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MONDAY, MAY 18, 2020
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Debt cost fears on foreign borrowings
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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EARS have been raised that the government’s debt costs may double with any new COVID-19 foreign currency borrowings it undertakes as a result of unfavourable secondary market conditions. Tribune Business late last week obtained data showing that Bahamian dollar bond debt with various maturities, ranging from around five to 15 years, is being traded by investors at significant discounts compared to its “face value” at the time it was first issued. Potential purchasers of the government’s foreign currency debt are seeking discounts ranging from 21.25 percent to almost 28 percent, depending on the length of time until the bond principal has to be repaid, while sellers are willing to accept
• Investors demanding high returns, discounts • Concern Bahamas may have to pay double • Top Finance official: ‘In realm of speculation’
K PETER TURNQUEST
MARLON JOHNSON
discounts of anywhere from 17.5 percent to 25.5 percent. And, more significantly, the yields-to-maturity representing the returns investors are seeking - are all in the double digits, ranging from ten percent to a maximum of more than 13 percent. This, financial sector sources told this
newspaper, suggests that any new foreign currency borrowings will have to be priced at an 11-12 percent interest rate to ensure they are fully subscribed. Such interest rates, they pointed out, would be around double the 6 percent coupon attached to The Bahamas’ last $750m US
Atlantis chief sees ‘light at tunnel end’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
ATLANTIS’ top executive says there is “light at the end of the tunnel” as the Paradise Island mega resort targets the June 15 re-opening of its Royal Towers as the first stage in a phased return. Audrey Oswell, the property’s president and managing director, told its near-8,000 staff via a video message that those workers required for its “phase one” re-opening will be contacted within the next 45 days.
AUDREY OSWELL Reiterating that Atlantis and the Bahamian tourism industry remain in “uncharted waters” due to the COVID-19 pandemic, she added that it was
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Govt is urged: ‘Let Bahamians thrive’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE entrepreneur behind the proposed $2m restoration of Paradise Island’s lighthouse is urging the government to “get out the way and let all Bahamians thrive” in a bid to reboot the economy after COVID-19. Toby Smith, principal of Paradise Island Lighthouse & Beach Club Company, told Tribune Business that he and other Bahamian
entrepreneurs would no longer take rejection by the authorities given that their risk-taking and energy were critical ingredients that the economy needs now more than ever. “I don’t need an Economic Recovery Committee, I don’t need an economic recovery committee’s sub-committee. I need action, and we’re ready to go now,” Mr Smith said of a project that would create 40
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dollar borrowing that was placed in November 2017. The significance for Bahamian taxpayers, businesses and households is that they will potentially face being burdened with much higher debt servicing costs when the government moves to fill the financial and economic holes caused by COVID-19. The discounts and higher returns sought by international investors from The Bahamas’ US dollar sovereign debt also reflect the impact of Hurricane Dorian on the economy and the government’s finances, as well as the recent downgrade of this nation’s creditworthiness by Standard & Poor’s (S&P) and the threatened one by Moody’s.
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Cruise port enjoys $130m ‘monumental achievement’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net NASSAU Cruise Port’s top executive yesterday hailed the “monumental achievement” in beating its $130m capital raising target amid the economic turmoil created by the COVID-19 pandemic. Michael Maura told Tribune Business that the Prince George Wharf developer’s bond offering, which “exceeded” its fund-raising goal through being oversubscribed, had provided sufficient sufficient financing to “carry us” for 16 months of intensive capital upgrades to The Bahamas’ main gateway. He explained that this would include both demolition and marine works, the latter phase comprising construction of one new pier and extension of another, plus the reclamation of land that will be the site for the cruise port’’s food and beverage, retail and entertainment attractions. The $224m project’s main contractor, Enka, is scheduled to be setting up on-site in June and starting to “drive steel piles” for the new and expanded cruise ship piers by September
MICHAEL MAURA this year. Between those two dates, it will work on demolishing old, dilapidated structures on Prince George Wharf such as the old Customs warehouse. Mr Maura, meanwhile, argued that the success of Nassau Cruise Port’s funding drive had been made “more significant” by the non-participation of the National Insurance Board (NIB), a major player in previous Bahamian infrastructure project finance raising, which this time said it was unable to come in due to the focus on liquidating its overseas investments and meeting its COVID-19 obligations. Confirming that no financial contribution from its parent, Global Ports Holding, had been required to cover any bond offering shortfall, he added that
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PAGE 2, Monday, May 18, 2020
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EFORMS geared towards improving The Bahamas’ energy security are critical to building greater economic resilience and diversification. In the previous Island Insight column, I pointed out that tourism and other services-based industries are not ideal for long-term economic growth, and that exploring sectors which rely more on technology and innovation will be better for our development. The COVID-19 pandemic could continue to have crippling economic effects on small island developing states (SIDS) such as The Bahamas, especially since we are still faced with costly Hurricane Dorian-related repairs and the need to build climate change resilience. This points to the need to start applying the transformational changes discussed in the National Development Plan (NDP), especially when it comes to energy security. As consumers and business owners gradually embrace the phased reopening of the Bahamian economy, returning to the so-called “status quo” is not advisable in the short to medium-term. The COVID-19 pandemic continues to impact the global economy, although countries are now easing restrictions so their domestic economies can start to function. Going back to the way things were seems like an inane way
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ENERGY REFORM STILL UNTAPPED RESOURCE BY RODERICK A SIMMS II AN ADVOCATE FOR SUSTAINABLE FAMILY ISLAND GROWTH AND DEVELOPMENT RASII@ME.COM
for governments to operate moving forward. For Caribbean countries such as The Bahamas, recovery will likely not be as easy as hitting the “restart button”. COVID-19: An oil opportunity and lesson While COVID-19 caused major disruptions in supply chains, global demand for oil fell by about 29 million barrels per day compared to about 100 million one year ago (WEF 2020). A decrease in demand for oil left a large surplus of this commodity and, as a result, US crude oil prices at one point crashed below zero
and into negative territory. Many oil importing countries, where possible, stored large quantities of oil, taking advantage of the low prices. Bahamas Power & Light (BPL) stated its intent to take advantage of low oil prices by hedging its fuel supply. The idea is to generate future savings for the country’s hefty fuel bill, which hit almost $600m last year. As crude oil fell below zero, Bahamian consumers still questioned why prices did not decrease at their local gas stations. This is because a low price per barrel of crude oil does not necessarily translate to lower prices for a gallon of retail gasoline. The idea behind this is that crude is not always the best indicator to determine retail gasoline prices. Gasoline futures should also be examined in a standalone manner, but there is still a linkage between crude and gasoline futures. For instance, the price of gasoline is comprised of other determining factors such as contracts,
transportation costs and taxes. Therefore, the price at the pump is never likely to be zero. However, the sudden shock of US oil prices dropping below zero again highlights The Bahamas’ economic vulnerability to energy market volatility and the consequent lack of security. Economic diversification and energy A Caribbean Development Bank (CDB) Country Strategy Paper (2018-2022) on The Bahamas pointed out that the country is “overly-dependent”, relying on imported petroleum products to power about 99 percent of its economy. This alarming figure deserves more attention as it speaks to the need to diversify the economy and embrace greater energy efficiency/ sustainability. The report also points out that in the 2017-2018 budget presentation, energy was flagged as a key area to be addressed in order to achieve economic competitiveness. But have sufficient or, indeed, any steps been made towards achieving these goals? A main source of energy reform starts with the supplier, yet utility operators across the Caribbean are still struggling to mesh renewable energy with the traditional fossil fuel variety. However, this has not stopped countries such as The Bahamas, Jamaica, Cayman, Anguilla and others from launching solar projects in an effort
to achieve renewable energy goals. The Bahamas government’s National Energy Plan (NEP) aims for 30 percent of the nation’s power to be provided through renewable energy by 2030. The CDB noted that there needs to be an improved performance - both technical and financial - by BPL to achieve the targeted energy sector transformation. When increasing the use of renewable energy, consideration should also be given to that equipment being hurricane resilient. In the past, powerful storms have destroyed transmission and distribution systems, and they have the ability to do the same to renewable energy. A closer look should be taken at strengthening all energy systems in the event of natural disasters. More climate change resilient infrastructure is also needed. Circular economy: Electricity and waste One aspect of the environment and climate change that is often overlooked is the “circular economy”, which is a system that favours keeping materials in use and is designed to better manage waste from technology and energy sources. A recent Forbes’ article (Ollagnier, 2020) pointed out that there is “limited” talk about waste within the electricity industry, but adopting “circularity” could turn out
to be an opportunity worth “half a billion dollars”. The article states that a major circular economy impact stems from the electricity industry as providers shift towards renewable energy. This can be an opportunity for countries that rely heavily on fossil fuels, but have not found efficient ways to pivot from the waste associated with this commodity. Adopting this concept will require a “little-to-no-waste” mindset, which starts with businesses and small and mediumsized enterprises (SMEs). Although this trend has not taken off yet, it is still important to keep tracking and updating the NDP as developments are made in this regard. Conclusion The Bahamas needs to further reduce its dependence on petroleum by adopting at more sustainable energy options. It is important to understand that doing so requires more funding, resources and experts to manage the technical and regulatory frameworks that come along with this process. It is importat to raise awareness of how renewable energy will help to build a more resilient economy in an effort to lessen vulnerability to economic shocks caused by natural disasters or crises such as COVID-19. NB: Read NDP @ www. vision2040bahamas.org
Development Bank in digital loan execution
in mid-March, said it is executing loan documents electronically under the Electronic Communications And Transactions Act 2003. One of the lenders under the government’s $20m Business Continuity Loan initiative, the Bahamas Development Bank said applicants are able to receive and execute offer letters and agreements digitally given that the two sides are unable to meet face-to-face amid the ongoing pandemic. Dave Smith, the Bahamas Development Bank’s managing director, said COVID-19 said the pandemic had forced the institution to “bite
the bullet”. It made an immediate investment in technology to enable more than half its workforce work remotely from home. A recently-concludes Pulse Survey, which assessed the impact of COVID-19 on staff working conditions, found that Development Bank employees are welladjusted to working from home. Mr Smith said that post COVID-19 he institution will benefit substantially from its investment in technology, resulting in an improved operational environment and the ability to better meet client expectations.
THE Bahamas Development Bank says its investment in technology has paid-off by reducing the time taken to process COVID-19 emergency loan applications from small and mediumsized businesses. The state-owned institution, whose Cable Beach and Freeport locations have been closed since the nation-wide lockdown was implemented
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Monday, May 18, 2020, PAGE 3
Water Corp slashes debt to main supplier by $2m By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Water & Sewerage Corporation reduced the debt owed to its main BISX-listed supplier by almost $2m during April 2020 despite suffering a 61 percent revenue decline for the same month. Consolidated Water, which supplies the corporation with all the water sold to the latter’s New Providence customers, revealed in regulatory filings that the state-owned utility slashed the sum it owes from $17.8m at end-March 2020 to $16m at April 30. The company’s 10-Q form, filed with the US-based Securities & Exchange Commission (SEC) as it unveiled its 2020 first quarter results, did not explain how the Water & Sewerage was able to reduce the receivables balance owed to it amid revenue declines of 38 percent and 61 percent for March and April, respectively, due to the COVID-19 pandemic. However, the Water & Sewerage Corporation’s ability to cut its debt is likely to be linked to a oneoff payment it received from the government. Adrian Gibson, the corporation’s executive chairman, told Tribune Business in a recent interview that the government paid $5m in March 2020 - a 150 percent increase on the $2m it provided the year-before - to reduce “their receivables” to the water utility. The government payment was not factored into the year-over-year revenue declines for March and April 2020. Still, despite the 10 percent reduction in the Water & Sewerage Corporation’s debt, Consolidated Water said the $16m outstanding balance continued to pose a threat to the liquidity of its Bahamian subsidiary which owns/ operates the Blue Hills and Windsor reverse osmosis plants. The BISX-listed supplier also warned investors that the COVID-19 pandemic, and its economic impact on both the Water & Sewerage Corporation and its customers, could further worsen delays experienced in receiving due payment for its services. It blamed recent hold-ups on the fallout from Hurricane Dorian. “Consolidated Water (Bahamas) accounts receivable balances due from the Water and Sewerage Corporation of The Bahamas amounted to $17.8m as of March 31, 2020, and $18.4m as of December 31, 2019,” the BISX-listed water
DESPITE 61% REVENUE FALL IN APRIL
ADRIAN GIBSON supplier said in its SEC filings. “Approximately 75 percent of the March 31, 2020, accounts receivable balance was delinquent as of that date. The delay in collecting these accounts receivables has adversely impacted the liquidity of this subsidiary. As of April 30, 2020, Consolidated Water (Bahamas)’ accounts receivable from the Water and Sewerage Corporation totalled approximately $16m.” Given that all past due debts had previously been paid by the Water and Sewerage Corporation, Consolidated Water said it had never needed to make a provision for outstanding sums of money that were either past due or delinquent. “We believe the delays we have experienced in collecting Consolidated Water (Bahamas)’ receivables were extended due to the impact of Hurricane Dorian, which devastated the northern Bahamas in September 2019,” the company added. “In addition, the economic impact of COVID-19 on The Bahamas government’s revenue sources may further delay the collection of Consolidated Water Bahamas’ delinquent accounts receivable from the Water and Sewerage Corporation. “If Consolidated Water (Bahamas) continues to be unable to collect a significant portion of its delinquent accounts receivable, one or more of the following events may occur. Consolidated Water (Bahamas) may not have sufficient liquidity to meet its obligations; we may be required to cease the recognition of revenue on Consolidated Water (Bahamas) water supply agreements with the Water & Sewerage Corporation; and we may be required to provide an allowance for Consolidated Water (Bahamas) accounts receivable. “Any of these events could have a material
The Board of Directors of FamGuard Corporation Limited is pleased to advise that the first quarterly dividend for 2020 of $0.08 per share has been declared to be paid on 2nd June, 2020 to Shareholders of record as at 25th May, 2020. The Company’s Directors wish to advise its shareholders that as we are presently in a global pandemic, Covid-19, it may be required to adjust or possibly eliminate future dividends. FAMGUARD CORPORATION LIMITED The parent holding company of Family Guardian Insurance Company Limited FG Insurance Agents & Brokers Limited
adverse impact on our consolidated financial condition, results of operations and cash flows.” Consolidated Water added that it has yet to see a reduction in the Water & Sewerage Corporation’s demand for its product despite the COVID-19 pandemic although this was likely to change if economic conditions do not improve in the coming months. “The volume of water Consolidated Water Bahamas sold to the Water & Sewerage Corporation did not vary significantly from March 2020 to April 2020, despite the downturn in economic activity on New Providence that began in April 2020 that stems from the preventative measures taken by the government in March 2020,” Consolidated Water said. “However, we believe that at some point in the coming months, if the current economic conditions in The Bahamas do not improve, Consolidated Water (Bahamas) will experience a decrease in the demand for its water, with a resulting decline in its revenue. “In addition, the economic impact of COVID-19 on The Bahamas government’s revenue sources may further delay the collection of Consolidated Water (Bahamas)’ delinquent accounts receivable from the Water & Sewerage Corporation,” the BISX-listed water supplier added. “Consolidated Water (Bahamas)’ operations have been designated as essential services by the Government of The Bahamas. Presently, Consolidated Water (Bahamas)’ day-to-day operations have not been materially impeded by COVID-19 – we continue to produce and supply water to meet the requirements of our
two water agreements with the Water & Sewerage Corporation. We believe
Consolidated Water (Bahamas) has sufficient spare parts and consumables
inventories to continue normal operations for the remainder of 2020.”
Vacancy Announcement
The American Embassy in Nassau is accepting applications for the following position:
Motorpool Chauffeur Duties: The incumbent operates safely and efficiently an unarmored U.S. Government-owned or leased motor vehicle to transport passengers and/or cargo. Works as messenger as directed. The incumbent will have to work 5 days rotating both day and night shifts to provide 24 hours coverage, which will include working on weekends and holidays. Interested candidates are required to possess the following skills and qualifications: • Education: Completion of high school education is required. • Experience: At least three years of professional driving experience is required. • Language: English level II (Limited knowledge) Reading/Writing/ Speaking is required. The complete Vacancy Announcement and Application forms are available online on the Electronic Recruitment Application (ERA) located on the following website: https://bs.usembassy.gov/embassy/jobs Applications will not be accepted at the Security Gate of the Embassy, by Mail, E-mail or other means of delivery. Deadline: Friday, May 29, 2020. Due to the high volume of applications, unsuccessful candidates will not be contacted.
PAGE 4, Monday, May 18, 2020
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STILL-CLOSED FAMILY ISLANDS BEWILDERED By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
EXUMA’S Chamber of Commerce president last night said he was baffled that the island has not
been included among those allowed to fully re-open their economies despite having no COVID-19 cases. Pedro Rolle told Tribune Business: “No explanation was given, which would have been nice to know.
What are the things that would cause an island to remain closed or to be reopened? Because we have been operating in the dark. “Our concern has been that we just don’t understand. Abaco can be
Vacancy Announcement
The American Embassy in Nassau is accepting applications for the following position:
Budget Analyst/Administrative Assistant Duties: Incumbent will serve as administrative assistant to the Senior Defense Official/ Defense Attaché (SDO/DATT), responsible for managing the office calendar of engagements, drafting and filing official correspondence, arranging official travel for ODC members, and any other administrative duties as required. This position requires the incumbent to establish and maintain important contacts with various Bahamian and DoD officials in order to plan, coordinate, and execute DoD visits, ceremonies, and events in The Bahamas. These include visits by members at all levels of the U.S. Government, U.S. Navy ship visits, and DoD aircraft visits. Coordination may also be required for Bahamian officials visiting the States. The incumbent will be responsible for the planning, preparation, programming, execution, and monitoring of ODC-Bahamas budgets and fiscal expenditures. Incumbent will lead ODC Overseas Humanitarian Disaster and Civic Assistance (OHDACA) program. Incumbent will be trained in the duties of the Training Manager in order to assist in his/her absence or as directed by the SDO/DATT. Interested candidates are required to possess the following skills and qualifications: •
Education: Completion of High School required.
•
Experience: At least 3 years of experience in performing administrative management, financial management and/or budget/ accounting duties.
•
Language: English level IV (Fluent).
The complete Vacancy Announcement and Application forms are available online on the Electronic Recruitment Application (ERA) located on the following website: https://bs.usembassy.gov/embassy/jobs Applications will not be accepted at the Security Gate of the Embassy, by Mail, E-mail or other means of delivery. Deadline: Friday, May 29, 2020. Due to the high volume of applications, unsuccessful candidates will not be contacted.
opened, Long island has been opened. It’s an interesting thing to determine what criteria was used that would cause Exuma to remain closed. We can only speculate, but I don’t know. “If there was a medical reason for it I think we can understand it, but there have been no cases that’s been reported in Exuma. So we don’t know what’s the difference between Exuma and any other island that has been reopened. We just don’t know, but we will have that discussion on how best we should respond.” The prime minister, in his national address yesterday afternoon, said Abaco, Long Island, Cat Island and Andros are all permitted to fully re-open their economies for commercial activity as of today. However, no mention was made of Exuma, Eleuthera and San Salvador, which have to remain under present restrictions. The move, and lack of explanation, was blasted by the opposition. Chester Cooper, the PLP’s deputy leader and Exuma MP, slammed the prime minister’s failure to include his constituency among the islands permitted to open as “unfair, arbitrary and perverse”. “There was no legitimate reason given for why Exuma cannot resume commercial activity while other Family Islands in the same circumstances are allowed to do so,” Mr Cooper said. “I call on the competent authority to display some competence and either open Exuma for commercial activity or provide the
CHESTER COOPER medical explanation for why Exuma cannot operate as others can.” Similarly, Senator Clay Sweeting, who hails from Eleuthera, said the island had been left with more questions than answers after it was excluded from the re-opening. He added that many had been hoping they could “get back to work and the local economies can support one another during these rough times”. “The people of Eleuthera are hurting, and many are starting to fear the negative economic effects of the virus more than the virus itself,” he added. “I, too, call upon the competent authority to explain to the people of Eleuthera with medical facts or otherwise why the commercial activity cannot open to drive our economy.” Philip Davis, the opposition’s leader, also queried why “normal business cannot return” on both those islands as well as San Salvador, especially since construction - which has already restarted places workers in
BRAVE DAVIS
CLAY SWEETING much closer proximity. Mr Rolle, meanwhile, said the Exuma Chamber would discuss its concerns with other Family Island Chambers of Commerce as well as the Bahamas Chamber of Commerce and Employers Confederation (BCCEC). “We are expressing disappointment that no reason was given for it, and we are in this state of limbo from one day to the next on when it happen. Will it happen?” Mr Rolle asked of Exuma’s re-opening to all domestic economic activity.
To advertise in The Tribune, contact 502-2394
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Monday, May 18, 2020, PAGE 5
Working from home, the first coronavirus megatrend ACTIVTRADES WEEKLY By RICARDO EVANGELISTA www.activtrades.bs THE economic fallout from the COVID-19 containment measures is well known, with GDP contracting across the globe at a pace not seen since at least the Second World War. City centres normally effervescent with activity became almost deserted, as did the busiest roads and railway stations, with most of us confined at home. While many long for a return to normality, doubts persist over what the new normal will be like. Will things just go back to the way they were, or will some of the changes forced upon us remain in place in postcoronavirus societies? Employment is one of the areas where the impact of the coronavirus is more visible. In the United States more than 36 million have become unemployed since the pandemic took hold, while those fortunate enough to keep their jobs had to, in countless cases, start working from home. This trend is not limited to the US and can be observed in many other countries, including of course The Bahamas where some companies like ActivTrades have gone the extra mile, offering its employees a full set-up at home, including
SUPPORT THE BLOOD BANK
SAVE A LIFE GIVE THE GIFT OF four monitors. Others only had to provide a laptop and mobile phone, but generally speaking the use of technology allowed for productivity levels to be maintained. However, will returning to the office be equally straightforward? In the precoronavirus world, working from home was, in most cases, seen as a perk. Could it become an expectation, once the disease is brought under control? Well, history is fertile in such changes happening at pivotal points like the one we’re in now. For example, before the Great Depression of 1929 most people worked six days a week; in the aftermath of the crisis, with many countries facing high unemployment, the number of working days was reduced to five, in order to free-up positions for more workers. While working from home certainly isn’t suited for everybody, many are
enjoying the upsides of avoiding stressful and costly commuting and increased productivity due to less interruptions. And an increasing number of employers is also supporting the idea; like Twitter, who last week announced that most staff will be allowed to work from home permanently. There are obvious advantages: the available pool of talent for recruitment would increase dramatically if you’re no longer restricted to just one city or region. Also, with most staff at home, savings can be made by running a smaller, more cost-effective office,
perhaps geared up towards client meetings instead. Society at large may also see benefits, as less commuting means less pollution and more quality time spent with family is likely to have a positive social impact. The coronavirus created the conditions for a social and economic experiment, with early signs pointing at a change in paradigm, as working from home is set to become a megatrend. The full extent of the change remains unclear, but it is widely accepted that in the future there will be more people working from home than today.
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To advertise in The Tribune, contact 502-2394 Vacancy Announcement
The American Embassy in Nassau is accepting applications for the following position:
Executive Office Chauffeur Duties: Operation of motor vehicles to transport the Chief of Mission (COM), Deputy Chief of Mission (DCM), official VIPs, and other official visitors in addition to Embassy employees as necessary. Direct supervision received from the COM Office Management Specialist (OMS). The incumbent will have to work 5 days rotating both day and night shifts to provide 24 hours coverage, which will include working on weekends and holidays. Interested candidates are required to possess the following skills and qualifications: • Education: Completion of secondary school is required. Apprenticeship or vocational training in general automotive mechanics is required. • Experience: Two years of professional chauffeur experience. • Language: Good working knowledge of written and spoken English, Level III is required. The complete Vacancy Announcement and Application forms are available online on the Electronic Recruitment Application (ERA) located on the following website: https://bs.usembassy.gov/embassy/jobs Applications will not be accepted at the Security Gate of the Embassy, by Mail, E-mail or other means of delivery. Deadline: Friday, May 29, 2020. Due to the high volume of applications, unsuccessful candidates will not be contacted.
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Gaming Board appeals ‘24 redundant’ verdict By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Gaming Board is arguing that a Supreme Court judgment makes a key part of the Employment Act irrelevant as it appeals against the reinstatement of 24 dismissed line workers and managerial staff. The regulator, in a May 7, 2020, filing of its “notice of appeal” against Justice Indra Charles’ ruling, alleges that her “very broad construction of” the Employment Act’s redundancy provisions means the same law’s section 29 - which deals with termination with notice - serves no purpose as such dismissals can also be deemed “termination for redundancy”. To pursue its appeal, the Gaming Board has hired John Wilson QC, senior partner at McKinney, Bancroft & Hughes, rather than use the Attorney General’s Office that represented it before the Supreme Court. He is challenging the very foundation of Justice Charles’ ruling, which is that the Gaming Board made all 24 staff redundant and failed to follow the proper procedures set out in the Employment Act for accomplishing this. Mr Wilson, on the Gaming Board’s behalf, is arguing that the Supreme Court was wrong to accept the arguments of the former employees’ attorney, Wayne Munroe QC, pictured, “that redundancy occurs where the employer terminates employees due to a surplus of labour or introduces technological advances that allow for labour-saving machinery to be implemented”. Arguing that the judge used the wrong legal precedent in applying “the test of surplus labour” to Bahamian redundancy law, the
Gaming Board’s appeal also alleges that Justice Charles was wrong to combine the managerial and labour staff in finding that all lost their jobs “because work of a particular kind, that being administrative work, diminished”. The regulator is arguing that there was no evidence before the Supreme Court to show that “particular work”, as required by the Employment Act’s redundancy provisions, had reduced. It claims that “administrative work” is too broad a definition to meet the Act’s requirements. Mr Munroe, confirming that the appeal had been filed, forecast that it would likely be heard within six months. “The argument is the same one that they ran and was rejected before Justice Charles,” he said. “They’re saying the Gaming Board acted under section 29 of the Employment Act, which is termination with notice. Justice Charles said the other sections of the Act apply.” The well-known QC said evidence produced during the trial by the Gaming Board’s human resources manager, as well as a press release announcing the job losses, clearly showed it was a redundancy exercise undertaken because the regulator was overstaffed and lacked sufficient persons with the skills necessary to oversee an industry increasingly driven
by technology. The Gaming Board’s appeal was filed before the June 30 deadline set by the Supreme Court for the 24 workers to be reinstated to their posts and/or paid damages for wrongful and unfair dismissal. Justice Charles, in her ruling, slammed the Gaming Board’s failure to follow “clearly set out” employment law procedures when it dismissed the 24 staff as “mind boggling”. She suggested that the casino and web shop regulator had failed to adhere to modern industrial relations practices requiring employers to be candid and forthright with staff as it never showed how those workers were “chosen to be made redundant”. She ruled that the Gaming Board had failed to comply with both the Bahamas Public Services Union (BPSU) industrial agreement, which governed the impacted line staff, plus the 2017 reforms to the Employment Act that mandated “consultation must take place” with the affected workers and their representatives when more than 20 are being terminated. Justice Charles also found that the Gaming Board had pressed ahead with the redundancies despite its chairman, Kenyatta Gibson, being told of the need to adhere to these procedures by BPSU and worker representatives.
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Monday, May 18, 2020, PAGE 7
Debt cost fears on foreign borrowings FROM PAGE ONE The cost of all these events, together with COVID-19, will likely emerge when the government seeks to raise foreign currency debt financing that will reach into the hundreds of millions of dollars - if not low billions to cover already-staggering deficits as well as stimulate the economy during the new 2020-2021 fiscal year that begins on July 1. K Peter Turnquest, deputy prime minister, declined to comment on the debt issue when it was presented to him by Tribune Business. However, one Bahamian financial sector source, speaking on condition of anonymity, said: “If the government has to go out to borrow money now in US dollars in the market, the rates it looks like it’s going to have to pay are somewhere around 11-12 percent depending on the maturity. “It’s [the yields-to-maturity] indicative of what the country has to pay now for US dollars if it has to go out and borrow. The debt servicing side of any US dollar loans are going to be very close to twice the price at which they are issued. It will not be easy for sure to take on any significant new level of debt.” The yield curve for the government’s US dollar debt is now in an “inverse” position, meaning that longer-term debt - which traditionally attracts the highest rates, yields and discounts because it is seen as more risky - now enjoys the lowest. This is because COVID-19, Dorian and the downgrades have all made The Bahamas’ shortterm debt a much riskier proposition. The source, meanwhile, also voiced concern at how
the interest rates attached to the government’s foreign currency debt could impact those on its Bahamian dollar debt that is placed in the local market given the Central Bank’s recent trend of offering them at the same price. “If the local government debt is repriced higher, so the interest rate moves higher, in effect it will drop the value of debt held already by existing participants, of which the largest single holder is the National Insurance Board (NIB),” they explained. “It is already struggling in terms of its assets, so it would be a significant blow if government costs go up and the value of debt held by NIB goes down.” There could also be implications for bank, insurance company and pension fund balance sheets, the source added, as any interest rate differential could also force a repricing of their existing government debt holdings. These have never been discounted, and are almost always valued at “par” or the value they were acquired at. However, government sources told this newspaper that it did not immediately have to rush to raise foreign currency borrowings in the international markets. They suggested the Ministry of Finance would wait until later in the fiscal year when market conditions and interest rates may prove more favourable after the Bahamian economy - and others - reopen post-COVID-19. Marlon Johnson, the Ministry of Finance’s acting financial secretary, told Tribune Business that fears about a doubling of interest rate costs on any new foreign currency debt belonged in “the realm of speculation”.
He added: “The truth of the matter is that the bond markets for all developing countries are racing similar prospects in the medium term because their economies are closed right now,” he argued. “Not unless and until their economies open back up will we see any fundamental change in the dynamics of the market right now. “If and when the government decides to seek to raise money in the foreign markets the environment will be a bit different because it will not happen in the coming weeks. I think you’ll see the bond market firm up and look different once economies start to open back up. “What you’re seeing happening in the marketplace is a reflection that a lot of economies are closed, and some people are looking to liquidate their holdings. Prices and yields will start to solidify once countries start to reopen because then the prospects change.” The prime minister last night said The Bahamas was looking to re-open to commercial aviation, and mass market stopover tourism, by July 1. Mr Johnson also said the Ministry of Finance had not received indications that some local banks, insurance companies and other institutions had reached their statutory and regulatory limits in terms of the amount of government debt they can hold on their balance sheets. “That isn’t our understanding of the situation right now,” he added. “We are looking to optimise the borrowing mix between Bahamian and foreign currency debt to make sure we do as much as we can to support the foreign currency holdings.”
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PAGE 8, Monday, May 18, 2020
THE TRIBUNE
Govt is urged: ‘Let Bahamians thrive’
Cruise port enjoys $130m ‘monumental achievement’ FROM PAGE ONE
the cruise port’s financial adviser and lead placement agent, CFAL, was working on a potential offering to accommodate small Bahamian investors who had not qualified to participate in the $130m raise because they were unable to meet the $50,000 minimum investment threshold. Mr Maura said CFAL’s president, Anthony Ferguson, was now exploring the possibility of a debt offering to small Bahamian retail investors that could be launched in August/September this year once regulatory approval was obtained. He confirmed that Nassau Cruise Port still planned to raise the remainder of its financing in the 2021 first half. Around $36m of this is intended to come from around 20,000 Bahamian retail investors buying shares in The Bahamas Investment Fund, a mutual fund that will own 49 percent of the cruise port developer and operator. “It wasn’t an easy road but we made it nevertheless,” Mr Maura told Tribune Business of the bond offering, which closed on Friday. “We come out of the offering with more than $130m; we exceeded it. I think it’s a monumental achievement given our current circumstances, our current national circumstances and the world’s circumstances. “In light of the recent communication from the Central Bank in suspending the repatriation of dividends from foreign subsidiaries doing business in The Bahamas, in light of the uncertainty around tourism, with the borders still closed and the Emergency Powers environment, the fact we were able to raise over $130m is a fantastic achievement. “The vast majority of people recognised the national significance this project brings, and means, to hundreds of jobs, tourism, the broader economy and downtown Nassau. That’s what caused people to rally
behind this project and make sure this happened.” Mr Maura said the cruise port had beaten its $130m goal despite the non-participation of NIB, which is seeking to liquidate its overseas US dollar investments and repatriate the proceeds in line with the Central Bank’s request to help bolster the foreign exchange reserves. “We did as all national infrastructure projects do, and approached NIB,” he recalled. “NIB gave us an opportunity to make a presentation, but came back and said that unfortunately it was not the right time for them as they were divesting themselves of US investments and bringing the proceeds home to deal with their obligations under COVID-19. “As a result of that they were unable to participate, which makes the accomplishment far more significant, as other projects like the airport benefited from a substantial investment by NIB and we were able to to it without that. They did express, they did indicate, that ours is the type of project they would normally be committed to, and when we come to market again they hope to be able to participate.” Demolition work is already underway at Prince George Wharf at the old Customs building, which Mr Maura revealed is having to be taken down carefully due to the presence of asbestos in the structure - just as there was in the Department’s old facility at Arawak Cay. He revealed that the Ministry of Works and the Bahamas Environment, Science and Technology Commission (BEST) had given the go-ahead for demolition work to proceed while Nassau Cruise Port awaited approval of its Environmental Impact Assessment (EIA) and management plan. This is expected to be received within weeks, if not days. “The project is divided into three phases,” Mr Maura confirmed. “The
ARTIST rendering of Nassau cruise port development. first phase is the demolition, and the second phase - the marine works - involves the construction of a new pier and extension of an existing pier. It also includes dredging and seabed reclamation that allows us to expand the food and beverage, retail and entertainment offering.” The Nassau Cruise Port chief said the $130m raised would take the project through these phases and into the third, and final, stage. “It carries us for another 16 months, and we’ll be positioned to carry on,” Mr Maura added. “The other important part is that we were successful with this capital raise at a time when people are investing in an obvious mood to improve the downtown waterfront and improve the core tourism product. People will see works have been ongoing for 12 months.” He explained that the construction works progress would give small Bahamian retail investors the confidence to participate in The Bahamas Investment Fund’s equity raising, which is scheduled to take place in March/April 2021. Bahamians will be given the chance to own part of the cruise port through the Fund, which will have a 49 percent ownership interest in the project. Global Ports Holding’s matching contribution will take total equity funding to $74.3m. This, combined with another $80m debt financing raise, will provide the funding for the “superstructure” phase three of the cruise port’s transformation, with a new passenger arrivals building, Junkanoo Museum, and amphitheatre. “By the end of June I’m advised that the project’s contractor, Enka, will be setting up their trailers,” Mr Maura said. “They have purchased the steel, and they anticipate they will be able to drive steel piles in
FROM PAGE ONE
September. They will use between June, when they set up their base camp, and then to complete the demolition of the old buildings that have to get taken down out there.” The Nassau Cruise Port chief said the “couple of hundred requests” from Bahamians who had wanted to participate in the $130m raise, either at a lower threshold or as a group, would not be forgotten. He added that CFAL was aiming to put together “a small retail investor offering” for around August/ September 2020 once it received the necessary regulatory approval from the Securities Commission. “During these unprecedented times,” Mr Maura continued, “this essential project will put food on the table for many Bahamians who didn’t know how they were going to feed their families in the weeks and months to come.” A 2018 economic impact assessment conducted by KPMG concluded that the project would have a $300m impact on the Bahamian economy during the construction phase, and make a $15.7bn contribution over the 25-year concession period. “From an industry perspective,” Mr. Maura added, “our project is critically important. Our success is a signal to our tourism partners that the Bahamian tourism industry, and specifically Bahamian cruise tourism, will continue to thrive. “Moving forward on this project puts The Bahamas miles ahead of our competitors, who will be challenged to offer a product to rival our exceptional port and waterfront experience. With the support of our key stakeholders, this project will exponentially improve the circumstances of thousands of Bahamians.”
MARKET REPORT www.bisxbahamas.com
(242) 323-2330
FRIDAY, 15 MAY 2020
(242) 323-2320
ALL SHARE INDEX: CLOSE: 2,141.15 | CHG: 1.25 | %CHG: 0.06 | YTD: -90.45 | YTD%: -4.05 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 1.78 0.67 2.00 10.21 5.60 3.62 5.41 2.53 1.85 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
1000.00 1000.00 1000.00 1000.00
Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Class A Focol Class B
CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB
PREFERENCE SHARES
1.00 10.00 1.00
1.00 10.00 0.90
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 1.78 1.62 2.90 11.26 5.98 4.03 6.01 2.68 5.10 9.31 8.15 14.50 8.97 4.05 15.20
CLOSE 3.55 17.43 6.00 6.68 1.78 1.62 2.98 11.26 5.98 4.03 6.01 2.69 5.10 9.04 8.15 14.50 8.97 4.05 15.20
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.08 0.00 0.00 0.00 0.00 0.01 0.00 -0.27 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 10.00 0.91
1000.00 1000.00 1000.00 1000.00 1.00 10.00 0.91
0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00
CHANGE 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
VOLUME
1,000
20
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 13.3 21.9 42.9 26.4 10.9 14.0 11.2 17.8 9.6 20.0 24.1
0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0
YIELD 4.79% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.39% 3.68% 2.98% 0.00% 16.13% 1.18% 3.63% 2.94% 3.72% 2.23% 2.96% 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 -10.90% -4.30% -18.80% -12.00%
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 31-Mar-2020 31-Mar-2020 31-Mar-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 8.31 10.01
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
full-time jobs and a ‘beach break’ destination - accessible to both tourists and Bahamians - on Paradise Island’s western end. “Stop stepping in the way and allow us to proceed,” he told the prime minister and the government. “Bahamians have had enough of the waiting game. We need you to walk and chew gum. We need you to multi-task. We understand COVID-19, we understand hurricanes, but we’re tired of the excuses. “We need to get back to work and be a part of this economy. Where is your heart? Where is your compassion? I understand, with full comprehension, that my project is not the only project waiting on government while foreign projects get the fast track only to not materialise. “There are people in Abaco waiting for approval of their projects, people from all over The Bahamas, and we’re getting stronger in our voice. Bahamians are becoming united to say enough is enough and let us thrive. Why do we have to beg? We need action now.” Mr Smith previously voiced concerns that his own project, for which he signed a lease for crown land in the Colonial Beach area earlier this year, was in danger of being “marginalised” and treated like “a second class citizen” to make way for Royal Caribbean’s Royal Beach Club. The cruise line wants much of the crown land that Mr Smith is seeking for his project, but the COVID-19 pandemic’s shutdown of the cruise industry at the very least has given the Bahamian entrepreneur breathing space if not an advantage given that his project including the financing - is ready to proceed complete with Bahamas Investment Authority (BIA) approvals. A Royal Caribbean spokesperson, while confirming that the cruise line remains committed to its Paradise Island ambitions, conceded in a statement that they may be delayed. “It is still our intention to move forward with the project. We are reviewing our plans and timelines in the fluid situation caused by impacts of the pandemic,” they said.
Meanwhile, Mr Smith told Tribune Business: “I’m not going to continue to be ignored. The financing is in place. We can monitor and enforce safe social distancing. And there is legal recourse available. Is that what Bahamians have to be faced with in our country? “I have attempted through a mediator to reach out to Royal Caribbean to explain where my boundaries are in my crown land lease agreement, and I’m astonished Royal Caribbean are still trying to push over my boundaries with what appears to be the support of the Government of The Bahamas. Do we need to be issuing work permits and crown land to a foreign cruise line?” Mr Smith, in an April 30 letter to the prime minister, urged: “We wish to have a virtual meeting with you to discuss the Paradise Island Lighthouse & Beach Club project so we can invest and create commercial opportunities for Bahamians, get Bahamians back to work and assist in getting the economy turned around. “While we are cognisant and sensitive to the current global pandemic, we would like to receive all government approvals once those agencies reopen and commence as soon as the all-clear sign is given. We have tens of thousands of unemployed Bahamians, and we would like this project to receive accelerated processing to provide for opportunities for Bahamians with an urgency. “We also wish to receive direct government assistance to mitigate any delays originated by government, and an accountable government designate to bring this project to fruition. Since we are in our ninth year of trying to conclude this matter with the government we trust you understand why accountability is important to us.” Mr Smith added that ownership and project financing will be 100 percent Bahamian, with the development generating $5m per year in revenues for the government once complete and fully operational. Some 40 construction jobs will also be created if it gets the go-ahead, while an initial public offering (IPO) to local investors remains a long-term goal.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, GIFFORD OMAR DEVEAUX of Cowpen Road Nassau, Bahamas, intend to change my name to GIFFORD OMAR ZAIRE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
Managing Editor, The Bahamas A daily newspaper is seeking a first-class Managing Editor. The successful applicants will have; • At least ten years of senior management experience in newspapers, preferably with a regional daily or national paper, • Hands-on experience across all multi-media platforms and strong social media background, • First-class professional credentials including the ability to write well, over see and design attractive broadsheet and tabloid pages, • Full working knowledge of Apple Mac, InDesign and Photoshop software Apply in writing, with full CV, examples of work, and salary expectations, to
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
hr@tribunemedia.net before May 22, 2020.
THE TRIBUNE
Monday, May 18, 2020, PAGE 9
Atlantis chief sees ‘light at tunnel end’
FROM PAGE ONE
impossible to predict when business volumes would recover to previous levels. As a result, she told staff who did not receive a recall e-mail to remain on “furlough” or temporary lay-off, promising that Atlantis was “doing our best to bring back as many of you as quickly as possible”. Ms Oswell’s remarks emerged as the prime minister, in his national address yesterday afternoon, said the government was targeting a resumption of commercial air travel “on or before July 1” in a clear indication that it is eager to quickly attract as much tourism business - and associated foreign currency inflows - as rapidly as possible given their critical importance to the economy’s well-being. Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business he was focusing on the “before” component of Dr Hubert Minnis’ address, revealing that the tourism industry had advised the government that the period June 15 to July 1 was when it felt it would be ready and safe - to receive visitors again. “He said ‘on or before July 1’, so I’m focusing on the before,” he said.
“July 1 is a possible opening date, so we have a goal now, opening the country to tourism again. Hopefully we will do it.... They’re [the tourism industry] the ones who advised us they would probably be ready by mid-June. “They gave me a date of June 15 to July 1. We’ve obviously gone with the most conservative date hoping we’ll meet the deadline we’re really wanting, which is mid-June. There are some jurisdictions opening at the beginning of June.” One such jurisdiction is the Florida Keys, which is aiming to open on June 1. Mr D’Aguilar indicated yesterday that The Bahamas cannot afford to remain closed for much longer given the damage this was doing both to its tourism competitiveness and wider economy, which is reliant on the industry for more than 50 percent of its employment and 40 percent of its GDP, as well as the bulk of its foreign exchange earnings. “Mass tourism is probably going to be a thing of the past for a little while given that the US unemployment rate has grown to 30m,” the minister admitted. “The US needs to get on the other side of this and return to normal. It will be a
DIONISIO D’AGUILAR while before we get back to 2018 and 2019 numbers, but we have to start. “We have to get cranking again. We cannot afford to continue with zero tourism. That’s unsustainable, as everyone is beginning to find out.” Ms Oswell, meanwhile, in a video message that circulated on the May 15 date that Atlantis had targeted to re-open, acknowledged the uncertainty and economic “hardship” that COVID-19 and the subsequent national lockdown had caused employees and their families. “It’s not been easy for any of us,” she said to staff. “This pandemic has taken its toll on people around the world, many of them friends and family. As we continue to navigate uncharted waters,
ATLANTIS PARADISE ISLAND your well-being and the long-term success of the company is at the heart of every decision we have made. We are very much aware of the economic hardship this pandemic has placed on you and your family.” Seeking to boost morale, Ms Oswell praised staff as “the foundation of Atlantis” and said their attitude had “fuelled” management’s resolve. “As we look ahead we can now see the light through the tunnel,” she added. “We will move forward deliberately with the fortitude and knowledge that the decisions made in the upcoming weeks will not be easy ones.” Confirming that Atlantis has been working with the government, other resorts and tourism industry players, and the airlines to develop the necessary health protocols to keep guests and employees
safe in a COVID-19 world, Ms Oswell said: “We expect to re-open the resort on a limited scale some time next month [June]. “No one really knows when tourism will recover to previous levels, but what we do know is that we are planning for a phasedin reopening. The Royal [Towers] will re-open first.” Restaurants and some other Atlantis amenities will also re-open at the same time. Tribune Business sources suggested that between 1,000 to 2,000 workers could be recalled for the Royal Towers reopening, but this could not be confirmed. Ms Oswell said employees required for the first phase re-opening will be notified by e-mail within the next 45 days. “Those not scheduled until a later date or phase two will not receive a notification, and continue with your furlough,” she added.
“We appreciate your patience and know that we are doing our best to bring back as many of you as quickly as possible. You must understand that not everyone can come back until business returns to previous levels.” Atlantis’s target re-opening date is at the front of the period targeted by the Bahamian tourism industry. The prime minister last night indicated that the “on or before July 1” timeline was not set in stone, and can be adjusted or pushed back, especially if there is a new surge in COVID-19 cases or the tourism sector feels its health and safety protocols are not ready. Robert Sands, Baha Mar’s senior vice-president of government and external affairs, said Atlantis’ mega resort rival was “planning for reopening but has not set any specific dates” for this to occur.
PAGE 12, Monday, May 18, 2020
THE TRIBUNE
THE WEATHER REPORT
5-Day Forecast
TODAY
ORLANDO
High: 93° F/34° C Low: 72° F/22° C
TAMPA
TUESDAY
WEDNESDAY
THURSDAY
FRIDAY
A shower in the area, mainly early
Cloudy with a shower or t‑storm
Partly sunny; breezy in the p.m.
A shower and thun‑ derstorm around
An a.m. shower, then heavy showers
Cloudy, a shower in the afternoon
High: 87°
Low: 75°
High: 86° Low: 74°
High: 85° Low: 74°
High: 86° Low: 75°
High: 85° Low: 74°
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
97° F
83° F
96°-83° F
98°-81° F
94°-78° F
93°-77° F
High: 85° F/29° C Low: 73° F/23° 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.
N
almanac
E
W
ABACO
S
N
High: 84° F/29° C Low: 78° F/26° C
7‑14 knots
S
High: 88° F/31° C Low: 75° F/24° C
7‑14 knots
FT. LAUDERDALE
FREEPORT
High: 88° F/31° C Low: 75° F/24° C
E
W S
E
W
WEST PALM BEACH
N
uV inDex toDay
TONIGHT
High: 86° F/30° C Low: 77° F/25° C
MIAMI
High: 88° F/31° C Low: 75° F/24° C
4‑8 knots
KEY WEST
High: 86° F/30° C Low: 78° F/26° C
ELEUTHERA
NASSAU
High: 87° F/29° C Low: 75° F/24° C
Forecasts and graphics provided by AccuWeather, Inc. ©2020
High: 83° F/28° C Low: 78° F/26° C
N
tiDes For nassau High
Ht.(ft.)
Low
Ht.(ft.)
Today
5:40 a.m. 6:12 p.m.
2.3 2.5
11:56 a.m. 0.2 ‑‑‑‑‑ ‑‑‑‑‑
Tuesday
6:23 a.m. 6:52 p.m.
2.3 2.7
12:29 a.m. 0.4 12:35 p.m. 0.1
Wednesday 7:03 a.m. 7:30 p.m.
2.3 2.8
1:12 a.m. 1:12 p.m.
Thursday
7:43 a.m. 8:07 p.m.
2.3 2.9
1:53 a.m. 0.1 1:48 p.m. ‑0.1
Friday
8:21 a.m. 8:45 p.m.
2.3 2.9
2:33 a.m. 0.0 2:24 p.m. ‑0.1
Saturday
9:00 a.m. 9:23 p.m.
2.3 3.0
3:13 a.m. 0.0 3:01 p.m. ‑0.1
Sunday
9:39 a.m. 10:03 p.m.
2.2 3.0
3:53 a.m. 0.0 3:39 p.m. ‑0.1
0.2 0.0
sun anD moon Sunrise Sunset
6:24 a.m. 7:49 p.m.
Moonrise Moonset
4:08 a.m. 4:29 p.m.
New
First
Full
Last
May 22
May 29
Jun. 5
Jun. 13
CAT ISLAND
E
W
High: 83° F/28° C Low: 78° F/26° C
N
S
E
W
6‑12 knots
S
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 .................................................... 68° F/20° C Normal high ....................................... 84° F/29° C Normal low ........................................ 71° F/22° C Last year’s high ................................. 87° F/31° C Last year’s low ................................... 72° F/22° C Precipitation As of 2 p.m. yesterday ................................. 0.57” Year to date ............................................... 12.82” Normal year to date ..................................... 7.47”
The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.
ANDROS
SAN SALVADOR
GREAT EXUMA
High: 84° F/29° C Low: 78° F/26° C
High: 84° F/29° C Low: 79° F/26° C
N
High: 86° F/30° C Low: 78° F/26° C
E
W S
LONG ISLAND
tracking map
High: 84° F/29° C Low: 79° F/26° C
7‑14 knots
MAYAGUANA High: 85° F/29° C Low: 80° F/27° C
Shown is today’s weather. Temperatures are today’s highs and
CROOKED ISLAND / ACKLINS
tonight’s lows.
RAGGED ISLAND High: 83° F/28° C Low: 80° F/27° C
High: 84° F/29° C Low: 80° F/27° C
GREAT INAGUA High: 87° F/31° C Low: 80° F/27° C
N W
N E
W
E S
S
7‑14 knots
7‑14 knots
marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR
Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:
WINDS S at 7‑14 Knots SSW at 8‑16 Knots SE at 6‑12 Knots S at 8‑16 Knots SE at 7‑14 Knots SSE at 7‑14 Knots ESE at 8‑16 Knots SE at 6‑12 Knots SSE at 7‑14 Knots S at 8‑16 Knots SSW at 6‑12 Knots SSW at 10‑20 Knots SE at 7‑14 Knots SSE at 7‑14 Knots E at 7‑14 Knots SSE at 4‑8 Knots ESE at 7‑14 Knots SSE at 7‑14 Knots ESE at 8‑16 Knots SE at 10‑20 Knots SSE at 7‑14 Knots S at 8‑16 Knots SE at 7‑14 Knots SW at 3‑6 Knots SE at 7‑14 Knots SSE at 7‑14 Knots
WAVES 3‑5 Feet 2‑4 Feet 0‑1 Feet 1‑2 Feet 2‑4 Feet 1‑3 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 1‑3 Feet 1‑3 Feet 1‑2 Feet 0‑1 Feet 2‑4 Feet 1‑3 Feet 1‑3 Feet 1‑2 Feet 3‑6 Feet 4‑7 Feet 1‑2 Feet 1‑2 Feet 1‑3 Feet 1‑2 Feet 1‑3 Feet 1‑2 Feet
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502-2394
VISIBILITY 6 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles
WATER TEMPS. 78° F 79° F 83° F 84° F 80° F 80° F 82° F 80° F 80° F 79° F 79° F 79° F 82° F 83° F 83° F 84° F 82° F 81° F 82° F 82° F 81° F 81° F 82° F 82° F 80° F 79° F