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THURSDAY, AUGUST 20, 2020

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IDB: 100,000 workers ‘vulnerable’ to job loss By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ORE than one in every six “formal” jobs in The Bahamas could be lost due to COVID-19, the InterAmerican Development Bank (IDB) has warned, making 100,000 workers “vulnerable” to the fall-out. An IDB report on the repurposing of more than $19.5m towards the

• Warns one in six ‘formal’ posts may go from COVID • Households under minimum wage ‘doubled’ by April • Predicts $19.5m funding switch to save 6,500 jobs government’s tax credit and deferral initiative, which is designed to give Bahamian firms payroll support and keep workers off the National Insurance Board (NIB) lines, lays out in stark detail the pandemic’s consequences for Bahamian workers, their families

and income levels. Drawing on a paper produced to assess COVID-19’s impact on regional employment, the IDB said the findings estimated that almost 18 percent of jobs in the Bahamian formal economy could be lost due to the contraction and subsequent

restructuring the pandemic will likely cause. Combining this with the impact on the “informal” economy, which some observers believe accounts for between 20-30 percent of Bahamian GDP (gross

SEE PAGE 5

Regulators reject Sebas on gaming ad restriction By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net REGULATORS have rejected arguments by Sebas Bastian’s web shop and media empire that a 5am to 9pm bar on gaming advertising is “discriminatory, arbitrary and capricious”. The Utilities Regulation and Competition Authority (URCA), in an announcement earlier this week, stick firmly to its original position that no gaming-related advertising be carried by Bahamian radio and TV stations during this so-called “watershed period” in a bid to protect children and

SEBAS BASTIAN

ALFRED SEARS

young adults from harm. The regulator, in affirming the results of the consultation on updating the “code of practice” that governs content provided

by local broadcasters, dismissed arguments by Mr Bastian’s Island Luck web shop chain and its attorney, Alfred Sears QC, that “a sweeping and blanket

Small business: Second funding release for 63% By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government’s small business assistance initiative stopped taking new applicants from June 15 as it concentrates on distributing the $38.264m in loan and grant funding already approved. Shawn Gomez, a Small Business Development Centre (SBDC) spokesperson, told Tribune Business that 63 percent of approved businesses had already received the second installment of what was designed as a two-part financing scheme. Speaking to the Business Continuity Loan initiative’s progress to-date, she explained: “Funding disbursements were planned in two tranches. Most have received the first in the last fiscal year and the second in this fiscal year (2020-2021). On June 15th we discontinued accepting new clients and have been serving those already approved.” K Peter Turnquest, deputy prime minister, told this newspaper recently that new Business Continuity Loan funding was tied-up with the bridge financing anticipated from multilateral lenders such as the Inter-American Development Bank (IDB). That was anticipated to close by end-last week, with a portion of the monies earmarked to provide $55m in pledged small business support. Ms Gomez said some 541 micro, small and mediumsized firms had been

approved for assistance under the Business Continuity Loan initiative, which had attracted 3,500 applications - some 2,000 of which were properly completed. Around $38.264m in combined loan and grant funding has been approved to-date, of which $4.78m is of the grant variety directed solely at payroll support. The sum approved is more than double the original $18m allocated to the scheme by the government. Ms Gomez added that some $25.909m has been received by approved businesses to-date, with the initiative said to have kept some 4,225 Bahamians employed so far. “The Business Continuity Loan programme has had a major impact on the small business sector,” Ms Gomez said. “Entrepreneurs said that if it wasn’t for this programme their businesses would be closed, or they would have had to tremendously reduce staff. “It’s been described as a saving grace for many small businesses, and we’re grateful that the government quickly moved to aid the small business sector. We also thank the financial institutions who partnered with this initiative to facilitate the assistance which made the process smoother and faster.” The Business Continuity Loan initiative was designed to help micro, small and medium-sized businesses (MSMEs) cope with the economic fall-out from the COVID-19 pandemic.

watershed period” was an unnecessarily heavy-handed approach by URCA. Mr Sears’ submission on behalf of Playtech Systems, Island Luck’s immediate parent company, argued that his client’s “interests will be disproportionately and adversely affected” by the 16-hour daily block on TV and radio gaming advertisements. He argued that there was no “empirical evidence” to back URCA’s stance, adding that the absence of any gaming operator representatives on the group that devised the “code of

SEE PAGE 4

$4.03 COVID’s open/ close cycle just ‘too taxing’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A MAJOR Bahamian insurer yesterday said its office will function with a “skeleton crew” despite being granted permission to return because the COVID19 opening/closing cycle is simply “too taxing”. Anton Saunders, RoyalStar Assurance’s managing director, told Tribune Business that the property and casualty underwriter will continue to perform the vast majority of its functions remotely since the continued lockdown uncertainty was “not good for us as businessmen”. He added: “We’re happy the competent authority has allowed us to open, but we’re going to work remotely. However, going back and forth and management having to make decisions back and forth, we can’t have this open/ close, open/close, open/close. It’s too taxing on the staff and clients. “We have developed a very good remote working mechanism with our staff and clients. We cannot, unfortunately, continue this open/ close, open/close, open/close is not good for RoyalStar’s staff. We’ll treat it as if we’re still closed and will have a skeleton crew in office. “We’ll deal remotely with the functions we can, and have a skeleton crew in office to deal with the issues we can’t deal with remotely at this time.” Mr Saunders spoke out after the government

$4.00 permitted banks, insurance companies and the latter’s agents and brokers to open from 8am to 5pm as necessary with effect from yesterday to help Bahamians ready for a possible storm. This go-ahead was granted until further notice. Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told Tribune Business that despite the short notice granted by the government all the BISX-listed institution’s locations were open by 10am yesterday and only closed at 3pm. Bank of The Bahamas, too, was said to have opened yesterday, but all other commercial banks delayed until today. Commonwealth Bank, Royal Bank of Canada, CIBC FirstCaribbean International Bank (Bahamas) and Scotiabank (Bahamas) all confirmed they will open as of today, with the latter two confirming that this will be effected from reduced locations and, in some cases, reduced hours. “I think what is creating the anxiety and panic is the absence of a long-term plan that says how are we going to deal with things,” Mr Bowe said of the reaction to the prime minister’s nowreversed (for the moment at least) total lockdown of New Providence. “There’s going to be changes in the plan, and metrics, and we will have peaks and troughs. At Fidelity we took the position of coming up with what we thought was reasonable, and then approach the authority to ensure it aligns with them. In the absence of clear guidelines, prudent and effective management will set it out for themselves and ensure customers and staff have a sense of normalcy.”

PAGE 2, Thursday, August 20, 2020

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PRODUCTION LAG CAUSES ‘CRAZY’ WATER DEMAND By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BOTTLED water supplier described yesterday’s re-opening as “pretty crazy” and said it will need “a couple of days” for production to catch-up with demand following Monday’s shutdown. Christian Knowles, Aquapure’s chief of operations, told Tribune Business: “Things are hectic and pretty crazy this morning. This is what happens when we lose a whole day in production. Every moment that we are able to produce is completely beneficial to our operation. “My business is a revolving door when it comes to supply and demand. The inventory that I make that day, certainly on the five gallons, and somewhat on the one gallons, goes out that day. So if I lose a day I lose all of that business

Wholesalers warn on restock delays

and people still need their water.” Mr Knowles said that “unfortunately we were behind the eight-ball, because I had my schedule set up under the pretences of the last lockdown, where we were only able to go out Mondays, Wednesdays and Fridays, but we can re-stock on Tuesdays, Thursdays and Saturdays”. He added that the three days per week given to restocking during the previous lockdown restrictions were “extremely helpful”, because Aquapure’s depots and trucks were being rapidly depleted on Monday, Wednesday, Friday and Saturday mornings. Mr Knowles said moving back into a full week’s production will “take a little while”, and added: “We are running until 9pm tonight, so that is extremely helpful. We just need a couple of days to catch up because when we get calls we try

to get the water out there as quickly as possible, but the only time I really get to catch up is when my depot is not open and the trucks are not on the road. “We serviced the hospital yesterday, and we got the prison out of the way today. The police officers have come to the plant yesterday and we made sure they were straight. “This is somewhat of a moving target. We have our regulars, but then we will get special orders. Right now, the Defence Force had placed an order of 400 cases of gallon water. We have to service the Defence Force because they are the ones that go out on the seas and, especially in hurricane season, they need to be able to respond.” Mr Knowles said it will take until Friday’s close for Aquapure to “breathe easy”, provided the company can maintain production until 9pm every

night so that trucks and the warehouse can be fully stocked. Other water manufacturers yesterday confirmed similar demand to that experienced by Aquapure, with some saying they may need to hire extra staff to keep up. Mario Williams, Crystal Clear H2O’s president, told Tribune Business: “We have had a lot of customers coming in because of the shortened days due to the lockdown, but I don’t want to put numbers out there like that. “In these trying times, if people see figures then it becomes dicey for me. I don’t want to be a target. The water guy across the street from me had a robbery last week and they shot him, and I saw everything.” Mr Williams revealed he also had difficulty in obtaining permission to travel from his home to the

business, saying: “Tuesday morning I tried to call the 311 COVID-19 emergency line. It didn’t go through so I drove right to the police station to ask them for permission to go to cut off my equipment, and the officer told me that if I don’t go back home that he would lock me up. “This was at the Paradise Island police station. I don’t know what’s going on with them this go around, because before the water manufacturers didn’t have a problem.n This is affecting my business, but on Monday I was open until 7.30pm. We were supposed to close at 7pm but, because of the long lines, I had to accommodate them. “A nice police officer came and told me that I cannot remain open, but he saw the people on the line and told the people to hand me their bottles and sit in their cars and allowed me to accommodate them.”

Mr Williams said he now expects to be “slammed with customers”, due to a result of the lockdown-related backlog and impending storm that could reach The Bahamas by Sunday afternoon. He added: “I may have to hire more staff. I think I may have to hire three more persons at least, and maybe about six in total at he most.” A Bahama Clear representative said: “It’s very busy. What is happening is that we have fewer days to operate, so people are coming on those day,s so it has been busy.” They added that demand was linked to uncertainty over the government’s COVID-19 response, and fears that Dr Hubert Minnis may reimpose the full New Providence lockdown that he reversed on Tuesday. They said of the prime minister: “It’s like he is the puppet master and we are the puppets.”

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

time created by the nowaborted (for the moment) full New Providence lockdown. Richard Curry, Lightbourn Trading’s general manager, told Tribune Business the company does

not have an overwhelming backlog in orders to satisfy following the loss of Tuesday under restrictions that the prime minister reversed for the time being. “There is no back-up yet, but I expect some by

Thursday afternoon. But everything is normal right now,” he added. “We will be open for the rest of the week. During the previous lockdown orders we were working every day from Monday through Friday only.” Dr Hubert Minnis, on Monday night, given the surge in COVID-19 cases and hospitalisations, ordered a full New Providence lockdown by closing businesses including those once deemed essential. Private pharmacies, food retailers and wholesale food suppliers were among those who had to shutter in a move that was quickly reversed on Tuesday afternoon. Another major wholesaler, speaking under condition of anonymity, said: “It was a little hectic this morning but we have been coping. You just have to learn how to manage your crowd in and out, and make sure your customer complies with not only the national guidelines but with our internal policies.” They added: “There can

only be so many persons inside, and social distancing on the outside of the store, and you just have to be respectful of everybody else. Everyone has to protect one another. The good thing about it is that the protocols are national, and it is not like we have one set of policies and everyone else has their separate policies. They are uniform across the board. “Deliveries are pretty much on schedule, taking into consideration that we were not open yesterday [Tuesday], but we are trying to get back on track especially with our Family Island orders.” The wholesaler said deliveries missed the Family Island mailboats on Tuesday. They added that several boats were lined up to sail yesterday and, considering that they had already prepared orders to leave for the Family Islands on Tuesday, said this would make shipping turnaround times easier. Responding to concerns about what another full lockdown would do to Family Island customers, the wholesaler added: “Providing that we are exempted, I have already obtained permission for a certain amount of persons to come in from the competent authority, but they are being brought in to restock and that sort of thing. This is also providing that the emergency orders are different from what they were on Monday night.”

WHOLESALERS yesterday warned that food retailers should expect some restocking as they try to “catch up” with the lost

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Thursday, August 20, 2020, PAGE 3

Super Value chief is taken aback by shopping ‘chaos’ By YOURI KEMP and NEIL HARTNELL Tribune Business Reporters SUPER Value’s president yesterday admitted he was taken by surprise over the “chaos” that unfolded at many of the chain’s stores prior to their 6am opening following the lockdown reversal. Rupert Roberts told Tribune Business that the Royal Bahamas Police Force (RBPF) had to temporarily close two locations, at Winton and Mackey Street (Top-of-the-Hill), as waiting consumers degenerated into “a rabble fighting for position” with social distancing and other COVID-19 health protocols not being observed. He added that the 13-store chain was forced to put out a social media appeal, via its Facebook page, urging Bahamians not to “panic shop” as fears that a total New Providence lockdown will soon be reimposed - together with the possibility of a storm arriving by Sunday - continued to spark a rush to food stores and other essential services. “The opening was chaos again,” Mr Roberts told this newspaper of Tuesday morning. “We made a statement on Facebook that we have three months’ supply of groceries in the warehouse. The stores’ backrooms are full, and we have probably 30 containers between the warehouse and dock. “There’s no need to panic shop. We have more hours now than we had before the pandemic. We tried to encourage the government to make a statement that there was no danger of running out of supplies and food, and that we’re going to give them adequate time

RUPERT ROBERTS to shop before this pending hurricane, which we think will be Monday.” Mr Roberts indicated Super Value would seek permission to open on Sunday to enable Bahamians and residents to purchase last-minute items if necessary, adding that the competent authority (Prime Minister’s Office) had always been “very obliging” in responding to the supermarket chain’s “problems and suggestions” throughout the COVID-19 pandemic. However, he admitted that he was “very” surprised by the panicked shopper rush his stores faced early yesterday morning, suggesting that fear, anxiety and uncertainty over COVID19 and the government’s plans for combating the infection surge were at the root of this behaviour. “It was absolute chaos from 5am,” Mr Roberts said. “We couldn’t maintain the social distancing. There were no lines; it was a rabble almost fighting for position. The police closed the store momentarily at Winton and lined them up. The same thing happened at Mackey Street top-of-the-hill. “They were so anxious about future lockdowns, but we asked the government to tell them not to panic. I wonder if Thursday, Friday, Saturday and even Sunday are going to

hold up like this. There’s truly no need for it. They’re inconveniencing themselves and we cannot give them quality service. I thought with going back to normal hours.....” Mr Roberts said Super Value restocked its perishable goods yesterday morning after a shipment came in Friday via Tropical Shipping. He acknowledged that Tuesday’s full lockdown had set the supermarket chain back over its stocking of groceries, with some shelves left looking bare, while perishables had to be held at its warehouse rather than brought to the stores. “It’s going to take 24 hours to get the stores looking like they’re just opening the way customers are accustomed to,” Mr Roberts added. Other food retailers also blamed yesterday’s customer rush on fears of another sudden COVID-19 lockdown, adding that they were “uncertain” over when their wholesale suppliers will come through. Atwell Ferguson, Golden Gates Supermarket’s general manager, told Tribune Business: “This morning was a little busy, but it is simmering down now. People are in panic mode now because they aren’t too sure about what’s going to happen. “I think people are both afraid of another lockdown and the possibility of a hurricane coming this way. We are kind of uncertain about it, too, as to what will happen. For example, should we order more for today or should we order just for yesterday because we only know for certain what is for today. “We have some stuff on order for today, and hopefully whatever my brother orders will come in today. But this is still an uncertain

Ex-minister blasts GB Power’s ‘heartless’ fee By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

AN ex-Cabinet minister yesterday blasted Grand Bahama Power Company as “inhumane and heartless” for asking customers to foot the bill for $15m in Dorian recovery costs amid the COVID-19 pandemic. Obie Wilchcombe, the former West End MP and ex-tourism minister, told Tribune Business he was “certain” the utility can afford to delay adding the extra charge to consumer bills beyond its target October 1 implementation date given that Grand Bahama’s economy “has hit rock bottom”.

OBIE WILCHCOMBE Responding after Dave McGregor, GB Power’s president and chief executive, warned that the company “cannot kick the can down the road for ever” on the already-delayed implementation, Mr Wilchcombe argued: “GB Power Company must not be permitted to impose any further

tax (levy) on the people of Grand Bahama. “It is inhumane, it is incoherent and a ruthless business proposition to want to impose a new tax on October 1, 2020, in the midst of the most socially and economically troubling times in the history of Grand Bahama.” He continued: “The people of Grand Bahama are struggling, and many must find a ‘hustle’ to meet the exhaustive and astronomical fees that are already being charged by GB Power Company. In fact, many have complained that the recent monthly bills have skyrocketed.

SEE PAGE 7

thing because we don’t know until our supplier arrives whether they are in stock or out of stock.” Cyril Carey, general manager of Kenneth’s Food Store on Prince Charles Drive, said: “I think the whole town is seeing the massive lines. It is crazy. It is busy and I don’t know why, but it seems like everybody is afraid we will get locked down again.”

Mr Carey said he “doesn’t think” the crowds are connected to the possibility of a hurricane, and added: “I think it’s just that people feel that it’s unpredictable, and that a lockdown will come in another day or two. “We are going to open up today and, as far as it stands, the prime minister says that we can be open right up to Sunday now and until further notice. But we are

jammed packed with customers today. “My opening hours are going to be from now 7pm to 8pm, and no later than that for the next few days. My wholesale suppliers have a slow turnaround and we should have had stuff come in on Tuesday but, because everybody was locked down, we couldn’t get our stuff. We are waiting on everyone from D’Albenas to BWA.”

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PAGE 4, Thursday, August 20, 2020

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Regulators reject Sebas on gaming ad restriction FROM PAGE ONE practice” reforms meant they were based on “discriminatory, arbitrary and capricious assumptions, and will have a disproportionately severe impact on the domestic gaming industry”. URCA, though, pointed out that there was no legal requirement for web shops to be represented on the “code of practice” group, adding that neither Island Luck nor any of its competitors had produced any data of their own to disprove the regulator’s case. “URCA notes that Sears & Company disagrees that the implementation and introduction of a ‘sweeping

and blanket’ watershed period is the appropriate, rational and proportionate regulatory remedy to accomplish the purpose of protecting children and young persons under 18 years from gaming advertisements,” the regulator said. “URCA considers that Sears & Company has not provided sufficient, nor any clarification and evidential support, for its position that the watershed period is a ‘sweeping and blanket’ proposal. “URCA also considers that it was open to Sears & Company to provide, but it did not so provide, any alternative recommendation which it considered

would be an appropriate remedy to accomplish URCA’s stated purpose of limiting the exposure of children and young persons to gaming advertisements during the periods when they are the most likely to be part of the audience,” URCA continued. “The implementation of watershed periods in relation to gaming/gambling advertising is an international best practice, and URCA is aware that watershed periods have been adopted by international regulatory authorities as an appropriate remedy to limit exposure of children and young persons to gaming during the periods when they are most likely to be

part of the audience.” Mr Sears was unaware of URCA’s verdict until contacted by Tribune Business yesterday. However, the impact likely represents a so-called “double whammy” for Mr Bastian’s multiple business interests. For besides the restrictions imposed on Island Luck’s broadcast (TV and radio) advertising, the effects also potentially spill over into his media interests. For ILTV, or Island Luck TV, which shares similar ownership with the web shop chain, and is number 224 on Cable Bahamas’ REV TV service, relies heavily on gaming-related advertising and promotes an hourly lottery-type draw known as Quik Draw. That, in theory, will have to be cut back substantially to comply with URCA’s new edict. The station, which is based by the roundabout at the John F Kennedy (JFK) Drive and Thompson Boulevard junction, is used heavily as a marketing tool to promote the Island Luck web shop chain on a 24-hour, seven days per week, basis. It is also affiliated with The Beat 103.5 FM radio station, which shares the same

building as ILTV. Mr Sears, in his submission, argued that URCA’s proposed remedy is “premature” and ignored other gaming regulatory protections. “Sears & Company noted that URCA did not produce or cite a single example of children being targeted by gaming advertisements in The Bahamas, and that URCA’s claim of the increasing prevalence of gambling within the Bahamian society was factually incorrect,” the regulator said. To prove his case, Mr Sears argued that the Bahamian web shop market had reduced from 25 operators and 640 locations prior to its 2014 legalisation to just seven companies and less than 300 sites now. He also cited regulations requiring patrons to prove they are more than 18 years-old, and the industry’s own self-regulatory standards. “URCA considers that Sears & Company has applied a very narrow interpretation to URCA’s statement about the prevalence of gambling in the Bahamian society, and limited support for its position to empirical data which, at best, illustrates a concentration of competition in the domestic gaming industry,”

the regulator replied. “The full context of URCA’s statement encompasses the burgeoning extent to which gaming/ gambling, since becoming regularised, is being advertised and promoted in the Bahamian society by pay television and radio broadcast licensees...... “URCA therefore considers that now that the gaming industry is regularised and lawful in The Bahamas, the reach by the gaming industry through pay television and radio advertising has become more prevalent in the Bahamian society, and the imposition of a watershed period on all pay television and radio broadcast licensees is consistent with section 5(c) of the Communications Act in order to limit exposure to children and young persons under 18 years-old.” URCA also dismissed Mr Sears’ references to the constitution and case law, adding: “URCA considers that the watershed period, as proposed under the code, will allow for the freedom of expression of gaming/ gambling related advertisements and sponsorship in a manner that protects public morality in relation to children and persons under 18 years.”

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IDB: 100,000 workers ‘vulnerable’ to job loss

FROM PAGE ONE

domestic product), the IDB report predicted that 100,000 workers are “vulnerable” to losing either employment, incomes or both if this nation remains locked in recession for three consecutive quarters. That would mean the Bahamian economy has to shrink throughout the final nine months of 2020, a development that appears increasingly unlikely given that the tourism industry will not rebound in any significant way before yearend 2021. The IDB report, which has been obtained by Tribune Business, also exposes the immediate impact COVID-19 had on Bahamian poverty levels by revealing that the “share” of households reporting earnings below the minimum wage “more than doubled” in the four months between January and April 2020 - a period containing the first full month of the initial lockdown. “The repercussions of the crisis will hinder a large portion of the population’s income,” the IDB said, acknowledging that The Bahamas is not the only nation facing such challenges, as the United Nations’ Economic Commission for Latin America and the Caribbean (ECLAC) has forecast that the number of persons living in poverty within the region will rise by 35m - from 185m to 220m. “Formal sector workers will also be at risk, as businesses are hard pressed to preserve pre-crisis employment and wage levels,” the report added, drawing on the findings of COVID-19 related employment studies produced for the IDB. “A loss of formal jobs could occur, affecting between 5.4m and 18m workers in the region. Estimated formal job losses for The Bahamas range between -9.3 percent and -17.7 percent,” the IDB paper said. “A scenario that assumes

a recession for three consecutive quarters would affect around 100,000 vulnerable workers in The Bahamas - those who were already informal workers before the crisis, and those who could lose their jobs (all without sufficient income). “These estimates reveal the possible extent of the dramatic effect COVID19 will have on the labour market and thus on household incomes in The Bahamas.” However, the IDB quickly conceded that forecasting the precise impact was made difficult by the absence of “timely and representative data” - a common occurrence in this nation. In particular, it noted that no labour market data has been collected in the Dorian-ravaged islands of Grand Bahama and Abaco for more than one year, with the 2020 Labour Force survey having been delayed due to the pandemic. “Unemployment claims to the National Insurance Board (NIB) in March and April 2020 increased almost twenty eight-fold compared to the same period of 2019, and the share of households reporting earnings below the minimum wage more than doubled between January and April 2020,” the IDB paper added. “Between March and April 2020, the National Insurance Board (NIB) received 27,870 unemployment claims compared to 973 claims received in the same period of 2019. The combination of subdued tourism activity and lower domestic production and consumption (due to company closures resulting from the imposition of strict curfews and lockdowns) are the main reasons behind these trends. “In the medium-term (over the next two to five years), the Bahamian economy will face the challenge of recovering economic activity to pre-COVID-19 levels, ensuring the continued protection of livelihoods

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as well as financial and fiscal pressures to absorb the negative shock of business closures and the fall in household income.” Justifying the decision to switch more than $19.5m from a project designed to improve the Bahamian workforce’s skills to the government’s payroll support initiative, the IDB said the step was critical to preserving as many local jobs as possible. “The formal sector is a highly vulnerable sector because liquidity constraints may cause firms to reduce employment demand, causing a general effect on the economy,” the report added. “Fewer jobs would result in reduced labour income. “In the short-term, this implies reduced consumption levels, and in the long-term human capital depreciates affecting expected quality of life and lower tax contributions. Therefore, if the liquidity constraint in these firms is not addressed, they would be forced to reduce their workforce and, in some cases, completely halt operations.” The IDB said it expects more than 6,500 Bahamian workers will benefit from switching its funding to the tax credit and deferral initiative, with the monies fully distributed by the end of the 2020 third quarter. “The actions proposed in this operation will directly benefit formal enterprises in specific industries affected by a potential loss of employment due to COVID-19,” the IDB report said. “We thus expect 6,503 individuals from these target firms to benefit from IDB funds and preserve their jobs based on the information of enterprises that have applied to the programme. “This is ten percent of the potential pool of 64,925 workers currently working in the following

Thursday, August 20, 2020, PAGE 5 industries: Agriculture, hunting, forestry and fisheries; mining, quarrying, electricity, gas and water; manufacturing; construction; transport, storage and communication. “As of May 25, 2020, 53 firms have been approved for the tax deferral employment retention programme. The average declared turnover amounts to $16.313m, and the average number of employees per firm is 102 with an average wage of $2,240.54,” the report continued. “The size of these firms varies greatly. The smallest declared turnover is $45,000 and the highest $174.415m. Total employees amount to 7,072. The total approved tax relief is

$6.639m per month.” The IDB admitted that there was a risk that the initiative might be “undersubscribed” given that many companies will have already released employees and sent them to the NIB queues. However, the government previously said the first round of the initiative saved 7,000 Bahamian jobs through providing businesses with $18m worth of COVID-19 relief via tax credits and deferrals. The second phase, which the IDB funds will help finance, is being expanded to include all qualifying VAT registrants with a turnover of $100,000 or greater plus the hotel industry. The first phase

was targeted only at firms with annual turnovers exceeding $3m and a minimum of 25 employees. Qualifying businesses were able to withhold due VAT or outstanding business licence fees between April and June to enable them to meet payroll expenses. The tax deferrals and credits were split 50/50, meaning that the $9m worth of deferred tax payments in the first phase will have to be paid back by those companies in 2021 via a 12-month payment plan to be agreed with the government. Companies that may have received assistance under phase one can also apply for further assistance in phase two.

MARKET REPORT www.bisxbahamas.com

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WEDNESDAY, 19 AUGUST 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,097.26 | CHG: 0.50 | %CHG: 0.02 | YTD: -134.34 | YTD%: -6.02 BISX LISTED & TRADED SECURITIES 52WK HI 4.10 22.65 2.00 1.79 2.50 6.00 6.75 5.47 8.59 4.50 6.16 12.77 3.64 5.49 10.88 8.44 16.99 4.25 9.40 15.21

52WK LOW 3.13 20.91 0.67 1.79 1.67 5.40 5.39 2.00 5.05 3.62 5.60 11.05 2.71 2.64 9.60 7.10 13.04 3.20 8.00 13.90

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 0.90

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 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

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 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

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 102.00

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

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

SYMBOL FBB22 BFHB

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

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

LAST CLOSE 3.40 17.43 1.62 1.79 1.67 6.00 6.75 2.99 5.10 3.79 6.10 11.26 2.47 5.30 9.98 8.44 14.30 3.99 8.97 15.20

CLOSE 3.50 17.43 1.62 1.79 1.67 6.00 6.75 2.99 5.10 3.79 6.10 11.26 2.49 5.30 10.02 8.44 14.30 3.99 8.97 15.20

CHANGE 0.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.04 0.00 0.00 0.00 0.00 0.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 0.90

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

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

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

VOLUME 2,000 1,000

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

EPS$ 0.239 0.932 0.000 0.000 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

DIV$ 0.170 1.260 0.020 0.000 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 14.6 18.7 N/M N/M N/M N/M 18.3 -6.8 36.4 20.6 13.6 15.6 24.4 11.3 15.5 11.6 17.5 19.7 9.6 24.1

YIELD 4.86% 7.23% 1.23% 0.00% 0.00% 0.00% 3.85% 0.00% 0.00% 3.17% 3.61% 6.39% 17.43% 1.13% 3.27% 2.84% 3.78% 3.01% 2.23% 4.01%

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

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

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

MATURITY

MUTUAL FUNDS 52WK HI 2.34 4.41 2.11 198.39 168.29 1.69 1.85 1.77 1.24 8.34 10.26 7.08 12.15 12.71 10.81 10.00 8.98 11.79

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.64 1.79 1.73 1.06 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

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

NAV 2.34 4.41 2.11 196.40 163.60 1.68 1.81 1.76 1.07 8.30 9.90 7.08 11.27 12.71 10.23 N/A 8.93 11.27

YTD% 12 MTH% 2.13% 4.00% 0.91% 2.59% 1.04% 2.39% 0.65% 2.50% -1.88% 3.33% 1.10% 2.34% -2.43% 1.49% 0.34% 2.43% -11.07% -9.92% -0.45% 8.36% -3.20% 11.46% 2.10% 5.15% -6.17% 3.54% 2.92% 5.55% -4.66% -3.81% N/A N/A -4.20% 0.20% -8.60% -2.90%

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 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

NAV Date

30-Jun-2020 30-Jun-2020 26-Jun-2020 30-Jun-2020 30-Jun-2020 31-Jul-2020 31-Jul-2020 31-Jul-2020 31-Jul-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 30-Jun-2020 30-Jun-2020 30-Jun-2020

THE TRIBUNE

Thursday, August 20, 2020, PAGE 7

Ex-minister blasts GB Power’s ‘heartless’ fee FROM PAGE 3 “To seek to impose an increase is morally contemptuous and heartless. How did they arrive at a decision to impose an additional tax following Hurricane Dorian? The limping economy has hit rock bottom, the job market plummeted, Bahamian lives were lost and many are today living in adverse conditions as they await assistance to repair their homes.” Mr McGregor and GB Power have long argued that the additional charge, which was approved by their regulator, the Grand Bahama Port Authority (GBPA), prior to the COVID-19 pandemic, will only add a small amount to customers’ monthly bills. The charge for GB Power’s three customer categories was initially set at: • Residential - $0.013 cents per kilowatt hour (kWh) or 1.3 cents • Commercial - $0.008 per kWh or 0.8 cents • GSL (industrials) $0.010 per kWh or one cent Mr McGregor reiterated in a recent interview with this newspaper GB Power’s belief that adding the Storm Recovery and Stabilisation Charge as an extra line item in customer bills was ‘“the fairest and most transparent” way of recovering the $14m-$15m invested in repairing its transmission and distribution infrastructure. The only alternative, he added, was to build the levy

into GB Power’s existing rate structure, which would enable the utility to reap more profits in years when there were no hurricanes. Mr McGregor intimated this would be unfair to GB Power’s roughly 19,000 customers. However, the prospect of any further increase in energy costs - however small - will inevitably arouse alarm and controversy in a COVID-19 environment where unemployment has hit an all-time high and there is great uncertainty over the economy’s recovery prospects. “Any company can waive a persuasive economic argument to justify such a need,” Mr Wilchcombe said yesterday. “We must have the fortitude, in the people’s interest, to rebuke such arguments as the level of hurt, pain and frustration already epidemic on Grand Bahama will increase. “GB Power must not be allowed to add more salt to the open wound. GB Power has reaped handsomely over the many decades. Whilst I do not question the generally high quality of service provided to the island, I do question the high fees now charged and shameless effort to increase these further. “I am certain that the GB Power Company and its parent company [Emera] could wait it out as we plan a path for a better future. Grand Bahama will need vision, time and patience to recover and boom again.” Mr Wilchcombe is not

alone in feeling this way. Pastor Eddie Victor, president of the Coalition of Concerned Citizens (CCC), a long-time GB Power critic, told Tribune Business that Grand Bahama’s long-suffering economy, still reeling from the combined impact of Hurricane Dorian and COVID-19, simply “cannot handle” even a small increase in energy rates for years to come. Arguing that GB Power should instead tap its shareholders and own capital reserves, rather than its customers, to recover Dorian-related costs, as the T&D infrastructure is not publicly owned, Pastor Victor said: “There is no economic reasoning by which the Power Company should be able to lay any additional charge on the population for quite some time. We cannot take it. “We’re totally against any type of fees or cost recovery being levied against any customer, commercial or residential. We’re totally against it, fundamentally against the Power Company charging the citizens to replace their own infrastructure. Whoever owns the infrastructure should pay for it, and that’s the philosophy we’re guided by.” K Peter Turnquest, deputy prime minister and MP for East Grand Bahama, declined to comment when contacted by Tribune Business on the basis that he was unaware of GB Power’s plans and had not seen this newspaper’s reporting of the situation.

A BAHAMAS Paradise Cruise Line ship.

Cruise line to cut passengers 40% A CRUISE line yesterday confirmed it will reduce on-board capacity by 40 percent whenever it resumes sailing to The Bahamas as unveiled incentives to encourage early 2021 bookings. Bahamas Paradise Cruise Line said its ‘Micro-Deposits for Micro-Cations’ offer will allow travellers to book future sailings to Grand Bahama or Nassau for early 2021 with just a $25 deposit per person. The company added that the initiative was yet another tool for travel advisors to create leads for bookings, increase customer spend and drive revenue.

“Travel advisors have been a huge support system for us during this challenging time, so we are proud to provide a new tool for them to engage with travellers who are ready to make plans to set sail to The Bahamas in 2021,” said Francis Riley, Bahamas Paradise Cruise Line’s senior vice-president of sales and marketing. “Travellers are eager to return to sea, and as the leader in two-night microcations, this new offer for early 2021 sailings makes booking with us easier and more affordable than ever.” Bahamas Paradise Cruise Line operates two vessels, the Grand Celebration and Grand Classica. The

company added: “As the first to receive a ‘green’ status from the Centres for Disease Control and Prevention, the cruise line has implemented a variety of new initiatives to ensure the health and safety of all onboard and ashore. “The safety measures include newly-enhanced protocols for guest accommodations, common areas, recreational facilities and dining onboard. A few specific measures include closing two-passenger stateroom decks to reduce crowds, and reducing onboard capacity by 40 percent, as well as requiring guests to social distance from valet parking to terminal check-in.”

To advertise in The Tribune, contact 502-2394

PAGE 8, Thursday, August 20, 2020

THE TRIBUNE

APPLE REACHES $2TN MARKET VALUE AS TECH FORTUNES SOAR BERKELEY Associated Press APPLE has become the first US company to boast a market value of $2tn as technology continues to reshape a world where smartphones are like appendages and digital services are like instruments orchestrating people’s lives. The iPhone maker reached the $2tn milestone in yesterday’s early stock market trading when its shares surpassed $467.77. The stock later backtracked to close at $462.83, but it didn’t diminish a remarkable achievement that came just two years

after Apple became the first US company with a $1tn market value. It comes amid a devastating pandemic that has shoved the economy into a deep recession and caused unemployment rates to soar to the worst levels since the Great Depression nearly a century ago. But Apple and other well-established tech giants such as Microsoft, Google, Amazon, Facebook and Netflix have thrived during the upheaval as the pandemic has forced millions of people to work, attend classes, shop and entertain themselves at home. That, in turn, has made technology even more crucial, a factor

that has caused investors to snap up the stocks of the industry’s biggest players, as well as relative newcomers, such as video conferencing service Zoom, which has seen its shares quadruple so far this year. Apple’s stock has climbed nearly 58% this year. In recent weeks, the rally has been bolstered by excitement over a four-for-one stock split that Apple announced late last month in an effort to make its shares more affordable to a wider swath of investors. The broader boom in tech stocks also has helped the benchmark S&P 500 index reach new highs after steep

declines earlier in the year. Apple, Microsoft, Amazon, Facebook and Google’s parent company, Alphabet account for nearly 23% of the S&P 500’s entire value. Apple isn’t the first company in the world to reach a market value of $2tn. That honor belongs to energy producer Saudi Aramco, which attained it in December 2019. Saudi Aramco now trails Apple with a market value of about $1.8tn. Now that technology has clearly become the oil of the 21st century, other industry leaders could soon be joining Apple in the $2tn club, now that it is clear technology has become the oil

of the 21st century. Many industry analysts are predicting Amazon, Microsoft and Alphabet could eclipse the milestone in the upcoming months too. But regulators and lawmakers looking into allegations that Apple, Amazon, Google and Facebook have been illegally abusing their power to stifle competition could spook investors if their investigations result in moves that undercut the companies’ profits. Not all technology companies are doing as well as they were before the pandemic. Google, for instance, suffered the first quarterly revenue decline from the

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 90° F/32° C Low: 74° F/23° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

MONDAY

Clouds and sun

Partly cloudy

Sunshine and patchy clouds

Sunny intervals with a shower

Turning cloudy; shower and t‑storm

Very windy with rain and a t‑storm

High: 90°

Low: 82°

High: 90° Low: 80°

High: 89° Low: 80°

High: 90° Low: 79°

AccuWeather RealFeel

101° F

89° F

101°-88° F

100°-88° F

98°-86° F

98°-87° 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

ABACO

High: 88° F/31° C Low: 83° F/28° C

6‑12 knots

High: 87° F/31° C Low: 76° F/24° C

6‑12 knots

FT. LAUDERDALE

FREEPORT

High: 89° F/32° C Low: 79° F/26° C

W S

WEST PALM BEACH

uV inDex toDay

TONIGHT

High: 88° F/31° C Low: 74° F/23° C

High: 90° F/32° C Low: 82° F/28° C

MIAMI

High: 90° F/32° C Low: 81° F/27° C

4‑8 knots

KEY WEST

High: 91° F/33° C Low: 83° F/28° C

High: 90° F/32° C Low: 82° F/28° C

High: 88° F/31° C Low: 83° F/28° C

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

tiDes For nassau Low

Ht.(ft.)

Today

9:22 a.m. 9:46 p.m.

High

Ht.(ft.) 3.3 3.7

3:23 a.m. 3:33 p.m.

0.1 0.0

Friday

10:12 a.m. 10:34 p.m.

3.5 3.6

4:08 a.m. 4:25 p.m.

0.0 0.0

Saturday

11:04 a.m. 11:24 p.m.

3.5 3.4

4:55 a.m. 5:20 p.m.

0.0 0.2

Sunday

11:58 a.m. ‑‑‑‑‑

3.5 ‑‑‑‑‑

5:43 a.m. 6:17 p.m.

0.0 0.3

Monday

12:17 a.m. 12:55 p.m.

3.2 3.5

6:35 a.m. 7:18 p.m.

0.1 0.6

Tuesday

1:14 a.m. 1:57 p.m.

3.0 3.4

7:31 a.m. 8:24 p.m.

0.3 0.8

Wednesday 2:16 a.m. 3:02 p.m.

2.8 3.3

8:31 a.m. 9:33 p.m.

0.4 0.9

sun anD moon Sunrise Sunset

6:46 a.m. 7:40 p.m.

Moonrise Moonset

8:15 a.m. 9:12 p.m.

First

Full

Last

New

Aug. 25

Sep. 2

Sep. 10

Sep. 17

CAT ISLAND

High: 88° F/31° C Low: 82° F/28° C

6‑12 knots

7‑14 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 88° F/31° C Low .................................................... 75° F/24° C Normal high ....................................... 89° F/32° C Normal low ........................................ 76° F/24° C Last year’s high ................................. 92° F/33° C Last year’s low ................................... 73° F/23° C Precipitation As of 2 p.m. yesterday ................................. 0.38” Year to date ............................................... 36.91” Normal year to date ................................... 23.13”

ELEUTHERA

NASSAU

previous year in its history during the April-June period as the advertising sales that generate most of its profit tapered off amid pandemicdriven lockdowns across the US. But Apple has fared extraordinarily well, buoyed by the timely April debut of a new iPhone model priced at about $400, 40% to 60% less than the fancier devices that it released last fall. The company will face another litmus test in October when it is expected to unveil a lineup of new iPhones, including a model capable of connection on the next generation of ultra-fast wireless networks known as 5G.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 88° F/31° C Low: 81° F/27° C

High: 87° F/31° C Low: 82° F/28° C

High: 89° F/32° C Low: 83° F/28° C

W S

LONG ISLAND

tracking map

High: 88° F/31° C Low: 81° F/27° C

7‑14 knots

MAYAGUANA High: 88° F/31° C Low: 82° F/28° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 87° F/31° C Low: 82° F/28° C

High: 87° F/31° C Low: 81° F/27° C

GREAT INAGUA High: 89° F/32° C Low: 82° F/28° C

N E

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: 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 6‑12 Knots SSE at 6‑12 Knots SE at 6‑12 Knots ESE at 7‑14 Knots SE at 7‑14 Knots ESE at 7‑14 Knots ESE at 8‑16 Knots E at 8‑16 Knots SE at 7‑14 Knots ESE at 7‑14 Knots SSE at 6‑12 Knots SSE at 6‑12 Knots SE at 7‑14 Knots ESE at 7‑14 Knots E at 8‑16 Knots E at 8‑16 Knots ESE at 8‑16 Knots E at 8‑16 Knots ESE at 7‑14 Knots ESE at 8‑16 Knots SE at 7‑14 Knots ESE at 7‑14 Knots SE at 8‑16 Knots E at 8‑16 Knots SE at 7‑14 Knots ESE at 7‑14 Knots

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

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

WATER TEMPS. 86° F 86° F 88° F 89° F 87° F 87° F 85° F 85° F 87° F 87° F 87° F 85° F 88° F 88° F 85° F 86° F 86° F 86° F 85° F 85° F 87° F 87° F 86° F 86° F 87° F 87° F