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TUESDAY, MARCH 10, 2020
$4.43 Fraudulent checks allegedly hit govt agencies for $2m By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Royal Bahamas Police Force’s top financial crime investigator yesterday urged “vigilance” after it emerged another government agency had allegedly fallen victim to a forged cheque. Superintendent Matthew Edgecombe, head of the Force’s anti-corruption and financial crimes unit, spoke out after a 41 yearold man was charged with using a forged cheque to defraud the Securities Commission of some $850,000. This is the second charge involving a government agency, and the use of an allegedly forged cheque, to be brought before the Magistrate’s Court within a week, with the combined sum involved exceeding $2m. Elma Campbell, the former FNM Cabinet minister and ambassador to China, and her son, Che Chase, were last week charged with defrauding the Ministry of Tourism of some $1.2m. Both pleaded not guilty to all the charges against them. The Securities Commission, in a statement that was timed to coincide with yesterday’s court hearing, called for “all businesses to be vigilant” when it came to enforcing internal controls designed to prevent fraud, theft and corruption. It added that a simple reconciliation of activity in its operational bank account enabled it to trigger a police investigation. “In early February 2020, following our normal internal processes, the commission discovered an irregularity in its operational bank account,” the Bahamian capital markets and investments fund regulator said. “The appropriate persons at our bank were immediately contacted for an explanation and correction of the irregularity. On the next business day, it was determined that a fraudulent cheque in the amount of $850,000.00 was cleared through the commission’s account in January 2020. “That evening, the commission contacted senior persons at our bank and the financial institution where the fraudulent cheque was deposited. We also reported the matter through the appropriate channels and contacted the police. In turn, the police immediately launched a criminal
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‘Worst timed one-two punch’ to hit tourism By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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HE coronavirus has teamed with Hurricane Dorian to create “a one-two punch that couldn’t have been worse timed” for Family Island resorts, a top tourism official argued yesterday. Kerry Fountain, the Bahamas Out Island Promotion Board’s (BOIPB) executive director, told Tribune Business that the fall-out from the Covid-19 outbreak had struck just when these locations were “still suffering a slight hangover” from the devastation Dorian inflicted on Abaco and Grand Bahama. Revealing that “anecdotal” evidence suggests “everybody is being impacted” by the uncertainty and fear created by the virus, and its roundthe-clock coverage by international media, Mr Fountain said the effects will be quantified when the Promotion Board obtains its first 2020 performance figures on April 1. While it would be “commendable” if the Promotion
• Virus compounds Dorian ‘hangover’ • Out Islands up against ‘best ever Q1’ • Cruise line’s Nassau service in early halt
KERRY FOUNTAIN Board’s Family Island properties matched last year’s outturn, he signalled this was highly unlikely as the figures would be up against “the best first quarter we have ever had” from 2019. “Here’s what we’re seeing. It gets worse and worse as the reports [in the global media] get dialled up more and more,” Mr Fountain told this newspaper. “People that have planned a vacation, they’re going to go on it unless, of course, something was reported in The Bahamas. That changes things altogether. “The people that have planned are going, but that’s
more on an individual basis. Some of the group, corporate, meeting and incentives travellers, they’ll only travel of corporate policy allows them to. People who haven’t planned, those are the people that are on the fence and being impacted on a dayto-day basis by the news.” The Bahamas’ status as a small, open tourist-reliant economy means that Covid-19’s impact on this nation will largely be determined by the extent to which the virus impacts this nation’s major source markets, which are the US (accounting for 80-85 percent of total visitors) and Canada. Mr Fountain, agreeing that some impact was inevitable, added: “Before coronavirus we were still suffering from a slight Hurricane Dorian hangover. In 2019, we had the best first quarter ever, and the first quarter in 2018 at that time was the best first quarter ever. “You have an increase in 2019 over the best first
PRIVATE sector executives yesterday said the coronavirus was casting “a pall over everything” amid hopes that the substantial fall in global oil prices will cushion the impact for the Bahamian economy. Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, urged Bahamas Power & Light (BPL) and transportation-related businesses to “be smart” and pass at least some of the savings from the steepest fall in global oil prices since the 1991 Gulf War along to end-users. “The upside is, as we see today, crude oil prices have taken a beating so they should be able to offset, if they are smart, the cost of travel with lower oil prices,” he argued of the airlines. “If
quarter in 2018. That happened to be the best first quarter ever, but in September we had Hurricane Dorian and, after that, we’ve had the coronavirus. How do you think 2020 will be?” Mr Fountain said The Bahamas had to emphasise it is taking every possible measure to prevent the coronavirus from reaching these shores, and that all necessary checks, protocols and procedures were in place. It can also, for the moment at least, see it is Covid-19 free. “Anecdotally I can tell you that everybody is being impacted,” he told Tribune Business. “Everybody is being impacted because the 2019 first quarter was the best first quarter we ever had. We were still suffering prior to this, from Hurricane Dorian, a slight hangover, and then came the coronavirus. With that one-two punch, how else do you expect the 2020 first quarter to be?
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NIB card ‘shortage’ hits Andros customs move By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A “SHORTAGE” of National Insurance Board (NIB) smart cards has compounded South Andros’ challenges in switching to Customs’ new Electronic Single Window system, it was disclosed yesterday. Rochelle King-Trabulsy, a Mangrove Cay-based customs broker, told Tribune Business that import shipments to the area became “backlogged” because many businesses and residents were unaware that Customs had set an early February date to transition to its digital goods clearance system. While persons have been adjusting to, and registering with, the Electronic Single Window (ESW), Ms King-Trabulsy said the transition had been further complicated by difficulties in obtaining NIB smart card renewals.
• Renewal delays affect Click2Clear registration • ‘Backlog’ due to transition surprising importers • Concern over 25% entries change charges She explained that valid NIB smart cards were a must if importers were to complete the ESW registration process, but delays in obtaining renewals had resulted in many being hit with Customs’ storage fees because goods have not been cleared within five days. Ms King-Trabulsy added that the new system, which is quick to reject incorrect information, had also required air and freight shipping firms - as well as brokers - to tighten up on ensuring details for all shipments are correct. She revealed that, as of March 1, 2020, the Customs department will charge a sum equivalent to 25 percent of the total tax due on any shipment where the
entry has to be changed after being placed in the system. Describing this as “no joke”, Ms King-Trabulsy added that Bahamian business owners and individuals were also having to come to grips with the fact they can now only use one name - which has to be their given one, rather than their “street” or “nickname” - in the ESW, which is known as Click2Clear, when clearing imported goods. “We’ve had so many scenarios that we’ve had to deal with in the past three weeks to help people out since early February,” she told Tribune Business. “I knew that prior to Click2Clear the residents did not know it was coming out at the day it did. A lot
Global oil slump can lift virus ‘pall’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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• Fuel, energy savings can ‘ease coronavirus pressure’ • ‘No surprise’ at Central Bank interest rate cut rule-out
ROBERT MYERS they’re smart, they’re going to see significant cost reductions off the back of that. “They’re taking a hit but oil has taken a 27 percent drop today [yesterday]. That could mean, if BPL is smart, that they could have some savings on fuel costs that could be passed on and help ease the pressure on
businesses, the government and the economy. Hopefully they’re smart enough to pass this on and take it all for themselves.” BPL’s fuel charge is supposed to be a straightforward “pass through” to consumers, meaning that this acts just to recover all associated costs and therefore Bahamians should see some relief here. However, there is a conspicuous lack of public trust in the stateowned utility monopoly. The timing, and extent, of any savings will also depend on when BPL does its fuel purchasing. Global oil prices were inching up in early trading in the Far East today, with the West Texas Intermediate (WTI) and Brent Crude indices standing at
$32.61 and $36.33 per barrel, respectively, but the figures may still be low enough to relieve some of the coronavirus gloom. Prices plummeted after Saudi Arabia ramped up production, instead of cutting back to meet falling demand, after Russia refused to reduce its output. Rick Lowe, an executive with the Nassau Institute think-tank, told Tribune Business of the coronavirus: “It seems to be like a pall over everything. It’s like a dampener. It’s all everybody can talk about. I’m not concerned about it. My only worry is that so many people may be at risk at one time. How will the hospitals and
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of people had stuff coming in that was backlogged because they were not aware Customs was going to Click2Clear. “Persons have been coming in to produce documents and get their stuff cleared. Some of the delays are the shipping companies getting used to the Click2Clear system themselves.” Picewell Forbes, the area’s MP, complained last week in the House of Assembly that there was a backlog of goods waiting to be cleared at his constituency’s ports of entry. He urged the government to “get over that hurdle as soon as possible”, calling on it to act “post haste” to move the process along.
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$4.39 Arawak Port uses 30-day quarantine By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Nassau Container Port’s operator yesterday revealed that it has extended its quarantine period and restricted shore leave for cargo vessel crew members to help combat the corinavirus. Dion Bethell, president and chief executive of BISX-listed Arawak Port Development (APD) Company, told Tribune Business: “For each and every vessel you know our focus is cargo, and we import pretty much everything that comes by ocean freight for Nassau through our facility. “The vessel is required to make a booking in advance of arrival, so we require some critical information that we ask them to provide us with in advance of their call. One of the more important pieces of information is a DOH, which is a declaration of health. “We also ask that they confirm that none of their crew members have been in any of the listed countries, which is China, Iran, Italy and South Korea, within the last 30 days. I know most people say the quarantine time is 14 days, but we have extended ours to 30 days just to be on the safe side,” Mr Bethell added. “We restrict shore leave for any of the crew members, and we also ask that they advise us if anyone would have been sick since the DOH would have been issued. It’s always about the health and safety of the nation. Sometimes the Ministry of Health and their port medical officer, Dr Julian Smith, is on call and we have the protocols in place to be able to contact them.” Mr Bethel said APD has not “had any issues” relating to the Covid-19 virus. He added that cargo coming from Asia takes about six to eight weeks to arrive, which is well beyond the quarantine period. Speaking directly to the potential fall-off in cargo coming from the worsthit countries, he added: “It’s hard to tell at this point because a lot of the cargo that comes from China, because of the long voyage, a lot of it was planted through Freeport and then to Nassau. “But at this point I haven’t seen any significant fall-off on the cargo commodities that really come
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PAGE 2, Tuesday, March 10, 2020
THE TRIBUNE
Scotiabank unveils Mastercard tie-up
FRONT Row from left: Daniella Pratt, URCA’s consumer protection officer; Mavis Johnson-Collie, URCA’s manager, corporate and consumer relations; Dr Mark Jamison, University of Florida facilitator; Shevonn Cambridge, URCA’s acting chief executive; Araceli Castaneda, PURC University of Florida forum facilitator; and Tamandra Cooper, URCA consumer relations assistant.
Acting URCA chief: ‘We can’t regulate in vacuum’ THE Utilities Regulation and Competition Authority’s (URCA) interim chief executive says interaction with other supervisory bodies is critical to ensure it does not operate in a vacuum. Shavonne Cambridge, also URCA’s director of utilities and energy, said regulatory effectiveness is driven by interactions with other agencies and their understanding of the supervisory process. He spoke out as URCA, in partnership with the Public Utilities Research Centre (PURC) at the University of Florida’s Warrington College of Business, hosted its second regulatory forum for senior technical officers at the British Colonial Hilton Hotel. The forum attracted directors and senior technical officers from various government ministries and departments, private sector representatives, URCA licensees and academia. It enabled participants to deepen their understanding of URCA’s role as an independent regulator, and how
PARTICIPANTS attending URCA’s senior technical officers regulatory forum engage in group activities. its work impacts government policies and the public interest. Attendees were introduced to tools and processes to enable them to better understand the roles of the three critical stakeholders in the regulatory process - the government, regulator and operator. The sessions focused on how regulations serve the public interest; current trends and best practices in regulations; infrastructure resiliency; and infrastructure leadership. Mavis Johnson– Collie, URCA’s corporate
and consumer manager, said similar forums and focus groups will be conducted to ensure key stakeholders are kept informed of URCA’s efforts in regulating the energy and communications sectors PURC is an internationally-recognised academic centre dedicated to research and providing training in effective utility policy, regulation and management. URCA hosted the first regulatory forum in 2019, which was geared towards policymakers.
BRENDAN KING SCOTIABANK yesterday unveiled a seven-year agreement with MasterCard to provide new debit cards and an improved digital customer experience in The Bahamas and three other Caribbean countries. The tie-up, which also includes Scotiabank’s operations in Barbados, the Dominican Republic and Jamaica, is designed to promote payments innovation through the creation of new value-added services across different channels and devices. “Our relationship with MasterCard will bring innovative debit card solutions to our customers,” said Brendan King, Scotiabank’s senior vice-president of international banking. “At Scotiabank, digital is a key pillar of our business strategy. We work hard as an organisation to enhance our digital experience, and this initiative will contribute to consolidating this position in these four Caribbean markets,” The agreement will provide Scotiabank debit card holders with
MARCELO TANGIONI
THE MASTERCARD black card. round-the-clock solutions, including advances in e-commerce and digital wallets with enhanced security features and a new rewards platform. “We are thrilled to join efforts with Scotiabank to deliver customer-centric solutions in The Bahamas, Barbados, Dominican Republic and Jamaica,” said Marcelo Tangioni, president of MasterCard’s Caribbean Division. “Both MasterCard and Scotiabank are focused on advancing consumers’ digital payments experience,
and we look forward to the benefits for the cardholders as a result of this initiative,” added Ray Merceron, Mastercard’s vice-president of sales for key accounts. “With this agreement, Scotiabank continues evolving in its digital journey and looking for new ways to provide simplified and secure payment methods to accelerate growth in The Bahamas, where we are committed to offering our customers the best inclass solutions,” said Roger Archer, Scotiabank’s vicepresident and district head for Caribbean north.
THE TRIBUNE
Tuesday, March 10, 2020, PAGE 3
Caribbean body assists Dorian-ravaged farmers By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A CARIBBEAN agricultural body is providing more than $50,000 worth of inputs to help Dorian-devastated farmers recover, it was revealed yesterday. Dr Michelle Singh, country representative for the Caribbean Agricultural Research and Development Institute (CARDI), said: “CARDI has been successful in securing funding for a project to assist farmers in Abaco and Grand Bahama. “What we are doing is
supplying a number of inputs like seeds, irrigation, tubes, shade cloth, plastic mulch and all of those things so that they are better able to mitigate the effects of Hurricane Dorian. We will also be with the assistance of the Ministry of Agriculture and Marine Resources constructing two of these suspended slatted floor systems in Abaco and Grand Bahama. “So what we would create is a model farm where people can come and actually see the new technologies that they have
adopted on their facilities.” Dr Singh said the project will be worth “in excess of $50,000” with funding provided from CARDI through international collaborations. “IICA (Inter-American Institute for Co-operation on Agriculture) also has been working on the ground and, collaboratively, a lot is being done,” she added. Joel Lewis, the Ministry of Agriculture and Marine Resources’ permanent secretary, said: “We have continued to provide them [farmers] with new stock. We are providing them
COCONUT FESTIVAL TO BEAT DORIAN EFFECTS THE 22nd annual Coconut Festival has shrugged off the devastating blow from Hurricane Dorian and will go ahead as planned at Pelican Point next month, organisers have revealed. “I am here to report that the residents of Pelican Point are resilient, resolved and determined. Hurricane Dorian may have slowed us down, but it will not stop us,” Cathy Laing, Coconut Festival committee chairman, said during a press conference at the festival grounds. Organisers unveiled their plans for the threeday event, which begins on Friday, April 10, and concludes three days later. The festivities will kick-off with a gospel concert and fish fry at 3pm on April 10 at the festival site. This event will feature Grand Bahama’s best praise teams, dance teams and gospel performers. On April 12, the committee will worship at the St Matthew’s Baptist Church grounds. The service starts at 10am and all are invited to attend. The Easter weekend activities will finish with the signature Coconut Festival on April 13. The annual event puts the coconut at centre stage with a wide range of tasty and fun creations. Hundreds of Bahamians and visitors attend the festival each year to get their coconut craftwork and delicious treats such as coconut jimmy, coconut tart, coconut jam and Gully Wash. The festival also offers traditional Bahamian meals, some even available with a coconut-infused twist. In addition to the food, the event engages its
attendees with coconut barking contests as well as performances from top entertainers. This year’s roster includes performances by Veronica Bishop, KB, St George’s High Jags Pop Band, the Royal Bahamas Police Force Pop Band and the Platinum Knights Junkanoo Group. “Please join us on Good Friday when we saturate these grounds with prayer, praise and worship. On Sunday, the worship continues at St Matthews, and then on Easter Monday, join us for culture, fun, food and coconuts,” Ms Laing said. K Peter Turnquest, deputy prime minister and east Grand Bahama MP, emphasised the need for widespread support of this year’s event. “I join with the committee and community leaders to encourage support for this festival and the residents of this community, many of whom need our collective support to rebuild and to restore their lives and what was lost,” Mr Turnquest said in a written statement. “This year’s festival takes on an added level of thankfulness and remembrance. We give thanks for God’s continued blessings, even
as we memorialiase and remember those lives lost during the storm and the utter devastation of private and public property.” Steven Johnson, the Ministry of Tourism’s Grand Bahama general manager, praised the festival committee and Pelican Point community on their perseverance and decision to move forward with this year’s event. As a major sponsor for the Coconut Festival, Mr Johnson said the Ministry is working to ensure visitors across The Bahamas and around the world come out to experience the event. “We want to show everybody that this festival is coming back stronger, so we are committed to doing whatever we can to make this event successful,” Mr Johnson added. “We want residents from Nassau and the Family Islands, as well as our international guests, to come out and experience Coconut Fest. “Free transportation will be available to guests from all of the major hotels on the island. So any visitors interested in attending can just visit the front desk for information on attending the festival.”
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with feed for their animals, and basically those are the two things I can think of right away in terms of this ministry. “The farming communities were particularly devastated in terms of the loss of assets, salt intrusion on land, the loss of all but one seafood processing plant on Grand Bahama, the loss of operating capacity for our country’s biggest poultry producer, and the shut-down of dozens of farms on both islands. “The human loss was even more devastating as many remain unaccounted
for whole others lost their lives in the storm. Many have simply up and left those island,” Mr Lewis added. “Our country is in the direct path of hurricanes, which over the past ten years have become more frequent and increasingly stronger. “The science says the frequency and strength of the storms is directly tied to the generation of harmful emissions from larger developed countries. We have no real direct input into this. We have made our position known on the international stage at various conferences
around the world, as well as recently on American television with the prime minister’s interview on 60 minutes, but this alone is not enough.”
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PAGE 4, Tuesday, March 10, 2020
‘Worst timed one-two punch’ to hit tourism FROM PAGE ONE “It’s not going to be as good as the first quarter last year. Even if we hold our numbers it’s commendable, but that’s to be determined. That will happen on April 1. It couldn’t have been worse. It couldn’t have been a worse one-two punch, especially when comparing it against the best first quarter we ever had in 2019.” Away from land-based
stopover tourism, Mr Fountain said the cruise industry was being “greatly impacted” especially after the US State Department and Centres for Disease Control and Prevention (CDC) warned elderly Americans and those with pre-existing medical conditions against travelling on cruise ships. Elderly persons represent a large proportion of cruise ship passengers, and the impact on cruise ship share
THE TRIBUNE prices has been swift and unsparing. All major lines took a hammering from investors, with Royal Caribbean’s stock price dropping by 25.75 percent yesterday, falling by $16.74 to finish below $50 at $48.27. It is unclear whether this will have any immediate or long-term impact on Royal Caribbean’s $300m Holistica joint venture for the Grand Lucayan and Freeport Harbour with the ITM Group, plus its planned additional $50m investment in the Royal Beach Club at Paradise Island. Meanwhile, Carnival Cruise Lines’ stock fell by 19.93 percent in yesterday’s
trading to close down $5.41 at $21.74m, while Norwegian Cruise Lines (NCL) share price tumbled 26.66 percent or $7.20 in just one day to strike $19.81. The cruise line industry’s response to Covid-19 is also affecting The Bahamas in a number of other ways. Bahamas Paradise Cruise Line’s round-trip Nassau to West Palm Beach service, which launched in October 2019 amid expectations that it would bring 250,000 passengers to the capital after diverting one of its vessels from Freeport post-Dorian, appears to have been temporarily suspended. The Palm Beach Post reported that the cruise line’s Grand Classica ship has gone into dry dock in Freeport some six months earlier than planned, with its chief executive, Oneil Khosa, quoted as saying: “Due to the business environment, we thought ‘Let’s get it done now.’ With coronavirus closing in, cruising doesn’t seem to be the flavour of the season.” The Gran Classica is scheduled to resume its
route in June, although its sister vessel, the Grand Celebration, will maintain its regular sailing schedule to Freeport. A 1,900-capacity vessel, it usually sails with 1,500 passengers, and is due to carry around 1,300 on Saturday. Meanwhile, Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, voiced hope that The Bahamas would be able to get through the mid-April Easter break and lock-in peak winter tourism gains without too much disruption from Covid-19. “We need the tourism, so it would be nice to get through the rest of the season, March and April, so we don’t lose much of the peak season,” he told Tribune Business. “Those countries that have it are being significantly impacted. My guess is if it becomes prolific throughout the US we’re in trouble. It’s going to have an impact on travel, tourism and all kinds of things “There’s too much uncertainty and too many unknowns. We don’t even
have to have it. If the US gets it widespread it will have an impact on us because people will stop travelling. It doesn’t have to get to us. If the US goes into recession, we get pneumonia.” Data produced by Travelzoo, the travel deal website, confirmed the Covid-19 virus was having a greater impact on future travel than those who have already planned vacations. Just 23 percent of those with planned vacations said they had been impacted, while some 67 percent said it had not. However, 47 percent of respondents said they were “hesitant about international air travel in the next three months”, meaning that The Bahamas will likely feel greater effects the deeper the calendar moves into 2020. Some 37 percent of Travelzoo’s US members also revealed that the coronavirus has impacted their interest in international travel, with another 25 percent confirming it had also affected their desire to take cruises.
THE TRIBUNE
NIB card ‘shortage’ hits Andros customs move FROM PAGE ONE
However, Ms KingTrabulsy, who is also proprietor of Mangrove Cay-based SeaChel’s, said the difficulties associated with the Click2Clear transition had seemingly been compounded by problems impacting the renewal and issuance of NIB smart cards. A valid card is required for persons to successfully
Fraudulent checks allegedly hit govt agencies for $2m FROM PAGE ONE
investigation into the matter,” the Securities Commission said. “In light of recent events, the commission encourages all businesses to be vigilant in enforcing basic internal control procedures to prevent and detect fraud, including the timely completion and review of bank reconciliations.” The Securities Commission’s release echoes similar comments made by Dionisio D’Aguilar, minister of tourism and aviation, who previously said: “I would like to caution everyone who operates a business of chequing account of the technology available now. People can make wonderful copies of your cheques and, once they have your signature transposed, that is a forged cheque and that’s a real concern. “You may want to switch to wire transfers for payment and moving monies between accounts, but you then have to be vigilant for e-mails asking about your
Tuesday, March 10, 2020, PAGE 5 register with Click2Clear, but she added: “We heard that the NIB office in Nassau is out of cards, and has not been able to issue new cards. People have had to come in to have a decal placed on their existing card showing it is valid for another year. “The process takes longer. You have to go to Nassau, get the card and then register for Click2Clear. The local NIB office is unable to do that. They have to wait on Nassau and send the information to Nassau. Persons who cannot travel have to wait for Nassau to produce a letter, send an e-mail and produce the decal sticker. “Some people have been frustrated because NIB is unable to facilitate them right away to do what they need to do in terms of registering with Click2Clear. They cannot do it without
that. Absolutely not. They need a valid NIB card to be able to do that. And after five days Customs charges a storage fee.” The existence of an NIB smart card “shortage” could not be confirmed. Brensil Rolle, the Cabinet minister with responsibility for NIB, could not be reached for comment before press time last night. Dr Nicola Virgill-Rolle, the social security scheme’s director, was said to be in meetings when Tribune Business called, while Yvette Sands, NIB’s assistant director for business development and policy planning, said she would investigate the matter but never called back. Still, Ms King-Trabulsy added: “Persons are moving forward to register, do what they have to do, and have been able to go through and get their products and stuff
bank account details. There is a constant attack on bank accounts to illegally gain funds, and wherever they feel there are accounts that have a lot of activity, those are high risk.” Meanwhile, Superintendent Edgecombe revealed yesterday that the police “still have further investigation to do” over the Securities Commission cheque even though Jeremy Pinder, 41, was charged with fraudulently obtaining $850,000 from Royal Bank of Canada (RBC) drawn on the regulator’s account. He denied all charges against him. “For the last couple of years we’ve seen a number of forged cheques,” Superintendent Edgecombe told Tribune Business. “It’s not new. It happens every year. I wouldn’t say we’ve seen an increase, but a lot of matters have been reported.” He added that it was critical for the Bahamian private sector to implement the necessary controls, and appropriate checks and balances, around the handling of money and account activity - even to the extent of ensuring those responsible for this activity are properly monitored.
“I tell people at the bank to stick with policies they have put in place around KYC, but sometimes some things fall through the cracks,” Superintendent Edgecombe added. “We say to businesses be vigilant, always review your accounts and know who you are accepting cheques from.” He agreed that ever-evolving technology, particularly modern scanners and printers, was assisting cheque forgery - especially once the perpetrators got hold of a genuine one, complete with company logo and the correct signatures. They then replace the name of the recipient, and the sum, with the false details. “They have some ways to make these fraudulent cheques seem genuine,” Superintendent Edgecombe said. “They will have a genuine cheque made out to a client, and what they will do is change the information on the cheque. That’s all they really want. “It’s been happening for years. Just like fraudulent money. It’s the same thing. It looks like it’s genuine. We go to business places and give them the information on what to look for.”
cleared. It’s a learning process for the broker and the shipper. “In the old system you were able to get a manifest number straight away, but now you have to wait on the shipper. Then you have to call them up and say I need this.... With the shippers and some of the parties, they’re accustomed to sometimes sending it in their personal name and sometimes in their business’s name.
“One person I know had to go to all of their US suppliers and have shipments put in their business’s name, not their name. They have to make sure the name that goes into Customs’ system lines up with the manifest.” Mistakes may soon be costly. Ms King-Trabulsy said: “As of March 1, they’re going to be charging 25 percent on amendments to entries; 25 percent of what you’re required to
pay. If you have to make an amendment to a name, you have to pay 25 percent of the VAT and duty due. “It’s not a joke. You have to be careful what you’re putting in so it doesn’t cost clients extra. We have to make sure it’s done in this name, not that name. And that has to be the name on the NIB card, not the name you go by, or Customs will see this as a totally different person.”
PAGE 6, Tuesday, March 10, 2020
THE TRIBUNE
Global oil slump can lift virus ‘pall’ FROM PAGE ONE
country cope with 300-400 people sick at one time? “That’ll be a problem to be dealt with when it happens. If they [the US] shut down our cruise ships we’ll see what impact that has on our economy. It’s kind of scary. I’ve never seen the world react to a virus like this.” Mr Myers, meanwhile, told Tribune Business he was neither surprised nor disappointed that the Central Bank of The Bahamas formally confirmed it will not initiate a “direct stimulus” to mitigate potential Covid-19 fall-out. Ruling out any monetary policy action, such as cutting the discount rate to
lower capital costs and ease borrowers’ repayment burdens, the regulator said in a statement: “The Central Bank is not able to provide direct stimulus to counter negative fallout from Covid-19 as such intervention would need to boost foreign exchange earnings capacity. “Tourism, the principal foreign exchange earning sector, is exposed due to the prudent international public heath safety stance around travel. The Bank’s focus, however, is to ensure that the economy maintains access to foreign exchange to satisfy necessary import needs. “The external reserves will help provide this buffer, as balances are at historical levels and can withstand
larger drawdowns than normal. The Central Bank’s policy responses in this and other regards will remain closely co-ordinated with the broader fiscal management strategies to preserve economic stability.” Mr Myers, in response, said: “I’m not surprised because their holdings [of foreign currency reserves] are going to take a hit. But it’s a shame we don’t have more control over interest rates. We’re going to have to figure out how to stimulate economic growth, and they ought to start talking about it now.” The Central Bank’s statement warns that tourism earnings, which are almost certain to be substantially reduced due to the Covid-19 outbreak, will
be insufficient to replenish the foreign currency outflows caused by the extra consumer borrowing sparked by any interest rate reduction. The external reserves stood at just over $1.86bn at end-January 2020, and the Central Bank’s primary monetary policy objective has always been to maintain these at levels necessary to support the Bahamian dollar’s one:one peg with its US counterpart. The Central Bank, meanwhile, said the Bahamian commercial banking system was well-positioned to absorb any unemployment and reduced income/debt servicing capability that may result from Covid-19’s economic impact. However, it warned consumers
to limit their discretionary spending until the threat had safely passed. “As travel plans continue to scale back globally, The Bahamas can also expect some negative economic fall-out,” the Central Bank added. “It is difficult to put an estimate on the amount of economic harm that this could do. However, Bahamian public health defenses will play a key role in shaping confidence around travel to The Bahamas, and the path that the economy takes to recover from any setback. “Given The Bahamas’ proximity to the US, the aggressive American public health responses should provide significant benefit, both from a containment perspective and incentives
to travel to destinations that are closer to the US mainland.” It continued: “It should also be emphasised that the domestic banking system is mobilised to provide the forbearance and accommodation for households that might encounter interim challenges if their earnings are disrupted. While a strain of this nature could aggravate the debt repayment challenges, local banks remain strongly capitalised to tolerate increased stress to their credit portfolios. “The advice nonetheless to Bahamian families is that until the uncertainty subsides they should exercise prudence in their personal financial affairs, and keep a tight control on discretionary spending.”
ARAWAK Cay container port.
Arawak Port uses 30-day quarantine FROM PAGE ONE out of China. Mind you, a whole lot of stuff that comes out of China comes through the United States, but that direct cargo that comes out of China it is difficult to say at this point. I am sure there has been some, but the full impact hasn’t been seen yet in terms of our overall volumes.” Vernice Walkine, the Nassau Airport Development Company’s (NAD) executive director, said: “As a major port of entry we have certain procedures that we have to implement according to the situation. “We sit on the Ministry of Health task force to deal with matters of Covid-19, so we work very closely with the Ministry with respect to the procedures that are required for the people who are arriving at the airport and for people who are departing the airport. Those procedures have been in effect for quite
some time now. “We have a sustained campaign where we speak to all of the employees at this airport - and there are some 3,000 or so on any given day with shifts and what have you - to make sure everybody abides by the steps that are critical for their personal protection, like the frequent washing of hands, use of hand sanitizer and those kinds of things.” Ms Walkine added: “As an airport we have responded by putting in additional hand sanitizer stations, making sure that we don’t run out of soap, making sure that our cleaning technicians are up there in our protocols in terms of the cleaning of our solid surfaces, hand rails, latches, handles and door handles, those kinds of things. “We have a very aggressive programme in place, and we speak regularly to all of the employees at this airport to remind everyone of what they have to do personally - not just here at the airport but at home. “Anyone who is sick, presents with any of the classic symptoms, flu or otherwise, we encourage them to stay at home so that they don’t spread it to anyone else. So I think overall we are in a good place as an airport.”
LEGAL NOTICE
NOTICE PEBBLE GLOBAL ADVISORS LTD. NOTICE is hereby given as follows: (a)
Pebble Global Advisors Ltd. 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 when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas on the 12th day of February, 2020.
(c)
The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.
Dated this 9th day of March, 2019
Beatus Limited Liquidator
THE TRIBUNE
Tuesday, March 10, 2020, PAGE 7
Italian premier locks down entire country to stop virus MILAN Associated Press ITALIAN Premier Giuseppe Conte put his entire country on lockdown yesterday to combat the coronavirus, banning all but the most important travel and putting the final kibosh on social gatherings after Italians failed to take previous warnings to heart amid skyrocketing infections. Two days after imposing the same strict measures on a quarter of the country, in the hard-hit north, Conte urged all 60 million Italians to stay home. The only travel allowed will be for proven work reasons, for health conditions or other cases of necessity. “Our habits must be changed, changed now. We all have to give up something for the good of Italy. When I speak of Italy, I speak of our dear ones, of our grandparents and of our parents,” Conte said. “We will succeed only if we all collaborate and we adapt right away to these more stringent norms.” The nationwide restrictions take effect today until April 3 and include extending the closures of schools and universities and closing pubs, eateries and cafes at dusk. Conte took to task young people who continued to gather socially as the virus spread, saying “this night life ... we can’t allow this any more”. Italy registered 1,807 more confirmed cases as of yesterday evening, for a national total of 9,172. The number of dead in Italy also increased by 97 to 463 — most of them elderly with previous ailments. For most people, the new coronavirus causes only mild or moderate symptoms, such as fever and cough. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia. The vast majority of people recover from the new virus. According to the World Health Organization, people with mild illness recover in about two weeks, while those with more severe illness may take three to six weeks to recover. In mainland China, where the virus first exploded, more than 80,000 people have been diagnosed and more than 58,000 have so far recovered. Despite registering the largest number of cases outside of China, Italy has seen only superficial compliance with measures aimed at reducing social contact, including closing cinemas and theaters and banning fans from soccer games. The government gradually expand the so-called red zones. Restrictions on movement initially applied to 11 towns in northern Italy with a total population of around 50,000 people before being expanded on Sunday to all of Lombardy and 14 provinces in the neighboring regions of Veneto, Piedmont and Emilia Romagna. On the first business day since the government locked down a broad swath of the north, confusion reigned over who could go where and under what
documents of people arriving and departing. Patrizia Peluso arrived at the station yesterday from a five-day holiday with her two children in Lapland, Finland. They had to reroute their return flight through Rome after airlines canceled flights to Milan. They grabbed a Naples-Turin train in Rome, connecting two cities not subject to the quarantine, and were among the few passengers to get off in Milan. Before letting them pass the gates, soldiers confirmed their residence in Milan and asked their
POLICE officers and soldiers check passengers leaving from Milan main train station, Italy, yesterday. Italy took a page from China’s playbook on Sunday, attempting to lock down 16 million people — more than a quarter of its population — for nearly a month to halt the relentless march of the new coronavirus across Europe. Italian Premier Giuseppe Conte signed a quarantine decree early Sunday for the country’s prosperous north. Areas under lockdown include Milan, Italy’s financial hub and the main city in Lombardy, and Venice, the main city in the neighbouring Veneto region. Photo: Antonio Calanni/AP circumstances yesterday. Streets in Milan, Italy’s financial hub and the main city in Lombardy, were unseasonably quiet. For the first time, checkpoints were set up at the city’s main train station to screen travelers. People at Milan Central Station were required to sign a police form, self-certifying why they were traveling. “Until a few days ago, the thinking was the alarm would pass in some weeks, we just need to follow the rules. Now we need to explain to citizens that the situation is very, very serious, our hospitals are at the point of collapse,” the mayor of the Lombardy city of Bergamo, Giorgio Gori, told RAI state television. People circulating inside the city and in the provinces were subjected to spot checks to ensure they had valid reasons for being out. Violators risked up to three months jail or fines of 206 euros ($225). Earlier yesterday, civil protection authorities shut down all ski areas nationwide after one tried to tempt kids who are locked out of school to the slopes. That signaled an end to patience with the sort of wheeling-and-dealing that is often admired in Italy. Under the extended measures, casual errands are out. The time-honoured Italian tradition of an espresso at the corner cafe — gone. Customers now are required to take tables, if possible, the one furthest from the bar. The evening aperitif is also frowned upon; bars close at 6pm. Even going to the grocery store is a major expedition. Sofia Celeste, a single mother of two in Milan, was hoping to avoid going out for groceries by ordering online, but deliveries for Milan are booked solid until next week. “It sounds like we should not go anywhere,” she said. “I organised a dinner with the girls’ babysitter, and was going to do some shopping, but even then I feel like it’s risky.” Her water-delivery man — who has a heart condition — arrived yesterday wearing a mask. “He said, ‘I have to work,’” Celeste recounted. Her small family in isolation is being sustained by emails from the parish priest saying they are missed and a note from the catechism teacher
28th
February
sending the kids messages and prayers. The regions affected by the decree are among the most productive in Italy. Industry leaders worried about a perception being created abroad that all business was shut down and commercial deliveries of exports cannot be made. The civil protection agency has emphasised that commercial freight is not affected by the crackdown. Sportscar maker Ferrari, in Modena province, which went on lockdown Sunday, said that production was continuing after the company “activated all of the measures necessary” to allow employees to keep working. But it noted that continued production “is subject to that of our suppliers, with whom we are in constant contact”. Pirelli tire maker said there would be no immediate impact on its Italian production, 7.5% of the group’s total, split between one plant inside the containment area and one outside. Pirelli said that precautions were being taken to safeguard the health of workers, and it did not anticipate issues transporting goods. For travelers and commuters, procedures at Milan’s main train station were tightened significantly. Police officers in masks backed by pairs of masked armed soldiers checked tickets and
reason for traveling. “I explained we were away on holiday, and I have to return to work. If not, I wouldn’t have come back at all,” Peluso said. A study of epidemics in the last 25 years in France indicates that closing schools and public transport helps slow the spread of viruses and is economically efficient if a disease is significantly more lethal than the common flu, as the coronavirus appears to be, said Jerome Adda, dean for research at Bocconi University in Milan.
PAGE 8, Tuesday, March 10, 2020
THE TRIBUNE
What’s Happening: Mounting disruptions, plunging markets Associated Press MOUNTING disruptions caused by the new coronavirus are prompting new travel restrictions and deepening economic worries. A majority of the world’s cases of the disease are considered recovered, but the continued spread of the virus is leading to case spikes in some places. These are some of the latest developments yesterday: TRADING HALTED Global stock markets
CUSTOMERS have lunch with a transparent plastic panel setup on the table to isolate each others to prevent virus spreading in Hong Kong. Photo: Kin Cheung/AP
NOTICE
NOTICE
NOTICE is hereby given that CINDY AMISCA of Miami Street, Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 3nd day of March 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that WILLIAM DORLEUS of Nassau Village, Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 10th day of March 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE
NOTICE is hereby given that MAXINE MYA BAPTISTE of Bacardi Road, P.O.Box SB-50029 Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 3nd day of March 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that DOROTHY LOMOND PHILIPPE of Deans Lane off Nassau Street, P.O.Box GT-2557 Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 3nd day of March 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
MARKET REPORT www.bisxbahamas.com
(242) 323-2330
FRIDAY, 6 MARCH 2020
(242) 323-2320
ALL SHARE INDEX: CLOSE: 2,188.65 | CHG: -8.29 | %CHG: -0.38 | YTD: -42.95 | YTD%: -1.92 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.70 2.60 2.00 5.47 12.77 6.17 4.50 10.75 3.64 5.10 10.88 8.00 16.99 9.40 3.90 15.20
52WK LOW 3.35 20.91 5.50 5.38 1.77 0.67 2.00 9.91 5.60 3.89 6.10 2.53 1.76 8.00 6.40 14.00 6.98 3.14 13.85
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ
1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Class A Focol Class B
CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB
PREFERENCE SHARES
1.00 10.00 1.00
1.00 10.00 1.00
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00
52WK LOW 100.00
115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
SECURITY Fidelity Bank Note 22 (Series B) +
SYMBOL FBB22
Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing)
LAST CLOSE 3.50 17.43 6.00 6.68 2.10 1.62 3.00 11.61 6.00 4.29 6.10 3.46 5.06 10.92 8.00 15.08 9.33 3.72 15.20
CLOSE 3.50 17.43 6.00 6.68 2.10 1.62 3.00 11.61 6.00 4.26 6.10 3.45 5.06 10.94 8.00 15.08 8.97 3.72 15.20
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.03 0.00 -0.01 0.00 0.02 0.00 0.00 -0.36 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00
CHANGE 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
VOLUME 100
13,100
4,750 4,200
VOLUME
EPS$ 0.239 0.932 1.760 0.369 0.070 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.646 0.728 0.816 0.939 0.203 0.631
DIV$ 0.170 1.260 0.000 0.260 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.434 0.060 0.328 0.240 0.540 0.200 0.120 0.610
P/E 14.6 18.7 N/M 18.1 N/M N/M -6.8 16.1 13.4 23.2 43.6 33.8 10.8 16.9 11.0 18.5 9.6 18.3 24.1
0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0
YIELD 4.86% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.20% 3.67% 2.82% 0.00% 12.58% 1.19% 3.00% 3.00% 3.58% 2.23% 3.23% 4.01% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75%
MATURITY 19-Oct-2022
6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022
YTD% 12 MTH% 0.37% 3.81% 0.24% 4.38% 0.23% 2.75% 5.76% 5.76% 12.81% 12.81% 0.58% 4.04% -1.09% 5.26% 0.22% 4.45% 2.29% 9.61% 11.57% 11.57% 18.35% 18.35% 5.17% 5.17% 15.86% 15.86% 5.67% 5.67% 3.40% 3.40% N/A N/A 10.80% 2.60% 10.40% -4.00%
NAV Date 31-Jan-2020 31-Jan-2020 31-Jan-2020 31-Dec-2019 31-Dec-2019 31-Jan-2020 31-Jan-2020 31-Jan-2020 31-Jan-2020 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019
and oil prices plunged, reflecting mounting alarm over closed factories, travel bans and unprecedented quarantines. An alarmingly sharp slide on Wall Street triggered the first automatic halt in trading in more than two decades. European markets entered a bear market, registering their heaviest losses since the darkest days of the 2008 meltdown. Oil prices suffered their worst losses since the start of the 1991 Gulf War. CRUISE SHIP DOCKS A cruise ship with with at least 21 infected people aboard was finally allowed to dock in California. The US State Department advised against going on cruises for the time being. In Detroit, residents who had their water shut off because of unpaid bills could have it restored so they can wash their hands under a plan to prevent the spread of new infections. All told, the US had about 600 confirmed cases Monday. DIVIDED DINERS, SPECIAL ELEVATORS Images from around the world illustrate the many ways the virus is altering life. In Hong Kong, customers dine at tables with clear dividers separating them. In New York, workers are sanitizing subways and buses more often. And face masks are becoming a familiar sight in more places including Iran, Italy and Nigeria. Event cancellations also continue, including St Patrick’s Day parades in Ireland, an annual Holocaust
remembrance event at Auschwitz and sporting events in Italy. ITALY’S LOCKDOWN CONFUSION Confusion reigned across northern Italy after the government imposed strict limits on movements to contain the rapidly spreading virus in the epicenter of Europe’s outbreak. Travelers at Milan’s main train station had to sign police forms certifying that they were traveling for “proven work needs”, situations of necessity, health reasons or to return home. Police officers in masks checked tickets and documents. Tensions in Italy’s overcrowded prisons erupted over new containment measures, with protests in at least two-dozen lockups. Six prisoners died after breaking into an infirmary and overdosing on anti-psychotic medicine. BACK TO WORK IN CHINA Mask-clad employees began returning to work in China, but their office routines were different. In Beijing, officials are requiring employees to wear protective face masks, not to face each other while eating and to be seated at least one meter (3.3 feet) apart. Offices also can’t have more than 50% of their usual staffing levels. Meanwhile, the country’s government is deploying its propaganda playbook to portray leader Xi Jinping as firmly steering a “people’s war” against the new coronavirus.
NOTICE NOTICE is hereby given that ANDREW D’ANGELO JOSEPH of Hope Town, Abaco, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 10th day of March 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas. LEGAL NOTICE
NOTICE
Longway Invest Ltd. (Voluntary Liquidation)
Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the above-named Company is in dissolution, which commenced on the 5th day of March, 2020. The Liquidator is Kim Thompson of Nassau, Bahamas.
Kim Thompson (Liquidator)
MUTUAL FUNDS 52WK HI 2.30 4.38 2.09 195.13 166.73 1.67 1.83 1.76 1.23 8.34 10.26 6.94 12.01 12.35 10.74 10.00 8.98 11.79
52WK LOW 1.67 3.30 1.68 164.74 116.70 1.67 1.83 1.76 1.23 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 2.30 4.38 2.09 195.13 166.73 1.67 1.83 1.76 1.23 8.34 10.23 6.94 12.01 12.35 10.73 N/A 8.98 11.40
MARKET TERMS
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
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 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
30-Sep-2019 30-Sep-2019 30-Sep-2019
LEGAL NOTICE
FINAL NOTICE Pursuant to the provisions of section 138 (8) of the International Business Companies Act 2000, notice is hereby given that:Pure Ventures Limited has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 26th day of February, 2020.
Kim D. Thompson Liquidato