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business@tribunemedia.net

MONDAY, MAY 25, 2020

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Govts debt defer ‘breathing room’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

HE government is seeking “breathing room” by deferring debt repayments coming due, it can be revealed, as it last night confirmed it has applied for a $252m “emergency” International Monetary Fund (IMF) loan. K Peter Turnquest, deputy prime minister, told Tribune Business the decision to seek financial assistance from the fund did not signal The Bahamas is facing a “worst case scenario” post-COVID-19 but, instead, is merely “taking advantage of attractive borrowing facilities”. Emphasising that the loan is not part of an IMFled “structural adjustment” initiative being imposed on The Bahamas, Mr Turnquest said the Minnis

• As it seeks $252m IMF ‘emergency’ loan • Moving to push back principal repayment • Must calm volatile Bahamas debt market

K PETER TURNQUEST administration was “smartly availing ourselves” of a low-cost facility - with an interest rate of just 1.054 percent - to help support the COVID-19 response and other government financial operations.

Aliv’s ‘triple whammy’ puts revenue off 15% By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ALIV’S revenues are recovering from a “15 percent-plus” fall-off in April sparked by a “triple whammy” from the COVID-19 pandemic, the mobile operator’s top executive has revealed. Damian Blackburn told Tribune Business that besides coping with a 30 percent increase in data demand that yielded minimal revenue growth, the cellular provider also had to invest in upgrading network capacity in residential

DAMIAN BLACKBURN areas due to the number of persons being temporarily laid-off or forced to work from home. And he revealed that Aliv’s top-line took as further hit because around

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Ex-minister fears 100% debt/GDP By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A FORMER finance minister fears The Bahamas could be “in really dangerous territory” by June 2021 with a national debt that is equal to the size of its economy. James Smith, pictured, who held the post under the first Christie administration, told Tribune Business that The Bahamas may be in “one place where we

never wanted to be” 13 months from now with a debt-to-GDP ratio that is

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“We are utilising the residual borrowing authority under the two resolutions we got for fiscal year 2019-2020,” the deputy prime minister told this newspaper, referring to the mid-year budget approvals obtained from Parliament. “No, we are not in the worst case scenario, but are taking advantage of attractive borrowing facilities.” The Ministry of Finance, in a statement, said the low interest rate and likely fast approval of The Bahamas’ $252m request made it a better option than other available borrowing possibilities. The IMF board meeting, during which this nation’s application will be discussed, is set for early June and the funding will

be available within three business days if approved. It added that while the IMF loan must be fully repaid within five years, there is a three-year “grace period” before payments have to be made, thereby giving The Bahamas sufficient time to refinance “for a longer time horizon if the government deems fit”. The Bahamas’ decision to seek COVID-19 assistance from the IMF comes after multiple other Caribbean nations, including Jamaica, Barbados, Haiti and St Vincent and the Grenadines, have all gone the same route in seeking funding to tackle the pandemic’s economic and

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‘Park our pride and grow GDP’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government is being urged to eliminate the backlog of permanent residency applications within 30 days as a means to secure “easy money” for the Public Treasury and a multi-million dollar foreign exchange boost. Jason Kinsale, the Bahamian developer behind projects such as The Balmoral, ONE Cable Beach and Thirty-Six on Paradise Island, told Tribune Business it “makes no sense” why such an immediate fiscal and economic boost was being delayed when this nation needs every investment dollar it can get post-COVID-19. Pointing out that economic permanent residency fees are worth $15,000 per person, he said it was vital The Bahamas eliminate all the red tape confronting legitimate investors - especially the need for Cabinet to approve those already vetted and who have “ticked all the boxes”. Mr Kinsale said such bureaucracy was

JASON KINSALE already costing The Bahamas, citing the example of two foreign friends who had wanted to establish a business in this country and employ Bahamians. He disclosed that they packed up in frustration over the nine-month wait for their business licence and residency with the right to work permits and headed for the Cayman Islands, where they received the necessary approvals in five days. Arguing that The Bahamas must “make it easier for people to come here”, and create the critical mass essential to generating higher economic growth levels, Mr Kinsale said the country needed to “park its

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PAGE 2, Monday, May 25, 2020

HIS pandemic has many lessons, but an important one not to miss is that the centralised business approach is flawed. Developing economies should continue to adopt the concept of decentralisation for local industries and markets. Decentralisation is the even distribution of power and authority at every level of management. This approach is often done through blockchain technology, which is a nondestructive way to record data in an ever-changing database that allows for transparency across all sectors of a business. Decentralisation and blockchain are often linked because they create an autonomous environment which, as a result of COVID-19, appears to be the new way of working for many businesses and organisations. A decentralised economy will lead to an institutional revolution because blockchain is an institution technology. This segment will explore how a decentralised economy would promote social and economic development for the Family Islands. Decentralised economy: The role of Family Islands Decision-making in a decentralised economy is performed in a peerto-peer manner rather relying on a central command. Human civilisation has operated, and relied on, centralised operations because they were

THE TRIBUNE favourable for those in the Family Islands because their contribution to the nation is as significant as those in the capital. Some projects should not require years of approval or political interference if proven to bring about greater economic and social development. That is why it is important for each Family Island to have its own development plan. The initiative of each Family Island having its own plan has actually made some headway. In fact, there are 11 pending drafts created under the government’s national development team. There has been no public update on the status of these drafts, even though Andros and Eleuthera’s plans were partially privately funded. This progress indicates that the government understands the importance of each island having its own development plan. Decentralisation: Survivability of small businesses on Family Islands As a result of COVID-19, the Small Business Development Centre (SBDC) rolled out the Government’s Business Continuity Loan $20m response, targeted at providing credit to small businesses. These loans range in size from $5,000 to $300,000, with approved loans having a grace period of four months before they have to be repaid. While these efforts are commendable, it also highlights the significant

GDP contribution made by small to medium-sized enterprises (SMEs). On the Family Islands, their importance is even greater. Yet in providing loans, and applying forgiveness programmes to business owners, taking a decentralised approach to the lending process could increase the supply of credit by crowdsourcing capital. According to an article on COVID-19 and lending, accessibility to crowdsourcing capital would require the efficient structuring of two different processes: Becoming an eligible lender and processing loan applications. In addition, businesses that adopt decentralised technology (blockchain) can cut overhead costs by creating smart contracts and platforms that better track the performance, shipment and purchases of goods/ services Conclusion In closing, whether COVID-19 occurred or not, the country is no stranger to disasters and should already be in the process of taking steps towards a decentralised economy. Any planning should consider this approach because it is the future, and economies will either have to adapt or be left behind. Decentralisation will allow for more inclusiveness and collaboration among Family Islands, and can play a pivotal role in enhancing each island’s ability to do business.

fortune of previously working for an institution that had a well-defined and developed anti-corruption compliance culture. Against this background I appreciate the complexities of a robust “culture of compliance”. Notwithstanding the above, each institution has its own corporate culture. It is imperative that despite an institution’s size, local or global footprint or industry, companies must embody a strong culture of ethics, honesty and legal and regulatory compliance. This is more than possible with senior management commitment, their willingness to support the efforts of their risk and compliance teams over a sustained period of time, and the mindset that not all business is good business. A strong anti-bribery and corruption (“ABC”) policy is a key component of your institution’s risk and compliance framework, and will help kick corruption risk out. The ABC policy promotes transparency, the avoidance of conflict of interest, and applies standards both internally and to third parties. During this pandemic, companies should review and evaluate their “culture of compliance” pertaining to stamping out corruption and bribery risk. Additionally, they must examine, at a minimum,

the following areas. Tone of senior management “Managers and employees take their cues from these corporate leaders,” said the resource guide to the Foreign Corrupt Practices Act (FCPA), issued by the US Department of Justice and the US Securities and Exchange Commission (SEC). The release further added: “A well-designed compliance programme that is not enforced in good faith, such as when corporate management explicitly or implicitly encourages employees to engage in misconduct to achieve business objectives, will be ineffective.” Simply out: Without clear and consistent communication from the top that echoes an anit-bribery culture, companies may expose themselves to fines or sanctions. Third party and outside business director management If you have not applied your anti-bribery policy to your third parties, meaning a person or group besides you that represents you or acts on your company’s behalf, your processes are fundamentally flawed. But do not be alarmed, as you have now identified a lapse, and there are steps to remedy the potential risk. Establish processes and controls that give your company sufficient

assurance that third-parties are legitimate, and do not expose you to any financial risks, reputational risks and corruption risks. Similarly, understanding your company’s exposure to conflicts by way of employees’ involvement in personal business ventures - and even non-governmental involvement - greatly assists in managing the anti-bribery environment. Red flag training and management A ‘red flag’ is any circumstance that could lead to an ethical, legal or compliance concern. A vigorous control environment assists with, and deters, non-compliance and leads to the identification of red flags. Bespoke training is paramount in helping employees understand the applicable content within your industry and, more importantly, your company. The more aware staff are, the more likely they will notice and report red flags. Politically exposed persons (PEPS) management The Financial Action Task Force (FATF) provides strategic guidance regarding PEPs. Whether a domestic or foreign PEP, companies must ensure extra precautions and controls are established to mitigate and manage corruption and bribery risks. Furthermore, they must ensure that persons close

to PEPs are identified and monitored based on the risk rating. Companies must not forget that voluntary organisations and charities associated with your client should also be closely monitored. In short, although the above is not an exhaustive list, an anti-bribery and corruption regime must at a minimum include a number of elements - tone of senior management; third party and outside business director management; red flag training and management; and politically exposed persons (PEPS) management. Now, more than ever, is the time to assess, adapt and act regarding your company’s anti-bribery and corruption regime. NB: Derek Smith Jr is a compliance officer at a leading law firm in The Bahamas, and a former assistant vice-president, compliance and money laundering reporting officer (MLRO), at local private bank. His professional career started at a ‘Big Four’ accounting firm and has spanned over 15 years, including business risk management, compliance, internal audit, external audit and other accounting services. He is also a CAMS member of the Association of Certified Anti-Money Laundering Specialists (ACAMS).

COVID-19 points way to decentralised economy BY RODERICK A SIMMS II AN ADVOCATE FOR SUSTAINABLE FAMILY ISLAND GROWTH AND DEVELOPMENT RASII@ME.COM deemed to be organised and cost-effective. Some of these include automation, games, banking, securities exchanges, media, currency, security, retail and logistics. The point is that everything around us has been restricted to some form of control. For developing economies such as The Bahamas, this approach can be very restrictive to the ease of business, administrative functions and fiscal/monetary operations. But, as we enter into the new era of a technology revolution, more processes are expected to become decentralised due to decentralised technologies such as blockchain. The first major

Countering the corruption risk caused by COVID-19 BY DEREK SMITH CORRUPTION and bribery risks, by all indications, increase during a crisis. Over the past decade, a sustained number of corruption and bribery cases have occurred because of entities not fully appreciating the risk attached to their vendors or weak internal anti-bribery regimes. In The Bahamas, I conclude, it is little different. The Bahamas

technology shift towards decentralisation came from the Internet, which opened doors to new business models that changed the “brick and mortar” approach to business. However, the internet is

still part of the centralised economy because information on websites are sent from a server. A decentralised internet means that everyone controls the internet rather than a particular entity (such as government), which offers more protection for data and privacy. To summarise what a decentralised economy looks like, Johann Gevers, chief executive of Monetas (2014), outlines the four pillars of decentralisation. These include decentralised communication, which is communication without censorship through the internet. The second is decentralised law, which speaks to the choice of our law, judge and enforcer. Third, decentralised production means that anyone is allowed to make products such as using solar panels to get your own energy. Finally, decentralised finance, which means decentralisation over currency, digital financial products and services and legal contracting platforms. Using these guidelines, and expanding on them, would help developing countries to transition to a decentralised economy. The Bahamas could adopt this approach considering it has 14 inhabited islands, which means that running a decentralised economy on a Family Island should be easy to do with proper planning in place. The option of decentralisation is

ISLAND INSIGHTS

was ranked 81st in the 2019 Bribery Risk Matrix released by TRACE International, a globally recognised anti-bribery business organisation, and the 29th least corrupt nation out of 180 countries by Transparency International. I have had the distinct

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Assess patients and provide emergency treatment and diagnoses Apply a variety of pre-hospital simple and advanced treatments (first aid, CPR, dressing wounds, administering injections etc.) Write and submit concrete and accurate reports on incidents Adhere to established medical protocols and procedures as well as legal guidelines and health and safety standards Refer patients to outside medical providers when necessary Assist in other company areas when needed

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GB businesses helped to RISE via $725k grant A JOINT initiative to provide grant funding to Grand Bahama-based businesses struggling to rebuild from Hurricane Dorian plans to disburse a further $725,000 among 76 selected companies. The Restoring Industry, Sustaining Employment (RISE) grant programme, which is a collaboration between the Grand Bahama Port Authority (GBPA) and Mercy Corps, a global humanitarian organisation with funding support from the American Red Cross and Bacardi Ltd, has been awarding grants of up to $10,000 to qualifying businesses. Despite the recent COVID19 Emergency Orders, the venture has provided economic recovery grants to around 140 businesses. Henry St George, a GBPA director, said: “The RISE team has had to adapt its programme significantly in order to comply with the government’s COVID-19 Emergency Orders, but we have been able to continue to vet and review applications. Given the lockdown made sourcing goods and labour for the repair of businesses a challenge, the disbursements of new grants have been on hold up until now. “We are delighted to be able to restart the grant award

HENRY ST GEORGE, GBPA director, speaks during one-on-one discussions with High Rock business owners. process with the selection of a further 76 businesses in our latest cohort, who collectively are due to receive approximately $725,000. We are extremely proud of this accomplishment and look forward to continuing to help re-establish the island’s small business sector.” “With another hurricane season looming, it is essential we move forward with business recovery efforts despite challenges created in the midst of COVID-19,” said Paula Miller, Mercy Corps country director for The Bahamas. “We know that these small and medium-sized businesses are the backbone of the island’s economy, and the support we provide them now is critical to their ability to prepare for and withstand future disasters.” Grant recipient Allison McBride, a business owner in the downtown Freeport area, who suffered nearly four feet of floodwater in her store, voiced her appreciation for the grant. “After Hurricane Dorian, our home, cars and business were devastated. We were encouraged to apply

to many business entities for assistance,” she added. “Thankfully, the RISE team awarded us a muchneeded grant that would assist with the purchase of machines, inventory and payment towards the arrears on our rent. Dynasti Graphix and the Copy Centre Team would like to express our thanks and appreciation to all of the RISE partners for their support. May God’s blessings continue to flow through your endeavours.” Through the RISE programme, recipient businesses received finance, marketing and disaster preparedness and recovery training. The programme also offered guidance on the development of mitigation strategies to reduce the impact of future disasters. Further updates on the RISE initiative will be forthcoming, covering new application deadlines and additional COVID-19 assistance. Businesses interested in applying for a RISE grant should visit the website at www.risegbpa.com for more information.

THE TRIBUNE

Monday, May 25, 2020, PAGE 3

Economic re-open ‘shambolic at best’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PROMINENT QC has blasted the government’s gradual relaxation of the COVID-19 shutdown as “shambolic at best”, and added: “They’re lost in space and making it up as they go along.” Wayne Munroe QC, principal at Munroe & Associates, told Tribune Business that the prime minister’s decision to allow the industry to open for four hours on every weekday had created a potential dilemma for law firms. He argued that the 9am1pm opening time was just long enough to stop law firms from continuing to furlough staff, yet the reduced hours - coupled with a shattered economy - meant that there was unlikely to be enough business to cover their full salaries. “It does just enough to mean that we cannot really say any more that our employees cannot come into work, so we cannot continue to furlough and justify it,” Mr Munroe explained. Now, with income down, he warned that some law firms may be placed in a position where they have to permanently terminate some workers unless they agree to accept a half-day’s pay as there will likely be insufficient revenues to

Dry cleaner: COVID-19 costs will be ‘struggle’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN dry cleaning company estimates that COVID-19 health and safety precautions will impose additional monthly operating costs of between $1,000 to $1,500 as it hailed the sector’s re-opening. Lana Lee-Brogdon, New Oriental Cleaners’ chief

MAJOR RETAILER ‘CLOSE’ TO RETURNING ALL STAFF By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

WAYNE MUNROE QC cover fill payroll. The prominent QC also questioned whether all workers wish to return to work, even in industries that have been permitted to re-open, due to fears of catching COVID-19 given its continued presence in Bahamian society. And Mr Munroe also pointed out that the permitted 9am-1pm opening hours for law firms do not align with those for the various court registries, which are presently opened from 1pm to 4pm. “It’s absurd,” he argued. “One cannot understand what greater risk there will be opening for an additional four hours to 5pm. It’s absurd that we close before the court registries close, and I fail to understand why going four hours longer creates any greater risk than permitting a halfday opening. “I’ve never understood the reduction in hours. It’s counter-intuitive to say leaving early reduces the

risk. It’s going to create a lot of financial headaches for some people. If you laid-off your staff on March 17, by June 17 you either have to bring them back or they are deemed redundant and you have to write a big cheque. These are all things that loom large.” Mr Munroe said there was also a “disconnect” between the government’s ambition to re-open The Bahamas’ borders to commercial air travel by July 1, a deadline that is now some five to six weeks away, when law firms are only able to open for half a day and much of the economy remains either fully shuttered or on reduced hours. “It seems that they’re lost in space and making it up as they go along, and you still can’t take your car to a mechanic,” he told Tribune Business. “One thing mechanics have is less interaction than anyone else, but they keep getting missed out. It’s shambolic at best.”

executive, told Tribune Business it was “wonderful news” for both her company and the wider industry that the government has allowed them to re-open for five days per week, Monday through Friday, from 9am to 5pm. “We look forward to reconnecting with our many loyal customers in person,” she said. “Although we have been calling them since the pandemic restrictions began, just to check in on them and let them know we miss them, we are excited to actually see them back in our stores.” Ms Lee-Brogdon said New Oriental staff will wear masks made inhouse by their company’s

seamstress, and which have three layers. She added that these masks are also on sale to the public, and available in elastic or tieback. Workers will also maintain social distancing between themselves; wash/disinfect hands regularly; and wear gloves when checking in and sorting dirty items. “We also have guidelines for frequent cleaning of all offices, work stations and common areas. It has been a challenge to keep hand sanitiser and disinfectant in stock, as many local and overseas vendors have limited supplies or are out of stock,” Ms Lee-Brogdon said. “We are also in the process of acquiring a

A MAJOR Bahamian retailer yesterday said it is now “close” to bringing back all 80 staff after the government gave permission for its sector to open up five days per week from 8am to 6pm. Brent Burrows Jr, manager of e-commerce and online shopping with CBS Bahamas (Commonwealth Building Supplies), told Tribune Business that extending the opening days from three to five for his firm and other hardware/ home, lumber and plumbing stores was “obviously a big improvement” as the prime minister moved to phase two of his economic re-opening strategy. “We’re close to bringing everybody back, and it’s definitely the majority,” he said. “We have more than 40 people back to work so far. Between the two divisions, which is the retail store and the service and installation side of things, most of the staff is back.” Whether CBS Bahamas opens back up to full store hours right away when the curfew and lockdown period end “depends on commercial sanitiser to add to our wash loads that are effective against viruses. The CDC (Centre for Disease Control and Prevention) has stated that regular laundering alone will kill most viruses. However, we are taking these additional precautions to assure our customers despite the additional costs.”

the demand”, Mr Burrows added. He said business levels have been good over the last few days they have been open as persons start to get ready for hurricane season. “If things were to continue with this trend then, yes, we will get back to our normal 8am to 8pm, seven days a week, as quickly as we can,” Mr Burrows continued. “As of right now, just being able to open up 8am to 6pm is really only one shift, so that’s not like we’re able to bring the full complement of staff back just yet. “Right now we are only 8am to 6pm for what they allow us, and then we also have the online shopping seven days a week with the delivery. We are not allowed to deliver on Sundays; it is just Monday through Friday, but people can shop online seven days a week and 24 hours a day. “For our online platform we have been seeing a tremendous response, and a lot of that is that we make it so easy for people. You can place an order tonight or early tomorrow morning and you can get your package delivered to your doorstep by early tomorrow afternoon. “So it has been a terrific response, and a lot of people are trying to avoid going into the public and crowded spaces. As far as I know we have more online product than anybody else right now. We’re happy with the progress thus far and we’re on the right track, and we are looking forward to finally getting the all-clear to resuming the two shifts and the seven days a week.” Karla Wells-Lisgaris,

the Bahamas Light Industries Development Council’s (BLIDC) vice-president, while praising the government’s decision to allow manufacturers to re-open said most of its members were either “essential” services or had been granted exemptions to resume work. “Most of our members were able to get exemptions, but I am sure it is going to have a positive impact for other manufacturers in the country who might not be members of the BLIDC,” she added. “For some of our other members, there is a label producer and he got an exemption because he creates labels for different manufacturers that were essential, so even though off the bat he was non-essential, because he provided a service to an essential business he got an exemption.” Ms Wells-Lisgaris said other manufacturers were treated as “essential” because they were manufacturing face masks and face shields, adding that door and window suppliers were among those likely to benefit most from the loosening of restrictions and being allowed to operate five days per week. However, with consumer demand and disposable incomes reduced in COVID-19’s aftermath, she warned that not all staff may yet be recalled to full-time work.

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PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, MARLINE ST FLEUREMMANUEL of Palm Avenue off Andros Anevue,Nassau, Bahamas, mother of RITHORIA ASHLEY ST FLEUR A minor intend to change my child’s name to RITHORIA ASHLEY EMMANUEL 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.

PAGE 4, Monday, May 25, 2020

THE TRIBUNE

MINISTER: INVESTORS MUST GET 40% OF FOOD LOCALLY By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE government has decided to mandate that all investors be required to source 40 percent of their food needs locally from farmers, fishermen and other suppliers. Michael Pintard, minister of agriculture and marine resources, said all Heads of Agreement deals for foreign direct investment (FDI) projects will require this threshold to be met as a means to increase market access and sales for local producers. Speaking to the Eleuthera Business

MICHAEL PINTARD Outlook Conference webinar, Mr Pintard added that 75 percent of the government’s food spending must be on locally-produced items before purchasing

from other sources. He warned, however, that in order for this to work, Bahamians must be able to produce quality products in sufficient quantities that are up to standard. This, he acknowledged, must be done in a “sustainable and consistent manner” with a price point that “must make sense”. “We have had flashes of brilliance in our history where, including Eleuthera, we have produced and exported a variety of crops,” he added. “Pineapples, of course, were sent not just to the US but across the Atlantic. Salad crops were sent directly to the US, and so was citrus.

“However, we have gone backwards. The short of that story is that over the past 15 years agriculture production has contracted. For some items it has been 14 percent, and for others it has been less.” Mr Pintard continued: “Our present food bill is approximately $600m, and that is if you are accounting for crops, fruits, vegetables, non-food agriculture products such as foliage, flowers, ornamentals, and food products such as poultry, beef and beef derivatives, swine as well as small ruminants. If you were to add value-added products, processed foods, our food bill then exceeds $600m,

and some estimates have it pegged at roughly $1bn. “We have the capacity to do better and we must do better. The Ministry is working in tandem with local professionals, the private sector and our international partners, including the Food and Agricultural Organisation (FAO) out of Rome, which is really the largest multilateral organisation in the world addressing food security. We presently sit on the executive management team referred to as the council. “We are also sitting on the executive council of IICA (Inter-American Institute for Cooperation

on Agriculture), which is the agriculture arm. They are seated in Costa Rica, and we are happy to be working with 34 countries throughout the region in Latin America and the Caribbean. We also work with the CARICOM agriculture arm, CARDI (Caribbean Agricultural Research and Development Institute),” the minister said. “We are in the process of implementing an emergency food programme that is informed, not just by best practices globally, but by many of the practices locally that we have in fact fashioned to collaboration with various stakeholders.”

Bahamas told to target Govt warns GB vendors captive insurance niche on direct deposit switch A BAHAMAS-based actuarial and risk consulting firm said captive insurance remains a viable option for diversifying the Bahamian economy at a time when the traditional market is likely to be disrupted by COVID-19. Nichol & Co believes that a so-called “hardening” of traditional insurance, with

carriers imposing strict underwriting standards, issuing a limited number of policies and increasing premiums, will create opportunities in the captive insurance market. Anticipating that The Bahamas is well-positioned to take advantage of this growth, Nichol & Co plans to host a webinar on the

LEGAL NOTICE

NOTICE

CZAR LIMITED NOTICE is hereby given that as follows: a)

CZAR Limited is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000.

The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas.

The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated 21 May 2020 Beatus Limited Liquidator

RAYON BROWN captive insurance industry this Thursday. Registration details can be found at www.nassaucaptives.com/ maywebinar. The webinar will be hosted by Rayon Brown, a consulting actuary with Nichol & Co, and a director of Nassau Captive Management Services. He is a Fellow of the Institute and Faculty of Actuaries, and a Chartered Enterprise Risk Actuary. Mr Brown has more than 20 years’ experience in the insurance industry, of which several were spent working in London. Nassau Captive Management Services helps companies design, build and maintain captive insurance and other alternative risk transfer solutions to meet their risk management needs.

GRAND Bahama businesses and individuals who provide goods and services to the government must undergo a “verification exercise” ahead of the introduction of electronic vendor payments. The Public Treasury, in a statement, said the switch to payment by direct deposit come July 2020 will affect payments to all individuals

and businesses involved in supplying the government. “As the Treasury streamlines its services to offer electronic payments it is mandatory for all its vendors to enroll in this exercise,” it said. “Failure to comply will result in the disruption of payment. Vendors must submit a completed direct deposit form along with their

banking details and contact information. “Forms can be obtained from the Public Treasury Department, Freeport Office or requested by email. All payments will be made by direct deposit as of July 2020, and vendors will receive an email notification when funds are transferred to their bank accounts.”

Aliv’s ‘triple whammy’ puts revenue off 15%

start to buy plans a bit more normally. The thing that was tough in April, I think, was that one-third of the days were completely all locked down and no business was open where customers traditionally top-up and buy their plans. “We had a triple whammy of having to invest in infrastructure to provide more network capacity, and to get the capacity in the right place, less revenue and more data demand to cope with. We had that triple whammy which we were trying to balance together.” Mr Blackburn, who confirmed that Aliv had brought back “a small number” of the 25 staff members furloughed as a result of COVID-19 through the partial re-opening of its retail network (three of seven New Providence locations for curb side and phone in), revealed that the mobile operator had made several adjustments to handle the pandemic’s fall-out. “We had an increase in the demand for data. People are using about 30 percent more

data on the network,” he disclosed. “It doesn’t translate into more revenue.” This, he explained, is because persons were frequently turning to Aliv’s My-fi wireless product to increase bandwidth and data capacity as a result of being confined at home with more persons using the service than normal. Describing My-fi as a “supplemental service” for many households, Mr Blackburn added: “We’ve had to invest quite a lot in the network to make sure data capacity is increased where and when it’s needed. On a normal pattern you need more data where people are working and less where they are at home. “It’s the other way around now. The engineers have done a great job deploying a lot more capacity where it’s required. As ever, the teams executed tremendously and have done a great job.” Mr Blackburn was unable to provide a dollar figure for the latest investment in Aliv’s network, but said it likely ran into “several hundred thousand”.

FROM PAGE ONE one-third of April was lost to the Easter and weekend lockdown restrictions, which meant subscribers were unable to access their regular top-up and plan purchasing points. And, with more persons confined at home and able to access Wi-fi, demand for plans also dropped below traditional levels. “In terms of revenue, revenue was significantly down in April,” Mr Blackburn confirmed this newspaper. “People were at home more and the demand for some of the plans they normally buy was not as great. We are seeing a recovery in that situation as people are getting out and about more, and purchasing more data. “We were, month-overmonth, down kind of in the order of 15 percent-plus. It’s a slow recovery but it’s coming. We haven’t got through May yet. We are seeing people

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.

THE TRIBUNE

Monday, May 25, 2020, PAGE 5

To advertise in The Tribune, contact 502-2394

Could this be the end of globalisation? ACTIVTRADES WEEKLY By RICARDO EVANGELISTA www.activtrades.bs THE coronavirus has created much disruption, unbalancing the pillars that sustain our way of living. This is particularly noticeable in the effect the virus-containment measures are having on globalisation. As the disease progressed from east to west, factories started closing in China, leading to a shortage of certain components that caused the shutting down of assembly lines in Europe within only a few weeks. The wave of economic disruption had already reached Europe when the disease itself started claiming the first victims, such was the degree of interdependency generated by the global supply chain. But what is globalisation and is the coronavirus solely responsible for its decline? The Oxford English dictionary defines globalisation as the process by which businesses or other organisations develop international influence or start operating on an international scale. Since West European nations set out to navigate the world and started establishing trade outposts in the 16th century, we’ve had epochs of growing and then diminished globalisation. The latest phase started in the 1990s,

when geo-politics and technological advances allowed for the transfer of knowledge and supply chain integration that culminated with China becoming the world’s factory, while the free circulation of goods, people and capital reached unprecedented levels. This open system of trade and free movement suffered its first serious blow with the financial crisis of 2008. The flow of capital and foreign investment slowed down and so did the growth of exports, that froze in comparison to GDP. As populations in the West struggled with unemployment and austerity, protectionist ideas gained more traction, sometimes intertwined with chauvinistic principles that, after the horrors of the Second World War, had been relegated to the fringes. At the end of 2016 Donald Trump came into power in the US, elected on an America-first campaign designed to appeal to a vast electorate of blue-collar workers who had been left behind by the new world order. This protectionist stance eventually led to a trade conflict with China,

which impaired the growth of the global economy through a decline in world trade. In January 2020 the tariffs on US imports were already at the highest level since 1993, and then the coronavirus announced itself to the world. The pandemic exposed the shortfalls of a globalised world, with many countries finding themselves unable to procure much needed medicine, protective clothing and masks, at a time of great necessity. As borders were closed in Europe, farmers saw vegetables rotting in the fields, as the seasonal migrants that normally picked them were unable to travel. China and the US started to decouple their supply chains, while countless countries around the world made plans to repatriate supply chains that had been outsourced elsewhere. It is likely the post COVID-19 world will bring restrictions to the free circulation of goods, people and capital, which we had grown used to and even took for granted. The question now is: What form of world order will replace globalisation?

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 6, Monday, May 25, 2020

THE TRIBUNE

To advertise in The Tribune, contact 502-2394 LEGAL NOTICE

LEGAL NOTICE

N O T I C E

MUNDAN (BAHAMAS) MANAGEMENT LIMITED

N O T I C E IS HEREBY GIVEN as follows: (a) MUNDAN (BAHAMAS) MANAGEMENT LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 19th day of May, 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General.

Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 3rd day of July A.D., 2020. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 25th day of May, 2020

Dr. Jochen Korber Liquidator c/o 253 Shirley Street, Nassau Bahamas

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

LEGAL NOTICE

N O T I C E

MAJORNA (BAHAMAS) MANAGEMENT LIMITED

N O T I C E IS HEREBY GIVEN as follows: (a) MAJORNA (BAHAMAS) MANAGEMENT LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 19th day of May, 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General.

Dated the 25th day of May, 2020

(242) 323-2320

Dated the 25th day of May, 2020

ALL SHARE INDEX: CLOSE: 2,140.52 | CHG: 0.14 | %CHG: 0.01 | YTD: -91.08 | YTD%: -4.08 BISX LISTED & TRADED SECURITIES 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 2.84 5.10 9.06 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 2.92 5.10 9.20 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 0.08 0.00 0.14 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 0.90

0.00 0.00 0.00 0.00 0.00 0.00 -0.01

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

N O T I C E

(b) The dissolution of the said Company commenced on the 19th day of May, 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General.

www.bisxbahamas.com

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

LEGAL NOTICE

(a) MUNDAN (BAHAMAS) SHIPPING LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.

MARKET REPORT FRIDAY, 22 MAY 2020

Dr. Jochen Korber Liquidator c/o 253 Shirley Street, Nassau Bahamas

N O T I C E IS HEREBY GIVEN as follows:

Dr. Jochen Korber Liquidator c/o 253 Shirley Street, Nassau Bahamas

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

Dated the 25th day of May, A.D., 2020.

MUNDAN (BAHAMAS) SHIPPING LIMITED

Dated the 25th day of May, A.D., 2020.

N O T I C E MUNDAN (BAHAMAS) SHIPPING LIMITED

Dated the 25th day of May, A.D., 2020.

LEGAL NOTICE

VOLUME

5,000

410,000 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 28.6 10.9 14.2 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% 14.86% 1.18% 3.57% 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

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company LEGAL NOTICE

N O T I C E MAJORNA (BAHAMAS) SHIPPING LIMITED Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 3rd day of July A.D., 2020. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator. Dated the 25th day of May, A.D., 2020. Dr. Jochen Korber Liquidator c/o 253 Shirley Street, Nassau Bahamas

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

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

LEGAL NOTICE

N O T I C E MAJORNA (BAHAMAS) SHIPPING LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) MAJORNA (BAHAMAS) SHIPPING LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 19th day of May, 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Dr. Jochen Korber c/o 253 Shirley Dated the 25th day of May, 2020 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

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

THE TRIBUNE

Monday, May 25, 2020, PAGE 7

Govts debt defer ‘breathing room’ FROM PAGE ONE health fall-out. In total, some 27 countries have preceded The Bahamas. The move also comes as it was confirmed to Tribune Business that the government is seeking to boost cash flow, and create increased fiscal headroom, by deferring principal repayment on at least some of its multi-billion dollar debt due to mature in the near-term. Gowon Bowe, Fidelity Bank (Bahamas) chief financial officer, disclosed that the government has already requested an extra year’s “holiday” on principal repayments due on the $190m loan it took out in early March 2020 to finance Hurricane Dorian reconstruction. He told this newspaper that debt management will be a critical component of the government’s 2020-2021 budget, due to be presented in the House of Assembly in less than 72 hours, given that it could create critical “headroom” for a Public Treasury facing unprecedented stress due to a combination of COVID-19 and Hurricane Dorian. Mr Bowe also revealed he has recommended to the government that The Bahamas “pack our Georgie bundle” and hold a series of roadshows with investors holding this nation’s foreign currency sovereign debt in a bid to eliminate the “information vacuum” he holds responsible for the increased yields/discounts being sought by the market. Tribune Business reported last week that The Bahamas’ sovereign US dollar debt was trading in the secondary markets at deep discounts to the value at which it was issued, with sellers willing to accept anywhere from 17.5 percent to 25.5 percent below this benchmark and buyers wanting reductions of between 21.25 percent to almost 28 percent depending on when the relevant issue matured. Investors were also seeking returns ranging from ten percent to a maximum of more than 13 percent due to the perceived greater risk in investing in Bahamian sovereign debt. This stems from the tourism and economic shutdowns produced by COVID-19, combined with the recent Standard & Poor’s (S&P) downgrade and the threatened similar

GOWON BOWE

MARLON JOHNSON

action by Moody’s. Arguing that the government must take action to calm the markets, Mr Bowe said the upcoming Budget also needs to address the maturity profile and repayment strategy associated with direct debt that was projected to hit $8.205bn by end-June 30, 2020, pre-COVID-19. Warning that full “debt forgiveness is a very dangerous road to travel”, the Fidelity chief financial officer said it should instead seek “holidays” on principal repayments coming due within the next three to five years and defer them to a later date to give the economy and the government’s finances time to recover from COVID-19. Arguing that The Bahamas needed to keep making due interest (debt servicing) payments to investors, Mr Bowe said: “I’d like to see the government extend the debt maturity profiles of debt coming due in that time. “I would caution us not to get into full holidays, just the principal. They’ve done that on some of the club loans they’ve taken out; the $190m club loan for Dorian that was closed in March. That already had the principal holiday where they would pay interest in the first year only. “We’ve had the request to consider a two-year payment holiday to give them breathing room. As long as the cash flow from debt servicing is coming, the principal remains.” Fidelity Bank (Bahamas) was part of the commercial bank consortium, led by Royal Bank of Canada (RBC), that together with Scotiabank (Bahamas), Commonwealth Bank and Bank of the Bahamas put together the $190m Dorian loan. “What that does is it’s a

little bit of revenue replacement, capital revenue replacement,” Mr Bowe explained of loan deferrals. “Some of the debt principal return is taken out of the budget in the next 12 month cycle without borrowing new money to create some headroom by deferring some of what you’re repaying.” Deferring debt principal repayments is an obvious strategy for the government to turn to as part of a wider approach to limit potentially the greatest fiscal hole it has ever faced. With revenues down 50 percent for March, and possibly even more for April, the Public Treasury is facing potentially a $1bn or greater drop in its income if such trends continue at a time when spending pressures have increased dramatically. This is because the government is being asked to both protect Bahamians suffering jobs and income losses as a result of COVID-19, and to stimulate the economic recovery. Given that the government is projected to spend $708m on debt principal redemption in the 2019-2020 fiscal year, and a further $465m and $430m in 2020-2021 and 2021-2022, respectively, deferring such repayments could free up significant resources. However, both Mr Turnquest and Marlon Johnson, the Ministry of Finance’s acting financial secretary, neither confirmed nor denied the debt deferral plans when contacted by Tribune Business yesterday. The deputy prime minister said: “We have regular conversations with our bondholders and other creditors about any number of issues, and feedback on the economic outlook for the medium and long-term. “To the extent that these conversations are being

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.

held, they are being held with full transparency and are providing information to creditors such that they can make decisions.” Mr Turnquest added that the Ministry of Finance’s debt management unit was constantly reviewing debt maturities and interest rates to minimise costs to the Bahamian taxpayer from this portfolio, while ensuring the government is “as consistent as possible” in its strategy. This was echoed by Mr Johnson. However, Mr Bowe argued that the government needed to take a more aggressive approach in tackling the volatile trading conditions impacting its foreign currency debt. “I’ve had conversations with several brokers and holders of our US dollar debt,” he told Tribune Business, “and a large contributing factor to the huge discounts is they’ve not heard anything. “The only news they’ve got is tourism is closed, the borders are closed. What I have strongly recommended, and would be willing to participate in, are bondholder briefings. When there’s an information vacuum there’s uncertainty. I’ve been strongly recommending to the government that we pack our Georgie bundle and start having these conferences with investors in the US. “Following my

conversations with them, they left with a very different impression. They didn’t have appreciation for our currency peg strategy, and what it is. Without tourism dollars, they were worrying whether we have enough US dollars to pay them back.” These fears, Mr Bowe said, did not take into account the measures taken by the Central Bank to prop up the external reserves by restricting outflows. Meanwhile, COVID-19’s fiscal and economic realities have pushed the government to seek IMF funding even though Mr Turnquest, on March 18 at the start of the pandemic and associated lockdowns/curfews, said this would be a last resort option. “This loan is not a structural adjustment facility. It does not involve the conditionality elements normally associated with the IMF facilities that most are familiar with. This facility is a low-cost option, with an interest rate of some 1.054 percent that we are smartly availing ourselves to address our current needs,” the deputy prime minister said in a statement. “This loan facility assists us with meeting our existing obligations through the end of the fiscal year, as has been approved by Parliament during the supplemental Hurricane Dorian exercise.... This

particular low-cost facility is a one-time deal that cannot be used again until repaid. “A simple way to think of this is like borrowing against the value of your ownership in a company. The Bahamas has a quota in the IMF, which can be likened to its ownership of shares in the IMF. Borrowing against these shares is normally at a lower interest rate than borrowing from a commercial source, and therefore a more favourable option for emergencies like the one we face today.” The government’s confirmation of the IMF loan application comes just three days before Mr Turnquest is due to present the 2020-2021 budget in the House of Assembly on Wednesday, May 27. The announcement is likely intended to get ahead of the Fund confirming the application has been made, and allows the government to both set the narrative and allay any fears of a “structural adjustment” initiative being imposed.

To advertise in The Tribune, contact 502-2394

PAGE 8, Monday, May 25, 2020

â€˜Park our pride and grow GDPâ€™ FROM PAGE ONE pride and open upâ€? to bona fide businessmen and investors. Suggesting that COVID-19â€™s economic fall-out is a wake-up call that should ensure The Bahamas sheds its â€œcomplacencyâ€?, he added that the country needed to â€œstop thinking weâ€™re so specialâ€? and realise that competition for foreign direct investment (FDI) and business generally is only becoming more intense. And, in the pandemicâ€™s wake, Mr Kinsale also called on The Bahamas to reconsider an Investor Citizenship initiative previously called for by the likes of Sean McWeeney QC, the Graham Thompson & Company attorney and partner, as a way to attract high-end billionaires to domicile in this nation and potentially set-up business ventures employing hundreds of Bahamians. Identifying economic permanent residency as a low-hanging target that The Bahamas can use to immediately boost the economy, foreign reserves and the governmentâ€™s finances, the developer told Tribune Business: â€œThe thing Iâ€™d like to see them eliminate is Cabinet-level approval for permanent residency. Tribune iâ€™m lovinâ€™ it!

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not be officials could to press time. reached up By AVA TURNQUEST to sources Reporter According as of Tribune Chief to the matter, since aturnquest@tribunemedia.net close Mr Wells has Progres- Monday his accounts FOUR former Cabinet paid $9,000 on balParty an outstanding ARNOLD sive Liberal more than with $8,600. FORBES ministers owedat Bahamas ance of some also said as $62,023 The source Forbes was one $20,000 each Mr Light, with Power and in arrears of Monday the company former minister as of July, in talks with balance over settle the Mr for some $60,000 a list obtained to three-month period. a according to PLP Mount by The Tribune.and Collec- Forbes, former MP, was appointed The Credit 2015, listing of Moriah in January the tions Departmentand board to Cabinet served as MPs, senators the period and previouslythe Bahamas of for members 31, revealed chairman and Industrial ending July State Minister Agricultural that former of Works Corporation. the â€œdo not Others on are: former in the Ministry owed BPL list Dr disconnectâ€? Arnold Forbes of Health Tall $62,023.14. by The Minister former The list obtained delin- Perry Gomez, Leslie Miller, Tribune contains of six Pines MP Youth Minister of former quent accounts Cabinet minis- former Johnson, Dion former PLP PLP MPs, Dr Danny Village MP ters, two former Tourism DR DANIEL entities, and Nassau two private Cabinet min- Smith, former JOHNSON Obie Wilchcombe, one sitting $24,413 Town MP Minister South Beach MP and former ister: Bamboo Hamilton State Renward Wells. who owed Cleola of Mr Wells, $3,703.96 at former Minister Damian Affairs $9,277.07 and locations - for Legal two separatetotal â€“ did not Gomez. SEE PAGE EIGHT $12,981.03 in yesterwant to comment other former day, and the

DION SMITH $9,275

RENWARD WELLS $12,980

BPL WHO RUNS is quite willCRUNCH DAY OVER utilityto operator from it â€œwalk awayâ€?

ing By NEIL HARTNELL Editor $25m, five-year maximum contract Tribune Business BPL management nhartnell@tribunemedia.net and Minnis if the board wish it to go. Power & BAHAMAS board will administration which will The meeting,PowerSecure Lightâ€™s (BPL) meetingâ€? attended by hold a â€œcrunch today, be their attorneys executives andis viewed as key with PowerSecure likely critthe US, whether the with the outcomewhether the from to determiningâ€œkiss and make ical in decidingas manager. sides will latter remainsTribune Busi- two separate. upâ€? or Multiple - SEE BUSINESS yesterday US FULL STORY ness sources that the confirmed

DAMIAN GOMEZ $3,413

OBIE WILCHCOMBE

CLEOLA

FRIDAY iâ€™m lovinâ€™ it!

By AVA TURNQUEST Reporter Tribune Chief aturnquest@tribunemedia.net Sewerage WATER and Chairman Corporation yesterday Adrian Gibson existence the confirmed disconnectâ€? of a â€œdo not by scores list populatedthe governof elites at utility owned to ment he pledged provider as on initiate a crackdown accounts. delinquent told The Mr Gibson â€œconfidential Tribune the 221accounts, listâ€? held total of with a combined the period $175,000 for2017. ending June he plans He said that corporathe to direct all persons tion to notify arrears owing excessive or face debts to resolve disconnection.a list confiâ€œThere is the Long dential list,â€? Island MP said. would think â€œIn fact, I corporations that all the year or two, in over the last and more particularly year, there May of thisclose attenhas been that list by tion paid to with the management changing the a view to lists usually way those operate. this conâ€œAs it stands, a number has fidential list on it, and of persons itâ€™s being really and trulypersons by used to notify or letters. courtesy call that as the I can say toothe corporachairman of to direct tion I am going owing that all personswho are excessive arrears EIGHT SEE PAGE at the end of

DR PERRY GOMEZ $24,498

LESLIE MILLER $42,219

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Watch the film - every agonising, wrenching, awful second. Then give up Eugeneâ€™s killer

$4,911 HAMILTON they owed $6,118 list and the amount since that date. disconnectâ€? BPL â€œdo not made or further debt incurred named on the NINE individualsdo not include any payments July. The sums

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OH, AND THEREâ€™S AN ELITE WATER LIST TOO

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safeas well as of homicides DORSETT guarding the residents By SANCHESKA Reporter in Fox Hill. Tribune Staff walkabout During a Acting prepared. live national sdorsett@tribunemedia.net on Tuesday, ROLLE During a Ferguson Commissioner Fox Hill his office By RASHAD Reporter ACTING Fergu- Commissioner and address from Dr Minnis Tribune Staff Anti-Gang of Police Anthony yesterday said the Inveslast night, Maria is rrolle@tribunemedia.net Tracing and announced dev- son establishment of two Firearms Unit will operate fore- said: â€œHurricane the potentially Bahamas tigation WITH we the DetecMaria another hurricane that separate Royal anti-crime out of the Centralwhile the cast for Hurricane Force storm to pass astating monitor.â€? (CDU) projecting the Baha- must carefully Though most Police aimed at eliminating tive Unit SEE PAGE 11 units counHe added: near the Southeast Prime was spared gang activity in the morning, of mas Friday Hubert Minnis of the Bahamas the number try, reducing Minister Dr of those SEE PAGE TWO and is urging residents be vigilant islands to

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Dr Hubert MinPRIME Minister Kendera Woodside, nis meeting murdered Eugene the mother of

this Yes I feel for our countries.than I can say.â€? has a responsibility mother more said he will ensure Each citizen information one Dr Minnis provided to and whatever that forward. medical attention is is pregnant. the composure. said he felt the fam- has we must bring among us.â€? who after feel live Dr Minnis Mrs Woodside, the grieving and days makes me Three These criminals who emphasised countryâ€™s he â€œYou can see of those pushed the ilyâ€™s pain. â€œWhat Mrs Minnis, that her appeargoing through,â€? is that most during murder that violent crime into ROLLE pain sheâ€™s I, even worse that someBy RASHAD Reporter to the family the yard, struggle with spotlight yet again, was not a said. â€œI assured her will have we see in a medical doctor, ance before them we Tribune Staff the national as acute. today (Friday)come to look called on women rrolle@tribunemedia.net my my years political move,one day this week time her pain remained live a life, medical personnel sheâ€™s pregand comforting cried. â€œHe ainâ€™t even to wear blackfor murder victims. Dr THE hugs her because that Prime Minister wife God,â€? Mrs Woodsidegive my upon after have to make sure in mourning Iâ€™m calling words of I and his infant are a baby. I could my really nant. â€œAs a mother, Hubert Minnis couldnâ€™t answer â€œHeâ€™s right now just for because I this,â€? her and her unborn will also make take all mothers can stop the Patricia Minnis that consumed breath be right here. They well and we to to make sure believe mothers who was tearful both the questions yesterday as babyheart out my body. who arrangementsmedical personnel They said Mrs Minnis, eight- my Kendera Woodside have our sons on a only son. for her son, killed times. â€œWe birth and as they necessary her and see her â€œThis my my daughter too after she grieved of them at safety from who was still with look basis to ensure the almost shoot (the house) with wouldâ€™ve delivered mostknowing we cradle year-old Eugene, men we are infant.â€? to me with regular they inside four days ago. people ainâ€™t tell- and What they do to my family? so they are closer patients,â€? Dr becomeWe have to speakshould of her and her unborn PAGE TWO SEE are my former â€œWhy these bringing my son me. they do to us? by pro- them. I think all women week me? I they we them. ainâ€™ carry one day this ing me they she cried between What Minnis, a gynaecologist â€œThe message â€œWhy they wear black whatâ€™s happening in tried to Heâ€™s a baby.â€? right now?â€? fession, said. the entire Bahamas Dr Minnis Rose- live 29 years, and mourn Eugeneâ€™s screams as must send to this alone. Tonio Woodside, family at theirEugene wife even is the police canâ€™t fight console the consoled his home where on father, struggled to maintain bud Road a stray bullet as he was shot by did his homework. he Monday as

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he told Parto In June, the cost such ROLLE liament of By RASHAD Bahamians $10,149,738. by the Carib- Tribune Staff Reporter so alarmed Action Task rrolle@tribunemedia.net increases was comes after bean Financial draft The revision more than By NEIL HARTNELL Editor Rolle, minForceâ€™s (CFATF) BRENSIL Tribune Business services he included that were not The Bahamas report on his staff ister of public nhartnell@tribunemedia.net 1,700 workers Gen- that he instructedaddressing and National Insurance, in his original count. December Progressive THE Attorneyslammed to begin work on June. Amid the said between 2017, the criticism May flaws from early eral yesterday by Liberal Partyâ€™sadministrablasted the 2016 and in the nationâ€™s the ballooned Mr Bethel deficiencies adminis- public purse laundering of the of the Minnisof its firings anti-money former Christie to tackle $16,532,738 because because â€œentirely unacfailing administrationâ€™s tion regime as SEE PAGE SIX they had tration for with the Christie public service ceptableâ€?, warning â€œin great known weaknesses hiring of new that period. during put The Bahamas necessary urgency. BUSINESS workers dangerâ€?. told Trib- FULL STORY - SEE Carl Bethelhe had been une Business

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DORSETT By SANCHESKA Reporter Tribune Staff sdorsett@tribunemedia.net yesFIREFIGHTERS a large blaze terday battled Providence at the New three weeks Landfill, nearly a massive that after tackling city dump fire at the nearly a month. burned for Charge of Fire Officer in Chief SuperinServices, Evans said tendent Walter is â€œnot confire the the current any way to this nectedâ€? in and at previous blazedo not know time officials the fire. Howwhat caused Minister ever Environment told reKenred Dorsettsite that he the porters at â€œsabotageâ€? in said suspected the fire. He relation to the team he â€œinstructedâ€?to have the of firefighters â€œbefore and blaze extinguished dayâ€? today nomination Baha Marâ€™s certainly before Friday. opening on started shortly The blaze and Wednesday after 3am officEvans said Chief Supt battle the fire to but ers expect another day for at least wind is a â€œhugeâ€? he said the factor. SEE PAGE SIX

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with correctnow engaged the voter ROLLE ing and editing it of its By RASHAD Reporter register, ridding errors. Tribune Staff much-publicised staff to rrolle@tribunemedia.net â€œWe have enough â€œWe 170,000 peo- do this,â€? Mr Hall said.certiJUST over sure itâ€™s to vote have to make after tople have registered 10 general elec- fied some 14 daysdate.â€? for the May Comdayâ€™s (Tuesdayâ€™s) with the tion, Parliamentary Hall said In accordance Elections missioner Sherlyn pubParliamentary yesterday. what he de- Act, Mr Hall will give in of This follows election a â€œmad rushâ€?vote lic notice of the week, statscribed as to this of newspapers people registering place in conthe last day ing the date, times when on Monday, and registration. 172,000 peo- stituencies papers must be There were to vote in the nomination delivered. ple registeredelection. SEE PAGE THREE 2012 general Regis The Parliamentary Department istration

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observed would be the holiday date of the historic the PLP month that the 50th on the actual January 10. nounced last mark event, Tuesday, in the public holirevealed a march to Rule. Ranard Henfield of back planned The change perceived of Majority weeks even ganiser anniversary development is yet day calendar has beenby the govâ€œafter several as plannedâ€? Office on organian attempt This latest the permis- that forthâ€? the Cabinet groupâ€™s the same route by many as back for the a blow to and governmentâ€™s DORSETT rejected the Rawson another set planned to protest on ernment to strike event by We without the Wednesday in By SANCHESKA sation that of a second Reporter 9 - the original sion. with The Trib- application to protest Tribune Staff Squares because Monday, January announced for success Bahamas. In an interview II said â€œthere March Parliaments date another sdorsett@tribunemedia.net SEE PAGE SIX Mr Bostwick and the and conflicts with for that observance Day. the une, compromiseâ€? by this the â€œevent Majority Ruleearlier this month it being denied will be no already booked be deterred DESPITE that However, and Parliament group will â€œnot fascist coercion eventâ€? in Parliament Party date. Majority use of Rawson Liberal rights and attempt toward a protest on an- was announced Progressive Squares for January, We March and the abuse of our Bradley Roberts Rule Day in John Bost- constitutional freedomsâ€?. lead or- Chairman organiser Facebook, Bahamas yesterday the demonIn a post on wick II said go on as planned, on stration â€œwill

AS ZIKA â€˜STAY VIGILANTâ€™ TO 25 CASE TOTAL RISES

BASIS FOR ROLLINS: NO LEGALREBEL SEVEN DISCIPLINING THE

HUSBAND KILLED AFTER GUNMEN FORCED COUPLE TO STOP CAR

DORSETT By SANCHESKA Reporter Tribune Staff and sdorsett@tribunemedia.net of Bimini toDORSETT the islands By SANCHESKA bringing the Eleuthera, cases Tribune Staff Reporter CHIEF Superintendent By AVA TURNQUEST officerReporter tal to 25 confirmed Clayton Fernander, Tribune Chief sdorsett@tribunemedia.net of the Central in-charge Unit, warned a lull, quiet aturnquest@tribunemedia.net nationwide. MP â€œThis is like said. Detective FORT Charlotte last to be â€œexDr McMillan samofficials yesRollins said no get HEALTH residents to period,â€? drivers yesterday Dr Andre after armed will be continue to tra cautiousâ€? couple to stop terday urged against en- â€œWe they send them in for night that â€œthere taken a as no fur- disciplinary actionâ€? men forced in the middle remain vigilantfactors that ples Nabut we have seven Free their vehicle vironmental who shooting despite testingcases, which is good. against the road before and tional Movement MPs Dr ther breed mosquitoes Key, Rich- of the driver. Leader local transmis- Weâ€™re still monitoring Chipman, Edison Neilly, and and killing the Fernander the â€œlullâ€? in ousted party as leader of Theo our surveillance. from left, Hubert Zika virus. Chief Supt be- THE REBEL SEVEN of, Butler-Turner, Neko Grant, sion of the Public Health doing think we have been Hubert Minnis believe armed Opposition, â€œI Director of said police be the motive the Official basis ard Lightbourn, Loretta yesterwell as it relates may out cause there is no legal progressing Dr Pearl McMillan Executive CommitHe said the that there to getting the message Andre case robbery heeding for such a move. a formal support FNMâ€™s not have a for the killing. have â€œhapday confirmed widespread tee would groupâ€™s actions and persons no new conthat could came He added been lodged solidify a new leader.â€? have been since the de- there Zika thing the incidentto anyoneâ€?. because the around on it. This July, which is when objection has pened firmed cases came in an â€œwere consistent with took place press release protected His remarks case against â€œthe bogus chargesâ€? down in The murder to quespartmentâ€™s and the get our first to 9pm on Tuesconstitutionally 5, which raised against him e-mail in response shorty after December of cases in New we usually SEE PAGE SIX levelled members of Parliaright of parliamentarians area of Millenleadfrom The Tribune. the tions Rollins echoed the recall a parliamentary have day in the the number 23. six other off Tonique from 22 to on took part in Dr Providence they no longerability nium Gardens, ment who Highway, of Long Island Dr Mincase each sentiments Butler-Turner er when in his/her There is one Williams Darling action of removing the countryâ€™s post. Dr Rollins MP Loretta Hubert confidence and brought to 109 for the nis from the number of and St Anneâ€™s MP week to lead.â€? count said a growing who last to The TribSEE PAGE THREE murder admitting â€œthat were Chipman, year, according FNMs are of action for said the if the matter the uneâ€™s records. Fernander court, the the best course take under to to be taken to Chief Supt is the party to victim, identisaid the present circumstances as Kendrick fied by police driving with was of the foreign Simms, when another car mians, most wonâ€™t re- his wife, committee of them forcemployees tee next month, Smith said formerall that is due to them. pulled aheadstop. to ceive ROLLE Chairman James said they will, ing them man was drivBy RASHAD Reporter Mr Smith a â€œhigh â€œThe yesterday. money was givMillennium Tribune Staff however, receive Since the ing through basis by rrolle@tribunemedia.net SEE PAGE FIVE figureâ€?. en on an ex-gratia SEE PAGE FIVE former em- the China Export-Import FOREIGN will and was inBaha Mar Bank (EXIM) for Bahaployees of the government tended primarily be paid by Commitappointed Claims

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BROWN By SANCHESKA Reporter Tribune Staff sdorsett@tribunemedia.net are dead, SIX people ju15-year-old including a another man is venile, and his life in hosfighting for four separate pital after in less shooting incidents in the capital. than 48 hours took the The homicides count to countryâ€™s murder 43 days of the 26 for the first to The new year, according Tribuneâ€™s records. an isPolice launchedlast night of land-wide search suspected for two men dead in Yelthe shooting a man Gardens in low Elder latest incident.bloody weekDespite the Commisend, Assistant Police Stephen sioner of â€œhundredsâ€? of Dean said were patrolpolice officers over the past ling the streetseffort to keep an few days in well as visitors the public as safe. officer-inMeanwhile Central Decharge of theChief Superintective Unit, Fernander tendent Clayton after a implored parentsto â€œkeep a killing on Friday on their chilwatchful eyeâ€? their young dren, especially boys. Fernander Chief Supt have launched said police for the a massive manhunt the weekend suspects in killings. SEE PAGE THREE

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TURNQUEST: CHANGES TO MONTAGU ARE SHAMELESS

By AVA TURNQUEST Reporter Tribune Chief aturnquest@tribunemedia.net MoveFREE National Leader Peter ment Deputyyesterday acTurnquest government of cused the gerrymanderâ€œshameless recently tabled he ingâ€? over changes that boundary the â€œdeliberclaims affect of middle ate elimination from the forclass areasâ€? constituency. mer Montagu with The In an interview characterised Tribune he boundary and the proposed a â€œdesperate changes as emoattempt to the pervertedâ€? tionally manipulate

The Tribune

electorate.

SEE PAGE 11

EQUIPMENT AT FAULT FOR SERIES OF BPL OUTAGES

By AVA TURNQUEST Reporter Tribune Chief aturnquest@tribunemedia.net â€œcatastrophicâ€? THE outages that island-wide Providence plagued Newstemmed from late last year equipment Pier widespread the Clifton to failures at according Power Station, and Light. vehicle. Bahamas Power reported escape in a were taken The companyof its investo reports, The victims they are on According findings DORSETT shortly after midnight re- to hospital wherebut stable on the into two islandtigation By SANCHESKA officers in serious and another Reporter Sunday, the domestic inci- listed wide outages, Tribune Staff occurred a condition. that shortly major outage that 29 and sponded to sdorsett@tribunemedia.net in Valentine Police said November dent at a homeoff Johnson an officers arrested officers, a also between 4 last year, in after 4am, TWO police wife, are in Subdivision While at the the shooter, who was December sent to the a Terrance. with a from gunshot internal memo husband and stable condition home, a man armed the of- suffering Police also recov- government and obtained serious but shot multiapproached them wounds. from the by The Tribune. after they were responding shotgun both of a shotgun SEE PAGE 11 ficers and shot to flee ered ple times whileincidentâ€?. attempting The suspect. SEE PAGE 12 to a â€œdomestican adult male, before police said. HowPolice have by one of the the scene, returned fire. con- officers suspect was able to who was shot custody in ever the officers, in the shooting. nection with

shootings one of six fatal area on Friday, Staff in the Englerston in the calendar above. W. Carey/:Tribune as shown at Peardale Park Photos: Terrel from the scene to be a deadly February, boy is taken a 15-year-old 12 so far in what has proven THE BODY of and one of over the weekend,

IN HOSPITAL TWO POLICE OFFICERS BY SHOTGUN AFTER BEING BLASTED

- SEE WOMAN

Top cop and PMe divided on crim AUTHOR UNVEILS

certain neighbourhoodsâ€? do so DORSETT and the suggestion to no By SANCHESKA and makes Reporter is â€œemotional Tribune Staff senseâ€?. came sdorsett@tribunemedia.net His comments rethe country after the country DESPITE homicides in hours its 27th homicide for of corded Seven people have recording 13 the year. 13 days, Commissioner Greenslade been killed since Friday. afternoon, Police Ellison is not in a On Monday said the Bahamas and the reported that â€œcrisisâ€? police also outside a state of can conwas stabbed Nassau on day man average Bahamian about their the an establishment men were tinue to â€œgo two without Street while in the area of as normal dayâ€? attacked. shot while victims fear of being conference Ross Corner. These stable on At a press to be in of were said in hospital. at police headquarters a weekend Monday afterCommissioner condition Commissioner it is simsoâ€œcarnageâ€?, said said the only for people Greenslade countryâ€™s crime Greenslade not enough lution to the â€œkeep prolific ply finger at the to to â€œpoint the crisisâ€? problem is barsâ€?. He in times of their offenders behind Bahamas police to â€œmanage not yet refuse said the Royal (RBPF) is SEE PAGE THREE Police Force implementing considering â€œlocking down a curfew or

SELF-HELP BOOK

to â€œfully undo much more senseless set derstand this and have law By NICO SCAVELLA Reporter of killings,â€? respond â€œas Tribune Staff enforcement and in nscavella@tribunemedia.net as possibleâ€? in Perry quickly meaningful wayâ€? PRIME Ministerlikened a â€œvery fighting efforts. their crime Mr ChrisChristie yesterday crime situThese efforts,would likely the Bahamasâ€™â€œWild West,â€? suggested, a â€œsubation to the recent wave tie dedicating the as he said in the capital include number of officstreets of of murders a â€œmajorâ€? and stantialâ€? to patrol the and simust solicit effort by his ers New Providence them â€œcontinuousâ€? to â€œflood multaneously giving interdict in administration capacity to with officers the streetsâ€? that is neces- â€œthe movements of people incorporata bid to do â€œall this madness the on the streets,â€? police ofsary to bring ing more reserve to a haltâ€?. speaking and â€œif necessaryâ€? Mr Christie, yesterday, ficers, Royal Bahawith reporters occur- incorporating Force marines mas Defence said the â€œmadnessâ€? to gang activity in policing efforts. said he ring is due also Mr Christie with and retaliation. past bloody be speaking He said the a â€œshocking would SEE PAGE THREE weekend is that will reto developmentâ€? government quire the

ON RAPE, ATTACKS EX-BOXER

TRAFFICKING CHARGES

HURT IN LATEST

BOY, 3, FOUND INTERCEPTION BILL DEAD IN CAR IT ATTORNEY GENERAL: PRIVACY, NOT HARM WILL ENHANCE

Tribune sdorsett@tribunemedia.net placed authorof an law as it investigatallow the ity solely in the hands POLICE are sura judiciary, The bill will of police, or independent ICB met ing the circumstances of a commissioner on his behalf, the the death was that the By AVA TURNQUEST Reporter standards rounding boy who person actingwarrant from a adding Tribune Chief a international recent three-year-old in a car aturnquest@tribunemedia.net to obtain Court judge to in- and also addressed found unresponsive perdaycare yesof the Listening General Supremeand examine a front of his tercept from criticismsAct by the Privy in ATTORNEY terday afternoon. communicationsopera- Devices the toddler Allyson Maynard-Gibson the In- sonâ€™s The body of shortly afsuggestion and Council. telecommunications yesterday defended a She said any was a was discovered of Communica- tors, internet providers Monday by terception ter 2pm on that the legislation an important postal services. yesterday, â€œspying billâ€? was false. SEE PAGE SIX tions Bill as tool that would In a statement exanti-crime privacy of lawSEE PAGE FIVE was Mrs Maynard-Gibson enhance the rather than that this move in Bahamiabiding citizensit, as detrac- plained unprecedented encroach upon FOR YOU... tors claim. SO GOOD

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Suppression boxer was of human trafficking.53, of 106. The former with three JOHNSON James Coakley, Andros By LAMECH Reporter also charged filed under on Ross Staff Cargill Creek, of rape before Chief a double shooting lamented Tribune was broughtJoyann Fergu- counts 6(a) of the Sexual ljohnson@tribunemedia.net recent inciyesterday, Section 99. It nature of the three mosthave left one Corner in Magistrateto answer to two Offences Act, Chapter in â€œtoo boldâ€? in the capappeared WELLS son-Pratt he engaged in perdents, which three others the A MAN By RICARDO Reporter occurring insisted is alleged that of trafficking Court yesterman dead andserious condi- crimes as he Magistrateâ€™s of sexually as- countscontrary to Section Tribune Staff SEE PAGE SIX in ital recently, of prolific sons in hospital Trafficking rwells@tribunemedia.net a â€œhandful hell-bent day accused woman during 3(1)(a) of the and of the that remain saulting a holidays. and po- tion. Persons Prevention Officer-in-charge Unit, offendersâ€? the public. AS the country the Christmas a victim in Detective to grapple on terrorising alleged to be lice continue spate of vio- CentralSuperintendent ClaySEE PAGE THREE She is speaking to with the latest law enforce- Chief Fernander, scene of lent crimes, are seeking ton media on the ment officials assistance in the DORSETT the publicâ€™s By SANCHESKA Staff Reporter

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By AVA TURNQUEST Reporter Tribune Chief aturnquest@tribunemedia.net Bahamas Bar FORMER President ElsAssociation yesterday worth Johnsoncalls for Bajoined activistorganise prohamians to resistance tests and publictabled Interto the recently he ception of Communications 2017, which Bill (ICB) spying called â€œdangerousâ€? legislation. who was Mr Johnson, week as the ratified last Movementâ€™s Free National Yamacraw, for pubcandidate the level of bill, questioned on the lic consultationthat it imunderscoring entrenched pacted deeply SEE PAGE SIX

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host Dealâ€? with LAMECH JOHNSON â€œThe Real Reporter By KHRISNA Reporter Archdea- By BROWN Tribune Staff Ortland Bodie, Deputy Chief By SANCHESKA said this elecReporter con Palacious â€œdifficultâ€? for ljohnson@tribunemedia.net kvirgil@tribunemedia.net Tribune Staff Sr was tion will be and the FNM Move- sdorsett@tribunemedia.net of OMAR Archer both the PLP is no FREE National Dr Hubert Archdea- and at this point there how yesterday convicteda senment Leader to harm ANGLICAN gauge said said the threatening through way to â€œproperly Minnis yesterdayâ€œall hands con James Palacious police officer the Progres- the results will go.â€? need FNM will vote the Pro- yesterday that came one iorpost to his social media Party appears a His comments years ago. on deckâ€? to Party gov- sive Liberal its lifeâ€? Deputy Prime nearly two he to be â€œfighting for neither day after Phillip â€œBraveâ€? page 45-year-old Nassau gressive Liberal of office as that The ernment out Day, May and predicted party nor the Ministerpredicted that the Village resident appeared Davis heralded Election seats in the SEE PAGE SEVEN Movement that will bring the governing will win 30 10, as a day Free Nationalseats in next PLP SEE PAGE TWO 30 change. spoke dur- will wingeneral election. at monthâ€™s Dr Minnis on conference as a guest ing a press PAGE THREE Appearing SEE

OVER BPL BANNISTER WORRIES THE LIGHTS ON ABILITY TO KEEP

energy. solar, to produce of agreeof Works The heads the governMINISTER said challenges, Desmond Bannister ment requires to â€œaddress concernsâ€? pressed certain and BPL delayed today marks which he suggestedof docu- he has â€œserious Power and ment and consistent WHILE with Bahamas to â€œkeep the reliable of electricity on the for both sitsubmission the deadlineformer parlia- the tell- supply Providence, Lightâ€™s ability are chal- lights on this summer,â€? of island of New ting and to file financial ments. the abiliAmong these the lack will include finanmentarians Public Discloing The Tribuneprevent the whichmeet the requirements with obtaining may ty to disclosures, Chair- lenges from spouses, cial records in situations reliability from fulfilling of the project.â€? sure Commission the instalLaroda told requireoper- government This involves supporting man Myles yesterday that particularly Mar all the necessary they may have all lation â€œof The Tribunestill some that wherebank accounts prior ments in the Baha necessary to ated there were He said there heads of agreement.he is al- infrastructure that SEE PAGE FIVE are â€œoutstandingâ€?.yesterday, to marriage. some unwillingHe added at new, alIn an interview in his dis- was also and apprehension ready â€œlooking including said ways,â€? Mr Laroda some persons ness SEE PAGE THREE ternative cussions with to make who are required they exthe disclosures,

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traditions. just a short ROLLE â€œEarlier today,present ParBy RASHAD Reporter the while ago, Tribune Staff officially disliament was Christie said. rrolle@tribunemedia.net Mr of Perry solved,â€?seat in the House â€œEvery PRIME Minister the prover- Assembly is now vacant. the to you, Christie rang morning, â€œIt is now left bial bell yesterday of our beloved that the 2017 announcing be held on citizenryto decide who will nation, in the next election willMay 10. those seats In doWednesday, address, giv- fill of Assembly. His televisedOffice of the House you will also be dethe ing so, en live at the came mowho will formBahaPrime Minister, Commis- ciding of the Police government five years. ments after Greenslade, for the next that mosioner Ellison as provost mas â€œYou will make in what in his capacity decision proclamations pray marshal, readHouse of As- mentous hope and fair elecoutside the Governor Gen- I earnestly be free and Pin- will following a spirited sembly from Marguerite Let tions eral Dame Parliament. peaceful campaign. dling dissolving said he is but the forthcoming Mr Christie election will us contestwith all the vigour confident the and will fol- elections command.â€? fair be free and and peaceful at our SEE PAGE TWO low a spirited is consistent campaign that political with this countryâ€™s

ROLLE By RASHAD Reporter Tribune Staff rrolle@tribunemedia.net Nottageâ€™s DR Bernard forever be will â€œfootprints the Bahamian etched on landscapeâ€? fordevelopmental work as a through his of the Bahamer president of Athletic mas Association the Bahamas the Associations, Medical Association, and as a afMinDoctorsâ€™ Union consumer FORMER Prime reminister for health and to accept the ister Perry Christie a defeat, was as I did when I fairs, education, Opposifor it arrears, into pictured yesterday. W. national security, who was in sponsibility response to Photo: Terrel Philip â€œBraveâ€? airport tenant described recent resigned,â€? he said in Staff levelled tion Leader as the criticism recent Carey/Tribune from accusations Mr Christie Davis said Wednesday. in questions on 71, died administration spending, misfea- moves made by the government pandering at his administration Dr Nottage, the Cleveby a party of irresponsible WELLS at a â€œmisstepâ€? thought By RICARDO Reporter Wednesday He will receive sance and cronyism. that weeks. never any he was â€œdisap- to its base. acceptmaintained Tribune Staff â€œThere was land Clinic. He also said allegations being in arrangethat I was degree relating Mr Christie by the rwells@tribunemedia.net gova state funeral announced, documents would on my part for any Per- pointedâ€?around by the new be a review of irrements to Prime Minister tossed matters that to these two controversies of any ing responsibility the press secof criminality,notion FORMER according to Office of the the whatsoever yesterday condemned ernment concerning last term as absolve his administration spending andbareâ€™ is just that much ry Christie Minnis administraduring his retary for the and prove as noth- sponsible Anthony transpired cupboard is is wrongdoing efforts by the his government in Prime Minister, prime minister.at accusations from of the FNMâ€™s rhetoric slogans.â€? that â€˜the slogans.â€? tion to portray as he challenged Newbold. â€œpolitical political Hitting back Minnis adminislight, SEE PAGE SIX ing more than challenges I have the SEE PAGE THREE a negative leader to carry out a members of the controvergovernâ€œOne of the the nationâ€™s examination of the who led the $8m to tration concerning of more thanclean up as the person led the government â€œdispassionate sial pay out and who recordâ€?. interview at one vendor for hurricane to an ment off of $1.2m During a lengthy home on Thursand the write his Cable Beach defended his day, Mr Christie

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Prime Minister rings the bellrace for election

WELLS By RICARDO Reporter Tribune Staff rwells@tribunemedia.net concern ADMITTING Bernard Notin over what Dr have battled last tage may his isolation during Prime Minisdays, former yesterday for ter Perry Christie admiration the expressed forth by the effort put security to former national the build-up minister in election. the May general from his Breaking away since being public silence office in hisof a voted out last month, toric fashion Mr Chrishis visibly troubled portions of his tie detailed with last conversation and longfriend childhood colleague on time political Thursday. Centreville The former Nottage as Dr MP saw â€œfought tehis someone who throughout naciouslyâ€? he loved and life for thosetrait he said he a supported, up to their saw on display last conversation. PAGE SIX SEE

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ROBERTS: PEET A â€˜POLITICAL ENEMYâ€™ FOR ANDROS BID

Liberal were obtained from a therâ€™s PROGRESSIVE Bradley The emails following a EMAILS leaked of China Con- by The Tribune Party Chairmanout at his highdata breach (CCA) Roberts lashed story in December of CCA struction Americaâ€™s colleague Vinthat from the breach former party night, accusservers show2013, Jerome lighting by a San Francisco cent Peet last North Anto servers China Construction as early as was seeking ing the former Islands MP hacker. Fitzgerald of dollars eventually paid 24 bitcoins dros and Berry enemyâ€? $24,000) secure millions trucking, and (the equivalent of of being a â€œpolitical an independin brokerage, to their servat Baha who mounted because he to have access it aplimousine contracts showing a resat in Cabinet ers restored; however, ent campaigna nomination forwarded leaked emails Mar while he of Educathat emails ONE of the Education, Sciwas denied party. Minister of as the Minister and Tech- pears relating to personnel quest from or Jerome Fitzgerald. from the governing to PLP suption, Science Tribune has to, compromised, ence and Technology Speaking at CCA were in The nology, The a rally in North officials at Baha porters at night, Mr Robagent for Limolink despite top they were not learned. which his Bahamas. You are encourcontradict the saying at from Andros last is warâ€? as faThe emails this week de- Mar clientele with a reference by the hack if erts said â€œthis writes, â€œI limousine company was vote aged to get of Viacom Minister, who his office to concerned the crowd toPerry Mr Fitzgerald matime. the president feel free he urged Dr nied ever using to himself the an email dated May 18, am aware that interior arrive miliar. with regard the you wish. Please In for incumbent that a vote â€œAlso Izmirlian terials have began to really we direct contracts me personally adding business from the mul- 2013, sent to Mr the to contact with contact Gomez, hotel. I would or his family resort. is a vote for be limousine meet with or have your agents Mr Fitzgerald, Cur- for the for Mr Peet Movement. it if we couldbro- are ready to he ti-billion dollar - the Pro- by our Managing Porter, Shelly appreciate anytime,â€? Free National Mr Porter Mr Fitzgerald Party MP QuentinAlarice Fill copied, appointed your official your people SEE PAGE SIX his Director directly.â€? tis and 1st 2013.â€? writes. gressive Liberal we really ker for June - appears also Mr Fitzgerald indicates a request TWO & THREE â€œAs indicated cusSEE PAGES for Marathon start brokerage $20,000 He then makesfor limouto highend for readiness to only cater to be requesting official Baha Marâ€™s and trucking services and of Mr Izmirlian Baha Mar, tomers and are the project a month from Sarkis services at of Baha Mar of re- sinehe touted the level original developer the ex- the as the brokers citing Izmirlian, were necessary remain for the property. penses that cost of his fa- cord to cover the Healthcare hisMarsh Harbour a tortured ROLLE Centre has missed deadBy RASHAD Reporter tory, one of of shoddy Tribune Staff lines and claimsall without rrolle@tribunemedia.net of- workmanship, accountability. GOVERNMENT the any clear facilityâ€™s original The bankrupt. ficials commissioned Healthcontractor went of the Marsh Harbour in Abaco yesConstruction care Centre it as a longcentre began Ingraham terday, touting to the island healthcare under the former awaited boost adminisin and the Christie Health administration. Christie adhealth centre When the Staff tours the new trationâ€™s National came to power, RASPBERRY Perry Christie Terrel W. Carey/Tribune the Insurance plans. and Ado- ministration renovating Photo: ICED TEA PRIME Minister it spent $1m Like the Child SEE PAGE SIX Abaco yesterday. Robert Smith lescent and that was Complex (CARS) last year, the commissioned

it must Hurriis so devastated the island as Ragged Island remained on â€œEvery home has Minnis warns with those who last week. destroyed. The Minister Dr Hubert been Rag- discussion battered their homes facility has residence has been on storm-stricken Min- cane Irma The health Prime teachersâ€™ is no water. and safety conditions 18 been destroyed. destroyed. The light. There smell the HEALTH only continue to deteriorate, he urged the school has beendestroyed. There is no can will yesterday as The about, you in the afterged Island Minnis said to evacuate â€œAs we walkcarcasses, dead animals. deister Dr Hubert on the island reduced will stench of dead of the individuals remaining residentsIrma, which has them REPORT that we get of rubble and SPECIAL health conditions Russell, math of Hurricane itâ€™s essential there to piles Words: Khrisna W Carey teriorate and Dr Minnis said. most structures the only Pictures: Terrel island unlivable. Dr Minnis off this island,â€? reluctant to leave for rendered the stay here,â€? saw for the understandablyhome, expressing concern â€œThey cannot as Many were and a delegation and days ever known through said after he damage left by Irma place theyâ€™ve hurricane ripped of their residences, first time the Five monster will have about the safety personal belongings. behind. We by the smell after the Category island. â€œThey are concerned may have lefthere and the Defence exacerbated of all esmaterials they the small southern a vessel the same physical condition, the destruction still whatever Force dispatch the cleanup and at The islandâ€™s carcasses and strongly urge those the Defence Minnis said. THREE of rotting animalled Dr Minnis to small community can Force will try to commence security,â€? Dr SEE PAGE that there is sential services, to leave until the time ensure Island has been on Ragged Ragged Island and be restored. to the residents; a walk through â€œIâ€™ve spoken Minnis said following Dr devastated,â€?

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c ose to f not match ng 100 percent Th s wou d mean that Baham an gross domest c product (GDP) or the economy s tota output wou d be equ va ent to the debt burden that current and future generat ons w have to pay backÂ after the comb nat on of COVID-19 and Hurr cane Dor an added substant a y to the country s fisca woes Mr Sm th sa d the surge n the country s debt-to-GDP rat o wou d be caused by a comb nat on of the economy s COVID-19 contract on wh ch the Pr me M n ster h mse f est mated cou d be as h gh as 15 percent to 20 percent and the hundreds of m ons of do ars that the government w ke y have to borrow n Wednesday s budget to both cover ts fisca defic t and st mu ate an econom c recovery Warn ng that â€œtough dec s ons rea y toughâ€? w have to be made by the M nn s adm n strat on Mr Sm th to d th s newspaper â€œGDP s ke y to shr nk by $1bn and borrow ng w be about $1bn I m th nk ng by the end of the fisca year our debt w be 100 percent of GDP â€œI th nk you re ookng at anywhere between $600m to $900m n new debt and a reduct on n GDP of about $1bn You are n rea y dangerous terr tory for a deve op ng country one p ace where we never wanted to be â€?

and deferra n t at ve run through the Department of In and Revenue (DIR) Some $60m n cred ts and deferra s had been a ocated to th s payro support programme At m d-May the $20m a ocated to the Bus ness Cont nu ty Loan n t at ve targeted at m cro sma and med um-s zed firms had a most been comp ete y earmarked for app cants Some $19 4m had been approved for 283 bus nesses w th $3 7m a ready d sbursed As for unemp oyment benefits some $28 7m has been pa d out to 26 000 c a mants at m d-May â€œAdd t ona y NIB ssued $6 2m m on n payments to approx mate y 6 100 rec p ents of theÂ government s unemp oymentÂ ass stance n t at ve for se f-emp oyed nd v dua s mpacted by COVID-19 â€? the M n stry of F nance added Mr Turnquest added â€œWe know the demand s st there for these programmes and I can assure Baham ans that n the new budget we are mak ng adequate prov s ons to ensure no Baham an goes hungry We are pr or t z ng the needs of vu nerab e Baham ans who are depend ng on our support and protect on â€œG ven the ongo ng COVID-19 emergency and the state of the g oba economy th s s go ng to be an understandab y unprecedented budget and the M n stry of F nance w once aga n engage n pub c educat on around the annua budget to ensure the Baham an peop e and a of our stakeho ders are proper y nformed about the budget p an and a of ts key e ements

ALS

FROM PAGE ONE

K Peter Turnquest deputy pr me m n ster prev ous y to d Tr bune Bus ness that government revenues for March were some 50 percent down year-over-year If that trend ho ds for a fu budget cyc e based on pr or year tota revenues the government cou d ose around $1 2bn n ncome as a resu t of the COVID-19 fa -out Such a gap wou d have to be c osed by a comb nat on of spend ng cuts and borrow ng w th the government ast n ght confirm ng t has app ed for aÂ $252mÂ â€œemergencyâ€? Internat ona Monetary Fund (IMF) oan to he p t meet ts ob gat ons for the rema nder of the 2019-2020 fisca year Mr Turnquest recent y pro ected that the 2019-2020 defic t w fin sh at $800m or more h gher than the post-Dor an est mate of $677 5m G ven th s out ook Mr Sm th s est mates do not necessar y ook far-fetched Standard & Poor s (S&P) as we as Dr Hubert M nn s and John Ro e the Centra Bank s governor have warned that the Baham an economy cou d contract by around $2bn th s year Shou d that occur Â 2018 s $10 763bn rea GDP figureÂ suggests such a contract on - comb ned w th an at or near $1bn r se n the government s present $8 204bn debt - cou d take The Bahamas above or to the 100 percent debt-to-GDP rat o forecast by Mr Sm th The government meanwh e n a statement ast n ght sa d t had managed to keep more than 6 500 Baham ans emp oyed by 76 compan es throughÂ approvngÂ $5 7m worth ofÂ re ef through the tax cred ts

ENT

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ManEmergency actiThe National after they agement Agency (NEMA) the police management cations with from entering the vated its emergency evacuation and an DORSETT were blocked at the Kenplan yesterday By SANCHESKA Reporter area. were also shelter was established at the Tribune Staff Several persons with respira- dal G L Isaacs Gymnasium Centre sdorsett@tribunemedia.net to the hospital Elizabeth Sports during Gar- rushed on Queen as a shelter in Jubilee tory complaints. Tribune arrivedwere which was used - for displaced RESIDENTS to evacuate their When The residents last hurricane dens were forced after a massive the scene, several as the the believed on their roofs,homes. residents. landfill homes yesterday the dump is smaller Providence pouring water their a The fire at fire at the Newcommunity in thick, blaze grew closer to started by for Tall to have been Road. Parliament blanketed the smoke. Member of Miller was also assist- bush fire off Fire Trail black hazardous the Royal Bahamas Pines Leslie in hosing down their TWO AND THREE entrance Members of SEE PAGES blocked the visibility ing residentsproviding transportaPolice Force as homes and who needed help. residents to the subdivision tion for those zero. Angry dropped to in verbal alterbecame involved fire off Fire a smaller bush to the city after a spread have ed by Movement fre- Trail Road that blanketed Jubilee Gardens yesterday Road. fire the smoke in Jubilee off Fire Trail the Free National areas in to prevent dump. The flees from the that started in bushes DORSETT YOUNGSTER done enough the New Providence Gardens and surrounding landfill at and threatened A at the New Providence to evacuate their homes. Hanna/Tribune Staff By SANCHESKA Reporter quent fires have caused some of thick, black smoke officials fire were asked Photos: Shawn Tribune Staff issues. Landfill that homes, prompting Many residents sdorsett@tribunemedia.net to develop respiratory a mas- several SEE PAGE THREE Jubi- them comments came as owners in landfill, Their raging at the startANGRY home was yesterday expressed sive fire was lee Gardens concern that neither which officials believe nor disgust and Liberal Party the Progressive had any redespite not having many purchase WELLS sponse to his Marâ€™s former By RICARDO offers, as Baha Izmirlian said cases of im- Tribune Staff Reporter enced alleged developer, Mr â€œstands ready, officials solicitROLLE migration from migrants rwells@tribunemedia.net By RASHAD Reporter his company to buy Baha developer ing bribes and able Tribune Staff beatings of THE originalMar resort willing complete it and alleged prisoners in today and Bahamian rrolle@tribunemedia.net of the Baha the resortâ€™s Mar with migrants and States has de- immediately Bahamian conyesterday said THE United Bahamas custody. the Ministry continued completiondates workers and chronic delays the Yesterday, the The opening highlighted â€œintimida- of Foreign Affairs said lays, missed stag- tractors. CCA for either governmentâ€™s â€œinaccurateâ€? and â€œnow supposedthe en- created by or patent incomof report had tion of non-governmental self interest now. The and efforts and in some cases â€œincom- gered openingâ€? into late next petence must stop organisationsâ€? and aubetter.â€? tire property Sarkis pleteâ€? information. an incident year shows that superi- Bahamas deserves by the government inhibit â€œfree Referring to SEE PAGE SIX Minoffer â€œis thorities to criminal Education Izmirlianâ€™s Fitzgerald orâ€? to the current situation. for in which speech through as problems this, and ister Jerome libel lawsâ€? However, despite SEE PAGE 12 in its latest the Bahamas report. human rights also referThe report

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â€œTo me, thatâ€™s completely ridiculous. Why do we have persons who have already been approved, tick all the boxes, and they are waiting years for their permanent residency to come through? Why do we need Cabinet approval for someone to obtain permanent residency when theyâ€™ve ticked all the boxes? It makes no sense to me. It has to go. Itâ€™s one of the most archaic processes I know. â€œIf youâ€™re looking for quick revenue sources, thatâ€™s millions of dollars there waiting to be processed. Itâ€™s $15,000 a person. I know thereâ€™s dozens, if not hundreds, waiting and people are very frustrated. If we can make it easy, the word spreads and people start coming to The Bahamas if it takes a month or two. But if it takes a year, say, they will go to the Cayman Islands,â€? Mr Kinsale added. â€œI would have all those applications processed over the next 30 days and get this done. Itâ€™s easy money for the government. It makes no sense to me why itâ€™s being held up. I keep having calls from people who have purchased real estate from me above the $750,000 permanent residency threshold, saying: â€˜Jason, whereâ€™s my permanent residency?â€™ I have to make excuses every time they call. Itâ€™s unnecessary stress. â€œWhat else are we going to do to get money in quickly? Iâ€™m not an economist; I donâ€™t pretend to be. I understand real estate and what people want, and sometimes you have to give them what they want. I donâ€™t understand why itâ€™s so hard. It drives me insane. Itâ€™s going beyond the frustration to insane, to anger. People are becoming angry, and when that happens

they leave and invest in other places. We have to hang on to the people we have in the business community and hang on to their confidence.â€? Mr Kinsale revealed many successful real estate developers were â€œgoing the wrong wayâ€?, and investing in smaller projects rather than doing bigger developments, because there was â€œnot enough demandâ€? due to the limited size of the Bahamian market and the red tape/bureaucracy confronting foreign purchasers. â€œWeâ€™ve got a lot of amazing projects,â€? he told this newspaper, â€œbut they take ten years to sell out. In Toronto, a 200-300 unit development sells in a weekend. Thatâ€™s due to immigration. We donâ€™t have enough people moving to The Bahamas and weâ€™re struggling.Â â€œI had two friends looking to get permanent residency with the right to work in a business they wanted to set up. To get that and their business licence took nine months and they gave up. They went to Cayman and got it in five days of submitting their proposal. Theyâ€™ve left, and they would have been spending millions of dollars here.â€? Emphasising that he and other developers were not seeking tax breaks of further concessions from the government, Mr Kinsale said it simply needed to assist with â€œcreating real demandâ€? for The Bahamas among investors and real estate buyers. â€œWe have to park our pride and open up this country. Itâ€™s the only way weâ€™ll see this country grow,â€? he told Tribune Business. â€œWe have to create demand and stop thinking weâ€™re so special. We think The Bahamas is the best place in the world, but we have competition worldwide. â€œWe have to stop thinking weâ€™re any different. We canâ€™t do it. Enough is enough now. Itâ€™s done, complacency and hoping for the best. Itâ€™s over. We all know itâ€™s over now. Itâ€™s time to take real action and bold initiatives. This is the time to do that.â€?

THE TRIBUNE

Monday, May 25, 2020, PAGE 9

PAGE 10, Monday, May 25, 2020

THE TRIBUNE

Monday, May 25, 2020, PAGE 11

Trump’s pitch to voters: Trust me, economy will soar in 2021 WASHINGTON Associated Press PRESIDENT Donald Trump has a new pitch to voters for this fall: Trust me. As the economy faces a once-in-a-century recession, with more than 38 million people out of work, Trump is increasingly talking up a future recovery that probably won’t materialise until after the November election. He’s asking voters to look past the pain being felt across the nation and give him another four-year term on the promise of an economic comeback in 2021. “It’s a transition to greatness,” Trump says over and over, predicting a burgeoning economy come the fall. “You’re going to see some great numbers in the fourth quarter, and you’re going to end up doing a great year next year.” His chief economic adviser, Larry Kudlow, echoes the wait-until-nextyear sentiment, holding out hope for a “big bang 2021”. It’s a delayed-reward tactic Trump was using long before the global pandemic gut-punched the country. He has turned to it with new urgency as the coronavirus has robbed him of the booming economy that was to be the core of his reelection message. Trump had already pledged to finally release a Republican health care plan after the polls closed — despite having served more than three years in office — along with a postelection tax cut and a “Phase 2” trade deal with China. Now, Trump is making the case to voters that if he helped bolster the economy once, he can do it again. “We built the greatest economy in the world,” Trump says frequently. “I’ll

IN this Feb 20, 2020, file photo President Donald Trump arrives to speak at a campaign rally at The Broadmoor World Arena in Colorado Springs, Colo. As the economy faces a once-in-a-century recession, with more than 38 million people out of work, Trump is increasingly talking up a future recovery that probably won’t materialise until after the November election. Photo: Evan Vucci/AP do it a second time.” It’s not just next year that will be a mystery to voters on Election Day. Trump and his team have been talking up the fourth quarter — October through December — but economic reports on that period won’t be released until 2021. Preliminary figures for the third quarter will be released Oct 29, days before the Nov 3 election. And unemployment could still be in double-digit territory by Election Day, White House economist Kevin Hassett and Eric Rosengren, president of the Federal Reserve Bank of Boston said in television interviews yesterday. “Unfortunately, I think it’s likely to be double-digit

unemployment through the end of this year,” Rosengren told CBS’ “Face the Nation”. To bring back the low jobless levels seen at the end of last February, he said it would probably take a vaccine or “other medical innovations that make it much less risky to go out”. Still, Trump and his campaign are hoping they can convince the public that Trump, not Democrat Joe Biden, is the candidate who can turn things around, even as they push the recovery timeline into next year. “The president has a clear record of building the economy to unprecedented heights before it was artificially interrupted by the coronavirus, and they know

he will build it a second time,” said Trump campaign communications director Tim Murtaugh. Economists, however, warn that the “snap back” Trump’s advisers have been talking up is unlikely, given the severity of the recession. It will take years for the economy to recover, according to the Congressional Budget Office. Polling data suggests Trump has some work to do to persuade Americans that all will be well next year. Americans are split on whether they think the economy will improve (41%) or worsen (40%) over the coming year, according to a poll by The Associated Press-NORC Center for

Public Affairs Research. Their opinions differ based on their politics. A majority of Republicans (62%) think the economy will get better in the coming year, while a majority of Democrats (56%) think it will get worse. The poll finds that only 49% of Americans now approve of how Trump is handling the economy, compared with 56% in March, though the numbers remain split largely on party lines. While a majority of Americans in households that lost a job do think it’s at least probable that the job will return, 70% now describe the state of the nation’s economy as poor, versus just 29% who say it’s good — down from 67% in January.

Trump has been encouraging states to begin easing restrictions and reopening their economies. But that doesn’t necessarily mean jobs will return. While most of those who say they got a haircut at least monthly before the outbreak or shopped regularly in person for nonessential items would definitely or probably do so in the next few weeks if they were allowed, Americans may be wary to return to life as normal. Only about half of those who did so at least monthly before the outbreak say they’d travel, go to bars and restaurants, use public transportation, or exercise at a gym or studio. Just 42% of those who went to concerts, movies, or theater or sporting events at least monthly say they’d do so in the next few weeks if they could. Still, the poll shows that 66% of Americans continue to say that their personal financial situation is good — a number that has remained steady since before the outbreak began. Americans are also more likely to expect their personal finances to improve than worsen in the next year, 37% to 17%. In the end, that’s what is going to matter most, said Michael Steel, a Republican political strategist. “This election will turn on facts more than messages,” he said. “The president is placing a bet by reopening the economy before public health officials believe it is safe. If the economy recovers sharply and infection rates remain steady or go down, then voters will reward his boldness, but if we continue to see massive unemployment and a spike in new infections and deaths, all the political wordsmithery the world will offer won’t help him.”

PAGE 12, Monday, May 25, 2020

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UK LEADER JOHNSON STANDS BY AIDE OVER 250-MILE LOCKDOWN TRIP LONDON Associated Press

YOUR

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

PRIME Minister Boris Johnson said yesterday he wouldn’t fire his chief aide for allegedly violating the national lockdown rules that he helped to create by driving the length of England to his parents’ house while he was infected with the coronavirus. Defying a growing clamor from public and politicians, Johnson said Dominic Cummings had acted “responsibly, legally and with integrity” when he drove 250 miles from London to Durham, in northeast England, with his wife and son at the end of March. Britain’s lockdown, which began March 23, stipulated that people should remain at their primary residence, leaving only for essential local errands and exercise. Anyone with coronavirus symptoms was told to completely isolate themselves. Cummings says he traveled to be near extended family because his wife was showing COVID-19 symptoms, he correctly thought he was also infected and he wanted to ensure that his 4-year-old son was looked after. Johnson told a news conference that Cummings had “followed the instincts of every father and every parent”. He said Cummings, his wife and son followed the rules by self-isolating for 14 days once they reached Durham. But critics of the government expressed outrage that Cummings had broken strict rules that for two months have prevented Britons from visiting elderly relatives, comforting dying friends or even attending the funerals of loved ones. The opposition Labour Party has called for an official investigation. Labour leader Keir Starmer said Johnson’s

defense of Cummings was “an insult to sacrifices made by the British people”. “The prime minister’s actions have undermined confidence in his own public health message at this crucial time,” he said . Former Labour lawmaker Helen Goodman, whose father died in a nursing home during the outbreak, said Cummings’ behaviour was “repellent”. “What was the point of the sacrifice that we all made? What was the point of the miserable, lonely death that my father had?” she told the BBC. Speaking inside the prime minister’s 10 Downing St residence, Johnson said “I can totally get why people might feel so confused and ... so offended by the idea that it was one thing for the people here and one thing for others.” But he said Cumming’s “particular childcare needs” left him “no alternative” but to make the 250-mile trip. Government ministers have denied a claim that Cummings was spotted again in Durham on April 19, after he had recovered and returned to work in London. But they have not confirmed or denied report that Cummings visited a scenic area 30 miles (50 kilometers) from Durham on April 12. Cummings is a key but contentious figure in Johnson’s administration. A self-styled political disrupter who disdains the media and civil service, he was one of the architects of the successful campaign to take Britain out of the European Union, and orchestrated the Conservatives’ decisive election victory in December. The coronavirus cut a swath through the top ranks of Britain’s government in March and April, infecting people including Cummings, Health Secretary Matt Hancock and Johnson himself, who has said that the medical staff

at a London hospital saved his life. Despite the government’s support for Cummings, several lawmakers from Johnson’s Conservative Party joined the opposition in calling for the aide to be sacked. “Dominic Cummings has a track record of believing that the rules don’t apply to him and treating the scrutiny that should come to anyone in a position of authority with contempt,” tweeted Conservative lawmaker Damian Collins. “The government would be better without him.” Another Tory legislator, Steve Baker, said Cummings must resign for not “abiding by the spirit, at least, of the slogans which he has enforced on the rest of the country.” Johnson’s government is already facing criticism for its response to a pandemic that has hit Britain harder than any other European country. Britain’s official coronavirus death toll stands at 36,793, the second-highest confirmed total in the world after the United States. Statistics that include suspected as well as confirmed virus cases put the toll well over 40,000. The UK is gradually easing its lockdown, allowing more outdoor recreation and letting some shops and businesses reopen. Johnson confirmed yesterday that primary schools can start reopening in June, though many parents and teachers worry that it isn’t yet safe to do so. Johnson said the government was still aiming to have pupils in the first and final years of primary school back in classrooms on June 1, though he acknowledged that “may not be possible for all schools”. Cummings is one of several senior UK officials to be accused of flouting the lockdown rules.

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Monday, May 25, 2020, PAGE 13

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Monday, May 25, 2020, PAGE 15

CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY

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

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

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

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