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THURSDAY, APRIL 23, 2020

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‘No rebound for six months’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

TOP banking executive yesterday said The Bahamas “won’t see any rebound in the economy for six months” at least as the “first wave” of loan deferral requests hits the industry. Gowon Bowe, an exChamber of Commerce chairman, told Tribune Business that the economic fall-out from the COVID19 pandemic could “last for many months” given that The Bahamas’ core US tourism source markets still appeared to be near

from COVID-19 will have to take the form of a “publicprivate partnership (PPP)” rather than be a “government-driven stimulus” due to the Public Treasury’s cash-strapped condition and long-term consequences of loading Bahamian taxpayers with massive amounts of new debt. “The reality is this could extend for many months. We don’t know,” Mr Bowe told this newspaper of the pandemic’s economic

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

GOWON BOWE

devastation. “All we can say is that traditionally in The Bahamas the September/ October period is the slow months. The summer used to be slow, but it has picked up in recent years. “If they’re not open by May 1, the hotels in terms of any meaningful occupancy will not see that until that until Thanksgiving..... I think we’re going to have to be open-minded, but I’m fairly

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Most Eleuthera firms suffer 90% drop-off By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ELEUTHERA’S private sector yesterday called for an 18-24 month construction sector tax break package after the national lockdown caused a “greater than 90 percent” drop-off for most businesses. Thomas Sands, president of the island’s Chamber of Commerce, told Tribune Business that the construction industry should be targeted for incentives due to its “tremendous potential for restarting the economy” amid the gradual easing of COVID-19 restrictions. With 83 percent of firms canvassed by the Eleuthera Chamber revealing that business activity has come to a virtual standstill due to the national lockdown, Mr Sands urged the Minnis

• Some 83% say business has dried up • Call for 18-24 month construction stimulus • Fully re-open COVID-free islands internally

THOMAS SANDS administration to backup Sunday’s decision to re-open construction and associated building materials suppliers on the Family Islands with a well thoughtout stimulus package. He argued that VAT concessions and other

Escape virus crisis through ‘currency swap’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A MULTI-BILLION dollar “currency swap” with the US Federal Reserve would provide The Bahamas with the necessary foreign currency to recover from the COVID-19 crisis, it has been advocated. Dr Johnathan Rodgers, the well-known “eye doctor”, writing in on Page 2B in Tribune Business today, argues that The Bahamas would merely be following other countries by agreeing to exchange Bahamian for US dollars with the American Central Bank. While the Bahamian dollar is a non-convertible currency, Dr Rodgers suggests these holdings could be recycled and used to acquire loss-making stateowned enterprises (SOEs) such as Bahamasair and Bahamas Power & Light (BPL). He added that “the ultimate goal” would be turning them into profitable,

efficient operations in which Bahamian investors also have equity ownership. Dr Rodgers says the government has no choice but to “take some unconventional and creative steps” when it comes to rescuing the Bahamian economy from the COVID-19 fallout due to its own high debt levels, the costs associated with further local and foreign currency borrowing, and the need to maintain the fixed exchange rate peg with the US dollar. “It is imperative that the government find a source of inexpensive US dollars,” he argues. “In my opinion, the cheapest and most readily available source of such US dollar funding would be through means of a currency swap between the US Federal Reserve and the Central Bank of the Bahamas. “Over the past two weeks, Central Banks in numerous countries have entered

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tax breaks should also be provided to connected industries, such as a real estate, in a bid to “re-ignite” buyer interest in deals that were either cancelled or put on hold due to the government’s COVID-19 measures. And Mr Sands urged the government to give serious thought to re-opening all businesses on islands such as Eleuthera where no trace of COVID-19 has yet been found, pointing out that all aspects of their economies are interconnected and cannot function properly without sectors that are missing. Confirming that

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General insurers say: ‘Show some respect’

• Thanksgiving next chance for major resort occupancy • Fidelity chief called for PPP over economic recovery • March ‘a mirage’ as banks brace for loan deferrals

the peak of their infections/ death surge. He suggested that endNovember’s Thanksgiving holiday likely represented the first chance for Bahamian resorts to enjoy “any meaningful occupancy”, given that the industry has now missed the balance of the peak winter season, and even that was uncertain. Mr Bowe, Fidelity Bank (Bahamas) chief financial officer, added that this nation’s economic recovery

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Eleuthera’s private sector has not been spared from the nationwide lockdown, Mr Sands revealed in e-mailed replies to Tribune Business questions: “The Eleuthera Chamber of Commerce launched a survey earlier this week to assess the impact of the COVID-19 pandemic on businesses. “Our initial results indicate that 83 percent of respondents have experienced a decline of greater than 90 percent in business activity. This is significant.” Nor was the island immune from the global tourism

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PROPERTY and casualty insurers yesterday urged the government to “show some respect for the industry” after they were blindsided by inclusion in the government’s premium deferral initiative. Anton Saunders, RoyalStar Assurance’s managing director, told Tribune Business that ministers and their officials simply needed to “pick up the phone” and discuss their intentions with companies set to be impacted by legislative reforms and policy decisions. He was backed by Patrick Ward, Bahamas First’s president and chief executive, who confirmed that property and casualty underwriters had been “caught by surprise” through the government’s decision to include the segment in its latest Emergency Powers (COVID-19) (Special Provisions) (Amendment) Order 2020 dated April 16.

Farmers see ‘quadrupling’ of interest By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamian public’s interest in farming and growing their own produce has “quadrupled” due to the COVID-19 pandemic, the head of an agriculture group said yesterday. Caron Shepherd, president of the newly-formed Bahamas Agro Entrepreneurs Group, told Tribune Business yesterday that while “it’s sad that it took a pandemic event for the populace to understand” the industry’s value

Revealing that his staff “are analysing right now what the impact might be”, Mr Ward said both the government and industry would “benefit from a higher degree of consultation” before such initiatives were finalised and took effect. Both men were responding after the government decided to include all segments of the Bahamian insurance industry in its expanded consumer protection coverage. This had previously only applied to the life and health insurance industry, excluding property and casualty insurers such as Bahamas First and RoyalStar. Tribune Business previously revealed how the initial version of the order left life and health insurers “up in arms” after as it required underwriters to continue paying multi-million dollar claims without receiving any premium income in return for the duration of the COVID-19 lockdown something several likened

SEE PAGE 6 it has also provided farmers with much-needed attention. And, with the head of the United Nations’ (UN) World Food Programme this week warning numerous countries face a “famine of biblical proportions” due to COVID-19’s impact on agricultural production, Ms Shepherd argued that The Bahamas needed to “take the bull by the horns” and take clearly-defined strides towards improved food security. “This is something that has been on the agenda for quite some time but has never got any attention, and it’s only now that we’re realising how much attention it needs,” she added of food security. “The minister [Michael Pintard] is trying to

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PAGE 2, Thursday, April 23, 2020

THE TRIBUNE

CURRENCY SWAP KEY TO UNLEASH RECOVERY Dr Johnathan Rodgers, the wellknown eye doctor, details a multi-tier COVID-19 revival strategy to give The Bahamas the foreign currency financing it needs without taking on too much debt.

DR JOHNATHAN RODGERS

HE COVID19 pandemic has caused a global economic meltdown that will continue to smoulder until it is contained or medicines/vaccines are found to treat and prevent its spread. This germ-induced crisis, like the sub-prime mortgage crisis in 2008, will cause a global liquidity crunch when it comes to accessing capital. However, unlike the 2008 situation, COVID-19’s geographic footprint has spread more rapidly. It has also caused an illiquidity of labour crisis because of the containment measures that have been implemented. This dual (il)liquidity problem has brought the global economy to a standstill, and potentially could bankrupt citizens, businesses, corporations, banks and governments simultaneously. Governments across the globe must take bold steps to use whatever means possible to inject sufficient capital into their economies so that they maintain

a basic level of activity until the private sector has a chance to recover. This means that there must be a global sharing of available resources, in terms of information, medical supplies and financial aid, in order to increase the chances of a global economic recovery. The proposed economic recovery plan for The Bahamas below incorporates all of these important considerations. Economic Recovery Plan It has been estimated that Hurricane Dorian wiped out 20 percent of The Bahamas’ economic output (GDP). However, prior to Hurricane Dorian, the Bahamian economy was already in a state of economic stagnation with slow GDP growth, high total (public and private) debt levels, and high levels of unemployment. This state of stagnation was, for the most part, structural and not cyclical. The COVID19 pandemic has added insult to injury, as it has completely destroyed The Bahamas’ tourism economy, which accounts for 70 percent of GDP. The entire Bahamian economy has come to a virtual standstill, and now government must find a source of funds that can be injected into it in order to maintain a basic level of economic activity. What is needed is an economic plan that will not only inject capital into the economy, but also fund some much-needed infrastructure development and create jobs. if this “triple play approach” is taken, then I believe the Bahamian economy can avoid entering a recession and be better positioned for future recovery. Capital Injection The capital injection plan involves reducing the expenses of households and businesses, as well as directly injecting money into the economy to maintain a basic level of economic activity. To reduce household expenses, we should introduce: • A six-month moratorium on all private sector banking credit facilities, including the suspension of

loan repayments for three to six months. • A six-month moratorium all utility payments. • A six-month moratorium on business license fees. • Active monitoring for price gouging. In addition, the government should take steps to lower the cost of essential items such as food, medication and fuel. Food Relief In order to reduce the cost of food, there are two things that the government can do. • Reduce restrictions on the importation of produce and food from Latin America and the Caribbean. • Negotiate with the cruise ships to access the purchase of food from their commissaires located in Florida. These commissaires buy in bulk, and consequently can provide unlimited food for all cruise passengers at a rate of $8.50 per guest per day. Medication Relief The cost of medications could be dramatically lowered if the government were to: • Negotiate directly with the major international pharmaceutical companies to purchase pharmaceuticals from them at source. This would lower the overall cost of medicines for all patients who are either on the national drug plan or purchase their medications from private pharmacies. Fuel Relief In order to reduce the price of fuel, the government should do the following: • Negotiate directly with the oil and natural gas producers to purchase product at the lowest price possible, but allow domestic wholesalers to maintain their customary margins. • Second, the government should enter into futures and forward contracts that would lock in the current low price of oil and natural gas. Infrastructure Development The government must implement an infrastructure development programme that will target

the generation and distribution of electricity; the construction and refurbishment of the public education system’s buildings; the digitisation of all government services; and the construction and refurbishment of specific Family Island airports. These projects will provide employment for many Bahamians for at least an 18-month period. The estimated cost of this infrastructure work is estimated to be $1bn. Estimated loss of National Income The capital injection that must be pumped into the economy is based on an estimate of the loss of national income from the tourism industry, plus the number of persons in the workforce who will be laid off for an estimated 12-month period. The following economic metrics have been used in formulating these estimates: Annual GDP - $12 bn per year National Income (90 percent of GDP) - $10.8bn Tourism Revenue (70 percent of national income) - $7.5 bn Non-tourism revenue (30 percent of national income) - $2.3 bn Annual government revenue - $2.2bn Workforce - 220,000 Average income - $19,200 per year Assumed loss of National Income 1. Fifty percent loss of tourism national income - $3.75bn 2. Fifty percent loss of non-tourism national income - $1.65bn 3. Fifty percent unemployment (110,000) revenue loss - $2.1bn 4. Fifty percent loss of government revenue - $1.1bn NB: Assume that there will be some tourism activity in six months’ time. Total loss of national income (1+2) = $5.4bn Total loss of workforce income = $2.1bn Total loss of government income = $1.1bn Grand total = $8.6bn Funding requirements (x 12 months) Based on the above

assumptions that there will Reserve. Such a currency be: swap would involve the Fifty percent reduction in Federal Reserve giving national income ($3.75bn) $4bn US dollars to the CenFifty percent reduction in tral Bank of the Bahamas, employee income ($2.1bn) and the Central Bank of the Fifty percent reduction Bahamas giving B$4bn to in government’s revenue the Federal Reserve. This, ($1.1bn) plus the US$2bn in reserves Some $1bn needed for that are currently sitting infrastructure work in the Central Bank,would Central bank reserves at be sufficient to fund the $1.25bn ($2bn -$750m) entire recovery plan over The government will have the course of one year while to source $4.5bn to inject maintaining the required into the economy over the peg reserves at $750m. next 12 months. The Bahamian dollars Sources of Funding needed for the currency Public sector (Bahamian swap could either be printed dollars) Royal Bank of Canada in the form of fiat currency, minted in the form of Bahaline of credit - $200m Retail domestic banks mian Sand Dollars, or a zero coupon Bahamian sovconsolidated loan - $190m Central Bank (annual ereign bond could be issued and used for the swap. Of subvention) - $300m International Momnetary the three options, the Sand Fund (IMF) special drawing Dollar would be the simplest and least expensive. rights - $250m Total Bahamian dollars Furthermore, the US dollars received in the swap - $940m would be used for the infraPublic sector US dollars Central Bank reserves structure projects, which would ultimately result US$2bn in an increase in GDP in Total is US$2bn Sources of Shortfall future years and a correFunding sponding reduction in the Given the existing high debt-to-GDP ratio. levels of public and private In the aftermath of the debt in The Bahamas, the crisis, the $4bn in Bahacurrent high cost of domes- mian dollars that the tic and foreign currency Federal Reserve would debt financing, the required have received as part of the Central Bank reserve level swap arrangement would be ($750m) needed to maintain used to invest in Bahamian the parity of the Bahamian assets such as Bahamasair, dollar to the US dollar, and BPL and Water and Sewerthe fact that 90 percent of age. The sale of these assets all consumption is imported could be structured in such and requires US dollars, the a way that all Bahamians government must take some would have a chance to unconventional and creative have an equity position in steps, in terms of fiscal and them. At the end of the day, monetary policy, in order to everyone would win as all procure the necessary funding for the recovery plan. It of these privatised entities is imperative that the gov- would be more efficiently ernment find a source of managed. There would be a reduction in the cost of utiliinexpensive US dollars. In my opinion, the ties, and government would cheapest and most read- no longer have to waste milily available source of such lions of dollars annually in US dollar funding would subsidies, while Bahamian be through means of a cur- equity shareholders would rency swap between the receive dividends on their US Federal Reserve and investments. In summary, I believe the Central Bank of the Bahamas. Over the past that this plan, if properly two weeks, central banks executed, would result in in numerous countries have a gradual recovery of the entered into similar arrange- Bahamian economy from ments with the Federal this crisis.

Regulator extends its filing deadlines

within the confines of the law. With or without the COVID-19 pandemic, leadership should consistently be assessing, adapting and acting. Furthermore, you should be communicating and documenting conversations with your respective regulators. There are three leadership and management areas you should consider as you demonstrate good corporate governance: 1. Reevaluate Corporate Structure – Determine the viability of your current structure, and its ability to effectively navigate and provide oversight during and after COVID-19 2. Reinforce Regulatory Compliance – Ensure requirements are identified and tracked while documenting any extensions. Ensure both horizontal

communication and vertical reporting is enhanced and followed. 3. Re-engage Human Capital – Manage human capital communications, movement and engagement. People will ensure your business continuity plans are effective and adapt, as they will be responsible for the strategic and operations decisions. In conclusion, business continuity plans once robustly developed, strategically implemented and consistently monitored by a well-structured corporate governance regime, will greatly assist through crises such as COVID-19 and other business disruption scenarios. NB: Derek Smith Jr is a compliance officer at a leading law firm in The Bahamas, and a former assistant vice-president, compliance and money laundering reporting officer (MLRO), at local private bank. His professional career started at a ‘Big Four’ accounting firm and has spanned over 15 years, including business risk management, compliance, internal audit, external audit and other accounting services. He is also a CAMS member of the Association of Certified Anti-Money Laundering Specialists (ACAMS).

Business continuity tied to corporate governance BY DEREK SMITH THE COVID-19 pandemic continues to stretch institutions’ thoughts and outlook on what business as usual means. There are two components that will be under even more scrutiny – Business Continuity Plans (BCPs) and corporate governance structures. While there can never be a complete plan for every crisis, boards, partnerships and entrepreneurial leadership will all come into question as shareholders, employees and the public assess their actions. As I conclude this series, it must be unequivocally expressed that business continuity planning is a direct reflection of good corporate governance. It is widely known that although there is no standard definition of corporate governance, the common

theme embodied by various models speaks to mechanisms used to direct, control and manage an institution’s human and financial assets. An institution’s governance structure, if built correctly, should systematically highlight deficiencies and successes in your BCP; track remediation efforts; and ensure all actions are documented, stored and accessible to stakeholders. Corporate governance is applicable to any organisation – public, private or public-private-partnership (PPP) etc. For supervised financial institutions (SFIs) and other regulated entities, a combination of governance, risk and compliance (GRC) is paramount to addressing fundamental issues, risks and strategies

THE Securities Commission has granted a 45-day extension for the filing of annual reports and audited financial statements to its various licensees and registrants due to the COVID-19 pandemic. The regulator said filing deadlines under the Securities Industries Act and Investment Funds Act, which fall between 1 April 2020 and 30 June 2020 inclusive, have been extended by up to 45 days. It added: “In order to be eligible for the extension, registrants and licensees are to write to the commission at info@scb.gov.bs, outlining the circumstances and detailing the date of the financial year-end and the new date (within the 45-day period) that the audited financial statements or annual report will be delivered to the commission. “Once the commission has received the letter according to the terms outlined in this notice, the extension is deemed granted. This extension does not apply in cases where the commission has already granted an extension to a filing deadline

for previously due audited financial statements. “In such cases, the deadline of the previously granted extension shall remain in effect. Further, this extension does not apply to filing deadlines for interim financial statements.” Licensees needing to notify the Securities Commission of material changes to their business and operations, which require the regulator’s approval, must notify it electronically in compliance with statutory filing requirements. Notices must be sent to info@scb. gov.bs. In the case of public issuers, where there is a statutory requirement to notify the public of a material change, the company is required is to post the disclosure to its website until May 15 in addition to immediately notifying the commission electronically.

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THE TRIBUNE

Thursday, April 23, 2020, PAGE 3

Hardware stores ‘swamped’ all day By NEIL HARTNELL and YOURI KEMP Tribune Business Editor HARDWARE stores yesterday said they were “swamped from 8am” as they opened for the first time in a month following the COVID-19 lockdown and emergency orders. Brent Burrows, general manager of CBS Bahamas (Commonwealth Building Supplies), told Tribune Business: ‘“It was extremely busy, extremely busy. There was a lot of pent-up demand, and in our range of products we don’t do much in housewares. I’m talking mainly

LANDSCAPE MIXED AS SECTOR RESUMES WORK By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net LANDSCAPING companies yesterday reported a mixed outlook as they go back to work with some revealing that business has dried up due to the COVID19 pandemic. Reginald Johnson, AJ & J Landscaping and Maintenance’s general manager, told Tribune Business: “We have no business at all. The people we would normally go to have no money, so nothing is happening at all. Listen, I expected it to pick up from the time he [the Prime Minister] mentioned it, but people are now spending their money on food and they can’t afford to maintain their yard and do that sort of stuff right now. “Everything has come to a halt. Once he said people had to stay home it brought everything to a complete halt and that is no joke. If people have a bit of money the last thing they want to do is maintain their yards; the struggle now is to buy food,” added Mr Johnson. “They need to hurry up and open up so people could live. It’s really bad. That first set of money you had in that first and second week, you didn’t know what was going on and people didn’t have sense of where we were going and how we were going, so we were just spending money thinking that, OK, after the next week or two weeks we would have been finished. “But now this is a continued thing going on and on, and the little money we had we spent that on food. We are out of food, gas and money, and I know if I go to National Insurance I would be way down the line. It may be another two weeks before we could get a $20 to go and buy something, but I won’t give up. I will keep trying.” Dr Hubert Minnis on Sunday gave permission for landscaping and irrigation companies to open from Monday to Friday between the hours of 9am

ONLINE FOOD DEMAND RISE SLOWS AS INCOMES DRY UP By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net SEVERAL online food delivery service providers yesterday said they are seeing demand level off as incomes reduce due to the COVID-19 pandemic lockdown. Jamial Rolle, the Runnah’s app chief executive, told Tribune Business: “Things are kind of levelled out to be honest. I think people are kind of getting tired. We still have customers signing up, people are still using it. But people are getting a bit frustrated and they seem to be holding on to their money from what I see. That’s my assumption.” “We are still seeing interest from new businesses that want services, but I must say we have seen increases in the person using the custom pick-up option. People ordering from the restaurants has slowed down because a lot of our partners we have worked with

building supplies. “We were swamped from 8am this morning. When we got here the line was already formed. We were very organised, and only let in 20 persons at a time. It went very smoothly, and we had no issues at all.” He added that there were between 15-20 persons “consistently” queuing to access CBS Bahamas’ store all day, with masks and social distancing policies fully enforced. “We’ve got a steady stream of traffic,” Mr Burrows said. “A lot of people have been cooped up, waiting to do some repairs.” Praising the government

for allowing home and hardware stores to open twice a week, he added that CBS Bahamas had elected not to open until the permitted 8pm as restocking would push this too close to the 9pm curfew and potentially make it difficult for staff to get home on time. It instead closed at 6pm. Mr Burrows said the company had also launched its 35,000-product online store on Monday, with customers having the option to either pick-up or have their orders delivered to their home on Wednesdays and Fridays. For those who elect to visit CBS Bahamas’ physical

store to pick up their orders, he explained that they are placed in a separate line. They then use a code provided when they purchase to pick up their order from a locker, thereby minimising any contact with staff and other customers. “Some people are upset we cannot deliver all week, but I know the Chamber of Commerce is working very hard to get something together for all businesses on e-commerce and to get the government to do it,” Mr Burrows said. “I guess that will come some time down the road. It’s not just us. It’s a couple of companies. One is

WHIM Automotive. One thing I can’t understand is that the people delivering for us are the same people delivering for the food stores. They’re independent contractors. “We pointed this out to government, and said we’re not going to be putting lots more people and vehicles on the street to do pick up and delivery. They can do us and the food stores at the same time.” Christopher Clarke, general manager of Twentyfirst Century Hardware, added: “When we came in very early this [yesterday] morning to be open for 8am we met a line of about

35 persons just waiting for us to be open, and ever since we have had a line outside the building but we managed to maintain it to about seven person per average up to the mid-morning.” Anticipating that demand will be “not as bad” tomorrow, he added: “It is hard to say because now you are going into a lockdown, and so that might have an effect on it. Then it also depends on what is going to be said on Sunday.” Patricia Cleare, general manager of Screws and Fasteners World, said: “I met a line around the corner, and we are very busy but we are trying to manage.”

and 5pm as he relaxed some of the lockdown restrictions imposed on certain sectors of the economy to fight the COVID-19 virus. Mark Smith, Oasis Landscape’s general manager, told Tribune Business: “I’m very glad that the Prime Minister has done what he is doing to protect the country. We have been given specific instructions by the Prime Minister’s Office to make sure we socially distance, and all of my staff have been equipped with gloves and masks. “Thank God, because we are kind of at the bottom of the totem pole for labour. My men really need to work, but they also understand that they have been very fortunate that I have been able to give them their vacation pay to help them live and we’re back. Mr Smith said his company was now “trying to catch up because we have weekly accounts that we have to mow and blow, and do people’s gardens every week. We haven’t been able to do it for three weeks so it is all overgrown and we’re trying to catch up. “The people we operate with as far as our clients, they are all in the rich neighbourhoods of Lyford Cay, Albany and Old Fort Bay,” he added. “They have been gracious to us and said that they completely understand, but please get to us as soon as you can. People spend a lot of money on their gardens and, at the same time it’s growing. We have to tend to it and at the same time be safe. “I think it is positive for all of the landscapers and they are very appreciative, but we are outside and we socially distance and we do protect ourselves. I think we are one of the few people that can go back to work.” Christi Dunn, general manager of Tropics Landscaping, added: “Obviously it is still very early days. We are trying to gear up and service our clients. At this time we are only doing maintenance and service of yards; we are not doing any installation. “So obviously there would be no curb-side pickup, which we would have to do if we were doing installations, but right now we are only doing maintenance for all of our clients.”

BUSINESSES: PM’S ATTACK ‘UNFORTUNATE’

which they laid-off staff once the tourism shutdown and subsequent national lockdown occurred. “I am extremely disappointed when I see Bahamian companies laying off individuals who had worked with them ten, 20 years, Dr Minnis said. “(Employees) who had made them wealthy; who had given them the opportunity to send their children to university both here and abroad; who have given them opportunities for their children to become professionals and leaders in this country; who have given them opportunity to live in lavish homes and have great lives - individuals (and) Bahamians who are from humble beginnings but who have made sacrifices to make fellow Bahamians wealthy and living good. “Yet after all the sacrifices these Bahamians did, those who have attained wealth have laid off such Bahamians. I ask you, are you humane? Where is your heart? Where is your compassion? Do you have a soul?” Mr Burrows, though, pointed out: “It is very expensive to do business in The Bahamas, and the reality is that you know you need to make a decision. We still need to pay all of our vendors, we are still paying

electricity, and we are still paying health insurance. “The bills don’t stop just because you’re closed. Tuesday made 30 days that we had zero dollars coming into the cash till. I’m not saying that we should have been open, I’m just saying that I think his remarks were unfortunate.” Christopher Clarke, general manager of Twenty-First Century Hardware, said: “To try to pick pieces out of the Prime Minister’s statement, it is unfortunate. That was a press release, and I am sure he didn’t intend for it to have all of that. “I think we do have businesses that are open and who have made a success with the workers of this country, and I think we have a responsibility when things are bad to try to stomach it as best as we can. “I’m sure that was not a part of his total intent. However, I feel as if I have a responsibility to my staff that even though it is bad to try and handle it as best as I can. Another person can probably handle it a little longer than others, and so that is where the difference comes in,” Mr Clarke added. “I know that I have a responsibility to say that with the first sign of trouble we don’t pack up and say everyone go home. A person gives you ten to 20 years of their life, you have a responsibility, and if you put in blood, sweat and tears into your

job, at the first sign of dark clouds it isn’t right for your employer to come out and say go home and lay you off. “I don’t think that is right, so if that is his intent in saying it then that is OK because we all as workers feel that when you can tell someone to go home, they are men and they have families and responsibilities, and so you can’t do that,” he continued. “You can’t tell a man to go home at the first sign of trouble. You have some businesses here that have been doing well for many, many years, and we have not amassed what those companies that have been around for 30 or 50 years have. But yet as small as I am I feel a responsibility and an obligation to do my little part with whatever my little is. So certainly those larger companies with larger resources can do more.” Patricia Cleare, general manager of Screws and Fasteners World, said: “I know I didn’t lay off my staff. I just asked them to take a break and claim from NIB (National Insurance Board), but as soon as things are up and running and back to normal, I will be bringing my staff back in. “I think it depends on the circumstances of individuals. Some people may not see the rebound because they lost so much business, and they may not be able to rebound. That might be a problem, so it all depends.”

have closed their doors and you can’t order if they aren’t open.” Mr Rolle said the most popular restaurants he is seeing significant orders from are Outback Steakhouse, Spritz and News Café. He added: “We’re encouraging the businesses to stay open, and what we have seen in other places is that they have closed their restaurant but the kitchen is still open and they are just sticking with delivery. “They still want to be able to have an economic impact and give some jobs to people who need it. All they had to do is regulate the work hours and have your employees having some income coming in.” Kyle Albury, owner of Kraven food and beverage delivery service, said: “It’s going OK and it’s going good. It’s picked up and it is still very, very busy, and I don’t have a minute of the day. “People realise now that it may be a long-term thing, and people are now open to delivery services and use of mobile and online services, because we have seen an increase in orders and interest in our application over the last few weeks from so many people.”

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BUSINESS executives yesterday described the Prime Minister’s weekend “heart and soul” attack over temporary COVID-19 layoffs as unfortunate as the controversy continued to simmer. Brent Burrows, general manager of CBS Bahamas (Commonwealth Building Supplies), told Tribune Business he was “very disappointed” in Dr Hubert Minnis’, pictured, remarks, and said: “Over the last five years, businesses in The Bahamas have really been catching hell. “We got hit with the additional VAT (value added tax) and the economy was just slow. Now, I must admit over the last year things had started to turn around, but this fallacy that businesses in The Bahamas are rolling in money is just not true.” The prime minister, at his weekly COVID-19 press briefing, hit out at unnamed proprietors over the speed and seeming eagerness at

PAGE 6, Thursday, April 23, 2020

General insurers say: ‘Show some respect’ FROM PAGE ONE

to “receiving free food from Super Value” for the duration of the COVID-19 lockdown. Carl Bethel QC, the attorney general, at the time justified the Government’s move as essential to prevent poor and elderly

policyholders, plus those who have lost their jobs, suffering a “catastrophe” when coverage lapsed as a result of their inability to pay due premiums. Subsequently, he told this newspaper that the Order would be clarified to mandate that those with the means to pay - and the

THE TRIBUNE ability to do so either online or in person - should keep their premiums in good standing for the duration of the COVID-19 lockdown. The April 16 Order does precisely what Mr Bethel promised, segmenting the insurance industry’s customer base between those who can still afford to pay and those who cannot, while providing protection to the latter. But besides covering the life and health insurance sector, the new order also brings the property and casualty segment

under its mandate. “All I would say is that when the government and people make decisions impacting a certain industry, show some respect for the industry,” Mr Saunders told Tribune Business. “Just pick up the phone, discuss it and tell us what you want to do. “We’ll give you input so, at the end of the day, we’re not hearing something for the first time. We all understand everyone is under stress. But we’re not in London. Pick up the phone and say: ‘Guys, this is what

we’re thinking’, and we’ll give you our input.” His sentiments were echoed by Bahamas First’s Mr Ward, who confirmed that the property and casualty industry’s inclusion under the order’s mandate had been “a complete surprise to us” given that the company was unaware of any consultation having taken place. “Like with any other order, there are a lot of things that are unclear or not very specific,” he told Tribune Business, “and some elements where companies have to exercise some judgment. These are the kinds of things that we are uncertain as to how they will play out in the broader industry. “They are also the kind of things that benefit the government and industry to have a higher degree of consultation around before such orders are finalised.” The order stipulates that for the entire COVID-19 national emergency period dating back to March 17, plus a 60-day period from when it ends, persons who have been terminated from their jobs or are unable to make due premium payments online can defer these outlays. This applies to “general” (property and casualty) insurers as well as their life and health counterparts, who have essentially got what they wanted. Once the lockdown ends, clients must either pay the full amount of premium due or agree a payment plan with their underwriters during that 60-day period. Persons still working or with the means to pay, and who can do so remotely, are not covered and must continue to pay. The order also seeks to deal with what should happen if a claim is made during this period by persons who have not paid their due premium. It requires all insurers to honour the claim but deduct “the outstanding premiums and deductible” from what is paid out. Mr Ward said Bahamas First was studying the implications of this for motor vehicle claims, in particular, as general insurers relied on premium income to help fund claims payouts. He added that with fewer vehicles on the street amid the COVID-19 lockdown the

potential for accidents could be reduced. “More than the impact, how do we go about providing guidance to staff and business partners (agents and brokers) on how to execute the new order?” Mr Ward asked. Noting that it was a deferral, “rather than a complete bypass of the obligation to pay”, and that the money would become due at some stage, the Bahamas First chief encouraged consumers who can still afford to pay “not to take advantage of the situation”. Mr Saunders, meanwhile, said RoyalStar was able to “absorb these deferrals in the short and mediumterm” while reiterating the underwriter’s willingness to work with companies to ensure their assets are protected. “We understand that everyone is under severe economic stress at this time,” he added, “and RoyalStar will do as best it can for its customers but we also have to ensure we have adequate resources to insure their assets are protected. “We have a very delicate balancing act between ourselves and reinsurers to pay them on time. Yes, we understand the order and it’s going to have some impact on our cash flow, but RoyalStar is in a position in the short and medium term where we can absorb those deferrals at this time. “If they are involved in an accident we will honour their claim. Paying premium has nothing to do with a claim. Once we commit to holding coverage, we are holding coverage for that period the Government has asked us to. If you are involved in an accident, you have a fire in the home, you know you are covered as long as we are holding coverage.” Calling on persons who have lost their job due to COVID-19 to provide proof of this to their broker/agent, Mr Saunders said RoyalStar expected premiums to be paid or payment plans agreed during the 60-day post-lockdown period. “We will do whatever is necessary within reason for the client,” the RoyalStar chief added. “We’ve been with them through 10 hurricanes and now have Hurricane COVID. We will stick with our clients as long as they stand by us.”

‘No rebound for six months’ FROM PAGE ONE confident we won’t see any rebound in the economy within six months. It will be longer than that. Hopefully between now and the end of summer we will see it bottoming.” Mr Bowe said he had disagreed with the Central Bank’s initial focus on industry-wide three-month loan repayment deferrals since this potentially gave the impression that the COVID-19 crisis would be over within that period. “Certainly, my disagreement was that we don’t know if it will last for that period of time, and it was giving the impression we’d be back to normal in three months,” he added. “While local elements of the economy would open up, we’re not thinking it will be three months, six months with tourism as confidence has to be restored in our primary market, the US.” The Fidelity executive added that it was impossible to predict the behaviour patterns of US tourists post-COVID-19, and their willingness to get on commercial airlines and cruise ships and travel to The Bahamas once again. He suggested that, in the short-term at least, many Americans could instead elect to stay at home and “drive to the beaches in Florida” due to ongoing health concerns. “The best we can do now is keep focused on developing various scenarios and plans, which I think the Ministry of Finance is working on,” he added. “This one, it’s fair to say, is not going to be a government-driven stimulus in The Bahamas. “It’s going to have to be a public-private partnership using built-up savings and assets in The Bahamas with some government participation to structure it. We have to look at how, as a private sector and investor nation, we can put the recovery together.

The government has its constraints. It’s going to have to be very methodical, and everyone is going to have to participate in it.” Mr Bowe said the full impact of the COVID-19 temporary lay-offs on the ability of borrowers to meet their loan repayments will start to come through by the beginning of May. He described March as “a mirage” given that most companies’ payroll had already gone through to carry employees’ to the end of the month prior to the national lockdown’s imposition. “The numbers are going to start to pick up,” he told Tribune Business. “We’re in the middle of seeing the first persons applying, and what we’ve been spending time on is financial coaching and understanding their needs and requirements, and engaging with the customer. “We’ve had a number of requests for extensions that are being considered on a case-by-case basis, and I imagine between now and government pay day we’ll see more of them coming in. It’s been a full four weeks; the tourism industry has effectively been off for one month. “It’s a long journey and we can’t get ahead of ourselves now, and prohibit ourselves, from doing things down the road,” Mr Bowe added. “In reality, March for most people, the payroll had already gone through. March is not a good indicator, and we won’t know until the first week of May how much of these are ‘normal’ extension requests. “We’re in the first month but I’d call it a mirage because it did not look problematic even at that time. It will ultimately be this month, April, when financial institutions see the first wave. We have to be careful that we don’t do something now that fails to reflect this may run for the long-term.”

THE TRIBUNE

Thursday, April 23, 2020, PAGE 7

Farmers see ‘quadrupling’ of interest FROM PAGE ONE

inspire the farmers to do the best jobs they can at this point, and is working behind the scenes to put some far behind it and get it going. “It’s extremely urgent. Some countries are saying they are not shipping outside their borders at this particular time, and as a result of that we might not be able to get certain items from outside. We have to produce ourselves. The farmers are really excited. This is one of those times when they are really busy and the populace is realising the value. “A lot of them are coming down to Down to Earth Adventure Farms looking

for seedlings to start their own gardens,” Ms Shepherd added. “The populace is realising the value of being able to produce a few of their own every day items, and are starting to value the expertise of the farmers. “I would say all this has at least quadrupled the interest of the majority of persons coming and purchasing fresh produce and getting backyard gardens going. We’re having a significant increase in that area. That’s very encouraging.” Ms Shepherd said the Agro Entrepreneurs Group had continued to press forward with their plans for developing greenhouses and grow houses that will enable

year-round crop production in The Bahamas, adding that it hoped to have “something in hand by the end of this week” in terms of a concrete proposal following a series of video conferences with its Israeli coalition partners. “I tend to say that in every crisis there’s an opportunity, but it’s also time for innovation,” she added. “That’s where we’re at. All the farmers are stepping up their game. Even though the summer is coming they’re still planting and growing to see how much produce comes out. It’s sad it’s taken a pandemic event for the populace to understand the value.”

Escape virus crisis through ‘currency swap’ FROM PAGE ONE

into similar arrangements with the Federal Reserve. Such a currency swap would involve the Federal Reserve giving $4bn US dollars to the Central Bank of the Bahamas, and the Central Bank of the Bahamas giving B$4bn to the Federal Reserve. “This, plus the US$2bn in reserves that are currently sitting in the Central Bank, would be sufficient to fund the entire recovery plan over the course of one year while maintaining the required peg reserves at $750m.” Dr Rodgers said the Bahamian dollars required for the currency swap

could take the form of the digital Bahamian dollar, known as Sand Dollars, or a Bahamian sovereign bond carrying a zero interest rate could be issued to raise funds for the swap. “Of the three options, the Sand Dollar would be the simplest and least expensive,” he argued. “Furthermore, the US dollars received in the swap would be used for infrastructure projects, which would ultimately result in an increase in GDP in future years and a corresponding reduction in the debt-to-GDP ratio. “In the aftermath of the crisis, the $4bn in Bahamian dollars that the Federal Reserve would have received as part of the

swap arrangement would be used to invest in Bahamian assets such as Bahamasair, BPL and Water and Sewerage. The sale of these assets could be structured in such a way that all Bahamians would have a chance to have an equity position in them. “At the end of the day, everyone would win as all of these privatised entities would be more efficiently managed. There would be a reduction in the cost of utilities, and government would no longer have to waste millions of dollars annually in subsidies, while Bahamian equity shareholders would receive dividends on their investments.” See Page 2B for full article

To advertise in The Tribune, contact 502-2394 CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY

he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned. YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides. Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property. This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home. We look forward to your continued support in this worthwhile endeavour.

Most Eleuthera firms suffer 90% drop-off FROM PAGE ONE industry shutdown, he added, with the closure of nearby cruise ship private islands putting some 200 Bahamians out of work. “I’ve been advised that Princess Cays and Half Moon Cay have been closed, which has resulted in the laying-off of over 200 workers,” the Eleuthera Chamber chief added. “Also, all of the other on-island projects have halted, so this has negatively impacted household incomes. “I believe that prior to COVID-19, our economy was on the brink of recovery. With the decline in business activity, the loss of so many jobs, and the halting of several major projects, the future seems pretty uncertain.” However, Mr Sands said the government was onpoint with its decision to re-open the construction industry and building materials/hardware stores across all Family Islands first. “We believe that there is tremendous potential for restarting the economy in that sector,” he added. “One of our board members, who owns a business in the construction industry, noted that some of his international clients are still interested in funding their projects. This is encouraging. I think that there is also an opportunity for the government to incentivise construction on the Family Islands by removing duty and VAT on building materials and finishings for the next 18-24 months. “This way, we would lower construction costs and Bahamians with means and an interest in building second homes on the Family Islands would be encouraged to do so. Additionally, one of the major construction challenges faced by contractors on the Family Islands is the ability to access construction equipment,” Mr Sands added.

“If the government could remove the duty and VAT on construction equipment for a period of time, we would be able to further bolster our construction industry. This effort to lower the cost should also allow local hardware stores to extend lower price points to the average Bahamian, who must continue to maintain or improve their personal surroundings and business infrastructure as they reopen.” Mr Sands added that sectors connected to construction should not be ignored in any stimulus effort, and said: “As an added incentive to get persons investing in The Bahamas (and the Family Islands in particular), I believe that the government should remove VAT from real estate sales for 12 months. “Another one of our board members, who is a real estate agent on the island, noted that many of the real estate deals that were in the pipeline prior to the COVID-19 pandemic have been cancelled or put on hold. If we want to reignite interest, I believe that offering this tax break could really get persons (Bahamian and foreign) moving on closing those deals in the immediate term.” Noting how interconnected the Bahamian economy is, especially in the Family Islands, Mr Sands added: “As we continue to talk about whether or not to reopen Family Island businesses, I think that we need to consider getting to the place where we allow all on-island businesses to open because all of these businesses are interconnected. “It’s hard to open automobile parts businesses without allowing mechanics to operate. Similarly, it’s difficult for businesses with back offices to operate if they are unable to purchase paper and supplies for the stationery store. So, on Family Islands, consideration should be given

for all businesses to open so those living and working on the island can be properly serviced.” Many private sector observers have argued to Tribune Business that the government needs to give serious consideration to allowing Family Islands where COVID-19 has not been detected to fully reopen rather than impose a Nassau-centric approach throughout the country. However, Mr Sands said the feeling among the Eleuthera Chamber of Commerce’s Board was that The Bahamas needed to be careful when it came to opening up such islands to inter-island and international travel once again. “The Family Islands should be reopened cautiously. Specifically, we feel that before our borders are reopened, we need to have clear guidelines which set out how various business sectors should interact with the general public (and nonlocals) in the future,” he added. “We maintain that any opening of borders, even for inter-island travel, should be approached cautiously. It is felt that before we can begin to consider inter-island travel, specific guidelines related to the hotel, vacation rental and cruise sectors, and the airline sectors need to be developed. Unless there are clear parameters in place that safeguard both employees and visitors, we should not rush to open our borders.”

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

WEDNESDAY, 22 APRIL 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,138.11 | CHG: 0.28 | %CHG: 0.01 | YTD: -93.49 | YTD%: -4.19 BISX LISTED & TRADED SECURITIES

MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100

CIRCLE of FRIENDS Silver: $1,500 - $2,499 Gold: $2,500 - $4,999 Platinum: $5,000 plus

OPPORTUNITIES • • • •

Invitations to Ranfurly events Assist with fundraising events Involvement with special activities Adults are eligible to join the Board after three months • Stay in touch with Ranfurly through website and newsletters

BENEFITS

• Personal fulfillment in knowing you are impacting lives • Ranfurly children’s appreciation and positive response • Continued support provides stability and constant care

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 4.25 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 13.90

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) For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115

LAST CLOSE 3.55 17.43 6.00 6.68 2.10 1.62 2.97 11.26 6.00 4.04 6.01 2.91 4.90 9.16 8.15 14.15 8.97 4.00 15.20

CLOSE 3.55 17.43 6.00 6.68 2.10 1.62 2.97 11.26 6.00 4.04 6.01 2.88 4.90 9.53 8.15 14.15 8.97 4.00 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 0.37 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

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 22.0 42.9 28.2 10.5 14.8 11.2 17.3 9.6 19.7 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% 2.97% 0.00% 15.07% 1.22% 3.44% 2.94% 3.82% 2.23% 3.00% 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% 0.94% 3.72% -3.46% 2.09% -0.11% 3.43% -3.33% 1.53% -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-Mar-2020 31-Mar-2020 31-Mar-2020 31-Mar-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 1.85 1.76 1.24 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 1.61 1.75 1.70 1.14 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 1.79 1.75 1.16 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

THE TRIBUNE

Thursday, April 23, 2020, PAGE 9

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 92° F/33° C Low: 75° F/24° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

MONDAY

Partly sunny and breezy

Clouds breaking, breezy and humid

Clouds and sun; breezy

Periods of sun, a t‑storm in spots

Clouds and sun, a t‑storm possible

Sunshine and clouds

High: 86°

Low: 78°

High: 89° Low: 78°

High: 88° Low: 77°

High: 88° Low: 75°

High: 86° Low: 73°

AccuWeather RealFeel

90° F

81° F

97°-84° F

100°-81° F

98°-81° F

93°-71° F

High: 88° F/31° C Low: 77° F/25° 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: 82° F/28° C Low: 78° F/26° C

12‑25 knots

High: 88° F/31° C Low: 79° F/26° C

12‑25 knots

FT. LAUDERDALE

FREEPORT

High: 88° F/31° C Low: 81° F/27° C

W S

WEST PALM BEACH

uV inDex toDay

TONIGHT

High: 85° F/29° C Low: 79° F/26° C

MIAMI

High: 89° F/32° C Low: 82° F/28° C

10‑20 knots

KEY WEST

High: 87° F/31° C Low: 82° F/28° C

ELEUTHERA

NASSAU

High: 86° F/30° C Low: 78° F/26° C

High: 81° F/27° C Low: 78° F/26° C

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

8:52 a.m. 9:13 p.m.

2.4 2.8

2:58 a.m. 0.0 2:59 p.m. ‑0.1

Friday

9:28 a.m. 9:49 p.m.

2.4 2.8

3:36 a.m. 0.0 3:32 p.m. ‑0.1

Saturday

10:04 a.m. 10:26 p.m.

2.3 2.8

4:14 a.m. 4:07 p.m.

0.0 0.0

Sunday

10:42 a.m. 11:05 p.m.

2.2 2.8

4:53 a.m. 4:43 p.m.

0.1 0.0

Monday

11:22 a.m. 11:49 p.m.

2.1 2.8

5:35 a.m. 5:23 p.m.

0.2 0.1

Tuesday

12:09 p.m. ‑‑‑‑‑

2.1 ‑‑‑‑‑

6:22 a.m. 6:10 p.m.

0.3 0.2

Wednesday 12:39 a.m. 1:03 p.m.

2.7 2.0

7:14 a.m. 7:06 p.m.

0.4 0.3

sun anD moon Sunrise Sunset

6:40 a.m. 7:36 p.m.

Moonrise Moonset

7:10 a.m. 8:16 p.m.

First

Full

Last

New

Apr. 30

May 7

May 14

May 22

CAT ISLAND

High: 81° F/27° C Low: 77° F/25° C

12‑25 knots

12‑25 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 ................................................... 86° F/30° C Low .................................................... 76° F/24° C Normal high ....................................... 82° F/28° C Normal low ........................................ 70° F/21° C Last year’s high ................................. 80° F/27° C Last year’s low ................................... 70° F/21° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 2.91” Normal year to date ..................................... 5.87”

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

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 81° F/27° C Low: 77° F/25° C

High: 82° F/28° C Low: 78° F/26° C

High: 84° F/29° C Low: 79° F/26° C

W S

LONG ISLAND

tracking map

High: 82° F/28° C Low: 78° F/26° C

12‑25 knots

MAYAGUANA High: 83° F/28° C Low: 78° F/26° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 82° F/28° C Low: 79° F/26° C

High: 82° F/28° C Low: 78° F/26° C

GREAT INAGUA High: 86° F/30° C Low: 79° F/26° C

10‑20 knots

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

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

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

WAVES 3‑6 Feet 3‑6 Feet 2‑4 Feet 1‑3 Feet 3‑5 Feet 3‑5 Feet 2‑4 Feet 3‑5 Feet 3‑6 Feet 3‑5 Feet 3‑5 Feet 3‑5 Feet 1‑3 Feet 1‑3 Feet 2‑4 Feet 3‑5 Feet 2‑4 Feet 2‑4 Feet 3‑6 Feet 3‑6 Feet 2‑4 Feet 1‑3 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet

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502-2394

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

WATER TEMPS. 80° F 79° F 85° F 84° F 79° F 79° F 82° F 81° F 79° F 79° F 80° F 80° F 83° F 81° F 82° F 81° F 81° F 80° F 81° F 80° F 81° F 81° F 81° F 81° F 80° F 79° F