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THURSDAY, JUNE 3, 2021
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Royal Caribbean: No Crown IDB: Just 54% of COVID loan firms Land lease for $110m project still doing business
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A
SENIOR Royal Caribbean executive has confirmed it has yet to secure a crown land lease for its $110m Paradise Island project as he indicated a willingness to “co-exist” with rival developers in that area. Russell Benford, Royal Caribbean’s vice-president of government relations for the Americas, told Tribune Business that an executed lease was part of the approvals the cruise line is still seeking for a Royal Beach Club development it had hoped to begin construction on next month. His admission raises further questions as to the fate
• Still among approvals awaited from govt • Cruise giant willing to ‘co-exist’ with local • PI project ‘magnet’ for passenger tripling
RUSSELL BENFORD of the crown land being sought by competing projects at Paradise Island’s Colonial Beach, with a rival developer having already initiated legal action seeking a Supreme Court
declaration that he has a valid lease for some of the acreage also desired by Royal Caribbean. “We do not,” Mr Benford replied, when asked by this newspaper if the cruise giant has a valid lease for seven to ten acres of crown land. “We purchased several acres and own that land. The crown land belongs to the government. We’re requesting approval of the crown land [lease] along with other project approvals, but have not received those yet.” His comments will likely greatly encourage Toby
Smith, the Bahamian entrepreneur behind the $2m Paradise Island Lighthouse & Beach Club Company proposal that is focused on Paradise Island’s western tip. He has been attempting for several months, without success, to obtain confirmation from both the government and Royal Caribbean as to whether the latter has a valid crown land lease. The issue has also concerned government agencies. Rochelle Newbold, the Department
SEE PAGE 7
PM’s GDP growth targets ‘nothing to write home’ on By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE prime minister’s ambitions of achieving a “consistent” five to six percent annual GDP growth rate are “nothing to write home about” when set against COVID-19’s economic devastation, it was argued yesterday. Governance reformers and economists told Tribune Business that while the target unveiled by Dr Hubert Minnis was appropriate for a robust economy, it was far less impressive when measured against how much the Bahamian economy had shrunk due to the fall-out from the pandemic and Hurricane Dorian. The Department of Statistics recently revealed that the Bahamian economy had contracted by 14.5 percent or $1.641bn in real terms
Under 50% of Bahamian firms use social media By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
LESS than 50 percent of Bahamian businesses are using social media to drive sales and promotions, it was revealed yesterday, exposing just how much work the government faces in its digitisation drive. The Inter-American Development Bank (IDB), in a report accompanying its latest $140m loan to The Bahamas, said local companies as well as their Caribbean counterparts are not investing sufficiently in technology despite the impetus provided by the
• Tells House 5-6% annual expansion ‘within our grasp’ • Governance reformer: Nothing in budget to achieve it • Ambition not as impressive set against COVID fall-out
DR HUBERT MINNIS
ROBERT MYERS
in 2020, and by 24.7 percent or $3.256bn in nominal terms that includes inflation’s impact, prompting one observer to argue that this nation needs to expand its output by sevem to eight percent annually for “at least the next five years” to escape its escalating
economic and fiscal crisis. However, Dr Hubert Minnis yesterday told the House of Assembly the measures unveiled during the 2021-2022 budget communication will ensure that five to six percent annual GDP expansion is within reach as he sought to focus
COVID-19 pandemic and associated lockdowns. Drawing on the findings from a Compete Caribbean survey, and contrasting the region with others, the multilateral lender added: “The COVID-19 crisis has accelerated the digitsiation of businesses, forcing companies to develop new business models. “During 2020, and compared to 2019, Latin America experienced a 150 percent growth in the adoption of digital technology, with 1.7m new users of the e-commerce site Mercadolibre, teleworking of up to 25 percent of the population in large cities, and a 40 percent increase in use of digital education platforms. This has been recognised as an irreversible trend.”
SEE PAGE 6
Hurricane VAT holiday to have ‘net zero’ effect By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
AN ex-Bahamian Contractors Association (BCA) president yesterday said building material price hikes mean the government’s hurricane readiness VAT “holiday” and other tax breaks will just have a “net zero” effect. Leonard Sands told Tribune Business that the Minnis administration’s initiatives were unlikely to stimulate increased construction activity because clients were “taking a beating” from cost increases that have seen key materials
such as lumber double in price and the tax breaks are only likely to offset this. While praising the government for “doing the right thing” with its 20212022 budget measures, he said that the VAT ‘holiday’ planned for July as well as duty reductions to 20-25 percent on other key construction components are simply not sufficient to counter cost increases that have been driven by global construction demand as well as supply chain backlogs caused by the COVID-19 pandemic.
SEE PAGE 4
public attention on the government’s bid to grow The Bahamas out of its debt and deficit predicament. “We believe that with targeted structural reforms, consistent growth in the range of five to six percent is well within our grasp,” the prime minister argued in leading-off yesterday’s budget debate in the House of Assembly, placing his faith in freeing up the private sector via a combination of ease of doing business reforms, targeted tax incentives and financial assistance to small and medium-sized enterprises. However, Robert Myers,
SEE PAGE 8
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE effectiveness of the government’s COVID-19 small business support has been called into question by a report that found just 54 percent of loan recipients have remained operational. The Inter-American Development Bank (IDB), in a paper accompanying its latest $140m loan to The Bahamas, said initial findings on the Business Continuity Loan initiative revealed that only 298 out of 557 micro, small and medium-sized (MSME) funding recipients had remained in business. “To support MSMEs during the COVID-19 crisis, a Business Continuity Programme (BCP) was executed by the Small Business Development Centre (SBDC), allocating $30m in loans to small businesses, ranging from $5,000 to $300,000 as well as grants for payroll assistance,” the IDB report said. “The programme is targeted to formal MSMEs, with the requirement to retain at least 51 percent of employees and share their credit performance with the credit bureau and other financial institutions. Preliminary findings show that the continuity rate of beneficiary MSMEs is 54 percent (298 out of 557), with a retention rate of 56 percent employees on average. “Of the continuing firms, 56 percent (168 out of 298) managed to retain 95 percent of employees on average. The remaining 44 percent of continuing beneficiaries retained 30 percent of their employees on average.” If correct, that suggests a number of businesses
breached one of the conditions required to receive the Business Continuity Loan, which was that they retain at least 51 percent of their prepandemic staff. The IDB report, revealing that 34 percent of firms that received loans were headed by women, conceded that its findings were preliminary and that more research was required. It based its numbers on data obtained from the SBDC as well as National Insurance Board (NIB) administrative records, defining a “continuing” business as one that was recorded by both organisations. “Conclusions are still preliminary, and the initial monitoring exercise on the results of the BCP highlighted the need for a strengthened system with quick access to the control variables in the NIB and the Department of Inland Revenue (DIR),” the IDB report added. “To broaden the scope of the beneficiaries and reduce informality, the SBDC also developed a programme to encourage and support business registration, which supported around 50 percent of their beneficiaries to formally register their businesses. “However, BCP experienced difficulties regarding the monitoring and evaluation of its beneficiaries, as the administrative records for firms have different identification numbers in each relevant institution, such as the National Insurance Board (NIB) and the Inland Revenue.” Nevertheless, the IDB report raises concerns that the Business Continuity Loan may not have been as
SEE PAGE 9
PAGE 2, Thursday, June 3, 2021
THE TRIBUNE
BTC teams with Island Pay for digital solution THE Bahamas Telecommunications Company (BTC) has teamed with a digital payments provider to enable its customers to use the latter’s platform for bill payment, plan purchases and mobile top-up. The carrier and Island Pay Group, in a joint statement yesterday, said their partnership that will enhance convenience and the customer experience for BTC subscribers with immediate effect. They added that every BTC customer and Island Pay wallet holder can pay their bills using the Island Pay platform, access new voice and data plans, and top-up existing plans. The service is currently available across the BTC network. BTC’s chief executive, André Foster, said: “We are pleased to partner with the Island Pay Group as we expand our digital footprint. Customers can use the Island Pay platform for online bill payment and mobile top-up. “This new partnership adds another layer of convenience to our customers. BTC continues to heavily invest in its digital channels, which include e-billing and increased payment options
ANDRE FOSTER
JEFFREY BECKLES
through our website, mobile app and virtual store.” Island Pay’s managing director, Jeffrey Beckles, added: “Island Pay is thrilled to partner with BTC as we seek to add value to the overall customer experience. Island Pay is incredibly pleased to provide the payment solution that is transforming how Bahamians can access services in a secure, convenient way using stateof-the-art technology. “Over 20,000 Island Pay wallet holders will now have a much easier financial management experience because of this partnership. We tip our hats to BTC for seeing the future, and encourage those who do not have an Island Pay wallet yet to download the app and embrace this ultra-modern, secure, easyto-use service right on their phones.
Mr Beckles continued: “As many more Bahamian businesses go cashless, Island Pay is already leading the e-commerce sector by ensuring that Bahamian consumers have a secure and easy-to-use payment option. And our wallets are already Sand Dollar integrated, which makes it much easier for consumers to conduct their business transactions. “We often think about ease of doing business in the foreign context only, but partnerships like this are having a positive impact on domestic ease of doing business and that is a great thing. The future is bright, and we are looking forward to working with even more businesses and organisational stakeholders across the country and the region as they innovate to serve their customers better.”
The truth behind photo ‘touch-ups’ PHOTOGRAPHY is the art of telling a beautiful story. Millions of photographs evoke emotions that have dramatically changed history. Over the years, photography has become synonymous with truth. Photographic evidence is now deemed by the legal system to be very strong, and people rarely doubt the reality of an image. But is there something dishonest about photography? Something that begs the question: “Can photographs tell a lie? Photo manipulation has always been the subject of various controversies. For example, fashion photographers may be guilty of retouching pictures that are praised for their beauty and creativity. This raises the issue: Does Photoshop create false beauty standards in the eyes of its audience? In the past, Photoshop was less intelligent and had fewer tools available. That has since changed. What is popular now is the implementation of naturallooking touch-up apps that make everything and everyone appear perfect by the touch of a few buttons. I know for a fact there are enemies of Photoshop who feel that photography died when people stopped using large formatting cameras for everything. But, all things being equal, if Photoshop is used consciously its
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The Art of Graphix BY DEIDRE M BASTIAN
aim should be to enhance and not misrepresent. Some newspapers crop images to convey a message that resonates better with the readership. The editors are not leaving something out, but guiding readers to view information a certain way by cropping the image differently. However, one may ask if fashion photography is misusing Photoshop to create unrealistic beauty standards that can possibly have an unfavourable effect on society as a whole. We are all aware that Photoshop, in addition to other editing software, can perform many impressive tricks. We therefore ask whether there is a limit beyond which an image becomes a lie, and should unrealistic editing be readily accepted without any questions? That is an interesting discussion either way, and my humble opinion is that there must be a certain level of rationalit. Career photographers possess the liberty and ability to
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manipulate images using a tool by which a representation of truth should be conveyed. Further, I do not believe the fine-tuning of photographs should be viewed as cheating or being dishonest unless it is abandoning and introducing something that never once existed. Subsequently, if a photographer negatively manipulates an image to paint an entirely different appearance, then that photographer is not “touching up”. He or she has taken on an entirely new assignment. Whether it be a graphic designer or photographer, the aim should be to convey a moving emotion that is satisfying to the world. Each picture is like a story, and we must remember that behind every story sits a great storyteller. And, by its true nature, a photographer should depict an image of reality that represents what he/she sees and no more, unless otherwise advised. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game. NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre M. Bastian is a professionally-trained graphic designer/brand marketing analyst, author and certified life coach with qualifications of B. Sc and M.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.
CRUISE LINE TO RESUME GB SAILINGS ON JULY 2
BAHAMAS Paradise Cruise Line yesterday said it has become the latest operator to receive Centres for Disease Control and Prevention (CDC) permission to conduct a trial sailing. The cruise line, which serves Grand Bahama from Florida, said in a statement that following all the requirements outlined in the CDC’s framework for conditional sailing order, a closed-group test cruise will include a full evaluation of Bahamas Paradise Cruise Line’s cleanliness and safety protocols. A small, private group of pre-selected, fully vaccinated passengers will join fully vaccinated crew members on board Grand Classica when it sails on June 25 for a twonight round-trip cruise from the Port of Palm Beach to Grand Bahama. The sailing will simulate all aspects of the onboard experience, including dining, entertainment, leisure activities and shore excursions. Bahamas Paradise Cruise Line added that it plans to resume sailing on July 2, and is currently accepting bookings on its website. The family-owned and operated boutique cruise line anticipates earning CDC approval to cruise on that date following this month’s simulated sailing.
THE TRIBUNE
Thursday, June 3, 2021, PAGE 3
GOVT REVENUE PROJECTIONS BLASTED AS ‘SHEER FANTASY’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
THE opposition’s deputy leader yesterday blasted the government’s projection that revenues will increase by some 35.6 percent in the upcoming fiscal year as “sheer fantasy”. Chester Cooper, who is also the Progressive Liberal Party’s finance spokesman, used his Budget debate communication in the House of Assembly to slam the Minnis administration’s budget revenue forecasts as “unbelievable”. Questioning whether the 2021-2022 budget addresses the escalating economic
CHESTER COOPER and fiscal crisis faced by The Bahamas, Mr Cooper challenged whether the post-COVID rebound will be sufficient to grow
government revenues by some $588m year-over-year when it had missed the current year’s estimates by more than $100m.
He said: “This administration believes that it would collect 18.3 percent of GDP, or $2.245bn this fiscal year, after falling woefully short of this year’s modest target of $1.76bn. It believes that this can be accomplished despite granting perhaps an additional $100m in new concessions. This is simply unbelievable. “The government is also hoping to rebound to pre-pandemic levels, but analysts who are independent do not share that view.” Mr Cooper added that “cruises” and “overnight stays” are not likely to return to 2019 levels for at least another two years. He said: “This
administration predicts it will collect nearly $600m more in revenue in the next fiscal year than this one. This administration has, in fact, missed revenue targets on average, perhaps, of ten percent per fiscal year, so to think that you will increase revenues by more than 35 percent is your fantasy. “We see on page ten of the estimates a projected VAT collection of $845m. This represents a growth rate of 29 percent itself, absolute fantasy.” Mr Cooper added that “government debt has increased over 40 percent”, although Tribune Business calculations show it has actually
risen by more than 58 percent since the Free National Movement (FNM) took office - largely due to the combination of COVID-19 and Hurricane Dorian. “This budget is sheer fantasy. It would stunt the growth of the country for decades unless the policies are reversed and reversed quickly,” Mr Cooper said, reiterating his belief that the government’s decision to disband the Revenue Enhancement Unit left in place by the former Christie administration - only to reform it a year later - had blunted efforts to claim VAT, duty, real property tax and business licence fees from delinquent taxpayers.
Retailers mixed on back to school VAT ‘holiday’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BACK-to-school suppliers yesterday praised the government for reintroducing last year’s VAT holiday but said the initiative while likely benefit parents more than their businesses. James Wallace, owner/ operator of Janaees Uniform Centre, told Tribune Business he hoped the second August VAT holiday for back to school sales “goes well” as the impact of last year’s inaugural initiative was blunted by COVID-19 and the use of online learning. With students not in the classroom, uniform sales were not as strong as expected. He said: “I think the Bahamian consumers benefited, but in terms of my business seeing any significant increase because of the VAT holiday, the benefit was not there because of COVID-19. “People weren’t shopping as much, people weren’t sure. Because school wasn’t in person and it was online learning, and only one day a week students went to school, the sales were not there.” Mr Wallace spoke after the prime minister, in
leading off the budget debate in the House of Assembly, confirmed that retailers and wholesaler supplying back-to-school merchandise will be able to again benefit from a VAT “zero rating” on these products for the month of August. This means that the 12 percent VAT rate will not be paid by consumers on these goods, while merchants will also be able to earn a refund or credit on the “input” VAT they pay on such products. “Because we are committed to policies that serve all Bahamians and not just a few political cronies and colleagues like some in the past, I am pleased to announce the following measures,” Dr Hubert Minnis said. “Last year, my administration introduced legislation that permitted the minister of finance to provide VAT holidays up to two times per year for up to 30 days for specific reasons. “We then introduced the back-to-school VAT holiday last August. This provided Bahamian households with VAT free shopping on a range of school supplies as they got their children ready for the new academic
year. The VAT holiday provided millions of dollars in savings across the country and was a boost for Bahamian businesses. This year, we are once again undertaking a back-to-school VAT holiday during August.” The month-long VAT waiver is similar to the sales tax exemption granted by Florida during the backto-school season, and is designed to incentivise Bahamian parents to shop at home rather than overseas by making local prices more competitive, thereby ensuring spending is retained in the local economy by merchants and their staff. Mr Wallace said of the initiative: “I certainly would encourage it, because as a business I recognise the severity of the impact of the COVID-19 lockdown. I’m seeing it and living it in my business due to having to work reduced hours and just trying to keep my staff employed. “For now, I’m just hoping that things go well and we don’t have a real resurgence [of COVID-19], and Bahamian consumers listen to the Ministry of Health and go and get vaccinated, because the back-to-school period is
a real busy period for businesses like myself and there are a lot of issues. I just want to encourage people to shop early this year.” Acknowledging that 2020 was a difficult year for gauging consumer shopping habits, Mr Wallace said he would delay the back-toschool sale from June to now July and allow his customers to “mix and match” products now. He said: “Previously we ran a sale where you had to buy everything that was the same type, and you buy five to get one free. It’s going to now be that customers can buy five of the same items so parents can share. People can group together and come in and get the right sizes for two different sized kids or two different schools, just broadening the sale to get everyone involved.” Kim Gibson, managing director of Carey’s Fabric and Uniform Store, said of the VAT holiday: “I feel that it’s an awesome opportunity for parents be able to enjoy savings. The pandemic has already had an adverse effect on many, many families. This is a great opportunity and I think that the parents
and businesses welcome this opportunity. “The stores don’t benefit from the VAT. The VAT goes straight to the government. However, with the parents knowing that they would save, hopefully it would encourage more of them to shop during the holiday period. Definitely this is a savings for the consumer because it is the consumers that will have to purchase the school uniforms, and I am hopeful hey take advantage of it.” A representative of the Deep South Bookstore, speaking on condition of anonymity, said of the initiative: “This is what America does and when America coughs, the Bahamas sneezes. The Bahamas normally copies
what America does, and America does this every year. They just had this last week and they will have it again before school opens. This is the norm now; this is nothing exciting. “We’re not excited. That’s what they do. They don’t give us anything. Does the Bahamian government ever give their people anything? They never give us anything, I don’t know who all they give to but they never give this bookstore any incentives, but we heard about people who can go and borrow loans. “If you borrow something you still have to pay it back. So that isn’t an incentive because we can go to a commercial bank and borrow that. I don’t see any incentive in that.”
LEGAL NOTICE In Accordance with the Articles and Restrictive Covenants of Via Della Rosa, this is to inform The Owners of Lot numbers: 10, 16, 18, 27, 31, 117, 262, 277, 289 will be auctioned and sold to the highest bidder on Tuesday, June 15th 2021. Please contact the office at 393-7370
PAGE 4, Thursday, June 3, 2021
THE TRIBUNE
RETAILERS URGE CLARITY ON HURRICANE VAT ‘HOLIDAY’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BUILDING suppliers yesterday urged the government to clarify which products will be included for tax breaks in July’s upcoming hurricane readiness VAT “holiday” as well as how the initiative will work. Christopher Lleida, Premier Importers’ chief executive, told Tribune Business that while consumers will benefit he and other merchants require answers on how the logistics will work. “This is great for things that are on the ground already, but what if persons wanted to order hurricane
shutters or hurricane windows and things like that? The time to act on that would be now,” he added. “I think it’s great and consumers will be able to save money and be afforded the opportunity to make the repairs they may not have been able to afford otherwise. If they do have funds available that will help them stretch their funds to get more work done, but any time something like this happens it’s a positive thing.” Mr Lleida spoke after the Prime Minister told the House of Assembly yesterday that the government is introducing a VAT “holiday” for hurricane preparations that will last for the whole month of July.
“This will assist Bahamians and residents to enjoy VAT-free shopping on a range of critical hurricane supplies and equipment. The Ministry of Finance will provide the details of the dates and the items to be included for VAT-free shopping,” Dr Hubert Minnis said. “I remind the House and Bahamian residents that the VAT holidays are only applicable for eligible items purchased inside the country from local wholesalers and retailers. We want people to shop at home so that this money stays at home and benefits Bahamian businesses and, by extension, all of the employees of these commercial enterprises.
“So, my message to everyone is that they should use the month of July to get their homes and businesses readied for the hurricane season. Take advantage of the savings and avoid the rush.” Mr Lleida added that the initiative will help to “cushion” the recent surge in construction material prices caused by a combination of worldwide demand and post-COVID-19 supply shortages. He said: “Things like plywood, shingles and underlayment are popular that people always need leading up to a hurricane. “But for people are doing home repairs from previous maintenance or repairs, a lot of those items are dutyfree already. So there’s no duty savings really to be had, but the VAT holiday would help. Getting things like impact windows and shutters would help as well,
but I don’t know if there’s enough time to be able to purchase things and get them imported in time.” Mr Lleida said he was concerned about his customers ordering goods that may arrive after July, questioning whether they would still be VAT free despite being ordered on time. He added: “What would be helpful, I think, is if consumers are allowed to buy windows today and they have a paid invoice that’s VAT free.” Anthony Roberts, general manager of City Lumber Yard, said: “I guess it’s time to stock up as the price of plywood and lumber has gone exceptionally high. But some things like hardware, as well as certain types of screws and nails that are used to install shutters, that would probably be a benefit to
the people making the preparations. “Nothing has changed and the markets will continue to go up with every shipment, so we’re just riding with it. I think inevitably it will have to come back down at some point, but certainly there is no indicator that it’s slowing down just yet.” Mark Roberts, FYP’s president, said he hopes the VAT holiday is a “step in the right direction” but is more concerned with how this will affect the economy in the long-term. He added: “Any time we save money, we pass it on to the consumer so I hope that this benefits the community. I imagine that they have to put up a pretty precise list of items, and hopefully it will have a profound effect on the entire community.”
Hurricane VAT holiday to have ‘net zero’ effect
enough because the increase in costs is so high. I don’t think they can give more without damaging revenue projections.” Mr Sands spoke out after the prime minister, in leading off the budget debate in the House of Assembly, revealed that the government is declaring July as a VAT “holiday” for hurricane preparedness products, although the details on what will be included and how it will work have yet to be released by the Ministry of Finance. “This year, for the first time, we will undertake a VAT ‘holiday’ for hurricane preparations,” Dr Hubert Minnis said. “This will be during the month of July. This will assist Bahamians and residents to enjoy VAT-free shopping on a range of critical hurricane supplies and equipment. “The Ministry of Finance will provide the details of the dates and the items to be included for VAT free shopping. I remind the House and Bahamian residents that the VAT holidays are only applicable for eligible items purchased inside the country from local wholesalers and retailers. “We want people to shop at home so that this money stays at home and benefits Bahamian businesses and, by extension, all of the employees of these commercial enterprises. So, my message to everyone is that they should use the month of July to get their homes and businesses readied for the hurricane season. Take advantage of the savings and avoid the rush.”
FROM PAGE ONE
“If you’re looking to spur growth you need to have an advantage that you can present to your customer,” Mr Sands explained. “You can’t. You’re going to have a net zero effect. I am deeply involved in the industry, and prices have increased so much you need to have an increase in benefit of 50 percent to get an advantage of ten percent. “While I do applaud the government, and I think it’s very noble and needed to offset the losses that have incurred, I think they are not going to see an increase in construction because of it. It’s not going to happen, it’s not going to pan out to be enough. It’s not going to
give the kind of economic boost they hope.” Asked how building materials have been impacted, Mr Sands told this newspaper: “In certain cases they have gone up as high as 65 percent. Lumber is taking the biggest hit right now. Pre-COVID, you could have bought a 2 x 4, eight feet, for $6.50. The same 2 x 4, eight foot, is now over $13. It’s a 100 percent increase in cost. “I’ve had prices for a 2 x 8, 14 feet, as much as $40. You could get that preCOVID for maybe $21-$22. It’s crazy. The customer is taking a beating. The customer building or adding to a home is taking a beating. I appreciate the government’s effort; they are doing the right thing, but it’s not
LEGAL NOTICE VIA DELLA ROSA Owners of Lots listed below are urgently requested to contact the office at 393-7370. Lot # 4, 5, 6, 7, 8, 10, 13, 16, 18, 19, 23, 25, 26, 27, 31, 33, 37, 107, 117, 262, 276, 277, 278, 281, 297, 301
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Thursday, June 3, 2021, PAGE 5
Colina profits cut 54% as investments are hit By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
ORDINARY shareholders in Colina Holdings (Bahamas) saw their share of the company’s comprehensive income slashed by 54 percent in 2020 after the insurer’s investments were hit by the COVID-19 pandemic. The BISX-listed parent of Colina Insurance Company, in a statement issued yesterday, said the value of its investment holdings suffered an unrealised $10.4m revaluation loss due to the economic fall-out from COVID-19. Unveiling its results for 2020 for the 12 months to year-end 2020, Colina Holdings (Bahamas) said comprehensive income attributable to equity shareholders totalled $9.5m compared to $17.6m in 2019 in the prior year. This equated to comprehensive earnings per share of $0.29 compared to $0.61 in 2019. “Colina Holdings (Bahamas) was in a strong position to weather the uncertainties of 2020 due to its continued focus on building balance sheet
TERENCE HILTS strength,” said Terence Hilts, its chairman. “However, the economic conditions that arose from the pandemic did have an impact on the company’s income as significant markto-market unrealised losses were recognised in comprehensive earnings during 2020 coupled with reduced sales of individual life and annuity products.” Total revenue for the year ended December 31, 2020, totalled $146.2m compared to $180.2m in 2019, a decline of 18.9 percent. Colina Holdings (Bahamas) said more than $21.5m of this decrease was caused by the decrease in net investment income, which was negatively impacted by the mark-to-market fair value adjustments referred to by Mr Hilts. While the pace of
insurance claims was temporarily slowed by COVID-19 related lockdowns and associated measures, Colina Holdings (Bahamas) said total benefits paid to or on behalf of policyholders totalled $91.6m compared to $99.9m in 2019. Payments to or on behalf of policyholders represented over 74.2 percent of gross premiums. The BISX-listed life and health insurer said that despite the pandemic’s economic devastation it was still able to maintain a healthy capital position, and increased its total shareholders’ equity to $179.5m from $177.7m in 2019. The increase in shareholders’ equity is net of ordinary and preference shareholder capital distributions (dividend payouts) of $5.4m and $2.4m respectively. “These are unusual times, and the pandemic continues to present challenges for the local and global economy, but our strength is secured and we are focused on remaining a leader in financial services,” said Mr Hilts.
CABLE SECURES ‘HUGE WIN’ ON TWO NETWORKS By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
CABLE Bahamas yesterday said it had secured “a huge win” after two networks agreed to provide Englishspeaking content feeds for its subscribers and others in the wider Caribbean. TLC and Discovery Networks have for several years been distributing Latin American feeds to their Caribbean subscribers due to licensing restrictions. This meant that Cable Bahamas’ REV TV viewers, like others throughout the region, were subject to programming
where commercials and interstitials were primarily in Spanish. The BISX-listed communications provider added that following lobbying and negotiations during the Spring, both TLC (REV TV Channel 266) and Discovery Network (REV TV Channel 258) will appear 100 percent in English 24 hours per day. M’khel Ferguson, Cable Bahamas’ product development, said: “This is a huge win for both our customers and the entire region. At REV, we are constantly working with our programmers to ensure our subscribers have access to content that is
entertaining and relevant to their interests. “After years of lobbying and expressing the importance of providing English content, we are happy to be able to provide two of our customers’ favourite channels in 100 percent English. With this migration, customers will enjoy TLC favourites such as 90 Day Fiancé, Dr Pimple Popper and will enjoy Shark Month in its full form when it launches in June on The Discovery Channel.” Both TLC and Discovery Network appear in the REVTV Prime (Basic) package.
PAGE 6, Thursday, June 3, 2021
Under 50% of Bahamian firms use social media FROM PAGE ONE Comparing this to the Caribbean, the report said: “Caribbean businesses, including Bahamian ones, seem not to be investing sufficiently in digital technology. A 2020 survey of technological capabilities of MSMEs (micro, small and medium-sized enterprises) in the Caribbean showed that firms are doing limited investment in digital technologies, and investing in technologies that do not provide the most benefits. “Meanwhile, in The Bahamas, 28 percent of firms have identified the
need for technical support in digitisation to ramp up operations post-pandemic, and only 45 percent of firms are using digital media for their businesses (Facebook, Instagram etc). In addition, 38 percent of firms identify the need to increase or modify their digital forms of operation to adapt to the COVID-19 pandemic.” The government has targeted technology and digitisation, both in the public and private sector, as a critical area for reducing inefficiencies and the cost of doing business, as well as improving The Bahamas’ wider economic competitiveness. The IDB report,
THE TRIBUNE though, suggests that a long road lies ahead to achieve the Minnis administration’s ambitions. Elsewhere, the IDB report said the pandemic had created immediate challenges for Bahamian MSMEs by causing an immediate halt to operational income while also delaying payments due for goods and services rendered. “The pandemic created an imbalance in cash flows, generating short-term liquidity needs to be able to cover fixed operating costs and maintain employment levels,” the paper added. “Aside from the cash flow difficulties generated by COVID, two factors affect the competitiveness of small-scale businesses. “First, informality, estimated around 20-30 percent of GDP, and second, basic business capacities. Informality causes unfair competition due to avoidance of social
and fiscal obligations, and limits capacities to innovate, increase productivity and grow due to lack of access to credit markets or to public financing. “High registration costs generate perverse incentives fostering informal start-ups, especially of micro enterprises. In The Bahamas, the percentage of informal firms is 74.6 percent in the small firms’ segment and 52.6 percent among medium firms. Therefore, changes in start-up registration should incentivise formalisation through simplified registration and digitisation of business registration processes.” These figures, taken from the IMF and a variety of sources, have been regarded as on the high side by many in the Bahamian private sector, although all acknowledge that the informal economy is of significant size. Meanwhile, the prime minister yesterday sought to highlight the ability of
the vacation rental market to drive Bahamian entrepreneurship and tourism sector ownership despite having introduced legal reforms to extract an extra $31m in annual taxes from the same industry just a week ago. That is to be achieved by ensuring the likes of Airbnb levy VAT on the rent as well as commissions they receive, but Dr Hubert Minnis said: “Many Bahamians and residents have embraced this philosophy in recent years and have begun to invest in new streams of income in the vacation rental market through popular online portals such as Airbnb. “According to recent data, as at end of March 2021, some 4,222 Bahamians and residents participate in this market earning more than $14m in the month alone. However, Mr Speaker, 28 percent of the rented properties consisted of three bedroom or larger rentals. “Data also indicates a
large proportion of the rented properties are located in typical second home hotspots such as Exuma with 498 listings; Central Eleuthera with 409 listings; and Bimini with 185 listings. To ensure that more Bahamians take advantage of the increased need for room capacity now and in the future, I am pleased to announce that I have directed the Small Business Development Centre to reserve a minimum up to $2m in funding to provide funding to support Bahamians who wish to enter the home rental market,” he added. “This new SBDC initiative will have built-in covenants to ensure that successful applicants follow through on preparing these properties for guests and that they list the properties for short-term rental. The programme will also include consultancy assistance to help guide applicants on how to list and manage these properties successfully.”
THE TRIBUNE
Thursday, June 3, 2021, PAGE 7
Royal Caribbean: No Crown Land lease for $110m project FROM PAGE ONE of Environmental Planning and Protection’s (DEPP) director, in an April 1, 2021, memo to the Department of Physical Planning said she was in discussions with Royal Caribbean and its Bahamian environmental consultant to clarify whether the necessary approvals had been issued by the Prime Minister’s Office. “Department of Environmental Planning and Protection has requested copies of the title deeds to land holdings conveyed to Royal Caribbean for the development of this project,” Mrs Newbold wrote. “On March 31, 2020, Department of Environmental Planning and Protection was provided an 85-page document of title deeds and conveyances for various parcels on Paradise Island. Still outstanding is the letter of approval of leases awarded to the developed by the Office of the Prime Minister.” Royal Caribbean has steadily amassed around 13.5 acres on Paradise Island’s western end by buying out private landowners in the area, but it is also seeking to lease some ten acres of crown land in the Colonial Beach area to complete its development. This has brought it into potential conflict with Mr Smith, who is seeking himself to lease two crown land parcels at Paradise Island’s western end, one of which involves two acres around the lighthouse and another three acres for the “beach break” element of his own $2m project. Mr Smith’s court action is alleging that he was granted a valid crown land lease over both parcels, including the lighthouse and the area at Colonial Beach for his “beach break” destination, which is now legally binding. Mr Benford told Tribune Business he was “personally
optimistic” that the rival developments could reach a compromise that would allow each to proceed, although he indicated that Mr Smith’s decision to initiate legal action against the government could compromise any progress towards a solution. “As with any problem it comes down to communication and collaboration,” he added. “If everyone is willing to find an answer to answer to the problem, I’m willing to do that. It’s complex. There’s a legal component, I believe, with different parties. As far as Royal Caribbean is concerned, any problems or issues that emerge, we’re open to finding a solution. “I’m optimistic. Despite everything we’ve seen, it’s not impossible to find a solution to the set of circumstances that exists on Paradise Island. I don’t know how yet, but I’m optimistic. Out of all the 20 acres out there, hopefully we can all figure out a way to co-exist.” This newspaper understands that Royal Caribbean has largely avoided directly engaging with Mr Smith to-date, instead directing him to speak to the government as a means to resolve his concerns over a January 7, 2020, letter from Richard Hardy, acting director of Lands and Surveys, that was headlined “approval for crown land lease” over the two tracts he wanted. Mr Smith previously told this newspaper he returned the lease, bearing his signature and other formalities, to the government on January 9, 2020. However, the government has to-date failed to apply its signature and execute the lease, with officials telling the entrepreneur that the document is now “not worth the paper it is written on”. Mr Smith previously voiced fears that his project was being “marginalised” and treated like “a second class citizen” to make way
for Royal Caribbean’s rival beach break destination, having queried how the cruise line’s site plan approval application could proceed to a public consultation given his live court challenge and in the seeming absence of a crown land lease. Documents filed as part of Royal Caribbean’s planning application show that, just five days before Mr Hardy wrote his January 7 letter, Candia Ferguson, the Bahamas Investment Authority’s (BIA) director, wrote to the cruise line’s attorney, Campbell Cleare at McKinney, Bancroft & Hughes, confirming that the Government had approved granting it crown land “in the vicinity of Colonial Beach”. The January 2, 2020, letter noted that the exact area to be leased to Royal Caribbean was to be determined and “subject to availability”. And, some six to seven weeks later, Joshua Sears, the Prime Minister’s senior policy advisor, told Royal Caribbean on February 26, 2020, that the National Economic Council (NEC) - really the Cabinet - had approved the grant of ten acres of crown land. This all took place at exactly the same time as Mr Smith was desperately trying to get the government to execute his rival lease, and Mr Sears’ letter referenced “the existing interest of two other parties” in the same land although it did not name them. It is unclear why Royal Caribbean is seemingly being made to wait for its crown land lease and other approvals on a project that it hopes to open to passengers in January 2023. Some sources, though, have suggested the government may be using its Royal Beach Club ambitions as leverage in negotiations to secure the Grand Lucayan’s sale to the cruise giant and its ITM Group partner. A well-placed source, speaking on condition of anonymity, yesterday said Royal Caribbean was now seeking to pay the previously agreed $65m Grand
Lucayan purchase price ($50m) net in instalments rather than in one lump sum upfront. And they added that the cruise line was not committing to anything when it came to the resort’s redevelopment and associated timelines. Mr Benford, meanwhile, said the Royal Beach Club will be the key “stimulus” that drives the tripling of passengers brought to The Bahamas by Royal Caribbean over the next decade to 2030. “It’s incredibly important. It’s the stimulus for the growth; to go from 2m passengers a year to 6m a year is because of that Royal Beach Club,” he told Tribune Business. “It’s incredibly important to us to provide a magnet or anchor for development. People, when they see this experience, will want to book cruises.... It attracts more and more people to The Bahamas because we will have a signature, iconic experience that enhances The Bahamas’ experience. We will market that to our database. “The feeling was that, when we look at the guest projections, we were bringing so many more people over one time, we had to make sure there were additional options for them to do. I see it as all complementary to each other. This is an investment in The Bahamas, it’s an investment in Nassau. It’s an investment in downtown.” Not all Bay Street merchants, restaurants, tour operators, transportation providers, straw vendors and other segments that rely on the cruise industry for their livelihoods are likely to view it that way, with many likely to perceive the Royal Beach Club as cannibalising and sucking post-COVID business away from their enterprises.
However, Mr Benford argued that the Royal Beach Club would only be able to accommodate just over one-third of the up to 15,000 passengers it can bring to Nassau on any one day because its capacity is being capped at 3,500 persons. “The capacity of our smaller ships is larger than that,” he said. “We bring in two to three ships, with 15,000 guests a day. Our research has shown us that on average a guest will spend four hours per day at the Beach Club, but the ship will be there in port for eight to nine hours a day. So a guest will only spend a portion of their day at the Beach Club. “Not as many guests disembark the ship as we’d like, and the Royal Beach Club will be a good catalyst for them to disembark the ship.” And, with passengers being ferried to the project from Prince George Wharf, Mr Benford said there was an opportunity to develop a water taxi system that could later transport them to the Arawak Cay Fish Fry or back to downtown Nassau. “This is what the project has the ability to do: Maximise the opportunity,” he told Tribune Business. “Royal Beach Club is the nexus point of increased customer spend; that $1bn increase in spending and economic impact. Bahamians have the opportunity to take advantage of this massive economic impact to come, and it has the ability to be transformational. “The Paradise Island project will double the number of Royal Caribbean visitors to Nassau, and we would be thrilled to partner with downtown business operators, merchants, restaurants, tours to sit around the table and figure out ways to create opportunities.
“Bringing millions of people to the business owner’s doorstep is not a bad thing. We need to figure out how to connect those businesses. If we can remove barriers and market those businesses directly to our guests, let’s sit down and figure out multiple ways to do that.” Mr Benford said Royal Caribbean “can be as creative as you want” in doing this, using its apps, website and TV channels to market both downtown Nassau and its businesses, attractions and excursions to guests. He added that the Royal Beach Club would offer an “authentic Bahamian experience” at “every point of the way” by detailing the history of Junkanoo, as well as enabling passengers to interact with local artists and artisans. The Royal Caribbean executive said the project will likely exceed its planned $110m investment budget, with $50m-$60m having already been spent on acquiring private land on Paradise Island from its owners. Some 200 construction jobs will be created, and a similar number of full and part-time staff will be required when the project opens, with the objective being to have a 100 percent Bahamian workforce by year five. Mr Benford said Bahamians will also be able to enjoy the Royal Beach Club at lower price points than its passengers, and be able to access the facility whenever the ship is in port.
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PAGE 8, Thursday, June 3, 2021
PM’s GDP growth targets ‘nothing to write home’ on FROM PAGE ONE
the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business that the budget lacked the measures necessary to foster the growth levels that the prime minister wants and The Bahamas needs. “There’s nothing in there that tells me they have a plan that is going to provide that kind of growth,” he said. “I don’t see anything in there. I think they’ve got to be, if
you really want to be dealing with the issues, at seven to eight percent for at least the next five years.” To achieve such economic expansion, Mr Myers reiterated that The Bahamas must also convert tax consumers within the public sector - largely the bloated civil service workforce and loss-making state-owned enterprises (SOEs) - to revenue earners. “We have to convert those burners to earners in that period,” he added. “It’s growth and conversion. The only way to get that seven to eight percent growth is to convert the burners to earners because we need that [public sector] workforce on
THE TRIBUNE the other side to get to that seven to eight percent. “We’re going to have to shift that workforce, good, bad or indifferent. Those individuals have some capacity to produce, and we need everyone engaged. We need that 40 percent who are under-utilised in the public sector in the private sector to lift the economy. “It has to start with growing the economy. That’s the problem. Talk is cheap. You have to have vision, and policies and mobilise people to do that. Politics has got to go out the window, tribalism has got to go away. We all have to move in the same direction.” The “burners” referred
to by Mr Myers include the likes of Bahamasair, the Water & Sewerage Corporation, Airport Authority and Broadcasting Corporation of The Bahamas, all of which consumer multi-million dollar taxpayer subsidies. The largest such consumer, of what is a $420m collective annual subsidy, is the Public Hospitals Authority (PHA). Besides the SOEs, he also argued that The Bahamas needs to progressively reduce a civil service that a recent Inter-American Development Bank (IDB) report said was 40 percent over-staffed by transferring excess workers to the growing private sector. Calling on the government to “think outside the box” and seek new advice, Mr Myers added: “If we don’t tap those people then you’ve got a ten-cylinder economy running on three cylinders. We need all the power in the world to get the economy to move at seven to eight percent.” Meanwhile, Rupert Pinder, a Bahamian economist who lectures at the University of The Bahamas
(UoB), told Tribune Business that it was important to set the prime minister’s growth ambitions against the context of COVID-19’s devastating impact as well as determine whether he was talking in real or nominal terms. “If he’s talking five to six percent of where we were in 2020-2021, then it means we’re still way behind 20192020,” he explained. “If you knock off 14.5 percent or 24.5 percent as a result of the pandemic, then in that case a five percent growth rate means we’re still significantly behind the numbers prior to the pandemic. “If you told me that we will have growth rates of five to six percent in real terms, then we start to get somewhere, but if that’s a nominal five to six percent that does not take you back to prepandemic levels. A five to six percent growth rate is good in good times, but given where we’re coming from, five to six percent is not great. “The reality is it’s nothing to write home about given where we are coming
from, and it doesn’t begin to address the unemployment numbers we have as a result of COVID-19.” Acknowledging that the economy faced structural issues pre-COVID, Mr Pinder added that a five to six percent growth rate would also be insufficient to address the increased spending and borrowing commitments taken on by the government. The Bahamas faces a long haul to recover from COVID19, with the Central Bank and the International Monetary Fund (IMF) both indicating that pre-pandemic numbers may not be attained until 2023 at earliest. The Fund forecast that The Bahamas will only enjoy an anemic two percent rebound this year. While GDP growth rates of 8.5 percent and four percent are projected for 2022 and 2023, respectively, The Bahamas will merely be recovering the tourism activity it lost to COVID-19. While 3.5 percent growth is forecast by the IMF for 2024, it also foresees that this will quickly peter out to 1.8 percent and 1.5 percent in 2025 and 2026.
THE TRIBUNE
IDB: Just 54% of COVID loan firms still doing business FROM PAGE ONE effective as anticipated in sustaining some small firms at the height of last year’s COVID-19 lockdowns and associated restrictions. However, the fact that almost 300 companies remained in operation will be viewed as a success by the government. The prime minister has frequently talked up the benefits of the Business Continuity Loan, grants and other mechanisms used to provide private sector support during the crisis, and data revealed during the Budget debate indicates that the IDB report did not assess all loans and beneficiaries. “More than 1,000 small businesses were approved
for loan and grant financing as part of my government’s COVID-19 programme. This initiative, administered by the Access Accelerator Small Business Development Centre or SBDC, represented a collective $45m allocated and dispersed,” Dr Minnis said during last week’s budget communication, unveiling numbers well in excess of those referred to by the IDB. Kicking-off the Budget debate in the House of Assembly yesterday, he added that a further $35m has been allocated to support small business development in the government’s budget for the upcoming 2021-2022 fiscal year. “When this administration
Thursday, June 3, 2021, PAGE 9 came to office, the business license register reflected a total of 24,241 small and medium-sized businesses,” Dr Minnis said. “I am proud to say that the efforts made to support small businesses by this administration have been fruitful. The number of registered small and medium-sized businesses has grown by 58 percent since 2017, from 24,241 to 38,227 at the end of 2020. “The SMEs that launched over the last four years have been characterised by a quality of innovation that is needed in the Bahamas economy. Take, for example, Island Honey, an apiary business started by two young Grand Bahamians, Kevin Wildgoose and Rakrisha Forbes. “After participating in a 16-week programme held by the Ministry of Grand Bahama, in partnership with various international agencies, over $180,000 was provided in funding under soft lending terms for seven participants. Now, Island Honey is producing products such as natural flavoured honey, beeswax candles, lip
balm and honey butter.” Dr Minnis also returned to the government’s Over-theHill initiative, which he first raised during the Budget communication, to justify his argument that the government’s targeted tax breaks are increasing economic activity and will, eventually, result in increased revenue to the Public Treasury from the same. “Many people may argue that the government is giving away taxes, concessions, etc,
and will find itself in trouble. I am a strong believer that a reduction in taxes stimulates growth, not the opposite,” the prime minister added. “A perfect example, Mr Speaker. In the inner-city, 49 individuals entered a programme for financial assistance to commence their own business. The inner-city had taken advantage of the tax concessions that were offered to the tune of $2.5m up to November of last year.
Forty-nine individuals had gotten $120,000 plus a few hundred as grants via the SBDC to assist them in their businesses. “Those 49 individuals were able to employ 142 individuals. They created employment. In addition to that, they took advantage of $122,000 while the entire inner-city took advantage of only $2.5m in concessions, but those 49 individuals were able to generate $4.5m within our economy.”
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PAGE 10, Thursday, June 3, 2021
THE TRIBUNE
Fed to sell off assets from an emergency loan programme WASHINGTON Associated Press THE Federal Reserve said yesterday that it will start selling off the holdings of one of its emergency
lending programmes created last year to stabilise financial markets at the height of the pandemic crisis. The Fed will begin winding down the portfolio of
the Secondary Corporate Credit Facility, which at the close of last year held $14.2bn in assets. The asset sales from the facility will be “gradual and orderly and will aim
to minimise the potential for any adverse impact on market functioning,” the Fed said. The corporate facility was one of a number of emergency lending vehicle closed
JEROME POWELL on Dec 31 in a decision by then-Treasury Secretary Steven Mnuchin. That action drew criticism from Democratic lawmakers who contended at the time that Mnuchin was trying to restrict efforts by the Federal Reserve to support the economy just as President-elect Joe Biden was taking office. The Fed announcement came as speculation has increased that the central bank could be preparing to make a decision on when it might start trimming its $120bn in monthly purchases of Treasury bonds and mortgage-backed securities. Those purchases are being made to give the economy a boost by putting downward pressure on long-term interest rates. The Fed said that its announcement on selling off the small amount of holdings in the corporate lending facility was not related to its handling of monetary policy. The sales from the corporate loan fund are expected to be
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completed by the end of the year. The emergency lending programs came in response to credit markets nearly freezing in March 2020 as the pandemic triggered lockdowns in the United States and resulted in the loss of 22 million jobs last spring. In his December decision, Mnuchin said in a letter to Fed Chairman Jerome Powell that the programs he was allowing to end had “clearly achieved their objectives”. But in a rare disagreement between the Fed and Mnuchin, the central bank said at the time that it would have preferred that the “full suite of emergency facilities established during the coronavirus pandemic continue to serve their important role as a backstop for our still-strained and vulnerable economy.” However, the economy, which had slowed at the end of last year, has gained strength again this year, helped by a new $1.9tn rescue package Biden pushed through Congress in March as well as the rollout of coronavirus vaccines. The Fed’s remaining emergency loan programmes that were not closed have seen only moderate use this year.
THE TRIBUNE
Largest meat producer getting back online after cyberattack DETROIT Associated Press THE world’s largest meat processing company has resumed most production after a weekend cyberattack, but experts say the vulnerabilities exposed by this attack and others are far from resolved. In a statement late yesterday, the FBI attributed the attack on Brazil-based meat processor JBS SA to REvil, a Russian-speaking gang that has made some of the largest ransomware demands on record in recent months. The FBI said it will work to bring the group to justice and it urged anyone who is the victim of a cyberattack to contact the bureau immediately. REvil has not posted anything related to the hack on its dark web site. But that’s not unusual. Ransomware syndicates as a rule don’t post about attacks when they are in initial negotiations with victims — or if the victims have paid a ransom. In October, a REvil representative who goes by the handle “UNKN” said in an interview published online that the agriculture sector would now be a main target for the syndicate. REvil also threatened to auction off sensitive stolen data from victims who refused to pay it. The attack targeted servers supporting JBS’s operations in North America and Australia. Backup servers weren’t affected and the company said it was not aware of any customer, supplier or employee data being compromised. JBS said late yesterday that it expects to resume production at all its plants today and be running at “close to full capacity” across its global operations. It is not known if JBS paid a ransom. The company hasn’t discussed it in public statements, and did not respond to phone and email messages yesterday seeking comment. The FBI and the White House declined to comment on the ransom. White House Press Secretary Jen Psaki said yesterday the US is considering all options in dealing with the attack and that President Joe Biden intends to confront Russia’s leader, Vladimir Putin, about his nation’s harboring of ransomware criminals when the two meet in Europe in two weeks. “I can assure you that we are raising this through the highest levels of the US government,” she said. “The president certainly believes that President Putin has a role to play in stopping and preventing these attacks.” While there is no evidence Russia benefits financially from ransomware crime — which has hit health care, education and state and local governments especially hard during the pandemic — US officials say its practitioners have sometimes worked for Kremlin security services. Ransomware expert Allan Liska of the cybersecurity firm Recorded Future said JBS was the largest food manufacturer yet to be hit by ransomware, in which criminal hackers paralyse entire networks by scrambling their data. But he said at least 40 food companies have been targeted by ransomware gangs over the last year, including brewer Molson Coors and E & J Gallo Winery. Food companies, Liska said, are at “about the same level of security as manufacturing and shipping. Which is to say, not very.” The attack was the second in a month on critical US infrastructure. Earlier in
May, hackers believed to operate with impunity in Russia and allied states shut down operation of the Colonial Pipeline, the largest US fuel pipeline, for nearly a week. The closure sparked long lines and panic buying at gas stations across the Southeast. Colonial Pipeline confirmed it paid $4.4m to the hackers, who then turned over a software decryption key. Cybersecurity experts said the attacks targeting critical sectors of the US economy are evidence that industry hasn’t been taking years of repeated warnings seriously. Cybercriminals previously active in online ID theft and bank fraud moved into ransomware in the mid-2010s as programmers developed sophisticated programs that permitted the software’s more efficient dissemination. The ransomware scourge reached epidemic dimensions last year. The firm CrowdStrike observed over 1,400 ransomware and data extortion incidents in 2020. Most targeted manufacturing, industrials, engineering and technology companies, said Adam Meyers, the company’s vice president of intelligence. “The problem has been spiraling out of control,” said John Hultquist, who heads intelligence analysis at FireEye. “We’re already deep into a vicious cycle.” Hultquist said ransomware syndicates are going after more critical and visible targets because they’ve invested heavily in identifying “whales” - companies they think will yield big ransoms. JBS is the second-largest producer of beef, pork and chicken in the US. If it were to shut down for even one day, the US would lose almost a quarter of its beef-processing capacity, or the equivalent of 20,000 beef cows, according to Trey Malone, an assistant professor of agriculture at Michigan State University. Mark Jordan, who follows the meat industry as the executive director of Leap Market Analytics, said the disruption to the food supply will likely be minimal in this case. Meat has around a 14-day window to move through the market, he said. If a plant is closed for a day or two, companies can usually make up for lost production with extra shifts. “Several plants owned by a major meatpacker going offline for a couple of days is a major headache, but it is manageable assuming it doesn’t extend much beyond that,” he said. Jordan said a closure that runs closer to a week would be more serious, especially for a company like JBS, which controls around onefifth of the country’s beef, pork and chicken supply. Critical US infrastructure might be better hardened against ransomware attacks were it not for the 2012 defeat of legislation that would have set cybersecurity standards for critical industries. The US Chamber of Commerce and other business groups lobbied hard against the bill, condemning it as government interference in the free market. Even a watered-down version that would have made the standards voluntary was blocked by a Republican filibuster in the Senate. Right now, the US has no cybersecurity requirements for companies outside of the electric, nuclear and banking systems, said David White, president of the cyber risk management company Axio. White said regulations would help, particularly for companies with inadequate
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, BRIAN DEANGELO SANDS aka BRIAN DEANGELO WELLS of #21 Albury Street, Chippingham, New Providence, Bahamas intend to change my name to BRIAN DEANGELO WELLS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
or immature cybersecurity programmes. Those rules should be sector-specific and should consider the national economic risks of outages, he said. But he said regulations can also have an unintentional negative effect. Some companies might consider them the ceiling — not the starting point — for how they need to manage risk, he said. “Bottom line: regulation can help, but it is not the panacea,”’ White said. JBS plants in Australia resumed limited operations Wednesday in New South Wales and Victoria states, Agriculture Minister David Littleproud said. The company hoped to resume work in Queensland state today, he said.
Thursday, June 3, 2021, PAGE 11
PAGE 12, Thursday, June 3, 2021
THE TRIBUNE
HELP WANTED
NOTICE
NOTICE is hereby given that DE’VONTER DESSARY LEE THOMPSON, of #78 Coral Lakes, SS-19884, 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 3rd day of June 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
IN THE ESTATE OF GRAHAM CHARLES GARNER NOTICE is hereby given that all persons having any claims or demands against the above-named Estate are requested to send the same duly certified to the undersigned on or before the 24th day of June A.D. 2021. Notice is hereby also given that at the expiration of the time above mentioned the assets of the deceased will be distributed among the persons entitled there to having regard only to the claims of which the Executors shall then have had notice.
Holowesko Pyfrom Fletcher Attorneys for the Executors Chambers Templeton Building, Lyford Cay Nassau, Bahamas In the Estate of Graham Charles Garner
PAGE 14, Thursday, June 3, 2021
THE TRIBUNE
CROSSWORD PUZZLE
Happy Randol Fawkes Labour Day Friday, June 4, 2021
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, JULIET STUART of Pine Barren Road, Prince Charles Drive, New Providence, The Bahamas. Parents of BENJAMIN ANTHONY RAHEEM STUART A minor intend to change my child’s name to BENJAMIN ANTHONY RAHEEM ROBERTS 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 GIVESON GELIN, of #108 Mount Vernon Drive, 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 3rd day of June 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that KENDAL MICHEL, of Murphy Town, Abaco, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th day of May 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
MARKET REPORT www.bisxbahamas.com
WEDNESDAY, 2 JUNE 2021
BISX ALL SHARE INDEX:
CLOSE
CHANGE
1951.31
0.12
%CHANGE
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YTD%
0.01 -141.15
-6.75
(242) 323-2330 (242) 323-2320
BISX LISTED & TRADED SECURITIES 52WK HI 5.20 33.05 1.50 2.90 1.78 6.00 6.96 3.60 6.00 4.01 6.16 12.00 2.75 7.50 10.71 9.01 14.60 4.25 8.97 16.00
52WK LOW 3.13 22.65 1.46 1.62 1.44 5.00 6.00 2.70 4.25 2.75 5.00 9.75 2.10 4.90 9.50 8.00 13.00 3.42 8.00 15.20
PREFERENCE SHARES 1.00
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1.00 10.00 1.00
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SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Bahamas Limited Focol Finco J. S. Johnson
SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ
LAST CLOSE 5.49 32.12 1.50 2.61 1.44 6.00 6.96 3.53 4.27 2.89 5.95 9.75 2.50 7.35 11.34 9.01 14.00 3.99 8.19 15.50
CLOSE 5.49 32.12 1.50 2.61 1.44 6.00 6.96 3.53 4.27 2.89 5.95 9.75 2.50 7.35 11.34 9.01 14.00 3.99 8.19 15.50
1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
SYMBOL FBB22 BFHB
LAST SALE 100.00 100.00
CLOSE 100.00 100.00
CHANGE 0.00 0.00
BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGR1180375 BSBGR1312390 BSBGR1312499
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.72 95.27 94.41
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (2.28) (4.73) (5.59)
Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B
BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00
52WK LOW 100.00 100.00
115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.00 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.72 100.00 100.00
SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited
BAHAMAS GOVERNMENT STOCK - (percentage pricing) Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FX BGR118037 BGRS FX BGR131239 BGRS FX BGR131249
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
VOLUME
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EPS$ 0.239 0.932 0.000 0.110 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
VOLUME
1,000 1,000 1,000
DIV$ 0.170 1.260 0.020 0.030 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
P/E 23.0 34.5 N/M N/M N/M N/M 18.9 -8.1 30.5 15.7 13.3 13.5 24.5 15.7 17.6 12.4 17.2 19.7 8.7 24.6
YIELD 3.10% 3.92% 1.33% 1.15% 0.00% 0.00% 3.74% 0.00% 0.00% 4.15% 3.70% 7.38% 17.36% 0.82% 2.89% 2.66% 3.86% 3.01% 2.44% 3.94%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75% 6.25%
19-Oct-2022 30-Sep-2025
MATURITY
6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 5.22% 5.14% 5.60%
20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 13-Oct-2037 15-Jul-2039 15-Jul-2049
MUTUAL FUNDS 52WK HI 2.43 4.44 2.16 202.18 190.86 1.69 1.81 1.78 1.16 8.58 10.26 7.35 14.59 12.84 10.31 10.00 10.43 14.89
52WK LOW 2.11 3.30 1.68 164.74 116.70 1.67 1.73 1.75 1.03 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
NAV 2.43 4.44 2.16 202.18 190.86 1.69 1.75 1.76 1.03 8.58 10.14 7.35 14.59 12.64 9.99 N/A 10.43 14.89
YTD% 12 MTH% 1.47% 4.26% 0.20% 0.87% 0.95% 2.82% 0.14% 5.02% 3.25% 31.13% 0.91% 0.68% -2.55% -3.02% -0.27% -0.27% -2.20% -7.62% 1.14% 4.22% 1.09% 3.04% 1.01% 4.65% 4.93% 42.27% -1.56% 0.80% -0.60% -4.90% N/A N/A 3.00% 25.60% 7.90% 48.70%
NAV Date
30-Apr-2021 30-Apr-2021 30-Apr-2021 31-Mar-2021 31-Mar-2021 30-Apr-2021 30-Apr-2021 30-Apr-2021 30-Apr-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 31-Mar-2021 31-Mar-2021 31-Mar-2021
MARKET TERMS
BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00
YIELD - last 12 month dividends divided by closing price
52wk-Hi - Highest closing price in last 52 weeks
Bid $ - Buying price of Colina and Fidelity
52wk-Low - Lowest closing price in last 52 weeks
Ask $ - Selling price of Colina and fidelity
Previous Close - Previous day's weighted price for daily volume
Last Price - Last traded over-the-counter price
Today's Close - Current day's weighted price for daily volume
Weekly Vol. - Trading volume of the prior week
Change - Change in closing price from day to day
EPS $ - A company's reported earnings per share for the last 12 mths
Daily Vol. - Number of total shares traded today
NAV - Net Asset Value
DIV $ - Dividends per share paid in the last 12 months
N/M - Not Meaningful
P/E - Closing price divided by the last 12 month earnings
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
NOTICE is hereby given that HENRY AUGUSTINE, of Thundra Court, 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 28th day of May 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that PETULA ANN MARIE EDWARDS, of #9 Business Lane, Carroll’s Manor, SP-60708, 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 28th day of May 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
THE TRIBUNE
Thursday, June 3, 2021, PAGE 15
Airlines urge the G7 nations to help international travel Associated Press THE airline industry is ratcheting up its campaign to ease border restrictions and allow more international travel — even by people who aren’t vaccinated against coronavirus — despite high infection rates in many countries. The industry’s trade group, the International Air Transport Association, said yesterday that governments should use screening measures, such as testing passengers for the virus, rather
than imposing quarantines and other restrictions. The group cited studies that indicate vaccinated travelers pose little risk of spreading COVID-19. To bolster its argument to let unvaccinated people travel too, the airline group said only 2.2% of travelers to the United Kingdom between late February and early May tested positive for COVID19 after arrival. “There is no risk-free approach,” the group’s top official, Willie Walsh, pictured, the former CEO of
British Airways and Aer Lingus, told reporters. Governments need to accept some risk “and get on with our lives,” he said. The comments underscore the concern among airline officials that a recovery in travel might not be fast enough to make the peak summer vacation season a success. They hope that officials from the wealthy G7 countries agree to ease travel restrictions during or before a summit meeting of leaders in England next week.
Last month, US and UK airlines asked President Joe Biden and UK Prime Minister Boris Johnson to lift restrictions on travel between the two countries before the summit, but neither government has acted. The airline trade group projects that the industry will lose $48bn this year after losing $126bn in 2020. The group’s chief economist said last week that air traffic this year will be 52% of 2019 traffic and won’t recover to pre-pandemic levels until 2023.
THE WEATHER REPORT
5-Day Forecast
TODAY
ORLANDO
High: 87° F/31° C Low: 73° F/23° C
TAMPA
FRIDAY
SATURDAY
SUNDAY
MONDAY
Clouds and sun, a shower; breezy
Partly cloudy with a passing shower
A t‑storm around in the afternoon
Breezy in the a.m., then a t‑storm
Breezy in the a.m., then a t‑storm
A t‑storm around in the afternoon
High: 86°
Low: 76°
High: 86° Low: 76°
High: 86° Low: 76°
High: 86° Low: 76°
High: 87° Low: 75°
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
94° F
79° F
95°-81° F
95°-81° F
95°-80° F
95°-78° F
The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.
N
almanac
E
W
ABACO
S
N
High: 83° F/28° C Low: 77° F/25° C
8‑16 knots
S
High: 86° F/30° C Low: 77° F/25° C
8‑16 knots
FT. LAUDERDALE
FREEPORT
High: 85° F/29° C Low: 78° F/26° C
E S
E
W
WEST PALM BEACH
W
uV inDex toDay
TONIGHT
High: 89° F/32° C Low: 76° F/24° C
N
| Go to AccuWeather.com
High: 85° F/29° C Low: 74° F/23° C
MIAMI
High: 85° F/29° C Low: 78° F/26° C
6‑12 knots
KEY WEST
High: 85° F/29° C Low: 80° F/27° C
ELEUTHERA
NASSAU
High: 86° F/30° C Low: 76° F/24° C
Forecasts and graphics provided by AccuWeather, Inc. ©2021
High: 84° F/29° C Low: 77° F/25° C
N E
W
tiDes For nassau High
Ht.(ft.)
Low
Ht.(ft.)
Today
3:16 a.m. 4:00 p.m.
2.5 2.4
9:45 a.m. 0.2 10:11 p.m. 0.6
Friday
4:11 a.m. 4:53 p.m.
2.4 2.5
10:35 a.m. 0.2 11:09 p.m. 0.6
Saturday
5:02 a.m. 5:40 p.m.
2.3 2.6
11:19 a.m. 0.2 ‑‑‑‑‑ ‑‑‑‑‑
Sunday
5:49 a.m. 6:23 p.m.
2.3 2.7
12:00 a.m. 0.5 12:01 p.m. 0.1
Monday
6:33 a.m. 7:03 p.m.
2.2 2.8
12:47 a.m. 0.4 12:40 p.m. 0.1
Tuesday
7:14 a.m. 7:42 p.m.
2.2 2.8
1:29 a.m. 1:18 p.m.
0.3 0.0
Wednesday 7:54 a.m. 8:20 p.m.
2.2 2.9
2:10 a.m. 1:55 p.m.
0.2 0.0
sun anD moon Sunrise Sunset
6:20 a.m. 7:57 p.m.
Moonrise Moonset
2:23 a.m. 2:20 p.m.
New
First
Full
Last
Jun. 10
Jun. 17
Jun. 24
Jul. 1
CAT ISLAND
High: 83° F/28° C Low: 77° F/25° C
N
S
E
W
8‑16 knots
S
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 ................................................... 81° F/27° C Low .................................................... 75° F/24° C Normal high ....................................... 86° F/30° C Normal low ........................................ 73° F/23° C Last year’s high ................................. 88° F/31° C Last year’s low ................................... 72° F/22° C Precipitation As of 2 p.m. yesterday ................................. 1.39” Year to date ................................................. 4.89” Normal year to date ..................................... 8.84”
The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.
ANDROS
SAN SALVADOR
GREAT EXUMA
High: 84° F/29° C Low: 77° F/25° C
High: 83° F/28° C Low: 78° F/26° C
N
High: 84° F/29° C Low: 78° F/26° C
S
LONG ISLAND
tracking map
High: 84° F/29° C Low: 78° F/26° C
H
E
W
8‑16 knots
MAYAGUANA High: 85° F/29° C Low: 78° F/26° C
Shown is today’s weather. Temperatures
CROOKED ISLAND / ACKLINS
are today’s highs and tonight’s lows.
RAGGED ISLAND High: 84° F/29° C Low: 79° F/26° C
High: 84° F/29° C Low: 78° F/26° C
GREAT INAGUA High: 86° F/30° C Low: 79° F/26° C
N
E
W
E
W
N
S
S
8‑16 knots
10‑20 knots
marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR
Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:
WINDS SE at 8‑16 Knots SE at 7‑14 Knots SE at 8‑16 Knots SE at 7‑14 Knots ESE at 8‑16 Knots ESE at 8‑16 Knots E at 8‑16 Knots E at 8‑16 Knots ESE at 8‑16 Knots ESE at 7‑14 Knots ESE at 8‑16 Knots SSE at 7‑14 Knots SE at 8‑16 Knots ESE at 8‑16 Knots E at 10‑20 Knots E at 8‑16 Knots ESE at 8‑16 Knots E at 8‑16 Knots E at 8‑16 Knots E at 8‑16 Knots ESE at 8‑16 Knots ESE at 7‑14 Knots E at 8‑16 Knots E at 8‑16 Knots SE at 8‑16 Knots ESE at 8‑16 Knots
WAVES 3‑6 Feet 3‑5 Feet 1‑2 Feet 1‑2 Feet 3‑6 Feet 3‑6 Feet 3‑5 Feet 3‑5 Feet 3‑6 Feet 3‑5 Feet 1‑3 Feet 1‑2 Feet 1‑2 Feet 1‑2 Feet 3‑5 Feet 3‑5 Feet 3‑5 Feet 3‑5 Feet 4‑7 Feet 4‑7 Feet 1‑3 Feet 1‑3 Feet 3‑5 Feet 3‑5 Feet 1‑3 Feet 1‑3 Feet
VISIBILITY 7 Miles 10 Miles 5 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 7 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles
WATER TEMPS. 79° F 80° F 82° F 82° F 82° F 82° F 82° F 82° F 82° F 82° F 82° F 82° F 81° F 82° F 82° F 83° F 81° F 81° F 81° F 81° F 80° F 80° F 82° F 82° F 82° F 82° F