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WEDNESDAY, JUNE 24, 2020

$3.72 Downtown Nassau sees 70% revenue fall in cruise close By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net CRUISE tourismdependent downtown Nassau businesses yesterday said they may close down until September with revenues down by up to 70 percent in a bid to survive until the industry’s return. George Mousis, Athena Café’s general manager, told Tribune Business of the cruise industry’s decision not to restart until September 15: “Well, it’s a big blow to us downtown for everybody - from the employers straight to to the employees. Most of out clientele in the downtown area are the cruise ship passengers, but unfortunately we are going to suffer the brunt of the blow. “Thank God we cater to the locals too; they keep us going, but let’s see for how long. We have a few curbsides and dine-ins along with the takeout. We will stay open for the time being. My jewellery store downstairs is closed, but if we open up who is going to come in to shop? “No one is buying jewellery right now. Even with the restaurant right now, the average person is going to the food store and spending the money and providing for their families. They spend money to have a meal stretched over a few days. Disposable income right now for the average person is not there, and we don’t know how long this will go on for,” Mr Mousis continued. “At least 70 percent of our sales are gone, so right now we can’t see any profits. But we have to keep it going and keep our employees engaged, and we’ll try to hold on.” Maybe this can be an opportunity for downtown and for us to adjust our model because we need some more locals downtown. For example, where are they to park if they want to come downtown? We need this to become more of a local hub, like back in the day. “They were supposed to revitalise downtown and improve it, but generally speaking we don’t see much action. I don’t see any movement, no forward movement, in terms of cleaning it up and making it more attractive to the common customer that are local or tourist alike. It’s not much to bring them downtown for. We have a few banks and we have a few restaurants, but generally speaking the first hurdle is where are people to park?,” he added. “Even last week for Father’s Day they were towing cars and, all of a sudden, no one was able to park. I know the spaces are for the taxis, but where are the taxis now? They are not around here, so why not let the locals utilise the spaces at least until things get back in action. But now a local is trying to patronise an establishment downtown and their car is getting towed, because I had a guest that was eating lunch and they had to get up and move their car.” Ryen Fox, general manager of Bonneville Bones’ downtown store, said: “There has been a huge impact thus far. Basically there is little to no traffic of customers downtown. We still have a few persons that actually work downtown that come in. “September does seem a long ways away, but at the same time I understand the necessity to protect us, because we don’t have the resources to take a full brunt of the coronavirus. So, it’s kind of a necessary evil but it is bittersweet.”

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‘Expensive money’: $150m port bond set for refinance By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ASSAU Cruise Port will move to refinance its recent $150m bond issue at the earliest possible opportunity, it was revealed yesterday, having elected to keep the offering’s $20m over-subscription. Michael Maura, the cruise terminal operator’s chief executive, told Tribune Business it will “definitely” seek to refinance at lower interest rates once the global capital markets stabilise post-COVID-19 in a bid to reduce debt servicing costs. The eight percent interest coupon investors will receive is more expensive than Nassau Cruise Port had initially hoped to pay, and Mr Maura confirmed that the bond’s terms enable the company to refinance the debt issue any time from May 2022

MICHAEL MAURA onwards - some two years after it has been placed. He also disclosed that Nassau Cruise Port had decided to retain the $20m raised over and above the bond’s initial $130m target, the issue having been oversubscribed by 15.4 percent at its closing.

A CABINET minister yesterday conceded all cruise tourism-dependent jobs have “simply evaporated for the time being” as he revealed that one major line suggested the industry might not relaunch until mid-November. Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that “no one in their wildest dreams could have forecast this total catastrophe” as he acknowledged the “devastating” impact of the cruise industry’s continued shutdown on downtown Nassau, Bay Street and all businesses and employees who relied on it for their livelihood. He disclosed that Arnold Donald, Carnival Corporation’s president and chief executive, had informed him last week prior to the industry’s announcement

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• Minister: Industry’s shutdown ‘devastating’ • Carnival chief: End-November return ‘latest’ • Disagrees with port chief on Bay St ‘wandering’

DIONISIO D’AGUILAR that its re-opening has been pushed back to September 15 that the earliest it had hoped to return was in late August/the beginning of September. Mr D’Aguilar added that the Carnival chief said “early November” was the latest return being targeted by the industry, with the

likes of Royal Caribbean, Carnival and Norwegian Cruise Line now currently targeting the resumption of voyages in mid-September or early October. “They really don’t know,” the minister said, adding that the cruise industry was still working to meet the US Centres for Disease Control and Prevention’s (CDC) demands for stringent on-board COVID-19 countermeasures. “In his opinion,” Mr D’Aguilar said of Mr Donald, “the CDC is striving for a position that leads to the complete elimination of any chance of contracting COVID-19 on a cruise, and that was a position that requires a lot of study and analysis to get to that point.

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

“As you can imagine, the cruise industry thrives on very large crowds that are closely compacted together going to crowded destinations, and participating in a lot of events that bring many groups and crowds together in close contact whether boarding the vessel, disembarking or at events. “How best do you take what was the norm and try to reconstruct that into the new normal and a much lower density of persons? It takes a while to completely revamp your business model to accommodate this new normal. I understand their [the cruise lines] conundrum. It’s difficult.” Mr D’Aguilar said he had

grateful for the enthusiastic response to the offering, and the board made the decision to keep the $20m oversubscription.” Nassau Cruise Port’s total $284.3m financing needs, of which $204m is earmarked for Prince George Wharf’s reconstruction, originally called for a further $80m of debt funding to be secured in the 2021 first half. The remaining $74.3m is due to come from equity investments by its controlling shareholder, Global Ports Holding, and Bahamian investors who will buy into The Bahamas Investment Fund. Each is to have a 49 percent stake. Mr Maura yesterday said the equity raise, which aims to give around 20,000 small

Cruise tourism jobs ‘simply evaporated’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Atlantis defends contract worker re-hiring move A FORMER candidate for the hotel union’s presidency yesterday called for a government investigation as he blasted Atlantis for keeping himself and other full-time staff on furlough while re-engaging contract workers. Dave Beckford, a 25-year employee in the Paradise Island mega resort’s landscaping department, told Tribune Business it was “unacceptable” that he should remain at home while outside contractors and their employees were engaged to perform that type of work. Producing a photo purporting to show the contract employees at work, Mr Beckford slammed: “I have information contract workers are working. How can you have contract workers working and full-time workers like myself out there at home? “I’m a 25-year employee, and I don’t think I should still be out of work and contractors working. I call on the minister of labour [Dion Foulkes] and director of labour [John Pinder]. They need to save Bahamian workers, and not contract workers, especially at this time. They’re not looking into what is happening at these properties. “This situation was happening before COVID-19, but this is the time when we need to be working. This is not about expatriates and foreigners; this is about all of us as full-time workers. I’m at home and the contract workers are working. It makes me sick. It’s not acceptable, not acceptable. I need to work. I need to feed my family.” Atlantis, in a statement responding to Mr Beckford’s attack, said last night that while the resort retains third-party contractors to perform certain services they do not undertake duties or fill roles that are covered by full-time staff. Tribune Business understands that Atlantis believes the contractor the former hotel union presidency candidate is referring to falls into this category.

• ‘Definitely’ will seek lower rates come 2022 • Cruise terminal operator keeps $20m extra • Local investors to get dividends ‘immediately’ “Obviously this COVID crisis drove the cost of money up,” Mr Maura told this newspaper. “The eight percent yield was obviously very attractive to investors, but it is relatively speaking expensive money when you consider the cost of money six months ago. “So as confidence returns to the market and interest rates settle a bit, at that point we’ll be looking at that and will make the necessary decisions.” He also affirmed that Nassau Cruise Port’s future capital raising needs, which it plans to source in 2021, will be reduced by the $20m oversubscription to the recent bond offering. “The board met and it was agreed that we would keep it,” Mr Maura said of the extra funding. “We were

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$100m for ‘serious food security dent’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas needs to invest “at least $100m” to boost food security and make “a serious 40 percent” dent in its import bill, an agriculture entrepreneur is arguing. Caron Shephard, president of the newly-formed Bahamas Agro Entrepreneurs Group, told Tribune Business in a recent interview that while the $9m allocated to food security in the 2020-2021 budget was “a big jump from where we were” much more investment is required to develop a sustainable agriculture sector in this nation. “Based on the numbers I have been looking at, to put a serious dent in the import bill we have, you’re looking at at least $100m to be able to comfortably make an indent,” she said. “That would be a 40 percent indent.” Taking Irish potatoes as an example, Ms Shephard said statistics from 20162017 showed that The Bahamas imported that

• Bahamas urged to target 40% import slash • Entrepreneur: $9m ‘big jump’, not enough • Warns: Don’t ignore hardened farmers year some 4,610 pounds of the vegetable for a collective worth of $8.867m. If Bahamian farmers were able to snatch a 40 percent market share, they would produce 1.844m pounds valued at $3.54m with those earnings remaining within The Bahamas. Suggesting that The Bahamas needed to make inroads into other vegetable crops such as lettuce, onions, cucumbers and celery, as well as livestock such as pigs, goats and poultry, she added: “If you go down the list of produce, you’re coming in within $100m to put a serious dent in that $800m import bill coming into this country. “Like the government said, they’re limited on resources. Nine million dollars is a big jump from where they were, and hopefully it will be injected into the farmers existing now and help where they need to

go. This is a sleeping giant not tapped into as yet, and the reason we’ve not tapped into it is because we’re so dependent on imports. It’s been easier to import rather than put people to work. “Because of COVID19, people are more aware of the importance of food security.... We have an opportunity to create a whole new industry with added value, with manufacturing, processing and packaging. Once we have that we can start exports. We definitely need some serious capital to get agriculture going.” The government, though, has barely increased the size of the Ministry of Agriculture and Marine Resources’ budget allocation, raising it from $26.068m to $26.252m, despite including a new $6m “line item” for “food security”. A further $3m has been added to this effort on the

capital side of the budget, but the subsidies provided to the Bahamas Agriculture and Marine Science Institute (BAMSI) and Bahamas Agricultural and Industrial Corporation (BAIC) have been cut by a combined $2.45m. The size of the $9m allocation has already come under fire, with Anthony Ferguson, CFAL’s principal, saying on a recent webinar that this shows it “can’t be serious” about improving The Bahamas’ food security. “You can always tell from a budget how serious governments really are, and they are not serious. It is very, very clear,” Mr Ferguson said. “Poultry imports are about $80m a year. Fresh fruits, etc, is a couple of hundred million, yet the increase in the budget for agriculture and fisheries was a little over $500,000. “They just can’t be serious. So until we are

prepared to get serious, I think we will continue to find ourselves putting our heads in the sand and finding that the economy is going to continue to grow slower, slower, slower with the increasing deficits.” Ms Shephard, meanwhile, urged the government to direct funding to experienced farmers who were already in business and knew what it took to succeed, voicing concern that Michael Pintard, minister of agriculture and marine resources, had suggested he wanted to direct monies to younger people. Acknowledging that the Bahamian agriculture industry is “barely surviving, but can thrive”, she added: “While $9m is projected, I would definitely live to see that properly distributed among the serious farmers in the industry. We have a number of persons who want to jump on board that are not tested and tried. They need to look at the tried and tested farmers in the industry. “Many come on board

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Recovery Committee targets early September completion THE prime minister’s COVID-19 Economic Recovery Committee last night said it will present its final report on the road map for The Bahamas’ revival by early September 2020, with consultations to start next month. The committee, in a statement, said it had established ten sub-committees with broader membership than just its own appointees to explore key areas for potential economic development and diversification. “We are at a critical juncture in The Bahamas, where we must embrace the opportunity to redefine and shape a new economy and future for Bahamians for generations to come,” said Kenwood Kerr, one of the Economic Recovery Committee’s co-chairs. “But it cannot be business as usual. “We need sustained and robust economic growth to maintain and improve the standard of living of all Bahamians. To do so will require us to do things, and approach things, in very different ways that may buck much of the conventional wisdom and prevailing narratives to which we have grown accustomed.” Marlon Johnson, his fellow co-chair, added:

THE ECONOMIC Recovery Committee in an online meeting. “We accept the prime minister’s charge that these new realities, characterised by so much uncertainty, demand new and innovative approaches to shaping our post-COVID society. “Our goal is to provide recommendations that build a resilient and dynamic Bahamian economy that spurs inclusive growth, and allows businesses across sectors to emerge from the pandemic stronger than before.” The Economic Recovery Committee said its sub-committees will focus on the blue, orange and green economies; digital and conceptual

economies; Family Island development; and the manufacturing and trade sectors. It added that these subcommittees have already begun preparing to launch consultations. The agriculture, fisheries and manufacturing sub-committee met virtually with the minister of agriculture and his team to discuss prospects for the agriculture and fisheries industry, while the health and social capital sub-committee met with a prominent wellness consultant to discuss health and wellness initiatives for Bahamians. The structural reform

sub-committee hosted a presentation from Professor Avinash Persaud, special envoy to the Prime Minister of Barbados for investment and financial services. Professor Persaud presented on economic stabilisation, which is a key element of the structural reform sub-committee’s scope. The sub-committees are also mining all available industry data and leveraging existing government plans, including the National Development Plan and the proposal for creating a National Economic Advisory Council, to deliver solutions for The

Bahamas’ immediate challenges as well as long-term strategies to create a business environment that is globally competitive and affords easier access to land, credit and public services. Expanding and strengthening social programmes, and creating and promoting a sustainable health care system, will also receive focus. Structural impediments, including the policy framework for the approving both domestic and foreign investment, tax reform and the ease of doing business, are other areas of discussion. The Economic Recovery Committee said it as also aiming to address energy reform, especially climate resiliency and utilities deregulation, as well as food security and sustainability plus development of the Family Islands. It added that the tourism and orange sub-committee is looking to expand Bahamian investment and ownership through the vacation rental market. The sub-committee is also finalising a plan for the full activation of the Orange Economy, and the integration of art, craft and Bahamian culture into the visitor experience.

COMPLIANCE OFFICERS ELECT NEW EXECUTIVE COMMITTEE THE Bahamas Association of Compliance Officers (BACO) elected its 2020-2022 executive committee last Friday during its biennial general meeting held via Zoom conference . “Members of BACO should expect more collaboration, increased partnership and interaction with our local and regional counterparts,” explained newly-elected president, Maria Dorsett. “Additionally, my executive committee’s objectives

MARIA DORSETT are to take full advantage of this new norm, and work on greater efficiencies within

BACO. We will introduce a fully online membership application experience and renewal experience.” Valdez K Russell, principal of VKR Insights, said in his keynote address: “Effective leadership in this season of reinvention calls for us to communicate, collaborate and create opportunities that will foster positive change in the lives of those we serve. “We must recognise our increased responsibility to lead and act with empathy.

Leaders must make bold decisions, and also commit to collaboration with authenticity, transparency and respect. This is what we must do to create a better, prosperous and modern Bahamas.” The newly-elected 11-member executive committee represents a cross-section of compliance professionals from both the financial services industry and designated non-financial providers sections. They will all serve

for two years. “I would personally like to continue to work on the organisation becoming a self-regulatory organisation (SRO). This accomplishment would make us the first compliance organisation in our region to attain this status,” added Ms Dorsett. The virtual meeting, the first of its kind for BACO, attracted compliance professionals and regulators from throughout the Bahamas.

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BAHAMIAN BANK WINS TOP AWARD A BAHAMAS-based financial institution has won the Best Private Bank Caribbean 2020 award from Global Banking and Finance Review. “Deltec Bank & Trust has been chosen in this category this year because of the company’s continued outstanding achievements in many areas of the private banking sector, and their commitment to providing clients with the advice and services they need to achieve their financial objectives”, said Wanda Rich, editor, Global Banking and Finance Review. “We look forward to seeing more from them in the years to come.” The awards honours companies that show expertise in particular banking and finance industry segments. Deltec Bank & Trust was said to have been chosen based on its strong relationships with personal and client-focused services; personalised and innovative products and services; and its continued commitment to providing clients with the best possible financial solutions. “I believe that the recognition we’ve received by Global Banking and Finance Review is a testament to the positioning we’ve taken to increase efficiency, automation and innovation in order to better serve our clients and provide a world-class experience,” said Odetta Morton, Deltec Bank & Trust’s chief executive. “Over the past year we have been well-served by our commitment to, and investments in, technology to transform the way we work; rapidly responding to challenges, finding opportunities and quickly scaling effective solutions for our clients.” Deltec Bank & Trust earlier this year set out plans to combine technology with corporate agility in order to compete in a fast-evolving global financial services industry.

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PwC: IT spending ‘paying dividends’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN accounting firm yesterday said its technology investments are “paying dividends” by upholding productivity throughout COVID-19 even though just ten percent of staff have currently returned to the office. Prince Rahming, territory manger for PricewaterhouseCoopers (PwC) Bahamas, told Tribune Business “everybody was concerned” about maintaining output and servicing clients when the pandemic struck and forced most office-based staff to work remotely. “I think front and foremost, what we saw going into COVID was there was an issue with productivity,” he explained. “But with everybody being released back into the workforce, measures were taken by chief financial officers across the globe to ensure that they can continue to provide, and productivity became less and less of a factor. “Companies were then looking for new revenue streams, introducing new products and really adjusting to the new norm, including adjusting work flows; adjusting where people are working; going digital. Those were some of the things impacting chief financial officers.” Revealing that just ten percent of PwC Bahamas staff have returned to the office as COVID19 lockdown restrictions ease, Mr Rahming said employees can operate remotely because the firm has developed the electronic infrastructure for them to work remotely. He added that PWC had implemented “digitisation into our work flow years ago”, and said: “We wanted to make sure our people stay safe until we adjust to the new work environment and safe distancing, and all of the protocols to ensure that safety remains paramount within our people. So, for the most part, all of our people are home and only ten percent were showing up yesterday.” Mr Rahming spoke after PwC released findings from their survey of chief financial officers (CFOs) in The

Bahamas and other Caribbean countries through its COVID-19 CFO Pulse Survey. “The whole purpose for the survey was to get some feeling as to how businesses are going into COVID-19, and what the various lockdowns and curfews are doing to the economy,” he added. Undertaken between June 1 and June 11, the survey found 66 percent of CFOs interviewed expect COVID-19 to decrease revenue/profits by ten percent or more. A further 11 percent said that while they expected a decrease, the amount was unknown, while two percent said the pandemic’s impact was too difficult to assess at this point. PwC said 70 percent of Caribbean CFOs, compared to 63 percent globally, cited offering new or enhanced products and services as the most important to rebuilding or enhancing their revenue streams. None are considering making cuts to digital transformation or cyber security. “As Bahamians begin to return to the workplace, organisations need to consider how they will support employees to adapt to new working conditions and realities, which may range from adjusting to reconfigured office layouts to the adoption of new behaviours designed to promote safety,” Mr Rahming said. “Only about a third of Caribbean regional CFOs say they are very confident about their company’s ability to manage their employees’ well-being and morale, yet these are factors that may significantly affect productivity and possibly the pace of future economic recovery.” Kevin Cambridge, advisory partner for PwC Bahamas, added: “Given the current economic landscape, organisations are

seeing the need now more than ever to implement an effective digital strategy to leverage the benefits of technology. Equally important is the need to ensure that robust human capital engagement remains aligned as the driving force to achieve desired corporate goals.” The PwC survey received responses from CFOs in Barbados, Bermuda, Jamaica, St Lucia and Trinidad & Tobago, as well as The Bahamas. The companies they worked for ranged from technology and media, retail and nonprofit organisations to industrial manufacturing, the public sector, energy and utilities, and financial services. The survey found 77 percent of respondents are considering implementing cost containment measures to limit COVID-19’s financial impact, while another 50 percent are considering deferring or cancelling planned investments to preserve cash and liquidity. However, none of the chief financial officers said they are considering cuts to digital transformation, cyber security and research & development functions. With regard to the workforce impact, 32 percent said that in the next month they expect a productivity loss due to lack of remote work capabilities, while 34 percent expect a change in workforce numbers due to low/slow demand (temporary furloughs). However, some 77 percent of chief financial officers said the increased work flexibility will make their company better in the long run. Nearly 60 percent added that the current situation has resulted in better corporate resiliency and agility.

NOTICE

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PAGE 4, Wednesday, June 24, 2020 By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMIAN restaurants yesterday said they have “no choice” but to adjust their business models to the 50 percent indoor dining capacity limit set by the prime minister in the latest COVID-19 health protocols. Jacques Carlino, owner/ operator of Blue Sail Bar & Grill at Sandyport, told Tribune Business that being allowed to open at half of pre-COVID occupancy levels is “a plus” and “better than nothing”. He added: “I think restaurants that don’t have any outside space will be very happy to have business back because it is definitely a move in the right direction.” Backing the government’s decision to enforce business closures if a company is found to be in violation of COVID19 health protocols three times, he added: “I think that is very good and should be enforced, because we

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Restaurants: ‘No choice’ on 50% indoor capacity follow it very hard. I believe in safety and, from July 1, we will be safer than ever because that is when we open our doors to potential risks. “We are very happy to be back in business. We can only take baby steps now in The Bahamas. We have to take it and make sure we stay in business until the good days come back. That’s all we have to do right now.” Mr Carlino also praised the government’s decision to push back the nightly curfew’s start by one further hour, from 9pm to 10pm, as this will give businesses reliant on evening

and night-time trade - such as restaurants - the opportunity to conduct more business. These sectors will now be able to remain open to 8pm, giving staff and patrons two hours to close up and get home. “The 8pm extension is a plus, because you know by 7pm everybody had to be gone, so it’s one more hour and now you can have somebody who has finished work at 5pm get home and travel from east to west, go home and have a shower, and then come and have a pizza,” he said. “But before, if you finished work at 4pm or 5pm, by the time you do the traffic back to the west

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you don’t make it to my restaurant in time. “Everything helps. I’m happy with all of the new things because they all are a move in the right direction, and I hope everybody is going to play the right way. Keep to the rules, keep people safe, keep the customer safe and keep the staff safe.” Mr Carlino added: “Because now we still have people who show up without a mask on, and we tell them that you can’t come in, but I think it is important that the customer understands it is for their own safety. All I want to do is stay open, because as you

heard with the Prime Minister, if you don’t go by the rules you are going to be closed down. I don’t think it is too much to ask customers to wear a mask when they come into the restaurant and take it off when they are seated.” Roberta Garzaroli, Graycliff Company’s general manager, said the company and other indoordining restaurants “have no choice” but to comply with the 50 percent upper capacity limit. “So we are just going to be spreading people around the various different dining rooms,” she explained.

As for the additional evening opening hour, Ms Garzaroli said: “It would be nice if it was a little longer, but we’re not going to open for sit-down on the first week of July. We’re going to open probably on the second week of July. “Right now we’re still just doing the takeaway because we’re waiting for some equipment to show up. Until that comes I can’t open for dine-in due to the delay, but right now the extra hour isn’t going to make much of a difference. Eventually it would be nice if we could open a little later.”

Cruise tourism jobs ‘simply evaporated’ FROM PAGE ONE told Mr Donald that the cruise lines needed to make sure all passengers boarding their ships are not carriers of COVID-19. “The question was how you do that, and we discussed the issue of coming into a port that thrives on a lot of interaction with locals,” the minister added. “All of that is difficult to solve, and this is an industry that brings large crowds and everlarger ships. “It’s a very complicated scenario. How do you deconstruct and reconstruct this industry taking into account social distancing? Until there’s a vaccine, it’s very difficult to adjust your business model as needed. How do you come back to a destination such as Nassau? That will require a lot of collaboration and coordination to ensure their visitors have a safe and COVID-19 free vacation.” The continued delays and uncertainty over the timing and strength of the cruise industry’s return are already forcing many businesses that rely on its passengers for the bulk of their business to make uncomfortable decisions. Roberta Garzaroli, Graycliff’s general manager, yesterday said its chocolate factory, cigar factory and wine cellar attractions remain closed because cruise ship passengers account for 90 percent of their customer base.

NASSAU Cruise Port. “That definitely affects us. Those departments aren’t going to be reopening next week,” she added.” Mr D’Aguilar said of the economic fall-out for The Bahamas: “It’s devastating... The whole of downtown Bay Street has become extremely dependent on the cruise industry supporting retail, restaurants, straw vendors, street vendors, scooter rentals. All of that, and the jobs it has created, have been simply evaporated for the time being.” The minister, though, said he did not necessarily agree with Michael Maura, Nassau Cruise Port’s chief executive, that not cruise passengers will “independently be wandering down Bay Street” before year-end 2020 as the lines will likely direct them to pre-arranged tours and excursions that satisfy their

health protocols. “You are obviously able to exist in the current environment exercising social distancing, wearing a face mask and sanitising your hands, and not have an issue,” Mr D’Aguilar said. “I don’t want to rule out the ability of cruise passengers to act responsibly and still come into the destination and walk down Bay Street and have a COVID-free holiday.” He pointed out that, with 5.4m arrivals last year and an estimated $100 per head spend, cruise tourism injected between $500m-$600m into the Bahamian economy annually. Mr D’Aguilar said cruise visitors ultimately accounted for 8m stops in The Bahamas per annum, as some stopped at two or three destinations in this nation on one trip. “We have to make sure what we’re experiencing now, the catastrophe we’re experiencing now, is mitigated in the future,” he added. “We have to learn from it. The cruise industry will bounce back quicker and faster than most industries.”

NOTICE IN THE ESTATE OF RONALD ANTHONY ROBERTS late of the Settlement of Spanish Wells, St. George’s Cay in the Commonwealth of The Bahamas, Deceased IT IS HEREBY NOTIFIED, for the information of those it may concern, that all persons having any claim or demand against the above Estate are required to send the same to the undersigned on or before the 1st day of July, A.D. 2020 and if so required by notice in writing from the undersigned to come in and prove such demand or claim or in default thereof be excluded from the benefit of any distribution made before such debts are proved; AND NOTICE is hereby given that all persons indebted to the said Estate are requested to settle their respective debts at the Chambers of the undersigned on or before the date hereinbefore mentioned. Dated the 10th day of June, A.D. 2020 CALLENDERS & CO. Chambers, One Millars Court, P.O. Box N-7117, Nassau, The Bahamas

Attorneys for the Personal Representative

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Wednesday, June 24, 2020, PAGE 5

‘Expensive money’: $150m port bond set for refinance FROM PAGE ONE Bahamian retail investors an opportunity to own shares in the cruise port through the fund, was still on schedule to take place in the 2021 first half. The remaining two percent will be held by the non-profit Yes Foundation, which will invest in charitable causes in The Bahamas. Mr Maura spoke after Global Ports Holding confirmed both the $150m total amount raised by the bond and the refinancing plans in a conference call with investors to discuss its 2020 first quarter results. The figures unveiled show just how vital Nassau Cruise Port is to the company, as the destination accounted for 66 percent or two-thirds of the 1.253m total passengers that went through its 17 cruise ports in the three months to endMarch 2020. Mehmet Kutman, Global Ports Holding’s chairman, told analysts that Nassau Cruise Port had achieved this effect despite the 834,000 passengers it processed being “lower than expectations” as the final two weeks of March were lost to the COVID-19 shutdown. Nassau, which was not included in Global Ports’ 2019 results as the

company did not sign the 25-year operator agreement with the government until August, was chiefly responsible for producing record first quarter results. Total cruise passenger volumes were up 146 percent compared to just 0.5m received by its ports in the 2019 first quarter, while cruise revenues jumped by 102 percent year-overyear to $11m compared to $5.4m in the prior year. Global Ports’ earnings before interest, taxation, depreciation and amortisation (EBITDA) were up 61 percent at a record $5.7m compared to the previous year’s $3.5m. The figures were released amid continuing uncertainty and fears as to when the cruise industry will resume sailing after it last week pushed back the resumption of voyages from US ports until September 15. Many observers believe this could be delayed further still as the sector grapples with adjusting its business model to compensate for the stringent COVID-19 health protocols it must introduce. Emre Sayin, Global Ports’ chief executive, said securing the deal to manage and transform Nassau Cruise Port had “caused a step change” in the company’s prospects

despite the fall-out from the COVID-19 pandemic derailing its near-term impact. “I want to talk about Nassau,” he told analysts. “In this time we tried to cut costs down to a minimum, we tried to reduce our cash outlays, but at the same time we kept investing in critical projects. Nassau is definitely one of them. “Very recently we had raised, issued, a $150m bond, 2040 bond, at eight percent under very good terms, I believe, given the conditions at the time.” Global Ports’ investor presentation hailed the bond for being placed on “significantly better terms than other recent cruise sector bonds”, likely referring to the recent billion dollar capital raises by the likes of Carnival and Royal Caribbean to keep them afloat during COVID-19. A Global Ports corporate finance spokesman, echoing Mr Maura, strongly hinted to analysts that Nassau Cruise Port will seek to refinance its $150m bond at lower interest rates once the two-year lock in expires. This, he added, would likely coincide with when Prince George Wharf’s transformation will be completed in April 2022. Suggesting that the bond issue’s success had implications that extend beyond

Nassau, the spokesman said: “We have successfully completed not just the target volume of financing in Nassau but we have exceeded our target. It’s not just financially an important step, but it’s a big sign and big signal to the industry as a whole, and the Caribbean specifically, that this project continues... and will be completed as scheduled. “I think it extends beyond having successfully completing this financing, and continuing with the capital expenditure programme as well. I think within this time it is a tremendous success having raised this funding and achieving this oversubscription. “Over 200 investors have trusted us to finance most of the bulk of the capital expenditure that now needs to be spent. Only small amounts of financing will need to be raised towards the second half of 2021 to complete the project. It [the $150m bond] is long-term capital with a final maturity of 2040, with no principal repayments for the first ten years. Repayments will start in 2031.” The Global Ports executive added that the bond was secured on the assets and cash flow of Nassau Cruise Port, not its 49 percent controlling

shareholder. “We had more aggressive yield targets when we started the process, but eight percent is a good achievement compared to other cruise financings raised recently,” he said. “Eight percent is very good in the current environment, but not where we targeted.” They added that the $150m bond issue’s pricing also reflected The Bahamas’ “country risk”, which had significantly increased just before placement due to the latest “junk” downgrade by Standard & Poor’s. Noting that government debt had previously been priced in the seven percent range, the spokesman said the “Nassau Cruise Port should price tighter than The Bahamas’ bonds” once the industry and passenger volumes rebound from COVID-19. “We have the option to refinance that bond with no prepayment penalties after two years, basically in line with the end of the construction,” the spokesman added. Mr Kutman, meanwhile, said investors who buy into The Bahamas Investment Fund can expect to receive dividends on their outlay almost immediately. Confirming that shares in the fund will be placed by the 2021 second/third quarter, he added: “For sure, assuming the bond interest debt service cover level is maintained at 1.3, there will be

dividends distributed immediately from Nassau because of the 49 percent public shareholding. “That’s the expectation of the people according to our partners.” The 1.3 figure is the debt service ratio that must be maintained as part of Nassau Cruise Port’s agreement with the bondholders before dividends can be paid to its shareholders. Describing Nassau as “a must call destination”, with “more than a cruise ship a day” arriving at Prince George Wharf, Mr Kutman said recent statements by Dionisio D’Aguilar, minister of tourism and aviation, gave him total confidence that the cruise lines will be unable to bypass its showpiece Caribbean destination in favour of calling exclusively at their private islands. “The minister of tourism, a week or two ago, publicly announced there’s no way in the world he’d accept something from the cruise lines to go only to their private islands,” the Global Ports chief added. “It doesn’t make sense to start with, even on the three-day cruises and one destination. “That will certainly be stopped by the government so we are very comfortable that if they do three or four day cruises, which will be the start rather than the seven-day cruises, Nassau will be one of the stops.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, RAY ANTHONY EMMANUEL of off Barcardi Road, intend to change my name to RAY ANTHONY DAVIS. 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.

11th day of February

2020

11th day of February

PUBLIC NOTICE

2020

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, LINDLEY SHELDON JEREMY CARTWRIGHT of Yamacraw Drive, intend to change my name to MCDONALD DOHERTY TEXAS CARTWRIGHT. 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.

NOTICE NOTICE is hereby given that CLAUDIA DECIUS, Garden Hills #2, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the Wednesday 17th day of June 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that JEFFNEY FERDIN, St. Augustine Road, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the Wednesday 17th day of June 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that MICHELLA MARIA MARSHALL, Millers Height, Nassau, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the Wednesday 17th day of June 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

TUESDAY, 23 JUNE 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,129.27 | CHG: -8.58 | %CHG: -0.40 | YTD: -102.33 | YTD%: -4.59 BISX LISTED & TRADED SECURITIES 52WK HI 4.24 22.65 7.00 6.75 2.58 2.00 5.47 12.77 6.16 4.50 10.30 3.64 5.10 10.88 8.44 16.99 9.40 4.25 15.21

52WK LOW 3.23 20.91 5.50 5.39 1.78 0.67 2.00 11.05 5.60 3.62 5.41 2.53 2.20 8.00 7.10 13.04 6.98 3.20 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 3.23 17.43 6.00 6.75 1.78 1.62 3.00 11.26 6.16 4.00 6.01 2.90 5.10 9.67 8.44 14.50 8.97 4.00 15.20

CLOSE 3.23 17.43 6.00 6.75 1.78 1.62 3.00 11.26 6.16 4.00 6.01 2.92 5.10 9.64 8.44 14.50 8.97 3.81 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 0.02 0.00 -0.03 0.00 0.00 0.00 -0.19 0.00

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 0.00

CLOSE 100.00

CHANGE 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME 2,597 115 200

10,000

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 13.5 18.7 N/M 18.3 N/M N/M -6.8 15.6 13.7 21.7 42.9 28.6 10.9 14.9 11.6 17.8 9.6 18.8 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 5.26% 7.23% 0.00% 3.85% 0.00% 1.23% 0.00% 6.39% 3.57% 3.00% 0.00% 14.86% 1.18% 3.40% 2.84% 3.72% 2.23% 3.15% 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% 1.04% 3.87% 0.61% 2.93% 0.50% 2.50% -1.34% 2.23% -12.71% -5.79% 0.94% 3.72% -3.46% 2.09% -0.11% 3.43% -3.33% 1.53% -0.45% 8.36% -3.20% 11.46% 2.10% 5.15% -6.17% 3.54% 2.92% 5.55% -4.66% -3.81% N/A N/A -10.90% -4.30% -18.80% -12.00%

NAV Date 31-Mar-2020 31-Mar-2020 27-Mar-2020 31-Mar-2020 31-Mar-2020 31-Mar-2020 31-Mar-2020 31-Mar-2020 31-Mar-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020

MUTUAL FUNDS 52WK HI 2.31 4.40 2.10 198.39 168.29 1.67 1.85 1.76 1.24 8.34 10.26 7.08 12.15 12.71 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 2.31 4.39 2.10 192.52 145.55 1.67 1.79 1.75 1.16 8.30 9.90 7.08 11.27 12.71 10.23 N/A 8.31 10.01

MARKET TERMS

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

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

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

PAGE 6, Wednesday, June 24, 2020

THE TRIBUNE

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

wordSEarch JUDGE PARKER

H B E L G I U M H M G A B O N

CARPE DIEM

MARVIN BLONDIE

Daily Express Wednesday, April 8, 2020

Puzzles

L U X E M B O U R G J X M R L

K G H S B Q C G T O G O E A T

E T U S S U E D A H C G G V L

D R R S T H R S J A I E C B R

I N I A M Y W K C N N N A U W

L T A O C M C A I E N N N R A

K V I L V S Q A S N D N A U N

E H M A R I A S M M A A D N D

C J A G H E D G Z E L F A D A

N B D U O X Z E A R R Z A I N

A Q E I D B C T T D I DX1ST O S S D

Find all the French-speaking countries lis CRUSADER PRIZE CROSSWORD in the grid. Solution tomorrow

1 2 3 4 DOWN 1 Wrong of the others to get a lot of trees (6) BELGIUM ● BENIN ● BURKINA F 2 A quiet errand boy hides BURUNDI result in attachment (9) ● 9CAMEROON ● CANADA 3 Downing last beer D’IVOIRE – COTE ● FRANCE ● GABON ● drunken diver (5) HAITI ● LUXEMBOURG ● MADAGA 4 Outlaw distraught to lose 11 MALI ● RWANDA ● SEN last couple at party (9) ● NIGER 5 Awful place – in Chad, SWITZERLAND ● TOGO especially (5) 6 Island produce provides a 13 14 sign (9) 7 Ready to join an 17 argument (3-2) 8 Wearing ties after function 18 in industrial area (4,4) 14 Placate or corrupt a Quick wordSEarch queen (9)croSSword Q C L M O O R K R A D D 15 Nothing, as it happens – 21 O S U V P H J22X M E dull, a shade military (5,4) 20 A W across: 1 Upset; 16 Unsettled, will join8aDespair; 4 ITopping; H O Q G H O G H U N L F playful person (3,2,4) 9 Waste; 10 Rile; R E S O L U T I O N I O 17 Score improved by runs, 11 Aversion; 13 Pore; E Y Q E B J T M F E F C 26 having acquired 14 Muse;English 16 Talisman; 25 W D V G R V F T N Z C U 17 Etch; 20 Image; wizard (8) W E Y E D E R W E Y R S Version; 22 Greeted; 19 A hollow 21 victory included 23 Elegy. D D I M D V D W K R F T appearance (6) down: 27 21 Gold section will1 Underclothing; go E K K L O K R N X O A A round (5)2 Sisal; 3 Team; 4 Thrive; G Q T Y T O T R I G N T 5 Powerful; Inspire; 22 Search for a weapon6 (5) A T L H S I Z C E F D E 7 Green with envy; 24 Nibs switched, admits M B H X E L M N U Q W A Crescent; European12writer (5) 13 Pillage; I B E R U T R E P A Q E 15 Carved; 18 Twine; 19 Free. P A N O R A M A R V N M

acrOss 1 Insulated after fellow gets tired (7) 5 Cutting edge, journalist noticed (7) 9 Grass gets reporters inhibited (9) 10 Parking by tree upset a saint (5) 11 Because engineers are wholehearted (7) 12 Mistake by son about footwear (4-3) 13 Structure with silage – too awful for digger (13) 18 Finished ale off, admitting movement is excessively ardent (13) 20 Axe a helicopter (7) 23 Was former spouse sited incorrectly? (7) 25 Right to boot out a machine (5) 26 Sounds reasonable and gets a different part of bus route (4,5) 27 Artist transported crate in a competitive way (3,4) 28 Bishop is not worried about energy being most thin (7)

HAGAR THE HORRIBLE

TIGER

CALVIN & HOBBES

YESTERdaY

THE ALPHABEATER

TARGET

P I N H O L E F H S A L

l cB ArK BD i

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

targEt thE cAn you crack the Alphabeater? Each gridalphapuz Extra le number represents letter – or black square. across: Couture,0907 Mane, 1 aMplifiEd aimed aamid amide Asample in Alphapuzzle, everydamp letter of the alphabet AMPLIFIED dame Flak, Disquiet, Breezy, (DeductRel thr fame famed film Shiver, each extra c is dime used.dimple But you have to complete the gridWander, too! Fallible, filmed Mope,below Jeep, Farrier. full s use the flame given flamed lettersimpale and black squares impaled impel implied lame down: Ocular, Heaven, Fu the grid lamp to start. ‘rotationally lamed lima the lime grid limedis limp Envelop, Sundry, 0907 Rebuff, 1 symmetrical’ – in other words, it looks the Wherry, *Calls cost 80 limped limpid made maid mail Geyser, Maudlin, your teleph same if you themead pagemeal upside down. mailed maleturn maple Main, Intern, Export (clue)a network medal media medial meld midi Solution tomorrow mild mile palm palmed

A 2 24 8 14 4 26 29 21 7 20 32 B HOW many words of four letters or C 40 21 1 35 2 29 40 4 8 6 34 more can you make from the letters D shown here? E 35 37 11 29 10 4 15 12 35 34 20 in making a word, each letter may be F used once only. Each must contain the centre letter and there must be at G 10 34 16 26 4 21 38 9 10 20 8 least one nine-letter word. no plurals H or verb forms ending in “s”. I 1 35 17 31 15 38 15 8 18 22 25 J TODAY’S TARGET Good 17; very good 26; excellent 35 K 14 4 7 26 29 21 1 5 13 34 29 (or more). Solution tomorrow L M 33 35 15 37 18 37 23 4 17 5 31 call 0907 181 2585 N for today’s target solution O 32 4 36 34 28 30 6 24 29 26 21 *Calls cost 80p per minute plus your telephone BestP described as a number crossword, the task in Kakuro company’s network access charge. Q 31the40 12squares, 31 39 33numbers 37 40 is to fill4 all of empty using 1 to 29, so39 the Rsum of each horizontal block equals the number to its left,Sand the sum of each vertical block equals the 21 25 16 35 25 29 27 26 37 number 11 33 on its T top. No number may be used in the same block more thanU once. The difficulty level of the Conceptis Kakuro 11 4 21 9 20 27 8 4 6 4 30 FIND where the fleet of ships shown is hidden increases from Monday to Sunday. V in the grid. The numbers to the right of and W 7 below the grid indicate how many of the 33 34 1 6 7 25 32 15 36 16 squares in that row are filled in with ships or X parts of ships. The ships do not touch each Y 12 8 32 11 7 26 Yesterday’s 26 29 21 9 2 Yesterday’s other, even diagonally. Some squares have Z

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

BATTLESHIPS

been filled in to start you off. Solution tomorrow

1 Teach fishes swimming (6)

1 Back in a moment (6)

4 Get on a bit maybe (6)

2 Set great store by (5)

9 Room for a bullet

3 So uplifted and carried

perhaps (7) 10 Either way it’s a mode of address (5) 11 Lowest change for a dinar (5) 12 Invest capital perhaps? (7) 13 One who thinks of things first? (11) 18 It may mean the sack to postal workers (7) 20 Distribute the entire first part of the Bible (5) 22 Bull ring? (5) 23 Term that’s musical or legal maybe (7) 24 Describing one with

read them (5)

7 Not so sensitive

1 1

distributed (7) 16 Court official chaired on high (6) 17 Athletic pursuits turn into instruments of sharp practice (6) 19 The poet is very ardent (5)

of life (6)

21 Goals are redefined in West Africa (5)

Yesterday’s Cryptic Solution

Yesterday’s Easy Solution

Across: 1 Affairs, 5 Dress, 8 An eye for an eye, 9 Ethel, 10 Sweater, 11 Lapped, 12 Abroad, 15 Burglar, 17 Elate, 19 Ready reckoner, 20 Lehar, 21 Scratch.

Across: 1 Dowager, 5 Verve,

Down: 1 Abate, 2 Fresh approach, 3 Ice floe, 4 Spouse, 5 Drape, 6 Electromagnet, 7 Sheared, 11 Liberal, 13 Breaker, 14 Briefs,

Down: 1 Darts, 2 Went to the

16 Layer, 18 Earth.

14 Felled, 16 Dumpy, 18 Yield.

8 Run rings round, 9 Set up, 10 Another, 11 Settee, 12 Scanty, 15 Overdue, 17 Array, 19 On a small scale, 20 Folly, 21 Decayed. wall, 3 Glimpse, 4 Ragbag, 5 Virgo, 6 Rough-and-ready, 7 Elderly, 11 Show off, 13 Classic,

Across 1 Consideration (6) 4 Buy back (6) 9 Affectedly superior (5-2) 10 Shrink from (5) 11 Power of decision (3-2) 12 Roman sea god (7) 13 Suspenseful situation (11) 18 Chronically ill person (7) 20 Disprove (5) 22 Audible warning device (5) 23 Continually (2,3,2) 24 Too thin in consistency (6) 25 Nothing more than (6)

4 x submarine

15 It’s not bound to be

2 x cruiser

14 Crooked dealing straightened out (7)

3 x Destroyer

8 Literally it had a very large 22

1 x Battleship 7

an issue? (6) population (11)

17 20

9 10

coverage (7)

5 The head examiners may 6 Speech gets publicity

along by dramatist (7)

the most experience 25 Assist in stoppage (6)

Down

EASY PUZZLE

Across

CRYPTIC PUZZLE

8 1 2 3 4Answer 5 6 7 Sudoku K ■

Down 1 Withstand effect of (6) 2 Tastelessly showy (5) 3 Share from shady deal (4-3) 5 Become eventually (3,2) 6 Carry out (7) 7 Diverse assortment (6) 8 Create opportunity (4,3,4) 14 Young hare (7) 15 Give account of (7) 16 Kind of pictorial puzzle (6) 17 Niggardly (6) 19 Passenger ship (5) 21 Change one’s opinion (5)

9 29

10 11 12 Answer 13 14 15 Kakuro

34 35

■

30 31

G ■

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

KEIJO 1 4

Place the fou numb diffe appea an

S to

THE TRIBUNE

Wednesday, June 24, 2020, PAGE 7

Downtown Nassau sees 70% revenue fall in cruise close

FROM PAGE ONE

Ms Fox added: “Of course we had to reduce our hours and there is no way to be certain on what path we’re going to take in terms of staying open or not. We have been trying to do things to bring our customers downtown, because there is less traffic. But I can’t say for sure if we are going to stay open or not.” Christine Wong, general manager of Sue Nan Shoppe, said: “We are disappointed but there is really not a lot that we can control. We just have to do the best that we can under all circumstances, but we’re disappointed. We need the flow of visitors. She said it was unlikely to be “feasible” to remain open indefinitely with the lack of customer traffic, and added that she may close down any day now until September. “I think September is going to be too long of a wait based on everything we’re seeing. We are literally seeing a handful of people a day,” she added.

$100m for ‘serious food security dent’ FROM PAGE ONE with grandiose ideas and do not appreciate what real farming is about. I understand the minister saying he wants to invest in younger persons, but they are not tried and tested. This is not a business you want to get into as a hobby. This is a serious business. “The minister says he wants to deal with younger people, but we have a cadre of experienced farmers that have been through the process and know what it takes to get crops to market. We hope he would consider farmers in the industry.”

To advertise in The Tribune, contact 502-2394

ATLANTIS PARADISE ISLAND

Atlantis defends contract worker re-hiring move FROM PAGE ONE

“Atlantis retains vendors to support its operation including landscaping. Third party vendor work is mutually exclusive from that performed by our full- time staff,” the Paradise Island mega resort said. “During the closure of the resort, a limited number of full-time employees from the landscaping department were retained to assist

TOURISM STAFF READY FOR SECTOR’S OPENING THE Ministry of Tourism and Aviation has staged a workshop at the British Colonial Hilton for tourism workers as the sector accelerates preparations for its July 1 re-opening. Beach vendors, tour and taxi drivers, straw vendors, boat and jet ski operators, hair braiders and food vendors all participated. Photos: Kemuel Stubbs/BIS

with the maintenance of the resort. In preparation for the resort’s reopening on July 7, additional employees from this department have been called back to work.” Atlantis added that employees required for its phase one re-opening have already been notified and recalled for two weeks’ training on the COVID-19 health protocols. It added: “Atlantis will re-open in phases based on occupancy. Team

members will be called back in correlation to the resort’s occupancy and operation level. “Those team members being called back for phase one have already been notified by their department and, during that time, team members will receive thorough and comprehensive training including that of our new Atlantis Clean and Safe Promise, health, well-being and safety protocols.”

Mr Beckford, though, argued that it was “disrespect” not engage contract workers but not recall all fulltime landscaping staff in time for the July 7 re-opening, branding the department an “essential service” that was critical to maintaining the resort’s upkeep for guests. Atlantis, meanwhile, also defended its decision to end the bus transportation that it previously provided for workers travelling to the

resort. It said: “The COVID19 pandemic has caused all of us to make some very difficult business decisions over the past few months. “In evaluating these decisions we made those that had the least impact on our team members wherever possible. Unfortunately, the discontinuation of the shuttle bus service, which benefited a small portion of our workforce, fell into this category.”

PAGE 8, Wednesday, June 24, 2020

THE TRIBUNE

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 94° F/34° C Low: 74° F/23° C

TAMPA

THURSDAY

FRIDAY

SATURDAY

SUNDAY

Mostly cloudy with a t‑storm around

Mainly clear

Sun and some clouds

A shower in the a.m.; partly sunny

A shower or t‑storm around

Clouds and sunshine

High: 89°

Low: 81°

High: 89° Low: 81°

High: 88° Low: 79°

High: 88° Low: 78°

AccuWeather RealFeel

93° F

89° F

100°-88° F

99°-85° F

100°-85° F

High: 93° F/34° C Low: 79° F/26° C

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

almanac

ABACO

High: 85° F/29° C Low: 80° F/27° C

4‑8 knots

High: 91° F/33° C Low: 77° F/25° C

4‑8 knots

FT. LAUDERDALE

FREEPORT

High: 91° F/33° C Low: 80° F/27° C

W S

WEST PALM BEACH

uV inDex toDay

TONIGHT

High: 89° F/32° C Low: 78° F/26° C

MIAMI

High: 93° F/34° C Low: 80° F/27° C

4‑8 knots

KEY WEST

High: 91° F/33° C Low: 84° F/29° C

ELEUTHERA

NASSAU

High: 89° F/32° C Low: 81° F/27° C

High: 86° F/30° C Low: 80° F/27° C

tiDes For nassau Low

Ht.(ft.)

Today

10:50 a.m. 11:14 p.m.

High

Ht.(ft.) 2.5 3.2

4:59 a.m. 4:51 p.m.

0.0 0.0

Thursday

11:41 a.m. ‑‑‑‑‑

2.5 ‑‑‑‑‑

5:46 a.m. 5:44 p.m.

0.0 0.1

Friday

12:03 a.m. 12:36 p.m.

3.1 2.6

6:35 a.m. 6:41 p.m.

0.0 0.3

Saturday

12:56 a.m. 1:35 p.m.

3.0 2.7

7:26 a.m. 7:44 p.m.

0.0 0.4

Sunday

1:52 a.m. 2:37 p.m.

2.9 2.8

8:20 a.m. 8:51 p.m.

0.0 0.4

Monday

2:52 a.m. 3:39 p.m.

2.8 3.0

9:16 a.m. ‑0.1 9:59 p.m. 0.4

Tuesday

3:53 a.m. 4:40 p.m.

2.7 3.1

10:13 a.m. ‑0.2 11:04 p.m. 0.3

sun anD moon Sunrise Sunset

6:22 a.m. 8:03 p.m.

Moonrise Moonset

9:30 a.m. 11:13 p.m.

First

Full

Last

New

Jun. 28

Jul. 5

Jul. 12

Jul. 20

CAT ISLAND

High: 85° F/29° C Low: 80° F/27° C

4‑8 knots

6‑12 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 90° F/32° C Low .................................................... 79° F/26° C Normal high ....................................... 87° F/31° C Normal low ........................................ 74° F/23° C Last year’s high ................................. 88° F/31° C Last year’s low ................................... 78° F/25° C Precipitation As of 2 p.m. yesterday ................................. 0.39” Year to date ............................................... 24.27” Normal year to date ................................... 12.54”

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

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 86° F/30° C Low: 80° F/27° C

High: 88° F/31° C Low: 81° F/27° C

W S

LONG ISLAND

tracking map

High: 86° F/30° C Low: 81° F/27° C

4‑8 knots

MAYAGUANA High: 87° F/31° C Low: 82° F/28° C

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

CROOKED ISLAND / ACKLINS

tonight’s lows.

RAGGED ISLAND High: 85° F/29° C Low: 81° F/27° C

GREAT INAGUA High: 88° F/31° C Low: 81° F/27° C

N E

High: 86° F/30° C Low: 81° F/27° C

7‑14 knots

8‑16 knots

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

Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:

WINDS S at 4‑8 Knots SE at 6‑12 Knots SE at 4‑8 Knots E at 7‑14 Knots ESE at 6‑12 Knots E at 7‑14 Knots ENE at 7‑14 Knots E at 8‑16 Knots ESE at 4‑8 Knots E at 7‑14 Knots S at 4‑8 Knots SE at 4‑8 Knots SE at 6‑12 Knots E at 7‑14 Knots NE at 8‑16 Knots E at 8‑16 Knots E at 7‑14 Knots E at 8‑16 Knots E at 7‑14 Knots E at 8‑16 Knots SE at 4‑8 Knots E at 7‑14 Knots E at 7‑14 Knots E at 8‑16 Knots SE at 4‑8 Knots E at 7‑14 Knots

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

To advertise ALL your LEGAL NOTICES, call The Tribune’s Sales Department

502-2394

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

WATER TEMPS. 83° F 84° F 87° F 88° F 84° F 85° F 84° F 84° F 84° F 84° F 87° F 89° F 85° F 87° F 84° F 84° F 84° F 84° F 84° F 84° F 84° F 85° F 84° F 84° F 84° F 84° F