05202021 BUSINESS

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THURSDAY, MAY 20, 2021

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Nygard abandonment Cruise switch ‘lifts the cloud’ costs attorneys $14m from Briland

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HREE Bahamian attorneys have acted to prevent Peter Nygard fleeing The Bahamas without paying a collective $14m legal bill for representing him in multiple court cases.

The trio, two of whom are an ex-Cabinet minister and former MP, are all seeking Supreme Court injunctions to prevent the accused sex trafficker from abandoning The Bahamas - and themselves - by taking the multi-million dollar proceeds generated from selling his former

• Seek injunction on Nygard Cay, Union Wharf proceeds • Ex-minister, MP claim ‘more than 95%’ of bill unpaid • Claim propeties collectively valued at some $84m

PETER NYGARD

ALGERNON ALLEN

KEOD SMITH

Nygard Cay home and other real estate assets out of the jurisdiction without settling his debts.

Algernon Allen and

Keod Smith, together with Carlton Martin, all allege that the troubled fashion designer has paid “no more” than five percent on

separate seven-figure legal bills due to them. This is despite Mr Smith asserting,

SEE PAGE 7

Cruise port ‘won’t cannibalise’ marinas’ boating business

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Nassau Cruise Port’s top executive has sought to reassure New Providence marina operators that it will not “cannibalise” their business through its plan to offer mega yacht docking facilities.

Michael Maura, revealing the intention for Prince George Wharf’s $250m transformation to be more than just a cruise port, told Tribune Business docking fees will be set “at the highest level of all marinas in the area” to ensure it only attracts “the big boys” and does not steal business from existing operators.

Speaking during a tour of Nassau Cruise Port’s construction site, Mr Maura said the company and its Global Ports Holding parent remain

• Top executive pledges only focused ‘on big boys’ • Sets rates at ‘highest level of all area marinas’ • Traffic plan to give 1m ‘sight of New Providence’

MICHAEL MAURA adamant their investment is not designed to produce a “wealth transfer” from downtown Nassau and other local businesses.

Speaking after executives revealed plans to provide mega yacht berths on the southern side of the

Major resorts ‘back to 60%’ by Christmas

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET minister yesterday voiced optimism that major resorts will “get back to 60 percent of where they were in 2019” by Christmas, with May’s visitor arrivals forecast to rise to the mid-70,000 range.

Dionisio D’Aguilar, pictured, minister of tourism and aviation, told the Rotary Club of south-east Nassau that while Atlantis and Baha Mar were both reporting a faster booking pace than pre-COVID this

did not translate into similar occupancy levels.

However, he added that “the trajectory is starting to go back up” in terms of visitor arrivals as measured by foreign purchases of The Bahamas’ health travel visa.

SEE PAGE 6

‘Rapid improvement’ desired over Water Corp’s $22m debt

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Water & Sewerage Corporation’s main BISXlisted supplier says it expects to see “a rapid improvement” in the $21.7m debts owed to it by end-September 2021.

Consolidated Water executives, in a conference call with analysts to discuss the company’s 2021 first quarter results, said the sums owed by the state-owned utility had reached a record “all-time high” because the government was “strapped for cash” and unable to

subsidise as in pre-COVID and Dorian days.

Rick McTaggart, its chief executive, voiced optimism that the upcoming 20212022 Budget that is due to be unveiled in the House of Assembly next Wednesday will allocate sufficient funding to pay down the accounts receivables balance owed to its Bahamian subsidiary.

He added that past practice had shown the government typically paid down the Water & Sewerage Corporation’s debts over the summer months, usually July and August, due to the

SEE PAGE 5

northernmost pier, which is now being extended to accommodate two Oasisclass cruise ships when that industry returns in earnest from its COVID-19 shutdown, he added that Nassau Cruise Port aims to become “a maritime transportation centre” or “maritime commercial centre”.

“What we did when we looked at mega yachts was all along our plan and objective has been to complement downtown, and not be in the business of transferring wealth from one downtown pocket to another downtown pocket,” Mr Maura told Tribune Business.

“So when we looked at

the mega yacht business we reached out to the various marinas to get a sense of what they were charging for dockage per linear foot.

Our rate is $7 per linear foot plus $100 per day on top of the $7. That’s the rate we charge.

“We set our price at the highest level of marinas in the area because we’re not looking to cannibalise any of the marina operators in New Providence. We’re looking at these yachts because of their size; we’re looking for the big boys.”

Mr Maura said the Nassau Cruise Port had already had success in attracting its

SEE PAGE 5

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

HARBOUR Island resort owners yesterday hailed Crystal Cruises’ decision to drop plans for a weekly call as “lifting the cloud that could have radically changed the destination’s appeal”.

Tom Sherman, owner and partner in the Coral Sands resort, told Tribune Business the cruise line’s decision to switch to Spanish Wells had removed a threat that would have taken “the lustre off the shine of the jewel of The Bahamas”.

Branding the cruise line’s decision as “great news”, he said: “I think it serves to lift the cloud off what could have been a radical change to the appeal of our destination. It’s the right decision, and I applaud the government for urging Crystal to go in a different direction.

“A lot of the feedback we gave them, we’d done a survey and the like, indicated what a negative impact it would have on the island, it’s appeal and everything cultivated here is so unique and the opposite of having a cruise line over here.

“It’s good news for The Bahamas, and not just Harbour Island,” Mr Sherman continued. “I think it’s best for everybody. We’re not an island that can accommodate what they intended to do. Based on the survey we conducted it would have negatively impacted our tourist base, and appeal to investors attracted to the island and those who make it a second home destination.

“It would have taken

the lustre off the shine of the jewel of The Bahamas.

To the extent the minister of tourism and the Prime Minister were involved in encouraging them to go in a different direction, all of us.... applaud them in that regard for looking out for the best interests of everybody.”

Mr Sherman spoke out after Crystal Cruises, in a recent e-mail, confirmed that it plans to drop Harbour Island as a port-of-call on its seven-day Bahamas cruise schedule in favour of Spanish Wells.

Kevin Johns, the cruise line’s manager of destination experiences, in seeking bids from Spanish Wellsbased tour operators to provide activities for its passengers, wrote: “We are planning to announce a change in the itinerary from Harbour Island to Spanish Wells where our ship will be anchored off Egg Island every Monday from 7am to 7pm.

“This is confidential until we make the announcement so we ask for your discretion so we can be the first to notify guests of this change.”

Crystal Cruises in a subsequent statement confirmed it is mulling a Spanish Wells switch.

It said: “The partnership between Crystal Cruises and the Ministry of Tourism has jump-started both cruising close to home for our US guests and economic growth in The Bahamas, where we have already partnered with almost 30 local businesses for these voyages.

“During the last few weeks, we have met with

SEE PAGE 8

PAGE 2, Thursday, May 20, 2021

THE TRIBUNE

CABINET ministers during the press conference.

PWC DETAILS BENEFITS OF E-CABINET SYSTEM CORONA is now distributed locally by the Bahamian Brewery & Beverage Company.

Photo: BBB/Barefoot Marketing

BREWERY ADDS CORONA TO DISTRIBUTION PORTFOLIO JIMMY’S Wines & Spirits, the retail arm of the Bahamian Brewery & Beverage Company (BBB), has added Corona to the portfolio of beer brands it distributes in this nation.

Often served with a wedge of lime, the popular Mexican beer is distributed globally by Anheuser-Busch (AB InBev) and is the leading imported beer in the US. Its addition to the Bahamian Brewery’s portfolio further deepens the group’s relationship with Anheuser-Busch, which began when it was named distributor for Budweiser and Bud Light in this nation.

“AB InBev looks for distribution partners that share the goals and the vision we have for our brands. It is important to have a partner that can bring expertise, enthusiasm and commitment to our brands,” said Elena Gonzalez, at AB InBev’s sales and marketing manager. “With Jimmy’s we can take our brands to the level where we want them to be.”

From this month, customers at all Jimmy’s locations will now have access to Corona in both the traditional 12-ounce bottle as well as the ‘Coronita’ mini seven-ounce bottles.

“We’ve had a wonderful

partnership with the Anheuser-Busch (AbInBev) company for more than seven years now, and the Corona brand completes our ABInBev portfolio for the Bahamian market,” said Joel Smith, trade marketing supervisor.

“As a company, we are excited to have one of the top ten selling beers in the world to market and distribute here in The Bahamas. The customers will benefit not only from having another great beer available locally but also having access to the upcoming promotions associated with the brand.”

To advertise in The Tribune, contact 502-2394

A BAHAMIAN accounting firm says it has helped to position the government as a digital leader in the Caribbean through the Cabinet’s new electronic information management system.

PricewaterhouseCoopers (PwC) Bahamas confirmed it was contracted to develop The Bahamas’ Electronic Cabinet Management Information System (BECMIS), or E-Cabinet digital platform, in a bid to improve efficiency and operations in the government’s highest decision-making body.

It added that the digital platform creates a secure internal system to manage Cabinet procedures. PwC said the solution is customised to facilitate the Cabinet Office’s needs, while introducing a more efficient and secure way of automating the Cabinet approval process.

The accounting firm believes the new system will streamline the flow of information between the Cabinet Office and other stakeholders, and is accessible round-theclock. Security features have been embedded to ensure data protection, PwC added, while only authorised users are able to access the system and communicate with each other in real time.

Other features include real-time tracking of Cabinet memoranda and documents; increased

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Kevin Cambridge, PwC Bahamas’ advisory partner, said: “With the implementation of a new digital system, change management and the human element are key indicators for success.

The technical installation of this process was critical, but we were committed to ensuring our stakeholders were engaged throughout the process. Connecting the human element with the technological capabilities of a robust platform was vital to successfully digitising the operations.”

PwC’s team project team included Mr Cambridge and Burnadene Falconer, PwC Bahamas; Adrian Tait and Rahul Jain, PwC Jamaica; and technical specialists from PwC India.

“We implemented the necessary upskilling and user acceptance training (UAT), and facilitated the training for Cabinet Office, permanent secretaries, ministry officers and Cabinet ministers. We also conducted reviews by the ministers and key stakeholders to allow them to receive sign offs at every stage of the project,” Mr Cambridge said.

The system allows Cabinet ministers to review and comment on memoranda prior to Cabinet meetings. PwC said it permits a more structured method for the retrieval and reference of documents, while reducing the time it takes to go through memoranda and obtain approvals. Users can also receive notifications and reminders for action items.

Prince Rahming, territory leader for PwC Bahamas, added: “What COVID-19 has taught us is that digital transformation is a key driver for growth.

PwC Bahamas has been at the forefront of digital transformation in the country. For the past year, we have created a digital footprint for our firm.

“We relied on our digital tools to help our clients navigate through the pandemic. We hosted a free webinar series: Accelerate your digital future, to assist clients and the wider business community with the development of their overall digital strategy, and to bring more awareness to available PwC tools. In December we opened digital wallet accounts for all of our employees.

“With the launch of the E-Cabinet system, PwC Bahamas’ positioning in the market has advanced.

We recognise that a digital society is an advanced society that creates a means to stay competitive. We applaud the government for their commitment to digital transformation and increasing efficiency.”

Mobile accessibility will eventually be added to the e-Cabinet platform to allow users the convenience of accessing the system from their handheld devices.

THE TRIBUNE

Thursday, May 20, 2021, PAGE 3

ANDROS FEARS 8PM CURFEW TO UNDERMINE CRAB SEASON

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

AN ANDROS businessman yesterday said extending the COVID-19 curfew’s start to 8pm on that island simply “won’t work” due to the imminent start of crab season.

Nelson Gaitor, owner/ operator of Nelson’s Variety Shop, told Tribune Business that “lots of people are going to get locked up” as a result because few will pass up on the chance to make extra income from crab season despite the potential financial consequences for breaching the curfew if caught.

He said: “This curfew is not going to work at all.

The sun doesn’t set until 8pm, and crabs start walking at 8pm. It’s crab season

and fish season; everything is biting. This isn’t going to work at all. Lots of people are going to get locked up in crab clothes and stink of fish. You can’t control COVID; the curfews aren’t working.

“It’s not going to affect most businesses, because most businesses close at 7pm, but because it is already hard and people rely on crab season, this isn’t going to work. Lots of people will get locked up and, with one police car, I don’t see how this is going to work.”

Mr Gaitor spoke out after the prime minister revealed in the House of Assembly that, with effect from today, the government will is moving the COVID19 curfew start on Andros, the Berry Islands and Cat

Island up to 8pm in a bid to combat infection surges on both islands.

“On the recommendation of health officials, because of concern for an increase in cases on Andros, the Berry Islands and Cat Island, the daily curfew will now be from 8pm to 5 am, effective Thursday, 20 May, 2021,” Dr Minnis said.

“Health teams are headed to these islands for outbreak investigations. Vaccination teams will also be deployed to these islands. Any other additional measures will be announced depending on the findings of the investigation teams.”

Joe Rahming, the South Andros Chamber of Commerce’s president, said: “Everybody is finding this a bit strange. We have

Spanish Wells mixed over cruise call plans

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net SPANISH Wells businesses yesterday gave a mixed reaction to Crystal Cruises’ plans to make weekly stops in the destination after the Harbour Island call proposed initially ran into strong opposition.

Andre Sands, owner/ operator of Harbourside Rentals in Spanish Wells, told Tribune Business that as a business owner he “doesn’t have a problem” with the cruise ship’s itinerary switch. He said: “I think it will boost the economy.

We lost a whole year to COVID-19, so in my personal opinion it is not a big deal for the cruise ship to come to Spanish Wells.”

But not everyone on Spanish Wells shared Mr Sands’ sentiments. Jaime Sweeting, owner/operator of Seagillian Rentals, said she “does not want” the cruise line to come to Spanish Wells at all, citing concerns about the way the industry has a potential negative impact on the environment.

She said: “This island is quite small. Even if it is 500 people that get off here every week, that would be ridiculous. The cruise lines in the past have had a history of making a mess wherever they go.”

Ms Sweeting added that Crystal Cruises had held no consultations yet with Spanish Wells residents and businesses, and many of them, including herself, were hearing about the cruise line’s intentions for the first time yesterday.

She added: “I’m not sure if they had contact with other individuals in the community, but for the community as a whole, no one had any knowledge of this until we saw it circulating through social media. I’m sure there are a handful of people that would want it, because they would get a job out of it, but more than half of the island doesn’t want Crystal Cruise Lines coming in.”

Crystal Cruises, in a statement to Tribune Business yesterday, said: “The partnership between Crystal Cruises and the Ministry of Tourism has jump-started both cruising close to home for our US guests and economic growth in The Bahamas, where we have already partnered with almost 30 local businesses for these voyages.

“During the last few weeks, we have met with local leaders to discuss business opportunities and to listen to any concerns. Our focus remains providing guests with the best experience possible and ensuring greater opportunities for local businesses.

“We are currently reviewing whether

to add Spanish Wells to our itinerary and potentially remove Harbour Island. In advance of this potential change, we are reaching out to local businesses in Spanish Wells and are excited to receive proposals from those who would like an opportunity to work with us and provide services to our guests.”

Crystal Cruises plans to begin 16 weekly sevennight round-trip voyages around The Bahamas from July 3, stopping in Bimini, Harbour Island, San Salvador, Exuma and Long Island. However, the plans to call on Harbour Island ran into immediate opposition from hotel operators, residents and visitors there on the basis that cruise tourism is incompatible with the island’s high-end, niche model.

The upscale, luxury cruise line, which offers butler service for 30 percent of its passengers, will use Nassau and Bimini as home ports. The Crystal Serenity’s itinerary was designed to boost island economies, traditionally not on a cruise industry schedule, that are still reeling from COVID.

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heard we had some recent COVID-19 cases but it didn’t seem to be that extreme or that many.”

He added that the government needs to “take crab season into consideration” and, depending on how long the 8pm curfew lasts, it would hurt smaller entrepreneurs who make their money during crab season. “Crab season is a major economic boost for the island,” said Mr Rahming.

“I think they will revise this curfew in time to get the best out of crab season, because they did say that if you are going crabbing you are fine, but if you are just going out to party or loitering then they would stop and question you.”

Alfred Daniels, owner/ operator of Alnor Bake

Shop on Cat Island, said: “Hopefully going back to the 8pm curfew will slow this virus down. We had a slight increase in COVID19 cases, but we are not sure where people were getting it from. This is not going to affect my business at all. We operate from 7am to 6pm anyway, so we will be closed by curfew time. So we won’t have any problems.”

Allancio Gilbert, owner/ operator of Gilbert’s Car Rentals, Cat Island, said: “It’s not a problem for me; something had to be done.

This is better than the other option of an entire islandwide shutdown because the cases were trending upwards.

“This is not going to affect my business like how it did in the first wave of lockdowns, but we’re lucky

because this could be a lot worse. I just hope this would decrease the number of cases on the island in short order. This is better than nothing.”

Bradley Knowles, owner/ operator of Knowles Construction in the Berry Islands, said: “If you have to lock it down, then lock it down and get rid of the coronavirus. I don’t see anything wrong with the curfew.”

Cooliemae Francis, owner/operator of Cooliemae’s Sunset by the Sea, said: “I like the idea of going into a curfew, so people can stop their partying. This is not going to affect my business in any way, shape or form because I close at 7pm. If I have people, I would stay until 8pm, but on normal days I close at 7pm.

Yet not all Harbour Island entrepreneurs were happy to see Crystal Cruises change its plans. Wade Major, owner/operator of Major’s Golf Cart Rentals, said: “We were looking forward to it, because it would be more business for the local companies on the island. People would be able to rent the golf carts, go to the straw market.”

While acknowledging that not everybody on Harbour Island wanted Crystal Cruises to come as much as he did, he added: “I know everyone is not going to agree with me, but this meant more business for the companies on Harbour Island. This is a big loss for me now, but God knows all things.”

Jo-Jo Williams, owner/ operator of Jo-Jo the MUA, backed Mr Major in

saying,: “I’m an advocate for tourism and the fact that they won’t be coming into Harbour Island, but I guess we are all one country so if anyone could profit off of it that’s fine with me.”

He argued that the strong reaction against Crystal Cruises coming to

Harbour Island initially was “misplaced”, and that it would have been a “great opportunity” for a lot of small businesses. “When a cruise ship comes to the island, that’s just more people and more money for everyone,” Mr Williams said.

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PAGE 4, Thursday, May 20, 2021

THE TRIBUNE

BTVI PROVIDES TRAINING TO BAHA MAR WORKERS THE Bahamas Technical and Vocational Institute (BTVI) and Baha Mar recently partnered to provide customised training to resort employees working in technical areas.

Disciplines involved in the initiative included welding, carpentry, painting, electrical and plumbing.

Topics ranged from safe

welding procedures, and proper lighting and cutting techniques, to work ethics and safe work practices.

The course ran for 16 contact hours over a four-day period, with sessions being held either before or after employees’ regular shifts.

Nine employees were part of the first intake, including Brent Munnings,

Christopher Darling, Fred Pierre, Quentin Hanna, Eric Lewis, Richa Charlton, Dion Sturrup, Austin Campbell and Justin Knowles.

Dr. Robert W. Robertson, BTVI’s president, said: “We see this as an investment and, clearly, Baha Mar views it the same.

With a world-class resort to run there is no doubt you

understand that trades are essential…while your guests see what happens upfront, there are those back-of-thehouse workers - like those here today - who may not get up close and personal with guests, but they are your invisible heroes.

“They freshen up the paint. They replace tiles and blocks. They replace broken fixtures. They build, install, maintain. They give attention to detail, and have the patience and the steadiness of hand necessary in a technical world. They are essential workers to Baha Mar.” Dr Robertson told participants the training was just a glimpse of what else is available to them. He shared that BTVI offers the National Centre for Construction Education and Research (NCCER) certification.

NCCER is US-based, but taught in multiple countries including The Bahamas, and is a training, assessment and certification standard for construction and maintenance craft professionals.

“This training comes at a time when BTVI is

A SMALL group of technical employees at Baha Mar recently completed customised training in welding, carpentry, painting, electrical and plumbing, which was facilitated by the Bahamas Technical and Vocational Institute (BTVI). The course ran for 16 contact hours over a four-day period.

Photo: BTVI doing its part to fill the skills gap; that gulf between available skilled jobs and qualified workers to fill them. We play a very important role in these economically challenging times, as we prepare graduates to be globally competitive and economically independent in an ever-demanding, everchanging workforce,” said Dr Robertson.

Marco Rupp, Baha Mar’s vice-president of engineering, said: “Your approach and vision to adult training and workforce development, I think, is perfect and what industry needs. The second thing we’re celebrating today is the start of a lovely relationship between the hotel industry, particularly Baha Mar and BTVI. We have partnered with a national agency to ensure that our training is on par.”

Alexander Darville, BTVI’s dean of construction and workforce development, added: “Your certification will follow you. And why we look at NCCER so seriously is because once you successfully complete a programme, you would be provided with a card to present to an employer that has your number and name on it.

“You can go on to nccer. org, put in your card number and it would actually tell you what levels of certification you would have achieved.

That is important for human resources departments and training organisations.”

Meanwhile, Dion Sturrup, who works in Baha Mar’s carpentry department, said of Mr Rupp: “He believed in us and invested in helping us become better versions of ourselves by sharpening our trade skills.”

He also spoke highly of the BTVI instructors, who included electrical instructor, Gregory Curry; plumbing instructor, Maurice Cash; carpentry instructor, Charles Adams; welding instructor, Maverick Moxey, and painting instructor, David Barry.

“You guided us, stood by us and inspired us. Your attendance at this ceremony makes us feel proud. We are thrilled about the opportunity to continue the next phase of our training under your tutelage. I am confident that the engineering department of the Baha Mar team will be more dynamic because of our training,” said Mr Sturrup.

Richa Charlton, of Baha Mar’s electrical unit, added: “My experience has been memorable. Being a part of Mr Curry’s electrical class was always fun and interactive. I had the opportunity to understand what is current, what is resistant, voltage and other fundamental aspects of electricity. These experiences have strengthened our relationship as a team and, today, we take the valuable memories of our training with us.”

THE TRIBUNE

Thursday, May 20, 2021, PAGE 5

‘Rapid improvement’ desired over Water Corp’s $22m debt FROM PAGE ONE

infusion of funds associated with the new fiscal year.

“We have conversations with them practically every couple of weeks,” Mr McTaggart said of the government, when questioned on the record Bahamian debt.

“They’re strapped for cash right now. We don’t know the inner workings of the government, but what has happened in the past when receivables get this large they pay them down over the summer months, July and August.”

He added that Consolidated Water was “very hopeful that pattern” will repeat itself in 2021. David

Sasnett, the company’s chief financial officer, said that while the $21.7m debt was “quite substantial, it’s not the first time it’s exceeded the $20m mark”.

He added that the government had “never defaulted on our receivables” before, leading the Blue Hills and Windsor reverse osmosis plant operator to believe the sums are “fully collectible”.

Yet Mr Sasnett warned: “We would hope to see a rapid improvement in the level of those receivables by the end of the third quarter this year”.

Tribune Business reported earlier this week how the Water & Sewerage

Corporation’s debt to its main BISX-listed supplier has hit “an all-time high” of $21.7m as COVID-19 continues to erode the Government’s ability to prop up the cash-strapped utility.

Consolidated Water, unveiling its results for the 2021 first quarter on Monday evening, revealed that the sums owed by the Water & Sewerage Corporation jumped by a further $2.2m in April with more than three-quarters deemed “delinquent” or over 90 days past due at end-March 2021.

However, the company that supplies all the corporation’s New Providence customers with their daily water said it had taken no provisions, and was not treating the debts as so-called “doubtful accounts”, because it remained confident that

Cruise port ‘won’t cannibalise’ marinas’ boating business FROM PAGE ONE target high-end mega yacht clientele, having accommodated vessels owned by Facebook founder, Mark Zuckerberg, as well as Dallas Cowboys’ owner, Jerry Jones.

“Relatively speaking, we’re not a convenient mega yacht facility; we’re a secure mega yacht facility,” he explained. “People will be spending higher rates for dockage because of the extra security and identification checks” to access Prince George Wharf and the vessels.

“We’re looking for people who want that additional security and are willing to pay for it,” Mr Maura reiterated. The Nassau Cruise Port is also currently constructing a “dock master” facility that will facilitate tour and excursion operators coming in to pick up cruise passengers and transport them to their activities.

However, when these vessels return they will have to disembark passengers on the western side of Nassau Cruise Port - a design move that its chief executive says is intended to ensure some one million annual

excursion participants also get to patronise Bahamianowned businesses.

“Pre-project, the water tours and other ferries used to pick up close to one million people annually coming off the cruise ships, and then go directly to their destinations whether it was to Atlantis, Blue Lagoon, Pearl Island,” Mr Maura explained, “and come back directly to the same pier with persons going to the ship.

“We had 28 percent of the cruise visitors coming to New Providence never really seeing the island. As part of our traffic management, those vessel operators will be able to pick up passengers, as they have done in the past, from our modern facility on the eastern side and return them on the

western side.

“This says that on your return we’re going to require you to move through downtown, Woodes Rogers Walk or the attractions and amenities of the cruise port itself.

We’re going to put those one million people into traffic lanes so at least they run into some traffic lanes.

When all is said and done this is going to be something special.”

Nassau Cruise Port is also installing more covered areas, and resurfacing every surface within its facilities, as part of the $250m transformation. “One of the biggest concerns we had when we took over was operator in October 2019 were the slips and falls,” Mr Maura said, as the cruise port moves to smoother surfaces and doing away with curbs.

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the struggling Public Treasury would eventually come through and pay what is owed.

Consolidated Water Bahamas’ accounts receivable balances, which include accrued interest due from the Water & Sewerage Corporation, amounted to $19.5m as of March 31, 2021, and $16.8m as of December 31, 2020.

“Approximately 78 percent of the March 31, 2021, accounts receivable balance was delinquent as of that date [March 31],” the firm said. “The delay in collecting these accounts receivable has adversely impacted the liquidity of this subsidiary.

As of April 30, 2021, Consolidated Water Bahamas’ accounts receivable from the Water & Sewerage Corporation totalled an all-time high of approximately $21.7m.”

The latter date is one month after the 2021 first quarter ends. The fact the Water & Sewerage Corporation’s debts have continued to increase is a further sign of both the increasing financial strain it is facing, as customer difficulties in paying their bills persist, and that of the government as the latter’s revenue streams have yet to fully recover from the pandemic amid a $1.327bn projected deficit.

The government, meaning the Bahamian taxpayer, has traditionally been relied upon to bail out the Water & Sewerage Corporation and keep the latter’s debts to Consolidated Water under control, but COVID-19 has made this an increasing challenge as the reverse osmosis supplier indicated last night.

“We believe the delays we have experienced in collecting Consolidated Water Bahamas’ receivables have been extended by the severe adverse impact of the COVID-19 pandemic on The Bahamas government’s revenue sources,” Consolidated Water said in filings with US capital markets regulators.

PAGE 6, Thursday, May 20, 2021

THE TRIBUNE

Agriculture official talks Major resorts ‘back sustainable farming path to 60%’ by Christmas THE Inter-American Institute for Cooperation on Agriculture’s (IICA) Bahamas representative has discussed with the minister of foreign affairs how farming in this nation can become more sustainable.

Mari Dunleavy presented her Letter of Appointment from Dr Manuel Otero, IICA director-general, when she visited Darren A. Henfield at the Ministry of Foreign Affairs earlier this week.

The duo discussed various ways the IICA can assist The Bahamas in moving towards sustainable agriculture. Ms Dunleavy conveyed IICA’s keen interest in supporting the Bahamian economy through various means, including seed funding for small farmers and training on international food safety requirements.

FROM PAGE ONE

IICA Representative to The Bahamas Mari Dunleavy and Minister Darren Henfield.

Mr Henfield sought its interconnection with further insight into agri- the tourism industry. Ms technology and Dunleavy said that prior to agri-statistics available the COVID-19 pandemic’s through IICA. Both the declaration in March 2020, Minister and representative IICA met with the cruise identified agribusiness and lines and discussed ways agritourism as necessary to incorporate more sussteps toward future farming tainable development into that market. The IICA is self-sustainability.

Mr Henfield also voiced a also on the agritourism desire to showcase the vari- council formed by Tourism ous career paths that may Development Cooperation stem from agribusiness and (TDC).

These had increased from 14,000 in November 2020 to 32,000 in December and, following a dip in January and February over fears of a quarantine for returning US travellers, had subsequently risen to 60,000 in March and 64,000 in April.

With health travel visa issuances for May projected to be in the mid-70,000s range, Mr D’Aguilar acknowledged that The Bahamas’ tourism rebound - and recovery of its wider economy - still has a long distance to travel.

“The bread and butter is Nassau. Seventy-five percent of our arrivals come to Nassau,” he said. “The big hotels are the revenue generators. They started off in the ten to 15 percent occupancy range, and are now at 30 percent, but clearly have not rebounded.

“We’re hopeful of a significant rebound, certainly

by Christmas if nothing else impacts that, and we’re back to 60 percent of where we were in 2019. It’s a bit of a crystal ball now as people are making last-minute decisions and there are impediments to travel.”

Conceding that cruise passengers accounted for 75 percent of total visitor arrivals to The Bahamas pre-COVID, but just 11 percent of total tourism spending, Mr D’Aguilar said the 5.4m attracted in

2019 “give us the bragging rights on the number of people coming to the country” yet the focus remained on higher-yielding stopover counterparts.

He also acknowledged that “the big challenge always there is connecting the tourism economy with the domestic economy, and there’s always been frustration that 70-80 cents of every $1 spent in the country goes out to purchase what these visitors ultimately consume”.

Disclosing that he had pushed the Ministry of Tourism to implement a data and numbers-driven approach to promoting The Bahamas, Mr D’Aguilar said he had reduced marketing spend on Europe after taking office in 2017.

“I felt we spent too much time on Europe trying to attract visitors from there; yes, they stay longer and spend a bit more, but only seven percent of our visitors come from Europe and of those five percent come from the UK,” he added.

The minister said The Bahamas’ marketing efforts moving forward will be boosted by “the wealth of information” gained from the health travel visas, which will enable this nation to focus its promotional dollars on “the right zip codes and addresses” where the bulk of its visitors originate from.

Reiterating that the Ministry of Tourism and its

health travel visa overseers had been “taken aback” by the surge in Bahamas travel demand once this nation removed the COVID-19 PCR test requirements for fully vaccinated travellers on May 1, Mr D’Aguilar said this was “a nice problem to have” and reassured that the necessary adjustments had been put in place to reduce three-four phone waiting times.

Turning to the new overflight fees regime, he added Cuba was “not being so accommodating” as the US when it came to sharing revenues from fees paid by aircraft transiting the portion of Bahamian air space that it manages.

Cuba controls 25 percent of Bahamian air space, with the US overseeing the remainder, and The Bahamas has yet to come to a deal with the former on revenue sharing. The US, though, has allowed The Bahamas to keep 100 percent of the revenue and is only charging $80,000 annually for the provision of data on all aircraft overflying this nation.

Mr D’Aguilar said future ministers and governments will have the scope to increase the fees, but his focus had been to get the regime in place. He described it as “the greatest deal in the world” given that The Bahamas was receiving all the income from the US air space portion but none of the associated expenses.

THE TRIBUNE

Thursday, May 20, 2021, PAGE 7

NYGARD ABANDONMENT COSTS ATTORNEYS $14M FROM PAGE ONE

in his March 31, 2021, statement of claim that Mr Nygard could realise as much as $84m from selling off his remaining Bahamian property assets.

Besides alleging that Nygard Cay is “presently being sold” for $59m, Mr Smith and his two colleagues all placed a $25m valuation on Bay Street’s Union Wharf property while claiming that it was “believed to be beneficially owned” by the embattled Canadian tycoon who remains jailed in his homeland as he bids to fight extradition to New York over sex trafficking and other charges.

The Union Wharf property, which is presently listed for sale by multiple realtors including Mosko Realty, McCarroll Real Estate and HG Christie, was acquired in the mid-2010s by a Barbados company called Galaxy Group.

However, when the purported $10m purchase of Pioneer Shipping’s former home was revealed, it was immediately suspected that Mr Nygard was behind the purchase - not least because Eric Gibson, one of his Nygard Cay estate managers and brother of ex-Cabinet minister, Shane, was named as a Galaxy Group director.

The assertions by the three attorneys add further weight to the Nygard ownership claims, with the trio fearing the fashion designer is about to leave them holding these unpaid bills despite defending him in numerous legal battles brought by the Save the Bays environmental group and his Lyford Cay neighbour, Louis Bacon.

Mr Martin, in his March 31, 2021, statement of claim, alleged that over the near three-year period from August 21, 2018, to now he had been place on a retainer requiring him to work nine hours per day for Mr Nygard over a 952-day period.

This translated into 8,568 hours at a rate of $1,000 per hour, which works out to $8.568m. “The plaintiff has not been paid more than 95 percent of his fees,” Mr Martin alleged. Assuming he has been paid for five percent of his work, this translates into an unpaid $8.14m legal bill.

As for Messrs Smith and Allen, they, too, allege they have “not been paid” more than 95 percent of their legal bills owing. Mr Smith, who said he was required to work five hours per day for 952 days, translating into 5,760 hours at a $750 rate, is owed $4.104m using the same calculation formula, while Mr Allen is due the least at just over $1.8m.

Collectively, the trio are owed around $14m in unpaid legal fees, hence their eagerness to ensure payment before Mr Nygard disposes of his remaining Bahamian assets and spirits the proceeds out of this jurisdiction to help fight his Canadian and US legal battles.

Mr Allen yesterday confirmed to Tribune Business that the legal papers obtained by this newspaper are genuine, and that he and the others had all filed actions on March 31 this year. The trio are all using the same law firm, CA Dorsett & Company.

Suggesting that these issues are typically resolved by out-of-court settlements

without having to go to trial, Mr Allen nevertheless admitted “there’s some real concern” as to whether the trio will be paid given that Mr Nygard’s global fashion empire remains in the hands of receivers while the man himself is in a Canadian jail cell.

He added that they were “dealing with a client who is very highly compromised at this time, and may not have the ability to pay the fees, but for the sake of matters that are Bahamian we want to ensure the correct legal processes are in place to at least allow us to succeed if there’s any sale of property and the like.

“It’s been rather sad that it’s come to this, but that’s the reality of this situation.

Unfortunately, there have been at least 14 other law firms which have experienced similar difficulties that I know of,” Mr Allen said, adding that the attorney trio were “not hovering like vultures” but simply seeking what was contractually due to them.

The three statements of claim, largely similar in nature, allege that the trio were all retained as members of Mr Nygard’s Bahamian legal team at an August 21, 2018, meeting at the Green Parrot restaurant on East Bay Street. All were to work together and communicate on various matters involving the fashion designer’s deepening legal woes.

Illustrating just how demanding Mr Nygard was as a client, they said he attended four four-hour meetings with the group at Mr Allen’s law firm where “special emphasis was put on the team working together and without distraction by other legal services or services unconnected with the retainer”.

However, payment issues swiftly emerged. Both Mr Martin and Mr Smith said that while they were paid for the first seven months of their

retainers, the sums received fell short of what was due, and in the former’s case there was “at least a $2,000” gap.

Despite pressing for further payments they allege their efforts have been unsuccessful, even as Mr Nygard’s Privy Council appeal against his committal to jail for contempt of court is now “at stake” - an action that is estimated to cost a further $3.5m in legal fees.

Mr Smith, calling for payment of his legal fees to be secured or guaranteed, said: “This securing of fees should be done out of the proceeds of sale of Nygard Cay, which is presently being sold at about the price of $59m.

“The purpose of the sale of Nygard Cay is, among others, to put the defendant [Nygard] in a financial position to be able to pay the fees of his legal teams in Canada and the US with respect to his extradition proceedings in Canada and the prosecution of his racketeering proceedings in the US.” The latter case, Mr Smith said, was intended to vindicate Mr Nygard’s assertions that he was the victim of false claims or charges being brought against him.

And, besides Nygard Cay, Mr Smith said the fashion tycoon’s other remaining Bahamian asset is “a prime tract of waterfront land about 1,000 feet east of the junction of East Street and Bay Street, which is not in the name of the defendant and is on the

market for sale”.

This, is Union Wharf, which Mr Smith and his fellow attorneys all said has “an approximate value” of $25m. “This property is in the name of a company [Galaxy Group], the issued shares of which are believed to be beneficially owned by the defendant,” Mr Smith asserted.

“Consistent with the defendant’s active intention to sell off all his real estate holdings in The Bahamas, the defendant is aggressively seeking a sale of this last parcel of land he holds in The Bahamas.”

The valuations attached to Mr Nygard’s assets seem somewhat high, especially given that realtors are listing Union Wharf at $15m. And Save the Bays, which is also seeking to seize Nygard Cay and sell it to settle legal fees it is owed, had that property appraised for just $14m in late 2018.

However, this newspaper subsequently revealed that a Bahamian real estate company briefly showed Nygard Cay on its website with a massive price tag of $59m.

The listing, though, was very quickly taken down.

Mr Smith, meanwhile, and the other attorneys all voiced fears that Mr Nygard “would never pay his fees” unless the Supreme Court intervenes. Besides an injunction on transferring any sales proceeds outside The Bahamas before the legal fees are

settled, they also want the sums owed to be set aside in a Bahamian bank account that is under their joint control and that of Mr Nygard.

Mr Smith’s statement of claim, which alleges he never received a single cent from Mr Nygard in 2020, and last received a payment in 2019, also details the legal work he performed for the fashion tycoon since first being hired in 2010.

Besides defending Mr Nygard against Save the Bays, it also details how Mr Smith was to go on the offensive against the former’s perceived enemies, including his arch nemesis, next door neighbour Louis Bacon.

Mr Smith was to receive “a bonus if he were to able to figure out the basis for saving Nygard Cay from being quieted [acquired] by Bacon or seized by the Bahamian government on the basis that Peter Nygard had illegally expanded Nygard Cay”.

The former PLP MP was also tasked with proving that Mr Nygard had received legal permission from the government to expand his home, as well as coming up with evidence that Mr Bacon was guilty of doing the same without approvals.

And Mr Smith was also charged with “conceiving the basis of a criminal complaint against Louis Bacon and 159 others addressing a conspiracy to injure Nygard”.

PAGE 8, Thursday, May 20, 2021

THE TRIBUNE

Cruise switch ‘lifts the cloud’ from Briland FROM PAGE ONE

local leaders to discuss business opportunities and to listen to any concerns. Our focus remains providing guests with the best experience possible and ensuring

greater opportunities for local businesses.

“We are currently reviewing whether to add Spanish Wells to our itinerary and potentially remove Harbour Island. In advance of

this potential change, we are reaching out to local businesses in Spanish Wells and are excited to receive proposals from those who would like an opportunity to work with us and provide services to

THE CRYSTAL SERENITY our guests.”

Benjamin Simmons, proprietor of The Other Side and Ocean View properties, acknowledged to Tribune Business that environmental sensitivities are associated with using Egg Island with Disney Cruise Lines having abandoned it as a potential private island for that very reason.

He added, though, that there was “a lot to be said” for using Spanish Wells as it had significant available dockage space, with a “robust boating and excursion base” and no competing tourism product. Mr Simmons said his only concern was “the bleed off” for attractions such as Preacher’s Cave and the nearby blue hole if they were overrun

with large numbers of cruise ship passengers.

“I’m glad it’s not Harbour Island because that would have had severe economic repercussions for the country,” he added, “and not just Harbour Island because Harbour Island is a tourism juggernaut.”

Crystal Cruises became the first cruise line to announce it would home port in The Bahamas when it unveiled its multi-island schedule for summer 2021 earlier this year. The upscale, luxury cruise line, which offers butler service for 30 percent of its passengers, is using Nassau and Bimini as home ports for week-long cruises set to begin on July 3.

The Crystal Serenity was scheduled to call on Harbour

Island, Great Exuma, Long Island and San Salvador via an itinerary designed to boost island economies, traditionally not on a cruise industry roster, that are still reeling from COVID-19’s economic devastation.

However, the plan was met with furious resistance from many Briland resort owners and operators, plus those involved in the second home market as well as residents and visitors. Their fears centred on concerns that mass market cruise tourism threatened to undermine the very essence of the island’s tourism model.

Besides an infrastructure that was unable to cope with the up to 900 passengers aboard the Crystal Serenity, they felt the absence of cruise tourism was one of the very reasons that had enabled Harbour Island to build up its high-end client base of boating visitors, hotel guests vacation renters and property owners in the first place.

Dionisio D’Aguilar, minister of tourism and aviation, later admitted that Harbour Island’s tourism industry “has made a compelling case” for why it should not become a cruise destination.

The survey referenced by Mr Sherman found that 99.4 percent of existing and potential Harbour Island visitors made it “crystal clear cruise tourism is a disaster waiting to happen” for the destination.

THE TRIBUNE

Thursday, May 20, 2021, PAGE 9

JetBlue sets date for start of flights between US and London Associated Press JETBLUE Airways said yesterday it will start transatlantic service late this summer, competing against bigger rivals on the lucrative route between New York and London.

The New York-based airline said it will start daily flights between JFK and Heathrow airports on Aug. 11, and add daily trips from JFK to London’s secondbiggest airport, Gatwick, on Sept 29. It plans to add Boston-London flights next year.

JetBlue wanted to start the flights earlier than midAugust but was delayed, partly by the process of proving to regulators that it could operate long overwater flights safely. The late launch means JetBlue will miss most of the peak

THE TAIL of a JetBlue Airways Airbus A321 is shown as the plane prepares to take off from Fort Lauderdale-Hollywood International Airport. JetBlue is announcing details around its first flights to London. The airline says it will start flying between New York’s JFK Airport and London’s Heathrow in mid-August, and add flights to London’s Gatwick Airport in September.

Photo: Wilfredo Lee/AP summer travel vacation season. However, travel between the United States and the United Kingdom is still restricted because of the coronavirus pandemic, and

it’s not clear when restrictions will be eased.

“Given that the UK remains closed, we didn’t feel a ton of pressure to open earlier in the summer,”

JetBlue President Joanna Geraghty said in an interview. “This gives us a couple more months. We are pretty optimistic that by then things will be ready to go.”

Before the pandemic, New York-London was among the most lucrative and highly competitive airline routes on the globe. It was popular with high-fare corporate travelers moving between two great financial hubs.

JetBlue believes it can undercut other airlines on price by using fuel-efficient

and smaller, single-aisle Airbus jets with 117 economy seats and 24 lie-flat seats in a premium service that it calls Mint.

JetBlue said fares will start at $599 and £329 in economy and $1,979 and £999 in Mint.

The latter is several hundred dollars cheaper than midAugust business-class fares displayed on Google Flights for rivals such as American Airlines, British Airways and Icelandair.

New entrants frequently offer deals when they start on new routes. Sometimes

the bargains go away quickly.

JetBlue wants to offer more flights but found it difficult to break into Heathrow, where takeoff and landing slots are hard to get.

The daily JFK-Heathrow flight will arrive in London after 10am, which is later than many business travelers like.

“The times are not what we would have preferred,” Geraghty said, “but we also think they are times that are very workable for a large number of customers.”

Property For Sale Mr. Edmund L. Rahming, in his capacity as court approved Receiver, is soliciting offers for the purchase of the debtor’s right, title and interest in the parcel of land at Sandyport No. 5 - all that piece parcel of land containing approximately 22,977 square feet east of Sandyport Service Station of Jacaranda Close, Sandyport Subdivision situated in the Western District of the island of New Providence, one of the Islands of the Commonwealth of The Bahamas.

The property is being sold on a “as is, where is” basis with no representations, warranties or conditions to be provided to the purchaser. The deadline for the submission of unconditional offer forms is May 30, 2021 and are to be submitted to info@intelisysltd. com.

Please visit the website link https://www.thevueholdingsincreceivership.com/ for more information, including the Appraisal report and Offer Forms.

PAGE 10, Thursday, May 20, 2021

THE TRIBUNE

APPLE CEO TIM COOK TO TESTIFY FRIDAY AS EPIC TRIAL NEARS END

SAN RAMON Associated Press

APPLE CEO Tim Cook, pictured, will take the witness stand this Friday in a high-stakes courtroom battle over the lucrative commissions the iPhone maker has been raking in from its mobile app store.

The timing of Cook’s highly anticipated testimony was confirmed yesterday when a federal judge granted Apple’s request to allow the 60-year-old executive to be the first witness sworn in Friday morning during a trial that has been unfolding in an Oakland, California, courtroom since the beginning of this month.

The trial revolves around an antitrust lawsuit filed last year by Epic Games, the maker of the popular video

game Fortnite.

Epic is trying prove that commissions ranging from 15% to 30% on transactions in apps installed on iPhones, iPads and iPods are part of a monopoly that Apple has created around a fortress blocking other payment options on its mobile devices.

Apple has brushed off the allegations as a desperate attempt by Epic to boost its own profits by breaching a contract covering a system that requires a small portion of the 1.8 million apps in its store to pay the commissions on transactions.

Apple says the commissions help it pay for the technology powering its products, including the security and privacy protections that has helped make iPhone so popular.

Cook will be taking the stand as Apple prepares

to wrap its case before the two sides make their closing arguments and answer US District Judge Yvonne Gonzalez Rogers’ questions about the evidence on Monday. His appearance also will serve as a sort of bookend to the testimony

of Epic CEO Tim Sweeney, who took the stand for two days during the first two days of trial.

The CEOs’ testimony could be a study in contrasts. Cook has emerged as a polished, confident public speaker since inheriting his

CEO job nearly a decade ago from Apple’s late cofounder Steve Jobs. But Sweeney is far more soft spoken, and often had to be asked to speak up during his testimony that at times included statements that seemed to bolster Apple’s defense.

Cook will also have the advantage of listening to how Epic’s lawyers have been grilling Apple executives who have been taking the stand.

That list has included Phil Schiller, Apple’s former marketing guru and a Jobs confidant who was on the stand Monday and Tuesday. Apple’s software chief, Craig Federighi, took the stand yesterday to discuss the various ways the company insulates its products from hackers.

The specter of Jobs is likely to be raised while

Cook is on the stand, based on Epic’s strategy in the so far. Epic lawyers have repeatedly referred back to Jobs’ initial predictions that Apple wouldn’t make much money from the app store when he unveiled it 13 years ago.

Since then, the app store has become more successful than anyone envisioned and a major contributor to the profit growth that has helped give Apple its current market value of nearly $2.1tn. Just how much money Apple makes from the app store has remained a heated point of contention during the trial, although Schiller conceded during his testimony that the Cupertino, California, had pocketed at least $20bn from it through June 2017, based on calculations from figures publicly released as that time.

THE TRIBUNE

Thursday, May 20, 2021, PAGE 11

Stocks fall for a 3rd day; Bitcoin sinks after a wild ride Associated Press WALL Street racked up more losses yesterday as the stock market pulled back for the third straight day. The broad sell-off went beyond stocks, with the price of Bitcoin and other cryptocurrencies falling sharply.

The S&P 500 index dropped 0.3% after recovering from a 1.6% slide earlier in the day. The benchmark index is on track for its second weekly loss in a row.

Bank stocks were among the biggest decliners. Goldman Sachs fell 1.7% and Wells Fargo lost 1.5%. A range of retailers and other companies that rely directly on consumer spending also pulled the market lower.

Home Depot slid 0.7%, Gap fell 3% and L Brands dropped 3.1%.

Energy sector stocks, the biggest gainers so far this year, bore the heaviest losses as the price of US crude oil skidded 3.5%.

Digital currencies fell sharply after China’s banking association issued a warning over the risks associated with digital currencies. A statement posted on the industry association’s website said all members should “resolutely refrain from conducting or participating in any business activities related to virtual currencies”.

“Stocks and cryptocurrencies have been showing signs of froth over the past few months and were due for a pullback,” said Richard Saperstein, chief investment officer of Treasury Partners.

The S&P 500 lost 12.15 points to 4,115.68. The Dow Jones Industrial Average fell 164.62 points, or 0.5%, to 33,896.04. The blue-chip index had been down 586 points. The Nasdaq fared better than the rest of the market, shedding only 3.90 points, or less than 0.1%, to 13,299.74.

Smaller company stocks also lost ground. The Russell 2000 index gave up 17.24 points, or 0.8%, to 2,193.64.

Bitcoin’s price was down 10.8% to $38,723, well below its all-time high of over $64,800 reached a month ago, according to the crypto news site Coindesk.

It swung in a huge range of as low as $30,202 and as high as $43,621 over the course of the day.

That the headline out of China rattled crypto investors suggests the market was already weak, said Willie Delwiche, investment strategist at All Star Charts.

“If Bitcoin had been holding up better, a headline like that would be dismissed more readily, but it comes at a time when Bitcoin was already well off its highs,” he said. “It gave people who were looking for a reason to sell cover.”

The Bitcoin skid comes after longtime Bitcoin advocate Tesla recently recently said it would no longer accept Bitcoin as payment for its cars, reversing its earlier position.

The selling was so intense that the web site of Coinbase, an online brokerage for digital currencies, was temporarily down in the morning. Coinbase’s stock dropped 5.9%, ending about 34% below the peak it reached on April 16, just two days after its IPO. Investors continue to be focused on whether rising inflation will be temporary or whether it will endure.

Prices are rising for everything from gasoline to food as the economy recovers from its more than yearlong malaise.

The Federal Reserve expects that rising inflation will be temporary and related to the recovering economy, but investors are still uncertain and have been more cautious.

“That’s one of the things people are struggling with,” said JJ Kinahan, chief strategist with TD Ameritrade.

“They go to get gas and get in line at a grocery store and they see higher prices; there’s this mixed message for the average investor.”

The fear is that the Federal Reserve will have to dial back its

FED OFFICIALS IN APRIL CAUTIONED ABOUT INFLATION PRESSURES WASHINGTON Associated Press

THE US economy’s fasterthan-expected awakening from its pandemic-induced slumber had some Federal Reserve officials last month discussing whether it might be time to start planning for easing back on one of the central bank’s levers for keeping interest rates low.

The discussions, revealed in the minutes of the Fed’s April meeting released Wednesday, marked the first time the central bank has even hinted that the time could be approaching to consider reducing the Fed’s $120bn monthly bond purchases. The purchases have the effect of putting downward pressure on longterm interest rates.

Officials have been wary about broaching the subject given painful memories of the “taper tantrum” of 2013, when remarks by then-Fed Chairman Ben Bernanke about trimming bond purchases roiled financial markets and sent market interest rates briefly surging.

The minutes of the April meeting said, “A number of participants suggested that if the economy continued to make rapid progress toward the committee’s goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases.”

The Fed has been so cautious that Fed Chairman Jerome Powell, pictured, said at his April news conference that the Fed was not even “thinking about thinking about” trimming its bond purchases.

The comment in the Fed’s minutes did not specify when talks on reducing bond purchases would begin. But it was the most explicit comment by the Fed that the better-than-expected economic performance could trigger such discussions in some future meeting.

In an effort to give the economy more of a boost, the Fed over the past year has

been buying $80bn per month in Treasury bonds and $40bn in mortgage-backed bonds.

Kathy Bostjancik, chief US financial economist at Oxford Economics, said she expects the Fed to formally announce bond tapering plans at its late-August conference in Jackson Hole, Wyoming, with the tapering of the bond purchases beginning in early 2022.

The minutes showed that Fed officials had also taken notice of higher inflation readings that were have been occurring this year.

A number of participants in the Fed’s discussions expressed the view that supply-chain bottlenecks and input shortages that were pushing prices higher may not be resolved quickly and could end up putting “upward pressure on prices beyond this year”.

Some officials said that in some industries, the supplychain disruptions appeared to be “more persistent than originally anticipated”.

Still, even with the concerns expressed about price increases, Fed officials said that longer-term expectations about inflation remained well anchored at levels broadly in line with the goal of annual price increases hitting the Fed’s 2% target, after rising for a short period above that level.

At its April meeting, the Fed kept its benchmark rate at a record low of 0% to 0.25%, where it has been since March 2020, when the central bank slashed rates after the pandemic hit and millions of people were losing their jobs.

extensive support if inflation persists. That includes record-low interest rates and the monthly purchase of $120bn in bonds meant to goose the job market and economy.

The minutes from the central bank’s April meeting of policymakers, which were released yesterday afternoon, reaffirmed the view that the Fed’s decision to keep its benchmark interest rate ultra-low remains the best policy approach, though some officials cautioned that some factors pushing inflation higher may not be resolved quickly.

For all the worries about inflation, however, many professional investors are echoing the Federal Reserve in saying that they expect rising prices to be “transitory”.

Higher interest rates drag on most of the stock market, but they are particularly painful for stocks, especially technology shares, considered the most expensive and those bid up for profits expected far into the future.

Treasury yields mostly rose. The yield on the tenyear Treasury note rose to 1.67% from 1.64% late Tuesday.

Target gained 6.1% after reporting strong results as consumers, some flush with US stimulus payments, were eager to spend as the pandemic eases.

To advertise in The Tribune, contact 502-2394

PAGE 12, Thursday, May 20, 2021

THE TRIBUNE PEOPLE in the reopened Szechenyi bath in Budapest, Hungary. The European Union yesterday took a step toward relaxing tourism travel for visitors from outside the bloc, with EU ambassadors agreeing on measures to allow fully vaccinated visitors in. Photo: Laszlo Balogh/AP

To advertise in The Tribune, contact 502-2394

EU TAKES BIG STEP TOWARD RELAXING TRAVEL FOR VACCINATED BRUSSELS Associated Press

THE European Union took a step toward relaxing travel rules for tourists from outside the 27-nation bloc yesterday when EU ambassadors agreed on measures to allow in fully vaccinated visitors.

The ambassadors also agreed to ease the criteria needed for nations to be considered COVID-19 safe and from which all tourists can travel, depending on their coronavirus and vaccination status. Under the existing criteria, the list includes only seven nations.

The EU imposed restrictions on nonessential travel last year to slow the spread of the coronavirus. The bloc’s ambassadors said many of those restrictions should be eased, including to permit vacation travel by non-EU residents.

The European Council made up of EU nations “will now recommend that member states ease some of the current restrictions” for those who have been vaccinated, European Commission spokesperson Christian Wigand said. He didn’t give a precise date

MARKET REPORT www.bisxbahamas.com

WEDNESDAY, 19 MAY 2021

BISX ALL SHARE INDEX:

CLOSE

CHANGE

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0.04 -142.64

-6.82

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

BISX LISTED & TRADED SECURITIES 52WK HI 5.20 33.05 1.50 2.90 1.78 6.00 6.96 3.60 6.00 4.03 6.16 12.00 2.75 7.50 10.71 9.01 14.60 4.25 8.97 16.00

52WK LOW 3.13 22.65 1.46 1.62 1.44 5.00 6.00 2.70 4.25 2.75 5.00 9.75 2.10 4.90 9.50 8.00 13.00 3.42 8.15 15.20

PREFERENCE SHARES 1.00

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1.00 10.00 1.00

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

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

LAST CLOSE 5.20 32.12 1.50 2.61 1.44 6.00 6.96 3.53 4.30 2.90 5.94 9.75 2.34 6.80 11.46 9.01 14.00 3.99 8.19 15.50

CLOSE 5.20 32.12 1.50 2.61 1.44 6.00 6.96 3.53 4.30 2.90 5.94 9.75 2.37 7.00 11.35 9.01 14.00 3.99 8.19 15.50

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

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SYMBOL FBB22 BFHB

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGR1252380 BSBGR1271398 BSBGRS870288

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.86

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.86

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

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

52WK LOW 100.00 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.00 100.00 100.66

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.66

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing) Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FX BGR125238 BGRS FX BGR127139 BGRS FL BSBGR870288

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.20 (0.11) 0.00 0.00 0.00 0.00 0.00

VOLUME

2,000

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

VOLUME

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

P/E 21.8 34.5 N/M N/M N/M N/M 18.9 -8.1 30.7 15.8 13.2 13.5 23.2 15.0 17.6 12.4 17.2 19.7 8.7 24.6

YIELD 3.27% 3.92% 1.33% 1.15% 0.00% 0.00% 3.74% 0.00% 0.00% 4.14% 3.70% 7.38% 18.31% 0.86% 2.89% 2.66% 3.86% 3.01% 2.44% 3.94%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75% 6.25%

19-Oct-2022 30-Sep-2025

6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 5.00% 5.00% 4.33%

20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 15-Oct-2038 15-Jan-2039 26-Apr-2028

MATURITY

MUTUAL FUNDS 52WK HI 2.42 4.43 2.16 202.18 190.86 1.69 1.81 1.78 1.16 8.58 10.26 7.35 14.59 12.84 10.31 10.00 10.43 14.89

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.67 1.73 1.75 1.03 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

NAV 2.42 4.43 2.16 202.18 190.86 1.69 1.75 1.76 1.03 8.58 10.14 7.35 14.59 12.64 9.99 N/A 10.43 14.89

YTD% 12 MTH% 1.11% 4.62% -0.08% 0.88% 0.64% 2.75% 0.14% 5.02% 3.25% 31.13% 0.91% 0.68% -2.55% -3.02% -0.27% -0.27% -2.20% -7.62% 1.14% 4.22% 1.09% 3.04% 1.01% 4.65% 4.93% 42.27% -1.56% 0.80% -0.60% -4.90% N/A N/A 3.00% 25.60% 7.90% 48.70%

NAV Date

31-Mar-2021 31-Mar-2021 26-Mar-2021 31-Mar-2021 31-Mar-2021 30-Apr-2021 30-Apr-2021 30-Apr-2021 30-Apr-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 31-Mar-2021 31-Mar-2021 31-Mar-2021

MARKET TERMS

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00

YIELD - last 12 month dividends divided by closing price

52wk-Hi - Highest closing price in last 52 weeks

Bid $ - Buying price of Colina and Fidelity

52wk-Low - Lowest closing price in last 52 weeks

Ask $ - Selling price of Colina and fidelity

Previous Close - Previous day's weighted price for daily volume

Last Price - Last traded over-the-counter price

Today's Close - Current day's weighted price for daily volume

Weekly Vol. - Trading volume of the prior week

Change - Change in closing price from day to day

EPS $ - A company's reported earnings per share for the last 12 mths

Daily Vol. - Number of total shares traded today

NAV - Net Asset Value

DIV $ - Dividends per share paid in the last 12 months

N/M - Not Meaningful

P/E - Closing price divided by the last 12 month earnings

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

for when the borders will reopen since EU countries have yet to formally approve the measures.

“The council should also soon expand the list of non-EU countries with a good epidemiological situation from where travel is permitted,” said Wigand.

The European Centre for Disease Prevention and Control is to give advice on the list.

The US Travel Association praised the EU’s move and urged the US government to adopt a similar approach to allowing international tourism to resume.

“The US has been a leader in many aspects of managing the pandemic but is behind our global competitors in pursuing an international economic reopening,” Roger Dow, the trade group’s president and CEO, said. “The millions of travel-related US jobs that were lost to the pandemic won’t come back on the strength of domestic travel alone, so identifying the path to restarting international

visitation is essential to an overall economic recovery.”

The European Commission - the EU’s executive arm - proposed easing the rules for entering the bloc earlier this month, saying entry should be granted to individuals fully vaccinated with EU-authorised shots. Coronavirus vaccines authorised by the European Medicines Agency, the bloc’s drug regulator, include the ones made by Pfizer, Moderna, AstraZeneca and Johnson & Johnson.

The executive commission also proposed permitting EU member nations to decide individually whether to allow in travelers immunized with vaccines approved by the World Health Organization for emergency use, which include the Chinese Sinopharm vaccine.

Wigand said ambassadors also agreed on an “emergency brake” mechanism designed to stop dangerous virus variants from entering EU nations through quickly enacted travel limits if the infection situation deteriorates in a non-EU country.

NOTICE NOTICE is hereby given that BARBARA MARY EIROA GOMEZ, of P.O. Box N266 New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of May 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

NOTICE NOTICE is hereby given that ROCHELLE MARIAN BRYAN, of #8 Pinetree Close, Seahorse Village, Grand Bahama, 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 13th day of May 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that MANDISA ANTONIA TAYLOR, of Carmichael, Rocky Pine, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 13th day of May 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that RUBENS JOSEPH, of Park Way, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 13th day of May 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE ANNUITANT VERIFICATION As part of the verification of benefits procedure, Colina Insurance Limited requires all recipients of annuity payments to produce evidence of their continuing eligibility to receive such payments twice each year – during the months of May and November.

To be verified during the month of May 2021, annuitants must visit any of the following Colina locations and be verified by a Customer Service Representative: • • • • •

21 Collins Avenue 56 Collins Avenue Carmichael Road (Walk-In Medical Clinic bldg) East Mall & Poinciana Drive (Freeport) Turnquest Star Plaza (George Town)

The following documents must be presented at the time of verification: • •

Annuity card, and Valid Passport, Drivers License or Voters Card

Annuitants residing outside of The Bahamas, or those who are unable to visit our offices physically, may download the Life Certificate Form from the Company’s website, www.colina.com.The form should be completed, validated by a Notary Public and delivered to our office at the address below.

Colina Insurance Limited 21 Collins Avenue, P. O. Box N-4728 Nassau, New Providence, The Bahamas Annuitants who fail to verify on or before May 31, 2021 will have their payments suspended until this process is completed.

Should you require additional information, please contact our Customer Service Centre at 356-8300. www.colina.com

NOTICE NOTICE is hereby given that RICOLETTE ALFREA DAWKINS of #12 Sea View Drive of West Bay Street, 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 13th day of May, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Thursday, May 20, 2021, PAGE 13

THE TRIBUNE

Thursday, May 20, 2021, PAGE 15

COLONIAL PIPELINE CONFIRMS IT PAID $4.4M TO HACKERS NEW YORK Associated Press

THE operator of the nation’s largest fuel pipeline confirmed it paid $4.4m to a gang of hackers who broke into its computer systems.

Colonial Pipeline said yesterday that after it learned of the May 7 ransomware attack, the company took its pipeline system offline and needed to do everything in its power to restart it quickly and safely, and made the decision then to pay the ransom.

“This decision was not made lightly,” but it was one that had to be made,

a company spokesman said. “Tens of millions of Americans rely on Colonial – hospitals, emergency medical services, law enforcement agencies, fire departments, airports, truck drivers and the traveling public.”

Colonial Pipeline’s CEO, Joseph Blount, told The Wall Street Journal he authorised the payment because the company didn’t know the extent of the damage and wasn’t sure how long it would take to bring the pipeline’s systems back.

The FBI discourages making ransom payments to ransomware attackers, because paying encourages

criminal networks around the globe who have hit thousands of businesses and health care systems in the US in the past year alone. But many victims of ransomware attacks, where hackers demand large sums of money to decrypt stolen data or to prevent it from being leaked online, opt to pay.

“I know that’s a highly controversial decision,” Blount told the Journal.

“But it was the right thing to do for the country.”

Blount said Colonial paid the ransom in consultation with experts who previously dealt with the group behind the attacks, DarkSide, which

rents out its ransomware to partners to carry out the actual attacks.

Multiple sources had confirmed to The Associated Press that Colonial Pipeline had paid the criminals who committed the cyberattack a ransom of nearly $5m in cryptocurrency for the software decryption key required to unscramble their data network.

A ransom payment of 75 Bitcoin was paid the day after the criminals locked up Colonial’s corporate network, according to Tom Robinson, co-founder of the cryptocurrency-tracking firm Elliptic. Prior to Robinson’s blog post, two people

briefed on the case had confirmed the payment amount to AP. Blount told the Journal the attack was discovered around 5:30am on May 7. It took Colonial about an hour to shut down the pipeline, which has 260 delivery points across 13 states and Washington, DC, Blount said. That helped prevent the infection from potentially migrating to the pipeline’s operational controls. But there are lingering issues. Blount said Colonial is still unable to bill customers following an outage of that system.

The pipeline system delivers about 45% of the

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 82° F/28° C Low: 69° F/21° C

TAMPA

uV inDex toDay

FRIDAY

SATURDAY

SUNDAY

MONDAY

Very windy; mostly cloudy

Cloudy with winds subsiding

Windy with sun and clouds

Mostly sunny with winds subsiding

Mostly sunny, breezy and pleasant

Sunny and beautiful

High: 84°

Low: 73°

High: 83° Low: 72°

High: 84° Low: 72°

High: 83° Low: 72°

High: 85° Low: 73°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

84° F

70° F

83°-69° F

86°-70° F

87°-71° F

91°-73° 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: 79° F/26° C Low: 73° F/23° C

12-25 knots

S

High: 84° F/29° C Low: 76° F/24° C

12-25 knots

FT. LAUDERDALE

FREEPORT

High: 83° F/28° C Low: 75° F/24° C

N E S

E

W

WEST PALM BEACH

W

| Go to AccuWeather.com

TONIGHT

High: 89° F/32° C Low: 71° F/22° C

High: 83° F/28° C Low: 70° F/21° C

MIAMI

High: 83° F/28° C Low: 76° F/24° C

10-20 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 82° F/28° C Low .................................................... 77° F/25° C Normal high ....................................... 84° F/29° C Normal low ........................................ 71° F/22° C Last year’s high ................................. 89° F/32° C Last year’s low ................................... 68° F/20° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 3.36” Normal year to date ..................................... 7.51”

ELEUTHERA

NASSAU

High: 84° F/29° C Low: 73° F/23° C

Forecasts and graphics provided by AccuWeather, Inc. ©2021

High: 81° F/27° C Low: 74° F/23° C

N

KEY WEST

High: 83° F/28° C Low: 76° F/24° C

tiDes For nassau High

E

W

12-25 knots

S

12-25 knots

Low

Ht.(ft.)

0.3 0.4

2:37 a.m.

3:16 p.m.

2.6 2.3

9:10 a.m.

9:24 p.m.

Friday

3:35 a.m.

4:16 p.m.

2.6 2.6

10:03 a.m. 0.1 10:29 p.m. 0.3

Saturday

4:33 a.m.

5:12 p.m.

2.7 2.9

10:56 a.m. -0.1 11:31 p.m. 0.0

Sunday

5:30 a.m.

6:07 p.m.

2.7 3.2

11:47 a.m. -0.4 ---------

Monday

6:25 a.m.

7:00 p.m.

2.7 3.4

12:30 a.m. -0.2 12:37 p.m. -0.7

Tuesday

7:18 a.m.

7:52 p.m.

2.8 3.6

1:26 a.m. -0.5 1:28 p.m. -0.9

Wednesday 8:11 a.m.

8:44 p.m.

2.7 3.7

2:21 a.m. -0.6 2:19 p.m. -0.9

sun anD moon Sunrise Sunset

6:23 a.m.

7:50 p.m.

Moonrise Moonset

1:54 p.m.

2:21 a.m.

Full

Last

New

First

May 26

Jun. 2

Jun. 10

Jun. 17

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 81° F/27° C Low: 73° F/23° C

High: 81° F/27° C Low: 75° F/24° C

N

High: 81° F/27° C Low: 75° F/24° C

E

W S

LONG ISLAND

tracking map H

Ht.(ft.)

Today

High: 81° F/27° C Low: 74° F/23° C

N

S

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

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

CAT ISLAND

E

W

gasoline consumed on the East Coast, and Colonial, which is based in Alpharetta, Georgia, halted fuel supplies for nearly a week. That led to panic-buying and shortages at gas stations from Washington, DC to Florida.

Colonial restarted its pipeline a week ago, but it took time to resume a full delivery schedule, and the panic-buying led to gasoline shortages. More than 9,500 gas stations were out of fuel yesterday, including half of the gas stations in DC and 40% of stations in North Carolina, according to Gasbuddy.com, which tracks fuel prices and station outages.

High: 81° F/27° C Low: 74° F/23° C

12-25 knots

MAYAGUANA High: 81° F/27° C Low: 76° F/24° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 82° F/28° C Low: 76° F/24° C

High: 82° F/28° C Low: 74° F/23° C

GREAT INAGUA High: 83° F/28° C Low: 76° F/24° C

N

E

W

E

W

N

S

S

12-25 knots

8-16 knots

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

Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:

WINDS NE at 12-25 Knots NE at 10-20 Knots NE at 12-25 Knots ENE at 10-20 Knots ENE at 12-25 Knots NE at 10-20 Knots ENE at 12-25 Knots NE at 10-20 Knots ENE at 12-25 Knots NE at 10-20 Knots ENE at 12-25 Knots ENE at 10-20 Knots NE at 12-25 Knots ENE at 10-20 Knots NE at 8-16 Knots NE at 10-20 Knots ENE at 12-25 Knots ENE at 10-20 Knots ENE at 12-25 Knots NE at 10-20 Knots ENE at 10-20 Knots ENE at 8-16 Knots NE at 12-25 Knots ENE at 12-25 Knots NE at 12-25 Knots ENE at 10-20 Knots

WAVES 6-10 Feet 5-9 Feet 1-3 Feet 1-3 Feet 6-10 Feet 4-8 Feet 4-8 Feet 4-7 Feet 6-10 Feet 4-8 Feet 3-5 Feet 2-4 Feet 1-3 Feet 1-2 Feet 3-6 Feet 3-6 Feet 4-8 Feet 3-6 Feet 6-10 Feet 4-8 Feet 2-4 Feet 2-4 Feet 3-6 Feet 4-7 Feet 3-5 Feet 2-4 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 5 Miles 10 Miles 5 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 5 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 78° F 78° F 80° F 79° F 85° F 84° F 82° F 82° F 79° F 79° F 79° F 77° F 80° F 79° F 82° F 82° F 81° F 81° F 82° F 81° F 80° F 80° F 82° F 82° F 82° F 81° F

PAGE 16, Thursday, May 20, 2021

THE TRIBUNE

Why has the price of Bitcoin been falling?

NEW YORK Associated Press EVEN by Bitcoin’s standards, yesterday was pretty wild.

The price of the famously volatile digital currency fell nearly 30% at one point after the China Banking Association warned member banks of the risks associated with digital currencies. The decline narrowed to below 10% in the afternoon, but Bitcoin had still lost about $70bn in market value in 24 hours.

Bitcoin has lost about 38% of its value since April 13 when it hit a high of more than $64,800, according to Coindesk. The China warning was just the latest headwind: Before Wednesday, Tesla’s decision to not accept the digital currency as payment for cars — after it said it would — and murmurings in Washington about tighter regulation of digital currencies had put pressure on Bitcoin. The price is still up about 31% in 2021 and nearly 300% from a year ago.

Here’s a look at Bitcoin and digital currencies in general:

HOW BITCOIN WORKS Bitcoin is a digital currency that is not tied to a bank or government and allows users to spend money anonymously. The coins are created by users who “mine” them by lending computing power to verify other users’ transactions. They receive Bitcoins in exchange. The coins also can be bought and sold on exchanges with US dollars and other currencies. Some businesses take Bitcoin as payment, and a number of financial institutions allow it in their clients’ portfolios, but overall mainstream acceptance is still limited.

Bitcoins are basically lines of computer code that are digitally signed each time they travel from one owner to the next. Transactions can be made anonymously, making the currency popular with libertarians as well as tech enthusiasts, speculators — and criminals.

Bitcoins have to be stored in a digital wallet, either online through an exchange like Coinbase, or offline on a hard drive using specialised software. According to Coinbase, there are about 18.7 million Bitcoins in

circulation and only 21 million will ever exist. The reason for that is unclear, and where all the Bitcoins are is anyone’s guess.

WHAT HAPPENED TO THE PRICE? Yesterday, a statement posted on the Chinese Banking Association’s website said financial institutions should “resolutely refrain” from providing services using digital currencies because of their volatility.

Virtually every cryptocurrency fell after the industry group’s statement.

As of 4:15pm eastern time yesterday, Bitcoin was down more than 7% at around $40,310 per coin. Most cryptocurrencies lost between 7% and 22% of their value and shares of Coinbase dropped 5.4%.

It’s not unusual for the value of Bitcoin to change by thousands of dollars in a short time period, though swings totaling around $20,000 in one day are extreme. On the last trading day of 2020, Bitcoin closed just under $30,000. In midApril, it flirted with $65,000.

DOESN’T ELON MUSK HAVE A ROLE HERE?

Yes, and a fairly big one.

Musk announced in February that his electric car company Tesla had invested $1.5bn in Bitcoin. In March, Tesla began accepting Bitcoin as payment. Those actions contributed to the run-up in Bitcoin’s price, and Musk also promoted the digital currency Dogecoin, which also spiked in value.

However, Musk reversed course in just a short time, saying last week that Tesla would stop accepting Bitcoin because of the potential environmental damage that can result from Bitcoin mining. The announcement sent Bitcoin falling below $50,000 and set the tone for the big pullback recently in most cryptocurrencies.

A number of Bitcoin fans pushed back on Musk’s reasoning. Fellow billionaire Mark Cuban said that gold mining is much more damaging to the environment than the mining of Bitcoin.

A 2019 study by the Technical University of Munich and the Massachusetts Institute of Technology found that the Bitcoin network generates an amount of CO2 similar to a large Western city or an entire developing country like Sri Lanka. But a University of Cambridge study last year estimated that on average, 39% of “proofof-work” crypto mining was powered by renewable energy, primarily hydroelectric energy.

There had been some concern among Bitcoin investors that Tesla would sell some or all of its Bitcoin holdings, but Musk indicated in a tweet yesterday that Tesla was sticking with its investment.

BUT SOME COMPANIES ARE USING BITCOIN? The digital payment company Square and its CEO Jack Dorsey — also the CEO of Twitter — have been big proponents of Bitcoin.

Overstock.com also accepts Bitcoin, and in February, BNY Mellon, the oldest bank in the US, said it would

include digital currencies in the services it provides to clients. And Mastercard said it would start supporting “select crypto currencies” on its network.

Bitcoin has become popular enough that more than 300,000 transactions typically occur in an average day, according to Bitcoin wallet site blockchain.info. Still, its popularity is low compared with cash and credit cards.

THERE IS SKEPTICISM AROUND BITCOIN? Yes, plenty of it. Tracking Bitcoin’s price is obviously easier than trying to figure out its value, which is why so many institutions, experts and traders are skeptical about it and cryptocurrency in general. Digital currencies were seen as replacements for paper money, but that hasn’t happened so far. Federal Reserve Chair Jerome Powell has said the central bank prefers to call crypto coins “crypto assets”, because their volatility undermines their ability to store value, a basic function of a currency.

While some banks and financial services companies are getting in on it, others are staying away.

COULD A DIGITAL CURRENCY SELL-OFF CAUSE WIDESPREAD DAMAGE? Regulators aren’t very worried about a possible crash in digital currencies dragging down the rest of the financial system or economy.

Even with the recent selloff, digital currencies have a market value of about $1.72tn, according to the website coinmarketcap. com. But that pales compared with the $46.9tn stock market, $41.3tn residential real estate market and nearly $21tn Treasury market at the start of the year.

The European Central Bank said Wednesday that the risk of cryptocurrencies affecting the financial system’s stability looks “limited at present”. In large part,

that’s because they’re still not widely used for payments and institutions under its purview still have little exposure to crypto-linked instruments.

Earlier this month, the Federal Reserve said a survey of market contacts found roughly one in five cited cryptocurrencies as a potential shock to the system over the next 12 to 18 months. That’s a turnaround from the fall, when a similar survey found none mentioning cryptocurrencies.

HOW MUCH OVERSIGHT IS THERE? Washington officials have been talking about regulating digital currencies more, and worries about a heavier hand have played a role in the recent swoon in prices.

Gary Gensler, who took over as chairman of the Securities and Exchange Commission last month, has said that cryptocurrency markets would benefit from more oversight to protect investors.

In a hearing before the House’s financial services committee earlier this month, Gensler said neither the SEC nor the Commodity Futures Trading Commission, which he used to head, has a “regulatory framework” for trading on cryptocurrency exchanges yet. He said he thought Congress would ultimately have to address it because “there’s really not protection against fraud or manipulation”.

HOW BITCOIN CAME TO BE It’s a mystery. Bitcoin was launched in 2009 by a person or group of people operating under the name Satoshi Nakamoto. Bitcoin was then adopted by a small clutch of enthusiasts. Nakamoto dropped off the map as bitcoin began to attract widespread attention. But proponents say that doesn’t matter: The currency obeys its own internal logic.