Issuu

business@tribunemedia.net

THURSDAY, DECEMBER 31, 2020

$3.98

Compliance ‘onslaught’ on substance demands By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

CCOUNTANTS are urging the government to extend today’s deadline for corporate Bahamas to meet substance reporting requirements amid “a last-minute onslaught” from stunned firms racing to comply. Craig A “Tony” Gomez, the Baker Tilly Gomez accountant and partner, yesterday told Tribune Business that many companies in both the domestic and international segments of the Bahamian economy appeared to have been “caught off-guard” by the

• Corporate Bahamas ‘caught off guard’ by new filing • System challenges to meet today’s ‘EU law’ deadline • Firms brand exercise ‘utter pain’ and ‘more red tape’

need to file the “annual declaration” demanded by the Commercial Entities (Substance Reporting) Act 2018. This law, part of legislation passed to meet the European Union’s (EU) demands that Bahamasbased companies have a physical presence and conduct real business, for the first time requires all incorporated entities and legal partnerships to complete a so-called “substance PHILIP GALANTIS

CRAIG “TONY” GOMEZ

SEE PAGE 2

Lucayan lacks ‘three legs’ needed to open By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Grand Lucayan’s February 1 re-opening threatens to inflict more losses on Bahamian taxpayers because it lacks the “three legs” required to sustain its revival, a hotelier is warning. Magnus Alnebeck, the nearby Pelican Bay resort’s general manager, told Tribune Business that the government and its Grand Lucayan Board have yet to reveal whether a hotel operator has been hired to manage the property or if marketing and airlift initiatives have been readied. While acknowledging that it was better for Freeport’s “anchor resort” to be open than closed, he voiced fears its Lighthouse Point property will “just

• Hotelier fears more taxpayer losses on February 1 • Says operator, airlift and marketing plan all missing • Island ‘invisible from marketplace’ for four years stand there because no one is coming” and cause “a big expense” for taxpayers unless these three elements are in place before February 2021. “By itself it’s not going to bring any guests,” Mr Alnebeck said of the planned re-opening. “Grand Bahama has really been closed to the tourist market for almost four years since Hurricane Matthew. It’s a bit better that the hotel is open than closed, but opening by itself is not going to solve the problem. Having an open hotel with no guests is not the solution. “It needs to open with

Activists: ‘Unarguable’ BPC needed new EA

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

OIL exploration opponents yesterday alleged previous statements by Bahamas Petroleum Company (BPC) show it is “unarguable” that new environmental permits were needed for the change in drill ship. Jacqueline BanonaAdderley, an attorney with Callenders & Co, which is representing environmental activists in their Judicial Review bid to halt BPC’s exploratory drilling, argued that an update issued by the company in November

2019 had highlighted the need to incorporate details of the vessel undertaking the work into the Environmental Authorisation (EA) application. This, she alleged, contradicted both the government and BPC’s assertion that the later switch to the Stena IceMAX vessel did not require a new EA to be approved and associated public consultation to be held. These arguments are a central element to the action initiated by Waterkeepers Bahamas and the Coalition

SEE PAGE 5

Freeport ‘strangled’ over Baleària wait

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A PROMINENT Freeport attorney yesterday warned the government that it is “strangling” the city’s prospects for economic revival by the protracted delay in approving Baleària Caribbean’s return. Carey Leonard, the Callenders & Co attorney, said the company’s ferry service from Fort Lauderdale was “desperately needed” both as a commercial lifeline and

CAREY LEONARD tourist access given that the government has yet to resolve Grand Bahama International Airport’s fate. “I don’t get it,” he told Tribune Business of

SEE PAGE 5

the right operator and right product so there’s demand for it, there needs to be a marketing programme in place and, what is really important, is that full airlift is in place. It’s good that they’re going to open, but they need to open it right as opposed to saying let’s open it and see, especially if people are going to a destination that’s been closed down for four years more or less. “It’s really three legs that are needed to open the hotel. The first is having an attractive product consumers like, and second, they need to market so people understand it’s open. Then

you need to have the airlift and boat lift so people can get to Grand Bahama otherwise it’s just going to end up costing you money.” Mr Alnebeck said that if an operator, marketing initiative and air/sea lift for the Grand Lucayan were in place “they haven’t been announced yet”. He added: “What would have made sense to me would be to get an operator like Sunwing or someone who knows what they’re doing, come in with airlift and a marketing plan, and get the numbers to work. “Otherwise the danger is

SEE PAGE 4

$4.02

$3.98

Canadian bank dividend bar to end March 2021 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Central Bank has unveiled plans to lift the suspension on dividend repatriations by the Canadian-owned commercial banks in March 2021 due to “lessening uncertainty” surrounding COVID-19. John Rolle, pictured, the regulator’s governor, told Tribune Business there was now “more clarity” as to when The Bahamas’ allimportant foreign currency inflows will start to improve due to the emergence of vaccines for the pandemiccausing virus. Implying that this had given the Central Bank confidence to lift the dividend repatriation suspension that was imposed in March/ April 2020 to help protect the external reserves that support The Bahamas one:one US dollar peg, Mr Rolle nevertheless conceded that foreign currency inflows “will continue to be strained in 2021” as tourism slowly rebounds. However, with dividend payments by the likes of Royal Bank of Canada (RBC), CIBC FirstCaribbean International Bank (Bahamas) and Scotiabank (Bahamas) likely to be spread out via a phased approach, Mr Rolle said there would be no sudden depletion of the external reserves. He added that the impact of the suspension’s end will more likely be felt towards the end of 2021, “and with greater force” in 2022. The policy change was revealed in the yearend letter sent to the regulator’s licensees by Charles Littrell, the Central Bank’s inspector of bank and trust companies, who told the industry: “In March 2021, the Central Bank will resume exchange control consideration of applications for dividend repatriation by

commercial banks. “This will lift the suspension that was imposed at the onset of the pandemicrelated slowdown in foreign exchange inflows, in March and April 2020. For dividends approved prior to March 2020, commercial banks will be required to update their repatriation schedules and obtain amended exchange control approvals. “Otherwise, the prudential assessments mentioned above will continue to affect dividend approvals. This policy shift, nevertheless, anticipates continued multi-year schedules for dividend remittances and lessening uncertainty about when private sector foreign exchange inflows are expected to begin to recover.” Tribune Business recently reported that BISX-listed CIBC FirstCaribbean was awaiting Central Bank approval to pay a total of $93.773m in dividends declared by its board, of which some $89.281m is due to be upstreamed to its Barbados-based regional parent. These payments to shareholders have all been held up by the Central Bank’s repatriation suspension. Thus the policy shift is a New Year’s gift for the regional and global parents of the Canadian-owned banks. Explaining the rationale for the March

SEE PAGE 2

PAGE 2, Thursday, December 31, 2020

Resort invests $1.2m in restaurant upgrade

THE OCEAN REEF RESORT

A GRAND Bahama timeshare resort exploited the COVID-19 enforced tourism shutdown to invest $1.2m in restaurant upgrades as well as other improvements to the property. The Ocean Reef Resort, which suffered relatively minimal damage from Hurricane Dorian, having taken a long time to recover from Hurricane Matthew in 2016, used the pause created by the pandemic tp as renovate its roof, kitchen, and outside pool area. “We took the time during the COVID downtime to refurbish rooms and upgrade our restaurant facilities. We’ve also revamped our social media pages and are working on our website revamp this year,” said Kor Dormans, Ocean Reef Resort’s chief executive. “This way we can update our guests, both locally and internationally, on resort news and we joined Instagram to highlight our restaurant news too.” With COVID-19 protocols in place, the renovated restaurant can accommodate numerous guests, with its roof completely covering the outside seating. The restaurant held its first theme

night, an Ugly Sweater Night, just before Christmas with singer Ryan Carroll hired to entertain guests. “Though our turnout was small, we were pleased to welcome local guests and show off our new expanded seating area,” said Mr Dormans. “Our guests also enjoyed the soft sounds of Carroll’s singing and we plan to have him back every Saturday evening in January and February.” Oceans Blue’s head chef, Michel Pratt, who has been with the resort for 15 years, said: “Our menu combines both Bahamian and International favourites. We try to offer specials on the weekends to add to our menu, and for private events we cater to our client’s needs.” The resort added more parking earlier this year, which allows locals to park both outside the resort and in the rear of the restaurant location. “We hope to welcome more locals this year,” added Mr Dormans. “We have the room for safety in spacing, and our resort allows us to have fun games for children to play while here, and docking space for those coming by boat, too.”

THE TRIBUNE

Compliance ‘onslaught’ on substance demands FROM PAGE ONE reporting form” and obtain an “entity identification number” (EIN) by today. The penalties for failing to do so can be harsh, reaching to a $15,000 “administrative fine in certain circumstances” as well as a $1,000 daily penalty that can be levied for “ongoing” non-compliance. The latter could also see a company struck from the registry at the Registrar General’s Department. Philip Galanis, the HLB Galanis managing partner, yesterday backed Mr Gomez in disclosing that his firm and other accountants were encountering challenges in filing their clients’ substance declarations “on a timely basis” due to problems connecting with the Department of Inland Revenue’s (DIR) ‘substance reporting portal’. Arguing that the information technology (IT) infrastructure was “not as robust and accessible as it should be”, and that “quirks” were likely still being addressed as this is the first such annual filing, Mr Galanis urged the government to extend today’s deadline and give corporate Bahamas more time to comply. Noting that many companies appeared to have been blindsided by this latest imposition, Baker Tilly’s Mr Gomez told this newspaper: “The deadline is tomorrow [today] so everybody is getting into gear. This applies to both domestic and international entities. “All of a sudden everyone is calling. All these firms have been caught offguard. Because the Act was passed in 2018 and nobody moved, many companies

have relaxed. Someone in the Ministry must have awakened and said: ‘Let’s get this thing going’. “Over the last month everyone and his brother have been rushing, consulting with accountants and professional advisers to help them comply.. Let me tell you something; it’s not the past few weeks. All of a sudden there’s an onslaught of domestic and international businesses,” Mr Gomez revealed. “Let’s just say we have received active inquiries to get this done, and provide guidance and interpretation on complying with the requirements of this legislation. We’ve seen a very active level of inquiries that have not all materialised into business, but all of a sudden persons are keenly aware of the law that has been enacted with a deadline of tomorrow, December 31.” Ministry of Finance guidelines state that the substance reporting requirements apply to “all incorporated entities and legal partnerships in The Bahamas”, including nonprofit groups and those with legal partnership agreements, and those registered at the Registrar General’s Department. As a result, the Act and its reporting/declaration requirements apply to all entities incorporated under the Companies Act, including registered foreign entities; International Business Companies Act; Partnership Act; Partnership Limited Liability Act; and Exempted Limited Partnership Act. Even corporate vehicles “100 percent owned by one or more natural persons ordinarily resident and domiciled in The Bahamas,

and conducting its ‘core income generating activities’ in The Bahamas”, must obtain the EIN number and submit the annual substance declaration and report by year-end. “As things stand currently, entity registration and initial reporting must be completed no later than December 31, 2020. Hence time is of the essence,” one advisory seen by Tribune Business warned. Backing Mr Gomez, his fellow accountant, Mr Galanis told this newspaper: “That’s exactly what I’m seeing; a lot of last minute requests. A lot of it has to do with getting the relevant information from the Registrar General’s Department and the Department of Inland Revenue.” Revealing that inquiries with his colleagues suggested that the whole accounting profession was challenged in meeting the year-end deadline on clients’ behalf, he added: “I don’t know what’s going to happen. I hope the government may give an extension. They need to give an extension, no question about it. “I’m not sure the system is as robust as it should be, and a lot of firms are experiencing difficulties filing on a timely basis. I don’t think anybody has issues providing the information, but we need the right environment and infrastructure to facilitate it. That’s where the deficiency is, I think. It’s not as robust and accessible as it should be. “Both these problems have created significant difficulties for people completing filing on time. I don’t think this is isolated; I think this is a common problem across the entire industry. Because this is the first time they’ve rolled it out, there

are bound to be quirks,” Mr Galanis continued. “This is the first time this level of disclosure has been required, and you don’t want to mislead or give inaccurate information. It isn’t as easy as it may appear. All these things are taxing our ability to get things done as quickly as we’d like to. I don’t think there’s a question about willingness to do it. That’s not a question at all. It’s more having the infrastructure available to facilitate it being implemented.” Mr Galanis said trying to complete the substance declaration filing over the Christmas holiday brought additional challenges, as staff at many vital government agencies were away, worsening the difficulties caused by the COVID-19 pandemic.’ One executive yesterday voicing frustration with the government’s system was Rick Lowe, Nassau Motor Company’s (NMC) operations manager/director, who said he had sent at least four requests for the substance reporting form to the Ministry of Finance’s portal since November 12 but had yet to receive a response. “It’s just more red tape for nothing” he told Tribune Business. “An absolute utter pain. If you are going to the government site and doing what they’re asking, sending a request and not getting an answer, how are you supposed to respond? There’s the threat of fines and big jail terms. Who wants that? It’s just ridiculous.” Marlon Johnson, the Ministry of Finance’s acting financial secretary, could not be reached for comment before press deadline last night.

Canadian bank dividend bar to end March 2021 FROM PAGE ONE 2021 move, Mr Rolle told Tribune Business: “That’s not a statement of the level of recovery [in the economy and foreign reserves]. That’s more a statement of the improving clarity in the outlook. “We as a regulator have other tools upon which to rely upon to manage banks’ dividend policies. It’s related to the prudential tools that look at the health of the institution one-to-one.” In a subsequent e-mail, Mr Rolle added: “We must clarify that foreign exchange markets will continue to be strained in 2021. But there is more clarity around when inflows will start to pick-up. There was no way to form such expectations in the absence of approved COVID19 vaccines or the understanding we now have about when the foreign reserves could bottom out. “Dividend approvals for commercial banks allow the repatriation to be spread over multiple transactions, even over several years. That approach is maintained. Therefore the

impact of this policy change will begin to be felt more in the latter part of 2021, and with greater force in 2022. “Dividend approvals will still reflect all other regulatory considerations around the financial health of banks, including risks that vary from entity to entity in the current environment. The Central Bank also retains the flexibility to manage the timing of outflows, according to schedules that are approved for each entity.” Mr Rolle had earlier this year suggested that the bar on dividend/profit repatriation by the Canadian-owned banks, coupled with the block on foreign portfolio investments by Bahamians, was likely to conserve up to $180m of foreign currency reserves for The Bahamas. This was part of a wider strategy targeting some $300m in savings. Elsewhere, Mr Littrell’s letter disclosed that the Central Bank is pushing the domestic commercial banks for greater transparency surrounding how they select “approved attorneys” for conducting legal work related to mortgage transactions.

“Domestic commercial banks are reminded of the directive issued in the letter dated December 21, 2020, to disclose to the Central Bank their practices around attorney selection in line with the requirement of Section 16(2) of the Homeowners Protection Act 2017,” he wrote. “Commercial banks are further directed to transition by February 28, 2021, to publish their selection criteria for the general public to have access.” And Mr Littrell also voiced disapproval that one Bahamas-based bank and trust company had raised new equity capital from its existing shareholders without seeking the Central Bank’s prior permission. “In the current quarter we have seen one SFI (supervised financial institution) raise new equity from existing shareholders,

but without first seeking the Central Bank’s approval,” he wrote. “SFIs are reminded that such transactions require prior approval from the Central Bank, and penalties can apply when such approval is not secured in advance. “Our policy is that capital increases that do not change the shareholder group should be approved routinely and quickly. Capital changes that involve new or departing material shareholders will require approval of the shareholder movements, as well as the capital movements. “As always, capital reductions require prior approval. SFIs reducing capital other than by approved dividends without prior approval should expect a substantial supervisory response from the Central Bank.”

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Thursday, December 31, 2020, PAGE 3

Oil battle: Judge gives Atlantis: Christmas was rapid decision pledge ‘better than projections’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A SUPREME Court judge yesterday pledged to rule as quickly as possible on whether the legal bid to halt Bahamas Petroleum Company’s (BPC) exploratory oil drilling should proceed. Justice Petra HannaAdderley said she would not delay in determining whether to give the go-ahead to the Judicial Review challenge brought by environmental activist groups, Waterkeepers Bahamas and the Coalition to Protect Clifton Bay, following the courtroom clash between their attorneys and the government’s legal representatives. Fred Smith, QC, the Callenders & Co attorney and partner, reiterated arguments on behalf of his clients that BPC has failed to comply with the Planning and Subdivision Act because it has failed to supply evidence of site plan approval for its Perseverance One well that is presently being drilled in waters some 90 miles west of Andros. He made similar assertions over the need for an excavation permit under the Conservation and Protection of the Physical Landscape of The Bahamas Act, and also challenged BPC’s compliance with other legislation and treaties such as the Environmental Health Services Act, the Archipelagic Waters and Maritime Jurisdiction Act and the MARPOL convention on pollution by shipping. Both the government and BPC have repeatedly argued that permits under the the Planning and Subdivision Act, and Conservation and Protection of the Physical Landscape

of The Bahamas Act, are irrelevant because they only apply to land-based activities - not offshore oil exploration. Aidan Casey QC, representing the Government, reiterated this to the Supreme Court yesterday. He argued that the Planning and Subdivision Act does not cover waters that are miles offshore from any land mass in The Bahamas, and said it was pointless for Mr Smith to invoke it in the Judicial Review. He branded the activists’ Judicial Review, which is challenging whether the government followed the lawful processes for granting BPC its approvals, and if it has all the necessary permits, as frivolous and vexatious. The UK-based QC also suggested that halting BPC’s activitie+s now, some 11 days into its exploratory drilling, would undermine The Bahamas’ reputation as a safe investment decision. Mr Casey also accused Mr Smith of making the government and BPC “jump through hoops on a whim” through last-minute attempts to amend their case, such as seeking to add the Town Planning Committee as a “respondent”, and introducing evidence in a bid to show the oil explorer’s case was contradictory. Mr Smith, meanwhile, argued that there is “good reason” for extending time for his clients to bring their Judicial Review challenge. He also accused the government and BPC of attempting to prematurely stifle the activists’ case by demanding $200,000 and $100,000, respectively, as “security for costs” - a performance bond that would have to be lodged to cover their legal costs. Clare Montgomery QC, on BPC’s behalf, admitted that while there were

provisions for a quick halt to drilling should a hurricane threaten, these should only be implemented in an emergency. This was in response to the activists’ argument that the hurricane response plan contradicted BPC’s assertions that a Supreme Court-ordered halt to its activities mid-drilling would create an unnecessary health, safety and environmental risk. Simon Potter, BPC’s chief executive, said in an affidavit filed with the Supreme Court that the company and its Stena contractor had “limited options..... to suspend or abort the drilling” of its Perseverance One well if environmental activists succeed with their Judicial Review challenge. “Given that drilling has now commenced into the rocks below the seabed, implementing any of these options to suspend or abort drilling at this stage would all pose potentially severe health, safety and environmental consequences, in addition to extreme logistical challenges and financial ramifications,” Mr Potter alleged. Revealing that his assertions were based on a report from BPC’s drilling manager, David Bond, he added: “By virtue of the options and concerns raised by Mr Bond in his memorandum, it is my belief that the drilling operations cannot be suspended without creating significant incremental, and unnecessary, health, safety and environmental risks. “The drilling operations have been commenced and are being conducted in strict accordance with the environmental protocols established in the Environmental Impact Assessment (EIA) and Environmental Management Plan (EMP),” Mr Potter added.

To advertise in The Tribune, contact 502-2394

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A SENIOR Atlantis executive yesterday said the resort enjoyed a “better than anticipated” Christmas season and was looking ahead to improving numbers in the 2021 first quarter. Russell Miller, the Paradise Island mega resort’s executive vice-president of hotel operations, told Tribune Business that occupancies for the holiday period exceeded expectations. He added: “Numbers are coming in better than we originally thought. Guests are very happy; they are very excited to be here. They like the fact that it’s not that usual, hustle and bustle with the crowds.” Christmas arrived just two weeks after Atlantis reopened and brought 2,500 staff back to work. More are likely to return in February 2021 given plans to re-open the 600 suite Cove property. Mr Miller, meanwhile, said Atlantis was responding to local demand with its “staycation in paradise” promotion for the New Year. “Because people want to come over and utilise the restaurants, and they want to take advantage of the New Year’s celebration, we have a discounted rate of 21 percent off the rate for the room, two nights minimum, complimentary parking, and they get to enjoy all of the facilities and amenities that the resort has to offer,” he added. “They can go to all the restaurants and take advantage of the New Year’s celebration, which includes the fireworks as the highlight of the evening.” The COVID-19 health protocols require the presentation of a negative rapid antigen test. Mr Miller said:

ATLANTIS PARADISE ISLAND

RUSSELL MILLER “Once you check into the hotel, you can utilise all of the facilities and we will be coming out with something very shortly on the wider access to the resort. For this period, this is what’s available to the locals.” Baha Mar, in a statement to Tribune Business, said: “We have seen a slow but steady pick-up for this festive season and the first quarter [of 2021], paired with increased website visits showing an appetite for travel in our key feeder markets. “We recognise the everchanging global situation surrounding the coronavirus, and are observing that travellers are making decisions much closer to their desired vacation dates due to the evolving nature of international restrictions.” The Cable Beach mega resort added: “Our reopening on December 17 was a first, and necessary, step in the direction of economic recovery for the country

and towards the financial stability of our 1,800 associates returning to the resort in Phase one. “The health and safety of our guests, associates and the community continues to be our highest priority, and we are grateful for our partnership with Doctor’s Hospital that allows us to create outstanding safety protocols and procedures to welcome guests and Bahamian residents in a secure way.” “We are confident that we have a bright future ahead of us, and that Baha Mar and The Bahamas will return to soaring tourism numbers once again.” Graeme Davis, Baha Mar’s president, confirmed that the resort and wider tourism industry face a slow recovery and rampup in visitor numbers due to COVID-19. He told the Travel Weekly website that the resort, which presently has only the Grand Hyatt property open, will likely start the New Year with occupancies in the midteens before recovering to 50 percent by next year’s third quarter. He added that revenue per available room (RevPAR), a key indicator of hotel performance, will likely not match 2019 numbers until the end of 2022. A full recovery, Mr Davis added, will likely only occur come 2023.

PAGE 4, Thursday, December 31, 2020

THE TRIBUNE

Engineer chief eyes capital works boost By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE GRAND LUCAYAN RESORT

Lucayan lacks ‘three legs’ needed to open FROM PAGE ONE that the hotel opens at a big expense but it just stands there because no one is coming. It needs to be combined with a serious airlift programme and serious marketing plan. All the airlift we have for Grand Bahama at the moment is one American Airlines flight per day from Miami, Silver from Fort Lauderdale five days a week, and whatever Bahamasair flies. The Pelican Bay chief estimated that Grand Bahama is presently averaging around 100 daily air arrivals on five days per week - a figure that is far below the numbers necessary to sustain the Grand Lucayan and other properties that are more reliant on leisure guests than his hotel. “Grand Bahama has never been a destination that has worked connecting through Nassau for our tourist market,” Mr Alnebeck said, adding that the continued wait for the island’s airport to be rebuilt post-Dorian, combined with the continued absence of US pre-clearance facilities, were further obstacles to securing the necessary airlift. And sealift, which has been responsible for generating the greatest volume of visitors to Grand Bahama, has all but come to a standstill amid the Balearia ferry’s wait for the government to approve its resumption while Bahamas

Paradise Cruise Line continues to grapple with the COVID-19 demands of US health regulators. Bahamian taxpayers, via the Public Treasury, have already injected over $100m into the Grand Lucayan - including the $65m purchase price - since the government acquired the property from Hutchison Whampoa’s real estate arm in 2018. The Minnis administration is likely becoming desperate to get the lossmaking resort off its and the taxpayer’s books, given the staff termination packages, subsidies to cover operating losses and other expenses it has incurred over the past two years. Philip Davis, the opposition’s leader, recently argued that the total cost to taxpayers was likely to be around $150m. The government believed it had found the correct buyer to revive the Grand Lucayan, and Freeport’s wider tourism industry and economy, in the shape of Royal Caribbean/ITM Group’s joint venture partnership, Holistica. However, those hopes quickly foundered on the COVID-19 rock, with the joint venture subsequently using the pandemic to water down the deal’s terms to their advantage. Dionisio D’Aguilar, minister of tourism and aviation, yesterday confirmed he had received the KPMG accounting firm’s report on the merits of the Royal Caribbean/ITM deal as it

now stands and whether they are sufficiently beneficial to The Bahamas and its people. However, he said he had yet to review the findings, and declined to comment on the concerns voiced over the Grand Lucayan’s planned February 1 reopening. Michael Scott, the Grand Lucayan’s chairman, who previously described the present Royal Caribbean/ITM terms as “a bad deal”, was off-island when contacted by this newspaper and said he would respond to these fears later. However, one source familiar with developments, speaking on condition of anonymity, told Tribune Business it was impossible to find an operating partner for the Grand Lucayan until the government determined how it wanted to proceed with the Royal Caribbean/ ITM deal. “The problem quite frankly is that you really can’t get an operating partner as long as the government won’t give an answer on what they want to do,” the source said, explaining that it would be impossible to determine how long to contract a hotel brand for. “With respect to airlift, that’s not so challenging to do. You can create your own airlift in two-three months once you know what you’re doing. The government bought the hotel to save the economy, and they need to focus on saving the economy.

“It seems someone has got politics on their mind, and wants to save face. They fear they will be further fall-out if the deal falls through; the government doesn’t know what it’s doing, it’s screwed it up. It seems they’re prepared to do anything at anyone’s expense so they don’t have to lose face on the deal. That’s very disconcerting.” Other observers, though, have argued that the government has little choice but to stay the course with RoyalCaribbean/ITM as the pool of alternative buyers willing to offer a reasonable price and terms will have shrunk considerably due to COVID-19. Mr Alnebeck, meanwhile, told Tribune Business: “At the moment we are basically non-existent as a leisure destination. We had several nights at Pelican Bay in December where we were running 60-70m percent occupancy thanks to the Shipyard and ship’s crews changing, but over the Christmas period we had less than ten percent occupancy, including eight percent on Christmas Eve. “That shows how little tourism activity we have. Grand Bahama has basically been invisible from the tourist marketplace since 2016-2017.” He suggested that the absence of airlift and a marketing plan for Grand Bahama was likely to have been a factor in Viva Fortuna delaying its re-opening.

BAHAMIAN construction industry professionals yesterday said they are hoping “significant” public infrastructure works will further boost the sector’s output in 2021. Quentin Knowles, the Bahamas Society of Engineers (BSE) president, told Tribune Business that “things could have been worse” in 2020 due to the COVID-19 pandemic but the fall-out for the industry had not been as bad as anticipated. “I’m an electrical contractor and, quite honestly, 2020 was not bad for us. There were disruptions and the lockdown, but overall we didn’t see a significant impact,” he added. Looking forward to 2021, Mr Knowles said he has been bidding “on all kinds of different projects”. He said: “If these projects come to fruition, from our perspective, I think we will be looking pretty good.” The construction industry suffered a softer blow from COVID-19 than that taken by many other sectors of the Bahamian economy, as it largely endured no work stoppages apart from during the initial March and April lockdowns. The government saw value in keeping the sector operating, due both to its

strong links to foreign direct investment (FDI) projects that represented the country’s major source of foreign exchange earnings amid the tourism industry shutdown, and its ability to absorb semi-skilled and unskilled workers who might otherwise drift into crime and other anti-social activities. Mr Knowles said the construction industry’s COVID-19 resilience was also down to client patience, and wanting to see work completed properly. “People start a project with the expectation that it will be completed within six months to a year,” he added. “Hopefully the pandemic will be a thing of the past and, you know, they can then reap the benefits of their projects.” The engineers’ chief said upgrades to the Thomas A Robinson stadium, in addition to Family Island airport enhancements, are some of the government-related public works projects that he expects will provide further impetus to the construction industry going into 2021. “These are not insignificant projects,” Mr Knowles. “Then they’re going to be refurbishing the airport in Marsh Harbour, Abaco. There’s some other stuff coming up with other infrastructure projects.”

NOTICE THIS IS TO INFORM THE GENERAL PUBLIC THAT THE PRIVATE ROADWAYS AND PARKING AREAS SITUATED IN THE HARBOR BAY SHOPPING CENTRE BETWEEN EAST BAY STREET AND SHIRLEY STREET WILL BE CLOSED ON FRIDAY, 1ST OF JANUARY, 2021 IN ORDER TO PRESERVE THE RIGHT OF OWNERSHIP THEREOF.

THE OWNERS

Mr John Mackinnon is NO LONGER authorized to conduct business on Behalf of Lignum management Ltd. Mr Mackinnon is no longer employed with the company.

THE TRIBUNE

Thursday, December 31, 2020, PAGE 5

Freeport ‘strangled’ over Baleària wait FROM PAGE ONE

STENA ICEMAX DRILL SHIP

Activists: ‘Unarguable’ BPC needed new EA FROM PAGE ONE to Protect Clifton Bay. Ms Banona-Adderley, in her affidavit, focused on the section that disclosed Black & Veatch, the government’s environmental consultants, had been conducting an analysis “to identify any gaps in the EA documentation provided by BPC”. The oil explorer then said it had appointed its own environmental adviser, Acorn International, to liaise with Black & Veatch and the government “so as to address any gaps as identified”. Ms Banona-Adderley, though, alleged that “the crucial part” was where BPC revealed: “A major part of the work being undertaken by Acorn pertains to incorporating into the EA documentation detailing data unique and specific to the actual rig that will undertake the planned drilling activity.” She argued: “The applicants wish to rely on this report because it makes clear, contrary to the submissions filed on behalf of the respondents on December 20, 2020, that BPC, Black & Veatch, Acorn and the BEST Commission all considered that lack of information and data ‘unique and specific to the actual rig that will undertake the planned drilling activity’ was an unacceptable ‘gap’ that needed to be filled before the Environmental Impact Assessment could

be finalised and the EA obtained. “The applicants will rely upon it to argue that it is therefore unarguable that the change in drill ship to the IceMAX in mid to late 2020 did require the EIA to be modified to contain this” information. Ms Banona-Adderley’s affidavit thus represents the activists’ latest attempt to find holes in BPC’s arguments after they also asserted that its hurricane response plan, suggesting that drilling could be suspended within one to three days if a storm threatened, contradicted its assertions to the Supreme Court that halting its activities now in mid-drilling will create unnecessary safety and health risks. Rochelle Newbold, director of the newly-formed Department of Environment, Protection and Planning (DEPP), has already rejected the argument by environmental activists that a new EA and public consultation was required because BPC had changed its drill ship to the Stena IceMAX. “The DEPP upon receiving notice of the change in the rig indicated a ‘no objection’ to the change after the review and consultation with its independent environmental consultants,” she alleged in an affidavit, referring to Black & Veatch. “The indicated changes by BPC had no relation to the impacts associated with the EIA, and

LEGAL NOTICE

NOTICE

L.O. BAPTISTA COUNSEL & ARNITRATOR LTD. (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 30th day of December, 2020. Articles of Dissolution have been duly registered by the Registrar. The liquidator is AMICORP BAHAMAS MANAGEMENT LIMITED, of Nassau,Bahamas.

AMICORP BAHAMAS MANAGEMENT LIMITED

therefore no ‘new approval’ was warranted. “Upon notice of the change in the drilling contractor, the Department was provided with the documentation regarding information and specification of the rig, its experience, background and capabilities. “This information was reviewed by the DEPP and the independent international environmental consultant, Black & Veatch, and no issues were identified which would have compromised the identified and required undertakings in the Environmental Management Plan.” Arguing that the environmentalists’ arguments were “misconceived”, Mrs Newbold argued that public consultation on BPC’s project had taken place as required under the Petroleum Act 2016. This, though, was rejected by Fred Smith, the activists’ attorney, who said: “They’re scraping the bottom of the historical barrel for consultation.”

Baleària Caribbean’s wait for the go-ahead from the Prime Minister’s Office. “The one place they desperately need to get going is Grand Bahama and its economy, and they’re strangling it. “Baleària is desperately needed for lift because they bring a number of passengers in. If I recall, Baleària had some passengers who overnighted and went back the next day. All the more reason we need Baleària..... “We’re desperate for a new airport and desperate for more lift in and out of the island by sea and air. The economy is being strangled, and it’s by inaction and indecision. One or the other. Decisions need to be made, and they’re going to have to make some aggressive and drastic decisions to get the economy going.” Mr Leonard also criticised the government for failing to yet “come to a final and satisfactory conclusion in their negotiations” with Hutchison Whampoa about taking over Grand Bahama International Airport, despite the talks having dragged out for more than a year. The former Grand Bahama Port Authority (GBPA) in-house attorney spoke out after Baleària Caribbean revealed it has been waiting almost two months for the government to complete its “evaluation” of the company’s bid to resume sailing from Fort Lauderdale. Baleària Caribbean had initially planned to resume sailing to Grand Bahama from its Fort Lauderdale base on November 5, but the protracted wait for The Bahamas to give the goahead meant it was now

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, NELTA NOEL of Victoria Gardens, Sunrise Way, Nassau, Bahamas. Parent of JENNIFER SALINA SYLVESTRE A minor intend to change my child’s name to JENNIFER SALINA NOEL If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice. LEGAL NOTICE

NOTICE

Legs International 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 3rd day of November, 2020

AMICORP BAHAMAS MANAGEMENT LIMITED LIQUIDATOR Of Legs International Ltd.

incurring significant unnecessary expenses to keep recalled crew and the vessel in a near two-month holding pattern. The company said the ferry’s seating, social distancing and other COVID-19 health-related protocols had all been assessed by Bahamian health personnel and other government officials, who had raised no objections or concerns, thus leaving Baleària Caribbean mystified as to the wait for approval. Meanwhile tourism operators yesterday said they have to choose between “sickness and hunger” on the Balaeria hold up. Alfredo Bridgewater, owner/operator of Coco Nutz, told Tribune Business: “I wish it would happen sooner. Not just for tourism, but even just regular shopping and stuff like that. We usually travel to shop and stuff, just to get regular groceries and things like that. I wish the approval would come sooner.” Mr Bridgewater said he understands the need to follow COVID-19 protocols, but said, “Those of us in the tourism industry are really feeling it is a choice between sickness and hunger.” Brent Collins, chief executive of Freeport-based Power Equipment Ltd, said: “I am really looking forward to that for shipping and possible travel. Whatever can give our economy a boost, we will take it. “We used to ship a lot of items with them. Vehicles, heavy equipment and

generators. It was a nice option to have instead of only relying on Tropical Shipping or Seacor.” Greg Langstaff, the Grand Bahama Brewing Company’s proprietor, said “it is a double edged sword” between people wanting to travel and gauging how many COVID-19 cases could result. He acknowledged, however, that residents of Grand Bahama use the Balaeria for freight and pleasure because “the rates aren’t bad for freight”. He added that there is a bit of a “bottleneck for freight” because everything now has to come through Tropical Shipping. James Rolle, general manager of Dolly Madison, said: “I don’t know what protocols the government will have at the seaport, because I am not sure if any ship has been given approval to sail at this time. I know they have controls at the airport, but the seaports have no COVID-19 protocols in place. “The Balaeria and the Celebration were the only way we were getting tourists on the island, as the airports have been not fully operational since Hurricane Dorian. Without them we cannot depend on the airport as it is not fully functional.”

To advertise in The Tribune, contact 502-2394

PAGE 6, Thursday, December 31, 2020

THE TRIBUNE

US bans second Malaysian palm oil giant over forced labour Associated Press THE US said it will ban all shipments of palm oil from one of the world’s biggest producers after finding indicators of forced labor and other abuses on plantations that feed into the supply chains of some of America’s most famous food and cosmetic companies. The order against Malaysian-owned Sime Darby Plantation Berhad and its local subsidiaries, joint ventures and affiliates followed an intensive months-long investigation by the US Customs and Border Protection’s Office of Trade, said Ana Hinojosa, one of the agency’s

executive directors. Hinojosa said the investigation “reasonably indicates” abuses against workers that included physical and sexual violence, restriction of movement, intimidation and threats, debt bondage, withholding of wages and excessive overtime. Some of the problems appeared to be systemic, occurring on numerous plantations, which stretch across wide swaths of the country, she said. “Importers should know that there are reputational, financial and legal risks associated with importing goods made by forced labour into the United States,” Hinojosa said in a telephone press briefing.

The order was announced just three months after the federal government slapped the same ban on another Malaysian palm oil giant, FGV Holdings Berhad -the first palm oil company ever targeted by Customs over concerns about forced labor. The US imported $410m of crude palm oil from Malaysia in fiscal year 2020, representing a third of the total value shipped in. The bans, triggered by petitions filed by non-profit groups and a law firm, came in the wake of an indepth investigation by The Associated Press into labor abuses on plantations in Malaysia and neighbouring Indonesia, which together

produce about 85% of the $65bn supply of the world’s most consumed vegetable oil. Palm oil can be found in roughly half the products on supermarket shelves and in most cosmetic brands. It’s in paints, plywood, pesticides, animal feed, biofuels and even hand sanitizer. The AP interviewed more than 130 current and former workers from two dozen palm oil companies, including Sime Darby, for its investigation. Reporters found everything from rape and child labour to trafficking and outright slavery on plantations in both countries. Earlier this month, 25 Democratic lawmakers from the US House Ways

To advertise in The Tribune, contact 502-2394

and Means Committee cited AP’s investigation in a letter calling for the government to come down harder on the palm oil industry in Malaysia and Indonesia, asking Customs and Border Protection if it had considered a blanket ban on imports from those countries. “In our view, these odious labor practices and their pervasive impact across supply chains highlight the need for an aggressive and effective enforcement strategy,” the letter said. Sime Darby, which did not immediately comment, has palm oil plantations covering nearly 1.5 million acres, making it one of Malaysia’s largest producers. It supplies to some of the biggest names in the business, from Cargill to Nestle, Unilever and L’Óreal, according to the companies’ most recently published supplier and palm oil mill lists. Hinojosa said the agency’s decision to issue the ban should send an “unambiguous” message to the trade community. “Consumers have a right to know where the palm oil is coming from and the conditions under which that palm oil is produced and what products that particular palm oil is going into,” she said. Meanwhile, Duncan Jepson of the anti-trafficking group Liberty Shared, which submitted the

petition leading to the Sime Darby ban, filed two additional complaints yesterday — one to the UK’s Home Office, questioning the company’s disclosure about its protection of human rights under the country’s Modern Slavery Act, and the other to the Malaysian stock exchange, regarding the company’s stated commitments to sustainability. Both complaints questioned the accuracy of Sime Darby’s disclosures in light of the CPB’s findings. Jepson said the US ban also should be a red flag for Asian and Western financial institutions that have helped support the industry, saying ties to forced labor could have serious consequences for banks and lenders. The US government’s announcement about Sime Darby marked the 14th time this year Customs has issued an order to detain shipments from an array of sectors following similar investigations into forced labor. They include seafood and cotton, along with human hair pieces believed to have been made by persecuted Uighur Muslims in Chinese labor camps. Under yesterday’s order, palm oil products or derivatives traceable to Sime Darby will be detained at US ports. Shipments can be exported if the company is unable to prove that the goods were not produced with forced labour.

THE TRIBUNE

Thursday, December 31, 2020, PAGE 7

After a tumultuous 2020, Black leaders weigh next steps DETROIT Associated Press AS A barrier-breaking year draws to a close, there’s one undeniable fact: the strength of Black political power. Black voters were a critical part of the coalition that clinched President-elect Joe Biden’s White House bid. The nation will swear in its first Black woman and first person of South Asian descent as vice president, Sen Kamala Harris, who herself may be a leading presidential candidate in four years. And as the global push for racial justice continues, Congress is set to welcome several new Black, progressive freshmen next year. But while Black political and civil rights leaders see opportunity to work with a Biden-Harris administration to build upon the momentum created in 2020, they acknowledge the road ahead won’t be easy given the makeup of Washington and a narrowly divided Congress. This was a year in which America experienced a racial awakening, fueled by longstanding racial inequities and structural racism laid bare by the coronavirus pandemic’s disparate impact on Black Americans. But Black leaders believe next year will be one that defines the trajectory of America and whether the nation has truly learned from the racism embedded deeply in its history. “What I think we need to do now is support this new administration that seems to have leadership as a part of his agenda,” said House Majority Whip Jim Clyburn, a close ally of Biden. “We are where we are today because of a lack of leadership and I think that Joe Biden has demonstrated in his articulations that he’s prepared to provide the kind of leadership that we need.” Biden’s decisive win was seen in part as a repudiation of the racist rhetoric of President Donald Trump. But activists and civil rights leaders believe years of grassroots organising helped bring about Biden’s victory and they intend to seek a return on their investment. The NAACP has urged Biden to consider creating a new Cabinet-level position focused on racial justice, equity and advancement. Derrick Johnson, the

PRESIDENT-ELECT JOE BIDEN, right, listens as Vice President-elect Kamala Harris, left, speaks during an event at The Queen theater in Wilmington, Del. Black voters were a critical part of the coalition that clinched Biden’s White House bid. The nation will swear in its first Black woman and first person of South Asian descent as vice president, Harris. Photo: Susan Walsh/AP NAACP’s president and CEO, said it would be a bold action with potential to yield significant results. “Trump is a symptom to a larger problem that has gone unaddressed in this country for decades,” Johnson said. “The NAACP specifically takes the position that if you state a priority for your administration, someone must own that portfolio for the entirety of the administration and be accountable for delivering on a commitment. And one of the things that was promised was the issue of racial equity being addressed.” Biden has faced intense pressure to create a diverse Cabinet that is not only representative of America but able to implement tangible policies. Clyburn has publicly urged Biden to include more Black men and women in his administration. “You don’t get a second chance to make a first impression,” Clyburn said, before adding, “It was not a good impression.” Biden has named a handful of Black leaders to his Cabinet, including Rep Marcia Fudge to run the Department of Housing and Urban Development and retired Gen Lloyd Austin as defense secretary. But Clyburn said opportunity remains for him to appoint more, including as attorney general. In recent weeks, Biden and his transition teams have held meetings with various civil rights leaders and

grassroots activists, who have pledged to hold him accountable for promises made during the campaign. Maurice Mitchell, a national director of the Working Families Party, a progressive multiracial grassroots effort, was one of ten who met recently with Treasury pick Janet Yellen to discuss racial and economic justice. Mitchell said Yellen made a commitment to repairing historical harms that have been inflicted upon Black and other communities of color. “They’ve expressed a willingness to engage with advocates and organisers, so

LEGAL NOTICE

Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that FULL MOON MANAGEMENT LIMITED is in dissolution and the date of commencement of the dissolution is the 30 December 2020. Joycelyn Curry and Ian Atkins LIQUIDATORS c/o EFG Bank & Trust (Bahamas) Ltd Goodman’s Bay Corporate Centre 3rd Floor, West Bay Street and Sea View Drive P.O. Box CB 10956 Nassau, Bahamas

NOTICE

Esmeralda Assets Ltd. Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Esmeralda Assets Ltd. is in dissolution as of December 18th, 2020. Laurence Rodriguez situated at Chemin des Fenasses 21, 1246 Corsier, Geneva is the Liquidator.

LIQUIDATOR ______________________

Activist Cori Bush, who led protests after the fatal police shooting of Michael Brown in Ferguson, ousted longtime Rep. William Lacy Clay in Missouri’s Democratic primary, ending a political dynasty that had spanned more than a halfcentury. Bush said among her first priorities is a more robust COVID-19 relief package that provides greater assistance to families. “I’m not so far away from my own pain and struggle and adversity that I can’t remember what it was like,” Bush said, noting the immense pressure facing families right now. “I’m not taking off the hat of the activist at all, it’s who I am. And so I’ll use that power and drive, and that moxie.” Jamaal Bowman, a former middle school principal, ousted longtime incumbent US Rep Eliot L Engel in New York’s Bronx. “I’m very encouraged, but we have to be vigilant,” Bowman said. “We cannot let up and we have to continue to engage, organise and build a nation that works for all of us. There are people on the other side who can care less about the progressive movement or about wealth sharing or Black people. ... So we cannot stop, we have to be relentless to really build and get this country where we need it to be.”

NOTICE

LEGAL NOTICE

In Voluntary Liquidation

we’re going to hold them to that,” said Mitchell, who is also a Movement for Black Lives strategist. “A lot of Black people are suffering and if we don’t go forward and keep this momentum and keep our focus on structural change, we will be missing a significant opportunity.” The Movement for Black Lives plans next year to continue pushing proposed federal legislation it unveiled this year. The BREATHE Act would radically transform the nation’s criminal justice system, including by eliminating agencies like the

Drug Enforcement Administration and the use of surveillance technology. The proposal came during a national reckoning around brutality from law enforcement and systemic racism that spurred global protests and cries for change after the police killings of George Floyd and other Black Americans. “We defeated Trump and that was a mandate of the Black movement to really defend Black lives and ensure that he could no longer terrorise in a really public and institutional way,” said Jessica Byrd, who leads the Movement for Black Lives’ Electoral Justice Project. “I also know for sure that the only way the Democrats are going to win anything else in 2022 isn’t if they quell progressive calls for change but if they actually govern and change people’s lives.” But to push any real federal policy change, Congress will be key. Democrats faced serious setbacks in congressional races this year, losing so many seats in the House that the party has the narrowest majority in at least two decades. Control of the Senate hinges on two runoff elections in Georgia next week. Still, several progressives will join the House next year, bringing a fresh perspective for a party with an aging leadership.

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

(a)

TANJU GRAMERCY 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 30th December, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Leeward Nominees Limited, Vistra Corporate Services Centre, Wickhams Cay 11, Road Town, Tortola, British Virgin Islands.

Dated this 31st day of December, A. D. 2020 _______________________________ Leeward Nominees Limited Liquidator

NOTICE

TANJU BALI LIMITED

TANJU BALI II LIMITED

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

(a)

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

(a)

TANJU BALI II 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 30th December, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b)

The dissolution of the said company commenced on the 30th December, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Leeward Nominees Limited, Vistra Corporate Services Centre, Wickhams Cay 11, Road Town, Tortola, British Virgin Islands.

(c)

The Liquidator of the said company is Leeward Nominees Limited, Vistra Corporate Services Centre, Wickhams Cay 11, Road Town, Tortola, British Virgin Islands.

Dated this 31st day of December, A. D. 2020 _______________________________ Leeward Nominees Limited Liquidator

LEGAL NOTICE

NOTICE

KALIPSO INVESTMENTS LTD

PRAISEWORTHY LIMITED

TWENTY FOUR HOLDING LIMITED

(In Voluntary Liquidation) Notice is hereby given that in accordance with the International Business Companies Act 2000 Kalipso Investments Ltd is in dissolution.

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

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

(a)

TWENTY FOUR HOLDING 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 30th December, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b)

The dissolution of the said company commenced on the 30th December, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

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

(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

The date of commencement of the dissolution was February 14th, 2018. R. Clive Moore of Octogone Fund Management Ltd. No 3 Offices at Old Fort Bay, Western Road, Nassau Bahamas has been appointed the liquidator.

R. Clive Moore Liquidator

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

Dated this 31st day of December, A. D. 2020 _______________________________ Repulse Bay Limited Liquidator

Dated this 31st day of December, A. D. 2020 _______________________________ Bukit Merah Limited Liquidator

THE TRIBUNE

Thursday, December 31, 2020, PAGE 9

CROSSWORD PUZZLE

Friday, January 1, 2021 Happy New Year

UK chief trade negotiator David Frost looks on as Britain's Prime Minister Boris Johnson signs the EU-UK Trade and Co-operation Agreement at 10 Downing Street, London yesterday. The UK left the EU almost a year ago, but remained within the bloc’s economic embrace during a transition period that ends at midnight Brussels time —- 11pm in London — today. European Commission President Ursula von der Leyen and European Council President Charles Michel signed the agreement during a brief ceremony in Brussels yesterday morning then the documents were flown by Royal Air Force plane to London for Johnson to add his signature. Photo: Leon Neal/Pool/AP

British lawmakers approve post-Brexit trade deal with EU LONDON Associated Press BRITAIN’S Parliament voted resoundingly yesterday to approve a trade deal with the European Union, paving the way for an orderly break with the bloc that will finally complete the UK’s long and divisive Brexit journey. With just a day to spare, lawmakers in the House of Commons voted 521-73 in favor of the agreement sealed between the UK government and the EU last week. Brexit enthusiasts in Parliament praised it as a reclamation of independence from the bloc. Pro-Europeans lamented its failure to preserve seamless trade with Britain’s biggest economic partner. But the vast majority in the divided Commons agreed that it was better than the alternative of a chaotic rupture with the EU. Late yesterday evening, Parliament’s upper chamber, the unelected House of Lords, also backed the deal. It will become British law within hours, once it has received the formality of royal assent from Queen Elizabeth II. The UK left the EU almost a year ago, but remained within the bloc’s economic embrace during a transition period that ends at midnight Brussels time —- 11pm in London — today. The day before departure, European Commission President Ursula von der Leyen and European Council President Charles Michel signed the hard-won agreement during a brief ceremony in Brussels. “The agreement that we signed today is the result of months of intense negotiations in which the European Union has displayed an unprecedented level of unity,” Michel said. “It is a fair and balanced agreement that fully protects the fundamental interests of the European Union and creates stability and predictability for citizens and companies.” The documents were then flown by Royal Air Force plane to London, where Prime Minister Boris Johnson added his signature in a photo opportunity in front of a row of Union Jack flags. The European Parliament also must sign off on the agreement, but is not expected to get to it for several weeks. Johnson told legislators that the deal heralded “a new relationship between Britain and the EU as sovereign equals”. It has been 4 1/2 years since Britain voted 52% to 48% to leave the bloc it had joined in 1973. Brexit started on Jan 31 of this year, but the real repercussions of that decision have yet to be felt, since the UK’s economic relationship with the EU remained unchanged during the 11-month transition period that ends Dec 31. Big changes are coming on New Year’s Day. The agreement, hammered out after more than nine

months of tense negotiations and sealed on Christmas Eve, will ensure Britain and the 27-nation EU can continue to trade in goods without tariffs or quotas. That should help protect the 660 billion pounds ($894bn) in annual trade between the two sides, and the hundreds of thousands of jobs that rely on it. But the end to Britain’s membership in the EU’s vast single market and customs union will still bring inconvenience and new expense for both individuals and businesses — from the need for tourists to have travel insurance to the millions of new customs declarations that firms will have to fill out. Brexit supporters, including Johnson, say any short-term pain will be worth it. Johnson said the Brexit deal would turn Britain from “a half-hearted, sometimes obstructive member of the EU” into “a friendly neighbour — the best friend and ally the EU could have”. He said Britain would now “trade and cooperate with our European neighbors on the closest terms of friendship and goodwill, whilst retaining sovereign control of our laws and our national destiny.” Some lawmakers grumbled about being given only five hours in Parliament to scrutinise a 1,200-page deal that will mean profound changes for Britain’s economy and society. But support among legislators —- most of whom debated and voted from home because of virus restrictions — was overwhelming, if not always enthusiastic. The powerful euroskeptic wing of Johnson’s Conservative Party, which fought for years for the seemingly longshot goal of taking Britain out of the EU, gave its backing to the deal. The strongly pro-EU Scottish National Party and Liberal Democrats and Northern Ireland’s Democratic Unionist Party voted against. But the main opposition Labour Party, which had sought a closer relationship with the bloc, said it would vote for the agreement because even a thin deal was better than a chaotic no-deal rupture. “We have only one day before the end of the transition period, and it’s the only deal that we have,” said Labour leader Keir Starmer. “It’s a basis to build on in the years to come.” Former Conservative Prime Minister Theresa May, who resigned in 2019 after three years of Brexit acrimony in Parliament, said she would vote for Johnson’s agreement. But she said it was worse than the one she had negotiated with the bloc, which lawmakers repeatedly rejected. She noted that the deal protected trade in goods but did not cover services, which account for 80% of Britain’s economy. “We have a deal in trade, which benefits the EU, but not a deal in services, which would have benefitted the UK,” May said.

MARKET REPORT www.bisxbahamas.com

WEDNESDAY, 30 DECEMBER 2020

BISX ALL SHARE INDEX:

CHANGE

2089.09

0.13

%CHANGE

YTD

YTD%

0.01 -142.51

-6.39

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

BISX LISTED & TRADED SECURITIES 52WK HI 4.15 33.05 2.00 1.84 2.39 6.00 6.75 4.10 8.01 4.50 6.16 12.77 3.64 6.85 10.88 8.44 15.08 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 Fidelity Bank Bahamas 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

LAST CLOSE 4.15 32.12 1.62 1.84 1.67 6.00 6.61 2.80 4.75 3.59 5.90 11.26 2.40 6.75 10.32 8.40 13.75 3.94 8.50 15.20

CLOSE 4.15 32.12 1.62 1.84 1.67 6.00 6.61 2.80 4.75 3.59 5.90 11.26 2.46 6.75 10.41 8.40 13.75 3.94 8.50 15.20

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

SYMBOL FBB22 BFHB

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGR1180375 BSBGRS950320 BSBGRS950304

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.72 100.64 100.64

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Bahamas 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 97.72 100.64 100.64

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.72 100.64 100.64

SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 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 BGRS FX BSBGR1180375 BGRS FL BSBGRS950320 BGRS FL BSBGRS950304

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 0.06 0.00 0.09 0.00 0.00 0.00 0.00 0.00

VOLUME

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

EPS$ 0.239 0.932 0.000 0.110 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

VOLUME

1,000 5,550 1,300

DIV$ 0.170 1.260 0.020 0.030 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 17.4 34.5 N/M N/M N/M N/M 17.9 -6.4 33.9 19.5 13.1 15.6 24.1 14.5 16.1 11.5 16.9 19.4 9.1 24.1

YIELD 4.10% 3.92% 1.23% 1.63% 0.00% 0.00% 3.93% 0.00% 0.00% 3.34% 3.73% 6.39% 17.64% 0.89% 3.15% 2.86% 3.93% 3.05% 2.35% 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%

19-Oct-2022 30-Sep-2025

6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 5.22% 4.31% 4.30%

20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 13-Oct-2037 25-Sep-2032 25-Sep-2030

MATURITY

MUTUAL FUNDS 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

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

NAV 2.37 4.43 2.13 198.36 173.98 1.69 1.79 1.77 1.05 8.39 9.88 7.23 12.33 12.80 10.20 N/A 9.28 11.86

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

MARKET TERMS

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

YIELD - last 12 month dividends divided by closing price

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

Bid $ - Buying price of Colina and Fidelity

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

PAGE 10, Thursday, December 31, 2020

THE TRIBUNE

STOCKS HOLD ON TO MODEST GAINS, MARKING ANOTHER DOW RECORD Associated Press STOCKS eked out modest gains yesterday, keeping the major stock indexes on Wall Street at or near record highs. The S&P 500 inched up 0.1%, recovering some of its losses from a day earlier. It’s hovering within 0.1% of the record high it set on Monday. The Dow Jones Industrial Average closed just above its own all-time high from Monday. Energy and materials companies led the gains. Industrial and financial stocks also had a strong showing. Communication

services stocks fell the most. Roughly 73% of stocks in the S&P 500 rose. Treasury yields mostly fell. Small-company stocks again outpaced their larger rivals, a sign that investors are feeling more optimistic about the economy. Stocks have been mostly grinding higher in recent weeks, with indexes setting new highs, amid optimism that coronavirus vaccinations will pave the way in coming months for the economy to escape from the pandemic’s grip. “This is overall a market that’s setting the stage for 2021 and looking at an

economy that is going to normalise, albeit at a probably slower pace than initially projected,” said Quincy Krosby, chief market strategist at Prudential Financial. The S&P 500 index rose five points to 3,732.04. The Dow gained 73.89 points, or 0.2%, to 30,409.56. The Nasdaq composite picked up 19.78 points, or 0.2%, to 12,870. The Russell 2000 index of smaller companies climbed 20.63 points, or 1.1%, to 1,979.99. Ahead of the final day of trading in 2020, the S&P 500 is up 15.5% this year, while the Nasdaq is up 43.4%. The modest gains came

as the effort to develop and distribute vaccines to fight the virus pandemic intensifies. Britain has authorised the use of a COVID-19 vaccine developed by AstraZeneca and Oxford University. The vaccine is considered easier to store and handle than others hitting the market. Earlier in December, both the UK and US approved a vaccine made by Pfizer. Meanwhile, vaccine development continues around the globe, with China’s Sinopharm becoming the latest to release encouraging study results. Investors are optimistic

about more vaccines gaining approval and reaching the market in coming weeks, though the potential for problems with their distribution remains a concern, said Ryan Detrick, chief market strategist for LPL Financial. “The hiccups are the actual rollout,” he said. “Approving them is one thing, but getting them out and into people’s arms is another thing.” Treasury yields were mostly lower. The yield on the ten-year Treasury slipped to 0.92% from 0.93% late on Tuesday. Stock markets in Europe

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 81° F/27° C Low: 66° F/19° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

MONDAY

Partly sunny, a shower; breezy

Partly cloudy with a stray shower

Turning sunny; breezy, warm, humid

Partly sunny and humid

Partial sunshine

Rather cloudy with a few showers

High: 78°

Low: 71°

High: 80° Low: 71°

High: 79° Low: 70°

High: 79° Low: 68°

High: 78° Low: 65°

AccuWeather RealFeel

79° F

70° F

82°-69° F

81°-70° F

84°-69° F

77°-63° F

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

almanac

ABACO

High: 79° F/26° C Low: 70° F/21° C

12-25 knots

High: 82° F/28° C Low: 73° F/23° C

10-20 knots

FT. LAUDERDALE

FREEPORT

High: 81° F/27° C Low: 74° F/23° C

W S

WEST PALM BEACH

uV inDex toDay

TONIGHT

High: 81° F/27° C Low: 68° F/20° C

High: 79° F/26° C Low: 69° F/21° C

MIAMI

High: 81° F/27° C Low: 73° F/23° C

10-20 knots

KEY WEST

High: 79° F/26° C Low: 72° F/22° C

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 79° F/26° C Low .................................................... 70° F/21° C Normal high ....................................... 78° F/26° C Normal low ........................................ 66° F/19° C Last year’s high ................................. 82° F/28° C Last year’s low ................................... 72° F/22° C Precipitation As of 1 p.m. yesterday ................................. 0.12” Year to date ............................................... 67.48” Normal year to date ................................... 39.59”

ELEUTHERA

NASSAU

High: 78° F/26° C Low: 71° F/22° C

High: 80° F/27° C Low: 70° F/21° C

tiDes For nassau High

8-16 knots

10-20 knots

Low

Ht.(ft.)

8:26 a.m. 8:43 p.m.

3.0 2.2

2:02 a.m. -0.2 2:57 p.m. -0.1

Friday

9:07 a.m. 9:27 p.m.

3.0 2.2

2:43 a.m. -0.2 3:38 p.m. -0.1

Saturday

9:49 a.m. 10:13 p.m.

3.0 2.3

3:27 a.m. -0.2 4:20 p.m. -0.1

Sunday

10:34 a.m. 11:04 p.m.

2.9 2.4

4:15 a.m. -0.1 5:05 p.m. -0.1

Monday

11:22 a.m. 11:59 p.m.

2.8 2.5

5:08 a.m. 0.0 5:52 p.m. -0.2

Tuesday

12:14 p.m. -----

2.6 -----

6:07 a.m. 0.1 6:42 p.m. -0.2

Wednesday 12:58 a.m. 1:12 p.m.

2.5 2.5

7:11 a.m. 0.2 7:37 p.m. -0.3

sun anD moon Sunrise Sunset

6:55 a.m. 5:31 p.m.

Moonrise Moonset

7:05 p.m. 8:14 a.m.

Last

New

First

Full

Jan. 6

Jan. 12

Jan. 20

Jan. 28

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 80° F/27° C Low: 71° F/22° C

High: 81° F/27° C Low: 75° F/24° C

High: 81° F/27° C Low: 71° F/22° C

W S

LONG ISLAND

tracking map

High: 81° F/27° C Low: 72° F/22° C

10-20 knots

MAYAGUANA High: 81° F/27° C Low: 72° F/22° C

Shown is today’s weather. Temperatures

Ht.(ft.)

Today

High: 80° F/27° C Low: 71° F/22° C

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.

CAT ISLAND

closed lower after European Union officials and British lawmakers approved a separation deal that will govern trade and other relations after the year ends. The UK left the EU almost a year ago, but remained within the bloc’s economic embrace during a transition period that ends this year. Britain’s FTSE 100 fell 0.7% and Germany’s DAX slipped 0.3%. The CAC 40 in Paris dropped 0.2%. Markets in Asia closed mostly higher, though Japan’s Nikkei fell 0.5% as the Tokyo exchange marked the end of trading for the year.

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 81° F/27° C Low: 73° F/23° C

High: 81° F/27° C Low: 72° F/22° C

GREAT INAGUA High: 82° F/28° C Low: 73° F/23° C

10-20 knots

12-25 knots

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

Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:

WINDS SE at 10-20 Knots SE at 10-20 Knots SE at 8-16 Knots ESE at 8-16 Knots E at 10-20 Knots E at 10-20 Knots E at 10-20 Knots E at 12-25 Knots E at 10-20 Knots ESE at 10-20 Knots ESE at 10-20 Knots SSE at 8-16 Knots E at 10-20 Knots ESE at 10-20 Knots E at 12-25 Knots E at 12-25 Knots E at 10-20 Knots E at 10-20 Knots E at 12-25 Knots E at 12-25 Knots ESE at 8-16 Knots ESE at 8-16 Knots E at 10-20 Knots E at 10-20 Knots E at 10-20 Knots E at 10-20 Knots

WAVES 6-10 Feet 6-10 Feet 2-4 Feet 2-4 Feet 6-10 Feet 5-9 Feet 6-10 Feet 6-10 Feet 6-10 Feet 6-10 Feet 3-6 Feet 3-6 Feet 2-4 Feet 2-4 Feet 6-10 Feet 6-10 Feet 3-6 Feet 4-7 Feet 8-12 Feet 8-12 Feet 3-5 Feet 2-4 Feet 4-8 Feet 5-9 Feet 4-7 Feet 4-7 Feet

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

WATER TEMPS. 77° F 77° F 74° F 75° F 79° F 79° F 80° F 80° F 78° F 78° F 75° F 77° F 79° F 79° F 81° F 80° F 80° F 80° F 79° F 79° F 77° F 77° F 79° F 79° F 79° F 79° F