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WEDNESDAY, APRIL 1, 2020

$4.38 Pandemic to expose NIB delinquents

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE COVID-19 pandemic will “expose” Bahamian employers who have failed to pay National Insurance Board (NIB) contributions on behalf of their workers, a Cabinet minister warned yesterday. Brensil Rolle, minister for the public service who has responsibility for NIB, said the government and social security system will likely exploit the situation to negotiate with delinquent companies and agree payment plans to bring them current. “What I will say is that we are negotiating with these businesses,” Mr Rolle said. “This process will really expose businesses that have not been forthright in making payments to NIB, but this is a time where we can negotiate with those businesses, come up with arrangements and get things done.” His comments came after the Fusion Superplex movie and entertainment complex, located at the junction of Gladstone Road and the airport highway, was exposed after it temporarily laid-off 350 staff and sent them to claim unemployment benefits at NIB. Those workers subsequently went public on social media after encountering difficulties in obtaining essential financial assistance from NIB, and after learning that contributions deducted from their salaries had not been passed to the social security system. Carlos Foulkes, Fusion’s chief executive, admitted that the company had been placed on a payment plan with NIB but blamed delays in processing paperwork and contribution forms for the problems. And Fusion is far from the only Bahamian employer in this situation. Mr Rolle last year said noncompliant employers owe NIB between $14m to $17m in unpaid contributions. The minister, asked yesterday whether selfemployed persons who have failed to pay the necessary NIB contributions will also be impacted in their efforts to obtain financial assistance, replied: “We want persons to acknowledge that a Bill exists, and we will set some parameters upon which we could make those arrangements to soften the blow of COVID-19.” Without giving a definitive position, Mr Rolle added: “It depends on the number of payments in some cases, but again come into NIB, talk with one of our representatives. Get on the phone and talk with one of our representatives, and they will tell you exactly what your status is at the Board.” Mr Rolle continued: “This emergency order has caused NIB to become one of the government agencies that must work from home, because of the

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Bahamas faces $2.7bn tourism shutdown loss By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BRENSIL ROLLE

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HE Bahamas stands to lose $2.7bn in tourism revenues if the COVID-19 pandemic shuts down stopover visitors for the rest of 2020, Royal Bank’s (RBC) former top Caribbean economist is warning. Marla Dukharan, analysing the pandemic’s likely impact on the region, revealed that this nation stands to lose up to 83 percent of its highyielding land-based tourists if the global crisis lasts through year-end in a “worst case” scenario. Should that play out, her research suggests The Bahamas’ annual revenue earnings from stopover visitors will plummet to $548m from $3.244bn in 2019 - a drop of some $2.7bn, which again highlights the potentially catastrophic fall-out from COVID-19 for this

nation’s largest industry and the wider economy. Ms Dukharan said the “best case” and “base case” scenarios for The Bahamas were a 60 percent and 80 percent drop in annual stopover visitor numbers, respectively,

the latter of which mirrored the Ministry of Finance’s initial estimates albeit for a four-month period. Both assumed a complete loss of cruise ship passengers. Should the COVID-19 pandemic clear up quickly,

BAHAMIAN life and health insurers were yesterday said to be “up in arms” after the government ordered them to continue paying multi-million dollar claims without receiving any income in return. Multiple industry sources, speaking on condition of anonymity, described this aspect of the Minnis administration’s Emergency Powers (COVID-19) (Special Provisions) Order 2020 as “absurd” and akin to “providing free food from Super Value for the duration” of the pandemic. Tribune Business was told that the Bahamas Insurance Association (BIA) was taking legal advice ahead of a meeting today where the industry will plot its response to a measure that mandates it receive no premium income on all life and

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• No life and health premiums for almost 3 months • Yet expected to still pay multi-million dollar claims • Govt edict ‘absurd’, like ‘free food at Super Value’ health insurance policies for at least three months. The government order, which was published yesterday after being signed by the prime minister on March 30, states: “In respect of any health, medical and life insurance policy, the obligation to pay any insurance premium under any policy of insurance is suspended from the day of March 17, 2020, for the duration of the state of public emergency and extending 60 days thereafter. “Should any insured event occur giving rise to the liability of the insurer to pay a claim to the insured, the insurer shall honour the claim and only deduct the renewal fee and any deductible from the money paid under the claim.”

The government’s move was said to have taken the $2bn life and health insurance industry by complete surprise, with sources adding that the sector’s regulator, the Insurance Commission of The Bahamas, had also been blindsided. It was also suggested that the government’s external legal advisers, Graham, Thompson & Company, were unaware of its intentions. This newspaper was told that the insurance-related order “came out of the Attorney General’s Office” but that could not be confirmed. Carl Bethel QC, the attorney general, did not return Tribune Business’ call and message, so the rationale for the government’s move is unknown.

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

However, several contacts speculated whether the blanket premium waiver was designed - at least in part - to reward Atlantis and Baha Mar for committing to pay the health insurance for their combined 13,000-plus employees for a period of 60 days following the two hotels’ closure Given that the nationwide lockdown has been extended until at least April 8, the government’s order means that the earliest life and health insurance underwriters - the likes of Colina Insurance Company; Family Guardian; BAF Financial; and Atlantic Medical - can expect to receive premium

the former RBC chief economist said The Bahamas will only lose 50 percent of its 1.78m stopover visitors and half last year’s revenues. That, though, would still drop 2020 stopover earnings to $1.627bn. As for the “base case”, The Bahamas would lose 64 percent - or nearly two-thirds - of its annual stopover visitors, slashing earnings from this sector to $1.088bn. That would result in a more than$2bn drop on 2019 figures, further exposing the country’s dependency on a single industry and relatively few source markets for almost half its economic output and employment. Ms Dukharan’s figures also

Insurers ‘up in arms’ on no income order By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BPL to resume disconnections BAHAMAS Power & Light (BPL) last night confirmed it will resume disconnecting delinquent consumers as of today following a week-long pause amid the COVID-19 pandemic. Quincy Parker, the state-owned energy monopoly’s spokesperson, confirmed that BPL’s previous statement on the April 1 disconnection resumption “stands”. He added: “Should our policy position change, we’ll advise immediately.” The move is likely to be greeted with anger and outrage by many Bahamians, especially those individuals and businesses who have either lost their jobs, suffered income and hours reductions, or been forced to shut down as a result of the government’s national lockdown to counter the virus’s spread. Philip Davis, the opposition’s leader, last night said his party was “deeply concerned” about BPL resuming disconnections of non-paying customers at a time when many Bahamians were suffering from the loss of jobs and/or income. Arguing that the move breached the Special Provisions Orders 3.1, released yesterday as part of the government’s Emergency Powers Orders regulations, Mr Davis added: “This decision could not have come at a worse time when massive increases in jobs losses, and applications for social assistance and unemployment insurance benefits, are with us. “Such a decision is also no in keeping with the spirit of state assistance and subventions to both companies and workers.” The opposition leader also argued that disconnections “fly in the face” of the government’s pledge to put health and sanitary measures first in the COVID-19 fight, as power was essential for the provision of water. However, the week-long blanket disconnection halt is likely to have been exploited by some who can still afford to pay their bill. Such a blanket disconnection waiver benefits those who do not need it as well as those who do.

• Loss of 83% of stopovers in ‘worst scenario’ • Ex-RBC economist: Still $2bn ‘base case’ cut • Caribbean suffering biggest shock for century

BAHA MAR RESORT

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‘Delicate tightrope’ for commercial landlords By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

COMMERCIAL property landlords are “walking a very delicate tightrope” through offers of 50 percent rental discounts/deferrals to ease the COVID-19 pain, a prominent Bahamian realtor said yesterday. David Morley, Morley Real Estate’s president, told Tribune Business that his company was advising retail, restaurant and office landlords that “tenant retention is the number one priority” amid the economic shutdown and uncertainty created by the coronavirus pandemic. Warning that it will “take a lot longer” to find new tenants once the crisis ends, Mr Morley said landlords will find their income streams recover much more quickly by retaining existing clients even if it means giving “concessions” such as discounted or deferred rental payments. Revealing that “we’re all in this together” is the main message he is delivering to commercial

• 50% rental discounts/deferrals discussed • Tenant retention is ‘number one priority’ • Realtor: All owners working with clients

DAVID MORLEY property owner clients, the veteran realtor said they also have to be “fluid” and flexible in monitoring tenants and responding to the ever-evolving COVID-19 situation. Urging landlords to deal with their tenants on a “case-by-case basis”, dividing them into those who can still pay versus those who cannot, Mr Morley advised retail mall and office owners that it would take several months before the situation returned to some form

of “normalcy” once the COVID-19 pandemic has eased. With The Bahamas’ major industry, tourism, likely to take some time to recover, he predicted that the economic tap “will not have the same pressure and volume of water coming out as before” due to high unemployment and reduced consumer spending. These factors, Mr Morley said, were likely to impact tenants’ business earnings, and their ability to make due rental/lease payments in full, for some time to come. Yet he told Tribune Business he was unaware of any commercial landlord refusing to work with tenants on compromise arrangements. “Our number one advice to existing clients is that tenant retention is the number one priority, and therefore you have to work with existing tenants to do everything you can to keep

them in there,” said Mr Morley, whose firm is one of The Bahamas’ major commercial property managers. “Our view is simple. If you lose any tenants it’s going to take a lot longer to replace them after this virus than to start back up with existing tenants even if you give concessions. It’s a delicate tight rope to wall right now.” Unlike residential tenancy/lease agreements, Mr Morley said few of the commercial variety included so-called “force majeure” clauses dealing with unforeseen circumstances - such as a global pandemic - that prevent one or both parties from fulfilling their contractual obligations. He added that he had been studying other countries to see how commercial property landlords are responding to the COVID19 crisis, including the US, where most owners were only passing on the tax and

mortgage loan concessions/ deferrals they are receiving from governments and lenders. “The number two thing I say to clients is that you have to monitor this very closely, whether on a weekly, bi-weekly or weekly basis, and you have to remain fluid,” Mr Morley added. “You don’t know when this is going to end, and what impact it is going to have on essential and non-essential tenants. “It’s very important to retain your tenants. If they go out of business during this time it’s going to be even more difficult to find new ones to come in. This is almost a two-step process taking place. We have overnight shutdown.” Asked how commercial landlords were responding to their tenants’ cries, Mr Morley said: “It depends on landlord to landlord. From most of the landlords we’re hearing from, and tenants at properties we don’t manage, it seems what’s being discussed right now is 50 percent [rental] discounts altogether or asking

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Financial provider ‘100% COVID-19 gives courier behind’ small firm loans firms business increase THE founder of a Bahamian financial services firm has pledged “100 percent commitment” to the government’s $20m small business loan initiative that is designed to counter COVID-19’s impact. Sean K Longley, chief executive of Leno Group, one of the lenders that has partnered with the government on the $20m Business Continuity Loan programme, said staff have volunteered to work as long as it takes to process applications from micro, small and medium-sized enterprises (MSMEs). “We had a robust number of applications for funds during the first 24 hours after the programme was officially launched this week,” Mr Longley said. “The funds that are available can serve as a lifeline to businesses which must remain closed and shuttered as a result of orders aimed at stopping the spread of COVID-19. “Leno is honoured to be among those selected to screen applications and participate in this initiative, and we want to assure those who are considering applying that we will handle their loan applications with discretion, efficiency and speed. We also want to encourage them

to apply quickly.” The government unveiled the $20m lending initiative on March 24. It is being administered by the Small Business Development Centre (SBDC) in an attempt to lessen the hardship being felt by small and mid-size businesses. Loans of up to $300,000 are available for companies which have been in operation for more than one year, and have fewer than 50 employees. The interest rate on the loans is five percent, and they must be repaid in five years with the first four months’ payments deferred. K Peter Turnquest, deputy prime minister, told the House of Assembly on Monday that the nearly400 applicants for the loan assistance as at Friday, March 27, had collectively sought almost 75 percent of the $20m available. He said: “Six hundred and sixteen MSMEs registered for assistance with the SBDC and, of that, 382 businesses completed the full application process. These businesses represent 1,082 full-time employees and 243 part-time employees and, in total, they have formally requested approximately $14.88m in financial assistance.” It was just six weeks ago

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

SEAN LONGLEY that Leno broke ground on a $25m hill-top office complex on Collins Avenue. The company, with corporate services, trust, asset administration and real estate divisions, will occupy one floor of the five-storey building. “Whatever happens going forward, we know that the important message we want to get across is this,” Mr Longley said. “Just as we have supported so many community efforts from swimming to Junkanoo to basketball teams, Leno will support small to mid-size businesses which make up the backbone of our economy to the very best of our ability. We are all in this together, and together, we will emerge strong and united.” Founded just under a decade ago, Leno manages assets worth more than $800m.

FIRSTCARIBBEAN DONATES $250K TO COVID-19 FIGHT

CIBC FirstCaribbean has pledged to donate $250,000 through its charitable arm to purchase much-needed COVID–19 testing kits for the region. The donation, which will be made through the FirstCaribbean International ComTrust Foundation, will come from its Caribbean operating companies including in The Bahamas and Turks and Caicos. Colette Delaney, CIBC FirstCaribbean’s chief executive and chair of the

foundation, said: “Testing was one of the main weapons in the arsenal against the spread of the disease. Community spread is one of the main ways the virus is transmitted, and testing is key to identify, isolate and treat those affected and limit its spread.” She thanked the region’s “public health leadership, medical professionals and frontline workers, and others involved in the essential work of keeping our communities safe and

functioning during this very difficult time”. CIBC FirstCaribbean has announced multiple COVID-19 relief options for borrowing clients, which include a sixmonth payment waiver on existing loans and mortgages and a three-month waiver for credit card holders based on account standing. It is also offering a temporary revolving or working capital financing for corporate banking and business banking clients.

COURIER companies say they have enjoyed a business boost due to the emergency lockdown imposed to counter the coronavirus pandemic. Barbara Ferguson, a Just Ship It managing partner, told Tribune Business: “It has increased a little with people trying to order their hand sanitisers, and I think people are trying to order more tissue as well as soaps and Dettol, stuff like that. “All of the cleaning stuff, with the Lysol and stuff, more items like that are being shipped. We have had regular customer traffic although our hours have changed. We usually opened from 10.30am to

6.30pm, and now we do the 9.30am to 5pm.” Ms Ferguson added: “I’m glad to see people are ordering the wipes and stuff. In the store we have in place our six feet rule. We have sanitisers for the customers and the staff. For the staff we are keeping our six feet distance, and we are doing all that we can to abide by the rules because we really want this thing to go away. “So we are trying with what we can do, although we have to work in trying to help the general public. We still want this coronavirus to go away.” Sabrina Knowles, owner of Ship242, added: “To be honest with you I am actually going through some reports right now to see if there has been a difference.

But I do think, and agree, that there has been an increase [in business].” “Shipping companies are allowed to be open. So what is going on initially, when all of this started, a lot of the public knew that we were allowed to be open. So what we have been doing actually is reaching out to our clients on a one-on-one basis so they know we are open. “So initially it was a little slow with picking up their packages, but they have definitely increased coming into the store. They have also asked a whole lot for delivery, and we have been offering it and a lot of our clients have been taking that option. I am sure they don’t want to leave their homes considering this COVID-19 threat.”

SCOTIABANK UPDATES COVID-19 SUPPORT SCOTIABANK says it has updated its COVID19 customer assistance initiative to give clients more choice and to ensure it aligns with regulatory guidance in The Bahamas and wider Caribbean. The Canadian-owned lender added that retail customers with mortgages, or any business banking customers who wish to have their loan payments deferred, should contact the bank to participate as their payments will not be automatically deferred. Customers who choose to participate can have their loan payments deferred for up to six months.The deferral will last for an initial three-month period, with the possibility of a three-month extension. Retail customers with credit cards, revolving credit lines and other term loans and auto loans, as well as business banking customers with credit cards only, will also have

their payments automatically deferred for the same three-month duration, with the possibility of an extension of equal length. Scotiabank said all customers seeking loan deferral assistance should call 242 356 1697 to speak to a representative. It added that credit card customers who do not wish to defer can continue to make normal payments at any time. All other customers wishing to continue to make payments can continue to do so by calling Scotiabank on the same number. And those wishing to discuss their eligibility for refinancing or consolidating their debt can also call 356 1697. Roger Archer, Scotiabank’s vice-president and country head for the northern Caribbean, said: “We understand that customers need flexibility during this evolving situation. We believe our updates to the

customer assistance programme are allowing our customers to make the best decisions for their personal situations.” Scotiabank warned retail and business banking customers that interest on the loan will continue to accrue should they exercise the deferral option, along with loan insurance premiums due, and these will be payable at a later point in the loan’s cycle. The bank again urged all customers to use its expanded self-service banking channels to conduct their financial transactions, including its mobile banking application that can be used to pay bills, transfer funds and check account activity 24 hours per day. While some branches remain open, customers are being asked to use digital channels and automated banking machines during this time.

THE TRIBUNE

Wednesday, April 1, 2020, PAGE 3

FOOD RETAILERS: ‘DIFFICULT’ TO ENFORCE NEW PROTOCOL By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

FOOD retailers yesterday said it was going to be “difficult” to manage and enforce the Government’s latest COVID-19 shopping protocols. Bradley Rolle, general manager of Centreville Food Market, told Tribune Business that asking customers whether they were permitted to shop on a certain day effectively turned food stores into policemen. His comments came after the prime minister said all households will be required to designate one person as their shopper, who will only be allowed to shop on particular days based on their surname’s first letter. The move is designed

to reduce the long queues waiting to access food stores, and ensure customers abide by social distancing protocols, but Mr Rolle said: “The thing about that with the government deciding that they want certain people to shop on particular days is: How do you police that? “You are going to have to ask customers who walk in on a Monday if their name begins with A through M. That’s going to be difficult to do. The reason for that is, that with this location here in Centreville, we have had issues with people staying six feet apart and queueing on the lines. “Now, to have to keep people honest by asking them to present identification to verify that they are shopping on the right day,

man, that is a hard thing. That is difficult, but if that’s what it gets to I guess we are going to have to do it.” Mr Rolle added: “I don’t mean this in any negative or disparaging way, but the reality is from when this emergency order has come into existence, the government has been trying to see how honest people are by asking them only to go out if they have to go to a food store to get food or lunch, or to a gas station. “But with the average Bahamian, everybody is on the streets because they are going to the food store or gas station or restaurant or whatever have you. Our Bahamian people are not honest, so it is difficult to deal with them in this particular order.” Mr Rolle continued: “The

only way this will work, and I understand what the world and the government is trying to do, as the virus is being moved by people. In order to stop the virus you have to stop people, and the only way to do that is to shut everything completely down. “Nobody moving, for at least 14 days. Then the reality is that we have people who don’t have the means to feed themselves for 14 days. They don’t have means to buy food for 14 days. We have old people that need special medication, we have people who have special needs, we have over 40,000 students from school who eat on a daily basis. It is difficult it is a conundrum.” Emphasising that he understood what the

government is trying to achieve, Mr Rolle added: “The reality is if you go on the streets now it seems like business as usual. We are under a 24-hour curfew but the streets are packed with cars. There may have to be some drastic or draconian measures that may have to come into play if we really get into a bad situation. “We have over 400,000 in The Bahamas and we are only at 11 [15] infected, but realistically we are not doing that bad. We are not completely out of the woods, but we are not doing that bad. The government is going to have to do what they have to do in order to contain this. “The food stores are going to have a hard task trying to manage

people coming into the stores on certain days. The reality is keeping people honest.” Cyril Carey, general manager of Kenneth’s food store on Prince Charles Drive, added of the new measures: “I’m not sure, you know? I know it should be a good thing, one way or the other, for the fact that a lot of people were flocking the stores. “If we’re watching what is going on around the world we really need to do something about the flow of social distancing because it has been rough. But, to me, business has slowed down a bit now. Everybody has more or less come back to normalcy in a way. That’s how it seems to me. I don’t think we need a designated shopper list any more.”

Out Islands grateful for $1.8m in COVID-19 aid By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net FAMILY Island administrators yesterday praised the government for allocating $1.8m to their islands in a bid to equip them with the necessary medical resources to combat COVID-19. Desiree Ferguson, Long Island’s administrator, told Tribune Business: “Usually when disasters occur they would allocate funds for us to use for whatever purpose, and this is one of the disasters that is happening. We usually have it on hand in case if anything happens. We can have it available to deal with any challenges that we face until we get more assistance from disaster management. “Sometimes we would not use the funds. Take, for example, with Hurricane Dorian. The hurricane didn’t impact our island, so there was no need to use those funds. But in the event now we have it here, and it would reduce the need for having to call back to New Providence if we need funds to do certain things.” Ms Ferguson added of the funding: “It would help the strain on the island, and everybody will be taken care of until further help comes on the way. So far everything is well in Long Island. We have no cases reported and everybody is following the curfew. We are just waiting on further instruction for when they lock down for good - how it will work - but so far no one has been reported for curfew violations and everybody is obeying that.” K Peter Turnquest, deputy prime minister, told the House of Assembly on Monday that the

government is allocating $1.8m to support the Family Islands. The funds are to be specifically used for any COVID-19 related expenditure. He explained that the allocation was in keeping with the government’s commitment to reprioritise existing resources, and to provide support to keep communities safe. “The allocations for the different islands range from $10,000 to $325,000. The average allocation is approximately $76,000,” Mr Turnquest said. “Strict financial management protocols have been put in place to administer the use of these funds. Under no circumstances are the COVID-19 emergency order budgetary allocations allowed to be utilised for the normal, routine Family Island local and central government expenditures. “This allocation will enable them to procure any COVID-19 related item, in line with the Ministry of Health’s guidance and protocols, to manage this pandemic at the community level. Unused amounts at the end of the COVID-19 emergency period are to be returned to the Treasury Department.” Mr Turnquest added: “I am advising the House of these allocations to the various Family Island districts to give assurance to all Bahamians across the country that every Family Island community has in its possession the resources on hand to address any immediate need that may arise as we continue to navigate this pandemic. “All our communities across the country can be assured as well that additional allocations will be

made available immediately upon need should the occasion so arise.” Donald Rolle, island administrator for Moore’s Island off Abaco, said of the funding: “We didn’t have anything at all, but I think it is much needed. I think that should be able to help us to prepare ourselves, and protect our citizens and our residents from the coronavirus.” Explaining how the funds would likely be used, Mr Rolle added: “We as a committee have to meet. I think we have to look at one or two places in South Abaco and Moore’s island that we will use to quarantine if the need arises, and if anybody is positively infected by the coronavirus. “We will look at buying the necessary supplies, and to make sure that our medical supplies and disinfectant supplies are available for our senior citizens and our clinics in South Abaco and Moore’s Island.” “We are thankful for the government, and the thoughts of the deputy prime minister that we can work together. We can’t do anything without finances. We have been looking forward to this for quite a long time.” Gregory Knowles, Eleuthera’s island administrator, said of the funding provided by Mr Turnquest: “He indicated what it ought to be used for. The thing about it is that once the deputy prime minister indicated what it should be used for, then that’s what it will be used for. We can’t use it for anything else. If he said use it for the COVID-19 then we have to use it for the COVID-19. Anything else would be a violation.”

‘Delicate tightrope’ for commercial landlords FROM PAGE ONE

tenants to pay 50 percent of the rent and deferring the rest for a nine-to-12 month period until business starts rebounding. “I’ve heard of one landlord where they’re not charging rent for three months, and deferring the CAM (common area maintenance) charge only for a six-month period after that. It really depends on the financial position of the landlord. All landlords are willing to compromise and trying to work with tenants. I’ve not come across one landlord who is not trying to work with tenants.” Mr Morley said that, based on how long China locked down the Wuhan province where COVID-19 is thought to have originated, The Bahamas could expect to see economic shutdowns and disruptions lasting for up to three months. And, warning that economic activity will be extremely subdued once the lockdown ends, he told

Tribune Business: “If we open up that tap we will not have the same pressure or volume of water coming out of that tap as before. “Once everyone gets to come out of that shutdown period, the US and The Bahamas are going to have a lot of unemployed people. The primary thing that drives our economy is tourism, and our primary market is New York, New Jersey and Connecticut, the tri-state area that is being particularly hard-hit now. “How long is it going to take to revive our tourism industry? I told our landlords you’re probably looking at nine to 12 months before we get back to normal again. It could take a long 12 months before we start to get back into it. I’m hoping we get back into it quickly, but a lot of it is out of our control.” Mr Morley also suggested that, should The Bahamas contain and eliminate COVID-19 in this nation, it could be faced with the dilemma of when to open its borders

to tourist and international traffic again. Doing so too soon, and before the US has fully recovered, could expose the country to a second wave of infections. “It’s really uncharted territory to say the least,” he added, “but we have to deal with it. You [landlords] have to come up with a viable proposal and deal with tenants on a oneon-one basis. Some have the ability to pay in April based on their performance earlier in the year, and some live month-to-month on their business. May will be different than April. “You have to stay in communication with tenants and work through this together. That’s the message we’re promoting to landlords and tenants. We’re in this together. It’s really trying times, and we have to work together to get through this together. “It’s taking it one week at a time because everything changes week-by-week depending on what the government comes out with.”

ARTIST impression of Baha Mar’s water theme park.

$300m Baha Mar water park to complete 2021 By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHA Mar’s $300m water-based theme park remains in schedule to be completed next year despite the COVID-19 enforced construction suspension, its president revealed yesterday. Graeme Davis, in an e-mailed response to Tribune Business questions, said Baha Mar Bay had also been impacted by the resort’s closure and national lockdown under the government’s emergency orders. “We have made the difficult decision to temporarily suspend all operations, including construction on property,” he added. “As health, safety and well-being of our associates and Baha Mar guests is of utmost importance, the construction work will resume once it is determined safe by the Ministry of Health to continue. The Baha Mar Bay development is scheduled to be completed in 2021.” The $300m Baha Mar

Bay investment, launched last October, includes significant renovations and enhancements to the Melia Nassau Beach Resort; the arrival of new luxury, beachfront adventure experiences for guests; and developments at Long Cay in addition to the added attraction of a water park. This was scheduled to be completed within 12 to 24 months. Mr Davis promised “unwavering support” for Baha Mar’s estimated 5,500 staff during the property’s enforced closure, and said: “We are working hard to support our associates and their families during these challenging and uncertain times. “Our incredible associates are the very heart of Baha Mar, and we are dedicated to their health, safety and wellbeing, first and foremost. Our unwavering support to all associates is at the core of every decision at Baha Mar. “We stand by the commitment we’ve made to our Baha Mar family to ensure all full-time associates receive the equivalent of 40

percent of their base pay, as of March 26, for up to 90 days,” Mr Davis continued. “Baha Mar will continue to pay the insurance premiums necessary to maintain health insurance, life and accidental death and dismemberment (ADD) insurance coverage. I thank our associates from the bottom of my heart for their incredible perseverance, dedication and patience as we look ahead.” Mr Davis declined to give a firm date on when Baha Mar will be reopening, although its mega destination resort rival, Atlantis, has tentatively set May 15 as the date when it will consider its next move. He added: “We are closely monitoring the situation around the world, and look forward with hope and anticipation to a time when we will welcome our guests and associates back to our property for the spectacular experiences that Baha Mar is known for around the world. Baha Mar is working with the Bahamian government, airlines and local partners to determine the re-opening date.”

PAGE 4, Wednesday, April 1, 2020

THE TRIBUNE

Insurers ‘up Bahamas faces $2.7bn in arms’ on no tourism shutdown loss income order FROM PAGE ONE

FROM PAGE ONE income on coverage in effect will be June 7, 2020. Anton Sealey, the BIA’s interim chairman, did not respond to messages sent to him before press deadline. Sandy Morley, the BIA’s vice-chairman and BAF Financial’s managing director, confirmed: “There is an industry meeting tomorrow [today]. Will be in position to provide an industry response after the meeting.” He declined to comment further. However, one insurance industry source questioned whether the Government has the “constitutional power” to make such an Order that effectively tears up all contracts between Bahamian life and health insurers and their policyholders. While it potentially provides significant savings for all Bahamian policyholders, individuals and especially those businesses with five and six-figure monthly premium payments on group (employee) medical coverage, the source said the Order was effectively telling insurers to “shut the doors”. For they are being saddled with potential multi-million dollar claims liabilities without receiving a cent of income in return, other than deductible and renewal fees. Insurance contacts said carriers especially feared being left “holding the bag” by companies who, while incurring substantial claims during the period of ‘free’ insurance, suddenly turn around and switch to a new provider once the crisis passes. They added that the Government’s Order

threatens to also disrupt local insurers’ treaty arrangements with international reinsurers, while also impacting their solvency requirements and ability to match long-term assets with the long-term liabilities created by life insurance companies. The several thousand shareholders in Colina and Family Guardian, both of which are publicly-traded, BISX-listed companies, also stand to be impacted. While their investments are subject to risk, the industry’s bigger concern is seemingly that the Government’s Order could destabilise a key economic sector over the longer term. Mr Morley earlier this year underlined the life and health insurance sector’s importance, saying it has “in excess of $1.9bn” in combined assets. “In 2018, the industry collectively paid $298m in claims, and I expect in 2019 that number will be in excess of $300m. Additionally, collectively we paid in excess of $13m in premium taxes,” he added. One insurance industry said bluntly of the Government’s Order: “That cannot work. I don’t know how everybody is going to come out the other end. They’re going to upset it. The Government’s consultant didn’t know they were going to do that, the Insurance Commission didn’t know they were going to do that. I don’t think the Government has the constitutional power to do it. “The whole industry is up in arms. We basically shut the doors. They’re saying we have to keep people on coverage but not get the premium, but you have to pay the reinsurers

every month. You have no income, but are expected to pay the claims. What are you going to do if you have multi-million dollar claims?” The source pointed out that one premature birthrelated claim could cost a Bahamian health insurer $400,000-$500,000, while a single open heart surgery would run up to $1m. “Say you’re the insurer, and you have to pay all these claims,” they explained. “Typically the claims are multiples of the premium anyway. “Let’s say you pay out millions of dollars a month. When this over, you go to collect the premium due. The client can go with someone else and you’re left holding the bag. The industry is totally up in arms about it. This is not the way insurance works. Every single insurer is up in arms saying this cannot be, this doesn’t work like this. “It’s like saying for the duration of the lockdown you’ll get free food from Super Value. It makes no economic sense. The insurance policy is a contract. How could they supersede a contract? There are all kinds of issues with this. It’s just absurd, totally absurd. You can’t even recover your premium. Whoever drafted this had no clue about the way insurance works whatsoever.” The Government has previously said all sectors of the Bahamian economy and society must share in the COVID-19 pain. Yet, as with water and electricity bills, it has in the case of life and health insurance failed to distinguish between those who can still pay their policies and those who cannot.

appear to be in line with those of two Inter-American Development Bank (IDB) economists, who projected that The Bahamas could suffer a catastrophic 26 percent gross domestic product (GDP) cut if the worst-case coronavirus scenario comes true, Warning that The Bahamas is potentially exposed to the most severe economic contraction out of all Caribbean nations, the IDB duo said it would suffer the loss of a staggering $3.337bn in economic output (GDP) based on the $12.739bn current GDP estimates given in the revised mid-year budget forecasts should the worstcase scenario they mapped out become reality. Under a scenario where The Bahamas lost 75 percent of its normal tourism activity during a coronavirus outbreak that lasted until the end of the year, they estimated that this nation could suffer a 10.5 percent GDP loss just from the impact on its major industry alone. And the wider effects would more than twice as great, with GDP or economic output slashed by more than one-quarter or 26.2 percent as the ripple effects from the tourism impact are felt throughout the Bahamian economy. Ms Dukharan, meanwhile, in her March 30 research paper that has been obtained by Tribune Business, said the COVID-19 pandemic is the greatest economic shock that The Bahamas and wider Caribbean have suffered for a century. “The socio-economic effects of COVID-19’s sudden-stop represent the most significant shock we have experienced in about 100 years, with global implications that we can’t yet imagine,” she wrote. “In the last two weeks, global financial markets have gyrated unbelievably, international travel and shipping have all

but collapsed, supply chains have buckled, and the global safe-haven - the US Dollar - has strengthened to the highest level in three years.” Given that the Bahamian dollar is pegged to its US counterpart, Ms Dukharan said this nation’s currency will also have appreciated in value thereby undermining its external competitiveness. “Note that all the currencies pegged to the US dollar would have strengthened against other major currencies in similar fashion, meaning that their external competitiveness would have deteriorated,” she added. Warning of an “L” shaped economic recovery, the former RBC chief economist warned that the probability of downward pressure on economic activity continuing for “many years to come” is “growing higher every day”. Pointing out that the Cayman Islands is the only Caribbean-based territory with sufficient fiscal and monetary headroom to employ counter-cyclical policies in response to COVID-19, Ms Dukharan said: “The Caribbean is one of the most heavily indebted regions in the world, which puts us in a vulnerable position to start with. “Tax revenues will decrease across the board (hotel and lodging taxes, arrivals tax, departure tax, airport tax, consumption tax, sales tax, VAT, income tax, corporation tax, etc.) while demands on governments are rising as containment actions and the necessary social protection measures will put further strains on fiscal accounts. “Countries should in first instance draw down their credit lines with multilateral lenders, before they turn to commercial sources,” she added. “As credit spreads continue to widen with investors reallocating funds toward more secure assets, high-yield and emerging-market bonds are particularly vulnerable, which translates into higher borrowing costs for regional governments, and credit rating downgrades add to this pressure. Also important to note for the region is the impact fiscal accounts have on external accounts,

with government spending largely inflating imports.” Darrin Woods, the Bahamas Hotel, Catering and Allied Workers Union’s (BHCAWU) president, yesterday voiced concern that the COVID-19 pandemic will prolong the suffering of workers and their employers by taking the tourism industry into the slower part of its annual calendar. “My biggest concern is that we don’t know how long this is going to last,” he told Tribune Business. “We pray for something to break sooner rather than later. We don’t want to get too far into the good months and end up in the low months. Then what? It would have a negative impact.” The September period through to Thanksgiving is traditionally the slowest period for the hotel and tourism industries, with staff typically told to take vacations and prepare for reduced work weeks during a time that includes the peak hurricane season and Back-to-School. Many observers believe that the 2020 third quarter, which includes September will be the earliest that The Bahamas’ major US tourist source markets will start to recover from the pandemic. Mr Woods said the industry will have to employ “creative advertising and offerings” to entice visitors who have cancelled or rebooked to visit during this period. “All it does is that it extends it further and it goes deeper,” Mr Woods added of COVID-19’s economic impact on tourism. “The slow months will be extended by three to four months. It’s very concerning but, at the end of the day, it’s going to happen. “If we were certain as to what was going to happen we’d be able to adjust to that, but because we don’t know when this is going to break and how it’s going to break, we cannot plan and the uncertainty is just creating more hysteria. “People get hysterical when they don’t know what’s happening from one day to the next. It’s difficult to preach to the man when he’s hungry. The uncertainty is the biggest concern.”

Pandemic to expose NIB delinquents

persons to provide their bank account number, confirm where they are, and then it will process their claims - “in many instances” depositing directly to the claimant’s bank account “We have been in constant contact with the Family Islands,” Mr Rolle added. “My team at NIB is doing a wonderful job with complying with social distances and trying to engage individuals though the electronic platforms that they have established, and to work quickly on their behalf.” Responding to concerns that some persons may be able to access NIB’s electronic platform, Mr Rolle added: “Most of these older persons have a child who has a telephone. Children can download the application on their behalf and get it back to NIB. “But we want to reduce face-based contact as much as possible, and where that is absolutely impossible then we invite persons to come into NIB and we have set up a protocol down at the building so that we can accept applications.”

FROM PAGE ONE

general contact with seniors and with individuals on a high level. “So we have created a form and applications so that individuals can just go to NIB’s website, download the form, fill it out and get it back to NIB, and it will be processed rather quickly. Then we will be able to distribute cheques. In terms of what we do moving forward, what I will say is that a significant number of NIB officers can work from home. So that is a good thing.” The minster confirmed that NIB is trying to “reduce the face-to-face contact” and the number of persons that have to visit NIB offices to limit COVID-19’s spread. He added that NIB is asking

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THE TRIBUNE

Wednesday, April 1, 2020, PAGE 5

Stocks fall, capping Wall Street’s worst quarter since 2008 NEW YORK Associated Press STOCKS fell yesterday to close out Wall Street’s worst quarter since the most harrowing days of the 2008 financial crisis. The S&P 500 dropped a final 1.6%, bringing its loss for the first three months of the year to 20% as predictions for the looming recession caused by the coronavirus outbreak got even more dire. Stocks haven’t had this bad a quarter since the last time economists were talking about the worst downturn since the Great Depression, when the S&P 500 lost 22.6% at the end of 2008. The surge of coronavirus cases around the world has sent markets to breathtaking drops since mid-February, undercutting what had been a good start to the year. Markets rose early in the quarter, and the S&P 500 set a record with expectations that the economy was accelerating due to calming trade wars and low interest rates around the world. But the virus outbreak abruptly put the clamps on the economy. Benchmark US crude oil dropped by roughly two thirds this quarter amid expectations for weaker demand. The yield on the ten-year Treasury dropped below 1% for the first time as investors scrambled for safety, and it ended the quarter at roughly 0.67%. Stock markets reflected the gloomy outlook. Germany’s DAX lost a quarter of its value, South Korean stocks fell just over 20% and the Dow Jones Industrial Average of 30 US blue-chip stocks dropped 23.2% for its worst quarter since 1987. The big question is if markets will get worse. At this point, no one knows.

BPL to resume disconnections FROM PAGE ONE

BPL’s shift comes after Desmond Bannister, minister of works, told Tribune Business on Monday that BPL faced “a real challenge” to continue the disconnection suspension because of its cash-strapped position. He revealed that the utility had suffered a “frightening” multi-million dollar March revenue drop that threatens the energy provider’s very existence if it continues. Customer payments on their March electricity bills were “lower than they have ever been for the past five years” as the tourism shutdown, coupled with the COVID-19 lockdown, leaves thousands of businesses and households struggling to meet their obligations. Declining to give either a dollar or percentage figure for the decline, Mr Bannister said the government was now faced with “making some policy decisions” with regard to BPL although he declined to detail what those options might be. “That’s a challenge. It’s a real challenge. The government is going to have to look at it from a policy perspective,” Mr Bannister responded, when asked by Tribune Business if BPL will be able to maintain its disconnection suspension beyond yesterday. “BPL’s collections this month are down; lower than it’s been for any of the past five years for March. Given the precarious state of the corporation, it cannot continue to operate, cannot continue to exist, in that circumstance. “The government is going to have to take some policy decisions with respect to BPL. The BPL Board will have to make some decisions, and the government is going to have to guide them and see how it can assist from a policy point of view.” Confirming that he had been presented with BPL’s March 2020 revenue and collection figures on Friday, Mr Bannister declined to detail

A STREET sign for Wall Street outside the New York Stock Exchange in New York. Stocks opened slightly lower on Wall Street yesterday as investors close out a brutal month of March. The S&P 500 is headed for its biggest quarterly decline since the last quarter of 2008. “People are trying to digest the length and magnitude of what the coronavirus impact is going to be,” said George Rusnak, managing director of investment strategy at Wells Fargo Private Bank. The steep drops from Tokyo to Toronto in recent weeks reflect investors’ understanding that the economy and corporate profits are in for a sudden, debilitating drop-off. Economies around the world are grinding to near standstills as businesses close their doors and people hunker down at home in hopes of slowing the spread of the virus. precisely how much they were off compared to prior years. “I can tell you millions. I won’t tell you the figure. It’s by millions,” he added. “It would not be fair to BPL to give a figure, but it’s down by millions and that’s frightening. “The corporation still has to exist, employees have to be paid, and that’s going to be a real challenge if we continue the way we are. It’s very difficult, and what happened this month cannot continue.” The seemingly-sharp drop in BPL’s revenues is not unexpected given that the Bahamian economy has largely ground to a halt, due to a combination of the tourism industry shutdown and resulting mass lay-offs together with the nationwide COVID-19 lockdown that has closed many other sectors. This will only have served to exacerbate the state-owned energy monopoly’s monthly accounts receivables, which measure the debts owed to it by customers, as these traditionally stand at between $90m to $100m. Mr Bannister, though, said BPL’s problems were being made worse by the failure of customers who can pay not doing so. “If we are in a circumstance where only people unable to pay don’t pay, the losses would not be so great,” he added. Meanwhile, BPL said it had moved to address challenges experienced by its customers in logging on to its online portal to pay their bills. It added that it had updated its systems in December 2019 to provide greater security, and customers were now required to have a user name and password as well as a PIN number. It added that many had either forgotten their PINs or never used the online system, requiring these to be reset to enable persons to log-in. One irate BPL customer told Tribune Business yesterday: “I read your article yesterday and my immediate reaction was to go online, as I had not received my bill from BPL for March and wanted to pay. The start of the problems. BPL, in their wisdom, have redesigned the website and it is impossible to pay on one’s personal webpage.

But markets have also cut their losses in recent weeks on hopes that massive aid from governments and central banks around the world can blunt the blow. The S&P 500 was down nearly 31% for the quarter at one point, but it has climbed 15.5% since last Monday. The Fed has promised to buy as many Treasurys as it takes to get lending markets working smoothly after trading got snarled in markets that help companies borrow short-term cash to make payroll, homebuyers get mortgages and local governments to build infrastructure. Congress, meanwhile, approved a $2.2tn rescue plan for the

economy, and leaders are already discussing the possibility of another round of aid. Whether markets have indeed found a bottom or whether investors have become too optimistic about the economic rebound coming after the viral outbreak peaks is impossible to say without knowing when the number of new infections will hit its peak. “We’re kind of on this little milestone journey with markets,” said Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management Co. “First, we get the economic plan in place,

then we have to start to see some of the containment actions pay off. At some point it’s going to be how do we get back to work.” Among the next milestones for investors is Friday’s jobs report, which is expected to show a sharp drop in payrolls. Companies will also begin reporting their earnings results for the first quarter in upcoming weeks, and analysts are looking for the steepest drop in profits since the start of 2016, according to FactSet. The numbers may get even worse in the following quarter. Goldman Sachs economists said yesterday they

expect the US economy to shrink 34% in the second quarter, but they expect growth to rebound in the third quarter. The S&P 500 fell 42.06 points to 2,584.59. The Dow Jones Industrial Average lost 410.32, or 1.8%, to 21,917.16, and the Nasdaq was off 74.05, or 1%, to 7,700.10. The relatively modest moves are a big departure from earlier in the month, when huge swings punished investors. The S&P 500 had its worst day since Black Monday 1987 on March 12 with a 9.5% loss, for example, only to outdo itself with a 12% drop two trading days later. Sandwiched in between was a 9.3% surge. The number of known coronavirus cases keeps rising, and the worldwide tally has topped 830,000, according to Johns Hopkins University. The United States has the highest number in the world, more than 170,000. Most people who contract COVID-19 have mild or moderate symptoms, which can include fever and cough. But for others, especially older adults and people with existing health problems, the virus can cause pneumonia and require hospitalisation. More than 41,000 have died worldwide due to COVID19, while more than 175,000 have recovered. “We’re still not even close to peak coronavirus in the US which has already reported more cases than any other country and will sadly likely see a huge spike in the number of deaths, meaning further lockdown measures will likely follow,” said Craig Erlam, senior market analyst at OANDA Europe. “Huge challenges still lie ahead.”

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

TUESDAY, 31 MARCH 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,117.17 | CHG: 7.22 | %CHG: 0.34 | YTD: -114.43 | YTD%: -5.13 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 10.60 3.64 5.10 10.88 8.15 16.99 9.40 4.24 15.21

52WK LOW 3.35 20.91 5.50 5.38 1.96 0.67 2.00 10.21 5.60 3.75 6.01 2.53 1.80 8.00 6.46 13.60 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

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

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 3.55 17.43 6.00 6.68 2.10 1.62 2.70 11.26 6.00 3.80 6.01 3.19 4.90 9.33 8.15 14.00 8.97 4.23 15.21

CLOSE 3.55 17.43 6.00 6.68 2.10 1.62 2.97 11.26 6.00 3.80 6.01 3.28 4.90 9.65 8.15 14.15 8.97 4.23 15.21

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.27 0.00 0.00 0.00 0.00 0.09 0.00 0.32 0.00 0.15 0.00 0.00 0.00

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

1,000

2,000

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 14.9 18.7 N/M 18.1 N/M N/M -6.8 15.6 13.4 20.7 42.9 32.2 10.5 14.9 11.2 17.3 9.6 20.8 24.1

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 4.79% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.39% 3.67% 3.16% 0.00% 13.23% 1.22% 3.40% 2.94% 3.82% 2.23% 2.84% 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% -0.32% 10.20% -1.58% 15.37% 0.88% 5.22% -4.91% 10.77% 1.89% 6.75% -1.95% 0.38% 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 29-Feb-2020 29-Feb-2020 29-Feb-2020 29-Feb-2020 29-Feb-2020 29-Feb-2020

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 7.00 12.15 12.58 10.81 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 8.31 10.07 7.00 11.42 12.58 10.52 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

PAGE 8, Wednesday, April 1, 2020

THE TRIBUNE

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 78° F/26° C Low: 56° F/13° C

TAMPA

THURSDAY

FRIDAY

SATURDAY

SUNDAY

A shower or two; windy

Partly cloudy

Mostly sunny; pleasant, less humid

Mostly sunny

Clouds and sun

High: 84°

Low: 69°

High: 79° Low: 67°

High: 79° Low: 68°

High: 80° Low: 68°

High: 80° Low: 69°

AccuWeather RealFeel

87° F

68° F

85°-68° F

89°-66° F

85°-66° F

81°-66° F

High: 76° F/24° C Low: 58° F/14° C

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

almanac

ABACO

High: 78° F/26° C Low: 68° F/20° C

10-20 knots

High: 84° F/29° C Low: 64° F/18° C

12-25 knots

FT. LAUDERDALE

FREEPORT

High: 85° F/29° C Low: 67° F/19° C

W S

WEST PALM BEACH

uV inDex toDay

TONIGHT

High: 80° F/27° C Low: 64° F/18° C

MIAMI

High: 86° F/30° C Low: 68° F/20° C

10-20 knots

KEY WEST

High: 82° F/28° C Low: 70° F/21° C

ELEUTHERA

NASSAU

High: 84° F/29° C Low: 69° F/21° C

High: 81° F/27° C Low: 71° F/22° C

tiDes For nassau Low

Ht.(ft.)

Today

2:01 a.m. 2:23 p.m.

High

Ht.(ft.) 2.5 2.0

8:35 a.m. 8:31 p.m.

0.5 0.3

Thursday

3:04 a.m. 3:30 p.m.

2.6 2.1

9:39 a.m. 9:39 p.m.

0.5 0.2

Friday

4:08 a.m. 4:36 p.m.

2.7 2.3

10:40 a.m. 0.3 10:46 p.m. 0.0

Saturday

5:09 a.m. 5:37 p.m.

2.9 2.6

11:37 a.m. 0.0 11:49 p.m. -0.2

Sunday

6:06 a.m. 6:33 p.m.

3.0 2.9

12:30 p.m. -0.3 ---------

Monday

6:59 a.m. 7:27 p.m.

3.2 3.2

12:48 a.m. -0.5 1:19 p.m. -0.6

Tuesday

7:51 a.m. 8:18 p.m.

3.2 3.4

1:44 a.m. -0.7 2:08 p.m. -0.8

sun anD moon Sunrise Sunset

7:01 a.m. 7:26 p.m.

Moonrise Moonset

12:50 p.m. 1:59 a.m.

First

Full

Last

New

Apr. 1

Apr. 7

Apr. 14

Apr. 22

CAT ISLAND

High: 82° F/28° C Low: 69° F/21° C

10-20 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 ................................................... 82° F/28° C Low .................................................... 69° F/21° C Normal high ....................................... 80° F/27° C Normal low ........................................ 67° F/20° C Last year’s high ................................. 81° F/27° C Last year’s low ................................... 62° F/17° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 1.71” Normal year to date ..................................... 4.57”

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

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 82° F/28° C Low: 70° F/21° C

High: 82° F/28° C Low: 71° F/22° C

High: 85° F/29° C Low: 72° F/22° C

W S

LONG ISLAND

tracking map

High: 82° F/28° C Low: 73° F/23° C

8-16 knots

MAYAGUANA High: 83° F/28° C Low: 76° F/24° C

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 80° F/27° C Low: 75° F/24° C

High: 80° F/27° C Low: 73° F/23° C

GREAT INAGUA High: 83° F/28° C Low: 77° F/25° C

8-16 knots

7-14 knots

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

Today: 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 NW at 12-25 Knots NNE at 10-20 Knots SW at 10-20 Knots NE at 10-20 Knots SW at 8-16 Knots NNE at 7-14 Knots WSW at 8-16 Knots NNW at 7-14 Knots WSW at 8-16 Knots N at 7-14 Knots NW at 12-25 Knots NE at 6-12 Knots SW at 8-16 Knots NNE at 7-14 Knots SW at 7-14 Knots WNW at 7-14 Knots WSW at 8-16 Knots NNE at 7-14 Knots SW at 8-16 Knots N at 6-12 Knots W at 15-30 Knots NNE at 6-12 Knots SW at 8-16 Knots N at 7-14 Knots SW at 8-16 Knots N at 7-14 Knots

WAVES 5-9 Feet 6-10 Feet 2-4 Feet 1-3 Feet 2-4 Feet 3-5 Feet 2-4 Feet 1-3 Feet 2-4 Feet 3-6 Feet 4-7 Feet 4-7 Feet 1-3 Feet 1-2 Feet 2-4 Feet 1-3 Feet 1-3 Feet 1-3 Feet 3-5 Feet 4-7 Feet 2-4 Feet 1-3 Feet 1-3 Feet 1-3 Feet 2-4 Feet 2-4 Feet

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502-2394

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

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