01182021 BUSINESS

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MONDAY, JANUARY 18, 2021

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Credit bureau to hit 30% of borrowers

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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P to 30 percent of Bahamian borrowers will struggle to obtain loans due to the imminent arrival of the nation’s first-ever credit bureau, a top banker is warning.

Kenrick Brathwaite, the Clearing Banks Association’s chairman, told Tribune Business that close to onethird could find their ability to access new credit is curtailed because past failures to disclose existing debts will come back to haunt them.

For the credit bureau, which Central Bank governor John Rolle said will begin to issue its first reports by the start of 2021’s second quarter, will be able to provide all commercial banks and other lenders with a complete picture of a potential borrower’s history - including whether they already have too much debt, and if they have defaulted on previous loans.

• Bank chief warns past comes back to bite • Industry will escape ‘dangerous waters’ • Reporting start likely later than 2021 Q2

Alerting Bahamians that they will no longer be able to bounce from one bank to the next, hiding histories of missed payments as they go, Mr Brathwaite said the credit bureau would enable the industry to escape “operating in dangerous waters” where it does not possess a complete picture of a loan applicant’s creditworthiness.

Suggesting that close to one out of every three Bahamians may be negatively impacted unless they mend their habits, the Clearing Banks Association’s (CBA) chair told this newspaper: “I would say that at least 20 percent to 30 percent of borrowers who borrow today do not provide full information to the bank.

“I would say 20-30 percent will be impacted by the credit bureau, and that’s a

$400m shortfall: ‘We’re running out of options’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FORMER finance minister is warning that The Bahamas’ $400m foreign currency deficit could be the start of “a quite worrisome trend”, and added: “We’re running out of options.”

James Smith, pictured, also an ex-Central Bank governor, told Tribune Business that the disclosures by the present incumbent, John Rolle, suggested that it was “not looking good at all over the medium term” for the Bahamian economy given the deepening uncertainty over the timing and strength of the tourism rebound in this nation’s major source markets.

“I think any shortfall of that size is concerning,” he said, “but the degree of concern depends on whether it’s kind of a blip or whether it’s part of a trend, which I suggest it is. In our context we can reduce expenditure to zero, but we have an insatiable appetite for imports, so we need foreign exchange and also need it to service the debt we’ve incurred during the pandemic.

“It’s quite worrisome. In the short-term there’s no immediate return of tourism inflows and US dollars in particular. Even if you eliminated COVID-19 today there’s a time lag before confidence is back to travel and people feel comfortable enough to come to The

Bahamas; that it’s not a risk.

Our handling of the pandemic has not been stellar.

“All these feed into the equation of which the $400m is probably the beginning of an unsettling and unsustainable trend.

It’s not looking too good at all over the medium term.....

We’ve got to keep our fingers crossed because we’re running out of options.”

Mr Smith urged the government to establish “a COVID-19 free corridor” between the US and The Bahamas to facilitate some tourism business, and also suggested that the country might have to join its CARICOM neighbours in seeking debt forgiveness and grant financing sources.

He spoke out after Mr Rolle last week revealed that The Bahamas suffered a more than $400m foreign currency “shortfall” in 2020

SEE PAGE 4

lot. The credit bureau will introduce things that the banks never had the ability to verify. We’ve never had the ability to verify whether you pay your rent, your utility bills on time. Whether you are telling us the truth with regard to what you already owe.

“All these things will be incorporated into one document. It will generally be good for The Bahamas to introduce the credit bureau.

It’s a needed thing, and has been on the table for quite a while.”

Italian-headquartered CRIF SpA, which has a presence in providing such services in 30 countries across the Caribbean, Europe, North America, Africa and Asia, was eventually selected as the preferred bidder to operate the credit bureau in late 2018 and finally

completed the Central Bank’s licensing process in late 2019.

It is now gathering information from lending institutions mandated to supply it with all details on existing borrowers, particularly their credit profiles and histories, by the Credit Reporting Act so that it can ultimately provide all lending institutions with information that will enable them to properly assess a loan applicant’s creditworthiness.

Among those required to supply information will be the commercial banks, insurance companies, credit unions, financial and corporate services providers, Bahamas Mortgage Corporation and Bahamas Development Bank. Others

SEE PAGE 6

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‘Deck now stacked against’ Bahamian tourism’s rebound

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE hotel union’s president has voiced alarm that “the deck’s being stacked against” the revival of the Bahamian tourism industry and wider economy by travel restrictions imposed in its major markets.

Darrin Woods, the Bahamas Hotel, Catering and Allied Workers Union’s (BHCAWU) president, told Tribune Business that workers in all tourism-related businesses “need to step up our game” and “wow and woo” travellers to believe there is still value in vacationing in this nation despite all the deterrents being implemented by the US and others.

With US authorities adding a further layer of cost, bureaucracy and complication to Americans overseas travel plans by requiring that they present a negative COVID-19 test taken within three days prior to returning home, he added that this would inevitably cause the market that

DARRIN WOODS supplies 82 percent of The Bahamas’ visitors to “second guess” their travel plans.

With much depending on how quickly, and successfully, the US and other tourist source markets rollout the COVID-19 vaccine and restore traveller confidence, Mr Woods said it seemed that the recovery window for The Bahamas and its tourism-dependent economy was increasing rather than shortening.

And, with the likes of the UK implementing similar travel and quarantine measures, Mr Woods predicted that it may not be until “the final quarter of this year” that the Bahamian tourism

SEE PAGE 7

PAGE 2, Monday, January 18, 2021

THE TRIBUNE

VENTURE FUND SEES LOAN REPAYMENTS DROP 16%

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE government-sponsored venture capital fund has seen loan repayment sums fall by up to 16 percent due to the COVID-19 pandemic’s devastating impact on clients who received debt financing.

Michael Cunningham, the Bahamas Entrepreneurial Venture Fund’s (BEVF) chairman, speaking on a Bahamas Business Outlook conference panel, said: “When reviewing the venture fund’s portfolio, the

following was observed.

Loan repayments fell to between 84 percent to 97 percent of the monthly required payment.

“That is, for every $1 that you are required to receive [in loan repayments] prepandemic period, we receive less than 84 cents.

Twenty-three percent of the portfolio requested monthly repayments to be deferred, and 15 percent continued to make monthly payments. Sixty-two percent of our portfolio that were under the debt programme decided just about

to make any payment and made no communication with the fund.”

Mr Cunningham added: “The fund’s portfolio, under the government’s Business Continuity Loan programme, as of Thursday just 38 percent have started to make repayments, which is a good sign of the level of confidence and strong determination that these companies have to survive.”

He added that 23 percent were directly impacted by the tourist market and are not in a position to begin repaying yet.

Davinia Grant, the Small Business Development Centre’s (SBDC) executive director, said she is aiming to support businesses in Grand Bahama and Abaco for another year.

Up to $1.5m in grants have already been given to these islands.

She added that the Business Continuity Loan was one of COVID-19’s largest financing efforts. This was said to have had a “significant impact” on small businesses. Of the entire $85m lending portfolio channelled through

the SBDC, some $65m was spent with Bahamian vendors.

Turning to the SBDC’s grant funding initiatives, Ms Grant said more than 900 persons had applied, but only 256 grants were awarded. In the second round, some 3,000 persons applied, but only 200 may receive awards.

Ms Grant said the SBDC had started its “fishing and farming” grant programme over Christmas, while “pre-school grants” will be upcoming in 2021.

Dave Smith, the Bahamas Development Bank’s (BDB) managing director, said the BDB has set aside $25m for lending and was looking to be “very active” in 2021.

He added: “The focus of these monies is really geared toward the orange, green and blue economies.

What that means is projects and interest in those specific areas automatically gain a certain level of preference, because that’s the focus of the bank at this particular time, certainly for the period 2020 to 2024.”

Govt lenders do ‘cartwheels’ over credit bureau’s creation

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net GOVERNMENT lending and business-support institutions say they are doing “cartwheels” over the credit bureau’s imminent arrival as this will enable them to better assess each borrower’s risk.

Dave Smith, the Bahamas Development Bank’s (BDB) managing director, speaking on a Bahamas Business Outlook panel discussion, said 76 percent of the institution’s existing loan book was non-performing when he

joined. With loans not being serviced, the BDB had insufficient capital resources to lend money to qualifying new clients.

He added that the arrival of The Bahamas’ first credit bureau “might be an inducement for persons to meet the obligation, or to be a bit more forthright and communicate with their financing institutions when they having issues and problems. So I think that’s a plus. The other thing I think the credit bureau, in particular, would do would facilitate faster adjudication of an application.”

John Rolle, the Central Bank’s governor, told the same Bahamas Business Outlook conference a day earlier that the credit bureau will start to produce “live credit reports” on personal borrowers by the start of the 2021 second quarter.

The creation of a Bahamian credit bureau has been a decade in the making, with the initiative first unveiled by the Central Bank in 2010. It has long been viewed as a vital ‘missing link’ in The Bahamas’ credit architecture, with its absence depriving lenders of a centralised information repository they can draw on

to better understand a borrower’s credit profile and risk of non-repayment.

It is now in the process of gathering information from lending institutions mandated to supply it with all details on existing borrowers, particularly their credit profiles and histories, by the Credit Reporting Act. Among those required to supply information to the credit bureau will be the commercial banks, insurance companies, credit unions, financial and corporate services providers, Bahamas Mortgage Corporation and Bahamas Development Bank. Others likely to be added in the future are the utilities, auto dealers and furniture stores that extend credit to customers, and even the government’s revenue agencies.

The credit bureau will then compile and organise this information in a credit report provided to lenders,

which will help them assess the risk provided by each loan applicant and reject those with poor histories.

Its launch means that delinquent Bahamian borrowers are rapidly running out of time to get their affairs in order, and will no longer be able to bounce from bank to bank and obtain multiple loans through not disclosing their past.

Meanwhile Michael Cunningham, the Bahamas Entrepreneurial Venture Fund’s chairman, said: “When we look at high risk ventures, persons come in and they would say that they own such equipment, not knowing that has already been pledged to the BDB or some other institutions. You go ahead and give them a loan to get into problems. Therefore you can’t even sell or retrieve the assets.”

He said that assessing loan applicants’ credit score

is problematic, as many do not disclose the full extent of their existing indebtedness. This, Mr Cunningham said, was why he favours a credit bureau especially given that the Governmentsponsored venture capital fund may ultimately end up being responsible for underwriting $100m in loans in the near future.

Davinia Grant, the Small Business Development Centre’s (SBDC) executive director, said she was “extremely excited” about the credit bureau beginning full operations. She said the SBDC would have been “doing cartwheels” had it been completed already Ms Blair said a credit bureau and movable collateral registry, the latter of which is also being developed by the Central Bank, are desperately needed in The Bahamas so that good entrepreneurs can obtain a better credit rating and “fight for better rates”.

Lender calls for ‘smarter way’ on entrepreneurship

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN lender has called for a “smarter approach to entrepreneurship” that avoids seeing money as the only solution to overcoming obstacles to business development.

Robert Pantry, Simplified Lending’s founder and chief executive, told a Bahamas Business Outlook conference panel discussion that “opportunities are out there waiting to be uncovered” yet they may be missed if entrepreneurs become too preoccupied with securing financing.

“Do not always be too quick to think money is the solution,” Mr Pantry said. “We are seeing many entrepreneurs springing up because their backs are against the wall. And then, and only then, do the opportunities become crystal clear.

“Entrepreneurs who only think they need money to make your business work,waste precious time looking for money, instead of focusing on creative ways to gaining market share.”

Rather than believing money can solve every situation, Mr Pantry urged new and aspiring entrepreneurs to think about how they can solve problems

ROBERT PANTRY without it. He told them to ask themselves what they can do without if they needed funding.

“It may take a few days or weeks, and/or talking to your staff to come up with some of the answers,” Mr Pantry said. “Sleep on it. It will come to you. Replace the need of money with collaboration.”

As an example, he pointed to the government’s public-private partnerships (PPPs) as a solution to public infrastructure requirements that mobilise private capital without the Public Treasury necessarily having to supply one cent.

Besides ending a laserlike focus on financing, Mr Pantry also urged

entrepreneurs to “throw away the old playbook” by looking at how to get into business even if they cannot start their own. He said persons can acquire or take over an existing business, or us existing clients to start a new service aimed at their changing preferences.

Mr Pantry reiterated that it was important to manage cash flow, and said: “During challenging economic times it’s very important to ensure that in order to outlast last your competitors to allow you to stick around to become profitable, you have to be able to manage your cash flow. Breaking even during these times is not a bad thing.”

Jillian Bethel, chief executive officer of IslandBit242, said entrepreneurs must “go out and get exposure to become successful while “recognising the barriers” to achieving their goals.

Christine Robertson, chief executive of Volkswagen Bahamas, added: “There’s a silver lining behind every dark cloud. I find in general there seem to be opportunities in the tech industry, and there’s also opportunities in food delivery. We find that with the pandemic that’s on the uptick.”

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Monday, January 18, 2021, PAGE 3

OIL EXPLORER TOLD: ‘COME CLEAN’ OVER UNPAID FEES

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

OIL exploration opponents yesterday urged the government and Bahamas Petroleum Company (BPC) to “come clean” on all their commercial agreements including the latter’s unpaid licence fees.

Fred Smith QC, the Callenders & Co attorney and partner, who is representing Waterkeepers Bahamas and Save the Bays in their Judicial Review challenge to the permits granted to BPC for its first exploratory well, told Tribune Business that activities billed as a potential financial saviour for this nation required greater transparency so that citizens were properly informed on all potential issues.

He spoke out as his environmental activist clients voiced “shock” and outrage that BPC had been permitted to drill its Perseverance One well in waters 90 miles west of Andros despite it and the government failing to settle outstanding licence fees owed by the oil explorer to the Public Treasury.

Casuarina McKinneyLambert, the Bahamas Reef Environment Educational Foundation (BREEF) executive director, told this newspaper: “It is shocking that BPC was given the goahead to drill when it seems clear that there were licence

MINISTRY’S 400 QUESTIONS OVER SUBSTANCE REPORTING MINISTRY of Finance officials fielded some 400 private sector questions last week when hosting two webinars designed to help companies meet their substance reporting obligations.

More than 450 persons attended the sessions on the Commercial Entities (Substance Requirements) Act 2018. The three-part webinar series was designed to provide companies with details on the legislation, the reporting process, and to address the various challenges businesses have been experiencing.

The Ministry of Finance also released the first of several “how to” video tutorials that will further guide companies through the substance reporting process.

“The business community has been very receptive to our ongoing outreach as there are many good faith efforts to comply with the new Commercial Entities (Substance Requirements) Act regulations. It is a new process so naturally there are many questions,” said Kwasi Thompson, minister of state for finance.

“The penalties for noncompliance are quite high given the seriousness of the legislation, but they are intended as deterrents for those trying to skirt the process. So we are

fees outstanding.

“We would like to see government provide an accounting of what has been paid and what is still outstanding. We desperately need transparency. As a country, I would like for us to get beyond the adjectives and stick with the facts and numbers. What does ‘a comparatively minor amount’ of monies owed to the Public Treasury mean?”

Her comments referred to the response from BPC’s chief executive, Simon Potter, who on Friday warned against “making mountains out of molehills” over the outstanding licence fees still owing to the government even though these were supposed to have been paid by end-April 2020.

Tribune Business exclusively revealed on Friday that the government had refused to accept BPC’s payment of outstanding licence fees, with Carl Bethel QC, the attorney general,

confirming that the two parties were engaged in a “reconciliation process” to resolve the “dispute” over how much the oil explorer owes to the Public Treasury.

Mr Potter, in an e-mailed reply to Tribune Business inquiries, downplayed the matter by asserting that the “reconciliation” was “a basic, auditable business practice” that involves “a comparatively minor amount” of monies.

“For anything to be suggested beyond this is little more than another instance of those who might be opposed to BPC’s lawful activities seeking to make mountains out of molehills by misrepresenting what are basic business matters and practices,” Mr Potter told this newspaper.

“Given the various extensions to the licences agreed with the government, including most recently as a result of force majeure occasioned by the COVID-19 pandemic, a comparatively minor amount of licence fees remains outstanding........

“This is a basic, auditable business practice and, as noted, the amount involved is relatively minor in the context of more than a decade of substantial licence fee payments by BPC to the government.”

However, Joe Darville, Save the Bays’ chairman, yesterday described the outstanding licence fees as

strengthening our efforts to help businesses who need a bit more support to complete the process and avoid late penalties.

“We listened to the concerns at the start of the year and suspended late penalties until January 31. And we listened to the concerns of those who said they needed more help to understand and work through the process. This is why the team is engaged in direct outreach, training and public education to ensure everyone is in a position to meet their obligations.”

Questions raised ranged from the legislation in general to the reporting platform in particular. “The webinar sessions provided corporate service providers, business persons and, indeed, the general public with a practical, step-bystep tutorial on the process to register entities for the Commercial Entities (Substance Requirements) Act using the portal,” said Alexandra T Hall, partner, Higgs & Johnson, who participated in the webinar.

“The panellists were able to clarify certain general

areas of uncertainty and were able to quickly respond to specific questions through the convenient webinar chat feature. Having the benefit of attending one of the sessions, the scope of the reporting obligations under Commercial Entities (Substance Requirements) Act is much clearer and I am pleased with the responsiveness of the Ministry of Finance in addressing any issues that may arise ahead of the reporting deadline.”

Gaynell Rolle, acting comptroller of inland revenue, who co-hosted the session along with facilitator Stephen Coakley-Wells, the Ministry of Finance’s director of regulatory and international affairs, said: “It has been most encouraging to see the active participation of so many entities and their representatives posing questions to ensure they are in compliance with the requirements.

“I am happy to know that most stakeholders now have an appreciation of the importance of this activity from a global perspective.”

A third and final webinar is scheduled for this morning.”

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a “very serious revelation” that showed BPC has yet to completely fulfill its obligations to the government and Bahamian people.

He added that the issue was supposed to have been resolved some eight-anda-half months earlier, by end-April 2020, according to the timetable set out in the February 25, 2020, letter from Romauld Ferreira, minister of the environment and housing, which granted BPC the Environmental Authorisation (EA) for its first exploratory well that is now being challenged in the Bahamian courts.

Echoing Mr Smith and Mrs McKinney-Lambert, the Save the Bays chairman added: “We call on BPC to come clean. Simon Potter says there is a miniscule amount of funds not paid over. Precisely how much would that be?....”

And, calling on BPC to confirm how much it has paid in total to the government through fees and seabed leases since being awarded its licences in 2007, Mr Darville urged: “BPC must reveal the precise state of its dealings with the government regarding any and all licence fees, or be forced to do so by the authorities.”

BPC, according to its own website, is required to

pay $250,000 per annum for each of its four southern Bahamas licence fields that lie on the maritime boundary with Cuba, taking the annual total to $1m. It must also begin drilling a second exploratory well by December 2022 under its present licence terms, although this will depend on licence renewals and the findings from the Perseverance One well.

The full extent of BPC’s commercial agreements, including the licence terms and conditions, have never been fully disclosed by the company or the government. Mr Smith argued this was why the Judicial Review process launched by his clients is so important, as will potentially shed light on the two sides’ dealings.

Suggesting that this was vital to informed debate on the controversies aroused by oil exploration, Mr Smith said: “The public does not know what these commercial agreements are with respect to the licences and the fees.

The public remains blindsided by the secrecy that has shrouded these agreements between successive governments and BPC. “This is a terrible situation for the Bahamian public to be in given the public importance of this matter. I would

have thought that in order to encourage rational, and not speculative, hyperbolic or misconceived debate about the oil licences and BPC, the government would hasten to make public the commercial agreements.

“In this way there can be some sensible, reasonable public discourse about these issues. As with anything that is shrouded in secrecy, people are left to speculate, often from ignorance, and that is why this Judicial Review is so important,” Mr Smith added.

“It requires the government to put all its cards down, face up, on the table.

By this method of transparency through the judicial process the Bahamian public will perhaps find out what these commercial agreements, quite apart from the licences, are.

“There may be side letters and agreements that cover other aspects of this matter. We are dealing with a resource, a raw material, that BPC and its companies are promoting as being the financial panacea to the woes affecting the future of The Bahamas. As a sovereign nation the people of The Bahamas ought to know, and be able to debate, all the relevant issues related to oil exploration.”

PAGE 4, Monday, January 18, 2021

DIGITAL ECONOMY TO GIVE LOCAL FIRMS ‘GLOBAL REACH’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net TECHNOLOGY providers say the digital economy will reduce “experimentation costs” and enable Bahamian companies to more rapidly trial products and services with global consumers.

Robin Glinton, Salesforce’s vice president of data science applications, speaking during a panel discussion at the Bahamas Business Outlook conference, said digitisation will have a “huge impact” on productivity because it will enable Bahamian companies to attain “global reach”.

He added: “The pandemic has shown a lot of

folks in business that you can really run a business from anywhere and reach customers all over the world. Digitisation also makes business experimentation cheaper. It makes it possible to quickly try out new ideas, new products and services, and better value creating.”

Peter Bridgewater, Open Systems Technologies’s president, said that when he first started his business in 1999, he read a report from the World Bank that said “good governance” requires a focus on four pillars.

These included “an equitable judicial system, an sound accounting and financial system, and also enforceable civil rights.”

THE TRIBUNE He added that the primary focus of this study was relying on the fourth pillar, which was “record keeping for the effective rule of law”.

Mr Bridgewater said: “This drove me to look at how digitisation can be used to digitise records in different government and private sector organisations, because it highlighted that the lack of records is directly linked to corruption and fraud, and how the poorest in our community suffer because of the loss in the control of records.”

He added that these principles are still just as relevant and important today, and The Bahamas must continue to match technology and digitisation with the needs of its citizens.

John Farmer, Custom Computers’ owner/operator, said: “I think there are obviously opportunities and challenges with digitisation in this country. One of

the benefits of digitisation, from the viewpoint of an entrepreneur, is that allows a much lower cost of entry to a business than has traditionally been available.

“I look at the concept of going online as being very alluring. Of course, especially now we are in this pandemic, online is fine, but it’s only part of a solution. People often want to come in and feel, touch and experiment before buying, and have the kind of experience that isn’t available online.

“Going online does provide you with access to a much broader market. But sometimes you just simply want to get out of the house and go and shop, and that is a reality.”

Mr Farmer continued: “The second challenge I see is integration of digital payments with existing methods of point of sale.

“We can go back a couple of decades when someone came in with a credit card, we put it on this metal base, we stock up paper forms on top and we rolled the roller back and forth to improve the credit card on the form.

“Of course we’ve gone from that to dial-up credit card payments to wired, to Internet-wired and now wireless ones, and it’s a very efficient payment method.

If you consider credit card processing, they deal with millions of transactions a second. Challenges with digital currencies, for example, are to be enabled to provide that execution speed.”

$400m shortfall: ‘We’re running out of options’ FROM PAGE ONE that had to be covered by the government’s overseas borrowing activities.

The Central Bank governor told the Bahamas Business Outlook conference that proceeds from the government’s $800m-plus bond issues were required to fill “the gap” created by import demand far exceeding vital private sector foreign currency inflows due to the devastation inflicted

by COVID-19.

While foreign currency inflows through the private sector dropped by 33 percent year-over-year, due to the tourism shutdown that hit The Bahamas’ main foreign exchange earner, import demand slipped by only 13 percent as local businesses and consumers still had to meet essential needs such as food.

“The government’s foreign currency borrowing has provided inflows to supplement the private sector’s need and bolster the foreign reserves,” Mr Rolle said. “In 2020, total foreign currency inflows through the private sector, as measured from commercial banks’ purchases of foreign exchange, fell by almost 33 percent.

“Although expressed demand for foreign exchange to pay for imports of goods and services fell by approximately 13 percent, this left a shortfall of over $400m that had to

be provided from other sources. The gap was closed by net inflows from government borrowing...”

Mr Rolle said there was “no deliberate intention” to grow The Bahamas’ foreign reserves via government borrowing, but the figures revealed yesterday show a situation that cannot be sustained for long unless this nation is able to swiftly revive tourism as its main foreign exchange earner.

That is now in some doubt due to surging COVID-19 infection rates in the US and other major tourism source markets, which have also just introduced health protocols and border restrictions that will likely represent a further deterrent to travel, notwithstanding the start of vaccine roll-outs.

While acknowledging that The Bahamas’ external reserves closed 2020 at their “highest end-of-year position on record”, Mr Rolle said this was due to “timing” as the government has not fully drawn down and spent all the proceeds from its foreign currency borrowing.

He conceded that this drawdown, together with the private sector’s ongoing foreign currency needs and the spending of insurance inflows on Hurricane Dorian reconstruction would “reduce” the external reserves during the 2021 first half.

THE TRIBUNE

Monday, January 18, 2021, PAGE 5

What to expect from the financial markets in 2021?

ACTIVTRADES WEEKLY

By RICARDO EVANGELISTA www.activtrades.bs

expected to continue to deliver more of what we had in 2020. Stocks are likely to do well, due to investors’ sustained risk appetite and, as traditional safe investments continue to generate negative real yields, other risk related instruments will also benefit. Emerging Markets’ assets, which are currently under-priced, may become star performers in 2021. In terms of currencies, the euro and the pound should remain supported, especially versus the dollar, as the greenback will endure lasting pressure due to the Fed’s dovish monetary policy, and low

A

MONG the many twists and turns of 2020, the behaviour of the financial markets stands out as particularly fascinating and bewildering. The discrepancy observed between the state of the underlying economy and the performance of stocks and other investment assets surprised even the more seasoned observer, with major stock indices, as well as gold and Bitcoin, all reaching record highs. As Wall Street kept opening bottles of Champagne, main street struggled through an unparalleled peace-time recession characterised by record unemployment numbers and dramatic GDP contractions.

So, let’s look ahead and try to map the underlying trends that will condition the performance of the financial markets in 2021.

Will investors remain cocooned in what sometimes appears to be an alternative reality? Or, will there be a reverse of fortunes, with the financial markets’ “bubble” finally bursting?

Undoubtedly, there are a few dark clouds forming over the horizon. The new strains of the coronavirus raise questions about the timing of the recovery, and the return of inflation could

also throw a spanner in the works of the expected economic rebound. Nevertheless, the prevailing feeling among investors remains one of optimism for 2021. With risk related assets likely to continue to enjoy the support offered by historically low interest rates and the mammoth asset purchase programmes of the world’s main central banks.

Despite the devastation that the coronavirus continues to inflict, with the second wave of the pandemic being even more lethal than the first, the base case scenario for the medium to long term remains optimistic. Most analysts don’t believe that the new virus strains

will derail the hopes triggered by the vaccines and, towards the middle of the year, the economic recovery we all long for should start to materialise.

This recovery has the potential to increase in inflation. As entire populations emerge from lockdowns there may be a sudden increase in spending, but it isn’t likely to last, as consumer attitudes ought to soon refocus. With robust supply chains expected to perform well under the pressure of higher demand, it is unlikely that any initial rises in consumer prices will reach worrying levels.

As the recovery kicks in, supported by massive government fiscal stimulus, the continuation of

accommodative monetary policies and ambitious asset purchase programmes, the financial markets are

treasury yields.

Precious metals, particularly gold, will probably perform well due to increasing demand by those who wish to hedge inflationary dangers, or to balance portfolios with a heavy emphasis on riskier instruments. As for Bitcoin, the crypto currency remains too volatile to allow firm predictions; however, it is undeniable that its latest surge appears to result from greater traction with larger investors.

Still, where the cryptocurrency will be in 12 months’ time is extremely difficult to estimate.

PAGE 6, Monday, January 18, 2021

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Credit bureau to hit 30% of borrowers FROM PAGE ONE likely to be added in the future are the utilities, auto dealers and furniture stores that extend credit to customers, and even the government’s revenue agencies.

Mr Rolle last week said the credit bureau would

provide a significant boost by establishing transparency surrounding the creditworthiness of all borrowers. “The bureau’s credit information reports will help to reduce uncertainties around the quality of potential borrowers, improving the medium and long-term

access to both business and personal credit,” he said.

“The bureau, which was licensed at the end of 2019, is now setting up operations, and should begin to produce live personal credit reports data by start of the second quarter of 2021. Commercial credit reports will start to be generated in a subsequent phase of operations.”

However, Gowon Bowe, Fidelity Bank (Bahamas) chief executive, who sits on the committee overseeing the credit bureau’s implementation, yesterday described the 2021 second quarter timeline given by Mr Rolle for the launch of borrower credit reports as “optimistic”.

He added that this was when “the sample report and information gathering” would begin, explaining: “I think what is intended is that the form and format of the report is expected in the second quarter, and then the information that is going to be gathered by the primary reporters is going to start coming in. That timeline is not being used as the final credit report for any individual.”

Mr Brathwaite, while acknowledging that it would take both consumers and commercial banks time to adjust to the new environment created by the credit bureau, said it should benefit those with good repayment histories while also enabling lenders to improve loan portfolio quality and minimise risks associated with delinquent or non-performing loans.

“It will be a good boost, especially for unsecured credit,” he told Tribune Business. “We’re operating in dangerous waters because we don’t know the true extent anybody has in terms of their existing debt service levels.

“It’ll be an adjustment because Bahamians are accustomed to walking into

a bank and telling them what they want to tell them, and leaving out things like utility payments. Do you have arrears on your utility bill?

Do you pay your rent on time? All these things will be factored into the credit score.”

But, while banks will “have a good handle” on borrowers’ creditworthiness and “be in better shape”, Mr Brathwaite added that one effect of the credit bureau will likely be that “the pool of qualifying borrowers will be smaller”.

“That’s a two-edged sword,” he explained. “Most of the banks will take the choice of having good quality loans as opposed to having a lot of loans with high delinquencies. If your modus operandi is growth by quantity you will have a bigger challenge. If your strategic plan is to build by quality, you will love it. We do have banks that build profit by volume and banks that build profits by quality.”

Similarly, Mr Brathwaite said Bahamians with good credit scores will benefit from having greater access to lower-priced loans that their counterparts who have regularly defaulted or missed payments.

“People will say having a credit bureau is better for a country as you get better opportunities to access credit, and a better opportunity to assess people coming in for loans,” he added.

“That is good, and giving people an opportunity to improve their ratings.

“Those persons that have good ratings, the flip side is that more will be available for them. Those persons with good credit ratings are going to love it. Those persons that have challenges throughout the industry that have challenges, they’re not going to like it. They’re going to find difficulties getting financing.”

Request For Bids A cement company is requesting bids for trucking services for its two locations in New Providence.

Interested parties are invited to send an email to (truckbids242@gmail.com).

Bids will be received until February 9th, 2021 JOB VACANCY CHARTERED ACCOUNTANT, CPA. Audit Manager

required for small professional practice

The applicant must be a member in good standing of a recognized International Accounting Institute and have had at least five years post graduate professional experience.

Must have exceptional skills in the comprehension of IFRS and its application to financial entities.

Must have ability to develop and present new ideas and conceptualize new approaches and solutions.

Proven analytical skills and systematic problem solving.

Must have expertise in company management inclusive of due diligence procedures and a working knowledge of VAT and computer applications to support accounting for VAT. Excellent computer skills in accounting programs including QuickBooks, Peachtree and AccPac as well as in Microsoft Office applications.

Superior verbal and written communication skills and interpersonal relations and demonstrates ability to work with others effectively in teams.

Written applications only and resumes should be addressed in confidence to: The Principal, P.O. Box N-201, Nassau, Bahamas.

THE TRIBUNE

‘Deck now stacked against’ Bahamian tourism’s rebound FROM PAGE ONE industry starts to experience a firm rebound given that the summer and fall months are traditionally the slowest parts of the season.

Disclosing that he had just flown back to The Bahamas on a plane with few tourists and local passengers, he told this newspaper: “It appears that it’s going to be very difficult now with the US saying you have to get a test to return.

“It seems like the deck is being stacked against us right now. You’re talking about added costs before you start thinking about taking a vacation. It’s very concerning. It’s already difficult to travel now with some of the things being put in place. It’s always been our view that we have to wait and see how the US adjusts to the significant increase in cases in their market.

“People are going to think: Is it worth all the hassle to travel? They could jump in their car and go from Miami to Orlando. It’s going to cause people to second guess, and you don’t want that in any business. You always want to be the first option.”

January is traditionally the slowest part of the winter tourism season, falling between the Christmas and New Year’s Eve holidays and the Easter ramp-up that normally begins in February. However, the impact of travel restrictions and surging COVID-19 cases in The Bahamas’ key visitor source markets, together with the pandemic’s impact on their economies, is already hitting Bahamian tourism hard.

Atlantis previously furloughed some of the 2,500 staff it recalled pre-Christmas citing low January occupancies, while Sandals pushed back the re-opening of its Emerald Bay and Royal Bahamian properties from February 1 and January

Monday, January 18, 2021, PAGE 7

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, RAMON ANTONE McCLURE, of Church Hill Avenue, Chippingham P.O.Box CR-56013 Nassau, Bahamas intend to change my name to RAMON ANTONE HANNA. 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.

LEGAL NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT, 2000 SEFINT HOLDINGS GROUP LTD.

ROBERT SANDS 28 to February 24 and March 31, respectively.

RIU Paradise Island also closed its doors until March yesterday, furloughing between 85 percent and 90 percent of staff, again in response to low occupancies and forecast business volumes. Mr Woods said this exposed “the lack of confidence that things are going to get better in the short term” among hotel and tourism operators.

Robert Sands, the Bahamas Hotel and Tourism Association’s (BHTA) president, yesterday agreed that the latest industry moves were “a product of how the market is”. He added: “Obviously we have top react to business-led demand. I think what you are seeing is simply a number of hotels reacting to what the external market demands are at the moment.”

“We in the tourism industry, whether unionised or not, need to step up our game and make people think it’s worth coming,” Mr Woods added. “Wow them and woo them to make them think

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, DASHA PERCENTIE, of #3 Garden Hills, Nassau, Bahamas intend to change my name to DASHAE PERCENTIE. 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.

LEGAL NOTICE

LIQUIDATOR’S NOTICE PURSUANT TO SECTION 240 (2) OF THE COMPANIES ACT 1992 We, Sterling (Bahamas) Limited, Liquidator of INTERIS (BAHAMAS) LIMITED, hereby certify that the winding up and dissolution of INTERIS (BAHAMAS) LIMITED, has been completed and the Company’s name has been removed from the Register of Companies as of the 17th day of December 2020.

Dated this 15th day of January 2021 Sterling (Bahamas) Limited Liquidator

EMERA INCORPORATED (“Emera”)

Notice to Holders of Depositary Receipts

DIVIDEND NOTICE UPDATE A dividend of CAD $0.159375 per Emera depositary receipt (CAD $0.6375 per common share of Emera) will be payable on or about February 16, 2021 to depositary receipt holders of record as at February 2, 2021.

Dividends will be subject to applicable withholding tax.

they’ve got to be here, and when they come here treat them good.

“Otherwise things are going to start to dry up.

We’ve still got to hope and pray for the best. If you look around now it’s difficult to find US dollars on the street now. We don’t have that US currency being exchanged.

We have to try and shorten the timeframe between COVID-19 and the rebound.

That time seems to be opening up rather than closing.”

Mr Woods likened the current situation facing the Bahamian tourism industry and its recovery plans to a boxer. “You can’t continue to sustain body and head shots.

Eventually you’re going to get knocked out,” he said.

“When you think you have your hands up, and are ready to deliver a good blow, something comes up from the blind side and catches you off guard.

“It’s [the travel restrictions] going to have a serious effect as we try and make our way back to the top. It’s like a battle trying to climb out of it.” The hotel union chief suggested the Ministry of

To advertise in The Tribune, contact 502-2394

Tourism work to ensure The Bahamas have a “banner off season” during the summer to hasten the start of tourism’s rebound.

NOTICE is hereby given that in accordance with Section 138 (8) of The International Business Companies Act, 2000, the Dissolution of SEFINT HOLDINGS GROUP LTD. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 18th day of December A.D., 2020.

Michael C. Miller Liquidator

PAGE 8, Monday, January 18, 2021

THE TRIBUNE

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

INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, CRAIG NATHAN McCARDY of Cowpen Road, P.O. Box N-3937, Nassau, The Bahamas, intend to change my name to CRAIG NATHAN McHARDY. If there are any objections to the change of name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, New Providence, The Bahamas no later than thirty (30) days after the date of the publication of this notice.

LEGAL NOTICE

NOTICE

LONG BARS LTD. _________________ Pursuant to the Provision of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 27th day of November, 2019

MARKET REPORT www.bisxbahamas.com

FRIDAY, 15 JANUARY 2021

BISX ALL SHARE INDEX:

CLOSE

CHANGE

%CHANGE

YTD

YTD%

2095.85

3.38

0.16

3.39

0.16

(242) 323-2330 (242) 323-2320

BISX LISTED & TRADED SECURITIES 52WK HI 4.15 33.05 2.00 2.02 2.39 6.00 6.75 4.10 6.50 4.45 6.16 12.77 3.64 6.85 10.88 8.44 15.08 4.25 9.26 15.21

52WK LOW 3.13 22.65 0.67 1.62 1.67 5.00 6.00 2.70 4.50 3.50 5.90 11.06 2.10 4.75 9.60 7.50 13.00 3.25 8.15 14.00

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 0.90

SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Bahamas Limited Focol Finco J. S. Johnson

SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ

LAST CLOSE 4.15 32.12 1.62 1.84 1.67 6.00 6.61 2.99 4.75 3.59 5.90 11.26 2.61 6.75 10.18 8.40 13.75 3.94 8.50 15.20

CLOSE 4.15 32.12 1.62 2.02 1.67 6.00 6.61 2.99 4.75 3.59 5.90 11.26 2.62 6.85 10.20 8.40 13.75 3.94 8.50 15.20

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

SYMBOL FBB22 BFHB

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS760240 BSBGR120371 BSBGRS790262

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.04 100.72

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.04 100.72

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B

BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.50 97.72 100.70

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 94.40 100.70

SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited

BAHAMAS GOVERNMENT STOCK - (percentage pricing) Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FL BSBGRS760240 BGRS FX BSBGR120371 BGRS FL BSBGRS790262

CHANGE 0.00 0.00 0.00 0.18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.10 0.02 0.00 0.00 0.00 0.00 0.00

VOLUME

1,000

116

1,448

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

EPS$ 0.239 0.932 0.000 0.110 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

VOLUME

DIV$ 0.170 1.260 0.020 0.030 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 17.4 34.5 N/M N/M N/M N/M 17.9 -6.8 33.9 19.5 13.1 15.6 25.7 14.7 15.8 11.5 16.9 19.4 9.1 24.1

YIELD 4.10% 3.92% 1.23% 1.49% 0.00% 0.00% 3.93% 0.00% 0.00% 3.34% 3.73% 6.39% 16.56% 0.88% 3.22% 2.86% 3.93% 3.05% 2.35% 4.01%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75% 6.25%

19-Oct-2022 30-Sep-2025

6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.50% 5.22% 4.53%

20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 18-Jan-2024 15-Dec-2037 28-Mar-2026

MATURITY

AMICORP BAHAMAS MANAGEMENT LIMITED LIQUIDATOR Of LONG BARS LTD. LEGAL NOTICE

NOTICE

FLOR DA MATA LTD _________________ Pursuant to the Provision of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 27th day of November, 2019 AMICORP BAHAMAS MANAGEMENT LIMITED LIQUIDATOR Of FLOR DA MATA LTD.

MUTUAL FUNDS 52WK HI 2.38 4.43 2.14 198.39 176.73 1.69 1.85 1.77 1.24 8.39 10.26 7.23 12.80 12.81 10.81 10.00 8.98 11.79

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.65 1.79 1.75 1.05 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 2.38 4.43 2.14 198.36 173.98 1.69 1.79 1.77 1.05 8.39 9.88 7.23 12.33 12.80 10.20 N/A 9.28 11.86

YTD% 12 MTH% 4.14% 4.49% 1.47% 2.97% 2.33% 2.57% 1.65% 2.39% 4.34% 9.82% 1.65% 1.95% -3.06% -2.22% 0.80% 1.17% -12.30% -11.81% 0.64% 0.98% 1.19% -3.63% 4.20% 5.04% 2.63% 7.68% 3.68% 3.93% -4.89% -4.62% N/A N/A -0.50% 3.70% -3.80% 4.10%

NAV Date

30-Nov-2020 30-Nov-2020 27-Nov-2020 30-Sep-2020 30-Sep-2020 31-Oct-2020 31-Oct-2020 31-Oct-2020 31-Oct-2020 30-Sep-2020 30-Sep-2020 30-Sep-2020 30-Sep-2020 30-Sep-2020 30-Sep-2020 30-Sep-2020 30-Sep-2020 30-Sep-2020

MARKET TERMS

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00

YIELD - last 12 month dividends divided by closing price

52wk-Hi - Highest closing price in last 52 weeks

Bid $ - Buying price of Colina and Fidelity

52wk-Low - Lowest closing price in last 52 weeks

Ask $ - Selling price of Colina and fidelity

Previous Close - Previous day's weighted price for daily volume

Last Price - Last traded over-the-counter price

Today's Close - Current day's weighted price for daily volume

Weekly Vol. - Trading volume of the prior week

Change - Change in closing price from day to day

EPS $ - A company's reported earnings per share for the last 12 mths

Daily Vol. - Number of total shares traded today

NAV - Net Asset Value

DIV $ - Dividends per share paid in the last 12 months

N/M - Not Meaningful

P/E - Closing price divided by the last 12 month earnings

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

LEGAL NOTICE

NOTICE

Mahlberg Ltd. _________________ Pursuant to the Provision of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 26th day of November, 2020 AMICORP BAHAMAS MANAGEMENT LIMITED LIQUIDATOR Of Mahlberg Ltd.

PAGE 10, Monday, January 18, 2021

THE TRIBUNE

UK AIMS TO GIVE 1ST COVID-19 SHOT TO ALL ADULTS BY SEPTEMBER LONDON Associated Press

THE UK government plans to offer a first dose of COVID-19 vaccine to every adult by September as the nation’s health care system battles the worst crisis in its 72-year-history.

Foreign Secretary Dominic Raab said yesterday that the government will soon begin a trial of round the clock injections at some locations as it continues to add more vaccination sites to increase the pace of delivery.

The National Health Service opened a mass vaccination centre on Saturday at the

historic Salisbury Cathedral, where injections were accompanied by organ music.

“Our target is by September to have offered all the adult population a first dose,’’ he told Sky News. “If we can do it faster than that, great, but that’s the road map.”

Britain has more than 51 million adults in its population of 67.5 million people.

The ambitious vaccination programme comes amid crushing pressures on the National Health Service.

Already beleaguered hospitals are admitting another COVID-19 patient every 30 seconds, putting the service in its most precarious situation ever, said Simon Stevens,

chief executive of NHS England.

“The facts are very clear and I’m not going to sugarcoat them, hospitals are under extreme pressure and staff are under extreme pressure,’’ he told the BBC. “Since Christmas Day we’ve seen another 15,000 increase in the in-patients in hospitals across England. That’s the equivalent of filling 30 hospitals full of coronavirus patients.”

Britain’s health care system is staggering as doctors and nurses battle a more contagious variant of the coronavirus coupled with cold, wet winter weather that drives people inside, where

infections spread more easily.

The surge in infections has pushed the number of people hospitalised with COVID19 to a record 37,475, more than 73% higher than during the first peak of the pandemic in April. Britain has reported 88,747 coronavirusrelated deaths, more than any other country in Europe and the fifth-highest number worldwide.

Prime Minister Boris Johnson on Jan 2 ordered England into its third national lockdown in an effort to slow the spread of the virus and protect the NHS, which Stevens said now has some 50,000 employees off work due to

COVID-19 infections and exposure quarantines.

The government says it won’t review the lockdown measures until mid-February, by which time it plans to offer at least one dose of vaccine to everyone over 70, as well as to frontline health care workers and others who are especially vulnerable to COVID-19.

Once that goal has been reached, the UK will offer the vaccine to everyone over 50 before finally moving on to everyone over 18.

Unlike other nations, Britain has chosen to stretch out the time between vaccine doses from 21 days to up to 12 weeks — a decision that

THE WEATHER REPORT

5-Day Forecast

TONIGHT

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Mostly cloudy

Turning out clear

Breezy in the a.m.; clouds and sun

Mostly sunny and pleasant

Partly sunny and pleasant

Partly sunny and nice

High: 74°

Low: 65°

High: 75° Low: 65°

High: 75° Low: 66°

High: 76° Low: 66°

High: 77° Low: 67°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

71° F

60° F

73°-62° F

76°-62° F

77°-64° F

82°-68° F

ORLANDO

TAMPA

High: 66° F/19° C Low: 43° F/6° C

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

N

almanac

E

W

ABACO

S

N

High: 71° F/22° C Low: 60° F/16° C

10-20 knots

S

High: 70° F/21° C Low: 53° F/12° C

10-20 knots

FT. LAUDERDALE

FREEPORT

High: 72° F/22° C Low: 56° F/13° C

E

W S

E

W

WEST PALM BEACH

N

uV inDex toDay

TODAY

High: 66° F/19° C Low: 41° F/5° C

High: 70° F/21° C Low: 59° F/15° C

MIAMI

High: 73° F/23° C Low: 56° F/13° C

8-16 knots

KEY WEST

High: 70° F/21° C Low: 64° F/18° C

High: 74° F/23° C Low: 65° F/17° C

Forecasts and graphics provided by AccuWeather, Inc. ©2021

High: 75° F/24° C Low: 65° F/18° C

N

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

11:28 a.m.

-----

2.5 -----

5:20 a.m.

5:54 p.m.

0.1 0.0

Tuesday

12:03 a.m.

12:13 p.m.

2.3 2.3

6:12 a.m.

6:38 p.m.

0.3 0.1

Wednesday 12:54 a.m.

1:01 p.m.

2.2 2.1

7:06 a.m.

7:23 p.m.

0.5 0.2

Thursday

1:46 a.m.

1:52 p.m.

2.2 1.9

8:04 a.m.

8:11 p.m.

0.6 0.2

Friday

2:40 a.m.

2:47 p.m.

2.2 1.8

9:04 a.m.

9:00 p.m.

0.6 0.2

Saturday

3:33 a.m.

3:42 p.m.

2.3 1.8

10:01 a.m. 0.5 9:51 p.m. 0.1

Sunday

4:24 a.m.

4:34 p.m.

2.4 1.8

10:55 a.m. 0.4 10:40 p.m. 0.0

sun anD moon Sunrise Sunset

6:57 a.m.

5:44 p.m.

Moonrise Moonset

10:47 a.m.

11:01 p.m.

First

Full

Last

New

Jan. 20

Jan. 28

Feb. 4

Feb. 11

CAT ISLAND

E

W

High: 77° F/25° C Low: 67° F/19° C

N

S

E

W

7-14 knots

S

8-16 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 72° F/22° C Low .................................................... 66° F/19° C Normal high ....................................... 77° F/25° C Normal low ........................................ 65° F/18° C Last year’s high ................................. 80° F/27° C Last year’s low ................................... 64° F/18° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ................................................. 1.23” Normal year to date ..................................... 0.74”

ELEUTHERA

NASSAU

means more people will get at least one dose more quickly.

Britain has approved three vaccines — ones by Pfizer-BioNTech, OxfordAstraZeneca and Moderna.

The first two are already being used, while the Moderna doses are not expected until spring.

Meanwhile, vaccination centers are being opened in England at some of the country’s great cathedrals.

Salisbury Cathedral, which also houses a copy of the Magna Carta, opened its great nave to the public.

Others will follow as the rollout continues.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 77° F/25° C Low: 69° F/21° C

High: 77° F/25° C Low: 71° F/22° C

N

High: 75° F/24° C Low: 65° F/18° C

E

W S

LONG ISLAND

tracking map

High: 79° F/26° C Low: 71° F/22° C

8-16 knots

MAYAGUANA High: 81° F/27° C Low: 72° F/22° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 79° F/26° C Low: 72° F/22° C

High: 80° F/27° C Low: 71° F/22° C

GREAT INAGUA

H

High: 83° F/28° C Low: 73° F/23° C

N

E

W

E

W

N

S

S

7-14 knots

4-8 knots

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

Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

WINDS NW at 10-20 Knots NE at 8-16 Knots N at 7-14 Knots ENE at 12-25 Knots NNW at 8-16 Knots NE at 12-25 Knots ENE at 4-8 Knots NE at 15-25 Knots NW at 8-16 Knots NE at 10-20 Knots WNW at 10-20 Knots NE at 8-16 Knots N at 8-16 Knots ENE at 12-25 Knots NE at 4-8 Knots ENE at 15-25 Knots ENE at 7-14 Knots ENE at 15-25 Knots ENE at 3-6 Knots NE at 15-25 Knots NW at 8-16 Knots NE at 10-20 Knots NE at 7-14 Knots NE at 15-25 Knots NW at 8-16 Knots NE at 10-20 Knots

WAVES 3-6 Feet 3-5 Feet 1-2 Feet 1-3 Feet 1-3 Feet 3-5 Feet 1-2 Feet 4-7 Feet 1-3 Feet 3-5 Feet 2-4 Feet 1-3 Feet 1-2 Feet 1-3 Feet 1-2 Feet 4-8 Feet 1-2 Feet 2-4 Feet 2-4 Feet 5-9 Feet 1-2 Feet 1-3 Feet 1-2 Feet 3-6 Feet 1-2 Feet 2-4 Feet

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

WATER TEMPS. 77° F 76° F 72° F 71° F 79° F 79° F 77° F 77° F 78° F 77° F 75° F 75° F 77° F 76° F 80° F 80° F 79° F 79° F 78° F 78° F 76° F 76° F 79° F 79° F 78° F 78° F