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FRIDAY, DECEMBER 18, 2020

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‘Talk is cheap’ warning over $1.5bn debt fears

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

HE government was yesterday warned that “talk is cheap” when it comes to The Bahamas’ mounting fiscal and economic woes, as governance reformers demanded: “Let’s see some action.” Robert Myers, the Organisation for Responsible Governance’s principal, told Tribune Business “we’ve heard it all before” with the government’s Fiscal Strategy Report laying out little that was new in terms of the country’s problems or a strategy for addressing both GDP growth and the

• Governance reformer urges: ‘Let’s see some action’ • Economist’s concerns on higher refinancing rates • Little progress on multi-billion public pension woe

ROBERT MYERS

expanding national debt and fiscal deficit. “They’ve kicked that can down the road as far as they can,” he said of a national debt that is projected to hit the $10.4bn mark by mid2022. “I would say talk is cheap. Let’s see action. We’ve heard it all before. Start making it happen. “I don’t want to hear any more talk. Nobody believes in that any more. The public sector and the administration has to start making it happen. It’s time for them

to act and stop talking. If they’re not going to act then we need to find somebody else who will. That’s then bottom line. The talk is over, over. Act or get out. “They haven’t made the ease and cost of business any lower. They’ve added more bureaucracy, they haven’t increased foreign direct investment (FDI), have not reduced the cost of the public sector and not

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Bahamas is hailed for ‘stroke of genius’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas was yesterday hailed for “a stroke of genius” in developing Florida-based pre-clearance facilities for a private aviation market that has “almost doubled” in volume during recent months. Rick Gardner, director of CST Flight Services, which provides flight co-ordination and trip support services to the private aviation industry throughout the Caribbean and Latin America, told Tribune Business that the two locations will represent an industry “game changer that no other country has” when they become operational in early 2021. He explained that the initiative will “open up” Family Islands that presently lack designated ports

• Creates private aviation ‘game changer’ • Industry player: No one else comes close • Preclearance to open as volumes up 100% of entry by enabling private pilots and their clients to clear Customs, Immigration and COVID-19 protocols while still in the US, and also reduce the cost, complexity and time associated with flying to The Bahamas. Mr Gardner, a member of The Bahamas Civil Aviation Council as well as a Bahamas Flying Ambassador, said the initiative will also benefit charter companies and seaplanes bringing clients to The Bahamas as it will help reduce the costs associated with their services. He explained that by facilitating pre-clearance in Florida, these planes will

Tourism rebound to be ‘slower than we want’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A SENIOR tourism executive yesterday warned that The Bahamas’ rebound will be “slower than we want it to be” despite Atlantis moving to expand its re-opening with The Cove’s February 11 return. Fred Lounsberry, the Nassau/Paradise Island Promotion Board’s president, said Baha Mar’s return yesterday - along with Atlantis expanding its re-opening through The Cove - was what all industry stakeholders

QC pushes to ‘settle’ Gaming Board dispute By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A QC representing 24 former Gaming Board staff yesterday said he “doesn’t understand” why it has failed to settle the dispute over their termination as the potential taxpayer liabilities are rising daily. Wayne Munroe, speaking after attorneys for the government regulator withdrew their bid to overturn a previous Supreme Court decision, told Tribune Business he hoped it would move to resolve the matter

have been waiting for over the past nine months. He said: “We need all of our properties open. I know it’s been a slow, slow process, but Baha Mar is a great addition. Sandals will be a great addition when they open in January. It all adds up. It’s all important that we have that critical mass of properties, with a wide variety of properties.” Mr Lounsberry warned, however, that the tourism industry’s rebound will be slower than anticipated. He said: “I think our momentum is going to be slower than we

SEE PAGE 2 rather than go through another appeal. “They’re making the case it wasn’t a redundancy exercise because there was a surplus of labour,” he said. “There was only a surplus of labour accumulating at the Gaming Board because there was automation of their processes, which is a classic case of redundancy. “I don’t understand their argument. Hopefully they may come to settle it. I don’t understand why they don’t settle. Every day the amount to reinstate climbs. This is December, nine months down the road (from Justice Indra Charles ruling on February 17, 2020). If they don’t get reinstated until March next year that’s 12 months more.”

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no longer have to clear at a designated port of entry in The Bahamas on either an inward or outbound journey, thus slashing “three landings into one”. The pre-clearance move, he indicated, was perfectly timed to boost a tourism niche likely to rebound faster from the COVID19 pandemic than others with the volume of private flights to The Bahamas up “almost 100 percent” year-over-year for October and November as high net worth individuals and their families sought to escape soaring infection rates in the US and elsewhere. While December numbers

were “not following the same trend”, which Mr Gardner attributed to the ongoing spike in COVID-19 cases in the US and warnings by health authorities not to travel, he added that the figures were still “way up” on 2019 comparatives. Suggesting that The Bahamas’ pre-clearance move will further boost this performance, he told Tribune Business: “I believe that the pre-clearance is a stroke of genius by The Bahamas’ government and will positively help private aviation to The Bahamas.

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Cyber security experts: BTC network vulnerable By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMAS-based cyber security experts yesterday argued that the Bahamas Telecommunications Company’s (BTC) outdated network equipment left it vulnerable to penetration by malign actors. Scott MacKenzie, Cloud Carib’s managing director, told Tribune Business that it was easy to access BTC’s systems because the carrier, and possibly its immediate parent, Cable and Wireless Communications (CWC), were using legacy networks and equipment that are at least 20 years out-of-date. Speaking following allegations that Chinese state-owned entities had used BTC’s network to spy on US citizens, Mr MacKenzie said: “The issue relating to the SS7 network that China allegedly hacked into is that SS7 is a very, very old protocol that was primarily used in PSTN (Public switched telephone network). “So moving away from legacy network operator protocols would be important.” He said major telecommunications companies such as AT&T had begun to do this back in 1999-2000, and added: “Those large telecommunications companies started to move away from SS7, more towards SIP (Session Initiation Protocol) based protocols for their telecommunications operator.” Describing SS7 as an “ancient protocol” for telecommunications providers, Mr McKenzie said it was vulnerable to hacking and other attacks from “bad actors” unless BTC and CWC were constantly upgrading their networks. BTC, which is 49 percent owned by the government, earlier this week told Tribune Business in a statement it was “carefully reviewing”

claims - first published in the Guardian newspaper in the UK - that state-owned Chinese communications providers had used its systems to conduct surveillance on Americans roaming on their mobile phones in The Bahamas. Other CWC subsidiaries in the Caribbean, especially Barbados, were also identified as major sources of these alleged breaches which - if true - have huge national security and economic implications for The Bahamas, as well as its ability to safeguard the personal data and civil liberties of both its own citizens and US visitors that make up 85 percent of its tourism market. The assertion that major security vulnerabilities exist in the Bahamian telecommunications system was based on a report by Gary Miller, a US former mobile network security executive, who was said by the UK Guardian to have “spent years analysing mobile threat intelligence reports, and observations of signalling traffic between foreign and US mobile operators”. Miller and his business, Exigent Media, a cyber threat research firm, have published two reports that detail how BTC’s mobile phone system was purportedly used in a “co-ordinated attack” on US cellular phone numbers by Chinese stateowned mobile providers. The first report, Far from home - active foreign surveillance of US mobile users, argued that international roaming - the practice whereby Bahamians use a foreign carrier’s network for communications services overseas, just as Americans use BTC and Aliv’s systems when they are in this nation - has enabled “covert foreign surveillance” of mobile users. It explained that hostile

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PAGE 2, Friday, December 18, 2020

THE TRIBUNE

Atlantis confirms Cove’s Bahamas is hailed February 11 re-opening for ‘stroke of genius’ ATLANTIS yesterday unveiled the next stage in its COVID-19 re-opening plans by confirming the 600-suite The Cove resort will be receiving guests from February 2021. The mega resort also revealed that it has teamed with fellow Paradise Island resorts, The Ocean Club and Comfort Suites, plus the Ocean Club Golf Course to create an expanded Paradise Island Safe Zone. Effectively an extension of the so-called COVID-19 “bubble” concept, which is designed to mitigate the risk posed to guests, staff and Paradise Island residents, Atlantis described the zone as an “enhanced screened area”. “Registered guests of the Paradise Island safe zone properties will have access to all three properties’ dining options, retail shops, spa, golf, Marina Village, Atlantis casino, and more, and sanitized transportation provided to all venues,” Atlantis said. “Guests of the safe zone properties are not required to take The Bahamas’ day five COVID-19 rapid antigen test if they remain in the Paradise Island Safe Zone for their vacation duration.” An Atlantis spokesperson was yesterday unable to confirm how many

FROM PAGE ONE

ATLANTIS THE COVE

additional employees will be recalled to man The Cove and join the 2,500 brought back to work last week, but confirmation of the resort’s expanded opening will give a further confidence boost to the wider Bahamian tourism industry that the sector’s reopening can be sustained. “We are thrilled to be reopening The Cove Atlantis and re-introducing this elegant, sensorial retreat to our returning guests as well as new guests,” said Audrey Oswell, Atlantis’ president and managing director.

“Those looking for a redefined luxury getaway complete with white-glove Bahamian service, exclusive amenities, suite accommodations with breathtaking ocean views, private beach access, and a true oasis to relax and reconnect with their loved ones will find it all at The Cove. “We look forward to debuting upgrades and experiences in the months ahead so guests can create new once-in-a-lifetime memories and immerse themselves in our authentic Bahamian culture.”

“Out Island destinations that do not have airports of entry (AOE) such as Arthur’s Town, Deadman’s Cay, Staniel Cay, Norman’s Cay, Sandy Point, Crooked Island, Acklins etc will now become easier destinations to fly to. “For example, to fly to Staniel Cay today, you have to make an intermediate stop in Bimini, Andros or New Providence to clear into The Bahamas before flying into Staniel. Under the pre-clearance programme, aircraft can fly directly to Staniel,” Mr Gardner explained. “Also, seaplane operators could fly direct to an island/yacht and deliver its passengers. Another benefit is to reduce congestion at Lynden Pindling International Airport during the December and early January timeframe because aircraft that are only landing there to complete entry formalities can skip the airport entirely and fly direct to their destination.” The two Florida-based pre-clearance facilities are located at Banyan Air Service at Fort Lauderdale Executive Airport, and Sheltair Aviation at Fort Lauderdale International Airport. Greg Rolle, the Ministry of Tourism’s senior director of vertical markets, yesterday confirmed that both locations are due to open in early 2021 between the hours of 7am and 6pm. Mr Gardner said private pilots and their passengers will then be able to go into “an enclosed, controlled space” manned by Bahamian Customs and Immigration officers, and complete all formalities associated with entry into The Bahamas for both persons and planes. The inbound C7-A form for inbound planes can be completed, and the $29 per

head departure tax paid upfront in advance rather than at the back end. “It’s a big win,” Mr Gardner told this newspaper. “For a charter pilot going to Staniel Cay it takes three landings down to one. Where you lower the bar - the cost and complexity threshold - more people are willing to come over and go to other destinations. “I haven’t been able to completely absorb all the ramifications, but they’re all good. I just see upside for The Bahamas. I see upside for the Family Islands because planes and pilots that would not normally visit today, it opens up the whole ball game for charter businesses. “You have high net worth clients that would like to visit a cay in the Exumas without an airport, you can charter a seaplane and go. It’s just a win all the way around, and I don’t know of any other country that has something like this,” he continued. “It’s a game changer. It’s out of the box. The US has pre-clearance facilities for private pilots in the US Virgin Islands, but you have to land at a port of entry in the US and if you try to land at a private airstrip it’s up to them whether they accept you. “This is far beyond that. It takes it to a whole new level. It’s a game changer. It’s forward thinking that is out of the box. It’s good for the Family Islands because you’ve lowered the time, complexity and cost, and when you do that only good things happen. More people jump over the bar.” Mr Gardner, whose company assists multiple pilots heading to The Bahamas every year, said of business levels: “October and November were boom; just huge. We had double, almost 100 percent more, for October and November. “Three charter companies said they were seeing

big numbers over last year, and seeing big volumes for December and January, so it sounds like people across the board are seeing significantly good numbers. “December is not quite following the same pace, and I think that’s being driven by the COVID-19 spike in the US and the Centres for Disease Control and Prevention (CDC) advising against travel, but it’s still way up on last year.” Mr Gardner added that The Bahamas’ testing regime also provided a competitive advantage as persons wanted to travel to countries seeking to mitigate the virus. Mr Rolle, meanwhile, told Tribune Business: “The close proximity of The Bahamas to the United States makes pre-clearance a ‘game changer’ when it comes to enhancing the customer experience, simplifying the process, increasing safety, cutting aircraft operators’ costs, and making many additional destinations within the Bahamas more attractive to the private pilot.” Explaining that the two Florida facilities will not deal with air cargo, he added: “Many people traveling to remote islands of The Bahamas via private and charter aircraft can now take a more direct route to their destination, which reduces the number of landings and greatly lowering operating costs while increasing safety. “There is a large reduction in cost to private pilots with savings in fuel, cycles and wear and tear on the aircraft. It also reduces the congestion caused by small aircraft traffic at the Lynden Pindling International Airport (LPIA). “Pre-clearance allows both the Customs and Immigration departments to operate more efficiently and capture the general aviation government revenues more accurately.”

BAHA Mar welcomed its first guests yesterday after being closed for almost nine months, due to the COVID-19 pandemic. PHOTOS: Kemuel Stubbs/BIS

Tourism rebound to be ‘slower than we want’ FROM PAGE ONE want it to be. I think that’s what you’re probably hearing from everybody; that it’s going to be a very, very slow return, but hopefully by the time we get into March and April, we’re seeing a more significant uptick.” Meanwhile Muna Issa, SuperClubs Breezes managing director, told Tribune Business: “We are very happy that Baha Mar has re-opened. Hopefully now that Baha Mar and Atlantis have re-opened the airlines will increase the frequency of their flights, and that will in turn give us a boost.” Describing the two mega resorts’ re-opening as a “chicken and egg” scenario, where they will drive the airlift to bring more tourists as demand ramps up, she added: “If there are flights I will open a hotel, or if there are hotel rooms the flights will come. “In this case, with flights operating at a loss they need a variety of accommodations so they can fill the seats. So now that the casino hotels are open I am fairly confident flights should increase.” Wesley Ferguson, the Bahamas Taxi Cab Union’s president, said Baha Mar’s return, together with the Cove joining the Royal Towers, the Reef and Harborside timeshare complex in early February, is “definitely exciting”. He said his members were looking forward to a “good

Christmas” as there was a “glimmer of hope”, especially since his union has worked out an arrangement with Baha Mar and Atlantis for taxis to be the preferred mode of transportation for the “bubble” concept. Mr Ferguson said: “We have very little competition out there, and with the exception of those who might have some kind of pre-arranged transportation or pre-arranged busses, we don’t have any qualms with that. For the most part, I think about 80 percent of the jobs are going directly to taxi cabs.” Jaimie Lewis, owner/ operator of Islands Tours, said he does not see anything different now that Atlantis and Baha Mar are open. He added: “Given that this is a bubble environment, I don’t see any activity coming out any time, but it’s important that they get it right so I’m rooting for them.” Mr Lewis is still waiting for the cruise ships to return, which is where the bulk of his customers come from. He acknowledged this may not happen until April next year.

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Friday, December 18, 2020, PAGE 3

CIBC suffers major loss amid $94m dividend wait By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net CIBC FirstCaribbean International Bank (Bahamas) plunged to a $63.543m net loss for the year to endOctober 2020 as it awaits permission to pay almost $94m in total dividends to shareholders. The BISX-listed financial institution, unveiling its full-year results, blamed the combined effects of a $72.747m goodwill impairment and $65.5m increase in loan loss provisions due to COVID-19 for a near-$158m bottom line reversal compared to 2019’s $94.376m net profit. The impairment likely relates to the last remaining goodwill on CIBC’s balance sheet from the merger with Barclays back in 2002. Goodwill represents the sum paid over and above the net value of Barclays’ tangible assets, and Colette Delaney, CIBC FirstCaribbean’s regional chair, argued that the Bahamian subsidiary would have generated a $9.2m full-year

profit had it not been for this write-down. “This result was significantly lower than the prior year’s net income of $94.4m, and largely driven by two main factors - lower revenue due to the steep decline in US interest rates and reduced transaction related non-interest income, and increased provisions for credit losses of $65.5m,” she told shareholders. “This increase in credit provisions, together with the aforementioned reduction in the carrying value of goodwill, reflect updated macroeconomic forecasts driven by the extent and timing of the impact from COVID-19. Management has worked diligently during the year to mitigate these headwinds by curtailing expenses.” The financial results published by CIBC FirstCaribbean reveal that it is presently awaiting permission from the Central Bank of The Bahamas to pay some $0.78 per share in collective dividends to its shareholders, after the regulator suspended such

payments by commercial banks. It has also halted their repatriation to foreign parents in a bid to conserve the country’s foreign exchange reserves. “The directors previously declared dividends totaling $0.78 per share, which are not reflected in these unaudited consolidated financial statements as they are subject to regulatory approvals and are pending the Central Bank’s lifting of its current suspension of dividend approvals for domestic banks,” the results said. Calculations by Tribune Business show that, based on 120.222m in outstanding ordinary shares, this dividend - if and when approved - amounts to a total $93.773m being taken out of the Bahamian institution at a time when its performance and balance sheet is likely to come under increasing strain due to COVID-19’s economic fall-out. Given that CIBC’s regional parent holds a 95.21 percent stake, or 114.464m shares, it is in line to receive some $89.281m

of this dividend, with Bahamian shareholders collectively receiving the $4.492m balance. Retained earnings on the balance sheet fell from $226.532m at financial yearend 2019 to $94.426m at the end of October 2020, but Ms Delaney said the bank’s board had decided not to declare a dividend for the year-end. “Due to the significant uncertainty in the current economic environment and the Central Bank’s current suspension of dividend approvals, the directors have decided not to declare a dividend. We will continue to monitor the impact of the aforementioned and the expected recovery, and will reassess dividend payouts next quarter,” she added. The build-up of such shareholder returns comes as CIBC works to sell a majority stake in its FirstCaribbean regional business, which includes The Bahamas, to the Colombian banking conglomerate, GNB Financial Group. With much changing

since the deal was first announced, due to COVID19, it is unclear whether the purchase price of terms will have altered. Ms Delaney told shareholders: “At the beginning of our 2020 fiscal year, we announced that GNB Financial Group had agreed to acquire 66.73 percent of the shares of FirstCaribbean International Bank (our parent company) from CIBC subject to regulatory approval. All parties continue to pursue the transaction and the regulatory review process.” Seeking to reassure shareholders as to CIBC FirstCaribbean’s financial strength, she added of the Bahamian operation: “Capital remains strong. The Bank’s tier one and total capital ratios are 25.9 percent and 26 percent, which remain in excess of the applicable regulatory requirements.” CIBC FirstCaribbean International Bank (Bahamas) results give an insight into the pressures facing the Bahamian commercial banking industry as a

whole, as COVID-19 loan deferrals unwind and institutions get a better handle on how many borrowers can still meet their obligations. The Central Bank, in its quarterly review of the three months to end-September 2020, found that total private sector loan arrears grew by $61.4m or 9.7 percent over the period as several loan deferral initiatives came to an end. “The quarterly growth in total private sector loan arrears was owing to increases across all of the broad categories,” the Central Bank said. “In particular, the consumer segment expanded by $50.7m (28.6 percent) to $227.9m, with the attendant ratio firming by 2.4 percentage points to 10.4 percent. “In addition, commercial arrears grew by $8.5m (13.9 percent) to $69.8m, with the associated ratio rising by 84 basis points to 8.3 percent, and mortgage delinquencies moved higher by $2.2m (0.5 percent) to $399.5m, firming the corresponding ratio by nine basis points to 15.3 percent of associated claims.”

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PAGE 4, Friday, December 18, 2020

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OPPOSITION DEPUTY SLAMS ‘STARVING’ OF CAPITAL WORKS By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE opposition’s finance spokesman yesterday slammed the government for racing “to impose additional taxes and further starve capital works that could spur the economy”. Chester Cooper, also the Progressive Liberal Party’s (PLP) deputy leader, also questioned why the government was focused only on taxing the winnings of Bahamian web shop patrons but neglecting to do the same with foreign casino gamblers. Responding to the Fiscal Strategy Report, which was tabled in the House of Assembly on Wednesday, Mr Cooper said he was unable to “identify anything that defines a clear strategy for growth” despite projections that the Bahamian economy’s real gross domestic product (GDP) will expand by 8.5 percent in 2022 as tourism and the world rebound from COVID-19. “What I do see is an administration that once again runs to impose

CHESTER COOPER additional taxes on the Bahamian people and further starve capital works that could spur the economy,” the opposition’s deputy leader said. “The administration that railed against value-added tax (VAT), then raised it, is now looking to a legalised gaming industry it opposed to shore up its fiscal position.” Mr Cooper added that it was hypocritical for the government to tax only Bahamian gamblers’ winnings but not those of foreign casino patrons. Senator Kwasi Thompson, speaking in the Senate on Wednesday, unveiled ambitions to cut the government’s capital spending by $100m over the next six months to end-June

after COVID-19’s negative impact on the Budget’s revenue and expenditure estimates proved greater than initially anticipated. This will reduce the $515.5m in capital expenditure, as set out in the May Budget, by almost 20 percent and thus sharply reduce the funding available for public infrastructure and other projects that the government has been relying upon to mitigate a little of the pandemic’s economic devastation. However, the administration said “priority projects” will continue. Mr Thompson also confirmed that the government plans to finally implement the long-anticipated levy on gaming patron winnings from New Year’s Day onwards. “To help counter the revenue losses, starting on January 1, 2021, the government intends to implement the Gaming tax on winnings, passed in the House of Assembly in 2019 as part of the Gaming House Operator Amendment Regulations,” he revealed. The new winnings tax is projected to generate

between $10m-$15m annually in extra revenue for the Public Treasury. While a relatively small sum in the overall fiscal scheme of things, it will certainly shrink gamblers’ winnings at a time when they will be hoping to land every cent possible due to COVID-19 related high unemployment and income cuts. The new winnings tax will see five percent paid on winnings up to $1,000, and 7.5 percent on anything greater than $1,000. Dionisio D’Aguilar, minister of tourism and aviation, said previously that just 45 percent of web shop gaming activities will attract the new patron “winnings” tax with online casino spins remaining untouched “for now”. The minister said the comparable winnings tax rates in Jamaica and Barbados are 15 percent and 20 percent, respectively. In the US, he added that the federal tax rate was 25 percent, with state and local taxes on top of that. However, Mr Cooper added: “That the government is still talking

of cutting expenses and putting finances in order nine months into the pandemic is worrisome. This administration also takes the hypocritical position of wanting to cut $100m in spending while asking Bahamians to pay more.” “Bahamians will now also have to change the way their finances are budgeted as they brace for not only an increase in the rates they pay for water, but the frequency at which the bills come. Increasing fares at Bahamasair will also hurt Family Island residents and impact tourists who wish to visit the Family Islands.” Suggesting that he already lacked confidence in the Fiscal Strategy Report’s projections, given that its release was nearly a month late, Mr Cooper said: “The government is looking to January to revise its projections. However, it is unclear what the two additional weeks will tell them that they don’t already know. “I again call on the government to establish a debt committee with private sector contributors to

manage, renegotiate and restructure debt to create savings and head room in the short term. “I also call for a detailed accounting of the affairs of the National Insurance Board as to whether the government has funded its share of the unemployment assistance via NIB or whether they are borrowing from the social security system.” Mr Cooper also said he needs “proof” as to how the National Infrastructure Fund unveiled by Mr Thompson will be implemented, and added: “There is curiously no update on the status of the Grand Lucayan sale outside of the chairman who negotiated the deal and the minister of tourism bantering in the press about how bad the deal may actually be. “Meantime, our debt-toGDP ratio is approaching 100 percent and the deficit projections will be moot in short order. Beyond Dorian and beyond the pandemic, there remains deep concern about the competency of our political leadership at this time.”

FISHERIES BODY SUPPORTS CONCH EXPORT BAN BY ‘22 By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A FISHERIES advocacy body has backed the government’s plan to ban conch exports by 2022 as well as its plan to ban foreign nationals from working on Bahamianowned fishing vessels.

Paul Mailis, director of the National Fisheries Association of The Bahamas (NFA), told Tribune Business he had “desired a conch ban for many years” after Michael Pintard, minister for agriculture and fisheries, told Parliament a ban on exports would be introduced within two years.

LEGAL NOTICE

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 46 of 2000) OMNI TRADITIONAL MANAGEMENT FUND LTD. IBC No. 205070 B (In Voluntary Liquidation) NOTICE is hereby given that as follows: (a)

That OMNI TRADITIONAL MANAGEMENT FUND LTD. is in Dissolution under the provisions of The International Business Companies Act 2000.

(b)

The Dissolution of the said Company commenced on the 15th day of December 2020 when the Articles of Dissolution were submitted 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.

(d)

Any person having a Claim against the above name Company are required on or before the 15th day of January 2021 to send their name, address and particulars of the debt or claim to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is approved.

Sterling (Bahamas) Limited Liquidator

women, has long divided the fisheries industry. The NFA and their supporters are in favour of a wholesale ban on foreign workers. However, representatives from the Coalition for Responsible Fishing (CFRF), a group that advocates for the sector’s processors, wholesalers and exporters, have argued that foreign labour is critical to the development of the sector and its viability. The CFRF had lobbied, unsuccessfully it appears, to stop the Bill from progressing on the grounds that it create significant damage to the sector, costing it at least $8m in lost exports with more than 1,000 livelihoods negatively impacted. Mr Pintard, meanwhile, said he will be looking to impose a limit on catches per vessel, moving away from the current policy of limiting catch size by individuals. He said this was allowing foreign sports fishermen to stock their coolers with fish and evade the existing regulations, something Mr Mailis agreed with as well. “The fisheries legislation is a journey that has taken ten years over successive administrations, at least nine major public consultations,

LEGAL NOTICE

NOTICE

AVAJA ONE LIMITED

ICONIC SUMMIT LIMITED

N O T I C E IS HEREBY GIVEN as follows: (a)

The Fisheries Bill, which was introduced to Parliament on Wednesday, has held to the government’s position on banning foreigners from working on Bahamian fishing vessels - an issue that has caused a split in the industry Mr Pintard said: “The introduction of foreign nationals within the sector has been problematic from the onset. While their involvement have proven to be beneficial for some Bahamian commercial vessel owners, it has created division within the sector. “Further, with the introduction of these individuals, certain harmful fishing practices have evolved, some of which are featured in the decline of certain species, including the Queen Conch, and health (diver) concerns of fishers. “Another important element, which involves foreign fishers, is the matter of alleged marriages of convenience. This matter may be linked to human trafficking, and forced labour practices.” The hiring of Dominican fishermen, who are here legally on either work permits or spousal permits as the husbands of Bahamian

AVAJA ONE LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a)

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O.Box N-3023, Nassau, Bahamas

Dated this 18th day of December, A. D. 2020

_________________________________ Bukit Merah Limited Liquidator

LEGAL NOTICE

NOTICE

XINGFU FAMILY LIMITED

FUAN JINGALING 96 LIMITED

FITCO SYSTEMS INTERNATIONAL LIMITED

N O T I C E IS HEREBY GIVEN as follows: (a)

department, and its officers, as the principal agency and individuals responsible for the enforcement of the Fisheries Act and its regulations, it is imperative that the department and its officers be afforded statute designation. The draft Act/ Bill seeks to do this.” The Fisheries Act also makes provisions for a “statutory requirement for a body called The Fisheries Advisory Council, and a secondary body called The National Fisheries Stakeholders Forum”. These will feature representatives from the Department of Immigration, the Royal Bahamas Defence Force and the police force, in addition to members of non-governmental organisations and wider members of the Fisheries Stakeholder Forum.

ICONIC SUMMIT LIMITED is in voluntary 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 14th December, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

Dated this 18th day of December, A. D. 2020

MICHAEL PINTARD

N O T I C E IS HEREBY GIVEN as follows:

(b) The dissolution of the said company commenced on the 14th December, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General. The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O.Box N-3023, Nassau, Bahamas

numerous stakeholder meetings and countless hours of media interviews, drafting and editing to deliver today this historic, extremely important Bill,” he added. Mr Pintard said that while the fisheries sector represents only one percent of GDP, crawfish exports generate an average of $73.1m annually, something he says the current Bill seeks to protect and grow. He added that the Bill will create a legal foundation for the Department of Fisheries, which will be headed by a director of fisheries. Mr Pintard said: “The Department of Fisheries, now the Department of Marine Resources, has been widely viewed as a law enforcement agency. “After all, the Department is primarily responsible for the enforcement of the Fisheries Act and its subsidiary legislation, The Fisheries (Jurisdiction and Conservation) Regulations. Yet, in law, there is no such entity as the Department of Fisheries/Marine Resources, or a director of fisheries, and his subordinate staffing. “In order to give proper recognition of the

XINGFU FAMILY LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

N O T I C E IS HEREBY GIVEN as follows: (a)

FUAN JINGALING 96 LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

N O T I C E IS HEREBY GIVEN as follows: (a)

FITCO SYSTEMS INTERNATIONAL LIMITED is in voluntary 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 14th December, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O.Box N-3023, Nassau, Bahamas

Dated this 18th day of December, A. D. 2020

_________________________________ Bukit Merah Limited Liquidator

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets,

Dated this 18th day of December, A. D. 2020 _________________________________ Bukit Merah Limited Liquidator

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets,

Dated this 18th day of December, A. D. 2020 _________________________________ Bukit Merah Limited Liquidator

THE TRIBUNE

Friday, December 18, 2020, PAGE 5

QC pushes to ‘settle’ Gaming Board dispute

FROM PAGE ONE

BTC HEADQUARTERS

Cyber security experts: BTC network vulnerable FROM PAGE ONE actors can exploit this to send signalling messages to Americans’ mobile phones while they are in The Bahamas and other countries without alerting the user. While these SS7 signals can legitimately be used by operators to locate mobile users, connect calls and assess roaming fees, Mr Miller’s report argued that they can also be deployed for illicit purposes. He added that most such intrusions were intended to trace the mobile user’s location, but they could also extend to monitoring and covert surveillance once the phone’s “network identity” and number are obtained. Such information can be exploited to “purge” a user from their mobile network, and ultimately take over all communications they send and receive. Mr McKenzie, meanwhile, said SIP allows for more encryption protocols for mobile networks, which makes technology of 20 years ago appear like using telegrams compared to fax machines and keypad telephones. He added: “But, at the end of the day, it’s not just BTC. It’s just not those named operators. There are still a lot of legacy telecoms that are using SS7. It’s just that companies have to move away from it over time, and there’s different ways of protecting it and securing it as well.”

Suggesting that securing the old SS7 technology is “not as simple as flicking a switch”, Mr McKenzie said: “There’s architectural planning, and they have to change all of the equipment out and it’s not a simple thing.” Philip Darville, SolveIT Bahamas’ managing director, said there is “no such thing as an impenetrable network”. He encouraged the government to look closely at BTC, and said an investigation needs to take place into the Chinese spying allegations. He added that he found it amusing, however, that the Americans were outraged over China allegedly spying on their citizens when several year ago their government was accused of doing the same thing in The Bahamas through a covert operation called “Operation Mystic”. That relates to claims made in 2014 by National Security Agency (NSA) whistleblower, Edward Snowden, that the US was intercepting almost every mobile call made in The Bahamas via a spying/surveillance initiative called SOMALGET. BTC, as the then-monopoly provider, said it would investigate the allegations but asserted that “no such activity is ongoing”. The then-Christie administration promised to take the matter up with US officials, but the outcome was seemingly inconclusive.

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However, John Wilson QC, senior partner at McKinney, Bancroft & Hughes, who is representing the Gaming Board, told Tribune Business that the appeal was “withdrawn to be refiled” after the Court of Appeal learned that both parties had yet to appear before Justice Charles to deal with the issues of legal costs and damages to Mr Munroe’s clients. “The Appeal court decided that they wanted us to complete both the assessment of damages and costs stages prior to advancing the appeal,” he explained. “We appealed the liability finding and stayed the assessment and costs below, but the appellate court wants us to compete all to avoid any further appeals on quantum or costs and deal with it all one time.” Mr Wilson and the Gaming Board, in their appeal, argued that Justice Charles’ ruling makes a key part of the Employment Act irrelevant as it sought to overturn the reinstatement verdict in favour of 24 dismissed line workers and managerial staff. Their May 7, 2020, “notice of appeal” alleged that her “very broad construction of” the Employment Act’s redundancy provisions means the same law’s section 29 - which deals with termination with notice - serves no purpose as such dismissals can also be deemed “termination for redundancy”.

(a) DRAKE ABSENCE TRACKER LIMITED is in dissolution under the provisions of the International Business Companies Act, 2000. (b) The dissolution of the said Company commenced on the 16 December, 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Beryn Neeley. Dated the 16th day of December, 2020. H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company LEGAL NOTICE

managerial and labour staff in finding that all lost their jobs “because work of a particular kind, that being administrative work, diminished”. The regulator argued there was no evidence before the Supreme Court to show that “particular work”, as required by the Employment Act’s redundancy provisions, had reduced. It claims that “administrative work” is too broad a definition to meet the Act’s requirements. Justice Charles, in her ruling, slammed the Gaming Board’s failure to follow “clearly set out” employment law procedures when it dismissed the 24 staff as “mind boggling”. She suggested that the casino and web shop regulator had failed to adhere to modern industrial relations practices requiring

employers to be candid and forthright with staff as it never showed how those workers were “chosen to be made redundant”. The judge ruled that the Gaming Board had failed to comply with both the Bahamas Public Services Union (BPSU) industrial agreement, which governed the impacted line staff, plus the 2017 reforms to the Employment Act that mandated “consultation must take place” with the affected workers and their representatives when more than 20 are being terminated. Justice Charles also found that the Gaming Board had pressed ahead with the redundancies despite its chairman, Kenyatta Gibson, being told of the need to adhere to these procedures by BPSU and worker representatives.

LEGAL NOTICE

NOTICE CRIMSON WEALTH MANAGEMENT LTD. In Voluntary Liquidation

NOTICE

ALTERDOM LTD.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, CRIMSON WEALTH MANAGEMENTLTD. is in dissolution as of October 19, 2020

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, ALTERDOM LTD. is in dissolution as of December 16, 2020

International Liquidator Services Inc. situated at 3 rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

GESTAM ADMINISTRATION LTD with address at Suite 102, Saffrey Square, Bank Lane & Bay Street, Nassau, Bahamas is the Liquidator.

LIQUIDATOR ______________________

LEGAL NOTICE

NOTICE NOTICE IS HEREBY GIVEN as follows:

It thus challenged the very foundation of Justice Charles’ ruling, which is that the Gaming Board made all 24 staff redundant and failed to follow the proper procedures set out in the Employment Act for accomplishing this. Mr Wilson alleged the Supreme Court was wrong to accept the arguments of Mr Munroe “that redundancy occurs where the employer terminates employees due to a surplus of labour or introduces technological advances that allow for laboursaving machinery to be implemented”. Arguing that the judge used the wrong legal precedent in applying “the test of surplus labour” to Bahamian redundancy law, the Gaming Board’s appeal also claimed that Justice Charles was wrong to combine the

LEGAL NOTICE

DRAKE ABSENCE TRACKER LIMITED

WAYNE MUNROE QC

In Voluntary Liquidation

NOTICE

KNOWLEDGE HARVEST LTD. NOTICE IS HEREBY GIVEN as follows:

DRAKE TRAINING SYSTEMS LIMITED NOTICE IS HEREBY GIVEN as follows: DRAKE TRAINING SYSTEMS LIMITED is in dissolution under the provisions of the International Business Companies Act, 2000.

(a)

KNOWLEDGE HARVEST LTD. is in dissolution under the provisions of the International Business Companies Act, 2000.

(a)

(b)

The dissolution of the said Company commenced on the 16 December, 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said Company commenced on the 16 December, 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said Company is Mr. Beryn Neeley.

(c)

Dated the 16th day of December, 2020.

The Liquidator of the said Company is Mr. Beryn Neeley.

Dated the 16th day of December, 2020.

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

LEGAL NOTICE

NOTICE

CHEVRON (INDIA) LIMITED

Honey Software Limited

NOTICE IS HEREBY GIVEN as follows:

(a) CHEVRON (INDIA) LIMITED is in dissolution under the provisions of the International Business Companies Act, 2000.

(a) Honey Software Limited is in dissolution under the provisions of the International Business Companies Act, 2000.

(b) The dissolution of the said Company commenced on the 16 December, 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General.

Dated the 16th day of December, 2020.

H & J CORPORATE SERVICES LTD.

Registered Agent for the above-named Company

FINAL NOTICE Pursuant to the provisions of section 138 (8) of the International Business Companies Act 2000, notice is hereby given that:PADOMA LTD. has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 14th of October, 2020.

Kim D. Thompson Liquidator

PAGE 6, Friday, December 18, 2020

‘Talk is cheap’ warning over $1.5bn debt fears

FROM PAGE ONE

eliminated any of these massive loss-making stateowned enterprises (SOEs). They haven’t done any of it. Everyone is tried of hearing it.” My Myers was especially vexed by the seemingly little progress made in addressing the government’s likely multi-billion dollar liabilities related to unfunded public sector pensions, as the language in the latest Fiscal Strategy Report differed little from its predecessor of just over one year ago. “The growing liability on the government’s unfunded defined pension plan remains a significant source of fiscal risk,” the Fiscal Strategy Report, tabled in the House of Assembly on Wednesday, said. “Discussions are ongoing with advisors on initiatives to limit this exposure, including the proposed introduction of a defined contribution

plan for new employees.” The latter move does not address the multi-billion dollar obligation owed to existing civil servants and retirees, which is not included in The Bahamas’ national debt, and Mr Myers blasted: “Why haven’t they started addressing that already? I would say that task is deep.” The International Monetary Fund (IMF), as recently as its 2018 Article IV report on The Bahamas, warned that the current system - where civil servants contribute nothing to funding their retirement - is “unsustainable”. The Washington DCbased fund listed civil service pensions, together with the public sector’s wage bill and loss-making stateowned enterprises (SOEs), as three key reforms that the government must target if it is to reverse The Bahamas’ fiscal decline - and that was before both Hurricane Dorian and the

COVID-19 pandemic. “The civil servants’ pension system is unsustainable,” the IMF warned two years’ ago. “Government employees draw pensions at retirement without contributing to the system while employed. Staff analysis in the 2016 Article IV Staff report noted that accrued government pension liabilities totaled $1.5bn in 2012, and would rise to $3.7bn by 2030 as the population ages.” The IMF called for reforms that involve “moving to a contributory regime in the near term, and to a defined-contribution scheme in the mediumterm”. This would require civil servants to contribute a portion of their salary to funding their retirement, rather than having this financed 100 percent by the taxpayer through the budget - as is done currently. A presentation delivered by the KPMG accounting firm in 2013, the early

years of the last Christie administration, estimated the unfunded, “pay-as-yougo”, civil service pension liabilities at around $1.5bn. These liabilities were set to increase to $2.5bn by 2022, and $4.1bn by 2032, unless reforms are enacted. Meanwhile, Rupert Pinder, an economist who lectures at the University of The Bahamas (UoB), yesterday voiced alarm at the near $1.5bn worth of debt principal that is set to mature and become due for repayment over the next year. While Marlon Johnson, the Ministry of Finance’s acting financial secretary, had expressed confidence that the government will experience “no challenge” in meeting its obligations, Mr Pinder warned that refinancing these facilities would likely result in increased debt servicing costs due to the higher interest rate environment resulting from COVID-19

THE TRIBUNE and The Bahamas’ recent downgrades. “To be honest with you, it was really like almost a surreal moment. To me, it’s kind of eerie,” he said of The Bahamas’ near-term debt repayment burden. “To me, that’s really scary. As a backdrop to all of this you have your existing stock of debt you have to continue to service. “If you were to make an attempt to refinance that debt stock over a number of years in this climate you are facing higher interest rate costs. It’s not as if you are refinancing in a low interest rate environment.” The Fiscal Strategy Report revealed that a substantial chunk of the government’s borrowings - $3.318bn or some 40.5 percent of the total $8.191bn at end-June 2020 - is due for repayment over the next five years. Of that sum, almost $1.5bn or nearly 18 percent of the total, is due to mature within the next 12 months. The report disclosed that much principal repayment is front-loaded at a time when the government’s revenues are down by as much as 50 percent due to COVID-19’s devastating impact on tourism and the Bahamian economy, thus severely impacting its cash flow. A graph showing “forecasted redemptions” of the government’s medium and

long-term debt revealed that principal worth $880.6m, $682m, $405.9m, and $774.5m is due for repayment in 2021, 2022, 2023 and 2024 respectively. This collectively totals $2.743bn, and the Fiscal Strategy Report makes clear these figures do not include $736.8m worth of shortterm Treasury Bills, which typically carry between 91 and 182-day maturities, as well as $208.2m in “notes” that mature in 30, 90 and 180-terms. The report also highlighted how fragile the Bahamian economy and government finances are, and the tenuous nature of the fiscal projections, amid the uncertainties created by COVID-19. It warned that another infection wave, both in The Bahamas and globally, combined with a harsh lockdown response and other measures, could cut 2020-2021 full-year revenues 33 percent below forecast. “A more moderate downside scenario envisaged the continuation of the temporary, intermittent and less restrictive containment measures as resorted to over the month of October until April 2021,” the report said. “This scenario could produce potential revenue losses in excess of 22 percent of current projected levels.”

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MARKET REPORT www.bisxbahamas.com

THURSDAY, 17 DECEMBER 2020

BISX ALL SHARE INDEX:

CHANGE

2051.39

-3.63

%CHANGE

YTD

YTD%

-0.18 -180.21

-8.08

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

BISX LISTED & TRADED SECURITIES 52WK HI 4.13 33.05 2.00 1.79 2.39 6.00 6.75 4.10 8.01 4.50 6.16 12.77 3.64 6.50 10.88 8.44 15.35 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 4.60 9.60 7.50 13.00 3.25 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 4.11 32.12 1.62 1.78 1.67 6.00 6.61 2.95 4.75 3.50 5.90 11.26 2.39 6.50 10.46 8.40 13.00 3.71 8.25 15.20

CLOSE 4.13 32.12 1.62 1.79 1.67 6.00 6.61 2.80 4.75 3.50 5.90 11.26 2.42 6.23 10.45 8.40 13.00 3.71 8.25 15.20

CHANGE 0.02 0.00 0.00 0.01 0.00 0.00 0.00 (0.15) 0.00 0.00 0.00 0.00 0.03 (0.27) (0.01) 0.00 0.00 0.00 0.00 0.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

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 1,878 50,000

12,213

1,000

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 VOLUME

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

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

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

NAV 2.37 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 17.3 34.5 N/M N/M N/M N/M 17.9 -6.4 33.9 19.0 13.1 15.6 23.7 13.3 16.2 11.5 15.9 18.3 8.8 24.1

YIELD 4.12% 3.92% 1.23% 0.00% 0.00% 0.00% 3.93% 0.00% 0.00% 3.43% 3.73% 6.39% 17.93% 0.96% 3.14% 2.86% 4.15% 3.23% 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

NOTICE NOTICE is hereby given that MONIQUE MARIE WILLIAMS of Jones Way, Jones town, 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 twenty-eight days from the 18th 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 TAMICA PIERRE of Carmichael Road Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 11th day of December 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Friday, December 18, 2020, PAGE 7

EU, UK leaders concede big gaps remain in post-Brexit talks BRUSSELS Associated Press THE UK and the European Union provided sober updates yesterday on the state of post-Brexit trade discussions, with only two weeks to go before a potentially chaotic split. While Ursula von der Leyen, president of the European Union’s executive commission, noted “substantial progress on many issues”, she voiced concerns about the discussions taking place around fishing rights. British Prime Minister Boris Johnson also warned that that a nodeal outcome seemed “very likely”. The two spoke early Thursday evening, their latest in a series of conversations in the past couple of weeks aimed at unclogging the talks which have moved at a snail’s pace ever since the UK left the EU on Jan 31. The UK still remains within the EU’s tariff-free single market and customs union until Dec 31. A failure to reach a post-Brexit deal would likely lead to chaos on the borders at the start of 2021 as tariffs and other impediments to trade are enacted by both sides. The talks have got bogged down on three main issues — the EU’s access to UK fishing waters, the level playing field to ensure fair competition between businesses and the governance of any deal. Following their latest conversation, von der Leyen warned that bridging

big differences, in particular on fisheries, “will be very challenging”. Negotiations, she added, would continue toay. According to a statement from Johnson’s office at 10 Downing Street, the prime minister stressed that “time was very short” and that it “now looked very likely that agreement would not be reached unless the EU position changed substantially”. Johnson, like von der Leyen, focused on the lack of progress on fisheries. which has proved to be a hugely intractable issue in the talks — even though it accounts for only a very small amount of economic output. On fisheries, the EU has repeatedly said it wants an agreement that guarantees a reciprocal access to markets and waters. EU fishermen are keen to keep working in British waters and the UK seafood industry is extremely dependent on exports to the 27-nation bloc. Johnson has made fisheries and UK control over its waters a key demand in the long saga of Britain’s departure from the EU. According to Downing Street, Johnson stressed that the UK could “not accept a situation where it was the only sovereign country in the world not to be able to control access to its own waters for an extended period and to be faced with fisheries quotas which hugely disadvantaged its own industry.” The EU’s position,

Wall Street braces for trading surge as Tesla enters S&P 500 LOS ANGELES Associated Press ADDING a company to the benchmark S&P 500 stock index is typically a mundane exercise — except when it comes to a company like Tesla. The market value of the electric car maker, led by Elon Musk, pictured, has soared to around $600bn, making it the largest company ever to be added to the S&P 500. It’s inclusion on Dec 21 is expected to trigger a torrent of trading by institutional investors and a spike in volatility. Index funds designed to mirror the holdings of the S&P 500, which is at the heart of many 401(k) accounts, are expected to snap up more than $80bn worth of Tesla’s shares before the start of trading Monday as funds move to rebalance their holdings for the quarter. That’s projected to push the amount spent on trading to rebalance portfolios in the fourth quarter to a record high, said Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. “Historically, the $21bn trading for fourth-quarter rebalancing is minor league, but when you add in heavyhitter Tesla, $82bn, you end up doubling the historical high, surpassing the $100bn mark,” he said. Because the S&P 500 is weighted by market capitalisation, Tesla will be one of the ten most valuable companies in the index, along with Apple, Microsoft, Amazon, Facebook and Google parent Alphabet. That increases the likelihood that a few big stocks will heavily influence the index’s performance, something that’s been happening in recent years. Tesla’s sky high valuation means a move in its stock price will have more of an impact on the S&P 500 than most companies. The median weighting of the index is 0.08%, while Tesla’s weighting is projected to be around 1.5% to 1.6%. By comparison, General Motors’ is 0.17%, Ford’s is 0.12%. Apple has the largest weighting at 6.5%.

“So, the weighting itself is not as large as the Big Tech firms that tend to move the market,” said Pauline Bell, equity research analyst at CFRA Research. “On the other hand, it’s not a small fish. It’s still a large chunk of the S&P 500 index.” Tesla became eligible to be included in the S&P 500 after posting its fourth consecutive profit in the second quarter of this year, though S&P Dow Jones Indices didn’t announce Tesla would join the index until last month. The company’s shares have soared 650% this year as investors cheered the fact that the automaker is finally making money on a consistent basis after years of losses and continues to hit milestones for deliveries of its vehicles. “If you look at today versus a couple of years ago, it’s a company that has demonstrated staying power and some competitive advantages,” said Tom Martin, senior portfolio manager with Globalt Investments. “What it’s worth is a different question.” The stunning run-up in Tesla shares has sometimes been attributed less to its ability to deliver profits than to enthusiasm by investors, particularly newcomers daytrading on platforms like Robinhood, where Tesla is among the 100 most-held stocks by its users. That’s led to periods of volatile trading for the stock, which started 2020 at $88.60 per share and hit an all-time high of $649.88 just last week. Some investors, however, are worried that adding Tesla to the S&P 500 will prompt mutual funds that use the index as a benchmark to load up on the shares, potentially exposing their portfolios to unwanted volatility.

according to Johnson, “was simply not reasonable and if there was to be an agreement it needed to shift significantly.” Earlier, the European Parliament issued a three-day ultimatum to negotiators to strike a trade deal if it’s to be in a position to ratify an agreement this year. European lawmakers said they will need to have the terms of any deal in front of them by late on Sunday if they are to organise a special gathering before the end of the year. If a deal comes later, it could only be ratified in 2021, as the parliament

wouldn’t have enough time to debate the agreement before that. “We give until Sunday to Boris Johnson to make a decision,” said Dacian Ciolos, president of the Renew Europe group in the European Parliament. “The uncertainty hanging over citizens and businesses as a result of UK choices becomes intolerable.” A trade deal would ensure there are no tariffs and quotas on trade in goods between the two sides, but there would still be technical costs, partly associated with customs checks and non-tariff

barriers on services. Britain’s Parliament must also approve any Brexit deal and the Christmas break adds to the timing complications. Lawmakers are due to be on vacation from Friday until Jan 5, but the government has said they can be called back on 48 hours’ notice to approve an agreement if one is struck. Though both sides would suffer economically from a failure to secure a trade deal, most economists think the British economy would take a greater hit, at least in the near-term, as it is relatively more reliant on trade with the EU than vice versa.

Both sides have said they would try to mitigate the impact of a no-deal, but most experts think that whatever short-term measures are put in place, the disruptions to trade will be immense. “The prime minister repeated that little time was left,” Downing Street said in its statement after the call. “He said that, if no agreement could be reached, the UK and the EU would part as friends, with the UK trading with the EU on Australian-style terms.” Australia does not have a free trade deal with the EU.

PAGE 10, Friday, December 18, 2020

Stocks reach record highs as investors hope for stimulus

Associated Press

MAJOR US stock indexes climbed to new highs yesterday as investors remained optimistic that Washington will deliver another round of financial support for the economy and as vaccines begin slowly rolling out to the public. The S&P 500 rose 0.6%, with technology and health care stocks powering much of the market’s broad rally. The index, which is a key

THE TRIBUNE

benchmark for many 401(k) accounts, has now set 31 record highs this year. The Dow Jones Industrial Average and Nasdaq composite also hit new highs. Treasury yields moved broadly higher, a sign of bonds traders’ confidence in the economy. Optimism that Congress will deliver more financial aid to people and businesses most hurt by the pandemic, and hopes that the rollout of coronavirus vaccinations will pave the way for an economic recovery next year have helped keep investors in a buying mood. “Investors are being hopeful because of that, even though we’re seeing a widening lockdown threat from cities, states and countries,” said Sam Stovall, chief investment strategist

at CFRA. “The market is traveling on an end-of-year autopilot, which should allow share prices to drift higher, unless we hit an unexpected pothole.” The S&P 500 rose 21.31 points to 3,722.48. It’s the index’s third straight gain. The Dow picked up 148.83 points, or 0.5%, to 30,303.37. The Nasdaq extended its winning streak to a fourth day, gaining 106.56 points, or 0.8%, to 12,764.75. Traders continued to bid up shares in smaller companies. That pushed the Russell 2000 small-caps index up 25.32 points, or 1.3%, to 1,978.05, a record high. The index is on track for a gain of 8.7% this month, while the S&P 500 is up 2.8%. Wall Street has been

more hopeful that Congress is getting closer to striking a deal that will give a financial lifeline to people and businesses. Democrats and Republicans have been locked in a partisan fight over the size and scope of any additional package, just as the economic recovery shows signs of stalling amid a surge in virus cases. Stimulus cannot come soon enough for investors, and more importantly, for businesses like restaurants and theaters as well as the workers in those industries. The Labour Department, in another worrisome sign, reported that the number of Americans seeking unemployment benefits rose to 885,000 last week, the most since September. Unemployment has been edging

higher and retail sales have been hurt as tighter restrictions squeeze people and businesses. Investors received more encouragement from the Federal Reserve, which helped shore up the markets early in the pandemic. The central bank has again pledged to keep buying bonds until the economy makes substantial progress. Still, the Fed has said it can only do so much to tide over the economy and that more financial support from Washington is critical for a continued recovery. Homebuilders rose yesterday following news from the Commerce Department that showed building permits and housing construction starts rose in November, despite

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 60° F/16° C Low: 48° F/9° C

TAMPA

TONIGHT

SATURDAY

SUNDAY

MONDAY

TUESDAY

A morning shower; clearing, windy

Breezy early; partly cloudy

Pleasant with partial sunshine

Partly sunny and nice

Spotty afternoon showers

A passing shower in the morning

High: 76°

Low: 65°

High: 76° Low: 65°

High: 77° Low: 67°

High: 79° Low: 67°

High: 78° Low: 66°

AccuWeather RealFeel

73° F

61° F

75°-63° F

80°-67° F

84°-64° F

80°-65° F

High: 61° F/16° C Low: 46° F/8° C

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

almanac

ABACO

High: 74° F/23° C Low: 62° F/17° C

10-20 knots

WEST PALM BEACH High: 70° F/21° C Low: 62° F/17° C

8-16 knots

FT. LAUDERDALE E

FREEPORT

High: 72° F/22° C Low: 64° F/18° C

High: 71° F/22° C Low: 61° F/16° C

MIAMI

High: 72° F/22° C Low: 62° F/17° C

8-16 knots

KEY WEST

High: 68° F/20° C Low: 65° F/18° C

ELEUTHERA

High: 79° F/26° C Low: 67° F/19° C

NASSAU

High: 76° F/24° C Low: 65° F/18° C N

uV inDex toDay

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

tiDes For nassau High

Low

Ht.(ft.)

Today

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

Monday

12:46 a.m. 1:00 p.m.

2.2 2.4

6:51 a.m. 7:31 p.m.

0.5 0.2

Tuesday

1:43 a.m. 1:53 p.m.

2.2 2.3

7:51 a.m. 8:20 p.m.

0.6 0.2

Wednesday 2:38 a.m. 2:46 p.m.

2.3 2.1

8:52 a.m. 9:08 p.m.

0.6 0.2

Thursday

2.3 2.1

9:49 a.m. 9:53 p.m.

0.6 0.2

3:30 a.m. 3:37 p.m.

sun anD moon Sunrise Sunset

High: 81° F/27° C Low: 70° F/21° C

W S

6:49 a.m. 5:24 p.m.

Moonrise Moonset

10:27 a.m. 9:36 p.m.

First

Full

Last

New

Dec. 21

Dec. 29

Jan. 6

Jan. 12

SAN SALVADOR

GREAT EXUMA

High: 81° F/27° C Low: 71° F/22° C

High: 81° F/27° C Low: 74° F/23° C

7-14 knots

ANDROS

High: 78° F/26° C Low: 68° F/20° C

W S

LONG ISLAND

tracking map

High: 82° F/28° C Low: 72° F/22° C

Ht.(ft.)

CAT ISLAND

10-20 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 ................................................... 81° F/27° C Low .................................................... 67° F/19° C Normal high ....................................... 79° F/26° C Normal low ........................................ 67° F/19° C Last year’s high ................................. 85° F/30° C Last year’s low ................................... 75° F/24° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ............................................... 67.20” Normal year to date ................................... 39.18”

the winter weather and pandemic. Lennar Corp notched the biggest gain in the S&P 500, vaulting 7.6%. The Miami-based builder reported quarterly results on Wednesday that topped Wall Street’s forecasts. PulteGroup was 5.4% and DR Horton gained 3.2%. The gains yesterday came from nearly every sector in the S&P 500, with the exception of the energy and telecommunications services. The real estate and materials sectors notched the biggest gains. Treasury yields moved broadly higher. The yield on the ten-year Treasury rose to 0.93% from 0.90% late on Wednesday. European markets closed mixed, and Asian markets closed mostly higher.

6-12 knots

MAYAGUANA High: 82° F/28° C Low: 72° F/22° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 82° F/28° C Low: 72° F/22° C

High: 82° F/28° C Low: 72° F/22° C

GREAT INAGUA High: 84° F/29° C Low: 73° F/23° C

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: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday:

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

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

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

WATER TEMPS. 78° F 78° F 78° F 76° F 79° F 79° F 81° F 81° F 79° F 79° F 81° F 77° F 79° F 79° F 81° F 81° F 81° F 81° F 80° F 80° F 80° F 80° F 80° F 80° F 79° F 79° F