02252022 BUSINESS

business@tribunemedia.net

FRIDAY, FEBRUARY 25, 2022

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Customs chief placed on leave in shake-up

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Davis administration has initiated a shake-up of the Customs Department that has resulted in its comptroller, Dr Geannine Moss, being placed on administrative leave.

A spokesman for the Prime Minister, who has ultimate responsibility for Customs as minister of finance, confirmed that multiple personnel changes have occurred among top management when approached by Tribune Business yesterday. They declined to explain why Dr Moss had

• ‘A number of matters’ behind leader change • Agency faced probe on ‘excessive’ allowances • Numerous appointments at revenue agency been placed on leave other than to say “a number of matters” were involved.

“She is on administrative leave,” the spokesman confirmed.

“The acting comptroller is Roosevelt Bethel. The financial secretary [Simon Wilson] is not going to disclose why she is on leave because it’s a human resources matter,

but there are a number of matters.” They declined to comment further.

Dr Moss could not be reached for comment, and nor could Mr Wilson or Senator Michael Halkitis, minister of economic affairs. However, Customs becomes the latest agency to follow the likes of the Department of Corrections in seeking major leadership changes following the September 16 general election.

It was indicated to this newspaper that, having been placed on leave, Dr Moss is unlikely

SEE PAGE FOUR

Baha Mar president seeks COVID protocol ‘pull back’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas’ two mega resorts yesterday blamed Omicron for disrupting their “booking pace” and costing them critical group business as they called for COVID restrictions to be further eased.

Graeme Davis, Baha Mar’s president, told the Bahamas Hotel and Tourism Association’s (BHTA) first Board of Directors meeting for 2022 that it continues to encounter guest “push back on the mask mandate” given that 90 percent and upwards are now fully vaccinated.

BAHA MAR RESORT Voicing expectations that the Davis administration will further “pull back” on protocols for vaccinated travellers, Mr Davis said easing the 72-hour testing before travel requirement and downgrading the Health Travel Visa to “an Immigration form” would both help speed up tourism’s

rebound and that of the wider economy.

Faced with the COVID case surge sparked by the Omicron variant, the Baha Mar chief said: “We struggled through the festive season into early January. Certainly, with those cases escalating and the CDC (Centres for Disease Control and Prevention) going to

‘Level 4’, we had significant group cancellations the first quarter and certainly leading into the second quarter.

“There are positive signs that the surge is on the lower end of the curve. We’re starting to see our booking pace improve, but are still seeing cancellations in groups and continue to encourage the Bahamas government to work with the CDC to get CDC warning from a ‘Level 4’ to a ‘Level 2’.”

Such an upgrade from the present advisory, which urges Americans to “avoid travel to The Bahamas”, is thought to be imminent based on this nation’s declining case

SEE PAGE SIX

Ukraine invasion ‘serious concern’ for local tourism

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net TOURISM executives yesterday warned that Russia’s invasion of Ukraine is a “serious concern” for The Bahamas’ post-COVID recovery as the sector pushed for further easing of health restrictions.

Kerry Fountain, the Bahamas Out Islands Promotion Board’s executive director, told Tribune Business that the situation reminded him of when the first COVID emergency order was issued almost two years ago as “nobody knew what to expect” at that time.

KERRY FOUNTAIN Suggesting that similar uncertainties surround the Ukraine conflict, particularly over its duration and how widespread fighting may become, he said of the Board’s member hotels: “In

SEE PAGE FIVE

RBC racing to replace card amid fraud fears

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ROYAL Bank of Canada (RBC) last night said it was racing to replace its “magnetic strip” debit cards in The Bahamas after fears were raised that they are vulnerable to fraud.

The Canadian-owned bank, in a statement, said it was “working diligently” to launch a replacement debit card to Bahamian clients after Kendrick Christie, president of the Association of Certified Fraud Examiners Bahamas chapter (ACFE), voiced concern it was employing “outdated

KENDRICK CHRISTIE technology” to safeguard its clients from potential abuse.

Mr Christie, who runs his own accounting firm, asserted in a statement

SEE PAGE FIVE

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Tourism demand up over 50% in vital US markets • ‘Every week that goes by we’re growing’ • Out Island resorts ahead of 86% target • Smaller hotels do better in COVID chase

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas’ key visitor source markets are “all up double digits” on tourism demand, it was revealed yesterday, with New York and Florida ahead by 56 percent and 40 percent respectively.

Fred Lounsberry, the Nassau/Paradise Island Promotion Board’s chair and chief executive, told the Bahamas Hotel and Tourism Association’s (BHTA) board of directors meeting that while figures measuring 12-week rolling demand were “moving in the right direction” this nation still has further to travel to match 2019.

While The Bahamas was “not where it needs to be as we move into Spring and summer”, he added that “every week that goes by we’re growing. We’re seeing demand improve week after week”.

“New York is up 56 percent, Florida 40 percent,” Mr Lounsberry said. “We’re all up double digits, 40 percent, 50 percent, in key markets. They are big numbers related to percentages.... Our strength markets remain strong. New York, despite all its issues, is still number one followed by Philadelphia, Dallas, Boston and down the line.”

When it came to persons hitting the Promotion Board’s website, he added that “visits” were up by 23 percent for the first two months of 2022 with “conversions” - turning visitors into actual customers - ahead by 177 percent compared to the same period last year.

“The last two weeks versus 2021, we’re seeing significant growth week over week.

We’ve ramped up marketing to the degree we’re able to. We’re pretty much at peak for the next two-three months in those markets you saw earlier.”

Mr Lounsberry’s presentation showed that flight search demand for The Bahamas was up 33 percent during the first two months of 2022

SEE PAGE SEVEN

PAGE 2, Friday, February 25, 2022

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Ways to maximise your online selling T

aking your business online, and using a website that allows customers to access your goods and services, is no longer a highly technical challenge. Globally, most companies that have a physical store have already made strides in incorporating online sales into their business mix.

Having an online presence will open up markets that you otherwise would not have access to. Making your products available online means taking your brand to the international stage. As exciting as that may seem, there are some dangers to avoid in the process.

In order to set up a store that will maximise your chances of attracting customers and generating sales, you will have to become familiar with a few product page basics. This week’s column will help you navigate this process with seven valuable tips: 1. Display the right products Focusing on things like that will help you to attract more customers and increase traffic to your site.

More traffic usually means more sales.

2. Include accurate product descriptions One of the biggest mistakes you can make when creating an online store is including product descriptions that are not very descriptive. An even worse

IAN FERGUSON mistake is publishing descriptions that are just plain wrong. Create simple, accurate and customised descriptions for each item.

3. Display the price Showing how much your products cost, with up-todate pricing information, is essential if you do not want to chase off potential customers. The price that you display must be the price that the customer sees when they finally hit the checkout page.

4. Take better pictures Take better photos to show your products online.

Technology has made this incredibly easy to do as smartphone cameras can produce amazing pictures, along with smaller file sizes, making them the ideal choice for taking product photos.

5. Encourage user reviews

Share your news

The Tribune wants to hear from people who are making news in their neighbourhoods.

Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

One of the best ways to boost your business is to have happy customers, so do not be afraid to let your customers express how much they love your products. Sharing genuine user feedback builds trust, and gives potential buyers a sense of what to expect in terms of product quality and customer service. Be sure to train towards exceptional service standards.

6. Make the most of your social media presence Social media is a great advertising tool. The best part is that it can be leveraged as a marketing platform that will not cost you a dime. Do not be afraid to encourage your users to reach out via social media channels. If you make your social media presence engaging, your customers will readily use it as a way to get in touch with you. Ensure compatibility between your website and social media platforms.

7. Make it easy to buy stuff Of all the functions that your website should serve, one of the most important is the checkout step. If your customers have reached that point in the buying process, it is essential that nothing scares them off at the last minute. Ensure that all of your different payment gateways work perfectly, and that any promotions and discounts are working properly.

• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.

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Friday, February 25, 2022, PAGE 3

BAHAMAS ‘FIRST’ TO SERVE AVIATION SECURITY MODEL

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas was yesterday said to have gained “a competitive advantage” through an aviation security “first” that will serve as a model for the US government’s international roll-out plans.

Karen Hanlon, western hemisphere regional director for the Transportation Security Administration (TSA), said the success of the PreCheck pilot initiative over a 90-day period last year had encouraged the federal agency’s belief that it can be introduced in other countries.

Speaking after The Bahamas became the first destination outside the US to launch PreCheck, which facilitates the Trusted Traveller initiative, Ms Hanlon said some 75,000 persons passed through its security measures before departing Lynden Pindling International Airport (LPIA) between August 4 and November 4, 2021.

“I was in here in November to meet with the Government and give them feedback on the pilot programme,” she said. “It was an interesting conversation to have to tell them that the pilot was so successful that we have to extend.”

The same recommendation was made to TSA

THE BAHAMAS has become the first international destination outside the United States to have a Transportation Security Administration (TSA) PreCheck at its main airport. A Ribbon Cutting Ceremony for the opening of a TSA Pre-Check Point Lane was held at the Lynden Pindling International Airport on Thursday, February 24, 2022. Pictured left to right: Karen Hanlon, TSA Regional Director International Operations; Chargé d'Affaires Usha Pitts, United States Embassy, Nassau; the Hon. Chester Cooper, Deputy Prime Minister and Minister of Tourism, Investments and Aviation; Reginald Saunders, Permanent Secretary, MOTIA; and Paul Bevans, Chairman of the Board, Airport Authority.

Photo:Kemuel Stubbs/BIS

administrator, Admiral David Pekoske, and Ms Hanlon added: “This is where this discussion came up. It’s been so successful

Contractors at ‘great risk’ in Act’s absence

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net AN EX-BAHAMIAN Contractors Association (BCA) president yesterday said enforcing legislation to protect the industry was “foremost” among its concerns as operators are at “great risk” without it.

Leonard Sands told Tribune Business that contractors still require full implementation of the the Bahamas Construction and Contractors Act. The law, which was published in the Government’s official gazette in May 2017, has yet to be implemented because the Board that will oversee its implementation - and bring self-regulation to the construction industry - has yet to be appointed.

Mr Sands said: “Contractors are at great risk out there because the persons

who are practitioners now can be anyone rather than persons who have been vetted to ensure that the public is getting the best outcome.”

The failure to apply the Act continues to leave consumers exposed, and lacking redress for shoddy workmanship and other poor practices, other than to initiate expensive court actions that can take years to deliver justice.

Meanwhile, Mr Sands said building materials prices are currently “holding steady and not rising”.

He added: “I think they’ve gotten to a ceiling and they are just staying there.

They’re not increasing; it just plateaued for right now.

“The construction sector is moderate right now.

There is still some activity but there always can be more as always. There are still lots of opportunities for local work, which is not slowing down the pipeline.”

Chester Cooper, deputy prime minister, earlier this week said the Government’s National Economic Council (NEC) had given final sign-off for $1bn in new investment projects to proceed.

This, though, did not greatly impress Mr Sands, who challenged the Government to explain what this really means “One billion dollars in investments could mean $1bn worth of uniforms for an airline agency,” he added. “It does not mean $1bn in real estate development for tourismrelated projects.

“This could be in infrastructure or non-infrastructure projects. It can be in platform production or all computer-based; it does not have to be in the construction of a resort.

So I think we have to be cautious in how we move forward and assess it. The Government needs to give us more details.”

in The Bahamas why can’t we do it elsewhere? We’ve seen some really strong PreCheck numbers go through,

and they will only go up. It was a very successful pilot.”

PreCheck, and the Trusted Traveller initiative, allow members of certain frequent flyer initiatives, as well as participants in Global Entry, Nexus, Sentri and the US military,

plus cadets, to receive accelerated and more seamless security screening before they board their flights.

Ms Hanlon said its addition to LPIA, with some 1.8m new applicants seeking to enroll in PreCheck

SEE PAGE FOUR

PAGE 4, Friday, February 25, 2022

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BAHAMAS ‘FIRST’ TO SERVE AVIATION SECURITY MODEL Customs chief placed FROM PAGE THREE

last month alone, will boost The Bahamas’ tourism dependent economy by making departure smoother and more hassle-free for many US travellers. This, in turn, will aid perceptions and last impressions of the destination.

“There’s also the significant economic benefits to tourism. I would say it’s a competitive advantage,” she added. “I can tell you that a lot of countries are interested in TSA PreCheck. We’re looking to expand TSA PreCheck to other countries.” The facility is currently present at 200 US airports, and is used by 81 US and international airlines. It has expanded from just four locations, and two airlines, when it was launched in 2011.

Ms Hanlon said PreCheck will lead to using biometrics, and facial recognition, to identify travellers instead of fingerprints. The current facility will move Trusted Traveller members, who currently number 27m, through LPIA and the US

THE HON. Chester Cooper, Deputy Prime Minister and Minister of Tourism, Investments and Aviation, right; and Chargé d'Affaires Usha Pitts, United States Embassy, Nassau, left, at the Ribbon Cutting Ceremony for the opening of a US Department of Homeland Security TSA PreCheck held at the Lynden Pindling International Airport, held Thursday, February 24, 2022.

Photo:Kemuel Stubbs/BIS pre-clearance facility much more swiftly.

Confirming that The Bahamas’ proximity to the US, as well as the number of American travellers and the existing pre-clearance facility, made it a natural choice for the first PreCheck facility outside federal borders,

Ms Hanlon said the roll-out evolved from a relationship that was based on “trust and respect and our mutual interest in strengthening aviation security” in innovative, flexible ways.

PreCheck evolved from the 2013 Memorandum of Cooperation between the

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US and Bahamas on matters related to civil aviation security, and Ms Hanlon praised Dwaine Murray, the TSA representative for this nation and the wider Caribbean, for seeing the project through to fruition.

Chester Cooper, deputy prime minister, yesterday said PreCheck will “improve operational efficiency and create a safer and more enhanced passenger experience” at LPIA for departing US travellers.

“This considerable milestone speaks positively to the benefits of two countries working together to reinforce and prioritise matters of mutual global aviation security, safety and travellers’ efficiencies,” the deputy prime minister said.

“We recognise that both our countries enjoy a longstanding relationship in reciprocity that sees mutual commercial, national security and economic benefits due to our proximity and the fact that we share a border.”

on leave in shake-up FROM PAGE ONE

to return to the comptroller post. Highly-placed Tribune Business sources, speaking on condition of anonymity, said her response to a major internal government probe into Customs had been awaited when the Minnis administration was voted out of office.

This newspaper was told that an audit had been initiated into “allowances” that some Customs officers were claiming, and being approved for, when they went out to inspect containers and other imported goods on-site. It is understood that Ministry of Finance officials felt some of these “allowance” amounts were “abusive”, excessive and “hard to justify”.

“There was an audit into a particular allowance that Customs officers get when they look at containers on-site,” one source said, describing it as akin to a “transportation allowance” to cover auto fuel and other costs. “There’s a few that she

[Dr Moss] signed-off on that appeared excessive. It was really difficult to justify the amount being paid.”

While there is nothing to suggest that Dr Moss did anything wrong, Tribune Business was told that the audit report and its findings were completed and passed to an “audit committee” within the Ministry of Finance prior to last year’s general election.

The comptroller’s response to questions put to her by the committee was anticipated when the administrations changed.

Customs management looks significantly different as a result of various changes and promotions that have now taken place. Ralph Munroe and Ken Flowers now hold the posts of deputy comptroller, the latter having responsibility for Freeport.

And, appointed to the posts of assistant comptroller, are Cloretta Gomez, Theodore Wright, Harold Fowler and Celeste Cox, sources told this newspaper.

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Friday, February 25, 2022, PAGE 5

UKRAINE INVASION ‘SERIOUS CONCERN’ FOR LOCAL TOURISM FROM PAGE ONE

some areas we’re above 2019 levels, and in other areas we’re very close.

The numbers are healthy, but I tell you, I’m really concerned.

“It reminds me of when we had the first emergency order back in March 2020. Nobody knew what to expect, and what the pandemic would do to our main industry, tourism.

OK, we’re now going on as if it’s business as usual, but this [Russia-Ukraine] is a serious situation. You can’t worry about it, but it’s a real concern.”

Earlier, addressing the Bahamas Hotel and Tourism Association’s (BHTA) first Board of Directors’ meeting of 2022, Mr Fountain said the re-opening of the UK, French and German tourism markets to Bahamian vacations following the relaxation of COVID restrictions could now be endangered by these nations’ proximity to the conflict zone in Ukraine.

Russia’s invasion, which last night appeared designed to takeover the whole of Ukraine and smash its government, is especially ill-timed for a Bahamian tourism industry - and wider economy - that was just starting to catch itself and regain some momentum following

a near-two year battering from COVID. The anticipated pick-up in tourism business failed to materialise over the Christmas/New Year holiday due to the Omicron-driven ‘fourth wave’ of COVID infections and now, just as that dissipates and border/ testing restrictions are eased, a further challenge emerges through Russia’s assault on Ukraine.

It is uncertain, though, whether the conflict will have any impact on US tourists’ appetite for travel.

The Bahamas is a relatively long distance from Ukraine’s battlefields, and its proximity to core source markets in New York, Florida and the wider east coast is likely to mean its tourism industry is among the least affected by any fall-out from eastern Europe.

The proximity advantage helped The Bahamas rebound quicker than many rival destinations in the aftermath of the September 11 terror attacks, which shut down air travel from and to the US for around two weeks. Such a shutdown, as also occurred with the COVID-19 pandemic, does not appear to be a factor this time around.

Some suggested yesterday that The Bahamas may even see some benefits from the consequences of Russia’s invasion. Peter Maury, the Association of Bahamas Marinas (ABM)

president, told the BHTA meeting that it could drive the charter yachts that typically sail the Mediterranean back across the Atlantic to the US, Bahamas and Caribbean if the conflict persists.

“I don’t know if it will push traffic back across the Atlantic. I hate to say it, but it may be good for The Bahamas and the Caribbean,” he added. Energy prices, especially for electricity and transportation, are among the first sectors where The Bahamas will feel the conflict’s economic impact because Russia is a major oil and gas producer/ exporter.

Vasco Bastian, the Bahamas Petroleum Dealers Association’s (BPDA) vicepresident, warned local consumers earlier this week to brace for $6 per gallon gasoline prices by March as the markets bid up global oil prices on fears of Russian supply disruptions due to the imposition of sanctions in retaliation for the Ukraine invasion.

World oil prices surged again yesterday, with the Brent crude index rising more than 8 percent to hit $105 per barrel for the first time since August 2014 - almost eight years ago.

That means oil prices have increased by more than $20 per barrel in less than two months since the start of 2022.

RBC RACING TO REPLACE CARD AMID FRAUD FEARS

FROM PAGE ONE

that “many merchants are amazed” that RBC has yet to switch to “superior chip and PIN” technology with cashiers in the US often holding such cards “in the air as if looking at an ancient cassette tape or a counterfeit dollar bill”.

“I am concerned that RBC Royal Bank (Bahamas) continues to issue its debit cards with magnetic strip card technology. This magnetic strip technology is now outdated and has been replaced by the vastly superior and secure chip and PIN technology, which was introduced in the UK in 2004 and in the US systemwide in 2015, some seven years ago,” he argued.

“As certified fraud examiners, we are personally dismayed when using the RBC debit card which doubles up as a Visa card, especially abroad as many merchants are amazed that a bank in this day and age would still be issuing magnetic strip cards.

“We have heard from fellow Bahamians who say they have had cashiers in the US stop to hold the RBC debit card up in the air as if looking at an ancient cassette tape or a counterfeit dollar bill. For a nation that issued the world’s first Central Bank-backed digital currency, this should be truly reflective and embarrassing same time,” Mr Christie continued.

“We are now in a world where payments can be made through cryptocurrency, in The Bahamas through the Sand Dollar, and what I call the money service providers’ digital bank-like wallets. Magnetic

strip cards increase fraud risk. It’s high time RBC Bahamas gives the Bahamian public a firm date in 2022 when it will issue all debit cards with chip and PIN technology. This is badly overdue to say the least.”

RBC, in its statement to this newspaper, said it is working diligently to launch its Visa debit card “to replace existing magnetic stripe debit cards in The Bahamas. We are taking a phased approach in rolling out the new Chip and PIN and contactless card, which is currently underway in our Trinidad market”.

It added: “We assure our clients that they can continue to use their current debit cards to make face-toface and online payments with peace of mind, as RBC provides 24/7 fraud monitoring protection.”

However, Mr Christie added: “RBC apparently has been phasing in chip and PIN for its credit cards but, in our expert view, to continue to issue debit cards with this magnetic strip card technology is not good risk management and exposes its customers to increased fraud which can only cost the bank more in the longrun in terms of service strain and employee time.

“I wish to add that Chip and PIN cards are the world standard. Chip and signature cards are also in circulation, and contactless cards are now standard features on many cards. In recent years, Europay MasterCard and Visa or EMV chip cards have overtaken magnetic stripe cards, comprising 83 percent of transactions worldwide.

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“It is estimated that EMV transactions comprise 90 percent of transactions in Europe. This means, as an RBC customer, you are travelling into countries that are using the more advanced chip and PIN technology and they do so because this reduces the risk of fraud,” the ACFE Bahamas president added.

“The UK, for instance, has required Chip and PIN cards since 2006, some 16 years ago, and credit card fraud is estimated to have declined by £80m between 2006 and 2014.” Mr Christie argued that magnetic strip cards are more vulnerable to skimming, where fraudsters insert a device into an ATM (Automated Teller Machine) to obtain the customer’s financial information.

He added that Chip and PIN cards have better security because customer information is not stored on the magnetic strip. Instead, these cards have a microcomputer chip that issues a new encrypted code each time the card is used at an ATM, making it difficult for fraudsters to hack the information.

Airline ticket prices will likely be increased in response to rising fuel prices, which will increase the cost for tourists in accessing The Bahamas.

And the hotel industry, as Bahamas Power & Light’s (BPL) largest electricity consumer, will see its cost base and margins squeezed from greater energy prices.

Faced with this scenario, Robert Sands, the BHTA’s president, told yesterday’s meeting that the industry body was pushing for BPL to sign a new “hedging” agreement that will lockin its fuel prices at a given amount for a certain period of time. The existing hedge, which has provided stability to the fuel charge component that accounts for up to 60 percent of consumer bills, is due to expire in June 2022.

“We pledged to work with BPL in advocating for the signing of another hedging agreement to keep the fuel surcharge at manageable levels,” Mr Sands said.

The BHTA president also asserted that The Bahamas needs to place itself “at the forefront” of the continued relaxation in COVID testing and travel measures.

Reiterating that the tourism industry remains focused on “the

elimination of impediments to travel”, Mr Sands said: “We continue to push for the easing of COVID-19 travel protocols and, in particular, for the elimination of mask requirements in our hotels and restaurants.

“We will continue to push for the upgrading of The Bahamas on the Centres for Disease Control and Prevention (CDC) rankings,

and encourage all of our members to encourage their associates to become vaccinated.”

The “harnessing of vacation rental market”, and improvements to “the ease of doing business” in terms of the hotel licensing process, were identified as further priorities by Mr Sands.

PAGE 6, Friday, February 25, 2022

BAHA MAR PRESIDENT SEEKS COVID PROTOCOL ‘PULL BACK’ FROM PAGE ONE

numbers. Data released yesterday revealed that The Bahamas recorded just 14 new COVID cases on Wednesday. And just 27 persons remain in hospital, with two of those receiving intensive care.

Mr Davis, meanwhile, revealing that guests - especially those who are fully vaccinated against COVID - continue to “push back” against The Bahamas’ mask mandate, added that the Government needed to look at the further easing of COVID restrictions to help boost visitor demand for the destination.

“We would expect the Government to start to pull back on some of the COVID protocols for vaccinated guests......,” he added.

“It would be a tremendous step forward.”

While praising the Government for eliminating 48-hour in-destination

testing as Omicron cases fell, Mr Davis said: “I’m hoping we can look at relaxing testing protocols coming into the destination that will keep us competitive with other Caribbean destinations. It increases our demand and booking pace going forward.”

Disclosing that Baha Mar has spent more than $6m in facilitating over 450,000 tests for its guests and employees, he added: “We still have a long ways to go, and hopefully the Government can push forward with relaxing COVID protocols.... the relaxation of the Health Travel Visa to an Immigration form would be helpful, and the three-day testing.

“We’re not out of the woods yet. Our booking pace is not where it needs to be as well as occupancy, so we’re hopeful that the Government will support this industry that is vital to the economy.”

GRAEME DAVIS Baha Mar is far from alone in missing out on group business which, prior to COVID-19, typically accounted for between 30-40 percent of guest volumes for properties with conference facilities. This segment provided solid books of business that were booked far out, enabling resorts to plan and organise their leisure travel around this.

COVID, coupled with the CDC’s “do not travel” advisory, is thought to have deterred many groups from travelling. Jackson Weech, Atlantis’ senior vice-president and general manager for operation, said the Paradise Island mega resort’s group business was currently “nowhere near in line with the levels seen” pre-COVID. “We continue to be very, very cautious in so far as the first quarter and second quarter business outlook,” he added, noting that the initial months of 2022 were “marred by the resurgence of COVID in our core markets”.

“There was a noticeable decline in forward bookings in January despite a somewhat robust Christmas and New Year performance,” Mr Weech said, echoing Mr Davis’ hope that The Bahamas will follow other nations and keep pace in the relaxation of its COVID-19 restrictions moving forward.

“We’re very much guarded on the second and third quarters,” he added.

“The last Spring Break period earlier saw a positive booking pace with a shorter booking window.

Groups continue to stand out as impacted to us, and

are certainly nowhere near in line with the levels seen in 2019.

“We are seeing positive signs and expect strengthening in the second half of 2022.” Mr Weech said Atlantis had also seen an increase in occupancy at its marina from larger vessels seeking dockage space.

Turning to Atlantis’ partnership with Grammy Award-winning musician and producer, Pharrell Williams, and his business partner David Grutman, for their Somewhere Else concept, he added: “That’s going to underpin the redevelopment of the Beach Towers.

“The Somewhere Else project will totally transform the restaurants, the beach and add a totally new dynamic to Atlantis.” Renovations are also proceeding at the Royal Towers.

Fred Lounsberry, chair and chief executive at the Nassau/Paradise Island Promotion Board, told the BHTA meeting that all the airlines that The Bahamas’ delegation met with at the recent Routes America conference had voiced concerns about COVID-related impediments facing passengers flying to this nation.

And he urged that The Bahamas remain in

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lock-step with the rest of the world, and keep pace, when it came to the relaxation of COVID protocols.

Mr Lounsberry said this will be especially important for whenever the US eases its testing requirements to enter that country.

“The feeling is it’s coming,” he added of the US. “It’s not if; it’s when.

The UK has already done it. All testing has been done away with. The European Union is on the cusp of that in the next month or so. It’s just one of the things we have to be cognisant of and be ready to react to.

“Once the US entry test goes away; it may be a month or months, hopefully that opens the way. The airlines were worried that the extra cost impediment to having to get the test, families and that. While it’s better than before it’s certainly an obstacle to travel.”

With airline fuel costs set to soar as a result of Russia’s invasion of Ukraine, Mr Lounsberry added: “We have to be prepared and testing is still a challenge for us.” And, with Omicron easing off worldwide, he said “hopefully we get ourselves wide open sooner rather than later.”

THE TRIBUNE

Friday, February 25, 2022, PAGE 7

TOURISM DEMAND UP OVER 50% IN VITAL US MARKETS FROM PAGE ONE

compared to the prior year, while “search demand” for The Bahamas, Nassau and travel to this nation had also improved after a “ramp up” in late 2021.

“We’re moving up,” he confirmed. “Search demand for The Bahamas, Nassau and travel continues to improve. We’ve a long way to go. We’re up over 2021 but still below 2019, although we’re still improving week-to-week and month-to-month.

There

was a big drop-off in January. It is moving in the right direction but we have quite a ways to go.”

Meanwhile, Kerry Fountain, the Bahamas Out Islands Promotion Board’s executive director, told the BHTA meeting that its member properties are on target to beat projections that they will achieve collective room revenues equivalent to 86 percent of pre-COVID performance in 2022.

Having forecast that room revenues will be 86 percent of 2019 levels, he revealed that current predictions placed them on target to reach 90 percent of pre-COVID performance for the 2022 first quarter.

And, for room nights sold, Out Islands Promotion Board member resorts are projected to be only slightly off full-year forecasts of 95 percent of pre-COVID business levels, coming in at 93 percent for the three months to end-March 2022.

The data unveiled by Mr Fountain suggested smaller Out Island resorts are performing better against projections than their larger counterparts, who are defined as hotels with 50 rooms or more. Such properties are “hitting about 80 percent” of pre-COVID levels on room nights sold.

However, while mixed, smaller hotels with less than 50 rooms were performing much better in several areas of The Bahamas. Properties in the north were said

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NOTICE

SOLID BUSINESS LTD

LUXUS OPTIMAS S.A.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, SOLID BUSINESS LTD. is in dissolution as of February 17th, 2022

Notice is hereby given that in accordance with Section 138(4) of the International BusinessCompanies Act. 2000, LUXUS OPTIMAS S.A. is in dissolution as of February 17th, 2022

In Voluntary Liquidation

Ramon Ortiz de Taranco situated at Ruta 8, Km. 17.500, Of 120 A – 002-91600, Zonamerica, Montevideo, Uruguay is the Liquidator.

LEONARDO SAN ROMAN situated at RUTA 8, KM. 17.500, OF 120 A – 002-91600, ZONAMERICA, MONTEVIDEO, URUGUAY is the Liquidator.

LIQUIDATOR ______________________

PUBLIC NOTICE

NOTICE

The public is hereby advised that I, GIOVANNI NANDI CHAQUAE FERGUSON of Poet Drive, Sea Beach Estates, New Providence, Bahamas, intend to change my name to GIAVANNIA NANDI CHAQUAE FERGUSON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-741, Nassau, Bahamas no later than thirty (30) days after the date of the publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, DONNA BUTTERFIELD also know as ANGELA MARIA BUTTERFIELD also known as ANGELA MARIA DEVEAUX also known as ANGELA MARIA DEVEAUX SMITH also known as ANGELA MARIA SMITH of #33 Trinidad Avenue, Elizabeth Estates, P.O. Box N-7148, Nassau, Bahamas, intend to change my name to DONNA ANGELA MARIA SMITH. If there are any objections to this change of name by Deed Poll, you may write such objections to the 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 NATANAEL PIERRE of P.O. Box SB-51086, Dignity Gardens off Carmichael 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 25th day of February, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that SHANTEL SABRINA PINNOCK of East Street, 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 18th day of February, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that RICHARD BENJAMIN SAMUEL BERRY of South Beach, Cambridge Drive, 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 18th day of February, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

room revenues generated in 2019 during the first three months of this year.

Mr Fountain said member hotels in the northern Bahamas with 50 rooms or less are on course to beat pre-COVID performance with room revenues standing at 115 percent of 2019 comparisons. Room revenues at resorts in the central and southern Bahamas are forecast to be at 87 percent and 90 percent, respectively, of pre-pandemic levels.

In Voluntary Liquidation

LIQUIDATOR ______________________

INTENT TO CHANGE NAME BY DEED POLL

to be at 96 percent of preCOVID room nights sold in the 2022 first quarter, while those on the southern Bahamas were at 124 percent, indicating they are ahead of 2019 performance.

Smaller Promotion Board properties in the central Bahamas, though, are on track to match just 73 percent of pre-COVID room nights sold for the 2022 first quarter. And larger properties with 50 rooms or more were also forecast to match just 71 percent of

NOTICE is hereby given that KATTY YEJA FERGUSON of Pilot House Condominium, East Bay Street, 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 twentyeight days from the 18th day of February, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that JULIASSA ROSEGERLANDE PIERRE of Governor’s Harbour, Eleuthera, 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 twentyeight days from the 25th day of February, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

THURSDAY, 24 FEBRUARY 2022

BISX ALL SHARE INDEX: BISX LISTED & TRADED SECURITIES 52WK HI 6.70 40.05 2.05 2.90 2.60 6.05 10.05 3.60 9.02 3.10 7.15 13.00 2.71 10.10 11.06 10.75 15.00 4.00 10.00 16.50

52WK LOW 4.50 32.12 1.46 2.20 1.30 5.50 6.00 2.82 4.25 2.27 5.00 9.75 1.99 6.50 9.50 8.40 13.10 3.42 8.00 15.50

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

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 1.00

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

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

52WK LOW 100.00 100.00

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

CLOSE

CHANGE

%CHANGE

YTD

YTD%

2244.36

-1.24

-0.06

16.12

0.72

SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB SYMBOL FBB22 BFHB

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.98 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 96.71 93.97 94.12 91.00 90.95 89.02 89.62 89.00 90.24 90.73

MUTUAL FUNDS 52WK HI 2.50 4.67 2.20 207.86 207.68 1.72 1.83 1.81 1.05 9.37 11.83 7.54 16.64 12.84 10.77 10.00 10.43 14.89

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.68 1.73 1.75 1.01 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

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 FX BGR106036 BGRS FX BGR117037 BGRS FX BGR118037 BGRS FX BGR125238 BGRS FX BGR127139 BGRS FX BGR127149 BGRS FX BGR129249 BGRS FX BGR131249 BGRS FX BGR132249 BGRS FX BGR136150

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGR1060361 BSBGR1170376 BSBGR1180375 BSBGR1252380 BSBGR1271398 BSBGR1271497 BSBGR1292493 BSBGR1312499 BSBGR1322498 BSBGR1361504

LAST CLOSE 5.30 39.95 2.04 2.39 2.49 6.05 9.50 3.30 7.99 2.82 7.00 13.00 1.84 10.06 11.27 10.75 15.00 3.90 9.85 15.50 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00 LAST SALE 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 89.62 100.00 100.00 100.00

CLOSE 5.30 39.95 2.04 2.31 2.49 6.05 9.50 3.30 7.99 2.82 7.10 13.00 1.88 10.06 11.30 10.75 15.00 3.90 9.85 15.50 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

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

VOLUME

133,333

500

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 89.62 100.00 100.00 100.00

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

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 RF Bahamas Opportunities Fund - Secured Balanced Fund RF Bahamas Opportunities Fund - Targeted Equity Fund RF Bahamas Opportunities Fund - Prime Income Fund RF Bahamas International Investment Fund Limited - Equities Sub Fund RF Bahamas International Investment Fund Limited - High Yield Income Fund RF Bahamas International Investment Fund Limited - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

MARKET TERMS

CHANGE 0.00 0.00 0.00 (0.08) 0.00 0.00 0.00 0.00 0.00 0.00 0.10 0.00 0.04 0.00 0.03 0.00 0.00 0.00 0.00 0.00

(242) 323‐2330 (242) 323‐2320 EPS$ 0.239 0.932 0.000 0.140 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 0.080 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

INTEREST Prime + 1.75% 6.25% 6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 5.40% 5.20% 5.22% 5.00% 5.00% 5.50% 5.55% 5.60% 5.65% 5.69%

NAV 2.50 4.67 2.20 204.67 199.97 1.72 1.83 1.81 1.01 9.37 11.79 7.54 15.94 12.47 10.74 N/A 10.43 14.89

YTD% 12 MTH% 0.34% 4.30% -0.06% 5.21% 0.21% 2.72% 1.37% 3.18% 8.18% 14.94% 0.26% 2.76% 0.36% 2.37% 0.28% 2.51% -1.31% -3.43% -0.02% 10.36% -0.33% 18.23% 0.22% 3.05% -3.89% 14.76% -1.04% -2.57% 0.81% 4.20% N/A N/A 3.00% 25.60% 7.90% 48.70%

P/E 22.2 42.9 N/M 16.5 N/M N/M 25.7 -7.5 57.1 15.3 15.8 18.0 18.4 21.5 17.5 14.8 18.4 19.2 10.5 24.6 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

YIELD 3.21% 3.15% 0.98% 3.46% 0.00% 0.00% 2.74% 0.00% 0.00% 4.26% 3.10% 5.54% 23.09% 0.60% 2.90% 2.23% 3.60% 3.08% 2.03% 3.94% 0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

MATURITY 19-Oct-2022 30-Sep-2025 20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 4-Aug-2036 14-Jul-2037 13-Oct-2037 15-Oct-2038 15-Jan-2039 15-Jan-2049 15-Apr-2049 15-Jul-2049 15-Oct-2049 21-Apr-2050

NAV Date 31-Jan-2022 31-Jan-2022 28-Jan-2022 30-Sep-2021 30-Sep-2021 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Mar-2021 31-Mar-2021 31-Mar-2021

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

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

THE TRIBUNE

Friday, February 25, 2022, PAGE 9 DIRECTORS at Nassau Flight Services (NFS), the Government-owned ground handling services provider, has met with the union that represents its line staff to discuss “matters of mutual interest”.

The meeting with the Airport, Airline and Allied Workers Union (AAAWU) was held at NFS offices at Lynden Pindling International Airport (LPIA) on Monday, February 21. Attending the meeting were, seated L to R: Susan Palmer, the union’s general secretary; Gladstone Adderley, president; Obie Roberts, chairman, Nassau Flight Services; Lennox Coleby, deputy chairman, Nassau Flight Services; and

UNION MEETS BOARD AT NASSAU FLIGHT SERVICES

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 86° F/30° C Low: 62° F/17° C

TAMPA

SATURDAY

SUNDAY

MONDAY

TUESDAY

Breezy in the morning; partly sunny

Patchy clouds

Comfortable with partial sunshine

Mostly sunny and nice

Pleasant with plenty of sunshine

Partly sunny and nice

High: 80°

Low: 70°

High: 82° Low: 70°

High: 81° Low: 67°

High: 80° Low: 67°

High: 78° Low: 69°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

82° F

69° F

87°-71° F

87°-71° F

88°-70° F

86°-72° 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: 77° F/25° C Low: 70° F/21° C

7-14 knots

S

High: 81° F/27° C Low: 69° F/21° C

7-14 knots

FT. LAUDERDALE

FREEPORT

High: 80° F/27° C Low: 71° F/22° C

E

W S

E

W

WEST PALM BEACH

N

| Go to AccuWeather.com

TONIGHT

High: 84° F/29° C Low: 65° F/18° C

High: 79° F/26° C Low: 65° F/18° C

MIAMI

High: 81° F/27° C Low: 70° F/21° C

6-12 knots

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 81° F/27° C Low .................................................... 70° F/21° C Normal high ....................................... 78° F/25° C Normal low ........................................ 64° F/18° C Last year’s high ................................. 83° F/28° C Last year’s low ................................... 68° F/20° C Precipitation As of 1 p.m. yesterday ................................. 0.02” Year to date ................................................. 4.33” Normal year to date ..................................... 2.67”

ELEUTHERA

NASSAU

High: 80° F/27° C Low: 70° F/21° C

Forecasts and graphics provided by AccuWeather, Inc. ©2022

High: 78° F/26° C Low: 72° F/22° C

N

KEY WEST

High: 79° F/26° C Low: 71° F/22° C

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

2:31 a.m.

2:51 p.m.

2.8 2.0

9:06 a.m. 0.2 9:03 p.m. -0.2

Saturday

3:40 a.m.

4:02 p.m.

2.9 2.1

10:15 a.m. 0.1 10:11 p.m. -0.3

Sunday

4:44 a.m.

5:06 p.m.

3.0 2.3

11:17 a.m. 0.0 11:15 p.m. -0.4

Monday

5:43 a.m.

6:05 p.m.

3.1 2.5

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

Tuesday

6:35 a.m.

6:58 p.m.

3.2 2.7

12:14 a.m. -0.5 1:01 p.m. -0.4

Wednesday 7:24 a.m.

7:47 p.m.

3.2 2.8

1:08 a.m. -0.6 1:47 p.m. -0.5

Thursday

3.1 2.9

1:58 a.m. -0.6 2:30 p.m. -0.6

8:10 a.m.

8:33 p.m.

sun anD moon Sunrise Sunset

High: 78° F/26° C Low: 74° F/23° 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.

uV inDex toDay

6:36 a.m. Moonrise 6:10 p.m. Moonset

2:18 a.m.

12:58 p.m.

New

First

Full

Last

Mar. 2

Mar. 10

Mar. 18

Mar. 25

CAT ISLAND

E

W

Altonnia Munroe, vicepresident of the AAAWU. Standing from L to R: Ricardo Rolle, general manager, Nassau Flight Services; Rashad Timothy, union trustee; Hugh Morally, trustee; Treaser Ferguson, assistant treasurer; Locksley Ricketts, treasurer; Patrice DavisRolle, NFS Board member; Trevor Thurston, NFS Board member; Chauncey Thompson, assistant grand secretary; Board members Linton Gray, Bjorn Ferguson and Keevon Maynard; Nathalie Newton, NFS manager, and Jevon Butler, NFS Board member.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 79° F/26° C Low: 73° F/23° C

High: 79° F/26° C Low: 75° F/24° C

N

High: 78° F/26° C Low: 70° F/21° C

E

W S

LONG ISLAND

tracking map

High: 80° F/27° C Low: 74° F/23° C

8-16 knots

MAYAGUANA High: 80° F/27° C Low: 75° F/24° 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: 75° F/24° C

H

High: 80° F/27° C Low: 75° F/24° C

GREAT INAGUA High: 82° F/28° C Low: 74° F/23° C

N

E

W

E

W

N

S

S

8-16 knots

10-20 knots

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

Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday:

WINDS E at 7-14 Knots NE at 7-14 Knots NE at 7-14 Knots NE at 7-14 Knots NE at 8-16 Knots E at 8-16 Knots ENE at 8-16 Knots E at 8-16 Knots ENE at 8-16 Knots ENE at 8-16 Knots E at 7-14 Knots ENE at 7-14 Knots NE at 8-16 Knots ENE at 8-16 Knots NE at 10-20 Knots ENE at 10-20 Knots NE at 10-20 Knots ENE at 8-16 Knots NE at 10-20 Knots E at 8-16 Knots ENE at 7-14 Knots NE at 7-14 Knots NE at 8-16 Knots ENE at 8-16 Knots NE at 8-16 Knots E at 8-16 Knots

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

VISIBILITY 10 Miles 10 Miles 10 Miles 8 Miles 10 Miles 10 Miles 8 Miles 10 Miles 10 Miles 7 Miles 10 Miles 10 Miles 10 Miles 8 Miles 9 Miles 10 Miles 10 Miles 10 Miles 8 Miles 10 Miles 10 Miles 10 Miles 10 Miles 5 Miles 10 Miles 10 Miles

WATER TEMPS. 75° F 75° F 76° F 76° F 78° F 78° F 79° F 79° F 77° F 77° F 82° F 82° F 78° F 77° F 80° F 78° F 79° F 79° F 80° F 80° F 78° F 78° F 79° F 79° F 78° F 78° F

PAGE 10, Friday, February 25, 2022

THE TRIBUNE

BUILDING MATERIALS PRICES STABILISING, SAYS SUPPLIER

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN building materials supplier yesterday said prices were stabilising despite what he described as the global shipping industry’s “grand larceny”.

Christopher Lleida, Premier Importers’ chief executive, told Tribune Business: “Prices right now are variable. Some things you would normally get an increase on at the beginning of the year in any event.

“But it is an unusual kind of thing. The demand is so high and supply chain issues - delivery issues and shipping issues - have

contributed to combine to take prices to a level. But, surprisingly demand, hasn’t fallen off.

“One of the main expensive things for us right now is plywood products out of the US, and our distributors were able to get product out of South America. But the shipping companies have been getting away with grand larceny because

they have raised rates up by nothing else other than demand. This affects everybody. A lot of consumers are really annoyed for different reasons.”

Building materials prices soared last year as the world returned to work following COVID-19 lockdowns, which spurred high demand in the home improvement market.

However, prices have been steadying without any further increases despite the conflict in the Ukraine and ongoing shipping and supply chain logistical challenges.

Mr Lleida warned: “Oil is obviously going up because of what’s happening with Russia, which will add to inflation, and which will put

ASIA SHARES RISE AFTER US REBOUND AMID SANCTIONS ON UKRAINE

By YURI KAGEYAMA AP Business Writer

stocks recovered toward the

TOKYO (AP) — Asian shares rose Friday after U.S.

the world, including Presi-

end of a wild trading day, as dent Joe Biden, slapped

NOTICE

Bahamas Electrical Utilities Managerial Union (BEUMU) (The Senior Staff Union of The Bahamas Electricity Corporation)

sanctions against Russia for its invasion of Ukraine.

Japan's benchmark Nikkei 225 surged 1.4% in morning trading to 26,343.02. Australia's S&P/ ASX 200 gained 0.5% to 7,022.30. South Korea's Kospi jumped 1.2% to 2,681.19. Hong Kong's Hang Seng added nearly 0.2% to 22,941.59, while the Shanghai Composite rose 0.8% to 3,456.39.

Japan announced additional sanctions on Russia, including freezing the assets of Russian groups, banks and individuals and suspending exports of

semiconductors and other sensitive goods to militarylinked organizations in Russia.

Earlier in the week, Japan suspended new issuances and distribution of Russian government bonds in Japan, aimed at reducing funding opportunities for Russia. It also banned trade with the two Ukrainian separatist regions.

Despite uncertainty about the Ukraine, as well as worries about inflation and the COVID-19 omicron variant, the turnaround on Wall Street seemed to buoy Asian shares.

"The market pivot came after the announcement of retaliatory measures towards Russia overnight, with the U.S. implementing export controls to cut Russia off from semiconductors and other advanced technology, including software," said Yeap Jun Rong, market strategist at IG in Singapore.

Beyond its tragic human toll, the conflict looked set to send prices even higher at gasoline pumps and grocery stores around the world as prices for oil, wheat and corn soared. Russia and Ukraine are major producers not only of energy but

Will Hold its Election of Officers On Thursday 24 March 2022 at 9:00 a.m. until 5:00 p.m.

At the Cafeteria BEC Head Office on Blue Hill Road, New Providence The Labour Department Offices in Abaco, Eleuthera and Exuma All Officers and Financial Members are asked to attend and cast their vote.

A CURRENCY trader holds his head at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, Feb. 25, 2022. Asian shares rose Friday after U.S. stocks recovered toward the end of a wild trading day, as the world, including President Joe Biden, slapped sanctions against Russia for its invasion of Ukraine.

Photo:Ahn Young-joon/AP

pressure on the US Federal Reserve to raise rates.

“If rates go up then developers in the US may ease back on some of their projects and, in fact, if you see the demand start to slide then prices....... I don’t think prices will ease down.

I think they will tumble down. I think they’re over over-inflated right now.” also grains and various other commodities.

The higher cost of gas is likely to further damage Asian economies, already reeling from the coronavirus pandemic.

Japan imports almost all its energy, although it does not import a significant amount from Russia.

Oil prices on both sides of the Atlantic briefly jumped above $100 per barrel to their highest levels since 2014. But they gave back much of their gains after Biden said the sanctions package is "specifically designed to allow energy payments to continue."

Biden also said he wanted to limit the economic pain for Americans.

Afterward, the price of U.S. oil settled at $92.81, up 71 cents for the day, well below the $100.54 it had touched earlier in the day.

In Asia, benchmark U.S. crude jumped $2.45 to $95.26 a barrel. Brent crude added $2.32 to $101.40 a barrel.

Prices also rose for everything from heating oil to wheat to gasoline. As with stocks, the movements were sharper in Europe than in the U.S. because its economy is more closely tied to Russia and Ukraine. The spot price in Europe for natural gas jumped more than 50%.

Higher energy and food prices could amplify worries about inflation, which in January hit its hottest level in the United States in a couple generations, and what the Federal Reserve will do in turn to rein it in.