crash in 1997 transfixed the nation and the world.

Some Conservatives have criticised the programme’s depiction of Thatcher, played by Gillian Anderson. Britain’s first female prime minister, who died in 2013, is portrayed as clashing with Olivia Colman’s Elizabeth to an extent that some

A TRADITIONAL double decker red bus with an advert for “The Crown” drives through central London.

Photo: Matt Dunham/AP Netflix was urged last week

by British Culture Secretary Oliver Dowden to add the disclaimer, in the wake of

the broadcast of the drama’s fourth series.

Questions of historical fidelity weren’t a major issue

during earlier seasons of the show, which debuted in 2016 and traces the long reign of Queen Elizabeth II, which

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 66° F/19° C Low: 43° F/6° C

TAMPA

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Couple of thunderstorms

A shower early; partly cloudy

Partly sunny and cooler

Cloudy with a shower in spots

Cloudy with a thunderstorm

Clouds and sun with a shower

High: 81°

Low: 65°

High: 72° Low: 63°

High: 72° Low: 63°

High: 74° Low: 66°

High: 77° Low: 68°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

82° F

62° F

71°-63° F

70°-65° F

73°-65° F

79°-67° 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

ABACO

S

N

High: 77° F/25° C Low: 62° F/17° C

12-25 knots

S

WEST PALM BEACH High: 74° F/23° C Low: 50° F/10° C

15-25 knots

FT. LAUDERDALE

FREEPORT

High: 74° F/23° C Low: 53° F/12° C

E

W S

E

W

High: 78° F/26° C Low: 59° F/15° C

MIAMI

High: 74° F/23° C Low: 53° F/12° C

10-20 knots

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 82° F/28° C Low .................................................... 65° F/18° C Normal high ....................................... 80° F/26° C Normal low ........................................ 68° F/20° C Last year’s high ................................. 81° F/27° C Last year’s low ................................... 58° F/15° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ............................................... 67.20” Normal year to date ................................... 38.79”

ELEUTHERA

NASSAU

High: 81° F/27° C Low: 65° F/18° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 81° F/27° C Low: 68° F/20° C

N

KEY WEST

High: 75° F/24° C Low: 64° F/18° C

High Today

E

W

10-20 knots

S

10-20 knots

Low

Ht.(ft.)

2.3 2.8

6:23 a.m.

7:14 p.m.

0.5 0.2

1:21 a.m.

1:39 p.m.

2.4 2.7

7:30 a.m.

8:09 p.m.

0.4 0.0

Wednesday 2:24 a.m.

2:40 p.m.

2.6 2.7

8:38 a.m. 0.3 9:05 p.m. -0.1

Thursday

3:25 a.m.

3:41 p.m.

2.9 2.6

9:45 a.m. 0.1 10:00 p.m. -0.4

Friday

4:23 a.m.

4:39 p.m.

3.1 2.7

10:47 a.m. -0.1 10:53 p.m. -0.6

Saturday

5:19 a.m.

5:36 p.m.

3.3 2.7

11:46 a.m. -0.3 11:46 p.m. -0.8

Sunday

6:12 a.m.

6:30 p.m.

3.5 2.7

12:41 p.m. -0.5 ---------

sun anD moon Sunrise Sunset

6:42 a.m.

5:21 p.m.

Moonrise Moonset

none 12:26 p.m.

Last

New

First

Full

Dec. 7

Dec. 14

Dec. 21

Dec. 29

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 83° F/28° C Low: 73° F/23° C

High: 82° F/28° C Low: 71° F/22° C

N

High: 81° F/27° C Low: 67° F/19° C

E

W S

LONG ISLAND

tracking map

High: 83° F/28° C Low: 75° F/24° C

L

Ht.(ft.)

12:20 a.m.

12:40 p.m.

High: 82° F/28° C Low: 71° F/22° C

N

S

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

tiDes For nassau

CAT ISLAND

E

W

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

Tuesday

almanac

E

W

N

uV inDex toDay

TONIGHT

High: 67° F/19° C Low: 46° F/8° C

say is exaggerated.

“The Crown” creator Peter Morgan, whose work also includes recent-history dramas “The Queen” and “Frost/Nixon,” has defended his work, saying it is thoroughly researched and true in spirit.

Charles Spencer, Diana’s brother, was one who called on Netflix to add a disclaimer.

“I think it would help The Crown an enormous amount if, at the beginning of each episode, it stated that, ‘This isn’t true but it is based around some real events,’” he told broadcaster ITV. “I worry people do think that this is gospel and that’s unfair.”

10-20 knots

MAYAGUANA High: 83° F/28° C Low: 76° F/24° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 83° F/28° C Low: 76° F/24° C

High: 83° F/28° C Low: 76° F/24° C

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

N

E

W

E

W

N

S

S

7-14 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: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

WINDS SW at 15-25 Knots NNW at 8-16 Knots SW at 10-20 Knots NNW at 10-20 Knots SSW at 10-20 Knots NW at 10-20 Knots S at 7-14 Knots NW at 8-16 Knots SSW at 12-25 Knots NW at 10-20 Knots W at 10-20 Knots NNW at 10-20 Knots SW at 10-20 Knots NW at 10-20 Knots S at 7-14 Knots WNW at 8-16 Knots S at 8-16 Knots NNW at 10-20 Knots S at 8-16 Knots NW at 8-16 Knots SW at 12-25 Knots NW at 10-20 Knots SW at 7-14 Knots NNW at 10-20 Knots SW at 10-20 Knots NW at 10-20 Knots

WAVES 4-7 Feet 5-9 Feet 2-4 Feet 2-4 Feet 3-5 Feet 3-6 Feet 2-4 Feet 2-4 Feet 3-6 Feet 3-6 Feet 2-4 Feet 4-7 Feet 1-3 Feet 1-3 Feet 2-4 Feet 2-4 Feet 1-3 Feet 1-3 Feet 3-6 Feet 3-6 Feet 1-3 Feet 1-3 Feet 1-3 Feet 2-4 Feet 2-4 Feet 2-4 Feet

VISIBILITY 10 Miles 5 Miles 5 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 5 Miles 3 Miles 5 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 5 Miles 10 Miles 10 Miles

WATER TEMPS. 78° F 78° F 78° F 78° F 79° F 78° F 81° F 81° F 79° F 78° F 76° F 76° F 79° F 78° F 82° F 82° F 81° F 81° F 81° F 81° F 79° F 79° F 80° F 80° F 79° F 78° F

PAGE 12, Monday, December 7, 2020

THE TRIBUNE

Last-ditch post-Brexit trade talks resume between EU, UK BRUSSELS Associated Press EUROPEAN Union and British negotiators yesterday entered what is potentially the final attempt to strike a deal over future trade ties, even though “significant differences remain” on three essential points.

With less than four weeks remaining before the Jan 1 cutoff day, the negotiators might have less than 48 hours to clinch a breakthrough because European Commission President Ursula von der Leyen and British Prime Minister Boris Johnson, pictured, will assess late Monday if there is any point in continuing.

If there remain major issues with legal oversight of any trade deal and standards of fair play the UK needs to meet to be able to export in the EU, fisheries appears to move toward some sense of compromise.

“The fisheries negotiations are slowly moving toward a landing zone. It no longer is the prime stumbling bloc,” said a diplomat from an EU nation. He didn’t want to be identified because the talks were still ongoing.

While the UK left the EU on Jan 31, it remains within the bloc’s tariff-free single market and customs union through Dec 31. Reaching a trade deal by then would ensure there are no tariffs and trade quotas on goods exported or imported by the two sides, although there would still be technical costs, partly associated with customs checks and non-tariff barriers on services.

Britain’s main negotiator, David Frost, arrived on a high-speed Eurostar train yesterday and said that “we are going to see what happens”, amid an

ever gloomier outlook that a breakthrough could be achieved on all outstanding points.

Foreign Minister Simon Coveney of Ireland, which stands to lose most in case of a no-deal exit, told RTE broadcater that “we’re in a difficult place as we try to close it out”.

The new negotiating session was authorised after a phone call between von der Leyen and Johnson on Saturday, where the two leaders noted that fundamental differences between the two sides remain over a “level playing field” — the standards the UK must meet to export into the bloc — how future disputes are resolved and fishing rights for EU trawlers in UK waters.

Still, they said a “further effort should be undertaken by our negotiating teams to assess whether they can be resolved”. Johnson and von der Leyen said they would talk again and underlined that “no agreement is feasible if these issues are not resolved”.

Speed is now of the essence since EU member states have to unanimously support any deal. EU chief negotiator Barnier has been invited to a pre-dawn briefing of EU ambassadors today, as the bloc’s 27 nations want to fully grasp what the chances are of getting a deal before EU leaders arrive in Brussels

for a two-day summit starting on Thursday.

British Environment Secretary George Eustice warned that the talks were “very difficult” after what he described as a series of “setbacks”, notably “ludicrous” demands by the EU on future fishing rights.

Both sides would suffer economically from a failure to secure a trade deal, but most economists think the British economy would take a greater hit, at least in the short-term, as it is relatively more reliant on trade with the EU than vice versa.

The talks would surely have collapsed by now were the interests and economic costs at stake not so massive. But because the EU is an economic power of 450 million people and Britain has major diplomatic and security interests beyond its own commercial might, the two sides want to explore every last chance to get a deal before they become acrimonious rivals.

The main problem at the heart of the negotiations is how to reconcile how Britain wrests itself free of EU rules and the bloc’s insistence that no country, however important, should get easy access to its lucrative market by undercutting its high environmental and social standards.

A second issue is that the EU wants the toughest legal checks possible on Britain respecting any deal that emerges.

The politically charged issue of fisheries also continues to play an outsized role. The EU has demanded widespread access to UK fishing grounds that historically have been open to foreign trawlers. But in Britain, gaining control of the fishing grounds was a main issue for the Brexiteers who pushed for the country to leave the EU.

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