Issuu

business@tribunemedia.net

MONDAY, DECEMBER 14, 2020

$3.98

KFC franchise faces ‘total survival mode’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

HE Kentucky Fried Chicken (KFC) franchise warned trade unions over one month ago it was “in absolute survival mode” and may have to close locations or “even shutdown” with revenues off 50 percent. The fast food outlet and its operating parent, Restaurant (Bahamas) Ltd, cited COVID-19’s “devastating effect” and the urgent need to make adjustments that cut expenses and conserved cash as it rejected assertions by Obie Ferguson, the Trades Union Congress (TUC) president, that it was acting in bad faith over plans to alter the staff’s Christmas bonus. Documents seen by Tribune Business reveal that the KFC franchise, a staple for many Bahamians, first reached out to Mr Ferguson, also the president for the Bahamas Hotel Managerial

• Revenues off 50% due to COVID measures • Warns union of site closings, ‘even shutdown’ • Rejects BHMA claims on Christmas bous Association (BHMA), on October 29, 2020, seeking co-operation over a proposal to pay middle management Christmas bonuses in “installments” starting in 2021. David Wenn, Restaurants Bahamas chief financial officer, wrote: “The unprecedented impact of the COVID-19 pandemic on the economy of The Bahamas is having a devastating effect on the financial stability of Restaurants Bahamas. To date, total sales are down and we see no positive movements in these numbers. “This has necessitated the need for us to do a concentrated and intense review of every facet of the business including all financial commitments. The serious financial concerns resulting from government

Minister: ‘We don’t make $1’ through health travel visa By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET minister yesterday admitted the government is “walking a very thin tightrope” over the loosening of travel restrictions as he asserted “we don’t make $1” from the issuance of health visas. Dionisio D’Aguilar, pictured, minister of tourism and aviation, hit back at criticism of the $25 cost for domestic travel health visas by arguing that it was purely “a cost recovery” designed to meet the expenses incurred for administering and processing a traveller’s rapid antigen test.

Chester Cooper, the opposition’s deputy leader and finance spokesman, last week slammed the $25 fee as “patently absurd and should immediately be stopped” given that persons already travelling from Nassau and

SEE PAGE 7

Digital provider ‘pulling the boot straps together’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN digital payments provider is aiming to “pull the boot strap strings together” and add a further 8,000-10,000 wallet accounts by fully exploiting its platform’s potential. Jeffrey Beckles, Island Pay’s managing director, told Tribune Business it had invested “quite handsomely” in its technology infrastructure since its formation in 2015 and now

JEFFREY BECKLES planned to leverage this into the roll-out of a full product menu with nationwide reach.

SEE PAGE 5

lockdowns and restrictions have not only inflicted unsustainable conditions on the company but also bring the continued existence of KFC into question.” As a result, Mr Wenn sought Mr Ferguson and the BHMA’s agreement to pay Christmas bonuses to the Association’s 42 middle management members “in installments beginning in 2021 when we return to some normalcy”. Yet he further warned: “The commencement of such instalments can only be considered if revenues have returned to normal levels pre-COVID-19 outbreak and our cash position is positive. We are in absolute survival mode. If we are not able to make the required adjustments, store closures and even shutdown of the entire brand are imminent

possibilities.” These sentiments were reinforced, albeit with some modifications, by Nina Maynard, Restaurant (Bahamas) director of human resources, in a December 1, 2020, letter to Mr Ferguson on the same subject. “The ongoing emergency restrictions continue to substantially challenge the operations of Restaurant Bahamas Ltd,” she said. “We have experienced a 50 percent decrease in revenue from last year resulting in persistent, substantial operating losses since April 2020. “Further to the midNovember discussions regarding Christmas payment deferral, we have

SEE PAGE 6

$3.92

$3.98

PM gives oil drill fight ‘more points than a porcupine’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ENVIRONMENTAL activists yesterday pledged to challenge whether Bahamas Petroleum Company’s (BPC) agreements are legally watertight after remarks by the prime minister that were “music to our ears”. Fred Smith QC, pictured, the Callenders & Co attorney and partner, told Tribune Business that Dr Hubert Minnis’ assertion his administration was “saddled with an agreement.... we could not get out of” will “certainly open up a new ground” in the Judicial Review bid to halt BPC’s exploration plans. The outspoken attorney, who is representing Waterkeepers Bahamas and the Coalition to Protect Clifton Bay (Save the Bays), said he now plans to apply for full disclosure of the legal advice provided to the government over BPC’s seemingly unbreakable licences as part of legal “discovery” associated with the

Judicial Review. This involves both sides exchanging documents relevant to the case, and Mr Smith promised he and his clients will also seek full disclosure of BPC’s licence agreements and associated commercial terms as part of the court hearing. These details have never been fully disclosed by either BPC or the government, with the Callenders & Co attorney and partner suggesting that the intensifying battle over exploratory oil drilling in Bahamian waters has “more points than a porcupine”. Describing himself and his clients as “very excited” over Dr Minnis’ Friday

SEE PAGE 4

PAGE 2, Monday, December 14, 2020

Hurricane Hole development to help mega yacht ambitions THE prime minister has praised the $250m Hurricane Hole development for helping The Bahamas realise its potential as “the number one mega yacht destination in the world”. Dr Hubert Minnis, during a tour of Sterling Global Financial’s Paradise Island project, said the marina it was redeveloping would help The Bahamas advance its ambitions in this space. “What they are doing for The Bahamas, they are building one of the largest super yacht marinas anywhere. We have the potential for The Bahamas to become the number one megayacht destination in the world,” the prime minister said, noting the spin-off benefits from attracting high net worth individuals who first view The Bahamas by sea. Pointing out that this can lure such persons to become future investors or residents of The Bahamas, he added: “The visit today demonstrated that

Sterling is making its dream of a downtown Paradise Island a reality.” The first phase of Hurricane Hole’s redevelopment involves a capital spend of $70. David Kosoy, Sterling Global’s founder and executive chairman, said Sterling Commons will feature mixed-use residential, commercial retail facilities that are expected to be occupied by January. The two and three-storey Sterling Commons buildings include service and retail businesses on the first level, and professional office space on the second. One and two-bedroom residences with views of the super yacht marina, Nassau harbour and the cruise port are located on the top floor. “I think this is an excellent project,” the Prime Minister said. “It was all Bahamian and shows what Bahamians can do.” The project has provided jobs for 150-200 “hard-working Bahamians”, generating significant

THE TRIBUNE

ROBERT SANDS

JACKSON WEECH

JAMAL GLOVER

CARLTON RUSSELL

STERLING Global Financial’s chairman David Kosoy, left, leads Prime Minister Hubert Minnis on a tour of Sterling Commons at Hurricane Hole Marina with Khaalis Rolle, right, president of Sterling Advisory Services. Photo: Ronnie Archer/DPA economic opportunities. Vessels that dock at the marina will have access to dining, a gourmet grocery store, day spa, medical clinic, and other retail and service businesses. 700 Wines and Spirits is building a liquor and high-end wine stores. Mr Kosoy said the parent company, Sterling Global Financial, laid off no employees during the COVID-19 pandemic and actually grew its senior team with professionals who were available and represented “the cream of the crop”. Hurricane Hole’s mixeduse development is lower in density than plans drawn up under other developers. It provides for extensive green space and includes a combination of residential, professional office space in two of five buildings; basic and luxury retail and services; and fine and casual dining. “The landmark Hurricane

Hole Marina will be restored to meet the requirements of today’s super yachts while taking great care to maintain, and wherever we can, improve the surrounding or adjoining marine environment,” said Khaalis Rolle, Sterling Advisory Services president. “We are committed to taking great care with the waters not only because it makes good business sense, but because it is the right thing to do. We know that we are just borrowing this land and these resources, and it is our role to protect and preserve for future generations.” Sterling Global Financial currently manages and administers over $9bn in assets related to real estate investment, development, lending, infrastructure and bank and trust services. The company has more than $1bn in projects in its development pipeline, including the former Matt Lowe’s Cay in Abaco.

Bahamas must ‘beat guest expectations’ THE Bahamas Hotel and Tourism Association’s (BHTA) outgoing president said this nation must rely on its existing qualities and “exceed guest expectations” to rebound from COVID19’s ravages. Speaking on Friday at the Association’s 68th annual general meeting (AGM), which was held virtually for the first time, Carlton Russell, who stepped down after four years in the post, said: “The very fact that I am speaking to you from a computer screen as opposed to in-person speaks to the monumental shift that has taken place, across the globe, due to the unprecedented effects of the COVID pandemic.” Mr Russell, who will continue to serve the BHTA as immediate past president, said the slogan Build Back Better, developed after Hurricane Dorian’s devastating impact, “continued to be applicable, though in an entirely different context and due to an entirely different cause”. “We will rely on the same qualities; resilience, tenacity, pride and perseverance,” he added in his farewell address. “We will utilise the natural beauty that has been bestowed upon The Bahamas; our culture, our history, our people, our proximity. We will harness all that has kept us in the running as a top tourism destination to build our tourism industry back.” Mr Russell, on behalf of the BHTA, committed to continue working with tourism partners “to deliver value for money like we never have before, to exceed guest expectations, because we know what guests have been through to get to us and we know what we have been through to get to them”. Dionisio D’Aguilar, minister of tourism and aviation, spoke to more than 100 tourism stakeholders who participated in the virtual meeting. He praised

Carlton Russell for his leadership and partnership over the past several years. Presenters from the Ministry of Tourism; The Nassau/Paradise Island Promotion Board (NPIPB); The Bahama Out Islands Promotion Board (BOIPB); The Grand Bahama Island Tourism Board (GBITB); The Association of Bahamas Marinas (ABM) and Nassau Airport Development Company (NAD) gave a realistic yet determined picture about the Bahamian tourism industry and spoke to the strategies deployed to restart the sector. The prime minister also provided a pre-recorded message of thanks, and spoke of undertakings such as Bahamas Clear and the upcoming Digital Immigration Card, which has been approved by the Ministry of Foreign Affairs and director of Immigration. Dr Hubert Minnis said this initiative would not only digitise the Immigration card, but inspire “a series of new business strategies” that will “transform the entire process” and “unleash customer propositions not ever possible before the arrival of digital technology”. The meeting also unveiled the new officers and board of directors for the BHTA, who will remain in their roles for 2020 to 2022. Robert Sands, Baha Mar’s senior vice-president of government and external affairs, will replace Mr Russell as BHTA president. He has held the post three times’ over the last three decades, starting in 1990, as well as 1995 and 2009. Jackson Weech, a senior executive at Atlantis, and newcomer to the slate of officers, will serve as senior vice-president. Jamal Glover, general manager of Bayview Suites, will serve as treasurer, a post he has held since 2016, and making him the BHTA’s longestserving treasurer.

Minister: ‘Business as usual is not an option’ A CABINET minister says The Bahamas “cannot take a business as usual approach” as the government prepares to publish its five-year economic and fiscal road map. Senator Kwasi Thompson, minister of state for finance, speaking ahead of the 2020 Fiscal Strategy Report’s release to the House of Assembly on Wednesday, said it will outline how the government will return its finances to the path of “fiscal sustainability” following the twin shocks of COVID-19 and Hurricane Dorian. Following the report’s tabling by the prime minister, Mr Thompson will detail key elements in the Senate. The Ministry of Finance, in a statement, said he will outline the government’s fiscal strategy over the next few years with its focus on securing economic resilience beyond the pandemic and accelerating the pace of economic recovery. The newly-appointed minister will also provide updates on the government’s ongoing efforts to respond to the COVID19 crisis, including policy actions to provide assistance to Bahamians and

SEN KWASI THOMPSON communities in need. “Our fiscal strategy looks at the macroeconomic picture over the next three to five years. It starts with where we are today in terms of our economic growth prospects, our current spending ability, capacity to generate revenue and debt levels,” said Mr Thompson. “Today, these are all defined by the two unprecedented external shocks that rocked the nation over the past 14 months. These shocks have caused us to act with a sense of urgency as we cannot take a business as usual approach. “The fiscal strategy charts the course forward for where we want to be in the next few years. It outlines how the government plans to achieve fiscal sustainability as quickly as possible, including policy actions to accelerate the pace of economic growth and key fiscal adjustments to mitigate risks,” he added.

SEE PAGE 3

THE TRIBUNE

Monday, December 14, 2020, PAGE 3

ATLANTIS EMPLOYEE: I WAS ‘TARGETED’ FOR TERMINATION By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A FORMER hotel union presidential candidate yesterday alleged he was “singled out and targeted” for termination by Atlantis just one day after the resort re-opened to much jubilation and fanfare. Dave Beckford, a 25-year veteran of the Paradise Island mega resort’s landscaping department, told Tribune Business that hotel executives provided no explanation to justify his release after summoning him to a meeting on Friday morning. They simply gave him a cheque for all severance pay and benefits due to him, with Mr Beckford voicing fears that he was being “labelled as a trouble maker and anti-management which is not the case”. Asserting that he had been terminated “because I stood up for my rights and those of my colleagues”, the veteran unionist said he believed Atlantis was unhappy because he had spoken out several times publicly during the COVID-19 pandemic. While confirming that he had been among those calling on Atlantis to pay full severance packages to furloughed employees, Mr Beckford said that although he participated in the march arranged by

Retailers sweat on supplier hold-ups By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net RETAILERS say supplier hold-ups and continuing concerns over consumer demand are dominating the run-up to Christmas sales. Keva Gotlieb, general manager of the SportsCentre’s Sandy Port location,

Operation Sovereign Bahamas he played no role in organising it. He also questioned why Atlantis had recalled no members of the landscaping department to work. Suggesting at the time that the resort was using outside contractors, Mr Beckford yesterday queried whether Atlantis was moving to fully outsource this area. An Atlantis spokesperson yesterday said they were unable to comment on Mr Beckford’s case and allegations as they needed to research his complaint more thoroughly. They said a response might be forthcoming today, as the now-former employee said he had been released quietly just as 2,500 of his ex-colleagues returned to work. “Obviously I was singled out and targeted,” Mr Beckford told this newspaper, adding that he was unaware of any other Atlantis workers - including those in landscaping - being terminated at the same

time. “I got a call from a human resources representative on Thursday evening around 6.30pm who asked me if I could attend a meeting the following morning on Friday. “The meeting was attended by Daniel Bonello, their senior vice-president for facilities, a representative from human resources, and the union’s shop steward. They didn’t allow my attorney to be in the meeting. The human resources representative said they’d heard me, they understood me and they had prepared a cheque because they were terminating my services and didn’t need me any more. “I asked a few questions, like what is the justification, the reasoning, for this? They gave me no explanation as to why they were terminating my services; just that they didn’t need them. They just wanted me to sign for the cheque.” Mr Beckford said Mr Bonello responded with words to the effect: “What’s the problem? Isn’t this what you were asking for?” - a seeming reference to his earlier call for Atlantis to pay full severance pay to furloughed workers - when he did not sign for the cheque instantly. “I did express my views and feelings as to what was happening in landscaping,” Mr Beckford recalled. “For 25 years I was a dedicated employee. I served as a

shop steward and chief shop steward. I had a good working relationship with Karen Carey, the senior vice-president of human resources, and other human resources representatives. “I believe I was targeted because I stood up for my rights and the rights of my colleagues and what was happening in landscaping. I thought from March I should have been working as a senior employee in landscaping. Maintenance needs to be done. “One of the reasons I stayed in landscaping despite low pay, apart from the fact I liked trimming hedges and cutting grass, was the joy of making the hotel look beautiful and the joy of hearing the guests say how beautiful it looked. I told them in the meeting that I had wanted to be made redundant because of the way I was being treated as a 25-year employee.” Now having been granted his wish, Mr Beckford added: “It’s bittersweet. I’m not angry and I’m not surprised. I’m surprised, though, as a landscaper that the company has not brought anybody from the department back to work as far as I’m aware. “We were short-staffed from before the pandemic, and I was one who agitated for them to hire more landscapers. They hired two, but continued to engage contract workers as they

told Tribune Business that vendor delays rather than the late end to curb-side restrictions had caused Christmas inventory challenges. She said: “We had some challenges with our vendors, and we have a few of our vendors in, but not really the full stock we normally would have had had it been a regular year. It didn’t have anything to do with curbside, it’s just the vendors. With Nike, Reebok, it was just a problem trying to

get things in.” Ms Gotlieb added that they were still trying to “gauge” consumer spending strength this year due to high unemployment. Meanwhile, John Cathopoulis, general manager of John’s Shoe Store, said: “We haven’t received everything we’ve ordered so far, but we have received stuff.” He did not want to blame the late end to curb-side restrictions for inventory delays, but said

the uncertainty of not knowing if he would be open for the Christmas was a factor in ordering patterns for the holidays. John’s, though, will have all the stock it needs for Christmas. Craig Pyfrom, owner/operator of DC Technologies, said that while his Christmas inventory is in place sales are “real slow”. He added: “The last couple of weeks was horrible. I mean, I’ve never seen anything like this before.”

DAVE BECKFORD

UNIQUE VACATIONS LIMITED VACANCY Data Protection Manager

In this role, you will work closely with the Legal, Compliance, Public Policy, and Information Security functions to develop and monitor policies and standards applicable to the business and in compliance with the EU - General Data Protection Regulation (GDPR), the U.S. - California Consumer Protection Act (CCPA), the Canadian - Personal Information Protection and Electronic Documents Act (PIPEDA), and other applicable worldwide data privacy regulations. Duties will include: • Working with key internal stakeholders in the review of projects and related data to ensure compliance with applicable data privacy laws, and where necessary, complete and advise on data privacy impact assessments. • Serving as the primary point of contact for queries in the business. • Reviewing vendor contracts and privacy policies when necessary. • Participating in the [Data Privacy / Information Governance] Committee. • Monitoring changes to applicable global privacy laws and making recommendations to the Data Privacy Compliance Team and the Data Privacy Information Governance Committee when appropriate. • Setting standards and reviewing policies and procedures globally that meet the requirements under the GDPR, CCPA and any localization requirements in countries of operation. • Developing and delivering privacy training to various business functions. • Coordinating and conducting data privacy audits. • Collaborating with the Information Security function(s) to raise employee awareness of data privacy and security issues and providing training on the subject matter. • Collaborating with the Information Security function(s) to maintain records of all data assets and exports and maintaining a data security incident management plan to ensure timely remediation of incidents including impact assessments, security breach response, complaints, claims or notifications, and responding to subject access requests (SARs). • Ensuring that the Company’s IT systems and procedures comply with all relevant data privacy and protection law, regulation, and policy (including in relation to the retention and destruction of data). Working with designated privacy law attorneys across the Company’s offices and, where necessary, outside counsel to help advise on local data privacy law issues. • Promoting effective work practices, working as a team member, and showing respect for co-workers. Requirements: • Hold at least one Data Protection and/or Privacy certification such as, CIPP, CIPT, ISEB, etc., (preferred). • Experience: 1-year PQE experience required. • Experience in US and/or EU data privacy laws. • 1-year experience within a compliance, legal, audit and/or risk function, with recent experience in privacy compliance. • Experience in developing policy and compliance training. • Strong knowledge of EU data privacy and data protection regulation, and a good understanding of other major privacy frameworks and evolving legislation worldwide. • Sufficient knowledge of information technology and data management systems required. • Well-developed and professional interpersonal skills; ability to interact effectively with people at all organizational levels of the firm. • Experience of working in a large, global organization • Ability to work unsupervised, exercise leadership, and influence change. • Excellent writing and presentation skills. • Strong change and project management skills, including the ability to manage time well, prioritize effectively, and handle multiple deadlines. • Ability to undertake large, long-term projects, develop alternative methods to complete them, and implement solutions. • Ability to use independent judgment and discretion when making majority of decisions. • Detail-oriented approach needed to recommend and implement strategic improvements on a range of data privacy and data protection issues. • Ability to handle confidential and sensitive information with the appropriate discretion. • Knowledge of PC applications, including MS Office. Interested persons should upload their resumes by Friday, December 18th, 2020 to https://sandals.sharefile.com/r-r2007077085fd4ed

have done for many years. If you are not bringing back landscape workers, and are hiring contract workers, I have no choice but to think you plan to outsource landscaping.” Voicing concern over his treatment, Mr Beckford denied that he was a union agitator or troublemaker. “I stood up to management when I felt they were wrong, and stood up to the union when I felt they were wrong. I stood up for my rights as an employee, and the rights of my colleagues,” he added. Emphasising that he had been nominated for Atlantis’ internal awards, and that he had always reported for work on time and had a “good record”, Mr Beckford added: “I think they’re trying to label me as a trouble maker and antimanagement, which is not the case. “In my view, Brookfield versus Sir Sol Kerzner, the morale since Brookfield took over Atlantis has dropped. They seem to be more watching the bottom line. They are interested more about profits.” Mr Beckford said he planned to use the termination pay from Atlantis to start his own landscaping business.

Minister: ‘Business as usual is not an option’ FROM PAGE TWO

“The importance of the fiscal strategy to our economic development cannot be overstated for strong, structured and disciplined fiscal management underpins our economic viability. Our approach will be to make the difficult decisions while also pursing innovation, training and encouraging local and foreign investment.” The prime minister advised Parliament on November 18 that the 2020 Fiscal Strategy Report, which the government is required to present to the House of Assembly by the third Wednesday in November, had been delayed. He said the government had decided to take extra care in crafting its strategies, making use of the most current fiscal information about tourism’s planned reopening to inform critical policy deliberations about the Fiscal Strategy Report.

PAGE 4, Monday, December 14, 2020

THE TRIBUNE

‘Underground economy’ boosts Xmas tree sales By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

ONE Christmas Tree vendor believes he is benefiting from the “underground economy” after his sales jumped by 20 percent year-over-year despite COVID-19. Ryan Turnquest, owner/ operator of Ryan’s Christmas Tree Garden, told Tribune Business that sales were higher - and customers purchasing trees earlier than they normally would - despite the high levels of joblessness and reduced incomes caused by the pandemic. “In my opinion, The Bahamas has an underground economy,” he said. “We haven’t figured it out

yet, but by some way, somehow, the money comes out. Let’s be realistic. A lot of people had summer vacations they didn’t go on this year, and I know a lot of families had budgeted for that. The persons who were employed during this last summer time had their funds readily available. “We sold out of Christmas tree stands this year. We brought in double what we normally would bring in so that attributes to a lot of new Christmas Tree buyers, and to persons who haven’t bought a Christmas Tree in years. They had to buy a new stand.” Mya Evans, Christmas Tree City 242’s general manager, told Tribune Business that business was “pretty good” and sales

were only off by five percent from 2019. She added, though, that there was a “scarcity of trees” from suppliers, and said, “If you notice trees get smaller and smaller every year.” “But I would say performance is going pretty good. It’s pretty steady. You know we have our loyal customers. And Bahamians just generally love Christmas. I mean, like who doesn’t like Christmas? So, you know, you’re always going to get families out here shopping for their Christmas tree.” Ms Evans said Christmas Tree City 242 has been receiving multiple customer inquiries for Christmas stands this year as well, adding that persons tend to throw away or misplace them.

Curfew places dining patrons on ‘automatic’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A FAST food restaurant says the 10pm COVID curfew has patrons on “automatic” amid a steady rush of business between 5pm and 8pm just prior to restrictions kicking in. Mervyn Sweeting, owner/ operator of Bertha’s Go-Go Ribs, told Tribune Business he prefers 8pm for closure. He added: “Where we are at on Mackey Street now, it has a tendency to have customers start piling in after

six, seven or eight o’clock.” While Bertha’s does have a lunch menu, Mr Sweeting said persons prefer his restaurant for dinner. He added: “That five o’clock and eight o’clock time is when people are trying to head home because they have become curfew centric for so long, they are now on automatic.” Mr Sweeting said it was also noticeable that customers are now “counting their pennies” and more cautious on what they are spending. A general manager at

Sammy’s Chicken, speaking under condition of anonymity, said of the move to a 10pm curfew: “We have seen a little better flow of traffic, but it is still not where it ought to be.” Disclosing that the business is designed for a 16-hour day, they said it desperately wants to go back to a full-day work schedule. They added: “We get the lion’s share of our traffic in the evening between 5pm and 8pm, but at that time now we are getting ready to close.”

PM gives oil drill fight ‘more points than a porcupine’ FROM PAGE ONE assertion that he is “totally against oil drilling in our waters”, Mr Smith told this newspaper: “To hear the prime minister, who is the heart of the government, say he is against oil drilling is music to our ears. It is an exquisite expression of transparent fresh air.” He argued that Dr Minnis’ comments “unequivocally bolster” the testimony by Joseph Darville, Save the Bays’ executive chairman, regarding the May 2018 meeting in which Romauld Ferreira, minister of the environment and housing, told environmental groups that the government “would not support or approve licences for oil drilling in The Bahamas”. Reiterating that those present were never told BPC had applied for Environmental Authorisation (EA) for its Perseverance One well less than one month before, Mr Smith added of the prime minister’s stance: “This will certainly be a new ground in the Judicial Review. Frankly, we don’t know who advised the prime minister or the government. “According to him, he was advised that he was bound by these contracts. This is a waiver of attorney/ client privilege that brings it strictly within judicial determination; the credibility and strength of this advice. “Who did he get advice from? When did he get the advice, and what was the advice? We will be seeking disclosure of what legal advice the government got. This is fundamental:

Whether the agreements are binding or not. We will be applying for discovery.” The prime minister did not explain how, or why, the government’s agreements with BPC are so legally watertight that it cannot extricate itself from them should it choose to do so. This position has been echoed previously by both Carl Bethel QC, the attorney general, and Mr Ferreira, who have also argued that the government’s hands have been bound by the former Christie administration. The upcoming Judicial Review case provides the first opportunity to test this argument, which is likely based on legal advice that the government would have to pay BPC millions of dollars if it failed to renew its licences or walked away from their agreements without justification if the company had fulfilled its side of the bargain. Many Bahamians are likely to be sceptical about the prime minister’s assertion, especially since the Minnis administration has had several opportunities not to renew BPC’s licences if it was so opposed to oil drilling in Bahamian waters. A review of the record, based on BPC’s stock market filings, discloses that the former Christie administration extended the company’s licences for five drilling fields for a further year less than two months before the general election on March 21, 2017. That extended them until April 2018, when the oil explorer submitted its Environmental Authorisation

LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

IMV Investments Ltd. Voluntary Liquidation

Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act, 2000, the dissolution of IMV Investments Ltd.. has completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was 10th November 2020. Amicorp Bahamas Management Limited Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street P.O. Box N-4865 Nassau, Bahamas

(EA) application to the government. The trail regarding who has approved the licence extensions beyond April 2018 has already become murky, though. BPC, in its June 2017 results announcement, besides confirming the March 21, 2017, extension, also adds that the time to perform its oil drilling obligations has been pushed out for a further year to June 2019. It does not make clear whether this came from the Minnis or Christie administrations, though. What is clear is that the present government extended BPC’s licences and obligations from June 2019 to year-end 2020, and granted further extensions through to mid-June 2021 on the basis that COVID-19 had disrupted drilling plans. Mr Smith, meanwhile, said he and his clients were “seeking a date from the court this week as early as possible” to hear their Judicial Review application and “stay” the drilling of BPC’s Perseverance One well upon which drilling is supposed to start six days from now. “We do hope that the attorney general, Carl Bethel, will not obstruct, delay or obfuscate these proceedings as his office has traditionally done with applications to strike out, applications for security for costs, refusal to make discovery,” he told Tribune Business. “This is the time to make good with the Bahamian people and to shine a light on this BPC transaction.” Mr Smith said BPC’s licences, licence renewals and commercial terms will also be part of his clients’ discovery and disclosure applications. “It is our contention that both the PLP and FNM have miserably failed at every stage to engage the Bahamian public in a transparent fashion with what is happening with this project,” he blasted. “The entire risk is being borne by the Bahamian people and the Bahamian environment. “What protections do the Bahamian people have? We don’t have the technical resources, the know how and the financial resources... We don’t know anything about drilling for oil in The Bahamas. Our government has been playing with fire, and not at the risk of BPC.”

POSITION: ASSISTANT TO FINANCIAL CONTROLLER Company in the ships’ and yachts’ agents business is looking to fill the position of assistant controller. The role involves: • Maintaining the accounting records for the company as well as preparing management reports and monthly management financial statements, budgets and analysis of financial information. • Invoicing customers and following up on collections. • Bank and vendor supplier statement reconciliations. • Ensuring timely payment to vendors • Other administrative tasks. Applicants should have the following qualifications: • Five years work experience in an accounting environment. • Working knowledge of QuickBooks. • Proficiency in Microsoft suite of office products. • Good communications and team building skills. • Must be professional and well presented. The position offers an attractive package of compensation and benefits. Please respond via email with copies of academic certificates and two references to: portagency429@gmail.com .

THE TRIBUNE

N 2016, the Spanish diver Aleix Segura Vendrell became the world record holder for breath-holding free diving, managing to hold his breath for an incredible 24 minutes and three seconds. Before diving the athlete filled his lungs with pure oxygen and after emerging the first thing he did was breathing-in, instead of exhaling. This happened because during the dive the oxygen was slowly absorbed and released into the blood stream leaving the empty lungs on the verge of collapsing, with the diver desperately, and understandably, gasping for air as soon as he surfaced. Few things, if any, are as important to living creatures as breathing. Without oxygen life simply isn’t possible, our bodies have several inbuilt mechanisms that insure the continuation of the process, even in a state of unconsciousness. Try holding your breath for longer than feels comfortable and breathing will suddenly feel desperately essential. The coronavirus forced many of us to stop breathing. Unfortunately, and tragically, to some this happened literally, as the virus damaged the lungs ability to absorb oxygen. But for most, the process was more metaphorical. The lockdowns put in place to stop the dissemination of the virus stopped us from working and socialising. The economic costs are enormous; unemployment

Monday, December 14, 2020, PAGE 5

Like a deep sea diver we need to breathe life into the economy

He added that the payments provider, which has ambitions to evolve to the extent that clients can conduct all banking and financial services from their phone, will have a presence in Exuma, Eleuthera, Long Island and San Salvador by the end of the 2021 first quarter. Disclosing that Island Pay is one of the few companies expanding its workforce, with full-time staff set to grow from 11 to 15 in short order, and third-party providers taking headcount to 25, Mr Beckles said the company’s target was

“We’re not looking at what we need to do next year; we’re looking at what we need to do in the next five, ten and 15 years out. Our focus is on where The Bahamas needs to go to

become ready, yes, but also on how we want to make The Bahamas more competitive, more attractive as a jurisdiction in this new global environment we’re in.”

ACTIVTRADES WEEKLY | BY RICARDO EVANGELISTA | WWW.ACTIVTRADES.BS

A CHILD enjoying fresh air.

Digital provider ‘pulling the boot straps together’ FROM PAGE ONE

hit record highs, reaching almost 60 percent during the harsher phase of The Bahamas lockdown. The local economy, so dependent on the tourists who stopped coming, has been brutalised and the government was forced to borrow at very high interest rates in order to compensate for the lost income and to cover the expansion of welfare payments. If the economic impact of the virus, as horrendous as it has been, is easy to measure, the psychological scars left by the isolation and sudden poverty are harder to account for, becoming perhaps the hidden pandemic of 2020. Thankfully, science came

to the rescue and last week the UK became the first country to start inoculating its citizens with the new COVID vaccine, with many other countries expected to soon follow suit. There is now a light at the end of the tunnel and the general expectation is that in 2021 there will be a big rebound in economic activity, with massive vaccination programmes bringing the virus under control and ending the lockdowns. Economic activity is more than a mere meansto-an-end. The many thousands who lost their jobs miss more than just the income provided by their work. They are also missing the sense of purpose, the casual chats with colleagues and customers and the way the commute to and from work helps to frame the day. COVID brought the economy to an almost complete standstill and left many of us desperate for a return to the routine of the pre-pandemic days. Thanks to the vaccine we can now expect a return to normality in 2021. As the lungs of the diver, gasping for air at the moment of emerging, we will enjoy the return of the normality we desperately need.

not only to improve convenience for individual Bahamians but also boost this nation’s ease of doing business and competitiveness as a jurisdiction. With 27,000 total online customer wallets, including the 20,000 accounts that it distributes the governmentfunded unemployment benefit to on the National Insurance Board’s (NIB) behalf, the Island Pay chief told this newspaper: “We’re moving quickly. By the end of this year with the new programs rolled-out, we will have another 8,000-10,000. “We have growing demand in Abaco, Grand Bahama and Eleuthera.... By the end of the first

quarter 2021 we will be in Exuma, Eleuthera, Long Island and San Salvador.” Speaking to the loss of physical commercial bank branches in many Family Islands, Mr Beckles pledged that Island Pay and other digital providers will fill the gap. “I think the message for our Family Islands across the board should be one of optimism that there is a solution that is being readied to be rolled out, and the degree to which they can expect it in the short-term is pretty high. “There’s no need to panic. We’re working with all our stakeholders on plans to ensure there’s a

suitable solution from end to end; all the way down from Bimini in the north to Inagua. The governor of the Central Bank said it was important to have financial inclusion, and we at Island Pay are committed to making that happen.” Mr Beckles said criticisms of Island Pay over the allegedly late payment of unemployment benefits were “misplaced”, adding that payments were sent to electronic wallets within four hours of receiving the go-ahead from NIB which had to process and verify the transactions first. “The Bahamas, as it prepares for its digital transformation, we view it not as a destination but a continuum,” he added. “Island Pay intends to work with policymakers, regulators and stakeholders to ensure we’re ahead of the game.

To advertise in The Tribune, contact 502-2394

INTERNATIONAL BUSINESS COMPANIES ACT, 2000 SEFINT HOLDING GROUP LTD. In Voluntary Liquidation NOTICE is hereby given that in accordance with Section 138)4) of The International Business Companies Act, 2000, SEFINT HOLDINGS GROUP LTD. is in dissolution. The date of commencement of the dissolution was the 11th day of December A.D., 2020. Mr. Michael C. Miller, P.O.Box EE-17971, Nassau, Bahamas is the liquidator of Sefint Holding Group Ltd.

Michael C. Miller Liquidator

PAGE 6, Monday, December 14, 2020

KFC franchise faces ‘total survival mode’ FROM PAGE ONE

given critical deliberation to all the aspects, elements and impacts that would mitigate those losses. Our highest priority is the survival of the business and the sustained livelihoods of our team.” Ms Maynard said the KFC franchise, after assessing “the seriousness of our negative cash position”, was prepared to pay a one-week bonus to all staff this Wednesday plus a $40 voucher for ham and turkey. The balance of what is normally a bonus equivalent to two-and-a-half weeks’ salary would be paid in installments, including another voucher, “as soon as it is financially viable in 2021”. Restaurant (Bahamas) in a statement told Tribune Business the company was “disappointed” by Mr Ferguson’s suggestion that it was not negotiating in good faith, and had failed to notify and/ or discuss the matter with the union ahead of informing its staff. “Due to the present condition of the economy and the reduction in available hours of operation due to the COVID-19 pandemic over the past nine months, including an unprecedented industry shutdown in

August, KFC Nassau has seen a 40 percent contraction in business,” the company, which is owned by George Myers, said. “In order to survive this extraordinarily challenging economic environment, KFC Nassau has implemented a number of cost-cutting measures, as well as other strategies, to ensure that the business can survive. “Both our managerial union, the BHMA, and our line staff union, the Bahamas Hotel Catering & Allied Workers Union (BHCAWU), have been made aware of our financial challenges throughout the course of 2020 as we are in regular communication with both unions. Additionally, our managers have full access to the sales information for their restaurants and are fully aware of the economic difficulties that we face.” Mr Ferguson had blasted that it was “pure disrespect” for employers not to consult over cutting contractuallyagreed Christmas bonuses, arguing that this amounted to “unilaterally varying” valid industrial agreements that included their payment among its terms. He warned that it would be “an interesting holiday”

THE TRIBUNE if employers failed to discuss with unions in advance any plans to not pay bonuses that are included as part of industrial agreements, with the issue first emerging at the Water & Sewerage Corporation, where the line and management unions are now threatening industrial action. Restaurant (Bahamas), meanwhile, said it had also informed the Department of Labour of its need to restructure and reschedule Christmas bonus payments. “We reached an agreement with the BHCAWU to pay one week’s Christmas bonus on December 16, along with a ham or turkey voucher valued at $40, with the balance to be paid as soon as possible but no later than the end of the first quarter 2021,” it added. “It is our hope that we can continue to meet with the BHMA to come to the same agreement. The country and our business is struggling and we are not alone. Our competitors across the industry are facing similarly difficult circumstances. Some, like our affiliated restaurant Luciano’s, have gone out of business. “In short, KFC Nassau rejects Mr Ferguson’s suggestion that we are negotiating in bad faith at the last minute, and we hope to come to a resolution with the BHMA as quickly as possible, as we have done amicably with the BHCAWU,” the KFC franchise continued.

“These are unprecedented and difficult times for us all. We are working at every level to ensure the survival of the company and the continued employment of our managers and team members. While we will not shirk our responsibilities, it is not realistic to pay a full bonus payment at a time when we are struggling to keep our teams employed and our doors open.” Mr Ferguson said KFC’s 42 middle-managers, who are part of the Bahamas Hotel and Managerial Association’s (BHMA) bargaining unit, would typically receive a collective $61,000 Christmas bonus and around $4,000 to cover hams and turkeys. He added that the BHMA, and unions in general, were not opposed to Christmas bonus cuts given the financial realities imposed on their employers by the pandemic, but argued that the issue needed to be discussed with the recognised bargaining agent first prior to a unilateral decision being taken and the members informed. Some in the private sector last night voiced surprise at the extent of KFC’s struggles, with one saying: “I find it hard to believe. They’re busy all the time.” However,

fast food industry margins are not the widest, and the sector has received its fair share of blows from COVID19 lockdowns, curfews and restrictions on indoor dining and the number of persons allowed in a restaurant at once. Restaurant (Bahamas) issues are also likely top be representative of the challenges faced by much of the wider Bahamian private sector amid the COVID-19 pandemic. Atlantis, too, has reduced this year’s Christmas bonuses beyond what it is obligated to pay under the industrial agreement with the BHCAWU, although the union has said its main priority is to preserve jobs. The Paradise Island mega resort, as well as providing

a ham and turkey voucher, is this year paying a holiday bonus of $500. Dave Beckford, a now former Atlantis employee (see article on Page 3B), said the industrial agreement calls for this bonus to be two-and-a-half weeks for workers who have been there five or more years, and two weeks for those there five years or less. Many Bahamian workers rely on their annual Christmas bonus to finance present and gift shopping, and purchases of holiday food. However, many employers will likely not be in a position to afford them, or at least the normal amount, this year due to the financial blows inflicted by COVID-19 and the associated lockdowns, curfews and other restrictions.

THE TRIBUNE

Monday, December 14, 2020, PAGE 7

Minister: ‘We don’t make $1’ through health travel visa FROM PAGE ONE

Grand Bahama to the Family Islands are already required to have a COVID19 PCR test that costs anywhere from $125 to $225. “This new charge places additional burdens on Bahamians who want to return home to the Family Islands. I ask that this decision be reversed immediately. It flies in the face of good sense and once again burdens Bahamians at a time of great economic upheaval,” Mr Cooper argued. However, Mr D’Aguilar said the $25 fee was intended to “exclusively cover” the costs of the rapid antigen test, which all domestic travellers must take five days after they have travelled regardless of whether they have subsequently returned to their home island. “It doesn’t matter where you are after the fifth day, you have to take the test,” he emphasised, adding that this meant Bahamians faced the same COVID-19 health travel protocols as foreign visitors with the $25 covering the cost of administering the rapid antigen test and uploading the results to the Ministry of Tourism’s platform. “We don’t make a dollar on that,” the minister told this newspaper. “It is a cost but the government and Ministry of Health felt if you leave New Providence and Grand Bahama you should take the COVID19 PCR test and, five days later, take the rapid antigen test.

“This is purely a cost recovery at a time when the government is very cost conscious. We’re equalising this with them regime for coming into the country from a foreign destination. The cheapest visa when you come internationally is $40, so we’re probably taking a loss on this to ensure the regime is the same.” Acknowledging the extra bureaucracy, red tape and cost associated with travel in the COVID-19 era, Mr D’Aguilar said: “Everybody wants us to return to pre-COVID-19 conditions where persons can get up and move from one island to another. “The reality is that COVID-19 is very much among us, and it can flare up at a moment’s notice, so the government is trying to walk a very thin tightrope to allow people to travel but not contribute to the community spread that we saw in July and August. “Everybody is annoyed with this and focused on the costs associated with travel in this COVID-19 era, but if we don’t put in these protocols there’s the belief we will return to what happened in August, September and October. They’re definitely an impediment to travel. It may be expensive, it may be difficult, but for right now it’s ensuring we keep the numbers under control.” Mr D’Aguilar, meanwhile, admitted that the lack of airlift capacity and inbound seats into The Bahamas as its major resort destinations start to open up is “definitely very concerning”. “Our airlift department

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 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 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.

NOTICE NOTICE is hereby given that JAIME MILES LEWIS of #62 Sandford Drive P.O.Box CB-13338 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 14th day of December 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

and the Nassau/Paradise Island Promotion Board; the persons that focus on airlift, they are very, very concerned about it and are working assiduously to ensure sufficient airlift is in place and what we’d like to see into the destination,” he told this newspaper. “It’s always the hotel rooms come first, then the demand and then the airlift. This is an ongoing problem at the best of times. We’re always very concerned, and are working with our hotel partners through the Nassau/Paradise Island Promotion Board to address their concerns. I think it will be fairly slow to start, but as the word gets out there it will ramp back up.” United Airlines said it was committing to operate five weekly flights from New York into Nassau, and Houston into Nassau, from December 17 when Baha Mar re-opens.. Jonathan Guerin, the airline’s spokesperson, told Tribune Business: “Throughout the pandemic, United has been a leader in nimbly reshaping our schedule as we continue to respond to the impact of COVID-19 on the demand for travel. “United is currently

operating seven flights a week between our hub in New York/Newark and Nassau, and three weekly flights between Houston and Nassau. Beginning next week, December 17, United will operate five weekly flights from New York/ Newark; two weekly flights from Washington Dulles; five weekly flights from Houston and two weekly flights from Chicago. “In January, we plan to continue five flights a week from New York/Newark and weekly service from Washington Dulles, Houston and Chicago. We continue to closely monitor and analyse travel trends and will adjust our schedules to match capacity with demand.” Audrey Oswell, Atlantis’ chief executive, had voiced concerns over whether there is sufficient airlift to meet bookings and demand when the resort opened on

December 10. Mr D’Aguilar said, though, that “the cogs of tourism are beginning to churn” with more than 4,300 resort industry workers returning to a combination of Atlantis and Baha Mar. “It sends a strong signal to the market that the flagship

To advertise in The Tribune, contact 502-2394

YOUR

properties are operating again. It’s a massive confidence boost to the system,” he added. “Persons are getting paid again, and the effects that will have on the economy are seismic. It’s still a fraction of what it was, but every little bit helps.”

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

LEGAL NOTICE

NOTICE GLOBAL INTERLINK LTD. NOTICE IS HEREBY GIVEN as follows: (a) GLOBAL INTERLINK LTD. is in dissolution under the provisions of the International Business Companies Act, 2000. (b) The dissolution of the said Company commenced on the 10th December, 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Ms. Marina Jimenez of Avienda Nunez de Caceres Num, 8, Bella Vista, Santo Domingo. H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

MARKET REPORT www.bisxbahamas.com

FRIDAY, 11 DECEMBER 2020

BISX ALL SHARE INDEX:

CHANGE

2089.25

0.19

%CHANGE

YTD

YTD%

0.01 -142.35

-6.38

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

BISX LISTED & TRADED SECURITIES 52WK HI 4.08 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 16.75 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

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 2.36 6.50 10.42 8.40 14.12 3.80 8.25 15.20

CLOSE 4.06 32.12 1.62 1.78 1.67 6.00 6.61 2.90 4.75 3.62 5.90 11.26 2.38 6.50 10.35 8.40 14.24 3.80 8.25 15.20

CHANGE 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.01) 0.00 0.00 0.02 0.00 (0.07) 0.00 0.12 0.00 0.00 0.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

VOLUME 5,666

4,000

1,000 500

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 17.0 34.5 N/M N/M N/M N/M 17.9 -6.6 33.9 19.7 13.1 15.6 23.3 13.9 16.0 11.5 17.5 18.7 8.8 24.1

YIELD 4.19% 3.92% 1.23% 0.00% 0.00% 0.00% 3.93% 0.00% 0.00% 3.31% 3.73% 6.39% 18.24% 0.92% 3.17% 2.86% 3.79% 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 TRIBUNE

Monday, December 14, 2020, PAGE 9

Stocks extend losses as virus aid languishes in Congress

Associated Press

US stock indexes pulled further away from their recent highs Friday as prospects for another aid package from Washington faded while a surge in virus cases threatens to inflict more damage on an already battered economy. The S&P 500 slipped 0.1%, its third-straight decline since it set a record high on Tuesday. The benchmark index ended the week 1% lower after two weeks of solid gains. Losses in financial, technology, health care

and other sectors outweighed gains in communication services stocks, industrial companies and elsewhere. Treasury yields fell broadly, a signal that traders were seeking to lessen their exposure to riskier holdings. The latest bout of selling, which eased toward the end of the day, came as investors continue to hope for Washington to come through with another financial lifeline for people, businesses and state governments struggling as the coronavirus pandemic worsens. But an emerging $900bn aid package from a bipartisan group of lawmakers has essentially collapsed because of continued partisan bickering. “We still don’t have a deal in Congress for a rescue package,” said Randy

Frederick, vice president of trading and derivatives at Charles Schwab. “If it doesn’t happen, the market could struggle.” The S&P 500 slipped 4.64 points to 3,663.46. The index had been down 34 points in the early going. The Dow Jones Industrial Average got a boost from Disney, which hit a new high. The index rose 47.11 points, or 0.2%, to 30,046.37. The tech-heavy Nasdaq lost 27.94 points, or 0.2%, to 12,377.87. Small company stocks, which have been making solid gains this month, also fell. The Russell 2000 smallcap index gave up 11.01 points, or 0.6%, to 1,911.70. Technology companies and banks led the decline. Apple fell 0.7% and Bank of America dropped 1.9%.

Disney jumped 13.6%, a record high and the biggest gain in the S&P 500, after giving investors an encouraging update on subscriber growth and future plans for its Disney Plus streaming service. Stocks have been climbing over the last few weeks as advances in vaccine development raised hopes that the pandemic could be tamed in the coming months and set the global economy on a path to normalcy. “The excitement over the vaccine has already been priced in and the market is fairly overbought, based on where we are in the economy right now,” said Kenny Polcari, managing partner at Kace Capital Advisors. The UK has already started vaccinating people

with Pfizer and BioNTech’s vaccine. On Friday, the Food and Drug Administration authorised an emergency rollout of that vaccine, with shots for health workers and nursing home residents expected to begin in the coming days. Widespread vaccination will take months and the virus pandemic is prompting tighter restrictions on businesses. An already slow economic recovery appears to be stalling in the wake of the latest surge and unemployment is rising. Polcari said markets are simply churning and consolidating following a strong November and he expects that to continue through December as stimulus talks continue. Wall Street is also waiting for a special election

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 77° F/25° C Low: 61° F/16° C

TAMPA

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Partly sunny, a shower in the p.m.

Mainly clear

Sunny to partly cloudy and nice

Mostly sunny and pleasant

Mostly sunny

Mostly cloudy; breezy in the p.m.

High: 80°

Low: 69°

High: 79° Low: 69°

High: 80° Low: 70°

High: 80° Low: 68°

High: 79° Low: 66°

AccuWeather RealFeel

89° F

75° F

90°-71° F

85°-72° F

87°-68° F

78°-63° 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.

almanac

ABACO

High: 80° F/27° C Low: 71° F/22° C

7-14 knots

High: 84° F/29° C Low: 67° F/19° C

7-14 knots

FT. LAUDERDALE

FREEPORT

High: 84° F/29° C Low: 68° F/20° C

W S

WEST PALM BEACH

uV inDex toDay

TONIGHT

High: 75° F/24° C Low: 62° F/17° C

High: 79° F/26° C Low: 69° F/21° C

MIAMI

High: 84° F/29° C Low: 69° F/21° C

6-12 knots

KEY WEST

High: 79° F/26° C Low: 71° F/22° C

High: 80° F/27° C Low: 69° F/21° C

High: 82° F/28° C Low: 70° F/21° C

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

7:04 a.m. 7:23 p.m.

3.6 2.6

12:38 a.m. -0.9 1:34 p.m. -0.6

Tuesday

7:55 a.m. 8:16 p.m.

3.5 2.6

1:30 a.m. -0.9 2:26 p.m. -0.6

Wednesday 8:46 a.m. 9:08 p.m.

3.5 2.5

2:21 a.m. -0.8 3:17 p.m. -0.5

Thursday

9:36 a.m. 10:00 p.m.

3.3 2.4

3:12 a.m. -0.6 4:08 p.m. -0.4

Friday

10:26 a.m. 10:54 p.m.

3.1 2.3

4:04 a.m. -0.3 4:59 p.m. -0.2

Saturday

11:17 a.m. 11:49 p.m.

2.9 2.3

4:57 a.m. 5:50 p.m.

0.0 0.0

Sunday

12:08 p.m. -----

2.6 -----

5:53 a.m. 6:40 p.m.

0.2 0.1

sun anD moon Sunrise Sunset

6:47 a.m. 5:23 p.m.

Moonrise Moonset

6:39 a.m. 5:31 p.m.

New

First

Full

Last

Dec. 14

Dec. 21

Dec. 29

Jan. 6

CAT ISLAND

High: 83° F/28° C Low: 72° F/22° C

3-6 knots

4-8 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 ................................................... 83° F/28° C Low .................................................... 66° F/19° C Normal high ....................................... 79° F/26° C Normal low ........................................ 67° F/20° C Last year’s high ................................. 84° F/29° C Last year’s low ................................... 71° F/22° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ............................................... 67.20” Normal year to date ................................... 39.05”

ELEUTHERA

NASSAU

in Georgia in early January, which could potentially switch the balance of power in the US Senate. European stocks slipped over the increased possibility that the UK and the European Union will fail to strike a deal on a new economic relationship heading into next year. Britain left the EU on Jan 31 but has continued to follow the trading bloc’s rules during a transition period that lasts until the end of the year. A no-deal split would bring overnight tariffs and other economic barriers that would hurt both sides. The yield on the ten-year Treasury held steady at 0.89%. European markets ended lower, while Asian markets closed mixed.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 82° F/28° C Low: 73° F/23° C

High: 83° F/28° C Low: 75° F/24° C

High: 83° F/28° C Low: 71° F/22° C

LONG ISLAND

tracking map

High: 83° F/28° C Low: 74° F/23° C

7-14 knots

MAYAGUANA High: 83° F/28° C Low: 74° F/23° 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: 75° F/24° C

High: 83° F/28° C Low: 74° F/23° C

GREAT INAGUA High: 84° F/29° C Low: 74° F/23° C

N E

7-14 knots

8-16 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 7-14 Knots WSW at 3-6 Knots SW at 3-6 Knots ENE at 3-6 Knots SE at 7-14 Knots SE at 3-6 Knots ESE at 8-16 Knots E at 7-14 Knots S at 6-12 Knots NNE at 3-6 Knots SW at 8-16 Knots ESE at 6-12 Knots SE at 4-8 Knots ENE at 3-6 Knots E at 8-16 Knots E at 8-16 Knots ESE at 7-14 Knots E at 6-12 Knots ESE at 8-16 Knots E at 7-14 Knots SW at 4-8 Knots NNE at 2-4 Knots SE at 7-14 Knots E at 7-14 Knots SE at 7-14 Knots ENE at 2-4 Knots

WAVES 3-6 Feet 3-5 Feet 0-1 Feet 0-1 Feet 3-5 Feet 2-4 Feet 3-5 Feet 2-4 Feet 3-6 Feet 3-5 Feet 1-3 Feet 1-3 Feet 1-2 Feet 0-1 Feet 3-5 Feet 2-4 Feet 1-3 Feet 1-2 Feet 4-8 Feet 4-7 Feet 1-2 Feet 0-1 Feet 1-3 Feet 1-3 Feet 1-3 Feet 1-2 Feet

VISIBILITY 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 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 78° F 78° F 77° F 77° F 80° F 80° F 81° F 81° F 79° F 79° F 78° F 79° F 79° F 80° F 81° F 81° F 81° F 81° F 80° F 80° F 79° F 79° F 80° F 80° F 79° F 80° F

THE TRIBUNE

Monday, December 14, 2020, PAGE 11

US agencies hacked in cyberspying campaign WASHINGTON Associated Press HACKERS broke into the networks of the Treasury and Commerce departments as part of a monthslong global cyberespionage campaign revealed yesterday, just days after the prominent cybersecurity firm FireEye said it had been breached in an attack that industry experts said bore the hallmarks of Russian tradecraft. In response to what may be a large-scale penetration of US government agencies, the Department of Homeland Security’s cybersecurity arm issued an emergency directive calling on all federal civilian agencies to scour their networks for compromises. The threat apparently came from the same cyberespionage campaign that has afflicted FireEye, foreign governments and major corporations, and the FBI was investigating. “This can turn into one of the most impactful espionage campaigns on record,” said cybersecurity expert Dmitri Alperovitch. News of the hacks, first reported by Reuters, came less than a week after FireEye disclosed that foreign government hackers had broken into its network and stolen the company’s own hacking tools. Many experts suspect Russia is responsible. FireEye’s customers include federal, state and local governments and top global corporations. The apparent conduit for the Treasury and Commerce Department hacks — and the FireEye compromise — is a hugely popular piece of server software called SolarWinds. It is used by hundreds of thousands of organisations globally, including most Fortune 500 companies and multiple US federal agencies, said Alperovitch,

the former chief technical officer of the cybersecurity firm CrowdStrike. The DHS directive — only the fifth since they were created in 2015 — said US agencies should immediately disconnect or power down any machines running the impacted SolarWinds software. FireEye, without naming any specific targets, said in a blog post that its investigation into the hack of its own network had identified “a global campaign” targeting governments and the private sector that, beginning in the spring, had slipped

malware into a SolarWinds software update. Neither the company nor US government officials would not say whether it believed Russian state-backed hackers were responsible. The malware gave the hackers remote access to victims’ networks, and Alperovitch said SolarWinds grants “God-mode” access to a network, making everything visible. “We anticipate this will be a very large event when all the information comes to light,” said John Hultquist, director of threat analysis at FireEye.

THE US Treasury Department building.

PAGE 12, Monday, December 14, 2020

THE TRIBUNE

Going ‘the extra mile’: UK, EU keep up Brexit trade talks BRUSSELS Associated Press TEETERING on the brink of a no-deal Brexit departure, Britain and the European Union stepped back from the void Sunday and agreed to continue trade talks, although both downplayed the chances of success. British Prime Minister Boris Johnson and EU Commission President Ursula von der Leyen ditched a self-imposed deadline and promised to “go the extra mile” to clinch a post-Brexit trade agreement that would avert New Year’s chaos and costs for cross-border commerce. “Where there’s life, there’s hope,” said Johnson, offering little else as rationale to keep on with talks that have struggled to make headway for most of the year and need to be finished before Jan 1, when the transition period for Britain, which left the EU last January, ends. With hundreds of thousands of jobs and tens of billions in trade at stake,

von der Leyen said after her phone call with Johnson that “we both think it is responsible at this point in time to go the extra mile”. All this, she added, “despite the exhaustion after almost a year of negotiations and despite the fact that deadlines have been missed over and over.” UK and EU negotiators were still talking at EU headquarters yesterday, with less than three weeks to go until the UK leaves the economic embrace of the 27-nation bloc. But their leaders failed to present visible progress on any of the outstanding issues of fair-competition rules, mechanisms for resolving future disputes and fishing rights. Johnson said the “most likely” outcome was that the two sides wouldn’t reach a deal and would trade on World Trade Organization terms, with the tariffs and barriers that would bring. European Council President Charles Michel warned there could not be a deal “at any price, no.

EUROPEAN Commission President Ursula von der Leyen arrives to deliver a statement at the EU headquarters in Brussels yesterday. Britain and the European Union say talks will continue on a free trade agreement — a deal that if sealed would avert New Year’s chaos for cross-border traders and bring a measure of certainty for businesses after years of Brexit turmoil. Photo: Olivier Hoslet/AP What we want is a good deal, a deal that respects these principles of economic fair play”.

It remains unclear how much of the gap between the two sides is negotiating tactics and how much reflects fundamental differences that make a deal unlikely. “Negotiations need to have a purpose,” said Fabian Zuleeg of the EPC think tank. “We just spent another four to five days not moving forward, so adding more days doesn’t really help.” He said the extension of talks just seems an indication “that neither side wants to be blamed for no deal”. It has been four and a half years since Britons voted narrowly to leave the EU and — in the words of the Brexiteers’ slogan — “take back control” of the UK’s borders and laws. It took more than three years of wrangling before Britain left the bloc’s political structures on Jan 31. Disentangling economies that have become closely entwined as part of the EU’s single market for goods and services took even longer. The UK has remained part of the single market and customs union during an 11-month post-Brexit transition period. That means so far, many people will have noticed little impact from Brexit. On Jan 1, it will feel real. New Year’s Day will bring huge changes, even with a deal. No longer will goods and people be able to move between the UK and its continental neighbours. Exporters and importers face customs declarations, goods checks and other obstacles. EU citizens will

To advertise in The Tribune, contact 502-2394

no longer be able to live and work in Britain without a visa — though that doesn’t apply to the more than three million already there -- and Britons can no longer automatically work or retire in the EU. There are still unanswered questions about significant areas, including security cooperation between the two sides and access to the EU market for Britain’s huge financial services sector. Without a deal, the disruption would be far greater. The UK government has acknowledged a chaotic exit is likely to bring gridlock at Britain’s ports, temporary shortages of some goods and price increases for staple foods. Tariffs will be applied to many UK goods, including 10% on cars and more than 40% on lamb, hurting the UK economy as it struggles to rebound from the impact of the coronavirus pandemic. Johnson insists the UK will still “prosper mightily” on those terms but British businesses have been sounding the alarm with increasing urgency. “The 11th hour has passed and every passing moment of uncertainty makes it harder for businesses to prepare effectively for Jan 1,” said Helen Dickinson, chief executive of the British Retail Consortium. While both sides want a deal, they have fundamentally different views of what it entails. The EU fears Britain will slash social and environmental standards and pump state money into UK industries, becoming a low-regulation economic

rival on the bloc’s doorstep, so is demanding strict “level playing field” guarantees in exchange for access to its market. The UK government claims the EU is trying to bind Britain to the bloc’s rules and regulations indefinitely, rather than treating it as an independent nation. Johnson yesterday repeated his willingness to go to Brussels or other European capitals if it would help seal a deal. His attempts to speak directly to key national leaders including French President Emmanuel Macron and German Chancellor Angela Merkel have been rebuffed by the EU, which says the Commission speaks for all EU nations in the Brexit negotiations. Britain’s belligerent tabloid press urged Johnson to stand firm, and floated the prospect of Royal Navy vessels patrolling UK waters against intruding European fishing vessels. But others, in Britain and across the EU, urged the two sides to keep talking. “Every opportunity to still reach an agreement is highly welcome,” said Merkel. Spanish Foreign Minister Arancha Gonzalez Laya said a no-deal Brexit would be a “double whammy” for economies already battered by the pandemic. Irish Prime Minister Micheal Martin, whose economy is more entwined with Britain’s than any other EU nation, said “even at the 11th hour, the capacity in my view exists for the United Kingdom and the European Union to conclude a deal that is in all our interests.”