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THURSDAY, APRIL 30, 2020

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Water Corp’s ‘intolerable’ Auto dealer: ‘We cannot go woe eased in $69m save another month’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

HE Water & Sewerage Corporation is facing a greater-than 60 percent revenue slump just after being rescued from an “intolerable/emergency-like situation”, it was revealed yesterday. Desmond Bannister, minister of works, told Tribune Business that the state-owned water supplier has been plunged into another “real challenge” after the COVID-19 economic fall-out dropped April revenues from $5m to just $1.9m year-over-year. The 62 percent decline, which was exacerbated by the loss of many Abaco

• But now facing 60% revenue slump • From one ‘emergency situation’ to next • Water system losses cut below 2m gallons

DESMOND BANNISTER customers due to Hurricane Dorian, was also driven by New Providence revenues falling from $4.4m last year to just $1.8m as persons were either unable to pay or

elected to exploit the corporation’s “no disconnection” policy. And the Water & Sewerage Corporation would likely be in an even greater financial plight if not for some $68.7m in savings generated over the six-year period to 2018 by a project that plugged multiple leaks from its pipe distribution network, a report released yesterday revealed. The Inter-American Development Bank (IDB), in an assessment of the $83m financing it provided to address such water

losses - known as non-revenue water (NRW) - and other problems undermining the corporation’s sustainability said its woes had been reduced to “a manageable problem” just before the COVID-19 pandemic struck. The report, which has been seen by Tribune Business, discloses that water losses due to “leaks, breaks and overflows” from the corporation’s distribution systems had been slashed by 68 percent in the six years to

SEE PAGE 5

‘Failure to test is crippling economy’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE failure to aggressively ramp-up COVID-19 testing “is crippling the Bahamian economy” and its recovery prospects, a former Grand Bahama Port Authority (GBPA) attorney warned yesterday. Carey Leonard told Tribune Business that The Bahamas will “not get a grip” on the virus and be able to properly re-open its economy until it obtains sufficient testing data to determine how widespread the infection truly is. He added that the government’s seeming inability to expand COVID-19 testing meant the Bahamian economy will incur “more damage”, and face a more difficult path to recovery, than nations which

• Attorney: Only way ‘to get grip’ on COVID-19 • Frustration at slow pace ‘driving me up wall’ • Economy faces ‘more damage, longer recovery’

CAREY LEONARD implemented this process both early and aggressively. Revealing that frustration with this issue was “driving me up the wall”, Mr Leonard pointed to Iceland as an example that The Bahamas should copy. The north Atlantic nation, with

Retailer’s ‘hard call’ over Mall departure By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN retailer yesterday said it had made “the hard call” to end its 30-year presence at the Mall at Marathon after being placed “in an impossible position” by its landlord during lease renewal talks. Egan Kemp, president of Eunison Company, the Shoe Depot parent, told Tribune Business it would have been “imprudent and unwise” to extend the lease beyond today’s expiry in a post-COVID-19

environment because “all options given us” involved rental rate increases. Some of the Shoe Depot’s 50 employees were yesterday moving inventory and fixtures out of their soonto-be former Mall location, which will reduce the company’s outlets - at least for the moment - from two to three. “To be clear we have been Mall tenants since the very beginning in the late 1980s... growing from one bay into a three-bay single store of approximately

SEE PAGE 5

Central Bank halts Canadian bank dividends By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Central Bank of The Bahamas has suspended the granting of all exchange control approvals for the payment of dividends by the Canadian-owned commercial banks to their foreign parent. The move, which took “immediate effect” from March, will impact Royal Bank of Canada (RBC), BISX-listed CIBC FirstCaribbean International Bank, and Scotiabank as the Central Bank seemingly moves to safeguard The Bahamas’ foreign currency reserves.

“In light of the COVID19 pandemic and its expected negative impact on the Bahamian economy, the Central Bank has suspended - with immediate effect from March 2020 - all exchange control approvals for domestic bank dividends. This position will be periodically reviewed, with a view to determining a mediumterm position by September 2020,” the regulator said in its COVID-19 response guidelines. John Rolle, the Central Bank’s governor, did not respond to e-mailed

SEE PAGE 8

a 364,000-strong population that is similar in size to The Bahamas, found that 50 percent of some 47,000 COVID-19 positive tests came from persons who showed no symptoms of the virus. Pointing out that it was “much cheaper” to test than “shut the economy down”, Mr Leonard also queried why The Bahamas had not followed Bermuda and Barbados’ lead in purchasing the necessary kits from the Cayman Islands after the latter made a portion of its supplies available to its Caribbean counterparts. And he called on the

government to provide more “certainty” to Bahamian businesses by giving a timeline for when it is likely to proceed with the various phases in a six-phase plan for re-opening an economy that presently remains locked in “Phase 1A” or ground zero. While the prime minister on Monday declined to commit to any timetable for the economy’s reawakening, Mr Leonard urged the administration to give “definitive” statements so that companies can have confidence the end is in sight

SEE PAGE 4

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE auto industry “definitely cannot go another month” under the current lockdown conditions imposed on it, one dealer said yesterday, adding: “We cannot let the economy die.” Ben Albury, Bahamas Bus and Truck’s general manager, told Tribune Business that “responsible businesses” will be able to both enforce the necessary health and safety measures and re-open with minimal risk to staff and customers. Confirming that the present one-day per week opening for parts sales will not sustain the sector, he revealed that the Bahamas Motor Dealers Association (BMDA) and its members were awaiting “confirmation” that they can also restart the service element of their business. Pointing out that these two categories complemented each other, Mr Albury warned that the inability to service customer vehicles was creating situations where persons may have to rely on ‘bush mechanics’ to install parts in an environment where protocols such as social distancing may not be present. The Bahamas Bus and Truck executive added that one-day per week parts opening was also causing long queues where customers “pile up”, threatening social distancing measures. “I understand the need to open the economy safely, and I understand they’re [the government] feeling their way through this, but the smart thing to do at this stage is if we identify some

BEN ALBURY companies or services that should be open, let’s open them with fewer hours five days a week,” Mr Albury told this newspaper. “Offer curb side pick-up, delivery and social distancing. There’s a lot that can happen which can be done safely. I was very encouraged by the prime minister’s speech [on Monday] and I’m hoping that’s something that can be done sooner rather than later. I don’t think we can expect the government to prop the economy up like they’ve done in other countries.” With parts sales alone unable to sustain auto dealerships, Mr Albury said this segment of their business went hand-in-glove with vehicle servicing. “I can sell a part to Ms Jones, but if Ms Jones cannot install the alternator what’s she going to do?” he asked. “What’s she going to do? She’s going to go under the tree or someone will come to her home, and it may be more dangerous. “There will be social distancing and protocols at my facility. I have been told that we’re still waiting on confirmation that service is supposed to be open. Some places are offering oil changes and other things.

SEE PAGE 4

PAGE 2, Thursday, April 30, 2020

INTERNET COOKIES ARE A ‘DOUBLE-EDGED SWORD’

HETHER you are just a casual Internet user or make a living as a web developer, there are certain things about HTTP cookies that everyone should know, such as their purpose and its privacy. If you have used a web browser such as Chrome, Firefox, Internet Explorer or Safari, I am pretty sure you have probably picked up a few cookies along the way. Cookies are a necessary part of the way the Internet works, as well

as being a source of privacy concerns and security risks. For this reason, casual Internet users and developers have good reason to better understand how these tiny bits of data work. What are Internet cookies? Cookies typically function akin to “a web user’s identity card”. They store data relating to the user’s online browsing activities, such as registering on a website or using a shopping cart. Consequently, when the user returns to the same

THE TRIBUNE internet address, the website will automatically recognise the user because of the information stored by the cookie. How does it work? Ultimately, cookies are messages that Internet servers pass to a web browser when you visit Internet sites. Your browser stores each message in a small file, called cookie.txt. When another page from the server is requested, your browser sends the cookie back to the server. These details can include pages visited at the site, such as: What you did when you were on the site; how many times you visited the site; language preferences; the IP address of your device; and your login information etc.

This information enables websites to offer convenient logins and authentication. Are Internet Cookies bad? Cookies do not store personal information such as an e-mail address or phone number, and are not seen as a direct threat to privacy or security. However, they raise a host of indirect issues. Not all cookies are created equal. Super cookies, also known as flash or zombie cookies, are stored either online or in the user’s’ computer outside of the usual location in the web browser, which makes them difficult to detect or manage. Some present a bit of a doubleedged sword as they enable mission-critical website features while simultaneously

presenting a legitimate risk to website security and user privacy. Should I delete cookies? Only if you no longer want the computer to remember your internet browsing history. However, if you are using a public computer I recommend deleting cookies when you have finished browsing. Furthermore, if you delete cookies, the entire history of your web browsing experience will be lost and any websites that you were logged into will not recognise you. Cookies are files that can be deleted, and you may not want to block them, as it can limit the quality of your internet experience. Moreover, browsers can be set to ask your permission before accepting a cookie and only from trusted websites. They operate in the background, so they are not likely to cause much obvious trouble, but if you are deleting cookies you will also probably want to clear your browser’s cache. Does clearing history remove everything? No. The administrator of your network or IT Department will be able to view all your browser history. This means that they can view and retain almost every web page you have visited. Clearing your browser history is NOT the same as clearing your Google and App activity history. When your browser history is cleared, you are only deleting the history that is locally stored on your computer. Likewise, clearing your browser history does not do anything to the data stored on Google’s servers. In conclusion, cookies are not going anywhere any time soon, as they are an integral part of the modern Internet when it comes

AIRBNB: VACATION RENTAL BOOKINGS REMAIN STRONG AIRBNB will in May launch an initiative designed to give hosts educational information and two options for providing guests with accommodation according to improved health and cleaning measures. The vacation rental platform said these standards were based on US Centres for Disease Control and Prevention (CDC) guidelines; the work of former US surgeon-general, Dr Vivek Murthy; and companies in the hospitality and medical hygiene industries. Explaining that guests will be able to identify and book accommodation included in the programme, Airbnb said it is focusing on enhanced procedures and guidance for cleaning clean every room in a home. It plans to develop a learning and certification programme to empower hosts, noting that 94 percent of all Airbnb reviews to-date show guests are satisfied with cleaning, scoring it at four or five stars after their stays. The advanced cleaning standards will include information on COVID-19 prevention, such as a wait period before entering; use of personal protective equipment, such as masks and gloves; and disinfectants and sanitisers that are approved by regulatory authorities. Airbnb pledged to make these standards available to all hosts. As an alternative, the vacation rental facilitator said hosts can opt into a new feature that creates a vacancy period between stays. Through its platform, hosts can commit to keeping their home empty for a set period in between stays, with no activity other than cleaning. Reservations will be automatically blocked during that time frame, currently set at

The Art of Graphix BY DEIDRE M BASTIAN

to remembering information about websites. There is really no way around them. They are designed to make user interaction with the Internet easier and faster. More importantly, by educating yourself about how cookies work, be prepared to take advantage of the benefits but protect yourself against the inherent risks. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game. NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT THE COLUMNIST: Deidre M. Bastian is a professionallytrained graphic designer/ marketing co-ordinator and certified life coach with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas. 72 hours. This option takes into account that some hosts may not be able to commit to certification or source necessary products, but should still observe CDC recommendations and other national health authority guidance. Airbnb said this concept was first conceived for its Frontline Stays project, through which hosts have offered over 200,000 places for medical workers and first responders around the world. “As a society, we need to observe the physical distancing recommendations made by public health officials while finding ways to preserve and strengthen human connection. I’m looking forward to helping the Airbnb community as it develops a health and science-based approach for safe travel lodging and experiences,” said Dr Murthy. “These approaches will continue to evolve as our knowledge and understanding of COVID-19 grows.” Greg Greeley, president of homes at Airbnb, added: “Homes have become a place of shelter, and the future of travel will also rely on a new comfort zone, with the privacy and benefits of a home away from home without crowds or high turnovers. “We are working with leading experts in health and hygiene so that our community’s trademark hospitality can incorporate official guidance and fulfill new personal preferences, with hosts and guests uniting to offer, manage and enjoy cleaner accommodations.” Airbnb said a recent survey showed its hosts remained committed to the vacation rental industry. Some 92 percent said they plan to host as often as before, or more often, once the pandemic is over. As of late March 2020, Airbnb booking data reflected that the number of reservations beginning at least six months out was greater in comparison to the same time last year.

THE TRIBUNE

Thursday, April 30, 2020, PAGE 3

‘Critical’ to extend Dorian tax breaks By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net ABACO’S Chamber of Commerce president yesterday said it was “absolutely critical” for the government to extend the Hurricane Dorian tax breaks due to expire on June 30. Ken Hutton told Tribune Business: It is critical we extend it. Absolutely critical. The main reason is that a lot of the work that’s being done has been severely hampered by the evacuation by all of the NGOs (non-governmental organisations), so that work has been stalled. “Abaco is certainly not in a position to continue regular economic activity. Central Abaco does not have power or water

KEN HUTTON still. There are very, very few operational businesses right now. People are still trying to finish getting their homes in some livable condition. I would hope that the order is extended further.” K Peter Turnquest, deputy prime minister, said the issue of whether to extend the Disaster Reconstruction Authority (Special Economic Recovery Zone) Order, and its multiple tax breaks, will likely be dealt

with in the upcoming 20202021 Budget that is due to be presented on May 2027. The order effectively transformed Abaco and Grand Bahama into a VATfree zone for six to seven months, with imported goods and materials treated as zero-rated. Customs duties and excise tax was also waived, as were business licence fees provided certain conditions were met. Real property tax breaks, and discounts to VAT payable on property sales, are also on offer. Told of Mr Turnquest’s response, Mr Hutton told Tribune Business: “The minister is a pretty sharp guy, and it’s pretty obvious that Abaco is still in dire straits and needs all of the help it can get at least for the foreseeable future.”

Blanco hopes sanitiser available in-store today By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN manufacturer is hoping its newly-produced hand sanitizer will be available to consumers either today or Friday through the major food stores. Roman Knowles, Blanco Bleach’s sales manager, said yesterday: “We are currently distributing to the major grocery stores, and we are going through Bahamas Medical and Surgical Supplies to get it out to the clinics, the hospitals and any of the government agencies that would need it to fight the disease (COVID-19).” “The stores that are expected to have the Blanco Bleach hand sanitisers by today or Friday are Super Value, all of the Solomon’s

Fresh Market and Cost Right stores, and all of the Budget Meat Marts.” Describing the product, which was created in response to the pandemic, Mr Knowles explained: “It is basically a chlorine-based solution that is a disinfectant. It has trace amounts of bleach in it, which is about 20 millilitres per litre of the 5.75 hypochlorite solution, and then it has a lavender fragrance. It’s like Blanco Bleach with less concentration, so all of the ingredients are already approved. It’s what’s in our bleach right now.” He added that Blanco Bleach had yet to receive written authorisation to market their hand sanitiser from The Bahamas Bureau of Standards and Quality, but said that body had received a sample through one of its board members.

Mr Knowles added: “We are only doing small runs because we are having to label by hand, but as soon as we get it off of the line basically they are sold out. We’re only doing one run and we have sold already to go out today. It will be 11,000 bottles, and since we have started we have done 17,000 bottles.” A “run” is equivalent to 1,000 cases, and a case has twelve 32-ounce bottles per case. A “run” also depends on the labelling materials they have at hand. Blanco Bleach is currently sourcing the labels from Bahamian sign companies. “Hopefully we can get it to a production level at 5,000 cases per run, and get it out to all of the major food stores, wholesalers and all of the Family Islands,” said Mr Knowles.

Food retailers fear May sales plunge By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMIAN food retailers yesterday said they fear May sales will drop as temporarily laid-off persons and others run out of savings and other income that has sustained demand to-date. Bradley Rolle, Centreville Food Market’s general manager, told Tribune Business: “It did slow down a bit and that is a scary thing, because I’m wondering now if people have run out of money. I think a lot of people, during that shopping panic spree, ended up overspending. It is tapering off so much now you are wondering if people are running out of money.” The government’s monthend Tuesday pay day had boosted business this week, Mr Rolle adding: “We had a little crowd, but when this is done now we will have to see what happens after the first lockdown weekend for May. When Monday comes we will see what happens, because we will miss that two-week pay cycle from

the hotel workers.” Atwell Ferguson, Golden Gates Supermarket’s general manager, added: “Well, I guess everything is starting to normalise now since it will be the same routine every week. The only way things would change is if the prime minister makes a quick, drastic change and the people start to panic, but it looks like people are starting to adjust to this time now so everything has basically settled down.” Responding to concerns from other food retailers that consumer spending may be decreasing, Mr Fergsuon added: “Yes. I have seen that. That is true. People have started scrapping now. They were getting trolley loads of stuff, but people aren’t using any trolleys now. “They are just getting the necessities and are not getting the extra stuff like cookies and snacks. Now it’s less and everyone is watching their pockets now. I guess they weren’t expecting it to be this long, and I think the longer it gets like they said, come May 30 it is going to really be hard on

the people.” Mr Ferguson said he was being cautious over his projected May sales. “I haven’t seen it yet. When I say cashflow hit, as far as the big spending it has gone down, but as far as the normal sales we were getting before this, the sales have gone up,” he added. “So it hasn’t come down to where it was before, so the sales are still up, but not as high as it was when the panic set in. We are getting there but it isn’t there yet.”

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Royal Caribbean targets June for cruise re-start By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net ROYAL Caribbean yesterday became the latest cruise line to target a midJune restart despite no indication being given as to when The Bahamas’ borders will re-open. The cruise industry giant updated its website to state it has pushed back the target date to resume sailing from May 12 to June 12 despite Renward Wells, minister of transport, asserting that only the government - through the Prime Minister’s Office can determine when these vessels can return. A Royal Caribbean spokesman was guarded in his response to Mr Wells’ comments, saying via e-mail: “I can tell you that we are working with government and health officials to determine the best options for everyone. The safety of our guests, crew and our great partners who work with us in the Caribbean are our top priority.” Meanwhile, a representative for Bahamas Paradise Cruise Line (BPCL) told Tribune Business it still intends to resume sailing to The Bahamas on June 13 when informed of Mr Wells’ comments. They said: “Bahamas Paradise Cruise Line’s plans to resume sailings on June 13

RENWARD WELLS are aligned with many other ocean cruise lines, and fall within the CDC’s (US Centres for Disease Control and Prevention’s) most recent guidelines. “We continue closely monitoring the fluid situation surrounding COVID-19, and are prepared to make any required changes to our sailing schedule as things continue to evolve.” Mr Wells, though, seemingly put the brakes on Bahamas Paradise Cruise Line’s planned resumption of voyages to The Bahamas in mid-June by saying only the Competent Authority - meaning the Prime Minister’s Office - could decide when this will take place because the country’s borders remain closed. He said: “As you know, the Competent Authority under the emergency orders is the entity that is making those decisions. There have been requests from a number of cruise lines as to whether or not they

can resume services. The government of the country is looking as to what time that can happen, but it is not going to happen before we actually open up the economy.” Bahamas Paradise Cruise Line announced on Monday that the Grand Celebration will resume cruises to The Bahamas on June 13, and the Grand Classica on July 10. However, the tourism industry’s reopening - together with The Bahamas’ borders - is only scheduled to occur in the sixth and final phase of the economy’s re-opening. The Bahamas is currently in the first phase, meaning that the resumption of cruise tourism appears a long way off. Mr Wells added: “They may like to resume in June. Obviously, as the prime minister constantly says, we’re going be guided by the medical professionals as to whether or not we’re going, and when we’re going, to open the economy.”

PAGE 4, Thursday, April 30, 2020

THE TRIBUNE

GB UTILITY MAKES PROGRESS ON RESTORING WATER SUPPLY GRAND Bahama’s water supplier has provided several communities with a timely “shot in the arm” by restoring services amid the COVID-19 pandemic. Grand Bahama Utility Company (GBUC) confirmed that it has restored potable water supplies to Lewis Yard, Mac Town, Pinder’s Point, Sunrise Subdivision, Wellington Heights and South Bahamia subdivision after services were interrupted following Hurricane Dorian. Water to these communities has been confirmed as potable by the the Grand Bahama Port Authority’s (GBPA) environmental department, the utility’s regulator, and the results were also provided to the Government’s Department of Environmental Health. “The residents of Lewis Yard, Mac Town, Pinder’s Point, Sunrise Subdivision, Wellington Heights and South Bahamia now have

PHILCHER GRANT at-home access to safe, clean, drinking water,” said Iram Lewis, minister of state for disaster preparedness, management and reconstruction. “The restoration of this essential service has been a shot-in-the-arm for residents, especially in the face of the COVID-19 pandemic. I wish to commend GB Utility for their unwavering efforts to return potable water to all.” “We will continue to

GB Utility crew hard at work in the field. provide updates as areas are validated for potable status,” added Philcher Grant, the GBPA’s director of group corporate affairs and government relations. While work progresses, the utility continues to provide drinking water free of charge from

20 water distribution sites island-wide. “We have ensured that water distribution sites remain open during this time,” said Geron Turnquest, GB Utility’s general manager. “Each site is following the necessary sanitary protocols to safely

provide water to the general public, and we ask that visitors to the sites adhere to the protocols, display respectful and orderly conduct, and practice social distancing as required by the Government Emergency Order COVID-19.” “Despite the challenges

brought by the pandemic, GB Utility has progressed its two-step plan to deliver potable water island-wide,” added Ms Grant. “Over the next several weeks, residents in numerous areas, including East Sunrise Highway, will see the ongoing installation of new wells.” Besides the drilling of new potable wells, the utility has undertaken repairs to existing ones during this restoration process. “In non-potable areas, we continue to provide a reliable city water service at good pressure for effective handwashing and sanitising, and all domestic and other uses other than cooking and consumption,” Mr Turnquest added. GB Utility said it is already putting hurricane contingencies in place, such as new back-up generators, an extra booster station and a standby reverse osmosis system.

‘Failure to test is crippling economy’ FROM PAGE ONE

and tackle ongoing expenses such as payroll, utilities, rent and debt payments accordingly. “The failure to test is crippling the economy,” Mr Leonard told this newspaper. “It’s still very slow until they get the testing going. I look at Iceland, which has a population of 364,000 people. They’ve done around 47,000 tests.

They were able to do that because they started testing early and have tested aggressively. “They found that 50 percent of COVID-19 cases were people that didn’t know they had it. They were able to isolate people early, and found a lot of asymptomatic people early. The problem for us is can we open up unless we have a grip on the COVID-19 situation. We can’t open up

unless we very aggressively test, and I would expect us to do 40,000 to 50,000 tests. “As a country involved in tourism our ability to test is important and we have to set it up properly. Quite frankly, had we had testing in place we could have been open earlier.” In contrast to Iceland, Ministry of Health data shows around 1,100 to 1,200 COVID-19 tests had been performed by the start of this week. Testing ramping up over the past weekend as healthcare workers were checked for exposure to the virus following an incident where a Sandilands patient infected several others when they were admitted to Princess Margaret Hospital (PMH). The data showed that The Bahamas had tested 250 persons out of every 100,000 of its population as at April 25, 2020. While this rate was higher than Jamaica and Trinidad & Tobago’s, it lagged the likes of Barbados and Panama who are at 463 and 563, respectively. Dr Duane Sands, minister of health, admitted The Bahamas was challenged to expand COVID-19 testing to anyone requesting it due to limitations on the availability of testing kits and swabs amid intense global demand/competition for these products and devices.

He added that the country currently possesses some 4,000 RT PCR test kits, which determine whether someone is positive or negative for COVID-19, as well as 1,100 swabs. Dr Sands said The Bahamas was exploring several avenues to expand its swab inventory. Mr Leonard, meanwhile, said the contrasting experiences of the UK and Germany exposed the price to be paid in human and financial terms if nations “don’t get a grip” on how widespread COVID-19 infections were. He added that Germany, which was aggressive and early with its testing, todate has suffered 20,000 less deaths than the UK despite both having a similar number of cases. The UK, with a 300 percent higher mortality rate, now faces having to keep its economy shut down for another four to six weeks until it gets on top of COVID-19. Noting that South Korea and Singapore had also “caught it much earlier” through their focus on testing, Mr Leonard told Tribune Business: “I’m just frustrated. This whole thing about the testing drives me up the wall. “It’s far cheaper to buy test kits than shut your economy down, and you generate more revenue if

your economy is open. Why can’t we be like Iceland? I would want to know why we’ve done so few tests. Other countries that have done testing get a much better jump on it and have information that they are able to use to make much better decisions.” The Cayman Islands sold 35,000 test kits to Bermuda, and 20,000 to Barbados, and Mr Leonard questioned why The Bahamas did not seek to purchase a similar amount - especially since they were available at a cost price. “I’m aware of offers made for personal protective equipment (PPE) and test kits that were made to us,” he added, declining to give details. “The longer the government takes to get a grip on COVID-19, the longer it’s going to take us, and the more damage it’s going to do to the economy which means it’s going to be that much more difficult for the economy to recover. “Testing is critical. The sooner they get testing, the better the economy will be. The longer they hold back on the testing, the more it’s going to damage the economy.” While there were signs that the US and some European economies, as well as the airline and cruise ship industries, were attempting to stir into action by the mid-June/

early July time slot, Mr Leonard questioned whether The Bahamas - in its present state - “will be ready for them”. “If we haven’t done the testing we have a problem,” he added. “Other countries have to be satisfied we have COVID-19 under control. If they’re not satisfied we cannot open. No matter which way you look at it, it comes back to testing, testing and testing again. It’s the only way we’re going to open the economy. “There’s no reason why we can’t. I can’t see why we cannot test certain islands, set up protocols and get those economies moving and start the recovery. Give us some confidence that we can open up again. There’s got to be some timelines put in. The Government can put in timelines saying they’re subject to change depending on what they find. “They’ve got to make definitive statements. Businesses like certainty. If they move the timeline, at least we know we’re headed in the right direction. I’ve abided like everyone else with the lockdown, but now I feel like we’re wasting time by being locked down and being kept in this situation because they’ve not tested. We’ve got to get a move on.”

Auto dealer: ‘We cannot go another month’

they can do to keep the industry moving. “We saw an increase in business last year, and some had increased staffing levels. At Bahamas Bus and Truck we haven’t sent people to the National Insurance Board (NIB). We’re continuing to pay people and hope this will soon be over. We’re trying to be as sympathetic as we can to employees, but at some point we will have to make the tough decisions we don’t want to make.” He added: “The industry has been talking and discussing quite a lot among ourselves, coming up with a great number of ideas and strategies to protect employees and continue as best we can in the circumstances. “We’ve put those ideas forward to the Prime Minister in several letters and hopefully we get a favourable response. We appreciate the position the government is in, and that they are doing the best they can in the circumstances, but at the same time we don’t want to see the economy die. “We need to get things moving. I think the government understands that, and I think they’re trying for the same thing. I respect the position they’re in but we need to get together with the government, the stakeholders, and figure out as much as we can as safely as we can,” Mr Albury continued. “I think we can manage it in a way that is sensible. I worry that we haven’t seen the true effects of this. I believe responsible businesses will help to enforce this. It needs to be approached carefully, and I think it’s something that can be done successfully. If a business is not following the protocols the government can put proper measures in place to deal with that.”

FROM PAGE ONE We’re trying to get confirmation on that but believe it will be available very soon. “We have written letters as the BMDA and are just waiting for a response. It’s essential. There’s no other way to do it in my opinion. It’s great is someone needs wind shield wipers or a light bulb but a lot of vehicles need dealer computers to do diagnostics and realign things when brake pads are changed. I’m very optimistic something will be done.” Mr Albury added that the economic lockdown sparked by the COVID-19 pandemic had “levelled the auto industry just like it had many others”, with dealerships also unable to sell vehicles and reliant on a trickle of income from their parts segments. He argued that dealer showrooms were likely to be safer than food store queues, given that relatively few persons would be in them at any one time compared to the scores of people waiting to buy groceries in recent weeks. The volume of inquiries received suggest there is pentup demand from persons “between vehicles”, and the Bahamas Bus and Truck chief argued that opening vehicle sales would help keep money circulating in the Bahamian economy rather than leaking out via online purchases. “I know we definitely cannot go another month,” Mr Albury told Tribune Business. “A lot of these companies have only just started to turn a profit last year for the first time in many, many years. They continue to pay staff, taxes, and are doing all

THE TRIBUNE

Thursday, April 30, 2020, PAGE 5

Water Corp’s ‘intolerable’ woe eased in $69m save FROM PAGE ONE

2018. And losses for the 2019 first half fell to 1.99m imperial gallons per day - below the target set for the year. Describing the resulting cost savings as “significant”, the IDB said the reduction in system losses had rescued the water supplier from a financial crisis by ensuring more product reached its consumers to drive higher billings and revenues. Drawing on estimates from the contractor that carried out the repairs, the report said: “At the end of 2018, the cost savings due to reductions in system input volumes had already amounted to $31.5m, based on marginal production costs of $8.18 per 1,000 gallons. “The increase in revenue, compared to the baseline, amounted to $37.2m. Thus MIYA estimates that the total financial benefits added up to US$68.7m by 2018. Thus Water & Sewerage Corporation has moved from an intolerable/ emergency-like situation in 2012 to a manageable problem that requires good systems management.” Mr Bannister, who has ministerial responsibility for the corporation, yesterday acknowledged to this newspaper that the IDBfinanced project had “made a huge difference” to the corporation’s financial and operational sustainability. “I think the corporation would have been in a worse position financially without it,” the minister said. However, he quickly conceded that “there’s still huge challenges to be faced” with the most pressing difficulty being the fact that the Water & Sewerage Corporation continues to sell water at a price below the cost of production. The price paid by consumers has not increased for over two decades despite

ever-rising production costs, and Mr Bannister said this situation was making the corporation ever-more reliant on taxpayers to plug its financial holes while also depriving it of critical funds for capital works projects such as ensuring all over-thehill residents have access to water in their homes. He quickly pointed out, though, that an increase in consumer tariffs that have remained unchanged since 1999 is not being considered by the government at this time given that it would further burden already-stressed Bahamians dealing with job and income losses amid the COVID-18 fall-out. “The main challenge is looking at the tariff issue,” Mr Bannister told Tribune Business. “We have a corporation that continues to exist off [taxpayer] subsidies. The government subsidises Water & Sewerage Corporation to the tune of $25m a year. We continue to provide everyone with water at less than the cost of producing water. “When you do something like that you can never advance. There are plans to bring water into area of over-the-hill where people don’t have running water in their homes. Can you imagine that in this day people do not have running water in their homes? “Water & Sewerage will never be able to engage in those capital works unless we find a way to deal with the tariff situation and make the production of water pay for itself.” The IDB report also warned that the gains from the non-revenue water loss reduction initiative could be endangered if the corporation’s tariff pricing conundrum is not swiftly addressed, as this will continue to undermine its financial sustainability and independence. The multilateral lender

Retailer’s ‘hard call’ over Mall departure FROM PAGE ONE

4,221 square feet,” Mr Kemp said in e-mailed responses to this newspaper’s questions. “Unfortunately, the Mall has put us in an impossible position. “Our existing lease expires on April 30 [today]. Our discussions on lease renewal were not successful. We expected that the landlord would take a ‘tenant retention’ approach and factor in the current COVID-19 climate and the dire economic reality of the next several months/years to offer some measure of compromise. “However, we felt their final offers were not reasonable and instead included periodic increases, while only offering discretionary abatement on a month-to-month basis at their sole discretion, and without any legal protection in the lease itself during the crisis,” he added. “In planning for business into the future, and anticipating the reality of a COVID-19 impacted world, it would be imprudent and unwise to sign a long or short-term lease at the same pre-COVID-19 rent and which also includes increases like this. So, we made the hard call not to renew the lease, which means closing the store.” Speaking to Tribune Business subsequently, Mr Kemp added: “All options given by the Mall involved only increases. If I didn’t take a short or long-term increase, they would charge us 20 percent. How do you sit and conduct your business when we’re in this state right now?” He added that Shoe Depot had been given just a week to move all its stock and chattels, and said: “If we failed to do so, [they] would invoke at least a 20 percent or more surcharge on monthly rent thereafter. “We aren’t even allowed to rally our employees and go and move out at this time without the express written permission from the Commissioner of Police, given the current curfew emergency orders. So that has added a

lot of extra, and what we consider, unnecessary, stress for us all.” Mr Kemp said the COVID19 lockdown had forced the retailer to temporarily layoff non-essential staff, but workers had encountered problems in obtaining the relevant unemployment benefits from the National Insurance Board (NIB) despite the company being current with contributions. “Every business person I have spoken to and asked the question of has said none of their employees have yet received NIB. Half a dozen said that,” he told Tribune Business. “As far as we know, none of our employees have received NIB payments, so we have offered a week of owed vacation advanced pay to anyone who wanted it now instead. Unfortunately, the instructions that NIB released stating that a letter in place of a B-80 could be submitted appear to have not been accurate and this may have caused a delay in NIB’s processing. “It has been very difficult reaching anyone at NIB but I can appreciate the overwhelming volume of applications at this time and the efforts made to prevent fraudulent claims. After many hours of calling and messaging we were able to finally track down an NIB representative that was able to assist us, so many thanks to that person. “However, it is disappointing that NIB requests greatly detailed information from us for each employee, all of which NIB already has in their system. So, this inefficiency and delay is a major frustration for us and our colleagues.” Acknowledging that COVID-19 will likely linger for some time to come, Mr Kemp added: “The government should be just as focused on finding ways to get every single business open as quickly as possible as it is on stopping the spread of the virus. “This virus could be with us for months, years or forever, similar to the flu, so the government should be focused

said continued government control, coupled with the absence of an independent regulator for the sector, “creates unfavourable conditions that could result in further delays in tariff adjustments, with deleterious effects on the Water & Sewerage Corporation’s revenues, and inadequate signals to customers on the real costs of drinking water provision. “The current tariff regime has not been adjusted since 1999 in spite of the increases in the costs of production and distribution. The need for yearly government transfers, to offset low revenues, decreases Water & Sewerage Corporation’s necessary autonomy and readiness to address operational and administrative challenges in a timely and effective manner.” Mr Bannister, emphasising that no increase in water tariffs is imminent, said: “It’s not something that the government is considering. It’s not a matter before us at all, but these are the kinds of serious issues that at some stage have to be addressed. They’re not being considered now.” Confirming that the water utility is now feeling the full effects of COVID-19, the minister added: “I was just looking at some figures today. Last year April they would have collected a little over $5m. This year April, they’re at $1.9m. “For New Providence, where last year April they collected $4.4m, this year they’re at $1.8m. It is also a huge challenge in the Family Islands. They would have collected over $600,000 last year, and this year they’ve collected $150,000. You can see when a corporation relies on the government to keep giving it a subsidy, and it’s income is down by that much, it’s a real challenge. They cannot exist.”

Caribbean Alliance Insurance Company Limited Bahamas Branch Operations Statement of Financial Position As of December 31, 2019

(expressed in Bahamian dollars)

2019 $

2018 $

Cash at bank Statutory deposit Due from agents Reinsurance assets Other assets Plant and equipment

871,399 1,078,897 81,053 2,516,086 3,083 −

360,736 1,049,844 181,762 403,619 3,083 1,162

Total assets

4,550,518

2,000,206

24,755 37,459 2,783,433

22,192 23,438 503,836

2,845,647

549,466

2,305,734 (600,863)

1,824,969 (374,229)

1,704,871

1,450,740

4,550,518

2,000,206

Assets

Liabilities Accrued liabilities Deferred policy acquisition benefits Insurance liabilities

Equity

on keeping us at work so we can feed, clothe and safeguard ourselves. The economy has been, and is, the pivot for our nation’s success. “Listening to and understanding the population’s realities is crucial at this time in order to step through this fiscal nightmare. As Bahamians, but especially for those who govern, there will have to be ‘outside-the-box’ thinking that is also practical.” Revealing that COVID19 has put paid to “some great growth opportunities” Shoe Depot had planned for 2020, Mr Kemp said: “We were extremely optimistic as to where our operations were headed, especially as the government had taken very real steps to finally allow footwear and apparel merchants (among other sectors) to import duty-free on these items. “That means we can price our products competitively against US retailers, particularly among our brands like Skechers where our prices are mostly dollar-for-dollar. Because the savings from duties are reflected in our prices, our customers see immediate savings. “And so we came into this year investing heavily in some great products and brands now that we can finally compete directly with US retail prices on here in Nassau, and our selection of merchandise has grown enormously. Just prior to emergency closure and even since, we have received some incredible shipments of product,” he continued. “So we have been very excited about our future and that of local retail, but with the borders closed, and forced closures of what the government considers to be non-essential business, for weeks and possibly months, things are likely never to be the same again. The government is having to react to something completely unknown, and at such a vast scale and so rapidly. “The pressures they face are enormous. However, I would have liked to seen the government take a more active role in helping minimise the risk to the economy, since the economy - whatever state it is left in - will have the primary impact on our nation’s well-being for years, not just months.” Mall at Marathon could not be reached for comment.

Head office account Accumulated deficit

Total liabilities and equity

The financial statements were authorised for issue by the Board of Directors on March 31, 2020 and were signed on its behalf by:

Caribbean Alliance Insurance Company Limited Bahamas Branch Operations

Statement of Comprehensive Operations For the year ended December 31, 2019 (expressed in Bahamian dollars)

Premium income Insurance premium revenue Insurance premium ceded to reinsurers

2019 $

2018 $

992,774 (925,432)

965,657 (877,134)

Net insurance premiums revenue Change in unearned premiums

67,342 (9,985)

88,523 4,873

Net premium income

57,357

93,396

Insurance benefits and claims Insurance claims and loss adjustment expenses Insurance claims and loss adjustment expenses recovered from reinsurers

(2,244,252)

(59,958)

2,057,513

(1,416)

Net insurance benefits and claims

(186,739)

(61,374)

Acquisition (expenses)/income Commission expense for the acquisition of insurance contracts Commissions on reinsurance premiums ceded

(146,884) 211,344

(132,021) 177,256

64,460

45,235

(64,922)

77,257

General and administrative expenses

(190,376)

(165,796)

Net underwriting loss

(255,298)

(88,539)

Finance income Interest income

28,664

24,361

Total finance income

28,664

24,361

(226,634)

(64,178)

Net acquisition income for insurance contracts Gross underwriting income

Net loss and total comprehensive loss for the year

Caribbean Alliance Insurance Company Limited Notes to Financial Statements December 31, 2019

(expressed in Eastern Caribbean dollars)

Basis of preparation These summary financial statements are derived from the audited financial statements of Caribbean Alliance Insurance Company Limited – Bahamas Branch Operations for the year ended December 31, 2019.

PAGE 8, Thursday, April 30, 2020

THE TRIBUNE

Tesla ekes out 1Q profit, Musk rails against virus measures DETROIT Associated Press TESLA reported that it eked out a first-quarter net profit yesterday and its CEO went on a rant about the legality of government stay-home orders issued to prevent the coronavirus from spreading. The electric car and solar panel company said it made $16m from January through March, its third-straight profitable quarter. But the company suspended its near-term profit outlook, and on a conference call, CEO Elon Musk railed against the orders, one of which is keeping his Fremont, California, assembly plant from reopening. “Forcibly imprisoning people in their homes is against all their constitutional rights,” Musk said. “People should be outraged.” An order in the sixcounty San Francisco Bay Area forced Tesla to close the plant starting March 23 to help prevent the virus’ spread, and it was extended until the end of May. Public health experts say the orders have reduced the number of new coronavirus cases nationwide. The virus causes mild or moderate symptoms for most people. But it has killed more than 60,000 people in the US, with the death toll rising. As other automakers move to reopen their US

TESLA’S ELON MUSK

factories, it’s unclear when Tesla will be able to restart production in Fremont. Musk called the plant closure a “serious risk”. The factory had recently begun cranking out Tesla’s new Model Y small SUV, which it said has been profitable early in its life cycle. It also appears the stayhome order may force Tesla to dial back its forecast produce more than 500,000 vehicles in 2020. The company didn’t give a new estimate and said it’s unclear how fast

parts makers can resume production. Shares of Tesla leaped nearly 9% in extended trading yesterday after the results were released. Tesla stock has more than doubled in value so far this year. Excluding one-time items, Tesla learned $1.24 per share. That easily beat Wall Street estimates of a 28-cent-per-share loss, according to FactSet. Revenue for the quarter was up 32% to $5.55bn, but it still missed Wall Street

expectations. The increase was aided by $354m from sales of electric vehicle credits to other automakers so they can meet government regulations. That’s a 63% increase from a year ago. Tesla said it is managing working capital and cutting non-critical spending as it deals with the coronavirus crisis. It also moved deliveries of its new electric semi from this year to next. “We believe we are well-positioned to manage near-term uncertainty while

Central Bank halts Canadian bank dividends

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FROM PAGE ONE

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

WEDNESDAY, 29 APRIL 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,135.06 | CHG: -3.05 | %CHG: -0.14 | YTD: -96.54 | YTD%: -4.33 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.75 2.60 2.00 5.47 12.77 6.17 4.50 10.30 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 1.89 0.67 2.00 10.21 5.60 3.75 5.41 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)

LAST CLOSE 3.55 17.43 6.00 6.68 1.89 1.62 2.99 11.26 6.00 4.01 6.01 3.09 4.90 9.99 8.15 14.15 8.97 4.10 15.20

CLOSE 3.55 17.43 6.00 6.68 1.89 1.62 2.99 11.26 6.00 4.02 6.01 3.16 4.90 10.09 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 0.01 0.00 0.07 0.00 0.10 0.00 0.00 0.00 -0.10 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 115

20,000 500

1,000

VOLUME

EPS$ 0.239 0.932 1.760 0.369 0.070 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.646 0.728 0.816 0.939 0.203 0.631

DIV$ 0.170 1.260 0.000 0.260 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.434 0.060 0.328 0.240 0.540 0.200 0.120 0.610

P/E 14.9 18.7 N/M 18.1 N/M N/M -6.8 15.6 13.4 21.8 42.9 31.0 10.5 15.6 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% 2.99% 0.00% 13.73% 1.22% 3.25% 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

achieving our long-term plans,” the company said in its quarterly investor letter. Musk also said Tesla will test the company’s full selfdriving feature by the end of the year, and he hopes to deploy the system with humans monitoring it in early 2021, depending on regulatory approval. Tesla reported strongerthan-expected first quarter global sales. It delivered 88,400 vehicles during the first three months of the year, a 40% increase from a year ago. That was aided by

production at its new factory in Shanghai. The first-quarter net profit was the first in its history for the seasonally weak quarter. Wall Street’s enthusiastic reaction to the first-quarter results puts Musk on the cusp of reaping a huge payday as part of a deal he struck with Tesla’s board two years ago. Musk agreed to forgo a salary in exchange for an incentive package that will award him bundles of stock options priced at $350.02 per share if he hits a series of targets for Tesla’s financial performance and market value. Having already reached the first set of goals for revenue and adjusted earnings, Tesla now only needs to average a market value of $100bn during a six-month period to trigger Musk’s option on 1.69 million shares and build up upon a fortune already estimated at $40bn by Forbes. Those options are currently worth about $890m, based on their exercise price and Tesla’s stock price of $871 in yesterday extended trading. If the stock trades on the same trajectory today, Tesla’s market value will have averaged about $99bn over the past six months, based on Associated Press calculations drawn from data provided by FactSet.

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

30-Sep-2019 30-Sep-2019 30-Sep-2019

questions sent by Tribune Business before press time last night. However, the prohibition on dividend payments by the foreign-owned banks to Caribbean and global headquarters could save millions of dollars in foreign exchange at a time when The Bahamas needs every cent it can get. The foreign currency reserves, which ultimately support the fixed exchange rate regime and one:one peg with the US dollar, are already projected to fall by $1bn during 2020 - effectively reducing them by 50 percent from their $2bn level at end-February 2020 with no tourism or other inflows coming in. Mr Rolle previously denied that restrictions limiting money transmission businesses to the conduct of

domestic transactions only was intended to help safeguard the foreign reserves. “The Central Bank takes a holistic approach to managing access to foreign exchange markets. Commercial banks are the conduits for foreign exchange passing through our financial system, including the supplies flowing through MTBs. The flexibility given to commercial banks, which has not changed, determines the access that all persons and businesses enjoy to foreign exchange,” he said then. The Central Bank’s guidelines, meanwhile, also ease the requirements for its bank and trust company licensees when it comes to the endApril 2020 deadline for filing their audited 2019 financial statements, with “reasonable” requests for extensions considered without the impositions of penalties.

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.

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

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

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

THE TRIBUNE

Thursday, April 30, 2020, PAGE 9

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THE TRIBUNE

Thursday, April 30, 2020, PAGE 11

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 80° F/27° C Low: 59° F/15° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

MONDAY

Partly sunny, a t‑storm in spots

Partly cloudy, a few showers

A blend of clouds and sun

Pleasant with plenty of sunshine

Mostly sunny and comfortable

Nice with plenty of sunshine

High: 86°

Low: 75°

High: 86° Low: 74°

High: 85° Low: 72°

High: 85° Low: 74°

AccuWeather RealFeel

93° F

77° F

95°-78° F

91°-72° F

92°-73° F

95°-75° F

High: 77° F/25° C Low: 64° F/18° 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: 76° F/24° C

8‑16 knots

High: 89° F/32° C Low: 64° F/18° C

8‑16 knots

FT. LAUDERDALE

FREEPORT

High: 87° F/31° C Low: 66° F/19° C

W S

WEST PALM BEACH

uV inDex toDay

TONIGHT

High: 85° F/29° C Low: 74° F/23° C

MIAMI

High: 88° F/31° C Low: 71° F/22° C

7‑14 knots

KEY WEST

High: 85° F/29° C Low: 77° F/25° C

ELEUTHERA

NASSAU

High: 86° F/30° C Low: 75° F/24° C

High: 83° F/28° C Low: 78° F/26° C

tiDes For nassau Low

Ht.(ft.)

Today

1:35 a.m. 2:05 p.m.

High

Ht.(ft.) 2.7 2.1

8:11 a.m. 8:10 p.m.

0.4 0.3

Friday

2:36 a.m. 3:11 p.m.

2.7 2.3

9:12 a.m. 9:19 p.m.

0.3 0.3

Saturday

3:39 a.m. 4:16 p.m.

2.8 2.5

10:11 a.m. 0.1 10:28 p.m. 0.1

Sunday

4:41 a.m. 5:17 p.m.

2.8 2.8

11:07 a.m. ‑0.1 11:32 p.m. ‑0.1

Monday

5:39 a.m. 6:13 p.m.

2.9 3.1

12:00 p.m. ‑0.4 ‑‑‑‑‑ ‑‑‑‑‑

Tuesday

6:34 a.m. 7:07 p.m.

2.9 3.3

12:32 a.m. ‑0.4 12:50 p.m. ‑0.7

Wednesday 7:27 a.m. 7:58 p.m.

3.0 3.5

1:29 a.m. ‑0.6 1:40 p.m. ‑0.9

sun anD moon Sunrise Sunset

6:35 a.m. 7:40 p.m.

Moonrise Moonset

12:41 p.m. 1:41 a.m.

First

Full

Last

New

Apr. 30

May 7

May 14

May 22

CAT ISLAND

High: 84° F/29° C Low: 77° F/25° C

6‑12 knots

7‑14 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 ................................................... 84° F/29° C Low .................................................... 75° F/24° C Normal high ....................................... 82° F/28° C Normal low ........................................ 70° F/21° C Last year’s high ................................. 88° F/31° C Last year’s low ................................... 68° F/20° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 5.98” Normal year to date ..................................... 6.28”

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

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 83° F/28° C Low: 77° F/25° C

High: 84° F/29° C Low: 78° F/26° C

High: 84° F/29° C Low: 76° F/24° C

W S

LONG ISLAND

tracking map

High: 84° F/29° C Low: 78° F/26° C

7‑14 knots

MAYAGUANA High: 84° F/29° C Low: 79° 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: 78° F/26° C

High: 83° F/28° C Low: 78° F/26° C

GREAT INAGUA High: 85° F/29° C Low: 79° F/26° 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: 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 8‑16 Knots WNW at 7‑14 Knots SE at 6‑12 Knots NNW at 6‑12 Knots SE at 7‑14 Knots S at 4‑8 Knots ESE at 8‑16 Knots SSE at 4‑8 Knots SSE at 7‑14 Knots SSW at 6‑12 Knots SE at 8‑16 Knots NW at 7‑14 Knots SE at 7‑14 Knots SW at 4‑8 Knots SE at 7‑14 Knots SSW at 4‑8 Knots SE at 7‑14 Knots S at 4‑8 Knots ESE at 8‑16 Knots SE at 6‑12 Knots SSE at 7‑14 Knots WSW at 4‑8 Knots SE at 7‑14 Knots SW at 4‑8 Knots SE at 7‑14 Knots SSW at 4‑8 Knots

WAVES 4‑8 Feet 3‑6 Feet 1‑2 Feet 0‑1 Feet 3‑5 Feet 2‑4 Feet 3‑5 Feet 2‑4 Feet 4‑7 Feet 3‑5 Feet 2‑4 Feet 1‑3 Feet 1‑2 Feet 0‑1 Feet 2‑4 Feet 2‑4 Feet 1‑3 Feet 1‑3 Feet 4‑6 Feet 4‑6 Feet 1‑3 Feet 1‑2 Feet 2‑4 Feet 1‑3 Feet 2‑4 Feet 1‑3 Feet

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502-2394

VISIBILITY 10 Miles 10 Miles 10 Miles 5 Miles 7 Miles 10 Miles 10 Miles 10 Miles 6 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 5 Miles 7 Miles 10 Miles

WATER TEMPS. 78° F 79° F 82° F 83° F 80° F 81° F 81° F 81° F 80° F 81° F 78° F 80° F 82° F 83° F 81° F 81° F 81° F 81° F 80° F 80° F 81° F 81° F 81° F 82° F 80° F 81° F