12212020 BUSINESS

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MONDAY, DECEMBER 21, 2020

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BPL fuel lock-in to ease extra charge B

AHAMAS Power & Light’s (BPL) chairman yesterday said it has extended fuel cost certainty for all consumers until end2023 to help ease the extra charge that will be added to their bills in the New Year.

Dr Donovan Moxey told Tribune Business the stateowned utility had extended its fuel hedging strategy by a further 23 months through to the beginning of 2024 to help mitigate the impact from the National Utility Investment Charge (NUIC) that all customers will first see on their light bills in early 2021.

This charge will repay the $535m Rate Reduction Bond (RRB) that BPL is aiming to place with investors by end-January 2021 in a mammoth refinancing that aims to take out its legacy debt and provide funds to upgrade its transmission and distribution (T&D) infrastructure.

Dr Moxey confirmed that the NUIC charge will likely appear on customer

• Consumers to see new bill item in early 2021 • Fuel price certainty extended to end-2023 • Will be slightly higher than first hedging

DR DONOVAN MOXEY bills within “30 to 45 days” of the bond being placed with international and local investors, with the fuel hedging extension designed to lock-in price stability and certainty for all over the next three years.

“You have to remember that bringing price stability is key for us, and reducing the cost to consumers in

‘From strength to strength’ on FATF delisting

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE attorney general has voiced optimism the financial services industry will go “from strength to strength” after The Bahamas’ efforts to shore up its anti-financial crime regime gained global approval.

Carl Bethel QC, hailing the two-year “team effort” that secured the country’s removal from the Financial Action Task Force’s (FATF) enhanced surveillance initiative, told Tribune Business that its newly-secured status as a fully compliant represented a “good

CARL BETHEL QC selling point” for the sector in attracting new business.

Speaking after the FATF, the global standard-setter on anti-money laundering and counter-terror financing

SEE PAGE 7

Bahamas avoids ‘dire’ 26% shrink of its GDP output

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas has avoided the worst-case scenario of its economy shrinking by 26 percent in 2020 thanks to the global oil price slump and government’s policy response, a report has concluded.

The Inter-American Development Bank’s (IDB) Caribbean Quarterly Bulletin for the three months to end-December said the contraction in The Bahamas’ economic output was “not as dire” as first anticipated

as it now forecast a 14.8 percent decline in gross domestic product (GDP).

“The worst-case scenarios of the simulations from March 2020..... showed that the impact on the economy of The Bahamas, for example, could be as bad as 26 percentage points’ lower growth than if there had been no tourism shock,” the report said.

“However, the simulations considered neither the mitigating effects of fiscal and monetary policy responses by governments,

SEE PAGE 11

anticipation of a new charge for the Rate Reduction Bond is very important for us. We wanted to minimise the impact for consumers,” Dr Moxey told this newspaper.

“That had always been a part of our strategy when we knew we were going to raise the bond; to do everything we could to minimise the impact on consumers’ bills.

We are working to close the bond by the end of January next year, and if everything goes well and smoothly that should be when the bond is closed.”

Asked when the NUIC charge would appear as an additional charge on customer bills, Dr Moxey replied: “I would imagine within 30-45 days [of closing] it will be attached to consumer bills.” That places

the timeline at the end of February/mid-March for when the charge will first be seen by consumers provided the $535m bond is placed on schedule.

The BPL chair said “all the signs have been coming back very positively” from the capital markets and investors as to their appetite for the utility’s bonds, but he acknowledged that critical reforms to the laws underpinning the issue have yet to be brought before and passed by Parliament.

Many observers will also likely question the wisdom of adding another charge to BPL customer bills, and thereby further increasing already-high energy costs, at a time when Bahamian businesses and consumers

SEE PAGE 9

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Oil opponents now seeking ‘Xmas miracle’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ENVIRONMENTAL activists yesterday admitted they are seeking “a Christmas miracle” as the Bahamas Petroleum Company’s (BPC) drilling ship closed in on the location for its first exploratory oil well.

Sam Duncombe, reEarth’s president, told Tribune Business it was “supremely depressing” that global positioning (GPS) tracker co-ordinates showed the Stena IceMax bearing down on its Perseverance One well location in waters some 90 miles west of Andros near the The Bahamas’ maritime boundary with Cuba.

With the activists’ Judicial Review challenge to BPC’s permits still awaiting a court date and judge to hear it, and the imminent Christmas holiday likely to close down much of the judicial system, time is rapidly running out to obtain a stay or order halting the oil exploration outfit’s activities.

Given that it expects drilling of Perseverance One to take place within 45-60 days of starting, it is possible that much of the work BPC intends to perform could be completed before the case

SAM DUNCOMBE initiated by Waterkeepers Bahamas and the Coalition to Protect Clifton Bay is heard or any ruling issues.

“We’ve been keeping an eye on that,” Mrs Duncombe said of the drilling ship’s progress. “You know what? It’s Christmas, so maybe we’ll have a little miracle. That would be good. I guess we’re at the mercy of the courts and a date. There’s nothing we can say or do until we hear back. Fingers crossed, toes crossed, all of the above, we’re hoping for a Christmas miracle.”

She also voiced optimism that the letter sent to the prime minister and Romauld Ferreira, minister of the environment and housing, by 17 US congressmen and women urging The Bahamas

SEE PAGE 8

PAGE 2, Monday, December 21, 2020

THE TRIBUNE

Don’t ignore money laundering ‘red flags’

BY DEREK SMITH

A

S families throughout the world prepare to celebrate Christmas and spend time with loved ones, remember that criminals are also preparing for the yuletide season.

They understand that 2020 has disrupted the traditional controls deployed by financial institutions, designated non-financial businesses and professionals (DNFBPS), retailers, street vendors, hotels and gaming houses.

A gentle reminder: The Proceeds of Crime Act 2018 (POCA) defines “proceeds” or “proceeds of crime” as “any funds or property derived from or obtained, directly or indirectly, as a result of or in connection with the commission of any offence, including economic gains and funds or property converted or transformed, in whole in part, into other funds or property... It is immaterial who carried out the criminal conduct; who benefited from it; and whether the criminal conduct occurred before or after the passing of this Act”.

Business Standard in an October 29, 2018, article noted at that time that “banks had paid $321bn in fines since 2008 for regulatory failings, money laundering, terrorist financing and market manipulation”. Therefore, against the backdrop of a COVID-19 pandemic that has lasted more than nine months and counting, several risks will arise.

In my June 2020 article, entitled, Beware of human trafficking red flags, I noted - and reiterate today - that “financial crimes professionals and other control professionals must remain vigilant”. I submit that as money changes hands, credit and debit cards are swiped and bartering occurs across various industries, there are proceeds of crime concerns that must be considered to avoid potential problems for institutions and individuals alike.

Concealment is an offence under Bahamian law. Major hotels have just reopened in The Bahamas, and the risk of money launderers testing their policies and procedures is likely. Control professionals must be aware of how their

products and services can be used to launder money. In addition, the general public must be aware that a person can potentially commit an offence if he/she is acting with the knowledge, or reasonable suspicion, and attempts to conceal, disguise, convert, transfer or remove the proceeds of any crime from The Bahamas.

A simple example would be if you know, or suspect, that the funds you have received are derived from money laundering, yet you use these same proceeds for Christmas shopping. You have possibly committed a money laundering offense and will be subject to penalties under Bahamian law.

The conscious avoidance of the truth, otherwise known as “willful blindness”, is generally not a defense. The Proceeds of Crime Act explicitly explains that if one knows, suspects, or to have reasonably known or suspected, that he entered - or is entering - into an arrangement regarding the proceeds of crime, they may have committed a money laundering offence and be subject to penalties under Bahamian law. The age-old position of not seeking clarification when a doubt arises goes “out the window”. Owners of business operations and customers alike must be aware of circumstances and remain vigilant during transactions.

While sales are important for merchants and real estate firms, remaining law-abiding is paramount.

Training staff to identify socalled “red flags” will help tremendously with the early detection of potential criminal situations that could lead to the acquisition, use and possession of the proceeds of crime. Bahamian law makes it unequivocally clear that a person who acquired or is acquiring, used or is using, and possessed or possesses the proceeds of crime, has committed an offence of money laundering.

The fight against money laundering and the actions that facilitate it, such as human trafficking, sex trafficking, smurfing and others, can create real problems. Institutions and individuals alike must be aware that concealment, and arrangements concerning the acquisition, use and possession of proceeds of crime is punishable under law.

NB: Derek Smith Jr is the compliance officer and money laundering reporting officer (MLRO) at Higgs & Johnson, and a former assistant vicepresident, compliance and money laundering reporting officer at an international private bank. His professional career started at a ‘Big Four’ accounting firm and has spanned over 20 years. He is also a certified anti-money laundering specialists (CAMS) and certified risk and compliance management professional (CRCMP).

THE TRIBUNE

Monday, December 21, 2020, PAGE 3

FATF over... Now on to the next blacklist

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FORMER attorney general yesterday warned that The Bahamas’ removal from a list of countries with identified weaknesses in their anti-financial crime defences “is not an end to the blacklisting cycle”.

John Delaney, while hailing this nation’s exit from the Financial Action Task Force’s (FATF) enhanced scrutiny initiative (see article on Page 1B), told Tribune Business that The Bahamas’ achievement did not necessarily mean it will secure instant removal from a similar European Union (EU) blacklist.

Even though the EU acknowledges the FATF as the global standard-setter on anti-money laundering and counter-terrorism financing matters, Mr Delaney pointed out that the 27-nation bloc has already warned it is applying an even harsher criteria that The Bahamas and other jurisdictions on its “high risk” list must meet to escape.

While branding The Bahamas’ FATF delisting as “huge” for the country and its financial services industry, the Delaney Partners chief argued that the experience of the past two decades showed it was only a matter of time before another adverse ranking or rating arrived unless this nation urgently allied with likeminded jurisdictions to press for a global regulatory “level playing field”.

“My view is consistent in that these things have an adverse impact reputationally because it diminishes the credibility of the jurisdiction among our customer base, and as a consequence it adversely impacts our attractiveness and competitiveness in getting business,” Mr Delaney said

JOHN DELANEY of The Bahamas’ three-year stay on the FATF listing.

“To the extent we’re no longer on one listing, the hope and expectation would be we’d also likely be delisted from the EU listing.

But the EU purports its criteria for listing is FATFplus, which means that just because we may no longer be on the FATF listing doesn’t necessarily mean we will be off their list.”

The EU previously said a key reason for The Bahamas’ inclusion on its own list of nations deemed to have deficiencies in their antifinancial crime defences, which makes them “high risk”, was its presence on the FATF’s monitoring list.

The Bahamas’ exit from the latter’s initiative has also raised hopes it could soon likewise be removed from the EU initiative.

Hubert Edwards, principal of Next Level Solutions, a Bahamas-based corporate governance and risk management consultancy, told Tribune Business that the FATF escape was “foundational” in establishing a base for this nation to be delisted from similar adversarial initiatives.

“It is going to be difficult for the EU to continue to make the argument that we are not compliant, or not compliant with standards as it relates to anti-money laundering and counter-terror financing when the EU is part of the standard-setter

[FATF] that has oversight of us and put us through a rigorous process,” Mr Edwards said.

“This will go a long way to help us, and it would be my expectation that the EU will delist us. If that does not happen in a very short time, the EU will have played its hand and showed us clearly what the objective is.

“When you have a body they answer to in some ways, and they give us the green light, it’s very difficult for the EU to make that argument against delisting.

We know there are some other issues driving the EU agenda. It has more to do with tax, and tax advantages of being in The Bahamas, more than anti-money laundering and counter terrorism financing.”

Similarly Craig A “Tony” Gomez, the Baker Tilly Gomez accountant and partner, said it would be difficult for the EU to keep The Bahamas on its “blacklist” when the FATF had given its anti-financial crime reforms the stamp of approval.

“While we have yet to be removed from the blacklist of the EU, I am certain that, shortly into 2021, The Bahamas can look forward to receiving the stamp of approval for all we continue to do in the jurisdiction,” Mr Gomez said. “We hope they continue to measure and treat all jurisdictions with the same global standard.”

Mr Delaney, though, said securing The Bahamas’ removal from the EU listing as well as future so-called “blacklists” will not be so simple. While the FATF escape is “a positive development”, he added: ‘If one were to step back and view it from a wider lense, one has to remain concerned from a systemic point of view.

“It’s to the fairness of

Web shops urge patron tax delay

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net WEB shops are urging the government to reconsider the New Year’s Day introduction of the long-awaited patron winnings tax due to the “additional burden” it will impose on COVID-hit consumers.

Leander Brice and Garvin Newball, A Sure Win’s co-chief executives, told Tribune Business their clients need “more time to bounce back” given the hardship imposed by the pandemic’s devastation of employment and incomes.

Saying they were sensitive to “the plight” of patrons, the duo said in a statement: “As an innovative industry, we remain committed to adapting as needed to the ever-changing environment in which we operate.

“However, we are concerned about our patrons as they will be burdened with an additional tax. We want to see our customers win, but most importantly we want them to enjoy all of their winnings. Especially with the impact of COVID19, an additional tax at this time may dampen the spirits of many who game with us as a source of entertainment and relaxation.

“We understand the constraints of the government and the need for new revenue opportunities, but we truly understand the plight of our gamers and we urge consideration in the timeline of this new tax roll-out to give our patrons a bit more time to bounce back in this current economic climate.”

The A Sure Win duo spoke after Senator Kwasi Thompson, minister of state for finance, gave the domestic (web shop) gaming industry less than two weeks’ notice that the tax will be

SEE PAGE 4

implemented during last Wednesday’s address on the Fiscal Strategy Report.

Underscoring the increased taxes and fees Bahamian businesses and consumers will likely have to bear as a result of the fiscal and economic blow-out created by COVID-19, Mr Thompson said the Government will start with a levy that is already on the books.

“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.

One web shop operator, speaking on condition of anonymity, said they were unaware of the New Year’s Day goal until this newspaper contacted them the following day. Some including Island Luck chief executive, Sebas Bastian, joined his A Sure Win counterparts in protesting there had been no consultation and that the government has given insufficient notice of its intentions.

However, the government’s efforts to tax web shop patron winnings date back to 2018, and many will argue as a result that the industry cannot claim ignorance over its potential imposition or say it had insufficient time to prepare.

Its introduction has been delayed several times already, most notably when the government in 2019 tabled regulations in the House of Assembly that failed to give the start date for the winnings tax.

The date oversight added further delay, as web shop operators were also given additional time to have their games tested and certified by independent laboratories

that the terms and conditions had not been altered due to the tax’s introduction.

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”.

This means that a gambler who wins $1,000 will pay $50 in tax, reducing their take-home winnings to $950.

Someone who wins $2,000 will pay $150 in tax, leaving them with $1,850 to take home.

Mr D’Aguilar added that the government had decided to focus this levy solely on lottery/numbers operations because it was too “complicated” to calculate the winnings from online casino spinning, indicating that Bahamian gamblers had got off relatively lightly.

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.

While the web shop industry is arguing that the government is eroding patrons’ winnings at the worst possible time, other observers may argue that such a levy is essential to deterring Bahamians from gambling away scarce incomes or unemployment benefits on games of chance.

JOB VACANCY NOTICE MAJOR LAW FIRM – FREEPORT OFFICE POSITION - LEGAL SECRETARY A major law firm is looking for a Legal Secretary who has experience working in transactional and real estate. This position will provide support to its Freeport, Grand Bahama Office. The Legal Secretary must maintain positive contact with clients, Attorneys and staff and observes confidentiality of all client matters.

Legal Secretary Responsibilities:

• Prepares correspondence, memoranda and other legal documents from written and oral drafts, drafts standard correspondence and other documents.

• Transcribes dictation as needed.

• Reads and sorts incoming mail. Ensures that outgoing mail is delivered in a timely manner. If necessary, routes mail to specific delivery service and follows up on timely delivery Prepares client invoices, cheques and daily deposits.

• Establishes and maintains calendar and deadline reminder systems.

• Opens new files, maintains all client and general files.

• Conducts periodic review, in consultation with reporting Attorney, for possible storage of older files; prepares files to be closed.

• Receives clients and visitors; maintains good public relations with clients; observes confidentiality of attorney-client relationship.

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Legal Secretary Knowledge, Skills & Abilities:

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Working knowledge of preparing routine office

correspondence and Memos.

High degree of professional ethics and integrity.

Possess excellent interpersonal communication skills.

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Associates Degree in Secretarial Science; or Certified Professional Secretary/Certified Administrative Professional Certification; or Paralegal Certificate from Institute of Legal Executives; and Three (3) to Five (5) years’ experience as a Legal Secretary.

Please submit your resume to profcareers242@gmail.com on or before Thursday, December 31, 2020. Only qualified applicants will be contacted.

PAGE 4, Monday, December 21, 2020

THE TRIBUNE

FATF over... Now on ALLIANCE TO BOOST TOURISM LINKAGES WITH AGRICULTURE to the next blacklist FROM PAGE THREE these listings, and it’s whether it’s a level playing field for The Bahamas and jurisdictions like ourselves, in the non-EU and non-G20 space. It is believed with good reason that it is not an even standard, and it is believed these lists are often misused for illegal competitive purposes.

“The whole thing needs to be examined, and not just by one country like The Bahamas acting alone, but a group of similar countries coalescing so we get far better transparency and fairness as to the application of these standards across all countries.”

Mr Delaney, warning that it was only a matter of time before another blacklisting initiative arrived, said that “as a delisting comes there will be a listing that does not do any good for the jurisdiction”.

“We’ve been in this state for two decades,” he told

CRAIG GOMEZ Tribune Business. “There’s no reason to believe this is the end of the cycle that has been ongoing despite our efforts. I say that regretfully.

It has been an uneven playing field.

“Institutions want a certain degree of stability and continuity in their business affairs, and to not be dealing with prejudicial challenges arising from external sources. It’s not a desirable state of affairs, especially if it is felt something is not entirely within the jurisdiction’s capacity to address because of so-called evolving standards and unequal application of them.”

TWO government ministries have forged a partnership designed to boost economic ties between The Bahamas’ tourism and agriculture/ marine industries to facilitate the latter’s growth.

Dionisio D’Aguilar, minister of tourism and aviation, and Michael Pintard, minister of agriculture and marine resources, signed a Memorandum of Understanding (MoU) to launch the Agritourism Committee as a body that will improve linkages between local farmers and fishermen and the tourism industry.

Modelled on how other Caribbean countries such as Barbados, St Lucia, Antigua and Jamaica have aided local economic sectors by developing ties to tourism, the Agritourism Committee will be co-chaired by Mark Humes, MP and chairman of the Bahamas Agricultural Health & Food Safety Authority (BAHFSA), and Janet Johnson, chief executive/executive director of the Tourism Development Corporation (TDC).

The Chairs will invite

stakeholders and technical organisations, including the Bahamas Hotel & Tourism Association (BHTA, together with agricultural entities such as Inter-American Institute for Cooperation on Agriculture (IICA) and Caribbean Agricultural Research and Development Institute (CARDI) to participate.

The Tourism Development Corporation, in a statement, said the devastation inflicted by the COVID-19 pandemic had acted as a catalyst to further advance the Agritourism Committee alliance. Tourism linkages have now assumed even greater significance for Bahamian farmers and fishermen due to the fall-out from the public health crisis.

It added that 70 crops were identified by a study as suitable for Bahamian

farmers to supply to the tourism industry and local food stores. “It is imperative that we foster the linkages with other sectors of our economy in order to ensure that there is direct trickle down from tourism into the hands of Bahamians,” said Mr D’Aguilar.

“Agritourism as a vehicle to elevate our farmer entrepreneurs gives them opportunities to benefit from a much bigger market with regular income to sustain and improve the quality of their livelihoods.

I envision chefs making use of the locally-sourced jams, jellies and pepper sauces in their recipes, and visitors being able to purchase the items in the hotel gift shops and/or online as souvenir reminders of their visit.

“We will see new, experiential tours to the pineapple fields in Eleuthera, as well as culinary tours to home

gardens and the emergence of innovative features like aquaponics and hydroponic farming tours.”

Mr Pintard, meanwhile, challenged the hotel industry to increase its ratio of local fresh produce purchases by 40 percent to reduce import volumes. He challenged Bahamian farmers to support the initiative by growing and perfecting the shapes and flavours of their produce to meet the tourism industry’s needs, rather than continuing to grow items that are not likely to yield a good return.

“While we welcome the advantages that a company like Sysco Bahamas Food Services provides the tourism sector,” Mr Pintard said, “we also want to encourage Bahamian investors to form groups and explore these types of possibilities, such as the development of more organic chicken farms and pig farming.

“We’ve put the government’s abattoir and the canning factories in the Family Islands on the market for interested entrepreneurs to joint venture on, with funding assistance from the government. Never since the days of Hatchet Bay have there been such exciting opportunities available to those interested in farm entrepreneurship.”

The Tourism Development Corporation said the new thrust in agritourism is being driven by culturally and eco-conscious travellers, who are demanding that restaurants and hotels incorporate fresh fruit, herbs and vegetables from local farms in prepared dishes.

ARAWAK CAY CHIEF: ONE THIRD OF VENDORS CLOSED

reduced incomes as a result of the pandemic have left Bahamians with little money to spend.

“You have to take time out on the non-essentials; this is not an essential,” he added “Arawak Cay is more for pleasure. You come to enjoy a conch salad or a nice crack conch, so it isn’t essential.

We have about ten establishments that are closed at the moment. We have about 30 stalls, so that is roughly onethird of the stalls that are closed at the moment.”

Mr Russell said he was still not satisfied with the Western Gate at Arawak Cay being closed during operating hours, adding: “The gate on the Western side of Arawak Cay is always closed.

We continue to speak to the authorities about it, but somehow they have a hidden agenda.

“The government never made an announcement on

why they cut off the Western Esplanade, but we have our current dilemma where our Western gate is always closed and they continue to give us some excuse why it is always closed and we are going to address that sooner or later.

“The patrons that want to come into Arawak Cay are being impeded. It always seems as if Bahamians always have to struggle against the powers that be. Because if you remember, earlier this year, even the pop-up boys on Mackey Street, even the police closed them down even after finding out they did not have the prerequisites to operate.”

Acknowledging that the eastern gate by the Western Esplanade has been closed since last year, too, Mr Russell said he was “looking forward to next year” as the time when Bahamians and visitors will return to Arawak Cay in greater numbers.

FRONT from left: Dionisio D’Aguilar, minister of tourism and Michael Pintard, minister of argiculture and marine resources pictured with the co-chairs of the Agritourism Committee - Mark Humes, MP for Fort Charlotte and chairman of Bahamas Agricultural Health & Food Safety Authority (BAHFSA) and Janet Johnson, CEO/executive director of the Tourism Development Corporation.

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net ARAWAK Cay vendors are remaining “patient” as they wait for a COVID-19 vaccine to reduce infection rates and enable their businesses and the wider economy to fully rebound.

Rodney Russell, the Arawak Cay Association’s president, told Tribune Business it was still “quiet” at the Fish Fry destination because high unemployment and

NOTICE

ATLAS INTERNATIONAL SALES LIMITED Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas.

Registration Number 375639 (B) (Dissolved)

Notice is hereby given that the above-named Company was dissolved and was struck from the Register of Companies on the 24th day of June, 2020.

Dated this 24th day of December, 2020.

______________________________

RICHARD L. BROUGHTON Liquidator

NOTICE

MAPLE CONSULTANTS LIMITED Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas.

Registration Number 113839 (B) (Dissolved)

Notice is hereby given that the above-named Company was dissolved and was struck from the Register of Companies on the 3rd day of September, 2020.

Dated this 21st day of December, 2020.

______________________________

RICHARD L. BROUGHTON Liquidator

THE TRIBUNE

Monday, December 21, 2020, PAGE 5

THE END OF INFLATION ACTIVTRADES WEEKLY

By RICARDO EVANGELISTA www.activtrades.bs

I

MAGINE going to a restaurant for dinner, looking at the menu and ordering a three-course meal.

By the time desert is about to be served, the waiter approaches the table, quietly informing you that the cost of the set-menu has gone up since you ordered, and advising you to ask for the bill before prices rise again. Or, consider going to the shops with carrier bags full of bank notes and then bringing the goods home in those same, not as full, bags.

These situations may sound like comedy sketches, but they aren’t. In some parts of the world such scenarios have been reported during periods of hyper-inflation.

Hyper-inflation describes extreme cases, when the value of a currency becomes so low that central banks are forced to print ridiculously high denomination bank notes. Like

for example in Zimbabwe, where the monthly inflation rate reached 79.6 billion percent in 2009, with a one hundred trillion Zimbabwe dollar bill in circulation.

That’s 1, followed by 14 zeros! Today, such relics are worth around USD$5, which is what collectors pay for specimens in good condition.

Inflation starts with an excess in demand comparatively to the offer available, and even just a few percentual points of yearly inflation have the potential reduce consumer confidence, which forces companies to decrease and postpone investments, which in turn reduces competitiveness and rising prices. A vicious circle, that if left unchecked can lead a country’s economy to ruin.

Thankfully, only a few cases end in hyper-inflation, as timely austerity and strict monetary policies usually deal with potentially dangerous situations.

This is why, in the aftermath of the 2008 financial

500 million Zimbabwe dollars. crisis, austerity was imposed.

Inflation-fearing authorities found themselves in the awkward situation of having to choose bailing out financial institutions in detriment of the most vulnerable members of society.

The fear was that if too much liquidity was injected into the real economy, in the form of subsidies or state aid, inflation would rise. Instead, the epic size of the western world’s central banks quantitative easing programmes served to bail-out large banks, with governments cutting expenditure in social programmes in order to balance spending.

Following the economic

PREFERRED DIVIDEND PAYMENT FOCOL is pleased to announce a

dividend payment to all holders of CLASS ‘A’ and ‘C’ preference shares as of December 31, 2020 payable within ten business days of the record date through THE BAHAMAS CENTRAL SECURITIES DEPOSITORY.

“Fuelling Growth For People”

devastation of the coronavirus pandemic, it appears that a different approach is gaining traction. National authorities are spending more than ever on social

programmes and subsidies and major central banks, such as the Fed, pledged to keep interest rates at very low levels at least until 2024. Today,

most economists defend the theory that inflation is no longer the bogeyman it once was, pointing at Japan as an example; an economy where, instead, deflation is the problem, despite persistently low interest rates and generous government spending. The explanation for this phenomenon is still being debated, with demographic changes and more reliable supply chains usually mentioned as potential reasons.

Nevertheless, a minority of economists still fear inflation and believe that we may be in for a wakeup call next year. As entire populations emerge from lockdown, the urge to spend will be greater than ever, which can potentially cause inflationary pressures due to temporary shortages in supply. Let’s hope such scenario doesn’t materialise, as it is the last thing we would need when recovering from the ravages of the pandemic.

PAGE 6, Monday, December 21, 2020

THE TRIBUNE

New flare up over Fisheries Bill split

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net AN ADVOCACY group representing the fisheries industry’s major wholesalers and processors is still crying foul over the Fisheries Bill 2020, reigniting divisions within the sector.

Errol Davis, spokesperson for the Coalition For Responsible Fishing (CFRF), which represents the likes of Paradise Fisheries and Geneva Brass Seafood, described the bill as placing “fish rights above a Bahamian Women’s Rights Bill” as it bars foreign fishermen - even those here legally on work permits, or spousal permits, as they are married to Bahamian women - from working on local vessels.

He argued that it discriminates against women married to Dominican fishermen, some of whom have been living in the country with their spouses for more than 20 years ,and are entitled to work. The passing of the Fisheries Bill, in addition to accompanying changes to the Immigration Act, means these workers will not be permitted on Bahamian vessels

in Bahamian waters any longer.

Mr Davis, in a letter to Tribune Business, said: “The new Fisheries Bill 2020 in its present form, while having some improvements in deterring and managing the vexing problems of illegal poaching, illegal and unreported fishing, and conservation, has purposefully characterised Bahamian-owned businesses that employ non-Bahamians in the same category as poachers.

“In so doing it is prohibiting legitimate Bahamian businesses from functioning, and Bahamian families from feeding themselves at a time when food lines are long enough and social services is stretched beyond its limit. In addition to the boat owners who are all Bahamian, there are hundreds of Bahamian support crew that earn a living on these boats.”

Backing Mr Davis, Percy Roberts, owner/operator of Geneva Brass Seafood, said: “This is a death sentence for my business and its staff. Let me give you an example: I have two boats. I sent one boat out with some Dominican divers and they brought me a decent return,

and the Bahamian boat, which just came in yesterday, cannot pay its fuel bill.”

However, Keith Carroll, president of the National Fisheries Association (NFA), which represents smaller fishermen and backs the the legislation, said he supports the Bill and has been lobbying for it for more than 20 years. Speaking on a radio talk show last week, he said: “I could tell you this is why we have to get these Dominicans out of this country.

“These guys come in, they are supposed to dive with a compressor within those months, yet they still break the law. When they dive they break the conch shells.

They have already damaged our seabed.

“They used to poach first, and after they found a way to get on Bahamian boats then they started getting the permits and put them on a boat. So the Defence Force has two problems; one of dealing with the poachers, the illegal ones, and the other ones we have here in this country.”

Michael Pintard, minister for agriculture and marine resources, said the government will not be withdrawing the Bill as

it has already consulted widely with all parts of the industry - something Mr Roberts denies.

Mr Davis added: “It is nonsensical to ask a skilled mason to stop being a mason and seek work at JBR bagging cement. This is not his profession, and there is a tremendous difference in earnings. Also, JBR might not have a vacancy.

“This is what the Bill is suggesting; that a highly skilled fisherman must stop being a skilled fisherman and go and seek employment in a fish plant cleaning

fish or as a labourer stacking boxes.”

Mr Davis also attacked the diver training programme, which Mr Pintard has spoken highly of, and is undertaken by his ministry through the National Training Agency (NTA).

He said: “The Bill was packaged as a ‘Bahamianisation Bill’, which most Bahamians would support without looking any further, but it fails to protect Bahamians that would be disadvantaged by the Bill.

“Many Bahamian fisherman, if they read the Bill,

would be surprised how this Bill will affect them in its execution but, as they say, ‘the devil is in the detail’.

Many Bahamian fisherman may not be aware of the preserving of an area of the sea floor for specific persons.

“For the record, the 2019 version of the 2016 dive programme at NTA that was underwritten by the CFRF was again unsuccessful, producing no functional fisherman. A padi dive permit doesn’t make one a competent fisherman.”

To advertise in The Tribune, contact 502-2394

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

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

THE TRIBUNE

Monday, December 21, 2020, PAGE 7

‘From strength to strength’ on FATF delisting FROM PAGE ONE issues, certified on Friday that The Bahamas merited delisting after addressing previous weaknesses in its regulatory regime, Mr Bethel pledged that authorities will “not celebrate the glow of this moment and go back to sleep”.

Disclosing that the government’s “focus has already started to shift”, he disclosed that The Bahamas plans to ramp-up its engagement with the European Union (EU) early in the New Year in a bid to secure its removal from the 27-nation bloc’s own so-called “blacklist” of countries deemed “high risk” because of deficiencies in their anti-financial crime regimes.

The FATF’s confirmation of The Bahamas’ exit from its own initiative removes one of the major hurdles to The Bahamas’ delisting by the EU. The latter had cited this nation’s inclusion on the FATF list as a key reason for placing it on its own, but Mr Bethel cautioned that escaping Europe’s scrutiny may not be so simple given that the bloc is applying its own standards.

Still, describing The Bahamas’ departure from the FATF process as “a good day”, he told this newspaper of the consequences: “The [financial services] industry will, I’m sure, go from strength to strength, and will market themselves - as they should - as being situated in a clean and wellregulated jurisdiction.

“The idea of places where persons of ill-repute

can operate with impunity, those days are gone. The true competitive advantage for the country is to show we’re fully compliant with everything, and that this is grounded in the way business is conducted.

“It’s a good selling point that the jurisdiction is compliant, not only at one point in time but continuing the work of being compliant retooling the regulatory regime. Once that has happened, and the costs are absorbed, the ability to conduct business and the opportunities are enhanced,” Mr Bethel added.

“We expect the industry will embrace the opportunity to develop new sources and types of business, and expand their own businesses, given that the jurisdiction has attained the highest ratings for antimoney laundering and counter-terror financing supervision.

“People don’t want to be in a jurisdiction where their name is going to get called in a negative light.

It’s important to not only develop a culture of full compliance, and when I say that all I mean is we have a framework which is effective if all players respect and follow it. It’s only by having an effective system that performs that we can position ourselves in the global market as a safe jurisdiction.”

Mr Bethel spoke after the FATF praised “the significant progress” made by The Bahamas in improving its anti-money laundering and counter-terror financing regime.

LEGAL NOTICE

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 FICUS HOLDINGS LTD. (Company number 127,854 B) An International Business Company (In Voluntary Liquidation) Pursuant to Section 138 of the International Business Companies Act, 2000 notice is hereby given that the voluntary winding-up and dissolution of the Company commenced on the 15th day of December 2020 and that Teak Limited of Devonshire House, Queen Street, P.O. Box N-3918 Nassau Bahamas has been appointed Liquidator.

Dated this 15th day of December 2020 Teak Limited Liquidator

“The Bahamas has strengthened the effectiveness of its anti-money laundering and counter-terror financing regime system, and addressed related technical deficiencies to meet the commitments in its action plan and remedy the strategic deficiencies identified by the FATF in October 2018,” the FATF said.

“The FATF now de-lists The Bahamas from the list of jurisdictions under increased monitoring.

The Bahamas is therefore no longer subject to the FATF’s increased monitoring process. The Bahamas will continue to work with CFATF (the FATF’s Caribbean affiliate) to improve further its anti-money laundering and counter-terror financing regime.”

Besides the reputational risk created by inclusion on the FATF list, it also created practical issues for Bahamas-based financial institutions and their clients. Transactions originating from, or involving, this nation were subject to enhanced scrutiny by other countries, resulting in increases costs, time and red tape for the parties involved, and thus undermining the country’s competitive attractions.

The FATF listing also placed further pressure on The Bahamas’ alreadystrained correspondent banking relationships, which provide the gateway through which this nation’s international trade and commerce model functions by enabling businesses and individuals to clear and settle transactions abroad.

In addition, the FATF move also sparked the US and UK Treasuries to issue their own advisories and call for greater scrutiny of Bahamian transactions. These warnings may now also fall away.

Mr Bethel, meanwhile, said that while the Attorney General’s Office had led efforts to secure The Bahamas’ removal, the initiative required the full involvement of the national identified risk framework co-ordinator, Dr Cassandra Nottage; all financial services regulators; the Royal Bahamas Police Force;

Customs; and the financial services industry itself.

Revealing that stakeholders had been meeting weekly over the past year to drive the reforms, the attorney general said this had resulted in “ten major legislative changes” including new Proceeds of Crime, Financial Transactions Reporting and Financial and Corporate Services Providers Acts, as well as the Register of Beneficial Ownership Act. The Penal Code was reformed to include taxbased offences, while the Attorney General’s Office was upgraded with a new digital case management system. The Financial Intelligence Unit (FIU) was also enhanced with new software to speed up its file and case management, eliminating the “backlog” and enabling real-time management of the suspicious transactions reports (STRs) it analyses.

Despite this work, Mr Bethel said securing The Bahamas’ removal from the EU’s blacklist will be another task as “they are FATF-plus”. “Our focus has already shifted in some ways,” he told this newspaper. “We’ll be looking in early January to have further discussions with them.

“That will be a more deliberate process. I cannot make any prediction save The Bahamas will do its very best to engage in a particular and responsive manner with parties at the EU and the EU Commission. At the end of the day we are simply seeking our living space, and we don’t want to have our living space at the expense of any other jurisdiction.

“Within those broad parameters we feel there’s more than adequate space for The Bahamas to have a financial services sector that’s in compliance with evolving global financial standards.”

To advertise in The Tribune, contact 502-2394

PAGE 8, Monday, December 21, 2020

Oil opponents now seeking ‘Xmas miracle’ FROM PAGE ONE to reconsider allowing oil exploration in this country’s waters would lead to greater dialogue between this nation and the US and creation of “a no drill zone across the entire Bahamas, Florida and Cuban coasts”.

“That’s what we should all be working towards,” Mrs Duncombe said. “I was thrilled to see that letter come out. It amplifies and underscores what we’ve been saying. Figuring out the government’s approach and position is like shooting in the dark. One say they say ‘yes’, the next they say ‘no’, and another day it’s ‘maybe’.

THE TRIBUNE We’re hoping this letter clarifies what direction we should be moving in.”

Meanwhile, Fred Smith QC, the Callenders & Co attorney and partner representing the activists in their Judicial Review challenge, told Tribune Business that if Dr Hubert Minnis and many of his Cabinet ministers were opposed to oil drilling in The Bahamas they will “not throw up procedural obstacles” that block a rapid hearing of the action’s merits.

Both he and his clients have voiced fears that the

government will try to knock out, or slow, the Judicial Review challenge down by demanding that the activists provide “security for costs” - effectively a bond that will be placed in escrow to cover the administration and BPC’s legal and other expenses arising from the case and/or delays to their plans.

Mr Smith, though, argued that the government’s position that BPC’s licences and other agreements were legally watertight, and cannot be ended without exposing the taxpayers to a

potentially massive multimillion dollar liability, was “a red herring”.

He explained that the Judicial Review was not asking the government to break these deals but, rather, confirm whether the oil explorer has been granted all the permits it needs for exploratory drilling under the Acts passed by Parliament.

These, Mr Smith said, included an excavation permit under the Conservation and Protection of the Physical Landscape of The Bahamas Act, plus site plan approval as demanded by the Planning and Subdivisions Act. Compliance with the Merchant Shipping Pollution Act and the Environmental Health Services Act was also required.

Acknowledging that BPC will “doubtless be going as fast as possible”, the outspoken QC said of the government: “It isn’t sufficient for them to wipe their hands clean like Pontius Pilate politicians in Parliament.

“I find it shocking that members of the government would say that they cannot break the licensing agreement or that they were advised that they have to honour it. This is very strange and new language for Bahamian politicians.

After all, both the PLP and FNM have never had the slightest compunction about breaking the Hawksbill Creek Agreement, the most economically important agreement in The Bahamas to-date...

“It is shocking they should be so terrified of BPC. This is a red herring they are throwing up. Nobody has asked them to break BPC’s licence. The FNM government repeatedly renewed the licence, and we argue they failed to comply with the law on consultation,” Mr Smith continued.

“Whether a developer has a licence or not, or agreement with the government or not, they are still required to obtain permits mandated

by Parliament. The executive branch of government signing some kind of agreement with a developer does not give them carte blanche or ‘get out of jail free card’ from the laws passed by Parliament.

“It’s sleight of hand for the government to keep harping on about their inability to break an agreement. Save the Bays is not asking the government to break an agreement. We’re asking the developer and the government to obey the laws passed by Parliament, not act as if Parliament does not exist. That is the nub of it.”

To advertise in The Tribune, contact 502-2394 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.

LEGAL NOTICE

NOTICE CHURCHILL MANAGEMENT LTD. ___________________ Pursuant to the Provision of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 27th day of November, 2019 AMICORP BAHAMAS MANAGEMENT LIMITED LIQUIDATOR Of CHURCHILL MANAGEMENT LTD

NOTICE ABUK LIMITED (In Dissolution) Pursuant to the provisions of Section 138(4) (a), (b) and (c) of The International Business Companies Act, notice is hereby given that:(a) ABUK LIMITED is is dissolution. (b) The date of commencement of the dissolution is the 17th day of December A.D., 2020. (c) The Liquidator for the above-named Company is Pius Gurber c/o Callenders & Co. One Millars Court, P.O. Box N-7117, Nassau, Bahamas.

THE TRIBUNE

BPL fuel lock-in to ease extra charge

FROM PAGE ONE

alike are struggling to rebound from the economic devastation inflicted by COVID-19.

Such a move, they will argue, could depress the economy even more and further delay its recovery, especially since BPL’s own financial woes - when combined with the capital market environment post-COVID-19 and the Government’s creditworthiness downgrades - could result in the bond issue requiring higher interest

Monday, December 21, 2020, PAGE 9 rates to make it attractive to investors.

When the NUIC was first talked about, it was estimated that the charge would be equivalent to 15 percent of a person’s existing consumption although that will depend on the rate and terms BPL can obtain. Desmond Bannister, minister of works, previously pledged to consumers that the additional charge will not result in their overall monthly energy costs increasing over the medium to long-term.

He added that the new charge will be offset by reduced fuel costs and efficiency gains, produced by BPL’s new Wartsila and General Electric (GE) engines on New Providence, such that the impact on overall bills will be “cost neutral”.

BPL’s entire turnaround plan, and the provision of reliable, lower cost energy to its business and residential consumers, depends on placing this bond issue. It

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, BARBARANIQUE ULANDA MUNNINGS of New Providence, Bahamas, intend to change my name to BARBARANIQUE ULANDA GIBSON. If there are any objections to this change of name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, New Providence, Bahamas no later than Thirty (30) days after the date of the publication of this notice.

has been structured to keep the $535m debt that will be incurred off the state’s balance sheet and eliminated previous loan guarantees made on the utility’s behalf.

Dr Moxey, meanwhile, explained that BPL’s latest fuel hedge - conducted with help from the Ministry of Finance and Inter-American Development (IDB) - would extend the initial 18-month price lock-in by a further 23 months or almost two years to end-2023.

The fuel charge component of customer bills is presently locked at 10.5 cents per kilowatt hour (KWh) until January 2022, but the BPL chairman revealed the price of this latest hedge will be slightly higher than that because it was executed after global oil prices had risen to over $40 per barrel.

The initial hedge was made when oil prices were in the $30 per barrel range, and Dr Moxey said of the second effort: “We’re very

comfortable with the pricing we’ve locked in. It won’t keep at 10.5 cents per KWh. It will rise slightly.” He declined to say by how much.

The second hedge, though, gives businesses and households electricity rate certainty and stability into the medium and long-term at a time when their finances are under huge strain due to the economic crisis created by COVID-19.

BPL’s move, in theory, puts control of the monthly electricity bill back in consumers’ hands. With rates including the base tariff fixed, and no longer vulnerable to global oil price fluctuations, Bahamian energy costs will be determined by each business and households’ management of their consumption - effectively making energy a volume business.

While consumers will be the main direct beneficiaries, BPL’s reduced fuel costs will also help reduce the drain on the $2bn-plus external reserves at a time when

PUBLIC NOTICE

The Public is hereby advised that I, YVETTE IONIE WHYTE of Marsh Harbour, Abaco, P.O. Box CB-13228, parent of TYREAK KYMANI GRANT a minor, intends to change my child’s name to TYREAK KYMANI GRANTSTRACHAN. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas, no later than thirty (30) days after the date of publication of this notice.

LEGAL NOTICE

NOTICE NOTICE IS HEREBY GIVEN as follows:

(c) The Liquidator of the said Company is Mr. Beryn Neeley of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas.

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

MARKET REPORT www.bisxbahamas.com

BISX ALL SHARE INDEX:

CLOSE

CHANGE

2050.91

-0.48

%CHANGE

YTD

YTD%

-0.02 -180.69

-8.10

(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

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 4.13 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

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 2.43 6.23 10.39 8.40 13.00 3.70 8.25 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 (0.06) 0.00 0.00 (0.01) 0.00 0.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

VOLUME

12,000

11,120

21,000 1,800

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

100 580

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 23.8 13.3 16.1 11.5 15.9 18.2 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% 17.86% 0.96% 3.16% 2.86% 4.15% 3.24% 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 IS HEREBY GIVEN as follows: (a) GREEN TERRACE LIMITED is in dissolution under the provisions of the International Business Companies Act, 2000. (b) The dissolution of the said Company commenced on the 18th December, 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General.

Registered Agent for the above-named Company

(b) The dissolution of the said Company commenced on the 18th December, 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General.

FRIDAY, 18 DECEMBER 2020

GREEN TERRACE LIMITED

H & J CORPORATE SERVICES LTD.

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

IPG Family Office Limited LIQUIDATOR 2nd Floor, Montague Sterling Center, East Bay Street

NOTICE

(c) The Liquidator of the said Company is Mr. Beryn Neeley of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas.

LANDFARM LIMITED

Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, 2000, (As Amended) NOTICE is hereby given that, TYNDALL INVESTMENT COMPANY LIMITED is in dissolution and that the date of commencement of the dissolution is the 18th day of December, A. D. 2020

Tribune Business that the latest BPL hedge will give Bahamians protection against volatility and fluctuations in global oil prices, which are expected to increase as global economic activity rebounds post-COVID-19 And the IDB, in a statement, said the latest hedge will “allow the government to take advantage of low oil prices in the international markets and protect itself against abrupt oil price movements, ultimately offering consumers protection against unexpected increases in energy costs”.

“It also protects the government’s budget resources by allowing it to implement better financial risk management over the next three-and-a-half years, with a series of Asian Call Options purchased by the government from the bank on approximately 7.2m barrels of crude oil.”

LEGAL NOTICE

INTENT TO CHANGE NAME BY DEED POLL

NOTICE

The Bahamas needs to preserve every cent of foreign currency it can get while tourism-related inflows recover.

BPL’s annual fuel bill is one of the most significant drains on the foreign reserves, which are vital to maintaining the Bahamian dollar’s one:one parity with the US dollar. The hedge will thus ease some of the anticipated pressure on external reserves that are projected to decline to around $1bn by year-end 2020 as import demand outweigh severely diminished foreign currency inflows.

BPL should receive little to no benefit from its hedging strategy, given that the fuel charge is a “pass through” to the end-user that is supposed to be covered 100 percent by consumers. The latter, and the wider economy and its competitiveness, should be the main beneficiaries of locking-in long-term prices.

Marlon Johnson, the Ministry of Finance’s acting financial secretary, told

THE TRIBUNE

Monday, December 21, 2020, PAGE 11

Bahamas avoids ‘dire’ 26% shrink of its GDP output

FROM PAGE ONE

nor the mitigating effect of lower oil prices. As a result, the estimated growth rates for these countries are not as dire as those originally simulated. The government policy responses have been effective in that regard. That said, social and employment impacts have been severe.”

The IDB’s projection, which is close to the International Monetary Fund’s (IMF) estimate of a 16.2 percent contraction for the Bahamian economy in 2020, still slashes between $1.5bn and $2bn off real GDP and

percent of GDP, but it has the highest administrative expenses as a share of contribution income (17.6 percent), which suggests there is an opportunity to improve the operational and administrative efficiency of these programmes.

“Going forward, projected higher costs could pose a significant burden on the state, so these costs need to be closely monitored. Policymakers should also review the design of the multi-pillar systems of these programmes on a regular basis and assess what parametric and nonparametric changes in the pension schemes are required to achieve adequate benefits, expanded coverage and financial sustainability of the system.”

makes this nation the hardest-hit by COVID-19 bar Guyana among the nations assessed by the IDB. Still, The Bahamas’ external reserves were some 18 percent above pre-COVID levels at end-October as the IDB called for fiscal and monetary policy reforms to help put the country back on a sustainable footing post-COVID and Hurricane Dorian.

Noting the National Insurance Board’s (NIB) administrative costs, it said: “Overall, The Bahamas has a relatively low public pension expenditure of 3.21

Turning to the banking sector, the IDB added: “Although The Bahamas’ banking sector is exposed to greater levels of external competition owing to its status as an offshore financial services sector, its banks are less profitable than global and regional averages, with sector returns on equity of 3.6 percent.

“Moreover, while the country has saving rates in line with the regional average, access by firms to basic lending services can be a challenge. Financial sector development is further hindered by several factors.

First, enforcing contracts takes about 345 days, which has implications for the cost of these processes, and registering property is mostly a paper-based process.

“Second, regulatory and judicial systems could stand to provide both creditors and debtors with greater confidence in terms of property rights and contract enforcement, as well as case management and court automatisation (though existing alternative dispute resolution frameworks can mitigate this last point),” the IDB added.

“Finally, the lack of credit institutions poses information asymmetries that can often result in higher collateral requirements and hinder financial access and inclusion. Measures such as the development of a centralised credit registry and bureau, digitisation of services, and other mechanisms for the gathering and sharing of information on risk would

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 67° F/19° C Low: 47° F/8° C

TAMPA

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

A shower in the a.m.; partly sunny

Mainly clear

Nice with plenty of sunshine

Breezy in the morn‑ ing; mostly sunny

Breezy in the morning; sunshine

Variable clouds, a stray t‑shower

High: 80°

Low: 67°

High: 76° Low: 69°

High: 78° Low: 68°

High: 80° Low: 69°

High: 78° Low: 62°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

85° F

64° F

76°-63° F

78°-67° F

83°-70° F

82°-58° F

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

N

almanac

E

W

ABACO

S

N

High: 78° F/26° C Low: 63° F/17° C

10‑20 knots

S

High: 75° F/24° C Low: 53° F/12° C

15‑25 knots

FT. LAUDERDALE

FREEPORT

High: 78° F/26° C Low: 57° F/14° C

E

W S

E

W

WEST PALM BEACH

N

uV inDex toDay

TONIGHT

High: 67° F/19° C Low: 50° F/10° C

High: 77° F/25° C Low: 63° F/17° C

MIAMI

High: 78° F/26° C Low: 57° F/14° C

10‑20 knots

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 79° F/26° C Low .................................................... 70° F/21° C Normal high ....................................... 79° F/26° C Normal low ........................................ 67° F/19° C Last year’s high ................................. 78° F/26° C Last year’s low ................................... 70° F/21° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ............................................... 67.20” Normal year to date ................................... 39.26”

ELEUTHERA

NASSAU

High: 80° F/27° C Low: 67° F/19° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 81° F/27° C Low: 69° F/21° C

N

KEY WEST

High: 75° F/24° C Low: 65° F/18° C

High: 81° F/27° C Low: 71° F/22° C

N

S

E

W

7‑14 knots

S

7‑14 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

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

tiDes For nassau High

Low

Ht.(ft.)

Today

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

3:30 a.m.

3:37 p.m.

2.3 2.1

9:49 a.m.

9:53 p.m.

0.6 0.2

Friday

4:18 a.m.

4:26 p.m.

2.4 2.0

10:41 a.m. 0.5 10:37 p.m. 0.1

Saturday

5:03 a.m.

5:12 p.m.

2.6 2.0

11:29 a.m. 0.3 11:19 p.m. 0.0

Sunday

5:45 a.m.

5:56 p.m.

2.7 2.0

12:13 p.m. 0.2 ‑‑‑‑‑ ‑‑‑‑‑

sun anD moon Sunrise Sunset

6:51 a.m.

5:26 p.m.

Moonrise Moonset

12:17 p.m. none

First

Full

Last

New

Dec. 21

Dec. 29

Jan. 6

Jan. 12

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 81° F/27° C Low: 72° F/22° C

High: 82° F/28° C Low: 73° F/23° C

N

High: 82° F/28° C Low: 69° F/21° C

E

W S

LONG ISLAND

tracking map

High: 82° F/28° C Low: 72° F/22° C

8‑16 knots

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

Shown is today’s weather. Temperatures

L

Ht.(ft.)

CAT ISLAND

E

W

support improved counterparty credit risk assessment and management.”

Elsewhere, the IDB called for the Department of Inland Revenue (DIR) to be reformed. “Tax administration could be enhanced through greater documentation, as most of the core processes are not documented or standardised, posing a risk for business continuity,” it said.

“The Bahamas should also consider establishing a special organisational unit devoted to preparing economic studies that can analyse tax collection trends, monitor the hidden economy, examine revenue yields from audits, understand taxpayer behaviour, and provide input to government budgeting processes.”

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 82° F/28° C Low: 74° F/23° C

High: 83° F/28° C Low: 73° F/23° C

GREAT INAGUA High: 84° F/29° C Low: 75° F/24° C

N

E

W

E

W

N

S

S

4‑8 knots

7‑14 knots

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

Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

WINDS W at 15‑25 Knots N at 8‑16 Knots W at 7‑14 Knots NNE at 8‑16 Knots S at 8‑16 Knots NNE at 8‑16 Knots SE at 8‑16 Knots ENE at 7‑14 Knots SSW at 10‑20 Knots NNE at 8‑16 Knots WNW at 12‑25 Knots N at 8‑16 Knots SW at 7‑14 Knots NNE at 8‑16 Knots SE at 7‑14 Knots ENE at 8‑16 Knots SSE at 6‑12 Knots NE at 10‑20 Knots SSE at 8‑16 Knots ENE at 6‑12 Knots SW at 10‑20 Knots NNE at 8‑16 Knots SE at 4‑8 Knots NNE at 10‑20 Knots SW at 8‑16 Knots NNE at 8‑16 Knots

WAVES 4‑8 Feet 3‑6 Feet 1‑2 Feet 1‑3 Feet 3‑6 Feet 3‑5 Feet 3‑5 Feet 2‑4 Feet 3‑6 Feet 3‑5 Feet 4‑7 Feet 3‑5 Feet 1‑2 Feet 1‑2 Feet 3‑5 Feet 2‑4 Feet 1‑3 Feet 1‑3 Feet 4‑8 Feet 4‑7 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 2‑4 Feet 2‑4 Feet

VISIBILITY 5 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 10 Miles 10 Miles 10 Miles 7 Miles 10 Miles 10 Miles 6 Miles 7 Miles 10 Miles 10 Miles 5 Miles 10 Miles 10 Miles

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