06202022 BUSINESS

business@tribunemedia.net

MONDAY, JUNE 20, 2022

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‘Stagnant’: Fears for auto sales until 2023

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AUTO dealers fear new car sales will be “stagnant” for at least another year with global supply chain disruption causing order backlogs of up to 200 vehicles for some operators.

Fred Albury, Auto Mall’s principal, told Tribune Business that product shortages were impacting the industry’s ability to increase sales with the few shipments he is receiving frequently “95 percent pre-sold” before they even arrive on the dock in Nassau.

With demand high, but supply unable to meet it, he added that he had never experienced such a mismatch and market imbalance during 40 years in the new vehicle business.

Having initially

• Local dealers see up to 200-vehicle backlogs • Shipments ‘95% pre-sold’ but can’t get product • Demand/supply mismatch ‘never’ seen in 40 years hoped that the global auto industry supply chain would resolve its woes this year, the Auto Mall chief said manufacturers have now warned it will last well into 2023.

“It’s pretty much the same. For some dealers I understand it’s even got

worse,” Fred Albury told this newspaper of the situation. “For Suzuki and Hyundai I’ve got back orders of about 200 vehicles, which were ordered but have not even been produced yet.

“With Hyundai, one particular model, the Tucson,

we had about 40 units back ordered and they just got cancelled and everything.

We’ll have to order that for 2023, and the price will have gone up by then. The price is coming through higher because of freight charges and increases for materials and so forth. It’s not a pretty picture.”

While Bahamian auto dealers had expected suppressed buyer demand as this nation emerged from the COVID-19 pandemic, Fred Albury said the opposite was true and no one had anticipated the supply chain breakdown. “I had one of the major rental car companies the other day looking for cars,” he added. “He’s going to have to purchase one or two here, one or two there and pray over the next five

SEE PAGE 7

Marinas seek charter clarity amid fear of 20% increase

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN marinas are seeking clarity on whether the 10 percent VAT on foreign yacht charter contracts will be levied on pre-existing deals come July 1 amid fears this will be “a tough pill to swallow”.

Peter Maury, immediate past president of the Association of Bahamas Marinas (ABM), told Tribune Business that the sector and others involved with the boating/yachting trade were seeking urgent clarification given concerns that foreign yacht charter clients could

be hit with a total 20 percent increase to the price of already-signed contracts.

Besides the new VAT levy, which accompanies the Budget and is due to take effect from July 1, he explained that yacht brokers have been forced to increase the advance provisioning allowance (APA) charged to charter clients by between 5-10 percent as a result of fuel and food price inflation.

That has resulted in increased prices for charter contracts already signed.

And Mr Maury said marinas were further alarmed

SEE PAGE 10

COVID rebound uneven for Family Island resorts

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FAMILY Island resorts have recovered to 80 percent of pre-COVID business volumes, a senior tourism official has revealed, but the rebound remains uneven because of airlift woes impacting some locations.

Kerry Fountain, the Bahamas Out Island Promotions Board’s executive director, told Tribune Business that while destinations such as Andros have bounced back to 93 percent of pre-pandemic room revenues and nights sold, its members on islands such as San Salvador remain at

KERRY FOUNTAIN just 25-29 percent of typical levels.

“Based on our meeting today, we’re about maybe - and this is generally speaking, all islands on average

SEE PAGE 6

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Avoiding foreign borrowing over rate hike worry

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government plans to minimise its exposure to US interest rate hikes and global economic volatility by “not going” to the international capital markets for foreign currency debt financing during the 20222023 fiscal year.

Simon Wilson, the Ministry of Finance’s financial secretary, yesterday voiced confidence to Tribune Business that the Government will be able to avoid higher interest costs by not borrowing externally following the recent placing of its $385m bond issue that was backed by a $200m Inter-American Development Bank (IDB) guarantee.

While acknowledging that the Federal Reserve’s decision to raise shortterm US interest rates by 0.75 percentage points last week was a concern, he explained that The Bahamas would seek to counter the potential fall-out for its financing needs by sourcing

NAME NAME the required debt capital from local investors.

“We don’t expect to go this year,” Mr Wilson said, when asked how the Federal Reserve’s actions will impact the Government’s foreign currency borrowing costs. “We don’t expect to.

All things being equal that shouldn’t happen.”

The Davis administration employed the IDB guarantee left behind by its predecessor to access the global capital markets at a lower interest cost than it would have obtained via a conventional bond offering,

SEE PAGE 4

PAGE 2, Monday, June 20, 2022

THE TRIBUNE

‘Box checking’ no security guarantee A

new era of technology-based businesses has begun. Technology is used for every aspect of business, from accepting client instructions electronically to processing credit cards, accepting wire transfers and storing employee and customer information.

Simply put: Any business requirement can be met with technology.

As technology advances, more data is generated and security risks increase. The compliance frameworks that have been developed provide companies and their data with protection from the pitfalls of this new era. But, as important as it may be to follow compliance frameworks, simply “checking our boxes” does not guarantee your company and its data’s security. Given this situation, this writer argues that several shifts are required to survive the ever-changing business environment.

Enhance risk assessments Risk assessments are among the primary tools that compliance departments use to identify, capture and control enterprise risks. In order to determine security risks, updating the risk categories and/or questions to incorporate new products, services,

processes and applications may be necessary. What new regulations might be impacted by your company’s Fintech (financial technology) investment? It is also important to reflect on any changes in regulations that might have an impact on your company’s products and services when you conduct your risk assessment.

Strategic integrations Compliance officers are able to manage compliance programmes using a variety of tools. It has always been the responsibility of the chief compliance officer and their staff to determine the value of these tools, and how to integrate them into existing processes. Evaluate whether regulatory technology currently deployed within your company is still sufficient when considering technological advances.

Information Security Governance (ISG) implementation In light of the growing importance of corporate governance, cybersecurity and the associated legal and regulatory compliance issues, various companies have implemented ISG. ISG is the foundation of a strong security culture. There are

By

Derek

Smith many topics and theories on which ISG research focuses: Deterrence, neutralisation, rational selection, rational activity, organised conduct and security motivation.

Unfortunately, while the current body of knowledge about security at an individual level is growing, there appears to be little known about security at the “governance” level in small island developing states such as The Bahamas.

There are three general goals for an Information Security programme, commonly referred to as the CIA triad - Confidentiality, Integrity and Availability.

As data is used in many

different ways within a company, maintaining its confidentiality is of paramount concern, requiring a set of policies and rules that define who is authorised to access the data. As such, information security frameworks and standards can only be implemented through control policies at a company level to manage security and risks. However, impediments arise when there is no standardised approach to ISG. Conclusion At this time of technological transformation, security should be a top priority. In addition to compliance frameworks that help companies to pass audits, organisations should equally focus on proactive security measures. It is possible to sharply increase your company’s overall security posture - and simultaneously meet compliance requirements - if you change your mindset from focusing only on compliance to one focusing equally on proactive security.

Jr

NB: About Derek Smith

Derek Smith Jr. has been a governance, risk and compliance professional for more than 20 years. He has

held positions at a TerraLex member law firm, a Wolfsburg Group member bank and a ‘big four’ accounting firm. Mr Smith is a certified anti-money laundering specialist (CAMS), and

the compliance officer and money laundering reporting officer (MLRO) for CG Atlantic’s family of companies (member of Coralisle Group) for The Bahamas and Turks & Caicos.

THE TRIBUNE

Monday, June 20, 2022, PAGE 3

‘OPTIONS LIMITED’ OVER RELIEF FOR GAS DEALERS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Ministry of Finance’s top official yesterday said the Government’s “options are limited” in providing the relief sought by petroleum retailers struggling with gross margins of 10 percent or less.

Simon Wilson, the financial secretary, told Tribune Business it was “not an easy fix” to the industry’s plight after both sides met again late last week to discuss the dealers’ concerns.

He added that both sides had agreed to keep talking although there no resolution was achieved.

“We agreed to continue to have these discussions,” he disclosed. “I think we gathered more information.

We’re discussing it. It’s not an easy, easy, easy. It’s not an easy fix. We’re going to keep on talking. It’s not easy. I think our options are limited.”

Vasco Bastian, the Bahamas Petroleum Dealer’s Association vice-president, declined to comment on the latest talks when contacted

by Tribune Business yesterday. “I have no comment on any discussions that myself and the Government had last week. I cannot discuss it. I cannot comment on

anything at this time,” he added.

The two petroleum industry factors within the Government’s direct control, with per gallon gasoline prices having broken through the $7 barrier, are the price-controlled fixed margins imposed on the dealers as well as the sector’s taxation structure.

However, Michael Halkitis, minister of economic affairs, has already ruled out an increase in industry margins on the basis that this will further hurt consumers already struggling with soaring inflation and rising pump prices.

The last time petroleum dealers enjoyed a margin increase was in 2011, when the Hubert Ingraham-led Free National Movement (FNM) government granted a 10 cent increase per gallon of gasoline to take it from 44 cents to 54 cents. A 15 cent increase per gallon of diesel was also allowed.

Dealers had recently said they wanted a 50 percent increase in gasoline margins, which would have raised them by 27 cents to 81 cents per gallon. They have also argued in favour of moving away from a fixed margin to one based on percentages.

And they have pointed out that it is the

Vacation homes, retail driving Andros growth

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Andros Chamber of Commerce president says the island experienced “significant growth” in 2021 with vacation homes and the retail sector leading the way.

Darrin Bethel, speaking at the Andros Business Outlook seminar, said: “Despite the challenges, I can report to you today that in the past year we have experienced significant economic growth; new establishments, investments in vacation rental homes, expansion in the retail sector by new and existing businesses. We have practically doubled the amount of service stations throughout the island section of North Andros.”

Suggesting that there was renewed hope and optimism on Andros, as economic activity expands with a pick-up in both domestic and foreign direct investment (FDI), Mr Bethel also hailed efforts

by Latia Duncombe, the Ministry of Tourism’s acting director-general, to spur community-based tourism so that more of the industry’s economic impact can be felt by at the grassroots level.

“We have confidence that the director-general’s plan will assist our communities in getting greater benefits and more revenue from the fly fishing industry,” he added. Leaning on past efforts to develop a sustainable master development plan for Andros, Mr Bethel added: “Food security is national security” and encouraged the Davis

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administration to “return to that plan”.

He said: “Let’s engage and re-engage on the island’s plan so we can truly wake up the sleeping giant by accelerating our growth and development.

We should review the plan and set targets to double to $140m in revenue generated from eco-tourism. Allow us to double this amount in 10 years to realise the opportunity. We must train new professionals to support our product.”

Such training, Mr Bethel added, should include regular certifications for bird guides, fly fishing guides, scuba divers and deep sea fishing, along with other service and entertainmentrelated professionals.

“We have a few great programmes like BahamaHost, but why not expand to collaborate with organisations such as the Bahamas Fly Fishing Association to create a world-class certification; a certification that can become the gold standard for the world, adapting the programme that has already been developed?

That will contribute to the expansion and improvement of our already-strong fly-fishing industry,” Mr Bethel said.

Government, not themselves, who makes the most money from the petroleum industry via taxation. The rise in global oil prices means that the Government’s per gallon tax take, due to the 10 percent VAT, has only increased with per barrel prices last night standing at $109 and $112.3 on the West Texas Intermediate and Brent crude indices, respectively.

Sir Franklyn Wilson, chairman of BISX-listed FOCOL Holdings, which operates under the Shell brand, yesterday told this newspaper he was unaware of the wholesalers being brought into the discussion between the Government and retailers despite the integral role they play in the industry.

Shell, Rubis and Esso (Sol Petroleum) are key to any solution since they are on the other side of commercial agreements dealing with the rent, royalties and franchise fees that retailers pay to them - issues which the latter has also long complained about.

“From our particular point of view, we just accept that in this climate the idea of increasing margins at this point in time is a tough thing for the political people to do,” Sir Franklyn said. “We just accept that

reality. We are operating on the premise of suck it up, do the best we can in the short run and, God willing, when circumstances get better the matter will be revisited. That’s our corporate position.”

Higher oil prices mean that petroleum retailers are also increasingly having to use overdraft and credit facilities to pay their suppliers for the fuel they sell to consumers. And, as a result, they are incurring increasing fees for using these facilities. And, with gross margins at 10 percent or less, they have little left to cover the cost of rent, electricity and staff, leading some to mull staff terminations or reduced hours in recent weeks.

One alternative to margin increases/adjustments may be to alter how the industry’s Business Licence fee is calculated. The latter is based on gross turnover.

While the gas station operators enjoy a “concessionary rate”, as a high turnover/ low margin operation they are penalised by how it is calculated.

When oil prices soar, their turnover goes up because of higher costs incurred in purchasing the fuel they sell, but net revenues stay the same because of the fixed margins. As a

result, they end up paying more in Business Licence fees but net revenues stay the same no matter what.

“It gives the impression revenues are high, but revenues are tied to the 54 cents they get,” Mr Wilson said previously. “There were discussions around that, there were discussions around what type of support the wholesalers can provide in this environment....

“It was an open and frank discussion. What they really wanted from the Government was to say we don’t want a band aid; we want a permanent solution. Yes, fuel prices are going to trend down eventually. But

we want a permanent solution. We don’t want a band aid where we do a quick fix here and two years from now, three years from now, we’re back here trying to find out what is the right solution.”

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PAGE 4, Monday, June 20, 2022

THE TRIBUNE

Over $1.2m provided to Andros farmers, fishing

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Small Business Development Centre (SBDC) says it has facilitated some $1.216m in financing for 57 farming and fishing entrepreneurs in Andros.

Tehranique Darrell, the SBDC’s Family Island manager, told the Andros Business Outlook that developing a fishing and farming ecosystem can be a “complex undertaking” that needs to have a full understanding of supply chain management and the value chain on how markets are created.

Adapting to market demand and changes, she added, was critical, and the SBDC has sought to do this on Andros by reaching farmers and fishermen.

“Here’s a look at what we’ve done on Andros todate,” Ms Darrell said. “So our farming programme has disbursed $601,000 to 31 clients, which included

EBAJ-iA. i,.:

SECURITIES COMMISSION OF THE BAHAMAS JOB OPPORTUNITIES The Securities Commission of The Bahamas, a statutory agency responsible for the oversight, supervision

and regulation of the Investment Funds, Securities and Capital Markets, in or from The Bahamas, as well

as the supervision of Financial and Corporate Service Providers, invites applications from qualified

individuals to fill the following positions:

SENIOR OFFICER- EXAMINATIONS DEPARTMENT OFFICER- EXAMINATIONS DEPARTMENT APPLICATIONS:

Full details of the job opportunities, guidelines for the submission of applications and general information

about the Securities Commission of The Bahamas may be obtained from the Commission's website at

www.scb.gov.bs under Career Opportunities. The closing date for applications is June 25, 2022.

19 start-ups and existing businesses and, by gender, 15 males and 16 females.

Our fishing programme disbursed $615,000 to 19 start-ups and seven existing businesses.”

The SBDC is now seeking to develop farming and fishing clusters as a means to deliver training programmes and “accelerated funding” to the businesses involved. Ms Darrell said: “When we talk about ecosystems, we delve into the understanding that no man can live as an island.

“We do not exist as a singular or an individual entity. Each component of the ecosystem is dependent or interdependent on

the other, and we begin to understand that farming is not only the planting, nurturing and harvesting of crop, and that fishing is not simply the catching of fish.

“The supply chain considers all of the steps taken - from market demand to consumer access, from input supplies to land prep to cultivating, harvesting and distribution. Each moving part of the supply chain creates opportunity for an immeasurable expansion into agri-business.”

Ms Darrell added that the global push for greater food security had resulted in a “renewed commitment to” the farming and fishing industries. “Although

currently agriculture and fisheries only account for 1.6 percent of the GDP of The Bahamas, and produce 3 percent of all jobs, they are continually recognised as important for the diversification of our economy.

“Changes to the technology used in the farming and fishing industry will be a key aspect of its development in economic and employment terms. Technological and biological advances will be essential in order for agriculture and fishing to continue to expand in a way that does not modify natural habitats and is environmentally friendly.”

Avoiding foreign borrowing over rate hike worry FROM PAGE ONE thus minimising as much as possible the debt servicing burden for Bahamian taxpayers who are already faced with having to pay a $588m interest bill on the Government’s existing debt in the upcoming 2022-2023 fiscal year that begins on July 1.

With the Government needing to raise $1.841bn over the next 12 months, largely to refinance/rollover existing Bahamian dollar-denominated debt but also to cover an anticipated $564m deficit, several observers had suggested it would likely need to go back into the international capital markets during this period to source some of the funding required.

Mr Wilson, though, said the Davis administration will seek to avoid doing so given current market volatility and rising US interest rates that will increase debt servicing costs for The Bahamas and other emerging markets. “I think persons are ignoring the fiscal improvements that are taking place,” he added, in a reference to rebounding revenues driven by a reflating economy.

“I think we’re in a good position because it focuses us on executing the Budget.

We have to focus on our revenues and revenue strategy.” The Government’s latest public sector debt bulletin, published last month, suggests it does have shortterm, temporary breathing room when it comes to lump sum repayments of foreign currency debt that is held externally, meaning by overseas investors located outside The Bahamas.

Just $24.6m in such external debt was due for repayment over the three months prior to the current fiscal year’s end on June 30. However, the reprieve is only temporary as some $400m in principal matures next year followed by a spike to $800m in 2024.

The Davis administration thus appears to be hoping that the recent $385m raise

will give it sufficient breathing room, and a chance for the global capital markets to catch themselves with interest rates tapering off, before it has to again borrow externally in foreign currency.

“I think we’re concerned,” Mr Wilson added of the Federal Reserve’s inflation-fighting interest rate hikes, “but we have to adjust to things that are impactful. You cannot be pre-emptive with public policy. You’ve got to be adaptable.”

There have also been suggestions that The Bahamas is now looking at so-called “blue bonds”, which raise funding for sustainable investments related to the oceans, as a form of financing. “That’s possible, but that’s at least 18 months away,” Mr Wilson said yesterday.

Meanwhile, an article by Global Capital, an online news site that has covered the global markets for three decades, yesterday sparked much interest in Bahamian financial, business and political circles by voicing concerns over this nation’s just-placed $385m bond offering and its wider fiscal and economic condition.

Besides suggesting that the bond’s two-tranche structure was “overlycomplicated” and confusing, even though it enjoyed backing from the (IDB) guarantee, the article also voiced concerns that the Davis administration’s fiscal turnaround strategy was based on “hope” with unrealistic revenue and gross domestic product (GDP) growth projections that are unlikely to be achieved.

And, finally, the piece suggested that some bond market players have been urging the Government to enter into an IMF financial assistance programme so as to provide a “policy anchor” for the fiscal reforms that are required. Mr Wilson, though, responded: “Those comments came out before the bond was completed.

I would think those comments came from people

who are expressing an interest but couldn’t get in.

“The bond was completed, the funds were paid and I wouldn’t worry so much about it. It was successful, we accomplished what we were supposed to accomplish. It gave us market access at a very difficult time.” He also reiterated that the Government will face “no issues whatsoever” in refinancing around $2.4bn in Bahamian dollardenominated debt that is maturing between April 2022 and over the course of the next fiscal year.

Local observers yesterday voiced fears that the US Federal Reserve’s aggressive inflation-fighting stance, with its benchmark federal funds rate now within a range of between 1.5 percent and 1.75 percent, increases the risk of driving The Bahamas’ largest trading partner and tourism source market into recession.

Such an outcome, they added, could undermine this nation’s tourism-led recovery and also the Government’s 2022-2023 Budget and fiscal projections, which are heavily reliant on economic growth to hit their targets. Hubert Edwards, principal of Next Level Solutions, a risk management consultancy, told Tribune Business that The Bahamas will have to be “highly creative in containing the cost it pays for its debt” as a result of US interest rate rises.

“I think we’re going to have to be very, very careful as it relates to how we source debt,” he said. “I think we have to be very proactive in seeking to secure as much as possible of the Government’s funding from the domestic market. That really, in some ways, is a hedge against what’s happening at this point in time with the US authorities clearly signalling a very aggressive stance against inflation.”

With the UK also raising interest rates, and major developed markets such as Europe seeking to follow suit, he added: “I think the stars are lining up. The world is in agreement that inflation needs to be confronted, and one of the outputs is going to be an increased cost of debt......

“I would say the aggressive stance increases the possibility [of the US] moving into recession. As a result, I believe the risks of not having a soft landing is higher than in an environment in which there is a more measured approach.

It could work against the economy, over-cooling it, and affecting demand.

“Certainly, a US recession would not be positive for The Bahamas. It would certainly impact the recovery we are experiencing in tourism. Any recession would surely drag The Bahamas broadly with it, and slow the momentum,” Mr Edwards added.

“For The Bahamas it would definitely be a bad thing. It would extend directly to the projections. The Budget rests significantly on the revenue side as a means of consolidation, and any type of development which may cause a major drop-off on the revenue side is going to be cause for concern. [Economic] growth is critical to the success of the Budget and this development could trouble it.”

THE TRIBUNE

Monday, June 20, 2022, PAGE 5

Bust or deflated

By CHRIS ILLING

The reason for this is the current market turmoil.

On Friday, Babel Finance temporarily suspended the withdrawals and redemption of crypto assets.This came as the crypto lender

A

CCORDING to experts, the cryptocurrency Bitcoin is entering its lowest and darkest market phase. The price of Bitcoin fell to its lowest level since December 2020 on Wednesday, and even hit $20,000 for a short time. The oldest digital currency was trading at around $20,500 on Friday, June 17.

The most important reason for the price drop in the past few days was the inflation data from the US. Published last week, this fuelled expectations of an accelerated increase in US interest rates. Since

then, the US dollar has appreciated sharply, bond yields have risen, and stock prices have plummeted worldwide. Bitcoin had previously hovered around the $30,000 mark for weeks.

Investors are also continuing to stay away from riskier assets, which is reflected in the stock markets as well.

In addition, renewed internal problems in the

crypto market are also driving the Bitcoin price. The Terra crash shook the entire crypto market, and there are now problems within a single crypto company again. The crypto credit centre, Celsius Network, announced on Thursday that “all withdrawals, swaps and transfers” between accounts will be paused.

SEE PAGE 9

BUST

PAGE 6, Monday, June 20, 2022

THE TRIBUNE

COVID REBOUND UNEVEN FOR FAMILY ISLAND RESORTS FROM PAGE ONE

- we’re maybe around 80 percent in terms of room nights sold and room revenues,” he disclosed. “We’re about 80 percent compared to where we were in 2019 for the same period this year.

“Don’t forget that from the beginning of 2019 to September 1 2019 was a record year for us. We’re actually about 80 percent of room nights sold and revenues compared to 2019.

We’re definitely seeing a full recovery. We’re out of the tunnel. We just need to continue working on places like Crooked Island, Long Island, Acklins and San Salvador, improving the airlift going to those islands.”

Mr Fountain continued: “What we’re seeing is islands like Andros are about 93 percent of room nights sold and room revenues compared to 2019.

It’s almost fully recovered.

But San Salvador compared to 2019, we’re only about 25-29 percent recovered.

It’s a matter of airlift.

“People say there are four flights going into San Salvador, but the problem is the timing of the flights.

Does it allow same day connection for someone arriving in Nassau going to

San Salvador? Does it allow connection for someone going from San Salvador to Nassau? If that doesn’t happen it adds more cost to the vacation; it means the person has to stay extra nights to get to San Salvador, and spend an extra night in Nassau.

“It’s a tough one, but at least we know where the itch is. We know what needs to be scratched.” Meanwhile, Robert Sands, the Bahamas Hotel and Tourism Association’s (BHTA) president, told Tribune Business yesterday that the industry is “concerned and watching closely” to ensure that US flight cancellations and delays do not impact tourist access to this nation.

Some 1,000 flights across the US were said to have been cancelled yesterday, adding to about 14,000 flights that were either cancelled or delayed on Friday and Saturday.

Besides potentially impacting direct airlift to The Bahamas, this can also cause tourists both coming to and returning to this nation to miss vital connecting flights.

Jan Knowles, Nassau Airport Development Company’s (NAD) vicepresident of marketing and communications, told this newspaper via e-mail

reply yesterday: “We had a few cancellations over the weekend, but this is not abnormal and was not significantly more than we would typically see on a normal weekend. We continue to monitor events closely particularly given the steady recovery of our business over the past several months.”

And Mr Sands added: “I have not been made aware of how that impacted New Providence, and how many flights to New Providence were cancelled. Any cancellations in the US will directly impact business here in The Bahamas. It has not manifested itself in a plethora of cancellations going into New Providence this weekend but it’s something we’re going to have to continue to monitor.

“It’s something that we’re concerned about and continue to monitor so that spillover does not impact airlift into the destination.

These are conditions that are ongoing. We’re going to watch it. It has not been that impactful this weekend.”

This comes as The Bahamas eliminated COVID entry testing for vaccinated visitors and the Health Travel Visa with effect from yesterday, a development that the Bahamian hotel and tourism industry has described as akin to “Christmas coming early”.

The Bahamas was always likely to follow the US lead as soon as this nation’s major source market altered its COVID entry requirements. The regime unveiled matches the US version almost exactly, with only unvaccinated visitors

now having to produce a negative COVID PCR test taken within 72 hours of travelling to this nation.

The requirement for vaccinated visitors to produce a rapid antigen test within the same time period now falls away.

The Bahamian tourism industry has been agitating heavily for the relaxations unveiled yesterday, especially given that they eliminate the bureaucracy/red tape associated with post-COVID travel as well as significantly lowering the cost for vaccinated visitors. Major US source

markets have seen a reduction in COVID testing availability and an end to free tests, while insurance is often not covering these costs.

The reforms mean that the $40 Health Travel Visa fee is now eliminated, potentially saving a family of four $160. And, when added to testing costs now exceeding $100 in many locations, the savings for such a family could amount to several hundred dollars on the cost of a vacation - possibly even as high as $700.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, CHRISTAL CHRISTINA CLAYTON of #14 Sargent Major, Freeport, Grand Bahama, intend to change my minor child’s name from SYKAR HEAVEN CLAYTON to SYKAR HEAVEN CLAYTON THOMPSON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that ROJAY CLINTON REID of Eastwood Estate, 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 13th day of June, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

Transatlantic Advisory Communication SA (IN VOLUNTARY LIQUIDATION) NOTICE IS HEREBY GIVEN that in accordance with section 138(6) of the International Business Companies Act, 2000, as amended, the winding up and dissolution of Transatlantic Advisory Communication SA is complete.

Kim D Thompson Sole Liquidator Address: Equity Trust House Caves Village West Bay Street P O Box N-10697 Nassau, Bahamas

THE TRIBUNE

Monday, June 20, 2022, PAGE 7

‘STAGNANT’: FEARS FOR AUTO SALES UNTIL 2023

FROM PAGE ONE

to six months that he gets those vehicles.

“I don’t see things improving until possibly some time next year. The indications we’re getting from our suppliers, our brands, are that is going to be the case. Production is going to remain tight because of demand in the big markets such as the US. Because of the shortage of raw materials and so forth

they’re just playing catch up to secure those big markets.

“It’s impacting sales; the potential to increase sales.

It’s going to keep us stagnant for at least 12 months.

People come in and sat they’re just shopping and can they get today’s price.

I say: ‘Yes, but there’s no guarantee that will be available tomorrow or in the next two months. What I’m getting in, 95 percent of them are pre-sold by the time they get here,”

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Fred Albury told Tribune Business.

“I’ve got really good cash flow from this, not having inventory come and sit on the premises for 90 days.

It’s just getting inventory. In the past, I’d be able to supplement my inventory by going to the US and picking up a couple of units here and there. I cannot do that.

Dealers over there cannot sell a vehicle. If they consider selling it to me, I have to pay sticker price purchase prices.

“If it’s $40,000 over there, I have to pay $50,000, $55,000 just to get the vehicle. It’s a bidding war over there. It’s supply and demand.” With many Bahamians likely to pay more in servicing and maintaining their vehicles to keep them

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

EXTRA MILE INVESTMENT MANAGEMENT CORP. (In Voluntary Liquidation)

EXTRA MILE INVESTMENT MANAGEMENT CORP. has been fully dissolved and wound up by the appointed liquidator, GLC Corporate Services Ltd. Thirty (30) days from the commencement of dissolution as outlined in the Plan of Dissolution has expired as of the 6th day of June, 2022.

EXTRA MILE INVESTMENT MANAGEMENT CORP. requests the Registrar General to strike the Company from the IBC Act 2000, Register of IBC Companies.

Dated the 20th day of June, 2022 GLC Corporate Services Ltd. Voluntary Liquidator

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

FASTBOAT CORP. (In Voluntary Liquidation)

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, TRACEY SHRELL PRATT of New Zealand Court, Nassau, Bahamas, intend to change my name to TRACEY SHRELL PRATT BEY. 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.

FASTBOAT CORP. requests the Registrar General to strike the Company from the IBC Act 2000, Register of IBC Companies.

Dated the 20th day of June, 2022 GLC Corporate Services Ltd. Voluntary Liquidator

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

SHENGHUA INVESTMENT FUND (BAHAMAS) CORP. (In Voluntary Liquidation)

SHENGHUA INVESTMENT FUND (BAHAMAS) CORP. has been fully dissolved and wound up by the appointed liquidator, GLC Corporate Services Ltd. Thirty (30) days from the commencement of dissolution as outlined in the Plan of Dissolution has expired as of the 6th day of June, 2022.

SHENGHUA INVESTMENT FUND (BAHAMAS) CORP. requests the Registrar General to strike the Company from the IBC Act 2000, Register of IBC Companies.

Dated the 20th day of June, 2022 GLC Corporate Services Ltd. Voluntary Liquidator

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

Woodbridge Park, Inc. (In Voluntary Liquidation)

Woodbridge Park, Inc. has been fully dissolved and wound up by the appointed liquidator, GLC Corporate Services Ltd. Thirty (30) days from the commencement of dissolution as outlined in the Plan of Dissolution has expired as of the 3rd day of June, 2022.

Woodbridge Park, Inc. requests the Registrar General to strike the Company from the IBC Act 2000, Register of IBC Companies.

there’s going to be more shortages down the road and people are going to have to learn to adjust.”

Ben Albury, the Bahamas Motor Dealers Association’s (BMDA) president, told Tribune Business that the supply of new vehicles to his dealership was down by 80 percent compared to pre-COVID levels. The Bahamas Bus and Truck general manager added that parts were off by 30-40 percent, and backed his namesake by agreeing that the sector’s product and inventory woes are likely to continue into 2023.

“There’s still no relief ahead, and no indication when relief will come,” Ben Albury said. “You just don’t know where production stands. If I order 100

cars, within the timeframe I should get them, I probably get 15. It’s pretty poor.

There are some vehicles I ordered last year, February 2021, and I still haven’t received them yet. They normally have a four-month delivery time.

“Component shortages, raw material shortages, inflation, shipping holdups, it’s just unbelievable.

The type of effect it has, it just spreads and spreads.

Hopefully there will be some relief soon, but probably not much this year. If I were to guess I would say we’re looking at some point in 2023. The cash flow is the real kicker because you have cash deployed for the production and do not get it.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, LESLIE CLAYTON ROLLE of New Zealand Court, Nassau, Bahamas, intend to change my name to LESLIE CLAYTON ROLLE BEY. 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.

LEGAL NOTICE

International Business Companies Act (No. 45 of 2000)

FNA INVESTMENT LTD (the “Company”)

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of FNA INVESTMENT LTD has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register.

The date of completion of the Dissolution was the 7th day of June, 2022.

FASTBOAT CORP. has been fully dissolved and wound up by the appointed liquidator, GLC Corporate Services Ltd. Thirty (30) days from the commencement of dissolution as outlined in the Plan of Dissolution has expired as of the 6th day of June, 2022.

on the road, Fred Albury warned that they may also face delays in obtaining the necessary parts which will also have endured cost increases.

“This marks 50 years that Quality Auto has been in business. We started in the new vehicle business in 1982 and have never experienced this,” he added of current trading conditions.

“It’s not just the auto industry. It’s the food industry.

You go into the supermarket and they’re selling all sorts of brands you’ve never seen before. You see brands never accustomed to being there.

“You go into Lowe’s Pharmacy, and I couldn’t find shampoo. My brother could not find shaving cream in there. I think

Luciane Ribeiro Moreno Liquidator

MARKET REPORT www.bisxbahamas.com

FRIDAY, 17 JUNE 2022

BISX ALL SHARE INDEX: BISX LISTED & TRADED SECURITIES 52WK HI 6.70 53.00 2.30 2.61 2.60 6.10 10.05 3.89 9.02 3.10 8.00 16.60 2.65 10.75 11.25 10.85 15.80 4.00 11.00 16.50

52WK LOW 5.30 33.80 1.54 2.20 1.30 5.75 6.96 2.82 4.50 2.27 5.95 9.75 1.99 7.05 10.02 9.55 13.10 3.50 8.19 15.50

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

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00

1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 1.00

Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 9 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited

CLOSE

CHANGE

%CHANGE

YTD

YTD%

2473.96

24.93

1.02

245.72

11.03

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 98.65 99.30 100.67 100.43 100.34 100.23 100.00 100.00 100.98 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 98.65 99.30 100.67 100.43 100.04 100.00 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 BGR141350 BGRS FX BGR142251 BGRS FL BGRS71024 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 BSBGR1412505 BSBGR1420516 BSBGRS710245 BSBGRS750225 BSBGRS810375 BSBGRS880287 BSBGR1292493 BSBGR1312499 BSBGR1322498 BSBGR1361504

LAST CLOSE 5.45 39.95 2.25 2.35 2.51 6.10 9.75 3.89 8.36 2.82 8.00 16.00 2.53 10.26 10.96 10.85 15.80 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 98.65 99.30 100.91 100.54 100.34 100.00 89.62 100.00 100.00 100.00

CLOSE 5.45 39.95 2.25 2.35 2.51 6.10 9.75 3.89 8.36 3.01 8.00 16.00 2.62 10.26 10.83 10.85 15.80 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

1,500

2,950

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 98.65 99.30 100.91 100.54 100.34 100.00 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 0.00 0.00 0.00 0.00 0.00 0.00 0.19 0.00 0.00 0.09 0.00 (0.13) 0.00 0.00 0.00 0.00 0.00

(242) 323‐2330 (242) 323‐2320 EPS$ 0.239 0.932 0.000 0.140 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000

VOLUME

DIV$ 0.170 1.260 0.020 0.080 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000

INTEREST Prime + 1.75% 6.25% 6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 6.35% 6.40% 4.56% 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 22.8 42.9 N/M 16.8 N/M N/M 26.4 -8.9 59.7 16.4 17.8 22.2 25.7 22.0 16.8 14.9 19.4 19.6 10.6 24.6 0.000 0.000 0.000 0.000 0.000 0.000

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-2050 15-Feb-2051 22-Oct-2024 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

Dated the 20th day of June, 2022 GLC Corporate Services Ltd. Voluntary Liquidator

YIELD 3.12% 3.15% 0.89% 3.40% 0.00% 0.00% 2.67% 0.00% 0.00% 3.99% 2.75% 4.50% 16.56% 0.58% 3.03% 2.21% 3.42% 3.02% 2.00% 3.94%

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

THE TRIBUNE

Monday, June 20, 2022, PAGE 9

Bust or deflated FROM PAGE 5 scrambles to pay its clients after the recent slump in the digital currency market.

Last Thursday’s Federal Reserve meeting was eagerly awaited. The US central bank decided to raise interest rates by 75 basis points. The fear in the market is currently great, because concerns about an even more aggressive approach by the Federal Reserve are influencing prices on the

currencies depreciated by up to 27 percent compared to the previous week’s close.

The Crypto Crash is being compared with the Tulip Crash in the 16th century. The rare tulips were considered luxurious. Since there were never enough, prices rose and so did speculation fever. The rarer a tulip variety was, the more expensive it became. The prospect of great wealth without work also fuelled events. In the hope of quick

stock exchanges and on the crypto market.

The fact that bargain hunters are still absent speaks of a continued selloff. Volatility could be pronounced, especially over the weekend. A clear slide below the psychological $20,000 mark should lead to new turbulence in the crypto markets.

Bitcoin fell as much as 8.7 percent to $20,050, marking its lowest level in a yearand-a-half. Ethereum lost almost 15 percent at the top to $1012.68. Both digital

profits, more and more speculators jumped on the moving bandwagon.

But then the speculative bubble burst. At the peak of the tulip bulb boom, the first speculators got out to secure their profits. Suddenly there was a sales panic. Prices plummeted and the tulip bubble burst like a balloon.

But it is not only crypto companies that are experiencing tumultuous times. Start-ups, e-commerce ventures and Fintech companies have seen their

valuations ripped apart.

The ‘dot-com’ bubble in the early 2000s represents one of the worst crashes in history. And this bubble is also being compared to the new technology sell-off.

Between 1999 and 2001, the ratings of many Internet companies collapsed. That resonates to this day. So far, the technology-heavy NASDAQ has lost almost 32 percent year-to-date.

The fall of the Nasdaq, which comes after several months marked by records,

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 89° F/32° C Low: 71° F/22° C

TAMPA

WEDNESDAY

THURSDAY

FRIDAY

A t‑storm in spots in the afternoon

Partly cloudy with a shower

A stray t‑storm in the p.m.; breezy

A t‑storm in spots in the afternoon

Times of clouds and sun

A t‑storm around in the afternoon

High: 88°

Low: 78°

High: 86° Low: 77°

High: 87° Low: 78°

High: 86° Low: 77°

High: 88° Low: 78°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

99° F

86° F

95°-80° F

91°-80° F

95°-82° F

98°-85° F

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

almanac

E

W

ABACO

S

N

High: 85° F/29° C Low: 78° F/26° C

6‑12 knots

S

High: 88° F/31° C Low: 77° F/25° C

7‑14 knots

FT. LAUDERDALE

FREEPORT

High: 88° F/31° C Low: 77° F/25° C

E S

E

W

WEST PALM BEACH

W

uV inDex toDay

TUESDAY

N

N

| Go to AccuWeather.com

TONIGHT

High: 92° F/33° C Low: 75° F/24° C

High: 87° F/31° C Low: 76° F/24° C

MIAMI

High: 89° F/32° C Low: 77° F/25° C

4‑8 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 90° F/32° C Low .................................................... 77° F/25° C Normal high ....................................... 87° F/31° C Normal low ........................................ 74° F/23° C Last year’s high ................................. 90° F/32° C Last year’s low ................................... 76° F/24° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ............................................... 25.77” Normal year to date ................................... 11.81”

ELEUTHERA

NASSAU

High: 88° F/31° C Low: 78° F/26° C

Forecasts and graphics provided by AccuWeather, Inc. ©2022

High: 86° F/30° C Low: 78° F/26° C

N

KEY WEST

High: 87° F/31° C Low: 80° F/27° C

tiDes For nassau High

E

W

4‑8 knots

S

6‑12 knots

Low

Ht.(ft.)

1:18 a.m.

1:59 p.m.

3.0 2.6

7:50 a.m. 0.0 8:09 p.m. 0.3

Tuesday

2:17 a.m.

3:02 p.m.

2.8 2.7

8:45 a.m. 0.0 9:15 p.m. 0.5

Wednesday 3:15 a.m.

4:01 p.m.

2.6 2.7

9:39 a.m. 0.1 10:20 p.m. 0.6

Thursday

4:12 a.m.

4:56 p.m.

2.4 2.8

10:30 a.m. 0.1 11:19 p.m. 0.6

Friday

5:06 a.m.

5:46 p.m.

2.3 2.8

11:18 a.m. 0.1 ‑‑‑‑‑ ‑‑‑‑‑

Saturday

5:56 a.m.

6:31 p.m.

2.2 2.9

12:13 a.m. 0.5 12:03 p.m. 0.1

Sunday

6:42 a.m.

7:13 p.m.

2.2 2.9

1:00 a.m. 0.4 12:45 p.m. 0.1

sun anD moon Sunrise Sunset

6:21 a.m. Moonrise 8:02 p.m. Moonset

12:56 a.m.

12:48 p.m.

Last

New

First

Full

Jun. 20

Jun. 28

Jul. 6

Jul. 13

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 86° F/30° C Low: 78° F/26° C

High: 87° F/31° C Low: 79° F/26° C

N

High: 86° F/30° C Low: 80° F/27° C

E

W S

LONG ISLAND

tracking map

High: 87° F/31° C Low: 79° F/26° C

H

Ht.(ft.)

Today

High: 86° F/30° C Low: 79° F/26° C

N

S

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

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

CAT ISLAND

E

W

makes some say that we are in a technology bubble which is about to burst, while others believe it is just an inflatable balloon which is deflating. The sell-off is happening everywhere, from Big Tech to Cloud companies and e-retailers.

It looks like history is repeating itself, and the excessive speculation in companies and assets without a track record of profits, solid business plans and flimsy products is starting to backfire.

4‑8 knots

MAYAGUANA High: 87° F/31° C Low: 81° F/27° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 86° F/30° C Low: 81° F/27° C

High: 86° F/30° C Low: 80° F/27° C

GREAT INAGUA High: 89° F/32° 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: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

WINDS NE at 7‑14 Knots NE at 10‑20 Knots NE at 4‑8 Knots ENE at 7‑14 Knots E at 4‑8 Knots ENE at 6‑12 Knots E at 8‑16 Knots E at 8‑16 Knots E at 4‑8 Knots NE at 7‑14 Knots ENE at 7‑14 Knots ENE at 10‑20 Knots E at 6‑12 Knots NE at 7‑14 Knots NE at 8‑16 Knots ENE at 8‑16 Knots E at 7‑14 Knots ENE at 7‑14 Knots ESE at 8‑16 Knots E at 7‑14 Knots ENE at 4‑8 Knots NE at 7‑14 Knots E at 8‑16 Knots ENE at 8‑16 Knots E at 4‑8 Knots NE at 6‑12 Knots

WAVES 2‑4 Feet 3‑6 Feet 0‑1 Feet 1‑2 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 1‑3 Feet 1‑3 Feet 3‑5 Feet 1‑3 Feet 2‑4 Feet 0‑1 Feet 0‑1 Feet 2‑4 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 3‑5 Feet 2‑4 Feet 0‑1 Feet 1‑2 Feet 1‑3 Feet 2‑4 Feet 0‑1 Feet 1‑2 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 83° F 84° F 87° F 87° F 85° F 86° F 84° F 84° F 84° F 86° F 85° F 86° F 86° F 87° F 84° F 84° F 85° F 84° F 83° F 84° F 85° F 87° F 84° F 84° F 85° F 86° F

PAGE 10, Monday, June 20, 2022

THE TRIBUNE

MARINAS SEEK CHARTER CLARITY AMID FEAR OF 20% INCREASE FROM PAGE ONE at the prospect of 10 percent VAT being added to the cost of these charters, on top of the APA hike, if existing agreements - which usually agreed months in advance - are

not grandfathered in and allowed to stand as is.

The industry thus wants guidance on whether preexisting contracts signed prior to July 1 will be honoured as is, without any VAT levy, and only those signed after this date will

attract the tax, or if the 10 percent tax will now be added to all foreign yacht charter contracts regardless/ “A lot of these charter contracts are booked a year in advance,” Mr Maury told this newspaper. “If you are

planning a week’s charter on a 100-foot boat you do that way in advance. A few people do scramble to book charters, but a lot of the business is already agreed to at rates that exist.

“We haven’t heard back whether contracts in

existence prior to the implementation of VAT on July 1 are going to be exempt or have the 10 percent. We’ve asked but I think maybe they’re still deciding. We’ve heard from the industry, talking to captains, talking to brokers, that it will be a tough pill to swallow. You have signed a contract, and now have to pay 10 percent more for fuel and 10 percent in VAT. We don’t want to scare everybody to death.”

Foreign yacht charters and their guests face a 350 percent increase in their effective tax rate come July 1, with this moving from 4 percent to 14 percent with the addition of VAT’s levy on the contract price. They are already supposed to pay a 4 percent fee in this sum to the Port Department, but collection of this sum has long been regarded as a weakness and significant evasion and avoidance is thought to have occurred.

Viewing this sector as exploiting The Bahamas’ ocean and natural resources without paying its fair share, the Davis administration has thus moved to increase taxes significantly. It is also seeking to create a level playing field for Bahamian charter and water-based tour/excursion operators, who have to pay VAT, Business Licence fees, NIB contributions and Immigration fees that their foreign counterparts do not.

Mr Maury, though, pointed out that the VAT implementation was occurring just as foreign yacht charter guests were being asked to pay more via the APA - a sum usually equivalent to 30 percent of the total contract - to finance the stocking of their vessels with food, fuel and other supplies.

“Most of the brokers have raised the APA

CALL 502-2394 TO ADVERTISE IN THE TRIBUNE TODAY!

another 5-10 percent to accommodate for higher fuel costs. This is why this 10 percent VAT they’re putting on top is going to be a big shocker but it is what it is,” he told Tribune Business. “I’m hoping we can get past that, people will see the value in coming here and pay the extra fuel cost and worry about it after the summer’s over.

“People want to travel.

Given that they’ve been so restricted in everything else, people will pay for it. That’s what we’ve got to hope for.” However, Mr Maury recalled facing an office of “outraged families” on a past July 4 US holiday weekend after Bahamas Customs increased its fees without warning to the boating/yachting community, and said he hoped this could be avoided with VAT’s introduction on yacht charter contracts.

While the ABM had sought to suggest alternatives to VAT’s implementation, including the development of a private yacht registry prior to its introduction, the Government has proceeded with its plans. “Typically they estimate the APA for yachts to be around 30 percent of the total contract,” Mr Maury added. “Now they’re having to add another 5-10 percent to compensate for inflation with fuel and groceries.

“I’m talking signed contracts with APAs and deposits in. Obviously you do not want to go back to the clients, and with 10 percent VAT, and say you need another 20 percent on top.

That’s the only part that’s kind of scary. I don’t want to be a doubting Thomas, but I I feel there are other ways to improve the infrastructure to be competitive with other countries....

“I hope they’ve made the right decision. We have to leave it in their hands. We are the owners of the risk and the investment. Let’s accept contracts written under the terms they were written under.”