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WEDNESDAY, JUNE 1, 2022
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Last-minute rescue for private aviation By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMAS Customs yesterday flew to the private aviation industry’s last-minute rescue by delaying implementation of a new border control regime that some feared could drive away up to 50 percent of this nation’s business. A spokesperson for the Aircraft Owners and Pilots Association (AOPA), the world’s largest aviation association, told Tribune Business it had received a letter from acting Customs comptroller, Ralph Munroe, confirming that the roll-out of the Click2Clear system for private pilots - which was supposed to take effect today - had been halted at the 11th hour. They added that the u-turn, which occurred just hours before the proposed implementation deadline, was made “pending further discussion by Customs, government officials and programmers to
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• Customs u-turn on Click2Clear at 11th hour • As industry confusion, frustration peaking • FBO chief’s ‘50-60 calls’, plus cancellations address reasonable concerns expressed by stakeholders”. Mark Baker, president of AOPA, which bills itself as the world’s largest aviation membership organisation that is several hundred thousandstrong, said in a statement to this newspaper: “My sincere appreciation to acting comptroller of Bahamas Customs, Ralph Munroe, as well as those in the Ministry of Tourism and Aviation.
Budget’s housing focus can be ‘windfall catalyst’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Budget’s focus on stimulating home ownership “could be the catalyst that triggers an economic windfall” by boosting investor confidence in the wider economy, the Bahamian Contractors Association’s (BCA) president believes. Leonard Sands, reacting to the package of tax breaks directed by the Prime Minister at first-time home buyers, told Tribune Business that a revived housing market will enable multiple local sectors to “get a piece of that dollar” and create the perception of an expanding economy that will attract more local and foreign direct investment (FDI). Suggesting that the Government’s focus was broader than just the housing market alone, he also urged Bahamasbased building suppliers to fully pass the Budget’s construction tariff cuts on to consumers to ensure they have the desired effect. “If the benefits go to homeowners, that increases the amount of activity we can expect in the sector,” Mr Sands told this newspaper. “It absolutely will.” He added LEONARD SANDS that the Davis administration appeared to have realised that rising construction costs, driven by building material price inflation post-COVID, meant greater numbers of Bahamians were struggling to qualify for a home mortgage loan - hence its decision to cut tariffs on a wide range of key products. The BCA chief said this had also driven the Government to increase the VAT exemption for first-time buyers from $250,000 to $300,000, hoping the move will “allow more people to qualify for a mortgage loan” by raising the threshold below which the 10 percent levy on property acquisitions is eliminated. “I believe that alone will increase activity in the sector,” Mr Sands added. “It will encourage persons to buy. It will certainly encourage persons sitting on the fence to
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“This decision reflects leadership and the great working partnership we enjoy with The Bahamas. Our shared goal is to ensure pilots continue flying to the beautiful Islands of The Bahamas.” However, Tribune Business can reveal that confusion, uncertainty and frustration were all rising in the run-up to the now-aborted June 1 deadline for Customs to introduce Click2Clear as private aviation’s new entrance and exit clearance system.
MARK BAKER, Aircraft Owners and Pilots Association president. Charles Bowe, operations manager at Jet Nassau, the major fixed base operator (FBO) at Lynden Pindling International Airport (LPIA), told Tribune Business prior to Customs’ pull back being confirmed that he had yesterday fielded between 50 to 60 calls from private pilots and others
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‘Get past need for Budget secrecy’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government must “move past this need for secrecy” in the annual Budget process and avoid blindsiding the private sector and wider Bahamian public on planned fiscal reforms, a prominent banker is arguing. Gowon Bowe, who headed the private sector’s Coalition for Responsible Taxation when VAT was first introduced in 2015, told Tribune Business that the immediate reaction to changes unveiled in the 2022-2023 Budget “shows how debilitating it can be” when senior business executives reveal they were totally unprepared for reforms they fear their companies will be unable to properly implement by the July 1 fiscal year start. “We have to move past this need for secrecy in a process and agree on principles even if some of
GOWON BOWE the finer details are held until agreed upon,” he said of the Budget process. “When we look at it, there needs to be - I’m not going to call it collaboration - but there at least needs to be engagement that says the principles have been communicated and fleshed out, so the Government can address concerns that are real and legitimate, and we document others that can be reviewed.” Successive governments have been reluctant to
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MICHAEL MAURA
Cruise port hits 97% end-May occupancy • Just 1,400 short of full deck in final week • Cruise ship calls up at 525 for year-to-date • Over $91m invested in port in year to March By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
consult the private sector, civil society and the wider Bahamian public on the annual Budget, or even indicate their fiscal policy direction and its contents, for fear that some would exploit advance knowledge to engage in so-called tax arbitrage and profit at the expense of others and the Public Treasury’s revenues. However, this often produces panic in industries impacted by what are unexpected changes. The lack of warning causes operational and financial disruption, and affords them little time to adjust to the changes, while also resulting in prolonged negotiations with the Government in the month prior to the fiscal year’s start to either mitigate or pull back from the changes. Calling on the Government to put “this practice of surprising the community, businesses and citizens, behind us”, Mr
PASSENGER occupancies on vessels calling at Nassau Cruise Port in the final week of May exceeded 97 percent, it was revealed yesterday, signalling the sector is closing on full recovery from COVID-19’s ravages. Michael Maura, the Prince George Wharf operator’s chief executive, told Tribune Business that it handled some 51,402 passengers during the last seven days in May - a number that was just shy of the combined 52,798 maximum guest capacity on the vessels that called. Describing this as “certainly good news”, he added that “the positive trend is there” to show that vessel occupancies and passenger volumes at Nassau Cruise Port have progressively strengthened throughout 2022 to-date after The Bahamas and rest of the world escaped the COVID-19 case surge sparked by the Omicron variant around the turn of the year. And, comparing 2022’s performance year-to-date to 2019, the last pre-pandemic year, Mr Maura disclosed that total vessel calls to Nassau for the first five months are up by 24 or 4.8 percent when measured against that same period three years ago. “If you look at 2019 for the months of January, February, March, April and May, we received 501 ships at Nassau Container Port,” he disclosed, “with the busiest month in that period being January, although March is usually pretty good. When you compare that to the same point in 2022, we had 515 ships versus 501, which is 21 more.” While vessels arriving at Nassau Cruise Port for 2022 to-date have not quite matched the 100 percent occupancies achieved during the same period in 2019, Mr Maura said the gap has narrowed in
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Insurers: Monday night floods a ‘wake-up call’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN insurers yesterday said Monday night’s heavy rainfall and flooding should be a “wake-up call” for all home and vehicle owners, plus businesses, ahead of what is expected to be an active 2022 hurricane season. Laneka Moss, a RoyalStar Assurance claims manager, told Tribune Business that the storms - which rendered many roads in eastern New Providence virtually impassable, sending flood waters into many residential yards - were “a precursor to let us know what to anticipate” in a hurricane season that formally begins today.
She added that the property and casualty writer is preparing to receive “some” property and motor vehicle claims as a result, having gone through a similar experience following the storms that inflicted similar heavy flooding on western New Providence on May 13. Disclosing that motor vehicle claims from that event “tended to be to total losses”, Ms Moss said property owners reported losses ranging from $4,000 up to $70,000. She added that it would take several days, while home and vehicle owners cleaned up and assessed the extent of the damage, before RoyalStar will know the extent of the likely insurance claims. Timothy Ingraham, Summit Insurance Company’s managing director, told this newspaper that the carrier, too, received
insurance claims stemming from western New Providence’s flooding almost two weeks ago. “It wasn’t hugely significant,” he added of the amounts and volume involved. “There wasn’t a huge number of claims. We had localised flooding in some areas, some houses flooded. A few vehicles suffered flood damage. “We’ll wait and see what happens on the eastern end. We won’t know for a couple of days. Most people, if they are flooded, are trying to get their lives back together and water out the house. It will be a day or two before we know exactly what happened.” Mr Ingraham agreed that the flooding in eastern and western New Providence “should be a wake-up call”. He added: “It’s a very small taste of
what we get when we do get a storm. Hopefully people will heed the warning and prepare themselves.” Meanwhile, Patrick Ward, Bahamas First’s president and chief executive, said he was also anticipating that the property and casualty underwriter will receive claims as a result of Monday night’s torrential downpours. “I wouldn’t be surprised if there are claims,” he told this newspaper. “We have seen claims arising from the heavy downpours we’ve had in the last couple of weeks. “It’s an unusual amount of rainfall in a very short space of time. I would expect to see flooding arising out of that and claims coming in. I don’t expect the number of claims and amount of damage to be a material event for us.”
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Unions won’t ‘twiddle thumbs’ on industrial agreement delay By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A UNION leader yesterday warned that the labour movement will “not sit around twiddling our thumbs” as he voiced displeasure with the Government’s failure to progress multiple industrial agreement negotiations. Obie Ferguson, the Trade Union Congress (TUC) president, said that while the umbrella union body was advancing the labourfriendly Memorandum of Understanding (MoU) agree with the now-governing Progressive Liberal Party (PLP) prior to the September 2021 general election, the speed at which industrial talks are moving
with several government agencies leaves something to be desired. “A number of industrial agreements are pending and they have not been completed. They are not progressing as we would want them to,” he asserted. “So we want everybody to understand that we are not going to sit around twiddling our thumbs when people are having to go up and down all over the place to get industrial agreements completed. That is not what we agreed to. There are outstanding monies owed to unions. We want them to be paid.” Mr Ferguson said negotiations should not have taken six or seven years to complete, but voiced hope that Van Delaney’s appointment as the new registrar of
OBIE FERGUSON trade unions will help speed up the process. Noting that consultation is key to the TUC’s partnership with the Government, Mr Ferguson took issue with the Government’s failure to reply to queries over the Grand Lucayan’s impending sale.
“The deputy prime minister, we wrote to him, we made some inquiries to him. He hasn’t seemed to have responded for whatever reason, but that is not what we agreed to,” he added. Warning that the trade unions must be part of the discussions around every major development and investment project in The Bahamas, he said: “We want to let him know that we will do what we have to do. We’re going to call him out. We are not happy with that and we want the Bahamian public to understand not because we sign an agreement means that we are not going to speak to issues. “We signed for better, not for what we had. So we want to let him know that and we want to do it
publicly.” Mr Ferguson shied away from commenting on the newly-formed union umbrella body, the Bahamas National Alliance Trade Union Congress (BNATUC), saying it had nothing to do with the TUC. He added that the Alliance needed to have a stronger group of unions to be able to describe itself as a “powerhouse”. The TUC’s affiliate members include the Bahamas Electrical Workers Union and the Bahamas Electrical Managerial Union; the Bahamas Nurses Union; the Consultant Physicians Staff Association; and the Public Managers Union (PMU). Arguing that the MoU signed with the PLP by the TUC and National Congress of Trade Unions of The Bahamas (NCTUB) was “not politically
motivated,” Mr Ferguson said: “I think it is very difficult to make that case because before the MoU was signed and executed, all of the political parties have been given the same opportunity with the same document, and we didn’t amend it. But they chose not to sign it. “So the PLP came and signed it, and at the time it was signed both for the TUC and the NCTUB, but I can assure you it’s nothing to do with politics.” Mr Ferguson vowed that if the needs of the unions are not met as outlined in the MoU, Bahamians will see the TUC “move in the interest of workers”.
BPL woes can’t be solved ‘overnight’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMAS Power & Light’s (BPL) struggles to keep the power on are the result of “legacy issues” that cannot be solved “overnight”, a trade union leader asserted yesterday. Kyle Wilson, the Bahamas Electrical Workers Union’s (BEWU) president, said recent outages - both localised and those that have been more widespread could not be blamed on the Davis administration or its recently-appointed Board whose members are only starting to become familiar with the cash-strapped utility’s woes. “What we are facing now is a result of issues from the past that these persons are now inheriting, and it doesn’t just happen overnight,” he added, warning that
KYLE WILSON BPL’s challenges will continue because the “people who have the knowledge are not the ones being consulted”. Mr Wilson said BPL continues to make decisions without considering the realities that workers are confronted with on the ground. He added: “You’re not asking them what is needed, or what they see in the transmission system and the generation system. They’re just going into boardrooms, just the figureheads, and everybody is trying to figure out
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what is going on but they’re not talking to the people on the ground who really have the knowledge. “I would have prophesised what was going to happen today. But no one was taking the union seriously, and this is why you must take the union seriously and the union leaders seriously. We are not just union leaders; we are workers on the ground. We can see what’s happening.” BPL’s unplanned power outages have increased over the past three months, some of which have been prolonged with no explanation given. Voicing hope that Bahamians will “not” have to endure a dark, hot summer, Mr Wilson added: “I’ve been assured that what needs to be done will be done on the generation end to ensure that it doesn’t happen.” He said “there are so many issues that can cause a power outages”, with underground cables prone to flood damage and poles vulnerable to lightning strikes, while human error is also a factor. “You might have issues with the transmission and distribution, and sometimes you have people that hit poles and you might not even know that, just two blocks away from you, a person ran into a pole,” Mr Wilson said. “Then an emergency crew has to get out and extract that broken pole, plant a new one and run the wires.” Mr Wilson said the BEWU is giving the new Board time to settle in before it begins agitating for action to address its grievances. Chief among these concerns are the BEWU members’ pension and medical matters, in addition to the 12-hour shift for shift workers.
DPM Cooper Prime Minister of Qatar.
ANTHONY STUART, Minister Halkitis, DPM Cooper,Dr. Romer.
DPM TALKS STRONGER TIES WITH QATAR PM THE DEPUTY prime minister is heading a Bahamian delegation that this week met with senior Qatari officials in a bid to strengthen tourism, investment, aviation and diplomatic links with the Middle Eastern state. The Ministry of Tourism, in a statement, said Chester Cooper met with Qatar’s prime minister, Sheikh Khalid bin Khalifa bin
Abdulaziz Al Thani. They reviewed bilateral relations and ways to deepen them, as well as air transport and tourism investment. The due also discussed the potential for public-private partnerships (PPPs) on airport redevelopment, plus training and technical assistance for both Bahamasair and in the area of civil aviation and air traffic services.
Mr Cooper and his team, which also included Senator Michael Halkitis, minister of economic affairs, also participated in several other high-level meetings that focused on areas such as aviation, investments, tourism, transport and financial services. The deputy prime minister attended meetings with Qatar’s minister of transport, Jassim Saif Ahmed Al Sulaitithe; Qatar Airways chief executive, Akbar Al-Baker; and other key government officials that focused on tourism, transportation, civil aviation, navigation, airport logistics and expanding airlift to The Bahamas. The ministers were accompanied by Kenneth Romer, the Ministry of Tourism’s deputy directorgeneral and acting director of aviation; Alexander Ferguson, acting director of the Bahamas Civil Aviation Authority; and Phylicia Hanna, director of investments; and Anthony Stuart, the Ministry of Tourism’s director for Europe and the Middle East. The delegation is now heading to Saudi Arabia, which has invited The Bahamas to discuss areas of common interest and co-operation.
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Realtor: Let Bahamians buy life and health cover abroad A REALTOR is calling on The Bahamas to eliminate restrictions that bar its citizens from purchasing life and health insurance policies abroad, arguing that the denial of consumer choice “hurts the middle class the most”. Mario Carey, the Better Homes and Gardens Real Estate MCR Group Bahamas principal, responded to calls by Alison Treco, Bahamas First’s chairman, that insurers be allowed to invest a portion of their investment holdings overseas by suggesting that such easing also be extended to consumers seeking competitive life and health coverage. “The laws that govern how and where Bahamians can obtain health and life insurance hurt the average middle class Bahamian the most,” he said. “The insurance companies want the right to invest abroad and I believe as Bahamians we
should have the right to seek health and whole life insurance abroad. “I understand the good intention of those restrictions given the failure of one insurer (CLICO Bahamas), whose holdings outside The Bahamas brought the company down, but while there are lessons to be learned from that, the consumer need not be punished because of it. “We should insist on insurance rights, including the right to seek competitive rates, terms and provisions, just as the wealthy who have more than one address can do, or large businesses with numerous holdings that may be registered elsewhere do.” Mr Carey, who is also chief executive of Mario Carey Ventures, which focuses on enterprises aimed at social entrepreneurship, said current policies are especially hard
MARIO CAREY on caregivers with elderly parents or offspring with special needs. His adult son registers on the high end of Asperger’s, the highest functioning form of the autism spectrum, and he worries about how he will be cared for. “As it stands now, a policy dies when the policyholder passes away, so for the policyholder who predeceases his or her parents,
who is going to cover the health insurance costs if the policyholder is no longer alive?,” Mr Carey asked. “Who is going to provide the health care coverage for a child who is severely disabled and needs frequent, expensive medical attention if the health insurance policy is only good as long as the original policyholder lives and breathes, even if they bought it primarily to protect their loved ones? Do they go to their grave knowing they have left someone imperiled with no life boat to grab hold of?” Mr Carey unveiled a twostep solution that would involve allowing funds to buy such insurance policies. These policies will remain in effect so long as the fund exists, with the final stage involving Bahamians being able to shop for - and compare - life and health insurance policies at home and abroad.
“We don’t force people to buy cars only from Bahamian auto dealers. Why should we require Bahamians to buy health insurance – one of the most significant investments you will ever make – only in The Bahamas?” Mr Carey said. “While everything else around us has changed, we’ve been doing insurance the same way in The Bahamas since the middle of the last century. “I think it’s time we take a good look at the industry; how it serves clients, what we can do to improve it. There are some serious questions we need to ask. How do we ensure client rights? What can we learn from other places where there is a more liberal policy as to who can own a policy? In other places, a policy can be purchased by or through a fund that holds it, and it provides options for the beneficiary or insured.”
Mr Carey said he is far from alone in urging a more responsive insurance industry. “We all know someone who is complaining about fighting for their rights to get a claim paid or a policy reinstated, even a policy they may have paid on for 20 years but had to let lapse to put food on the table during COVID-19 when they were out of work,” he added. “Look around you. Everything has changed over the last 20 years; the phone you are using, the computer you are typing or designing on, even the way you get your news. Yet insurance, one of the most important basics of a well-planned life, has remained much the same as it was 50 years ago except that you may get your statement by e-mail. It’s time to take a look, a serious look, and see how we can bring it into the 21st century.”
Andros Business Outlook celebrates its 10th edition THE tenth annual Andros Business Outlook conference will focus on issues impacting tourism and business throughout the island and the nearby Berry Islands when it is held virtually on Thursday, June 16. “We are pleased to arrive at a significant milestone in the history of Andros Business Outlook, where we will celebrate a decade of facilitating important national conversations about Andros and neighbouring islands,” said Joan Albury, the TCL Group’s president. “With such well-placed contributors, our audience this year will receive an up-to-date view of the socioeconomic, cultural and environmental landscape
of Andros, focusing mainly on relevant communitybased initiatives directed towards capacity building, marketing and product development to increase investment, business development and employment, while promoting conservation of the fabulous natural capital of our country’s biggest island.” Two moderators will lead the day-long forum. The morning session will be led by Benjamin Pratt, senior manager at the Andros Tourist Office. Dr Kenneth Romer, deputy directorgeneral for tourism and acting director of aviation, will head the afternoon session. Presentations will include Beyond recovery into growth, which will
be the keynote address from Leon Lundy, parliamentary secretary on the Prime Minister’s Office and MP for Mangrove Cay and South Andros. This will be followed by an address on Community cluster project by Latia Duncombe, acting director-general in the Ministry of Tourism, Investments and Aviation, and BAMSI: Prioritising food security in 2022 and beyond, by its executive chairman, Tyrel Young. Chad Chorney, Bahamas programme director, Yellow Dog Flyfishing Adventures, will speak on Fly fish the world. Live the adventure, while David Benz, director of the Professional Association of Diving Instructors (PADI) Media Group and Bahamas
Diving Ambassador with the Ministry of Tourism, will speak on Connecting The Bahamas to Divers Around the World. Kevin McKinney, credit manager at the Bahamas Development Bank, will address Our MSME financing centre offerings, while Tehranique Darrell, Family Island manager for the Access Accelerator (Small Business Development Centre), is to speak on Capital at Work for SMEs. A representative from Cable Bahamas Business Solutions will focus on Connecting our islands to the world through technology. There will be two panel discussions. The first, Delivering unique accommodations at a world class
level, will feature Shonique Farquharson, assistant manager, Caerula Mar Club; Kyle Schaefer, owner, Soul Fly Lodge (formerly Carriearl); Cheryl Bastian, owner, Swains Cay Lodge; and Michael KingHew, chief executive and director, Kamalame Cay Private Island Resort & Residences. Mr King-Hew will also join the second panel discussion, Taking flight: Options for air travel to Andros, along with Sarah Swainson, director of private charters and business development, Makers Air; Lee Quittner, vicepresident of marketplace, Tropic Ocean Airways; and Suzanne Tuccelli of World Wide Airways.
Law firm reveals its newest partner THE Clement T. Maynard & Company law firm has named Dellarese G Taylor-Russell as a partner after she amassed 14 years’ experience with the company. “The appointment of Dellarese as partner is a seamless transition for our firm. For more than a decade, Dellarese has been proving herself as a dedicated legal specialist who delivers exceptional work on a consistent basis. Without a doubt, she is an integral part of fulfilling our commitment to providing exceptional, efficient, prompt and professional services to counsel, advise and deliver solutions in a friendly and accessible manner,” said Clement
T. Maynard III, the firm’s managing partner. “As a financial services professional, Dellarese is keen on staying abreast of developments and emerging industries. As a part of her remit, she focuses on succession, trust and estate, industrial and employment, commercial and civil litigation, compliance, direct foreign investment, digital asset registration and exchange-related matters - all of which are in high demand at our firm.” Mrs Taylor-Russell joined Gibson & Company (now Clement T. Maynard & Company) in 2008 as a pupil, and was promoted to associate in 2009 then senior associate in 2014. She currently serves as head of the firm’s civil
and commercial litigation practice, and also works in its financial services practice. A certified and trained anti-money laundering and compliance professional, she expanded and now heads the firm’s practice in that area “Every ambitious law student dreams of some day making partner at a reputable and influential firm like Clement T. Maynard & Company. It is my esteemed honour that such confidence has been placed in me at this time,” said Mrs Taylor-Russell. “I know that it is hard work that brought me to this point, and that it will take hard work to sustain this new chapter of my legal career. It has been a long journey,
EUROZONE INFLATION HITS RECORD 8.1% AMID RISING ENERGY COSTS By KELVIN CHAN AP Business Writer EUROZONE inflation hit a record 8.1% in May amid surging energy and food costs fueled in part by Russia's war in Ukraine. Annual inflation in the 19 countries that use the euro currency soared past the previous record of 7.4% reached in March and April, according to the latest numbers published Tuesday by the European Union statistics agency, Eurostat. Inflation in the eurozone is now at its highest level since recordkeeping for the euro began in 1997. Soaring prices are weighing on household finances and making it more urgent for officials to act quickly to head off further increases in the cost of living. Energy prices jumped 39.2%,
highlighting how the war and the accompanying global energy crunch are making life more expensive for the eurozone's 343 million people. "Energy inflation is likely to remain higher for longer than previously expected," after the European Union agreed to embargo most Russian oil imports by the year's end, said Andrew Kenningham, chief European economist at Capital Economics. Brent crude oil, the international standard, rose to $120 a barrel after the agreement. Aimed at punishing Moscow for its war with Ukraine, the deal is a double-edged sword that could also magnify the pain for people and businesses already struggling to cope with higher energy costs.
Oil and natural gas prices had already spiked over fears the war would interrupt supplies from Russia, the world's largest oil exporter. Strong global demand following the COVID-19 pandemic and a cautious approach to increasing production from oil cartel OPEC have lifted energy prices. Countries neighboring Russia that have been weaning themselves off Russian gas were among the hardest hit. Estonia's inflation rate reached 20% while in Lithuania it was 18.5% and in Latvia it came to 16.4%. Food, alcohol and tobacco prices rose 7.5% in May , Eurostat said — another sign of how Russia's war in Ukraine, a major global supplier of wheat and other agricultural commodities, is pushing up prices around the world.
DELLARESE G TAYLOR-RUSSELL
The Andros Business Outlook is one of eight annual business conferences comprising TCL Group’s Bahamas Business Outlook brand. Other islands featured include New Providence; Grand Bahama; Abaco; Eleuthera (also covering Harbour Island and Spanish Wells); Exuma; Long Island and, most recently, Cat Island (also covering San Salvador and Rum Cay). Andros Business Outlook runs from 9:30am to 2pm on Thursday, June 16. Registration is free at tclevents.com.
but I realise that my work has just begun.” Mrs Taylor-Russell was educated at the College of The Bahamas (associates degree in law and criminal justice 2003); The University of the West Indies (LL.B Honours, 2006) and Eugene Dupuch Law School, Nassau, The Bahamas (C.L.E., 2008). A native of Cat Island, Mrs Taylor-Russell was recently appointed by the Attorney General to the first ever Digital Advisory Panel established in The Bahamas to advise the Government.
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LAST-MINUTE RESCUE FOR PRIVATE AVIATION FROM PAGE ONE in the sector all voicing concerns and challenges with Click2Clear. Revealing that he had received “cancellations” from private fliers even prior to the new system’s full launch, he added that if implementation had followed the same lines as the introduction of the $50 aircraft processing fee, this nation could have lost up to 50 percent of a segment that provides The Bahamas’ “elite tourists” with the highest per capita spend. Confirming that Jet Nassau had been planning for Click2Clear’s June 1 implementation, Mr Bowe told this newspaper: “It is fairly short notice and the system is extremely complex. I’ve had crew members calling me, saying it’s taking up to four hours to download documents. That’s not a pretty picture, believe me. “I already told Customs, and I already told tourism, that this is going to have a drastic impact on our aviation industry which is already in difficulty due to the COVID protocols. This only adds to the challenge. I’ve already seen a number of cancellations for tomorrow [today] because of frustrations with the system. I’ve been taking calls all day on the matter.” Asked about the potential consequences if Customs had gone ahead
as planned, the Jet Nassau chief replied: “If it repeats what happened before, when they implemented the Customs inbound/outbound processing fee for light private aircraft, we saw at least a 50 percent reduction in those arrivals. This will potentially kill it. “With the private jets, only based on the calls today, if it is implemented they will be seeking another destination. They have money to go wherever they want, and don’t need the hassle.” Michael Halkitis, minister of economic affairs, last week argued that introducing the $50 Customs processing fee for private plane arrivals had not retarded the sector’s economic growth and contribution. Rather, he asserted that the sector had only expanded since. Mr Bowe, though, said it was the way in which the processing fee was applied - rather than the sum involved - that alienated the private aviation industry. “That was only $50, and the impact of it was significant,” he revealed. “It wasn’t the money; it was the way it was applied..... And this is not about the money; it’s about the time. “Nobody is going to sit in an office and take two to three hours completing information for a process that is absolutely not necessary. Maybe if it was implemented over a period
of time, but just to stonewall it like this is very hard to swallow. It’s extremely hard to swallow. “That’s my take on the ground. I’ve received today no less than 50-60 calls on the matter. This is how we generate revenue. These guys that arrive in private jets are the elite tourists that come into the country. Their expenditure far exceeds that of commercial airline stopovers or cruise passengers. We’ll see what happens but it’s not going to be good. I don’t need a looking glass to tell me that,” Mr Bowe continued. “I have already had cancellations today, and it hasn’t even started today. The sorts of comments I’ve been getting are: ‘My goodness, I’ve been at this for two hours’; ‘I’ll go down to Turks & Caicos, cancel my reservation’; ‘Why implement this now? Getting into The Bahamas is more difficult than flying to Mexico’. “The country has just started to get itself started after COVID, and we’re trying to understand why do this? It is what it is. We don’t run the country; we just follow the rules. Hopefully they will listen to people who have some expertise and make the right decision.” Just seconds after ending the call with Mr Bowe, Tribune Business received the AOPA’s confirmation that Customs had decided to delay implementation
with no revised deadline or timetable given. Upon being called back, Mr Bowe said he was surprised that Bahamian private aviation stakeholders such as Jet Nassau had seemingly not been informed of Customs’ decision to alter course at the same time as those based overseas. “We’re stakeholders. They sent the letter to AOPA but failed to send it to us,” he queried. “This has been a very hard struggle for the past three to four days. I’m just really tired of having to turn my clients around: It’s on, it’s off. It’s on, it’s off... They specifically told me they were going to implement this tomorrow [today], and we’ve gone through a lot as you can imagine. Trust me, it has been very intensive.” Meanwhile, Jim Parker, of Caribbean Flying Adventures, told Tribune Business that Customs officers at some Bahamian airports had sought to implement the Click2Clear entrance system even prior to the June 1 ‘go live’ date. “Just so you know, some airports in The Bahamas where unaware of the alleged postponement,” he wrote in an e-mail. “Governors Harbour, for example, made a pilot who arrived on the 29th spend nearly an hour filing the Click2Clear using a borrowed laptop from the fuel suppliers. Communications by Customs with their
own people, much less the aviation community, needs some attention.” Customs appears to have pulled back after AOPA called on the Government to delay implementing Click2Clear for private aviation until the 2023 first quarter’s end, amid fears the process will be “very tedious, cumbersome and unintuitive”. Mr Baker, in a May 24, 2022, letter to deputy prime minister, Chester Cooper, wrote: “While I appreciate the initiative by The Bahamas in supporting new and efficient methods to improve the Customs process, I believe reasonable notice with adequate instruction is also warranted.... “AOPA would like to work with your team to ensure the Click2Clear programme is vetted for use by private pilots so as to ensure we can reduce complexity and confusion, and avoid the risk of deterring and alienating private operators from visiting The Bahamas.” 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.”
CRUISE PORT HITS 97% END-MAY OCCUPANCY FROM PAGE ONE
every month. The year started with passenger occupancy numbers below 50 percent for January 2022, and with vessel calls standing below 2019 comparatives at 100 compared to 114. However, in the three subsequent months cruise ship call volumes have beaten 2019 levels. February 2022 saw 103 calls compared to 95 for the same month in 2019, while Nassau Cruise Port in March hosted 130 vessels compared to 108 during the same month pre-pandemic. Some 111 cruise ships arrived in April 2022, as opposed to 102 in the same month in 2019. May cruise ship numbers were essentially flat, coming in at 80 as opposed to 82 in 2019. While January’s passenger numbers and vessel calls were hit by COVID’s Omicron variant, Mr Maura said cruise ship occupancies have improved steadily since. “February was at 53 percent,” he added of passenger occupancies, “and that climbed to 130 ships at 71 percent in March. In April, we had 111 ships with 78 percent occupancy and then, in the month of
May, we had 80 ships with 84 percent occupancy. “We would have received 1.1m passengers for that five-month period from January through May 2022. The business is growing, and we have had several calls where we’ve had ships at 100 percent occupancy.” Mr Maura said Nassau Cruise Port was particularly encouraged by the final week in May, where arriving cruise vessels produced their best occupancy numbers yet. “If you look at the last seven days of May, our occupancy was 97 percent,” he told Tribune Business. “The positive trend is there. That’s certainly good news. We would have received 51,402 total passengers for the last seven days or over last week. One of those days, we did not have a ship, so it was only for six days that we had vessel calls. “Against 100 percent occupancy, which was 52,798, we had 51,402 actual passengers, which gives us occupancies of just over 97 percent.” Many observers will argue that the critical cruise data is how many passengers actually disembark the ship while in Nassau, and the average per capita spend per visitor.
NOTICE
NOTICE is hereby given that LOUBEN GUSTAVE of Minnie Street, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of June, 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 WESLY DORCELY of Palmetto Point, Eleuthera, 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 25th day of May, 2022 to the Minister responsible for nationality and Citizenship, P. O. Box N-7147, Nassau, New Providence, The Bahamas.
NASSAU CRUISE PORT But, while cruise tourism has always been The Bahamas’ volume business, its economic impact should not be discounted. Nassau Cruise Port was highlighted by its 49 percent controlling shareholder, Global Ports Holding, as being one of two facilities - Antigua being the other - that produced the greatest increase in passenger volumes during the three months to end-March 2022. Unveiling both its fullyear and fourth quarter results, Global Ports Holding said: “While all cruise port reporting segments experienced a significant increase, the most significant increases occurred at Antigua Cruise Port and Nassau Cruise Port, in line with the usual seasonality”
as the period represents the peak season in the Caribbean. Elsewhere, it revealed that Nassau Cruise Port’s ongoing $300m transformation accounted for 95.2 percent, or $91.2m out of $95.8m, in total capital expenditure for the full-year that closed at endMarch 2022. Disclosing how Nassau is a key component in its growth strategy, Global Ports Holding said: “Longterm, the outlook for the cruise industry continues to be positive. The passenger capacity of the industry is forecasted to grow by 45 percent by 2027 from 2019 levels, driven by the 75 cruise ships currently in the cruise ship order book and due for delivery by 2027.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, ESTHA JEAN-BAPTISTE also known as ESTHA SALOMON of Catto Street, New Providence, Bahamas, intend to change my name to ESTHA PIERRE JEAN. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE
NOTICE is hereby given that JAMES RALPH VIL of Central Pines, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 31st day of May, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
This growth in the number of ships and the size of ships means that many cruise ports will need to invest in their infrastructure in order to be able to accommodate the new ships. There is no better example of this type of investment than Global Ports Holding’s significant investments into Antigua Cruise Port and Nassau Cruise Port. “Despite the impact of the COVID-19 pandemic on Global Ports Holding and the cruise industry, our investment to increase the capacity of these ports and transform the passenger experience has largely continued as planned over the last two years. Since taking over these two ports just before the pandemic in late 2019, Global Ports Holding has invested over $200m in capital expenditure. This demonstrates the commitment of Global Ports Holding and our partners to our ports and destinations.” Noting the “strong month-on-month acceleration in cruise calls and passenger volumes across our network” since the start of 2022, Global Ports Holding added: “Activity levels
are expected to continue to rise across the cruise industry, with 100 percent fleet re-deployment by the cruise lines expected during the summer of 2022. “This continued positive momentum can be seen in our cruise calls for the three months to March 2022. On a like-for-like basis, calls were just three calls lower than in the same period in 2019, with Antigua and Nassau Cruise Port both welcoming more ships in March 2022 than in March 2019. Concerns around the Omicron variant negatively impacted occupancy levels. However, this impact has proven temporary, with occupancy levels rising strongly throughout the three months to the end of March 2022. “In its recent quarterly results statement, Royal Caribbean declared that occupancy levels for the three months to March 2022 were 59 percent, with a load factor for March of 68 percent. With booking volumes for March and April significantly higher than in the same period in 2019, Royal Caribbean now expect occupancy levels to exceed 100 percent by the end of the calendar year.”
NOTICE
NOTICE is hereby given that ALEXANDER GEORGE DORSETT of P.O. Box N9426, Ethel Street, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of June, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
THE TRIBUNE
‘GET PAST NEED FOR BUDGET SECRECY’ FROM PAGE ONE Bowe added: “We have to trust there will be a level of confidentiality where we discuss the principles without fear of disclosure and lambast those who breach confidentiality.” Bahamian insurers last week said they needed to learn more about how the elimination of the existing 3 percent premium tax, and its replacement by a Business Licence fee equivalent to “2.25 percent of turnover”, will work. Patrick Ward, Bahamas First’s president and chief executive, told Tribune Business then there was insufficient time
to implement the changes prior to the 2022-2023 fiscal year’s start on July 1. “We’re obviously going to have to study that in more detail,” Mr Ward said of the proposed Business Licence fee change. “To what extent is that going to apply to gross or net earnings. That’s an important distinction. Outside of that we don’t have an understanding of what impact this is going to have. “We couldn’t possibly say what difference this is going to make without knowing the full details of that proposal.” Asked whether there was sufficient time for the Bahamian insurance
industry to adjust to the changes, the Bahamas First chief added: “No, and that’s something again that we will have to take a look at “That would involve a change in the computer system in terms of programming. Without the details it’s difficult to say, but I can say now that it’s unlikely to be enough time to make the change.” Anton Saunders, RoyalStar Assurance’s managing director, told this newspaper that beside informing the insurance industry it was mulling such a change there had been no consultation with the Government on the Business Licence switch.
“This is the first time I’ve seen it,” he added. “I know they had a meeting saying they were proposing it, but there was no consultation. I cannot comment. We have no idea what they are proposing and what is the turnover rate. We really need more detail on what they’re proposing and what the realities are going to be.” Mr Bowe, also Fidelity Bank (Bahamas) chief executive, voiced concern about the lack of detail provided to himself and other commercial banks about how the plan to reintroduce Business Licence fees for the sector will work. He last
Wednesday, June 1, 2022, PAGE 5
week questioned whether the plan could revive a situation that caused The Bahamas’ 2018 blacklisting by the European Union (EU). The then-Business Licence regime for commercial banks was disbanded in 2018 because it was part of a structure that created a preferential tax regime for foreign-owned entities, which enjoyed benefits and concessions that they counterparts operating in the domestic economy did not, thus falling afoul of the EU’s prohibition on socalled “ring fencing”. Speaking subsequently to Tribune Business, Mr Bowe
BUDGET’S HOUSING FOCUS CAN BE ‘WINDFALL CATALYST’ FROM PAGE ONE pull the trigger. I see it as a windfall for our sector and for realtors who are linked to our sector.” The Budget presented by Prime Minister Philip Davis contains multiple import tariff eliminations and reductions on building materials supplies and electrical products. For instance, PVC pipes, tubes, hoses and elbows will now enjoy a 5 percent duty rate from July 1 as opposed to the current 35 percent. Plastic sinks, basins, toilet seats and shower baths will drop from 25 percent to 5 percent, with the 20 percent rate on ceramic roof tiles completely eliminated. Joint compound’s duty rate is being slashed in half, from 10 percent to 5 percent, while other sealants are set to fall from 45 percent to 5 percent. Lime will become import tariff-free, as will felt, while building tapes will drop from their present 20 percent and 45 percent to 5 percent. Elsewhere, steel pipes and fittings, which presently attract 45 percent and 20 percent rates, will become
duty-free. And import tariffs on ceramic sinks, basins, toilets, baths and other lavatory items will be completely eliminated. Bar joists, currently taxed at 20 percent, together with screws, nuts and bolts, will also become tarifffree. Copper plates, sheets, strips, pipes and tubes will have their rates lowered to just 5 percent. “What would be good is we can find additional ways to increase local consumption of building materials and parts; to support local building material suppliers,” Mr Sands added. “A lot of people will take advantage of these concessions and go abroad. I’d prefer to see Bahamians shop local. “It’s a very competitive environment. We feel that with these concessions we will see more construction projects, but hope that with these concessions the suppliers pass them on to the consumer. In that way, everyone wins. The whole community gets to see the benefit of those concessions that the Government laid out for the Bahamian people.”
Pointing to the construction industry’s overall economic impact, the BCA chief added: “We know any dollar spent in construction directly affects gross domestic product (GDP). If these concessions translate into $100m in increased construction activity, that will go around the country ten times. “We certainly encourage the Government to find more benefits for contractors and the construction industry as it directly impacts the economy of The Bahamas. It’s a key indicator of the strength of our economy. You’re talking about a number of concessions joined up together that will have a positive impact across the board over the next 12 months. It was targeted and it was specific, and if it does what it was intended to do we will see a robust increase in activity.” Besides contractors and realtors, Mr Sands said up to 15-20 professions will benefit from increased home construction activity include attorneys, accountants, heavy equipment operators and landscapers.
And the benefits from a stronger market would spread far wider than that. “If your citizens can afford to build or buy, that’s an indication of your economy,” he added. “For the last five years we’ve seen sluggish numbers and some decline. If you provide concessions that allow persons to construct and build more, it tells the world the economy is good, it’s open for business and encourages outside investors to spend hundreds of millions of dollars in this environment. “I think this is the idea behind the compendium of concessions targeted at this industry. It’s targeted at investor confidence and will result in investor confidence. We only have to move the dial a few cents for us to have a competitive advantage. Once we tweak that, we could have a windfall of investment coming in. This could trigger an economic windfall. It could be the catalyst in that regard. Let’s wait and see.” The multiple measures designed to boost Bahamian home ownership including an up-to $40,000 refund of VAT paid by
first-time buyers on construction services and building materials. Philip Davis QC, unveiling the 2022-2023 Budget in the House of Assembly, pledged to expand and grant equal incentives to first-time buyers either purchasing an existing home, renovating a property or acquiring land to build their house on. “For those who are constructing or renovating their first home, we also are refunding up to $40,000 in cash for any VAT paid for construction services or materials purchased once the occupancy certificate is provided within 18 months of the commencement of construction,” he added. “We are also increasing the level of exemption for first home buyers from $250,000 to $300,000, and reducing VAT on property transfers below $1m for individuals.” Under the VAT Act reforms tabled in the House of Assembly, first-time buyers acquiring a property valued between $300,000 and $500,000 will pay a VAT rate of just 4 percent.
said: “This is one of those where let’s not be silent where details are needed. If the Government has done its studies and proper research that should be obvious. The external world is watching. The Government made a commitment in 2018 regarding the tax structure and regulatory framework. “To me, I still believe it’s very treacherous just to give a piece of the story where there is more to come, particularly where tax is concerned and the spotlight is shone on The Bahamas.” The Government is also introducing a tiered scale for VAT payable on property transactions below $1m. While persons buying property valued at less than $100,000 will still pay the current 2.5 percent VAT rate on the sale/purchase, those acquiring at a price between $100,000 and $300,000 will now pay 4 percent. Non-first time buyers will face a 6 percent VAT rate where the property value falls between $300,000 and $500,000, and 8 percent between $500,000 and $700,000. Properties valued at between $700,000 and $1m will attract 9 percent. “We are also eliminating VAT on property transfers between joint tenants of property. This is especially important to Bahamians who have inherited land jointly with siblings. We have also simplified the rules around transfers of property with similar but not identical beneficial ownership. We have, as well, eliminated nuisance fees in the Stamp Act for documents unrelated to the transfer of property or registering a financial instrument,” Mr Davis said.
High prices, Asian markets could blunt EU ban on Russian oil By LORNE COOK AND SAMUEL PETREQUIN Associated Press BRUSSELS (AP) — The European Union’s groundbreaking decision to ban nearly all oil from Russia to punish the country for its invasion of Ukraine is a blow to Moscow’s economy, but its effects may be blunted by rising energy prices and other countries willing to buy some of the petroleum, industry experts say. European Union leaders agreed late Monday to cut Russian oil imports by about 90% over the next six months, a dramatic move that was considered unthinkable just months ago. The 27-country bloc relies on Russia for 25% of its oil and 40% of its natural gas, and European countries that are even more heavily dependent on Russia had been especially reluctant to act. European heads of state hailed the decision as a watershed, but analysts were more circumspect.
The EU ban applies to all Russian oil delivered by sea. At Hungary’s insistence, it contains a temporary exemption for oil delivered by the Russian Druzhba pipeline to certain landlocked countries in Central Europe. In addition to retaining some European markets, Russia could sell some of the oil previously bound to Europe to China, India and other customers in Asia, even though it will have to offer discounts, said Chris Weafer, CEO at consulting firm Macro-Advisory. “Now, for the moment, that’s not financially too painful for Russia because global prices are elevated. They’re much higher than last year,” he said. “So even Russia offering a discount means that it’s probably selling its oil for roughly what it sold for last year also.” He noted that “India has been a willing buyer” and “China’s certainly been keen to buy more oil because they’re both countries who are getting big discounts on global market prices.”
Still, Moscow has traditionally viewed Europe as its main energy market, making Monday’s decision the most significant effort yet to punish Russia for its war in Ukraine. “The sanctions have one clear aim: to prompt Russia to end this war and withdraw its troops and to agree with Ukraine on a sensible and fair peace,” German Chancellor Olaf Scholz said. Ukraine estimated the ban could cost Russia tens of billions of dollars. “The oil embargo will speed up the countdown to the collapse of the Russian economy and war machine,” Foreign Minister Dmytro Kuleba said. Ukrainian President Volodymyr Zelenskyy said in a video address that Ukraine will be pressing for more sanctions, adding that “there should be no significant economic ties left between the free world and the terrorist state.” Simone Tagliapietra, an energy expert and research fellow at the Brussels-based think tank Bruegel, called
A RUSSIAN vessel, top left, prepares to depart from the Mariupol Sea Port in Mariupol, in territory under the government of the Donetsk People’s Republic, eastern Ukraine, Tuesday, May 31, 2022. It marked the first time that a commercial ship used the port of Mariupol since the start of the Russian military action in Ukraine. Photo:AP
the embargo “a major blow.” Matteo Villa, an analyst at the ISPI think tank in Milan, said Russia will take a pretty significant hit now but cautioned that the move could eventually backfire. “The risk is that the price of oil in general goes up because of the European sanctions. And if the price goes up a lot, the risk is that Russia starts to earn more, and Europe loses the bet,” he said. Like previous rounds of sanctions, the oil ban is
unlikely to persuade the Kremlin to end the war. Moscow seized on the new sanctions to try to rally public support against the West, describing it as bent on destroying Russia. Dmitry Medvedev, the deputy head of Russia’s Security Council who served as the country’s president, said the oil ban aims to reduce the country’s export earnings and force the government to scale down social benefits. “They hate us all!” Medvedev said on his messaging app channel. “Those
decisions stem from hatred against Russia and against all of its people.” Russia has not shied away from withholding energy to get its way. Russian state energy giant Gazprom said it is cutting off natural gas to Dutch trader GasTerra and Denmark’s Oersted company and is also stopping shipments to Shell Energy Europe that were bound for Germany. Germany has other suppliers, and GasTerra and Oersted said they were prepared for a shutoff.
PAGE 6, Wednesday, June 1, 2022
THE TRIBUNE
Stocks slip on Wall Street as messy May comes to a close By STAN CHOE AND ALEX VEIGA AP Business Writers NEW YORK (AP) — Stocks closed lower Tuesday and the market eked out a tiny gain for May, a fitting end to a tumultuous month as worries about a possible recession, inflation and rising interest rates bruised Wall Street. The S&P 500 fell 0.6%, having recouped about half of its loss from earlier in the day. The Dow Jones Industrial Average fell 0.7%, while the Nasdaq composite slid 0.4%. Both also pared some of their losses after falling at least 1.4%. Such swings should perhaps be no surprise given Wall Street’s action this month, amid some of the wildest trading since the early days of the pandemic. The S&P 500 finished the month with a gain of less than 0.1%, which followed an 8.8% slump in April. The index is now 13.9% below its record set early this year. But the slight move for the month belies sharp lurches down and up that shook investors along the way. Through mid-May, the S&P 500 tumbled to seven straight losing weeks for its longest such streak since the dot-com bubble was deflating two decades ago. Slowing data on the U.S. economy heightened worries that high inflation will force the Federal Reserve to raise interest rates so
aggressively that it will cause a recession. Some high-profile retailers also said inflation is eating into their profits, adding more urgency to the concerns. They all combined to bring Wall Street to the brink of what’s called a bear market, where the S&P 500 was on the verge of closing more than 20% below its record. “Outside of a peace agreement in Ukraine, it’s difficult to construct a case for more than a bear market rally,” which would be just a temporary turn higher for stocks, Morgan Stanley strategists led by Michael Wilson wrote in a report. They said that the more stock prices rise, the more likely the Federal Reserve will be to hike interest rates. The S&P 500 fell 26.09 points to 4,132.15, while the Dow lost 222.84 points at 32,990.12. The Nasdaq dropped 49.74 points to 12,081.39. Smaller company stocks feel more than the broader market. The Russell 2000 slid 23.85 points, or 1.3%, to 1,864.04. Trading has been turbulent in recent weeks amid worries about a possible recession, inflation and rising interest rates. Highlighting the worries about inflation, oil prices briefly rose Tuesday after the European Union agreed to block the majority of oil imports from Russia because of its invasion of Ukraine. Benchmark U.S.
Powell as soaring inflation continues to carve up Americans’ earnings. The meeting, marked the first since Biden renominated Powell to lead the central bank and weeks after the Senate confirmed a second term. “My plan to address inflation starts with simple proposition: Respect the Fed, respect the Fed’s independence,” Biden said. Stocks have managed to avoid a full-blown bear market, at least so far, with the S&P 500 yet to close more than 20% below its record. The S&P 500 is
coming off its best week in a year and a half, in part on hopes that inflation may have hit its peak and will begin moderating. Speculation has grown that the Fed may consider a pause in rate hikes at its September meeting. Relaxing anti-COVID restrictions in China have also helped, easing some of the worries about the world’s second-largest economy and about more snarls to global supply chains. China’s factory activity contracted again in May, but it’s almost back to growing. More factories, shops
and other businesses are being allowed to reopen this week in Shanghai and in the Chinese capital, Beijing, after authorities declared outbreaks under control. Stocks in Shanghai and Hong Kong rose more than 1%. On Wall Street, health care, technology and energy stocks were among the biggest drags on the market. UnitedHealth Group fell 2%, Adobe dropped 2.7% and Chevron slid 2%. Some areas of the stock market that have been particularly hard hit this year also climbed, including internet-related stocks. Amazon rose 4.4%, and the Class A shares of Google’s parent company gained 1.1%. U.S. Treasury yields rose following reports showing confidence among U.S. consumers was higher than economists expected and home prices rose more than forecast. The yield on the 10-year Treasury climbed to 2.85% from 2.75% late Friday. Starting on Wednesday, the Fed will begin allowing some of the trillions of dollars’ worth of Treasurys and other bonds that it amassed through the pandemic to roll off its balance sheet. Such a move should put upward pressure on longerterm Treasury yields, and it’s one of the ways the Fed is trying to stamp out inflation by slowing the economy.
By MATT OTT AP Business Writer
The Conference Board said Tuesday that its consumer confidence index dipped to 106.4 in May — still a strong reading — from 108.6 in April. The business research group’s present situation index, which measures consumers’ assessment of current business and labor conditions, also fell in May to 149.6 from 152.9 in April. The expectations index, based on consumers’ sixmonth outlook for income, business and labor market conditions, also declined in May, to 77.5 from 79 in April. It was above 80 in February and remains a weak spot in the survey. President Joe Biden will meet with Federal Reserve Chairman Jerome Powell on Tuesday as soaring inflation continues to carve up Americans’ earnings. The meeting Tuesday will be the first since Biden renominated Powell to lead the central bank and weeks after the Senate confirmed a second term. The White House said the pair would discuss the state of the U.S. and global economy and especially four-decade high inflation, described as Biden’s “top economic priority.” The Federal Reserve raised its main borrowing rate by a half point in early May, the main mechanism for combatting inflation. Multiple rate hikes, with the possibility of more half-point increases, are expected this year. Inflation soared over the past year at its fastest pace in more than 40 years, with rising costs for just about
everything negating Americans’ pay raises. The Labor Department reported earlier in May that consumer prices jumped 8.3% last month from a year ago. That was below the 8.5% year-over-year surge in March, which was the highest since 1981. On a monthly basis, prices rose 0.3% from March to April, the smallest rise in eight months. U.S. producer prices soared 11% in April from a year earlier, a hefty gain that indicates high inflation will remain a burden for consumers and businesses in the months ahead. Consumers were again slightly less optimistic about the labor market, even as U.S. employers have added at least 400,000 jobs for 12 straight months, pushing the unemployment rate down to 3.6%. That’s the lowest rate since the pandemic erupted two years ago and just above the halfcentury low of 3.5% that was reached two years ago. Purchasing intentions for big-ticket items -- cars, homes and major appliances -- all cooled slightly, the Conference Board said. Rising costs remain the top concern for consumers, as their inflation expectations were mostly unchanged from April’s elevated levels. “Looking ahead, expect surging prices and additional interest rate hikes to pose continued downside risks to consumer spending this year,” said Lynn Franco, the Conference Board’s senior director of economic indicators.
IN this photo provided by the New York Stock Exchange, trader Robert Charmak, right, works on the floor, Tuesday, May 31, 2022. U.S. stocks are slipping in midday trading on Tuesday, as Wall Street nears the end of a tumultuous month, bruised by worries about a possible recession, inflation and rising interest rates. Photo:Courtney Crow/AP crude ended up falling 0.3% to settle at $114.67 per barrel. Brent crude, the international standard, rose 1% to settle at $122.84 per barrel. The jump of more than 50% for oil prices so far this year has been a big contributor to the very high inflation sweeping the world. Earlier Tuesday, a report showed inflation in the 19 countries that use the euro currency hit 8.1% in May, the highest level since records began in 1997. In the U.S., President Joe Biden met with Federal Reserve Chairman Jerome
US consumer confidence slips in May amid stubborn inflation
U.S. consumer confidence edged lower in May as Americans’ view of their present and future prospects dimmed in the midst of persistent inflation.
MARKET REPORT www.bisxbahamas.com
TUESDAY, 31 MAY 2022
BISX ALL SHARE INDEX: BISX LISTED & TRADED SECURITIES 52WK HI 6.70 53.00 2.05 2.61 2.60 6.10 10.05 3.52 9.02 3.10 8.00 16.60 2.65 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 5.94 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
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CHANGE
%CHANGE
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YTD%
2431.10
12.94
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202.86
9.10
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) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 101.03 100.71 100.53 100.43 100.34 100.23 100.00 100.00 100.98 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.97 100.26 100.28 100.43 100.04 100.00 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 BGR141230 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 BSBGR1412307 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 3.35 7.52 2.82 8.00 16.00 2.75 10.25 12.21 10.85 15.20 3.98 10.00 15.50 1.00 1000.00 1000.00 1.00 10.00 1.00 LAST SALE 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 101.20 100.26 100.53 100.54 100.34 100.00 89.62 100.00 100.00 100.00
CLOSE 5.35 39.95 2.04 2.35 2.47 6.10 9.75 3.50 8.12 2.82 8.00 16.00 2.83 10.25 12.16 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
2,520 1,000 7,800 1,200
0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00 100.00
CHANGE 0.00 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 101.20 100.26 100.53 100.54 100.34 100.00 89.62 100.00 100.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund RF Bahamas Opportunities Fund - Secured Balanced Fund RF Bahamas Opportunities Fund - Targeted Equity Fund RF Bahamas Opportunities Fund - Prime Income Fund RF Bahamas International Investment Fund Limited - Equities Sub Fund RF Bahamas International Investment Fund Limited - High Yield Income Fund RF Bahamas International Investment Fund Limited - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
MARKET TERMS
CHANGE 0.00 0.00 0.00 0.04 0.22 0.00 0.00 0.15 0.60 0.00 0.00 0.00 0.08 0.00 (0.05) 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% 5.35% 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 16.8 N/M N/M 26.4 -8.0 58.0 15.3 17.8 22.2 27.7 21.9 18.8 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% 3.40% 0.00% 0.00% 2.67% 0.00% 0.00% 4.26% 2.75% 4.50% 15.34% 0.59% 2.70% 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 17-Nov-2030 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
A CUSTOMER pumps gas at this Madison, Miss., Sam’s Club, after filling up a gasoline container, Tuesday, May 24, 2022. Wholesale retail chains stores like Costco and Sam’s Club tend to price their gas and diesel competitively against one another while major gas chain prices are usually higher. Photo:Rogelio V. Solis/AP
PAGE 8, Wednesday, June 1, 2022
THE TRIBUNE
ADVISERS TELL SPIRIT SHAREHOLDERS TO REJECT FRONTIER BID NEW YORK Associated Press A FIRM that advises investors on proxy voting said Tuesday that Spirit Airlines shareholders should oppose Frontier Airlines’ bid to buy Spirit, saying that a competing offer by JetBlue is better. Institutional Shareholder Services Inc. conceded that Spirit’s board might be correct in concluding that the Frontier offer has a better
chance of winning approval from antitrust regulators. However, the firm said, both bids carry regulatory risks but only the JetBlue offer includes a $200 million breakup fee in case regulators reject it. ISS said Spirit shareholders should reject the Frontier offer to signal its board to negotiate further with JetBlue, possibly to get a bigger breakup fee. Shareholders of Miramar, Florida-based Spirit
are scheduled to vote June 10 on whether to approve Frontier’s stock-and-cash offer, which was valued at $25.83 per share or $2.8 billion when announced in February. The offer’s value has sunk 26% to $19.19 per share since then because of a drop in the value of Frontier shares, ISS said. JetBlue made an all-cash offer of $33 per share, or $3.6 billion, in April, and when that was rebuffed, it launched a tender offer
at $30 per share, or $3.2 billion. While New York-based JetBlue wants to acquire 100% of Spirit, the Frontier offer would let Spirit shareholders keep 48.5% of the new, combined airline. The Spirit board’s view “that more patient shareholders would reap greater benefits by staying invested in a combined Frontier/ Spirit could prove out over time,” ISS acknowledged.
A SPIRIT Airline aircraft approaches Philadelphia International Airport Friday, Oct. 22, 2021. A firm that advises investors on proxy voting said Tuesday, May 31, 2022, that Spirit shareholders should oppose Frontier Airlines’ bid to buy Spirit, saying that JetBlue has made a better offer. Photo:Matt Rourke/AP
THE WEATHER REPORT
5-Day Forecast
TODAY
ORLANDO
High: 88° F/31° C Low: 70° F/21° C
TAMPA
THURSDAY
FRIDAY
SATURDAY
SUNDAY
Variable clouds with a thunderstorm
Clearing
An afternoon thunder‑ storm in spots
A t‑storm in spots in the afternoon
A couple of showers and a t‑storm
A couple of showers and a t‑storm
High: 84°
Low: 76°
High: 85° Low: 75°
High: 84° Low: 76°
High: 85° Low: 75°
High: 86° Low: 77°
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
92° F
84° F
95°-81° F
92°-76° F
92°-78° F
95°-83° F
The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.
N
almanac
E
W
ABACO
S
N
High: 82° F/28° C Low: 76° F/24° C
7‑14 knots
S
High: 85° F/29° C Low: 72° F/22° C
6‑12 knots
FT. LAUDERDALE
FREEPORT
High: 85° F/29° C Low: 74° F/23° C
E S
E
W
WEST PALM BEACH
W
uV inDex toDay
TONIGHT
High: 91° F/33° C Low: 75° F/24° C
N
| Go to AccuWeather.com
High: 82° F/28° C Low: 74° F/23° C
MIAMI
High: 87° F/31° C Low: 74° F/23° C
6‑12 knots
KEY WEST
High: 85° F/29° C Low: 78° F/26° C
ELEUTHERA
NASSAU
High: 84° F/29° C Low: 76° F/24° C
Forecasts and graphics provided by AccuWeather, Inc. ©2022
High: 81° F/27° C Low: 76° F/24° C
N
High: 82° F/28° C Low: 78° F/26° C
N
S
E
W S
7‑14 knots
High
Ht.(ft.)
Low
Ht.(ft.)
2.1 2.8
4:05 a.m. 3:47 p.m.
0.1 0.1
10:29 a.m. 10:51 p.m.
2.1 2.8
4:45 a.m. 4:26 p.m.
0.2 0.2
Friday
11:11 a.m. 11:32 p.m.
2.0 2.7
5:25 a.m. 5:06 p.m.
0.3 0.4
Saturday
11:55 a.m. ‑‑‑‑‑
2.0 ‑‑‑‑‑
6:07 a.m. 5:50 p.m.
0.4 0.5
Sunday
12:15 a.m. 12:43 p.m.
2.6 2.0
6:51 a.m. 6:39 p.m.
0.5 0.6
Monday
1:00 a.m. 1:34 p.m.
2.6 2.1
7:36 a.m. 7:33 p.m.
0.5 0.7
Tuesday
1:49 a.m. 2:28 p.m.
2.5 2.2
8:22 a.m. 8:33 p.m.
0.5 0.7
Today
9:49 a.m. 10:12 p.m.
Thursday
sun anD moon Sunrise Sunset
6:20 a.m. Moonrise 7:56 p.m. Moonset
7:49 a.m. 10:07 p.m.
First
Full
Last
New
Jun. 7
Jun. 14
Jun. 20
Jun. 28
ANDROS
SAN SALVADOR
GREAT EXUMA
High: 81° F/27° C Low: 78° F/26° C
High: 82° F/28° C Low: 79° F/26° C
N
High: 81° F/27° C Low: 77° F/25° C
E
W S
LONG ISLAND
tracking map
High: 83° F/28° C Low: 78° F/26° C
H
tiDes For nassau
CAT ISLAND
E
W
6‑12 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 ................................................... 81° F/27° C Low .................................................... 73° F/23° C Normal high ....................................... 86° F/30° C Normal low ........................................ 73° F/23° C Last year’s high ................................. 89° F/31° C Last year’s low ................................... 74° F/23° C Precipitation As of 2 p.m. yesterday ................................. 1.18” Year to date ............................................... 15.59” Normal year to date ..................................... 8.47”
The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.
7‑14 knots
MAYAGUANA High: 85° F/29° C Low: 80° F/27° C
Shown is today’s weather. Temperatures
CROOKED ISLAND / ACKLINS
are today’s highs and tonight’s lows.
RAGGED ISLAND High: 83° F/28° C Low: 80° F/27° C
High: 83° F/28° C Low: 80° F/27° C
GREAT INAGUA High: 85° F/29° C Low: 80° F/27° C
N
E
W
E
W
N
S
S
8‑16 knots
8‑16 knots
marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR
Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:
WINDS E at 6‑12 Knots SW at 6‑12 Knots SE at 6‑12 Knots E at 6‑12 Knots ESE at 7‑14 Knots E at 4‑8 Knots E at 8‑16 Knots SE at 7‑14 Knots SE at 7‑14 Knots S at 6‑12 Knots ENE at 7‑14 Knots SE at 4‑8 Knots SE at 7‑14 Knots E at 7‑14 Knots E at 8‑16 Knots SE at 6‑12 Knots E at 8‑16 Knots ESE at 6‑12 Knots E at 8‑16 Knots SE at 7‑14 Knots ESE at 6‑12 Knots SSE at 6‑12 Knots E at 8‑16 Knots SE at 6‑12 Knots SE at 7‑14 Knots ENE at 6‑12 Knots
WAVES 1‑3 Feet 1‑3 Feet 0‑1 Feet 0‑1 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 1‑2 Feet 0‑1 Feet 0‑1 Feet 1‑3 Feet 1‑2 Feet 1‑3 Feet 1‑3 Feet 2‑4 Feet 2‑4 Feet 1‑2 Feet 1‑2 Feet 1‑3 Feet 1‑2 Feet 1‑2 Feet 0‑1 Feet
VISIBILITY 6 Miles 8 Miles 8 Miles 7 Miles 7 Miles 7 Miles 5 Miles 6 Miles 9 Miles 8 Miles 9 Miles 8 Miles 7 Miles 8 Miles 7 Miles 10 Miles 9 Miles 8 Miles 6 Miles 10 Miles 7 Miles 8 Miles 6 Miles 10 Miles 8 Miles 9 Miles
WATER TEMPS. 80° F 81° F 82° F 82° F 81° F 81° F 82° F 82° F 81° F 81° F 82° F 83° F 82° F 82° F 82° F 82° F 82° F 82° F 81° F 81° F 81° F 81° F 82° F 82° F 81° F 81° F