business@tribunemedia.net
THURSDAY, MARCH 25, 2021
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Digital transformation unit deficiencies ‘can lead to wrongdoing’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE agency responsible for the government’s digital transformation has yet to fully address admitted weaknesses in its procurement and supplier controls that “could open the door for wrongdoing”. Management at the Department of Transformation and Digitisation, responding to the “unsatisfactory” rating given by the Auditor General’s Office, pleaded guilty to deficiencies in its processes and the absence of policies to guide management of payments to its vendors. It pledged to write the necessary guidelines and policies by end-April 2021, and implement them together with a vendor management system - by
June 30 this year. Given that the Auditor General’s Office report assessed the period between July 1, 2018, and June 30, 2019, this is seemingly an admission that the vulnerabilities identified have yet to be fully addressed two years’ later. “The Department of Transformation and Digitisation acknowledges the deficiencies of its processes/ procedures,” the Auditor General’s Office report said of management’s response to its findings. “It is also agreed that there is a need for proper vendor management, the creation of policies and the establishment of a registry for easy access to the policies. “Management agreed that these weaknesses were not indicative of fraud, criminality or malfeasance
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GB airport deal labelled ‘pivotal to Freeport survival’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PROMINENT Freeport hotelier yesterday said the government’s acquisition of Grand Bahama International Airport is “pivotal to the survival” of the island’s economy. Magnus Alnebeck, the Pelican Bay hotel’s general manager, told Tribune Business that the Minnis administration needed to “immediately tackle the low-hanging fruit once it gets the key” to convince Freeport’s private sector and
wider population that positive change is finally coming. The government has allocated $1.5m to improve the air traffic control tower and its elevator, repair the domestic cargo hangar and put offices in the former domestic terminal while it seeks a private sector partner to manage the facility and raise $50m to finance its rebuilding, but Mr Alnebeck urged it to also focus on more mundane issues. These ranged from being able to purchase a simple
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Infrastructure spend: Keep the politics out By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net INCREASED infrastructure spending “must not be driven by politics” if The Bahamas is to maximise investment returns from scarce resources, a governance reformer warned yesterday. Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business that taxpayer monies had too often been “wasted”
ROBERT MYERS by politically-led decision making determining which capital projects were initiated and where. Speaking after the
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Govt challenged over BPC licence renewals By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
ENVIRONMENTALISTS yesterday challenged the Minnis administration to make good on its pledge to bar oil drilling after the Bahamas Petroleum Company (BPC) revealed it will seek to renew its four licences. Activists told Tribune Business they plan “to coerce the government as much as possible” to reject the oil explorer’s bid for a three-year renewal that would commit it to drilling another exploratory well within The Bahamas’ territorial waters during that period. Besides calling on the prime minister and his Cabinet to live up to their publicly professed
• Activists: Deliver on oil drilling opposition • Explorer to seek three-year extension • Commits to spud further well in that time
STENA ICEMAX DRILL SHIP opposition to oil exploration, the environmental groups argued it would be inappropriate to approve BPC’s application until
their Judicial Review action challenging the permits it received for its first Perseverance One exploratory is ruled upon by the
Supreme Court. Their concerns were sparked after BPC yesterday formally confirmed to the global capital markets that it plans to seek renewal of its four Bahamas exploration licences. Despite Perseverance One failing to strike commercial quantities, the oil explorer signalled that the drilling data obtained - as well as interest from other companies in partnering with it - had given it sufficient confidence to move forward. “Since the completion of the drilling of Perseverance
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GB airport owners to keep Dorian insurance By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A SENIOR government official yesterday confirmed the Grand Bahama International Airport’s two outgoing owners have retained the Hurricane Dorian insurance proceeds rather than financing restoration. Algernon Cargill, director of aviation, responded by saying “that’s what I understand” when asked whether Hutchison Whampoa and the Grand Bahama Port Authority (GBPA) were keeping the payout as part of the deal that will see the government acquire the airport for just $1. He also disclosed that
• Govt to ‘reimburse’ Hutchison 50% of staff payout • Tender for private sector partner out ‘in 30 days’ • Rebuilding price tag pegged at around $50m the government (Bahamian taxpayer) will “reimburse” Hutchison Whampoa for half the costs it incurs in paying due severance and other benefits to the airport’s 60-70 staff, who will leave its employment and be transferred to the stateowned Airport Authority. Speaking as the House of Assembly debated legal reforms to facilitate Grand Bahama International Airport’s purchase, Mr Cargill told this newspaper: “The deal is just about complete. The Heads of Terms
have been signed. The next step is to transfer the employees. The intent is to ensure that no one loses their jobs. “The intent is to bring them all over. Hutchison is paying all the employees and the government is reimbursing 50 percent of the costs.” Dionisio D’Aguilar, minister of tourism and aviation, told Parliament that the cost of this reimbursement will be less than $1m. While many have hailed the purchase as vital to Freeport and Grand
Bahama’s “economic survival”, others are distinctly less impressed. While much of the focus will be placed on the $1 purchase prices, one well-placed source argued that Hutchison and the GBPA had effectively been allowed to abandon their developmental obligations to Freeport under the Hawksbill Creek Agreement. Suggesting that the Dorian insurance claim payout may have been as
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TIMELESS BRANDS GO BEYOND DESIGN
The Art of Graphix BY DEIDRE M BASTIAN
L
ET’S speak bluntly, can we? Your goal with your business is to make it thrive for years to come. In an ideal world you want this brand to be around for as long as possible. You want people to remain interested for as long as possible, and you want a timeless brand. Of course you do; any business owner does. But with changing trends and technology, is it possible to have a truly timeless brand? Discover unique relationships Have you ever come across a logo, packaging example or general piece of design and thought to yourself: “Man, that’s clever”? Well, unfortunately, clever designs do not grow on trees, and they can be pretty tricky to come up
with. A super clever logo or design requires collaboration between the design and the driving concepts, something that is not always the easiest thing to achieve but can reap impressive returns. So, imagine walking through a supermarket, researching online or flipping through a catalogue. You encounter hundreds of brands and products, all competing to gain your attention to convince you to buy what they are selling. So, what is the best way to make a good first impression? You guessed it: Good design. Studies have shown that visual appeal can be assessed within about 50 milliseconds. To make it simpler, think of your business’s design as a handshake - the greeting between two people when they first meet. Do they smile or frown? Do they say “hi”, “hello” or “good day”? Is the handshake firm and businesslike, or warm and friendly? We can make snap decisions and impressions about people in this one moment. This is exactly what brand design tries to accomplish, all within a matter of seconds. It tries to communicate who you are and what you do. Design is more than how it looks An all-too common
misconception about design is that it solely concerns the way a product, communication or image looks. In reality, a good designer will consider how it looks as secondary to how it works. To break such concept, a “designer” and a “communicator” should be interchangeable synonyms. A good brand designer is not just going to make your letterhead look nice. They are going to consider who you are, who your company is, who your audience is, what information is most and least important to display, and what the competitors in your field are doing. Yes, they will pull apart your content and reassemble it in a way that helps you communicate to your audience in the best possible way. The major takeaway is not to discredit design as simply an aesthetic thing. Sure, it makes your content look professional, consistent and enticing, but the reality of it is so much deeper. Communicate your brand’s values visually All brands are built on ideas, values and goals. It can sometimes be like a universal language. It can help to communicate values visually to your audience through things such as colour, imagery, icons,
and type. Consider capturing your tone and values through imagery and type, and let your images do the talking. The key to timelessness is not in expecting zero changes, or that your current design will be set in stone forever. The key is not in trying to avoid future change but expecting and embracing it if (and when) it becomes necessary. As a result, if you have been second-guessing the value of design for your business, do not. Good designs give you a competitive edge, drive powerful marketing results, and allow you to stand out. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game. NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre M. Bastian is a professionally-trained graphic designer/brand marketing analyst, author and certified life coach with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.
Tourism visa applications reach 2,000 daily average THE Ministry of Tourism yesterday said COVID health travel visa applications are averaging more than 2,000 per day and “steadily increasing” as The Bahamas attempts to rebound from the pandemic. Acknowledging that The Bahamas’ tourism dependent economy has been “shaken to its very core”, the ministry said its COVID-19 response plan - which includes testing and travel protocols - has enabled this nation to start rebuilding traveller confidence that they can safely vacation here. Dionisio D’Aguilar, minister of tourism and aviation, said: “These efforts have set the destination up for success as we move forward. The comprehensive COVID19 response has reassured future visitors that they can enjoy their time throughout our islands with the peace of mind that the health and safety of visitors and residents has been and will continue to remain the top priority.” The Ministry of Tourism said keeping COVID-19 infection rates low domestically, and successful vaccination roll-outs at home and in major tourism source markets, will be critical to ensuring visitor numbers and the wider economy rebound. It hailed its Tourism
Recovery and Readiness Plan, which was developed by 30 sub-committees and more than 150 contributors, for setting the health framework that protects industry employees and enables visitors to return safely. More than 10,000 tourism workers were trained in COVID-19 health protocols over three days. The ministry said that, to-date, more than 40,000 persons including hotel staff, cab drivers, tour operators and others have been trained in COVID-19 protocols. It added that, over the past four months, it has received more than 125,000 health travel visa applications from visitors and returning residents. Since the New Year, there have been more than 2,000 applications each day, with submissions often turned around and approved in six hours. The Ministry of Tourism said the number of positive COVID-19 cases is less than five percent of those tested as case numbers to-date remain low. The Bahamas received the Innovative destination of the year award in the Caribbean Journal’s seventh annual Travel Awards for continued flexibility throughout the pandemic, and for setting a regional standard for destination entry practices. The Bahamas has also received a SafeTravels stamp from the World Travel & Tourism Council, which acknowledges that governments and companies that have implemented global standardiaed protocols for health and hygiene.
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Thursday, March 25, 2021, PAGE 3
BRACE FOR AIRPORT FEES, OUT ISLAND PASSENGERS WARNED By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A CABINET minister yesterday warned that Bahamian travellers and visitors will effectively have to finance Family Island airport upgrades that “will probably cost north of $200m”. Dionisio D’Aguilar, minister of tourism and aviation, told the House of Assembly that both locals and tourists must brace for the introduction of socalled “passenger facility charges” that will be levied on all persons who pass through The Bahamas’ 28 Family Island airport. These fees will be necessary to attract the private capital needed to bring such key infrastructure assets up to “world class levels”, Mr D’Aguilar added, with the cash-strapped Public Treasury unable to finance
DIONISIO D’AGUILAR such projects with taxpayer monies. He reaffirmed that the government is seeking to replicate the public-private partnership (PPP) model, first pioneered at Lynden Pindling International Airport (LPIA) with the Nassau Airport Development Company, whereby private investors and management companies enhance The Bahamas’ air gateways by taking over their financing and management. “To redevelop these
Family island airports, at least the four that we have identified - Exuma, Long Island, North Eleuthera and Abaco - will probably cost north of $200m,” Mr D’Aguilar said. “We have a fundamental problem. We have a lot of airports, probably the most airports per capita in the world. These airports, these ports of entry, cost a fortune to redevelop. Runways are expensive, terminal buildings are expensive, and with a population of 400,000 people it’s an incredibly hard burden for us to bear. “So we are going to have to partner pretty much as we did at the Lynden Pindling International Airport. We’re going to have to replicate that model as much as possible with our Family Island airports.” Mr D’Aguilar, noting that the Family Island airports presently collect very little or no fees from passengers
GB COMPANIES HAIL GOVTS AIRPORT BUY By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
GRAND Bahama businesses yesterday hailed the government’s Grand Bahama International Airport (GBIA) purchase as “good news” and urged it to buy other rundown assets to aid Freeport’s revival. Brent Collins, Power Equipment’s chief executive, backed the $1 purchase from Hutchison Whampoa and the Grand Bahama Port Authority (GBPA) while urging the government to ensure the airport’s management was outsourced to a private sector entity. “The government transferring management to a private company isn’t bad either because I don’t have a good experience with the government taking care of things. At least not in Freeport,” he added. “It should be their goal to bring the airport to a good position
and not just focus on all of the profits. But I know it is going to take them at least a year to have the airport fixed up.” The Grand Bahama Airport Company (GBAC) currently owns the airport, with Hutchison and the GBPA each holding a 50 percent stake with the former enjoying management rights. Dionisio D’Aguilar, minister for tourism and aviation, told the House of Assembly yesterday it will take $50m to fully restore and renovate the airport. Vernon Grant, resident manager at the Castaways Resort & Suites, said: “The owners should sell the Xanadu Beach for $4 and the International Bazar for $5. There is no use having these things sitting around and nobody is doing anything about it. “When you look at the economic impact that the airport has starved Grand Bahamians out of every
year, you might as well have sold it for $1.There are millions of dollars that can be produced as an enhanced revenue centre at the airport. Someone with the good wisdom and understanding can take it over and make some money from it.” Mr Grant added of the government takeover: “It’s going to help with the traffic in terms of the airlift coming into Grand Bahama; that’s going to help with that. Because if the airport is open and is managed by the government, the government can then reduce fees. “It can reduce the amount of maintenance fees, surcharges or charges each time an aircraft lands; it can control that. So the spin-off effect with that will be to help the residents on the island, and also produce tourists which would greatly help for a greater influx to the island.”
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who use them, added: “That model is unsustainable.” Arguing that virtually every airport in the world levies a passenger facility charge, he added: “If we want to bring our airports up to world-class levels we’re probably going to have to contemplate the introduction of passenger facility charges to fund these PPPs, which are so necessary for redevelopment of those airports. Mr D’Aguilar said upgrades to Exuma’s international airport will cost $65m, with $53m raised from local investors by investment bank, ,RF Holdings, and the remaining $12m provided by the InterAmerican Development Bank (IDB). “We are in the final stages of negotiating a contract, and expect a
groundbreaking in Exuma in the next 14 to 28 days,” he added of planned construction work. “The North Eleuthera airport is going to cost probably another $65m. We’ll have to build a completely new runway and use the current runway as a taxiway. The IDB has assigned $18m for that project, and obviously the local funding institution will have to come up with the remaining $47m.” Mr D’Aguilar said North Eleuthera’s redevelopment is in the “final stages” of planning and land acquisition, and is expected to go out to tender within the next six months. He added: “The Leonard Thompson International Airport is expected to cost approximately $10m to improve the terminal
building and rebuild the air traffic control tower and the general services building.” “The Great Harbour Cay Airport in the Berry Islands is significantly advanced, and we hope to open this new facility within the next six months. The cost of constructing this new airport is approximately $15m and has been financed exclusively by the taxpayer. However, we intend to transfer these costs over to the PPP facility, thereby creating more headroom for the government to do other projects. “The Treasure Cay Airport is to be completely rebuilt at a cost of $1.7m. This new terminal facility will be completely financed by the IDB, who already had a facility in place to do some capital works at this airport.”
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THE TRIBUNE
GB AIRPORT OUTSOURCE CONCERNS FOR UNION By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
A UNION president yesterday voiced concerns that security functions at the Grand Bahama International Airport (GBIA) will be outsourced once it is taken over by the Government’s Airport Authority. Dave Barr, head of the Grand Bahama Port Authority Workers Union, told Tribune Business he was eager to ensure the airport’s 60-70 staff receive all due severance and benefits when they are transferred to the Airport Authority as part of the deal to sell the Dorian-devastated facility to the government for $1. He added: “I’m concerned more on the side of whether the staff is treated fairly and get the
WESTERN Air terminal at GB Airport after Hurricane Dorian. proper things that are due to them. I know for a fact that Hutchison had packages made up before for the people. “In essence they are paying you off for all of
your years of service, and they owe you and therefore they may pick up who they want to. The only thing is that we were in charge of every position in the airport, but of late they have
gotten rid of the security guards. “The thing with that is Nassau already had private security, so therefore that portion was a foregone conclusion. I think once they take over they are going to outsource security anyway. A lot of this has to do with cutting costs and, with the union security, you have insurance, school fees and
all sorts of other benefits that come along with it.” Hutchison Whampoa and the Grand Bahama Port Authority (GBPA), which each own a 50 percent stake in the airport with the former holding management rights, are exiting their ownership after electing not to finance the multi-million dollar repairs necessitated by Dorian. Dionisio D’Aguilar, minister for tourism and aviation, told the House of Assembly yesterday that the government will acquire Grand Bahama International Airport (GBIA) for $1 as well as “a portion of staff related costs”, keeping the total bill below $1m. He added that the current airport employees will be transferred to the Airport Authority, saying: “When the transfer is completed from Hutchison to the Airport Authority, their relationship with Hutchison will be severed with the
usual severance arrangements typically offered by Hutchison.” Mr Barr said he is not expecting a fight with the government over the workers’ rights. He said: “As long as the company that’s coming in is open for negotiation, if we have the opportunity to continue negotiating on behalf of these workers then I think it is just a matter if people are willing for negotiation and open to new ideas and changes.” Mr Barr admitted he was “uncertain” that the GBPAWU will be the bargaining agent for the transferred workers because the Airport Authority recognises the Bahamas Public Services Union (BPSU) as staff representative in Nassau and the Family Islands. “Any time a company leaves or is sold or bought, the people are paid off with packages as far as redundancy,” he said.
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GB COMPANIES HAIL GOVTS AIRPORT BUY FROM PAGE THREE
Greg Langstaff, the Grand Bahama Brewing Company’s proprietor, said it was “about time” the government bought the island’s airport. He added: “Thank you Jesus. This was offered to them a year ago at the same price, but they didn’t want the responsibility of it. “Everyone on the island knows that Hutchison’s money is in the Container Port; they were not going to put any more infrastructure into Freeport. They don’t mind owning huge chunks of the land here, but they don’t want to put any money into this thing and that’s the best thing that can happen for Freeport. “Unfortunately, it would be a government-owned airport but anything is better than what we’ve got now. We don’t have an international airport that can handle any international flights at all. The facilities in Marsh Harbour, Abaco is nicer than this.”
Thursday, March 25, 2021, PAGE 5
GB airport owners to keep Dorian insurance FROM PAGE ONE high as $25m, although that figure could not be verified by this newspaper, they added that Grand Bahama International Airport’s owners could walk away and saddle the government and Bahamian people with a rebuilding that Mr D’Aguilar yesterday confirmed will come with a $50m price tag. “It’s a $50m bill,” the source said, although the government is aiming to place the financing burden on a private sector airport operator rather than the Bahamian taxpayer. “It’s a damn disgrace, and Bahamians are so proud of getting this airport for $1. They’ve given Hutchison and the Port Authority everything they wanted.” Arguing that the government should have held the GBPA and Hutchison Whampoa to their responsibilities, they continued: “They should have made
the Port Authority and Hutchison rebuild. It’s in the Hawksbill Creek Agreement that if they hand it over to any third party responsibility moves to them.... It’s a total disgrace and abdication by the government.” The source said “our whole future hinges on Hutchison” in Freeport after Mr D’Aguilar reaffirmed that the ITM/Royal Caribbean deal to acquire the Grand Lucayan is now “contingent” on the duo securing an agreement with the Hong Kong-based conglomerate to redevelop the cruise port in Freeport Harbour together with their water-based adventure park. “Hopefully, all of these stars will stay aligned so that we can complete what has been a long and arduous set of negotiations, made the more difficult by the onset of the coronavirus,” the minister added. “The conclusion of all of these transactions will, we believe, signal a new beginning for Grand Bahama
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which, as we all know, has been the brunt of so many external shocks and extreme weather events that, for many, the situation has become desperate. Hopefully, with the conclusion of all of these much talked about transactions, the rebuilding of Grand Bahama can continue in earnest.” Mr Cargill, meanwhile, also revealed that the Request for Proposal (RFP) seeking a publicprivate partnership (PPP) for Grand Bahama International Airport should be issued “in 30 days or so”. He said the government is seeking a turnkey solution similar to the Nassau Airport Development Company (NAD) model at Lynden Pindling International Airport (LPIA), where a private group or company will take over Freeport’s aviation gateway and be responsible for all aspects - planning, development, financing and operations. “We’re looking at one company for all of that,” Mr Cargill added. “It’s all in together.” Mr D’Aguilar yesterday branded Hurricane Dorian as “the straw that broke the camel’s back” in terms of Hutchison and the GBPA, via the Freeport Harbour Company, remaining willing to reinvest in the airport’s rebuilding. Noting that most major airports worldwide are owned by the government, Mr D’Aguilar said: “The
ability of the government to direct and control such a crucial piece of infrastructure, Mr Speaker, is critical to the development of any economy...... “Mr Speaker, the people of Grand Bahama, through their government, must own that airport and thereby regain control of how it is developed, how it is operated and how it can best be used to improve economic outcomes for the tens of thousands of Bahamians who live on that island.” Mr D’Aguilar, referring to Hutchison’s operational and management control, said: “The jury is out on whether that airport has, over the past two decades, been operated in the best interests of Grand Bahamians. “Some have complained that it was an expensive airport to use, some have complained about its facilities or lack thereof, especially after the passage of hurricanes, and everyone has complained at the lack of interest by Hutchison in rebuilding that airport after the passage of Category Five Hurricane Dorian. “With the sale of the Grand Lucayan to the government in 2018, it seems as if Hutchison was no longer interested in being in the airport business since, some might argue, it was no longer in the hotel business and wanted now to stay focused on its core. and more profitable business which, as we all know, is the Freeport Container Port.”
With Grand Bahama International Airport sustaining “tens of millions of dollars” in damages after being struck by major hurricanes three times’ in seven years, Mr D’Aguilar said: “Hurricane Dorian was, to use the old adage, the straw that broke the camel’s back. “After the passage of Hurricane Dorian, on 1 September 2019, Hutchison expressed that they had had enough of operating that airport and simply wanted to sell it and be done with it.” He added that the government is now purchasing “2,500 acres of land, an 11,000 foot-long runway that was recently resurfaced taxiways, ramps, etc - all for under $1m. “Once the purchase of the Grand Bahama International Airport has been completed - the lawyers are currently doing the title searches, the relationship between a Bahamas government-owned asset and the Port Authority being finalised - the asset will be transferred to the Airport Authority, who will create a special purpose vehicle (SPV) to operate and redevelop the airport very similar to what was set up at the Lynden Pindling International Airport.” The opposition yesterday demanded greater transparency over the Grand Bahama International Airport deal, including disclosure of the Heads of Terms signed with Hutchison and the GBPA.
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Govt challenged over BPC licence renewals FROM PAGE ONE
One, the company has had discussions with industry counterparties in relation to a potential farm-out of its licences in The Bahamas, and is working to formalise an entirely new farm-out process. Consequently, the company intends to renew the four southern licences in The Bahamas into a third, three-year ‘drill or
drop’ exploration period,” BPC said. “The Perseverance No 1 well did not result in a commercial discovery. The company is, however, encouraged that the results from the Perseverance One well indicated the presence of hydrocarbons.” This, together with renewed interest from potential joint venture partners, means BPC is not giving up on or abandoning
The Bahamas just yet. BPC added that its first exploratory well was drilled on a seabed structure that is more than double New Providence’s size, with its licences covering some 3m acres. In effect, Perseverance One represented just one pinprick in a vast area, and the drilling results and data derived from that first well suggest there is the possibility of finding commercial oil
THE TRIBUNE quantities nearby. Suggesting that deeper drilling may be required, BPC’s statement said it was now focused on integrating Perseverance One’s findings with existing data on its licence areas as well as resuming the search for a joint venture (farmin) partner to share the financial, technical and operational risks associated with drilling another exploratory well in Bahamian waters. “Given these technical results, since announcing the results of the well the company has had a number of discussions with industry counterparties in relation to a potential farm-out of the licences, and the company is now working to formalise and launch an
{\yjMERCY 'f/CORPS Public Tender - Request for Proposal Mercy Corps Bahamas SUBJECT OF THE TENDER: Business Training to Micro Enterprises
Background: Mercy Corps Bahamas will engage a third party to provide all resources (training materials, trainers and a facility (virtual or physical)) for delivering trainings to micro enterprises in Grand Bahama and Abaco. These enterprises also receive business cash grants from Mercy Corps to improve their business through use of new technology. The purpose of such service contract is to provide all resources required to deliver business trainings in support of the technology grant program to approximately 60 small business owners, with the potential for an increased target depending on additional funding for this program. The desired outcome of this service contract is that 60 business owners will have the necessary skills from the trainings, combined with cash inputs provided by Mercy Corps, to be able to successfully improve and grow their business through use of new technology purchased through the program. The training content should be designed by the training provider, though the training provider should be able to design content and learning outcomes related to website and ecommerce platform development, digital payment integrations, digital and social media marketing and online customer engagement/management. Activities:
Prior to the trainings, the service provider will: • Design, if necessary, curriculum that is supportive of the objectives of the SPARK small business technology grant
• • • • • •
program. The training series should be up to 5 sessions. Content design is at the discretion of the training provider, inclusive of some of the following topics: o Building and maintaining a website for small business owners o Point of Sale systems and Digital Payments - how these improve your business o Digital payment integrations for your website and POS, including local payment service providers like KanooPays and SunCash, accepting Sand Dollar payments, etc. o Digital and social media marketing strategies o Online customer engagement and client management o Digitizing regular business practices (bookkeeping, inventory tracking, timekeeping, etc.) o General guidance to grow their businesses (how to scale, attract new customer segments, build their online profile, etc.) in the digital age Provide final curriculum, including on the above topics for Mercy Corps review and approval; If not available in-house, identify and provide a training facility or meeting room for trainings (virtual or physical); Conduct any pre-training interviews with stakeholders and participants (list to be provided by Mercy Corps); Set schedule for trainings for April 2020. Trainings and final reports must be completed by May 15 2021 and May 30 2021, respectively; Set parameters for trainings (agenda for trainings; length of training; deliverables from training for participants, etc.) based on interviews with stakeholders and participants; and Publish/provide schedule and parameters of trainings for all stakeholders and participants.
During the trainings, the service provider will: • Provide sufficient number of trainers to conduct trainings based on the above parameters and schedule; • Complete all trainings by May 15 2021, based on schedule formed; • • •
Make adjustments to the agenda, as needed, while conducting trainings; Take attendance during trainings and provide copies of attendance sheets to Mercy Corps as part of contract deliverables; and Keep copies of participant deliverables, to provide to Mercy Corps as part of contract deliverables.
After the final training in May, the service provider will: • Complete a final report on training outcomes, attendance, and lessons learned due May 30 2021.
Deliverables: • •
Curriculum for a training series designed to support small businesses to incorporate new technology; Copies of pre-training interview tools and interview notes;
• • • •
Copy of training parameters and schedule; Final training attendance sheets; Copies of participant products like updated business plans, if applicable; and Final report on training outcomes, attendance and lessons learned (Report due May 30 2021).
Timeframe / Schedule: • • •
April 1-8: Design/provide final curriculum to Mercy Corps for review and approval April 1-8: Set up for trainings: identify trainers, ensure facility is ready, procure any necessary items, etc. April 7-11: Conduct pre-interviews with participants and stakeholders
• • •
April 7: Finalize and publish training parameters and schedule to current participants April 14-May 15: Provide training based on the pre-approved schedule May 30 2021: Final training report due to Mercy Corps, along with final attendance sheets and participant deliverables
Total time estimated: • 1 phone/virtual planning meetings with Mercy Corps Program Officers (est. 2 hours) • 2-3 brief group interviews/consultations with key stakeholders and participants (est. 3 hours) • Design/adapt curriculum for Mercy Corps trainings (est. 5 hours) • Additional advance planning/prep (setting up training facility, finalizing curriculum and other tools)- (est. several hours spread over one week) • Training facilitation-depends on agreed schedule, but est. 1-2 days per week, all trainings to be completed within one month maximum • Follow up-1 phone/virtual debrief meeting with Mercy Corps Program Officers ( est. 2 hours) • Develop and lead/write final report (est. time spread over 2 weeks)
Compensation:
Mercy Corps will provide three payments based on the following deliverables: 1. 2. 3.
All pre-training activities (as listed above) complete, with payment within 15 days of invoice (estimated payment April17.2020) All trainings completed, based on pre-approved schedule, with payment within 15 days of invoice (estimated payment May 30.2021) Final report due to Mercy Corps May 30, 2021, with payment within 15 days of invoice/final report (estimated final payment on June 15 2021)
The Service Provider will work directly with: Program Manager/Program Officers, Mercy Corps Bahamas Selection Criteria: Quotes received will be evaluated based on the best value for money, technical expertise (experience in adult learning and course design) and ability to deliver training on the three required topics; as well as the ability to meet the criteria listed in the SoW. Experience in the relevant content areas should be noted. Consultants should include the following with their submission: • Breakdown of costs and tentative calendar for trainings • Evidence of clear learning objectives and curriculum plan • Resumes of technical experts and any relevant trainers. • Examples of previous training programs • At least two references with contact information • A company profile (2 pages minimum)
Proposals can be submitted via email to tenders@mercycorps.org before March 31, 2021 at 5pm. Any questions feel free to connect with Mrs. Lightbourn via email klightbourn@mercycorps.org.
JOE DARVILLE
SAM DUNCOMBE
entirely new farm-out process via Gneiss Energy,” BPC said. “The farm-out will seek to introduce a funding and operating partner for the next stage of exploration activity in The Bahamas. The company is in the final stages of integrating the well information with its historical dataset and expects to commence the farm-out process upon completing this work in the coming days. “Concurrent with the farm-out process, the company intends to exercise its right to renew the four southern licences into a third exploration period at the end of the current second exploration period (at the end of June 2021),” BPC continued. “The third exploration period will last for three years, and will require a further exploration well to be drilled before the period expires, failing which the licences would be forfeited (’drill or drop’).” As previously revealed by Tribune Business, BPC has to submit its licence renewal applications by March 31, 2021. Yesterday’s statement further indicates that the oil explorer will likely only drill another exploratory well in The Bahamas if it can secure a joint venture partner to help “monetise” its licence assets and provide some return on the $120m it invested in the run-up to Perseverance One. The government’s position on BPC’s imminent licence renewal application was unclear last night. Carl Bethel QC, the attorney general, said he was “not aware” of the oil explorer’s intentions and referred this newspaper to Romauld Ferreira, minister of housing and the environment, who has ministerial responsibility for oil exploration and its oversight. Mr Ferreira did not return Tribune Business phone calls and messages seeking comment before press time last night, so it is uncertain whether BPC has already submitted its renewal applications to the government. And, given that BPC has now fulfilled its existing licence obligations with the drilling of Perseverance One, it is also uncertain whether the government is still bound by what it previously described as legally watertight agreements to continue honouring the oil explorer’s applications. Environmental activists yesterday urged Dr Hubert Minnis and his Cabinet ministers to live up to their public opposition to oil drilling. Joe Darville, Save the Bays’ chairman, voiced hope that the government would stand by its recentlyarticulated position as he revealed that activists are “struggling” to raise the $200,000 “security for costs” necessary to proceed with their Judicial Review. “The audacity of this company is beyond imagination,” he said of BPC’s new licence applications. “We have a court case going on right now to find out whether all things were in order for them to explore the first well they did. They have no regard for us. It’s like a slap in the face.” Save the Bays and Waterkeepers Bahamas were ordered to pay $200,000 by the Supreme Court to cover BPC’s legal costs incurred in opposing their Judicial Review bid, and Mr Darville conceded: “We are struggling. I think we will succeed to come up with the security for costs to continue our court case. That’s the next step we’ll take shortly to make sure they hear our case.” Based on the government’s previous statements, he suggested BPC’s prospects of a licence renewal are “bleak” and expressed optimism that Cabinet ministers will “undoubtedly follow their conscience and public statements and say ‘no’ to any future oil
drilling”. “We’ll advise and coerce as much as possible for the government not to approve any future drilling,” Mr Darville said. Sam Duncombe, reEarth’s president, said activists had “fully expected” BPC to seek renewal of its existing Bahamas licences. “We had the prime minister and several of his Cabinet ministers saying they were against oil drilling and now there’s another opportunity for them to say: ‘No’. They have an opportunity to say they don’t want this project to move forward,” she added. “Given there is a court case ongoing, which has not been heard and really needs to be addressed, how can the government go ahead with any more exploration? Nothing should be renewed until this court case has been resolved. We’re certainly urging the government to wait until the court case is over.” Casuarina McKinneyLambert, the Bahamas Reef Environment Educational Foundation (BREEF) executive director, said it “seems to be a little premature to be thinking about renewal” when not all details regarding Perseverance One’s drilling had been released. She also queried whether BPC had paid previous licence fees that the government had confirmed were outstanding. BPC, meanwhile, said Perseverance One drilling costs had increased by $10m above its last $35m estimate. The total bill, now pegged at $45m, soared due to $3m associated with enhanced COVID-19 protocols and a further $7m that was incurred in removing “mechanical debris” from the well. “The company is still awaiting various final invoices relating to the drilling of Perseverance One, but the total cost of Perseverance One is presently estimated to be approximately $45m,” BPC said. “Over and above the pre-drill estimated well cost, the company firstly incurred an estimated $3m of additional expenditure on enhanced COVID-19 related processes beyond those which had been planned for prior to commencement of drilling. These processes were put in place to prevent virus infection at the installation, which could have resulted in premature termination of drilling. “Strict adherence to these company processes, including pre-deployment screening and protocols resulted in the detection of 14 COVIDpositive personnel who were denied access to the facility. Enhanced protocols involved chartering planes and additional helicopter transit flights to the budget projections, along with significantly increased accommodation and staffing costs as staff remained quarantined or retained on the drilling vessel for considerably longer than planned,” it added. “Secondly, a considerable amount of non-productive time (and hence additional cost of approximately $7m) was added to the overall drilling programme as a result of mechanical debris in the hole lost from the managed pressure drilling (MPD) system requiring side-tracking. “Whilst the majority of Perseverance One costs were incurred and paid prior to and during the course of drilling, work is ongoing to agree the final amounts remaining to be paid with contractors and suppliers arising from the additional unbudgeted costs (including some disputed amounts and some refunds owing), and to finalise a schedule for those payments over the coming months.”
PAGE 8, Thursday, March 25, 2021
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Digital transformation unit deficiencies ‘can lead to wrongdoing’ FROM PAGE ONE although if not corrected they could open the door for wrongdoing.” The report added that a finance officer was employed at the department from 2019 to address payment and procurement processing, while the registry referred to is set to be created by June 30 this year. Outlining “a lack of governance” and “inconsistency in the execution of vendor payments and lack of adherence to policies”, the Auditor General’s Office found some 346 payments - more than 20 percent - of a total 1,426 made by the department between 20172018 and 2018-2019 - lacked an invoice number, while dates were missing for two invoices - worth almost a collective $104,000. “This can result in transactions being processed before invoices are received or vendors may be paid before goods and services are received without the proper approvals,” the report found. Turning to purchase order processes, the Auditor General’s Office added: “During our review we requested supporting documentation for 50 transactions. However, the Department of Transformation and
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Digitisation was unable to provide the supporting documentation for seven of the requested transactions.” These involved collective payments worth $1.5m to the vendors involved. As for its inspection of the supporting documents that were received, the Auditor General’s Office said: “We noted that various transactions did not have the appropriate approval in accordance with the Department of Transformation and Digitisation’s policies. “Specifically we observed 16 transactions without a service request approval from the authorised personnel. Where Department of Transformation and Digitisation’s policies are not followed, transactions taking place without the appropriate authorisation can lead to misappropriation of funds. “In addition, the Department of Transformation and Digitisation can be held liable for actions performed by individuals who were not authorised to do so.” The 16 transactions identified again involved combined payments worth more than $1m, with the highest amount paid to a single company just shy of $500,000. None of the vendors were named in the report. The Auditor General’s Office also found that the signatory on one invoice was a messenger, while four invoices had no signature at all. It added that duplicate invoices could easily be entered in the absence of a tracking system, which could result in under or overpayment to vendors, late and
missed payments and unauthorised payouts. Some payments were also being made without invoices, and instead relied on sales orders, statements and quotes. And of 25 contracts requested by the Auditor General’s Office for inspection, only three were produced, leading to the possibility of “unwarranted” payments. “Through discussions with management we were advised that the Department of Transformation and Digitisation does not currently have a process to monitor vendor performance and service management to ensure that contracts/services are being performed in accordance with the agreed terms,” the Auditor General’s Office said. “We noted that contracts are not reviewed on an annual basis. As a result, management was unable to accurately track when payments were due in accordance with contracts. This resulted in late fees being incurred.... These late fee payments related to two vendors in the amount of $63,358.” Six transactions that took place in 2017-2018 were also recorded in the following fiscal year. “As a result of the lack of contract review and management, avoidable expenditure can be incurred resulting in the Department of Transformation and Digitisation not utilising funds as efficiently as possible due to non-compliance with contract terms,” the Auditor General’s Office added.
THE TRIBUNE
Thursday, March 25, 2021, PAGE 9
GB airport deal labelled ‘pivotal to Freeport survival’ FROM PAGE ONE bottle of water once a passenger has gone through airport security to having clean toilets and working luggage trolleys, with the Pelican Bay chief also calling for fuel and related ground-handling costs to be lowered “to entice the airlines” and increased passenger loads back to Grand Bahama. With the US having indicated that pre-clearance facilities will only return
Infrastructure spend: Keep the politics out FROM PAGE ONE
Inter-American Development Bank (IDB) urged The Bahamas to increase annual infrastructure spending to between four to five percent of gross domestic product (GDP) so that it can achieve greater economic expansion, he urged: “Make sure there’s a return on investment on it otherwise it could be an irresponsible use of the public’s money. “Don’t build forts unless we need forts. Don’t put infrastructure in unless there’s a return or it’s to support economic growth and development. All too often capital expenditure and infrastructure improvements have been politically motivated by the favoured politicians of the day as opposed to a return on investment basis or some form of master plan. “If commercial activity improves by $200m because you’ve spent $100m, absolutely spend it,” Mr Myers continued, “but if you’ve spent $100m to bring in a $10m return with no economic improvement and no benefit to the people, don’t start. “That’s where there’s got to be some thought process and planning applied. Only spend on what you need. We need focused spending, focused planning. Return on investment comes in different ways for the public sector than the private sector, but it has to be thoughtful and the public must buy-in.
once there is sufficient traffic between Grand Bahama and the US, and that they are housed in buildings that meet its security requirements, Mr Alnebeck hailed the impending exit of current owners, Hutchison Whampoa and the Grand Bahama Port Authority (GBPA), as “fantastic news”. “It’s a great step in the right direction that the airport belongs to the government,” he told this newspaper. “It’s not only
about a tourism issue. It is pivotal for the survival of Grand Bahama. It’s vital that we have a fantastic international airport that is owned by someone who really cares about the destination. “I don’t want to say it’s overdue, but it’s overdue and I think it will instill confidence in people thinking about whether they want to spend any more money in Grand Bahama. Knowing the government is buying the airport will help everybody feel at ease in doing business in Grand Bahama. “Now it’s up to the government to show they can put things in place that can actually work. Governments
“It must not be driven by political favourites; not a political constituency or political candidate trying to buy or get votes. That’s too often happened in the past, and public money has been wasted. That has to stop. We don’t have any capacity to deal with that any more.” The IDB has urged the government to “be bold” with reforms to kickstart post-COVID economic recovery that include more than doubling projected annual infrastructure spending to between $600m-$700m. In a report obtained by Tribune Business, it revealed that yearly infrastructure spending equivalent to four to five percent of Bahamian gross domestic product (GDP) is critical if The Bahamas is to break out of the low growth cycle that has afflicted it since the 2008-2009 recession. The multilateral lender added that achieving such a level of infrastructure investment would “sustain” an annual three to four percent expansion in Bahamian economic output, which the likes of the International Monetary Fund (IMF) said was critical to sustaining existing employment levels and absorbing the 5,000 per year school leavers into the workforce pre-pandemic. Acknowledging that it was impossible for the government to be “fiscally responsible” and finance the closing of The Bahamas’ estimated $2bn infrastructure gap itself, the IDB paper said the only way to achieve these objectives is to pool and mobilise private
capital via mechanisms such as the proposed National Infrastructure Fund and sovereign wealth fund. Setting out the rationale for initiatives that were recently highlighted by the prime minister, the report said: “To sustain an annual GDP growth rate equivalent to three percent to four percent, it is estimated that The Bahamas needs to invest four percent to five percent of GDP annually in infrastructure. “These levels of investment are outside the possibilities of a fiscal responsible macroeconomic policy with budget resources. Consequently, The Bahamas needs to make a greater effort to tap into the mobilisation of private capital resources from both domestic and global sources.” The recent mid-year budget figures show the government’s own capital expenditure is deeply inadequate when it comes to achieving the infrastructure threshold advocated by the IDB. And even the elevated spending on so-called COVID stimulus projects for the 2020-2021 and 2021-2011 fiscal years is far short of the mark. Of the revised $429.5m capital spending budget for this fiscal year, just over $151m has been earmarked for Ministry of Works-related infrastructure projects. The former figure, pegged at 3.8 percent of GDP (in constant prices), is some way short of the $570.95m that would be required under the IDB’s suggested five percent benchmark.
NOTICE MS. VERNICA BUTLER DAUGHTER OF THE LATE MRS. KAREN BUTLER-WILLIAMS PLEASE CONTACT NASSAU FLIGHT SERVICES LTD. AT
702-7308 EXT.7224 OR 702-7224 DEPP – EMPLOYMENT The Department of Environment, Planning and Protection (DEPP), Ministry of the Environment and Housing, is seeking qualified Consultants to conduct the Mid-Term Review of the UNEP/GEF Project “Strengthening Access and Benefit Sharing (ABS) in The Bahamas. The complete Terms of Reference and process for responding to employment opportunities are available at the DEPP website
www.depp.gov.bs
can do a good job in owning an airport but they don’t do a good job operating it. Hopefully they will find someone quickly to start upgrading what is there at the moment.” With the government already moving to find a private sector partner to operate and finance the airport’s $50m redevelopment, Mr Alnebeck called on them to “immediately” focus on the “low hanging fruit” of a passenger experience which he described as
“sadly missing from Grand Bahama”. Calling on the government to move on this “as soon as they get the key” to give the island confidence, he added: “The other important thing is to entice airlines back and lower the cost to fly to our destination. That needs to happen immediately..... “What has always been a problem in Grand Bahama is that the turnaround costs have been too high for the type of airlift we want to
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attract. They need to come down - fuel, ground handling and baggage handling. “They have to be competitive rates. They need to be on the same level, or preferably lower, than competitor destinations and those competitor destinations are not necessarily Nassau; they might be the wider region. “It’s all about costs and experience. We don’t have the services you have in Nassau with the hospital. We are a lot more attached by air to South Florida.”
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PAGE 10, Thursday, March 25, 2021
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Thursday, March 25, 2021, PAGE 11
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THE TRIBUNE
Five pandemic-driven financial habits worth keeping By KIMBERLY PALMER NerdWallet AS the pandemic shut down the world around her, Ashli Smith, an Atlanta resident and mom to a newborn, says she set up autopay for her recurring bills to help her stay organised and avoid late payments. “With everything going on, plus being a mom, I don’t want to forget to pay something or someone,” she says. While the pandemic caused incredible financial stress and uncertainty, it also led many consumers like Smith to form new financial habits worth keeping, including saving more and spending less. A NerdWallet survey found that most people who formed new financial habits plan to continue them into 2021. Here are five habits to consider sticking with even as life starts to return to normal: 1. SPEND LESS, SAVE MORE For many Americans, spending less amid the pandemic came naturally because of income loss or fewer spending options after restaurants and travel largely shut down. NerdWallet’s survey found that
among those who said they picked up new financial habits during the pandemic that they plan to carry into 2021, 58% said they were cutting back spending on “wants” and 36% said they were cutting back spending on “needs”. “If your job was eliminated or your pay was reduced, then you’ve probably decreased spending and gotten used to a lower monthly budget,” says Eric Simonson, certified financial planner and owner of Minneapolis firm Abundo Wealth. “As soon as that income returns, it would be an amazing opportunity to keep expenses the same but save all of that new income.” Natalie Slagle, founding partner at Fyooz Financial Planning and a CFP based in Rochester, Minnesota
says, “For those who were furloughed or laid off, the No 1 priority is replenishing savings.” For those who got used to spending less, she says, “we encourage them to sustain that habit so their cash flow can go toward building up their emergency fund at a higher rate than what was possible before the pandemic”. That way, it’s easier to handle the next crisis, whether it’s income loss or an unexpected expense, without taking on more debt. 2. STICK WITH A BUDGET In the NerdWallet survey, 39% of those who adopted new habits that they plan to carry into 2021 said that one of those habits was sticking to a budget. “So many people have looked at their budgeting and spending during (the
pandemic), often for the first time,” Simonson says. “It’s important to stick with this post-pandemic, since keeping a budget is part of a healthy financial plan.” Many people turned to budgeting to help regain a sense of control that the pandemic took from them, he adds. “The financial habits you’ve been forced to learn and adopt have the power to create huge, positive, lasting change if you stick with them,” Simonson adds. Continuing to budget makes it easier to generate long-term savings and avoid debt, for example. 3. MINIMIZE TRAVEL EXPENSES Among survey respondents, 40% said one of the new habits they plan to continue in 2021 was cutting back on travel spending. “One reason we saw our
clients enjoy lower expenses (during the pandemic) is because they didn’t go on their planned vacations,” Slagle says. “Not only did that cut expenses, but they also have flight vouchers and unused travel miles to spend.” As travel begins to start again, Slagle says she’s helping clients plan on using some of those savings and credits on their next trip to avoid overspending. 4. EARN EXTRA INCOME Based on the study, among those who developed new financial habits, just over a quarter said they picked up a side hustle or extra work to make money. Kevin Mahoney — a CFP and founder of Illumint, a financial planning firm for millennials based in Washington, DC — says earning
a side income can help provide financial stability during uncertain times, which is why he encourages his clients to consider it. “Supplemental income mimics an emergency savings fund. People who can consistently generate selfincome are better prepared to withstand financial volatility,” he says. 5. USE AUTOPAY FOR BILLS As for Smith, who tweets about personal finance from the handle @badgirlfinances, she says she plans to continue using autopay for bills, even when the pandemic is long over. In some cases, autopay comes with a small discount, too. “It helps me stay organised because I know on a certain date, money has to come out to pay the bills,” she says.
THE TRIBUNE
Thursday, March 25, 2021, PAGE 13
Beyond the pandemic: London’s Tube battles to stay on track LONDON Associated Press WHEN London came to a stop as a nationwide coronavirus lockdown was imposed a year ago, the Underground kept running as an essential service. But it was a strange and unnerving experience for its workers. Joseph Cocks, a driver on the subway’s Circle Line that loops around the city center, said he could “count the number of people who got on the train on one hand”. “To see it on a Monday morning peak, to see hardly anyone about, was shocking and surprising,” he said of the system that opened in 1863 and is known colloquially as the Tube. Its continued operation was a sign that even in a pandemic, London’s heart was still beating. Plagues, fires, war — London has survived them all. But it has never had a year like this. The coronavirus has killed more than 15,000 Londoners and shaken the foundations of one of the world’s great cities. As a fast-moving mass vaccination campaign holds the promise of reopening, The Associated Press looks at the pandemic’s impact on London’s people and institutions and asks what the future might hold. In a city where almost half of households don’t own a car, public transit keeps economic and social life moving. Before the nationwide lockdown on March 23, 2020, about five million journeys a day were taken on the Tube. Its iconic map, reminiscent of a multicolored circuit board, is both an emblem of the city and an essential tool for residents and visitors alike. In the early weeks, when most Britons were told to stay at home and fear outpaced facts about the virus, Underground employees kept going to work, but worried about getting sick. “We didn’t know exactly how bad it was,” Cocks said. “There were worries about how dangerous this job was, and you’d hear stories of people on the Underground catching coronavirus. So we didn’t know how fast it spread and how safe we were.” COVID-19 has taken a heavy toll on Transport for London, which runs the city’s subway, suburban rail and bus network. At least 89 TFL staff have died from the coronavirus, most of them bus drivers, whose death rate has been three times the national average, according to a study by University College London. The virus has hit people in public-facing jobs hardest, and the death toll has been higher among ethnic minorities than their white compatriots. The reasons are thought to include jobs, underlying health conditions and economic inequality. About a third of the TFL workforce belongs to an ethnic minority, in part a legacy of the thousands of people from Britain’s former colonies who came to the UK after World War II to bolster a depleted workforce. Brian Woodhead, the Underground’s director of customer services, says the network acted quickly to protect staff and passengers. Masks are mandatory, hand sanitizer is plentiful, escalator handrails are blasted with virus-killing ultraviolet light and oneway systems reduce logjams in station corridors. On buses, drivers sit in sealedoff cabs. “As much as anyone can in the circumstances that we now find ourselves in, I think that the Tube is a safe environment,” Woodhead said. He cites a recent study by Imperial College London, which tested for the virus on surfaces and in the air on the Underground and found none. That is due in part to people like Ivelina Dimitrova, who supervises 20 cleaners at stations including the busy King’s
one side will help from a congestion point of view, but the other side won’t help from a revenue point of view.” Still, Woodhead is confident the Tube will be a key part of London’s recovery. “It’s just interwoven into the whole infrastructure and the way in which London works,” he said. Meanwhile, drivers like Cocks will keep doing a job that has become “a bit more secluded, a bit more isolated.” “It’s nice to know that you’re keeping London moving,” he said. “You’re doing your bit to keep everything going from A to B.” PEOPLE stand on a platform at Victoria Underground station in London yesterday. Nicknamed the Tube, the Underground’s staff from cleaners to train drivers take pride in maintaining a system that keeps London’s heart beating. But with ridership and and ticket revenue a small fraction of pre-pandemic levels, the Underground faces one of the biggest crises since it opened in 1863. Photo: Alastair Grant/AP Cross. She and her crew — mostly immigrants from Eastern Europe, Africa and south Asia — regularly spray surfaces with hospital-grade disinfectant. “We had to change our work routine and everything, and (had) to do it fast” when the virus arrived, she said, adding that they felt constant stress about getting infected. Now, she said, “we have strong morale, because we feel that we have to do what we can do just to keep ourselves safe, our families safe, other people around us safe.” Passengers who previously took little notice of the cleaning staff now sometimes stop to thank them, she said. The pandemic has left the world’s oldest subway system facing an uncertain future. The Tube, which relies heavily on ticket revenues, faces a cash crisis. Ridership plunged to just 4% of pre-pandemic numbers early in the outbreak and now carries about a fourth of the passengers it did before the outbreak. During one recent rush hour, a trickle of passengers hustled through the ticket gates at the usually teeming Victoria and King’s Cross stations, past posters reminding travelers to wear face coverings and “Be Kind” to one another. Prime Minister Boris Johnson has set the country on a slow path out of lockdown, with hairdressers and shops scheduled to reopen April 12. But people are still advised to work from home if they can and to take the Tube only if needed. His government has given Transport for London about 4 billion pounds ($5.6bn) in grants and loans to keep it running, although the money is due to run out on May 18. Talks on funding have been clouded by acrimony between Johnson’s Conservative government and London Mayor Sadiq Khan, a member of the Labour Party. Woodhead expects ridership to increase, but “whether that’s 18 months or whether it’s 36 months” is hard to predict. And the pandemic may have changed travel patterns for good, with more walking and cycling and less rushhour commuting. In December, an independent report commissioned by TFL and the mayor said a “credible” forecast was that there would be a 20% reduction in demand for public transit due to “travel changes and economic weakness” after the pandemic. “People won’t, I doubt very much, commute five days a week,” Woodhead said. “Some people will. But there’ll be a lot of people now that do it in a hybrid way. That’s surely going to happen, which on
THE TRIBUNE
Thursday, March 25, 2021, PAGE 15
NOTICE
NOTICE is hereby given that FREDLIN VICTOR, of Sandilands Village, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 18th day of March 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas. LEGAL NOTICE
NOTICE L.O. Baptista Counsel & Arbitrator Ltd. ___________________ Pursuant to the Provision of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 31st day of December, 2020. AMICORP BAHAMAS MANAGEMENT LIMITED
PUBLIC NOTICE
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INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, MICHLENE GUSTAVEWILLIAMS of Stapledon Gardens, P.O. Box CR-55787, Nassau, Bahamas, parent of NAKEIVA CATHLENE GUSTAVE a minor, intends to change my child’s name to GARANIQUE RASHAE CATHLENE WILLIAMS. 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.
LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000
WILLOW BRANCH INVESTMENTS LTD. Voluntary Liquidation Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act, 2000, the dissolution of WILLOW BRANCH INVESTMENTS LTD., was completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was 19th March, 2021. Amicorp Bahamas Management Limited Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, P.O. Box N-4865 Nassau, Bahamas
LIQUIDATOR Of L.O. Baptista Counsel & Arbitrator Ltd.
MARKET REPORT www.bisxbahamas.com
WEDNESDAY, 24 MARCH 2021
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BISX LISTED & TRADED SECURITIES 52WK HI 4.80 33.05 2.00 2.90 2.10 6.00 6.90 3.60 6.15 4.07 6.16 12.00 2.75 6.85 10.50 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 2.75 5.00 9.75 2.10 4.90 9.50 7.70 13.00 3.42 8.15 14.00
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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
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SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited
SYMBOL FBB22 BFHB
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 97.72 104.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 93.92 100.25 100.00
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 FL BSBGRS710237 BGRS FX BSBGR1322498
BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGR1200371 BSBGRS710237 BSBGR1322498
LAST CLOSE 4.75 32.12 1.62 2.90 1.59 6.00 6.40 3.56 4.50 2.75 5.67 9.75 2.67 6.84 10.77 8.40 14.00 3.43 8.35 15.50 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00 LAST SALE 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.04 102.00 100.00
CLOSE 4.75 32.12 1.62 2.90 1.59 6.00 6.40 3.56 4.50 2.75 5.67 9.75 2.64 6.84 10.78 8.40 14.00 3.62 8.35 15.50
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.03) 0.00 0.01 0.00 0.00 0.19 0.00 0.00
1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
VOLUME
100
7,000 3,350
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00 100.00
CHANGE 0.00 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.04 102.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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
INTEREST Prime + 1.75% 6.25% 6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 5.22% 4.53% 5.65%
P/E 19.9 34.5 N/M N/M N/M N/M 17.3 -8.1 32.1 14.9 12.6 13.5 25.9 14.6 16.7 11.5 17.2 17.8 8.9 24.6 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
YIELD 3.58% 3.92% 1.23% 1.03% 0.00% 0.00% 4.06% 0.00% 0.00% 4.36% 3.88% 7.38% 16.44% 0.88% 3.04% 2.86% 3.86% 3.31% 2.40% 3.94% 0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%
MATURITY
19-Oct-2022 30-Sep-2025
20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 15-Dec-2037 22-Oct-2023 15-Oct-2049
MUTUAL FUNDS 52WK HI 2.40 4.44 2.15 201.90 184.85 1.69 1.83 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 1.67 1.73 1.75 1.03 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 1.73 1.75 1.03 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% 0.36% 0.77% -3.49% -4.68% -0.85% -0.65% -1.79% -16.80% 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 28-Feb-2021 28-Feb-2021 28-Feb-2021 28-Feb-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 52wk-Hi - Highest closing price in last 52 weeks
YIELD - last 12 month dividends divided by closing price 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 TRIBUNE
Thursday, March 25, 2021, PAGE 17
A LATE SLIDE, LED BY BIG TECH, LEAVES US STOCK INDEXES LOWER
Associated Press
A LATE-afternoon burst of selling on Wall Street erased an early gain for stocks yesterday, pulling the market further below the all-time high it reached just a week ago. The S&P 500 dropped 0.5% after having been up 0.8% in the early going. Technology and communication services companies accounted for the heaviest selling, outweighing gains in financial, energy and industrial stocks. Bond yields mostly fell after rising earlier this week. “The markets are kind of choppy and sideways and everything is sort of trying
to figure out who’s in charge, where’s the equilibrium — and it creates uncertainty,” said Randy Frederick, vice president of trading & derivatives at Charles Schwab. “When people don’t know what to do, they either do nothing or they sell. They very rarely buy.” The S&P 500 fell 21.38 points to 3,889.14. The benchmark index is on track for its second straight weekly decline. The Dow Jones Industrial Average slipped 3.09 points, or less than 0.1%, to 32,420.06, after a 364-point gain vanished by late afternoon. The Nasdaq slid 265.81 points, or 2%, to 12,961.89. Smaller company stocks
fared worse than the broader market. The Russell 2000 index lost 51.42 points, or 2.4%, to 2,134.27. Investors had their eye on Washington, where Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen spoke before the Senate about the government’s efforts to combat the economic impact of the coronavirus pandemic. The Biden administration is considering up to $3tn in additional spending on infrastructure, green energy, and education. Yellen believes the US government has more room to borrow, but said higher taxes would likely be required in the long run to finance future
spending increases. Meanwhile, Powell reiterated that the recent jump in the yield on the ten-year Treasury, which soared from less than 1% at the beginning of the year to 1.62% yesterday, was mostly a sign of confidence among investors that the economy is improving. Bond yields have risen this year as traders have been watching the potential for inflation pressures to pick up after struggling economies were flooded with credit and government spending. That has depressed US bond prices, prompting some to shift money out of stocks. While rising interest rates are a key concern, the
pandemic remains a dominant topic for investors. Stocks fell on Tuesday after Germany, Europe’s biggest economy, and the Netherlands extended lockdowns and imposed new travel and business curbs in response to spikes in infection. That followed similar moves earlier by Italy and France. Traders are also juggling worries about the speed of vaccine distribution, COVID19 cases and the potential for future tax changes crimping corporate profits, said Brad McMillan, chief investment officer for Commonwealth Financial Network. “There’s a feeling that we’re not quite done with
THE WEATHER REPORT
5-Day Forecast
TODAY
ORLANDO
High: 90° F/32° C Low: 67° F/19° C
TAMPA
SATURDAY
SUNDAY
MONDAY
Partly to mostly sunny and pleasant
A moonlit sky
Breezy in the morning; sunshine
Breezy in the a.m.; sunshine, nice
Sunshine and pleasant
Partly sunny and nice
High: 84°
Low: 72°
High: 84° Low: 71°
High: 83° Low: 71°
High: 83° Low: 71°
High: 82° Low: 70°
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
91° F
73° F
90°-73° F
88°-71° F
89°-73° F
92°-71° 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: 81° F/27° C Low: 73° F/23° C
8-16 knots
S
High: 86° F/30° C Low: 73° F/23° C
7-14 knots
FT. LAUDERDALE
FREEPORT
High: 84° F/29° C Low: 75° F/24° C
E S
E
W
WEST PALM BEACH
W
uV inDex toDay
FRIDAY
W
N
| Go to AccuWeather.com
TONIGHT
High: 85° F/29° C Low: 71° F/22° C
High: 81° F/27° C Low: 70° F/21° C
MIAMI
High: 85° F/29° C Low: 74° F/23° C
8-16 knots
Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 84° F/29° C Low .................................................... 64° F/18° C Normal high ....................................... 80° F/26° C Normal low ........................................ 66° F/19° C Last year’s high ................................. 86° F/30° C Last year’s low ................................... 71° F/21° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 2.02” Normal year to date ..................................... 4.12”
ELEUTHERA
NASSAU
High: 84° F/29° C Low: 72° F/22° C
Forecasts and graphics provided by AccuWeather, Inc. ©2021
High: 81° F/27° C Low: 74° F/23° C
N
KEY WEST
High: 84° F/29° C Low: 77° F/25° C
The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.
tiDes For nassau High
Ht.(ft.)
Low
Ht.(ft.)
Today
5:49 a.m. 6:11 p.m.
2.8 2.4
12:16 p.m. 0.2 ---------
Friday
6:38 a.m. 7:01 p.m.
2.9 2.7
12:21 a.m. -0.1 1:01 p.m. -0.1
Saturday
7:25 a.m. 7:49 p.m.
3.0 3.0
1:13 a.m. -0.3 1:45 p.m. -0.4
Sunday
8:12 a.m. 8:36 p.m.
3.1 3.2
2:04 a.m. -0.6 2:28 p.m. -0.6
Monday
8:58 a.m. 9:24 p.m.
3.1 3.3
2:54 a.m. -0.7 3:12 p.m. -0.8
Tuesday
9:45 a.m. 10:13 p.m.
3.0 3.4
3:45 a.m. -0.7 3:58 p.m. -0.9
Wednesday 10:34 a.m. 11:05 p.m.
2.8 3.3
4:37 a.m. -0.7 4:45 p.m. -0.8
sun anD moon Sunrise Sunset
7:09 a.m. 7:23 p.m.
Moonrise Moonset
4:23 p.m. 5:09 a.m.
Full
Last
New
First
Mar. 28
Apr. 4
Apr. 11
Apr. 20
CAT ISLAND
E
W
COVID-19 yet at all,” McMillan said. “That, combined with other concerns, is creating a lot of uncertainty.” Technology and communication stocks dragged the market lower yesterday. Apple fell 2%, while Facebook lost 2.9%. Bank stocks, which took a beating on Tuesday, were among the best performers. Banks have been volatile the last couple of weeks as investors try to gauge the impact of higher interest rates on the US economy. Higher interest rates can slow economic momentum, but they also allow banks to charge more for loans. JPMorgan Chase added 0.8%.
High: 82° F/28° C Low: 74° F/23° C
N
S
E
W
7-14 knots
S
8-16 knots
ANDROS
Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
SAN SALVADOR
GREAT EXUMA
High: 81° F/27° C Low: 73° F/23° C
High: 81° F/27° C Low: 75° F/24° C
N
High: 82° F/28° C Low: 75° F/24° C
S
LONG ISLAND
tracking map
High: 82° F/28° C Low: 73° F/23° C
L
7-14 knots
MAYAGUANA High: 82° F/28° C Low: 75° F/24° C
Shown is today’s weather. Temperatures
H
E
W
CROOKED ISLAND / ACKLINS
are today’s highs and tonight’s lows.
RAGGED ISLAND High: 81° F/27° C Low: 76° F/24° C
GREAT INAGUA High: 84° F/29° C Low: 76° F/24° C
N
N E
W
E
W
H
High: 82° F/28° C Low: 75° F/24° C
S
S
8-16 knots
8-16 knots
marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR
Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:
WINDS SE at 7-14 Knots SE at 7-14 Knots SE at 7-14 Knots ESE at 7-14 Knots ESE at 7-14 Knots E at 8-16 Knots E at 8-16 Knots E at 8-16 Knots ESE at 6-12 Knots ESE at 7-14 Knots SSE at 7-14 Knots SSE at 6-12 Knots SE at 8-16 Knots ESE at 7-14 Knots E at 8-16 Knots ENE at 10-20 Knots E at 8-16 Knots E at 8-16 Knots E at 8-16 Knots E at 8-16 Knots ESE at 6-12 Knots ESE at 6-12 Knots SE at 8-16 Knots E at 8-16 Knots SE at 7-14 Knots ESE at 7-14 Knots
WAVES 2-4 Feet 2-4 Feet 1-2 Feet 1-2 Feet 2-4 Feet 3-5 Feet 2-4 Feet 3-5 Feet 2-4 Feet 2-4 Feet 1-3 Feet 1-2 Feet 1-2 Feet 1-2 Feet 2-4 Feet 2-4 Feet 2-4 Feet 2-4 Feet 3-5 Feet 3-6 Feet 1-2 Feet 1-2 Feet 2-4 Feet 3-5 Feet 1-2 Feet 1-3 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 7 Miles 10 Miles
WATER TEMPS. 78° F 77° F 78° F 79° F 79° F 78° F 79° F 79° F 78° F 77° F 80° F 81° F 79° F 80° F 80° F 80° F 79° F 79° F 78° F 78° F 83° F 83° F 79° F 79° F 79° F 78° F