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FRIDAY, MAY 29, 2020

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Inland Revenue urged: Probe $68m ‘tax gap’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

HE government’s financial watchdog has urged the Department of Inland Revenue (DIR) to be more aggressive in probing discrepancies of up to $68m between a company’s VAT and business licence fee turnover. The auditor-general’s report for the 2016-2017 fiscal year, tabled in Parliament this week, called on the government’s main revenue collecting agency to “follow up and investigate” more rapidly when glaring anomalies were exposed in

• Massive VAT, business licence discrepancies • Big group’s ‘under-reporting’ cost $5.1m VAT • Firm’s turnover $43m higher than certified

TERRANCE BASTIAN, auditor-general.

tax returns and filings. Although the annual turnover (sales) reported by a company for VAT and business licence purposes should be the same, the report revealed that one major Bahamian corporate group - identified only as “taxpayer D” - submitted filings showing a $68.06m difference between the two. While its business licence filing reported annual turnover of $188.767m, its separate VAT filings pegged

this at just $120.707m. The difference was unexplained in the report, with the auditor general calling for the Department of Inland Revenue’s enforcement unit to undertake a “field audit” of “taxpayer D”. Finding that the turnover “variances” had resulted in a large Bahamas-based conglomerate “underreporting” the VAT it should have paid by $5.1m,

SEE PAGE 8

PM puts web shops in ‘dice roll’ dilemma By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net TWO Bahamian web shop operators must now “roll the dice” on whether to proceed with their legal action against the Prime Minister after he re-opened the industry less than 24 hours after its filing. Wayne Munroe QC, the attorney for Paradise Games and TIG Investments, trading as The Island Game, told Tribune Business that he was now awaiting instructions from his clients on how to proceed after Dr Hubert Minnis announced that the domestic gaming sector can re-open its locations with effect from this coming Tuesday. The duo had previously asked him to file litigation challenging the legal validity

• Re-opens sector 24 hours after action filed • QC now awaiting clients’ instructions • Says not all staff to return immediately

WAYNE MUNROE QC of both the government’s Emergency Powers regulations and the way they were allegedly used to single out the gaming industry as the only one unable to offer curb side service to clients, thereby forcing all operators

Shoppers urged: ‘Rebuild country from within’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMIANS were yesterday urged to “rebuild our country from within” and “think twice” about spending money abroad as the prime minister gave the goahead for the retail sector’s full re-opening. Egan Kemp, president of Eunison Company, the Shoe Depot parent, told Tribune Business it was “hugely important” that retailers such as his be allowed to open their stores to customers even if COVID-19 health protocols result

in reduced volumes. Having already “terminated half of my staff”, Mr Kemp said he would bring back all remaining employees immediately until he obtained a better understanding of how much consumer demand remains in the pandemic’s wake. Also hailing the government’s decision to introduce a two-week “backto-school” VAT holiday to relieve the financial stress on hard-pressed consumers, Mr Kemp pleaded with Bahamians to shop at home and keep dollars circulating

SEE PAGE 9

DPM: GB airport will be restored ‘to former glory’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE deputy prime minister yesterday pledged that the government is still committed to acquiring Grand Bahama International Airport and “restoring it to its former glory”. K Peter Turnquest, speaking at a post-Budget press conference, said the Minnis administration was still in talks with the current joint venture owners, Hutchison Port Holdings and the Grand Bahama Port Authority (GBPA), to take over the facility and rebuild

it following the catastrophic damage inflicted by Hurricane Dorian. “We are still in discussions with the owners of Grand Bahama International Airport for the eventual transfer to the government with the objective of restoring it to its former glory with a new terminal, taking into account the level of storm surge it has suffered in past hurricanes,” Mr Turnquest said. “Yes, we do intend to go forward with the transfer of the airport to the government and invest in that facility to get it up and

SEE PAGE 11

to close their stores for another two weeks. Mr Munroe said his clients will now have to weigh the prospects of their action’s success, and the potential damages they could earn, against the possibility of failure as well as the costs associated with that. He added that much would likely depend on their calculation of lost profits/earnings, which he estimated would likely take five to eight days to compile. His comments came after the prime minister announced that gaming houses can again re-open as part of “phase three” in

his recovery plan, saying: “Gaming Houses will be allowed to open with physical distancing and sanitisation protocols, effective this coming Tuesday.” Dr Minnis’ move came less than 24 hours after Mr Munroe filed the Notice of Motion initiating legal action against the prime minister, in his role as the “Competent Authority”, and Carl Bethel QC, the attorney general, on behalf of The Island Game and Paradise Games. As promised, the action’s first bid is to seek a Supreme

SEE PAGE 11

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K PETER TURNQUEST

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MARLON JOHNSON

Taxation out even if no recovery by end-2021 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government yesterday ruled out new and/or increased taxes to cure its fiscal woes even if the Bahamian economy has failed to recover from COVID-19 by winter 2021. K Peter Turnquest, deputy prime minister, speaking at a post-budget press conference, said that while further “interventions” would be necessary if the economy failed to rebound from the pandemic within the next 18 months these did not include greater taxation. Reiterating the government’s belief that increased taxes cannot be imposed on an already-struggling economy, given that it would simply become further depressed, Mr Turnquest again voiced optimism that The Bahamas will enjoy a “relatively quick” recovery that will have started to take root in time for the 2021 New Year and peak winter tourism season. “We are confident we will see an economic recovery relatively quickly,” he said. “Certainly, by January 2021 we should start to see a recovery in tourism numbers, which is our main economic driver. If we get to fall/winter 2021, and don’t see the kind of results we anticipate we will have another set of decisions to make, but I don’t think taxation is the answer.

“You can appreciate that if the economy slows down, adding new taxation does not help us, so we will have to look at other interventions. We do not anticipate that will be needed.” Many observers believe that the government will have no choice but to introduce new and/or increased taxes in the medium term, once the Bahamian economy has recovered from COVID-19, due to the massively increased debt burden it is taking on. The $1.327bn fiscal deficit projected for 2020-2021 is forecast to be followed by a further $813.4m in 20212022. When combined with the $773.7m worth of “red ink” now predicted for the current 2019-2020 fiscal year, the government will have increased its direct debt - which will break the $10bn mark in 2021-2022 by $2.9bn in just three years. This is forecast to produce a 15.5 percent, or more than $58m, increase in The Bahamas’ debt servicing (interest) costs over three years. The interest bill just to service the national debt is forecast to rise from $377.052m to $435.498m by the 2022-2023 fiscal year, further cementing its place as the largest and most costly line item in the government’s annual budget. Mr Turnquest, though, reiterated the government’s belief that The Bahamas can grow its way out of the

SEE PAGE 9

PAGE 2, Friday, May 29, 2020

BAHAMASbased contractor yesterday said the construction industry can mount a “110 percent recovery” from COVID19 as he warned that high real estate transaction costs were making this nation uncompetitive. Costa Berdanis, Tarcon Construction’s president, speaking on a webinar hosted by the The Counsellors’ Business Outlook series, backed the government’s bid to further stimulate the sector by dropping the duty rate on a variety of construction materials from 45 percent to 20 percent. K Peter Turnquest, deputy prime minister, said the tax cut was designed “to spur construction activity, and thereby mobilise domestic capital”, by reducing duty on “all building materials” such as wood, glass, granite,

THE TRIBUNE

HIGH PROPERTY TRANSACTION COSTS HIT COMPETITIVENESS steel, electrical supplies and fixtures, carpet, landscaping material and plumbing materials. “As far as construction I think that we are going to be just fine,” Mr Berdanis said. “The preliminary outlook looked a little grim, but I think a

lot of the bigger cities have also gotten hit. Due to the fact that we have a smaller footprint, I think that a lot of revenue will start coming back into the construction industry due to the fact that a lot of people want to relocate out of the bigger cities. “We’ve been getting a

lot of activity from very big firms in New York, and people are actually looking to get out of the city and are looking for more of a Nassau, Bahamas real estate market. One thing I think can help the real estate market coming in is if we can maybe strategise that, along with some of the infrastructure we have in place with the Ministry of Tourism for marketing, we can bring some of that business this way.” Describing construction as The Bahamas’ second largest industry apart from tourism, Mr Berdanis said the industry’s weekly payroll meant money was constantly being injected into the Bahamian economy. “I do think we have the potential to come back, and we have the potential to come back 110 percent; we just have to get through a small window,” he added. “I think the planning just

Beauty salons hopeful of reopen by end-june

that they have closed permanently. The majority of them were booth renters, and then some people were able to hold it down because they were not the only breadwinner in the household. “Everybody else in my membership now is still stable, then some people just downsized. The booth renters really help pay rent, and then if they are unable to pay their rent because they didn’t have any income to continue the booth rentals, some people were forced to downsize their business,” Ms Taylor continued. “Some businesses have already closed down, some people have already downsized, and you have a lot of people that have moved home to a home-based business. Some people would have to go into doing their business mobile and, because of the overhead expense, they had no other choice but to close down. A lot of landlords were not working with a lot of the salons, and they didn’t want to carry on that expense.” The prime minister, in announcing that the

government is moving into “phase three” of its COVID-19 re-opening, yesterday told barbers and beauty salons to make sure they were prepared. “I assure restaurant operators, hair salons and barber shops that we are working with the National COVID-19 Coordination Committee and industry partners to finalise protocols for operations,” he said. Ms Taylor said she was focused on ensuring her membership obtains the Ministry of Health infection control certificate that is mandatory for persons in the hair and cosmetics industry. She said training was going well and “everybody needs their certificate from the Ministry of Health to get back into their salons”. “You just have to sit the online class and, once you are in the beauty industry, everybody has to sit the class in order to get back in their salons,” Ms Taylor added. “This is for the reopening. You have to have it, it is mandatory as it comes from the Ministry of Health.”

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BARBERS and beauty salons yesterday voiced optimism that the government may allow them to re-open before end-June even though several operators have already decided to close permanently. Dellarese Taylor, the Bahamian Cosmetologists and Barbers Association’s president, told Tribune Business that implementing the necessary COVID-19 protections were likely to cost operators significant funds as they worked to rearrange their businesses to comply with social distancing. “We are just waiting to reopen so everything could be super sailing and

BY YOURI KEMP | TRIBUNE BUSINESS REPORTER YKEMP@TRIBUNEMEDIA.NET

everybody can just follow the protocols,” said Ms Taylor. “Everybody has been working and putting things in place now. Those who are going back into the salons, they are trying to share up and divide the space to ensure everybody is not working too close to each other. You weren’t making any money, but now it is going to cost you a lot of money to go back and make a lot of changes.” She added: “We have at least six persons who contacted me personally to tell me that they have closed down permanently, but it could be more. These are the people who contacted me personally. “Our membership is about 100 persons, and I know for sure I have two persons from my association that have told me

needs to be organised, and I think we can restructure a bit of the marketing. “We have a lot of things that stagnate construction. You’ve got shipping costs. Right now, to bring in a 40 foot container, it’s $4,000 roughly for the average consumer. If you’re a bigger company, maybe you can do it for a little bit less if you are competitive. But you can bring in a container from China for $5,000, and you can ship one from Miami to here for $4,000. “Then there is a twoweek process to clear it. It’s quite a process, and it is very difficult for the average consumer to want to build their own home, so that was difficult on the construction side. Stamp tax, per se, is still ten percent. On a $600,000 home or a $700,000 home, you’re talking about $60,000 on the closing. So the local market is very hesitant to deal with that, and it makes

us a non-competitive country on the global market.” Mr Berdanis backed the COVID-19 lockdown for controlling the pandemic’s spread in The Bahamas, and added: “Now that it’s passing I think we can learn from this, and we can stimulate construction again by focusing on where our weak points were. “There are a lot of properties here that are stagnated right now, owned by a handful of people, no one paying any real property tax on it, and they are very difficult to acquire and move. Something needs to happen. We need to have middle class housing for everybody; nice housing, and it should be affordable and easy to attain. There is a lot of cost we can trim, and I applaud the government for reducing the duty on tools and equipment from 45 percent to 20 percent.”

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Friday, May 29, 2020, PAGE 3

PAGE 4, Friday, May 29, 2020

THE TRIBUNE

Friday, May 29, 2020, PAGE 5

Colina in $2.3m loss as COVID-19 bites A BISX-listed life and health insurer yesterday disclosed that ordinary shareholders suffered a $2.3m net loss for the 2020 first quarter as COVID-19’s economic impact started to bite. Colina Holdings Bahamas, the parent company for Colina Insurance, blamed a reduction in the value of its investment holdings - chiefly securities - for a loss equivalent to $0.09 per share. It also suffered a 43.5 percent year-over-year revenue decline as the pandemic forced an economic shutdown during the quarter’s last two weeks. The bottom line results represented a $4.9m reversal to the $2.6m profits generated during the three months to end-March 2019. Colina Holdings Bahamas said this year’s figures were hit by “mark-to-market” price adjustments on its investment securities, with the losses reflected in the first quarter’s net investment income. The insurance parent suffered a net $7.2m investment loss compared to a net investment income gain of $10.6m in the prior year. “The company ensures that,

TERENCE HILTS as part of its long-term strategy, it maintains a strong capital base to withstand these interim periods of price volatility,” said Terence Hilts, Colina Holdings Bahamas chairman. Total revenues for the 2020 first quarter were down $19.9m, totalling $25.8m for the three months ended March 31, compared to $45.7m last year. Net premium revenues stood at $28.1m compared to the prior year period’s $30.1m. Net policyholder benefits increased by $0.9m to $25.2m for the first three months of 2020 compared to $24.2m in the prior year. Offsetting the impact of the negative investment

returns was a release of provisions for future policyholder benefits totalling $8.9m compared to an increase in reserves for the 2019 first quarter totalling $5.3m. Colina Holdings Bahamas said the mark-to-market adjustments reflected in the income statement and revaluation reserve had impacted the balance sheet value of its investment securities, which fell to $420.9m at end-March compared to $445.8m at year-end 2019. Total assets at March 31, 2020, were $779.9m, with invested assets remaining the largest component of total assets at 76.3 percent. “Overall, we are pleased that the company continues to have the strong balance sheet to weather periodic income statement volatility, and we remain focused on ensuring that the company’s capital base remains with sufficient margins to provide Colina Holdings Bahamas the flexibility it needs to continue to meet its obligations to its policyholders and customers within this challenging economic environment,” said Mr Hilts.

Financial provider hails budget tax rise rejection A BAHAMIAN financial provider has praised the government for rejecting new or increased taxes in the 2020-2021 budget, branding its fiscal strategy as “very bold, creative, inclusive and collaborative”. Robert Pantry, pictured, Simplified Lending’s chief executive, also backed the decision not to cut civil service jobs or payroll given the expanding 30 percent-plus unemployment rate stemming from the COVID-19 shutdown. “I think not increasing taxes at this time is a very good move, which helps both individuals and business,” the 20-year financial services veteran said. “No public lay-offs was also a good move, and the fact that the government is leading by example relative to finding creative ways and areas to cut expenses, including suspension of non-essential travel, is also good.” Mr Pantry, whose Simplified Lending business was one of government’s partners in the Business Continuity Loan initiative, providing low-interest loans and grants to keep small to mid-size businesses afloat, also praised the government’s expanded education funding together with the proposed twoweek “VAT holiday” for back-to-school supplies. Scholarship funding increases for University of The Bahamas and BTVI were also unveiled. “Those measures demonstrate the focus on education, which will be a key driver for the country’s

long- term growth,” he added. “The government could have easily gone a different direction and pulled back on that to save money, but instead chose to focus on the future and I give them high marks for that.” K Peter Turnquest, deputy prime minister, had described the budget as unlike any The Bahamas has seen before. This, he said, was “fittingly so, because the past 12-months have been unlike anything the country has ever experienced”. He set out the 2020-2021 Budget’s five goals as protection for the health and safety of citizens; providing adequate social support to vulnerable persons; economic stabilisation; sustaining employment; and accelerating government reforms. Mr Pantry also noted the introduction of customised vehicle licence plates that will sell for $200 per set, adding: “While it is small, it speaks to the government thinking outside of the box.” “On the expense side, I think working with the unions to pause salary

increases is an excellent move. The trade-off between not laying off and pausing salary increase is good, and I like the fact that the government is engaging the unions who would be pleased about this,” Mr Pantry said. “The deputy prime minister should be congratulated for his stance on not going back to business as usual, and the fact that the government showed this by pausing the fiscal deficit strategy to focus on stabilising the economy. Ordinarily, I am a big proponent of government deficit reduction but these are once-in-a-century events, and require a oncein-a-century response.” Mr Pantry also praised the government for its focus on micro, small and medium-size enterprises (MSMEs). “When the larger businesses could not respond to changes quickly, small and medium-sized businesses quickly adjusted and were innovative enough to go after opportunities which, by the way ,help to keep the unemployment numbers down and less pressure on NIB and social services,” he said. “Everybody knew how important supporting MSMEs were before, but now we know it is critical that they are supported and prioritised. We are now looking to ramp up our own efforts to support MSMEs. Overall, I must commend the government for such a bold budget, and I think the focus is in the right place, which is economic stabilisation and people.”

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PAGE 8, Friday, May 29, 2020

THE TRIBUNE

Challenges remain as retailers re-open By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMIAN retailers yesterday warned that significant challenges remain despite the prime minister giving the go-ahead for “non-essential” stores to re-open following the Whit Monday holiday. While relieved that they can resume in-store operations between 9am and 5pm on weekdays, merchants said they would not recall 100 percent of their preCOVID-19 workforce until they were sure there is sufficient consumer demand. And others revealed

that sales will likely remain below pre-pandemic levels for some months to come due to issues such as having to permit fewer customers in the store in order to maintain social distancing and health protocols. Tonya Deveaux, Universal Hair and Beauty Supplies’ general manager, told Tribune Business of the government’s decision to move to Phase Three of its COVID-19 re-opening: “It’s good news. We are doing curb side now, so it would make things a little easier. “We have to change nothing now aside from putting markers down on the ground, and putting an

additional security guard in place to monitor how many people we allow into the store. We are going to put up some more hand sanitising stations.” She added, though: “Because this has shortened our work day, as our general store hours are from 8am to 8pm, we won’t be able to bring everybody back to work initially. But we will bring back more than 50 percent of our staff.” Unable to give a projection on how sales will perform once retailers open in-store on Tuesday, Ms Deveaux said: “We just have to wait and see, but you know the economy isn’t

good for anyone, so obviously people aren’t shopping the way that they used to.”” The prime minister, in a House of Assembly statement that so-called “non-essential” retailers have been anticipating for weeks, said: “All nonessential storefront business operations on New Providence, Grand Bahama and Bimini - for example, furniture stores, clothing, shoes, jewellery, cosmetic and other miscellaneous retail stores - may resume business operations Monday to Friday 9am to 5pm with essential staff required to allow the business to function, but with physical

distancing and sanitisation. This will become effective Tuesday, June 2.” Lucy Burrows, general manager of Geoffrey Jones, said: “We’ve been opening up our store for the past week now and so far it has been pretty good.” She added that the COVID-19 lockdown and restrictions had cost the company at least 30 percent of its sales, and said the topline may remain down for some time because she does not feel comfortable allowing customers to start full in-store browsing yet. Ms Burrows added: “We have our protocol and our front door is locked, so

everybody has to come in and you have to wait. Then, when you come in, you have to use the hand sanitiser and we have three computers, so only three customers allowed at a time. The return to full instore browsing is unlikely to happen before July, she said, and added: “Trying to get supplies now is becoming a challenge where the United States has been locked down themselves. We are going to have even more losses because I don’t have stock to sell. Our suppliers are working on it now, and it is just for them now to catch up.”

Inland Revenue urged: Probe $68m ‘tax gap’ FROM PAGE ONE the auditor-general’s report also noted that “taxpayer D’s” business licence filing was not accompanied by the required accountant’s letter certifying that the reported $188.767m turnover was correct. “The additional revenue turnover as filed for the business licence should have been reported on the VAT filing returns and paid to the consolidated fund,” the report said. “The amount of $68.06m variance for “taxpayer D” requires a field audit by the Audit and Enforcement Unit. “The $188.767m business licence turnover filed by ‘Taxpayer D’ for its grouped entities’ licence renewal and associated fees were settled with VAT credit transfers totalling $2.675m. Refund request cases were not filed for the credits by the taxpayer for the actual claimable amount to be verified for approval under the General Processing Unit.” As a result, the auditorgeneral’s report found that “transferring the VAT credits to apply against the business licence fees for the $188.767m business licence

turnover” did not follow the established process for reporting this to the consolidated fund. Matching turnover figures submitted by the same company for its VAT returns and annual business licence filing is one of the first, and easiest, crosschecks that can be applied by the Department of Inland Revenue to determine whether a corporate taxpayer is under-reporting or evading a particular tax. However, “Taxpayer D” was not a single isolated incident. Turning to another unnamed company, “Taxpayer G”, the auditor general’s report this time found that the $63.377m turnover reported was the same for both its business licence and VAT filings. Yet the letter certifying its turnover for business licence fee purposes, which was signed by a Bahamas Institute of Chartered Accountants (BICA) licensed accountant, pegged “Taxpayer G’s” turnover at just $20.698m - a whopping $42.679m difference. “There was no correspondence indication on file that a follow-up was made to have the case revisited for a corrected letter to be provided,” the auditor

general’s report said of its Department of Inland Revenue inspection. “We recommend that the BICA certified accountant’s letter be obtained and affixed on file for all business licence renewal approvals for turnover of $100,000 or above. In cases where a notable variance exists between the filed turnovers, follow-up and investigate the difference to have the case revisited for completeness. “Going forward, the Business Licence and VAT turnover comparative analysis annual report should be reviewed and any differences investigated for potential revenue recovery.” Companies with annual turnover of $100,000 or above are required to have this certified by an external accountant for business licence purposes, but the auditor general’s office found this was not always being enforced. “Review of business licence renewals disclosed that this requirement was not always followed by the Department of Inland Revenue as there were cases where approvals were made - and licences issued - without obtaining this relevant documentation,” the

report said. It added that this breached the business licence regulations No.5, which was changed in 2015. It is unclear whether the Department of Inland Revenue has addressed the weaknesses identified in this report, but they are especially alarming against the backdrop of the $1.3bn fiscal deficit the government is projecting to incur for its upcoming 2020-2021 fiscal year. Both K Peter Turnquest, deputy prime minister, and Marlon Johnson, the Ministry of Finance’s acting financial secretary, in their post-budget press conference yesterday said that cracking down on tax cheats - and ensuring the government obtains every cent of revenue due to it - remains one area where the Public Treasury’s income might improve amid the COVID-19 pandemic’s fall-out. The auditor general’s 2016-2017 findings, which cover the last year of the former Christie administration, raise questions about the Department of Inland Revenue’s ability to achieve this goal if the systems and procedural deficiencies have not been addressed. For the financial

watchdog’s report identified another VAT registrant who had under-reported due VAT by $230,966. “For 2016 business licence renewal, $2.119m gross revenue was reported by no VAT turnover was filed for the related period. This difference attracted $158,949 VAT,” the auditor general’s office found. “We further noted that the taxpayer had been registered for VAT from December 8, 2014, in time to charge and collect VAT as of January 1, 2015. For 2017 business licence renewal, $1.929m gross revenue was reported and $968,482 for the VAT turnover, resulting in a difference of $960,221. This difference attracted $72,017 in VAT. “We recommend that the assessed VAT of $230,966 be applied to the taxpayer’s account for revenue recovery.” And, elsewhere, the auditor general’s office found the Department of Inland Revenue was failing to follow both the law and government policy by waiving and writing-off interest and penalties for VAT late payments as well as outstanding business licence fees.

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THURSDAY, 28 MAY 2020

ALL SHARE INDEX: CLOSE: 2,140.34 | CHG: -0.55 | %CHG: -0.03 | YTD: -91.26 | YTD%: -4.09 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.75 2.60 2.00 5.47 12.77 6.17 4.50 10.30 3.64 5.10 10.88 8.15 16.99 9.40 4.25 15.21

52WK LOW 3.35 20.91 5.50 5.39 1.78 0.67 2.00 10.21 5.60 3.62 5.41 2.53 1.85 8.00 7.01 13.04 6.98 3.14 13.90

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

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

1000.00 1000.00 1000.00 1000.00

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

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

1.00 10.00 0.90

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

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

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

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 3.55 17.43 6.00 6.68 1.78 1.62 2.98 11.26 6.10 4.03 6.01 3.00 5.10 9.57 8.15 14.50 8.97 4.00 15.20

CLOSE 3.55 17.43 6.00 6.68 1.78 1.62 2.98 11.26 6.10 4.03 6.01 2.96 5.10 9.76 8.00 14.50 8.97 4.00 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.04 0.00 0.19 -0.15 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 0.90

0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00

CHANGE 0.00

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

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

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

VOLUME

20,000 3,770

VOLUME

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

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

P/E 14.9 18.7 N/M 18.1 N/M N/M -6.8 15.6 13.6 21.9 42.9 29.0 10.9 15.1 11.0 17.8 9.6 19.7 24.1

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 4.79% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.39% 3.61% 2.98% 0.00% 14.66% 1.18% 3.36% 3.00% 3.72% 2.23% 3.00% 4.01% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

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

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

YTD% 12 MTH% 1.04% 3.87% 0.61% 2.93% 0.50% 2.50% -1.34% 2.23% -12.71% -5.79% 0.94% 3.72% -3.46% 2.09% -0.11% 3.43% -3.33% 1.53% -0.32% 10.20% -1.58% 15.37% 0.88% 5.22% -4.91% 10.77% 1.89% 6.75% -1.95% 0.38% N/A N/A -10.90% -4.30% -18.80% -12.00%

NAV Date 31-Mar-2020 31-Mar-2020 27-Mar-2020 31-Mar-2020 31-Mar-2020 31-Mar-2020 31-Mar-2020 31-Mar-2020 31-Mar-2020 29-Feb-2020 29-Feb-2020 29-Feb-2020 29-Feb-2020 29-Feb-2020 29-Feb-2020

MUTUAL FUNDS 52WK HI 2.31 4.40 2.10 198.39 168.29 1.67 1.85 1.76 1.24 8.34 10.26 7.00 12.15 12.58 10.81 10.00 8.98 11.79

52WK LOW 1.67 3.30 1.68 164.74 116.70 1.61 1.75 1.70 1.14 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

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

NAV 2.31 4.39 2.10 192.52 145.55 1.67 1.79 1.75 1.16 8.31 10.07 7.00 11.42 12.58 10.52 N/A 8.31 10.01

MARKET TERMS

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

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

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

31-Mar-2020 31-Mar-2020 31-Mar-2020

A sample of six VAT delinquents, owing a combined $466,337, found that the agency had waived a collective $156,196 in interest and penalties owed by these businesses even though the VAT Act specifically forbids doing this. “The impact of waiving interest and penalties that are deemed inappropriate results in revenue foregone,” the auditor general’s office said, “and, over time, the amount escalates and the government’s tax agenda is at risk. We recommend that the total outstanding VAT liability of interest and penalties waived, $156,196, be reinstated to the taxpayers’ accounts for recovery and deposited to the consolidated fund.” It was a similar story with business licence fees where five companies saw a combined $6,055, out of a total $6,775 owing, written off despite the Department of Inland Revenue having no lawful powers to do this. “Some taxpayers received write-off of back years’ taxes and late filing and payment penalty fees, contrary to policy,” the auditor general’s office found. “We recommend that all businesses that received unjustified writeoffs be made to pay those waived taxes in full. ‘‘Accordingly, the accounts be updated to reinstate the appropriate business licence fees and penalties. Further, all outstanding VAT and business licence revenue inclusive of interest and penalties be recovered and the taxpayer rightfully fined in accordance with VAT Act section 40 (4).”

LEGAL NOTICE

NOTICE

POSITIV UNIVERSAL GROUP INVESTMENTS SA. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, POSITIV UNIVERSAL GROUP INVESTMENTS SA. is in dissolution as of May 13, 2020. International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

THE TRIBUNE

Friday, May 29, 2020, PAGE 9

Taxation out even if no recovery by end-2021 FROM PAGE ONE

introduction of overflight fees on January 1, 2021, which would charge aircraft for the right to fly through this nation’s air space, it is also focusing on going live with an online portal that will facilitate greater efficiency and convenience in the payment of yacht, cruising, charter and fishing permits. The deputy prime minister also revealed that the Ministry of the Environment and Housing planned to start exploratory talks with existing and potential new holders of aragonite mining licences in a bid to revive that sector and generate revenue from it. “The number of active licences for mining in this country, it’s very surprising,” Mr Turnquest said. “There are no active aragonite mining licences at the moment.” Mr Johnson, meanwhile, added that the government was also focusing on cracking down on tax cheats as a means to maximise its income during a year when revenues are projected

to be $900m below what was originally forecast. Pointing to the work that will be conducted by the Revenue Enhancement Unit (REU) and Customs electronic single window, the acting financial secretary added: “We’re placing a lot of emphasis on ensuring persons do not evade taxes and the like. A lot of buoyancy is anticipated in better compliance and enforcement efforts to ensure we collect the revenues out there.” Mr Johnson added that the government has yet to decide when it will tap the international capital markets to finance its $1.3bn deficit, with the majority of its borrowings set to be undertaken in foreign currency to help support the external reserves and the one:one peg with the US dollar. He added that the Ministry of Finance would turn to multilateral lending institutions such as the World Bank, Inter-American Development Bank (IDB) and Caribbean Development Bank (CDB) first as

Shoppers urged: ‘Rebuild country from within’

economic re-opening strategy, which primarily allows all so-called “non-essential” retailers to open their stores to customers - provided social distancing, sanitisers and other health protocols are in place - with effect from Tuesday, June 2. “Because we are making progress, we are moving into phase three of the reopening of the economy and the country,” Dr Hubert Minnis said. “All nonessential storefront business operations on New Providence, Grand Bahama and Bimini, for example, furniture stores, clothing, shoes, jewelry, cosmetic and other miscellaneous retail stores may resume business operations Monday to Friday 9am to 5pm with essential staff required to allow the business to function, but with physical distancing and sanitisation.” Mr Kemp said he was checking to see what the prime minister meant by “essential staff”, as Dr Minnis reminded Bahamians that “phase three” represents “the new norm”. He added: “We’ve entered a new frontier, a new world or the new norm.... Even as we reopen, we must remember that we are living in a new normal, in which we must continue to practice physical distancing, proper sanitization and wearing masks “If we do not collectively observe these measures and community spread widens, the country may have to revert to earlier phases.” Dr Minnis warned that, if this was to occur, “the entire Bahamian economy can be destroyed rather than just losing a few jobs”, reminding Bahamians that “your future, our future is in your hands”.

looming debt burden by expanding the economy at a much greater pace. “Not at all,” he replied when asked whether it was inevitable that new and/or increased taxes will have to be imposed on the Bahamian people and businesses. “It’s our hope in coming out of this pandemic that we’ll have a strong recovery both domestically and internationally that raises all boats. We don’t believe there’s a need for new taxes. We continue to work on revenue enhancement, look at new sources of revenue from commercial services the government provides to maximise the opportunity. We’re looking to inspire local and foreign direct investment to grow the economy...” Mr Turnquest added that the government was examining several sources of “windfall revenues” no included in the budget. Apart from the potential

FROM PAGE ONE

in the economy - especially for products whose prices can match those offered in Florida and other US states. “I encourage all Bahamians, especially those with light purses, to really shop at home,” he told this newspaper. “Compare the prices and rebuild our country from within. We have to stop spending money abroad on bringing things in. That does not provide jobs for Bahamians. “Where a local retailer is offering product at US prices, please think twice about supporting foreign businesses when we can provide the same-priced shoes in The Bahamas.” Mr Kemp added that the government’s decision to waive import duties on apparel and footwear in the 2018-2019 budget had enabled Bahamian retailers to finally compete on price with their Florida rivals, and the two-week VAT holiday unveiled with the 2020-2021 budget - which will take place just before the new school year starts - will help counter the sales tax waiver offered in the US state. “I thought that was a really commendable act by the government, and it really helps Bahamian businesses compete with Florida-based businesses that are able to do the same every year,” he added. “It is absolutely the one thing I can praise this government for. “By removing the duty we were able to go to US prices straight by removing the taxation from us, and the consumer enjoys the same prices. This VAT holiday allows Bahamian consumers to shop at home, and take money from the plane ticket and afford things in Nassau. “I do commend the

government for that dutyfree structure. They did it exactly right for only businesses that sell the product. That action on our behalf helped us to become more competitive and removed a lot of bad players in the game. When there’s no duty in the game, cheats can’t cheat.” Marlon Johnson, the Ministry of Finance’s acting financial secretary, yesterday confirmed that the two-week VAT “holiday” will be treated as “zero rated” rather than “exempt”. This means that retailers, too, will be able to reclaim all their VAT input costs involved in purchasing stocks and other items, thereby further lowering costs and providing greater savings potential for consumers/. Mr Kemp, meanwhile, said it would not necessarily be a swift rebound in employment at his business. “I already had to terminate half my staff. They were permanently terminated,” he revealed. “We won’t be bringing everyone back on immediately. We will stage up to see what business activity is there.” Voicing concerns about the reliability and cost of Bahamas Power & Light’s (BPL) energy as the summer months approach, the Shoe Depot chief repeated his previous pleas for the government to take a more “equitable” approach should it become necessary to re-impose a COVID-19 lockdown and ensure that all businesses - bar the likes of food stores and medical providers closed. Mr Kemp spoke out after the prime minister told the House of Assembly that the pandemic has been sufficiently contained to allow The Bahamas to move to “phase three” of his

these typically offered the lowest interest rates and best terms. “The timing of going to the international market depends on what is happening locally,” Mr Johnson said. “We will go out to the market when things pick back up in the country and investors are more confident. We have a defined plan that we are working on.” Mr Turnquest said the government and Central Bank were both confident in their ability to support The Bahamas’ fixed exchange

rate regime despite the ongoing loss of all tourismrelated foreign currency inflows. He added that the current $1.986bn worth of reserves were equivalent to 28 weeks of the country’s import needs - a level much higher than the 13 weeks recommended by the International Monetary Fund (IMF). “A lot depends on what happens with the economy, but we are confident we will be able to support the peg,” Mr Turnquest said. “The Central Bank is confident we have enough reserves,

policy options available to us to ensure we maintain more than adequate cover.... We have a lot of cushion, if you will, to withstand a slow turnaround.” Adding that the government’s foreign currency borrowing will provide further reinforcement against a slower-than-expected recovery, the deputy prime minister added: “We have a lot of tools left in the belt from the government’s perspective, and there are a lot of tools the Central Bank can deploy so we don’t get into that territory.”

THE TRIBUNE

Friday, May 29, 2020, PAGE 11

Microsoft partners with Bahamian-founded non-profit for social impact webinar A BAHAMIAN-founded non-profit, HAP, is organising a high level impact webinar in conjunction with Microsoft to collaborate and share thoughts on a world disrupted by COVID-19. Eager to further the conversation on surviving and thriving post a pandemic in The Bahamas, the public is invited to join in on the session. HAP, which stands for “Harness All Possibilities”, was founded by Bahamian

finance professional Rhonda Eldridge. HAP provides the network, information and tools for in-transition professionals to explore, adapt and embrace a growth mindset for 21st century engagement. The organisation successfully hosted a three day blockchainfocused youth hackathon and conference last August drawing over 180 online curriculum students and 150 student participants at Windsor School.

The upcoming webinar will outline the point of departure to a radically different future via four areas championed by awardwinning global futurist and webinar guest speaker, Rohit Talwar. Talwar, while promoting his new book, Aftershocks and Opportunities - Surviving and Thriving During and After the Pandemic, will share possible challenges, shifts and scenarios that could emerge post the pandemic across society

and social policy, government and governance, and business and technology. Talwar explains: “A crisis can be the ideal time to reset our thinking, refocus our strategy, and try new ideas to lay the foundations for a sustainable future. “We’re standing in the middle of the unfolding pandemic surveying the chaos it’s causing. However, simply focusing on the present isn’t enough. This collection of 25

ROHIT TALWAR

RHONDA ELDRIDGE

future-thinkers understand the importance of thinking about the next horizon and beyond. This can help ensure that the decisions we make today do not simply lay the foundation for a new set of problems tomorrow.” Bahamian business leaders, entrepreneurs and other

guests are invited to hear Rohit Talwar share knowledge, tips and also ask any questions following the session. The online meet up will take place on Saturday June 13, 2020 at 1pm EST. Interested persons can register today by visiting www.harnessap.org.

PM puts web shops in ‘dice roll’ dilemma FROM PAGE ONE Court declaration that the Emergency Powers regulations are “ultra vires” or illegal because the Act supporting does not say they can be made for public health emergencies. Should that not prove successful, the two web shops are then arguing that it was “not reasonably justifiable in the circumstances” for the regulations to be used

to single out the sector and prevent it from offering curb side service. Besides damages for breaches of his clients’ constitutional rights, Mr Munroe’s filing also seeks a Supreme Court Order requiring the Prime Minister to disclose “the medical evidence and advice” that justified the Emergency Powers Order’s imposition. Speaking to his clients’ options yesterday, the

well-known QC said: “I can say that already they’d exercised a degree of patience in terms of when instructing me to file because I’d provided them the opinion that the regulations were ultra vires in March. “They wanted to bear it, bear it, bear it, but whether they want me to go ahead I have to speak to them.” Mr Munroe said much would hinge on the level of damages the two web shops

believe they have suffered, and the prospects of succeeding with their claim. He added that should they win on the argument that the Emergency Powers regulations were unlawful, then damages dating back to mid-March could be claimed. And, if that failed but they won on the singling out of the sector, damages could apply for the past two weeks. “They have to look and

assess what that is as a figure,” Mr Munroe said. “They will have to assess when I tell them their chances of success, and whether they will risk the legal fee they pay to me because I don’t work for free. “Litigation is a gamble. You have to look at what the pot is, pay to roll the dice and make a business decision on it.” He added, though, that the web shop

industry was unlikely to bring all its pre-COVID-19 workforce back immediately as the continuing night-time restrictions and weekend lockdowns would reduce both the number of shifts and amount of working hours. “They will lose quite a number of shifts, and will not be able to bring a full staff back on full pay,” Mr Munroe said. “Again the poor man suffers.”

DPM: GB airport will be restored ‘to former glory’ FROM PAGE ONE running as quickly as possible.” The government had previously been exploring paying the two existing owners $1 each, and letting them keep the Dorian-related insurance proceeds, but discussions between the parties seemed to cease as a result of the COVID-19 pandemic. The airport is a vital infrastructure asset for Freeport’s business model, and will assume even greater importance should Carnival and Royal Caribbean/ ITM go through with their projects for the city. A government takeover, and Grand Bahama International Airport’s eventual reconstruction, would also provide a huge boost for investor confidence. Mr Turnquest, meanwhile, said the government does not currently intend to sell either of its ownership stakes in the Bahamas Telecommunications Company (BTC) and Aliv as a means to raise instant cash as current market/economic conditions mean the price for both is depressed. The government holds a 49 percent stake in BTC, and 51.75 percent of Aliv, but the deputy prime minister said: “The current market, with the economy being the way it is at the moment, we would not be motivated to divest or release the shareholding in any of those entities because we don’t believe we’d get the kind of returns we can get when the economy starts recovering.

“For the moment we will continue to hold our position and make sure those entities remain viable and prepared as the market recovers.” Mr Turnquest also indicated that the government plans to extend unemployment benefits beyond the 13-week period at which the Employment Act mandates companies must permanently terminate furloughed staff. The governmentsponsored benefit for self-employed persons, primarily those in the tourism industry, is to be extended beyond its initial expiry to July 1 - although at a lower sum - to ensure those persons still have some income replacement. Marlon Johnson, the Ministry of Finance’s acting financial secretary, said the possibility of an office merger between the Small Business Development Centre (SBDC) and Bahamas Development Bank is being explored as part of the strategy to cut costs incurred by state-owned enterprises (SOEs).

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CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

PAGE 12, Friday, May 29, 2020

THE TRIBUNE

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 88° F/31° C Low: 72° F/22° C

TAMPA

TONIGHT

SATURDAY

SUNDAY

MONDAY

TUESDAY

Mostly sunny and breezy

Patchy clouds

Partly sunny

Clouds and sun, a t‑storm; breezy

High: 86°

Low: 75°

High: 85° Low: 76°

High: 85° Low: 74°

High: 84° Low: 74°

AccuWeather RealFeel

95° F

81° F

95°-80° F

97°-84° F

97°-78° F

93°-76° F

High: 87° F/31° C Low: 73° F/23° 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: 82° F/28° C Low: 78° F/26° C

7‑14 knots

WEST PALM BEACH High: 87° F/31° C Low: 75° F/24° C

8‑16 knots

FT. LAUDERDALE E

FREEPORT

High: 87° F/31° C Low: 75° F/24° C

High: 86° F/30° C Low: 76° F/24° C

MIAMI

High: 87° F/31° C Low: 77° F/25° C

6‑12 knots

KEY WEST

High: 87° F/31° C Low: 80° F/27° C

ELEUTHERA

NASSAU

High: 86° F/30° C Low: 75° F/24° C

High: 83° F/28° C Low: 78° F/26° C

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

tiDes For nassau Low

Ht.(ft.)

Today

1:15 a.m. 1:51 p.m.

High

Ht.(ft.) 2.8 2.3

7:50 a.m. 7:56 p.m.

0.2 0.3

Saturday

2:13 a.m. 2:55 p.m.

2.8 2.5

8:46 a.m. 9:04 p.m.

0.1 0.3

Sunday

3:14 a.m. 3:57 p.m.

2.8 2.7

9:43 a.m. ‑0.1 10:12 p.m. 0.2

Monday

4:15 a.m. 4:58 p.m.

2.7 3.0

10:38 a.m. ‑0.2 11:17 p.m. 0.0

Tuesday

5:14 a.m. 5:54 p.m.

2.7 3.2

11:32 a.m. ‑0.5 ‑‑‑‑‑ ‑‑‑‑‑

Wednesday 6:11 a.m. 6:48 p.m.

2.7 3.4

12:18 a.m. ‑0.2 12:25 p.m. ‑0.6

Thursday

2.7 3.5

1:15 a.m. ‑0.3 1:16 p.m. ‑0.7

7:06 a.m. 7:40 p.m.

sun anD moon Sunrise Sunset

6:20 a.m. 7:54 p.m.

Moonrise Moonset

12:38 p.m. 1:14 a.m.

First

Full

Last

New

May 29

Jun. 5

Jun. 13

Jun. 21

CAT ISLAND

High: 83° F/28° C Low: 78° F/26° C

7‑14 knots

8‑16 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 88° F/31° C Low .................................................... 79° F/26° C Normal high ....................................... 85° F/30° C Normal low ........................................ 72° F/22° C Last year’s high ................................. 87° F/31° C Last year’s low ................................... 71° F/22° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ............................................... 18.96” Normal year to date ..................................... 8.36”

uV inDex toDay

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 84° F/29° C Low: 78° F/26° C

High: 85° F/29° C Low: 78° F/26° C

W S

LONG ISLAND

tracking map

High: 84° F/29° C Low: 79° F/26° C

8‑16 knots

MAYAGUANA High: 85° F/29° C Low: 79° F/26° C

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

CROOKED ISLAND / ACKLINS

tonight’s lows.

RAGGED ISLAND High: 83° F/28° C Low: 80° F/27° C

GREAT INAGUA High: 86° F/30° C Low: 78° F/26° C

N E

High: 84° F/29° C Low: 79° F/26° C

7‑14 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 SE at 8‑16 Knots ESE at 6‑12 Knots E at 7‑14 Knots E at 6‑12 Knots ENE at 8‑16 Knots ENE at 7‑14 Knots ENE at 8‑16 Knots E at 6‑12 Knots E at 8‑16 Knots E at 7‑14 Knots ESE at 7‑14 Knots SE at 6‑12 Knots E at 8‑16 Knots ENE at 7‑14 Knots NE at 7‑14 Knots ESE at 4‑8 Knots ENE at 8‑16 Knots E at 7‑14 Knots ENE at 8‑16 Knots ESE at 7‑14 Knots E at 7‑14 Knots E at 6‑12 Knots NE at 7‑14 Knots E at 6‑12 Knots E at 8‑16 Knots E at 7‑14 Knots

WAVES 4‑7 Feet 3‑6 Feet 1‑2 Feet 1‑2 Feet 4‑7 Feet 3‑6 Feet 4‑7 Feet 3‑5 Feet 4‑7 Feet 3‑6 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 4‑7 Feet 2‑4 Feet 2‑4 Feet 1‑3 Feet 5‑9 Feet 4‑7 Feet 1‑3 Feet 1‑3 Feet 2‑4 Feet 1‑3 Feet 2‑4 Feet 1‑3 Feet

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

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

WATER TEMPS. 80° F 80° F 84° F 84° F 81° F 81° F 83° F 83° F 80° F 80° F 79° F 80° F 83° F 82° F 83° F 83° F 83° F 83° F 82° F 82° F 81° F 81° F 83° F 83° F 81° F 81° F