Issuu

business@tribunemedia.net

FRIDAY, MAY 21, 2021

$4.91

Govt mulls VAT hike on $1m-plus property By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

HE government is mulling whether to increase the VAT rate to 12 percent on all property sales worth $1m and above as part of next week’s budget measures to plug a multi-million dollar revenue gap. Multiple government officials, speaking on condition of anonymity, told Tribune Business there was a strong belief within the Minnis administration that “the very hot market” for high-end Bahamian properties will be able to easily

• Eyeing rate rise to 12% in next week’s budget • Plans to create permanent residency ‘fund’ • Investors to finance social, infrastructure outlay withstand this two percentage point increase. The present structure levies VAT at just 2.5 percent on real estate sales transactions worth up to $100,000, with ten percent applied to all other deals, thereby giving the Ministry of Finance scope to target deep-pocketed buyers with higher tax rates to help pay for the debt and deficit blowouts caused by COVID-19 and Hurricane Dorian.

This newspaper understands that increasing the VAT rate to 12 percent for all property sales worth $1m or more, which would bring it into line with the rate Bahamians pay on every day items, is just one of multiple revenue-raising measures being considered as part of a package intended to help ease the fiscal woe for the cash-strapped Public Treasury. It is thought that these proposals are being largely

targeted at those most able to pay, such as wealthy foreign real real estate owners, as opposed to middle and lower income Bahamians who have born the brunt of COVID-19, in a bid to ensure they do not inflict further social hardship or undermine the economy’s post-COVID rebound. Any new and increased levies are also being accompanied by

SEE PAGE 6

Don’t accept severance, 700 terminated Atlantis staff told By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE hotel union’s president yesterday said the 700 terminated Atlantis workers have been advised not to accept their redundancy payouts through the three installments offered by the resort. Darrin Woods, the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU) chief, told Tribune Business that a communication had been sent to both union and nonunion workers urging them not to accept a formula that contravenes the Employment Act. The Act’s redundancy/ termination provisions require that all severance pay and due benefits, such as accrued vacation, be paid out upfront when the worker exits their place of

• Union hits at three-installment payouts • Labour chief: Formula illegal unless agreed • Attorney: Resort exposed to ‘unfair dismissal’

DARRIN WOODS

OBIE FERGUSON

employment for the final time. However, the 700 terminated workers - as reported by Tribune Business on Wednesday - were informed by Karen Carey, Atlantis’ senior vice-president of human resources, that their due severance and other

benefits owed will be paid in installments on May 27, June 24, and July 22. “We’ve sent a communication to our members not to sign for installment payments unless they want it,” Mr Woods disclosed. “We sent a communication out to inform persons, not

BTC targets 60% Internet ‘migration’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas Telecommunications Company (BTC) is aiming to switch 60 percent of Internet customers to its new network technology by 2023 as it seeks to “reclaim the market leader mantle”. Andre Foster, the carrier’s newly-appointed chief executive, told Tribune Business the “migration” of the majority of Internet subscribers from its old copper network to fibreto-the-home infrastructure

ANDRE FOSTER was critical to regaining market share from a former employer, Cable Bahamas. Acknowledging that BTC’s recent move to

SEE PAGE 3

Minister’s fears on ‘vaccine hesitancy’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A CABINET minister has reiterated his concern that “vaccine hesitancy” among Bahamians and residents is delaying the economy’s rebound and contributing to the COVID-19 “third wave”. Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that “the hue and cry” over present infection rates should serve as a warning for persons to become inoculated

DIONISIO D’AGUILAR as it was critical to reviving the tourism industry and wider economy. “I continue to be concerned by vaccine hesitancy,”

SEE PAGE 4

only union members but all workers, not to sign unless they want it. They should not be held in a corner by someone holding a carrot over their head. “You’ve been out for 14-15 months on furlough already. If the company is taking an additional three months to pay you, wait that time of you get your monies upfront.... If the law says what you ought to be doing, you by yourself cannot unilaterally change what the law says.” Atlantis did not respond to this newspaper’s requests for comment before press time last night, so

SEE PAGE 7

$4.94

$4.89

Cruise port expansion hits marina’s business By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Association of Bahamas Marinas (ABM) president yesterday complained he has been placed at a competitive disadvantage because Nassau Cruise Port has yet to dredge the harbour. Peter Maury, who operates Bay Street Marina, told Tribune Business that extension of the cruise port’s northern-most pier to provide for two Oasis-class cruise ship berths has cutoff access to his property for mega yachts until dredging takes place to provide deepwater access yet again. He explained: “They have built the dock but they haven’t dredged the harbour, so I don’t have deep water access to my marina.” Mr Maury said he had written multiple letters to Nassau Cruise Port and the authorities in a bid to rectify the issue, but said his concerns have yet to be addressed and he is losing business by having to turn away larger vessels. Cruise port officials, though, have told this newspaper that the necessary dredging will take place imminently. He spoke out after Michael Maura, Nassau Cruise Port’s chief executive, earlier this week sought to reassure New Providence marina operators that it will not “cannibalise” their business through its plan to offer mega yacht docking facilities. Revealing the intention for Prince George Wharf’s $250m transformation to be more than just a cruise port, he told Tribune Business that mega yacht 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.

Mr Maury, though, rejected the reassurance, and said: “I have a 550 foot dock with a 20 foot draft, but I can’t get a 20 foot draft boats in. I already have a mega yacht/super yacht marina. So what he’s saying is not necessarily true. “Atlantis has super yachts. Albany has super yachts. Freeport can have super yachts. We’ve all got super yachts. I often times get boats that come in here that are 350 feet. I just want my deep water access back. All they have to do is re-dredge the channel. They have made the approach impossible. He added: “I’ve already lost business because of it, because in this weather like this with the shallow channel, a lot of boats are just not making the approach. I had a boat cancel yesterday because of it. They said it was too windy and with the chains, it is too risky, so they didn’t want to chance it.” Mr Maury said six properties were being impacted by the situation, and added: “They don’t just have to redredge the harbour. There’s a channel in the harbour already, and to the east of the Prince George Wharf they’re building..... you will see they’ve extended a new pier out there. “If they extended that pier and put new pilings in, that’s where the channel across the deep water access along the southern-bound property of the harbour is. Right within the harbour is the northern bounds of the harbour, which is for Paradise Island, and the southern bound is Nassau. “There are six properties on the southern bound of the harbour entrance, with two of them having a 20-foot draft. That needs to be reinstated or re-installed. They have 100 metres of dredging, but right now it’s

SEE PAGE 7

THE TRIBUNE

Friday, May 21, 2021, PAGE 3

RESILIENCE SQUARE COMMERCE CENTRE

ISLAND LUCK CHIEF’S ‘RENT FREE’ PLEDGE TO TENANTS By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net ISLAND Luck’s cofounder yesterday pledged that tenants in his newly-constructed Abaco commercial complex can enjoy the first six months’ “rent free” to help the island’s post-Dorian rebound. Sebas Bastian, speaking at the Resilience Square Commerce Centre’s opening, said the almost two-year project represented his contribution to aiding the island’s recovery from the devastating category five storm. Brickell Management Group, an Island Luck affiliate that Mr Bastian chairs, funded and constructed the 15-unit Resilience Square that is located in Marsh Harbour. He said: “This facility was designed to aid the return of commerce to this great island of Abaco. “It was clear that targeted and co-ordinated investments, such as these types of projects, create anchor facilities, restore a quality of life and encourage residents to return home and stimulate this economy.” Mr Bastian pledged that businesses seeking to lease space in Resilience Square can enjoy up to “six months rent free”, thus ensuring start-ups and small and medium-sized firms can “catch themselves” following the burst of initial

SEBAS BASTIAN costs that they will incur. Ken Hutton, the Abaco Chamber of Commerce’s president, said: “What Abaco needed was places for businesses to open. It took a long time to get locations. We’re still begging for locations for businesses. About 40 percent of our businesses pre-Dorian have returned to Abaco, so we have a long way to go. “Despite COVID, we have come a long, long way. Abaco is an amazing community. They are people that just get stuff done. Regardless of what’s

going on they just get stuff done. There’s a lot of work still left to be done in Abaco, and it’s going to take co-operation between the private sector and the public sector to get things done.” The prime minister, who attended the groundbreaking, said: “Resilience Square stands as a symbol of the progress we are making together to rebuild Abaco. My administration quickly recognised the enormous outpouring of assistance and support that had already been given from individuals and organisations, both domestic and international. We coordinated these efforts where possible to ensure that help found its way to those who needed it most.” Acknowledging that reconstruction will take time given the estimated $3.4bn in damages and losses inflicted by Hurricane Dorian, which devastated both Abaco and Grand Bahama, Dr Hubert Minnis said these costs had been worsened by the COVID-19 pandemic which had conspired to delay reconstruction efforts. He added that his administration is focused on building back stronger, and with buildings that can withstand category five force winds. Dr Minnis said this is something the Disaster Reconstruction Authority is focusing on along with strengthening economies on the affected islands and restoring public services in education, healthcare and housing.

BUSINESS OPPORTUNITY Well established Wholesale & Retail Liquor store looking for Managing Partner Or possible buy out. Great Prospect for Healthy Profits. SERIOUS INQUIRIES ONLY.

CALL: 1242(457-1906)

BTC targets 60% Internet ‘migration’ FROM PAGE ONE

upgrade broadband speeds for all customers is another element in this strategy, he explained: “I would say we’re starting from a pretty healthy penetration with our fibre-to-the-home footprint, but we’re going to be very aggressive. We’d like to see a majority of customer migrate from our copper services to fibre-to-the-home in the next 18 to 24 months.” This, Mr Foster said, aims to switch “60 percent of subscribers” from BTC’s legacy copper network to its new infrastructure technology in areas where both have been deployed, with a particular focus on eastern New Providence and its population density. “We’re taking a very positive approach to the migration strategy,” he added. “We’ve done it in Grand Bahama. Everyone in Eight Mile Rock and west of Eight Mile Rock have migrated to fibre-tothe-home, and now we’re focused on out footprint in eastern New Providence to migrate people over.” Mr Foster said BTC is “pretty fixated” on rolling-out its new network in south-west New Providence, including the Carmichael Road corridor and South Beach, having finished its

fibre-to-the-home deployment in communities such as Faith Avenue, Sunshine Park and Flamingo Gardens. It also plans to exploit its cables travelling down Gladstone Road to Coral Harbour. BTC earlier this week upgraded all its fibre-tothe-home subscribers to a minimum of 100Mbps (megabits per second), and at price points that were described by Mr Foster as offering “an amazing value proposition”. “We’re offering higher speeds at better price points than anyone on the market,” he asserted. “We’ve blown it out of the water. We could not be more happier about how we are elevating broadband speeds in The Bahamas.... “During this pandemic, the utility most relied upon apart from electricity is broadband Internet. People are moving to open businesses, develop entrepreneurial opportunities, and they need connectivity to open those businesses.” Mr Foster said some 45,000-46,000 homes were passed by BTC’s fibre-tothe-home infrastructure at end-April 2021, and the carrier is presently “adding a couple of thousand per month”. “This is not just an investment in big islands, this is an investment across all islands,” he added, pointing to the presence of BTC’s modern network

infrastructure in San Salvador and Bimini. Pointing to the continued multi-million dollar investment made by BTC’s ultimate parent, Liberty Latin America, in the network roll-out, Mr Foster said the latter was “focused on this market”. Acknowledging that BTC lags Cable Bahamas in this space, he conceded: “We have not been the broadband leader. I helped them [Cable Bahamas] claim that mantle, and I am looking to reclaim that again. “I think BTC has always had a competitive advantage. I would argue that BTC is one of the strongest brands in the country. That also puts us squarely on the board for criticism, both pro and con, but I think we always have a competitive advantage because while the competitor is in Nassau and any location where there is a level of return, we’re in Crooked Island and Acklins. “The only reason the competitor is there is because we were there first, and they are using our network. We’ve always had a competitive advantage.” BTC suffered a near-nine percent year-over-year revenue decline for the 2021 first quarter despite driving a 2,400 post-paid mobile subscriber rise, with its top-line falling by $4.3m compared to the same period in 2020, declining from $49.3m to $45m.

PAGE 4, Friday, May 21, 2021

THE TRIBUNE

Carnival registers first LNG ship in Bahamas AFTERMATH of fire at Potter’s Cay.

Vendors target $20,000 for Potter’s Cay rebuild By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net POTTER’S Cay vendors are aiming to raise up to $20,000 from a holiday weekend cook-out to help finance the rebuilding of stalls destroyed by last month’s fire. Wendi Constantine, president of the Bahamas Dock and Allied Venues Vendors Association (BDAVVA), told Tribune Business the upcoming Saturday

steak-out is seeking to raise “$15,000 to $20,000 to help the six vendors” that were affected by the fire. “We sold a few tickets already, and we are expecting some people to drive up and partake,” she added. The event will be aided by the government’s relaxation of COVID-19 rules relating to cook-outs, which allow them to be held using a drive-through or take-away model on the condition that no alcohol sales take place. The government has yet

LEGAL NOTICE

NOTICE SWAN VALLEY LIMITED N O T I C E IS HEREBY GIVEN as follows: (a)

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

(b)

The dissolution of the said company commenced on the19th May, 2021 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

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

Dated this 21st day of May, A. D. 2021 _________________________________ Bukit Merah Limited Liquidator

to provide details on what it intends to contribute to financing reconstruction of the destroyed Potter’s Cay stalls, but Ms Constantine said it intends to donate construction materials at the very least. Reconstruction has to be arranged by the individual stall owners and will not be a collective effort. “We have to build our own stalls,” said Ms Constantine. It is understood that none of the vendors impacted had insurance because wooden structures are never covered, so raising money and government assistance is all the vendors have to rely on. Ms Constantine said: “We don’t have anything at this time. The government is saying that they are going to contribute some building materials, but we haven’t gotten the OK as yet.” Potter’s Cay Dock, because of its tightlypacked vendor stalls, found it difficult to operate amid the COVID-19 pandemic. Vendors were shut down for a longer period than most other established, indoor dining venues. In addition, they are now dealing with the threat of a raw-conch poisoning outbreak, which has further put a damper on business as health authorities have advised Bahamians to not eat raw and uncooked conch.

CARNIVAL Cruise Lines says its first-ever liquefied natural gas (LNG) vessel to sail in the Americas will be registered under the Bahamian flag when it arrives in the region on June 4. The Mardi Gras will arrive in Florida on June 4 to begin preparations for its inaugural voyage once COVID-19 restrictions are lifted amid signs that a return to cruising from US ports is getting nearer. Christine Duffy, president of Carnival Cruise Line, said: “The Bahamas will be a frequent destination for Mardi Gras, and we are pleased to bring this new level of environmental sustainability to the many ports in The Bahamas and the Caribbean that the ship and our guests and crew will be visiting.” Captain Dwain Hutchinson, The Bahamas Maritime Authority’s (BMA) managing director and chief executive, said: “We are proud of our close collaboration and

relationship with Carnival Cruise Line, and we thank them for making The Bahamas their flag of choice for this innovative vessel. “As the world’s largest flag for passenger ships, we have a deep understanding and extensive knowledge of this sector, and we continue to take a proactive stance and advocacy on passenger ship matters on the international regulatory stage.” Widely seen as the future of the maritime industry, LNG is one of the cleanest fuels in the world, significantly reducing emissions with cleaner exhaust. “Carnival has enjoyed a very close relationship with The Bahamas for nearly half a century,” said Domenico Rognoni, Carnival’s senior vice-president for compliance, environmental and occupational safety. “Our first ever ship was the original Mardi Gras, and its inaugural voyage was to The Bahamas, so we believe registering the new Mardi Gras with the BMA is a fitting demonstration of

both the value of that relationship to Carnival, and our ongoing commitment to the country.” The Mardi Gras will also be the first cruise ship with a roller coaster. “The tourism and shipping sectors are two of the major financial contributors to The Bahamas’ economic development and our long-standing relationship with the world’s largest cruise fleet, Carnival Cruise Line, embodies both of these,” said BMA chair, Denise Lewis-Johnson. “We value the continued trust that Carnival Cruise Line has shown to the registry by flagging its newest ship, Mardi Gras, the first LNG powered cruise ship to operate in the Americas and Caribbean with The Bahamas. “This choice is testament to the quality and expertise of the BMA team. We look forward to welcoming the ship, its crew and passengers to our shores and sharing our world renowned Bahamian hospitality and customer service.”

Minister’s fears on ‘vaccine hesitancy’

know a lot of people are waiting and seeing, and I hope that period comes to an end shortly.” The Bahamas has presently vaccinated some 36,000 persons, and Mr D’Aguilar reiterated that the Ministry of Tourism’s figures and those of the major hotels/tourism operators showed “there’s a growing demand by visitors to come to the country, certainly over the summer months”. While acknowledging that this trend was likely to “ebb and flow” according to tourism’s seasonality, he added that this was set to translate into “a much better Christmas 2021 than 2020”. “I think every business in the tourism sector has had to digest the

effects of COVID-19,” Mr D’Aguilar said. “There’s no doubt every business in the tourism industry has been negatively impacted. Some businesses have closed, some have downsized, and some have gone into a cocoon to wait for the rebound to happen.” The minister earlier this week 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 mid70,000 range. He 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.

FROM PAGE ONE

the minister said. “It’s absolutely critical to keep the COVID-19 numbers at an acceptable level, and the only way to do that, apart from mask wearing and social distancing, which people are tiring of, is to get vaccinated. “There’s a lot of hue and cry about a ‘third wave’. It’s a reminder to us we have to get vaccinated. It’s a critical component of managing the ‘third wave’, and bringing the numbers down and saving people’s lives. If we want normalcy and the economy to rebound, vaccination is a critical component. I

THE TRIBUNE

Friday, May 21, 2021, PAGE 5

Marijuana advocate says gaps in draft legislation By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

How to incentivise staff to take COVID vaccine WITH the pandemic still ravaging communities and countries, millions across the globe are still hesitant to take the vaccine. Some employers have taken a hard stance by compelling employees to take it. Most business consultants agree that incentivising employees to become inoculated may be more effective than issuing mandates. Here are six ways to encourage your employees to take the vaccine. 1. Dedicate time at your regular staff meetings to sharing information about the COVID-19 vaccines and address concerns. Share educational blog posts about the vaccines in your company newsletter. In addition to including information about the COVID-19 vaccines, share tips about how to reduce the spread of SARS-CoV-2, including social distancing and frequent hand-washing. 2. Provide vaccination incentives or appreciation gifts for employees taking the vaccine. Company goodies, such as water bottles, t-shirts, hoodies or coffee mugs, plus free food or food delivery service gift

IAN FERGUSON BY

cards, will drive some to the vaccination lines. 3. Add some fun to your vaccination communications. Host raffles with prizes’, create “I Got Vaccinated” stickers, pins, shirts or mugs, and send them to any employee who wants them, or adopt a hashtag such as #IGotVaccinated and share photos of employees getting vaccinated on social media. 4. If your executive team is respected, involve them at all costs. Ask senior

managers to “lead by example” and talk to their team about their experience in getting vaccinated. Have them take pictures and be a part of the “get out and get vaccinated effort”. 5. Add time benefits to the vaccination process. Time off on vaccination day, or paid days off to recover from vaccination side effects (particularly after the second dose), regardless of whether or not they experience any, might help some make up their minds. 6. Make it easy to get to the vaccine appointment. Bussing employees, providing a gas voucher or awarding a mileage allowance might be the nudge employees need to get out and get vaccinated. • NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.

Notice! The 41st Annual General Meeting of the Public Workers’ Co-operative Credit Union Limited will be held at the Church of God Auditorium, Joe Farrington Road, on Friday, May 28th, 2021, commencing at 4:00 p.m., for the following purposes: To receive and ratify the 2020 Board of Directors’ Report To receive and ratify the 2020 Audited Accounts To receive and ratify the 2021 Budget To Elect three (3) members to the Board of Directors To Elect three (3) members to the Supervisory Committee To Elect two (2) members to the Credit Committee To take action on all matters that may come before the meeting.

NO NOMINATIONS WILL BE ALLOWED FROM THE FLOOR! The AGM will be livestreamed on Facebook; via our website: pwccu.com.

A MARIJUANA advocate yesterday said cannabis security licences and liberalising dispensaries are key elements that appear to be missing from draft legislation to legalise and regulate the industry. Terry Miller, chairman of the Bahamas Cannabis Research Institute (BACARI), told Tribune Business that the proposed Medicinal Cannabis Bill 2021 also failed to speak specifically to industrial hemp and was instead focused almost exclusively on medical marijuana. As for the licence fees for sector participants, he added: “The $10,000 per license price quoted is pretty reasonable. That opens the playing field for a lot of Bahamians to actually participate if you compare it to the gambling licence, which only a few people could actually participate in. So that’s not bad. “One of the things not circulated in the media was anything about industrial

hemp, because what was reported almost seems to speak to industrial hemp, but it steps a little bit out of that area.” Industrial hemp cultivation has been one of BACARI’s main goals, with Mr Miller praising the value in commercialising industrial hemp due to its multiple uses that range from from clothing to medicine and paper production. He added: “The report also noted that cannabis products or materials can only be sold on a commercial basis for research or medicinal use, but it says cannabis products and materials. If you’re looking at cannabis products and materials, then it goes further in Section 24 and it says a manufacturing license to allow for processing and manufacturing of cannabis materials, cannabis products or medicinal cannabis. So it’s speaking to different products separate from medicine and it’s saying that you’re only allowed to sell it locally or for research.” Vowing to review the draft Marijuana Bill for

inconsistencies, Mr Miller said that while BACARI has not been invited to discussions around its preparation, he has been assured that once it is tabled in the House of Assembly that his team will be a part of the public consultations. Mr Miller said: “Even in the licences they listed six categories of licences - cultivation, import, export, processing and manufacturing, research and transport. The thing is the Bill is missing the important part that security plays in the marijuana industry. Security should be a separate licence to itself, because it requires some specific protocols. Every business should have a security protocol. “Another important part I don’t see is dispensaries. We talk about the doctors writing prescriptions, but prescriptions to who and prescriptions to where? Are they saying every pharmacy is going to be able to sell medicinal marijuana? I don’t think coming out of the gate we should do it that way. I think we need to have specific cannabis dispensaries.”

To advertise in The Tribune, contact 502-2394

PAGE 6, Friday, May 21, 2021

Govt mulls VAT hike on $1m-plus property FROM PAGE ONE measures designed to boost foreign direct investment (FDI) and external currency inflows. Tribune Business was informed that the government is also considering whether to establish a fund to receive investments by wealthy foreigners seeking economic permanent residency in The Bahamas. This fund, established as an alternative to qualifying for permanent residency by

acquiring property worth $750,000 or more, would pool monies received from overseas investors and use these funds to invest in a variety of infrastructure and social projects across The Bahamas. Realtors yesterday gave a mixed reaction to plans to increase the VAT rate on high-end real estate transactions to 12 percent. While acknowledging that this segment of the market is booming, with one

THE TRIBUNE suggesting price in Lyford Cay have jumped by 15-30 percent in the last few weeks, they suggested that increases should be implemented on properties worth $5m and above rather than $1m. And, while many observers will agree that the government should hit this segment and better link tax increases to ability to pay, some realtors argued that it would do better to leave the segment alone rather than undermine its international competitiveness. “When it comes to real estate I think they should keep everything exactly as it is because we’re doing well,” John Christie, HG Christie’s president and managing broker, told Tribune Business. “That ten percent Stamp Tax, now VAT, has been tried and proven and any adjustment to it will slow things down. “I don’t think it will do us any good. Turks & Caicos reduced their stamp tax by cutting it in half to try and boost sales. We definitely don’t need to do that. Putting it up to 12 percent could slow a strong market. Hopefully they will keep it going as is without raising taxes too much. “They need to get The Bahamas as open as much as possible, get the tourists coming back in, and not over-tax the country. We’ve got to get back open as best we can. We need to try and get people back to work,

and more taxes means less possibility of people being re-employed. We have to get out of this pandemic before we start jacking taxes up.” Mike Lightbourn, Coldwell Banker Lightbourn Realty’s president, voiced concern that real estate deals presently under contract will attract a possible 12 percent rate if they fail to close before July 1, which is when the new budget year starts. While the VAT is typically split 50/50 between buyer and seller, he explained that any increase will force them to find extra funds they may not have budgeted for. “We all know they need more revenues, and that is one of the simplest ways of getting it, like increasing the VAT rate itself,” Mr Lightbourn added. “I just hope they continue to encourage investment by Bahamians and nonBahamians. Investment in real estate leads to other things, such as economic activity and income for the government.” However, Mario Carey, the Better Homes and Gardens Real Estate MCR Group principal, responded by saying “what a mistake” when informed of plans to increase the VAT rate to 12 percent on all transactions worth $1m or more. He argued that the rate increase should only apply to deals worth $5m or more because these were “more

geared to the international buyer” and so “it does not interfere with the upward mobility of Bahamians enjoying some success, and employing people. “Why persecute a Bahamian so overburdened, and can’t invest overseas, doesn’t have access to US currency. Why hold them down again?” asked Mr Carey. Advocating that permanent residency’s real estate investment threshold should be increased from $750,000 to $1.5m, he nevertheless backed the government’s plan to create a fund for overseas investors to contribute to as an alternative to acquiring property. Mr Carey said The Bahamas could develop a competitive advantage, as well as boost social and infrastructure spending, if contributions to such a fund could be linked to tax deductions or write-offs for investors as occurs in the US via the so-called 501 (c) (3) exemption. “Anyone who buys a $5m property, out of that a certain percentage goes to social development and gets a tax write-off,” he added. “If you buy real estate worth $1.5m for permanent residency, you have to donate a percentage or fixed fee of $250,000 to the social development fund. “You cannot buy property in this country for permanent residency unless you contribute to the social development fund. That’s the baseline. Maybe increase VAT on

transactions $5m or above and say permanent residency is at $1.5m. Any purchase of permanent residency, one percent goes into the social development fund.” Mr Carey also acknowledged: “We’re in a real estate boom. The Bahamas is a very attractive alternative. We are giving away our real estate, and we need to change that model and make it happen very quickly in this Budget. “With COVID-18 and this real estate boom, prices in Lyford Cay have jumped by anywhere from 15-30 percent in the last few weeks. The government needs to benefit from this boom, but not through taxes. It does not need to be taxing common Bahamians.” Peter Dupuch, ERA Dupuch’s founder and president, also argued that a VAT rate increase to 12 percent should apply only to real estate sales worth $5m or over as this would ensure only persons that could afford it - those with second and third homes - were impacted. He added that realtors were “running out of inventory almost” at the high-end, and said: “I’ve never really seen it so busy, and people have been buying homes sight unseen. They’re the group they should look at increasing taxes on a bit, although we’re trying to encourage people to come here.”

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Friday, May 21, 2021, PAGE 7

DON’T ACCEPT SEVERANCE, 700 TERMINATED ATLANTIS STAFF TOLD FROM PAGE ONE

NASSAU Cruise Port.

Cruise port expansion hits marina’s business FROM PAGE ONE

down to about a ten-foot draft. I need 18 feet, which is what we had before. “You can go to Google Earth and you look at Prince George Wharf, and you will see right down the middle of the harbour there is a bank, and close to Prince George Wharf is where we used to come through, but with that pier extended out you can’t get through that any more. All they have to do is take out a portion of the bank that’s there.” Speaking during a tour of Nassau Cruise Port’s construction site, Mr Maura said the company and its Global Ports Holding parent remain adamant their investment is not designed to produce a “wealth transfer” from downtown Nassau and other local businesses. It plans to provide mega yacht berths on the southern side of the northernmost pier, which is now being extended to accommodate two Oasis-class cruise ships when that industry returns in earnest from its COVID-19 shutdown. Mr Maura 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 target highend 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.

IMPORTANT NOTICE Will the following persons or their relatives please contact the number listed below in relation to property situated in The Hermitage Settlement on the Island of Exuma. Simon Rolle Gwendolyn Wright Olive McDonald Mable Rolle

Contact: 242-323-8005, 242-323-8006

it is unclear why the Paradise Island mega resort has elected to pay severance and other benefits in installments. However, Dionisio D’Aguilar, minister of tourism and aviation, earlier this week said the government had been mindful of Atlantis’ “cash flow” issues when it was pressing the resort to finally decide the fate of furloughed staff, many of whom had wanted to receive their severance packages and move on. It is unclear whether the installment plan reflects Atlantis’ financial challenges due to the tourism devastation inflicted by COVID-19, although this is a likely explanation. Ms Carey reiterated this in her message to the 700 terminated employees, saying: “Due to the impact of COVID-19, Atlantis had to evolve its business strategy and implement measures to ensure the company’s financial stability. “The current pandemic situation has impacted our business significantly and, as a result, we find that we must make some incredibly difficult decisions regarding our business. Regrettably, the hardest decision impacts some of our valued team members.” Ms Carey said their employment will end this Sunday, May 23, one day before the Whit Monday holiday. Meanwhile, John Pinder, director of labour, confirmed to this newspaper that it was illegal for a company to pay termination monies in installments unless the employee agrees to it. “Based on the Employment Act, the law doesn’t allow an employer to pay in installments unless the employee or bargaining unit says so,” he explained, adding that individual workers have already complained. “You must pay out all the redundancy upfront. You’re not allowed to pay in installments unless it’s agreed to. I think that matter is being addressed by the union and Atlantis, and

ATLANTIS PARADISE ISLAND should be resolved.” Mr Woods argued that, if Atlantis is facing financial challenges, it should structure the terminations according to the collective dollar sum it can afford and release the workers in phases while giving them their due severance upfront. He said that “what is also concerning” was the seemingly slow response of the Ministry and Department of Labour, given that they were responsible for enforcing the relevant laws. Mr Woods said the hotel union had been “on him again”, in relation to Dion Foulkes, minister of labour and transportation, to request that he “follow up” in a bid to resolve the matter. “We’ll have to wait and see what the effective date [of termination] is based on the notice given,” he added. “The law requires them to give two weeks’ notice [to the minister] in writing, and if they fail to do that there’s additional payments owed.” Mr Woods said he was still waiting to receive the list of terminated employees from Atlantis, so that the union could begin the process of calculating with the severance pay coming to its members was accurate, and also negotiate to see if the numbers can be reduced and persons redeployed elsewhere in the business. The resort has until May 23 to do this. Meanwhile Obie Ferguson, the Trades Union Congress (TUC) president and labour attorney, argued that Atlantis had opened itself to unfair dismissal claims from the impacted workers through the installment payout formula. “They’re in breach of the

redundancy clause in the Employment Act in that it requires redundancy to be paid on or before the date of redundancy,” Mr Ferguson argued. “These people have been terminated on May 18, and the payments have been divided into three. “They may have opened themselves to unfair dismissal from the failure to follow the redundancy provisions in the Act. It’s a fact that redundancy took place on May 18; it’s a fact the company proposed to make payments on May 27, June 24 and July 22. This set of circumstances renders the decision by Atlantis to be unfair, and the workers can go and file for unfair dismissal and receive extra compensation under the Act.”

Mr Ferguson said he had advised several terminated Atlantis managers, who had contacted him yesterday, that there was no legal obligation that they must sign the “deed of release” submitted by Atlantis in order to receive their due severance. Documents seen by Tribune Business show Atlantis and its Island Hotel Company affiliate are tying the payments to terminated staff signing a “release” that would prevent them from bringing any future legal claims against the resort in relation to their employment. And Mr Ferguson also argued that the terminated managers were entitled to an extra month’s pay, on top of what is owed to them under the Employment Act, because they had failed to notify Mr Foulkes, in his capacity as minister of labour, of the redundancies two weeks in advance as required by the Employment Act. He added that the 14-15 months that terminated staff have spent on furlough should also be included in their severance pay calculations by the Paradise Island mega resort.

MARKET REPORT www.bisxbahamas.com

THURSDAY, 20 MAY 2021

BISX ALL SHARE INDEX:

CHANGE

1949.53

-0.29

%CHANGE

YTD

YTD%

-0.01 -142.93

-6.83

(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

1.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 0.90

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

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

LAST CLOSE 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

CLOSE 5.20 32.12 1.50 2.61 1.44 6.00 6.96 3.53 4.27 2.90 5.94 9.75 2.38 7.00 11.48 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

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

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 (0.03) 0.00 0.00 0.00 0.01 0.00 0.13 0.00 0.00 0.00 0.00 0.00

VOLUME

1,830 3,000

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 30.5 15.8 13.2 13.5 23.3 15.0 17.8 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% 18.24% 0.86% 2.86% 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

MATURITY

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

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

PAGE 10, Friday, May 21, 2021

THE TRIBUNE

Tax changes would boost IRS monitoring of cryptocurrency use THE Biden administration is taking steps to ensure Americans who pay for goods or services with cryptocurrencies don’t sidestep the tax man. The Treasury Department issued a report yesterday that outlines measures. Among the proposed changes, businesses that receive “cryptoassets” with a fair market value of more than $10,000 would have to report it to the IRS. That’s something businesses already have to do when with cash transactions of $10,000 or more.

The report explains that while the share of business transactions that involve cryptocurrency remains small, the new reporting requirement is necessary to discourage businesses from concealing such transactions from the IRS in the future. The report notes that cryptocurrency “already poses a significant problem by facilitating illegal activity broadly, including tax evasion”. Another policy change would require paymentservices providers to file

Form 1099 reports in order to discourage businesses from attempting to hide their income by using alternatives to traditional banks. Digital currencies were holding on to gains late Thursday after the release of the Treasury Department report. The price of Bitcoin was up 2.5% to roughly $40,401, according to the online brokerage Coinbase. A day earlier, the price of Bitcoin and other digital currencies fell sharply after China’s banking association issued a warning over the risks associated with digital currencies.

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 83° F/28° C Low: 68° F/20° C

TAMPA

TONIGHT

SATURDAY

SUNDAY

MONDAY

TUESDAY

Windy with sun and clouds

Windy in the evening; partly cloudy

Mostly sunny with winds subsiding

Breezy in the morning; mostly sunny

Beautiful with plenty of sun

Partly sunny with showers around

High: 83°

Low: 73°

High: 83° Low: 72°

High: 83° Low: 73°

High: 85° Low: 74°

AccuWeather RealFeel

85° F

70° F

85°-70° F

87°-72° F

89°-73° F

93°-75° F

High: 90° F/32° C Low: 68° F/20° C

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

almanac

ABACO

High: 78° F/26° C Low: 73° F/23° C

12-25 knots

High: 83° F/28° C Low: 74° F/23° C

10-20 knots

FT. LAUDERDALE

FREEPORT

High: 82° F/28° C Low: 74° F/23° C

W S

WEST PALM BEACH

| Go to AccuWeather.com

High: 82° F/28° C Low: 70° F/21° C

MIAMI

High: 83° F/28° C Low: 75° F/24° C

10-20 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 81° F/27° C Low .................................................... 68° F/20° C Normal high ....................................... 85° F/29° C Normal low ........................................ 72° F/22° C Last year’s high ................................. 91° F/33° C Last year’s low ................................... 75° F/24° C Precipitation As of 2 p.m. yesterday ................................. 0.08” Year to date ................................................. 3.44” Normal year to date ..................................... 7.64”

ELEUTHERA

NASSAU

High: 83° F/28° C Low: 73° F/23° C

High: 80° F/27° C Low: 73° F/23° C

KEY WEST

High: 83° F/28° C Low: 75° F/24° C

tiDes For nassau High

W S

10-20 knots

Low

Ht.(ft.)

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

Thursday

2.7 3.6

3:15 a.m. -0.7 3:11 p.m. -0.9

9:05 a.m. 9:37 p.m.

sun anD moon Sunrise Sunset

6:23 a.m. 7:50 p.m.

Moonrise Moonset

2:54 p.m. 2:58 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: 76° F/24° C

High: 82° F/28° C Low: 74° F/23° C

LONG ISLAND High: 82° F/28° C Low: 75° F/24° C

tracking map H

Ht.(ft.)

Today

High: 81° F/27° C Low: 73° F/23° C

10-20 knots

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

uV inDex toDay

10-20 knots

MAYAGUANA High: 81° F/27° C Low: 75° 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: 75° F/24° C

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

12-25 knots

10-20 knots

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

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

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

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

VISIBILITY 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 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 5 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

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