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WEDNESDAY, FEBRUARY 3, 2021

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Insurer challenge to IMF’s proposal By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A TOP insurer yesterday challenged how The Bahamas could enforce the IMF’s “mandatory property insurance” proposal when it is currently failing to do this with existing laws. Anton Saunders, RoyalStar Assurance’s managing director, told Tribune Business that implementing the International Monetary Fund’s (IMF) Article IV report recommendation would be challenging in practice because it would require enforcement mechanisms and penalties to give it teeth. And he pointed out that The Bahamas is already struggling to enforce mandatory motor vehicle insurance for all drivers, having recently disclosed to this newspaper that at least 20 percent of those on the roads either lack coverage or have inadequate protection. “We have mandatory motor insurance, and we can’t enforce that,” Mr Saunders told this newspaper. “Yes, I would be in favour of it, but how do you enforce it? If someone doesn’t insure, what are you going to do with the property in question? “By law we have something now that we cannot enforce. Let’s not kick the can down the road. Tell me, without a lien, how are you going to enforce mandatory property insurance and what will be the penalties? How do you go about executing what you are trying to achieve, and what will be the enforcement mechanism?” The RoyalStar chief spoke out after the IMF’s recent Article IV report revealed the Minnis administration had backed its call for all buildings to be insured in the wake of the $3.4bn worth of economic losses and damage that category five Dorian inflicted upon Abaco and Grand Bahama where up to 60 percent of structures lacked proper insurance. “High private sector losses from hurricanes point to the need to improve physical, financial and social resilience against natural disasters. Accelerating adaptation will require improving public investment management and reprioritising expenditure,” the fund said. “Continued investment in climate-resilient infrastructure can also buffer the macro-fiscal impact of natural disasters. Mandatory property insurance would be a beneficial addition to the multi-dimensional resilience strategy.” Revealing the government’s reaction, the IMF said: “They also agreed with staff’s recommendation for mandatory property insurance, and pledged to bring a

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NHI: We’ll protect 90% of Bahamians by 2025 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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HE National Health Insurance (NHI) scheme is targeting a rapid expansion that aims to provide “more than 90 percent” of Bahamians with its basic primary care coverage by 2025. The plan’s governing authority, in a just-released report on the public’s response to its primary care goals, said widely increased coverage relies on significant buy-in by both private health insurers and physicians to help achieve this objective. While the NHI Authority is forecasting that 61 percent of Bahamians will be directly enrolled with the scheme within the next four years, its standard health benefit (SHB) - the base level of primary coverage will reach over 90 percent of the population via private

outcomes and experiences, as well as expanding services throughout The Bahamas. “The primary care transformation initiative (PCTI) is on track to increase primary care coverage in The Bahamas. By 2025, 61 percent of Bahamians are projected to be enrolled in NHI with more than 90 percent having access to SHB coverage,” the NHI Authority report asserted. No data or analytical models were provided to support these projections, and one healthcare industry source - speaking to Tribune Business on condition of anonymity - said the absence of empirical evidence to support forecasts had been a consistent gap with the NHI scheme.

BAHAMIAN life and health insurers are hoping the “noticeable increase” in policy lapses inflicted by the COVID-19 pandemic “bottomed out” in 2020’s final quarter, it was revealed yesterday. Sandy Morley, the Bahamas Insurance Association’s (BIA) deputy chairman, told Tribune Business that the sector - which in 2019 paid more than $300m in claims - was “in uncharted territory” due to the devastating impact on jobs, businesses and earnings inflicted over the past ten months. Confirming that the volume of lapsed life and health insurance policies far exceeds what the industry witnessed as a result of the 2008-2009 recession, Mr Morley said the “socio-economic” impact from individuals and companies electing to drop

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• ‘Noticeable’ rise in life/health cover drop • Sector in ‘uncharted territory’ over COVID • Plans ready to ‘restore’ client protection coverage was “far more concerning” than the effects on the underwriters themselves. He disclosed that carriers were adopting measures to allow clients, who were previously in good standing, to restore their protection once the pandemic’s worst effects have diminished and their income and jobs have been restored. Mr Morley said the spike in lapses occurred after the portion of the government’s COVID-19 emergency orders, which protected policyholders from losing protection if they failed to maintain premium payments, expired back in August. Noting that the lapse rate had slowed in tandem with the economy’s gradual re-opening, he added that

Bahamian life and health insurance underwriters were well-placed to survive any negative impact to their financials due to strong capital bases across the sector. “We have seen a noticeable increase in lapsed policies as would be expected,” Mr Morley told this newspaper. “There are a number of critical segments of our economy that have come to a standstill. Those persons who are out of work are our clients, so there has been a noticeable increase in lapsed policies.” While unable to quantify the increase on an industry-wide basis, he added: “I think from an industry perspective it’s obviously very concerning, and from a socio-economic perspective it’s far more concerning. “Those individuals have

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

been our clients for years, and I know most companies have put in place measures to restore cover once they resume employment. Most companies have put in place their own systems, processes and structures for persons to restore cover once this is behind us.” Life and health insurance is critical to protecting Bahamians against unexpected risks stemming from life and death emergencies. Such policies, for instance, provide protection for a family’s home by paying off the mortgage in the event a breadwinner passes, for instance, while also safeguarding against exposure to unplanned medical bills that can be extremely high.

“Everything they have in that document is what they project will happen,” the source said. “There is no statistical evidence for the hypothesis: This is what we want to happen, this is how we do it, how much it will cost. “This is the theory behind it. From inception NHI has been very theoretical from book knowledge and predictions, but very little is hard facts as to what they’re doing so they can continue to provide cost effective, sustainable healthcare for The Bahamas. There’s no one knocking down the doors to join.” They added that, to achieve its 2025 breadth of

Insurers hope policy lapse increase is ‘bottoming out’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Entrepreneur fears investment ‘at risk’ over $700k losses A DOWNTOWN Nassau nightclub and restaurant entrepreneur yesterday voiced fears his latest investment is “at risk” after losing more than $700,000 due to COVID-19 restrictions. Vernal Major, chief executive of the Equinox Group of Companies, which owns the Xscape Lounge & Nightclub and the Climax Lounge, said the loss estimate was “moderate at this point” amid concerns that his $300,000 investment is in jeopardy. He added that he expected some fall-off in trade due to the pandemic, he did not expect to be out of business since March 2020 - going from regular revenues and customer traffic to zero within days. Mr Major said the Climax Lounge, which he described as a new venture, had been scheduled to launch in March 2020 but this was halted due to the pandemic. He added that the $300,000 invested to set it up may be lost unless it is allowed to open soon. The entrepreneur said “normal business guidelines would say that you would need up to six months to a year” to turn a profit on a new venture, but he is now approaching a full year with nothing to show for his Climax Lounge investment. “So given that as the guideline, we’re hoping and praying that it would not exceed a year. [Otherwise] we have to reconsider our position on how we could move forward,” Mr Major added. Nightclubs, bars and other entertainment facilities are among the businesses hardest hit by the COVID-19 pandemic and associated government restrictions, as they have been closed for more than ten months. The government has yet to permit their re-opening or give any indication as to when it will allow this. While the measures imposed on restaurants have been slightly less severe, this sector has also been disrupted by frequent COVID-19 lockdowns, curfews and other measures that, at different times, have prohibited indoor dining or

• But only 61% of public directly enrolled • Relies on private insurers to cover rest • Sector’s early fears ‘sufficiently satisfied’ health insurers. The report reveals that the likes of Colina Insurance Company, Family Guardian and CG Atlantic Medical & Life will be mandated to offer NHI’s SHB as part of existing and new policies, meaning their clients will not have to register as NHI beneficiaries despite being able to access the same coverage. It was not disclosed how this requirement will be mandated and/or enforced, although presumably it will have to be given legislative effect via and Act of Parliament. And expanding the number of private doctors and physicians providing treatment to NHI beneficiaries was cited as key to improving patient

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$2m PI entrepreneur takes govt to court

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE entrepreneur behind the proposed $2m restoration of Paradise Island’s lighthouse has initiated legal action against the government for failing to give effect to his crown land lease. Toby Smith, principal of Paradise Island Lighthouse & Beach Club Company, yesterday confirmed to Tribune Business that his “statement of claim” was filed with the Supreme Court on December 30 naming the attorney general as the defendant. “A statement of claim was filed last year and the Attorney General’s Office has not responded to it. It

• Lighthouse restorer: ‘A deal is a deal’ • Filed statement of claim December 30 • Says his project ‘ready to start today’

PARADISE ISLAND LIGHTHOUSE

was received by the Supreme Court on December 30, and I understand that the Chief Justice has reinstated timelines which give the Attorney General’s Office two weeks to file their defence and they haven’t done so,” Mr Smith said. “I have every confidence in Wayne Munroe QC, and I have every confidence in the justice system of The Bahamas. I am looking forward to a day in court where the facts can be laid on the table, and when the government makes

a commitment to a Bahamian, they should honour the agreement. A deal is a deal.” Mr Smith is alleging that he was granted a valid crown land lease over parcels, including both the lighthouse and an area at Colonial Beach for his ‘beach break’ destination, that is now legally binding. A January 7, 2020, letter from Richard Hardy, acting director of Lands and Surveys, was headlined “approval for crown land lease” over two separate parcels - one that was two acres in size for the lighthouse, and another of three acres for the “beach break” element.

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THE TRIBUNE

GB CHAMBER CHIEF’S AIRPORT DEAL HOPES

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

GRAND Bahama’s Chamber of Commerce president says he expects the government’s purchase of Grand Bahama International Airport could be announced by the month’s end. Gregory Laroda told Tribune Business he has been assured negotiations with the current owners, Hutchison Whampoa and the Grand Bahama Port Authority’s (GBPA) Port Group Ltd, are progressing and he’s “waiting to see some public announcement on that soon. Soon as in by the end of the month”. “The price tag I heard being discussed was a minimal fee. My original thought was we really shouldn’t pay them anything other than what is legal to buy it, maybe $1 or some other nominal cost,” the GB Chamber president added. However, Dionisio D’Aguilar, minister of tourism and aviation, yesterday gave no timelines or specifics on the airport talks other than saying the government remains “interested” in acquiring a key infrastructure asset whose rehabilitation is vital to Grand Bahama’s efforts to rebound from the twin

DAMAGES from Hurricane Dorian sustained to Western Air’s terminal at the GB Airport on Grand Bahama. blows of Hurricane Dorian and COVID-19. Mr D’Aguilar also spoke about the government’s intent to purchase the Grand Bahama international airport and said that while the government does not have a specific date to have the deal finalised with the airport’s current owners, it is still “interested” in purchasing the airport. “I say this all the time that the acquisition of that airport by the government isn’t going to necessarily solve all of the problems in the short-term,” Mr D’Aguilar said. “That airport needs a lot of

investment of at least tens of millions of dollars. So the government has to identify how best to do that. “We are using publicprivate partnerships in the development of our airports. Our airports need about $250m of investment. And there’s no way that the state can do that on its own, so we are going to have to use public private partnerships.” He added that this would involve incentivising investors to provide capital and upgrade “our infrastructure in much the same way as we’re doing in the cruise port of Nassau, but to enter

into partnerships to bring about the development of these important infrastructure port-of-entry locations in the country”. The original structure for the government’s Grand Bahama International Airport purchase involved paying a token $1 to Hutchison Whampoa and the GBPA. In return, the Government would take on the task of rebuilding - and potentially redesigning and relocating much of - a facility that was devastated by Hurricane Dorian’s storm surge. Tribune Business understands that the

reconstruction price tag is around $60m, but in return for such a low purchase price for an asset that has never generated a profit, Hutchison Whampoa and the GBPA were allowed to retain the Dorian insurance proceeds. Grand Bahama International Airport, while now functioning, has a dilapidated and rundown feel that is far from the ‘welcoming gateway’ look required to revive the island’s flagging tourism product and support investments such as ITM/Royal Caribbean’s proposed Grand Lucayan acquisition.

Mr Laroda, speaking to that deal, and the negotiations with the government that have dragged on, said: “I’m sceptical as to whether something is actually going to open or not, but I would at least like to hear an announcement that they’ve completed this part of the negotiations and we will be looking to handover the keys and receive some money or something like that. “Then that’ll be moving in the right direction. Obviously the COVID-19 pandemic of 2020 set it further back. But, when all of this COVID-19 is under control, The Bahamas is still going to be the number one cruise destination in the Caribbean. Folks are still going to want to come here.” As for the Balearia ferry service’s return to Grand Bahama, which will begin next week, Mr Laroda said: “I think the Balearia is a welcome return for the folks on the island. We usually use that not just for transportation between here and Florida, but also for freight. Folks normally ship a lot of stuff like that. It’s an inexpensive way, as opposed to just being able to use air traffic shipping. “Not everything is available on the island, so people need that added method of getting goods.”

MINISTER: DIFFICULT TO PUT LIMITS ON SOCIAL WELFARE

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A CABINET minister yesterday said it was difficult to place timelines and limits on the government’s COVID-19 social assistance initiatives given the continued uncertainty created by the pandemic. Frankie Campbell, minister for social services, speaking outside

FRANKIE CAMPBELL

the Cabinet Office, said: “While we put limits on programmes, those limits are based on the present assessment, and so it’s difficult to be definitive. We assess at the end of each period of expiration. The Government of The Bahamas has a responsibility to the people of The Bahamas to assess where there is a genuine need.” Nearly 2,300 persons were assisted by the COVID-19

assistance programme put in place to help hotel workers placed on temporary work weeks, some $270,000 having been provided to them up to September last year. The government also spent up to $1.2m in rental assistance to November 2020, while disability allowance payments to 81 children continued at a cost of $330,000 through September.

Some 16 non-governmental organisations (NGOs) in 14 Family Island districts received $31,000 dollars to assist with feeding programmes similar to those initiated in New Providence by The Bahamas Feeding Network. And $469,000 in special grants were provided to various government and non-governmental residential and care facilities throughout The Bahamas.

Mr Campbell said an announcement will soon be made on the $700,000 digital assessment platform purchased for social services last year, adding that it is in the “final stages” of implementation. He said: “Training has already begun with some of our staff, and I’m very excited about it as it has the potential to practically eliminate the crowds that we’ve seen.”

THE TRIBUNE

Wednesday, February 3, 2021, PAGE 3

Govt ‘very close’ on Lucayan re-opening By YOURI KEMP and NEIL HARTNELL Tribune Business Reporters A CABINET minister yesterday said the government is “very close” to deciding when the Grand Lucayan hotel will reopen after it missed the original February 1 timeline set by the resort’s board. Dionisio D’Aguilar, minister of tourism and aviation, speaking outside the Cabinet Office, said: “I think that the government is very close to deciding that it should reopen. Obviously, conditions on the ground are not ideal. Tourism has been impacted significantly by president Joe Biden’s statement about the possibility of quarantine. “Even though that has been walked back, that had a significant impact on travel, and then you have Prime Minister Trudeau’s statement banning all flights to the Caribbean by

DIONISIO D’AGUILAR Canadian travellers.” Tribune Business sources, speaking on condition of anonymity, said the Board of Lucayan Renewal Holdings, the governmentcontrolled special purpose vehicle (SPV) that owns the Grand Lucayan, is presently “in a holding pattern” awaiting a “definitive response” from the government on when the property should re-open. One contact added of the government’s position: “I think they probably want

to open it, but it takes a lot of money and I don’t know if they’re willing to spend it. It wold take three weeks of concentrated effort to hire people and make it happen.” Re-opening costs would thus only add to the $100mplus invested in the Grand Lucayan by Bahamian taxpayers amid the wait for the ITM/Royal Caribbean deal to progress to closing. Obie Ferguson, the Trades Union Congress (TUC) president, who represents the Bahamas Managerial Association (BHMA), the bargaining unit for the resort’s former middle managers, said he had not been informed of any re-opening. Should the government make that move, he added: “At least I’d be a happy man because we’d get the jobs back.” Elsewhere, Mr D’Aguilar said the government will

not relax the present COVID-19 protocols on Family Island travel due to the emergence of new, “mutant” strains of the virus and the continued high infection rates in the country’s key source markets. “We are very concerned about these virulent strains. And so the government is taking the decision whether or not to facilitate travelling to the Family Islands,” Mr D’Aguilar said. “Right now the majority of our COVID cases are based in Nassau and, possibly, Grand Bahama. And we don’t want that to go out into the islands. “So the government is being cautious and we think we’re being prudent. And so right now we’re not going to roll back restrictions on travel to the Family Islands. And certainly, as people get the vaccine, the important thing to note with the vaccine is all that does is

suppress the symptoms so you don’t have to go to hospital. But it still means that you can get infected. “So we are very concerned that even though you have the vaccine, you could be infected and come here. And, in fact, people in The Bahamas who have not received the vaccine, we have to make sure that we have proper protocols in place to ensure that Bahamians are protected from travellers coming in.” Despite this, Mr D’Aguilar said he was “encouraged” that a COVID-19 vaccine roll-out in the US is moving at an aggressive pace. He estimated that if the US could get to at least 2m vaccinations per day that it could be vaccinated within six months, which would bode well for Bahamian tourism. The minister said he anticipates that by mid-2021 tourism’s performance will

be much improved, adding: “The short term, it’s probably going to be a little bumpy. As we get to the middle of the year, and the third quarter of the year, I envision that things will begin to improve. So that’s my projection moving forward for the rest of 2021.” Baha Mar, meanwhile, last night denied Mr D’Aguilar’s assertion that it planned to follow Atlantis’ lead and re-furlough some of the 1,800 staff it brought back at the Grand Hyatt in response to present low occupancy numbers. “We have no planned lay-offs for the Hyatt at this time,” Robert Sands, Baha Mar’s senior vice-president of government and external affairs, told Tribune Business. He spoke out after the minister said: “Baha Mar, of course, is opening up the Rosewood and the SLS, but downsizing its staff complement at the Hyatt.”

Minister disputes IMF over jobless benefits By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A Cabinet minister has disputed assertions by the International Monetary Fund (IMF) that up to 13,500 “informal economy” workers may have been unable to obtain COVID unemployment benefits. Brensil Rolle, minister for the public service with responsibility for national insurance, told Tribune Business he was unaware where the IMF was getting its numbers from for the recently-published Article IV report. “I don’t know where they are getting their numbers from. That cannot be accurate,” he responded. “Certainly, anyone who

BRENSIL ROLLE was entitled to their benefits from NIB got it that we’re aware of, and certainly that I’m aware of. “Some persons got a reduction in benefit because they were getting a percentage of their benefits from their employers. But I don’t know where they [the IMF] get that. I’d be

Bahamian excursion firms hit foreign tax ‘imbalance’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMIAN excursion operators are again accusing foreign charter vessels of failing to pay their fair share in taxes and leaving them at a competitive disadvantage. Adoni Lisgaris, the Bahamas Excursion Operators Association’s president, told Tribune Business that foreign charters pay a reduced four percent flat rate compared to their Bahamian rivals who face the combined burden of VAT, business license fees, port department fees and National Insurance Board (NIB) contributions on behalf of staff. Asserting that Bahamian operators face a far greater tax burden than their overseas rivals, Mr Lisgaris charged: “Not only do you have the issues with the tax imbalance, but they also have a competitive advantage over us from a price standpoint because they only tacking on four percent to their rates. “The provisions in the Act really seem to be trying to facilitate a temporary transient vessel, but you have a reality where some of these vessels are here for sometimes ten months out of the year.” The Boat Registration Act that governs the charter industry prohibits any foreign operator from soliciting business in The Bahamas unless approved to do so by the minister for transport.

Mr Lisgaris, though, said foreign charter boats have been “getting away with” boarding passengers within The Bahamas. “We have these foreign registered boats here currently that are turning over the four percent, but they shouldn’t be eligible for this category because they’re effectively operating out of The Bahamas all year round,” Mr Lisgaris added. He estimated that foreign charter boats make well over the $100,000 registration threshold required to pay business license fees, with some earning upwards of $250,000 per day for a charter. Mr Lisgaris said the law must be changed to reflect what Parliament was really trying to achieve, which was to ensure foreign boats only pass through Bahamian waters on their way to another location and do not stay in Bahamian waters for an indefinite period of time. “What has happened is that every foreign vessel has now registered under that four percent category, and really shouldn’t because they are doing business in The Bahamas,” he explained. “For some reason, on the yacht side, these vessels are just allowed to be here essentially year-round and their crew have no work permits. This is just a complete 180 degree turn from the government’s position on most foreign investment.”

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NOTICE NOTICE is hereby given that VERLINDA ELYSEE, of Kiki Street of Farrington 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 3rd day of February 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

interested in looking at the statement.” The IMF, in its full Article IV report on The Bahamas, said several thousand self-employed and other persons may not have had access to government-funded benefits because they remain outside the formal economy and make no social security contributions. “Only self-employed workers in tourism-related businesses are covered by the unemployment benefit extension. This means that self-employed informal workers for other industries (many indirectly linked to tourism) and informal employees are not included among the unemployment beneficiaries,” the Washington DC-based

fund said. “There are approximately 13,500 informal workers in The Bahamas. However, limited information about inter-linkages of the economy would make effective targeting beyond the tourism sector difficult.” The informal economy refers to commercial activities not regulated or protected by the state, with the majority of participants in this area likely self-employed or micro businesses. Mr Rolle, though, said the government and NIB went so far as to provide unemployment benefits to persons who had never made a contribution to NIB. He said: “The government’s assistance went to everyone. Anyone who applied got it.

“I don’t know how more informal they [the IMF] could get because we gave funding assistance to jet ski operators and hotel singers, and once you work in the tourism industry or if you’re a barber or hairdresser or something to that effect, you’ve gotten the government assistance.” Mr Rolle said there were many persons who did not register at NIB, and “if they did not register in one programme we could not continue to extend them in another programme”. Calling for improvements in the efficiency and targeting of social spending, the IMF said that of all the funds dedicated to business and individual COVID-19 assistance during the final quarter of the 2019-2020

fiscal year - a sum equivalent to 1.2 percent of economic output - just 0.8 percent of GDP was ultimately expended. “Execution fell short given limited demand for some programmes and implementation delays,” the IMF said, adding that the government’s spending on Hurricane Dorian relief, as well as tax breaks granted to facilitate construction, will impose a burden on the Public Treasury equal to about six percent of GDP more than $600m - spread over four years. The fund also identified what it described as “a duplication of services” where 15 percent of National Health Insurance (NHI) scheme beneficiaries also have private health insurance.

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Bahamian excursion firms hit foreign tax ‘imbalance’ FROM PAGE 3

Nicholas Pinder, Born Free Fishing Charters’ general manager, said: “We are fighting against this four percent tax. Basically a foreign charter boat comes in, no matter if it is a yacht or whatever size the boat is, and they pay for a foreign charter license at $300. Then they pay the four percent on whatever they charge the consumer.” He added that this disadvantages Bahamas-based charter and excursion operators because they pay far more in taxes, particularly the 12 percent VAT plus additional service charges to the government. Mr Pinder said foreign charters typically bring their own provisions with them, while local rivals spend money in the Bahamian economy to obtain these.

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NHI: We’ll protect 90% of Bahamians by 2025 FROM PAGE ONE

coverage objectives, the NHI Authority was “hedging its bets on the insurance industry coming on board to provide NHI benefits to beneficiaries, and to be their representatives through an NHI partnership. They are also depending on private physicians to align with NHI to expand then provider platform”. It appears that the Bahamian health insurance industry may have little choice but to comply with the quest for what is billed as “universal access to affordable healthcare” for Bahamians. The NHI Authority’s latest report acknowledges that its plans mean changes for private insurers and both their individual and group (employer) clients. “Individuals who have coverage through private insurance will no longer be eligible to access primary care coverage from NHI. Instead, they will be able

to access SHB coverage through their private policy,” the NHI Authority affirmed. “Private insurers will be required to mirror SHB as the minimum standard of coverage for primary care. This means that existing private insurance plans will be strengthened, while requiring no co-payments or deductibles for SHB services and offering an improved patient experience through the electronic health record. Individuals who are privately insured will not need to enroll in the NHI programme. “In addition to the SHB, policyholders will continue to enjoy any existing coverage that they have previously negotiated with their private insurers and/or employers. The reforms under the PCTI will also provide greater cost certainty for insurers and should provide for more predictable and affordable policies.” Sandy Morley, the Bahamas Insurance Association’s (BIA) vice-chairman, yesterday told Tribune Business

that the health insurance industry’s initial concerns over the SHB proposal and NHI’s wider implications for the sector have been “satisfied” following discussions with the Authority. “We’ve had extensive dialogue,” he said. “There have been discussions, and there’s a working group that NHI has put in place which includes the Bahamas Insurance Association. There were some initial concerns but we were able to work through them sufficiently and the industry is satisfied with how it’s going to work. “The only aspect that impacts us is the aspect of primary care. It’s not going to impact the additional health benefits for any of our customers. We’ve always had the standard benefit. What this does is carve out who should be registered with NHI and who shouldn’t be.” The NHI Authority’s latest report reiterated its belief that the public healthcare system, and Bahamian taxpayers, could enjoy a

total $55m in savings spread over the next five fiscal years by better integrating the existing primary care facilities (clinics) with treatments provided by NHI. “We envision part of these savings to be reinvested into the system to update and upgrade some public healthcare facilities. Engaging the private sector through public-private partnership (PPP) models will also bring in much-needed investment to enable us to deliver improvements without the burden of financing capital on the public sector,” the report added. “Recognising we are in the midst of difficult financial times for Bahamians, the NHI Authority is committed to the journey towards affordable healthcare and universal health coverage. We are seeking to remove financial barriers like co-pays and deductibles in accessing healthcare.” The NHI Authority had previously estimated that it could trim the Government’s annual primary

THE TRIBUNE healthcare system by $16m per annum come the 20242025 fiscal year, lowering the total from $130m under the present structure to around $113m. This would involve NHI accounting for the bulk of such spending, some $91m, while virtually eliminating the Public Hospitals Authority’s (PHA) contribution in this area. However, the economic devastation inflicted by the COVID-19 pandemic has imposed some limits on what the NHI Authority can ask taxpayers to fund. For the foreseeable future it is focusing in primary care only, having been forced to pause a planned expansion to include catastrophic care benefits. “The NHI 2.0 proposal included expanded benefits to deliver more comprehensive coverage for high-cost care, a mandate for employers to provide insurance and a national risk pool to enable affordability and access,” the NHI Authority said. “In a post-COVID-19 landscape where our economy has recovered, and when the time is right, we will strive to expand coverage and implement other reforms initially envisioned as part of NHI 2.0. For now, we recognise the need to balance our healthcare priorities while considering the challenges our businesses and economy face.”

Entrepreneur fears investment ‘at risk’ over $700k losses FROM PAGE ONE restricted establishments to offering take-away or walkin service only. Mr Major said he had tried to offer outdoor dining at the Xscape Lounge, but this had not generated the expected returns. As a result, he warned that the Xscape Lounge’s 20-strong workforce could be could be at risk of losing their jobs. Another 25 staff are based at the Climax

Lounge, but their work is restricted to keeping the location clean. The entrepreneur said he had sent the Prime Minister’s Office, or Competent Authority, a series of proposals two weeks ago on how the Xscape Lounge and other restaurants could resume indoor dining based on just 50 percent capacity but no response has yet been received. Mr Major said “capacity” will be based on each restaurant’s size, and the Royal Bahamas Police Force Fire Department should provide all such businesses with a “Fire and Safety Capacity Certificate” to confirm this. Such inspections, he added, should be “prioritised” for businesses that have not been able to operate since the COVID shutdown began last March.

THE TRIBUNE

Wednesday, February 3, 2021, PAGE 5

Insurers hope policy lapse increase is ‘bottoming out’ FROM PAGE ONE The enforced dropping of such coverage, known as policy lapses, due to the COVID-19 pandemic’s economic fall-out thus undermines a significant element of social and economic protection for many Bahamians and the wider society, with the ultimate result being that the burden of care falls on either the state or other family members. Mr Morley, confirming that the life and health insurance industry has never experienced such a policy lapse rate before, said: “I know for a fact that in 2008, the last economic fall-out that occurred, we did see some level of lapses but not to the extent we’re seeing today. “The pandemic is unprecedented in our lifetime, so most of the companies, our records do not reflect the level of standstill in the economy and industries that we’re seeing. We’re all in uncharted territory.” Voicing hope that the rate of policy lapses has eased in recent weeks, the BIA deputy chairman told Tribune Business: “I think what we’re seeing now is that we’ve bottomed out to a certain extent. Most of the persons continuing to pay policies are still employed, so the lapse rate over the last quarter has not been as significant as it was in the 2020 third quarter. “We are not seeing the level of lapses that we initially saw in the third quarter, especially after the emergency orders came to an end. That was in August, and the peak period was the end of the third quarter - the month of September.” Acknowledging that the life and health insurance industry itself will be impacted by the consequent loss of premium revenue and profits, Mr Morley nevertheless told Tribune Business it was well-placed to withstand the effects. “Most of the industry players are rather well capitalised,” he explained. “Our solvency is very strong. From a company level, we should be able to survive the fall-out. A lot of what we’re seeing now is consistent with the stress in the industry. “The industry will survive. Profits will take a hit in the short term, and as the economy turns around and gets back to a degree of normalcy, maybe in 2023 or

2024, we’ll rebound from it. The industry is very strong, so we should be OK.” Mr Morley gave an indication of the insurance industry’s importance to the Bahamian economy in late 2019, when he said: “I would just take a minute to highlight what is happening on the life and health side. “On that side of the business, we have combined assets based on the Insurance Commission’s website in excess of $1.9bn. In 2018, the industry collectively paid $298m in claims and I expect in 2019 that number will be in excess of $300m. “Additionally, collectively we paid in excess of $13m in premium taxes. Undoubtedly, with our partners on the general insurance side, the insurance industry has a major impact on the economy both now and will continue to do so in the years to come.” The COVID-19 pandemic has impacted life and health insurers in multiple ways. Family Guardian, for instance, attributed a $3.7m decline in policyholder payouts for the nine months to end-September 2020 to a fall-off in medical claims caused by COVID-19. Norbert Boissiere, the BISX-listed life and health insurer’s chairman, explained the seemingly counter-intuitive drop by pointing out that the pandemic had caused other medical/surgical procedures to be deferred or postponed as resources were devoted to fighting the virus. And the mixture of lockdowns, curfews and other restrictions had further inhibited the access of many Bahamians to medical care. “Policyholder benefits totaled $59.6m compared to $63.3m for the

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nine month period of 2019,” Mr Boissiere said of the near-six percent year-overyear decline. “The positive variance in benefits continues to be attributed to a decline in individual and group medical claims incurred during the period as restrictions on movement and a decline in elective procedures impacted the normal access to medical care.” However, its main rival, Colina Holdings (Bahamas) blamed the damage inflicted by COVID-19 on the value of its investment holdings for a 76.6 percent comprehensive income drop for the nine months to end-September. The BISX-listed life and health insurance holding company disclosed that comprehensive income attributable to equity shareholders fell year-overyear from $11.5m to $2.7m during the first nine months of 2020. It said this resulted from “the significant impact that the mark-to-market price adjustments on its investment securities” were having.

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PAGE 6, Wednesday, February 3, 2021

THE TRIBUNE

Insurer challenge to IMF’s proposal FROM PAGE ONE new law to Parliament in 2021 to mitigate risks associated with natural disasters.” The affordability of insurance coverage, which

has become a major issue due to frequent premium rate increases, has often seen homeowners and businesses either drop or reduce coverage - especially if their property is not subject to a mortgage or other

bank lien. Mr Saunders, while backing the desire to increase property insurance penetration throughout The Bahamas and make coverage more affordable, said this nation’s dependence

on reinsurance to cover the bulk of its risks meant it would always be a price taker to a large extent. “It’s still demand and supply, and a price,” he explained. “The more money we pool together, the more penetration we get, hopefully we can get some relief on prices, but we have big issues in The Bahamas and the Caribbean where we are relying on someone else’s capital. “There is no balance sheet in the Caribbean that I am aware of that is strong enough by itself to deal with hurricane issues. We are relying on third party capital and we have to pay the price for third-party capital whether it is the government, any individual or an industry. “We hope there will be relief for the majority of people, but at the end of the day there’s a cost involved. How that cost is absorbed is something all of us have to think about. There’s a cost someone has to deal with.” Patrick Ward, Bahamas First’s president and chief executive, told Tribune Business that the sector was “definitely in favour of expanding insurance takeup in the country” but there had been no specific talks with the government yet on how to achieve this despite the latter having indicated its interest in achieving this objective post-Hurricane Dorian.

Acknowledging that he had been “personally pushing for a while” for mandatory property insurance, given the increasing frequency and severity of storms, Mr Ward argued that “it shouldn’t be too difficult to come up with a conceptual framework” that met the needs of clients, insurers and capital providers. “I think the IMF report demonstrates how the inflow of reinsurance monies into the foreign reserves came at a critical time, and demonstrates that component from a recovery standpoint is absolutely critical to getting individuals and the country as a whole back on track in the aftermath of a significant catastrophe loss,” he said. The Bahamas First chief was referring to the IMF[‘s revelation that Dorianrelated reinsurance inflows gave the external reserves a $1.3bn boost over a twoyear period. They were responsible for a $400m increase last year at a time when this was essential due to the drop-off in tourism inflows. This combined with the receipt of $900m in reinsurance monies in 2019 to provide the $1.3bn boost. “The current account fell back into deficit following a small surplus in 2019,” the IMF said of The Bahamas in 2020. “Net travel receipts were negative for the first time in the second quarter of 2020. “Exports contracted more than imports (35

percent versus 17 percent) in the first three quarters relative to 2019, but the remainder of Hurricane Dorian related re-insurance receipts - about $400m compared to $900m in 2019 - helped limit the current account deterioration.” While the government has indicated its interest in developing a scheme that would ensure wider insurance coverage in Dorian’s wake, little progress appears to have been made thus far despite the acknowledgement that it may offer social benefits while removing the hurricane repair cost burden from the Public Treasury. Suggesting that The Bahamas could draw on catastrophe protection schemes developed by New Zealand and Turkey, the IMF said: “The majority of damage caused by hurricanes to The Bahamas is not covered by insurance. The lack of insurance payouts following a large disaster can hinder reconstruction efforts and slow the economic recovery..... “Private losses account for most of the damage, while private property insurance is largely optional unless the property is financed by a bank. As a result, about 60 percent of buildings destroyed by Hurricane Dorian in The Bahamas were not insured at all or not adequately insured. Government grants to assist with reconstruction are insufficient and present a significant burden to the public purse.”

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$2m PI entrepreneur takes govt to court FROM PAGE ONE Mr Smith previously told this newspaper he returned the lease, bearing his signature and other formalities, to the government on January 9, 2020. However, the government has to-date failed to apply its signature and execute the lease, with officials telling the entrepreneur that the document is now “not worth the paper it is written on”. The entrepreneur voiced fears at the time that his project was being “marginalised” and treated like “a second class citizen” to make way for Royal Caribbean’s rival beach break destination that was targeted at the same portion of crown land. “I feel as though I’m being pushed into a corner. I’ve already invested substantial money in tidying up the prime beach parcel, planting trees and removing debris, and planting grass,” he said then. “It was put to me that the government have agreed to give use of the land for the beach club to a foreigner, which they believe is in the national interest of The Bahamas. Quite frankly, my opinion is that giving up prime beachfront crown land to a foreign entity is not in the best interests of any Bahamian. “I am here to fight if necessary for the rights of Bahamians that aren’t necessarily in a position to fight for themselves. Don’t get me wrong. As a Bahamian I understand the importance of foreign direct investment and development in our country that primarily protects Bahamians and provides equal opportunity. I embrace FDI, but only when it is done with respect for Bahamians.” Mr Smith yesterday argued that the COVID-19 backdrop of high unemployment and reduced incomes should be a compelling reason to give his Paradise Island venture the go-ahead, especially since Royal Caribbean’s plans will at the very least have been delayed by the devastation inflicted on the cruise industry and its finances as a result of the pandemic He said: “I’m ready. I could start today. I can start today. I’ve got many Bahamians. We all know about 40 percent of the Bahamian workforce is currently unemployed. I would have thought that the Government of

the Bahamas would be chomping at the bit to have a Bahamian project come along, willing to hire Bahamians with the necessary capital.” Ownership and project financing will be 100 percent Bahamian, with the development generating $5m per year in revenues for the government once complete and fully operational. Some 40 construction jobs will also be created if it gets the goahead, while an initial public offering (IPO) to local investors remains a long-term goal. Mr Smith had previously told this newspaper: “I’m not going to continue to be ignored. The financing is in place. We can monitor and enforce safe social distancing. And there is legal recourse available. Is that what Bahamians have to be faced with in our country? “I have attempted through a mediator to reach out to Royal Caribbean to explain where my boundaries are in my crown land lease agreement, and I’m astonished Royal Caribbean are still trying to push over my boundaries with what appears to be the support of the Government of The Bahamas. Do we need to be issuing work permits and crown land to a foreign cruise line?” Mr Smith, in an April 30 letter to the Prime Minister, urged: “We wish to have a virtual meeting with you to discuss the Paradise Island Lighthouse & Beach Club project so we can invest and create commercial opportunities for Bahamians, get Bahamians back to work and assist in getting the economy turned around. “While we are cognisant and sensitive to the current global pandemic, we would like to receive all government approvals once those agencies reopen and commence as soon as the all-clear sign is given. We have tens of thousands of unemployed Bahamians, and we would like this project to receive accelerated processing to provide for opportunities for Bahamians with an urgency. “We also wish to receive direct government assistance to mitigate any delays originated by government, and an accountable government designate to bring this project to fruition. Since we are in our ninth year of trying to conclude this matter with the government we trust you understand why accountability is important to us.”

JEFF BEZOS, AMAZON’S FOUNDER, WILL STEP DOWN AS CEO NEW YORK Associated Press

JEFF Bezos, who founded Amazon as an online bookstore and built it into a shopping and entertainment behemoth, will step down later this year as CEO, a role he’s had for nearly 30 years, to become executive chairman, the company announced yesterday. Bezos, 57, will be replaced in the fall by Andy Jassy, who runs Amazon’s cloud-computing business. In a blog post to employees, Bezos said he planned to focus on new products and early initiatives being developed at Amazon. He said he would have more time for side projects, including his space exploration company Blue Origin, his philanthropic initiatives and overseeing The Washington Post, which he owns. Bezos, who is the company’s biggest shareholder, will still have broad influence over Amazon. “Jeff is really not going anywhere,” Amazon executive Brian Olsavsky said in a call with reporters. “It’s more of a restructuring of who’s doing what.” Launched in 1995, Amazon was a pioneer of fast, free shipping that won over millions of shoppers who used the site to buy diapers, TVs and just about anything else. Under Bezos, Amazon also launched the first e-reader that gained mass acceptance, and its Echo listening device made voice assistants a common sight in living rooms. As a child, Bezos was intrigued by computers and interested in building things,

such as alarms he rigged in his parents’ home. He got a degree in electrical engineering and computer science at Princeton University, and then worked at several Wall Street companies. He quit his job at DE Shaw to start an online retail business — though at first he wasn’t sure what to sell. Bezos quickly determined that an online bookstore would resonate with consumers. He and his now ex-wife, MacKenzie Scott, whom he met at DE Shaw and married in 1993, set out on a road trip to Seattle — a city chosen for its abundance of tech talent and proximity to a large book distributor in Roseburg, Oregon. While Scott drove, Bezos wrote up the business plan for what would become Amazon. com. Bezos convinced his parents and some friends to invest in the idea, and Amazon began operating out of the Bezos’ Seattle garage on July 16, 1995. Amazon has gone far beyond selling paperbacks. It now produces movies, makes sofas, owns a grocery chain and even has plans to send satellites into space to beam internet service to earth. The company is one of the most valuable in the world, worth nearly $1.7tn. During the pandemic, Amazon was one of the few retailers to benefit as shoppers stayed clear of malls and shopped from their phones. On the same day Amazon announced Bezos would step down, the company reported making a record profit in the last three months of 2020, and its quarterly revenue shot past $100bn for the first time.

Wednesday, February 3, 2021, PAGE 7

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PAGE 10, Wednesday, February 3, 2021

THE TRIBUNE

Biden, Yellen say GOP virus aid too small, Democrats push on WASHINGTON Associated Press PRESIDENT Joe Biden, pictured, panned a Republican alternative to his $1.9tn COVID rescue plan as insufficient yesterday as Senate Democrats pushed ahead, voting to launch a process that could approve his sweeping rescue package on their own, if Republicans refuse to support it. Biden and Treasury Secretary Janet Yellen joined the Democratic senators for a private virtual meeting, both declaring the Republicans’ $618bn offer was too small. They urged big fast action to stem the pandemic crisis and economic fallout. As the White House reaches for a bipartisan bill, Democrats marshaled their ever-slim Senate majority, voting 50-49, to start a lengthy process for approving Biden’s bill with or without GOP support. The goal is passage by March. “President Biden spoke about the need for Congress to respond boldly and quickly,” Senate Majority Leader Chuck Schumer said after the lunch meeting. “If we did a package that small, we’d be mired in the COVID crisis for years.” The swift action from Democrats on Capitol Hill underscores the urgency of delivering Biden’s top legislative priority even as talks are progressing privately between Republicans and the White House, as well as with centrist Democrats, on potential changes to the package to win over broader bipartisan support. Biden framed his views during the virtual lunch meeting with Democrats by talking about the need not to forget working and middle-class families — even those like nurses and pipefitters making $150,000 for a family of four — who are straining during the crisis, according to a person granted anonymity to discuss the private call. The night before, Biden met with ten Republican senators pitching their $618bn alternative, and let them know it was insufficient to meet the country’s needs. The president made it clear that he won’t delay aid in hopes of winning GOP support. While no compromise was reached during the late Monday session, White House talks with Republicans are privately underway. The outcome will test the new president striving to unify the country but confronting a rising COVID death toll and stubbornly high jobless numbers, with political risks for all sides. Vaccine distributions, direct $1,400 payments to households, school reopenings and business aid are all on the line. Senate Republican leader Mitch McConnell criticised the Democrats for pressing ahead on their own. He said he had spoken to Biden ahead of his meeting with the ten GOP senators. “They’ve chosen a totally partisan path,” McConnell said. “That’s unfortunate.” The two sides are far apart, with the Republican group of 10 senators focused primarily on the health care crisis and smaller $1,000 direct aid to Americans than the $1,400 payments Biden proposed, while the president is leading Democrats toward a more sweeping rescue plan to shore up households, local governments and a partly shuttered economy. The goal is to have COVID-19 relief approved by March, when extra unemployment assistance and other pandemic aid expires. At the White House, press secretary Jen Psaki reiterated Biden’s view that the risk is not in crafting too large a package, but

in providing too little aid. She said the president was hopeful GOP ideas will be brought forward, and said nothing precludes Republicans from participating in the process. “We need to make sure people get the relief they need,” she said. White House officials have previously cited the US Chamber of Commerce as evidence of broad support for their plan, but the nation’s most prominent business group issued a letter yesterday that urged a bipartisan compromise. “There ought to be common ground for a bipartisan proposal that can become law,” Neil Bradley, executive vice president and chief policy officer, said in an interview. The cornerstone of the GOP plan is $160bn for the health care response — vaccine distribution, a “massive expansion” of testing, protective gear and funds for rural hospitals, similar to what Biden has proposed. But from there, the two plans drastically diverge. Biden proposes $170bn for schools, compared to $20bn in the Republican plan. Republicans also would give nothing to states, money that Democrats argue is just as important, with $350bn in Biden’s plan to keep police, fire and other workers on the job. The GOP’s $1,000 direct payments would go to fewer households, individuals earning up to $40,000 a year, or $80,000 for couples. That’s less than Biden’s proposal of $1,400 direct payments at higher income levels, up to $300,000 for some households.. The Republicans offer $40bn for Paycheck Protection Program business aid. But gone are Democratic priorities such as a gradual lifting of the federal minimum wage to $15 an hour. According to Schumer, Biden told Democratic senators he had let the Republicans know “he’s willing to make some modifications”. But both Biden and Yellen recalled the lessons of the government response to the 2009 financial crisis, which some have since said was inadequate as conditions worsened. Biden said he told the Republicans their offer was “way too small”, Schumer said. Winning the support of ten Republicans would be significant, potentially giving Biden the votes needed in the 50-50 Senate to the 60-vote threshold typically required to advance legislation. Vice President Kamala Harris is the tie-breaker. Wary Democrats pushed ahead with yesterday’s vote, unwilling to take too much time in courting GOP support that may not materialise or may lead to too meager a package. The procedural steps are groundwork for eventual approval under the budget reconciliation process that would allow the bill to pass with a 51-vote majority in the Senate, rather than the 60 votes typically needed. The vote yesterday opens 50 hours of debate on a budget resolution, with amendment votes expected later this week. The House is poised to launch a similar process.

THE TRIBUNE

Wednesday, February 3, 2021, PAGE 11

FLORIDA LAWMAKERS CHALLENGE SILICON VALLEY OVER ‘CENSORSHIP’ TALLAHASSEE Associated Press

FLORIDA lawmakers, including Gov Ron DeSantis, intensified their battle with Facebook, Twitter and Silicon Valley when they announced new proposals yesterday aimed at reigning in platforms they accuse of squelching the free speech of conservatives. “Over the years, these platforms have changed from neutral platforms that provide Americans with the freedom to speak to enforcers of preferred narratives,” the governor said yesterday during a news conference at the Florida Capitol. Social media companies have been simultaneously praised and condemned in recent weeks as they cracked down on inciteful posts they said could foment further violence after the Jan 6 insurrection at the US Capitol. Conservatives have long accused social media companies and other tech giants of harboring bias against them. Republicans in other states are considering similar bills that push back against social media giants they deem unfriendly. “Florida is taking back the virtual public square as a place where information and ideas can flow freely. We’re demanding transparency from the big tech giants,” state House Speaker Chris Sprowls said. About four in every five Americans — some 250 million people — have profiles on social media. Th ose with substantial followings, including elected officials, celebrities and other public figures, have platforms they can readily deploy to amplify their messaging. On a call with analysts last week, Facebook founder Mark Zuckerberg said the social media giant was attempting to “turn down the temperature and discourage divisive conversations and communities”. He added that “people don’t want politics and fighting to take over their experience on our services”. Amazon booted Parler off its web-hosting service five days after the Capitol insurrection. It said in court filings that it did so as a last resort to keep Parler from being used as a venue to disseminate plans for disrupting government and last month’s inauguration of President Joe Biden. A federal judge in Seattle later ruled Amazon would not be required to restore web service to Parler, an online social media platform

that mostly attracts conservatives and supporters of former President Donald Trump. The moves by Florida lawmakers may end up being mere political theater because it’s uncertain if the state would have the authority to act on companies with such national and global reach. In fact, the federal Telecommunications Act of 1996 shields internet companies from many legal challenges. Legal experts say states and other local jurisdictions have a high bar in justifying regulations that might infringe on free speech issues — but the matter could be ripe for a national discussion on how to regulate Internet companies, according to Clay Calvert, a first amendment expert at the University of Florida’s law school. Besides, he said, “do we want a crazy quilt of state regulations or do we want uniform rules adopted on the federal level?” State Senate President Wilton Simpson suggested that the federal arena may be the proper venue for regulating tech companies. “There’s not much we can do as a state. But we need Congress to act on a nationwide basis,” he said. “The big tech companies have the duty to allow differing views on their public platforms. No one should be excluded,” Simpson said. “But let’s be clear: They are targeting conservatives.” One proposal in the state Senate would force Facebook, Twitter and other social media platforms to give users a month’s notice before their accounts are disabled or suspended. The bill was filed after Twitter suspended Trump’s account after his supporters stormed the US Capitol. Another proposal that was to be filed yesterday would prohibit companies from suspending the account of a political candidate and be subject to a fine of $100,000 for each day the account of a statewide candidate is blocked, or $10,000 a day for other office seekers. The proposal also would allow consumers to the sue if they’ve been treated unfairly and would authorise the state attorney general to take on the country’s largest tech companies for anti-competitive practices. Social media companies would be required to reveal how they became aware of any content they censor. “We’re definitely at a boiling point,” said Darrell West, the vice president of

LEGAL NOTICE

NOTICE RANKS MANAGEMENT HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a)

RANKS MANAGEMENT HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 01st February, 2021 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Leeward Nominees Limited, Vistra Corporate Services Centre, Wickhams Cay 11, Road Town, Tortola, British Virgin Islands.

Dated this 03rd day of February, A. D. 2021 _________________________________ Leeward Nominees Limited Liquidator LEGAL NOTICE

NOTICE

SIGNATURE POWER LIMITED N O T I C E IS HEREBY GIVEN as follows: (a)

SIGNATURE POWER LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 01st February, 2021 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O.Box N-3023, Nassau, Bahamas

Dated this 03rd day of February, A. D. 2021

_________________________________ Bukit Merah Limited Liquidator

FACEBOOK CEO MARK ZUCKERBURG

governance studies at the Brookings Institution. “Most of these issues have come up just in the last year, as social media platforms have become more aggressive about regulating their own space.” While Republicans lawmakers assert bias against conservative thought, a New York University study released Monday concludes that is a baseless claim. “Conservatives are drawn

to the established platforms for the same reason liberals are: That’s where you can reach the largest audiences and enjoy the benefits of the network effect,” said the study’s authors. “And as much as they condemn supposed social media favoritism,” the author’s continued, “conservatives appear to relish wielding the bias-claim cudgel, even though it’s based on distortions and falsehoods.”

PAGE 12, Wednesday, February 3, 2021

THE TRIBUNE JEFF BEZOS

Washington state eyes ‘billionaire tax’ on the ultra rich OLYMPIA Associated Press WASHINGTON state’s richest residents — including Jeff Bezos and Bill Gates — would pay a wealth tax on some financial assets under a bill proposed by a lawmaker who says she is seeking a fair tax code at a time when so many people are struggling due to the pandemic. Under the bill, a 1% tax would be levied on “extraordinary” intangible financial assets including cash, publicly traded options, futures contracts, and stocks and bonds — but not income. The first $1bn in value would be exempt from the tax that would apply to residents’ taxable worldwide wealth. Forbes magazine says about a dozen of the richest people in the world live in Washington state, including Bezos and Gates, who top the global list after making their fortunes from their respective tech companies, Amazon and Microsoft. About 100 taxpayers in the state have wealth in excess of $1bn, according to the state Department of Revenue. The bill’s sponsor, Democratic Rep Noel Frame of Seattle, said the measure isn’t an attack on the state’s richest residents. “It actually really isn’t about them, it’s about the working people of Washington who right now are disproportionally paying for community investments like public education, public health, you name it,” she said. “This is about equity in the tax code.” Efforts to increase taxes on the wealthy are not new, but no state currently has a wealth tax, according to Jackson Brainerd, senior policy specialist with the National Conference of State Legislatures. The Washington state measure “would be the first of its kind if it passes,” he said. In New York state, the governor is proposing to raise income taxes on the wealthiest residents but has called legislative proposals there to tax billionaire’s assets “unconstitutional”. A measure was proposed in California last year that would have created a 0.4 percent yearly tax on a resident’s worldwide net worth over $30m.

Frame said her proposal would bring an estimated $2.5bn to state coffers a year. The tax would be imposed starting Jan 1, 2022, for taxes due in 2023. The measure received its first public hearing yesterday before the House Finance Committee, where Frame serves as chairwoman. While the bill doesn’t direct any funds to particular programmes, Frame points to programs like a tax credit for low-income workers that could benefit from the revenue. Frame is joined by 25 other House Democrats who have signed on in support of the bill, though legislative leaders in the chamber have said it’s too early to know if it will pass. Frame said Washington — one of just a few states without an income tax — leans too heavily on its sales tax, disproportionately affecting those with less income. She cited a recent report that found the collective wealth of the nation’s billionaires has increased by $1tn during the pandemic, at the same time small businesses were closing and a record number of Americans sought unemployment benefits. “I think that the coronavirus has really laid bare the inequity that always was there,” she said. “But now people really understand it.” Republican Rep Drew Stokesbary, a fellow member of the committee considering the bill, called the measure “a pretty bad idea”, saying that in additional to constitutional issues with targeting one segment of taxpayers over another, billionaires could just choose to move to avoid the tax. “It sets a very troubling precedent,” he said. “If seven million Washingtonians gang up on the nine richest this year, what’s to stop us from ganging up on the next thousand richest the next year and so on.” A spokesman for Amazon declined to comment, and spokespeople for Gates did not immediately respond to a request for comment. In a blog post in late 2019, Gates wrote about inequality and his push for changes in the tax code, including his support of an unsuccessful voter initiative that would have created a state income tax.

NOTICE

NOTICE is hereby given that SHAWN JEAN BAPTISTE of East Street, Nassau, 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 27th day of January, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that ARLINGTON JAMES SWEETING of Joe Farrington Road, Nassau, 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 27th day of January, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Wednesday, February 3, 2021, PAGE 13

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, GIOVANTE RUSSELL, of Blue Hill Road South, Nassau, Bahamas Mother of L’ATREL DONTE KENTOR HINZEY, a minor, intends to change his name to LIAM GRAYSON JERMELL SWEETING. 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 JUNIOR SAINMERS, of Kemp 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 3rd day of February 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that ROSELENE TIMA of Washington Street, Nassau, 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 27th day of January, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that KERLINE MILHOMME, of #120 Commonwealth Boulevar, 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 3rd day of February 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that LOUIS MARC BIEN AIME of Crooked Island Street, P.O. Box N-3331, Nassau, 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 27th day of January, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that PATRICIA SMITH, of 4380 NW 36th St., Lauderdale Lakes, Apartment #212, FL 33319, 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 27th day of January 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that NADIA BIEN AIME of Crooked Island Street, P.O. Box N-3331, Nassau, 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 27th day of January, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

TUESDAY, 2 FEBRUARY 2021

BISX ALL SHARE INDEX:

CLOSE

CHANGE

%CHANGE

YTD

YTD%

2071.75

-3.11

-0.15

-20.71

-0.99

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

BISX LISTED & TRADED SECURITIES 52WK HI 4.50 33.05 2.00 2.10 2.10 6.00 6.90 3.55 6.49 4.40 6.16 12.77 3.64 6.85 10.88 8.44 15.08 4.25 9.26 16.00

52WK LOW 3.13 22.65 0.67 1.62 1.66 5.00 6.00 2.70 4.50 3.50 5.50 11.06 2.10 4.75 9.60 7.50 13.00 3.50 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 4.50 32.12 1.62 2.10 1.67 6.00 6.61 2.98 4.74 3.50 5.80 11.24 2.50 6.85 10.06 8.40 13.50 3.80 8.50 15.20

CLOSE 4.50 32.12 1.62 2.10 1.67 6.00 6.61 2.98 4.74 3.50 5.50 11.24 2.55 6.85 10.22 8.40 13.50 3.80 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 99.97 97.04 100.72

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 99.97 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 99.97 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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.30) 0.00 0.05 0.00 0.16 0.00 0.00 0.00 0.00 0.00

VOLUME

9,000 250

1,000

250

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 18.8 34.5 N/M N/M N/M N/M 17.9 -6.8 33.9 19.0 12.2 15.6 25.0 14.7 15.8 11.5 16.5 18.7 9.1 24.1

YIELD 3.78% 3.92% 1.23% 1.43% 0.00% 0.00% 3.93% 0.00% 0.00% 3.43% 4.00% 6.41% 17.02% 0.88% 3.21% 2.86% 4.00% 3.16% 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%

MATURITY

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

MUTUAL FUNDS 52WK HI 2.39 4.43 2.14 201.90 184.85 1.69 1.85 1.78 1.24 8.49 10.26 7.28 13.91 12.84 10.81 10.00 8.98 11.79

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.66 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 Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global 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 2.39 4.43 2.14 201.90 184.85 1.68 1.79 1.76 1.05 8.49 10.03 7.28 13.91 12.84 10.05 N/A 9.28 11.86

YTD% 12 MTH% 4.55% 4.55% 1.58% 1.58% 2.60% 2.60% 3.47% 3.47% 10.86% 10.86% 1.03% 1.03% -3.14% -3.14% 0.26% 0.26% -12.29% -12.29% 1.76% 1.76% -1.97% -1.97% 4.91% 4.91% 5.28% 15.75% 0.05% 3.96% -0.35% -6.34% N/A N/A -0.50% 3.70% -3.80% 4.10%

NAV Date

31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-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

PAGE 16, Wednesday, February 3, 2021

THE TRIBUNE

GOOGLE’S REBOUNDING AD REVENUE SPELLS BIG 4Q FOR ALPHABET SAN RAMON Associated Press

GOOGLE’S digital advertising empire is regaining the momentum it lost during the pandemic’s early stages as its YouTube video service matures into a major marketing magnet and other companies pour more into promotions aimed at cooped-up consumers with money to spend. The comeback highlighted the latest quarterly results released yesterday by Alphabet Inc, Google’s corporate parent. As usual, Alphabet generated all but a small fraction of its revenue from

Google’s internet-leading ad network, while other companies in its portfolio were mostly a financial drain. Alphabet earned $15.2bn on revenue of $56.9bn during the October-December period, a showing that easily outstripped the projections of Wall Street analysts. The Mountain View, California, company also disclosed that a change to account for Google’s computer servers and other equipment lasting longer than expected could boost its operating results this year by as much as $2.1bn. Investors hailed the news by driving up Alphabet’s stock price by more than 7% in extended trading. That sets up the shares to hit

a new all-time high during today’s regular session. Google’s fourth-quarter ad revenue totaled $46.2bn, a 22% increase from the same time in the previous year. The growth in the past quarter surpassed the 10% year-over-gain in Google’s ad revenue during the JulySeptember period. Those increases came after Google’s ad revenue fell 8% during last year’s April-June period that unfolded after most of the US economy had shut down. That marked the first time Google’s quarterly ad revenue had ever declined from the previous year since the company went public in 2004. “It was a great end to

a challenging year,” Ruth Porat, Alphabet’s chief financial officer, told analysts during a conference call. “We feel really good about the level of activity” among advertisers. When the pandemic first hit, advertisers clamped down on the spending, especially airlines, hotels, cruise lines and other businesses tied to travel. But advertising in those sectors are now recovering in anticipation people will be itching to hit the road later this year, although the travel and hospitality marketing still remains down by 30% to 40% from the prepandemic levels, according to a recent analysis by Canaccord Genuity.

While people haven’t been traveling as frequently or as far as they once did, they are watching more video streamed over the internet than ever. That trend has helped attract even more eyeballs to YouTube, a phenomenon that is spurring more advertising on the world’s most watched video site. Advertising on YouTube during the past quarter rose 46% from the previous year to $6.9bn. Things are expected to get even better for Google from here, assuming the COVID-19 vaccines ease the pandemic and enable the economy to reopen as the year progresses. Canaccord Genuity is projecting

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 59° F/15° C Low: 35° F/2° C

TAMPA

THURSDAY

FRIDAY

SATURDAY

SUNDAY

Breezy and cool; clouds and sun

Partly cloudy

Times of clouds and sun

Partly sunny; pleasant in the p.m.

Nice with sun and some clouds

Mostly sunny and pleasant

High: 68°

Low: 57°

High: 70° Low: 61°

High: 76° Low: 64°

High: 78° Low: 67°

High: 79° Low: 67°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

68° F

57° F

75°-61° F

76°-65° F

84°-66° F

85°-66° F

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: 65° F/18° C Low: 59° F/15° C

8-16 knots

S

High: 65° F/18° C Low: 41° F/5° C

10-20 knots

FT. LAUDERDALE

FREEPORT

High: 67° F/19° C Low: 46° F/8° C

E

W S

E

W

WEST PALM BEACH

N

High: 63° F/17° C Low: 55° F/13° C

MIAMI

High: 68° F/20° C Low: 46° F/8° C

7-14 knots

KEY WEST

High: 66° F/19° C Low: 57° F/14° C

ELEUTHERA

High: 68° F/20° C Low: 57° F/14° C

Forecasts and graphics provided by AccuWeather, Inc. ©2021

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

11:53 a.m. -----

2.5 -----

5:54 a.m. -0.1 6:15 p.m. -0.4

Thursday

12:36 a.m. 12:51 p.m.

2.7 2.3

6:57 a.m. 0.0 7:10 p.m. -0.4

Friday

1:39 a.m. 1:54 p.m.

2.8 2.2

8:05 a.m. 0.1 8:10 p.m. -0.3

Saturday

2:44 a.m. 3:01 p.m.

2.8 2.1

9:15 a.m. 0.1 9:14 p.m. -0.3

Sunday

3:49 a.m. 4:08 p.m.

2.8 2.1

10:22 a.m. 0.0 10:18 p.m. -0.4

Monday

4:51 a.m. 5:10 p.m.

2.9 2.2

11:24 a.m. -0.1 11:18 p.m. -0.4

Tuesday

5:48 a.m. 6:07 p.m.

3.0 2.3

12:19 p.m. -0.2 ---------

sun anD moon Sunrise Sunset

6:51 a.m. 5:56 p.m.

Moonrise Moonset

none 10:58 a.m.

Last

New

First

Full

Feb. 4

Feb. 11

Feb. 19

Feb. 27

CAT ISLAND

E

W

High: 71° F/22° C Low: 64° F/18° C

N

S

E

W S

7-14 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 ................................................... 66° F/19° C Low .................................................... 61° F/16° C Normal high ....................................... 77° F/25° C Normal low ........................................ 64° F/18° C Last year’s high ................................. 72° F/22° C Last year’s low ................................... 68° F/20° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ................................................. 1.86” Normal year to date ..................................... 1.47”

High: 70° F/21° C Low: 62° F/17° C

NASSAU

7-14 knots

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 72° F/22° C Low: 64° F/18° C

High: 72° F/22° C Low: 66° F/19° C

N

High: 72° F/22° C Low: 60° F/16° C

E

W S

LONG ISLAND

tracking map

High: 73° F/23° C Low: 66° F/19° C

8-16 knots

MAYAGUANA High: 73° F/23° C Low: 67° F/19° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 72° F/22° C Low: 67° F/19° C

High: 75° F/24° C Low: 68° F/20° C

N E

W

E

W

H

High: 72° F/22° C Low: 67° F/19° C

GREAT INAGUA

N

H

uV inDex toDay

TONIGHT

High: 59° F/15° C Low: 42° F/6° C

this year’s worldwide spending on digital ads will climb 15% to $389bn. That is more in line with the industry’s annual growth during the past decade, except last year when digital ad spending rose by just 8% because of the recession triggered by the pandemic. Google is well positioned to continue to capture the largest portion of the digital ad market, although it faces a potential challenge to its dominance from several lawsuits filed by the US Justice Department and state attorneys general seeking a court order that could either break up the company or impose reforms undercutting its power.

S

S

6-12 knots

6-12 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 NW at 10-20 Knots E at 3-6 Knots NW at 7-14 Knots E at 6-12 Knots WNW at 8-16 Knots ENE at 4-8 Knots NW at 6-12 Knots NE at 6-12 Knots WNW at 8-16 Knots ENE at 4-8 Knots NW at 8-16 Knots SE at 4-8 Knots NW at 7-14 Knots ENE at 4-8 Knots N at 6-12 Knots ENE at 7-14 Knots NW at 6-12 Knots ENE at 6-12 Knots NW at 6-12 Knots NE at 6-12 Knots WNW at 8-16 Knots E at 4-8 Knots NW at 6-12 Knots ENE at 7-14 Knots NW at 8-16 Knots E at 4-8 Knots

WAVES 6-10 Feet 3-6 Feet 2-4 Feet 1-2 Feet 3-6 Feet 3-5 Feet 1-3 Feet 1-3 Feet 3-6 Feet 3-5 Feet 5-9 Feet 2-4 Feet 1-3 Feet 1-2 Feet 2-4 Feet 1-3 Feet 1-2 Feet 1-2 Feet 6-10 Feet 4-8 Feet 1-3 Feet 1-2 Feet 1-3 Feet 1-2 Feet 2-4 Feet 1-3 Feet

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

WATER TEMPS. 74° F 74° F 75° F 73° F 75° F 75° F 78° F 78° F 74° F 74° F 74° F 73° F 73° F 71° F 78° F 78° F 76° F 76° F 77° F 77° F 75° F 75° F 77° F 76° F 75° F 75° F