business@tribunemedia.net
WEDNESDAY, MARCH 10, 2021
$4.52
$4.52
‘Just what the doctor ordered’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
D
OCTORS Hospital’s proposed Freeport “flagship” with the Cleveland Clinic is “exactly what the doctor ordered” to revive the Bahamian economy post-COVID, an ex-Cabinet minister asserted yesterday. Dr Duane Sands, former minister of health, told Tribune Business that the two sides’ potential partnership in developing a private Grand Bahama hospital could pave the way for The Bahamas to truly break into medical tourism, reduce overseas medical spending
DR DUANE SANDS
• Ex-health minister hails Doctors/Cleveland GB plan • Medical tourism ‘one of few viable’ COVID revivals • Says tie-up ‘shot in the arm to bring Freeport back’
by locals and develop an expanded high-quality workforce to underpin the sector. Arguing that The Bahamas had few other viable short-term options for both rescuing and diversifying its economy in the pandemic’s aftermath, Dr Sands said the venture “might be the proverbial shot in the arm to bring Freeport back” after more than 16 years of economic contraction and misery. Suggesting that Grand Bahama could attract a
global market seeking highquality healthcare, Dr Sands said the Doctors Hospital/ Cleveland Clinic tie-up also offered the possibility to create strong synergies with the planned $64.2m Western Atlantic University School of Medicine project. That investment, for which a Heads of Agreement has already been signed with the government, is also to be located in Freeport. It is understood the School of Medicine has signed a lease for the real estate it will use,
and it offers the potential to develop a cadre of medical professionals who could learn and also train at the proposed Doctors Hospital/ Cleveland Clinic facility. “We now have the opportunity to get serious about medical tourism,” Dr Sands told Tribune Business. “This is not something that is a novel or new idea, as it’s been discussed for many years, but to see the rudiments of it taking shape is quite exciting.
SEE PAGE 5
Tourism seeks COVID vaccination ‘top tier’
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
• Sector wants workforce among first jabs • Says govt recognises the ‘advantage’ • Hotel chief also backs vaccine passports
THE Bahamian tourism industry has advocated that sector workers be “among the top tier” to receive the COVID-19 vaccine in a bid to help kickstart the country’s economic revival. Robert Sands, the Bahamas Hotel and Tourism Association’s (BHTA) president, last night told Tribune Business that the industry had been “encouraged” by the government’s response to its overtures with both sides viewing such a move as a potential “advantage” as vaccination drives gather momentum worldwide. “We’ve certainly advocated that position,” he replied, when this newspaper asked whether the tourism industry was pushing for its workforce to be
among the first vaccinated against the potentially lethal virus. “The hotel industry has made its position known in that particular instance, and we’ve been encouraged by the response we have received from the
Bahamas tax system: ‘Unrestrained scope’ for corporate abuse
PAUL MOSS
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN financial services provider yesterday said the country is failing to “take the bull by the horns” after it was ranked as the world’s 12th most harmful corporate “tax haven”. Paul Moss, president of Dominion Management Services, told Tribune Business that The Bahamas was “wasting time” on implementing a low-rate
ROBERT SANDS
corporate income tax with the rankings, by the antiinternational financial centre (IFC) group, the Tax Justice Network, a further reminder of the direction this nation and its competitors are being pushed in. The Corporate Tax Haven Index, which the Tax Justice Network described as “a ranking of jurisdictions most complicit in helping multinational corporations
SEE PAGE 8
Renewable boost via $9m grant financing
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
EUROPEAN Union (EU) grant funding has helped provide the government with a near-$90m financing line in its bid to seize “an a historic opportunity to transform” the energy sector. An Inter-American Development Bank (IDB) report, seen by Tribune Business, discloses that the initial $80m funding it provided to finance electricity infrastructure restoration in
Abaco and other Hurricane Dorian-hit areas has been bolstered by the receipt of $9.739m in grant funding from the EU’s Caribbean Investment Facility. This, the report adds, will produce “a 50 percent increase in renewable energy installed, and battery storage capacity for additional resilience”, as part of efforts to integrate sustainable sources into the build-back of Bahamas Power & Light’s (BPL) network.
SEE PAGE 9
authorities. I think they also recognise that will be an advantage.” Mr Sands emphasised that the hotel and tourism sector were not seeking to jump ahead of anybody in the COVID-19 vaccination queue, adding that it supported front-line healthcare and emergency services workers - as well as those most vulnerable to the virus - leading the way. He added, though, that The Bahamas’ largest industry wanted its workforce to be “certainly amongst those in the top tier to receive it, and we are satisfied they [the government] have heard our request and are
giving it very considerable attention. In our opinion, and the opinion of the government, it would make sense”. Having a tourism workforce fully vaccinated against COVID-19 is potentially a key factor in jump starting a sector upon which much of the Bahamian economy is almost totally dependent. The strength and pace of the country’s post-pandemic emergence has always rested on tourism’s rebound since it is the prime employer, commerce centre and source of foreign exchange earnings.
SEE PAGE 8
$4.52
$4.52
‘Stop throwing’ tax reforms at the electorate By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A FORMER attorney general yesterday urged all political parties to stop creating confusion around tax reform by simply “throwing things at the Bahamian people” in the general election run-up. John Delaney QC, who held the post in the last Ingraham administration, told Tribune Business that too many politicians, commentators and private sector commentators were simply “pulling something out of a hat” with no empirical data or evidence to back their proposals. With VAT rate cuts, and talk of personal and/or income tax options, dominating discussion in recent weeks, he argued that all were ignoring “the missing ingredient” that The Bahamas has lacked this entire century - the need for a “holistic” assessment of its tax structure that takes into account the government’s revenue needs, economic growth and the country’s competitiveness. Arguing that the focus on individual tax measures is “doing a disservice to the Bahamian public” because it fails to provide them with the necessary information and understanding, Mr Delaney called on all political actors to clarify “their intentions so that people can assess whether their approach serves the national interest”. “What’s important is that matters of a fiscal nature be done and addressed in a holistic manner,” the Delaney Partners’ law firm principal told this newspaper. “That is the missing
JOHN DELANEY QC ingredient in our recent 20-year history as to whether we as a country have examined how we raise revenue and meet our objectives, and make sure there is a system that is rationale and joined up to meet the country’s needs. “This has to be done while meeting the objective of creating growth in commerce among businesses and individuals in a sustainable manner.” The release of the Progressive Liberal Party’s (PLP) so-called economic plan, though, has produced a focus on the more headlinegrabbing elements such as cutting the VAT rate to ten percent for a year and the proposed minimum wage increase. Railing against the emphasis on individual elements, rather than the collective, in tax reform discussions, Mr Delaney said: “If someone’s to say throw in corporate tax, or personal income tax, all these things are not advisable unless looked at in a holistic sense because you’re pulling something out of a hat.” The government’s revenue requirements, the taxpayer’s burden and ability to pay, and the need to avoid socalled “double taxation” and “excessive hardship” among
SEE PAGE 5
PAGE 2, Wednesday, March 10, 2021
In the second of a three-part series, Hubert Edwards explains why income and/ or corporate income taxes will inevitably be key in any reform discussion
THE TRIBUNE
The taxing path ahead BY HUBERT EDWARDS
T
HERE has been much talk and discussion about what will happen next. In my opinion, it is time for national, bi-partisan action underpinned by a broad consensus on how to move the economy forward. Election energy seems to have taken hold of the narrative. This could prove detrimental to the longer-term well-being of The Bahamas, as the need for focus and timely decisions is critical. The tensions and adversarial nature of party politics make this challenging, within the context of the present crisis, as it reduces the prospects for a meeting of the minds on issues that are fundamental to the economy’s future. The stakes are high, the issues are complex and there is a need for near-clinical precision in developing solutions to find additional revenues and broaden the economy’s earning potential. Here is why. The Bahamas is not only faced with finding ways to secure recovery in existing industries, diversify revenue, drive digital transformation and address existing structural weaknesses and vulnerabilities, but also having to radically change one of its most important value propositions as an international financial centre (IFC) - no income or corporate tax. No matter how we slice the pudding, this issue is so fundamental to sustainable recovery that it is painful to see national narratives skirting around the issue. Here is why I have taken that position. The issue of imposing taxes is extremely
emotive in The Bahamas. Even the thought of imposing an income tax is a sufficient sin, in the minds of many, for you to be punished in the town square. There is a real, tangible fear that going down this path will significantly erode standards of living, adversely affect the fortunes of citizens and residents, and harm the overall economy - particularly the financial services sector. The question to contemplate, though, is whether this is really so. To convince persons to step forward into anything new, you must first help them fight - or at least manage - whatever their fears of change are. It is not sufficient to tell them they should not be afraid. Honest and objective behaviour will conclude that there is a real fear, broadly speaking, or at least a hardened position that outright rejects income and/ or corporate taxation. The discussion must be designed to address the issues, and sensitive enough to respect existing concerns. There is a healthy amount of discussion taking place as it relates to the possibility of The Bahamas needing to take advantage of an
International Monetary Fund (IMF) restructuring programme. We can only hope it does not only come to that. However, given the current state of the public finances, it is not a matter that should be dismissed. I am aware there will be those who argue that successful programmes have been implemented elsewhere. Jamaica successfully completed two three-year programmes, and Barbados is currently doing relatively well in meeting its targets. However, there are important differences as it relates to the level of economic diversification in those countries, and the extent to which they have alternative sources of export revenue. For The Bahamas we should start our analysis by asking where, in an IMF programme, will the potential additional revenue come from, given limited options for exports. Beyond austerity measures to reduce spending, increase taxes and the privatisation of state-owned assets, where will any gains be derived from? We should therefore work as assiduously as possible to avoid calling on the IMF. The country’s increasing debt stock, though, suggests the possibility of structural adjustment exists. The Bahamas has a growing debt stock of near $10bn and a recurrent annual interest payment of around $300m. This, though, must be assessed against the impact of COVID-19 vaccines; pent-up demand for travel and tourism; creative destruction and transformation in the digital space; and significant small and medium-sized enterprise
start-ups. While these potential tailwinds can ease the challenges we face, if The Bahamas continues on its current trajectory I believe there will be little choice but to raise taxes. Ask yourself, in the face of the current circumstances, where does government get money unless the country finds new revenue to expand the tax base or raises taxes from the current base to fund spending. Or does it cut spending and raise taxes? In other words, what aspect of an austerity programme will the government choose? The Bahamas is at a tipping point. The current system of taxation has served the country well for many years under conditions of relatively high income, low debt and low population. Despite being highly regressive and very disadvantageous to the poor, on a whole the taxation system has held. However, in the face of significant revenue shifts that have the potential to run for some time yet, there are concerns. With a larger population and more persons, in absolute numbers, operating at or below the poverty line, where regressive taxes consume most of their income and creating a vicious cycle for poverty, the time is definitely right to start considering a shift to more progressive means of earning tax revenue. The time is now to take a close look at the idea that “those who can pay more should pay more”. That discussion naturally leads to income tax, in whatever form decided, since it is a progressive system of taxation. The problem with this is that not having income tax is so fundamental to where The Bahamas is now and the current construct of the economy. Returning to the fear factor mentioned above, the imposition of income tax, especially corporate tax, could be seen as removing one of the legs of a three-legged stool. It may be possible to remain seated, but it is more likely that you will do so very uncomfortably or in fact spend all day falling. I
believe we are at a tipping point and the government (this and any future administration) really has some very hard decisions to make. There are some radical shifts that are needed, and until and unless these are done The Bahamas will struggle to find that new sweet spot for funding its existence. At the end of the day, it will come down to mathematics. Annually, the government has to secure around $3bn or so in revenue. Historically, about $500m of that was deficit spending funded by debt. The rest comes from taxes. The deficit is now due to hit $1.3bn for the current fiscal year. VAT and Customs duties are very effective for the domestic side of the economy. However, there is the possibility that income tax (personal and corporate) could expand the tax base by making a deeper incursion into the offshore portion of the economy. That is where the challenges lie. That is where the delicacy of the decision to be made lies. This introduces an important fundamental shift in one of the arrangements that renders The Bahamas an attractive international financial centre (IFC). It does not matter how much we scream or lament the perceived unfairness of any particular arrangement. Under the current circumstances, additional taxes will be levied in one form or the other, while existing taxes are likely to increase. In the national narrative, we spend a lot of time counting the beans in the bag and lose sight of the need for there to be a proper assessment of which bag of beans we should be selecting. The current bag is regressive and disadvantages poor people and small businesses. There is another bag that is more progressive; a hybrid bag. That bag, however, is like a bogeyman to many, and there is good cause to be concerned about it. Creditors, the European Union and income tax At the height of the COVID-19 crisis, a
prominent Caribbean economist first raised the possibility of The Bahamas entering into an IMF arrangement. The response by John Rolle, the Central Bank’s governor, is very instructive. In seeking to ease the tension created by that statement, he declared that before creditors get hurt taxes will be levied. Prominent commentators have outrightly stated that there is a need for income tax, or lament the inequity of the current regressive tax regime and its inadequacy in financing government programmes. There have been questions posed to policymakers as to whether income tax will be (or at least should be) considered. It would appear that at least in certain quarters the conversation around income taxes is becoming a bit more comfortable, and definitely more serious. It is my view that despite the lack of direct response from the political directorate, the time is here for a real shift in the tax regime. The current circumstances would dictate that we take hold of the “bogeyman bag”, so as not to bring greater harm to a very vulnerable segment of poor persons. Even if that bag is rejected there may be increases in some other areas if the larger concerns surrounding debt default and entrance into structural adjustment programmes are to be circumvented. I believe that the near-term future of The Bahamas rests significantly in the strategic moves that will be made over the next few months. It is for this reason that we cite the obvious “election season” given the propensity for shifts in policy positions, or delays in making decisions, which may be inconsistent with the desired outcomes of parties. It is easy to accept that in close proximity to an election, the likelihood of tax increases becomes difficult to imagine. It is also easy to accept that any administration shepherding the change to income tax, or foreshadowing the same,
SEE PAGE 4
THE TRIBUNE
Wednesday, March 10, 2021, PAGE 3
BLOWS TRADED OVER 10% VAT RATE CUT By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE opposition’s deputy leader yesterday blasted that a Cabinet minister “has no idea what he’s talking about” as the two sides continued battle over his proposal to slash the VAT rate to ten percent. Chester Cooper, who is also the Progressive Liberal Party’s (PLP) finance spokesman, responded to assertions by Kwasi Thompson, minister of state for finance, that the party’s one-year rate cut would destabilise the economy and cost the Public Treasury some $100m in revenue by saying: “We suggest that he acquaint himself with the volumes of studies on the shelves at his office. “We are satisfied that our comprehensive plan will increase overall government revenues, and is progressive and peoplecentred. We invite the junior minister to also acquaint himself with the Fiscal Responsibility Act he touts, and the legallyrequired reports from the Fiscal Responsibility Council and the requirement to report and debate by a specific time. “A modest VAT decrease, coupled with an increase in minimum wage, means consumer spending increases as those on that end of the spectrum usually put extra money back into the economy to meet their everyday needs,” Mr Cooper argued.
CHESTER COOPER
BRAVE DAVIS
KWASI THOMPSON
“This, along with revenue enhancement measures, would offset any VAT decrease which, in the next 12 months, would be nowhere near the $100m figure the junior minister apparently pulled out of thin air.” However, Mr Cooper and the PLP have similarly provided no evidence to back his assertion on a Monday radio broadcast that cutting the VAT rate to ten percent for one year would increase the government’s revenues by $200m through stimulating economic activity and tax-attracting transactions. And, in an indication that the issue has not been comprehensively studied, Mr Cooper said the oneyear rate cut would “give us enough time and enough empirical evidence” to determine whether a ten percent VAT should be held in place for longer. Mr Cooper yesterday said the party’s VAT proposal should be considered as just one element in a broader economic plan. “We did not offer a singular proposal, in case that is
misunderstood. The VAT proposal is only one element of a much larger economic plan with dozens of policies which will work together to provide relief, increase revenues and grow the economy,” he said. He was backed by opposition leader Philip Davis, who echoed much of the same arguments in responding to Mr Thompson. “It is revealing that the minister of state for finance has chosen to focus solely on the issue of VAT, ignoring the dozens of other proposals in the [PLP] economic plan,” he added. “What’s more, he appears not to understand the basic economics underlying consumption taxes on which VAT is based. Consumption taxes rely on consumer spending in order to generate tax revenue. When the government imposed the shock increase in the VAT rate by 60 percent in 2018, consumers cut back on their spending. “Since then, the government has failed to meet a single one of its revenue projections. This is what
happens when you don’t understand basic economics. If you set consumption taxes too high, the economy slows down. These are the facts. This is the economic reality.” Consumer spending has only become more depressed due to COVID-19’s economic devastation, and it is unclear whether a VAT cut will unleash the buoyancy the PLP appears to be assuming. It is also focusing heavily on social assistance, and minimum wage increases, and its plan contains little that is new or has not been tried before when it comes to growing the economy. However, Mr Davis said: “Our proposal to cut VAT to ten percent represents a modest decrease which will bring some relief to thousands of Bahamian families and help inject cash into an economy that desperately needs it. “Once again, this reduction in VAT was not offered as a standalone proposal. Bahamians will see that we also propose a significant number of revenue-enhancing measures. VAT is not the
only tax-raising mechanism available to the government, but it is one that disproportionately affects ordinary Bahamians. “The junior minister argues that this modest decrease in VAT will lead to a reduction in revenue for the government. He is wrong. In fact, there will be an overall increase in revenue. Again, back to basic economic principles: The lower the price, the higher the demand,” Mr Davis added. “Lowering prices drive an increase in economic activity. Further, against the advice of the IMF as well as government consultants, they have bastardised the VAT model left in place by the former administration.” Even if Mr Thompson’s prediction of a $100m revenue loss came true, Mr Davis argued that the Ministry of Finance had numerous measures at its disposal to make up the just over $8m per month revenue shortfall, although he did not specify which mechanism an administration he leads would use. Mr Thompson had previously said: “The opposition’s plan would lead to a dramatic fall-off in revenue likely in excess of $100m during their proposed 12-month period, at a time when the country’s fiscal resources are under tremendous strain and the needs for government to support social and economic programmes are even more pronounced. “The government cannot operate by trial and error.
The 12-month period will only destabilise the economy, causing the PLP to have no choice but to return VAT to 12 percent the following year or increase it to 15 percent. The country needs stability and consistency.” Mr Thompson argued that the opposition will “compound their folly” by increasing government spending on social assistance and relief initiatives, as they have pledged to do, “while they gut the revenue base on a short-term political adventure”. He added: “A two percentage point cut in VAT does not guarantee that additional spending needed, and will not be sufficient to achieve the amount of economic activity to replace the loss in revenue. It would be impossible for the government to maintain its spending levels with that level of loss in revenue. It is completely irresponsible. “Which existing programmes will be cut to make up for this $100m revenue loss? Will they cut back on the free tuition to University of The Bahamas and BTVI students? Will they cut back on the extension of free private school preschool grants for Bahamian mothers? Will they cut back on the benefits under NHI? Will they cut back on critical Family Island infrastructure? Will they cut civil servant salaries and benefits?”
WOMEN SUFFERING 15% TOURISM WAGE DISPARITY
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
THE Ministry of Tourism’s director-general yesterday said earnings inequality remains an issue in the sector with women still earning on average 15 percent less than their male counterparts. Joy Jibrilu, speaking at a webinar organised by the Nassau Cruise Port, said it was “amazing” how large pay discrepancies between men and women can be rationalised today and suggested it has “nothing to do with gender but with our worth”. “Women are the ones in many instances looking after the families. They’re the ones that are looking after the extended family as well, and pay is important. When you’re still having to negotiate for equality of pay, a lot of that is down to us as
JOY JIBRILU women,” she added. “We just don’t know how to ask for what we know we are worth, so we’ve also got to do a better job. And as women, I think that’s something that we’ve got to mentor the next generation on. How do we get them to be very clear, very focused in asking for what they know they deserve? So
this has nothing to do with gender, but has to do with our worth.” An Inter-American Development Bank (IDB) study in 2010 showed that, depending on certain variables, a male’s earnings surpassed those of their female counterparts by between 14 percent to 27 percent in Barbados, and
between eight percent to 17 percent in Jamaica The International Labour Organisation, in 2019, said women earn 17 percent less than men per hour worked and, despite their increased participation in the labour force, women are still far from equal. Mrs Jibrilu also provided statistics on work and wage disparities in the tourism sector, in particular, and said: “So the majority of the tourism workforce worldwide are women. Fifty-four percent of people employed in tourism are women, and that’s compared to 39 percent in the broader economy. “So the wage gap is also smaller in the tourism industry. While the wage gap is estimated at approximately 23 percent globally, women in tourism earn 14.7 percent less than men. Those figures come from a global report on women in tourism put out
by the UN’s WTO (World Tourism Organisation).” Despite these inequitable statistics, Mrs Jibrilu said the tourism sector remains a “great place for women to lead the way”. Michael Maura, Nassau Cruise Port’s chief executive, said: “I think women are better multitaskers; their attention to detail is better. I’m hesitant to go far past that, because I don’t see women as being any less
capable than men. To define women differently is a slippery slope and not, in all cases, fair to women.”
To advertise in The Tribune, contact 502-2394
General Dentist
PAGE 4, Wednesday, March 10, 2021
THE TRIBUNE
The taxing GYMS ENJOY 60% BUSINESS REBOUND path ahead By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
FROM PAGE TWO is likely to suffer a significant hit at the voting booth. The possibility, therefore, of any movement in this area within the next 12 months is therefore minuscule. Note, however, that none of the major parties will explicitly state that income tax is off the table. Any such declaration would be outright irresponsible and lacking in forethought. While I believe they will work hard to find ways of not going this route, they will not be definitive in excluding the option. Ultimately, regardless of the changes to the level of tax levied under the current system, its weaknesses mean it fails to meet the four principles of a good taxation system - fairness, certainty, convenience and efficiency. Commentators, policymakers and others readily state that the current tax regime is inequitable. We accept this and the fact that it is also insufficient, either in absolute terms or because of ineffectiveness in its administration. A regressive tax regime in an environment where large numbers of persons are suffering longterm economic fall-out will always fail to meet the fairness (equity) test. Chief among the challenges faced by the Bahamas are debt and external threats. The state of the country’s debt draws our attention to what could emerge should there be no rebound. With national revenues where they are today, this will at least put adverse pressure on the provision of other public goods and services. In other words, creditors must be paid first and the country will never jeopardise its credit rating by defaulting on debt. That simply does not happen in this region. In the recent Budget presentation, it was revealed that government revenue-to-GDP is in the region of 14 percent. This is low, and definitely an impact of the COVID19 downturn. However, the
Bahamas has always lagged peers in this metric. The longstanding, and recently renewed, discussion has been the need to increase that to 20 percent. If this is correct and necessary, the question is how we will get there. One thing I am confident of is that we should all start getting prepared to pay a little bit more. The only way to get there, in the face of all we have discussed to this point, will be through new taxes,unless it can be shown that more effective administration can and will produce the difference between these two yields. How it is done is where the rubber meets the road, and the devil will be in the details. We certainly are at a point where I think it will be seriously considered. It is important to note that some of the factors that made The Bahamas vibrant, and highly successful, have changed - and continue to change rapidly. Factors such as population size, quantum of debt, rate of growth of debt, more expansive and expensive public services demands, and potentially declining national revenue. All these exert adverse pressure on the current revenue space. With a very limited tax base, it is akin to solving a mathematical problem. If too many factors are held fixed, the desired solution will not be derived. With changing demands, the pressure of debt repayments and lack of revenue it is reasonable to anticipate an upward shift in the level of tax burdens borne by citizens and residents. Any honest discussion on the breadth of the tax base, though, will never ignore the offshore segment. The segment holds great potential for broadening the tax base. However, there are also significant challenges that could follow as such moves will disrupt the settled position of The Bahamas’ value proposition in that arena. To be continued........
To advertise in The Tribune, contact 502-2394
GYM owners yesterday said business is slowly rebounding from last year’s multiple COVID-19 lockdowns with one proprietor revealing that activity has reached 60 percent of prepandemic levels. Dr Kent Bazard, owner/ operator of Empire Fitness, told Tribune Business that patrons have started to return to his gym but volumes are nowhere near what they used to be prior to COVID-19’s emergence in The Bahamas almost 12 months ago. “Aside from the COVID19 protocols that are in place, everything remains the same for our customers. People are happy to be back. My clients really miss
each other and miss working out. We’re still nowhere near where we were last year. I would say we are probably 60 percent of where we were at last year,” Dr Bazard said. Despite business not yet recovering to preCOVID-19 levels, Dr Bazard said he has invented a new way of working with clients who may still be apprehensive about coming into the gym for a live session. He said: “We have an ondemand service. We have a virtual coaching and virtual nutrition coaching session, and a virtual access coaching service right now that’s picking up. We’re soon going to begin live streaming for our members.” Dr Bazard warned, however, there is still a “cultural challenge” with persons
opting for virtual services as he claims people are still mentally dependent on having their trainer with them face-to-face. “This is fairly new to our culture, and to our gym culture in The Bahamas, but this is not new in North America. They’ve been doing this long before the pandemic, so it’s had time to grow and people to get used to it,” he added. “It’s difficult on both sides. It’s difficult on the execution side with the new business model. It’s almost a separate business unto itself, and even the instructors sometimes have a difficult time teaching to a virtual audience. “Whereas the same thing on the opposite side is the audience, being by themselves in their bedroom, is not always optimal. There’s
a psychological aspect of having somebody next to you, having a structure in front of you, so it’s a challenge in that regard.” Jennifer Godet, owner of J-Line Fitness Bahamas, said business levels currently are better than they were prior to the pandemic and are a trend she expects to continue. “Think people take things less for granted now. They’re so happy to have an opportunity to get into the gym, so the numbers are up,” she added. Ms Godet has discontinued her virtual training services on the basis there is no more need for it, as people “prefer the live training”. She said: “We’re not doing it currently. We were, but everything’s live again.”
MARIO’S HALF-OPEN WITH KEY EARNERS STILL CLOSED By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
people on the lanes.” The arcade contributes a lot to Mario’s overall revenue stream. We were prepared to put in all the protocols by ensuring that just a minimal amount of kids were in that area at a time. We’ve already had two teams of our COVID members in there, just to frequently wipe off the game once the kids are done. But we haven’t gotten approval for that area as yet. “We’ve had a lot of support from the public and
we’re grateful. We’ve had a lot of families coming in. I think everybody just needed a different atmosphere for them to relax and unwind. So customers are definitely excited that we’re open and we’re grateful to have them.” Ms Brice said Mario’s has been lobbying the government to further loosened COVID-19 restrictions given that half its business remains closed, but remains compliant with whatever measures are ordered.
The PLP’s Sea Breeze constituency candidate said: “I have sent a letter back to the Ministry of Health, hoping that they grant approval, but I will definitely follow-up on that because it [the arcade] is a major stream of revenue for us. “Our employees are very happy to be back to work and now able to, you know, at least have some relief with the burden that they had on them with no income at all.”
Fintech broker/ dealers expected to ‘proliferate’
They involve contracts between two parties where the buyer pays the seller the difference between the current value of an asset and its value at the time the deal is executed. If the difference is negative, the seller pays the buyer instead. They allow investors to trade in the direction of securities over a short-term period, and are especially used in foreign exchange and commodities transactions. Meanwhile, asked about his plans for the Association, Mr Rolle said: “Essentially, BISBA aims to create a community of investment fund managers and broker/dealers where we can network and host seminars/events in relation to specific issues related to the asset management industry.” He said these include “starting investment funds; raising capital; investment strategies; investment trends; exchange control issues for local asset managers; the digitisation of asset management in addition to digital asset service providers now regulated under the new DARE (Digital Assets and Registered Exchanges) Act; and collaboration
with our Caribbean and regional counterparts”. Mr Rolle added: “In addition to hosting networking events and webinars, we plan to create free membership for university students at UB (University of The Bahamas) and abroad so they can participate in events and learn more about the opportunities in this niche area of the sector. “We believe it is important to educate the public about this area of the financial services industry so we can inform public policy and create opportunities for Bahamians. The pandemic had minimal impact on this sector, as fund managers and broker/dealers can seamlessly service clients as long as Wi-Fi is available which, in effect, has proven its sustainability. “Working from anywhere will increasingly become the norm, and the asset management sector is a perfect example of the same. In 2021, BISBA will establish its membership base, conduct several informative webinars and appoint a director from our university membership who has won a competition that has yet to be developed.”
MARIO’S Bowling and Entertainment Centre yesterday said it has only been partially allowed to reopen with the government’s COIVID-19 protocols mandating that key revenue areas remain closed. Leslia Brice, the facility’s general manager, told Tribune Business: “The arcade has not been allowed to open, and we have only been allowed to have some
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN financial services executive yesterday said he expects a “proliferation” of new locally-owned broker/dealers and investment advisers operating in the fintech (financial technology) space. Andrew Rolle, the Bahamas Investments and Securities Business Association’s (BISBA) newly-elected president, told Tribune Business: “Fundamentally, the Bahamas has reached a point in its economic journey where more Bahamians are interested in leading investment projects by way of
investment fund vehicles, and we believe a forum is required for that. BISBA will be that forum. “One trend in the industry is the recent proliferation of fintech broker dealers licensed by the Securities Commission of The Bahamas who specialise in ‘Contracts for Difference’ (CFDs), where Bahamians are being employed as executive directors and compliance officers. This year will see further registration of these businesses in addition to more Bahamians establishing their own investment firms.” CFDs are financial instruments called derivatives.
THE TRIBUNE
Wednesday, March 10, 2021, PAGE 5
‘Stop throwing’ ‘Just what the tax reforms at doctor ordered’ the electorate FROM PAGE ONE
FROM PAGE ONE
Bahamians were all issues that had to be studied and weighed carefully in any tax reform discussion, the former attorney general said. “All of that does a disservice,” he argued of the concentration on separate elements. “All talk about individual tax measures does a disservice to the Bahamian public at large because it doesn’t present the information in a way that is helpful to the wider public in understanding the issue. “It’s throwing things at them, and it comes across as ulterior motives being behind it; an attempt to curry favour here or there as opposed to dispassionate and realistic measures on what the public needs and the community’s ability to pay.” Mr Delaney argued that “the cherry picking is happening all around”, including outside The Bahamas where the likes of the European Union (EU) and Organisation for Economic Co-Operation and Development (OECD) are seemingly moving closer to attempting to dictate what this nation’s tax system should be. “The question is what our
considered agenda ought to be for the welfare of Bahamians, our country and sustainable development,” he added, urging that the fiscal/taxation system must enable The Bahamas “to navigate some of the tremendous difficulties we are currently facing”. “I really hope that as we enter the political season that those offering to form the government on either side make it clear what their intentions are so the Bahamian public are able to assess whether their approach is likely to serve the collective interests of the country,” Mr Delaney told Tribune Business. “As I sit here, I don’t have the answers as to whether or not these tax reform options are going to create dislocation and be unwise for our economy. I haven’t done the assessment, and I don’t think others have done the assessment. I’m doubtful many of those pushing it internally or externally can say their conclusions are based on a comprehensive review as to revenue impact, economic impact and sustainable development objectives for growing the economy. I doubt many of them can say that.”
To advertise in The Tribune, contact 502-2394
“I look at this as an incredible opportunity. If we look at the options in our economy right now, this happens to be one of the most viable options we can explore. If people are talking about diversification, this is it. We try to be careful to avoid hyperbole, but I think Freeport is very well-positioned for a medical project such as this and it might be the proverbial shot in the arm to bring Freeport back.” The ex-health minister spoke out after Doctors Hospital last week revealed that launching a Grand Bahama healthcare facility “comparable to our New Providence” hospital by 2022 was an ambition that has been made possible by a $13.5m equity investment in the company from Toronto-based Fairfax Financial Holdings. Dr Charles Diggiss, Doctors Hospital’s president and majority shareholder, told Tribune Business the new capital will enable the BISX-listed healthcare provider to accelerate an expansion pace that will also take it “beyond the borders of The Bahamas” and into the wider Caribbean by 2025. However, development of a private “in-patient” care facility in Grand Bahama is one of “two spaces” where Doctors Hospital is seeking to first put the Fairfax Financial investment to use. While declining to provide much detail on this project, Dr Diggiss said six months of planning work had already been
performed on what could become the “flagship” facility for its recentlyunveiled partnership with the Cleveland Clinic. “It will be at least comparable to what Doctors Hospital in New Providence is, but we’re looking at an ability to expand it and consideration given, due to our relationship with the Cleveland Clinic, whether that becomes the flagship Doctors Hospital/ Cleveland Clinic facility in Grand Bahama,” he told this newspaper. Dr Sands said the potential for that facility to become a medical tourism launching pad “is the type of thinking that will get us out of the challenging state we’re in right now. I say that when you build it, make sure you build it high... “We’ve got to liken it to the decision that India made when they decided to become the IT capital of the world,” he added. “Will this little mouse of a country [The Bahamas] roar by saying it will become the leader, innovator and capital of healthcare? That’s absolutely do-able, particularly when you realise we don’t have some of the limitations or restrictions of some of the very rigid regulatory regimes, particularly in the US.” With the Doctors Hospital/Cleveland Clinic facility attracting patients from across the world, and especially from North America, Dr Sands said: “We have the opportunity to provide cutting edge healthcare, and I’m not talking about snake oil solutions or quackery; I’m talking ethical healthcare that has European approvals and is done in parts of Asia, but lacks US approvals.
“A massive market in the world exists for Americans and Canadians travelling to access top-shelf, healthcare not available in the US because of regulatory regimes and legal liability challenges.... There will be some challenges. There is the spectre of a foreign [medical tourist] invasion, but I think that managed well this could be exactly what the doctor ordered.” Dr Sands, noting that medical tourism and healthcare partnerships with overseas providers are nothing new, given that the government and private providers have talked to the likes of John Hopkins University, Baylor University and the University of Miami in recent times, voiced optimism that this vision is “coming closer to fruition”. “The principals involved seem to be very serious individuals; let’s see if we can make it happen,” he told this newspaper of the Doctors Hospital/ Cleveland Clinic/Fairfax Financial alliance. Besides medical tourism, Dr Sands said the partners’ plans also held out the possibility of providing improved treatments for Bahamians and residents such that it would sharply reduce the leakage of healthcare dollars outside The Bahamas. “I think we have to look at the bigger picture,” he added. “The bigger picture is while we have a reasonably decent level of healthcare services, we can do a lot better. We need only look at the out-ofcountry spend to know that if we manage to elevate our healthcare services considerably to a potentially world class level we can at least recoup some of that spend; not all, but a
reasonable percentage.” Estimating that Bahamians likely spent $400m per year, or 40 percent of total healthcare expenditure, outside the country, he added: “Think about what an infusion of $100m spent in The Bahamas would do to this economy. “Ultimately, I’m sure their business plan will look at recouping a certain amount of spend over a period of time. The other thing this [GB facility] does is give options for top-shelf Bahamian professionals to return home to participate in, to lead, to guide such a venture.” Dr Sands said the Doctors Hospital/Cleveland Clinic tie-up will potentially enable Bahamian medical professionals to practice more advanced medicine, including research and laboratory services. He added that the Mayo Clinic in Rochester, New York, and Health City in the Cayman Islands, were examples of major healthcare investments that have succeeded despite being located in relatively remote areas. Noting that the Western Atlantic University School of Medicine’s nearby investment held out the potential for “synergistic activity of the highest order”, Dr Sands said the ability to offer clinical education and training to both Bahamian and international practitioners was “how you build a college town”. “Look at St George’s University in Grenada,” he added. “It’s the single largest foreign exchange generator in Grenada. When it started people thought it was a fly-bynight, but it has kept their economy afloat. “To imagine that we could have a medical school or series of medical schools with a world-class clinical facility in place that gives the opportunity for professionals of various disciplines to have a career, or be trained or to do research...to me, that’s a no brainer.”
PAGE 8, Wednesday, March 10, 2021
THE TRIBUNE
Tourism seeks COVID vaccination ‘top tier’ FROM PAGE ONE
A vaccinated tourism workforce could serve as a key element in efforts to market the destination to visitors post-COVID, as the absence of infection risk among staff and workers they will encounter could serve as a major boost to traveller confidence and encourage persons to return to The Bahamas. This strategy, though, depends on The Bahamas rolling out its COVID-19 vaccinations faster, and more successfully, than Caribbean rivals and other competing tourism destinations. And efforts in this area have got off to a somewhat slow start based on the prime minister’s Sunday address. Dr Hubert Minnis said the roll-out of its COVID19 vaccination programme will not proceed as rapidly as previously announced, with only 20,000 doses of the Oxford-AstraZenenca
vaccine expected in the country by today. Last Friday, officials said these vaccines — a gift from the government of India — would have arrived in the country by Sunday. Due to “logistical issues overseas” the shipment was delayed until today. Dr Minnis also said the government is expected to receive 33,600 doses out of 100,800 doses of the Oxford-AstraZeneca vaccine, purchased through the World Health Organisation’s/Pan American Health Organisation’s COVAX facility, “before the end of March”. The remaining 64,200 doses should be in the country by the end of May. Among those to first receive the vaccines will be healthcare workers in the public and private sectors; residents and staff of eldercare homes; and non-ambulatory residents registered in the public health system.
The number of vaccine doses acquired to-date will unlikely be sufficient to cover the entire tourism industry workforce, and there is also no guarantee that every worker will be willing to get vaccinated. Mr Sands, meanwhile, last night also said the Bahamian hotel and tourism industry backed the introduction of so-called COVID-19 “vaccine passports” in a bid to make two-way travel involving The Bahamas easier. However, he pointed out that The Bahamas and its major source markets such as the US, Canada and Europe will still far off from reaching the 70-80 percent vaccination threshold among their populations that is required to make “vaccine passports” effective as a potential replacement for existing border testing measures. “I think we are prepared to consider that,” Mr Sands said of vaccine passports, “but we recognise we’re
still too far away from that happening because both the providing and receiving country must have at least 70 percent of the population vaccinated for this to be even considered as something that makes sense. “The quicker the US and The Bahamas get to that point, it would make sense. The quicker we can get to that point and be able to avail ourselves of such an arrangement, the better we’ll be able to generate increasing tourism business.” Mr Sands said vaccine passports, which would enable tourists and Bahamians to prove they have been vaccinated against COVID19, were unlikely to prove “anything earth shattering” for this nation to deal with given that it is already well-versed in handling the immunisation requirements of other countries. Dionisio D’Aguilar, minister of tourism and aviation, previously revealed the
government is “exploring” whether to adopt vaccine passports. Such a regime, if adopted, could facilitate the free flow of travel to and from The Bahamas by both locals and residents once global vaccination programmes achieve critical mass - a development that appears to be some months off yet. Vaccine passports showing a person has been inoculated could also dramatically reduce the need for pre-arrival and in-country COVID-19 testing. Mr D’Aguilar confirmed to this newspaper: “I’ve just requested the Ministry of Tourism to explore that, explore what it’s all about and see whether we want to embrace that and morph into that proposed travel protocol. “I’m having the technical people at the Ministry of Tourism review that, and see what the pros and cons are. It seems to be getting some traction in Europe and the
Asian side, but I’m not sure it’s getting so much traction this side” of the Atlantic. “I’ve read about it, seen it and want my technical team to see if it’s something we want to embrace, follow and be part of,” Mr D’Aguilar continued. “We’re looking at every possible way to facilitate travel and tourism to The Bahamas once we get on the other side of this pandemic. “We have to study it, look at the advantages and disadvantages. If a number of countries are entertaining it, why? What do they find attractive about it? We will see if it’s something we want to embrace and work with. We are definitely looking at it, studying it, though our Bahamas Health Travel Visa is working quite well. “We’ve settled into a groove, but it’s an impediment to travel and I continue to emphasise that all impediments to travel are not good.”
Bahamas tax system: ‘Unrestrained scope’ for corporate abuse FROM PAGE ONE
YOUR
CHOICE FOR THE FAMILY
NOTICE
WWW.FACEBOOK.COM/JOYFM1019
NOTICE is hereby given that JUNIOR JACQUES of Marsh Harbour, Abaco, 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 March, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
underpay corporate income tax”, placed The Bahamas well below the top three places which featured its Caribbean rivals the British Virgin Islands (BVI), the Cayman Islands and Bermuda in that order. The Netherlands, which ironically has the Bahamas on its national blacklist for having a zero corporate income tax rate, was in fourth position while Switzerland, Luxembourg, Hong Kong, Jersey, Singapore, the United Arab Emirates and Ireland were all viewed as more harmful than this nation which
To advertise in The Tribune, contact 502-2394
finished one spot ahead of the US. However The Bahamas, which the Tax Justice Network alleged “is responsible for 3.28 percent of the world’s corporate tax abuse risks”, suffered for its lack of any personal or corporate income taxes. The index argued that this provides “unrestrained scope” for corporate tax abuses. Mr Moss said the index provided further evidence of the direction the world is moving in, and the need for The Bahamas to proactively position itself ahead of coming regulatory and tax initiatives by implementing a corporate income tax regime designed for its own purposes rather than having it imposed from outside. Dismissing the government’s stance, as articulated by Carl Bethel QC, the attorney general, that it is waiting to see if an international consensus forms on
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SHANYA MEGAN BETHEL of #6 Lake Lane, Bel-Air Estates off Carmichael Road, New Providence, Bahamas, intend to change my name to SHA’NYA MEGAN WALKES-BETHEL. 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.
TAMBOURIN UNITED S.A. In Voluntary Liquidation
Contact
LIQUIDATOR ______________________
Legal Notice NOTICE Anchoridge Investments Ltd.
LEGAL NOTICE
NOTICE IS HEREBY GIVEN as follows:
MARTITIME MANUFACTURERS ASSOCIATES LTD. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(a)
(b)
The dissolution of the said Company commenced on the 9th of March 2021 when its Articles of Dissolution were submitted to and registered by the Registrar General.
(b)
The dissolution of the said Company commenced on the 9th of March 2021 when its Articles of Dissolution were submitted to and registered by the Registrar General.
(c)
The Liquidator of the said Company is Delco Investments Limited of Deltec Bank & Trust Limited,Deltec House, Lyford Cay, P.O. Box N-3229, Nassau,Bahamas.
(c)
The Liquidator of the said Company is Delco Investments Limited of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau,Bahamas.
Delco Investments Limited Liquidator
NOTICE
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, TAMBOURIN UNITED S.A. is in dissolution as of March 8, 2021
Legal Notice NOTICE Maritime Manufacturers Associates Ltd
Dated this 10th day of March A.D. 2021
LEGAL NOTICE
An American Company is looking to partner with serious Bahamians in the growing, harvesting, processing, extraction, and production of products made from hemp plants and oils.
inquiries@bahamasbusinessnetwork.com
(a)
“The writing’s been on the wall for us. We put our heads in the sand and then capitulate, and capitulation will come at our own detriment in the end when there will be no financial services industry.” While some have argued that a low-rate corporate income tax will scare away financial services clients by overturning the industry’s long-established business model, Mr Moss argued it will “have the opposite effect”. “It can drive clients to The Bahamas,” he told this newspaper. “There will be more transparency and openness, and people will want to be in The Bahamas as a jurisdiction. It will not run people; it will attract people. This is not a bogeyman; this is tax competition. It will bring the transparency we have been aiming at.”
PUBLIC NOTICE
NOTICE
NOTICE IS HEREBY GIVEN as follows:
corporate taxation, Mr Moss told this newspaper: “We are on the ocean in a life raft with no one coming to our rescue, no support, but there are things we can do to better our situation. “We are procrastinating, wasting time, hoping it all goes away, but it’s not going anywhere.” Of Mr Bethel’s position, he added: “That’s a typical reaction. It’s not going to drive things, take the bull by the horns and make a decision to alleviate the situation, be progressive and stay in financial services. “Every day since 200, the first blacklisting, they’ve [the EU and OECD] been eating away at financial services. Here we are 21 years later. They’ll be back. There’s no escape my brother. We’re really missing the opportunity here to put something down for ourselves as opposed to being forced to do it, which will be unsustainable for us to do.
ANCHORIDGE INVESTMENTS LTD. is in voluntary dissolution under the provisions of Section 138 (4) ofthe International Business Companies Act 2000.
Dated this 10th day of March A.D. 2021 Delco Investments Limited Liquidator
International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.
EDEN STAR PROPERTIES LIMITED Company No. 171934 (In Voluntary Liquidation)
NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that EDEN STAR PROPERTIES LIMITED is in voluntary liquidation. The voluntary liquidation commenced on 3rd March, 2021 and Dr. Oliver Nesensohn of Landstrasse 33, 9490 Vaduz, Principality of Liechtenstein been appointed as the Sole Liquidator. Dated this 8th day of March, 2021 Sgd. Dr. Oliver Nesensohn Voluntary Liquidator
THE TRIBUNE
Renewable boost via $9m grant financing FROM PAGE ONE
Some $8.251m of the EU grant funding will be allocated to “the installation of a 4 megawatt (MW) Solar photovoltaic (PV) plant and energy storage”, occupying five hectares of government land and which will supply energy to the Marsh Harbour government complex and the island’s hospital. It will also be used to subsidise rooftop solar PV installations on New Providence for a total additional renewable energy capacity of 2.5 MW. This will involve five commercial and 50
residential installations, of 50 kilowatts (Kw) and 5Kw, respectively, plus 20 systems for community buildings with a 100 Kw capacity. “Additionally, the grant will finance a Solar PV plant of approximately 0.25 MW for the Coopers Town Medical Clinic, which will include a storage capacity of close to 2 MW,” the IDB report added. “Furthermore, this component will finance the deployment of three decentralised solar PV plants in New Providence, which will add an approximate capacity of 1.1 MW. The EU grant contribution will expand the
Wednesday, March 10, 2021, PAGE 9 scope of the existing rooftop programme initiated by the IDB, which is currently in the development phase but about to start in the 2021 second quarter. There is no previous grant programme in The Bahamas for distributed generation.” The Bahamas’ progress to-date in meeting the National Energy Policy’s goal of producing 30 percent of the country’s energy needs from renewable sources has been painfully slow. Renewables accounted for just 0.86 percent of the country’s energy generation mix at end-2020, and the Prime Minister’s Delivery Unit is targeting just 4.56 percent by 2023. Nevertheless, the IDB report said: “To stimulate the advancement of renewable energy and break the strong dependance
on fossil fuels, the Ministry of Finance is leading the national effort, acting by corralling stakeholders towards renewable energy in the country. “The Bahamas has an historic opportunity to transform its energy matrix in the aftermath of Hurricane Dorian by addressing structural challenges that have made electricity costly and unreliable, constraining economic growth and dampening the quality of life for its population. “The reconstruction and modernisation of the archipelago’s energy system is an opportunity to strengthen isolated and interconnected grid networks with resilient renewable energy resources, coupled with conventional power systems designed to withstand the increasing frequency and severity of
extreme weather events,” the report added. “It also presents an opportunity to raise awareness of renewable energy as a new energy sub-sector, and the skills, employment and economic opportunities this presents for Bahamian citizens. Finally, it will contribute to reducing the island’s use and dependency on fossil fuels, therefore increasing energy security and avoiding carbon dioxide emissions.” The IDB’s $80m represents the first tranche in some $170m of funding it has approved for the Bahamian government to assist with these objectives, with the full sum expected to be drawn down in three phases over an eight to ten-year period. Turning to BPL’s Abaco reconstruction, the IDB
report said: “Pre-Dorian, BPL had approximately 8,879 active customers in Abaco and its associated cays, of which 8,182 would benefit from the reconstruction of the electricity transmission and distribution infrastructure. “In the aftermath of the hurricane, Abaco experienced a sharp drop in electricity demand because of limited generation and loss of electricity customers. Nonetheless, both are quickly returning to prehurricane levels, with just over 6,500 customers reconnected to the grid. “The goal is restoring infrastructure in a resilient manner, so that the existing and remaining 20-25 percent of customers benefit from reliable electricity service.”
NASDAQ JUMPS 3.7%, MOST IN FOUR MONTHS, AS BIG TECH SURGES Associated Press TECHNOLOGY companies powered stocks higher on Wall Street yesterday, driving the Nasdaq to its biggest gain in four months and more than making up for a sharp skid a day earlier. The Nasdaq surged 3.7%, led by gains in Big Tech companies such as Apple, Amazon and Facebook. Despite its big day, the index remains 7.2% below its all-time high set Feb. 12. On Monday, it closed 10% below its peak, what is known as a “correction” on Wall Street. The tech stocks rally, which helped lift the S&P 500 1.4%, followed a decline in bond yields, which have been increasing rapidly in recent weeks, driving up long-term interest rates. The yield on the ten-year Treasury note dropped to 1.54% after trading above 1.60% a day earlier. Higher bond yields tend to pull money away from high-priced stocks like technology companies, which have been soaring through the pandemic and, as a result, have been beaten down as bond yields have marched higher. “The yields being down took a little of the pressure off the tech stocks,” said Willie Delwiche, investment strategist at All Star Charts. “There’s still beneath the surface a buy-the-dip
mentality and a belief that large-cap growth (stocks) are going to be a persistent leader in the market.” The S&P 500 rose 54.09 points to 3,875.44. Communication companies and those that rely on consumer spending also helped lift the benchmark index, while financial, energy and industrial stocks lagged the broader market. The Dow Jones Industrial Average, which is weighted less toward tech than the other two indexes, rose 30.30 points, or 0.1%, to 31,832.74. The Nasdaq gained 464.66 points to 13,073.82. Smaller companies also had a good day. The Russell 2000 index of small company stocks added 42.07 points, or 1.9%, to 2,245.06. The index is blowing away the rest of the major indexes this year, with a gain of 13.7%. The S&P 500 is up 3.2%, while the Nasdaq is up 1.4%. Some of the big technology stocks that fueled the market’s remarkable turnaround in 2020 after its initial plunge as the pandemic upended the global economy have been shedding gains since the Nasdaq’s peak on Feb 12. Apple, for example, was down 14% through the end of last week, while chipmaker Nasdaq was off 22.5% and Tesla was down 31%. The stocks recouped
NOTICE NOTICE is hereby given that LOUIVA FERNAND of Lincoln Boulevard, New Providence, 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 March, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE NOTICE is hereby given that NICHOLAS CHERLIUS, of Coconut Grove Avenue, 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 10thday of March 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 NISHCA PHILOGENE of Marsh Harbour, Abaco, 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 March, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
some of those losses Tuesday. Apple rose 4.1%, Nvidia climbed 8% and Tesla jumped 19.6% for the biggest gain in the S&P 500. Financial sector stocks, which had benefited from the rise in bond yields, were the biggest decliners yesterday. Bank of America fell 2.2%, while American Express slid 3.4%. Banks and credit card issuers tend to do well when interest rates are rising because they get to charge higher rates on loans. Yields have been climbing with rising expectations for growth and the inflation
that could follow. Higher yields put downward pressure on stocks generally, in part because they can steer away dollars that might have gone into the stock market into bonds instead. That makes investors less willing to pay such high prices for stocks, especially those that look the most expensive, such as technology stocks. “We’re going through a regime change and it’s not dissimilar to what we saw last year,” said Kristina Hooper, chief global market strategist at Invesco. “Now we’re seeing the reverse of
that and an abrupt move like that creates an environment in which investors start to worry about valuations.” Striking the “correction” level for the Nasdaq is also important for many investors and traders who use technical indicators to decide when to buy or sell stocks. A correction is typically seen as a healthy moment for any market, giving investors a chance to pause and reallocate their investments without the volatility and stress that a bear market, or a decline of 20% or more from a peak, typically can bring.
Bond yields will likely continue rising throughout the year as part of the improving economy. “It’s not a bad thing, it’s normal and in this environment it’s positive because it’s reflecting a far improved economic outlook,” said Hooper, said. Investors have been betting that $1.9tn in coming government stimulus will help lift the economy out of its coronavirus-induced malaise. There are also investors who are betting that stimulus and an improving economy will result in some inflation down the road.
NOTICE
NOTICE
NOTICE is hereby given that STANISLAV DRGON of Paradise Island, New Providence, 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 10th day of March, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE is hereby given that LISA ALOUIDOR , of Hibiscus Avenue, 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 10thday of March 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, 9 MARCH 2021
BISX ALL SHARE INDEX:
CLOSE
CHANGE
1954.65
-3.12
%CHANGE
YTD
YTD%
-0.16 -137.81
-6.59
(242) 323-2330 (242) 323-2320
BISX LISTED & TRADED SECURITIES 52WK HI 4.70 33.05 2.00 2.90 2.10 6.00 6.90 3.60 6.15 4.29 6.16 12.00 2.75 6.85 10.88 8.44 14.60 4.25 9.00 16.00
52WK LOW 3.13 22.65 0.67 1.62 1.50 5.00 6.00 2.70 4.27 2.80 5.20 10.20 2.10 4.90 9.50 7.70 13.00 3.70 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 4.61 32.12 1.62 2.83 1.59 6.00 6.40 3.56 4.74 2.84 5.20 10.20 2.91 6.82 10.04 8.40 14.25 3.80 8.35 15.50
CLOSE 4.55 32.12 1.62 2.90 1.59 6.00 6.40 3.56 4.74 2.84 5.20 10.20 3.01 6.84 10.08 8.40 13.92 3.80 8.35 15.50
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 BSBGR1200371 BSBGR1321391 BSBGR1322498
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.04 100.00 100.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.04 100.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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 97.72 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 93.92 100.00 100.00
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 BSBGR FX BSBGR1200371 BGRS FX BSBGR1321391 BGRS FX BSBGR1322498
CHANGE (0.06) 0.00 0.00 0.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.10 0.02 0.04 0.00 (0.33) 0.00 0.00 0.00
VOLUME 3,000 159 1,000 500 3,000 1,319 1,500 90 5,000 20,730 2,000
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
100
VOLUME
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
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 19.0 34.5 N/M N/M N/M N/M 17.3 -8.1 33.9 15.4 11.6 14.1 29.5 14.6 15.6 11.5 17.1 18.7 8.9 24.6
YIELD 3.74% 3.92% 1.23% 1.03% 0.00% 0.00% 4.06% 0.00% 0.00% 4.23% 4.23% 7.06% 14.42% 0.88% 3.25% 2.86% 3.88% 3.16% 2.40% 3.94%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75% 6.25%
19-Oct-2022 30-Sep-2025
6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 5.22% 5.29% 5.65%
20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 15-Dec-2037 15-Oct-2039 15-Oct-2049
MATURITY
MUTUAL FUNDS 52WK HI 2.40 4.44 2.15 201.90 184.85 1.69 1.85 1.78 1.24 8.49 10.26 7.28 13.91 12.84 10.81 10.00 10.20 13.79
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 2.40 4.44 2.15 201.90 184.85 1.68 1.79 1.76 1.05 8.49 10.03 7.28 13.91 12.84 10.05 N/A 10.20 13.79
YTD% 12 MTH% 0.38% 4.56% 0.04% 1.37% 0.20% 2.56% 3.47% 3.47% 10.86% 10.86% 0.20% 0.65% -0.37% -2.43% 0.16% 0.20% -0.66% -14.82% 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 8.60% 8.60% 11.90% 11.90%
NAV Date
31-Jan-2021 31-Jan-2021 29-Jan-2021 31-Dec-2020 31-Dec-2020 31-Jan-2021 31-Jan-2021 31-Jan-2021 31-Jan-2021 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
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 12, Wednesday, March 10, 2021
THE TRIBUNE
BIDEN’S RUSSIA CREDENTIALS QUESTIONED OVER EUROPEAN PIPELINE WASHINGTON Associated Press
AFTER years of Democratic accusations that former President Donald Trump was too soft on Russia, the Biden administration is facing Republican criticism of its approach to Moscow. In particular, Republicans accuse him of not doing enough to halt a gas pipeline to Europe that many believe will give Russia a tool for political influence over energy-dependent Central and East European nations. To make their point, they’ve delayed confirmation of some of Biden’s
top national security nominees, including for the CIA and top spots at the State Department. And, they’re planning to grill Secretary of State Antony Blinken on the matter when he testifies before Congress today. The Biden administration rejects the criticism, saying it has been clear about penalties for companies involved in the Nord Stream 2 pipeline and that its goal is to bolster European energy security. The administration also is weighing punitive measures against Russia for the SolarWinds hacking campaign, in which at least nine federal agencies and 100 private
companies were breached, and has imposed sanctions on some Russians over the poisoning and imprisonment of opposition figure Alexei Navalny. Biden’s critics, though, say the Navalny sanctions are largely redundant measures. And, they have become increasingly vocal over his response to the Nord Stream 2 pipeline, which has not yet included any steps beyond what the Trump administration took in its waning months in office. “We are deeply concerned that the administration’s strong statements in opposition to the pipeline are not being matched
by equally strong actions,” four senior Republican congressmen said in a letter to Blinken on Monday. The letter was signed by the top GOP member of the House, Rep Kevin McCarthy of California, and the lead Republican on the House Foreign Affairs Committee, Rep Michael McCaul of Texas. On the Senate side, Sens. Ted Cruz of Texas, Marco Rubio of Florida, Lindsey Graham of South Carolina and Tom Cotton of Arkansas have all weighed in with similar concerns. Cruz has slapped a hold on Biden’s nominee for CIA director, former career diplomat William
Burns, over the matter, and is threatening similar holds on nominations of Wendy Sherman and Brian McKeon to be deputy secretaries of state. “I’ll release my hold when the Biden admin meets its legal obligation to report and sanction the ships and companies building Putin’s pipeline,” Cruz said on Twitter. “Follow the law. Stop being soft on Russia.” While Trump was enamored of Russian President Vladimir Putin, he opposed the pipeline and criticised Germany for supporting the project. Like the Trump administration before it, the Biden administration believes
THE WEATHER REPORT
5-Day Forecast
TODAY
FRIDAY
SATURDAY
SUNDAY
Partly sunny, a shower; windy
Patchy clouds and breezy
Mostly sunny and breezy
Mostly sunny
Mostly sunny and pleasant
Partly sunny and delightful
High: 77°
Low: 67°
High: 78° Low: 68°
High: 79° Low: 69°
High: 80° Low: 69°
High: 79° Low: 68°
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
74° F
63° F
79°-64° F
81°-66° F
82°-67° F
82°-66° F
High: 78° F/26° C Low: 60° F/16° C
The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.
N
almanac
E
W
ABACO
S
N
High: 73° F/23° C Low: 68° F/20° C
12-25 knots
S
High: 77° F/25° C Low: 68° F/20° C
10-20 knots
FT. LAUDERDALE
FREEPORT
High: 77° F/25° C Low: 69° F/21° C
E
W S
E
W
WEST PALM BEACH
N
High: 75° F/24° C Low: 65° F/18° C
MIAMI
High: 77° F/25° C Low: 68° F/20° C
8-16 knots
Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 72° F/22° C Low .................................................... 68° F/20° C Normal high ....................................... 79° F/26° C Normal low ........................................ 65° F/18° C Last year’s high ................................. 77° F/25° C Last year’s low ................................... 65° F/18° C Precipitation As of 1 p.m. yesterday .................................. trace Year to date ................................................. 2.01” Normal year to date ..................................... 3.32”
ELEUTHERA
NASSAU
High: 77° F/25° C Low: 67° F/19° C
Forecasts and graphics provided by AccuWeather, Inc. ©2021
High: 75° F/24° C Low: 69° F/21° C
N
KEY WEST
High: 78° F/26° C Low: 70° F/21° C
tiDes For nassau High
Ht.(ft.)
Low
Ht.(ft.)
Today
5:34 a.m. 5:56 p.m.
2.9 2.4
12:02 p.m. 0.0 ---------
Thursday
6:23 a.m. 6:44 p.m.
2.9 2.5
12:05 a.m. -0.2 12:47 p.m. -0.1
Friday
7:06 a.m. 7:27 p.m.
2.9 2.6
12:53 a.m. -0.2 1:28 p.m. -0.2
Saturday
7:46 a.m. 8:07 p.m.
2.8 2.7
1:37 a.m. -0.2 2:05 p.m. -0.2
Sunday
9:24 a.m. 9:44 p.m.
2.8 2.7
3:18 a.m. -0.2 3:40 p.m. -0.2
Monday
10:00 a.m. 10:21 p.m.
2.6 2.7
3:58 a.m. -0.1 4:14 p.m. -0.2
Tuesday
10:36 a.m. 10:59 p.m.
2.5 2.6
4:37 a.m. 0.0 4:48 p.m. -0.1
sun anD moon Sunrise Sunset
High: 75° F/24° C Low: 70° F/21° C
N
S
E
W S
12-25 knots
ANDROS
Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.
6:24 a.m. 6:17 p.m.
Moonrise Moonset
4:51 a.m. 3:55 p.m.
New
First
Full
Last
Mar. 13
Mar. 21
Mar. 28
Apr. 4
CAT ISLAND
E
W
10-20 knots
SAN SALVADOR
GREAT EXUMA
High: 76° F/24° C Low: 70° F/21° C
High: 76° F/24° C Low: 72° F/22° C
N
High: 77° F/25° C Low: 69° F/21° C
E
W S
LONG ISLAND
tracking map
High: 78° F/26° C Low: 72° F/22° C
12-25 knots
MAYAGUANA High: 77° F/25° C Low: 72° F/22° C
Shown is today’s weather. Temperatures
CROOKED ISLAND / ACKLINS
are today’s highs and tonight’s lows.
H
uV inDex toDay
THURSDAY
ORLANDO
TAMPA
| Go to AccuWeather.com
TONIGHT
High: 77° F/25° C Low: 57° F/14° C
the pipeline will harm European energy security, particularly for countries in Eastern and Central Europe like Ukraine and Poland, which the pipeline bypasses. US officials have long said they fear Russia will use the pipeline as a political tool against its neighbours. At the heart of the current complaint is a report that Blinken’s State Department sent to Congress last month that added a layer of sanctions to a Russian vessel and the shipowner that had been previously penalised for their work on the pipeline, but did not impose new sanctions on others.
RAGGED ISLAND High: 78° F/26° C Low: 73° F/23° C
H
High: 77° F/25° C Low: 72° F/22° C
GREAT INAGUA High: 79° F/26° C Low: 73° F/23° C
N
E
W
E
W
N
S
S
12-25 knots
15-25 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 NE at 10-20 Knots ENE at 12-25 Knots NE at 10-20 Knots ENE at 10-20 Knots ENE at 12-25 Knots ENE at 12-25 Knots NE at 15-25 Knots ENE at 12-25 Knots ENE at 12-25 Knots ENE at 12-25 Knots ENE at 10-20 Knots ENE at 10-20 Knots NE at 12-25 Knots ENE at 12-25 Knots NE at 15-25 Knots ENE at 12-25 Knots ENE at 12-25 Knots ENE at 12-25 Knots NE at 12-25 Knots ENE at 12-25 Knots ENE at 10-20 Knots ENE at 10-20 Knots NE at 12-25 Knots NE at 12-25 Knots NE at 12-25 Knots ENE at 12-25 Knots
WAVES 5-9 Feet 6-10 Feet 2-4 Feet 2-4 Feet 6-10 Feet 6-10 Feet 6-10 Feet 6-10 Feet 6-10 Feet 6-10 Feet 3-5 Feet 3-6 Feet 3-5 Feet 2-4 Feet 8-12 Feet 6-10 Feet 3-6 Feet 3-6 Feet 8-12 Feet 10-14 Feet 3-5 Feet 3-5 Feet 4-8 Feet 4-7 Feet 4-7 Feet 4-7 Feet
VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 5 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 3 Miles 5 Miles 10 Miles 10 Miles 10 Miles 4 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles
WATER TEMPS. 75° F 75° F 72° F 71° F 77° F 77° F 79° F 79° F 76° F 76° F 72° F 70° F 77° F 77° F 79° F 79° F 78° F 78° F 75° F 75° F 76° F 75° F 78° F 77° F 77° F 77° F