04292022 BUSINESS

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FRIDAY, APRIL 29, 2022

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‘World’s in worst state that I have ever seen’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SUPER Value’s principal has voiced hope that “we can do better than” the World Bank’s dire prediction of high food prices lasting for three years, but conceded: “The world is in the worst state I’ve ever seen.”

Rupert Roberts told Tribune Business he believed price increases “will slow down” by 2022 year-end, reiterating that the 13-store chain is continuing to “hold back” hikes by up to six months due to advance ordering; carrying higher inventory levels than normal; and buying practices that are scouring the globe to achieve the best possible deal for Bahamian consumers.

Affirming that Super Value and its Quality Supermarkets affiliate will not compromise quality in seeking to mitigate inflationary pressures,

LIGHTHOUSE POINT

• Roberts: ‘We can beat’ World Bank’s threeyear high prices • Says Super Value ‘holding back’ hikes by up to six months • ‘Cannot allow one cubic inch’ of container to be empty he added that the chain was “using our warehouse to the max” in stocking high product quantities in an effort to delay passing on ever-changing prices to clients.

With buyers sourcing from “all over the place”, Mr Roberts said further pressures

were coming from increased packaging material and fuel costs, with the latter driving up shipping, trucking and all transportation and logisticsrelated costs. He added that Super Value was especially focused on managing its freight costs, revealing that “we cannot allow one cubic

RUPERT ROBERTS inch of the container to be empty” as it strives to achieve value for money.

Disclosing that “we eat, sleep and drink about keeping prices down”, the Super Value chief said the burden on himself and other Bahamian merchants had been eased somewhat through consumers recognising that the

SEE PAGE 5

Vacation rental fears on ‘full package’ VAT

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN vacation rental website developer yesterday voiced concern that the Government’s plans to impose VAT on “the full package” will undermine the industry’s affordability and competitiveness.

Iain Rodgers, owner of BahamasBNBs, told the Eleuthera Business Outlook conference that he and others were hoping the Davis administration does not replicate the resort industry’s “very costly fees and taxes” in their sector where listed properties have more than doubled since 2019.

“VAT is a hot topic within the vacation rental market

at the moment,” he said in response to an audience question, acknowledging that the tax is presently only being applied to the fee that the likes of Airbnb and VRBO are charging the property owner for the listing. It is not being levied on the rental rate paid by the tourist, something which Chester Cooper, deputy prime minister, has

served notice that he plans to change.

“At the moment they are only taxing what the host is gaining, not the entire package,” Mr Rodgers affirmed, “but we know there are talks in future of taxing the entire package for the rental through VAT. We hope the taxing from VAT on those

SEE PAGE 6

‘Creatures of evolution’: Digital firm to top $130m

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN digital payments provider yesterday predicted it will this year “top” the $130m worth of transactions it settled in 2021, and said of this shift: “This is not going to be the norm; it is the norm.”

Jeffrey Beckles, Island Pay’s managing director, told the Eleuthera Business Outlook conference that the increasing uptake of digital payments was confirmed by a recent Central Bank briefing that revealed a 13 percent increase in this method of transaction settlement. Yet automated teller machine (ATM) withdrawals had declined by

JEFFREY BECKLES 11 percent over the same period, indicating reduced reliance on cash.

With the COVID-19 pandemic having accelerated the transition to a digital Bahamian economy, Mr Beckles said small and

SEE PAGE 5

Airports must give ‘awe, not dismay’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A SENIOR Ministry of Tourism official yesterday affirmed that stopover visitors generate “26 times’ more in visitor spending” than cruise passengers as he hailed Eleuthera for “leading the way in increased airlift” capacity.

Dr Kenneth Romer, the Ministry of Tourism’s deputy director-general and acting director of aviation, told the Eleuthera Business Outlook conference that airlift capacity to the island had risen by 4 percent - a

growth rate higher than any other destination in The Bahamas.

Meanwhile Tracy Cooper, Bahamasair’s managing director, told the same conference that Bahamasair’s load factors flying into Eleuthera had hit 74 percent for the month of April and the Easter period. He reiterated that passenger traffic volumes had “outgrown” north Eleuthera’s airport capacity while the facility in Rock Sound required urgent runway repairs and resurfacing.

SEE PAGE 4

Disney triples construction workforce promise to 300 • Cruise line has all approvals for Lighthouse Point • Eleuthera eyes $1bn investment in next decade

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net DISNEY Cruise Line yesterday revealed it is near-tripling the number of construction jobs created by its Lighthouse Point project to 300 amid hopes that Eleuthera can attract up to $1bn in total investment over the next decade.

Joey Gaskins, Disney’s regional public affairs director for The Bahamas and Caribbean, told the Eleuthera Business Outlook conference that it planned to go well beyond the 120 construction jobs it “promised” the Government in the Heads of Agreement for the development on the island’s southern tip.

The cruise line committed, as part of that deal, that a minimum 80 percent of the construction jobs will go to Bahamians and - if it holds to that pledge - then at least 240 of the expanded 300-strong workforce will be

SEE PAGE 4

PAGE 2, Friday, April 29, 2022

THE TRIBUNE

SOE REFORMS CRITICAL TO ECONOMIC REVIVAL F

or those who pay attention to The Bahamas’ affairs, it is clear the challenges we face today could be with us for a while yet.

Further, if our efforts are limited only to solutions that require significant cash resources, then the problems are going to become even more entrenched, will harm sustained recovery and stymie performance when the “good times” next emerge. There is not much that can be done to radically overhaul The Bahamas’ finances in the short-term, but the country is in need of such far-reaching change. How will this be realised? By a commitment to true reform; creativity in execution; boldness in confronting the issues; and a willingness to challenge the status quo. These all hold great value in shifting the country’s path towards fundamental change. Given where we are, this approach represents a viable foundation on which a new level of economic vibrancy and resiliency can be built.

In a previous article, I noted: “The circumstances regarding The Bahamas’ fiscal affairs are much too important, and the issues far too critical, for us not to be actively looking for insights on how to move forward.”

I ended it thus: “The credit rating does not reflect the country’s ability to afford debt but, rather, the ability of the Government, given its current policies…” The message I sought to convey is that we have to become more deliberate in how we approach the future, and that current circumstances are highly influenced by our national arrangements, state of our institutions and “normalised” behaviours that are inconsistent with sound standards.

This thinking informs another statement carried in a much earlier article, which read: “In order for the current administration to be successful, it must implement the greatest suite of reforms this country has ever seen.” This

would hold true for any administration overseeing The Bahamas in its current state. The statement is broad and embodies a challenge. Objectively assessed, we should accept there is much truth to it, and our attitude therefore should be: ‘Game on’. The problems faced by The Bahamas are not only significant; they are prolonged and effectively endemic.

Only proper implementation and enforcement of high standards will cause a fundamental and sustainable shift in the country’s affairs. A careful review will show the major issues have been captured in ten main categories outlined in the current administration’s general election manifesto, Blueprint for Change. However, when strategy meets limited resources, adjustments often become necessary. This is why creativity must rule the day. We must pick all the low hanging fruit, and start trying to reach those at a higher level. Waiting is not an option.

Understand the context The Bahamas’ economic make-up is not as flexible as suggested. Zhivargo Laing, a former Cabinet minister, has previously said: “Anyone who understands the structure of the government’s budget should manage their expectations in such a way that they know that any new things happening will probably not represent more than 15 percent of the overall budget, because the balance is essentially fixed or committed.” The fiscal space thus simply does not exist.

The Bahamas’ economic fortunes will not change overnight, and therefore the Government must consistently seek to find ways of “drilling the tunnel at both ends” to create a more viable path moving forward. In the face of limited financial resources, properly targeted reforms are the only other instruments and mechanics with which this can be achieved. We

Hubert Edwards By

should move urgently and creatively.

The former administration’s Economic Recovery Committee, in its conclusions, said: “Some of our recommendations address structural issues our economy has faced for some time now, even before the onset of the pandemic. Some concern issues brought to the fore as a result of the pandemic. Some touch upon barriers to economic growth that can be overcome with moderate effort.

Some will require far more effort and the capacity to convince Bahamians that strategic changes to the way things are done could reap significant benefits.” Without specifically addressing the recommendations, this statement captures the essence of how the Government can move the needle forward on reforms given limited resources.

Consider this. Approximately $700m in the upcoming 2021-2022 Budget will be spent on remuneration, meaning public sector salaries and benefits. Our current debt stock carries annual interest payments of more than $500m.There are

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

2022 CLE/qui/No.

known, and urgent, infrastructure needs in the areas of energy, education and healthcare. Given the high inflationary environment, there is the real possibility that social services spending must increase. The recent downturn may demand continued higher subsidies for poorly-performing stateowned enterprises (SOEs), a number that climbed to more than $400m. These three categories alone easily account for more than 50 percent of total spending. There is thus very little room for fiscal manoevere.

Start with state-owned enterprises The changes must come via a suite of policy and practical shifts that do not require additional spending, but will result in cost savings and facilitate future growth through more efficient and productive service delivery.

State-owned enterprises (SOEs) and agencies are a critical starting point. Think about it this way. Where we are today is in no small part because of the inefficiencies of a number of these agencies and corporations.

Ineffective governance, boards and directors lacking the ability and/or commitment to cause productive changes, plus management who are not held accountable with sufficient consistency, help create and sustain poor working environments. Therefore, even if The Bahamas corrects its fiscal trajectory to levels envisioned, these institutions and their history of underdeveloped institutional practices will create a drag on progress. Many of these SOEs and agencies are central to the Government’s growth policies, which will, at best, be suboptimal and, at worst, very ineffective, without change.

SOEs corporate governance As The Bahamas pursues public financial management and fiscal reforms, it must also embark on an aggressive campaign of risk management and enhanced corporate governance.

Starting with semi-autonomous entities, the objective is to infuse a new culture of accountability across all government corporations.

These will have to adopt internationally-recognised

public sector standards; improve operational effectiveness; and reduce losses.

Key SOEs, such as Bahamasair, the Public Hospitals Authority (PHA), the Water & Sewerage Corporation, ZNS, Bahamas Power & Light (BPL), and the Hotel Corporation, must ensure best practices become commonplace.

There should be a concerted effort to cause the experience and practices of well-run entities, such as the Nassau Airport Development Company (NAD), to be transferred to the others, improving corporate cultures and discipline.

Those who enjoy the privilege of appointment to provide oversight must develop sound institutional knowledge; strive to operate at best practices; and gain practical experience in corporate governance.

This administration has the opportunity to institute changes that will halt the prevailing practices of wholesale board appointments/dismissals when the government changes hands. Such a change would create some level of continuity at the governance level in these organisations, and arguably facilitate better transfer of institutional knowledge and strategic planning. I do not pretend that this will be easy, but considering changes such as these is very necessary. As part of a broader public sector corporate governance framework, revisiting the proposed State-Owned Enterprises Bill - which was designed to impose corporate governance and risk management requirements - should prove useful. The ultimate objective is to realise more effective entities that optimise earnings, risk management and sustainable operations, leading to a reduced dependency on government.

Other key areas The state of public sector pensions poses a serious long-term challenge for The Bahamas and demands urgent attention. A ranking of 119 out of 190 countries on the World Bank’s “ease of doing business” index calls attention to the urgent need to fix structural impediments to “starting a business”, “getting credit” and “getting electricity”.

Regarding the latter, the cost and reliability of electricity must be priorities.

Other areas do not require significant spend but could be major game changers. These include early and consistent focus on Bahamas Invest by refining the decision-making, and creating greater transparency in the approval process, together with a rethink of the way the country employs tax concessions to attract investment. Done effectively, these can definitely bear dividends. Facilitating the redevelopment of Abaco and Grand Bahama by devolving autonomy to local government-style entities could accelerate the recovery from Hurricane Dorian. A refining, or redefining, of the relationship with the Grand Bahama Port Authority could make a major difference in unleashing the potential of Freeport and what the Hawksbill Creek Agreement was expected to deliver. Reprioritising educational spending to diversify and upskill the labour pool will position the country for improved national productivity.

There is significant work ahead with very limited resources and fiscal headroom. By creatively tackling known areas of deficiencies, government can advance the country and prepare it for growth and resiliency.

Reforms are the only viable path to achieving this.

NB: Hubert Edwards is the principal of Next Level Solutions (NLS), a management consultancy firm. He can be reached at info@ nlsolustionsbahamas.com.

He specialises in governance, risk and compliance (GRC), accounting and finance.

NLS provides services in the areas of enterprise risk management, internal audit and policy and procedures development, regulatory consulting, anti-money laundering, accounting and strategic planning. Hubert also chairs the Organisation for Responsible Governance’s (ORG) Economic Development Committee.

This and other articles are available at www.nlsolutionsbahamas.com.

Common Law and Equity Division BETWEEN IN THE MATTER OF THE QUIETING TITLES ACT 1959 AND IN THE MATTER of Petition of ALSET TE DELEVEAUX of the Island of Crooked Island,

The Bahamas

ALL THAT parcel or lot of land being of Admeasurements 42,104 sq ft and situate at Major's Cay, Crooked Island and bounded Eastwardly by Queens Highway and running thereon 292.03 feet Westwardly by vacant land and running thereon 301.47 feet Southwardly by vacant and running thereon 138.19 feet and Northwardly by vacant land and running thereon 147.67 feet NOTICE

TAKE NOTICE that Alsette Deleveaux claims to be the owner in

fee simple in possession of the said land and has made application of the Supreme Court of the Commonwealth of The Bahamas Under Section 3 of the Quieting Title Act, 1959 to have his title to the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provision of the said Act. A Plan of the same may be inspected during normal working hour at: (a) The Registry of the Supreme Court New Providence in the Commonwealth of The Bahamas and the Chambers ofV. Alfred Gray & Company, Dowdeswell House, Dowdeswell and Armstrong Street, New Providence NOTICE IS HEREBY GIVEN that any person having dower or rights of dower

or an Adverse Claim of Claim not recognized in the Petition shall on or before the 10th day of May, A.O., 2022 file in the Supreme Court in New Providence aforesaid and serve on the Petitioner or the undersigned a Statement of their claim aforesaid on or before the 10th day of May A.O., 2022 or it will operate as a bar to such claim Dated this 5th day of April, A.O., 2022

V. ALFRED GRAY & CO.

Chamber Dowdeswell House Dowdeswell & Armstrong Street Nassau. Bahamas Attorneys for the Petitioner

THE TRIBUNE

Friday, April 29, 2022, PAGE 3

Recognise the talent within all employees I n large companies and government agencies, we often run into the challenge of viewing team members as multiple ‘fish’ swimming in a large ocean.

Sometimes our companies become so large and impersonal that people - and their talents and gifts - get lost in the fray. I understand this all too well, as I have in many cases felt undervalued in various companies where I have served, both socially and from a work perspective.

There is grave danger in failing to recognise, use and praise the extraordinary talents in each employee.

A worker often remains in ‘employment search’ mode, and never really settles to deliver the kind of contribution they are capable of making. In extremely repressive work environments, the staff member is so emotionally beaten that they begin to believe they are mundane and average, and the boundless potential and talent they possess comes to naught.

Sometimes there is a ‘more sinister’ plot afoot

in turning a blind eye to the gifted employee. I have heard managers declare publicly that too much praise leads to haughty and high-minded behaviour. I have also witnessed the silent evidence of insecurity by managers who, feeling threatened, keep gifted employees engaged in as many menial tasks as possible to ensure the ‘glory spotlight’ constantly stays on them - the inept overlord.

For the purposes of this article, we make the assumption that most of the failure to know - and celebrate - the worth of each team member is as a result of not personalising the engagement with each worker. Imagine a table of senior executives planning, in isolation, a memorial service for a deceased member of staff, and contracting the services of musicians, sound and light technicians, and a chapel. They do this not knowing the janitor is a local pastor with a beautiful church building that could easily accommodate the service; a junior

TRADITIONAL FINANCE PROVIDERS HAVE ‘DUTY’ TO EMBRACE CRYPTO

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net DELTEC Bank & Trust’s chairman yesterday asserted that traditional financial services providers have a “duty” to help innovators in the digital assets and crypto currency space.

Jean Chalopin, speaking at the FTX Crypto Bahamas Conference, said the Bahamas-based institution is tackling FinTech (financial technology) innovation head-on. He said: “I think we should all care about the future because we would all like to make more money, so if we don’t care about the future, we are really stupid.

“So the future is fascinating and today we see an acceleration of everything. We see AI [Artificial Intelligence] supporting crypto, crypto supporting quantum, quantum supporting biotechs. It’s a merging of innovation that accelerates innovation and I think it’s fascinating.

He continued: “I want to be in the future. I want to be part of the future, and banking is very important. Maybe that’s the most important part of what Deltec wants to do.

Because when you’re an innovator, by definition, you do something new; you create disruption.

“We are in the stage of trusting disruption. So if you create disruption, you somehow break or create an issue with what is the established, conservative world, and it frightens the people and being frightened

is what people in crypto know very well.”

Digital assets and their use are evolving at a rapid pace. While the security of blockchain has somtimes been questioned, as the technology develops it is becoming more and more mainstream. Different digital coin or token offerings are coming to the market on a regular basis with new security features that the entire blockchain system can learn from.

Mr Chalopin added that crypto “is much easier to trace than anything else”, and urged bankers to move past this “preconceived idea” that digital assets are unsafe compared to regular fiat currency. “Because we’re a bank, we also do insurance and we do a number of services around that,” he explained.

“It’s our duty to help the innovator. It’s our role to help the innovator and to help innovation, because if we do that, we help them to focus on mostly what they can do the best, which is innovation instead of spending 90 percent of the time in regulatory matters and governance. So we can help a lot.

“We feel that we have a function and a role to really embrace the future, and crypto is part of the future.

Crypto is not going to disappear. There may be some ups and downs, like the Internet and the dot.com bubble, but the Internet is still here and is behind crypto to all converge again.”

realm, such situations are quite common, as senior leaders frequently form opinions (often without true and objective assessment) about members of their team.

Here, then, is the question every senior executive must ask: How do I know and value the worth of every member of my team?

IAN FERGUSON administrative assistant is a gifted musician and choir director; and the maintenance guy facilitates sound and lighting contracts for gospel concerts.

While this example takes us out of the corporate

1. Have them update their resume for you using a template that you design, so as to capture all the information you wish to know. The resume tells a story about where the employee has been, and what they have been exposed to. Every few years this should be redone, as employees will be constantly upgrading their skills and talents. I recently encouraged my entire staff to enroll in a project management certificate course.

Everyone completing this programme, and earning the certificate, has a new line to place on the resume, giving them new opportunities to use these project management skills.

2. Talk often to your staff, casually, about their jobs and personal lives.

Sometimes we limit our understanding of employees to what they do in the workplace, discounting as irrelevant what they are called to do in their homes and community. Many of these skills are transferable and must count for something. A housewife of 14 years, and mother of seven healthy children, has amassed great undocumented skills in the execution of her home duties.

3. Use the performance appraisal to develop the team member’s recording and assessment of their skills. In a professional setting, the assessment document must be used to leverage the acquired skills of each employee, and provide the main forum of conversation between the leader and the employee.

4. Delegate responsibility, and allow team members to stretch. Perhaps the best possible way to know and understand the true value

of each team member is to give them an opportunity to deliver the goods. Have the conversation, empower them with the necessary resources, and give them the reins to manage the process. You might be pleasantly surprised that you have a treasure of gifting in your company still unharnessed.

The final word of admonition is simple…DO NOT assume you know the measure of the man based on what you have seen or heard. Engage them deliberately, and be intentional in knowing what resources you have at your company’s disposal.

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

Deltec chief: Banks quietly investing in crypto talents

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN financial institution’s chief executive yesterday said traditional financial services providers are quietly making “huge investments” in digital assets talent and infrastructure as they embrace the inevitability of its evolution.

Odetta Morton, Deltec Bank & Trust’s principal, told a panel discussion at the Crypto Bahamas conference: “I think publicly they [banks] have been quite sceptical. I think that we’ve seen all of the big banks hesitate as it relates to cryptocurrencies, but definitely behind the scenes we’ve seen key talent acquisitions of persons with crypto experience.

“We’ve seen that huge investments are being made. So I think while publicly there has been a lot of scepticism, behind the scenes there have been a ton of investments and I think mass adoption is inevitable.” The demand from clients to enter the digital

assets space, which includes cryptocurrencies, has expanded rapidly over the past five years and is pushing the major banks towards using blockchain technology for financial transactions.

“It’s a tough balance at times, especially as a regulated financial institution,” Ms Morton added. “You want to be able to give good service to your customers but, at the same time, you have to operate in a regulatory framework.

“I think that’s one of the great things about doing business here in The Bahamas. We have regulators that are progressive, very forward thinking and have been able to position ourselves to be able to embrace this crypto community and everything that’s evolving as a result of it.”

Ms Morton continued: “I think that, in the longterm, banks also need to understand the needs of the customers and how to service them. Because they need to understand and appreciate that there’s value in harnessing the data that relates to their customers, and have more

NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 of the Commonwealth of The Bahamas, notice is hereby given that:-AGUAVIDA LIMITED has been dissolved and struck off the Register as of 29th, April 2022.

VINCENT L. KING - Liquidator

intuitive experiences with their customers.

“So I definitely think that long-term there’s positive impact there. But also, in being able to harness

the data, I also think that banks need to understand that technology is evolving and everything’s moving at lightning speed today.”

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PAGE 4, Friday, April 29, 2022

THE TRIBUNE

BAHAMAS PUSHES TO HOST UN FOOD AGENCY SUMMIT THE Bahamas is pushing to host a major global food conference in 2026, it was revealed yesterday.

Winston Pinnock, the country’s ambassador to the Food and Agriculture Organisation (FAO), is lobbying for the United Nations (UN) agency to bring its annual conference to The Bahamas that year. He made the suggestion during the conference’s 169th session held in Rome, Italy, earlier this month.

He also met with Qu Dongyu, the FAO’s director-general, together with seven members of his cabinet where he explained the challenges facing The Bahamas’ agricultural and fisheries sectors. Mr Pinnock appealed for support from the FAO through greater financing, the expansion of current FAO projects in The Bahamas, and for the agency to set up a permanent office in this nation.

“I stressed the fact that the voice of the entire Caribbean region was

AMBASSADOR to the Food Agriculture Organization of the United Nations for The Bahamas Winston Pinnock met with Director General of FAO Qu Dongyu.

AMBASSADOR Pinnock speaks at FAO 169th Council session.

drowning because the Caribbean is bundled in with Latin American countries (LARC). I also lobbied for The Bahamas to be considered for hosting the regional conference in 2026. I requested that the director-general visit The Bahamas to see its

Caribbean. This, he said, will allow The Bahamas to retain a permanent seat on the council.

“We note the negative impact of the conflict, particularly on small island developing states. The Bahamas and the Caribbean region are heavily dependent on wheat, grain

potential first-hand,” Mr Pinnock said.

He added that Mr Dongyu proposed that The Bahamas, since it occupies a seat on the FAO Council, should receive support from all major countries in the region. The FAO will provide an office in Rome to support the

and fertilizer, which are primarily sourced from the warring region,” Mr Pinnock said in reference to Russia’s invasion of Ukraine.

“The conflict is driving up the cost of fuel, which is having a devastating effect on the economies of The Bahamas and the

Caribbean. We therefore appeal for a cessation of the Russia/Ukraine conflict.

Our very survival depends on it. The Bahamas and the Caribbean derive most of their income from tourism, and are therefore highly dependent on global peace.”

DISNEY TRIPLES CONSTRUCTION WORKFORCE PROMISE TO 300 FROM PAGE ONE

recruited locally.

Mr Gaskins said Disney’s “design/build” main contractor for the project, American Bridge, has already set up an Eleuthera office in the Symonette Enterprises building and held a March 5 job fair that drew 170 attendees.

“We promised 120 jobs in our Heads of Agreement,” Mr Gaskins said.

“We’re exceeding that now.

We are actually looking at 300 construction jobs, more than double the amount originally promised, which we’re very excited about.”

He added that Disney now possesses all the necessary approvals to begin development of its cruise passenger destination, with the latest design reducing the project’s ‘built’ footprint from 20 percent to covering just 16 percent of the 760-acre site.

“We promised not to do a bit of construction until this was approved by the Government, and we kept that promise,” Mr Gaskins said. “Our Environmental Impact Assessment (EIA) was probably the most comprehensive EIA done in Bahamian history for a project of this kind.....

“We have all the necessary approvals right now to begin construction on the project, particularly for

landside works. Government has also approved test pile work on the marine side. We expect to be done [complete with construction] in 2024.”

Disney’s transformation of Lighthouse Point was the largest Eleuthera-focused investment cited yesterday by the island’s Chamber of Commerce president, Thomas Sands. He told the same conference: “It is my opinion that Eleuthera will see close to $1bn in investments over the next five to ten years or exceed that.

“These investments to come include Disney. We have the Ritz-Carlton development, which has been approved. We hope to learn more, and hope to partner with Cotton Bay Holdings and Marriott over their Ritz-Carlton brand in future.”

Mr Sands said the cruise industry will “play a major part in the development of Eleuthera”. Besides Disney, which has pledged to invest between $250m to $400m, he explained that he had also included Holland America’s plans to inject some $80m-$100m in upgrading Half Moon Cay in his $1bn total investment projection as the private cruise island was serviced

by Eleuthera with employees and supplies.

The Eleuthera Chamber chief also referenced the development of a private club on north Windermere Island, which lies just off Eleuthera’s coast on the Atlantic side. “In the future we hope to learn more and hear about North Windermere. We understand they are real and they are viable,” Mr Sands added.

Describing the vacation rental market as “the backbone” of mainland Eleuthera’s economy for the past ten to 20 years, he called on all island residents and businesses to “put our very best foot forward” in “creating the destination we wish Eleuthera to be”.

However, much of the Disney and Half Moon Cay

investment is likely to represent the cost of constructing offshore piers and walkways to accommodate their cruise ships and passenger access.

And the Cotton Bay Holdings project, spearheaded by Colombian billionaire, Dr Luis Carlos Sarmiento, has struggled to progress in the 25 years since it first emerged in the mid-1990s.

With Disney’s project closest to coming to fruition, Mr Gaskins yesterday said the cruise line aimed to “create sustainable economic opportunities, not just jobs, celebrating Bahamian culture and strength”.

He added that the development’s ‘built’ footprint has currently been reduced from 20 percent to 16 percent of Lighthouse Point’s total land. Around 59 percent will be left undeveloped, with the remaining 25 percent - 190 acres worth $6.29m - donated to the Government.

“We’ve committed to up to $400m in investment,” the Disney executive added.

“The biggest chunk of investment is about ensuring that we do not destroy the environment, but enhancing it and protecting it.” Besides pledging to create up to 150 full-time jobs once operations begin at Lighthouse Point, Mr Gaskins added that Disney had sought no tax breaks or investment incentives beyond those granted to similar developments.

Acknowledging that liability insurance could be too steep a hurdle for Bahamian vendors and attraction and excursion providers to overcome, he said Disney was working on an initiative to assist small and mediumsized businesses (SMEs0 in addressing this.

“We understand the insurance issue is a big one,” Mr Gaskins conceded.

“Liability insurance can be expensive, especially for small businesses. We are working on a programme to mitigate that so you do not have to disengage from us

AIRPORTS MUST GIVE ‘AWE, NOT DISMAY’ FROM PAGE ONE Katie Loughlin, Silver Airways’ manager of alliances and business development, disclosed that the carrier will be restoring its Wednesday flight to Eleuthera to make the island the only destination it will be serving seven days per week.

The airline also plans to add more frequent flights “in the peak season next year”, which will run from mid-February to August.

Clay Sweeting, minister of agriculture, fisheries and Family Island affairs, told the Business Outlook that the Government remained keen on publicprivate partnership (PPP) arrangements with investors capable of designing,

financing, constructing and managing the redevelopment of north Eleuthera and other Out Island airports.

“We’re open to creating PPPs with airline leaders to develop facilities and making them top-notch destinations,” he said. “I believe wholeheartedly that first impressions are lasting impressions. The first impression of any visitor disembarking any airline at any of our major destinations should be one of awe, not dismay.”

Pointing to the challenge and cost to the Government of replicating infrastructure and public services on 18 different islands, the minister acknowledged that access to banking services

because you cannot afford liability insurance.”

Reiterating previous Disney promises that Bahamian and public access to Lighthouse Point will continue once the project is completed, he added that space would be made available on-site for vendors of authentic Bahamian retail goods, while local seafood and agricultural products plus entertainment will also be promoted.

As previously reported

by Tribune Business, a rival proposal for Lighthouse Point, backed by the One Eleuthera Foundation and Bahamas National Trust, had little chance of succeeding as Disney had already reached agreement to purchase the land from its private owner.

However, this has not stopped environmental activists from challenging the economic benefits of Disney’s deal, given that its cruise ships pre-COVID each generated multi-million dollar sums annually. Yet the GDP impact from Lighthouse Point was estimated at $805m or $32.2m annually over 25 years.

Disney, in response, previously said the $355m in extra tax revenue that the development is projected to generate over a 25-year period exceeds the value of the concessions it has received from the Government, although it has provided no figure for the latter.

Mr Gaskins yesterday said he was pushing “internally” for Disney to make the workforce at its other Bahamian destination, Castaway Cay, 100 percent Bahamian. He added that Disney makes an annual $70m contribution to Bahamian gross domestic product (GDP), and promotes 40 local tours to its guests without taking any of the revenue away from local operators.

on Eleuthera - especially in the island’s north and “deep south” - was “a huge challenge” that both the Cabinet and ministers were eager to solve.

Mr Sweeting said the Government had committed to “build not one but two state of the art medical facilities in Eleuthera at Palmetto Point and Rock Sound, with the former set to include a small surgical ward. No price tags or timelines were provided, though.

The Department of Inland Revenue also intends to open an office in Governor’s Harbour “in a few short weeks” to help aid the collection of real property taxes, Business Licence fees and other levies on the island. Mr Sweeting also confirmed that shipping delays had impacted the start of operations at the Hatchet Bay packing house, especially the delivery of scales to weigh produce, but he hoped this could be resolved in two weeks or so.

THE TRIBUNE

Friday, April 29, 2022, PAGE 5

‘WORLD’S IN WORST STATE THAT I HAVE EVER SEEN’ FROM PAGE ONE

able to give it to the public for three to six months at the old price. The prices the public are paying now have gone up so high they don’t know we’re holding them back for them. Only the people in the business know what is happening.”

Speaking to the advance warnings provided by Bahamian distributors and overseas producers, Mr Roberts added: “They want to keep selling and we order. We know as much as the agents, the wholesalers, because we deal direct with the marketplace.”

Revealing that Super Value had sourced its last two cooking oil shipments from Mexico, while now switching to Trinidad for bathroom tissue after “giving up on Turkey”, he told this newspaper: “We’re all over the world. We have to ask the consumer to accept some of these brands, but these oils are the same as Wesson and the brands they are used to.

“We are not buying any inferior product. We ‘special’ them, and they can try them. It’s keeping prices down. We have more than six months’ of oil, close to a year on some commodities that are very hard dated.

We’re using our warehouse to the max. I cringe sometimes when I see what’s

on the dock, but say to the warehouse: ‘Can you manage more space?’ and they say: ‘Yes’. We’re sending it out.

“We’re all over the place.

I tell the buyers one thing today, and then come in and tell them something different tomorrow. They say that’s different from what you said yesterday, and I say: ‘That was yesterday’.

Things change.”

Mr Roberts spoke as the United Nations (UN) World Food Programme (WFP) released a statement warning that the number of “food insecure” persons in the English-speaking Caribbean, which includes The Bahamas, has increased by 1m since the COVID-19 pandemic started in April 2020 to reach a total 2.8m now.

It added that this represents a 72 percent increase in just two years. Although the data was not broken out for The Bahamas specifically, some 93 percent of respondents to a World Food Programme survey of consumers in the English-speaking Caribbean reported paying higher prices for food as compared to 59 percent in April 2020.

As a result, both food consumption and diets across the region have deteriorated. Twenty-five percent

‘CREATURES OF EVOLUTION’: DIGITAL FIRM TO TOP $130M

temperature and other functions, the Island Pay managing director added: “Digital payments will not become the norm; digital payments are the norm.”

However, the failure of many Bahamian businesses to adapt was driven home on a recent trip to Eleuthera when he was unable to pay for fuel at two separate gas stations because they did not accept credit card payments.

Arguing that both businesses were losing revenue, and incurring a huge opportunity cost, Mr Beckles said that by switching to digital payments they would be able to eliminate the 5-7 percent card fees and reduce the costs associated with transactions by 60 percent. The costs and security risks in handling cash would also be reduced, if not eliminated.

“We settled over $130m in digital payments in 2021 and still didn’t do a lit of things,” he added of Island Pay. “That’s a significant effort in a very dismal environment, especially when the adoption is low. We anticipate topping that in 2022...... We have a client today where revenue, over a six month period after they went digital, improved by 20 percent. Think about that.”

price hikes are outside local control. He added: “I did not think I’d live to see the world in such a mess.”

The World Bank earlier this week forecast that, further exacerbated by Russia’s invasion of Ukraine impacting global wheat and cooking oil supplies, food prices throughout the world will remain at elevated levels through 2024. However, Mr Roberts voiced optimism that The Bahamas and other nations will fare better than this gloomy projection.

“I believe we can do better than that,” he told Tribune Business. “I’m hoping that by the end of the year price increases will slow down. We have covered up to six months of that. We’re trying to hold it [price increases] back by six months. Whatever happens in the world, we’re trying to hold back six months.

“We’re successful at it.

They [wholesalers and producers] do inform us of what is happening in advance, and we put in two to three shipments before price increases happen. Our next Devon corn beef, we had three on the dock at one time so we could beat the price increase.

“We don’t like that. It’s over-stocking, but we’re

FROM PAGE ONE medium-sized businesses in particular needed to embrace the “disruption” rather than fight it and adopt the new technology to become more efficient and effective with their payment methods.

“The Bahamas has over the years been working diligently to get our economy to perform at an optimum level in a sustained way,” he explained. “One thing we have not done well is to evolve. We need to become creatures of evolution. If we don’t change, there’s a common remark for us: Roadkill. We must evolve.

The reality of this evolution for us as far as digital payments are concerned is digital adaptation.”

Arguing that The Bahamas “must adapt at the same speed” as the rest of the world, or face being left behind and becoming uncompetitive, the Island Pay chief said COVID19 - and its lockdowns and associated other restrictions - had brutally exposed just how many companies were lagging when it came to

embracing technology and digital payments.

Mr Beckles said surveys conducted during the pandemic disclosed that 50 percent of Bahamian businesses had “no capacity” to restart operations because they lacked digital integration, while 81 percent were unable to accept online payments - a percentage that has since since significantly declined.

And, while there are more cell phones in The Bahamas than its 400,000strong population, he added that “less than 15 percent of those cell phones are used to conduct commerce.

Yes, it’s a problem, but it’s a huge opportunity.

“Your cell phone will become the most important device you ever own,” Mr Beckles, suggesting that desktop and laptop computers may become obsolete.

“Your life is going to be centred around the quality of your phone. You’re going to be able to manage every aspect of your life from your cell phone. Your cell phone will become a heartbeat of your existence.”

With cell phones able to control a home’s

of survey respondents reported eating less preferred foods, 30 percent are skipping meals or eating less than usual, and 5 percent are going an entire day without eating in the week leading up to the assessment.

“An import dependent region, the Caribbean continues to feel the socioeconomic strain of COVID-19, which is now being compounded by the conflict in Ukraine. With most COVID-19 assistance programmes having concluded, many families are expected to face an even greater challenge to meet their basic food and other essential needs in the months to come,” said Regis Chapman, WFP representative and country director for the Caribbean multi-country office.

“In the short to mediumterm, it is increasing pressure on governments to identify solutions to ensure families can meet their essential needs. Innovation in agri-food systems and regional supply chains, coupled with continued support to the most vulnerable households, will be essential to improving the resilience of regional food systems so that prices

can be kept as stable as possible.”

And further disappointing economic news surfaced yesterday with reports that the US economy shrank by 0.3 percent during the 2022 first quarter, its weakest performance since the COVID-19 pandemic began, as it and the world grappled with the Omicron.

That is potentially troubling for The Bahamas given that the US represents the largest tourism source market for this nation, accounting for around 90 percent of visitors.

“I did not think I’d live to see the world in such a mess,” Mr Roberts told Tribune Business. “I was born and entering school in the last world war, and this [Russia’s invasion of Ukraine] seems to be getting worse than that......

“The product is going up, the packaging material is going up and, of course, the fuel is going up on top of that. The freight costs with the war, the oil prices, it’s crazy. We feel the consumer’s concerns. There’s some relief that the consumers are not blaming the merchants now that gas has gone up.

“They see it’s not the merchants raising the

price, it’s not the gas stations raising the price, it’s the circumstances in the world today that is causing inflation. Consumers understand that, and it takes the pressure of us to fight for all. We eat, drink and sleep about keeping prices down.”

Suggesting that the Price Control Department had never experienced such a volume of requests for rapid price increases, Mr Roberts said: “The way we bring in freight, we have to be careful. We have to fill the container to capacity.

We cannot allow one cubic inch to be empty. We have to fill the container and we have to palletise it.”

Suggesting that freight costs were 16 percent cheaper if importing a 40-foot container as opposed to individual pallets, the Super Value chief said palletised containers helped keep freight costs down as they were much easier to unload.

“We have to watch the distribution and warehouse to keep costs down,” he added. “We store it in the warehouse, which doesn’t do us any good, and right now the warehouse is at capacity. I’d rather go from the dock to the store.”

PAGE 6, Friday, April 29, 2022

THE TRIBUNE

ASIAN SHARES MOSTLY HIGHER AFTER TECH-LED REBOUND ON WALL ST

By ELAINE KURTENBACH AP Business Writer STOCKS were mostly higher in Asia on Friday after a rally on Wall Street led by technology companies.

U.S. futures and oil prices were mixed as investors await signals on Chinese economic policy from a meeting of the ruling Communist Party's powerful Politburo.

Analysts said the meeting, expected Friday, would likely focus on ways to spur growth as leaders try to counter worries over how shutdowns to curb coronavirus outbreaks are

affecting the world's secondlargest economy through disruptions in shipments, manufacturing and other business activity.

The "Politburo will focus on spreading good cheer to Asian markets so expect China to show a more progrowth policy tone in terms of COVID restrictions, the housing market, internet regulation, and consumption boost," Stephen Innes of SPI Asset Management said in a commentary.

The Shanghai Composite index gained 0.3% to 2,983.11 while Hong Kong's Hang Seng index slipped 0.4% to 20,203.97.

Tokyo was closed for a holiday, the first of several

in Japan's coming "Golden Week."

In Seoul, the Kospi added 0.6% to 2,683.61, while Australia's S&P/ASX 200 advanced 0.8% to 7,415.50.

The price of U.S. benchmark crude oil fell 5 cents to $105.31 per barrel. It jumped $3.34 to 105.36 per barrel on Thursday.

Brent crude, the basis for pricing international oils, gained 22 cents to $107.48.

After hours on Thursday, SEC filings showed Elon Musk sold 4.4 million shares of Tesla stock worth roughly $4 billion, most likely to help fund his purchase of Twitter.

Tesla shares closed Thursday down slightly at $877.51.

TADER SAL SUARINO, left, works on the trading floor at the New York Stock Exchange, Thursday, April 28, 2022. Stocks rose in afternoon trading on Wall Street as technology companies clawed back some of the ground they had lost recently.

Photo:Nicole Pereira/AP

They are down 17% so far this year.

Major stock indexes on Wall Street notched their biggest gains in more than six weeks Thursday, as technology companies clawed back some of the ground they had lost recently.

The S&P 500 rose 2.5% to 4,287.50 and the Dow Jones Industrial Average gained 1.8% to 33,916.39. The Nasdaq picked up 3.1% to 12,871.53.

Smaller company stocks also rallied. The Russell 2000 rose 1.8% to 1,917.94.

This week has been turbulent as investors review a heavy batch of corporate earnings from major tech companies, industrial firms and retailers.

Big Tech and communications companies have been behind much of the oscillations in the broader market as their pricey stock values have more weight.

Apple rose 4.5% in regular trading. It rose another 2.3%

VACATION RENTAL FEARS ON ‘FULL PACKAGE’ VAT FROM PAGE ONE rentals doesn’t go in the direction of the resort and hotel market, where it’s very costly in fees and taxes for the jurisdiction.

“We want it to be affordable, and we hope it doesn’t go in the direction it is potentially going at the moment.” Mr Cooper, though, has already voiced his intention to roll-out a list of registered vacation rentals - possibly featuring up to 10,000 properties - in time for next month’s Budget which is due to be unveiled on May 25.

And the deputy prime minister added that the Government was planning to amend the law so that VAT is levied on the full

value of the rental rather than just the commission paid by hosts to the likes of Airbnb and VRBO. The hotel and resort industry has long called for there to be a taxation ‘level playing field’ with vacation rentals, arguing that the latter sector needs to pay its fair share of contributions towards maintaining Bahamian infrastructure.

While some in the vacation rental sector have pushed back against increased taxation, and what they view as a ‘revenue grab’ by a cashstrapped government, Mr Cooper said recently there was unlikely to be “a significant impact on demand” from vacation rental clients now having to pay an

increased rate via 10 percent VAT. Instead, he described it as a “win-win”, as more formal regulation and oversight will enable Bahamians to receive government assistance to participate in the industry, thereby increasing local ownership, while the Government benefits from tax revenues generated.

“I take a view that we must do both,” Mr Cooper said, when asked whether vacation rentals would be negatively impacted by higher taxation and regulation. He added that the Government would seek to assist Bahamian vacation rental owners via the likes of the Small Business Development Centre (SBDC), Bahamas

Entrepreneurial Venture Fund and Tourism Development Corporation.

“But in the meantime we must render to Caesar what is due to Caesar,” the deputy prime minister said, “and many of these vacation rentals, the money is paid into an account abroad. They come in, bring their food and there is very little economic impact left for the community where vacation rentals exist.

“It has to be an equitable distribution, and we’re simply asking for 10 percent, which is the VAT paid by the vacation renter. The impact, if there’s an increase in the cost of the vacation rental, we don’t think that will significantly impact demand and, therefore, this is going to be a win-win. A win-win for the individual doing the renting, because of the support provided by the government agencies, and a win for us because of the taxes collected.”

Mr Rodgers, meanwhile, drawing on data obtained by the Central Bank from AirDNA, said vacation rentals had more than doubled in the past three years

despite COVID-19, growing by 112 percent from 3,300 listings in 2019 to 7,000 this year. Some 73,800 guests booked a Bahamian vacation rental in 2019, and this growth pace had continued with 10,000 Airbnb reservations for February 2022.

Average daily room rates stood at just over $450, making it a high-yielding sector, while Central Bank data for the period ended March 2021 showed vacation rental bookings were up 65 percent. Mr Rodgers said other data sources showed the vacation rental business had increased by 27 percent in The Bahamas over the past year, with “most of the growth coming from Nassau”, highlighting domestic tourism’s importance as a source of customers and bookings.

The BahamasBNBs developer said Nassau was the most popular destination, followed by Exuma, north Eleuthera, Freeport and central Eleuthera in that order. Yet when it came to occupancy, the island leader was central Eleuthera followed

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, AMYA GABRIELLE SHARNEL MOSS of 5510 Taylor Street, Hollywood, Florida 33021, intend to change my name to AMYA GABRIELLE SHARNEL ADDERLEY. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

in after-hours trading after reporting stronger-thanexpectedresultsandincreasing its dividend and stock repurchase program.

Chipmaker Qualcomm jumped 9.7% after easily beating Wall Street's profit estimates.

Facebook's parent company Meta surged 17.6%, the biggest gain among S&P 500 stocks, after it beat Wall Street's first-quarter profit forecasts and reported an encouraging increase in daily users.

by Spanish Wells, north Eleuthera and Harbour Island.

Providing further data to showcase that vacation rentals are “on the up”, Mr Rodgers said AirDNA data showed total room nights sold for the 2021 first quarter had “more than doubled” to 290,770. “The trend continued in January 2022 when total room nights sold rose more than two-fold to 113,559,” he added.

Pointing to the sector’s rapid post-pandemic recovery, Mr Rodgers said total room nights sold had increased from 39,917 in November 2020 to 95,440 a year later. And data from Shore Concierge, a Bahamian company, revealed a 10 percent increase in the daily booking rate since the pandemic began compared to end-December 2021.

And “the market is up 60 percent for December 2021 compared to December 2020”.

BahamasBNB was described as a Bahamianowned and developed site dedicated to promoting Bahamian rental properties and associated experiences.

Mr Rodgers said it was designed to be “an all-inone vacation company” giving visitors the ability to book both their accommodation and itinerary.

He added that it was presently in “phase one” of its roll-out, which began last year with the uploading of vacation rentals and second homes to the site and their marketing. Bahamas BNB is now “moving to introduce” bookings, and “phase two” will involve developing a list of experiences and services.

THE TRIBUNE

Friday, April 29, 2022, PAGE 7

SOUTHWEST LOSES $278M IN Q1 BUT SEES PROFITABLE REST OF 2022

By DAVID KOENIG AP Airlines Writer DALLAS (AP) — Southwest Airlines lost $278 million in the first quarter but said Thursday that it expects to be profitable for the rest of the year because of surging demand for travel.

The upbeat forecast echoed similar predictions this month from other big U.S. airlines. They say that after being mostly cooped up for two years during the pandemic, Americans are busting out their credit cards to book flights.

It is not all clear skies for the airlines, however.

Airlines face rising jet fuel prices and a tight supply of employees, particularly pilots. Southwest said its workforce grew by 3,300 people in the quarter, and CEO Robert Jordan said the airline was still “intensely focused” on hiring and training workers heading into the peak summer travel season.

Southwest predicted that second-quarter revenue will be 8% to 12% higher than the same quarter in 2019 even though it will operate 7% less passenger-carrying capacity. That is possible because of rising prices.

Southwest’s average fare in the first quarter was $159,

up 32% from a year ago and 5% higher than during the same period in 2019.

Southwest officials said they raised fares only once in the first quarter, but the average paid by consumers can rise more quickly when demand is strong because airlines limit the number of seats they sell at the cheapest fares, forcing later buyers into higher-priced “buckets.”

“Seats are going to sell out faster and customers are going to see higher fares,” Jordan said on a call with analysts and reporters.

Jordan said Southwest has seen no sign that higher fares are hurting demand,

adding that “some of that may be because there is a lot of discretionary household savings still in the system.”

While revenue is rising, Southwest hopes to soften the impact of higher fuel prices through its longtime practice of hedging, or buying options that pay off when fuel rises but can backfire if prices fall. The airline predicted that those hedges will earn 61 cents per gallon in the second quarter.

The nationwide increase in COVID-19 cases this winter spoiled the first quarter — Southwest was hit by high employee sick

calls and canceled more than 6,300 flights in January alone, according to figures from tracking service FlightAware.

But Jordan said the airline was back in the black by March.

“Based on current plans and expected continued strong bookings, we continue to expect to be solidly profitable for the remaining three quarters of this year, and for full-year 2022,” Jordan said.

Savanthi Syth, an airline analyst for Raymond James & Associates, said Southwest’s forecast implies a second-quarter profit of $1.10 per share — well above Wall Street’s average

prediction of 40 cents per share. She said Southwest’s outlook beat her most bullish expectations, which were already raised by upbeat comments from other airlines.

The nation’s four largest carriers — American, Delta, United and Southwest — lost more than $4.2 billion combined in the first quarter, but all expressed high hopes for a booming summer season and full airplanes. Delta reported record bookings, and the CEOs of American and United said they have never seen such strong demand for travel.

PAGE 10, Friday, April 29, 2022

THE TRIBUNE

AMAZON REPORTS RARE QUARTERLY LOSS AS ONLINE SHOPPING SLOWS

By HALELUYA HADERO AP Business Writer NEW YORK (AP) — Amazon reported its first quarterly loss since 2015 on Thursday, its money-making juggernaut stalled by a slowdown in pandemicinduced online shopping and a huge write-down of its investment in an electricvehicle startup.

The Seattle-based e-commerce giant’s stock fell 9% in after-hours trading.

Amazon reported a loss of $3.84 billion, or $7.56 a share, for the first three months of the year. A year ago, it reported a profit of $8.1 billion, or $15.79 a share, for the first quarter. Wall Street analysts expected a profit of $8.35 a share in the latest quarter, according to FactSet. The ocean of red ink in Amazon’s report came mostly from the company’s accounting for a $7.6 billion loss in value of its stock investment in Rivian Automotive. Rivian went public in late 2021 and its stock traded at close $180 at one point. It closed Thursday at $32.18. Ford Motor Co. reported a similar

write-down of the value of its Rivian investment Wednesday.

Amazon’s e-commerce business also reported an operating loss of $1.57 billion in North America and $1.28 billion internationally.

Meanwhile, sales at Amazon’s cloud-computing business, which helps power the online operations of Netflix, McDonald’s and other companies, grew 37% in the quarter. And sales in its advertising business, where brands pay to get their products to show up first when shoppers search on Amazon’s site, rose 25%.

Still, the slowdown in online spending is real and broad-based. While in-store sales rose, March is the first month to show decline in online sales since the pandemic began, according to Mastercard SpendingPulse, which tracks spending made over the Mastercard payments network and survey estimates for other payments made with cash and checks.

Amazon prospered during the COVID-19 pandemic as homebound people eager to limit

human contact turned online to purchase what they need. But growth has slowed as vaccinated Americans feel more comfortable going out. According to the e-commerce research firm MarketPlace Pulse, the value of goods sold on Amazon last year grew by half the rate compared to 2020.

Like many others, Amazon is dealing with pressure from inflation and supply-chain issues. In the past two years, Amazon’s Chief Financial Officer Brian Olsavsky said the company has doubled the size of its operations and nearly doubled its workforce. He said labor shortages and a lack of physical space are no longer major issues, but the company continues to face a variety of pressures such as increased shipping costs.

Inflation-related expenses added roughly $2 billion of incremental costs when compared to last year, Olsavsky said, adding that the company also incurred another $4 billion in costs related to productivity loss and other inefficiencies.

AN AMAZON logo appears on a delivery van, Oct. 1, 2020, in Boston. Amazon reported its first quarterly loss since 2015 on Thursday, April 28, 2022, its money-making juggernaut stalled by a slowdown in pandemic-induced online shopping and a huge write-down of its investment in an electric-vehicle startup.

Photo:Steven Senne/AP “The pandemic and subsequent war in Ukraine have brought unusual growth and challenges,” said Amazon CEO Andy Jassy in a statement. “Our teams are squarely focused on improving productivity and cost efficiencies throughout our fulfillment network. We know how to do this and have done it before.”

To offset rising fuel costs and inflation, the retail giant has added a 5% surcharge to fees it charges third-party sellers who use its fulfillment services. Last quarter, Amazon also hiked its annual Prime membership fee by $20, a first since

2018. Despite the fee hike, Olsavsky said millions of new Prime members have enrolled during the quarter.

Revenue rose 7% to $116.44 billion, compared with $108.52 billion in first quarter 2021, representing the company’s sixth consecutive quarter of revenue topping $100 billion.

Amazon had projected sales between $112 billion and $117 billion. Analysts surveyed by FactSet were expecting $116.5 billion.

“Given the pace at which the business grew over the past few years this shift is hardly surprising,” said Neil Saunders, managing director of GlobalData Retail.

“It represents more of a post pandemic reset than catastrophic failure. Nevertheless, the slowdown raises important questions over how Amazon can restore momentum and regain its leadership position as one of the primary drivers of online growth.”

Amazon said it forecasts sales for the current quarter to range between $116 billion and $121 billion, below the $125.33 billion that analysts are forecasting.

The results come as Amazon is closing all of its brick-and-mortar bookstores, as well as its 4-star shops and pop up locations, as the online retail

PAGE 14, Friday, April 29, 2022

THE TRIBUNE

NOTICE

NOTICE

NOTICE is hereby given that WILMOND FRANCOIS of #158 Beaconsfield Avenue, Freeport, Grand Bahama is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 2nd day of May 2022 tothe Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that ADIRONA BEAN PETIT FRERE of Robinson Road, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 22nd day of April, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Legal Notice

NOTICE is hereby given that JOYCE DAVIS of P.O. Box SS-19422, Fox Hill, Foxdale, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 22nd day of April, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that ROSEMOND LOUIS of P.O. Box SB-52453, Key West Street, off Robinson Road, Nassau, 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 22nd day of April, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Legal Notice

NOTICE

International Business Companies Act (NO.45 OF 2000)

Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), GLOBULUS HOLDINGS LTD. (the “Company”) is in dissolution. The date of commencement of the dissolution is 22nd April 2022.

Raphael Baumann is the Liquidator and can be contacted at Talstrasse 83, 8001 Zurich, Switzerland. All persons having claims against the above named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 22nd May 2022.

www.bisxbahamas.com

THURSDAY, 28 APRIL 2022

BISX LISTED & TRADED SECURITIES 52WK HI 6.70 53.00 2.05 2.90 2.60 6.05 10.05 3.50 9.02 3.10 7.50 14.00 2.71 10.25 11.25 10.75 15.00 4.00 10.00 16.50

52WK LOW 4.55 32.12 1.46 2.20 1.30 5.50 6.96 2.82 4.25 2.27 5.50 9.75 1.99 6.50 10.02 9.01 13.10 3.50 8.00 15.50

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

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 1.00

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

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

52WK LOW 100.00 100.00

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

CLOSE

CHANGE

%CHANGE

YTD

YTD%

2277.42

0.93

0.04

49.18

2.21

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.62 100.54 99.98 100.00 100.00 100.00 100.00 100.00 100.98 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.36 100.00 99.98 91.00 90.95 89.02 89.62 89.00 90.24 90.73

MUTUAL FUNDS 52WK HI 2.50 4.67 2.20 207.86 207.68 1.73 1.83 1.82 1.05 9.37 11.83 7.54 16.64 12.84 10.77 10.00 10.43 14.89

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.68 1.73 1.75 0.99 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FL BGRS69023 BGRS FL BGRS79026 BGRS FL BGRS78024 BGRS FX BGR125238 BGRS FX BGR127139 BGRS FX BGR127149 BGRS FX BGR129249 BGRS FX BGR131249 BGRS FX BGR132249 BGRS FX BGR136150

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS690231 BSBGRS790262 BSBGRS780248 BSBGR1252380 BSBGR1271398 BSBGR1271497 BSBGR1292493 BSBGR1312499 BSBGR1322498 BSBGR1361504

LAST CLOSE 5.30 39.95 2.04 2.31 2.25 6.05 9.25 3.25 7.60 2.66 7.16 14.00 2.15 10.13 12.28 10.75 15.00 3.99 10.00 15.50 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00 LAST SALE 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.62 100.54 99.98 100.00 100.00 100.00 89.62 100.00 100.00 100.00

CLOSE 5.30 39.95 2.04 2.31 2.25 6.05 9.25 3.30 7.60 2.66 7.16 14.00 2.17 10.13 12.29 10.75 15.00 3.99 10.00 15.50 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

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

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.05 0.00 0.00 0.00 0.00 0.02 0.00 0.01 0.00 0.00 0.00 0.00 0.00

VOLUME 230 500 16,700 92,877

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.62 100.54 99.98 100.00 100.00 100.00 89.62 100.00 100.00 100.00

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

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund RF Bahamas Opportunities Fund - Secured Balanced Fund RF Bahamas Opportunities Fund - Targeted Equity Fund RF Bahamas Opportunities Fund - Prime Income Fund RF Bahamas International Investment Fund Limited - Equities Sub Fund RF Bahamas International Investment Fund Limited - High Yield Income Fund RF Bahamas International Investment Fund Limited - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

MARKET TERMS

SENAPATI LTD. (the “Company”) Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of SENAPATI LTD. has been 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 the 30th May 2022.

Legal Notice NOTICE International Business Companies Act (NO.45 OF 2000)

In Voluntary Liquidation Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), GLADCON INVESTMENTS LTD. (the “Company”) is in dissolution. The date of commencement of the dissolution is 22nd April 2022.

Raphael Baumann is the Liquidator and can be contacted at Talstrasse 83, 8001 Zurich, Switzerland. All persons having claims against the abovenamed Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 22nd May 2022.

In Voluntary Liquidation

MARKET REPORT BISX ALL SHARE INDEX:

International Business Companies Act (NO.45 OF 2000)

NOTICE

NOTICE

NOTICE is hereby given that BEBE ALLEMUN GALAL of #2 Crawford Street, Oakes Field, P.O. Box CB-11302, Nassau, 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 2nd day of May, 2022 tothe Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

(242) 323‐2330 (242) 323‐2320 EPS$ 0.239 0.932 0.000 0.140 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

VOLUME

DIV$ 0.170 1.260 0.020 0.080 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

INTEREST Prime + 1.75% 6.25% 6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.59% 4.53% 4.50% 5.00% 5.00% 5.50% 5.55% 5.60% 5.65% 5.69%

NAV 2.50 4.67 2.20 204.67 199.97 1.73 1.82 1.82 0.99 9.37 11.79 7.54 15.94 12.47 10.74 N/A 10.43 14.89

YTD% 12 MTH% 0.34% 4.30% -0.06% 5.21% 0.21% 2.72% 1.37% 3.18% 8.18% 14.94% 0.83% 2.82% -0.18% 3.72% 0.76% 3.55% -3.55% -3.85% -0.02% 10.36% -0.33% 18.23% 0.22% 3.05% -3.89% 14.76% -1.04% -2.57% 0.81% 4.20% N/A N/A 3.00% 25.60% 7.90% 48.70%

P/E 22.2 42.9 N/M 16.5 N/M N/M 25.1 -7.5 54.3 14.5 15.9 19.4 21.3 21.7 19.0 14.8 18.4 19.7 10.6 24.6 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

YIELD 3.21% 3.15% 0.98% 3.46% 0.00% 0.00% 2.81% 0.00% 0.00% 4.51% 3.07% 5.14% 20.00% 0.59% 2.67% 2.23% 3.60% 3.01% 2.00% 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 9-Feb-2023 28-Mar-2026 22-Sep-2024 15-Oct-2038 15-Jan-2039 15-Jan-2049 15-Apr-2049 15-Jul-2049 15-Oct-2049 21-Apr-2050

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

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

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

Legal Notice NOTICE International Business Companies Act (NO.45 OF 2000)

In Voluntary Liquidation Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), SEALUN ENTERPRISES LTD. (the “Company”) is in dissolution. The date of commencement of the dissolution is 22nd April 2022.

Raphael Baumann is the Liquidator and can be contacted at Talstrasse 83, 8001 Zurich, Switzerland. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 22nd May 2022.

Legal Notice NOTICE International Business Companies Act (NO.45 OF 2000)

In Voluntary Liquidation Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), BAYSVILLE HOLDINGS LIMITED (the “Company”) is in dissolution. The date of commencement of the dissolution is 22nd April 2022.

Mr. Thomas Ford is the Liquidator and can be contacted at 17, Avenue de la Costa, 98000 Monaco. All persons having claims against the abovenamed Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 22nd May 2022.

Legal Notice NOTICE International Business Companies Act (NO.45 OF 2000)

U.S. FUTURES LIMITED (the “Company”) Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of U.S. FUTURES LIMITED has been 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 the 21st October, 2021.

PAGE 20, Friday, April 29, 2022

THE TRIBUNE

ROBINHOOD’S REVENUE FELL MORE THAN EXPECTED AT YEAR’S START NEW YORK (AP) — Growth slammed into reverse at the start of this year for Robinhood Markets, whose trading app has turned millions of people into investors for the first time.

The company said Thursday that it took in $299 million in revenue during the first three months of the year, down 43% from a year earlier. It also reported a loss of $392 million, or 45 cents per share, as its number of active users shrank amid a wave of worries weighing on stock and cryptocurrency markets.

Both a drop in revenue and a net loss were

expected for the quarter.

But the results were worse than Wall Street analysts had forecast: a loss of 38 cents per share on revenue of $354.6 million, according to FactSet. Growth has been flagging for Robinhood since a powerful surge during the early part of the pandemic, through the first half of 2021. At its height, Robinhood’s revenue growth was probably impossible to replicate, and it has been decelerating steadily since hitting 309% at the start of 2021. Robinhood’s most fantastic growth was largely because of maniacal trading for GameStop, dogecoin

and other market-bending phenomena unlikely to be repeated.

Robinhood’s business does best when people use its app to trade often, whether it’s stocks or crypto, because it makes money by routing their orders to market makers and big trading firms.

Company executives told investors Thursday that the market volatility last quarter pushed casual investors away, or made them more cautious and less likely to do large trades.

Other factors that got people trading often early in the pandemic — including restrictions keeping

people at home, stimulus checks giving them cash to spend and low interest rates helping prices soar for all kinds of markets — have also faded.

Revenue earned from the trading of stocks on Robinhood’s app dropped 73% during the first quarter from a year earlier. The company makes more money from the trading of options and of crypto, and revenue there fell 36% to 39%. The company said it no longer planned to give quarterly revenue guidance, saying the volatile markets had made it much more difficult to predict. Trading has become tougher this year as

markets fall due to a range of worries. Chief among them is a sudden surge in interest rates as the Federal Reserve fights to beat down high inflation.

The S&P 500 fell 4.9% during the first three months of the year for its first losing quarter since the pandemicinduced crash of early 2020.

The losses have continued in April, with many of the Big Tech stocks popular among younger investors turning in some of the worst performances.

Robinhood’s own stock has struggled this year, recently falling below $10 after briefly touching $85 shortly after its stock’s

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 82° F/28° C Low: 68° F/20° C

TAMPA

SATURDAY

SUNDAY

MONDAY

TUESDAY

Partly sunny, a shower in the p.m.

Partly cloudy with showers around

A stray t‑storm in the afternoon

Some sun, a stray t‑storm; breezy

Winds subsiding with a shower

Mostly sunny, breezy and pleasant

High: 80°

Low: 71°

High: 81° Low: 71°

High: 82° Low: 73°

High: 83° Low: 72°

High: 81° Low: 73°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

87° F

67° F

87°-69° F

87°-70° F

88°-72° F

88°-74° F

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

N

almanac

E

W

ABACO

S

N

High: 77° F/25° C Low: 72° F/22° C

10‑20 knots

S

High: 78° F/26° C Low: 71° F/22° C

10‑20 knots

FT. LAUDERDALE

FREEPORT

High: 78° F/26° C Low: 71° F/22° C

E

W S

E

W

WEST PALM BEACH

N

| Go to AccuWeather.com

TONIGHT

High: 85° F/29° C Low: 70° F/21° C

High: 79° F/26° C Low: 68° F/20° C

MIAMI

High: 80° F/27° C Low: 72° F/22° C

6‑12 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 81° F/27° C Low .................................................... 66° F/19° C Normal high ....................................... 82° F/28° C Normal low ........................................ 70° F/21° C Last year’s high ................................. 87° F/31° C Last year’s low ................................... 69° F/21° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 8.28” Normal year to date ..................................... 6.14”

ELEUTHERA

NASSAU

High: 80° F/27° C Low: 71° F/22° C

Forecasts and graphics provided by AccuWeather, Inc. ©2022

High: 78° F/26° C Low: 73° F/23° C

N

KEY WEST

High: 82° F/28° C Low: 75° F/24° C

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

tiDes For nassau High

E

W

7‑14 knots

S

7‑14 knots

Low

Ht.(ft.)

7:37 a.m.

8:03 p.m.

2.6 3.0

1:41 a.m. ‑0.1 1:48 p.m. ‑0.3

Saturday

8:18 a.m.

8:43 p.m.

2.5 3.0

2:25 a.m. ‑0.1 2:26 p.m. ‑0.3

Sunday

8:58 a.m.

9:21 p.m.

2.4 3.0

3:07 a.m. ‑0.1 3:02 p.m. ‑0.2

Monday

9:36 a.m.

9:58 p.m.

2.3 2.9

3:47 a.m. ‑0.1 3:38 p.m. ‑0.1

Tuesday

10:15 a.m.

10:37 p.m.

2.2 2.8

4:27 a.m.

4:15 p.m.

0.0 0.0

Wednesday 10:54 a.m.

11:18 p.m.

2.1 2.7

5:08 a.m.

4:53 p.m.

0.1 0.1

Thursday

2.0 ‑‑‑‑‑

5:50 a.m.

5:34 p.m.

0.3 0.3

11:36 a.m. ‑‑‑‑‑

sun anD moon Sunrise Sunset

6:36 a.m. Moonrise 7:39 p.m. Moonset

5:56 a.m.

6:47 p.m.

New

First

Full

Last

Apr. 30

May 8

May 16

May 22

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 79° F/26° C Low: 71° F/22° C

High: 79° F/26° C Low: 73° F/23° C

N

High: 79° F/26° C Low: 70° F/21° C

E

W S

LONG ISLAND

tracking map

High: 80° F/27° C Low: 72° F/22° C

6‑12 knots

MAYAGUANA High: 82° F/28° C Low: 76° F/24° C

Shown is today’s weather. Temperatures

H

Ht.(ft.)

Today

High: 79° F/26° C Low: 72° F/22° C

N

S

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

uV inDex toDay

CAT ISLAND

E

W

debut on the Nasdaq in the summer of 2021. It rose 6.1% Thursday to close at $10.09, before Robinhood’s results came out.

Following the release of the results, the stock fell 11.2% in afterhours trading.

Analysts focused their questions on Robinhood’s plans for growth. The company has announced several new products in recent months, including additional cryptocurrencies for trade as well as a new debit card. Analysts seemed doubtful that these myriad of new products would actually result in new revenue for the company.

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 80° F/27° C Low: 73° F/23° C

High: 79° F/26° C Low: 73° F/23° C

GREAT INAGUA High: 82° F/28° C Low: 75° F/24° C

N

E

W

E

W

N

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

WINDS NE at 10‑20 Knots E at 8‑16 Knots SE at 7‑14 Knots ESE at 8‑16 Knots E at 6‑12 Knots E at 8‑16 Knots E at 7‑14 Knots E at 8‑16 Knots E at 6‑12 Knots E at 8‑16 Knots ENE at 12‑25 Knots E at 8‑16 Knots E at 7‑14 Knots E at 8‑16 Knots NE at 8‑16 Knots ENE at 8‑16 Knots E at 7‑14 Knots E at 8‑16 Knots E at 6‑12 Knots E at 8‑16 Knots ESE at 6‑12 Knots E at 7‑14 Knots E at 8‑16 Knots E at 8‑16 Knots E at 6‑12 Knots E at 8‑16 Knots

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

VISIBILITY 10 Miles 8 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 7 Miles 5 Miles 7 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 9 Miles 5 Miles 10 Miles 10 Miles 10 Miles 5 Miles

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