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FRIDAY, MAY 22, 2020

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GB Shipyard terminates 27 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

HE Grand Bahama Shipyard has terminated 27 workers, including several long-serving managerial staff, due to a further slump in business caused by the COVID-19 pandemic. John Pinder, the director of labour, confirmed to Tribune Business that the move involved “separations” and not just temporary lay-offs. He revealed that the positions impacted included electricians, waste managers, plant operators, senior brokerage officers, project

contacted by Tribune Business earlier this week. However, one source with knowledge of the situation, told this newspaper that the Shipyard had been “walking a tightrope” after COVID19 created the perfect storm for its operations. A key player in Freeport’s industrial sector, the Shipyard lost its largest dry docking facility when it collapsed in summer 2019. Its major shareholders, Carnival and Royal Caribbean,

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net JOHN PINDER

which each hold a 40 percent equity stake, had been planning to invest up to $100m in a replacement dock that was billed as the “largest” such floating facility to be built anywhere in the world over the past decade. However, the cruise industry’s COVID-19 enforced shutdown, which has forced Carnival and Royal Caribbean to each raise billions of dollars in additional

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Port suffers 40% May volume fall By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net NASSAU’S main commercial shipping port yesterday predicted it will suffer a “flat” 2020 full year after container import volumes for May to-date dropped by around 40 percent compared to the prior year. Dion Bethell, Arawak Port Development Company’s (APD) president and chief financial officer, told Tribune Business it was impossible to predict when the “the downward trend” caused by the COVID-19 pandemic would bottom out and reverse. Although major construction projects, a key driver of throughput volumes at APD’s Nassau Container Port (NCP) facility, have

• COVID causes 51% slump in April revenue • BISX-listed APD sees 88% tonnage drop • Now predicts 2020 full year ‘relatively flat’

ARAWAK CAY CONTAINER PORT resumed, Mr Bethell said subsequent bulk imports have yet to make up for April’s 88 percent decline when that sector was closed. With April’s Twenty-Foot

‘Storm in teacup’ on COVID repatriation By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE aviation operator that returned seven persons to The Bahamas before they had been tested for COVID19 yesterday described it as “a storm in a tea cup”, and added: “We have to get beyond the fear-mongering.” Paul Aranha, president of Trans-Island Airways, told Tribune Business the episode had “not been put in the proper context”, and was wrongly cast in a negative light, even though the return of the seven from

Jamaica had been handled in accordance with all necessary health and safety protocols established by the prime minister. Pointing out that Bahamian and international travellers will likely have to live and adapt to COVID19 for some months to come, Mr Aranha said Dr Hubert Minnis in his May 3 national address had given permission for persons to be approved to return home without previously being tested for the virus and cleared.

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Realtors ‘can’t wait to return full-time’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMIAN realtors yesterday hailed the prime minister’s decision to allow the sector’s morning reopening, but said: “We can’t wait to get back to work full-time.” Peter Dupuch, founder and president of ERA Dupuch Real Estate, told Tribune Business that permitting the industry to open its offices between 9am to 1pm five days per week was “a step in the right direction”.

Reacting to the move, which was contained in the latest change to the Emergency Powers (COVID-19) Order, Mr Dupuch voiced optimism that realtors will now be able to serve the pent-up demand that he and others believe has been building over the past two months. Confirming that his firm was “loaded up” with a backlog of requests for appraisals and property viewings, he added: “That certainly is a help. At least we can start

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Equivalent Unit (TEU) volumes down against both internal forecasts and 2019 comparatives by around 38 percent, the APD chief added that the BISX-listed

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Govt agencies’ IT ‘drag’ in COVID-19

• Freeport facility caught in perfect storm • COVID-19 restrictions hit labour, ships • Cruise lines’ struggles impact dry dock

co-ordinators, purchasing managers, and inventory and materials personnel. “They gave us ample notice,” Mr Pinder told this newspaper. “Everyone is using the COVID-19 as a reason for terminations. That’s what they [the Shipyard] say; that it was due to COVID-19, lack of business and no ships coming in.” Dave Skantelberey, the Shipyard’s chief executive, declined to comment on the terminations when

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port operator also relinquished “north of $1m” in revenue through the monthlong 50 percent cut to all its tariff fees. As a result, April’s revenues were down 51 percent year-over-year. Disclosing that APD believed the slash passed some savings on to hard-pressed Bahamian consumers, Mr Bethell said the company’s board of directors was “some way out” from determining whether dividend payments to shareholders will be impacted by the COVID-19 fall-out. The pandemic’s full

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THE Bahamian economy “must come out of COVID-19 with a greater degree of efficiency than we went into this” through the full-fledged embrace of technology, a former attorney general urged yesterday. John Delaney QC, nowprincipal at the Delaney Partners law firm, told Tribune Business that The Bahamas must not abandon the remote working techniques forced upon it by the pandemic but instead ensure its economy was ready to continue using them “across the board” despite the further relaxation of restrictions on the private sector. Welcoming the prime minister’s decision to permit the morning opening of law firm offices on every day of the working week, Mr Delaney said several critical government agencies had failed to match his company’s digital “functionality” over the past two months. He pointed in particular to the companies registry, which “gradually” improved over the period, while also noting that his firm and others in the financial services industry had initially been unable to make fee and other payments to Securities Commission on behalf of clients. Crediting the capital markets regulator for adjusting quickly, Mr Delaney said COVID-19 had also forced the Bahamian judicial system to start using video conferencing as a means to hold hearings even though the enabling legislation to facilitate this had been in place for some years. Reacting to law firms being able to open for half a day, five days per week, the former attorney general told this newspaper: “Let

JOHN DELANEY QC me say that the removal of restrictions on law firms, to the extent that we’re able to operate for half-a-day in the morning hours, is certainly very welcome and it would go a long way to restoring a greater level of efficiency and productivity. Mr Delaney, who said “the extent to which firms were able to work from home really depended on the infrastructure of the company from an IT perspective”, added that the re-opening of law offices would facilitate easier administrative support and enable attorneys to more easily discuss legal matters with their colleagues. However, he argued that The Bahamas cannot afford to lose the technologyrelated gains made over the last two months and must also fix the weaknesses exposed by the pandemic - especially the ability of key government agencies, which act as regulatory hubs for sectors such as financial services, to interact with the private sector and its clients. “I would say that it’s extremely important for the government agencies with which we interact that they return to a level of functionality because during this period of working from home it was a drag on our ability to operate to the extent certain of them were not able to function as well

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PAGE 2, Friday, May 22, 2020

In his final article, Hubert Edwards details the questions policymakers must ask and solve - to revive the Bahamian economy

ECAUSE of its ubiquity and impact on all economic activities, policymakers must finally arrest the high cost of energy. Bahamas Power & Light’s (BPL) inefficiencies and structural challenges have a significant effect on the cost of doing business. The proposed refinancing of its legacy debt is indicative of its pseudo-taxing ability. We are aware of the measures underway currently, and the hope is that these will be successful in achieving the desired result stated. The caution here is that at all times the intent must be to secure fundamental fixes for longterm growth. Energy costs must be reduced, and the entity that generates electricity must become super-efficient, providing a catalyst for spurring national growth. Education Every government ministry must take on a greater role in the rebuilding and economic growth of the country. Every project, every plan has to be centred around the need for growth and development. Education has a dominant role to play in this regard. Every aspect of the country’s growth should be anticipated, supported and facilitated by the education system at all levels. For example, while there is initial value in using, say, Immigration policy as a tool for diversifying the economy, it can only be sustained on the back of an effective education system. Retooling for greater productivity across both the public and private sector; training targeted skills to support selected strategic industries; and retraining the workforce to be prepared

THE TRIBUNE

COVID-19’s big economic rebuild - 2020 and beyond BY HUBERT EDWARDS for the “new normal” are just some of the tasks that lie ahead. Education must be seen as a strategic longterm driver of economic growth. This is not simply social investment but must be an important underpinning for creating the talent pool needed for growth. “Our unemployment rate in the near term will likely exceed an unprecedented and extraordinary 30 percent. By some estimates, our economy may shrink by between 14 to 20 percent during 2020. This will represent a historic one-year decline. We will do what is necessary in the near-term to preserve social and economic stability,” said the prime minister recently. As he highlighted, such a dramatic one-year shift accurately demands near-term remedial action. There is no other way to sustain such a sharp turn in the economy without bridging for the social fall-out. However, planning will be required on parallel tracks. One track will address the short-term ills as best as possible, and the other develops and executes the long-term strategy. Face the situation, soften the blows as we grow, but build for long-term sustainability. The Context for Planning - USA As we move through this process of reimagining the economy, policymakers should not take their eyes off the state of the US economy. While there are local projections and speculations, the US is showing signs of serious

ills over the next 12 to 18 months. There has been a 4.8 percent contraction in first quarter GDP growth, and a potential double-digit contraction is anticipated in the second quarter. To date there have been 33m jobless claims, with many unable to receive benefits due to systems issues. Supply chains are under pressure, and small city US - the core of the country’s productive machinery - is now taking a hit from the virus. The US capital markets have bounced based on the various stimulus packages announced, and positive developments in New York and California. However, note that rural America, location of the farms, the production plants and industry is now under pressure. COVID19 projections indicate that the US as a collective could see up to 3,000 persons per day dying at the beginning of June. This pandemic is nowhere near over for our most significant trading partner. The US ailing is not great news for tourism, but it is certainly not time to panic

or get scared. It is time to figure out how we will live with COVID-19 and a stresed economy for the next 12 to 18 months at least. That demands we answer critically important questions. What does a two-year adjustment for the virus look like to the local economy? What will commerce in the new business and social environment look like? How will COVID-19 change the competitive landscape? Which sectors or businesses are likely to be among the losers, and how do we help them not to lose their shirts? We must take a bit of well-considered risk, and “do what is necessary in the near term to preserve social and economic stability”. A broader context – the Caribbean In our opinion, just like The Bahamas, the wider Caribbean is at a tipping point. One question to be asked and answered is: “Do we have the will to do what is required to fix our economies?” Not recover, but fix. If our desire is to get back to get back the foreign exchange flows, jobs and GDP growth we had previously, we need not do a single thing other than bring back the tourist with their US dollars. However, if this event has shown us some weaknesses and uncovered a fragile underbelly, then it is time to go to work and reimagine what the new paradigm demands. Better yet, imagine the new paradigm we wish to create. The takers in the new normal will be the losers. The US will be unsettled for a while because it is ill as a result of supply chain dependencies that have weakened its position in the global economic space. It will remain unsettled for a while because its production capacity is highly dependent on components from a dominant 18-percenter of world exports, China. Therefore, what was normal will not likely persist as geopolitics forcefully meets economics, thereby causing disruptions. Sitting and waiting to take is not an option. Looking to do only what it takes to

get back to our average one to two percent GDP growth will be a losing proposition in an environment where an ailing US may not be able to provide the normal buoyancy for the region. The Caribbean does not have enough money to buy its way out of the crisis. It does not have the health infrastructure to take risks either. Therefore, the dilemma of opening the economy is deeper than most would wish to admit. No country in the region has the capacity to deal with hospitalisation of, say, 200 COVID-19 patients. Consequently, all talk of opening must be extremely measured. On the other hand, no country can afford to shutter its economy for much longer. June is for many, in our opinion, D-day. Beyond that point, the hemorrhaging will become extremely violent. The debt trap is ubiquitous and important. Consistent commentary from the Barbados prime minister, Mia Motley, about the region’s vulnerabilities are sound. The Caribbean, or at least some of its nations, are seeking to appeal to the developed world to reassess its debts or how funding is provided. This makes sense largely. However, in a post COVID19 world, we should expect no such sympathies beyond token overtures. The entire world will be sneezing, and we will catch a major cold if we fail to fix our economies. We must come to understand that the ability to create and build resources offers us the greatest insulation against extraordinary events that will consistently beset us. The rebuild approach John Rolle, the Central Bank’s governor, says the Bahamian economy is expected to contract by the high-teen digits this year. This was a careful statement, and never proffered an actual number. We are going to take a bold guess here. The basis of this is the US economy shrinking by 4.8 percent during the 2020 first quarter, and economists projecting a second quarter contraction of up

to 30 percent. Unless there is a clear uptick in tourism (significant) in the second quarter, and the virus is contained, coupled with the emergence of extremely positive news on a vaccine or proven cocktail of treatments, we anticipate a much steeper contraction. This is why, for The Bahamas, diversification makes sense and must become central to the rebuilding. The nature of tourism in the face of pandemics of this sort, or crises displaying similar characteristics, is a “no income” proposition. The entire revenue stream disappears, totally. To counter-balance this, we need industries that may display some level of insulation to such crises, and we need an economy with the capacity to look within over the short-term to maintain the private sector’s momentum. An economy built with too shallow internal markets will struggle every time we have challenges such as these. In projecting what it takes to get back to even keel, it is our view that we must be as aggressive as possible but prudent. We must tailor our planning for the recovery of certain sectors while laying out blueprints for the building of others. The overall effort should not be one of recovery but a full re-imagining of the economy. Areas of the economy which prior to now got little to no attention must be placed under the microscope, and the strategic stance must be that we will squeeze every ounce of existing value from each. As a starter, the general structure of the economy, which shows contributions to GDP of 2.1 percent from agriculture; 7.1 percent from industry; and 90.8 percent from services needs to change. We do not expect to see a dramatic shift where services’s contribution falls to 50 percent. That would be impractical. However, agriculture is ripe for growth, and industry can become a larger contributor to GDP with careful policy positions

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THE TRIBUNE

Friday, May 22, 2020, PAGE 3

GOVT CANNOT SOLVE COVID-19 ALONE By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A MEMBER of the Fiscal Responsibility Committee (FRC) watchdog yesterday warned that The Bahamas cannot solely rely on the government to carry the country through the COVID-19 economic crisis. Gowon Bowe, also a former Bahamas Chamber of Commerce and Employers Confederation (BCCEC) chairman, told attendees at the Eleuthera Business Outlook webinar that the pandemic’s economic fall-out included “elements that have never been experienced by most

GOWON BOWE of those who are living today”. He added: “Persons who would have gone through such a significant global impact as this go back to the 1929 stock market crash. But, as we think about the events that are

taking place up to this point and time, as a country we have to bear in mind we have been through difficult times before. “We have had recessions following the Gulf War, following 9-11, the financial crisis that took place in 2008, and we have been around in terms of hurricanes up to this point in time. So it is not to be disheartened simply by the fact that it is more difficult now, and certainly it isn’t something that could have been predicted.” Mr Bowe said there is a “natural tendency during “fear and uncertainty to look to safe harbour, and the government is typically that

element of safe harbour that persons turn to. With that there is a lot of anxiety and questions about what is the government going to do in order to help us get through this. “The main message I would like to bring is that it is not a government alone initiative, and it is not the government alone that will carry us through,” he added. “What we need from government is leadership and direction. It is building and instilling confidence to allow persons to unleash the collective spirit so that they are willing to invest and bring the country back. “The government, though, does have a very

Eleuthera needs more beds, says hotel boss By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net AN Eleuthera-based resort manager yesterday argued that the island needs more hotel rooms to fully exploit its tourism industry potential. Jennifer Hadland, the French Leave Resort’s general manager, told the Eleuthera Business Outlook conference: “That has always been my concern here in Eleuthera that we do not have enough beds for heads, in particular as you move further south. I think we do need to look at that because there is

another opportunity right there for Eleutherans. “We need to make rooms available, we need to make beds available, we need to tap into that area again. That’s where you can see construction now becoming very viable. We really do not have, in my opinion, sufficient rooms.” However, Tiffany Johnson Bourne, manager of Daddy Joe’s restaurant in Eleuthera, countered: “We may not have sufficient rooms, but we have a lot of Airbnbs, and that’s been the challenge for a lot of local hoteliers where the Airbnb market has cut into the domestic and

smaller hotels. “So I think that if you search Airbnb, there’s numerous Airbnbs from Harbour Island to the south. There may not be the hotels but the Airbnbs are definitely there pulling into that market.” Ms Hadland, responding to Ms Bourne’s suggestion that Eleuthera has sufficient vacation rental accommodation to make up for the perceived lack of hotel beds, said: “I was including that actually. I probably should have stated that. I’m talking available beds. We really don’t have a lot of hotels to speak of, so it is definitely

Cable Bahamas ‘evolves’ Eleuthera product offering By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net CABLE Bahamas was yesterday said to be increasing internet coverage and “evolving” its services to Eleuthera through products such as managed Wi-FI access. Dominic Petty, the BISX-listed communications provider’s northern Bahamas director, told the Eleuthera Business Outlook conference webinar that that company is starting to expand Internet hot-spots throughout the entire island. He said: “We have already started to explore a lot of those things. As you would have recalled with the managed Wi-Fi access, the greatest thing with the Wi-Fi is you can actually go in spaces where the fixedline cannot go. So with

fixed-line you would have to build up a huge infrastructure, and you would have to spend a huge capital expenditure, unlike Wi-Fi. With Wi-Fi you transmit data through the airwaves.” Mr Petty added: “We already actually have this set up in various locales throughout The Bahamas. In fact we have it in South Eleuthera; we have a managed Wi-Fi set up. We were in conversations in Grand Bahama to put Wi-Fi in public places and things like that. Immediately after the storm [Dorian] we did do a number of locations on the various cays within The Bahamas; the Abaco cays, in Freeport, and so definitely capabilities in things like that are well within our ability to actually move on.” Mr Petty said Cable Bahamas is also setting up mobile check-ins for Eleuthera, adding: “Cable

Bahamas had several evolutions. This is the thing. A lot of persons see Cable Bahamas as a connectivity company, but we as of today have evolved into a more solution-oriented business, and so whatever that’s required, sometimes we customise solutions that suit the needs of the customer. “So because we are in the connectivity business we do several other things outside of connectivity, and then we work with the various partners in order to accomplish many, many tasks.” Mr Petty continued: “So in the past we would have done things out of the scope of the regular of just providing television, Internet and telephone. We also venture into cyber security as well as the managed Wi-Fi, so there is a number of various things we provide for our customers.”

BISX adds fund listing amid COVID pandemic THE Bahamas International Securities Exchange (BISX) yesterday confirmed that the W Global Diversified Fund is the latest to join its roster of investment fund listings. Incorporated as a Bahamian International Business Company (IBC), and licensed under the Investment Funds Act 2019, the W Global Diversified Fund’s completion of the BISX listing process was sponsored by The Winterbotham Trust Company. The latter will act as its administrator, with all investment decisions taken by the W Global Diversified Fund’s Board of Directors. Ivan Hooper, The Winterbotham Trust Company’s chief executive, said: “We are extremely pleased with the launch and listing of this fund. Launched during the COVID-19 crisis and local curfew, with teams working from home, and a smooth listing process with BISX’s

team, for which we are very grateful, we managed to setup, license, list and launch successfully during this period, reflecting the great work that can be achieved by focused teams in a successful and strong financial services jurisdiction, open for business during and able to continue operating as normal, in the most extraordinary circumstances “This fund in partnership with Inteligo Bank and Exmer Partners seeks to enjoy capital appreciation and income generation over the medium to longterm through opportunities developed in the current economic environment. “As the administrator with most funds under administration in The Bahamas, and the main sponsor of listed funds with close to 50 percent of fund-related listings, partnering with BISX has become a key component of our offering and a key

enhancer in our ability to attract funds to The Bahamas. Being able to continue our services and ability to list during these times is just fantastic. Keith Davies, BISX’s chief executive, said: “BISX is pleased to introduce another fund to its mutual fund listing facility, especially during these trying times. At BISX, we have had remote operating capabilities for a number of years now and we were able to seamlessly transition to a complete remote working environment. “Thankfully, Winterbotham was equally able to transition to the process of listing their fund remotely. As BISX observes its 20th anniversary of market operations, we are particularly thankful for the mutually beneficial relationships we have with organisations such as Winterbotham and our many other stakeholders.”

including the Airbnbs as well. “We’re also seeing a change in Airbnbs where people now are reluctant to rent Airbnbs, so it still would be considered an issue and a concern.” Ryan Austin, secretary of the Eleuthera Chamber of Commerce, said that between the boutique hotels in the north and vacation rentals, Eleuthera is “up for the challenge”.

specific role to play, notwithstanding the very direct contribution and input into the healthcare infrastructure and healthcare spend to make sure we are managing the actual pandemic itself. Economically, a number of things have taken place.” Mr Bowe said the National Insurance Board (NIB) had never predicted that so many persons would be unemployed, and requiring benefits and income support. While social assistance programmes, such as food vouchers and other support, were vital to ensuring Bahamians have sufficient to eat, he added that acting “as our brother’s keeper comes as a cost”.

He also urged businesses not to rush to judgment on the government’s $60m tax credit and deferral initiative that is designed to provide payroll support for medium-sized and larger enterprises, Mr Bowe said that while such programmes may “seem a bit obscure or ambiguous”, the whole COVID-19 pandemic was new for everybody. He also warned Bahamians not to pay attention to the US and its $2tn stimulus package, and believe The Bahamas can do similar. Mr Bowe explained that the US is “printing money”, which The Bahamas is unable to do because of its reliance on the currency peg to the US dollar.

PAGE 4, Friday, May 22, 2020

THE TRIBUNE

GB Shipyard terminates 27 Port FROM PAGE ONE financing to help them ride out a period in which they are earning zero revenue, is likely to mean fresh investment will be placed on the backburner for a while. That is likely to include the shipyard’s new dry dock, which faces being added to a list of planned Bahamian investments the Grand Lucayan and Freeport Harbour; Carnival’s Grand Port; and other private island destinations by the cruise lines that will likely be subject to delays once the pandemic is over. Tribune Business was also informed by contacts, speaking on condition of anonymity, that the shipyard had been impacted by the border closures implemented by the government on March 20 to prevent COVID-19’s spread as it relies heavily on a rotating cast of specialist expatriate employees to be brought in. And, with health protocols requiring all incoming ships’ crew to be quarantined for at least 14 days, their interaction with shipyard staff - a key element in vessel repair, overhaul and fitting out - has also been interrupted. “The shipyard is desperately keen to stay open and is trying as best it can to keep as many employees on as possible,” one source, speaking on condition of anonymity, said. “They had the accident with Dock number two last summer, and Carnival and Royal Caribbean were considering investing in a new one. COVID-19 has intervened.” Giora Israel, Carnival’s senior vice-president of global ports and destination development, told Bahamian media in February 2020 that the accident had reduced the Shipyard to just 25 percent operating capacity. He said the investment in a replacement, which had not been finalised

and was in the beginning stages of discussions, would also feature infrastructure development to expand the shipyard’s capacity. “We are determined to make this yard again a great yard, possibly bringing it back to the number one cruise ship repair facility in the world,” Mr Israel said. “(The dry dock) will be the biggest floating dock to be built in the last decade anywhere in the world, and it’s likely to be built in China. “We are now in a situation that is obviously not very welcome in Grand Bahama of having the world’s largest cruise ship repair facility really crippled and its production gone down dramatically.” Hundreds of expatriates had already been laid off then, and forced to return to their home countries. The shipyard, at that point, had committed to employing all its Bahamian staff on a 40-hour work week schedule even though it could have released around 100 due to the drop-off in work demand. “We are just sweating it through until we are able to get the operation back,” Mr Israel said. “We have a lot of pressure from shareholders to support our operating expenses, obviously labour, but also our debt servicing for the loans that are outstanding at the yard. The cruise lines that are 80 percent owners of the Shipyard, Royal Caribbean and Carnival, have not yet taken out one single penny of a dividend.” The Grand Bahama Port Authority’s (GBPA) affiliate, Port Group Ltd, owns the remaining 20 percent of the Shipyard. But, with the cruise lines’ balance sheets and financing likely to be strained for some time to come, it is likely that the Shipyard will have to find alternative means of financing a new dry dock. Another contact, also intimately familiar with the shipyard’s operations,

said: “Although they can open as an essential service, the problem is they cannot bring in any of the ships from abroad. There is a lot of interaction between the ship’s crew and their employees. “It’s not an isolated work environment, and everyone coming in has to be quarantined for 14 days. That has brought work at the Shipyard to a standstill in terms of ships from abroad. They’re trying to maintain as much of the workforce as they can. “Having taken so long to train people they don’t want to lose anyone. It’s a bit of a tightrope. The shipyard is pivotal to Freeport’s economy. They’re making a really hard effort to keep as many people as possible and not terminate or furlough. It’s a real challenge.” Further sources also confirmed the financial pressures facing the shipyard, with one confirming they were aware that the company had been “toying” with the terminations confirmed by Mr Pinder. “It’s difficult to run the business if you cannot bring in people from out of the country, especially specialist people,” they said. The contact added that the shipyard had managed to keep all staff on full pay for the first six weeks of the pandemic, and had then moved to a rotation of “one week on, one week off”. This was confirmed separately by other sources, who suggested the terminations involved 29 persons or numbered in the low 30s. “Some of them were senior managers,” one added. “They got paid put fully. I think they tried their best to keep them on board, but they were not getting any ships for a while.” The shipyard, though, as well as retaining strong shareholders also has a location advantage given its proximity to three of the world’s three largest cruise ports in South Florida and multiple shipping lanes.

suffers 40% May volume fall FROM PAGE ONE impact on APD will be felt in the company’s results for the fourth and final quarter of a financial year that closes at end-June 2020. “We’ve already started to see the downward trend,” Mr Bethell told Tribune Business. “In April [container] volumes were off by 38 percent, and on the tonnage side they were down by 88 percent. “That was primarily because of the bulk plant, the bulk terminal, was pretty much closed. We had a big bulk carrier that brought some volumes in during May, but that was not a home run. It made up for some of the shortfall, but was nowhere near for making up for the deficiency. “The shipping carriers, when we look at their volumes even now, and the bookings, they continue to be on the 40 percent downward trend. That’s across the board. A lot of commodities coming in are grocery supplies, a limited amount of building materials, mainly lumber, some small volumes for the nurseries, and a lot of medical supplies for the hospitals. They continue to come in.” APD’s own data shows TEU container volumes dropped by more than 2,200 year-over-year in April. They fell from the 5,815 received in 2019 to just 3,620 this year, which was also a drop of 2,139 against APD’s own internal projections of 5,759 for the month. “We continue to see that trend now into May, where we’re around 40 percent below budget forecasts and the prior year,” Mr Bethell added of TEU container volumes. APD remains some 3,798 ahead of target for the first nine months of its present financial year, but the stalling of major

foreign direct investment (FDI) construction projects - a major import driver - due to COVID-19 is set to continue impacting its financials near-term. With the timing of any rebound in APD’s container volumes, which are a key indicator of the Bahamian economy’s health, uncertain, he added that developments such as the new US Embassy, GoldWynn and Sterling’s Hurricane Hole transformation - both of which have restarted - are critical to driving imports. Vehicle imports for March and April, despite coming in at a “steady inflow”, had also been below expectations. And, with the government in the early stages of its COVID-19 economic re-opening plan, Mr Bethell said there had also been a decline in building materials demand and “general merchandise commodities” from the domestic economy. He added that the likes of Kelly’s Home Centre were all still selling from existing inventories that had been imported and built-up prior to the economic lockdown. “We remain optimistic, cautiously optimistic, as to when these trends will be over,” he added, pointing out that the month-long 50 percent discount to APD’s tariff fees (now over) had been intended to “benefit the entire market” - especially grocery stores and their customers - at a time when they needed all the financial assistance they could get in the pandemic’s early stages. “We felt our obligation was met in passing those savings on to the market,” Mr Bethell added. “The focus was on keeping the commerce moving, and ensure that confidence in the food stores remained high. Many were panic buying.” He said APD now expects its 2020 full year to be “relatively flat” against both prior year comparatives and internal forecasts given the drop in import volumes and uncertainty over when these will recover. “If these picked up it would be good, but for the time being we’re forecasting a flat year yearover-year and flat versus budget,” Mr Bethell added. Given that APD’s total comprehensive income stood at $7.905m for the

nine months to end-March 2020, this suggests the Arawak Cay-based port operator will make either a small fourth quarter loss or break even. Its nine month profits are just behind the $8.03m recorded for the 2019-full year, and ahead of the $7.267m in net income projected at the start of the financial year. APD said in a statement yesterday that it is bracing for an economic environment where the Bahamian economy contracts by up to 20 percent, with unemployment hitting at least 30 percent and government revenues declining by 50 percent. “While our financial results as of March 31, 2020, are favourable and performing above budget and over prior year-todate March 2019 results, the reality of the economy and financial performance for April/May 2020 is very different from yearto-date March 2020,” Mr Bethell added. “We continue to evaluate information from global and local sources concerning COVID-19 with the intent of having our facilities continue to operate at optimum level in a manner that will not affect trade while ensuring a high level of awareness and efficiency.” For the 2020 financial year to end-March, APD’s revenues increased by 13 percent year-overyear to $25.5m compared to $22.6m last year. This was also 14 percent ahead of budget. Net income was 41 percent ahead of the prior year’s $5.6m. In terms of volume, APD said TEU volumes for the first nine months were were eight percent than 2019 comparatives. Tonnage volumes were 33 percent higher, and vehicle volumes 13 percent higher. “These are unprecedented times and uncharted waters,” Mr Bethell added. “We must ‘trim our sails’ given that we don’t know what the weather is like ahead and how long this global crisis will last. The impact of unemployment forecasted to be as high as 30 percent, and the overall financial impact on our economy could be potentially devastating, but I am certain the ‘tides will turn’ and we will rebound.”

NOTICE The district court Zeeland-West-Brabant, location Breda, the Netherlands has ordered the summons of the missing person: name: HECTOR ALEX SALAS born: 6 February 1963 on Aruba last known address: Van Breestraat 106, in Tilburg (the Netherlands) has gone missing on: Long Island, Bahamas, to appear at the trial of this court on 25 August 2020 at 11:00 AM, in connection with a filed application to obtain a judicial declaration of presumption of death of the missing person. The hearing will be held in the building of the district court Zeeland-West-Brabant situated at the Stationslaan 10, in Breda (the Netherlands). A transcript of the application may be requested by the missing person from the court clerk of the above mentioned district court, the Family- and Juvenile law team, location Breda (0031 (0)88 36 11 541). The clerk’s office is open on business days from 8:30 AM to 5:00 PM.

THE TRIBUNE

‘Storm in teacup’ on COVID repatriation FROM PAGE ONE

“Each person will be required to obtain a RT-PCR COVID-19 molecular diagnostic test from an accredited lab prior to returning, unless otherwise approved to have the test administered upon arrival,” the prime minister said. This is further affirmed by the Emergency Powers (COVID-19) (No.3) Order 2020, which was signed by Dr Minnis on March 8. In “Part E”, which deals with the “protocol for the return of citizens and legal residents of The Bahamas”, section 3 (a) confirms that persons are allowed to take the RTPCR COVID-19 test via the Ministry of Health “on arrival” in this nation as opposed to before they board the flight. Mr Aranha said this was exactly what Trans-Island Airways and its passengers had complied with, adding that Jamaica’s testing per capita COVID-19 testing rate was much lower than The Bahamas’, meaning it would have been virtually impossible for them to obtain tests before boarding the flight to come home. He confirmed that all were tested upon arrival at

Lynden Pindling International Airport (LPIA) in the presence of five Immigration officers, five Customs personnel, three Ministry of Health employees, two airport security staff and one policeman. Once the twohour process was completed, the seven - six Bahamians and one Jamaican - were all taken to a government-run quarantine facility where they must spend the next 14 days to ensure they are COVID-19 free. Arguing that all involved had followed the correct procedures, Mr Aranha described the subsequent negative coverage as “just noise in the market”. He added: “This incident, it’s a storm in a tea cup. It was not given its proper context. We have to get beyond the fear-mongering taking place about anyone coming into the country. They’ve tried to make it seem like a big scary thing.” “People need to come to terms with travelling with this virus, and the protocols put in place by the Ministry of Health and Civil Aviation Authority to protect them and stop the spread of the virus but allow people to come home and be with their families and

Govt agencies’ IT ‘drag’ in COVID-19 FROM PAGE ONE in the remote environment,” Mr Delaney told Tribune Business. ‘‘There was the companies registry at times. They gradually improved along the way, but the degree of functionality wasn’t there with the companies registry.” He added that the Securities Commission was also unable to accept electronic payments when the “work from home” measure was implemented on March 20. “We are doing investment funds or paying fees on behalf of clients that are registrants of the Securities Commission,” Mr Delaney added. “We had to send a cheque.” This, he said, had resulted in greater physical interaction of the sort that the government wanted to avoid to prevent COVID-19’s spread. “Even in as late an age as this that was the case,” the Delaney Partners chief said.”To the Securities Commission’s credit they changed it, so we came out of this with a much greater degree of efficiency than we went in. “The sincere hope is that this experience during the time of COVID-19 of being unable to work in a physical interaction manner leads to a greater move towards

Realtors ‘can’t wait to return full-time’ FROM PAGE ONE

to do something. I can’t wait until it opens up fulltime, and I’m hoping this is a step in that direction. “We have the same amount of people on our website every day looking for properties, and that has not stopped, but we cannot do showings. As soon as we come back up I think we’re going to be inundated.” The Bahamas Real Estate Association (BREA), the industry body that is responsible for licensing and self-regulating agents, has been lobbying the government extensively in recent weeks for the industry to be opened up. It has based its arguments on the sector’s economic importance, especially as a potential foreign exchange earner, and its ability to enforce social distancing and other health-related measures. Christine Wallace-Whitfield, BREA’s president, said of the Prime Minister’s action: “This definitely a wonderful step towards our request that we’ve been working on for many weeks. It’s a great, excellent boost.” She added that real

enabling technology across the board in terms of the economy so we can work remotely. We certainly need it to the greatest extent possible. “Certainly in terms of the legal profession that needs to happen both for the private law firm offices, the government agencies and the court system - holding hearings remotely by video conference. We’ve had the enabling legislation for the video conferencing of hearings for many years now, but in terms of the courts deploying it in any regular way that has been forced by this situation,” Mr Delaney continued. “There’s no need for that to go away with COVID19. It makes more sense to have hearings by video conference rather than going to court in commercial matters. That’s going to be more efficient and doable in the great majority of cases assuming the courts are able to do it and attorneys are up to it also. “What we need to to is digitise the court registry so we have electronic filing and retrieval of documents, and that will give is the ability to operate in an electronic environment at an optimal level. I’m sure much the same could be said of estate’s re-opening would link well with the resumption of construction two weeks ago, given that the sectors go “hand in hand with the other” and account for a significant chunk of economic activity that has the ability to generate some badly-needed foreign exchange inflows. Mike Lightbourn, Coldwell Banker Lightbourn Realty’s president, told Tribune Business: “It’s important to get back to work. We’ve been able to pay our staff but there’s a bunch of companies that have been unable to do that. A number of smaller companies I know have had a very hard time. “Real estate and construction account for approximately 20 percent of our GDP, and construction has already started up again. Any sales we make to a foreigner can bring in foreign currency, but Bahamians have real estate needs just like anybody else. “We’re very well aware of all the protocols necessary and will be abiding by them. It all helps the economy to get rolling and I don’t think there are any potential health dangers. The pent-up demand from customers wanting to look at property and talk to agents is good.”

Friday, May 22, 2020, PAGE 5 those they love.” Mr Aranha added that it was a myth to suggest all private chartered flights returning Bahamians to their homeland were being financed by wealthy family members and individuals. Recalling the flight that aroused media controversy, he said: “I can tell you that on that flight there was no one who was remotely wealthy. “It was a bunch of kids whose parents scrapped together to get them home. A lot of it is people making sacrifices to be able to travel. It was an awful lot of work on behalf of the operator [Trans-Island], the Civil Aviation Authority and the Ministry of Health to make this happen.” Mr Aranha also hit out at the government department he believed was responsible for leaking details of the flight, including the passengers’ names and passport numbers, out on social media. Questioning whether anyone would be held accountable for the leak of confidential/ personal information, he did not name the agency involved, although this newspaper understands he was referring to the Immigration Department. “We have a relatively clear idea of the department that leaked the information because I’m the only person that has all the documents,” Mr Aranha said. many aspects of life in the economy. All this is money well spent by moving in this direction.” The Supreme Court registry has opened “by appointment” within the past two weeks, but Mr Delaney said prior to this there were no hearings at that level while attorneys were unable to file legal papers. He added that Bahamian companies also needed to obtain the ability to access data and their IT systems from outside this country as part of disaster preparedness, risk management and business continuity plans given the possibility of further Hurricane Dorian-type storms hitting this nation.

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

THURSDAY, 21 MAY 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,140.38 | CHG: -0.13 | %CHG: -0.01 | YTD: -91.22 | YTD%: -4.09 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

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 2.98 11.26 6.10 4.03 6.01 2.83 5.10 9.23 8.15 14.50 8.97 4.00 15.20

CLOSE 3.55 17.43 6.00 6.68 1.78 1.62 2.98 11.26 6.10 4.03 6.01 2.84 5.10 9.06 8.15 14.50 8.97 4.00 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 -0.17 0.00 0.00 0.00 0.00 0.00

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

44,620

100,000

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 13.6 21.9 42.9 27.8 10.9 14.0 11.2 17.8 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% 3.61% 2.98% 0.00% 15.28% 1.18% 3.62% 2.94% 3.72% 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 -10.90% -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

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

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

31-Mar-2020 31-Mar-2020 31-Mar-2020

PAGE 6, Friday, May 22, 2020

THE TRIBUNE

Arrow-words are like crosswords, but the clue inside squares on the grid. Write your a blank squares in the direction indicated b Solutio

wordSEarch JUDGE PARKER

O N N R S A X O N N A M O R Y

CARPE DIEM

MARVIN BLONDIE

Daily Express Wednesday, March 4, 2020

Puzzles

X I V A Y A M N T O C O W U S

I S L T I N C A X T Z F E D B

O F E E D V D A F Q O Z F P C

N C N E I G U N I W H M J M U

G S C K R T O A R I W T A O D

N C I E M U F C P B W U P N K

U N E M J P L C U J R B O G I

G K A T I I R N Y Y F I I O H

T K Z I Z T C M A A I G C L H

U Q I R T A A N M C A I B Z U

W Q F D J P G N I MD H S U K F

CRUSADER PRIZE CROSSWORD Find all the ancient civilisations listed acrOss 1 I would return, spreading magic as a taker of photographs (7) 5 Upset by tales, like an animal (7) 9 Quits demo, unfortunately taken out of context (9) 10 Become liberal, but sound angry (5) 11 A lyric about carbon and artificial fibre (7) 12 Excessively torn apart in city (7) 13 Regular counter that’s full of elements (8,5) 18 Ship quietly confuses squad about to return (6,7) 20 Two vehicles surround a trailer (7) 23 Plaintiff has a small drink with employer (7) 25 Might join a new set of languages (5) 26 Drying up, being contemptuous (9) 27 Elderly relative eager to get some material (7) 28 A crate’s sadly what most children travel in (3,4)

HAGAR THE HORRIBLE

TIGER

CALVIN & HOBBES

the grid.3 1 2 4 DOWN 1 Martial artist has space and Solution tomorrow energy to belittle (6) 2 Mollusc upsetting poor stag, on the day (9) AXUM ● AZTEC 9 ● CANAAN ● EGY 3 Vicious clue solved – about GREEK ● INCA ● KUSH ● MAURYAN compiler’s last (5) 4 Time to go overMING for bike● MITANNI ● MONGOL ● OT racing (9) ROMAN ●11SAXON ● TUWANA ● V 5 Debit arranged for bathroom feature (5) XIONGNU ● YUEZHI ● ZAPOT 6 Calculating process shows different goal – mirth (9) 13 14 7 Moving north – that’s sharp (5) 17 8 The old students, indebted, showed their age (8) 18 14 Terribly clever article included European pertinenceQuick (9) wordSEarch 15 Rigid and in charge, croSSword incorporating a silent A J 21U G E C K W V G22M 20 composition (9) 1 Broadcasted; E H E A V U U N S E T across: 16 Shrek controlled anger 9 Inn; 10 Knowledge; I H F M N O S N E V E behind British county 11 Aimed; 13 (9) Centaur; K E I E K C E B N I E 17 Distant traveller came 14 Punish; 16 Recoup; 25 P G B D A K O T E O26K running in 18 bridge (8) 19 Strut; Overact; A B Z L C U G R W V S 19 Appropriate for a 21 Fad; 20report Abundance; V L N I G Y S L W A C builder (6)22 Intercepted. 21 Material for artist2over down: Ran; 3 Asked; O L D W R H G T Z E I there (5) 4 Crouch; 5 Silence; 27 N O H S E L Z T E D L 22 Presently at home, very 6 Endeavour; N R G V K E P O F N V unlikely to 7succeed (2-3) Disapproval; E R L I O W P C R S E 24 Obvious about 8 Decrepitude; G A L V T I O L Q H J Shakespearean character (5) 12 Mannequin; U C D V S S L A C I O 15 Swaddle; 17 Ethnic; 19 Sweep; 21 Fee. T H E M I N G W A Y C

YESTERdaY

THE ALPHABEATER

TARGET

F I T Z G E R A L D X

AG E nl c HrA

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

targEt alphapuz cAn you crack the Alphabeater? thE Each grid Extra across: triathloN Escapism, Origin, number represents a letter – or black square. 090 Smock, Lynx, Due anil anti halon hintletter horn ofFeather, Asalthorn in Alphapuzzle, every the alphabet (Deduc Did, Mace, Medic, Teatime, into intro linotolint lion is used. Butiron youlain have complete the grid too! each ext Rueful, Thickset. loan loin loran nail noria north use the given letters and black squares below f rain rani rant ration rhinal rhino down: Squatter, Storm, Do Prickle, Malt, Fanfare,090 Move theroan gridtaint to start. the grid is ‘rotationally talon tanh tarn than Demonic, Issue, thin thorn tint tonalwords, torn it looks symmetrical’ – intitan other the Egghead,*Calls cosN trainifTRIATHLON triton your te same you turn the page upside down. netwo Solution tomorrow

A 1 29 32 7 8 11 22 33 16 13 B C 3 28 21 13 22 8 1 13 19 9 D E 38 25 9 6 16 32 18 2 16 28 F G 18 35 16 28 18 10 24 28 7 11 H I 32 21 1 38 12 6 18 10 37 33 J TODAY’S TARGET Good 23; very good 34; excellent 46 K 39 27 15 22 1 9 30 20 7 9 (or more). Solution tomorrow L M 28 30 16 38 26 18 20 12 23 24 call 0907 181 2585 N for today’s target solution 25 36 as27 24 34 35 14 7 in38 25 BestOdescribed a number crossword, the task Kakuro *Calls cost 80p per minute plus your telephone is toPfill all of the empty squares, using numbers 1 to 9, so company’s network access charge. the Q sum of each horizontal block equals the number to 35 27 4 33 27 8 22 32 3 6its left, Rand the sum of each vertical block equals the number on its S top. 18 No 6 number 33 may 6 be14used28in the 17same 15block 18 more 31 thanT once. The difficulty level of the Conceptis Kakuro increases from Monday to Sunday. U 22 16 27 25 28 20 28 14 2 34 FIND where the fleet of ships shown is hidden V in the grid. The numbers to the right of and W 17 19 13 34 30 40 36 39 18 21 below the grid indicate how many of the squares in that row are filled in with ships or X Yesterday’s Yesterday’s parts of ships. The ships do not touch each Y 5 21Answer 22 26 5 27 10 17 13 24 Sudoku other, even diagonally. Some squares have Kakuro Answer Z HOW many words of four letters or more can you make from the letters shown here? in making a word, each letter may be used once only. Each must contain the centre letter and there must be at least one nine-letter word. no plurals or verb forms ending in “s”.

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

BATTLESHIPS

been filled in to start you off. Solution tomorrow

30 31

9 10

J 1

CRYPTIC PUZZLE 1 Knew cry may come from a woodpecker (7) 5 Conceal or report a story (5)

2 Tibet’s largest butter producer (3)

3 Bird from another nest (4) 4 Medicine that makes a damaged nail OK (6)

9 Bird somewhat parochial (3)

5 Yet it may help a company to expand (8)

10 Kick from the hired horse (4)

6 Move ruins; they may be pest-ridden (9)

12 It’s highly painful (8)

7 Frauds seen in court or in the press (7)

15 A vote having gone t o the other side (6)

1 Guard marking time (5)

8 Recorded as having been dismantled (5,4)

14 Ticks off a number of skins (6)

16 19

20 21

11 One newt in the sequence is the leader (9)

17 Free from restraint (8)

13 Writer turns gun on US military HQ (8)

18 Master of Arts before the revolution (4)

14 Advice on clues in anagram form (7)

21 Island surroundings (3)

16 People mending pipes? (6)

22 New Englander in the country (9)

19 Clause added for a traveller (5)

24 Fifty nine weaving cloth (5)

20 A measure of the main chance (4)

25 Pupil starts singing choral composition (7)

23 Tool which makes everything soundly (3)

Yesterday’s Cryptic Solution

Yesterday’s Easy Solution

Across: 1 Campaign, 5 Jamb, 9 Genoa, 10 Studies, 11 Acceleration, 13 Unsure, 14 Adders, 17 Master of Arts, 20 Stammer, 21 Cairo, 22 Shoe, 23 Heartens. Down: 1 Cogs, 2 Menaces, 3 Amateur teams, 4 Gashes, 6 Alibi, 7 Business, 8 Cup and saucer, 12 Surmises, 15 Entwine, 16 Course, 18 Shako, 19 Pods.

Across: 1 Captured, 5 Tall,

9 Loose, 10 Ceiling, 11 Run-ofthe-mill, 13 Action, 14 Mozart, 17 Growing pains, 20 Buffalo, 21 Augur, 22 Earn, 23 Idolatry. Down: 1 Cold, 2 Product, 3 Uneconomical, 4 Excite, 6 Alibi, 7 Legality, 8 Ride for a fall, 12 Tangible, 15 At night, 16 Age-old, 18 Offer, 19 Fray.

Across 1 Concealment of wrongdoing (5-2) 5 To assent (5) 8 Done spontaneously (9) 9 To capture (3) 10 Fine sheer linen (4) 12 Anxious uncertainty (8) 14 Rational motive (6) 15 Discharge (6) 17 Peevishly impatient (8) 18 The chances (4) 21 Historical period (3) 22 Small large-bore pistol (9) 24 Insincere (5) 25 Set out in detail (7)

4 x submarine

2 x cruiser

3 x Destroyer

1 x Battleship

Down

EASY PUZZLE

Across

1 1

Down 1 Fast swimming stroke (5) 2 Examine critically (3) 3 Boisterous frolic (4) 4 Disconcert (3,3) 5 U.S. gangster (2,6) 6 English medieval outlaw (5,4) 7 A highbrow (7) 11 US lawman . . . (5,4) 13 . . . and his friend, Doc (8) 14 Completely full (7) 16 False (6) 19 Ragged strip (5) 20 A speech defect (4) 23 Wildebeest (3)

K■

■

34 35

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

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THE TRIBUNE

Friday, May 22, 2020, PAGE 7

COVID-19’s big economic rebuild - 2020 and beyond FROM PAGE TWO and management. Analysis of employment by sector gives an idea of the possibilities. Agriculture and industry are both at five percent, while tourism is at 50 percent and other services at 40 percent. This is against the backdrop of a perennially high unemployment rate, which stood at approximately ten percent pre- COVID-19, and is expected to increase much higher even after the economy starts to recover. That does not mean everything changes; it simply means that hard questions are asked and answered, and the solutions are dictated by the answer. This leads to the overall objective we desire to achieve, which is building a better, more robust and resilient economy that is more inclusive, demonstrates greater equity and

fairness, and is domestic orientated. The possibility of the US contracting by 30 percent in one quarter holds huge implications for a tourism sector that depends on high levels of disposable income. The Bahamas must look carefully and respect the possibilities. The plan for the future starts with questions. These questions are designed to examine and challenge the status quo, and shift the thinking. They are designed to create discomfort and confront the obvious positions. This is an approach which can significantly move the needle. Every step, every contemplation, every decision contextualised by the potential dire future we face, we should not act or behave as if the situations call for business as usual efforts. We are anticipating that only what is in the best interest of the country will be pursued; the

stakes are too high for it to be otherwise. The Questions • What do we want The Bahamas economy to look like after COVID-19? What will tourism look like? What will financial services look like? What do we want to see in agriculture in the next five years? What sectors are ripe for policy support? What legislation and policies do we have languishing which, if repurposed, can add value? How does governance impede economic growth? Is there value in devolution and local government? • Which sector of the economy is causing a drag on others? What are the unexplored pockets of value we have ignored because of entrenched thinking? How can we add greater diversity to the economy? How can we diversify tourism? How might these impact tourism and other sectors? What values are locked-up in “historical Bahamas”? Are there social assets such as diversity of culture that we can take advantage of? • How do you diversify without broader skill-sets? Does immigration hold any value in diversification? How do we influence greater trade? How do we restate a policy of Bahamianisation for the 21st century based on fairness and empowerment, economic inclusion and social equity?

• What exactly should the tax regime of The Bahamas look like? What tax regime would provide the greatest future value for the country? How can our fiscal policies (tax/concessions) be exploited differentially to drive economies in Family Islands? • What is the role of the University of The Bahamas in creating a centre of excellence? How would a financial services sector thrive in an environment with a recognised school of banking? How do we create a more vibrant capital market? How do we create a more vibrant funding machinery for businesses? • What are the opportunities in CARICOM? How can we leverage the Caribbean to improve the domestic economy? How can the region be used as a first step to greater food security? What opportunities are there for inter-region trade that benefits the Bahamas maritime industry? • What is our targeted GDP in ten or 15 years $20bn, $25bn? How do we get there? What industries are primed to help us do that? Are we too focused on GDP? What about GNP? What policies do we have that cause our GNP to be insignificant? Will changing any of these policies imperil the country? What reforms are needed to unlock economic value? How do we achieve them?

By when can we reach our GDP target? Conclusion COVID-19 has created significant problems for the country. The economy faces an uphill climb to get back to some semblance of normality. The road back will be hard, but this event presents us with great opportunities to take a focused look at how we can adjust for the future. This is an interesting and exciting time. It calls for bold decisions, bold leadership and bold decisions. We have seen many offerings of ideas and suggestions. We are convinced that the collective genius of the country, including its diaspora, is more than capable of creating the rebuild and revival of the economy. However, as we have shown here, by undertaking an analysis of the National Development Plan, once the issues are identified there must be follow through. Implementation is imperative. Against this backdrop, we anticipate that next week’s budget communication will be rich with very potent policy positions. Given the ongoing work of the Economic Recovery Committee, these may necessarily have to be stated in a high-level fashion. This, though, represents the first concrete opportunity the government will have to communicate the vision and strategies for the way forward. The role

of every ministry must take on greater prominence towards the rebuilding and drive for economic growth. A holistic approach with all hands on deck. We anticipate storylines to emerge showing The Bahamas pivoting to become an entrepreneurial paradise; efficient government; highly facilitative environment; all setting up the private sector to take the lead role. With the deficit expected to be high, we anticipate public-private partnerships (PPPs) will get more prominence. Many of the issues raised here are applicable for the rest of the Caribbean. We continue to argue that in the new normal, co-operation across the region holds great value for the growth of individual economies. For the first time in the life of the region, there is a common event affecting every single country. Common impact makes it easier to find common ground. This moment should not be squandered. Policymakers and leaders from all sectors of national life are faced with responding to a defining moment. Effective leadership, diligence, urgency and discipline will be necessary elements that must be actively at play. We anticipate success. The welfare of the country demands it.

BANK OF JAPAN HELPS FUND SMALL BUSINESSES FIGHTING PANDEMIC TOKYO Associated Press JAPAN’S central bank said today it will provide some 30 trillion yen ($280bn) to banks for financing small and medium-size businesses battling economic hardships brought on by the coronavrius pandemic. The Bank of Japan will start providing funding to the banks in June, it said. The offer for zero-interest and unsecured loans comes

on top of earlier measures, such as 20 trillion yen ($187bn) for purchasing corporate bonds and commercial papers. The Bank of Japan has also announced 25 trillion yen ($234bn) financing for private debt. The world’s third-largest economy has sunk into recession, battling stagnant consumption, dwindled tourism and plunging exports. Central banks around the world, including the US Federal Reserve, have been

making similar moves. The Bank of Japan’s policy board decided unanimously to continue all measures through March next year. The bank has sought to send a message of financial stability by lifting the ceiling on the purchase of government bonds to maintain financial fluidity. It said it will continue to monitor the COVID19 situation and carry out additional measures, if needed. “There is little doubt

that the BoJ will maintain an unequivocally dovish stance,” said Hayaki Narita of Mizuho Bank. Narita said Japan is facing “a triple whammy of negative demand shock”, on top of the outbreak, the postponement of the 2020 Tokyo Olympics until next year, a recent tax raise and trade tensions between the US and China, Japan’s main trading partners. Japan’s long-term interest rates are already at zero. The short-term interest rate is negative 0.1%.

A state of emergency requesting people stay home and work remotely has been lifted in most of the nation, though it remains in place in Tokyo. Dozens of bankruptcies have been reported as a result of the virus outbreak. But the unemployment rate, although rising slightly, has not shot up so far, unlike the US and some other nations. Japan has long suffered a labour shortage. Major Japanese companies tend to offer “lifetime

employment” in principle and do not resort to layoffs as easily as their Western counterparts. But analysts have said tough times lie ahead.

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