04152020 BUSINESS by tribune242

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WEDNESDAY, APRIL 15, 2020

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Govt’s $20m small business loan facility 60% oversubscribed By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government’s $20m small business support initiative has already been oversubscribed by some 60 percent, data provided to Tribune Business revealed last night. Figures supplied by the Small Business Development Centre (SBDC) showed that micro and small business (MSME) applications to the Business Continuity Loan programme to-date are collectively seeking more than $32m in financial support to ride out the fall-out from the COVID-19 pandemic. Some $1.2m has already been disbursed to these companies, with $5.5m worth of applications approved to-date by the SBDC and the initiative’s lenders. The data shows 63 MSME applications have been approved, with 563 completed submissions received and another 1,120 in a state of partial completion. The applications cover companies that collectively employ 2,656 full-time, and 664 part-time, workers. “It has surpassed the $20m expected,” an SBDC spokesperson said of the demand for the Business Continuity Loan initiative. “The government will make announcements regarding an increase once a decision has been taken. “We believe the impact will be significant, as it will allow businesses to maintain a favourable position with obligations during the economic shutdown and to brace themselves for economic recovery. Economic recovery recommendations will soon be finalised in consultation with the government and MSME stakeholders.” A breakdown of applicants by industry reveals that around one-quarter, or $8m, of the total financial assistance being sought relates to applications from MSMEs in the services sector. A further $6.334m, or 20 percent, has been requested by those in the retail sector, and $6.881m by firms classified as “other” industries. Manufacturing applicants have sought a combined $3.23m, amounting to ten percent of the total, with those in finance, insurance and real estate and construction requesting a total $1.657m and $2.146m respectively. MSMEs in the wholesale industry, and transportation, communications, gas and sanitary services, have requested $1.68m and $1.282m, respectively. The SBDC data suggests that the $50m estimated by small business consultant, Mark A Turnquest, as being necessary to meet the demand for help by MSMEs may not have been too far off the mark. K Peter Turnquest, deputy prime minister, told the House of Assembly in late March that almost 75 percent of the $20m small business loan facility has been covered by the nearly400 applications received at that date. He said at the time that existing applicants had requested close to $15m in assistance from the Business Continuity Loan initiative, and disclosed that the government had expanded its MSME assistance by $5m to enable employers to meet staff payroll through grants ranging from $2,000 to

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Top auto dealer lays-off 80 staff By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

MAJOR auto dealer yesterday confirmed it is temporarily laying-off 80 staff as the industry prepares to make its case to the government for a partial opening amid the COVID-19 lockdown. Fred Albury, the Auto Mall’s principal, told Tribune Business that the company planned to follow the lead established by the likes of Atlantis, Baha Mar and Cable Bahamas in paying employees an additional sum on top of what they will receive from the National Insurance Board (NIB). Disclosing that the Shirley Street-headquartered

• Auto Mall: No option in COVID-19 uncertainty • Industry to petition govt for partial opening • Argues customers ‘must keep cars running’ business had paid all due salaries through to the end of this week, he said the continued uncertainty over how long the COVID-19 pandemic and associated economic shutdown will last had left Auto Mall with little choice but to reduce costs given that it is earning zero revenues. Mr Albury, who is also the Bahamas Motor Dealers Association’s (BMDA) president, revealed that the industry is readying its arguments to be allowed to open its parts and service departments “in a limited

capacity” so that vehicles can receive much-needed repairs. He added that his business, as well as other dealers and auto repair shops, were fielding frequent customer calls including from workers in “essential services” that are exempt from the shutdown and “need to have their cars running”. Pointing out that government vehicles will also require attention, Mr Albury said BMDA members were willing to open for a limited time and comply with social distancing

protocols plus the need for all consumers and employees to be wearing protective masks. Reiterating his belief that new vehicle sales will decline by at least 50-60 percent in 2020 due to the pandemic, Mr Albury predicted that the industry and wider Bahamian economy will encounter “rough going until about August/September” with revival prospects hinging on when - and to what extent - tourism activity revives.

THE International Monetary Fund’s (IMF) projection yesterday that The Bahamas will swiftly rebound from COVID-19 despair with 6.7 percent GDP growth in 2021 “must be taken with a grain of salt”. Gowon Bowe, Fidelity Bank (Bahamas) chief financial officer, told Tribune Business that any economic growth projections at this point in the pandemic “are simply a punt” based on economic models whose underlying assumptions are likely to change rapidly as the virus evolves. Warning Bahamians not to place their hopes on such forecasts, even though they represent a glimmer of hope for both private sector and workforce, Mr Bowe said it was impossible to predict how long and deep any COVID-19 related recession will be.

JAMES SMITH

He added that “the earliest” anyone could accurately predict The Bahamas’ GDP (economic output) will probably be June, as he urged against “false prophesising” that was either overly optimistic or preached “doom and gloom” when it came to this nation’s prospects. Mr Bowe was backed by James Smith, former

minister of state for finance, who yesterday told Tribune Business that the IMF’s forecasts were best described as “guesstimates”. He added: “I don’t see 2021 being any more robust for anyone really. “I can see this thing stretching out in the best of circumstances into 2022, and maybe longer for us. We’re closer to this thing even if

Tourism grapples with ‘new normal’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

it’s all speculative at this stage. Our major hotels are closed and we have no idea whether when they open they’ll do so at full capacity because that depends on demand from the US. It’s going to be a long and slow road coming back.” Mr Smith said much hinges on how rapidly travel and tourism confidence rebounds from the COVID19 health fears, and the willingness of persons to travel again on airlines and cruise ships. And he warned that companies were likely to re-open with muchreduced workforces. “Once you send that amount of people to the unemployment line, it doesn’t follow that when

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• 2021 Bahamas prediction ‘simply a punt’ • June ‘earliest’ for accurate GDP review • Ex-minister brands it as ‘guesstimate’

GOWON BOWE

DIONISIO D’AGUILAR

A CABINET minister yesterday said the tourism industry’s “contact sport” must grapple with a “new normal” focused on health and safety in a postCOVID-19 environment. Dionisio D’Aguilar, minister for tourism and aviation, told reporters outside the Cabinet Office: “We are now grappling with the period after lockdown and curfew. We are trying to determine how best to get tourism cranked up and moving again. “Tourism, as you can imagine, is a contact sport and, as the COVID-19 virus has demonstrated, coming into contact with people leads to community spread. So we have to devise a product, and devise a tourism industry, that lessens the contact but allows for the experience.” Mr D’Aguilar added: “We have to figure out how a business could operate, a hotel or restaurant, in this new norm. How do we social distance in a business that, by and large, requires a lot of human contact. “So businesses have to think how they are going to operate because a customer is going to want to know when I come to your place, I am not going to get sick, and the person that operates the place is going to want to know that when you come, you don’t make me sick. So we have to put in place protocols to ensure that everybody can operate in a safe and healthy environment.”

Take IMF’s 6.7% growth forecast ‘with grain of salt’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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Realtor urges 50% sales tax rate cut By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A PROMINENT realtor yesterday urged the government to slash the tax rate on property sales by 50 percent and “cut all the red tape” to stimulate “real money” inflows to The Bahamas. John Christie, HG Christie’s president and managing broker, called on the government to “get proactive” in stimulating real estate sales on the basis that the industry potentially represents this nation’s best source of foreign currency earnings amid the COVID-19 lockdown and its immediate aftermath. He told Tribune Business that the VAT rate on real estate sales should be temporarily cut in half, a move that would drop it to five percent for all property valued above $100,000 and just one percent below that benchmark, arguing that Turks & Caicos had already done this and seemed to be enjoying some success. Noting that tax cuts appeared to have stimulated a $42m private island

• HG Christie chief: ‘Cut red tape and free economy’ • Says real estate now ‘main currency inflow source’ • Predicts industry sales to fall 50% due to COVID-19

JOHN CHRISTIE sale in The Bahamas’ southeastern neighbour, Mr Christie argued that such a move - which would not be a permanent tax cut - could generate much-needed economic activity and Public Treasury revenues at a time when its main tourism source has all but dried up. The HG Christie chief also called for the “opening up of the Family Islands” to foreign buyers when it came to large Bahamianowned land tracts greater than two acres. He argued

that the government’s previous reluctance to approve such deals often blocked potential exit routes for Bahamian owners, while also discouraging investment that could turn such land into job-creating, productive properties. And Mr Christie also urged the government to revamp its predecessor’s Homeowner Protection Act as a way to free-up mortgage financing availability for Bahamians. He argued among the Act’s unforeseen consequences was that it had further discouraged banks and other institutions from lending due to the increased difficulty of realising collateral security for delinquent loans. Predicting that Bahamian real estate volumes will decline by 50 percent in 2020 due to the loss of “two quarters of sales” due to COVID-19, Mr Christie said the market’s comeback

will depend on the timing - and extent to which - the world opens up once the pandemic’s health concerns. “The government needs to get proactive about encouraging real estate sales as one way of getting real hard money coming in,” he told Tribune Business. “I know Turks & Caicos reduced their transfer tax by 50 percent for that reason to encourage sales, and they’ve put a $42m private island under contract because of that. “That encouraged people to buy because they save money but you also still get money into the Treasury, so we should start doing the same thing; not indefinitely but while this lasts. Right now everybody has stopped, is not doing anything and is waiting to see what happens. If they cut the VAT sales/transfer tax to 5 percent, more sales happen and you make more money

cutting it than by keeping it where it is. “They’re [the Treasury] not making any money anyway, so this will be an incentive to push that along. Turks & Caicos has already implemented it and having success with it. This [tax cut] is not something we’re committing long-term; it’s just to get money into the Treasury,” Mr Christie explained. “With no tourism, real estate is the main source of money coming in from the outside world.” Urging the government to streamline the real estate investment approval process, the HG Christie chief said it “is crazy” that the Cabinet - through the Investments Board and National Economic Council (NEC) - have to approve all purchases by non-Bahamians of more than two acres in the Family Islands. Arguing that this has stifled economic growth and development in many Bahamian islands, Mr Christie added: “We need to get that going, and the government to open up the Family

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HIS year I turned 30. A welcome turning point in a person’s life. However, my future and that of my fellow millennials appears to be quite bleak. Imagine coming of age and kickstarting adulthood in the middle of a financial crisis, then having to accumulate debt, forego savings and be unable to comfortably afford livelihood staples such as food and housing. In our short years, we have been forced to go through 9/11, a war, the great recession of 2008-2009, year-over-year inflation despite no real wage increase in the past 30 years or so, and now a global pandemic in the form of COVID-19. These events have birthed a generational gap between us and our parents (and their parents) in which we are left to play “catch-up”, equally burdened by the unlikelihood of retirement at 65. The boomers are sure to receive their social security benefits but “Gen Xers” are at the point of being uncertain about their social security. Then there’s the millennials coming right behind them. Scary, isn’t it? This coronavirus (COVID-19) pandemic, with its far-reaching consequences, poses a great threat to the Bahamian economy. As many global economies start to slide into a recession, our top industry - tourism - has taken a massive hit, with an estimated 15,000 to 18,000 becoming immediately unemployed and no clear sign as to when life will become normal again. The government of The Bahamas has taken good measures to cushion our economy in the short-term. However, long-term we need a deep plan of action to sustain ourselves and our communities going forward. The Commonwealth of The Bahamas has for nearly 59 years settled into the economic trajectory that Sir Stafford Sands, the “Father of Tourism” as he is often referred to, placed us on in the 1950s and 60s. I don’t question the validity

THE TRIBUNE

It’s time for the people’s time BY TRAVIS T. SWEETING

In the first of a two-part series, Travis Sweeting identifies five areas requiring major reform to transform The Bahamas into a sustainable 21st century economy once COVID-19 has passed. of how well Sir Stafford’s moves have helped us in the past. It was the basis of envy we felt as a global tourism mecca. In fact, it afforded many Bahamians a comfortable lifestyle to build, grow and enjoy while making room for a near $400bn second-tier financial services industry. Unfortunately, in a time when more travellers value cultural experiences over luxury rooms at resorts, this volatile economic structure, with tourism making up about 50 percent of our GDP, no longer serves who we are as a country. Without a doubt we need to feverishly carve out a framework that significantly reduces our dependence on tourism dollars and build-up financial services, healthcare, professional & technology services, retail and e-commerce trade, agriculture and manufacturing, and educational and eco-tourism to diversify our national economy. The time is now to

restructure and revitalise The Bahamas into a 21st century economy that values its people, its resources and its sustainability in an interconnected world. If we do nothing things will change regardless, but not in the direction of our best interests. Nor one that we will ever be able to recover from in the foreseeable future. I’ll put it in terms the wealthier among us can understand: Your money, your homes and businesses stand to be heavily devalued. We must all pull together and demand our elected leaders put their best foot forward in these dire times. The government’s relief plans will cushion Bahamians over the next two to three months, but heading into our new fiscal year and the May budget debate, they must shift focus to long-term action. With careful consideration of all economic points in our country, I have outlined five major areas of focus for long-term economic growth and sustainability. The first two are detailed here: TAX REFORM We need our money to circulate within our local economy at least 13 to 15 times’ before exiting. Moreover, we need to restructure our tax system from its heavy reliance on

consumption-based taxes and secure a more progressive tax system to spur economic growth and pay our bills when they are due. The implementation of a progressive tax system will take time to build out fully, but will increase in yearly intervals until we reach the desired tax rate. How we do this: 1. Income Taxes - Our income tax structure will follow that of Singapore. Income tax rates of two to 22 percent, based on annual incomes of $30,000 or more, will be implemented. Municipalities (as explained under the “Build Local Economies” section) are able to add on an increased percentage to fund local operations. For example: A national income tax rate can be four percent, with an additional two percent in municipal income tax added for a total six percent income tax rate in a particular bracket. Income taxes would start in the 2022-2023 fiscal year once some level of normality has returned to the Bahamian economy. 2. Establish a yearly tax return system with available tax credits. 3. Maintain a set cost of $80-$125 (plus any municipal zone inflation) for yearly business licences and move to a structured corporate tax. 4. Corporate Taxes Incrementally implement a 15 percent tax on corporate profits starting for the business year ending 2020 (or company’s fiscal year), payable by March 2021, as follows: Three percent in 2020-2021; six percent in 2021-2022; nine percent in 2022-2023; 12 percent in 2023-2024; and 15 percent in 2024-2025 and beyond. 5. Zero rate customs duties for wholesalers and large retailers. Start this in 2020-2021 fiscal year. Supplement government income with borrowing in the interim. 6. Increase import duties for individual importers from 30 percent to 50 percent, which will discourage spending outside of the

country and ensure our money circulates locally. 7. Reduce excise tax on fuel and airport taxes. This will help to foster cheaper ticket prices for tourists visiting The Bahamas, in addition to Bahamians considering flying to the Family Islands for vacations versus the US. 8. Raise the minimum wage to $15.25 per hour in incremental increases of $2.50 per year: Start at $5.25 in 2020-2021; increase this to $7.75 in 2021-2022; then to $10.25 in 2022-2023; to $12.75 in 2023-2024; and reach $15.25 in 2024-2025. This coincides favourably with the relaxation of taxes on business revenues and customs duties. 9. Exit all agreements for tax concessions, especially with hotels, who are first to lay-off staff in volatile situations. All purchases must be done locally or brokered locally. 10. Establish that businesses must deposit seven percent of their yearly payroll total in a fund as “regulatory capital” for times such as we are facing now. 11. A year-long national educational programme (localised in each constituency) to understand the new tax system and reforms. 12. Enact legislation to implement all of the above How do we fund this: A $700m government bond issue drawing on local bank liquidity, and repayable in five, ten, 15 and 25-year intervals to supplement shortfalls during revenue restructuring. BUILD LOCAL ECONOMIES Each major island of The Bahamas carries its own allure, yet we have failed to build sustainable local economies that can stand and flourish on their own. We must decentralise our economy into effective and efficient local economies that can help shoulder any national crisis we may face. This will be done by reshaping local government and the powers they possess. Creating municipalities

out of our constituencies will form local municipal governments that serve a two-fold purpose. The first is administrative for supplying goods and services, while the other is to represent and involve citizens in determining specific local needs and how these can be met. Our country has always executed broad policies for the entire country as one economy, but this has not best served the individual economies of the major 17 islands of The Bahamas. This creates a shortfall in places where public needs are not equally distributed, and where a concentration of people, resources and development on one island - mainly New Providence - occurs. Currently, local governments in The Bahamas have mere ceremonial roles with no real powers to collect taxes and fund themselves. Nor can they enact local laws and legislation without direct approval from the central government. An excerpt from an online article sums it up well: “In the book ‘If Mayors Ruled the World: Dysfunctional Nations, Rising Cities’, author Benjamin Barber notes that with all the issues confronting our world, such as climate change, terrorism, poverty and trafficking of drugs and guns, most nations seem incapable of solving their problems. He shows that there are certain qualities that cities around the world (and, I might add, around our state) share with each other: ‘Civic trust, participation, pragmatism, indifference to borders and sovereignty, and a democratic penchant for networking, creativity, innovation and cooperation’.” In most cases, the plight of local citizens is never addressed or resolved with nationally-issued solutions. What is needed by citizens in Bimini is not the same as citizens in Long Island or Rum Cay. The Bahamas can thrive, and positively

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THE TRIBUNE

Wednesday, April 15, 2020, PAGE 3

It’s time for the Govt to ‘spread’ tech people’s time hub beyond Freeport FROM PAGE TWO change the trajectory of our economic and social wellbeing, by allowing citizens to have far more influence at the local level than they ever will at the national level. Further, a municipal government will impact constituents far more frequently than the national government. How we do this: 1. Transform each constituency into a municipality 2. Provide a $5m budget to each constituency (15 in total) outside of New Providence to be budgeted as follows: $275,000 for leadership salaries (member of Parliament, administrative officer, auditor, mayor and finance officer); $500,000 for City Council formation and salaries; $500,000 for farming, food and agriculture; $500,000 for small business development; $1m for healthcare - medical supplies and restructuring local clinics into mini-hospitals; $100,000 for local government legislation aid and/ or formation; $1.125m in direct payments to head of families, with up to $500 to cushion food supply purchases in their local economy; $400,000 in education reform with community school boards and up to 60 percent virtual learning with access to tablets; $250,000 for social programmes and assistance; $250,000 for community development

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and infrastructure works; $100,000 for community projects, arts and humanities. 3. Provide $2.5m to each constituency (24 in total) on New Providence as follows: $275,000 for leadership salaries (member of Parliament, administrative officer, auditor, mayor and finance officer); $500,000 for City Council formation and salaries; $100,000 for local government legislation aid and/or formation; $625,000 in direct payments to head of families, with up to $250 to cushion food supply purchases in their local economy; $400,000 in education reform with community school boards and up to 60 percent virtual learning with access to tablets; $250,000 for social programmes and assistance; $250,000 for community development and infrastructure works; $100,000 for community projects, arts and humanities. Less is required in New Providence constituencies as a large concentration of the country’s resources are already situated within reach of every citizen that resides here. 4. Remove all Members of Parliament from current ministerial positions and shift them to focus exclusively on the expansion of our constituencies into municipalities. See new Cabinet changes under tomorrow’s “government reform” section. 5. Enact legislation to allow, manage and safeguard all of the above. How we fund this: • A $135m government bond issue, payable in five, ten and 15-year intervals, for the first year. • $5m for task force formation, legislative support and national educational purposes. Tomorrow’s newspaper will identify the other three key reform areas.

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE deputy prime minister yesterday said the government will “certainly” seek to spread the Grand Bahama technology hub initiative to other islands in a bid to jumpstart the economy post-COVID-19. K Peter Turnquest, speaking to reporters outside the Cabinet Office, said: “We are consulting with stakeholders in the community, private sector and Chamber of Commerce, to see how we can start to prepare for the potential reopening of the country. “Unfortunately, until we get this virus under control there is really not much we can do other than to prepare, and educate, and work out the assistance packages that may be necessary to stimulate or jump-start activity once we have an all-clear to go back to work as normal, or as normal as normal can be in this circumstance.” Highlighting the government’s intention to expand the “technology hub” initiative to other islands, Mr Turnquest said it will “certainly” start to look at New Providence and locations that have a sound “communications infrastructure” to help to spread one of its immediate post-election pledges. He added, though, that the main priority right is helping Bahamians with financial assistance packages, and said: “We are working on assistance packages and what that might look like in terms of adding some fuel to the fires so people can go back to work on the domestic economy. “We know for the next eight to 12 months there are going to be very little if any foreign tourists

K PETER TURNQUEST travelling to the islands. So we have to see how we can help to create and stimulate activity within the islands themselves, as well as within the individual islands, because we are not sure at this point when we will start inter-island travel. ‘We want to make sure we contain the virus as much as possible. This is a very interesting time for us, and it is going to take a lot of creativity,” Mr Turnquest continued. “We know that technology is going to play a big part in that, and so we are having discussions with the technology companies as well as encouraging people to provide us with their solutions as to how we might be able to do business, particularly from the government perspective. “Right now we are sort of limping along, if you will, in particular with respect to the tax collection agencies, and we can’t carry on very much longer in that mode. So we have to figure out the new modalities that can come out of this to make the interface between the public and the government agencies that receive revenue more efficient and be able to work remotely.” Mr Turnquest also said: “There is a lot of ground work that needs to be done in order to set up this new ecosystem, and that is what we are focusing

on, as well as observing the international community and what they are doing. We are having daily conversations with all of the multilateral agencies as to the assistance that they can provide, the technical assistance with respect to policy options that we may come up with or that they have based upon their experience what they can share from us. “We are trying to learn from the region what it is they are doing to see how we can jumpstart the economy. Again, this is not going to be easy and it is not going to be quick, but hopefully working together with the private sector and the public sector, we can come up with a reasonable solution that will allow us to go back to work, albeit in a different way, but start to create economic activity. “This whole thing again emphasises to us the need to diversify away from tourism, particularly the big box tourism, and it confirms for us that we are on the right path with respect to the investments in technology we have been doing in the last three years, also in terms of the investment in agriculture and fisheries and in mining and manufacturing, and trying to ensure that those things remain stable and that we invest more and explore more in things we can do locally,” said Mr Turnquest.

Govt’s $20m small business loan facility 60% oversubscribed FROM PAGE ONE $20,000. This will be offered to those who qualify for the Business Continuity Loan. To qualify, MSMEs must be operating with a valid business license for one year or more; generate less than $3m in annual turnover; agree to retain 51 percent of their staff; and have their credit information shard with the newly formed credit bureau and other financial institutions. The Bahamas Development Bank; the Bahamas Entrepreneurial Venture Fund; Cash N’ Go; Leno Corporate Services; Omni Financial Group; Simplified Lending; and Fidelity Bank Bahamas are the partnering lenders in the programme.

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PAGE 4, Wednesday, April 15, 2020

THE TRIBUNE

Top auto dealer lays-off 80 staff FROM PAGE ONE “We came in today to do some documentation and try to put our package together for NIB,” the Auto Mall chief told this newspaper, confirming the temporary lay-offs. “We have no idea how long this is going to drag out for. “We’re still going to support our staff, but NIB is our first step. We’re going to try and do something similar to what Atlantis is doing. We’re doing this, and hoping things get worked out by some time next month. It is what it is.” Atlantis has pledged to pay its staff up to 50 percent of their due base pay for the next 60 days, the first payments for which went out last week and this. Mr Albury said of Auto Mall’s workforce: “With our group here and in Freeport, we’re probably going to be around 80. There are some pensioners and expatriates that will not be able to participate, but we’re looking at that number. “We do our payroll biweekly, and paid our staff fully on the 3rd, so the next pay cycle will be the end of this week. While they will get something from NIB we’ll try to put in our portion so that everybody can keep some food on the table and survive out there. “Speaking for ourselves, for April there is nothing coming in, and going out for salaries and other expenses you’re probably talking $100,000 out there. The hurtful part is when we do get to re-open. Do we need a full complement of staff? Do we put some part-time? Do we rotate? It’s going to be rough going, in my honest opinion, until about August/September.” Auto Mall’s move again highlights how major Bahamian-owned businesses have been forced to take drastic, last resort measures to ensure their survival as the ripple effects from the tourism shutdown and associated COVID-19 lockdown

spread throughout all sectors of the economy. Tribune Business reported pre-Easter how Cable Bahamas temporarily laid-off almost 100 employees, with John Bull doing the same for its entire workforce with effect from April 6, 2020. The 91 year-old luxury goods and office products retailer confirmed the move the following day, noting that COVID-19 had presented itself and the world “with a crisis of unprecedented proportions”. Having closed all its retail locations on March 20, John Bull managed to pay full staff salaries up until May 5 but added: “This approach is unfortunately not sustainable, despite cutting operational costs, if the company seeks to successfully get to the other side of this crisis.” Staff will receive 50 percent of their due salaries through April 19, with all benefits being maintained. And even large companies in industries deemed “essential services”, and which can keep operating during the lockdown, are not immune from the sharp economic downturn. Tribune Business sources suggested that Bahamas Food Services, the Gladstone Road-based food wholesaler/distributor, had temporarily laid-off an unknown number of staff due to the loss of its nowshuttered hotel and restaurant supply trade. Richard Flint, Bahamas Food Services’ principal, replied “no comment” when contacted by this newspaper yesterday but did not deny that staff furloughs had taken place. The company is owned and controlled by the multi-billion food distribution conglomerate, Sysco, and is still supplying food stores and other outlets that remain open. Yet this again highlights how businesses need to align costs with whatever income they are receiving if they are to emerge intact once the pandemic passes. Mr Albury, meanwhile,

said the auto industry was working on a strategy that it hopes will lead to its partial opening next month with the government’s approval. “We’re kind of hoping that by early May we’ll be able to open in a limited capacity, only the service and parts departments,” he told Tribune Business. “Our Association is putting a strategy to together to approach the authorities on. We’re getting calls from consumers that have dead batteries and other issues, essential workers that need to have their cars running, and the government with their fleet of vehicles as well. “So we’re trying to see if we can get some allowance to be open even for half a day, and using the protocols in place with social distancing and masks being worn so we can operate in some limited capacity and keep people going out there.” Backing the government for “doing all the right things” to counter COVID-19’s threat, Mr Albury added that other auto dealers were just as eager for a relaxation of the lockdown while still safeguarding the health of staff and customers. “They’re anxious to get back,” he said of the wider industry, “but don’t want to be premature in putting people at risk. They would like to operate in a limited capacity to safeguard customers out there, and operate in a manner that food stores and other places do. “We’re working on it. I know that there’s a few places that are operating like Battery & Tyre and Epic Battery that have permission to open up until about early afternoon. We’re going to ask for similar conditions. We can’t really do anything with vehicle sales right now, but we can keep our existing customers on the road out there,” he continued. “We will get through it. I think by the end of this month we’ll have a pretty fair idea of where we’re sitting, and where the global market is sitting as well.”

Take IMF’s 6.7% growth forecast ‘with grain of salt’ FROM PAGE ONE things come back again companies will take on the same number because they have found they can do more with less and see an opportunity to get rid of certain categories of workers, such as older for younger, who come at half the price. Once you do that, it hits aggregate demand,” Mr Smith added. Messrs Bowe and Smith spoke out after the IMF, in its first COVID-19 World Economic Outlook, forecast that The Bahamas and most of its Caribbean neighbours will rebound swiftly from arguably the greatest economic contraction - or depression - seen since the 1930s. The fund’s forecast that the Bahamian economy will shrink by 8.3 percent in real terms during 2020 is in line with Moody’s estimate of an eight percent contraction due to the tourism industry shutdown and wider impact of the government’s national lockdown. Using 2018 real GDP data, as the 2019 figures are not yet available, the IMF’s forecast would see Bahamian economic output shrink from $10.763bn to $9.87bn - a loss of $893m, which is also in line with the government’s initial forecast of a potential $1bn loss over the four months to endJune 2020. Applying the IMF’s 6.7 percent GDP growth estimate to the $9.87bn figure results in Bahamian GDP (gross domestic product) rebounding to $10.531bn in 2021, a figure that is just $232m below the output for 2018. This, if it comes

to fruition, signals that much of what was lost to COVID-19 will be recovered in 20 months’ time. Such a sharp, rapid rebound is in line with the IMF’s forecast for the rest of the Latin American and Caribbean region in 2021. And Moody’s, the credit rating agency, is also forecasting a much longer climb out with projections of just two percent GDP growth for The Bahamas in 2021. Even the IMF itself yesterday warned that there was significant uncertainty about the strength of the global rebound, with its economic counsellor warning: “Much worse growth outcomes are possible and maybe even likely.” The fund added that its forecasts were highly uncertain, and there was every likelihood that the economic cost of the pandemic will be worse than currently predicted. It modelled several scenarios, and said recovery relies on stimulus measures being effective in preventing large-scale corporate failures, limiting job losses and mitigating the financial impact. Mr Bowe, a former Chamber of Commerce chairman, told Tribune Business of the IMF’s Bahamas forecast: “To be perfectly candid, any persons making projections as of today are simply making a punt at this point in time. “We simply don’t have sufficient evidence of behavioural patterns coming out of COVID-19 to make any reliable projections. The best we can be doing now is stress testing what if things are this bad, what if things are less bad. What we have to be

focused on is monitoring the true level of what is taking place and emerging from it, the health crisis, and then the behavioural patterns.” Mr Bowe said the pandemic’s economic impact on The Bahamas has already been subject to a wide range of forecasts, including estimates by two Inter-American Development Bank (IDB) economists that the economy could shrink by more than 26 percent in 2020 if the tourism shutdown lasts the whole year. “My main contention with what the IMF, Moody’s and all of them have said is that it is only them trying to remain relevant, sadly,” he added. “Anything on the positive or negative side has to be taken with a grain of salt and understood that they’re only projections. “Let’s not prophesise doom and gloom, but equally we ought not to give projections where people later say: ‘You said how this is going to be’... If you ask me, the earliest we will be able to project what The Bahamas’ GDP is going to be is June.” Mr Bowe continued: “The IMF intervention, the Moody’s intervention with the review for downgrade, and even our own government, what we don’t want to be doing is false prophesising right now. We don’t know how deep and long the recession is going to be. “We don’t need to be creating the doom and gloom because we don’t know. People may come out of COVID-19 stressed and look for avenues to travel. It’s unlikely, but it could be possible.”

THE TRIBUNE

Wednesday, April 15, 2020, PAGE 5

Realtor urges 50% sales tax rate cut FROM PAGE ONE Islands. If someone wants to buy 100 acres, it’s probably owned by a Bahamian desperate for money. “They get their money, it goes into the economy, and that land that has been sitting there idle starts generating real property tax at two percent for the government. A $1m sale means $20,000 for the government every year. It grows the pot for everyone. “We have to change the mindset. If a Bahamian wants to sell land to a non-Bahamian he should be allowed to do it in my opinion. Now’s the time to do it,” he continued. “I cannot tell you the number of times that retired Bahamians owning 50 acres, 100 acres, have come in saying they need to sell, they need to retire, and there is no market for their land. “They’re shattered. There’s no market for their land. Every single government in an independent Bahamas has shut down that market for the most part. The reason why the cruise ships are buying everything is they’re the only people who can. We’ve shut the market down for everyone else. They just need to put in a dock, whereas everyone else has to put in roads.” Mr Christie also urged the Government to prioritise reform of the Homeowners Protection Act, which has also been criticised by the likes of Sir Franklyn Wilson for deterring mortgage lending by banks and other lending institutions by imposing obstacles to realising security in delinquent loans. “The Homeowners Protection Act makes it very hard for anyone to

“Right now, if you look to our neighbours to the north, the United States, Canada and the United Kingdom, they are in the throes of COVID-19. They are in the middle of their surge. So they are not talking about tourism; in fact, nobody is talking about tourism.” Mr D’Aguilar continued: “As we are with other light industries, we have to develop our domestic economy, and if people are afraid to travel overseas, travel in your own country. Go back and visit your family, obviously, when our surge is done with. “So we have to be creative in getting money to circulate, and getting some sort of tourism off the ground. It is a difficult topic to discuss right now because everybody is focused elsewhere, keeping safe and healthy. But nonetheless we have to start to think about what’s going to happen

Tuesday, April 14, 2020

function,” the HG Christie chief added. “If someone’s not paying their mortgage the lender needs to realise the collateral. They [the government] need to rethink everything and get it going. It’s unfortunate but that’s the economic reality. “The people the banks lend to often don’t need the money in the first place. That Act has done a great disservice to The Bahamas in my opinion. Free the economy up. Get it going. Cut the red tape and be ready to boom as soon as we pop out of this.” Mr Christie said his firm and other realtors were concentrating on closing real estate sales that had been in the pipeline prior to the COVID-19 pandemic’s emergence, with a fall-off in activity anticipated once those are completed. “There’ll definitely be a lull, and a big drop-off while no properties can be shown. There’s stuff going on but in smaller amounts because it’s almost impossible to show right now,” he added. “There’ll be a huge dip in the second quarter, and in the third and fourth quarter it will come back up. “It really depends on the world and how it opens up. I think there’ll be at least a 50 percent drop. That’s my guess. We had two record years in terms of the economic flow. It was probably going to slow a bit anyway.” Mr Christie said had also been receiving “a lot of interest from people looking for safe haven properties” such as private islands and large, remote land parcels. “It was kind of slow before that, but has now picked up,” he added. “Whether it comes to reality, who knows, but there are a lot of people sitting at home thinking about it.”

Tourism grapples with ‘new normal’ FROM PAGE ONE

CROSSWORD PUZZLE

after we finish with lockdowns and curfews. So that is where we are, and that is what we are contemplating right now.” “No one is really focused on the domestic tourism per se, more so with the international tourism. That, of course, is the butter that butters our bread, and we obviously need to bring in foreign currency, and we obviously need to bring as many foreign visitors as we can to improve our economic situation,”he added. “As it relates to domestic travel I am sure that numbers will be down, and market forces will determine the lowering of prices in order to allow people to travel and build up traffic.”

To advertise in The Tribune, contact 502-2394

LEGAL NOTICE

N O T I C E

HAVRE BUSINESS CORP. (In Voluntary Liquidation)

Notice is hereby given that The Dissolution of the above-named Company commenced on the 7th day of April, 2020. The Liquidator is Mr. John M. Lawrence of Harmony Hill, Nassau, Bahamas.

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

TUESDAY, 14 APRIL 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,149.91 | CHG: 0.06 | %CHG: 0.00 | YTD: -81.69 | YTD%: -3.66 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 5.39 2.09 0.67 2.00 10.21 5.60 3.75 6.01 2.53 1.80 8.00 6.63 13.04 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 2.99 11.26 6.00 4.07 6.01 3.00 4.90 9.75 8.15 14.00 8.97 4.20 15.20

CLOSE 3.55 17.43 6.00 6.68 2.10 1.62 2.99 11.26 6.00 4.07 6.01 2.97 4.90 9.86 8.15 14.00 8.97 4.20 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.03 0.00 0.11 0.00 0.00 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 900

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 22.1 42.9 29.1 10.5 15.3 11.2 17.2 9.6 20.7 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% 2.95% 0.00% 14.61% 1.22% 3.33% 2.94% 3.86% 2.23% 2.86% 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

JOHN M. LAWRENCE Liquidator 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

WorDS

JUDGE PARKER

CARPE DIEM

➔

CL o

are s be entered clock face. Eac each begins with previous one, unt answer six ending w answer one.

➔

In the following passage, the numbers 12345 represent different letters: 241 1442 often 145324 to 245314 at the sea 5314. In 5422341 ranks they stand, 142234245 to the wind, fighting the 43142 ducks for 54415. This 44234 sight is most common in 4324 and on the banks of Lake 4234, where hunters 1245541 as 24415 can 2314 amongst them, carrying out their 1324 14415.

THE-TRIBUNE Wi

2 3A

5P 6

➔

PAGE 6, Wednesday, April 15, 2020

Solution in Monday’s puzzle pull-out

SuMTHiNg 4

Daily Express Wednesday, January 1, 2020

Puzzles

MARVIN BLONDIE

Fit the missing numbers into the grid below so that all the sums are correct – reading left to right or on single lines top to bottom. There are 11 squares to fill, with one digit in each, and the 11 digits you must use are listed beneath the grid. But where do they all go? Solution in Monday’s puzzle pull-out

? + 4

= CRUSADER PRIZE CROSSWORD We’ve given you one digit – the 4 in the middle row. Here are the missing digits to fit in:

0, 1, 1, 1, 2, 2, 13, 4, 5, 5, 2 9 3 DOWN ? 1 Caught sailor with fellow driver (6) 2 TV presenter joins member Daily Express Mentathlon is in five parts, ea for end ofThe relay race (6,3)Puzzled 9 our puzzles. Take the last letters of the answers to D 3 Detective of somewhere QUIZ OF THEinWEEK and the last letter of the first ans the Hebrides (5) sections. Now rearrange those into a five le 4 Woman nestled head behind bench and got 11 comfortable (7,2) 5 Rare broadcast follows about attendant (5) 6 Artist andSAMurAi graduate pursue SuDoKu 13 WorDSeArC 14 unfinished tune – 3 6 9 1 2 7 4 8 5 3 8 stuff 9 5 2 4(9) 1 6 7 sensational P E T E R C A 3 8 4 1 9 6 7 2 517 2 6 7 9 3 1 4 8 5 7 Circuits reported (5)1 8 4 9 6 5 3 2 7 4 1 5 7 8 a6 failure 2 9 3 B R N O I T A 4 9 8 2 5 6 7 3 1 5 2 8 3 9 7 6 1 4 8 Bear played role in V E K C N R A 8 9 1 2 5 4 6 3 718 7 9 6 1 4 2 5 3 8 2 5 1 7 4 3 9 6 8 gallery (8)1 3 4 6 5 8 7 2 9 T T Z C F O Y 9 7 3 2 1 5 8 4 6 2 1 5 9 7 3 5 1 8 6 4 2 14 French article, hardly 8 5 1 4 6 3 9 7 2 4 3 8 5 1 6 4 3 2 8 7 9 G S R D W T P 9 6 7 8 4 2 6 7 9 5 1 3 4 2 8 7 9 3 5 1(9) chilled, is 6overlooked G A T I U C Y 5 6 3 1 8 4 2 9 7 15 Classic song from the 2 9 7 day 6 5 3 1 8 4 20 21 A M L Q J O C 4 1 8 7 2 9 3 6 5 before (9)6 8 5 3 1 9 7 2 4 5 9 1 6 3 8 7 2 1 4 5 9 L E J Q G D B 3 4 2 5 7– 6daughter 8 9 3 4 2 7 5 1 9 8 4 3 2 6 16 One knee’s1 wrong L H W X S D B 2 7 6 4 8 1 3 5 8 7 6 4 2 9 6 3 5 8 1 7 is sensitive89 to smell (4-5) 2 7 4 8 1 9 6 3 5 5 3 9 7 2 4 6 1 I T N A M E L 3 1 5 4 7 6 9 8 2 7 9 2 1 6 4 3 5 8 17 Dupe ran behind F B N P R S G 8 9 625 3 5 2 1 7 4 4 1 6 8 3 5 9 7 2 recreation3 room 1 6 3 5 4 7 2 9 8 6 8 4 2 and 1 5 9 made 7 R S H M R Y J 9 8 7 2 6 3 5 4 1 7 1 5 9 3 8 4 6 a mistake 52(6,2) 5 4 2 1 9 8 7 6 3 4 9 7 8 6 2 1 3 E F E X Z U L 19 The story of the foot (6) Y N B W Y G N 21 Countryside in the CroSSWorD outer SMALL W E E P I N G 27 Urals (5) Across: 1 Gelignite, 7 Teacup, 9 Iron 22 Artisan’s out, mother and12 Leo, 13 Peeress, 10 Dour, THe ALPHA child (5) 14 Oil, 15 Also, 17 Nephews, 24 Elegance 19 is set around Knight, 20 Moneybags. black squares: 6, island (5)Down: 1 Gridlock, 2 Euro, 3 Loo, 30, 33, 35, 37, 39, 4

acrOss 1 Wine is following Bach performance by lake (7) 5 Animal returned to court (7) 9 Returned, solvent, to quiet place (9) 10 Students have to copy part of jacket (5) 11 Rowdy feast with no initial excitement (7) 12 Two socialists, one coming back carrying European animal (3,4) 13 Everything inside is dirty – that’s taken absurdly badly (7,6) 18 Embarrassment after omelette exploded (3,2,4,4) 20 Play guitar, clutching at certain level (7) 23 Old writer points to cost (7) 25 Cord used around one style of architecture (5) 26 After team, children are a secondary matter (4,5) 27 Old knight gives friend a racket (7) 28 Resigned, worked idly around European journalist (7)

HAGAR THE HORRIBLE

TIGER

CALVIN & HOBBES

4 Geography, 5 Nausea, 6 Tunes, 8 Proposes, 11 Renege, 13 Piano, 16 Swig, 18 ETA.

Across: Cosmic, Ra Draughts, Buttercu Karate, Swarm, Key Down: Awestruck, Idly, Ivory, Reefs, Pl TArgeT cAn you crack the Alphabeater? Each grid Yardstick. Phalanx, FreeLANCe number represents a letter – or black square. acne acre cafe calf cane caner care CroSS As in Alphapuzzle, every letter of the alphabetDou clan clean cleaner iscareen used.cere But cereal you have to complete the grid too! Across: SKULK e clear clef crane creel crenel enlace Down:below CRAWL use given squares facethe farce fenceletters fencer and fleeceblack fleecer

THE ALPHABEAT

TARGET

ot i YVG nE l

● The Target uses words in the main body of Chambers 21st Century Dictionary (1999 edition)

the grid to start. lace the lance grid is ‘rotationally franc FREELANCE lancer SuMMiT uP nacre narc race– in other words, it looks the symmetrical’ *C 56 and 117 same if you turn the page upside down. Solution tomorrow

A 10 6 38 35 38 6 9 29 31 B C 31 2 7 28 11 25 26 2 6 D E 6 33 13 2 26 37 6 39 10 F G 24 23 24 4 16 22 24 9 5 H I 27 8 17 12 35 34 34 17 16 J TODAY’S TARGET Good 20; very good 30; excellent 41 K 32 28 11 25 21 33 16 22 25 (or more). Solution tomorrow L M 26 6 18 17 40 36 17 19 7 call 0907 181 2585 N for today’s target solution Best described O 28 as2 a number 6 32 15 8the task 30 in15Kakuro 16 crossword, *Calls cost 80p per minute plus your telephone P of the empty squares, using numbers 1 to 9, so is to fill all company’s network access charge. Q each the sum of number its 17 1horizontal 23 block 13 3equals13the 30 38 to 35 left, and the R sum of each vertical block equals the number on its top.S No number may be used in the same block more 1 19 26 28 32 19 39 5 10 than once. T The difficulty level of the Conceptis Kakuro increases from Monday to Sunday. U 23 36 37 15 14 17 35 24 30 FIND where the fleet of ships shown is hidden V in the grid. The numbers to the right of and W 13 33 17 5 below the grid indicate how many of the 6 22 24 11 8 squares in that row are filled in with ships or Yesterday’s X Yesterday’s parts of ships. The ships do not touch each Y 10 13 16 35 38 17 4 27 24 other, even diagonally. Some squares haveSudoku Kakuro Answer Z Answer HOW many words of four letters or more can you make from the letters shown here? in making a word, each letter may be used once only. Each must contain the centre letter and there must be at least one nine-letter word. no plurals or verb forms ending in “s”.

DENNIS THE MENACE Sudoku is a number-placing puzzle based on a 9x9 grid with several given numbers. The object is to place the numbers 1 to 9 in the empty squares so the each row, each column and each 3x3 box contains the same number only once. The difficulty level of the Conceptis Sudoku increases from Monday to Sunday

BATTLESHIPS

been filled in to start you off. Solution tomorrow 2

CRYPTIC PUZZLE Down 1 Dignified way to administer barbiturates (6) 2 Mails sorted for the Mohammedan world (5) 3 Enters a plea to join in immorality! (5,2) 5 French river battle (5) 6 Meets Sid and Joan when out (7) 7 Presumably he was included in Paris art reviews (6) 8 He’s after a feline with a strip of leather calamity! (11) 14 A live TV broadcast in Israel (3,4) 15 Permit to break the silence (7) 16 Slim elves play around a sort of square (6) 17 A game bird, for example, all of a flutter (6) 19 It counts as a hazard for ramblers (5) 21 Girl sounding alarm (5)

8 9

Yesterday’s Cryptic Solution

Yesterday’s Easy Solution

Across: 1 Decline, 5 Rages, 8 Breach of faith, 9 Siren, 10 Eyeball, 11 Mahler, 12 Dormer, 15 Luddite, 17 Easel, 19 Archaeologist, 20 Dishy, 21 Retinue. Down: 1 Debts, 2 Clear the decks, 3 Incense, 4 Eroded, 5 Rifle, 6 Gain admission, 7 Scholar, 11 Mallard, 13 Open out, 14 Detour, 16 Italy, 18 Lithe.

Across: 1 Sublime, 5 Pious, 8 For good and all, 9 Aroma, 10 Solomon, 11 Prefer, 12 Shelve, 15 Liberal, 17 Aisle, 19 Change of heart, 20 Nasty, 21 Tannery. Down: 1 Sofia, 2 Burn one’s boats, 3 Isolate, 4 Eldest, 5 Penal, 6 On a small scale, 7 Silence, 11 Pelican, 13 Heathen, 14 Almost, 16 Rugby, 18 Entry.

9 10 3 1

2 3

1 x Battleship

3 x Destroyer

2 x cruiser

4 x submarine

Across 1 Cure (6) 4 Ancient Alexandria lighthouse (6) 9 Kind of dark cherry (7) 10 Work of fiction (5) 11 Bundle of cornstalks (5) 12 Something very ugly (7) 13 W.H. Bonney, shot 1881 (5,3,3) 18 Widely liked (7) 20 Take it easy (5) 22 Epic poem by Homer (5) 23 Bravery (7) 24 A spice (6) 25 Show contrition (6)

17 19

EASY PUZZLE

Across 1 Light whip for light control (6) 4 They’re written in eastern and southern states (6) 9 Perplexing situation for retired cover girl (7) 10 Key man in the army (5) 11 Items rewritten for a newspaper (5) 12 A model workplace (7) 13 So don’t steal, otherwise you risk ruin (5,2,4) 18 A burning issue may rise out of it (7) 20 Adjustable brace found in a Scottish trunk (5) 22 Survived a tangle with the devil (5) 23 Dealt in kettles and saucepans for instance? (7) 24 Female - age about fifty-six (6) 25 Cut by a quarter? That’s serious (6)

Down 1 Culpably careless (6) 2 Blend gradually (5) 3 Sad (7) 5 For this reason (5) 6 Filled pasta cases (7) 7 A precious metal (6) 8 14th Century Scottish hero (6,5) 14 Available from publisher (2,5) 15 Along the way (2,5) 16 Choice (6) 17 Scope (6) 19 Live in rented room (5) 21 Permission (5)

30 31

■■

■

● Alternatively, for six Extra Letter clues to text DXBEAT to 84901. Texts cost £1 plus your u

KEIJO 3

4 3

THE TRIBUNE

Wednesday, April 15, 2020, PAGE 7

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 90° F/32° C Low: 68° F/20° C

TAMPA

THURSDAY

FRIDAY

SATURDAY

SUNDAY

Partly sunny; breezy in the p.m.

Clear

Warm and humid with plenty of sun

An a.m. shower; otherwise, sunshine

Partly sunny and humid

Mostly cloudy and humid

High: 86°

Low: 76°

High: 86° Low: 75°

High: 85° Low: 74°

High: 86° Low: 75°

AccuWeather RealFeel

93° F

81° F

96°-77° F

94°-79° F

93°-80° F

94°-80° F

High: 86° F/30° C Low: 67° F/19° 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: 81° F/27° C Low: 77° F/25° C

8-16 knots

High: 93° F/34° C Low: 76° F/24° C

8-16 knots

FT. LAUDERDALE

FREEPORT

High: 90° F/32° C Low: 77° F/25° C

W S

WEST PALM BEACH

uV inDex toDay

TONIGHT

High: 86° F/30° C Low: 75° F/24° C

MIAMI

High: 91° F/33° C Low: 78° F/26° C

6-12 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 86° F/30° C Low .................................................... 77° F/25° C Normal high ....................................... 81° F/27° C Normal low ........................................ 69° F/21° C Last year’s high ................................. 88° F/31° C Last year’s low ................................... 73° F/23° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 2.69” Normal year to date ..................................... 5.38”

ELEUTHERA

NASSAU

High: 86° F/30° C Low: 76° F/24° C

High: 81° F/27° C Low: 76° F/24° C

KEY WEST

High: 88° F/31° C Low: 78° F/26° C

Low

Ht.(ft.)

Today

2:43 a.m. 3:16 p.m.

High

2.6 2.1

9:20 a.m. 9:22 p.m.

0.3 0.4

Thursday

3:47 a.m. 4:20 p.m.

2.5 2.1

10:21 a.m. 0.4 10:27 p.m. 0.4

Friday

4:45 a.m. 5:17 p.m.

2.5 2.2

11:15 a.m. 0.3 11:25 p.m. 0.4

Saturday

5:37 a.m. 6:05 p.m.

2.5 2.3

12:01 p.m. 0.3 ---------

Sunday

6:22 a.m. 6:47 p.m.

2.5 2.5

12:15 a.m. 0.3 12:42 p.m. 0.2

Monday

7:03 a.m. 7:26 p.m.

2.5 2.6

1:00 a.m. 1:18 p.m.

0.2 0.1

Tuesday

7:40 a.m. 8:02 p.m.

2.5 2.7

1:41 a.m. 1:52 p.m.

0.1 0.0

Ht.(ft.)

sun anD moon Sunrise Sunset

High: 82° F/28° C Low: 75° F/24° C

7-14 knots

ANDROS

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

tiDes For nassau

6:47 a.m. 7:33 p.m.

Moonrise Moonset

2:29 a.m. 1:23 p.m.

New

First

Full

Last

Apr. 22

Apr. 30

May 7

May 14

CAT ISLAND

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

SAN SALVADOR

GREAT EXUMA

High: 81° F/27° C Low: 75° F/24° C

High: 83° F/28° C Low: 77° F/25° C

High: 85° F/29° C Low: 77° F/25° C

W S

LONG ISLAND

tracking map

High: 83° F/28° C Low: 76° F/24° C

7-14 knots

MAYAGUANA High: 82° F/28° C Low: 77° F/25° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 81° F/27° C Low: 78° F/26° C

GREAT INAGUA High: 85° F/29° C Low: 78° F/26° C

N E

High: 82° F/28° C Low: 77° F/25° C

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 S at 8-16 Knots WNW at 7-14 Knots SE at 7-14 Knots SSE at 4-8 Knots SE at 6-12 Knots SSE at 4-8 Knots ESE at 7-14 Knots ESE at 6-12 Knots SSE at 6-12 Knots S at 6-12 Knots S at 8-16 Knots NNE at 7-14 Knots SE at 7-14 Knots SE at 4-8 Knots E at 7-14 Knots E at 6-12 Knots ESE at 7-14 Knots SE at 6-12 Knots ESE at 7-14 Knots ESE at 7-14 Knots SSE at 7-14 Knots S at 4-8 Knots SE at 7-14 Knots SE at 6-12 Knots SE at 7-14 Knots SSE at 6-12 Knots

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

To advertise ALL your LEGAL NOTICES, call The Tribune’s Sales Department

502-2394

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

WATER TEMPS. 74° F 77° F 82° F 83° F 74° F 76° F 80° F 80° F 78° F 78° F 84° F 81° F 82° F 83° F 80° F 81° F 79° F 81° F 79° F 79° F 80° F 80° F 80° F 81° F 79° F 79° F

PAGE 8, Wednesday, April 15, 2020

THE TRIBUNE

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By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net FOOD retailers yesterday reported a mixed shopping experience following the Easter weekend lockdown with some describing it as “back to square one” and others enjoying a smoother ride. Bradley Rolle, Centreville Food Market’s general manager, told Tribune Business: “It was just like I predicted last week. Remember I told you that most of the people would have used up all of their supplies over the five-day weekend, and so we are back to the same thing again. “Right now I am on the outside of the food store and we have 55 people lined up to be served, and I have my minimum inside, which is 20. It has been like this all morning, and as I told you last week we are back to square one.

“When this is going to let up, I don’t know. This whole thing about the shopping and whether we are going to use certain days to serve certain people to shop, I don’t know if it is going to change anything. It is just a wait and see game. Mr Rolle added: “Doing away for the shopping list for this week, no that wouldn’t help at all. The only reason why it wouldn’t work this week is because people have been away from the food stores for the past five days, so you are going to get double the amount of people coming back again to do shopping. “So we have four days for all of the regular people to do shopping. Hopefully after those days would have gone we would have seen some normalcy, but right now we are back to square one. A lot of people are shopping.” Atwell Ferguson, general manager of the Golden Gates Supermarket,

though, told Tribune Business: “It’s not too bad. It is not as busy as those other emergency days. We have a little line but everything is slowing. “I think what happened is that people stocked up a lot for the couple of days and they overstocked. I think that is what happened. I would think that the rest of this week will be smoother seeing that the week stretched all the way to Saturday, but if it was like only three days it would have been more problematic. But since the people know that they can come every day and it is spread out things will go a lot easier.” Cyril Carey, general manager of Kenneth’s food store on Prince Charles Drive, added: “The lines are long today. The line is long. No concerns today, we have bread and I am trying to get most of my deliveries. Everything looks like it is going fine thus far.”