03172021 BUSINESS

business@tribunemedia.net

WEDNESDAY, MARCH 17, 2021

$4.52

$4.52

$4.52

$4.52

‘Absolutely concerned’ on ‘Don’t have luxury of wasting money’ 45% foreign currency debt

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMIANS should “absolutely be concerned” about foreign currency borrowings rising to almost 45 percent of the near-$10bn national debt, a local economist warned yesterday.

Rupert Pinder, who lectures at the University of The Bahamas (UoB), told Tribune Business that the almost-$4.8bn in foreign currency debt owed by the government threatens to impose growing pressures on the country’s external reserves and major industries that have been devastated by COVID-19.

While acknowledging that the government had little choice but to finance the

• Economist fears future external reserve pressure • As foreign currency debt hits $4.8bn at 2020 end • Trend ‘unsustainable’ as servicing costs increase majority of this fiscal year’s $1.327bn deficit in US dollars, given the urgent need to support the external reserves with tourism and other major foreign currency-earning sectors shut down, Mr Pinder said this short-term gain could result in longer term pain if the economy does not rebound strongly.

Increased foreign currency debt means The Bahamas must rely ever more heavily on growing its tourism earnings to service these obligations, otherwise the external

reserves could be depleted by rising repayment costs.

Warning that this nation’s current debt trajectory and metrics are “unsustainable”, Mr Pinder added that the government faces higher interest rates and less “flexibility” when it comes to servicing its foreign currency debt as opposed to the Bahamian dollar equivalent.

“It’s really a concern to the extent it reduces your flexibility,” he told this newspaper of the sharp increase in The Bahamas’ foreign currency borrowings, which have risen rapidly in recent

years as a proportion of the total national debt to hit 44.7 percent at year-end 2020.

This means that the government’s foreign currency debt is close to matching the size of its Bahamian dollar equivalent, having expanded by a net $635.2m or 15.3 percent during the final three months of 2020 due to the placement of $825m in international bond issues.

“I’m sure that the Ministry of Finance argument would be that a lot of this borrowing was because of

SEE PAGE 3

Govt told: Fulfill pledge on GB incentive repeal

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government has been urged to finally give Freeport’s private sector the certainty it urgently needs by fulfilling a key 2017 campaign pledge to repeal Christie-era investment legislation.

Carey Leonard, the former Grand Bahama Port Authority (GBPA) in-house counsel, told Tribune Business that the city’s business community was becoming increasingly nervous that a Philip Davis-led PLP administration might seek to revive the Grand Bahama (Port Area) Investment Incentives Act 2016.

That legislation, which was passed by Parliament but never implemented, met with furious opposition and resistance from corporate

• PLP Act ‘like sword of Damocles’ for business • Attorney: Uncertainty deterring investment • Urges more ‘transparency’ on hotel, airport

CAREY LEONARD Freeport because it would have forced all the GBPA’s 3,500 licensees - bar the Port Authority, its Hutchison Whampoa partner and their business interests - to apply annually to the central government in Nassau for the renewal of key tax breaks.

Banks suffer 37% profitability decline

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN commercial banks saw total private sector loan arrears increase by $76m during the 2020 fourth quarter as the sector’s collective profitability shrunk by 37 percent year-over-year.

The Central Bank, in its economic review of the year’s final three months, said the credit portfolio deterioration experienced from October onwards accounted for all but $10m of the year’s total $87m increase

in loan arrears as deferrals continued to unwind amid COVID-19’s economic devastation.

“Banks’ credit quality indicators deteriorated during the fourth quarter, reflecting the ongoing slowdown in domestic economic activity related to the COVID-19 pandemic. Total private sector loan arrears rose by $75.8m (10.9 percent) over the quarter, and by $86.7m (12.6 percent) on an annual basis to $773.1m,” the Central Bank said.

SEE PAGE 4

Nassau’s tourist arrivals just 2.7% of 2019’s 1m

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net TOTAL tourist arrivals to New Providence during the 2020 fourth quarter amounted to just 2.7 percent of the prior year’s 1m visitors to further expose COVID-19’s drastic impact on the sector.

The Central Bank’s quarterly review for the last three months of 2020 revealed that The Bahamas attracted just 54,728 total visitors compared to the prior year’s 1.8m - a development that comes as little surprise, given that there were no cruise

ship arrivals while landbased stopover tourism only re-opened in November.

With an entire month of the fourth quarter lost, the Central Bank said: “Globally imposed travel restrictions unfavourably affected both air and sea traffic. A breakdown by category showed that sea passengers totalled 7,945, vis-à-vis a 10.9 percent increase to 1.5m in the previous year.

“Further, the air component amounted to 46,783 following a 9.9 percent decrease to 320,299 a year earlier that was induced

SEE PAGE 5

These incentives included exemptions from real property tax, income tax and capital gains tax, and the former Christie administration sought to tie their grant/ renewal to companies avoiding job cuts by maintaining their existing workforces for five years. It also threatened to impose financial penalties on businesses who failed to live up to the promises they made in return for receiving the renewed tax breaks.

The 2016 Act was also seen as an attack on Freeport’s founding treaty, and an attempt to undermine the Hawksbill Creek Agreement, by forcing GBPA

licensees to apply to Nassau for benefits and rights this already provided them.

Now, with a general election drawing near, Mr Leonard said he and many others in the private sector fear that a Davis-led administration will dust-off and seek to implement an investment-deterring Act that has never been repealed by the Minnis government despite its early promises to do so.

“We are still waiting for this government to do something about what I call the ‘Disincentives Act’ passed in 2016,” he told this newspaper. “It does not give any

SEE PAGE 4

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A PAST Bahamian Contractors Association (BCA) chief yesterday voiced optimism the government’s procurement reforms will deliver taxpayer value, adding: “We don’t have the luxury of wasting money.”

Stephen Wrinkle told Tribune Business he “endorsed” the Minnis administration’s efforts to make the bidding on, and awarding of, government contracts a more transparent and open process but said properly executing the Public Procurement Bill will be key.

Agreeing that it was critical that Bahamians receive “value for money” for the $1.4bn awarded in public sector contracts annually, a sum equivalent to 13 percent of gross domestic product (GDP), Mr Wrinkle said holding contractors accountable would still be difficult given that the Construction Contractors Act being brought into effect.

He argued that the failure to implement the Act’s licensing and certification regime means the government still cannot determine which contractors are qualified and capable of performing certain construction jobs, thereby exposing taxpayers to shoddy workmanship, over-payments and wastage of increasingly scarce public funds post-COVID-19.

“Hopefully it brings some sense of accountability to the procurement process and accountability for the expenditure of public funds,” Mr Wrinkle said, after the Public Procurement Bill had its second reading in the House of Assembly on Monday.

“The public needs to get value for its money. They’re over-burdened with taxes

STEPHEN WRINKLE and red tape. The least they should get is accountability for the use of their funds. There appears to be hundreds of millions of dollars, an insurmountable sum of money, that has not been accounted for over the years. It’s been going on for 50 years.”

Mr Wrinkle, a past BCA president, said the Association and its members would “assist in any way possible” to ensure the government meets its objectives in passing the Public Procurement Bill into law. “That’s a good start,” he told Tribune Business. “Hopefully it will be properly implemented to the benefit of the taxpayer.

“We don’t have the luxury of wasting money in this country. Those years are gone. We’ve got to penny pinch as a way back to financial stability. We’re in dire straits, and there’s no wiggle room.... Agencies like the International Monetary Fund (IMF) and Inter-American Development Bank (IDB) are going to start demanding more accountability because we’re in deeper and deeper financial straits.

“If we borrow more money, they’re going to tighten the screws for oversight and accountability.

If we don’t pass this legislation and implement it properly we run the risk of

SEE PAGE 4

PAGE 2, Wednesday, March 17, 2021

THE TRIBUNE

Cat Island in water first via $3m project THE Water & Sewerage Corporation has broken ground on a $3m project that will provide multiple Cat Island communities with potable water for the first time by laying 12 miles of piping.

The project, executives said, will ensure residents no longer have to harvest rain water or obtain it from private wells, standpipes or water tanks in well fields. “Oh Cat Island, it’s your time. This is your historic undertaking today,” said the Water & Sewerage Corporation’s executive chairman, Adrian Gibson.

“The purpose of this project is to provide you with a safe, sustainable, reliable supply of potable water that meets World Health Organisation water standards by all parameters. It will be delivered directly into your homes, on demand any time that you want. You don’t have to worry about drawing water from your well or about rationing water from your tanks.

“We know that wells, stand pipes and all others are subject to changing weather patterns, drought, sea water infiltration, interrupted water supply and poor water quality - especially when it’s a hurricane.

We intend to change that.”

The groundbreaking was held on the grounds of the district council office in New Bight. Among those in attendance were Bennett Minnis, Water & Sewerage Corporation board member; Elwood Donaldson, Water & Sewerage Corporation general manager; Cyprian Gibson, Water & Sewerage Corporation assistant general manager, Family Island division; Donnie Newbold, chief operator; Dale

Natural Resources select committee makes GB visit

SCENES from the ground breaking ceremony at the district council office grounds in New Bight, Cat Island. Water & Sewerage Corporation executive chairman, Adrian Gibson, gives remarks and, at centre, leads the spade work. Elwood Donaldson, Water & Sewerage Corporation general manager, is also pictured.

Gelin, administrator; Chris Wilson, Island Site Development Bahamas, local government representatives and local community leaders.

Around 12 miles of pipe will be installed in the work, which is scheduled to be undertaken in two lots within 12 months at a cost of more than $3m.

The first phase includes the Wilson Bay and Bennet Harbour settlements, and involves 120 service connections; 350-feet of six-inch pipe; 10,400 feet of fourinch pipe; and 6,100 feet of two-inch pipe.

The second phase involves Douds and Moss Town, and ends at Old Bight. This will feature175 service connections, 3,500

feet of six-inch pipe; 32,500 feet of four-inch pipe; and 9,500 feet of two-inch pipe The Water & Sewerage Corporation is presently executing a water supply improvement project, which is funded through a $28.3m loan from the Caribbean Development Bank (CDB) and $13.3m in

counterpart funding from the government. This initiative includes two projects in New Providence and six in the Family Islands.

“We are here to fulfill a commitment to deliver potable water to you, the people of Cat Island. It’s the first ever installation of water mains on the entire

THE House of Assembly’s select committee for natural resources is in Grand Bahama until Thursday afternoon to conduct meetings and tours. The group, headed by chairman Michael Foulkes, consists of Shonel Ferguson, Shannendon Cartwright, Picewell Forbes and House of Assembly clerk, Rashad Flowers.

Over the two-day

period, the group will visit sites in west and east Grand Bahama. This is the second such tour following the first that was conducted in Andros.

Fellow MPs, Reece Chipman and Vaughn Miller, are expected to join the group on Wednesday. Shown from left are: Mr Forbes; Ms Ferguson; Mr Foulkes; Mr Cartwright; and Mr Flowers. Photo: Lisa Davis/BIS

island, and it is anticipated that these works would spark a boost to your economic outlook and a population growth on the island,” Mr Gibson said.

“Cat Island, we are here to lay some 780,000 inches/65,000 feet of pipe, and we expect that once done it would reduce the amount of tankering that you now see on this island. It would be the start - one step at a time - to getting the whole of Cat Island potable water. Today we want to reduce, and eventually end, your days of toting water from the well.”

Mr Gibson indicated that although the initial project will include just a fraction of the island, the Water & Sewerage Corporation is committed to expanding the system and providing the entire island with water to the extent future budgets will allow.

He appealed to Island Site Development Bahamas to give local contractors consideration, and to hire

as many Cat Island residents as possible. Mr Gibson also highlighted plans that are underway for the construction of two reverse osmosis plants for Bennett’s Harbour in the north, and Douds in the south. He said construction of these plants will be executed under a separate contract.

Mr Gibson recognised Mr Newbold for his commitment to providing service in Cat Island, including delivery of water to residents.

He added that the government is keenly aware of Family Island water supply needs and is developing plans to address them.

To date, major infrastructure projects have been completed in Long Island, Eleuthera, Spanish Wells, Russell Island, South Andros, San Salvador, Ragged Island, Abaco, Inagua, Crooked Island, New Providence, Moore’s Island, Harbour Island, North Andros and Cat Island.

THE TRIBUNE

Wednesday, March 17, 2021, PAGE 3

FAMILY ISLANDS ‘DO NOT BLEND’ WITH CRUISE LINES

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net EXUMA’S Chamber of Commerce president yesterday voiced concerns that planned weekly calls by a cruise line “don’t blend in” with the island’s existing tourism product.

Pedro Rolle told Tribune Business he would prefer that the Crystal Cruises not send its Crystal Serenity vessel to Exuma as part of 16 seven-night voyages around The Bahamas if vital questions on the projected economic impact are not answered.

He is presently not in favour of Crystal Cruises coming to Exuma, particularly if the island has to dredge George Town’s harbour to accommodate the

vessel and a potentially massive influx of visitors travelling back and forth between shore and ship.

Mr Rolle said: “There are more questions about this than there are answers.

When I look at the history of cruise ships and cruise lines, I just don’t see where they blend in with what we’re trying to do in Exuma.

“What harbour are they going to dock at? What accommodations do we have for the cruise ship in terms of if we have to do dredging and things like that? These kinds of things concern me, and if the answer is ‘yes’ then I am opposed to it.”

Crystal Cruises announced last week that from July 3 they will be calling on Exuma, Long Island,

Harbour Island, Bimini and San Salvador with the Crystal Serenity ship, which will use Nassau and Bimini as its home ports.

Mr Rolle thus joins a growing chorus of persons opposed to Crystal Cruises coming to their island. Hoteliers on Harbour Island have already expressed their opposition, citing that they just do not have the infrastructure capacity and amenities to handle potentially up to 900 passengers coming ashore at once.

The Exuma Chamber chief added: “The second thing is if it’s coming to Exuma, then what happened to the public engagement to see whether or not Exumians are in favour of this. This is something that should be the

subject of mass discussion at the community level.

“Are they going to employ local pilots, and will there be contracts with locals?. If they are contracting locals, how is this impacting our local entrepreneurs? These are critical questions that need to be answered.

“How will Crystal Cruises mesh with our local tourism product? When people do come to Exuma now, they come for longer periods of time and they stay at Sandals and they stay at one of the other hotels,” Mr Rolle said.

“Will some of these people now choose that instead of having to come in and spend all of that money for an entire week?

They (cruise passengers) can only come now and

spend a day in Exuma, and then touch down on several other islands as opposed to a week. Will this affect the types of tourist we get coming to Exuma, and what kind of studies have been done to see if this will impact our overall tourism clientele?

“I think that if there are no answers to these questions that are forthcoming, due to Exuma being on the trajectory that it is on right now to do very well, I think once our tourism market is properly presented and properly promoted to attract a higher level clientele than what the cruise ship lines will be bringing in, then I don’t see the benefits of having a cruise ship stop to Exuma.”

Not everyone is opposed to Crystal Cruises.

Neal Watson, owner/ operator of Neal Watson’s Bimini Scuba Centre, said: “I think this is great. Some of their cruises will depart from Nassau, and some will depart from Bimini, so I am excited about this and I am sure any bit of business for the island would be welcomed.”

Acknowledging the concerns, Mr Watson added: “Bimini already has a cruise ship dock and is already like a cruise destination.

Virgin has come in, and then we used to have the Resorts World boat. But I like this one. I like the idea of Crystal Cruises, as it is smaller than the other ones and it’s all domestic.

I do like the idea that every dollar spent off of those ships will go into The Bahamas somewhere.”

PAYDAY LENDER: GOVT WORKERS KEPT US GOING

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A PAY-DAY loan provider yesterday said government employees had ensured its business remained steady throughout the COVID-19 pandemic.

Raphy Adderley, Easy PayDay Loans’ marketing representative, told Tribune Business that its focus on the only employee group to fully retain both their jobs and salaries over the past 12 months had pay

dividends for the lender.

Ms Adderley said: “We are just a financial company that supplies loans to Bahamians without all of the paperwork, so we get straight to the business. We only supply loans to government employees.

Simply because we cater to government employees, and they weren’t really affected, things remained stable for us.”

She added that Easy PayDay Loans has no plans to expand its lending to private sector employees

given that COVID-19 has made the company “unsure” about its future prospects, and the risks associated with industries that have yet to fully recover from COVID-19.

“All persons looking for a loan have to present two forms of identification along with a utility bill or a passport, voter’s card or NIB (National Insurance Board) card, then they come in and fill in an application form. If they have all of the documentation they can be approved right

on the spot,” Ms Adderley said.

The turnaround time from application to approval can take anywhere from 24 hours to a week, depending on the information clients bring in and whether or not they have to obtain additional information from their company’s human resources department.

“For us we really we don’t focus on the need, like how some have to apply for a loan from the bank and they have to state

the need,” Ms Adderley added. “It’s just cash, so whatever they may need it for sometimes we don’t even know, because they come in and they apply and that’s it.”

First-time borrowers can obtain up to a maximum of $7,500, while existing clients can borrow up to $15,000. “They are personal loans most times for persons to do different stuff, as they all have different reasons like vacation, and their small projects. They are strapped

for cash,” Ms Adderley said.

“I just want people to know how easy it is to get access to cash. I think that here in The Bahamas it’s really a daunting experience for a lot of people.

When you go into a bank it’s hard to get in. You can see a loan officer, but it’s not that way with us. Our clients can actually apply online, or they can do it by telephone or they could visit our offices, where we have a ten-member staff that can help.”

‘Absolutely concerned’ on 45% foreign currency debt

Medical plan sees Florida expansion

FROM PAGE ONE

A BAHAMIAN medical plan yesterday said it has expanded to south Florida by signing up 20 doctors for clients to choose from when in that state.

Corinna Neely, FirstCare Medical Plan’s president, told Tribune Business that it does not operate as an insurance company but instead as a “primary healthcare medical plan” that offers medical insurance.

It is registered with the Insurance Commission of The Bahamas as a “discount plan”, with Ms Neely saying: “That’s a huge difference as it relates to insurance.”

“Our plan is really non-discriminatory,” she added. “This is for persons

COVID-19 to support the external reserves given the overall fall-off in foreign currency earnings,” Mr Pinder added.

“We can certainly debate, in terms of the reasonable reasons for the increase in foreign currency borrowing, but the long and short of it all is it’s not a sustainable position. Rising debt, as a percentage of gross domestic product (GDP), is always a concern, and some would argue in the context of our economy that any increase in debt levels ought to be a concern....

“Generally speaking, when you are carrying a disproportionate amount of foreign currency borrowings you have to consider the long-term ramifications for your foreign reserves. That debt has to be serviced from your foreign currency earnings. That is a concern.”

Mr Pinder spoke out after the Central Bank’s review for the 2020 fourth quarter revealed that The Bahamas’ foreign currency debt, which hit $4.784bn at year-end, now accounts for 44.7 percent of a near-$10bn national debt.

He added that the Bahamas’ foreign currency debt servicing costs have increased significantly due to Moody’s and Standard & Poor’s (S&P) downgrading the country’s sovereign creditworthiness, which will further ratchet up the pressures on the external reserves and tourism earning inflows to meet investor repayments.

“We have to consider the cost of money, the interest rate,” Mr Pinder told Tribune Business. “This is all taking place against the backdrop of an increase in interest rates as a result of the downgrades of our sovereign debt. Therefore, we are faced with higher interest rate costs compared to periods in the past.

The government’s last two international bond issues, of $600m and $225m, attracted interest rate coupons of 9.25 percent and eight percent respectively - both much higher than the six percent paid on the capital raise that preceded them in late 2017.

While The Bahamas has the ability to lower interest payments on its domestic debt via restructuring or rate cuts, Mr Pinder argued

it does not enjoy this luxury with the government’s foreign currency borrowings.

While backing the policy that has seen the Central Bank report record $2.4bn in external reserves amid COVID-19, he added that the rising foreign currency debt servicing demands could be storing up pressures and difficulties further down the road if tourism and the wider Bahamian economy do not strongly rebound from the pandemic.

With John Rolle, the Central Bank’s governor, predicting that economic and tourism performance may not match or exceed 2019 levels until 2023, Mr Pinder told this newspaper: “When you look at this against very anemic growth and the slow rebound of tourism earnings, we have to be absolutely concerned about the amount of foreign currency debt servicing in that environment.

“The increase in foreign currency debt, even in the best of times, and even in the absence of a pandemic, would be a concern, and in this environment there will be an increased level of concern. Foreign currency debt has been on the rise for quite some time in terms of its share in proportion to local currency debt.

“A lot of the foreign currency borrowing, in some instances, was not used for investment or capital expenditure but really to maintain recurrent expenditure. A lot of that stuff is used for imports; for noncapital purposes. That’s entirely different when you’re borrowing for capital projects that yield returns in the future.”

The Central Bank, in dissecting The Bahamas’ national debt at year-end 2020, said: “A breakdown by component showed that Bahamian dollar obligations constituted 55.3 percent of the total, while foreign currency liabilities accounted for the remaining 44.7 percent.”

The regulator found that the nation’s foreign currency debt rose by $635.2m (15.3 percent) to $4.784bn during the 2020 fourth quarter. “In comparison to the same quarter of 2019, total foreign currency debt service payments rose sharply to $340.5m from $79.7m, attributed in large part to a $248m refinancing of government’s short-term external debt

obligations,” it said.

“Net of the refinancing, the comparable serving was still expanded at $92.5m.

Underlying this outturn, the government’s debt service payment increased to $321.5m from $58.1m last year, as amortisation payments advanced to $254.3m and interest charges moved higher by $16.8m to $67.2m.”

Pointing to the impact this is having on the government’s finances, the Central Bank added: “Exclusive of refinancing activities, the government’s debt service to revenue ratio stood at 18.3 percent at endDecember, an increase of 7.6 percentage points over the previous year, while the debt service ratio rose to 41.8 percent from 8.4 percent in 2019.”

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

who cannot afford major medical or those who had no coverage at all and had pre-existing illnesses.

That means persons with hypertension, obesity, HIV and anything like that that, insurance companies would not insure you.

“We have decided to come up with a plan for anyone regardless. We have a network of doctors where you can go to the doctor for free. The other aspect of that same plan is where you can see specialists, labs, pharmacies and a wide range of medical services.”

Wanting to add more benefits to the plan during the COVID-19 pandemic, Ms Neely said: “We added the Florida network and, also during COVID19, we added to tele-health for our members because doctors’ offices were

closing, were closed or were seeing a limited amount of people. So we introduced tele-health to our members in March last year.”

To take advantage of the south Florida expansion, clients will have to pay an additional charge along with their basic FirstCare plan levy so it can accommodate the “steadily growing” 20-member doctor network in South Florida.

The tele-health programme has slowed as COVID-19 vaccines become more widely available, but Ms Neely said it proved useful “during last March, April and May when people were on lockdown and they had ongoing issues, and they needed to connect with a doctor”.

PAGE 4, Wednesday, March 17, 2021

THE TRIBUNE

Govt told: Fulfill pledge on GB incentive repeal FROM PAGE ONE relief from real property tax for second home owners, so why build a second home in Freeport? They need to get a licence, and then it’s completely discretionary as to whether the government will give it [the incentives] or not.

“Why invest in the Port area if you have to pay service charges as well as real property tax? That’s double taxation. This government has had three-and-half years to fix that and they haven’t.

They’ve done nothing to repeal this legislation. It’s like the sword of Damocles over one’s head. If I’m at the discretion of the government of the day, why would I bother to invest?”

Repealing the Christie administration’s legislation topped the Free National Movement’s (FNM) list of 2017 campaign pledges for Grand Bahama. It said: “To jumpstart and fix the Grand Bahama economy so that we may maximise and realise

new, substantial sustainable development benefits the FNM will....

“Repeal and replace the Grand Bahama (Port Area) Investment Incentives Act 2016 to ensure that all licensees receive equal treatment under the law.” Another prominent Freeport source, speaking on condition of anonymity, backed Mr Leonard’s concerns over the Minnis administration’s failure todate to deliver on its top Freeport campaign pledge.

“I don’t know where we stand with that,” they said in relation to the 2016 Act. “All I know is that everybody proceeded as if that Act does not exist, and the FNM promised to repeal that which they haven’t done.”

They added that they understood the GBPA-appointed REEF committee, which was charged with proposing reforms to Freeport’s governance, investment and commerce frameworks, was examining “what would be

‘Don’t have luxury of wasting money’ FROM PAGE ONE the international agencies coming in and doing it for us, like they did with Greece,” Mr Wrinkle continued.

“It behooves the government that if they want to remain captain of their own ship, they have to take responsibility for their own ship. We cannot borrow our way to heaven. It’s going to jump up and bite us one day.”

Mr Wrinkle, though, argued that passing of the

Public Procurement Bill should go hand-in-hand with implementation of the Construction Contractors Act. He said there were numerous examples of government buildings that had taken years to construct, going through multiple contractors and massive cost overruns that all undermine taxpayer value for money.

“It’s important we have accountability, productivity and quality workmanship in these public buildings,” Mr Wrinkle added. “I think

Banks suffer 37% profitability decline FROM PAGE ONE “Consequently, the ratio of arrears to total private sector loans firmed on a quarterly and year-on-year

basis, by 1.5 and 1.7 percentage points, respectively, to 13.8 percent.”

Taking a deeper dive into the credit quality decline, the regulator added: “An

NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 of the Commonwealth of The Bahamas, notice is hereby given that DOOGARY INVESTMENTS LIMITED has been dissolved and struck off the Register as of 17th. March 2021 VINCENT L. KING - Liquidator

the ideal things” to include in legislation to repeal the 2016 Act. “If you wave a magic wand, what would you like to see,” they added of the brief that has been provided.

K Peter Turnquest, former deputy prime minister, had talked of replacing the PLP legislation with the Grand Bahama (Port Area) Extension of Tax Exemptions Bill 2017 just five months after taking office but this was seemingly never followed through on.

Another Freeport private sector contact, also speaking on condition of anonymity, agreed that the Christie-era legislation represents an “abrogation” of the Hawksbill Creek Agreement, but it had not been approved by the GBPA’s licensees.

They added that the GBPA “threw its licensees under the bus” by accepting, with Hutchison Whampoa, a 20-year blanket renewal of their own tax breaks.

Meanwhile, Mr Leonard, now an attorney with Callenders & Co, called on the

Minnis administration to be “more transparent” over its progress on the Grand Lucayan’s sale and Grand Bahama International Airport (GBIA) purchase so that Freeport businesses can properly plan for the future.

“This secrecy makes life rather complicated,” he argued to Tribune Business.

“How can businesses make plans if they don’t know what’s going on? If you say that you are working on the airport, and that it will take another three to six months, you can give yourself some leeway but without saying anything businesses can’t make any decisions.

“Businesses need time to make decisions and get financing in place to get it all going. The longer they have to wait for a definitive and transparent answer from the government, the longer the economy is going to be held up.

“If they know the hotel [the Grand Lucayan] is going to be sold by such a date, perhaps I will invest more in stock for

my restaurant. If you are a tour operator with outdoor excursions, if I know the hotel will be sold and open in three to six months I will know when to start marketing.”

Dionisio D’Aguilar, minister of tourism and aviation, last week said the government was “on the cusp” of completing Grand Bahama International Airport’s purchase although he provided no indication of a timeline for when the deal will close or construction work starts.

He also voiced optimism that “all of the ducks have been lined up” to finally complete the Grand Lucayan’s long-awaited sale to the ITM/Royal Caribbean joint venture, although again no timeline was provided for the deal’s closing.

Mr D’Aguilar told the House of Assembly during the mid-year Budget debate that he believed talks between the government and potential purchaser are “nearing the end of the journey” more than a year after the two sides held a lavish

signing ceremony in Freeport to herald the deal.

Acknowledging that the government’s efforts to exit ownership of Freeport’s “flagship” resort property have “taken many twists and turns”, and blaming the pandemic for scuppering an earlier closing, Mr D’Aguilar said commercial terms for the sale have now largely been agreed but did not disclose them.

He argued that COVID19, which has devastated the cruise-dependent businesses of Royal Caribbean and ITM, had complicated closing the sale given the multi-billion dollar losses both purchasing parties have incurred.

And the deal was made “that much more complex”

by ITM/Royal Caribbean’s need to negotiate a separate agreement with Hutchison Whampoa, controlling 50 percent owner of Freeport Harbour Company, for the redevelopment of Freeport Harbour via the addition of two new cruise berths.

there’s a big gap between perceived qualifications and actual qualifications a contractor may have. There’s a very large jump when you go from a single family home to a commercial structure. I continue to see poor workmanship and lack of accountability on those government contracts for big buildings.

“We need to look at the overall construction industry. We have never actually implemented the Construction Contractors Act and the licensing regime for building trades and contractors. The question of accountability is left in the eye of the beholder. How can you be accountable if you can’t have an accountable contractor?

“The overriding factor would be without having the Construction Contractors Act in place, it’s going to be difficult to navigate the construction industry for qualified contractors.

What do they base their qualifications for qualified contractors on? It’s fine to talk about public disclosure on procurement......”

Dr Hubert Minnis, speaking on the Public Procurement Bill during its second reading in the House of Assembly, said: “Procurement systems clearly have a significant impact on the efficiency of the use of public funds and, more generally, on public confidence in government and on good governance. ““In the local context, the sheer importance of these

activities is evidenced by the central government’s $1.4bn in public procurement spending, which approximates nearly 13 percent of the country’s GDP. “My government is all about establishing an efficient procurement system; attaining the best value for money spent on behalf of Bahamians; ensuring public access to information on government contracts; and providing fair opportunities for suppliers to compete for government contracts.”

Dr Minnis acknowledged that government procurement processes have traditionally been plagued by problems associated with “the lack of transparency and efficient market competition”, together with the “absence of a legal

framework that promotes high standards in line with international best practices”.

He added that there has also been a frequent “lack of reconciliation between budget amounts committed and procurement requisitions”, and an over-reliance on manual processes, with reform proving an “elusive” goal across successive administrations.

“The Public Procurement Bill we have before us today is designed to promote economy and efficiency in the use of public funds, to conduct procurement in a fair and transparent manner, and to support an increase in the number of small Bahamianowned businesses involved in the public procurement space,” Dr Minnis said.

analysis by the average age of delinquencies revealed that short-term (31- 90 day) arrears grew by $66.4m (28.6 percent) to $298.5m, with the associated ratio increasing by 1.2 percentage points to 5.3 percent of total private sector loans.

“In addition, the non-performing segment - arrears in excess of 90 days and on which banks have ceased accruing interest - rose by $9.4m (two percent) to $474.6m, contributing to a 25 basis point rise in the corresponding ratio to 8.5 percent of total private sector loans.”

Breaking the banking industry’s delinquency increase down by loan category, the Central Bank added: “The expansion in total private sector loan arrears was mainly due to an $86.7m (21.7 percent)

growth in mortgage delinquencies to $486.2m......

“In contrast, the commercial segment reduced by $11.6m (16.6 percent) to $58.2m, with the associated ratio narrowing by 1.3 percentage points, to 7 percent. Meanwhile, the non-performing loan rate for consumer loans stood at 6.8 percent versus 5.2 percent in the previous year, and businesses at 4.9 percent compared to 6.1 percent at end2019, while mortgages was relatively unchanged at 11.1 percent.”

As for the consequences, the report said: “Banks increased their total provisions for loan losses by $56.1m (10.9 percent) to $569.7m over the quarter.

Consequently, the ratio of provisions to non-performing loans and to total arrears grew by 9.6 percentage points to 120 percent, and by four basis points to 73.7 percent, respectively.

“Also, specific

provisions relative to nonperforming loans increased by 4.3 percentage points to 83.4 percent. Further, banks wrote-off an estimated $40.8m in delinquent loans and recovered approximately $5.4m during the review period.”

When it came to commercial bank profitability, the Central Bank said: “During the third quarter of 2020, banks’ overall profitability contracted by $15.1m (36.8 percent) to $25.9m relative to the same period of 2019, as institutions continued to increase their provisioning for bad debt to buffer against predicted losses related to the COVID-19 pandemic.

“Most profitability ratios trended downward over the review quarter. As a percentage of average assets, the gross earnings margin narrowed by 24 basis points to 5.23 percent, as the interest margin fell by 27 basis points to 4.91 percent, while the commission and foreign

exchange ratio edged up by three basis points, to 0.33 percent.

“Similarly, the net earnings margin ratio reduced by 30 basis points to 1.55 percent, as the operating costs ratio increased by six basis points to 3.69 percent. As a consequence of the rise in bad debt provisioning, the net income ratio narrowed by 64 basis points to 0.94 percent,” the regulator continued.

“With regard to profitability components, the net interest margin edged up by $0.8m (0.6 percent) to $135.4m, as interest expense declined by $4m (30.1 percent) to $9.2m, outstripping the $3.2m (2.2 percent) reduction in interest income to $144.6m.

“In addition, income from commission and foreign exchange fees rose by $1.4m (18 percent) to $9.1m, contributing to a $2.2m (1.5 percent) increase in the gross earnings margin to $144.4m.”

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Wednesday, March 17, 2021, PAGE 5

Nassau’s tourist arrivals just 2.7% of 2019’s 1m FROM PAGE ONE

by Hurricane Dorian. An analysis by major ports of entry revealed that total arrivals to New Providence amounted to just 26,568, compared to a 3.4 percent decline to 1m in the previous year. Air and sea traffic totalled only 24,341 and 2,227, respectively.

“Likewise, visitor arrivals to the Family Islands reached just 25,211, following a 41 percent expansion to 0.7m in 2019, with air arrivals decreasing to 20,315 and sea passengers to 4,896. Further, arrivals to Grand Bahama declined to 2,949, deepening from the 49.4 percent contraction to 63,234 in the preceding year, explained by a fall-off in both air and sea

visitors to 2,127 and 822, respectively.”

As for other tourism industry segments, the Central Bank added: “In the private vacation rental market similar trends were observed, as data provided

by AirDNA showed a falloff in the demand for resort business during the final quarter of 2020.

“Specifically, total room nights booked reduced

sharply by 48.3 percent, vis-à-vis the same period in 2019, owing to respective decreases of 50.2 percent and 48 percent, in hotel comparable and entire place listings.

“An analysis of listing category revealed that hotel comparable average occupancy levels fell by 12.6 percentage points to 31.1 percent, while the average daily rate (ADR) rose

by 2.5 percent to $156.52.

In addition, average occupancy levels for entire place listings were lower by 8.9 percentage points at 30.8 percent, as the ADR firmed by 10.3 percentage points to $431.50.”

The report continued: “With the re-opening of the borders to international travel, data provided by the Nassau Airport Development Company (NAD)

indicated that total departures - net of domestic passengers - amounted to 35,611, following a 4.6 percent gain to 0.3m in 2019.

“In particular, US departures reduced to just 27,438, relative to a 5.1 percent growth last year to 0.3 million. Similarly, non-US international departures only amounted to 8,173, visà- vis a 1.8 percent uptick to 51,476 a year earlier.”

Automakers embrace electric vehicles. But what about buyers?

DETROIT Associated Press THE world’s major automakers have made something abundantly clear: They believe electric vehicles will dominate their industry in the years ahead.

Yet for that to happen, they’ll need to sell the idea to people like Steve Bock.

When Bock recently replaced his family’s 2013 Honda Pilot SUV, he considered — and then dismissed — the idea of buying an electric vehicle.

An EV with enough room to carry his two dogs would cost too much, he decided.

And he’d worry about driving long distances with too few charging stations.

“I would consider it if the prices would come down,” Bock said, though leaving open the possibility of buying an electric vehicle next time.

Instead, Bock, of suburban Raleigh, North Carolina, settled on a Subaru Outback. Like nearly every other vehicle sold in the United States, it runs on gasoline.

Opinion polls show that a substantial majority of Americans are aligned with Bock. An EV might be on their shopping list if it cost less, if more charging stations existed and if a wider variety of models were available. In other words, the time isn’t right.

It adds up to a significant risk for the largest automakers. With governments across the globe intensifying efforts to reverse climate change, the automakers are staking their futures on the notion that consumers will soon be ready to buy vehicles

STEVE Bock stands between his new Subaru Outback and his 1965 Ford Mustang at his home in Apex, NC. He would like to have an electric car, but says the prices will have to come down a lot before he can do it. Opinion polls show that most Americans would consider an EV if it cost less, if more charging stations existed and if a wider variety of models were available.

Photo: Allen G Breed/AP that run not on the internal combustion engines that have powered cars and trucks for more than a century but on electricity stored in a battery pack.

General Motors, Ford and Volkswagen plan to spend a combined $77bn developing global electric vehicles over the next five years, with models from pickup trucks to small SUVs. GM has gone so far as to announce a goal of ending gasoline- and dieselfueled passenger vehicles entirely by 2035 – and to become carbon-neutral by 2040.

For the automakers, the risk is as hazardous as it is simple: What if American consumers reject electric vehicles for many years to come?

Companies would have no choice but to discount them and hope, in the meantime, that their profits from gas vehicles would still cover their costs — at

least until large proportions of buyers gravitated toward EVs. If they don’t, the financial blow could be heavy. For now, EVs make up less than 2% of US new-vehicle sales and about 3% worldwide.

“It’s still a sector that doesn’t have a mass appeal to the entire population,” said Jeff Schuster, president of global vehicle forecasting for LMC Automotive, a consulting firm. “It could be a financial drain if consumers do not buy at the same level.”

Yet in contrast to the United States, sales of EVs have taken off in Europe and China, largely because of much more far-reaching pollution regulations and government incentives.

Those tighter environmental regulations are forcing the industry to sell more electric vehicles.

In Europe, carmakers unveiled a slew of new electric models ahead of lower

LEGAL NOTICE

MORASTOWN UNITED S.A. Company No. 304234 (In Voluntary Liquidation)

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that MORASTOWN UNITED S.A. is in voluntary liquidation. The voluntary liquidation commenced on 11th March, 2021 and Markus Ducrey of Hofstrasse 12, 5073 Gipf-Oberfrick, Switzerland been appointed as the Sole Liquidator.

EU limits on average emissions of carbon dioxide, the primary greenhouse gas blamed for climate change, that took full effect at the start of this year. Government-backed incentives can cut the cost to near that of an internal combustion vehicle.

The result: Nearly 730,000 battery vehicles were sold in Europe in 2020 — more than 300,000 of them in the final three months of the year. The market share of electric vehicles — battery-only and plug-in hybrids — jumped from 3% to 10.5%.

By December, their share had reached nearly one in four.

Among the new owners is Kerstin Griese of Essen, Germany, who bought a battery-powered Peugeot 208 after having driven electric cars in the motor pool at work. Griese found that they supplied the acceleration necessary

LEGAL NOTICE

NOTICE

NOTICE TRUTH HOLDINGS INTERNATIONAL INC.

MICKAO LIMITED N O T I C E IS HEREBY GIVEN as follows:

N O T I C E IS HEREBY GIVEN as follows:

(a)

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

(a)

TRUTH HOLDINGS INTERNATIONAL INC. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 15th March, 2021 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b)

The dissolution of the said company commenced on the 15th March, 2021 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

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

(c)

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

Dated this 17th day of March, A. D. 2021

Dated this 11th day of March, 2021 Sgd. Markus Ducrey Voluntary Liquidator

_________________________________ Bukit Merah Limited Liquidator

_________________________________ Bukit Merah Limited Liquidator

LEGAL NOTICE

LEGAL NOTICE

LEGAL NOTICE

NOTICE VOCTORG HOLDINGS LIMITED

FOKKEL LIMITED

N O T I C E IS HEREBY GIVEN as follows: VOCTORG HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 15th March, 2021 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c)

Still, it could prove an uphill battle. Only 260,000 fully electric vehicles were sold last year in the United States. That’s out of a total new-vehicle market of 14.6 million. In fact, Americans are still spurning cars, in general, in favor of less-fuel-efficient trucks and SUVs. Two polls late last year offered a glimpse of Americans’ appetite for electric vehicles. One, by Consumer Reports, showed that only 4% of adults with a driver’s license planned to acquire an EV the next time they buy a vehicle. An additional 27% said they would consider one. About 40% express some interest — but not for their next purchase. About 29% don’t want an EV at all.

Likewise, when JD Power surveyed people who intend to buy or lease a new vehicle in the next 18 months, only about 20% said they were likely to buy an EV. Roughly 21% were unlikely. The rest were undecided.

“For every new-vehicle shopper seriously considering (battery electric vehicles), there’s another at the opposite end of the spectrum,” said Stewart Stropp, senior director of automotive retail at JD Power.

For one thing, Stropp said, most buyers are unfamiliar with electric vehicles and haven’t ridden in one.

Those who have, though, are roughly three times as likely to consider them, he said. People want as many chargers as gas stations, Stropp said, but don’t seem to realise that most charging can be done at home.

LEGAL NOTICE

Dated this 17th day of March, A. D. 2021

(a)

to merge safely onto the highway for her 40 kilometer commute to the public works department in the town of Solingen.

“I said to myself, when they cost around 30,000 euros ($36,263) and have more than 300 kilometers of range, and when the incentives are set high, then I’m there. And that happened last year.”

After a government subsidy of 6,000 euros and the carmaker’s 3,000 euro share, her new car will cost around 24,000 euros ($29,000). The car can use fast-charging stations along highways, where she can recharge in a half hour when she takes longer trips, such as shopping excursions to the neighbouring Netherlands, about 65 kilometers away.

“I found that very appealing,” she said.

In China, which accounts for about 40% of global EV sales, purchases have accelerated because of limits on the number of internal combustion cars that can be registered in six major cities, said Arndt Ellinghorst, an analyst at the research firm Sanford C Bernstein.

Automakers, including startups Lucid, Bollinger, Rivian and Workhorse, plan to introduce 22 new EV models in the US this year after having rolled out six last year, according to LMC. Tighter regulations — and, perhaps with it, higher sales of EVs — might be coming to the United States, too, if the Biden administration succeeds in its promotion of electric vehicles as part of a broad plan to fight climate change.

The Liquidator of the said company is CST Administration (Bahamas) Limited of the Bahamas Financial Centre, Shirley and Charlotte Streets, Nassau, Bahamas.

Dated this 17th day of March, A. D. 2021 _________________________________ CST Administration (Bahamas) Limited Liquidator

NOTICE

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

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

(b)

The dissolution of the said company commenced on the 15th March, 2021 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is CST Administration (Bahamas) Limited of the Bahamas Financial Centre, Shirley and Charlotte Streets, Nassau, Bahamas.

Dated this 17th day of March, A. D. 2021 _________________________________ CST Administration (Bahamas) Limited Liquidator

NOTICE

DAR AL HUSSEINI LIMITED N O T I C E IS HEREBY GIVEN as follows: (a)

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

(b)

The dissolution of the said company commenced on the 15th March, 2021 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is CST Administration (Bahamas) Limited of the Bahamas Financial Centre, Shirley and Charlotte Streets, Nassau, Bahamas.

Dated this 17th day of March, A. D. 2021 _________________________________ CST Administration (Bahamas) Limited Liquidator

THE TRIBUNE

Wednesday, March 17, 2021, PAGE 11

SUPPORT THE BLOOD BANK

SAVE A LIFE GIVE THE GIFT OF

BLOOD

BECOME A REGULAR DONOR

1 PINT CAN SAVE 3 LIVES GIVE BLOOD - GIVE LIFE

SOME HELPFUL TIPS BEFORE YOU DONATE:

4 You must have eaten at least once for the day.

4 You need at least 30 minutes between your last meal and donating blood.

4 You will need at least 10 minutes rest after donating blood.

4 You can donate blood every 8 weeks.

4 The Blood Bank will do FREE Pre-screening tests to make sure you are healthy enough to donate blood.

BECOME A REGULAR DONOR

PLEASE ENCOURAGE YOUR COLLEAGUES TO SUPPORT THE BLOOD DRIVES

PUBLIC NOTICE

MARKET REPORT

INTENT TO CHANGE NAME BY DEED POLL

www.bisxbahamas.com

TUESDAY, 16 MARCH 2021

BISX ALL SHARE INDEX:

CLOSE

CHANGE

1938.04

0.84

%CHANGE

YTD

YTD%

0.04 -154.42

-7.38

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

BISX LISTED & TRADED SECURITIES 52WK HI 4.76 33.05 2.00 2.90 2.10 6.00 6.90 3.60 6.15 4.26 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 5.00 10.20 2.10 4.90 9.50 7.70 13.00 3.43 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 4.64 32.12 1.62 2.90 1.59 6.00 6.40 3.56 4.75 2.84 5.00 10.20 2.91 6.84 10.55 8.40 13.95 3.43 8.35 15.50

CLOSE 4.76 32.12 1.62 2.90 1.59 6.00 6.40 3.56 4.75 2.80 5.50 10.20 2.88 6.84 10.64 8.40 13.95 3.43 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 0.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.04) 0.50 0.00 (0.03) 0.00 0.09 0.00 0.00 0.00 0.00 0.00

VOLUME 161,233

10,000 2,200 19,000

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

VOLUME

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

P/E 19.9 34.5 N/M N/M N/M N/M 17.3 -8.1 33.9 15.2 12.2 14.1 28.2 14.6 16.5 11.5 17.1 16.9 8.9 24.6

YIELD 3.57% 3.92% 1.23% 1.03% 0.00% 0.00% 4.06% 0.00% 0.00% 4.29% 4.00% 7.06% 15.07% 0.88% 3.08% 2.86% 3.87% 3.50% 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%

MATURITY

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

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

The Public is hereby advised that I, DéAnn McQuilla Dorcely of P.O. Box GT-2590, Rockwell Estates, New Providence, The Bahamas, intend to change my name to DéAnn McQuilla Forbes.

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, N.P., Bahamas no later than thirty (30) days after the date of publication of this notice.

LEGAL NOTICE

NOTICE

EMERALD ISLES FINE ARTS LTD. NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, EMERALD ISLES FINE ARTS LTD. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 9th March, 2021.

Dated the 15th March, 2021 Beatus Limited Liquidator

PAGE 12, Wednesday, March 17, 2021

THE TRIBUNE

UK to lift nuclear stockpile cap; looks to Asia post-Brexit LONDON Associated Press BRITAIN’S government said yesterday the UK will prioritise diplomatic engagement with Asian countries in the coming decade and lift its own cap on the size of its nuclear stockpile, as Prime Minister Boris Johnson unveiled a major shift in the country’s foreign policy and defense priorities after Brexit.

Setting out a vision of a “Global Britain”, the government’s new strategy document envisions the UK “tilting” toward the Indo-Pacific region and becoming a bigger player there as the world’s “geopolitical and economic center of gravity” moves east to countries such as China, India and Japan.

The document also outlined plans to overhaul the UK’s defense policies, most notably paving the way for increasing the amount of nuclear warheads Britain has at its disposal to 260. That reverses existing plans to reduce the stockpile to 180 by the middle of the decade, and a longstanding policy of gradual nuclear disarmament.

Russia remains “the most acute threat to our security”, the government said, but the language on China was markedly more

BRITAIN’s Prime Minister Boris Johnson visits the National Express depot in Coventry, central England on Monday. The Prime Minister is unveiling a shake-up of the bus sector which aims to see lower, simpler flat fares in towns and cities. Photo: Steve Parsons/Pool/AP muted. While the report acknowledged the risks posed by a more assertive China, and described the country as the “biggest state-based threat to the UK’s economic security”, Johnson said the UK will continue pursuing a “positive trade and investment relationship” with Beijing.

“There is no question China will pose a great challenge for an open

NOTICE

society such as ours,” Johnson told the House of Commons. “But we will also work with China where that is consistent with our values and interests, including building a stronger and positive economic relationship and in addressing climate change.”

As part of the new policy, Britain is applying for partner status in the

Association of South East Asian Nations, and Johnson will travel to India next month for his first major international visit since the UK left the European Union.

The Royal Navy aircraft carrier HMS Queen Elizabeth will be sent to the region later this year for its first operational deployment.

The document described

NOTICE

a deteriorating global security environment, and said a “minimum, credible, independent nuclear deterrent” remains “essential in order to guarantee our security”.

Asked about the need to boost the UK’s nuclear capabilities, Foreign Secretary Dominic Raab told the BBC that it was “the ultimate insurance policy against the worst threat from hostile states”.

Johnson said some longstanding policies will remain the same: Britain would remain “unswervingly committed” to NATO and preserving peace and security in Europe, and the US will remain Britain’s most important ally.

Keir Starmer, the leader of the opposition Labour Party, said Britain’s policies toward China remained as inconsistent as it has been for the past decade — ignoring its rights abuses while inviting the country to invest in British infrastructure such as its telecoms network. He also questioned why Johnson

didn’t mention the UK’s decision to cut international aid spending and its arms export policies.

“If ‘Global Britain’ is to mean anything, it cannot mean selling arms to Saudi Arabia and cutting aid to Yemen,” Starmer said.

Johnson has been facing increasing pressure from his own Conservative Party to take a more assertive stance against China — particularly regarding claims of genocidal policies against the Uighur minority in its Xinjiang region — and several lawmakers criticised Tuesday’s review document for not delivering that. Julian Lewis, who chairs the parliamentary Intelligence and Security Committee, described the British government’s stance as one of “grasping naivety.”

The prime minister stressed that he favored a more “balanced” approach, and warned against a “Cold War mentality” against China. Instead of confrontation, Britain is likely to seek to engage with Asian powers like India to work out a united strategy to deal with Beijing.

The government also said it will make climate change and preserving biodiversity its top international priority over the next decade. The new priorities are the result of a year-long review of Britain’s security, defense, international development and foreign policy.

Yesterday’s announcement came after Johnson announced in November a 16.5 billion-pound ($23bn) increase in defense spending over the next four years, focusing on the future battlefields of space and cyber rather than traditional resources such as army troops.

A defense report to be published next week is expected to set up detailed plans to modernise the armed forces, cut around 10,000 troops and reduce the fleet of battle tanks.

NOTICE is hereby given that GREGORY DORILAS of Nairn Garden off Cowpen Road, 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 17th day of March, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that JUNIOR WILFRED BALFOUR of 316 Melbourne Cresent, Hudson Estates, Freeport, Grand Bahama 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 17th day of March, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE

NOTICE

NOTICE is hereby given that LESLY JOSEPH, of Bain Town, Augustar 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 17th day of March 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

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 is hereby given that MARVIN JOSEPH, of Cowpen 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 17th day 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 ORAL FELIX MURPHY of Central Avenue, Blue Hill South, 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 17th day of March, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE

NOTICE is hereby given that JOAN PAMELA REID-WATSON, of #9 Hibiscus Lane, Soldier 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 17th day of March 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The 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.

NOTICE

NOTICE

NOTICE

NOTICE is hereby given that DAWES WENSLEY AZOR, of #3 High 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 17th day of March 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that LICZINA OCTAVIEN, of Chippingham, Constitution 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 17th day of March 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

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.

PAGE 14, Wednesday, March 17, 2021

US stocks step back from alltime highs in choppy trading Associated Press WALL Street capped a choppy day of trading yesterday with stock indexes closing mostly lower after coming within striking distance of matching the market’s longest winning streak of the year.

The S&P 500 fell 0.2% after wobbling between small gains and losses most of the day. The modest pullback snapped the benchmark index’s fiveday winning streak. A sixth-day of gains would have matched the S&P 500’s

THE TRIBUNE

longest winning streak so far this year, though the index remains near its all-time high.

Losses by banks, industrial stocks and companies that rely on consumer spending, including cruise line operators, pulled the market lower, outweighing gains by Big Tech and communication services stocks. Energy stocks, the S&P 500’s biggest gainers so far this year, took the brunt of the losses as crude oil prices fell.

Stocks’ uneven finish came as investors continue to closely watch the bond market, with even minute changes in bond yields causing stocks to fluctuate.

Bond yields also wavered Tuesday. The ten-year Treasury yield, which influences interest rates on mortgages

and other consumer loans, inched up to 1.62%.

“The ten-year is remaining above 1.60%,” said Sam Stovall, chief investment strategist at CFRA. “So, investors are in a sense girding themselves for higher inflation.”

The S&P 500 dropped 6.23 points to 3,962.71. Earlier, it had been up 0.3%. The Dow Jones Industrial Average lost 127.51 points, or 0.4%, to 32,825.95. The Nasdaq bucked the trend, benefiting from the rally in technology stocks. The tech-heavy index gained 11.86 points, or 0.1%, to 13,471.57.

The big technology names that rose sharply in 2020 were among the gainers yesterday. Apple rose 1.6%, Google’s parent company added 1.4% and Facebook rose 2%. Tech stocks have

moved in tandem with the bond market, so as some bond yields ticked lower yesterday, it moved technology stocks in the opposite direction.

Small company stocks lagged the broader market.

The Russell 2000 index fell 40.65 points, or 1.7%, to 2,319.52.

Investors weighed new economic data yesterday that showed Americans cut back on spending last month, partly due to bad weather in parts of the country that kept shoppers away from stores, and partly due to their December and January stimulus payments running out.

Retail sales fell a seasonally adjusted 3% in February from the month before, the US Commerce Department said yesterday. February’s

drop followed soaring sales in January as people spent $600 stimulus checks sent at the end of last year. In fact, the Commerce Department revised its January number upwards to 7.6% from its previously reported rise of 5.3%.

Meanwhile severe winter weather pushed industrial production down a sharp 2.2% in February, reflecting a big decline in factory output.

“We’re still in the midst of getting back to a more normal environment,” said Jason Pride, chief investment officer of private wealth at Glenmede. “Given the lumpiness of government stimulus payments, we’re going to see numbers jumping around.”

Investors are betting big that this economic malaise will dissipate as spring arrives

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 89° F/32° C Low: 66° F/19° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

Partly to mostly sunny and nice

Mainly clear

Mostly sunny and pleasant

Partly sunny and nice

Mostly sunny and pleasant

Partly sunny and pleasant

High: 82°

Low: 71°

High: 81° Low: 71°

High: 82° Low: 70°

High: 80° Low: 68°

High: 79° Low: 67°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

87° F

70° F

84°-72° F

86°-70° F

89°-68° F

84°-65° 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

ABACO

S

N

High: 79° F/26° C Low: 71° F/22° C

8-16 knots

S

High: 85° F/29° C Low: 73° F/23° C

6-12 knots

FT. LAUDERDALE

FREEPORT

High: 84° F/29° C Low: 74° F/23° C

E S

E

W

WEST PALM BEACH

W

uV inDex toDay

THURSDAY

W

N

| Go to AccuWeather.com

TONIGHT

High: 83° F/28° C Low: 70° F/21° C

High: 80° F/27° C Low: 70° F/21° C

MIAMI

High: 84° F/29° C Low: 73° F/23° C

7-14 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 81° F/27° C Low .................................................... 66° F/19° C Normal high ....................................... 79° F/26° C Normal low ........................................ 65° F/18° C Last year’s high ................................. 83° F/28° C Last year’s low ................................... 70° F/21° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 2.01” Normal year to date ..................................... 3.72”

ELEUTHERA

NASSAU

High: 82° F/28° C Low: 71° F/22° C

Forecasts and graphics provided by AccuWeather, Inc. ©2021

High: 79° F/26° C Low: 71° F/22° C

N

KEY WEST

High: 83° F/28° C Low: 76° F/24° C

High: 80° F/27° C Low: 72° F/22° C

N

S

E

W

7-14 knots

S

7-14 knots

ANDROS

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

11:12 a.m.

11:37 p.m.

2.3 2.5

5:17 a.m.

5:22 p.m.

0.1 0.0

Thursday

11:50 a.m.

-----

2.1 -----

5:59 a.m.

5:59 p.m.

0.3 0.2

Friday

12:19 a.m.

12:32 p.m.

2.5 2.0

6:43 a.m.

6:39 p.m.

0.4 0.3

Saturday

1:05 a.m.

1:19 p.m.

2.4 1.9

7:34 a.m.

7:26 p.m.

0.6 0.4

Sunday

1:58 a.m.

2:15 p.m.

2.3 1.8

8:31 a.m.

8:21 p.m.

0.7 0.5

Monday

2:56 a.m.

3:17 p.m.

2.3 1.8

9:32 a.m.

9:23 p.m.

0.7 0.5

Tuesday

3:57 a.m.

4:20 p.m.

2.4 1.9

10:32 a.m. 0.6 10:26 p.m. 0.4

sun anD moon Sunrise Sunset

7:17 a.m.

7:20 p.m.

Moonrise Moonset

9:50 a.m.

11:09 p.m.

First

Full

Last

New

Mar. 21

Mar. 28

Apr. 4

Apr. 11

SAN SALVADOR

GREAT EXUMA

High: 79° F/26° C Low: 71° F/22° C

High: 80° F/27° C Low: 73° F/23° C

N

High: 80° F/27° C Low: 72° F/22° C

E

W S

LONG ISLAND

tracking map L

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

CAT ISLAND

E

W

for most of the country and more Americans get vaccinated. Further, President Joe Biden’s administration started sending out $1,400 stimulus checks to individuals last weekend.

Some investors fear the stimulus could translate into inflation down the road, however, which has caused investors to sell bonds. When bond prices fall, their yields rise.

Wall Street will be closely watching the Federal Reserve’s latest economic and interest rate projections today. Economists expect Fed Chair Jerome Powell will try to convince jittery financial markets that even as the economic picture brightens, the central bank will be able to continue providing support without contributing to higher inflation.

High: 80° F/27° C Low: 72° F/22° C

7-14 knots

MAYAGUANA High: 80° F/27° C Low: 73° F/23° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 80° F/27° C Low: 72° F/22° C

High: 80° F/27° C Low: 72° F/22° C

GREAT INAGUA High: 83° 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: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:

WINDS S at 6-12 Knots S at 8-16 Knots SE at 7-14 Knots SE at 7-14 Knots ESE at 7-14 Knots SE at 7-14 Knots E at 8-16 Knots E at 8-16 Knots ESE at 7-14 Knots SSE at 7-14 Knots S at 7-14 Knots S at 10-20 Knots SE at 7-14 Knots SE at 7-14 Knots NE at 10-20 Knots E at 8-16 Knots E at 8-16 Knots ESE at 7-14 Knots E at 8-16 Knots ESE at 8-16 Knots SE at 6-12 Knots SSE at 7-14 Knots E at 8-16 Knots E at 8-16 Knots SE at 7-14 Knots SE at 7-14 Knots

WAVES 3-6 Feet 3-5 Feet 1-3 Feet 1-3 Feet 4-7 Feet 3-5 Feet 4-7 Feet 3-6 Feet 4-7 Feet 3-5 Feet 2-4 Feet 3-5 Feet 1-3 Feet 1-3 Feet 4-8 Feet 3-6 Feet 2-4 Feet 2-4 Feet 6-10 Feet 4-8 Feet 1-3 Feet 1-3 Feet 3-6 Feet 2-4 Feet 3-5 Feet 2-4 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

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