04202020 BUSINESS

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MONDAY, APRIL 20, 2020

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Ex-minister: Speed up investment to avoid ‘catastrophe’

Bahamas most exposed to external fund pressure

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

AN EX-investment minister says the government must turn promises of fasttrack approvals into reality to give The Bahamas “a fighting chance of avoiding economic catastrophe”. Khaalis Rolle, who held the post in the former Christie administration, told Tribune Business that the government now needed to show “the same action, vigour and ability” demonstrated in implementing and enforcing the COVID-19 lockdown when it came to moving investment projects from pipeline to reality.

HE Bahamas is the world’s most vulnerable tourism-based economy to external financing pressures, a Standard & Poor’s (S&P) study has revealed, and faces “major deterioration” in credit indicators. S&P, in a report that “stress-tested” countries’ fragility in the face of a COVID-19 tourism-related slowdown, found that The Bahamas gross external financing needs - measured as a percentage of current account receipts plus usable reserves - “worsen more dramatically” than any of the 122 nations assessed. And this nation’s external indebtedness, involving monies owed to foreign creditors, would also increase by a sum equivalent to more than 30 percent of current account receipts in the worst-case scenario modelled by the rating agency that last Thursday further downgraded The Bahamas’

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KHAALIS ROLLE Calling on all ministries and agencies involved in the investment approvals process to “dig deep” and shed their reputation for being “notoriously slow moving”, Mr Rolle said the officials running them needed to realise that their own jobs

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Oil explorer in licence extend over COVID-19

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMAS-based oil explorer has voiced optimism that the government will extend its drilling licence beyond year-end despite Florida congressmen lobbying the Trump administration against its plan. Bahamas Petroleum Company (BPC), in a statement to the markets, confirmed that the COVID-19 pandemic has forced it to push the likely start date for its first exploratory well back to October

2020 from the proposed late May/early June timeframe. The company has also notified the government that it is exercising the “force majeure” clause in its agreement, which deals with “unforeseeable circumstances” preventing one party from fulfilling the terms of a contract, and will seek a licence extension beyond year-end 2020 for a period equivalent to the pandemic’s duration. Expressing confidence that such an extension will be granted, BPC said in a

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‘Leaner’ law firms eyed as Mckinney confirms lay-offs By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PROMINENT QC has warned that Bahamian law firms will likely be “leaner” following the COVID-19 pandemic as McKinney, Bancroft & Hughes became the latest major player to confirm lay-offs. Wayne Munroe QC, principal of Munroe & Associates, told Tribune Business that staff numbers at many practices were likely to be reduced following the pandemic “sad to say” because companies

WAYNE MUNROE QC were likely to realise they can operate much more efficiently. Confirming that “all firms are being hit” by their enforced closure amid the national lockdown,

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• Chamber pushes back at ‘no soul’ PM • As S&P warns of ‘major deterioration’ • Foreign reserves to fall $1bn in 2020

PRIME MINISTER DR HUBERT MINNIS sovereign creditworthiness. S&P’s stress testing, which looked at three scenarios based on a reduction in global tourist footfall of 11 percent, 19 percent and 27 percent, respectively, also projected that The Bahamas would suffer the fifth-greatest drop in economic output (gross domestic product) by between 2.37 percent and 5.83 percent depending on which outcome materialised.

While that is less than the 16 percent GDP drop that S&P forecast last week in downgrading The Bahamas, the rating agency also projected that this nation will suffer the 11th greatest “deterioration” in the central government’s debt balance of between 0.63 percent and 1.47 percent in 2020 depending on how severe and prolonged COVID-19 is. However, S&P’s modelling suggested that

greatest impacts and risks facing The Bahamas will be on the external/foreign currency side. Focusing on a country’s external risk, as measured by outside liquidity pressures/financing needs as a percentage of current account receipts and usable reserves, the rating agency ranked this nation as the world’s most vulnerable. In a worst-case scenario, it said The Bahamas’ gross external financing needs could soar to 58.5 percent of current account receipts and usable reserves in 2020, and 56.58 percent in 2021. “Gross external financing needs worsen most dramatically for the Bahamas,” S&P added, “while the impact is expectedly large for other small tourist-driven economies such as Barbados, Aruba, Belize, Cape Verde, Montenegro, and Albania.”

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S A result of the COVID19 pandemic, the term ‘food security’ is sending consumers into panic mode, resulting in long lines and empty shelves at local grocery stores. While the government has repeatedly reassured that there is no shortage of food or need to stock up on groceries, many are still preparing for the worst. In this segment, we will consider what food security is and assess related components such as availability, access and affordability. Reviewing these components may provide direction on how to avoid a pandemic-related food crisis, which means these lessons can be incorporated into the National Development Plan (NDP). Global food supply chain Before assessing food security in The Bahamas, it is important to consider the impact on the global supply chain as a result of COVID-19. For countries such as The Bahamas, which import more than 90 percent of their food, this can quickly become a serious problem if the pandemic continues to put a strain on global supply chains. These food supply chains are a complex web of interactions involving farmers, agricultural inputs, processing plants, shipping, retailers and more, according to a Food and Agriculture Organisation (FOA) report by Cullen (2020). With a system as interdependent as this, it means that shortages of labor or resources in any

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COVID-19 gives chance to improve food security BY RODERICK A SIMMS II AN ADVOCATE FOR SUSTAINABLE FAMILY ISLAND GROWTH AND DEVELOPMENT EMAIL: RASII@ME.COM area will have negative implications beyond their boundaries. The report also notes that food value chains can be broadly divided into two groups: The staple commodities (wheat, maize, corn, soybeans and oil seeds) and the high-value commodities (fruits, vegetables and fisheries). Staple commodity production is capital intensive, while high-value commodities require a large amount of labor to produce. Both groups are substantially affected as a result of the lockdown imposed on much of the global industry’s workforce. While the message being sent is that there is sufficient food in The Bahamas, retailers and wholesalers must consider the bigger picture for our country. Plans need to be made now to enhance the mobility and efficiency

of small farmers, along with food assistance programmes. In this instance, it is important to understand the current state of food security in The Bahamas. Secure or Insecure: An analysis of food security in The Bahamas Food security is having reliable access to a sufficient quantity of affordable and nutritious food. It can be categorised as either high or marginal (when there is a temporary shortage

associated with anxiety about sufficient supply). It can also be categorised as moderate to low, which is known as “food insecurity”. A recent UN article (Tiensin 2020) states that before the COVID-19 outbreak, food insecurity was already a severe problem, with more than 820m of the world’s population - one in every nine - not having enough to eat. Another observation made in the “State of food security and nutrition in the world (2019)” (FAO) report was that in uppermiddle and high income countries, living in a foodinsecure household is a predictor of obesity in school-age children, adolescents and adults. This was linked to the higher cost of nutritious foods, the stress of living with uncertain access to food, and physiological adaptations to food restrictions. Unfortunately, food insecure households are prevalent in The Bahamas, leading to high rates of obesity, heart disease and hypertension. This, then, raises the question: Are we faced with food as a security or insecurity problem? The COVID-19 pandemic has revealed that we are faced with both. A key issue concerning food security amid a feared shortage is always availability and access. That is why scores of persons continue to dismiss reassurances by policymakers and leaders. Not only is there a lack of trust in the system to manage resources, but also concerns around the global supply chain that could

impact our primary source of imports. In The Bahamas’ latest (2018) national review on the sustainable development goals (SDGs), it was pointed out that The Bahamas imports $1bn worth of food annually, which accounts for more than 90 percent of national consumption. The report states that efforts to reduce dependence on imported food have the potential to move The Bahamas further towards food security, reduce unemployment and stimulate domestic economic growth. Further, the FAO report pointed out that 65 countries studied where the adverse impact of economic slowdowns and downturns on food security and nutrition have been strongest. Of those, 52 countries rely heavily on primary commodity exports and/or imports. This means that ensuring food security is essential to economic and social development in The Bahamas. An effective response to this pandemic and any other global crisis should be examining and restructuring our national food system. In many developing countries, persons get most or all their food and income from agriculture. Food security in this sense means improving the livelihoods of persons that rely on these industries. In The Bahamas, these industries exist but are not supported or optimised to their full potential. The UN has suggested that governments create stimulus packages to help stabilise the agricultural sector with seed distribution and fertilizer programmes, plus subsidies for tractors and other machinery. It added that consumers should receive food assistance and school meals. In addition, training and support on how to produce more and better foods should be provided to those in the industry and as a skill set within the early education system. The Government should also further

consider how to improve access to land, markets and supplies. Now is the time to put the concept of the Bahamas Agriculture and Marine Science Institute (BAMSI) into full capacity, along with other small farmer programmes. The need to improve food security measures is not only to address issues regarding access and availability, but also affordability. The US Department of Agriculture (USDA) defines food insecurity as a lack of consistent access to enough food for an active, healthy life. It is estimated that, in The Bahamas, one in every six people suffers from chronic hunger, according to the National Review on sustainable development goals (SDGs). Therefore, if we tackle the issues concerning food security, we can beat food insecurity. Both can result in a healthier workforce, leading to a more productive, efficient and innovative society. It should be highlighted that the government has taken steps in this direction by making breadbasket staples, fruits and vegetables zero-rated for VAT. The government also used reduced Customs duty rates to positively impact the cost of nutritious foods. In April 2017, the government also launched a National Food and Nutrition Security Policy. Conclusion In closing, using the current National Development Plan along with lessons learnt from Covid-19 on logistics, operational planning and food resources, the government has an opportunity to improve food security for The Bahamas. This will not be an overnight task, yet it is an important one. The Bahamas is filled with talented fishermen, farmers and food scientists that can make our country a leader in shaping a robust national food system. If done correctly, food security will become a part of our lifestyle rather than a task. Read NDP @ www. vision2040bahamas.org

Economy re-opening boost for 150 workers By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN businessman yesterday hailed the government’s move to re-open certain industries as “wonderful news” that will enable him to put 150 staff back to work. Robert Myers told Tribune Business that the decision to treat landscaping and associated maintenance as an “essential service”, able to operate Monday to Friday from 9am to 5pm, would enable him to recall numerous staff. He added that he would also benefit from the government’s decision to enable hardware and home stores to open from 8am to 8pm on Wednesdays and Fridays, and plant nurseries from 6am to 12pm on Mondays and Thursdays, as

he has business interests in both those areas. Brent Burrows, CBS Bahamas (Commonwealth Building Supplies) principal, told this newspaper that the government’s move would “put some cash in the register” although it remained disappointed that the government had not yet given it permission to operate its e-commerce platform. He added that CBS Bahamas would likely reopen with around 20 staff in store, and their health and security - along with that of customers - will be the major priority. The government has also given permission for auto parts stores, such as AID and WHIM, to open from 8am to 5pm on Tuesday - a move that is likely to provoke long queues there as well as at dealerships.

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Monday, April 20, 2020, PAGE 3

Gas station hours Bank chief loses ‘fit cut forces lay-offs and proper’ battles By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net SOME Bahamian gas stations have been forced to temporarily lay-off workers due to their opening hours being slashed to just 1pm amid the COVID-19 lockdown. Ethan Moss, managing director of JMEL Enterprises, which operates six Rubis gas stations throughout New Providence, confirmed to Tribune Business that the government’s move to further reduce gas station operating hours under the Emergency Powers Act would result in temporary lay-offs for some of his staff. He explained that reducing opening hours from 6am to 1pm, as opposed to the 6am to 5pm timeline, meant that gas stations have been reduced from two shifts per day to just one. Previously 24/7 operations split into three eight-hour shifts, whereas the previous COVID-19 opening hours enabled them to keep all workers on at reduced hours and days, gas stations are now finding it impossible to stuff three shifts into one. “What it means is that in essence we have moved from three shifts down to two shifts and now down to one shift,” Mr Moss explained. “So it impacts the ability to employ people, our team members, as we would have. “My take is I think the government and the health officials attempt to do what is in the best interest of the country, and while we are an essential service we are governed by what they say. It is tough, but the greater good is what’s important. Mr Moss added: “Frankly I don’t know why they moved to the 1pm closure time. All I can tell you is

how moving to a 5pm shift to a 1pm shift - how it impacts how I govern my business of distributing fuel. To be very honest with you, I’m not sure what’s the reasoning for the government doing it, so I can’t speak to it. I can only imagine it is in this effort to try and curb this traffic and to keep the distancing that is important. That is my take on it. “If we are reducing shifts from three shifts a day, because we are a 24-hour operation and we are now down to a one, eight-hour shift a day, that means we will have to do what we have to do in order to make sure we can open to the public when we are allowed to. We have gone through the process of reduced hours, but now with one shift we have no ability to carry a full staff complement as we were before.” Without saying how many persons he plans to lay off, Mr Moss said: “I think this impacts quite a number of Bahamians, and it’s going to impact the number of Bahamians I have employed. I think that it is super important that we do what the officials, and those who know best as they lead us and serve us and govern us, pay attention and do what is required of us. I prefer to do it quickly and not prolong it.” Those impacted by the gas station lay-offs will likely include pump attendants and others who are likely earning close to the minimum wage or just above it, meaning the change in operating hours is striking those with lower incomes. Oswald Moore, acting chairman of the Bahamas Petroleum Retailers Association, told Tribune Business that reduced gas station operating hours have not been “effectively

communicated to the public”. “I have no problems with it,” he said. “My position is that with the traffic on the road reduced by about 70 percent, the remaining persons who have to be driving up and down, if they know that the time is from 6am to 1pm then they would get that fuel within that timeframe. “So you would sell the same amount of fuel if you were open 6am to 1pm that you would sell from 6am to 5pm, and what that does is that it gives you a chance to use your employees a little more efficiently, because we probably over-staffed that shift a little bit so that. I really don’t have a problem with it. In addition to that, what it does by us and our employees being out less it makes things safer for us our employees and the public.” Mr Moore, who is the owner/operator of the Rubis Gas stations at Harbour View and on the East-West Highway, added: “I don’t have any issues with going against some of the other retailers. I know that some of us feel different. But you asked me for my view and I gave you my view.” “The only problem I have with it is that I don’t think it [the reduced hours] was effectively communicated to the public so that they know, and I still think that needs to be done. That timing needs to be effectively communicated to the public.” Clinton Rolle, deputy general manager of Sun Oil with responsibility for sales and marketing, added: “With regard to the 1pm closure, basically we just want the public to

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By NEIL HARTNELL and YOURI KEMP Tribune Business Reporters A BAHAMIAN bank’s chairman has failed to overturn the Central Bank’s demand that he sell his majority ownership because he is “not a fit and proper person” to be in charge. Carlos Molina told Tribune Business his battle with the regulator had resulted in Private Investment Bank (PIB) Ltd losing $4m since October 2019, as well as costing 20 employees - around half the staff - their jobs as a result of terminations. He spoke out after Justice Ruth Bowe-Darville, in an April 13, 2020, Supreme Court judgment upheld the Central Bank’s demand that Mr Molina resign from the bank’s board and dispose of his equity stake in PIB, plus any “affiliate businesses” in which the bank had an interest, by March 31 this year. The Central Bank action resulted from the findings of a forensic audit that it asked the KPMG accounting firm to undertake. These created concerns over the “failure to meet minimum standards” of reporting and governance relating to $3m allegedly taken by Mr Molina from PIB for his own use, and whether he had provided “false and misleading information” in his bank licence application. Based on the KPMG report, the regulator also raised queries over $1.7m worth of “escrow funds” had been used to settle Mr Molina’s personal debts, acquire a new technology platform for PIB or increase the bank’s capital base. Describing the KPMG report as “damning” of Mr Molina, Justice BoweDarville found the Central

Bank had “acted rationally and with procedural fairness” in determining that PIB’s chairman should not remain in control of the Queen Street-based financial institution. She rejected Mr Molina’s “vehement opposition” to being characterised as “not being a fit and proper person” by the Central Bank, and his argument that he had been “denied natural justice” because he had not been given an opportunity to give his side of the case. He also denied the alleged misappropriation of the $1.7m. The Central Bank’s findings, and Supreme Court ruling, come less than two years after Mr Molina and his partner, Jorge Carreras, acquired a majority 85 percent interest in PIB on April 24, 2018. The two purchased control through their IPG Securities Asset Management (Bahamas) vehicle, which is itself a wholly-owned subsidiary of a Swiss company bearing the same name. Mr Molina is majority shareholder of the Swiss entity, but a shareholder dispute with Mr Carreras erupted within months of concluding the PIB purchase. The latter turned whistleblower, reporting to the Central Bank on April 1, 2019, allegations that Mr Molina “had misappropriated approximately $3.251m in various transactions or incurred by him for his own self- interest from PIB”. The Central Bank responded by ordering both men to remove themselves from PIB’s affairs, while Mr Molina was also ordered to dispose of his shareholding. It also initiated the probe by KPMG that was completed on August 2, 2019, following an examination of the relevant documents and

interviews with all parties concerned. Armed with the findings, the Central Bank used its powers under the Banks and Trust Companies Regulation Act 2000 to issue a warning to Mr Molina regarding his conduct. It highlighted the failings surrounding the $3m in payments, and omissions in his application for a licence to be PIB’s controller, and said it was “not in the best interest of the financial system of The Bahamas” for him to stay as chairman. Mr Molina responded to the findings against him two weeks’ later on September 25, 2019, but the Central Bank concluded one month later by informing him “he was not a fit and proper person to be the controller of PIB”. It ordered him to resign from the Board, exit all involvement with PIB and produce a plan to sell his equity interest. This triggered Mr Molina’s appeal against what he alleged was the Central Bank’s “abuse of the exercise of its discretion” under the Banks and Trust Companies Act. “The respondent maintained that it acted correctly, and in the best interest of the financial system of The Bahamas,” Justice Bowe-Darville added. Mr Molina alleged he had been advised by his attorney to withhold details of his dealings with Barclays Bank, and the New York State court judgment obtained by that bank against him, in information provided to the Central Bank. He added that the failure to disclose the $4m settlement sum owed to Barclays was due to that agreement being confidential. “Fourthly, the appellant, while admitting the

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CHUB CAY RESORT AND MARINA Is seeking full-time workers for the following positions: SENIOR MECHANIC (W/ CATEPILLAR EXPREINCE) Duties: • Assist junior mechanics with conducting repairs and servicing for golf carts and other heavy equipment • Recommend preventative maintenance ideas and suggest replacement repairs and supplies • Work with Purchasing Department to ensure parts and supplies are ordered • Read and interpret diagnostic results to identify mechanical problems • All other duties as required Qualifications: • Minimum 15 years experience in a formal mechanic role • Completed training program for Caterpillar Mechanics is mandatory • Supervisory experience (a plus) ELECTRICIAN Duties include: • Inspect electrical components, such as transformers and circuit breakers • Repair or replace wiring, equipment, or fixtures • Conduct routine inspections of old wires and cables and suggest replacements when needed Qualifications: • Minimum 5 years’ experience as a professional electrician • Completion of accredited training programs is an asset • Good verbal and written communication skills MEDICAL PERSONNEL (EMT or RN) Personnel needed for short-term contract (6 – 9 months) Contract extension is negotiable Duties include: • Assess patients and provide emergency treatment and diagnoses • Apply a variety of pre-hospital simple and advanced treatments (first aid, CPR, dressing wounds, administering injections etc.) • Work with other members of the medical team to ensure clinic is properly stocked with necessary supplies and equipment and patient records are properly maintained • Refer patients to outside medical providers when necessary • Assist in other areas during slow periods

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careers@chubcay.com

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TREAT OUR FISHERIES AS ‘ESSENTIAL’, GOVT TOLD By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net FISHERIES should be treated as an “essential service” that is open during the COVID-19 lockdown, industry players are arguing, with conch and fish catches restricted to local consumption only. Paul Mailis, director of the National Fisheries Association of The Bahamas, in a letter sent to Tribune Business, said: “The fisheries sector has suffered yet another serious setback. Like most Bahamians, the challenge posed by COVID19 has been difficult to surmount. “Commercial fishers of various size and capacity have yet to recover from successive hurricanes, and were in desperate need of a productive year in 2020. Fortunately, the COVID-19 lockdown came around the time the spiny lobster season was coming to a close, and many commercial fishers

were able to earn the majority of the season’s share by that time. “However, for many day boat operators, scale fish, stone crab and conch fishermen, the lockdown has stifled all ability to produce. Until recently, commercial fishers were unable to continue operations beyond April 1, and have been mandated to sell their product to seafood processors only, as opposed to directly to customers. “Some commercial operators were out to sea during the announcement of the lockdown and were able to remain out fishing, while many were not permitted to leave port, or did not depart, in fear of being fined or arrested.” Citing how fishermen in Abaco and Grand Bahama have been significantly impacted by Hurricane Dorian, Mr Mailis said: “Fishers have been working closely with the minister of agriculture and marine

resources, Michael Pintard, to establish protocols by which fishermen would be permitted to continue operations and sales. “Since the initial exemptions released on March 25, which limited the commercial fisheries to an April 1 deadline, fishers have been granted permission by the ministry to resume operation. Such operations include the ability to dive, set/haul fishpots, stone crab traps and to set/repair lobster condos in preparation for August. “Fishermen have been asked to observe strict social distancing guidelines. Per vessel, subsistence fishers are restricted to a maximum of two persons of the same household, and commercial operators to a maximum crew of ten. Fishers are asked to wear face masks, and conduct extra-sanitary procedures to prevent crew and product contamination.” Mr Mailis added: “Across

the islands, licensed seafood processors and exporters have been permitted and encouraged to continue operations. Members of the Bahamas Marine Exporters Association (BMEA) say that there have been no policy issues in up-keeping operations, and some have done so with reduced staff. However, some plants have had difficulty up-keeping the supply of labour and have chosen to cease operation. “The lobster fishery of The Bahamas maintains a Martine Stewardship Council (MSC) rating for sustainability, and this has helped with up-keeping international demand. This is positive for processors, the government and employees, as processing plants have maintained much-needed employment and revenue. “At present, the government of The Bahamas receives $0.25 per pound of exported lobster to any country outside of the EU, which is an important

revenue source during this time of greatly reduced VAT collection. As a matter of food security, and preventing unnecessary economic loss, the fisheries sector should be fully deemed an essential service. The impact of keeping fisheries open will benefit consumers locally, maintain incomes for fisherfolk (most of whom are located in rural areas), and permit the maintenance of a lobster and stone crab export. “However, the fish and conch supply should remain available for local consumption only. Nassau Grouper is already unavailable for export, as it is legally prohibited. Conch, other grouper species, snappers, grunts, triggerfish, and other scale fish should be kept available at reasonable prices for Bahamians, and not exported.” Mr Maillis continued: “At present, consumers must buy seafood from processors only, and thus there

is little choice. There are serious limitations to purchasing from processors on many of our islands, and it is for this reason the NFA has encouraged the Competent Authority to relax the restrictions on fishermen selling product directly to customers locally, through both a single, policed market, and through home delivery. This will particularly benefit smaller fishermen and those with well-established clients.” Mr Maillis is also pleading with seafood processors and fishermen alike to refrain from price gouging or using leverage to under-pay for product. Mr Mailis says by doing this and, “as long as fishers, processors and customers maintain proper sanitation, social distancing procedures and good business practices, the fisheries sector will be able to provide much-needed food and funds to Bahamians”.

Farmer’s Crown GB CHAMBER CHIEF: RE-OPEN Land plea SUPPORT FIRMS FOR ‘ESSENTIALS’ for $310,000 By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net GRAND Bahama’s Chamber of Commerce president has urged the government to allow “support” businesses for “essential services” to re-open during the COVID-19 lockdown to reduce imports.

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Gregory Laroda told Tribune Business that “there are some concerns” still given that companies allowed to continue operating often relied on other local businesses that may not be exempt and are closed as a result of the lockdown. Describing office supplies as one such support service that has been required to close, Mr Laroda added: “I have noticed Bethel Superstore just opened on Thursday, so they must have gotten some exemption, but for us to continue to operate we need supplies. “With them closed, what that is doing is forcing some of the businesses to get these things form overseas

and I don’t think that’s the direction we need to be going in.” Mr Laroda urged the government to allow office supplies stores to re-open, adding: “Just like did with the hardware stores, where we allowed them to be open to sell business-tobusiness, I think that needs to be done with some of these other support businesses that the essential businesses rely on to provide them with supplies for their day-to-day running. So that is one of the things we will be talking to government about in trying to get going.” Mr Laroda said much of the private sector remained in “wait and see mode”, adding: “This isn’t like

Hurricane Dorian. Well, we knew in the middle of Dorian that in another day or two this will pass and we will pick up the pieces. We have no idea when this is going to end; we are only being hopeful. “For a lot of businesses that were already struggling after Dorian and trying to pick up the pieces, this just adds to that. A lot of folks are just waiting and hoping, and while they understand the necessity for it they are obviously hoping we get this behind us and start looking at how we can slowly and safely open the economy again. We know, too, that it will not happen overnight. Some businesses will be able to recover sooner than others.”

outlay to work By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A BAHAMIAN chicken farmer says his request for a Crown Land lease requires an urgent government response if his $310,000 investment is to work. Glen Rolle, chief executive of Bouggie Birds, told Tribune Business: “We have all of the financing in place, but we just can’t seem to get the land. We are not asking for much. We want it in the Cowpen Road area. “That is the area we have targeted. The old Rainbow Farms, we were looking at that, and we have been checking with some folks at the Lands and Surveys Department wanting to know if it was a government grant or a lease, and we can’t get any answers from them. “They already have the land space. It’s already enclosed so that is a big jump for us, but if we can’t get that we are just looking at some land space here in Nassau. We really want it to be up and running by November, and we just can’t get any answers.” Mr Rolle is seeking around three acres of land, but says he will settle for two. “The thing is they would give you any amount of land in the Family Islands, but the downside to the Family Islands is that all of the market is here in New Providence,” he added. “So let’s say you are producing in Andros. You have to ship the feed and everything to Andros, then it’s like a double shipment because you have to ship the eggs right back to Nassau. We wanted to start something right here and then, in future, if they want to send us to Andros and take it to a bigger level then we’ll do that. “We have the capacity now to do about 5,000 birds and, in the second year, we’ll do about 10,000. The old Rainbow Farms; at one point they had about 120,000 birds out there, but we want to do more of the

organic, cage-free birds and that’s what we’re shooting for.” Mr Rolle said he was tired of The Bahamas importing low-quality eggs from the US, arguing that many are 16 weeks’ old as opposed to being fresh. “I’m doing chickens now and it’s pretty much just for local customers and my family consumption,” he added. “I have about 80 birds now and I know it is smallscale, but it is enough to produce for my family, friends and some small local customers. It is 100 percent organic, but I wanted to take it to the next level.” “We have about $310,000 right now any we don’t need any funds from the government. We just want the land. Of course, you are going to need some technical support in terms of escalating the build-out, the work approval and the waiving of certain duties to bring in equipment and things like that in terms of starting up, but we don’t need any seed money from the government.” Mr Rolle continued: “We talk farming a lot in The Bahamas, and I look around now. Most of these lands, these guys are not serious about farming. They put two banana trees on their farms, and for years they are not doing anything with it. I’m not saying to take the people’s land, but if you are not doing anything with it and people who have the wherewithal to do some stuff, let them move ahead. “They need to get serious about farming, and it is only now because of this crisis that we are facing that everybody is talking about farming, but the minute we are done with this it is going to be business as usual. “I have enough now for me and we have not been to the food store to buy eggs in almost three years. We need to start producing locally and stop this talk about what you’re going to do for the farmers. I don’t want the government’s money; we just want a chance to have a piece of land to farm.”

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Monday, April 20, 2020, PAGE 5

It’s a fight for survival in a world which may never be the same again ACTIVTRADES WEEKLY By RICARDO EVANGELISTA www.activtrades.bs

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HE great global lockdown has meant that a large percentage of the planet’s population has seen its way of living changing radically compared with what it was a mere hundred days ago. Many of us now spend the greatest part of our time confined at home, only going out for brief periods of exercise or to buy essential goods such as food and medicine. More than three billion people around the world had to change habits

suddenly; students try to adapt to home-schooling, while those in the labour market either lost their jobs or are working from home. But keeping a country’s economy under lockdown comes with heavy economic costs. In the UK, the Office for Budget Responsibility warned last Wednesday that the coronavirus fallout will cause a drop in GDP in the order of 35 percent during the third quarter of 2020. These are sobering numbers, illustrating the hefty price we will eventually be paying to keep the virus at bay. For some industries the impact has been brutal; think of the hotel and

AMAZON monthly chart.

catering businesses that had to close doors, car manufacturers unable to produce or sell vehicles, oil companies, etc; these are very tough times, reflected by the abysmal GDP drops in countries all around the world. But not all is bad news, some sectors are better positioned to face these extraordinary days. Home entertainment has thrived throughout the last few months, from online streaming of films and series, to the virtual gym with personal trainers offering work-out sessions via Zoom or Facetime. Also, as traditional

bricks and mortar retail had to close doors, online shopping - which was already normal for many of us experienced unprecedented growth. This drove the Amazon stock value to rise by almost 20 percent just during this month of April, reaching a market capitalisation of $1.2tn, making Jeff Bezos, the company’s founder and main shareholder, and already the world’s richest man, even richer to the pace of an additional $24bn. Another coronavirus winner is Netflix. As the New York stock exchange

Thursday’s session came to an end, the video streaming company reached its highest ever market capitalisation, at $192.7bn, overtaking the entertainment industry giant Disney and, even more impressively, the oil industry powerhouse Exxon Mobil, which is now worth “only” $165.6bn. I’m obviously not able

to guess how the, so far, winners and losers of the coronavirus crisis will be faring in the future, however, I believe some of the sudden changes in lifestyle we’ve had to recently endure may be difficult to undo. Working from home is likely to become more common, as will online grocery shopping. Travelling for business may never go back to pre-crisis levels, with many getting used to conduct meetings through digital platforms such as Zoom. These changes will pose an existential threat to many businesses and, as in nature, it won’t necessarily be the strong that survive, but rather the ones able to adjust and adapt.

PAGE 6, Monday, April 20, 2020

THE TRIBUNE

Gas station hours cut forces lay-offs FROM PAGE THREE

about it. I think it is causing complete chaos at the gas stations, and I think the government should revisit it again. “You have people who are working; the banks close at one. You have people who are in the wholesale business, you have the other medical personnel who are considered essential workers, they get off at 1pm, they get of at 2pm and they get off at 3pm. Allow them to come

to the gas stations and buy petroleum and diesel for them to go back and forth to work. “You will also avoid all of the long lines at the food stores. They can come inside and buy their snacks and stuff in the gas station other than bombarding the food stores. If you want to avoid people driving up and down then extend the hours so people can have more time to buy fuel. You are creating panic in the

society by doing things like this. This does not make any sense. This is not a well thought out plan.” Mr Bastian added: “I think the government should revisit it immediately and take it back to 5pm, and allow different persons from different industries to come to the gas stations at different times so we don’t have these long lines and chaos and, then, all of the police action. It is unnecessary.

They just need to revisit it, just take it back to 5pm and everybody would be happy “A lot of people, when you see all of those cars to the gas stations, often times they may be people coming to get medication because the pharmacy line is long, or they might want to use the ATM machine because the bank line is long. Just extend it back to 5pm so everyone could be happy so we could get over this COVID-19 pandemic.”

Bank chief loses ‘fit and proper’ battles

Ex-minister: Speed up investment to avoid ‘catastrophe’

“We’re facing an economic catastrophe like the rest of the world,” Mr Rolle told Tribune Business. “One of the benefits we have is that we’re a destination people will always gravitate towards, and we have to make it easier for investors to pursue their investments. “It cannot be lip service at this juncture. We have to demonstrate activity. The government has to demonstrate they’re prepared to move things through the system very quickly and give the business community a sign of confidence that they’re on their side. That’s the only way of giving ourselves a fighting chance of getting back to a new normal as quickly as possible.” Dr Hubert Minnis yesterday indicated that the government seems to understand the link between rapid investment approvals and bolstering job creation and foreign exchange earnings during The Bahamas’ hour of economic need. Reiterating previous pledges, he said: “As our tourism sector may not be fully restored for some time, the economy will also have to aggressively attract other sources of foreign exchange. Priority will be given to expedited processing of foreign investment proposals that could generate such inflows, and stimulate construction activity.” The prime minister added that the government is also mulling “a streamlined approach for reviewing lower value applications that now go to the National Economic Council (NEC or Cabinet) for approval” in a bid to speed up the approvals process for certain projects, although no benchmark value was given. Mr Rolle, though, indicated that these promises have yet to take effect where the $250m Hurricane Hole redeveloper is concerned. The Sterling Advisory Services president added: “I’m not going to signal the applications we have before the government at this time, but all agencies are going to have to dig deep - the entire sector. “It’s the government as a whole; Ministry of Works, Ministry of the Environment, Ministry of Finance, Central Bank, Investments Board, National Economic Council and Bahamas Investment Authority. All these entities have to move quickly to shore up the confidence investors may have thought they were losing because of the slow pace of investment approvals. “The same action, activity and swift movement that they pursued to lock the country down is the same action, vigour and ability that they need to use to get investments out of the approvals process. We don’t have the luxury of cherry-picking right now.” With The Bahamas’ main source of foreign exchange earnings having completely dried up due to the tourism shutdown, Mr Rolle said the

country must focus on what is in its control - such as the investments approval process - rather than external factors such as how our primary visitor markets are doing in combating COVID-19. “This is an opportunity for the government to shine and it cannot be lip service,” the ex-investments minister told Tribune Business, adding that the jobs and incomes of staff in the relevant government agencies may soon depend on their success and productivity given the Public Treasury’s dire financial straits. “All the entities notorious for slow movement must realise their lifestyles and incomes are at stake also. It’s not just my lifestyle. If the government’s revenue is compromised and they are unable to pay salaries, they’re impacted by that and they cannot run back to the private sector. “Once the government’s revenue collapses everyone collapses, so this is an opportunity for government to shine - every last one of them. It cannot be lip service. With the rating agencies’ actions, we need some good news in this sea of bad news,” Mr Rolle implored. “Give investors confidence that the government is on their side and prepared to work with them. When we have zero tourist arrivals that means no US dollars are coming, no foreign exchange is coming, and our purchasing power becomes compromised. We have to get things moving.” Mr Rolle’s call for the government to give investors, local and foreign, the confidence that it is on their side came before Dr Minnis launched an attack on the private sector and business owners during yesterday’s national address (see other article on Page 1B). Arguing that many companies were only too eager to lay-off staff at the first sign of difficulty, the prime minister questioned whether some in the private sector “have a heart” as he asked: “Where is your compassion? Where is your soul?” While that is unlikely to instill the confidence requested by Mr Rolle, the prime minister said the government was now examining how Bahamas Power & Light (BPL) can exploit the global oil price low and “lock in” savings by purchasing fuel supplies now. Noting that fuel is the largest item on The Bahamas’ import bill, he added that the government was also focused on import substitution where possible. “This may include, for example, but not be limited to, items like hand sanitizer, disinfectants, nonmedical grade face masks and related health care products,” Dr Minnis said. “We will promote fast growing agricultural produce and an increase in fisheries for local consumption.”

know that we support the social distancing measures the government is putting in place. “The 1pm closures that have been recently instituted are creating a bit of a panic at the sites, and we are starting to see longer lines, but we want to reassure the public that we have fuel and there is no shortage of fuel.

FROM PAGE THREE deficiencies noted in the KPMG report, put the blame for the financial governance deficiencies on his business partner, Mr Carrerras,” Justice Bowe-Darville noted. “The respondent relied heavily on the information contained in the KPMG report in determining that the appellant was not a fit and proper person. The report was damning of the appellant. It brought into question his involvement and participation in the licensee bank; the many governance deficiencies; the ongoing misappropriation of funds for his personal use; lack of documentation from the intermediate holding companies (IPG Bahamas and IPG SA); his personal financial history; and the fact of his admission to the KPMG auditor that he was ‘personally financially stressed’.

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“The reality is that not everyone may be served by 1pm. But the product is there and we are willing to serve as long as the government allows us to, but the reality of the 1pm curfew and shut off for the retail segments may not be working out at this term.” Vasco Bastian, owner and operator of Esso East Street South and Soldier Road, said of the 1pm closures: “I am not happy with it. I was complaining

“The appellant [Mr Molina] tried as he might to explain away in his presentation (both in chief and in reply) the various ‘inadequacies’ or ‘unclear allegations’ made in the KPMG report. This he did not do successfully. He continued to stress the urgency for him to resolve the present application as he had urgent (within the week) payment obligations,” the judgment continued. “The appellant’s actions in responding to the regulatory authority; the findings of the reports in respect to the governance deficiencies in the bank; and his inability to refute or deny the allegations in the reports were sufficient to ground the respondent’s designation of the appellant as not being a fit and proper person.” Mr Molina subsequently told this newspaper that he will lose $25m as a result of being forced to sell his stake in PIB. “The judge in her ruling was of the opinion that the Central Bank did things properly, and it was not her prerogative to analyse the grounds for the decision,” he said. “So that was it. Basically, now the directive is in place, I must divest all of my interest in the bank. That would

be a loss of about $25m. It was a lot of money. The way that she rendered her decision was that it was not the court’s role to interpret the grounds of any directive of the Central Bank, but to make sure that it acted in accordance with the Act, which in her opinion they did.” Mr Molina suggested that it would be “too late” him to appeal the Supreme Court decision to the Court of Appeal because “by then the bank is gone”. He added: “There was a big, big loss of value in this thing, and everything we paid to purchase the bank will be lost completely, because the way things were managed at the end of the day, now it is totally out of control. “Since this has happened the seller, Banque Cramer, is in control of the shares and they are conducting the selling process.” Mr Molina added that the matter involving himself and Barclays Bank, which involves the US Financial Industry Regulatory Authority (FINRA), occurred after he obtained majority control at PIB and therefore would not have needed to be disclosed to the Central Bank at the time of purchase.

FROM PAGE ONE and income may soon depend on acting far more swiftly given the pandemic’s disastrous impact on government revenues. With tourism, The Bahamas’ major employer and services export, likely to be shutdown for some months yet, the former minister argued that foreign direct investment (FDI)-related construction projects were likely to be one of the few foreign currency earnings sources in the short-term - something that was acknowledged by the Prime Minister in his national address yesterday. Mr Rolle, now a senior executive with Sterling Global Financial, the $10bn Bahamas-headquartered asset manager headed by David Kosoy, indicated that it has several investment applications before government that it remains keen to press forward with - despite the uncertainty and likely deep recession associated with COVID-19 - once the necessary approvals are granted. Declining to identify these projects, he added that the situation presented the government and its agencies with “an opportunity to shine” by going beyond “lip service” to “shore up” investor confidence through turning oft-repeated promises of “fast track” approvals and a onestop shop into reality.

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

FRIDAY, 17 APRIL 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,147.51 | CHG: 0.34 | %CHG: 0.02 | YTD: -84.09 | YTD%: -3.77 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.70 2.60 2.00 5.47 12.77 6.17 4.50 10.60 3.64 5.10 10.88 8.15 16.99 9.40 4.25 15.21

52WK LOW 3.35 20.91 5.50 5.39 2.09 0.67 2.00 10.21 5.60 3.75 6.01 2.53 1.80 8.00 6.63 13.04 6.98 3.14 13.85

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Class A Focol Class B

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

1.00 10.00 1.00

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 3.55 17.43 6.00 6.68 2.10 1.62 2.99 11.26 6.00 4.07 6.01 2.77 4.90 9.50 8.15 14.00 8.97 4.15 15.20

CLOSE 3.55 17.43 6.00 6.68 2.10 1.62 2.99 11.26 6.00 4.07 6.01 2.82 4.90 9.85 8.15 14.00 8.97 4.15 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.05 0.00 0.35 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00

CHANGE 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME

VOLUME

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

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

P/E 14.9 18.7 N/M 18.1 N/M N/M -6.8 15.6 13.4 22.1 42.9 27.6 10.5 15.2 11.2 17.2 9.6 20.4 24.1

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 4.79% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.39% 3.67% 2.95% 0.00% 15.39% 1.22% 3.33% 2.94% 3.86% 2.23% 2.89% 4.01% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 0.37% 3.81% 0.24% 4.38% 0.23% 2.75% 5.76% 5.76% 12.81% 12.81% 0.58% 4.04% -1.09% 5.26% 0.22% 4.45% 2.29% 9.61% -0.32% 10.20% -1.58% 15.37% 0.88% 5.22% -4.91% 10.77% 1.89% 6.75% -1.95% 0.38% N/A N/A 10.80% 2.60% 10.40% -4.00%

NAV Date 31-Jan-2020 31-Jan-2020 31-Jan-2020 31-Dec-2019 31-Dec-2019 31-Jan-2020 31-Jan-2020 31-Jan-2020 31-Jan-2020 29-Feb-2020 29-Feb-2020 29-Feb-2020 29-Feb-2020 29-Feb-2020 29-Feb-2020

MUTUAL FUNDS 52WK HI 2.30 4.38 2.09 195.13 166.73 1.67 1.83 1.76 1.23 8.34 10.26 7.00 12.15 12.58 10.81 10.00 8.98 11.79

52WK LOW 1.67 3.30 1.68 164.74 116.70 1.67 1.83 1.76 1.23 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 Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno Global USD 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 2.30 4.38 2.09 195.13 166.73 1.67 1.83 1.76 1.23 8.31 10.07 7.00 11.42 12.58 10.52 N/A 8.98 11.40

MARKET TERMS

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

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

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

30-Sep-2019 30-Sep-2019 30-Sep-2019

THE TRIBUNE

Monday, April 20, 2020, PAGE 7

‘Leaner’ law firms eyed as Mckinney confirms lay-offs FROM PAGE ONE

welcome back as many of our staff as soon as possible after this crisis is behind us.” Mr Wilson declined to detail the number of impacted McKinney, Bancroft & Hughes staff, but a letter sent to those affected - obtained by Tribune Business - said the temporary lay-offs will cover an 11-week period from April 9, 2020, to June 25, 2020. With the law firm’s offices closed as mandated by the Government’s emergency shutdown, Mr Wilson told workers: “This has impacted our ability to provide legal services and has introduced significant uncertainty for the future. As the fight against the COVID-19 pandemic continues, we are unable to predict at this time when the firm will return to full capacity. “Unfortunately, and as a result, it has therefore become necessary to temporarily lay-off a number

of our staff for a period of 11 weeks commencing on April 9, 2020, and ending on June 25, 2020. You are included among those employees will be laid-off.” Mr Wilson said staff would be paid at their current rate of pay for the April 9 period, and that this will be treated as vacation pay. Those with accrued vacation leave were asked to take it, while those with no such entitlement will have this “accounted for at the expiration of the temporary lay-off” or accounted for in next year’s vacation leave. Health insurance and pension benefits will continue to be paid. Mr Munroe, meanwhile, said the government’s decision until last week to close the Registrar General’s Office and registry of records meant that one of the few business avenues potentially available to law firms - real estate conveyances - had been

blocked off. He explained that the registry’s closure meant no conveyancing documents for real estate transactions could be lodged or recorded. “The only law we can do is the preparation of matters from home, the negotiation of settlements from home,” he explained. “Only urgent applications are being heard on the civil side. The bottom line is that all firms are being hit. “The small firms may seek to hold the line, but after a while reality huts. I expect to see many more furloughs, many more layoffs going forward. And coming out the other side of this we are likely to have a reduction of staff at law firms as this time may show efficiencies, sad to say. “It may show that law firms don’t need the same staff, the same support staff. Coming back out of this, law firms will be leaner than they were going into this.”

Tribune Business revealed last week that Graham Thompson & Company, one of McKinney, Bancroft & Hughes’ major competitors and a leading commercial law firm, had also temporarily laid-off ancillary staff in response to the COVID-19 pandemic. And Branville McCartney, the former Democratic National Alliance (DNA) leader, revealed it had been “heart-breaking” to temporarily lay-off 20 persons at his Halsbury Chambers law firm after not receiving a single fee payment from clients over the previous four weeks. Mr Munroe, however, said there were fewer jobs that a Bahamian attorney can do “without being in a firm or practice” when compared to their UK counterparts. He explained that private banking, trusts and insurance were some of the few avenues open locally, and added that “the

most debilitating part” for law firms and other industries is when the COVID-19 pandemic and associated lockdown will end. “My firm still has some revenue,” he added. “We’re getting marginal revenue from the criminal side. I’m one of the few full service law firms. We have some settlements outstanding, and some matters we’re wrapping up and completing now. “The only good thing is firms on the other side have as much incentive to settle matters as they have to get revenue too. But it’s nothing like the volume we previously got to justify the size of the law firm.” Once the lockdown ended, Mr Munroe said he and the attorneys at his firm are bracing for a surge in employer-employee disputes and corporate restructuring matters that they will have to deal with.

Bahamas most exposed to external fund pressure workers to cushion COVID-19’s financial blow. Dr Hubert Minnis, in departing from the prepared script for his televised national address, initially said: “I appeal to business owners who can afford to do so to hold-off laying off employees for as long as possible. Such generosity of spirit will make a tremendous difference at this time.” Within minutes, though, his tone had hardened as he added: “I am extremely disappointed to see Bahamian companies laying-off individuals who have worked with them for ten, 20 years....” He implied that many business owners had earned their wealth, and been able to afford their high-end homes and to send their children to university, thanks to the efforts of loyal staff that they were only now to eager to discard and lay-off amid the COVID-19 pressures. “Where is your heart? Where is your compassion? Where is your soul? Let’s be humane,” Dr Minnis urged. “Let’s consider that these individuals made great sacrifices to get you where you are today... But as soon as things get tough you take action and lay-off Bahamians. I ask you: Where is your heart, or do you have a heart?” The prime minister’s comments are understood to have blindsided the private sector, with the chamber describing itself as “disappointed” by the remarks. Khrystle Rutherford-Ferguson, its chairman, said in a signed statement that the temporary lay-off were often necessary to ensure a company can survive and

provide employment once the pandemic ends. “The Bahamas cannot rebound and have a robust economic environment post COVID-19 unless businesses survive this health and economic crisis,” she said. “Every day the business community is having to make difficult decisions that have impacted some of its employees after not having the ability to generate revenues for over four weeks. “Many business owners, small, medium and large, are trying to find ways to keep their staff employed as long as possible, including dipping into their own pockets to meet the need. The BCCEC commends our members for these efforts.” Mrs Rutherford-Ferguson added: “What must be remembered is that these lay-offs are temporary and it is the intent of the employers to re-engage these employees in the future. “None of these decisions have come easily. However, the decision was made with a view of protecting the future of the economy and businesses. Only the businesses that survive this crisis will be able to stimulate the economy by providing future jobs for Bahamians... Some of these business owners will lose their life’s work and savings, as a result.” Mrs Rutherford-Ferguson said there was still “no clear indication on when and how the economy will reopen”. Tribune Business understands that the chamber will meet the prime minister this morning when his remarks are likely to be one topic of discussion. One source described the issue as a “minefield”, which had undone all the confidence created earlier in Dr Minnis’ speech when he announced the opening up of certain industries and

Family Island construction. The fear is that the prime minister may have alienated the very private sector he needs to revive and re-open the Bahamian economy while undermining its confidence. Several sources, speaking on condition of anonymity, suggested his remarks sounded like “a campaign speech” and designed to make the private sector a scapegoat in the public’s eyes. Others argued that it betrayed a lack of understanding of how businesses operated, given that payroll is often their largest expense and they have not earned any revenue for four weeks. Meanwhile, Dr Minnis confirmed that the government will have to undertake some foreign currency borrowings as part of plans to bolster

the economy and its own finances, with foreign currency reserves now projected to decline by around $1bn in 2020 - as opposed to earlier projections of $900m - as a result of the global tourism shutdown. “The Bahamas entered the COVID-19 pandemic with adequate foreign reserves to cover essential imports, and to preserve the parity of the Bahamian dollar against the US currency,” Dr Minnis said. “The Central Bank is working closely with the Ministry of Finance to ensure that fiscal stabilisation policies are balanced with adequate additional access to foreign currency, through the borrowings which the government must undertake.” He added: “Alongside the financing that can be obtained locally,

the government will have to rely on some foreign currency borrowing to cover its revenue shortfall. Taking this active financing strategy into account, along with other foreign exchange market strategies that the Central Bank is pursuing, it is expected that the drawdown in the foreign reserves will reach about $1bn in 2020. “This, from a present healthy level of approximately $2bn. The Central Bank expects that after 2020, net inflows of foreign currency through the private sector will begin to improve. This will permit a very gradual recovery in external reserves, provided the deficit financing strategy maintains a prudent balance between Bahamian dollar and foreign currency borrowing.”

group of Florida congressmen and women from the House of Representatives wrote to US secretary of state, Mike Pompeo, on April 17, 2020, to urge the Trump administration to intervene and persuade The Bahamas against permitting oil drilling in its waters due to the perceived threat of any accident to Florida’s beaches and wildlife. Simon Potter, BPC’s chief executive, declined to respond directly to the letter yesterday, instead talking up the potential economic impact of the oil explorer’s activities for a Bahamian economy that needs a boost more than ever amid the COVID-19 fall-out. “BPC has licences to explore in Bahamian maritime waters adjacent to the BahamasCuba border,” he said. “BPC will operate strictly within the laws and regulations as set out by the Bahamian sovereign government. Any material oil discovery would introduce to The Bahamas a new industry capable of expanding the Bahamian economy bringing significant revenue receipts, jobs and wealth.” While many Bahamians remain sceptical as to whether BPC and its prospects of success are for real, it remains one of the most immediate potential sources of economic diversification, tax revenues and foreign currency earnings available to this economy in a post-pandemic world

- provided it locates commercial quantities of recoverable oil on the seabed. The Pompeo letter, though, appears to have cross-party support in the US. While the main promoters are former Democratic National Committee chair, Debbie Wasserman-Schultz and Debbie Mucarsel-Powell, also named as a sponsor is Matt Gaetz, the right-wing Republican congressman known to have close ties and an in-route to the Trump White House. Other names on the letter include former Florida governor, Charlie Crist, and ex-Clinton administration health secretary, Donna Shalala. The letter to Mr Pompeo urges: “As coastal and nearcoastal members of Congress who have been fighting for years to protect the Atlantic Ocean, Straits of Florida, and Eastern Gulf of Mexico from the threat of expanded offshore drilling in US waters, this.. is cause for great concern. “As the representatives of Florida and east coast communities, we respectfully ask you to join us in protecting the shared coastal economies and ecosystems of the United States and The Bahamas from offshore drilling by advocating to the Bahamian government that it should deny BPC any authorisations necessary to begin exploratory drilling.”

Mr Munroe said that while his practice and others were still enjoying “marginal revenue” it was “nothing like the work we previously got to justify the size of the law firms”. His comments came as McKinney, Bancroft & Hughes, one of the country’s largest commercial law firms with a staff thought to be around 100-strong, confirmed it has temporarily laid-off a number of junior legal, support and administrative staff due to the COVID-19 pandemic. “These are extraordinary times,” John F Wilson QC, its senior partner, told Tribune Business via e-mail. “I think the only comment I would make is that the decision to temporarily lay-off, and I emphasise temporarily, some of our staff was a very painful and difficult decision for the partnership, and we look to

FROM PAGE ONE It was the same when it came to external indebtedness, with S&P projecting that this - as a percentage of current account receipts - could increase by 33.36 percent in 2020, and 16.06 percent in 2021. “External indebtedness deteriorates most dramatically in The Bahamas, Montenegro, and Greece, which each experience a worsening of around 30 percent of current account receipts in the ‘extreme’ scenario,” S&P added. “Our analysis suggests that small ‘sun, sea and sand’ island destinations would be the worst affected from a slowdown in global tourism flows. In relative terms, Aruba, The Bahamas, Barbados, Cape Verde and Fiji would likely experience the most significant deteriorations in credit metrics. Other Caribbean sovereigns would also be moderately affected, but to a lesser degree.” The S&P report findings further support The Bahamas’ need for further economic diversification, which has been glaringly exposed by the COVID19 pandemic, as well as its vulnerability to external shocks and over-reliance on tourism. The projections were revealed just as the Prime Minister yesterday received push back from the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) and the wider private sector for blasting business over an alleged lack of compassion and “soul” in temporarily laying-off thousands of

Oil explorer in licence extend over COVID-19 FROM PAGE ONE

statement that the “force majeure” clause in its agreement with the government accounts for epidemics such as COVID-19. “The company has notified the Government of The Bahamas that, as a consequence of both the international and Bahamian response to the spread of the COVID-19 virus, a force majeure event has occurred (it being noted that the company’s licences and Bahamian regulations specifically define epidemic to be a force majeure event),” BPC said. “As such, the company is entitled to a corresponding extension to the current exploration term of its licences, equivalent to the duration of the force majeure event (up to a maximum of one year). The impact of the response to the COVID-19 virus on the Bahamian economy and the people of The Bahamas will be extreme, given that the Bahamian economy is heavily dependent on tourism.” BPC’s project, though, could come under pressure from an unexpected quarter after a

CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY

T

he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned. YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides. Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property. This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home. We look forward to your continued support in this worthwhile endeavour.

MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100

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For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115

Arrow-words are like crosswords, but th TRIBUNE inside squares onTHE the grid. Write y blank squares in the direction indic S

PAGE 8, Monday, April 20, 2020

wordSEarch

JUDGE PARKER

P P E Y K L N Z Q V A L K W Q

CARPE DIEM

4

Daily Express Tuesday, January 28, 2020

Puzzles

MARVIN BLONDIE

O M W E C B Z X V D E D N A E

T Z J R R J O Q A M D O A D L

N Y F E O T V O A V R W L Z G

O B O A T I A C W G A N P C N

O V C C A T R O M F Z W T C A

M T P H T E C R A R I A H I I

F R I F A T I O A B L R A L R

L R G L B I X R H W Z D R D T

A A E A L C R Q N K N D DX1ST B Q D

Find all the yoga words listed bel Solution tomorrow

CRUSADER PRIZE CROSSWORD acrOss 1 Appealing to reduce energy (4) 3 Pause reel for strenuous activity (5,5) 9 This writer was heartless and converted stables (4) 10 Total reversal with voice I’d use for film (5,5) 11 After a French race, journalist is not challenged (11) 15 Look round new thing, not as short (9) 17 Bully has some champagne on ice, finally (5) 18 Head gardener developed rose shrub (5) 19 Occasion to counter schedule (9) 20 Cope, right after sentence to supervisor (4,7) 24 Despotic art, cannily devised (10) 25 Herb in perfect condition (4) 26 Rubbish about bad wines generating fatigue (10) 27 Old keys (4)

HAGAR THE HORRIBLE

TIGER

CALVIN & HOBBES

BOAT ● BRIDGE ● CAMEL ● C

1 2 3 4 DOWN 1 Arrived, having old union CHILD’S POSE ● COBRA banner to disguise DOWNWARD (10) DOG ● EAGLE ● 2 Shopping area is recent – 9 ● LOTUS ●10PIGEON won’t change (4,6) LIZARD 4 Trick has nothing to RAG DOLL ● TABLE TOP excite (5) TRIANGLE ● WARRI 5 Drain item off in the 11 12 meantime (2,7) 6 Reduce by putting point to one side (6,2,3) 7 Uncovered a painting (4) 15 16 8 God of the roses (4) 12 Traps get that woman to come down to the 18 19 country (11) wordSEarch 13 Annoying smellQuick starts deceiving (10) croSSword M Y R O T A V R E 14 Famous church let bread M O 20 C X W O R O P across: go off (10) 6 Heathen; 7 Defer; U P O P I B L E E 16 Purpose during9anxiety, 23 S K C R V T H Q V 22 Rapid; 10 Expanse; say (9) 12 Merchandise; C R A L L E C G P 21 Signifies method 24 14 (5) Embarrassed; A S E Y P L Z P L 22 Horse is hard-working, 18 Compass; 19 Scull; but no promises R R Y N U E A F U 21(4) Knead; 22 Respond. 23 Hence in another down: L E W M N R V B M gondola (4) 1 Legal; 2 Strike; 263 Fee; E G A P R A S D P 4 Demand; 5 Persist; T G H V E A P I R 8 Exhaust; 11 Actress; T A A X N A N S P 13 Impound; 15 Appeal; H D O F Q G C G H 16 Escape; 17 Plant; K I T C H E N O W 20 Hew.

YES

THE ALPHABEATER

C V B R V D U Z C L I B R A R Y D T

TARGET

ErA YDV ArG

● The Target uses words in the main body of Chambers 21st Century Dictionary (1999 edition)

HOW many words of four letters or more can you make from the letters shown here? in making a word, each letter may be used once only. Each must contain the centre letter and there must be at least one nine-letter word. no plurals or verb forms ending in “s”.

DENNIS THE MENACE Sudoku is a number-placing puzzle based on a 9x9 grid with several given numbers. The object is to place the numbers 1 to 9 in the empty squares so the each row, each column and each 3x3 box contains the same number only once. The difficulty level of the Conceptis Sudoku increases from Monday to Sunday

TODAY’S TARGET Good 17; very good 25; excellent 33 (or more). Solution tomorrow

call 0907 181 2585 for today’s target solution *Calls cost 80p per minute plus your telephone company’s network access charge.

BATTLESHIPS FIND where the fleet of ships shown is hidden in the grid. The numbers to the right of and below the grid indicate how many of the squares in that row are filled in with ships or parts of ships. The ships do not touch each other, even diagonally. Some squares have been filled in to start you off. Solution tomorrow 1

CRYPTIC PUZZLE 1 Intuition supported by Richard III for example? (11) 9 Beastly cruel (7) 10 A guru disposed to prognosticate (5)

3 Some honey or curry

reproduction (6) 18 A commendation by no means rare in cookery (4,4) 19 It tells you what the fare is (4) 22 Agree to be keen (5) 23 Alarm rattles disturb (7) 24 Scientists rent rooms as required (11)

15

1 2

F

4

G

2

H

1

I

1

J

2 0

5

perhaps (7) 22

20

23

24

and gets into a row (7) agreement (6) 20 Appear on stage to record (5) 21 Hydrogen weapon can cause such damage (4)

Yesterday’s Cryptic Solution

Yesterday’s Easy Solution

Across: 1 Omelet, 4 Ablative, 9 Espial, 10 Steerage, 12 Emus, 13 Quilt, 14 Bust, 17 Transitional, 20 Counterpoise, 23 Spar, 24 Ogled, 25 Road, 28 Leavened, 29 Mosaic, 30 Semolina, 31 Hearse. Down: 1 Operetta, 2 Espousal, 3 Edam, 5 Bottle-opener, 6 Aver, 7 Icarus, 8 Events, 11 Putting green, 15 Estop, 16 Happy, 18 Dinosaur, 19 Headache, 21 Psalms, 22 Salaam, 26 Deal, 27 Come.

Across: 1 Greece, 4 Two-faced, 9 Pacify, 10 Boldness, 12 Acme, 13 Cover, 14 Mire, 17 Eleventh hour, 20 All of a sudden, 23 Vain, 24 Idler, 25 Mesh, 28 Repartee, 29 Duress, 30 Outclass, 31 Flatly. Down: 1 Go places, 2 Encumber, 3 Cuff, 5 Wooden-headed, 6 Fade, 7 Credit, 8 Dispel, 11 Foot soldiers, 15 Dealt, 16 Augur, 18 Adherent, 19 On the sly, 21 Overdo, 22 Tinpot, 26 Oral, 27 Pull.

Across 1 Shakespeare comedy (2,3,4,2) 9 Enter uninvited (7) 10 Happen afterwards (5) 11 Adjust to run smoothly (4) 12 Small long-tailed parrot (8) 14 Be about to occur (6) 16 A good quality (6) 18 Hypothetical (8) 19 An allurement (4) 22 Boats (5) 23 Significance (7) 24 Behave honourably (4,3,4)

4

1

4 x submarine

15 Defames a large number 17 Unions strangely in

1

8 2 x cruiser

8 The ways of business (5,6) 13 He dispatches illegally (8)

2

3 x Destroyer

21

mixed feelings (11)

3

1 x Battleship

17

7 Two kinds of tart producing

1

Down 2 Lucifer (5) 3 Responsibility (4) 4 Allowable deviation (6) 5 Don’t give up! (4,2,2) 6 Look closely at (7) 7 Insincere show of emotion (11) 8 Provide the background (3,3,5) 13 Discreditable (8) 15 An unsuspected danger (7) 17 Cordiality (6) 20 Widely accepted principle (5) 21 Strong taste (4)

1

A 16 15 26 40 21 21 16 9 35 7 37 B C 13 17 37 3 7 12 11 12 9 36 22 D E 4 12 18 37 34 22 7 10 3 27 2 F G 18 27 26 19 20 14 19 33 23 7 16 H I 37 35 3 11 6 39 25 37 36 9 21 J K 31 40 8 8 29 11 37 35 4 3 21 L M 16 35 16 19 21 9 36 4 38 20 18 N O 15 17 6 17 23 32 38 20 16 30 16 P described as a number crossword, the task in Kakuro Best is to 1 to 27 9, so33 Q fill 36all 6of the6 empty 9 squares, 12 5 using 16numbers 33 31 theRsum of each horizontal block equals the number to its left,S and 18 the 32sum16of each 15 vertical 22 11block 24 equals 37 the 24 number 15 1 on Tits top. No number may be used in the same block more than once.28The18difficulty of the U 12 39 7level29 39 Conceptis 9 16 Kakuro 14 40 increases from Monday to Sunday. V W 1 9 40 31 14 16 33 14 28 24 18 X Y 21 11 22 24 27 2 10 16 9 5 16 Saturday’s Saturday’s Z 1

Sudoku 2 3 4Answer 5 6 7

F

21

E

6

19

9 10

D

16

18

8

2

12

14

design (6)

7

1

13

4 Indian bangle of odd

6 Earning enough to impress

portrayed in Renoir

11

6

B

10

perhaps (4)

12 Slow draw? (8)

16 Laundry worker

5

5

C

the woman (5)

5 Crazy party items (8)

shown by us (6)

4

9

2 He finds seats for us before

11 Act in rotation (4) 14 Report of spirit

3

4

4

7

Down

EASY PUZZLE

Across

2

3

A

2 1

2

cAn youtargEt crack the Alphabeater? Each gridthE alpha Extra le number represents a letter – or black square. 0907 J1 EXtroVErt across: Convex, As in Alphapuzzle, every letter of the alphabet (Deduct thr everthave exert eachUndue extra c is used. ever But you to extort complete the gridBanal, too! Emir, Wrong, Naughty, S EXTROVERT otter over overt use the oxter givenrete letters and black squares below full s down: Scupper, Sw retort retro revert the grid rort to start. is ‘rotationally 0907 Dozen, Demon, Pu1 rote the rottergrid rove rover tore symmetrical’ – intorte othertree words, looks theHarbour,*Calls cost Ag 80 Bunny, torr tort trot ittrove yourRecyc teleph same if you thevetoer page vortex upsidevoter down. (clue), Dealt, veer turn vertex network a Solution tomorrow

22

23

24

25

P

26

27

8

9

28

29

■

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■

30 31

32

■

33

34 35

M

16

17

36

3

● Alternatively, for six Extra Letter clues to your mo text DXBEAT to 84901. Texts cost £1 plus your usual ope

KEIJO 4 1 3

1

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THE TRIBUNE

Monday, April 20, 2020, PAGE 9

PAGE 10, Monday, April 20, 2020

THE TRIBUNE

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 86° F/30° C Low: 67° F/19° C

TAMPA

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Humid with times of clouds and sun

Becoming cloudy and humid

A t‑storm in spots in the morning

Mostly sunny and nice

Winds subsiding with some sun

Humid with some sun

High: 89°

Low: 77°

High: 87° Low: 74°

High: 86° Low: 74°

High: 86° Low: 76°

High: 88° Low: 76°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

98° F

86° F

95°-78° F

94°-75° F

91°-79° F

97°-84° F

High: 82° F/28° C Low: 69° F/21° C

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

N

almanac

E

W

ABACO

S

N

High: 84° F/29° C Low: 77° F/25° C

10‑20 knots

S

High: 93° F/34° C Low: 75° F/24° C

15‑25 knots

FT. LAUDERDALE

FREEPORT

High: 93° F/34° C Low: 76° F/24° C

E

W S

E

W

WEST PALM BEACH

N

uV inDex toDay

TONIGHT

High: 88° F/31° C Low: 77° F/25° C

MIAMI

High: 93° F/34° C Low: 79° F/26° C

10‑20 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 86° F/30° C Low .................................................... 76° F/24° C Normal high ....................................... 81° F/27° C Normal low ........................................ 69° F/21° C Last year’s high ................................. 89° F/32° C Last year’s low ................................... 76° F/25° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 2.91” Normal year to date ..................................... 5.70”

ELEUTHERA

NASSAU

High: 89° F/32° C Low: 77° F/25° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 84° F/29° C Low: 79° F/26° C

N

KEY WEST

High: 89° F/32° C Low: 80° F/27° C

Low

Ht.(ft.)

Today

7:03 a.m. 7:26 p.m.

High

2.5 2.6

1:00 a.m. 1:18 p.m.

0.2 0.1

Tuesday

7:40 a.m. 8:02 p.m.

2.5 2.7

1:41 a.m. 1:52 p.m.

0.1 0.0

Wednesday 8:17 a.m. 8:38 p.m.

2.5 2.8

2:20 a.m. 0.0 2:26 p.m. ‑0.1

Thursday

8:52 a.m. 9:13 p.m.

2.4 2.8

2:58 a.m. 0.0 2:59 p.m. ‑0.1

Friday

9:28 a.m. 9:49 p.m.

2.4 2.8

3:36 a.m. 0.0 3:32 p.m. ‑0.1

Saturday

10:04 a.m. 10:26 p.m.

2.3 2.8

4:14 a.m. 4:07 p.m.

0.0 0.0

Sunday

10:42 a.m. 11:05 p.m.

2.2 2.8

4:53 a.m. 4:43 p.m.

0.1 0.0

S

E

W S

8‑16 knots

Sunrise Sunset

6:43 a.m. 7:35 p.m.

Moonrise Moonset

5:35 a.m. 5:44 p.m.

New

First

Full

Last

Apr. 22

Apr. 30

May 7

May 14

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 83° F/28° C Low: 77° F/25° C

High: 84° F/29° C Low: 79° F/26° C

N

High: 90° F/32° C Low: 80° F/27° C

E

W S

LONG ISLAND

tracking map

High: 84° F/29° C Low: 78° F/26° C

L

Ht.(ft.)

sun anD moon

High: 84° F/29° C Low: 77° F/25° C

N

10‑20 knots

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

tiDes For nassau

CAT ISLAND

E

W

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

10‑20 knots

MAYAGUANA High: 84° F/29° C Low: 78° F/26° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 82° F/28° C Low: 79° F/26° C

GREAT INAGUA High: 85° F/29° C Low: 78° F/26° C

N

N E

W

E

W

H

High: 83° F/28° C Low: 78° F/26° C

S

S

7‑14 knots

5‑10 knots

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

Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

WINDS SW at 15‑25 Knots W at 8‑16 Knots SW at 10‑20 Knots W at 8‑16 Knots SW at 10‑20 Knots W at 7‑14 Knots S at 7‑14 Knots S at 4‑8 Knots S at 10‑20 Knots WSW at 7‑14 Knots SW at 12‑25 Knots W at 8‑16 Knots SW at 8‑16 Knots WSW at 7‑14 Knots SE at 5‑10 Knots SSW at 5‑10 Knots S at 8‑16 Knots SW at 5‑10 Knots SSE at 8‑16 Knots S at 7‑14 Knots SW at 10‑20 Knots W at 8‑16 Knots SW at 7‑14 Knots W at 6‑12 Knots SW at 10‑20 Knots WSW at 7‑14 Knots

WAVES 3‑6 Feet 2‑4 Feet 1‑3 Feet 1‑3 Feet 2‑4 Feet 1‑3 Feet 2‑4 Feet 1‑3 Feet 2‑4 Feet 2‑4 Feet 3‑6 Feet 2‑4 Feet 1‑2 Feet 1‑2 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 1‑2 Feet 2‑5 Feet 3‑5 Feet 2‑4 Feet 1‑3 Feet 1‑3 Feet 1‑2 Feet 2‑4 Feet 2‑4 Feet

To advertise ALL your LEGAL NOTICES, call The Tribune’s Sales Department

502-2394

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. 77° F 77° F 81° F 81° F 77° F 78° F 79° F 79° F 78° F 78° F 76° F 76° F 80° F 80° F 79° F 79° F 78° F 78° F 78° F 78° F 79° F 79° F 79° F 79° F 77° F 78° F