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MONDAY, MAY 23, 2022
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Private pilots: ‘Trust but verify on show stopper’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net PRIVATE pilots plan to “trust but verify” pledges by Customs to ease clearance reforms that some argue could cost this nation up to 25 percent of its existing business if implemented in their original form. Customs, together with the Ministry of Tourism, held what was described as a “marathon” twohour meeting with Bahamas Flying Ambassadors and other key players in the private aviation sector to address concerns over plans to make all incoming pilots and their passengers gain clearance to enter the country through its Click2Clear system. Rick Gardner, director of CST Flight Services, which provides flight co-ordination and trip support services to the private aviation industry throughout the Caribbean and Latin America, told Tribune Business after attending the meeting that he “came out feeling better than when I went in” due to initial fears that
• No warning on Customs clearance reform • Fears Bahamas could lose 25% of market • ‘Tweaks’ pledged including to $5,000 fine Click2Clear will add unnecessary bureaucracy and complexity that could deter private pilots from flying to The Bahamas. A Bahamas Flying Ambassador himself, he revealed that Customs had agreed to allow the sector some ‘breathing room” by pushing back implementation of what the revenue collecting agency is describing as “a game changer” until May 30-June 1, 2022, as opposed to May 18. And, while those who fail to file the
necessary Click2Clear forms before landing in The Bahamas could be subject to a $5,000 fine, Customs has agreed to allow 24 hours to come into compliance. Customs, according to Mr Gardner, has also abandoned the requirement that private pilots upload their passport pictures, and those of their passengers, to Click2Clear before arriving in The Bahamas. The private aviation sector, one of the most
SEE PAGE 11
Bud ‘fight’ on Burns House supply loss By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BUDWEISER’S parent should have given BISXlisted Commonwealth Brewery more than one year’s notice warning when it terminated their distribution agreement and forced the Supreme Court into “uncharted territory”. Justice Indra Charles, in a May 19, 2022, verdict revealed that the dispute involving Anheuser-Busch and its Caribbean affiliate on one side, and the Kalik manufacturer on the other, raised “a novel point of law in The Bahamas” after they were unable to make a clean
break following the end of their 40-year tie-up. The two parties instead managed to brew up a bitter battle in which Commonwealth Brewery, and its Burns House affiliate, argued that they should have been given no less than three-and-a-half years’ notice that Anheuser-Busch and Cerveceria Nacional Dominicana (CND) planned to terminate their long-standing agreement. The Budweiser parent, though, countered that four months’ notice was reasonable and counter-claimed that Commonwealth Brewery had failed to pay it almost $600,000 for product supplied during
SEE PAGE 7
Bahamas First chair urges ‘exemption’ on insurance investing By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMAS First’s chairman is urging the Government and Central Bank to give property and casualty insurers a “special exemption” to invest overseas and help improve their financial resilience to natural disasters. Alison Treco, writing in the BISX-listed insurer’s annual report, lamented that “unrealised” losses on its investments holdings continues to act as a
drag on its financial performance. She argued that this highlighted the need for the industry to be able to diversify its portfolio outside The Bahamas in a bid to enjoy better returns and liquidity, given the limited options and lack of depth in the local capital markets. “Unfortunately, an unrealised loss on investment continues to depress our results and emphasises the need for insurance companies to be able to diversify their investments outside
SEE PAGE 8
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Super Value slashes inflation impact 20% • Principal expects no baby formula shortage By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SUPER Value’s principal says he does “not expect” The Bahamas to be hit by the baby formula shortage afflicting the US, while the supermarket chain’s buying strategies have reduced food inflation’s impact by 15-20 percent. Rupert Roberts told Tribune Business that the 13-store business was experiencing “no problems keeping our shelves full” of baby formula despite a US crisis that has forced the Biden administration to fly in 70,000 pounds of the product from overseas while employing wartime legislation in a bid to speed up domestic production.
RUPERT ROBERTS Some 43 percent of baby formula was said to be outof-stock in the US at the beginning of May, but he added that Super Value was having no difficulty accessing supplies available internationally. “Although they don’t let us stock up on
SEE PAGE 9
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‘DIGITAL TRANSFORMATION’ - THE SECOND PART IS KEY E VERY company has been forced to reinvent itself, or re-evaluate how it does business, due to a digital evolution that some might call a revolution. Large companies have invested substantial resources in what is usually referred to as “digital transformation”. However, a problem occurs when they undertake a digital transformation plan without a clearly defined vision of what this should entail. Harvard Review writer, Thomas Chamorro-Premuzic, wrote: “Although every organisation is unique, and there are salient differences between types of businesses, industries and cultures, the fundamental meaning of transformation is not about replacing old technologies with new ones or capturing high volumes of data, or hiring an army of data scientists, or trying
By
Derek
Smith to copy some of the things Google or Amazon do.” I submit that this holds true in the compliance sphere, as there may be a “one size fits all” approach in some situations for attracting and retaining professionals. This article highlights some factors (not
exhaustive) that should be on each company’s radar regarding its compliance function’s strategic composition. Factor 1: Understanding data surrounding inherent internal risks Inherent risks are the risks associated with the mere establishment of a company. They are both internal and external. This writer says the ability to scale knowledge about your internal environment, and understand it across the company, must rely on having data. This data should be researched rather than anecdotal. There must be a shift from hearsay to an empirical culture. Technology can aid this shift. Quantifying human behaviour and translating it into standardised signals is understood as digitisation. This then allows technology to analyse data and provide insight.
Companies should capitalise on this data to drive hiring strategies regarding compliance professionals. Data must drive job placement channels, identifying a candidate’s qualities and experience, and keenly appreciate the potential impact on current staff. Balancing a candidate’s fit with the company, and the attributes they bring to the company, is also crucial because bad hires can disrupt compliance department flows. Conversely, the correct engagement can exponentially add value to a compliance department. Factor 2: Understanding your current talent drivers and business needs In today’s business paradigm, legal compliance is required together with agility. Compliance leaders are finding their strategies must be rethought to accommodate new business drivers and
evolving audience expectations. The Bahamas Society for Human Resources Management’s president-elect, Lashanta Smith, uttered similar sentiments during her recent presentation to the Institute of Internal Auditors (”IIA”) Bahamas chapter. She said: “If leaders are to build synergy for growth in a diverse workplace, they must recognise and address each generation’s perspective”. A careful analysis considering people, data, deliverables and anticipated results must be completed and then constantly monitored to ensure human capital is accurately aligned with your compliance programme and organisational goals. Conclusion In short, the critical part of digital transformation is not “digital” but “transformation.” Additionally,
as the compliance space evolves, industry and company nuances must be considered when attracting, hiring and working to retain compliance talent. NB: About Derek Smith Jr Derek Smith Jr. has been a governance, risk and compliance professional for more than 20 years. He has held positions at a TerraLex member law firm, a Wolfsburg Group member bank and a ‘big four’ accounting firm. Mr Smith is a certified anti-money laundering specialist (CAMS), and the compliance officer and money laundering reporting officer (MLRO) for CG Atlantic’s family of companies (member of Coralisle Group) for The Bahamas and Turks & Caicos.
Digital assets are no ‘silver bullet’ to rescue economy By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A CABINET minister and a member of the Government’s Digital Advisory Panel have both warned that digital assets are not a “silver bullet” that will rescue the Bahamian economy by themselves. Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told a forum organised by the Organisation for Responsible Governance (ORG) that crypto currencies, blockchain technology, nonfungible tokens (NFTs) had been “romanticised” to the point where some Bahamians had become oblivious to the associated risks.
GOWON BOWE “I would say that it certainly is not a silver bullet,” he added of digital assets, “and the reason why I say that is that we have to respect and appreciate that the crypto currency industry or the digital asset space is actually an extension
of - or an expansion of investment opportunity. “It has high volatility, it has attendant risks and it has winners and losers, and we have romanticised that to some extent because we have heard the stories of investing $1,000 and coming out a billionaire.” Mr Bowe, whose views were his own, added: “We’ve not focused enough attention on those who invested millions and came out as ‘thousandaires’. Meaning that there’s only a zero sum game that we are talking about. Trading is having independent parties with their different professional opinions and judgments, making assumptions about future trading in relation to that.
“There are so many things that go along with a new type of sectoral activity - from the opportunity to collect taxes, to chances for employment for different people and the “‘knock-on’ effect of new investment spurring other economic activity. If these factors are not coming to bear with the increase in attention to digital currencies, then the answer is ‘no’ if it is a means to solving our economic problems.” Michael Halkitis, minister of economic affairs, backed Mr Bowe and said: “The whole crypto industry is very, very polarising. Some people swear by it and say this is the future and it’s the best thing. Then there’s some who want it to go away, some of the big
countries and those regulators, and who are actually trying to make it go away. “I agree, it’s not a silver bullet, but to the extent that we have attracted some operators in the space now because of our regulation, we just need to make sure that we continue to modernise our regulation and that we build more capacity in terms of regulation, build capacity in terms of more jobs for Bahamians in areas
of compliance and regulation, and we also build capacity in terms of operating the business. “So this is a tremendous opportunity. I would treat it as a building a portfolio. You don’t put all of your money in crypto. If you have a portfolio and you have some investments, you put a portion in it, understanding that it can be very volatile.”
BAHAMAS FORGES CARIBBEAN POULTRY PRODUCTION LINKAGES THE Bahamas is seeking to forge stronger links with other Caribbean nations to boost its poultry industry as it bids to slash its food import bill by 25 percent come 2025. Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, joined Clay Sweeting, minister of agriculture, marine resources and Family Island affairs, in leading a Bahamian delegation to the AgriInvestment Forum and Expo, held in Guyana from May 18-20, where this issue was discussed. Mr Cooper said: “We buy $650m of food from Florida, mainly as a result of our proximity. But I acknowledge that there is
a logistical challenge, and today I throw out a challenge to my colleagues at CARICOM that we must develop a strategic plan to target these logistical transport and connectivity issues. This will be good for trade, but will also be good for the connectivity of our Caribbean family.” Other members of the delegation included Leonardo Lightbourne, parliamentary secretary in Mr Sweeting’s ministry, plus The Bahamas’ ambassador to the Food and Agricultural Organisation (FAO), Winston Pinnock. The Bahamian group met with several Caribbean agricultural representatives, and Mr Sweeting
SEE PAGE 12
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Monday, May 23, 2022, PAGE 3
BAHAMAS MAY ‘RUN OUT OF RUNWAY’ FOR REFORMS By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A CARIBBEAN economist has questioned whether The Bahamas will “run out of runway” before key reforms “bear fruit” sufficiently to avert an economic and fiscal crisis. Marla Dukharan, formerly Royal Bank of Canada’s (RBC) chief economist for the region, and now head of her own consultancy, told an Organisation for Responsible Governance (ORG) forum that recent tax enforcement measures and other reforms should have been implemented in 2020 and 2021 to give them greater time to take effect. Praising initiatives such as the newly-created private sector debt advisory committee; re-tooling of the Revenue Enhancement Unit (REU) and tightened tax administration and collection mechanisms, she suggested that soaring
global inflation and the resulting cost of living crisis meant these initiatives will now take longer to produce the desired effect. With inflation and a potential fresh COVID19 infection wave representing another threat, Ms Dukharan said of The Bahamas: “The question, now you’re facing a third wave of crisis, the $1m question or $1bn question, is: Is your runway going to be long enough for these initiatives, these reforms, you’ve implemented to bear fruit before the crisis, the compounded crisis, really takes effect? “My view is that you are doing everything right. Unfortunately, perhaps, and you’ve [the Davis administration] only just recently been appointed, but perhaps these initiatives should have been put in place around 2020, 2021. It’s probably going to take a bit longer for these initiatives to bear fruit with the challenges you’re facing
MARLA DUKHARAN as it relates to inflation...... They’re doing the right things. The question is whether the runway is long enough.” The Bahamas’ national debt has now passed the $10.5bn mark and is heading towards $11bn, and Ms Dukharan told Senator
Michael Halkitis, minister of economic affairs, who was also a panellist at the ORG event that she “did not envy you” and other government policymakers in crafting the 2022-2023
Budget that is due to be presented to Parliament on Wednesday. She acknowledged that The Bahamas had suffered more than most because it had to deal with two crises “back to back”, since the COVID-19 pandemic followed “on the heels of Hurricane Dorian”. And, with surging global inflation worsened by the fall-out from Russia’s Ukraine invasion, Ms Dukharan said these three events are “cascading on and compounding each other to make for very difficult conditions”. Gowon Bowe, Fidelity Bank (Bahamas) chief executive, in picking up on the “runway” theme told the same ORG conference that the Bahamian people, investors and holders of the Government’s debt will give the latter longer to take-off if it can articulate a proper reform strategy that has a
series of realistic, attainable goals that can be measured. While the annual Fiscal Strategy Report represented the first effort “to marry” a long-term plan to the annual Budget, he added that many Bahamians tended to view the latter exercise in terms akin to Ezra Hepburn’s renowned song, Stop the World and Let Me Off, and the line that it was “going round and round”. Bahamians, Mr Bowe, added, had to acknowledge that the country had suffered “a significant beating” due to the combination of Hurricane Dorian and COVID-19. He said: “We didn’t get where we are with our debt circumstances overnight, and we’re not going to be out of it overnight.” However, The Bahamas would gain more breathing
SEE PAGE 10
Airline eyeing Out Island expansion By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net AN airline is aiming to expand commuter flights to Cat Island and Eleuthera by year-end as it seeks to ramp-up service to more Family Islands. Sarah Swainson, Makers Air’s director of new business, told Tribune Business the carrier wants to fill a void created by the lack of air access to some of the less-populated Family Islands. She said: “There has been a lot of discussion about the domestic carriers, and it is not just with South Andros. We also have experienced that with Cat Island as well. For Cat Island we fly four times a week, but for Long Island we don’t. But if the domestic inter-island carriers aren’t showing up well, we are.” Air access has been a consistent problem for resorts and other tourism operations in remoter Family Islands. The lack of direct airlift often forces visitors to overnight in Nassau before heading on to their Family Island destination. Makers Air flies direct, and will continue to keep areas such as South Andros on their list because it is in “high demand”. Ms Swainson said: “Our Family Island routes are proving very effective,
and it’s almost a preferred way to bypass Nassau altogether, because even when you do have the domestic airlift available the transfer is hardly ever convenient so we’ve been actively filling these roles. “We’ve been a huge part of the Promotion Board, and we’ve listened to the stakeholders and been putting plans in place to give more options.” Makers Air is a connector from Fort Lauderdale to select Family Islands, and “specifically for Congo Town” in South Andros Ms Swainson said: “We know and understand the importance of island connectivity, not only for freight but for passengers as well. We go into Staniel Cay sometimes six times a
day. We’re flying up to 54 scheduled flight services passengers a day, whether they stop in Staniel Cay or they travel on to another Family Island. “South Andros has definitely become one of our biggest ports and that’s a standalone flight for us for a lot of situations, meaning we don’t have to backstop in Staniel Cay, which means that it is possible for us to go directly from Fort Lauderdale to Congo Town and back.” With services to Cat Island and Eleuthera now in the works, Mr Swainson added: “We will be changing our service to commuter flight services so we can go to these islands more than four times a week.”
PUBLIC NOTICE Lil Giant’s Discount Lumber & Supplies Limited notifies the public that MR. LEO DOUGLAS JR. is no longer employed by the Company since December 2021 and is such not authorized to conduct any business on behalf of Lil Giant’s Discount Lumber & Supplies Limited.
Union of Public Officers P.O. Box CB-11645
PUBLIC NOTICE The UPO wishes to announce that
General Election to fill all Executive Positions
will be held Tuesday, June 2nd, 2022 between 9:00am - 4:00pm at the Church of God of Prophecy, Baillou Road.
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L to R: First row: Maria Ferere, retired EY Bahamas partner; Tiffany Norris-Pilcher, EY Bahamas partner; Michael Halkitis, minister of economic affairs; Michele Thompson, EY Bahamas country managing partner; Anne Marie Davis; Bishop Laish Boyd; LaNishka McSweeney, EY Bahamas partner; Igal Wizman, EY Bahamas partner.
Accounting firm EY moves west to grow THE EY (Ernst & Young) Bahamas accounting firm has formally unveiled its new head office at the Caves Corporate Centre in a move designed to facilitate its growth and that of its client base. Michael B. Halkitis, minister of economic affairs and leader of government business in the Senate, was among the attendees at last week’s ribbon-cutting ceremony. Others included Ann Marie Davis, the Prime Minister’s wife; Reverend Laish Z. Boyd, diocesan bishop of The Bahamas and Turks & Caicos Islands; and several former EY partners who contributed to the firm’s growth over the years. Other attendees included partners from across the EY Region of The Bahamas, Bermuda, British Virgin Islands and Cayman Islands. The move from the accounting firm’s previous Montague Place office in eastern New Providence to the facility at the junction of West Bay Street and Blake Road will create room for the expansion of its services and client base. The layout of the new offices incorporates the
EY@Work approach, which promotes modern working practices with a focus on collaboration and technology innovation, while also integrating sustainable features that EY is implementing globally. The new offices will also feature EY wavespace, an integrated innovation think-tank space, which represents EY’s approach to helping companies and governments find answers to their biggest questions, solve problems, explore innovative ideas and help them thrive. “The growth we’re seeing in The Bahamas replicates the growth of EY’s business here,” said Michele Thompson, EY Bahamas country managing partner and assurance leader for this nation as well as the territories of Bermuda, British Virgin Islands and Cayman Islands. “We’ve seen stellar growth across all of our offerings – consulting, tax, strategy, transactions and assurance — in the financial services sector and beyond. As businesses and governments look to us to help them navigate this transformative age, we’re seeing
more demand for our digital and consulting services. Given the value placed on digital innovation to us and our clients, we needed an office space that could reflect this.” Describing the opening of the new offices as a “milestone day and.. the start of an exciting new chapter for EY”, Ms Thompson added: “The design of our new offices in The Bahamas exemplifies EY’s purpose of building a better working world. “In this time of never-before-imagined technological development, it’s an excellent environment for us to meet the evolving needs of our clients, bringing to bear global experience locally and, in particular, helping clients harness the potential these times bring. Our people will also enjoy the collaborative features and the integrated technology available in the new office space, which will have tools to inspire fresh thinking and innovation to help our clients achieve success.” The mailing address for EY Bahamas remains: PO Box N-3231 Nassau, Bahamas.
THE TRIBUNE
Monday, May 23, 2022, PAGE 5
Tricky Russians By CHRIS ILLING Business Developer @ ActivTrades Corp EVEN many Russians cannot believe their eyes at the exchange offices in Moscow: The ruble is getting stronger and stronger. The Russian war of aggression against Ukraine, western sanctions, the mass departure of companies - all of this is weakening the country’s economy. On Thursday, for example, McDonalds announced the sale of its 850 stores to a Siberian businessman. This should also affect the ruble exchange rate. But far from it: If you got 145 rubles or more for one euro at the beginning of March shortly after the start of the war, you currently receive only 65. The strong ruble is not a sign of strength. It is true that the Russian currency plummeted at the beginning of the war. The collapse of the Russian economy and an imminent debt default seemed unavoidable. But the ruble is stronger than it has been for a long time. Its exchange rates against the euro and the dollar have not only reached prewar levels but are as high as they were amid the 2017 peak. For people in the largest country in the world in terms of area, there are still no advantages. After the ruble crash in March, the
prices for imported goods such as cheese or alcohol from the west were adjusted to the high exchange rate. Local shops just adjusted the price tags. A bottle of champagne for 2,900 rubles was now available for 4,900 rubles. However, the prices were not adjusted back to the strong ruble. The result? The champagne, which cost the equivalent of 34 euros before the war, is now worth more than 75 euros. But luxury products are not the only items that have become more expensive. Many Russians are complaining about skyrocketing food prices. Since the beginning of the year, some goods have become 50 to 70 percent more expensive - cabbage by about 60 percent, carrots by 61 percent and sugar by 50 percent, according to the national statistics agency, Rosstat. Even a Russian newspaper suggested people follow the “American example”, and that the government provide 10,000 rubles per year to the needy person, so they could buy food from local production. A strong ruble is of no use to many consumers
because everything is more expensive. But it helps the Russian leadership to keep inflation within limits so that goods do not become even more expensive. If the ruble were not so strong, inflation would be around 30 to 40 percent instead of the current 20 percent. The ruble is “artificially” strengthened by several measures, including restrictions on foreign exchange transactions by the Russian central bank. The massive increase in interest rates helped to convince citizens to invest their savings in rubles and not foreign currencies. The key interest rate is currently 14 percent. At the end of February, the central bank raised interest rates drastically by 10.5 points to 20 percent. Since then, many banks have been offering fat annual interest rates of around 10 percent for ruble investments, while there is almost no return on euro or dollar investments. However, the main reason for ruble’s strength is a record surplus in the trade balance. By exporting oil and gas, for example, Russia earns
RUBEL billions in foreign exchange that cannot be spent at all. Because importing many Western goods has collapsed, the country is sitting on its euro and dollar earnings. This is one of the reasons why Russian president, Vladimir Putin, ordered Europeans to pay his country’s energy suppliers in rubles from April 1. Experts have calculated that Russia could have a surplus of $250bn by the end of the year, also because of high energy prices. However, rubles are needed for the budget. As a result of monetary policy, the Russian currency has
now become completely detached from the economy. If the economy is in freefall and the ruble is strengthening, then that’s not the real picture. The central bank estimates that Russia’s gross domestic product (GDP) will fall by 8 to 10 percent this year. It had previously assumed economic growth of 2 to 3 percent. There are many factors in play. The freezing of Russian foreign exchange reserves in the west should also lead to a massive weakening of the currency. The Russian central bank is now allowing higher foreign exchange exports again
– five times as much as before the war, but the reins of the monetary authorities remain tight. However, if further sanctions are imposed on other Russian banks, this could massively hinder exports and damage the currency. If Russia exports, the ruble will remain strong. Only a complete embargo will bring the ruble to its knees. But new buyers are lining up. Oil tankers have been picking up record amounts of crude oil at Russian ports since midApril. Cheap oil is a hot commodity right now even if it benefits the Kremlin.
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BAHAMAS STEPS FORWARD WITH MAJOR MIAMI SHOWING
AMONG the Bahamian delegates in attendance at the 11th annual STEP Miami summit were (L to R): James Stewart of Clairmont Trust Company; Kelly Nottage of Sovereign Advisors; Wendy Warren and Tulio Berdu of Onyx Partners; and John Lawrence of the Windermere Group. JOHN LAWRENCE, past STEP Bahamas chair (left), is pictured with Juan Manuel Santos, Nobel Peace Prize Laureate and former president of Colombia, who was the keynote speaker at the Summit.
A MAJOR Society of Trust and Estate Practitioners (Bahamas) delegation recently attended the 11th
annual STEP Miami summit , a sold-out event that attracted more than 350 financial services executives from almost 30 countries. Held under the theme, Step Into the Future, it was STEP Miami’s first in-person gathering since 2019. “This was a high-calibre conference that brought together some of the best collaborative thinkers in the sector,” said Wendy Warren of Bahamas-based Onyx Partners which, along with the Bahamas Financial Services Board (BFSB), was among the event’s sponsors. “I am so grateful for the BFSB and their continued support at these international conferences over the years,” Ms Warren added. “They have been such a big part of building Brand Bahamas.” STEP is a global professional body comprising lawyers, accountants, trustees and other practitioners that help high net worth individuals and families plan their futures. It has more than 21,000 members worldwide and is considered the gold standard in the international estate and wealth-planning sector.
The topics covered in Miami included succession planning for digital investors; tax updates in Latin America; family governance; and trust litigation. The keynote speaker was Juan Manuel Santos, former president of Colombia, who was awarded the Nobel Peace Prize in 2016 for his efforts to bring the country’s more than 50 year-long civil war to an end. John Lawrence, past STEP Bahamas chair, said of the summit: “It was so inspirational to hear about the newest changes and trends in our industry, and also to be able to reconnect with colleagues and friends whom we hadn’t been able to see in person since the beginning of the pandemic.” He added that STEP Bahamas is now busy organising its inaugural international conference, which will be held in Nassau in early 2023. The event is expected to attract a significant number of foreign delegates to the country and provide a cross-sectional overview of the Bahamas’ value proposition in financial services.
DIVIDEND NOTICE TO ALL SHAREHOLDERS
The Board of Directors of Bahamas Waste Limited has declared a Dividend for Ordinary Shares, to all shareholders of record as of May 27th, 2022 of $0.16 cents per share
The payment will be made on June 8th, 2022, through Bahamas Central Securities Depository Limited, the Registrar & Transfer Agent Robert V. Lotmore Corporate Secretary
THE TRIBUNE
BUD ‘FIGHT’ ON BURNS HOUSE SUPPLY LOSS
FROM PAGE ONE
the three-month period between June 7 and September 9, 2015, just prior to the agreement’s termination. The Bahamian brewer has accepted that this sum is due and owing subject to being set-off against its own claim if successful. Justice Charles, while declining to grant the three-and-a-half years’ notice claimed by the vertically-integrated BISXlisted brewer, wholesaler and retailer, nevertheless ruled that Anheuser-Busch should have given 15 months’ warning - a period that is more than four times’ longer than the three-anda-half months received. The 15 months, though, is equivalent to just 36 percent of the notice period claimed by Commonwealth Brewery. However, the damages awarded to the Bahamian brewer will be offset against the $598,512 owed to Budweiser’s parent for the 74 invoices submitted during the final three months before the distribution deal was switched to Commonwealth Brewery’s great rival, the Bahamian Brewery and Beverage Company. The notice period damages have yet to be determined, and will be decided at a future hearing. Justice Charles, in her verdict, noted that the distribution deal between Anheuser-Busch and Burns House - first inked in 1975 - was never
put in writing although it was informally agreed that the latter would have exclusive distribution rights for Budweiser and the other brands in The Bahamas. All went well for four decades. However, Hans Neven, Commonwealth Brewery’s then-managing director and the company’s sales director alleged that they were effectively ambushed, and blindsided, at an August 4, 2015, Miami meeting with AnheuserBusch’s regional director where both the latter’s internal and external attorneys were present. This was when Budweiser’s parent served notice of the plan to terminate the distribution agreement. Lennox Paton, the Bahamian attorneys for Anheuser-Busch, confirmed the move in a subsequent August 12, 2015, letter to Commonwealth Brewery and Burns House. The initial three months’ notice was extended to December 1, making for three-and-a-half months. “The plaintiffs [Anheuser-Busch] ceased the supply of beverage products on September 15, 2015, despite giving three-and-a-half months’ termination notice. This was in response to the failure of Burns House to pay 74 unpaid invoices for beverage shipments supplied during the period June 7, 2015, to September 9, 2015. To date, Burns House has
not paid the invoices,” Justice Charles wrote. Burns House argued then that the notice period was too short and threatened legal action for breach of contract, while Budweiser’s parent “asserted that their decision to terminate the distribution agreement with Burns House was a business decision which they were entitled to make so long as notice of the termination was given. No wrongdoing on the part of Burns House was alleged”. At trial, Marcio Juliano, CND’s general-director, “stated that the main reason why Anheuser-Busch terminated the distribution agreement was inadequate support for the brands and they could grow more with the other distributors. He agreed that Burns House bore 50 percent of the marketing costs for the Anheuser-Busch brands in The Bahamas”. Mr Juliano, though, was unable to say whether Burns House had dedicated a brand manager and 12 employees to service its brands. Justice Charles found he “flip-flopped” on the reasons for the termination, arguing that Anheuser-Busch and its brands “could have a better position in the Bahamian market if Burns House was paying more attention to their brand. He said that market share and performance were the principal reasons for terminating the distribution agreement”.
Jurgen Mulder, Commonwealth Brewery’s present managing director, said Anheuser-Busch’s brands accounted for 15 percent of total beer sales prior to the agreement’s termination, reaching $7.2m in 2013 and $8.5m in 2012. And, to back-up the financial impact from the AnheuserBusch loss, the BISX-listed producer produced an analysis by Simon Townend, the KPMG Advisory Services accountant and partner. He estimated that the Anheuser-Busch departure caused a $2.338m average gross margin loss per year for Commonwealth Brewery/Burns House, totalling $7.015m over the three-year period it was likely to take the group to replace the lost revenues. “According to him, if Burns House were never
Monday, May 23, 2022, PAGE 7
able to replace the lost business, then based on a perpetuity approach, the potential value of lost business for Burns House is estimated in excess of $20m. To place this in context, the market capitalisation of Burns House as at 30 November, 2015, was approximately $230m,” Justice Charles noted. Referring to cross-examination of Mr Townend by Anheuser-Busch’s attorneys, she added: “He said that, in 2015, the Anheuser-Busch product portfolio account accounted for a little below 10 percent of Burns House’s overall revenue. Under further cross-examination, Mr Townend was referred to the 2019 annual report. “He acknowledged that there was a slight dip of
about 4.7 percent in revenue between 2015 and 2016 but, for the following years, 2016 to 2017, there was an increase in the overall revenues and profitability between those two years. However, according to Mr Townend, you also have to look at the flip side. If Burns House had not lost the distribution agreement, instead of being $133m in 2017, the revenues might have been $8-$9m more which is the issue that you have with the impact of the loss of a contract.” Summing up, Justice Charles said she “preferred” Mr Townend’s evidence although rejecting the notion it would take Burns House three years to replace the lost AnheuserBusch revenue. She ultimately found that 15 months, and not threeand-a-half months, was a “reasonable” notice period to terminate the distribution agreement.
PAGE 8, Monday, May 23, 2022
THE TRIBUNE
BAHAMAS FIRST CHAIR URGES ‘EXEMPTION’ ON INSURANCE INVESTING FROM PAGE ONE of The Bahamas. Not only is there a limited pool of available investments in The Bahamas, but in the event of a major catastrophe, all local investments would be subject to the same economic hardships following the disaster,” she argued. “We, therefore, appeal to our Government and the Central Bank to consider a special exemption for all property and casualty companies to externalise a portion of their investment portfolios so that the
population of The Bahamas is even better financially protected in the event of a disaster.” It is unclear whether the Government and Central Bank would consider giving one industry or sector, however important, a special carve-out or waiver when it comes to exchange control approvals and permission to invest outside this nation. Other sectors will likely demand similar special treatment if the insurance industry gains such an exemption, even though the Central Bank has been
moving towards gradual liberalisation. Meanwhile, Ms Treco, analysing Bahamas First’s 2021 full-year performance, wrote: “While our financial year started with some challenges in the performance of our health claims, significant improvement in this area was achieved by the end of the year. Our last quarter, which was significantly better than prior quarters, primarily due to the recognition of profit commissions and improvement in health claims, resulted in a profit for the year of $5.6m.
“Of particular note, our gross premiums written achieved a new all-time high of $178m, increasing by more than 11 percent over the prior year.” Bahamas First added that property insurance premium income rose from $73m in 2020 to $82m last year. “The overall catastrophe exposure and non-catastrophe aggregates that were booked in 2021 exceeded the prior year totals, notwithstanding the rate increases in both Cayman and The Bahamas. Both new business and upward revisions in sums insured by
clients drove the increases,” the BISX-listed insurer added. “The profitability margin for The Bahamas was particularly good “During 2021, we saw a reversal of the decline in top-line revenue from the motor class of business in The Bahamas. In Cayman, we experienced a continuation of the growth achieved in the prior year, but at an accelerated pace. At the close of 2020, we recorded gross premiums of $37m for our motor class, but this improved to $40m in 2021 – more in line with the result
achieved in the pre-pandemic 2019 year. “For both territories, the 2021 loss ratio for motor showed an improvement over the prior year, which itself was exceptionally good. The revamping of our private and commercial motor rating structure has been completed and fully released in both Cayman and The Bahamas, and we believe that this will augur well for our future results given the absence of any major loss activity.”
Biden pushes economic, security aims as he ends S Korea visit By JOSH BOAK AND AAMER MADHANI Associated Press PRESIDENT Joe Biden tended to both business and
security interests Sunday as he wrapped up a threeday trip to South Korea, first showcasing Hyundai’s pledge to invest at least $10 billion in the United States
and later mingling with troops at a nearby military base. Biden’s visit to Osan Air Base, where thousands of U.S. and South Korean
service members monitor the rapidly evolving North Korean nuclear threat, was his final stop before he arrived in Tokyo later Sunday.
“You are the front line, right here in this room,” the president said in a command center with maps of the Korean Peninsula projected across screens on a wall. It was a day that brought together two key messages that Biden is trying to project during his first trip to Asia as president. At a time of high inflation and simmering dissatisfaction at home, Biden emphasized his global mission to strengthen the American economy by convincing foreign companies like Hyundai to launch new operations in the United States. And he wanted to demonstrate solidarity with nervous Asian allies who live in the shadow of North Korea’s nuclear weapons and grew skeptical of U.S. security commitments while President Donald Trump was in office. Earlier Sunday, Biden brushed aside questions about any possible provocation by North Korea,
such as testing a nuclear weapon or ballistic missile during his trip, saying, “We are prepared for anything North Korea does.” Asked if he had a message for the country’s leader, Kim Jong Un, Biden offered a clipped response: “Hello. Period.” It was another sharp departure from Trump, who once said he “fell in love” with Kim. Biden’s first appearance of the day was alongside Hyundai chairman Eusiun Chung to highlight the company’s expanded investment in the United States, including $5.5 billion for an electric vehicle and battery factory in Georgia. “Electric vehicles are good for our climate goals, but they’re also good for jobs,” Biden said. “And they’re good for business.” Chung also said his company would spend another $5 billion on artificial intelligence for autonomous vehicles and other technologies.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, AUDRICKA FLOWERS of Centreville, P.O. Box N-10830, Nassau, Bahamas, intend to change my child’s name from ARIANNA ALEXZANDRIA FLOWERS to ARIANNA ALEXZANDRIA PRATT. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE IN THE ESTATE OF MARILYN GILL CHAMBERLAIN, of Leo Pinder Main Street, in the Settlement of Spanish Wells of St. George’s Cay one of the Islands in the Commonwealth of The Bahamas Deceased IT IS HEREBY NOTIFIED, for the information of those it may concern, that all persons having claim or demand against the said Estate are required to send the same to the undersigned on or before the 7th day of June, A.D. 2022 and if so required by notice in writing from the undersigned to come in and prove such demand or claim or in default thereof be excluded from the benefit or any distribution made before such debts are proved; AND NOTICE is hereby given that all persons indebted to the said Estate are requested to settle their respective debts at the Chambers of the undersigned on or before the date hereinbefore mentioned. Dated the 9th day of May, A.D. 2022 CALLENDERS & CO. CHAMBERS, One Millars Court, P.O. Box N-7117, Nassau, The Bahamas Attorneys for the Personal Representative
THE TRIBUNE
SUPER VALUE SLASHES INFLATION IMPACT 20%
FROM PAGE ONE
it, we’ve had no problems keeping our shelves full to my knowledge,” Mr Roberts said. “When I checked with the buyer, they won’t let us put 1,000 cases in the warehouse and hoard it. But we have it, and I don’t expect it to hit The Bahamas the way it has in the US with empty shelves. I don’t expect it. I would advise consumers not to stock up. We don’t expect problems internationally. It hasn’t affected international. All of the local agencies that represent the milk here have kept us up-to-date. Thank goodness it’s not going to affect us. I can’t imagine the public going back to evaporated milk.” Many parents in the US have been struggling to feed their babies and young children due to the formula shortage gripping that nation, which is affecting some states - the likes of Texas, Tennessee and Iowa - more than others. Several factors, namely production impediments and post-COVID supply chain bottlenecks, have produced the crisis. Abbott Laboratories, a major producer, in February closed a manufacturing facility in Sturgis, Michigan, after it recalled infant formula products when a
federal investigation started after four babies taking it developed bacterial infections, two of whom died. Abbott says there is no link between its formula and the illnesses, but baby formula was already being affected by pandemic-related supply chain problems. The Michigan plant closure just made it much worse, but most Bahamian pharmacies largely echoed Mr Roberts in saying they have experienced little to no difficulty in sourcing baby formula. Only one disclosed challenges. Shakeria Rolle, general manager of LiveWell Pharmacy, told Tribune Business it was having challenges acquiring the Lactogen baby formula and had totally run out of one stage. It was also experiencing difficulties getting the Enfamil formula, too. She added: “Right now it is OK with the baby formula, but just recently we had challenges getting it in so parents would have had to switch to what was available. Originally it was the Lactogen stage one we were
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out of, but the Enfamil was available. “So then the parents just switched to Enfamil. Then, at one point, the Lactogen Stage three wasn’t available and parents just opted to give them the Lactogen Stage two, so they just found an alternative to what they were on until what they were originally on came back in stock.” Sheila Lumayag, head pharmacist at Heaven Sent Pharmacy, said it was not having any challenges sourcing baby formula and was just “waiting for the shipment to get in”. She added: “Our shipment should be in by today and
Monday, May 23, 2022, PAGE 9 we are expecting the full shipment.” Darcel Bain, operations manager at Doc’s Pharmacy, added: “We haven’t put in our order yet. We don’t have any baby formula at this time, but we do have baby food in stock. But when we do put in the order then we’ll know what we’re up against.” Super Value’s Mr Roberts, meanwhile, predicted that himself and other grocery retailers will continue to see a sales “slowdown” as hard-pressed consumers, with wages and purchasing power eroded by price increases, switch to largely buying necessities only. “I think consumers have decided what they’re going to pay and what they’re going to buy,” he added. “I think we’re going to see a slowdown in sales to what they can afford to buy and pay for products. We’re still in the stage of ‘I want it,can afford it, but refuse
to pay that price’ if it’s not a necessity. “I think sales have already slowed. They’re up and down, but I think for all the merchants it’s going to be hard to meet last year’s sales. The slowdown has already happened.” Still, Mr Roberts said Super Value’s practice of buying in bulk several months in advance, in a bid to lock-in the lower prices prevailing then, was helping to mitigate the impact of food inflation for Bahamian consumers. “Between 15 percent and 20 percent,” the Super Value chief replied, when asked how much the supermarket chain has been able to lower the impact of soaring food prices by. “That will go on for a while until we sell out of the stocks. We bought to beat the price increases. “If prices increase, we don’t anticipate having to increase prices on the
staples, the breadbasket items, for three to four months because we have advanced stocks in that we have paid for. Every merchandise that we have coming in today and next month is coming in at the old price we booked out. Some of the items we had out six months ago; we bought it and paid the price that was agreed. “The suppliers are honoring it. Our next shipment of Devon corn beef will be three shipments at once. To beat the price they have to ship it. These are the things that are going to help us. We’ve very comfortable. What we want to be over-stocked in, we are over-stocked in. We may get caught on the sales as may not sell as fast as national brands. We have some new brands on cooking oil. We caught the price and are offering them to the public.”
PAGE 10, Monday, May 23, 2022
BAHAMAS MAY ‘RUN OUT OF RUNWAY’ FOR REFORMS FROM PAGE THREE
space to put its fiscal and economic house in order if it produces “a stronger prospectus” detailing the short, medium and longterm strategies and goals it will employ as part of a comprehensive turnaround strategy. Reiterating that “a goal without a plan is just a wish”, Mr Bowe said that if The Bahamas crafts such a road map “your runway gets extended because there’s greater, if you will, confidence in a strategy that has all the components and recognises that it’s going to take time. “Persons are more willing to grant a longer runway where they have the confidence that there are interim steps that can be measured, and if they are being achieved that demonstrates the longer-term strategy has greater prospects of success.” Arguing that the entire Bahamas must view the Budget as its responsibility, and not just the
Government’s, the Fidelity chief added: “The Budget has to be communicated in a manner that says we have to invest in what is going to be the future. That may mean sacrifice today and less comfort today for greater security in the future. “We now need to recognise there are challenges, there are difficulties in front of us, and we cannot boil an ocean. The way you eat an elephant is one bite size at a time.” Arguing that the “mindset” of treating the Budget as a 12-month cycle must be broken, Mr Bowe said this view constantly exposed administrations to criticism that they are not achieving all their objectives. “I believe that, if we get more deliberate, in terms of saying this is our strategy over 25 years, these are the things we must achieve in years three to five, and these are the things we can achieve in 12 months, then we are not only able to demonstrate that we have
a plan to achieve the goals we have set out, but we can implement it and measure it,” he added. “This is one where I would say to the minister: We are all in this together. Not everybody may appreciate that, and it may not be the easiest political narrative when you do say that, but I think the society is maturing to the point now where we can say that these are the sacrifices we are asking you to make, this is the opportunity we are providing you to ensure you don’t become desolate or do not fall to where you are unable to survive, but we are going to make these sacrifices in the near term in order to provide greater stability.” Mr Halkitis, setting out the broad objectives for this week’s Budget, having pledged that there will be no new or increased taxes, said: “We must be aware of our fiscal balance and the need to move back towards fiscal sustainability. As people would say, getting
Notice! The 42nd Annual General Meeting of the Public Workers’ Co-operative Credit Union Limited will be held on Friday, May 27th, 2022, commencing at 5:00 p.m. at the Church of God Auditorium, Joe Farrington Road, for the following purposes: 1. 2. 3. 4.
To receive and ratify the Board of Directors’ Report To receive and ratify the 2021 Audited Accounts To receive and ratify the (proposed) 2023 Budget To elect members to the Board of Directors, Supervisory, Credit and Nomination Committees and 5. To ratify the appointment of Auditors for 2022
All members in good standing are encouraged to attend and participate. Public Workers’ Co-operative Credit Union Limited “The Family Credit Union.”
our financial house in order by pursuing the reduction in deficit and reduction in the amount of new debt that you have to add to your to your debt stock. “I believe that in any Budget, we must be realistic. We understand that we have both local and international observers and stakeholders watching, so what we produce must be realistic, it must be attainable. I also believe, though, that it must inspire confidence and optimism on the year ahead for both businesses and the individuals. They must be able to look at a Budget and be inspired that this year will be better than next.” He foreshadowed a modest increase in social spending for the upcoming 2022-2023 fiscal year, in a bid to ease the cost of
living crisis, but provided no details. Mr Halkitis said: “Our objective in this Budget is to be able to promote growth. Obviously, we are looking to reduce the fiscal deficit and by that reduce the amount of new debt that we have to add to the debt stock. “We’ve talked a lot about ease of doing business and I believe that, in the shortterm, the key to economic
THE TRIBUNE diversification is to deepen the linkages with the tourism sector, diversify geographically to the islands and make sure that our Family Island economies are strengthened. “In doing that, develop and strengthen our revenue collection system to make sure that the taxation is equitable so people are charged according to the means and their activity. and the ability to pay, so that it’s predictable both for the taxpayer and for the Government.”
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THE TRIBUNE
Monday, May 23, 2022, PAGE 11
Private pilots: ‘Trust but verify on show stopper’ FROM PAGE ONE lucrative niches for Bahamian tourism given that it brings in higher-spending, wealthier tourists who are distributed throughout the country and not just Nassau, is now waiting to see if the promised changes become reality. “It’s not all bad. There were some good things discussed,” Mr Gardner told this newspaper following the meeting. “We discussed a whole number of things which helped to simplify the process. The most important thing was the deadline is May 30. It’s been postponed to May 30. “We have period of time that allows us to communicate and let everybody know to get prepared. It is not much breathing room, but is better than nothing. A few things were discussed; some changes to the system were discussed that have been very helpful, and Click2Clear has some features that were not evident in the training videos provided.” To clear Customs upon entry to The Bahamas, private pilots presently have to file their flight plan and complete a C7A inward declaration form. The information required includes the plane owner and pilot’s names, the aircraft registration number, the identities of any passengers, and details on where the plans is coming from and on its departure. A $50 Customs arrival fee is also payable. A general declaration form must also be completed on departure, together with the $29 per person departure tax. However, Customs has swiftly moved to digitise these long-standing manual processes by requiring that they now be completed via its Click2Clear electronic portal, seemingly with little to no warning for the industry. The goal will likely be to collect all revenue due to the Government from the private aviation industry and its customers, and ensure that all the necessary electronic records to document this and their arrival are in place. A ‘flyer’ from Bahamas Customs & Excise’s information technology (IT) unit, sent to the sector and obtained by Tribune Business, said the reforms will boost convenience and efficiency for all as pilots can submit payment and the forms before they arrive. “Click2Clear’s ‘pleasure craft module’ will be a game changer to revolutionise the way private aircrafts clear into The Bahamas via air travel,” the Customs document said, adding that the new system had been due to launch on May 2. “Make travel simpler and easy from the comfort of your home or office before arriving to The Bahamas.” Odyssey Aviation, the fixed base operator (FBO) at Lynden Pindling International Airport (LPIA), in a Saturday, May 21, e-mail to its clients said: “We have received numerous calls inquiring about Click2Clear and wanted to inform you on the status to date. “We were advised Bahamas Customs is tweaking the system and now targeting June 1, 2022, as a new start date. And not May 2nd as shown. Clients can register and start working with the site now to become familiar. In the meantime, they will continue to accept the General Declaration forms as usual......We will continue to work with our Industry partners such as yourselves to improve and modify Click2clear’s platform.” CST Flight Services, in a May 18, 2022, e-mail to its private aviation clients said that while it had been aware of Customs’ Click2Clear plans it had been “caught completely by surprise” when the agency decided to implement the change with immediate effect and no warning to the sector. It added that it had been informed Customs officials
would visit AirVenture, a recent major private aviation conference, to discuss the plan but this never happened. “While we have been aware of this intention, we had been reaching out to The Bahamas government to point out a number of issues, errors and misleading information that the system possesses, as well as how detrimental the use of this system could be to private air travel to The Bahamas,” CST Flight Services added. “Everyone who promotes and facilitates travel to The Bahamas such as FBOs, Bahamas Flying Ambassadors, loyal private pilots etc were caught completely by surprise and are asking for explanations and the answers to our technical questions.” Mr Gardner, subsequent to Friday’s meeting, said he was now more reassured due to the discussion. Asserting that the promise not to require the uploading of passport photos was “a good thing”, he added that the industry’s main concern had been that The Bahamas was introducing more red tape and bureaucracy, via Click2Clear, that could increase the costs and time associated with entering and exiting the country, and thus deter pilots and their passengers from travelling. “We are not increasing fees, which is good, but we are increasing the complexity, which is not good,” Mr Gardner told Tribune Business. “It’s kind of a very bureaucratic, step-by-step process. It’s tedious. It’s just, again, the more complicated you make the process the fewer people are willing to do it. “When you are looking at the potential of a $5,000 fine for not complying, it may push them not to want to come. Customs has its reasons to do it, some of which they didn’t share, some of which they have done. The Bahamas is a sovereign country, and all we can do as Flying Ambassadors is express our view and do our very, very best to communicate and share all that knowledge with the community to make it as easy, as straightforward and simple as we can.” Friday’s meeting was attended by Customs’ assistant comptroller, Lolita Pratt, and the agency’s IT personnel, as well as senior Ministry of Tourism executive, Greg Rolle. “It’s not all doom and gloom,” Mr Gardner added. “A lot of things were said, a lot of feelings were expressed, but at the end of the day we came out with some positive things and more. “They’re saying some of the things are going to be eliminated, and that’s going to be done next [this] week essentially.... It was a good conversation. I learned some things I didn’t know, and have to thank them. We now have to trust, but verify, I told them. I came out feeling better than when I went in because of what I learned and the changes that are going to be made. It’s all positive. We’ll have to see what the final product is.” Others, though, were not as sanguine as Mr Gardner. Jim Parker, head of Caribbean Flying Adventures, another group providing support to pilots heading to The Bahamas, estimated that this nation could lose up to 25 percent of its existing private pilot market if Click2Clear was implemented as originally planned with no changes. Mr Parker who, unlike Mr Gardner, was not present at the meeting but said he had spoken to those who were, said he had tried using Click2Clear to clear when it became optional for the private aviation sector in February 2021. However, after spending 40 minutes filling the form out
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he was unable to complete the application as he was “kicked off” when trying to upload passport photos. “There’s so many things wrong with this I don’t know where to start,” he blasted. “The people that designed this have no idea how private aviation works. It’s been a thoughtless exercise by someone in Customs, probably a technical person. It’s entirely too onerous. It’s taking people over an hour to complete this thing. It’s asking for information that Customs doesn’t need. It’s asking for information that you fill out when you arrive, and it’s duplicative. “It’s taken some people an hour-and-a-half to fill out and that’s a show stopper.” Asked how much business The Bahamas could lose if Customs went ahead with Click2Clear in its original format, Mr Parker replied: “I’m thinking 25 percent of pilots are not going to come to The Bahamas. If they go forward with this thing, they’re going to lose at a minimum 25 percent of private aviation coming to the country. “They’re getting ready to put a big dent in tourism revenues when The Bahamas needs as much as it can get. Pilots don’t like this. They want to be able to fly a flight plan and go. They need to leave it open for pilots who don’t have the skills to file online. Why should they be thrown out of The Bahamas and you lose their tourism dollars?” Mr Parker suggested creating a separate online app specifically for private pilots, where they could both fill-out the C7A and general declaration form and pay the necessary fees and departure taxes. “Drop the threatening $,5000 fine for non-completion,” he added. “This is a totally wrong message to send to private pilots.” Pointing to the confusion that resulted over the Click2Clear move prior to Friday’s meeting, Mr Parker added: “Nassau is ignoring it. Marsh Harbour is ignoring it. The FBO at Stella Maris, one of the busiest Out Island airports for private aviation, was not even aware of any requirement. Exuma was requiring it.”
Monday, May 23, 2022, PAGE 11
GN- 2714
PAGE 12, Monday, May 23, 2022
BAHAMAS FORGES CARIBBEAN POULTRY PRODUCTION LINKAGES FROM PAGE TWO
said he was confident the region will work together to reduce its food import bill and increase food security. “In coming to Guyana, we wanted to explore opportunities and options, meet with other countries where we can work with other CARICOM leaders who also share the same focus as The Bahamas in developing their agricultural sector,” the minister added. “We are trying to get to the point where we reduce imports by 25 percent by 2025. The Bahamas is a part of CARICOM, and so we are committed to that and we’re looking for sectors to do that. We feel that poultry is one of the sectors where we can do that very
quickly, and microgreens through vertical farming.” Mt Sweeting said many countries are merging their poultry sectors with other food items they can export, and added: “As we look around, countries have done very well in the sector. We understand that Guyana is one of the countries that has done well in agriculture, especially in poultry and coconut production. “Poultry is currently a main focus across CARICOM. For persons that are interested in investing in agriculture, other countries are finding ways to work together to fight food insecurity together and as a unit. We feel both are bankable products, and we are exploring opportunities to garner attraction. We were able to visit the poultry farm
THE TRIBUNE
L TO R: Food and Agriculture Organisation (FAO) ambassador, Winston Pinnock; acting director-general of tourism, Latia Duncombe; minister of agriculture, marine resources and Family Island affairs, Clay Sweeting; deputy prime minister and minister of tourism, investments and Aviation, Chester Cooper; parliamentary secretary in the Ministry of Agriculture, Marine Resources and Family Island Affairs, Leonardo Lightbourne; and director of investments in the Ministry of Tourism, Investments and Aviation, Phylicia Hanna-Woods.
here in Guyana – Bounty Farms - that has done a wonderful job and produce around 25,000 chickens per day, and we are looking to do something of that sort in The Bahamas as well. “Once we create this poultry industry in The Bahamas, it would create opportunities for Bahamians, for farmers and persons who want to get involved in producing feed, layers and other inputs. So, it is a full
circle industry where thousands of Bahamians could benefit.” Mr Sweeting said CARICOM countries were very eager to create opportunities to facilitate trade and technical assistance with each other. “What is very interesting and exciting is that Guyana and Jamaica have expressed their assistance to us as a country. If we are looking at the poultry sector, they are looking
to help us in any way that they can,” he said. “The camaraderie that we have had here over the last few days speaks to what we want to do as a CARICOM country, and how our deficiencies could assist them and, where they have deficiencies, we can work together. The minister of tourism met with other ministers of tourism and offered them some advice on how they can work with their tourism product and, where we lack in
agriculture, they can assist in that manner as well. “Chicken is something that we can produce very quickly once we have the right policy in place to protect the farmers, the producers and processors, and create an industry. A chicken from egg to adult is very minimal time. We want to be very aggressive with this and, as soon as we can create a proper policy in this sector, we want to make it happen.”
Priceless seeds, sprouts key to US West’s post-fire future By SUSAN MONTOYA BRYAN Associated Press
NOTICE IN THE ESTATE OF PETER HATCH BEMBERG late of Les Arcades du Lac, Chemin de la Falaise 29, 1196 Gland, Switzerland, Deceased IT IS HEREBY NOTIFIED, for the information of those it may concern, that all persons having claim or demand against the said Estate are required to send the same to the undersigned on or before the 7th day of June, A.D. 2022 and if so required by notice in writing from the undersigned to come in and prove such demand or claim or in default thereof be excluded from the benefit or any distribution made before such debts are proved; AND NOTICE is hereby given that all persons indebted to the said Estate are requested to settle their respective debts at the Chambers of the undersigned on or before the date hereinbefore mentioned.
A NEW Mexico facility where researchers work to restore forests devastated by fires faced an almost cruelly ironic threat: The largest wildfire burning in the U.S. was fast approaching. Owen Burney and his team knew they had to save what they could. Atop their list was a priceless bank of millions of ponderosa pine,
spruce and other conifer seeds meant to help restore fire-ravaged landscapes across the American West. Next were tens of thousands of tree sprouts, many of which were sown to make them more drought tolerant, that were loaded onto trailers and trucked to a greenhouse about 100 miles (161 kilometers) away. New Mexico State University’s Forestry Research Center in the mountain community of Mora is one of only a few such nurseries
NOTICE
NOTICE is hereby given that HARINIQUE SHAMA JOSEPH of P. O Box SB-52817, Tina Close off Hamster Road, New Providence, 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 16th day of May, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Dated the 9th day of May, A.D. 2022 CALLENDERS & CO. CHAMBERS, One Millars Court, P.O. Box N-7117, Nassau, The Bahamas Attorneys for the Personal Representative
MARKET REPORT www.bisxbahamas.com
FRIDAY, 20 MAY 2022
BISX ALL SHARE INDEX: BISX LISTED & TRADED SECURITIES 52WK HI 6.70 53.00 2.05 2.90 2.60 6.10 10.05 3.50 9.02 3.10 8.00 16.60 2.59 10.25 11.25 10.85 15.20 4.00 11.00 16.50
52WK LOW 4.75 32.12 1.49 2.20 1.30 5.75 6.96 2.82 4.25 2.27 5.93 9.75 1.99 6.50 10.02 9.01 13.10 3.50 8.00 15.50
SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank (Bahamas) Limited Focol Finco J. S. Johnson
PREFERENCE SHARES 1.00
1.00
1000.00 1000.00
1000.00 1000.00
1.00 10.00 1.00
1.00 10.00 1.00
Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 9 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00
52WK LOW 100.00 100.00
SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited
CLOSE
CHANGE
%CHANGE
YTD
YTD%
2447.82
0.22
0.01
219.58
9.85
SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ BFHP CAB6 CAB9 CHLA FBBA FCLB SYMBOL FBB22 BFHB
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 95.41 100.71 100.53 100.43 100.34 100.23 100.00 100.00 100.98 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 95.41 100.26 100.28 100.43 100.04 100.23 89.62 89.00 90.24 90.73
MUTUAL FUNDS 52WK HI 2.52 4.69 2.22 207.86 212.41 1.73 1.83 1.82 1.05 9.37 11.83 7.54 16.64 12.84 10.77 10.00 10.43 14.89
52WK LOW 2.11 3.30 1.68 164.74 116.70 1.68 1.73 1.75 0.99 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FX BGR138250 BGRS FL BGRS68023 BGRS FL BGRS70022 BGRS FL BGRS75022 BGRS FL BGRS81037 BGRS FL BGRS88028 BGRS FX BGR129249 BGRS FX BGR131249 BGRS FX BGR132249 BGRS FX BGR136150
BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGR1381502 BSBGRS680232 BSBGRS700220 BSBGRS750225 BSBGRS810375 BSBGRS880287 BSBGR1292493 BSBGR1312499 BSBGR1322498 BSBGR1361504
LAST CLOSE 5.35 39.95 2.04 2.31 2.25 6.10 9.75 3.30 7.52 2.81 8.00 16.60 2.59 10.25 12.08 10.85 15.20 3.98 10.00 15.50 1.00 1000.00 1000.00 1.00 10.00 1.00 LAST SALE 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 95.41 100.26 100.53 100.54 100.34 100.23 89.62 100.00 100.00 100.00
CLOSE 5.35 39.95 2.04 2.31 2.25 6.10 9.75 3.30 7.52 2.81 8.00 16.60 2.69 10.25 12.24 10.85 15.20 3.98 10.00 15.50 1.00 1000.00 1000.00 1.00 10.00 1.00
BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
VOLUME
702
0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00 100.00
CHANGE 0.00 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 95.41 100.26 100.53 100.54 100.34 100.23 89.62 100.00 100.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund RF Bahamas Opportunities Fund - Secured Balanced Fund RF Bahamas Opportunities Fund - Targeted Equity Fund RF Bahamas Opportunities Fund - Prime Income Fund RF Bahamas International Investment Fund Limited - Equities Sub Fund RF Bahamas International Investment Fund Limited - High Yield Income Fund RF Bahamas International Investment Fund Limited - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
MARKET TERMS
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 0.10 0.00 0.16 0.00 0.00 0.00 0.00 0.00
(242) 323‐2330 (242) 323‐2320 EPS$ 0.239 0.932 0.000 0.140 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000
VOLUME
DIV$ 0.170 1.260 0.020 0.080 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000
INTEREST Prime + 1.75% 6.25% 6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 6.05% 4.62% 4.50% 4.43% 4.87% 4.33% 5.55% 5.60% 5.65% 5.69%
NAV 2.52 4.69 2.21 197.44 202.39 1.73 1.82 1.82 0.99 9.37 11.79 7.54 15.94 12.47 10.74 N/A 10.43 14.89
YTD% 12 MTH% 0.99% 4.22% 0.36% 5.78% 0.67% 2.74% -2.97% -2.35% -4.72% 6.04% 0.83% 2.82% -0.18% 3.72% 0.76% 3.55% -3.55% -3.85% -0.02% 10.36% -0.33% 18.23% 0.22% 3.05% -3.89% 14.76% -1.04% -2.57% 0.81% 4.20% N/A N/A 3.00% 25.60% 7.90% 48.70%
P/E 22.4 42.9 N/M 16.5 N/M N/M 26.4 -7.5 53.7 15.3 17.8 23.0 26.4 21.9 18.9 14.9 18.6 19.6 10.6 24.6 0.000 0.000 0.000 0.000 0.000 0.000
YIELD 3.18% 3.15% 0.98% 3.46% 0.00% 0.00% 2.67% 0.00% 0.00% 4.27% 2.75% 4.34% 16.13% 0.59% 2.68% 2.21% 3.55% 3.02% 2.00% 3.94% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%
MATURITY 19-Oct-2022 30-Sep-2025 20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 15-Jun-1950 21-Jul-2023 29-Jul-2022 7-Sep-2022 26-Jul-2037 26-Jul-2028 15-Apr-2049 15-Jul-2049 15-Oct-2049 21-Apr-2050
NAV Date 31-Mar-2022 31-Mar-2022 25-Mar-2022 31-Mar-2022 31-Mar-2022 31-Mar-2022 31-Mar-2022 31-Mar-2022 31-Mar-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Mar-2021 31-Mar-2021 31-Mar-2021
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
in the country and stands at the forefront of a major undertaking to rebuild more resilient forests as wildfires burn hotter, faster and more often. Firefighters have managed to keep the flames from reaching the center’s greenhouses and there’s a chance some of the seedlings left behind could be salvaged. But Burney, superintendent of the center, said the massive fire still churning through New Mexico highlights how far behind land managers are when it comes to preventing such fires through thinning and planned burns. “The sad truth is we’re not going to be able to do that overnight, so we’re going to see these catastrophic fires for a decade, two decades, three decades — it depends on how quickly we make this turn,” he said, while stuck at home watching live updates of the fire’s progression as road blocks remained in place. This year is the worst start to the wildfire season in the past decade. More than 3,737 square miles (9,679 square kilometers) have burned across the U.S., almost triple the 10-year average. With no shortage of burn scars around the West, researchers and private
groups such as The Nature Conservancy have been tapping New Mexico State University’s center for seedlings to learn how best to restore forests after the flames are extinguished. The center has provided sprouts for projects in New Mexico, Arizona, Colorado, Utah, Texas and California, but experts said its capacity for turning out as many as 300,000 seedlings annually isn’t enough now and certainly won’t be in the future as climate change and drought persist. The newly formed New Mexico Reforestation Center, made up of a number of universities and the state’s Forestry Division, submitted a nearly $80 million proposal to the federal government just last month to jump start a reforestation pipeline that encompasses everything from seed collection to how seedlings are sown in nurseries and where they’re ultimately planted. Matt Hurteau, a biology professor at the University of New Mexico, and his team have been building models to better predict the sweet spot where seedlings will have the best chance of survival as researchers and land managers try to reestablish pockets of forest around the West.
NOTICE
NOTICE is hereby given that SHAMAD HAROLD JOSEPH of P. O Box SB-52817, Tina Close off Hamster Road, New Providence, 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 16th day of May, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that DELICIEU JOSEPH of Marsh Harbour, Abaco, 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 23th day of May, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that BRUNO HILTON WILLIAMS of P.O. Box SB-51842, Driggs Hill, South Andros, 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 23th day of May, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
THE TRIBUNE
Monday, May 23, 2022, PAGE 15
FINAL-HOUR RALLY YANKS WALL STREET FROM MAW OF BEAR MARKET By DAMIAN J. TROISE AND STAN CHOE AP Business Writers
WALL Street rumbled to the edge of a bear market Friday after another drop for stocks briefly sent the S&P 500 more than 20% below its peak set early this year. The S&P 500 index, which sits at the heart of most workers’ 401(k) accounts, was down as much as 2.3% for the day before a furious comeback in the final hour of trading sent it to a tiny gain of less than 0.1%. It finished 18.7% below its record, set on Jan. 3. The tumultuous trading capped a
seventh straight losing week, its longest such streak since the dot-com bubble was deflating in 2001. Rising interest rates, high inflation, the war in Ukraine, and a slowdown in China’s economy are all punishing stocks and raising fears about a possible U.S. recession. Compounding worries is how the superhero that’s flown to Wall Street’s rescue in the most recent downturns, the Federal Reserve, looks less likely to help as it’s stuck battling the worst inflation in decades. The S&P 500 finished the day up 0.57 points at 3,901.36. The Dow Jones Industrial Average swung
from an early loss of 617 points to close 8.77 higher, or less than 0.1%, at 31,261.90. The Nasdaq composite trimmed a big loss to finish 33.88 points lower, or 0.3%, at 11,354.62. Because the S&P 500 did not finish the day more than 20% below its record, the company in charge of the index says a bear market has not officially begun. Of course, the 20% threshold is an arbitrary number. “Whether or not the S&P 500 closes in a bear market does not matter too much,” said Brian Jacobsen, senior investment strategist at Allspring Global Investments.
“A lot of pain has already been experienced.” Many big tech stocks, seen as some of the most vulnerable to rising interest rates, have already fallen much more than 20% this year. That includes a 37.2% tumble for Tesla and a 69.1% nosedive for Netflix. It’s a sharp turnaround from the powerful run Wall Street enjoyed after emerging from its last bear market in early 2020, at the start of the pandemic. Through it, the S&P 500 more than doubled, as a new generation of investors met seemingly every wobble with the rallying cry to “Buy the dip!”
“I think plenty of investors were scratching their heads and wondering why the market was rallying despite the pandemic,” Jacobsen said. “Now that the pandemic has hopefully mostly passed, I think a lot of investors are kicking themselves for not having gotten out on signs that the economy was probably slowing and the Fed was making its policy pivot.” With inflation at its highest level in four decades, the Fed has aggressively turned away from keeping interest rates super-low in order to support markets and the economy. Instead it’s raising rates and making other
THE WEATHER REPORT
5-Day Forecast
TODAY
ORLANDO
High: 91° F/33° C Low: 72° F/22° C
TAMPA
WEDNESDAY
THURSDAY
FRIDAY
Sunshine, a shower; winds subsiding
Mainly clear
Mostly sunny and breezy
Partly sunny, breezy and pleasant
Breezy with increas‑ ing cloudiness
A couple of showers and a t‑storm
High: 85°
Low: 76°
High: 85° Low: 75°
High: 84° Low: 74°
High: 83° Low: 73°
High: 84° Low: 74°
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
93° F
77° F
91°-76° F
91°-76° F
91°-76° F
93°-78° 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.
almanac
E
W
ABACO
S
N
High: 82° F/28° C Low: 76° F/24° C
8‑16 knots
S
High: 87° F/31° C Low: 77° F/25° C
8‑16 knots
FT. LAUDERDALE
FREEPORT
High: 87° F/31° C Low: 78° F/26° C
E S
E
W
WEST PALM BEACH
W
uV inDex toDay
TUESDAY
N
N
| Go to AccuWeather.com
TONIGHT
High: 92° F/33° C Low: 77° F/25° C
High: 85° F/29° C Low: 74° F/23° C
MIAMI
High: 89° F/32° C Low: 80° F/27° C
8‑16 knots
Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 86° F/30° C Low .................................................... 79° F/26° C Normal high ....................................... 85° F/29° C Normal low ........................................ 72° F/22° C Last year’s high ................................. 85° F/29° C Last year’s low ................................... 70° F/21° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ............................................... 14.38” Normal year to date ..................................... 7.85”
ELEUTHERA
NASSAU
High: 85° F/29° C Low: 76° F/24° C
Forecasts and graphics provided by AccuWeather, Inc. ©2022
High: 83° F/28° C Low: 75° F/24° C
N
KEY WEST
High: 87° F/31° C Low: 79° F/26° C
tiDes For nassau High
E
W
8‑16 knots
S
10‑20 knots
Low
Ht.(ft.)
2.8 2.5
9:17 a.m. 9:37 p.m.
0.0 0.3
3:46 a.m. 4:29 p.m.
2.7 2.6
10:14 a.m. 0.0 10:43 p.m. 0.3
Wednesday 4:44 a.m. 5:24 p.m.
2.5 2.7
11:06 a.m. 0.0 11:42 p.m. 0.3
Thursday
5:37 a.m. 6:13 p.m.
2.5 2.8
11:53 a.m. ‑0.1 ‑‑‑‑‑ ‑‑‑‑‑
Friday
6:25 a.m. 6:58 p.m.
2.4 2.9
12:35 a.m. 0.2 12:36 p.m. ‑0.1
Saturday
7:10 a.m. 7:38 p.m.
2.3 2.9
1:22 a.m. 0.1 1:16 p.m. ‑0.1
Sunday
7:51 a.m. 8:17 p.m.
2.3 2.9
2:05 a.m. 0.1 1:54 p.m. ‑0.1
2:44 a.m. 3:27 p.m.
Tuesday
sun anD moon Sunrise Sunset
6:22 a.m. Moonrise 7:51 p.m. Moonset
2:20 a.m. 1:56 p.m.
New
First
Full
Last
May 30
Jun. 7
Jun. 14
Jun. 20
ANDROS
SAN SALVADOR
GREAT EXUMA
High: 84° F/29° C Low: 75° F/24° C
High: 83° F/28° C Low: 75° F/24° C
N
High: 83° F/28° C Low: 77° F/25° C
E
W S
LONG ISLAND
tracking map
High: 84° F/29° C Low: 76° F/24° C
10‑20 knots
MAYAGUANA High: 84° F/29° C Low: 78° F/26° C
Shown is today’s weather. Temperatures
H
Ht.(ft.)
Today
High: 83° F/28° C Low: 75° F/24° 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
moves in hopes of slowing the economy enough to tamp down inflation. The worry is if it goes too far or too quickly. “Certainly the market volatility has all been driven by investor concerns that Fed will tighten policy too much and put the U.S. into a recession,” said Michael Arone, chief investment strategist at State Street Global Advisors. Bond yields fell as recession worries pushed investors into Treasurys and other things seen as safer. The yield on the 10-year Treasury note, which helps set mortgage rates, fell to 2.78% from 2.85% late Thursday.
CROOKED ISLAND / ACKLINS
are today’s highs and tonight’s lows.
RAGGED ISLAND High: 83° F/28° C Low: 78° F/26° C
High: 83° F/28° C Low: 77° F/25° C
GREAT INAGUA High: 86° F/30° C Low: 78° F/26° C
N
E
W
E
W
N
S
S
10‑20 knots
12‑25 knots
marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR
Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:
WINDS SE at 8‑16 Knots ESE at 8‑16 Knots E at 8‑16 Knots E at 8‑16 Knots E at 10‑20 Knots E at 10‑20 Knots E at 10‑20 Knots E at 10‑20 Knots E at 8‑16 Knots E at 8‑16 Knots ESE at 8‑16 Knots ESE at 8‑16 Knots E at 10‑20 Knots E at 10‑20 Knots NE at 12‑25 Knots ENE at 10‑20 Knots E at 10‑20 Knots E at 10‑20 Knots ENE at 10‑20 Knots E at 10‑20 Knots E at 8‑16 Knots E at 8‑16 Knots E at 10‑20 Knots E at 10‑20 Knots E at 10‑20 Knots E at 10‑20 Knots
WAVES 2‑4 Feet 2‑4 Feet 1‑2 Feet 1‑2 Feet 3‑5 Feet 3‑5 Feet 3‑5 Feet 3‑5 Feet 3‑5 Feet 3‑5 Feet 1‑2 Feet 1‑3 Feet 1‑2 Feet 1‑2 Feet 2‑4 Feet 2‑4 Feet 3‑5 Feet 3‑5 Feet 3‑6 Feet 3‑5 Feet 1‑3 Feet 1‑3 Feet 3‑5 Feet 3‑5 Feet 1‑3 Feet 1‑3 Feet
VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles
WATER TEMPS. 79° F 80° F 82° F 82° F 80° F 80° F 81° F 81° F 79° F 79° F 80° F 80° F 81° F 81° F 81° F 81° F 80° F 80° F 80° F 80° F 81° F 81° F 81° F 80° F 79° F 79° F