06302021 BUSINESS by tribune242

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WEDNESDAY, JUNE 30, 2021

$5.00 Briland hotelier: ‘Will bubble pop?’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PROMINENT Briland hotelier yesterday said tourism operators “don’t know whether a bubble is going to pop” with resorts continuing to enjoy “unheard of” bookings for the summer months. Benjamin Simmons, proprietor of The Other Side and Ocean View properties, told Tribune Business that the popular tourist destination was “jammed” with visitor activity as his boutique hotels currently remain on pace to produce an 85-90 percent occupancy rate for June. Describing such rates as “pretty much unheard of” pre-COVID-19, he added: “We’re above pre-COVID comparatives. We still don’t know whether a bubble is going to pop, or whether demand will be sustained based on people being at home for a year-and-ahalf, day dreaming about destinations and realising The Bahamas and the Out Islands are close. “Or is this a fundamental shift in tourism demand where we have a very large number of people looking for small destinations or low-density products? It’s a probably a mix of everything. We would definitely be in this above trend demand for this period.” Mr Simmons continued: “Most properties expect a drop-off in the summer months, but everybody in the island is saying that they’re jammed. We’re just full. We’re seeing it with dinner reservations. Getting a dinner reservation the week of your stay was almost unheard of. You could walk into a restaurant and find a spot no problem. “You cannot do that at present. You have to reserve your dining. Pretty much everybody on the island is saying they’re full. We’re very grateful, but we wait for the other show to drop.” Mr Simmons said the visitor booking window remains much-changed, with most visitors tending to confirm about two weeks out from their arrival, thus making long-term planning extremely difficult. While his Harbour Island property will again by running in the 90 percent occupancy range for July, he explained that this was largely due to a block booking from one family that had always spent three weeks of the month in Briland for the past 25 years. “For August the first two weeks look completely dead, but that has been the pattern and everyone is making short-term booking decisions,” Mr Simmons said. “Two weeks is about when people are committing to their decision to come. “August is traditionally when we get our European clientele, and that is still a bit uncertain because people are still anxious about whether the UK will open up despite British Airways’ return..... We’re just crossing our fingers and hoping we get to the end of the year without more lockdowns and that kind of stuff.” Dionisio D’Aguilar, minister of tourism and aviation, in a briefing on the proposed public-private partnerships for six Family Island airports earlier this week, described the Family Islands as the fastestgrowing and most resilient segment of the Bahamian tourism industry. He said: “Tourism has been impacted by the COVID-19 pandemic, but we are roaring back

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‘I want us in best COVID categories’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

FULLY vaccinated Bahamas is the only way to fully revive tourism and achieve a Cabinet minister’s goal of “always being in the best category” for COVID-19 travel advisories. Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business the continued vaccination hesitancy among many Bahamians meant the country runs “an increased risk” of suffering “a spike” in COVID-19 infections that could cause major visitor source markets to warn against travel to the country. With COVID-19 travel warnings remaining a challenge for this nation, the

DIONISIO D’AGUILAR minister said he was especially concerned to keep The Bahamas’ ranking with the US Centres for Disease Control and Prevention (CDC) as high as possible given that this was the indicator believed

THE government has “rolled over and played” dead by permitting Hutchison Whampoa to dump all its loss-making assets on the Bahamian taxpayer, a prominent attorney argued yesterday. Carey Leonard, the former Grand Bahama Port Authority (GBPA) inhouse counsel, told Tribune Business that the extent of Grand Bahama International Airport’s operating losses over the past twoand-a-half years was further evidence that the Hong Kong-based conglomerate had retained its “jewels in the crown” while offloading liabilities it no longer wished to retain. Having sold the Grand Lucayan to the government for $65m in early September 2018, Hutchison Whampoa has now completed its second disposal

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• Taxpayer ‘saddled’ with Hutchison/Port ‘loss maker’ • Yet former owners retaining ‘jewels in the crown’ • Ex-GBPA attorney: Harbour ‘missed opportunity’

CAREY LEONARD by handing Freeport’s main aviation gateway over to the government via a deal structure that Mr Leonard described as “potentially fatal” to hopes of fulfilling the city’s potential as a transshipment, distribution and logistics hub. He reiterated his previous argument that the government should have purchased

Freeport Harbour Company, the airport’s parent, by compulsory acquisition if needed from 50/50 owners, Hutchison and the Grand Bahama Port Authority’s Port Group Ltd, along with the 741-acre Sea Air Business Centre (SABC). Without these two assets, Mr Leonard suggested that Dionisio D’Aguilar, minister of tourism and aviation, will struggle to fulfill his ambitions for transforming Grand Bahama International Airport into an aviation cargo hub and profit centre that stands in stark contrast to the $13.3m worth of operating losses incurred from 2019 onwards. Voicing surprise at the $200m price tag for the “comprehensive

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

redevelopment” of Grand Bahama International Airport, and suggesting that this might include the required investment to develop a cargo hub, he told this newspaper: “I’m sure that includes the cargo centre and everything like that. “Because the government has decided not to compulsorily acquire the harbour and the Sea Air Business Centre, you can forget that cargo thing. That’s the very reason I suggested the government buy Freeport Harbour Company. I wonder how much profit the Harbour Company had last year, even with the airport?”

and ending up on these lists like the CDCs” that advise against travel to The Bahamas. “By more and more people getting fully vaccinated, it reduces the possibility that you end up on these lists,” he reiterated. “There’s a lot of hesitancy out there, and a substantial amount of hesitancy increases the risk of cases spiking, and increases the possibility that we will end up on these lists, impacting tourism. There are travellers, mostly groups, that look at this sort of thing and make decisions based on it.

GB airport: Govt ‘rolled over and played dead’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Nearly $50m loans fall into delinquency ALMOST $50m worth of loans became delinquent during May 2021 as COVID-19 payment deferrals continued to expire, the Central Bank of The Bahamas has revealed. The regulator, in its monthly economic assessment for May, disclosed that the $49.8m increase in nonperforming loans that were 90 days or more past due was offset somewhat by an $11.2m reduction in shortterm arrears. This is credit between 31-90 days past due, and this helped keep the net increase in troubled loans to $38.6m. “Banks’ credit quality indicators weakened in May, largely attributed to growth in non-performing loans (NPLs), amid continued unwinding of loan payment deferral schemes that were introduced as a result of the COVID- 19 pandemic. Specifically, total private sector arrears rose by $38.6m (five percent) to $818.6m, while the accompanying ratio firmed by 72 basis points to 14.72 percent,” the Central Bank said. “Contributing to this outturn, non-performing loans expanded by $49.8m (10.5 percent) to $526.4m, corresponding with a 91 basis points rise in the attendant ratio to 9.5 percent, with increases in the NPL rates for consumer loans by 1.5 percentage points to 8.3 percent; commercial loans by 1.2 percentage points to 5.7 percent; and for mortgages, by 0.3 percentage points to 11.6 percent. “In contrast, shortterm arrears contracted by $11.2m (3.7 percent) to $292.3m, while the associated ratio narrowed by 19 basis points to 5.3 percent.” Breaking this down, the Central Bank added: “An analysis by loan category revealed that the growth in arrears was led by commercial loan delinquencies, which expanded by $19.4m (32.1 percent) to $79.6m, as both the short and longterm segments rose by $9m (38.9 percent) and $10.4m (28 percent), respectively. “Similarly, mortgage arrears advanced by $12.6m (2.7 percent) to $477.3m, owing to an accumulation

• Minister: Vaccine hesitancy runs ‘increased risk’ • Tourism threat if leads to more travel warnings • But UK ‘amber’ status ‘not proving devastating’ to substantially influence where group/meeting planners send their clients. With The Bahamas last week failing to make the UK’s so-called “green list” of overseas travel destinations from where the latter’s citizens will not have to quarantine upon their return home, Mr D’Aguilar told this newspaper: “This is the whole reason ad nauseam why we’re trying to persuade as many Bahamians as possible to get vaccinated. “If you don’t get vaccinated, you run the risk of the number of positive COVID-19 cases increasing

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Central Bank signals reserves past danger By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Clearing Banks Association’s chairman yesterday said he is “not jumping through hoops just yet” despite the Central Bank’s actions signalling the post-COVID recovery is on “an upward trend”. Kenrick Brathwaite told Tribune Business that the regulator’s reimposition of the $5m “ceiling” limit on commercial banks’ open foreign exchange transactions indicated that the pandemic’s threat to the external reserves and one:one US dollar peg had subsided somewhat as tourism inflows start to pick-up. The relaxation, which was imposed as part of a fourstrong package to safeguard the external reserves in May 2020, forced commercial banks to supply larger quantities of foreign exchange from their own resources as opposed to relying on the Central Bank to replenish them, thereby reducing pressure on the very foundations of the fixed US dollar exchange rate peg. The “ceiling’s” return

• Reimposes $5m forex ‘ceiling’ after 14 months • Indicates better handle on currency flows as tourism opens • Clearing Banks chief: ‘Not jumping through hoops yet’

THE CENTRAL BANK OF THE BAHAMAS will likely be interpreted by many observers as a sign the Central Bank believes the worst of the external reserves pressures, due to tourism’s and the wider economy’s shutdown for much of 2020, has passed. “I met with the governor [John Rolle] and he basically indicated that to me,” Mr Brathwaite said. “He

thinks that the danger portion has already gone, and we’re almost out of the woods with regard to any possible deterioration of our foreign reserves, and that’s why he’s done that. He didn’t see that we were in that danger stretch and he would have to restrict these kinds of things. “We had a meeting with

him, the CBA, last week. The protection the Central Bank did for the foreign reserves, and suspension of the investment currency market for a while, those things did have a positive effect.” The external reserves stood at $2.38bn at end-May 2021, although they have been boosted by the proceeds of the Government’s foreign currency borrowing. Mr Brathwaite said that based on the meeting with the governor, the restrictions on investment currency market activities - and the buying of foreign real estate and securities by Bahamians and locallydomiciled vehicles - will be “next” to be relaxed by the Central Bank “in the not too distant future”. Mr Rolle had previously told this newspaper that the Central Bank will “be able to provide a clear signal” by the 2021 third

quarter on when it will ease restrictions preventing Bahamians from making up to $100m per year in overseas investments via this facility. Other measures imposed by the Central Bank, which combined saved an estimated $500m in external reserves, included a bar on dividend repatriations by the Canadian-owned commercial banks and the National Insurance Board (NIB) liquidating its overseas investment holdings. The dividend restriction has already been relaxed, and this week’s move means two of the four measures have now been lifted. Mr Brathwaite, meanwhile, who is also Bank of The Bahamas’ managing director, told Tribune Business that “the upswing and uptick looks very significant” when it came to the economy’s gathering postpandemic revival although it has yet to stem the level of banking industry loan arrears amid the wait for all tourism sector workers to be recalled.

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THE TRIBUNE

ATTORNEY URGES BETTER USE OF FLAG INJUNCTION By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

ATTORNEYS need to better understand flag injunctions and how they can be used to good effect in the maritime industry, a Bahamian legal practitioner says. Jacy Whittaker, partner at Parris/Whittaker, speaking at the Maritime Bahamas Conference last week, said: “The notion of a flag injunction is something that is actually in our Merchant Shipping Act and it’s a very useful tool that is rarely used. A lot of attorneys simply don’t know

about the existence of flag injunctions.” Under Section 32 of the Bahamas Merchant Shipping Act, the Supreme Court has the power to issue an injunction to prohibit any dealing with a ship - or any share of the ship - for a specified time. Explaining why this was preferable to the more severe “ship arrest”, Mr Whittaker said: “What you should be aware of is that any time something goes wrong with the vessel between various parties, and the matter progresses to court, usually the first thing attorneys do is rush to

arrest a ship. “As the law progresses, and as private party negotiations progress, recently we have seen that there has been a shift from immediately rushing and arresting a vessel to parties seeking more commercially sustainable solutions.” When a ship is arrested, the “Admiralty Marshall” normally steps in and seizes the vessel and the goods within. The ship sits there while litigation runs its course. However, with a flag injunction, a ship can continue trading throughout litigation. Mr Whittaker said:

“Flowing from that is an attorney’s duty to provide an undertaking to the court. I promise you that if you arrest this ship, and I am wrong in law, I give a personal undertaking to pay any damages that flow from a wrongful arrest if it is determined at a later point that the arrest was wrong. “When you go down this normal avenue of litigation, you have numerous third parties to come in. You have numerous cargo owners who come in, you have people who own equipment, and it gets messy and it drags on and it can go for months if not years.”

EU EMBASSY OPENS UP BAHAMAS POSSIBILITIES THE Bahamas’ creation of an embassy in Brussels, Belgium, has since 2019 given this nation access to multi-million dollar trade and development assistance initiatives that it was previously excluded from. The embassy, which is headed by ambassador Maria O’Brien, said in a statement that The Bahamas’ previous lack of presence had resulted in this nation missing out on grant funding opportunities that were available from the European Union (EU) through the Cotonou agreement that was signed in 2000. Among those missed opportunities was the failure to obtain grant funding in 2002, 2008, and 2014, which could have been used to support the development of agriculture, trade, the private sector, culture and creative industries, through the ninth, 10th and 11th Economic Development Fund (EDF) rounds for African, Caribbean, and Pacific countries.

MARIA O’BRIEN With The Bahamas now better able to engage with such initiatives via its permanent Brussels presence, the embassy said that for the first time this nation will gain access to a $100m climate services and related applications programme. This initiative supports development in agriculture and food security; health; water; disaster risk reduction; and energy, and will help to mitigate the impact of the climate crisis and increasingly powerful hurricanes. The embassy added that The Bahamas is also

benefiting from access to the $110m, EU-supported TradeComm II Programme. Implemented in partnership with the Ministry of Financial Services, Trade and Industry and Immigration, it will develop an export strategy, and provide technical assistance and financial support ,to help Bahamian businesses navigate and have easier access to EU export markets. In addition to farmers on Long Island and New Providence receiving technical training to improve their business operations, the Embassy said its efforts to capitalise on trade and development opportunities have also resulted in the Bahamas Development Bank (BDB) and Bahamas Agriculture and Marine Science Institute (BAMSI) becoming members of COLECAP. That is an EU-supported association of companies and experts committed to reducing poverty; improving food security and food safety; and strengthening

the agri-food export sector in African, Caribbean and Pacific (ACP) countries. This membership will enhance the ability of these organisations to assist businesses in the horticultural sector. “There are many programmes available for Bahamians from EUfunded organisations, and with a skilled team of technical officers who can perform at a high level in Brussels, we can do even more for the country,” said Ambassador O’Brien. “Since 2019, there has been an ongoing effort to recruit qualified candidates. The Embassy needs the best and the brightest Bahamians, whether they come from within the Ministry of Foreign Affairs or other ministries within the public service. They should know of the incredible career opportunities available at the Ministry of Foreign Affairs and be encouraged to apply to serve The Bahamas in that capacity.”

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He added that ship arrests are “not warranted” in every situation, “and that’s what admiralty attorneys need to realise. There are other avenues. The purpose of these injunctions are in line with a recent trend that we’ve noticed in other admiralty jurisdictions in the world, especially more of the leading maritime jurisdictions. “But people are turning away from ship arrests to flag injunctions, which are also called notification injunctions, and even in some cases we have seen where the parties have arrested a vessel but they

do not want to put security on the boat or on the vessel. They simply want someone to go out there every week or so for every day, depending on the client, to make sure the vessel is still there.” Mr Whittaker continued: “When you arrest the vessel, the vessel has to be within the court’s jurisdiction. Secondly, Section 32 speaks to the court’s jurisdiction to make the order sought regardless of where the vessel is located. So there’s no need for the vessel to be sailing through The Bahamas or parked somewhere in The Bahamas.”

INSURERS DONATE TO FEEDING INITIATIVES

BAHAMAS Insurance Association member companies donated $2,500 in cash plus a shipment of food items to support the work of local feeding programmes. Pictured from left are: Melanie Hutcheson, group manager, marketing and communications, Bahamas First General Insurance Company; Sherry Brown, technical officer, Summit Insurance Company; Dr Rhonda Chipman-Johnson, co-ordinator, Bahamas Insurance Association; Major Clarence Ingram, divisional commander, The Salvation Army; Maxine Bethel, operations manager, Great Commission Ministries; Anton Sealey, chairman, Bahamas Insurance Association; and Charlyne Sealy, legal and compliance officer, Summit Insurance Company. THE Bahamas Insurance Association (BIA) has via its member firms donated $2,500 in cash, plus a shipment of food items, to local non-profit organisations to aid their community feeding programmes. The Salvation Army and Great Commission Ministries, recipients of the donations, have seen demand for their services increase greatly over the past year due to soaring unemployment created by the COVID-19 pandemic. Dr Rhonda Chipman-Johnson, the BIA’s

co-ordinator, said: “The BIA is committed to serving the communities in which we work, and at this time the need is most evident among people facing hunger across the country. “We are happy to support the food banks and feeding programmes of the Salvation Army and Great Commission Ministries, who are responding by continuing to do what they do best. We trust that our donations will help make sure they can continue to be there for vulnerable individuals during this time of uncertainty.”

THE TRIBUNE

Wednesday, June 30, 2021, PAGE 3

CRUISE HOME PORTING IS ‘GREAT STOP GAP’ MOVE By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A CABINET minister yesterday said The Bahamas “absolutely” should have facilitated cruise ship home porting because the economic benefits far outweigh any potential drawbacks that may arise. Dionisio D’Aguilar, minister for tourism and aviation, speaking outside the Cabinet Office, said the government always realised home porting would be “short-lived” and has no concerns over any potential costs for whenever it comes to an end and vessels head back to their regular ports. “Obviously home porting is extremely advantageous. It adds the stopover component with the cruising

DIONSIO D’AGUILAR component, and therefore spreads the spend throughout the islands,” he added. “We always knew that it was going to be a temporary measure [until] mainland cruising resumed, and by that I mean cruises originating out of the US. So it has been a great stop-gap measure and obviously we would love for it to continue, but should we have done it? Absolutely.

“The revenues and the impact on the islands where it’s going to go will be substantial; certainly has been substantial here in New Providence. So, yes, I think it has been a very positive outcome and it has allowed us to bring back a component of cruising that we never had in The Bahamas.” Royal Caribbean’s Adventure of the Seas vessel, while home porting in Nassau, is calling weekly on Freeport and the cruise line’s private island destination in the Berry Islands, Coco Cay, as part of a seven-night itinerary. It will be joined this weekend by Crystal Cruises, whose Crystal Serenity vessel is due to call on Bimini, Cat Island, Exuma, San Salvador, and

Long Island on week-long voyages around The Bahamas archipelago that are due to last until November 2021. Mr D’Aguilar was responding to comments by an international financier, who suggested that all the work that went into accommodating cruise ship home porting could end up being a financial burden for The Bahamas when the vessels move on. Mr D’Aguilar acknowledged that both home porting initiatives will only last for five months at best, whereupon the cruise lines will evaluate if it is cheaper to return to their regular ports in the US. He added: “Because 50 percent of cruise passengers generally drive to the ship, when you have to fly here

and spend the night in the hotel that’s more expensive. It impacts us more, but we can sustain that and I guess time will tell.” Mr D’Aguilar also hit back at critics of the government’s health travel visa, saying: “The genesis of the health visa was to implement the health protocols as laid down by the Ministry of Health, and it’s incredible to me that the opposition would think that somehow any airline could do this better than we have done.” He said the visa assessed four criteria, making sure travellers have taken the right test, and have obtained the right results within the correct time period, and that these have been vetted by an accredited lab. “Now if

you expect someone at the check-in counter to be able to do that then you’re crazy. So it has worked very well for us and, as you can see, tourism is bouncing back,” Mr D’Aguilar said. “The numbers are very robust as Atlantis was at 90 percent this weekend. Baha Mar was at 75 percent to 80 percent, and we’ve been keeping the COVID numbers low. So this has contributed to the successful rebound of tourism. It has helped us to keep our COVID numbers low while brining in large amounts of persons into the country.” Mr D’Aguilar said the government will be “guided by the health officials” over how long they will keep the health visa requirement in place.

MARKETING FIRM AIMS TO BE ‘BAHAMIAN AMAZON’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

digital storefront. Ms Decius said: “Power Pointz is a wonderful marketplace where merchants A MARKETING com- are able to sell their products pany yesterday said it is online. We know that last aiming to become the “Baha- year during the pandemic the mian Amazon” through its retail sector suffered; they e-commerce solution tar- had to close their doors and geted at companies that lack they weren’t able to cater to an online presence. customers. Claudia Decius, Capi“Now, with the Power tal City Marketing’s Pointz solution, they can (CCM) marketing assistant, mange their business from told Tribune Business yester- anywhere. They can handle it day that the “Power Pointz at home, they can go through Marketplace” is focused their orders, they can update on facilitating companies their stocks and they can that do not have their own offer curbside delivery even

if their stores were to close down.” Ms Decius said Power Pointz’s business model was based on the online retail giant, Amazon. She added: “Merchants can easily upload their stock, customers can sign on easily with their e-mail address and telephone number. “They can download the app as well, and they’ll be able to make the purchases. It goes directly to the customer’s back office. They can then process the order, and the merchants are able to receive payments to their

bank account. Then they can offer delivery if customers can’t pick up as usual.” Merchants will enjoy Power Pointz free for three months once they sign up, with a monthly fee of $49 plus additional banking services charges levied thereafter. Ms Decius added: “Power Pointz is open to every business except restaurants for the time being, but any other retail business no matter what they sell they are able to be a part of Power Pointz. “It took quite some time on our end to put this all

together for development, but for the merchants it’s a quick and easy process. They can upload their company on to our platform in less than a day.” Capital City Marketing asserted that it is looking to “revolutionise” the digital marketing business in the next 24 months. “Power Pointz first started off as a loyalty programme, where merchants are able to offer loyalty to their customers and it was all done via the telephone where customers then could have entered a store, had their

phones scanned and earn their rewards points. But we decided to add a second prong to Power Pointz by adding this e-commerce solution after COVID-19,” said Ms Decius. All sales will be the merchant’s own responsibility, as Power Pointz or Capital City Marketing does not offer a fulfillment pledge such as Amazon. Sellers and buyers are bound to their own contract between each other. Power Pointz is “just the middle man facilitating the transaction”, Ms Decius said.

STRAW VENDORS PUSH FOR FURTHER WELFARE SUPPORT By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

STRAW vendors will seek further unemployment benefit support until the uncertainty related to the “complicated” nature of the Straw Market’s reopening is resolved, their president said yesterday. Rev Esther Thompson, president of the Straw Business Persons Society (SBPS), told Tribune Business she wants straw vendors to continue to receive social assistance until a timeline for their return to the Bay Street-based facility is articulated. “I feel like they need to give the straw vendors some more money until we can get the situation sorted out. That’s how I see it,” she said, adding that the Straw Market’s re-opening is “sounding complicated”. Rev Thompson added: “This is sounding more complicated. As the rest of the tourism industry goes back to normal, the Straw Market looks like it will not be a part of it because of what the government is calling complications.

not been set yet, which is causing more angst among the straw vendors. Rev Thompson said: “Because of this lengthy time off, and unknown time for when the cruise ships are going to put out a regular schedule,

DOWNTOWN STRAW MARKET “They talk about the guests coming in and social distancing, so for them I feel like it’s a complicated issue for them with dealing with the market. That’s what it’s sounding like to me.” Desmond Bannister, deputy prime minister and minister for public works, who has responsibility for the Straw Market, said the facility needs to be safe for visitors and vendors alike given the threat posed by the COVID-19 pandemic. He added that proper spacing for vendors needed to be taken into consideration as a result of the Ministry of Health’s COVID-19 protocols.

“Based on the statistics I’m looking at, everyone could return and we have the proper protocol set up for the pandemic,” Rev Thompson said. “But it seems as if the government is saying something different. I feel that everybody could return comfortably because. remember, they have been putting people out of the market. So we don’t have full capacity at the market right now and there are a lot of vacant stalls. So I feel that all of the vendors that are left that are still functioning could return on time.” The cruise line schedule for New Providence has

I feel the vendors should get more unemployment benefits. “We have been in all of the discussions with regard to reopening the market and we understand the challenges, but at the same time

they have to increase the unemployment benefits for the straw vendors because it’s almost two years now and they couldn’t pay their bills. At least let them do a little more than they can do now.”

PAGE 6, Wednesday, June 30, 2021

‘I want us in best COVID categories’

THE TRIBUNE and wanting to return to the UK, I’d prefer to come back from a destination where I did not have to quarantine.” The UK is currently advising its residents against travelling to countries to which it has given an “amber” or “red” designation. The Bahamas is in the amber category. People who travel back to the UK from “amber” countries must quarantine at home or in the place they are staying for ten days, and take a COVID-19 test on or before day two and on or after day eight. The countries featured on the so-called UK “green list” include multiple overseas territories or crown colonies, such as Anguilla, Antigua and Barbuda, Balearic Islands, Barbados, Bermuda, British Antarctic Territory, British Indian Ocean Territory, British

Virgin Islands, Cayman Islands, Dominica, Grenada, Madeira, Malta, Montserrat, Pitcairn Islands and the Turks and Caicos Islands. Mr D’Aguilar said Caribbean-based UK overseas territories had a priceless advantage over The Bahamas in that they were able to obtain greater quantities of COVID-19 vaccines, and at a more rapid pace, than sovereign independent nations such as this. “The UK blessed those destinations with vast quantities of vaccines, and they were able to roll-out their vaccination programmes in a far more rapid and successful manner,” he added. “Those countries were able to lean on their colonial masters for support, which we’re not able to.” The UK traditionally accounted for five

percent of annual visitors pre-COVID, while acting as a hub that provided direct airlift for other European nationals. Despite the UK’s ranking of The Bahamas, Mr D’Aguilar said there were signs it was not totally dampening demand. “British Airways has returned up to two times’ a week, Monday and Thursday,” he added. “Obviously they went from one to two days because of the demand even with the ‘amber’ advisory. While I’m always desirous of being in the best category it’s not proving devastating. “A lot of countries channel the UK to get to The Bahamas. It’s the only way to get to The Bahamas now from Europe, otherwise you have to go to the Dominican Republic, Turks and Caicos and then to Nassau.”

GB airport: Govt ‘rolled over and played dead’

Briland hotelier: ‘Will bubble pop?’

that visitors meet in these islands. “The first impression is the airport infrastructure, and in most instances the growth of airport infrastructure has not been able to keep up with demand. Our Family Islands are very high-end, very boutique and we like to say they are designed for social distancing. “That component of our arrivals is most resilient. No matter what happens, the attractiveness of our Family Islands grows unabated as people look for more off-the-beaten path types of activities. That part of the tourism arrivals has the greatest potential for growth.”

FROM PAGE ONE “I want to mitigate that risk as much as possible of getting on these lists, and the best way to mitigate this risk is through vaccination.” The Bahamas’ efforts to attain this objective have been somewhat mixed todate, although the CDC presently rates this country at “Level 3” or a “high” COVID-19 risk, having been upgraded from “Level 4” or “very high” in early June. However, the risk remains that The Bahamas could always be returned to “Level 4” status by the

FROM PAGE ONE Tribune Business revealed yesterday how, based on its audited and unaudited financial statements, Grand Bahama Airport Company suffered an operating loss (based on earnings before interest, taxation, depreciation and amortisation or EBITDA) of $5.567m during the 2019 calendar year. Some $9.608m in revenues were dwarfed by $15.1276m in total operating expenses, of which $3.69m related to staff costs and $11.486m to non-labour expenses. Those figures likely resulted from the catastrophic damage that Hurricane Dorian inflicted on Grand Bahama International Airport, and its closure to income-generating commercial and private aviation traffic for several months. And the COVID-19 pandemic, with the closure of international and domestic aviation traffic for a significant portion of last year, was probably the major contributing factor that plunged Grand Bahama Airport Company into a further $6.663m operating loss for 2020. Total revenues, both aeronautical and non-aeronautical, dropped by almost two-thirds year-over-year to $3.046m, while total operating expenses were down by more than one-third at $9.708m. However, the ‘red

CDC if COVID-19 cases spike yet again, which happened earlier this year. To achieve so-called “herd immunity” against the virus requires up to 80 percent of this country’s estimated 400,000-strong population to be fully vaccinated, which would put the target number at 320,000. Renward Wells, minister of health, previously said The Bahamas will be “in a good place” once just 120,000 are vaccinated, but his predecessor in that office, Dr Duane Sands, suggested at least double this number will be required. As at June 5, some 62,183 AstraZeneca vaccines doses

ink’ continued to mount with a further $1.105m worth of operating losses during the first four months of 2021 to end-April. As a result, Grand Bahama International Airport has collectively generated some $13.3m worth of operating losses in the near two-and-a-half years immediately prior to its acquisition by the Government, which closed on June 1. Further multi-million dollar taxpayer subsidies may well be required to ensure the facility remains a “going concern” until a private sector developer is found to take over all responsibilities. Summing up the airport deal’s immediate consequences for Bahamian taxpayers, Mr Leonard blasted: “The Government has saddled the people with a loss-maker because they’re too scared to do anything with Hutchison. “The unfortunate thing is both governments continue to bow at the feet of Hutchison, and as long as they bow at the feet of Hutchison, the people of Grand Bahama suffer. When you buy a company, it’s the seller who’s responsible to pay off the staff, not the buyer. Everything you look at, they’ve literally rolled over and played dead.... “I’m very concerned that the people have been saddled with a loss maker that I feel was unnecessary had the Government done a

have been given to Bahamas residents. Of this figure, 48,434 had received one dose. And 13,749 people had received two shots, meaning they are fully vaccinated. This represents roughly four percent of the country’s total population. Meanwhile, The Bahamas also last week failed to feature among the UK’s so-called “green list” of 16 relatively COVID-free overseas travel destinations for its citizens. However, multiple competing Caribbean tourism destinations were included on the list, such as Barbados and the Turks and Caicos Islands. “Obviously we’d like to be on the ‘green list’, and I think we’re probably heading towards that,” Mr D’Aguilar said in response. “It makes it an even more attractive destination to come to. If I am a UK visitor

compulsory acquisition of the harbour. We’ve taken on all the money losers from Hutchison and left it with the real money, the jewel in the crown,” he continued. “They continue to get all the cream. DevCo (The Grand Bahama Development Company) pays no real property taxes. In days gone by we didn’t mind that as Devco and Hutchison were responsible for laying some money out, but now they pay no taxes and make the money. It’s very discouraging, and I don’t think you’re likely to see much happening in Grand Bahama.” Hutchison’s key Grand Bahama assets are Freeport Container Port and the Freeport Harbour Company, while DevCo has frequently been accused of “land banking” with its 70,000-plus acre holdings. Mr Leonard’s reference to staff payments alludes to the fact that the Government contributed $1m, or 50 percent, of the severance and benefits payouts to airport staff during the ownership transition. Acknowledging the Government’s strained fiscal position, he nevertheless said that if it had acquired the Harbour Company and Sea Air Business Centre it would have established the control over transportation costs and related taxation that was required for a vertically-integrated transshipment and cargo hub also featuring the airport.

Asserting that an opportunity has been “completely missed”, Mr Leonard added: “It could be fatal. It really is extremely damaging. You’ll wind up in negotiations with Hutchison and you will never, ever get going.” He also asserted that a $50m$60m investment to rebuild Grand Bahama International Airport “makes more sense” than the new $200m price tag. The Government, in defence of its position, will likely argue it had no choice but to take over the airport given that Hutchison and the GBPA had signalled early on they had no intention of investing the significant sums necessary to rebuild an aviation gateway that is vital to Freeport’s survival as a city and economy. While the Government has sought to place much of the focus on the $1 purchase price, many observers believe that Hutchison and the GBPA have effectively been allowed to abandon their developmental obligations to Freeport under the Hawksbill Creek Agreement by offloading a loss-making asset on to taxpayers while retaining all the profitable ones. And there have been suggestions that the airport’s Dorian insurance claim payout may have been as high as $25m, a sum that the former owners have been allowed to keep rather than invest in the rebuilding.

FROM PAGE ONE

at a phenomenal rate. As Americans become vaccinated, they are yearning to travel and our tourism sector is roaring back at a phenomenal pace.” Describing the growth potential of the selected Family Island airports as “substantial” in the postCOVID era, Mr D’Aguilar added: “There isn’t sufficient headroom in our Budget to do these airports out of the public purse..... The government wants to enhance the infrastructure

PUBLIC NOTICE

The ad in the paper should state that Allecia Williams is NO LONGER an employee at The Medi Center Clinic and therefore she is no longer allowed to conduct business on its behalf.

THE TRIBUNE

Wednesday, June 30, 2021, PAGE 7

Central Bank signals reserves past danger FROM PAGE ONE

“Once the Central Bank starts to make these sorts of decisions they’re giving us hope the economy is on an upward trend,” he said. ‘I don’t see any reservations or things changing these decision, unless we have a real setback related to COVID-19. “But I don’t think the world is out of the woods yet because we still have these countries going back into lockdowns, and our economy is extremely fragile. It’s always been fragile. While the signs are positive, I’m not jumping through the hoops yet. “We have a lot of people waiting to be vaccinated. It’s a personal choice, but it affects a lot of people. We need to consider that in the context of our small economy. It’s good the tourism numbers are swinging back so quickly, but they can swing down as swiftly as they swing up.” Gowon Bowe, Fidelity Bank (Bahamas) chief executive, yesterday said

the Central Bank’s reintroduction of the $5m foreign exchange transaction “ceiling” indicated the regulator believes there is greater certainty over foreign currency inflows and outflows as the economy continues to re-open. “I think the best way to describe it is that the Central Bank has a clear understanding of patterns that are taking place with the foreign currency outflows,” he said. “It’s also the Central Bank saying we have an understanding of inflows. “What the Central Bank is doing is shifting the management of US dollar flows back more to normal, and is a sign that they’re prepared to take on the responsibility and don’t need the same level of support from the banking sector. “It is a positive sign. I wouldn’t say the worst is behind us. I’d say the position for the next six to 12 months is more optimal in terms of foreign currency inflows as long as outflows stay as muted as they have

NOTICE

NOTICE is hereby given that GERMANIE PIERRE, of Lower Bogue, Eleuthera, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 30th day of June 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that SEAN DEBRUNE FRANCOIS, of Butler Corner E.M.R, Grand Bahama, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd day of June 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that ELIANIE PIERRE JEAN CADET, of Farrington Road, P.O. Box N-2557 Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd day of June 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

been,” Mr Bowe added. “The tourism numbers are indicating to them some of the spend, and there are foreign direct investment (FDI) projects that have some inflows to move over the next few months.” Mr Bowe singled out Sandals’ $37m upgrade as just one example of incoming FDI inflows. Explaining its move, the Central Bank said: “Reflective of the diminishing negative pressures on foreign exchange market activities and the outlook for improving tourism inflows, the Central Bank determined that the relaxed ceiling on the long Bahamian Dollar (B$) open position limit on foreign exchange transactions for commercial banks, which was implemented in April 2020, will revert to a maximum of $5m on both net long and short exposures. “Since April 24, 2020, the $5m ceiling was suspended on long exposures, in order to require banks to supply larger quantities of foreign exchange from their internal resources, before replenishing supplies through the Central Bank. This was a conservation measure, given the reduction in foreign currency inflows from tourism. “As of July 1 2021, the Central Bank also increased the minimum B$ open position limit, which would apply to commercial banks with branch operation structures inside The Bahamas, or with Tier 1 capital of less than $20m, to $1m. This will afford such entities some increased flexibility in their foreign exchange trading activities.” All this regulates the purchase and sale of foreign exchange to the Bahamian public.

Nearly $50m loans fall into delinquency FROM PAGE ONE in non-accrual loans by $7.3m (2.5 percent) and the short-term category by $5.3m (3.1 percent). Further, consumer credit moved higher by $6.7m (2.6 percent) at $261.7m, as the $32.1m (22 percent) rise in NPLs overshadowed the $25.5m (23.4 percent) reduction in the short-term arrears.” Detailing the consequences, the Central Bank said: “Given these developments, banks increased their loan losses provisions by $8.6m (1.5 percent) to $581.9m in May. Nevertheless, the ratio of total provisions for NPLs declined by 9.8 percentage points to 110.6 percent. “Similarly, the ratio of total provisions to arrears fell by 2.4 percentage points to 71.1 percent. Also, the coverage ratio of specific provisions to NPLs declined by 6.6 percentage points to 80.4 percent. During the month, banks wrote-off an estimated $7m in bad loans and recovered approximately $1.5m. “In comparison to the corresponding period in May 2020, the total private sector arrears rate rose by 3.1 percentage points, reflecting growth in both the short-term (1.5 percentage points) and non-accrual segments (1.6 percentage points). Increases were registered across all loan segments, consumer, mortgages and commercial loans

by 4.0, 2.8 and 1.6 percentage points, respectively.” As for the still-muted tourism sector, the Central Bank disclosed: “Official data provided by the Ministry of Tourism (MOT) revealed that total foreign arrivals by first port of entry recovered to 68,582 during the month of April, from just 43 visitors during the same period last year, when the closure of international borders and lockdowns were initially imposed. “In the underlying developments, air traffic totalled 60,305 compared to only 11 visitors in the previous year, albeit representing just 35.2 percent of the arrivals recorded in 2019, reflective of the reopening - although with restrictions - of international borders to travellers. Meanwhile, sea traffic amounted to 8,277 in comparison to 32 visitors in 2020.” The report added: “A breakdown by major port of entry showed that arrivals to New Providence recovered to 41,358 from just 43 in the comparative period of the preceding year. Contributing to this outturn, air traffic reached 40,183 from 11 in the previous year, while sea passengers totalled 1,175 versus 32 visitors in 2020. “Further, visitors to Grand Bahama amounted to 2,481 following the virtual absence of tourists in the same period last year. Underpinning this outcome, both air and sea arrivals totalled 1,390 and 1,091, respectively, relative

PUBLIC NOTICE

to no visitors in the prior year. “In addition, visitors to the Family Islands recovered to 24,743, from no recorded activity in 2020, as both the air and sea segments posted respective gains of 18,732 and 6,011 vis-à-vis nil tourists last year.” Turning to an analysis of the first four months of 2021, the Central Bank said: “During the four months to April, the reduction in total arrivals extended to 89.2 percent from 35.9 percent in the same period in 2020, which had included robust first quarter activity ahead of the pandemic. “Contributing to this development was a 98.4 percent contraction in sea passengers, exceeding the 32.3 percent decline a year earlier. Similarly, air arrivals fell by 53.1 percent vis-à-vis a 46.9 percent decrease in 2020.” There was a slight improvement in air arrivals to the Family Islands (6.2 percent) when compared to the same period in the previous year.

To advertise in The Tribune, contact 502-2394

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, JAMES GOMEZ JR of #73 Montgomery Avenue, Flamingo Gardens Western District, New Providence, The Bahamas, Parent of DECARLO WILLIAMS A minor intend to change my child’s name to RASHARD JAMES BOWLEG. 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.

The Public is hereby advised that I, CARLA ROACHE of St.Vincent Road, New Providence, The Bahamas, Parent of DECARLO WILLIAMS A minor intend to change my child’s name to DARIQUE WILLIAMS. 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.

MARKET REPORT www.bisxbahamas.com

TUESDAY, 29 JUNE 2021

BISX ALL SHARE INDEX:

CHANGE

1987.15

0.03

%CHANGE

YTD

YTD%

0.00 -105.31

-5.03

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

BISX LISTED & TRADED SECURITIES 52WK HI 6.50 33.95 1.62 2.90 1.78 6.00 6.96 3.60 5.90 3.98 6.16 12.00 2.75 7.76 10.71 9.55 14.44 4.10 8.97 16.00

52WK LOW 3.13 22.65 1.46 1.62 1.44 5.00 6.00 2.70 4.25 2.75 5.00 9.75 2.10 4.90 9.50 8.35 13.00 3.42 8.00 15.20

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 6.50 39.95 1.60 2.61 1.44 6.00 6.96 3.53 4.50 2.85 5.95 10.20 2.44 7.75 11.22 9.01 13.99 3.75 8.30 15.50

CLOSE 6.50 39.95 1.60 2.61 1.44 6.00 6.96 3.53 4.50 2.85 5.95 10.20 2.37 7.75 11.13 9.55 13.99 3.70 8.30 15.50

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 BSBGR1211386 BSBGRS880378 BSBGRS900283 BSBGR1322498 BSBGR1341506

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.25 100.00 100.14 100.98 100.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.14 100.98 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.75 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

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.00 100.49 100.74 100.98 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.14 100.00 100.00

52WK HI 2.43 4.47 2.17 202.18 190.86 1.69 1.81 1.78 1.12 8.58 10.26 7.35 14.59 12.84 10.31 10.00 10.43 14.89

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.67 1.73 1.75 1.03 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

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

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 BGRS FX BGR121138 BGRS FL BGRS88037 BGRS FL BGRS90028 BGRS FX BGR132249 BGRS FX BGR134150

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global 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 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

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 (0.07) 0.00 (0.09) 0.54 0.00 (0.05) 0.00 0.00

VOLUME

200 2,000 1,200

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

2,500

NAV 2.43 4.47 2.17 202.18 190.86 1.69 1.75 1.76 1.03 8.58 10.14 7.35 14.59 12.64 9.99 N/A 10.43 14.89

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 27.2 42.9 N/M N/M N/M N/M 18.9 -8.1 32.1 15.5 13.3 14.1 23.2 16.6 17.2 13.1 17.1 18.2 8.8 24.6

YIELD 2.62% 3.15% 1.25% 1.15% 0.00% 0.00% 3.74% 0.00% 0.00% 4.21% 3.70% 7.06% 18.31% 0.77% 2.95% 2.51% 3.86% 3.24% 2.41% 3.94%

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% 5.24% 4.43% 4.39% 5.65% 5.69%

20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 23-Feb-2038 26-Jul-2037 10-Dec-2028 15-Oct-2049 17-Jan-1950

YTD% 12 MTH% 1.85% 4.26% 0.77% 1.44% 1.14% 2.84% 0.14% 5.02% 3.25% 31.13% 1.04% 0.20% -2.27% -3.15% -0.08% -0.57% -1.94% -3.33% 1.14% 4.22% 1.09% 3.04% 1.01% 4.65% 4.93% 42.27% -1.56% 0.80% -0.60% -4.90% N/A N/A 3.00% 25.60% 7.90% 48.70%

MATURITY

NAV Date

31-May-2021 31-May-2021 28-May-2021 31-Mar-2021 31-Mar-2021 31-May-2021 31-May-2021 31-May-2021 31-May-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 31-Mar-2021 31-Mar-2021 31-Mar-2021

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

PAGE 10, Wednesday, June 30, 2021

THE TRIBUNE

G-20 TALKS IN ITALY YIELD PLEDGE TO FIGHT HUNGER IN AFRICA MATERA, ITALY Associated Press

A MEETING of foreign and development ministers from the Group of 20 nations yesterday ended with agreement to boost efforts to fight growing hunger in the world, worsened by the pandemic, especially in Africa, as well as climate change effects. But there were also notes of discord, with Germany and China taking jabs at each other over vaccine policy for developing countries. Italian Foreign Minister Luigi Di Maio, who

hosted the meeting, argued that assistance projects in Africa will also affect migration from the continent to Europe. “The G-20 has the duty to sustain Africa in emerging from a difficult period,” he said at a closing news conference. “We must do it in a way so that in Africa, people aren’t forced any more to abandon their country and their territory, and I don’t think anyone can carry out this battle alone,” said Di Maio, who announced that Italy would host a conference in October in Rome focused on Africa. Di Maio said that hunger

on the planet has been increasing since 2014 and warned that the COVID-19 pandemic could add another 100 million people to the ranks of the hungry and malnourished. “Clearly one of the first steps to build a better world is to make sure everyone is fed,’’ he said. The one-day gathering yielded the so-called Matera Declaration, a “call to action” on food security, nutrition and food systems. Matera is a picturesque southern hilltop city in Italy’s underdeveloped Basilicata region hosting the talks. In the declaration, the ministers concurred that

“advancing these goals requires the collective and coordinated leadership and action at the global level and a people-centered approach.” “The G-20 is well positioned to provide such leadership, while promoting an inclusive approach with all stakeholders, private and public, and pursuing ambitious yet concrete and actionable programmes,” the declaration reads. The Group of 20 nations account for more than half the world’s population and some 80% of its GDP. The declaration also recognises the need for “accelerating the adaptation

of agriculture and food systems to climate change”. “Beyond the differences and distances among some countries present at the G-20 table, we are all in agreement on climate change, sustainability, on the great issues that today can only be resolved with global co-operation,” Di Maio said. But there were some sharp exchanges involving some of the major powers during the day. Arriving, German Foreign Minister Heiko Maas said it was “important that we sit together in this round with countries like Russia and China, and that we openly address the fact that

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 87° F/31° C Low: 73° F/23° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

Limited sun with a few showers

Mostly cloudy with a few showers

Variable clouds with showers around

A t‑storm in spots in the afternoon

Breezy; thunder‑ storms at night

A mix of clouds and sun

High: 87°

Low: 77°

High: 87° Low: 79°

High: 89° Low: 80°

High: 89° Low: 79°

High: 90° Low: 80°

AccuWeather RealFeel

98° F

83° F

96°-85° F

99°-86° F

100°-85° F

101°-86° 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: 85° F/29° C Low: 79° F/26° C

7‑14 knots

High: 87° F/31° C Low: 78° F/26° C

8‑16 knots

FT. LAUDERDALE

FREEPORT

High: 85° F/29° C Low: 78° F/26° C

E S

WEST PALM BEACH

uV inDex toDay

THURSDAY

| Go to AccuWeather.com

TONIGHT

High: 89° F/32° C Low: 76° F/24° C

High: 87° F/31° C Low: 76° F/24° C

MIAMI

High: 87° F/31° C Low: 78° F/26° C

7‑14 knots

KEY WEST

High: 85° F/29° C Low: 79° F/26° C

High: 87° F/31° C Low: 77° F/24° C

High: 85° F/29° C Low: 79° F/26° C

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

12:48 a.m. 1:26 p.m.

2.9 2.5

7:19 a.m. 7:32 p.m.

0.1 0.5

Thursday

1:40 a.m. 2:22 p.m.

2.7 2.5

8:09 a.m. 8:32 p.m.

0.3 0.7

Friday

2:33 a.m. 3:18 p.m.

2.5 2.5

8:58 a.m. 9:33 p.m.

0.4 0.8

Saturday

3:26 a.m. 4:11 p.m.

2.3 2.6

9:46 a.m. 0.4 10:31 p.m. 0.9

Sunday

4:18 a.m. 5:01 p.m.

2.2 2.7

10:33 a.m. 0.4 11:25 p.m. 0.8

Monday

5:09 a.m. 5:47 p.m.

2.2 2.7

11:18 a.m. 0.4 ‑‑‑‑‑ ‑‑‑‑‑

Tuesday

5:56 a.m. 6:31 p.m.

2.2 2.8

12:15 a.m. 0.7 12:02 p.m. 0.3

sun anD moon Sunrise Sunset

6:23 a.m. 8:04 p.m.

Moonrise Moonset

12:21 a.m. 12:12 p.m.

Last

New

First

Full

Jul. 1

Jul. 9

Jul. 17

Jul. 23

CAT ISLAND

High: 85° F/29° C Low: 78° F/26° C

8‑16 knots

8‑16 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 88° F/31° C Low .................................................... 79° F/26° C Normal high ....................................... 87° F/31° C Normal low ........................................ 74° F/24° C Last year’s high ................................. 91° F/33° C Last year’s low ................................... 80° F/27° C Precipitation As of 2 p.m. yesterday ................................. 0.10” Year to date ................................................. 7.76” Normal year to date ................................... 13.54”

ELEUTHERA

NASSAU

we do not think much of their vaccine diplomacy.” Maas was referring to China and Russia providing or selling their own produced vaccines to less developed countries, although some European countries, including Hungary and San Marino, were eager to get the Russian Sputnik V vaccine. Some in the West believe China and Russia have been supplying their vaccines to poorer countries in order to bolster their power. Neither China nor Russia sent their foreign ministers. China’s minister, Wang Yi, addressed the meeting remotely and jabbed back at Maas.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 84° F/29° C Low: 79° F/26° C

High: 85° F/29° C Low: 80° F/27° C

High: 87° F/31° C Low: 79° F/26° C

LONG ISLAND

tracking map

High: 86° F/30° C Low: 80° F/27° C

7‑14 knots

MAYAGUANA High: 85° F/29° C Low: 79° F/26° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 85° F/29° C Low: 80° F/27° C

High: 85° F/29° C Low: 80° F/27° C

GREAT INAGUA High: 87° F/31° C Low: 80° F/27° C

10‑20 knots

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

Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:

WINDS E at 8‑16 Knots SE at 8‑16 Knots E at 8‑16 Knots SE at 8‑16 Knots ESE at 8‑16 Knots SE at 8‑16 Knots ESE at 10‑20 Knots ESE at 12‑25 Knots E at 7‑14 Knots SE at 8‑16 Knots E at 8‑16 Knots SE at 6‑12 Knots E at 8‑16 Knots ESE at 8‑16 Knots SE at 10‑20 Knots ESE at 12‑25 Knots ESE at 8‑16 Knots ESE at 10‑20 Knots ESE at 10‑20 Knots ESE at 10‑20 Knots E at 8‑16 Knots SE at 8‑16 Knots SE at 10‑20 Knots ESE at 10‑20 Knots E at 7‑14 Knots SE at 8‑16 Knots

WAVES 2‑3 Feet 2‑3 Feet 1‑2 Feet 1‑2 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 1‑2 Feet 1‑2 Feet 1‑2 Feet 1‑3 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 3‑5 Feet 3‑5 Feet 1‑2 Feet 1‑2 Feet 1‑3 Feet 1‑3 Feet 2‑4 Feet 2‑4 Feet

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

WATER TEMPS. 83° F 83° F 84° F 85° F 85° F 85° F 83° F 83° F 83° F 83° F 84° F 84° F 84° F 84° F 83° F 83° F 83° F 83° F 83° F 83° F 83° F 83° F 83° F 83° F 83° F 83° F