12242020 BUSINESS

business@tribunemedia.net

THURSDAY, DECEMBER 24, 2020

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joins BPC Sir Franklyn defends Govt in opposing oil $49m Jack’s Bay goal Judicial Review

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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IR Franklyn Wilson is defending as “very conservative” projections that the Jack’s Bay project will hit up to $48.9m in annual real estate sales by 2023, adding: “We’re not selling this like Fried Fish.” The Eleuthera mixed-use resort community’s chairman voiced confidence it will shrug off the COVID19 pandemic and strike its targets because it is seeking “price points lower than what exists” at rival developments such as Albany and Baker’s Bay. Speaking out after Tribune Business obtained forecasts showing Jack’s Bay is targeting some $119.652m in real estate sales over its next three financial years to 2023, Sir Franklyn said this would largely be generated from “seven-figure” purchases by the 40 so-called “founder” investors the project is seeking to give

• Says: ‘We’re not selling this like Fried Fish’ • Near-$120m real estate sales to fund build-out • Argues that projections ‘very conservative’

SIR FRANKLYN WILSON it critical mass. The forecasts, which were contained in the offering documents for the project’s ongoing $10m preference share offering, further reveal that securing

BPC faces $400k extra daily costs if drilling halted By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMAS Petroleum Company’s (BPC) chief executive is alleging it will incur extra costs of up to $400,000 per day if activists succeed in persuading the Supreme Court to halt its exploratory oil drilling. Simon Potter, in a December 11, 2020, affidavit filed with the Supreme Court, said this would be incurred if the Stena IceMAX was forced to suspend drilling operations and sit in a “holding pattern” above the Perseverance One well in waters some 90 miles to the west of Andros.

SIMON POTTER “The cost of simply extending the Stena agreement and holding the vessel in readiness is estimated to be in the range of $350,000 to $400,000 per day,” Mr Potter alleged. “Any interruption to the drilling execution

SEE PAGE 4

‘Stability’ concern on NIB’s $100m COVID drawdown By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Central Bank has voiced confidence that COVID-19 will not produce a “bad loan” blow-out to match the $1.2bn credit arrears peak caused by the 2008-2009 global recession. The banking sector regulator, in its just-unveiled Financial Stability Report, argued that commercial lending institutions have sufficient capital reserves to absorb and deal with the pandemic’s devastating impact

on commercial, household and individual borrowers. However, it warned that the National Insurance Board’s (NIB) drawdown on its liquid assets to finance almost $100m in COVID19 related unemployment benefit claims could create systemic issues within several years. “While NIB is considered systemically important for financial institutions’ liquidity management practice, given its sizeable deposit holdings, there were no financial stability concerns

SEE PAGE 6

these 40 investors is critical to Jack’s Bay build-out - and the pace at which this is achieved - since their real estate purchases will finance infrastructure expansion.

Jack’s Bay and its principals, who also include Tommy Turnquest as deputy chairman, are predicting a rapid postCOVID-19 rebound with real estate sales totalling $32.886m in the project’s 2020-2021 financial year. This, they project, will be followed by annual sales of $37.87m and $48.897m in 2021-2022 and 2022-2023, respectively. The cash flow projections make clear the sales proceeds will be employed to finance $57.4m worth of buildings and infrastructure construction over that three-year period, ranging from a low of $11.9m in 2020-2021 to $23.3m in 2022-2023. Challenged by this newspaper as to whether these

SEE PAGE 5

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ENVIRONMENTAL activists yesterday accused the government of “jumping the gun” after it filed legal papers opposing their bid to halt oil exploration in Bahamian waters. Rashema Ingraham, executive director of Waterkeeper Bahamas, told Tribune Business “it goes against normal legal process for Judicial Reviews” for the Attorney General’s Office to file a “notice of objection” prior to Justice Hanna-Weekes determining whether the activists’ case should proceed. The Supreme Court is due to make that decision at 11am today, but in its December 22, 2020, “notice”, the Attorney General’s Office revealed its intention to seek judicial permission to oppose the Judicial Review challenge on three counts. It cited these as the

SAM DUNCOMBE “delay” in bringing proceedings, a likely reference to the argument that Waterkeepers Bahamas and the Coalition to Protect Clifton Bay (Save the Bays) are out of time as they did not file the Judicial Review within six months of Bahamas Petroleum Company (BPC) obtaining its Environmental Authorisation (EA) in late February 2020. It is also arguing that the case is “devoid of substantive merit”, and urged the Supreme Court not to grant a “stay” that would

SEE PAGE 4

PAGE 2, Thursday, December 24, 2020

THE TRIBUNE

Taking Junkanoo to the world stage ANGELIQUE “Junkanoo Goddess” McKay is a household name not only to Junkanoo and Bahamian culture but throughout

the world. I had an opportunity to speak with this young lady, whose energy and passion about the spirit and the art of Junkanoo is

fascinating. I learnt so much about this warrior, and her determination to take our birthright to another level. The reward she receives is

not only gratifying to her spirit but to the country… yes, The Bahamas that she loves so much. I am grateful to showcase how her artistic

essence has carried her around the world as a true ambassador. Question: How were you dubbed “Junkanoo goddess”? Answer: A former talk show host, Stanya Davis, dubbed me “Junkanoo Goddess” a few years ago due to the fact that I had done so many things for the advancement of Junkanoo that have never been done before. She said that “I needed a title to reflect that I have, and continue, to pave the way for Junkanoo and Junkanoo artists in areas never before attempted”. Every Junkanooer has a Junkanoo or shack name, and I now have another one that I embrace along with the other Junkanoo names like ‘Geliques and Pie’”. Q: What is your definition of being a Bahamian? A: Being a Bahamian is someone whose lineage spans several generations in The Bahamas, and lives the way of life that we do. By that I mean eating our many dishes, enjoying our music and dancing to the basic things that make us who we are - by embracing our cultural traditions and doing what we can to preserve the natural habits of our country. Q: Do you think an artist is born or created, and why? A: I think an artist is born and nurtured. Our creator gave each of us different talents from inception, and it is our duty to embrace it. Notably, artistic abilities in children at an early age are more prominent. Moreover, many people play instruments fluently while some struggle. Q: How did you get started in Junkanoo? A: I was born into Junkanoo. Actually my father, Freddy McKay, is one of the founding fathers of The Saxon Superstars from Masons Addition. He was one of the best bellers in their backline. I have always observed his Junkanoo preparations every Christmas throughout my entire childhood and adult life, which was my breakthrough. Q: What do you feel can enhance the spirit or tradition of Junkanoo? A: It is my belief that an expansion of our Junkanoo

The Art of Graphix BY DEIDRE M BASTIAN

season would be a big boost to the overall spirit of junkanoo. Q: Who has been your role model in Junkanoo? A: My father, Freddy McKay. His passion, commitment and love for Junkanoo has fueled my love for Junkanoo over the years. Q: How have you contributed to the overall success of Junkanoo? A: I have participated in Junkanoo parades, taking costumes to Bay Street for both parades - Boxing Day and New Year’s Day - each time. While I am always happy to design and construct my very own costume, I am also the proud founder of the Junkanoo Commandos organisation, who are proudly the “only” Junkanoo organisation that has ever won a Cacique Award in The Bahamas. The Junkanoo Commandos have also travelled to more than 35 cities around the world, showcasing the creative arts of Junkanoo through performances, workshops and presentations. Furthermore, I was also the founder of the first Junkanoo festival in the country, which was designed to showcase and sell Junkanoo costumes, and allow Junkanoo artists to monetise their art. Q: How important is creativity? A: Creativity is very important to Junkanoo, as it offers the opportunity to bring characters to life via costumes and performance. A personal stamp is placed on every aspect of Junkanoo and, most importantly, the collaborative creativity connects the entire production. Q: How tedious is the creation of costumes? A: Oh my goodness. A labour of love best describes the process. It is a tedious process from conception to performance on Bay Street. Actually, some costumes require a six-month period or more despite the help of a massive production team. However, it is worth the time invested. Q: What are you working on presently? A: Well, because there is no Junkanoo this year, my Junkanoo Commandos team, the project management team of Cultural Experience Productions, and myself are working on a virtual Junkanoo experience with some of our partners in the United Kingdom and West Africa. We seek to highlight a virtual Boxing Day Junkanoo to introduce new projects and collaborations. This production is call ‘Junk-ANew’ and will allow for a larger audience experience.

SEE PAGE 3

THE TRIBUNE

Thursday, December 24, 2020, PAGE 3

CABLE PLANS TV ‘REPACKAGE’ TO COUNTER STREAMING RIVALS By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

CABLE Bahamas is planning a 2021 adjustment to its TV channel packages to better reflect consumer demands and enhance its competitiveness against rival video streaming services. Franklyn Butler, the BISX-listed communications provider’s president, yesterday told Tribune Business that the proposed “repackaging” involves channel changes rather than price increases after the plans were revealed by the Utilities Regulation and Competition Authority (URCA). The communications sector regulator, in its justreleased draft 2021 annual plan, said it planned to hold a public consultation on Cable Bahamas’ proposed revisions during the 2021 first quarter so that impacted consumers could make their views known. “In November 2020, Cable Bahamas submitted an application to URCA requesting approval for the repackaging of its RevTV service,” URCA

REGULATOR: BPL WON’T MAKE CONSUMERS PAY FOR ‘FAILURES’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ENERGY regulators have renewed their pledge to ensure Bahamas Power & Light (BPL) does not make consumers pay for its “failures” through an opaque, inflated fuel charge on their bills. The Utilities Regulation and Competition Authority (URCA), in its just-released 2021 draft annual plan, nevertheless praised the state-owned utility for introducing a fuel hedging initiative to stabilise the fuel charge and give businesses and households certainty over this component of their bills. Suggesting that BPL had “substantially adopted” the recommendations it provided over its fuel hedging plans, URCA added that the advice it also provided over the upcoming $535m Rate Reduction Bond (RRB) placement should be “revisited” given that much has changed since the issue was first proposed due to COVID-19. Acknowledging that it is barred by law from regulating BPL’s tariff pricing until 2021, due to the “holiday” provided in the Electricity Act passed under the former Christie administration when it was seeking to hire Power Secure as the energy monopoly’s manager, URCA said it would resume its assessment of its fuel charge next year to ensure it truly is a “cost recovery” mechanism.

said. “URCA believes the repackaging application will be of significant interest to Pay TV consumers in The Bahamas. “Therefore, prior to deciding on the application, URCA will conduct a public consultation to allow consumers a reasonable opportunity to comment on the proposed decision.” Mr Butler, explaining the rationale for the move, told this newspaper: “We are going to be looking at our product offering from a TV perspective, making sure we have what people are watching in our TV package and realigning our product to suit what customers really want.

“It’s an adjustment to the line-up. It’s really trying to reflect content that is more appropriate for consumers. We can determine what consumers watch and don’t watch. We have to optimise and make sense of our TV offering to make sure it adequately reflects what consumers want and are prepared to pay for.” A source familiar with the planned changes, speaking on condition of anonymity, said Cable Bahamas was aiming to boost consumer choice and flexibility, plus give customers control of what they watch, by developing “tailored packages based on consumer needs and wants”. Noting that the pay-TV business is much-altered since Cable Bahamas entered the market in 1994, they added that the plans were also a response to the growing competitive threat provided by video streaming services such as Netflix, Amazon Prime and Hulu. Pointing out that the industry was undergoing a period of dynamic, fastmoving change that has been accelerated by the

COVID-19 pandemic, the source added: “The world has changed in terms of video consumption - how people consume and pay for it, and the impact this has on advertising and revenue streams. This is not specific to The Bahamas.” Cable Bahamas, they added, was simply responding to the change in viewing tastes and demands by tweaking its business model in a way that would enable it to continue delivering “shareholder value”. URCA, meanwhile, said the legal battles to determine whether it has regulatory authority to supervise Cable Bahamas’ Freeport subsidiary, Grand Bahama Power Company and all utilities within the Freeport area had been delayed due to the COVID19 pandemic. “The trial for the Grand Bahama Power Company matter was scheduled for March 2020. However, the national restrictions and corresponding health protocols affected the court’s ability to facilitate the trial. Consequential to the impact of the COVID-19 pandemic,

the trial was postponed,” the regulator added. “The Cable Bahamas matter is also pending, and it is anticipated that the trial will follow the GB Power matter. Both matters, which commenced in 2016, remain of significant importance to URCA as the legally established regulator of electronic communications, and utilities, and energy in The Bahamas.” URCA continued: “The Communications Act and the Electricity Act empower URCA with the statutory and regulatory mandate to regulate both sectors. The ongoing litigation of these matters continues to challenge URCA’s legal jurisdiction to regulate electronic communications and electricity in the Freeport/ Lucaya areas of Grand Bahama. “The resolution of these matters is essential to URCA’s ability to fully comply with its sector-specific legislation and serve the interests of stakeholders across the archipelago. Protecting the interest of residents in every settlement on every island of

The Bahamas, inclusive of Grand Bahama, remains a paramount mandate and objective of URCA.” The energy sector battle was sparked by GB Power’s original action, filed on July 7, 2016, which challenged URCA’s ability to license and regulate it on the basis that this “conflicts” with the provisions of the Hawksbill Creek Agreement as Freeport’s founding treaty. GB Power’s position is that itself and the Grand Bahama Port Authority (GBPA) “have been vested with the sole authority to operate utilities”, including electricity generation and transmission and distribution, within the Port area until the Hawksbill Creek’s expiration in 2054. Cable Bahamas, the BISX-listed communications provider, is asking the same questions as GB Power in its separate legal action - whether URCA has the jurisdiction to regulate its telephony and Internet businesses in the Port area, which are carried out through its wholly-owned subsidiary, Cable Freeport.

“URCA is proposing to revisit the original intent of this project.... in 2021,” it said, “given that the need remains to ensure that the fuel charge mechanism utilised by all licensees accurately reflects the actual cost of fuel used by the licensee in providing electricity to its customers, and reflects the fair and efficient costs of fuel used and does not pass on costs resulting from failures by a licensee to manage its electricity system properly.” The “fuel charge” portion of BPL bills is designed as a pass-through, meaning that the utility passes on to consumers the full costs associated with purchasing the fuel used to generate electricity. It is supposed to be a “cost recovery” mechanism, meaning that BPL earns no profits from the fuel charge. However, there have long been suspicions that BPL uses the “fuel charge” to disguise inefficiencies elsewhere in its operations, and wraps other items into this levy that further burden Bahamian businesses and households besides the pure costs of fuel. URCA, reiterating its drive for greater transparency and clarity over how the fuel charge is calculated, reiterated: “URCA considers it necessary to ensure that there is clear regulatory oversight of the fuel charge approach wherever it is employed in The Bahamas. Therefore, URCA had proposed to develop a comprehensive methodology for the derivation and application of fuel charges within the sector. “Unfortunately, the vagaries of 2020 [COVID19- resulted in a diversion, which resulted in URCA providing some consultation advice with regard to

the fuel charge as the government and BPL had to adapt to address electricity supply affordability rapidly and, by extension, accessibility in the height of the pandemic.” This meant BPL’s fuel price hedging initiative, which has just been extended from 18 months to 41 months in a bid to give customers certainty over the fuel charge component of their bills through to end-2023. “On April 17, 2020, BPL made a presentation to URCA on a proposed hedging initiative that they were considering in an effort to capitalise on the then-relatively low market price for the fuels utilised for power production. The presentation addressed their proposed policy, methodology, and anticipated targets,” URCA recalled. “URCA notes that while the authority to approve the composition of the Fuel Adjustment Charge (FAC) and other tariffrelated matters ordinarily falls within the purview of energy sector regulators, URCA is statute-barred from doing so with regard to BPL until 2021 by virtue of a tariff holiday enacted by section 20 of the Electricity Act. “Notwithstanding the above, URCA was consulted on the hedging initiative and subsequent FAC amendments, and its advice is considered to have been fairly persuasive as signified by the substantial adoption of the technical and economic recommendations provided. “BPL announced the commencement of its hedging programme in July 2020, which was accompanied by the application of the targeted FAC to its

billings.” Fuel hedging, in theory, puts control of the monthly electricity bill back in consumers’ hands. With the base tariff and fuel charge both fixed, and the latter no longer vulnerable to global oil price fluctuations, Bahamian energy costs will be determined by each business and household’s management of their consumption - effectively making energy a volume business. While consumers will be the main direct beneficiaries, BPL’s reduced fuel costs will also help reduce the drain on the $2bn-plus external reserves at a time when The Bahamas needs to preserve every cent of foreign currency it can get while tourism-related inflows recover. BPL itself should receive little to no benefit from

its hedging strategy, given that the fuel charge is a “pass through” to the enduser that is supposed to be covered 100 percent by consumers. The latter, and the wider economy and its competitiveness, should be the main beneficiaries of locking-in long-term prices. URCA, meanwhile, called for its advice on the imminent $535m Rate Reduction Bond issue to be “revisited” because it was now outdated due to the placement being pushed back because of COVID-19. “In January 2020, a compendium of Rate Reduction Bond (RRB) documents were submitted for URCA’s regulatory review and possible approvals,” it added.

“The [energy regulation] department was given, and successfully met, an aggressive timeline in which to turnaround its assessment of the RRB documents, which included the Rate Reduction Bond legislation and the proposed bond fee calculation methodology. “It is noted that the bond offering was subsequently delayed due to the onset of the unfavourable prevailing economic conditions as a result of the COVID-19 pandemic. Further, as these conditions have materially changed the technical and economic dynamics of the electricity sector, it is anticipated that the advice given in January 2020 may be dated and should be revisited prior to any restart of this initiative.”

FRANKLYN BUTLER

Taking Junkanoo to the world stage FROM PAGE TWO Q: How important is exposure? A: Exposure is very important to the body of Junkanoo and its artists. They are no doubt the best kept secret globally. Ultimately, the Junkanoo Commandos team has been working tirelessly over the years to expose Junkanoo globally. The team visited more than 35 cities around the world, as far afield as Italy and as close as Cordeal Georgia in the United States. They intend to visit more cities as soon as it is safe to travel. Q: What is your view on the Bahamas Junkanoo ratings? A: I don’t think it’s a good rating simply because we lack Junkanoo experiences throughout the year, particularly since The Bahamas is the only Junkanoo destination on this level. Q: What has been your greatest highlight in Junkanoo? A: I actually have two highlights: One been the

Junkanoo Commandos performance at the 50th anniversary of the Dr Martin Luther King Jnr ‘I have a dream speech’, Let Freedom Ring. I was actually the project manager for this historic event where they performed on the steps of the Lincoln Memorial. This performance was viewed and live streamed globally from media houses, and I felt so proud as a project manager and Junkanoo Commando team member. However, overall my greatest highlight was when my son, Zyon, lined up alongside me at Junkanoo on Bay Street for the first time in his costume attire and performed. I do still feel emotional when I think about it. Q: What has been your most disappointing or saddest moments in Junkanoo? A: One of the most disappointing Junkanoo experiences is the short amount of time allotted to perform despite waiting all year to get to Bay Street. I recommend that A and B Category groups perform

on different days, which may offer more time to perform. Q: What would your advice to a newcomer be? A: Choose a group with people you are comfortable with, line up and let’s go to Bay! Remember, Junkanoo is the greatest show on earth. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game. NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre M Bastian is a professionally-trained graphic designer/brand marketing analyst, author and certified life coach with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

PAGE 4, Thursday, December 24, 2020

THE TRIBUNE

BPC faces $400k extra daily costs if drilling halted FROM PAGE ONE

STENA ICEMAX DRILLING SHIP

Govt joins BPC in opposing oil Judicial Review FROM PAGE ONE

halt BPC’s Perseverance One well in mid-drilling in waters some 90 miles west of Andros. Thus the government is now, in effect, backing oil exploration in Bahamian waters even though the prime minister and several of his Cabinet ministers have said publicly that they are personally opposed to such activities. This was not lost on oil exploration opponents. Sam Duncombe, reEarth’s president, said in a statement: “Sadly we have a government that is all too happy to roll over and play dead in the face of such shameful tactics [by BPC]. “They are now opposing our Judicial Review application, even though the prime minister and several of his ministers have all come out against oil drilling.... It’s just bizarre to me. I think they need to get together and talk with one voice. We’re very happy to hear ministers open their mouths now, way too late. “You have to wonder what they are thinking about when they’re putting the country at risk, and there’s so much confusion in government. It doesn’t leave me with the feeling they have a clue what they’re doing. Everything is suspect now. One minute it’s something, the next minute it’s the opposite. Unbelievable. It’s truly bizarre.”

The so-called “shameful tactics” were BPC’s alleged rush to bring the Stena IceMAX drill ship across the Atlantic to The Bahamas and begin drilling even though it knew of the legal threat to its activities, only to now say it is “too late to stop” because of the health, safety and environmental risks. Mrs Duncombe also argued that the government and BPC were “jumping the gun” by filing submissions, affidavits and multiple other legal papers with the Supreme Court when the judge had yet to give permission for the Judicial Review to proceed. BPC, in particular, was not named as a party to the proceedings and will have to apply to get court permission to join the action, as Mrs Duncombe was backed by Ms Ingraham. She added: “The Judicial Review process has not actually begun. For BPC and the government to be filing affidavits and submissions, it goes against normal legal process for Judicial Reviews.” Meanwhile, BPC’s attorneys, UK-based Clare Montgomery QC, and Graham, Thompson & Company’s Leif Farquharson and Adrian Hunt, argued in their “skeleton” submissions that Bahamian environmental legislation would be rendered “unworkable” if the oil explorer was required to seek new Environmental

Authorisation (EA) every time the drill ship merely changed. The environmental activists are arguing that the switch to the Stena IceMAX should have required a new EA, and fresh round of public consultation under the new Environmental Planning and Protection Act, but BPC’s attorneys are arguing this is unnecessary because it “makes no difference to the environmental impact of the operation”. Pointing out that neither the Petroleum Act 2016 nor the accompanying regulations required a fresh application for approval if the drilling vessel’s identity changed, they argued: “The legislation would be unworkable if changes to the identity of personnel, plant and equipment that could make no difference to the environmental impact of the operation required separate consideration and approval by the minister.” BPC’s attorneys also sought to refute the activists’ assertions that their client required approvals under the Planning and Subdivision Act and Conservation and Protection of the Physical Landscape of The Bahamas Act before starting drilling. They argued that both Acts referred to activities that took place on land or in the ground, rather than the seabed, which meant that neither a site plan approval nor excavation permit was required by BPC. The oil explorer also promised that if the Judicial Review is given the go-ahead by the Supreme Court it will demand that the activists pay $100,000 as “security for costs” - a sum it said would cover less than one-third of its estimated $350,000 legal fees.

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schedule, no matter how small, adds considerable cost to the operation which can be measured on a daily basis. “That said, it is unlikely that Stena would agree to such course of action for an extended period of time given that the drill ship is contracted for another offshore drilling campaign in Mexico, due to commence shortly after completion of the drilling of Perseverance One.” Mr Potter confirmed that BPC had spent $9.1m on contractual agreements with third party suppliers and contractors related to Perseverance One to-date, “and has non-cancellable commitments that will result in a further $13.1m of expenditure”. He added: “In addition, BPC has incurred considerable other costs in support of the project since February 2020 in terms of personnel and staff costs, legal fees, financing costs and so forth of approximately $2.9m. Thus, total direct costs incurred since February 2020, including non-cancellable commitments, stand at some $25.1m. “Suspending the project would result in direct losses to BPC of approximately $25.1m. This does not include penalty and break fees that may also become payable, nor does it include the costs of re-securing the various services and items required to restart operations at a later date. “By way of example,

pursuant to the contract with a subsidiary of Stena Drilling for the provision of the IceMAX drill ship, if a stay on the drilling of the well were deemed a force majeure event the company would be required to pay Stena a force majeure day rate for a minimum period of 30 days before the contract could be terminated,” Mr Potter continued. “The force majeure rate is defined as 75 percent of the operating day rate of $185,000 and is therefore $138,750 per day. Over the contractual 30-day period this would result in a penalty payment of $4.2m by BPC to Stena for which it would receive no useful service of the drill ship.” The BPC chief said the company had already paid a $2m “mobilisation fee” to Stena to send the IceMAX across the Atlantic. He added that even if a Supreme Court-ordered “stay” was not deemed a “force majeure” event, BPC would be required to pay the drill ship owner a “full stand-by rate” for 45 days, incurring a net $2.8m extra charge above the commitments it has to-date. With a $2m demobilisation fee also becoming due if drilling is halted, Mr Potter said: “Thus in total, if a stay prevented BPC from enacting its drilling programme as planned, and in the timeframe currently envisaged, direct losses to BPC are currently estimated at $25.1m with a further outlay of $4.8m if the Stena agreement had to be prematurely interrupted.

“Halting the exploratory drilling set for December 20, 2020, would cause very serious financial prejudice to BPC.” Tribune Business previously revealed how BPC fears its “major $100m asset will be extinguished”, thereby threatening its survival, if the Supreme Court halts its oil drilling activities. This is because it would be impossible for the company to apply for the renewal of its five southern Bahamian licences by the March 31, 2021, deadline unless it is able to complete its Perseverance Once exploratory well within the targeted 45-60 days. Disclosing that the results will be critical to determining whether BPC seeks to renew these licences, Mr Potter argued that the oil exploration outfit faced potentially “extreme” economic losses if environmental activists successfully persuade a judge to “stay” Perseverance One’s drilling as part of their Judicial Review challenge to the project’s approvals and permits. And, ominously, he warned that any Supreme Court-enforced drilling halt that deprived BPC of its ability to rely on the Environmental Authorisation (EA) approval granted by the Government on February 25, 2020, could “impair The Bahamas’ reputation as a reliable and predictable investment destination”. And, “at worst”, Mr Potter said it could spark multiple legal claims in numerous countries.

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THE TRIBUNE

Thursday, December 24, 2020, PAGE 5

GRAND LUCAYAN RETURN ‘POSITIVE NOTE’ FOR 2021 By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE Grand Bahama Chamber of Commerce president yesterday said the Grand Lucayan’s planned February 1, 2021, re-opening will “be a real positive note” to start the New Year on. Greg Laroda told Tribune Business: “When we were hoping we could get Dorian behind us, COVID came along in March. So when you look at 2021 coming in, I believe if we can get at least a section of that hotel open, and get some folks back to work, I think that would be a real positive note to start 2021 off on. I would say I have nothing but optimism in terms of speaking to that.” The GB Chamber chief spoke after Lucayan Renewal Holdings, the Government-owned special purpose vehicle (SPV) that holds the Grand Lucayan on its behalf, confirmed previous revelations by this newspaper that it plans to open the resort’s 196-room

Sir Franklyn defends $49m Jack’s Bay goal FROM PAGE ONE forecasts were to ambitious and aggressive, especially when set against the COVID-19 pandemic’s backdrop, Sir Franklyn responded: “We’re looking for 40 founders. We’re not selling lots for $100,000. The founders are buying real estate to become a founder; it’s a seven-figure sum. “COVID-19 is a matter of great question, but the fact of the matter is we think these are very conservative assumptions. The reasons are the following: Our price points are very modest compared to other properties in our market segment. “We’re selling for a relatively modest amount compared to what they’re selling for, and we’re only looking for 40 sales. We think the numbers are very conservative.” Sir Franklyn also argued that there was “no comparison” between Jack’s Bay and mixed-use resort rivals due to the location’s natural attractions, which included beaches, “lagoons and blue holes”. “For us, our key is to get the market to understand the product,” he added. “That’s why we are not trying to sell this like Fried Fish. The whole point is to properly position this in the marketplace. There is nothing like this in the market. “People come to The Bahamas for ocean-oriented purposes. Jack’s Bay is ten minutes from Davis Harbour. The best fishing grounds in The Bahamas are ten minutes away from Davis Harbour. Our projections reflect price points lower than what exists in our market segment. We’re only trying to get 40 sales.” Conceding that Jack’s Bay had delayed marketing promotions targeted at finding these 40 “founders” until COVID-19 eased, and global travel resumed, Sir Franklyn said: “We want people to come and be confident. We’re taking our time, taking it easy, and going to the market when the time is right. There is nothing like this in The Bahamas. “The other reason this will really be special is that people in this market segment ought to anticipate authenticity. The leadership of our company differentiates us from any other property in this market segment. “We know The Bahamas, we know what is authentic in The Bahamas. We’re in position to make sure people get an authentic Bahamian experience. We’ll compete with anybody between nature and authenticity.” Sir Franklyn added that the involvement of worldrenowned golfer, Tiger Woods, and his company in designing the golf course “gives us another competitive advantage. These are discernible competitive advantages that take us to the point where we think our numbers are conservative”. The “authenticity” statement is based on the large number of Bahamian shareholders in Jack’s Bay’s

THE GRAND LUCAYAN HOTEL

open sooner. It’s just everything is up in the air. We don’t have ways to bring guests to the island, so the hotel opening is the lesser of like three evils. “Given the amount of traffic that we’re able to have from private visitors and the few airlines that come, and with the few Airbnbs and Pelican Bay, and the one or two boutique hotels that are open, it is more than sufficient.” “Aside from the workers who would feel it the most, because they’re not employed, we have more than enough rooms available for the small amount of guests that we do have. The sad part is we need more guests in our rooms, and that involves having more ships like the Balearia and the Celebration to bring guests to the island.” Still optimistic about 2021, Mr Bridgewater said that at least the Lighthouse Point will re-hire workers and be a “step in the right direction” for Grand Bahama.

Lighthouse Pointe property - together with several restaurants and the spa and fitness centre - by early February. Mr Laroda said the Grand Lucayan’s re-opening will give businesses and residents alike “hope” that Grand Bahama’s moribund economy is starting to revive. He warned, however, that recovery will not happen overnight, and the

resort’s return was unlikely to produce a “big economic bang”. The decision to re-open the Grand Lucayan comes as negotiations to finalise the property’s sale to Holistica, the Royal Caribbean/ITM Group joint venture, continue to drag on. It is unclear whether the re-opening move is a sign that little progress is being made, especially after

immediate holding company, Eleuthera Properties. While While Sir Franklyn’s Sunshine Holdings group is the largest shareholder, its other investors include the likes of Colina, BAF Financial, the John Bull Group of Companies and Royal Bank of Canada (RBC). Besides the corporate investors, the Anglican Church has been “gifted” shares in Eleuthera Properties Ltd, while the estates of the late John Morley and Billy Lowe were also among the shareholders. Eleuthera links to the investors are through the estates of the late Albert Sands and Whitfield Kemp. Another Eleuthera shareholder is businessman Lawrence Griffin from Governor’s Harbour, while Sir Orville Turnquest, the former governor-general, and his family - long-time investment and business partners of Sir Franklyn are also invested. And Jack’s Bay preference share offering has received backing from Julian Brown, president and chief executive of BISX-listed Benchmark (Bahamas), who has pledged to invest in it and recommend the same to clients. The projections obtained by Tribune Business show the “founder” real estate sales generating up to $27.059m in net cash flow by 2022-2023, once recurring expenses and infrastructure works costs are deducted. By the end of that financial year, Jack’s Bay is forecast to have some $61.908m in accumulated cash. However, the project is only projected to be net cash positive from operations by 2022-2023, when it finishes some $362,102 in ‘the black’. In the prior two years it is forecasting negative “net cash” of $422,355 and $372,958, with the revenue from memberships, golf operations and food and beverage exceeded by expenses. The “founder” strategy is one typically employed by new-build private members’ clubs and mixed-use resort communities to attract high net worth owners to invest in buying/constructing residences, thereby providing them with the critical mass and credibility to grow and gain further homeowners. Albany, the high-end south-west New Providence community, whose investors include Bahamas-based billionaire Joe Lewis and his Tavistock Group, which led the development of similar projects in Florida such as Lake Nona and Isleworth, as well as world-famous golfers Ernie Els and Mr Woods. Albany’s managing partner told this newspaper at the time that the project knew the identity of its founders before any construction activity started. And Baker’s Bay, the Abaco-based mixed-use resort and residential community that Jack’s Bay is also modelling itself on, enjoyed significant success in selling real estate prior to Hurricane Dorian. Baker’s Bay, principal investor, Discovery Land Company, has also developed similar communities in the US and Mexico.

OUT ISLAND HOTELS: MAINTAIN COVID TESTS AT SEVEN DAYS By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A FAMILY Island hotelier yesterday urged the government to keep the COVID-19 PCR test’s validity at an extended seven days past the Christmas holidays to boost tourism’s revival. Chris Morris, the Cape Eleuthera Resort and Marina’s general manager, told Tribune Business experience showed that meeting The Bahamas’ requirement for visitors to obtain a negative PCR test within five days of travel was simply too tight a timeline for many. “The relaxation from five to seven days helps,” he said of the government’s decision to relax COVID testing restrictions and facilitate inter-island travel over the Christmas holidays. “In South Florida it is easy to get the RT-PCR test done in a quick time. Everywhere else that is not the case. “My wife as well as great family friends have had

Michael Scott, the hotel’s chairman, recently branded the terms of the transaction as “bad deal”. Mr Laroda, though, said: “I don’t think that investors are taking too much of a risk to continue with an investment here in that hotel property. I think it’s going to pay off for them, and I think it’s going to be the start of a turnaround here for us on

Grand Bahama.” Brent Collins, chief executive of Freeportbased Power Equipment, who has had contracts with the Grand Lucayan in the past, said it was re-opening both the smallest and most expensive part of the complex. “Those are like the super duper executive suites that you try to attract the rich people to,” he said. “Unless that is their goal, I was looking forward to the rest of the place being opened because that’s where the bulk of the tourists normally stay - in the bigger units.” “So when they mentioned they opening up Lighthouse Point, I mean, I know some of them will be couple hundred dollars a night. I guess they are just trying to show people progress. It didn’t make me get the indication or the feeling that anything significant had started.” Alfredo Bridgewater, owner/operator of Coco Nutz, said: “I didn’t realise it [the opening] was pushed back. I thought it would

the hardest time with the five-day timeline. They all have travelled to Eleuthera over 100 times. If they can hardly get it done, how does the first time traveller? We need to push to extend to seven days going forward.” Mr Morris spoke after the government altered its Emergency Powers orders to extend the validity of a negative COVID-19 PCR test to seven days until January 4, 2021 He added: “The New Year brings optimism. We have a lot of marina reservations for three to six months. This appears to be a new thing for 2021; boaters wanting to establish a home base. This is awesome and I love it. “We just reopened the hotel and restaurant last Friday. We see reservations coming in but need to fill some gaps late January and early February. Besides that, New Year’s is almost sold out and that is encouraging. I am so happy to have all employees back to work at Cape Eleuthera. We are ready to go and it’s happening”

Cheryl Bastian, owner/ operator of Swain’s Cay Lodge in Andros, said the relaxation of COVID-19 testing protocols will be “quite significant” for the Family Islands. She added: “I’m sure it’ll help a lot of my guests who are pushing during the Christmas holiday to get results from the lab when people are also on holiday, so I think it was great idea. Good thinking.” Ms Bastian said January was looking good for bookings even though there had been some cancellations. She added that business volumes appeared promising up until mid-May 2021. “People are really concerned. They don’t even want to come out of their houses in New York and other places,” Ms Bastan said, suggesting this was the reason for January’s cancellations. Despite this, her “diehard” guests are still travelling for the New Year. “I have a Bahamian family coming in, and I have an American family coming in, so January is going to give me a little bit of business.

But I see February, March, April and May really panning out,” Ms Bastian said, disclosing that she has a 20-person group booked for May 2021. Matthew Brear, general manager of Long Island’s Cape Santa Maria property, said that the relaxation of COVID-19 travel protocols will have “zero” impact on tourists, arguing that persons have already decided if and where they are travelling. Mr Brear is forecasting a 40 percent decline in business in 2021 as compared to 2019, adding: “That’s not too bad. This returns us to the same volume of business we enjoyed in 2013. We project the New Year to start slowly but gradually improve with the administration of vaccines and improved traveller confidence.”

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PAGE 6, Thursday, December 24, 2020

THE TRIBUNE

‘Stability’ concern on NIB’s $100m COVID drawdown FROM PAGE ONE pertaining to the board’s operations over the course of the year,” the Central Bank report said of its 2019 performance. “Due to the effects of the 2020 COVID-19 pandemic, however, the resultant surge in claims on The board has led to a drawdown in liquidity, which could have implications for financial stability over the next few years.” There was better news, though, when it came to the commercial banking industry’s ability to absorb

escalating borrower defaults now that COVID-19 loan deferral initiatives are being unwound and are coming to an end. “With the onset of the COVID-19 pandemic, risks to the outlook have increased, with credit losses expected to become elevated,” the Central Bank said. “However, such setbacks are expected to pace below the major write-offs recorded after the 2008 great recession, and to be absorbed without having destabilising effects, in view of the healthy excess capital retained by banks.... “Since March 2020, the

system has faced substantial operational and financial challenges arising from the COVID-19 pandemic and related restrictions on Bahamian business operations. “This latest episode has not materially altered the financial stability assessments. The exposed credit risks are estimated to be within manageable limits, either systemically or because of more than adequate loss absorbing buffers of lending institutions.” Combined non-performing loans, which is credit 90 days or more past due, and arrears representing credit between 30 and 90 days past

due, peaked at $1.2bn - or one out of every five dollars in outstanding loans - following the 2008-2009 recession before starting to come down to more manageable levels in the hundreds of millions of dollars just prior to COVID-19. Noting that banks, credit unions and other lenders had implemented loan deferral initiatives to help their borrower clients mitigate COVID-19’s impact, the Central Bank added: “As deferments unwind, the impact on non-performing loans and capital are expected to become more pronounced, albeit with less negative effects than the accumulated impacts of the great recession, which started in 2008. “However, banks will rely on higher average excess capital than credit unions. Greater oversight will be required in managing the credit union sector’s adjustment; albeit the improving

THE CENTRAL BANK OF THE BAHAMAS prospects around distribution of COVID-19 vaccines could shorten the duration of stress experienced by these cooperatives.” Focusing on credit unions in more detail, the Central Bank added: “The narrow excess capital base leaves the sector more vulnerable to the effects of the COVID19 pandemic. Losses are expected to deplete the

sector’s capital to a greater extent than for banks. “Concerns, however, are diminished by the enhanced safety net mechanisms in which these entities are being enrolled, and greater certainty around the access to vaccines for COVID-19 that will enable a strengthened performance for tourism over the course of the second half of 2021 and into 2022.”

US layoffs remain elevated as 803,000 seek jobless aid WASHINGTON Associated Press THE number of Americans seeking unemployment benefits fell by 89,000 last week to a still-elevated 803,000, evidence that the job market remains under stress nine months after the coronavirus outbreak sent the US economy into recession and caused millions of layoffs. The latest figure, released yesterday by the Labor Department, shows that many employers are still cutting jobs as the pandemic tightens business restrictions and leads many consumers to stay home. Before the virus struck, jobless claims typically numbered around 225,000 a week before shooting up to 6.9 million in early spring when the virus — and efforts to contain it — flattened the economy. The pace of layoffs has since declined but remains historically high in the face of the resurgence of COVID-19 cases. “The fact that more than nine months into the crisis, initial claims are still running

at such a high level is, in absolute terms, bad news,” Joshua Shapiro, chief US economist at the economic consulting firm Maria Fiorini Ramirez Inc, wrote in a research note. “With the pandemic again worsening, it is likely that claims will remain quite elevated for some time.’’ The latest data on unemployment claims came on the same day that the government reported that consumer spending — the principal driver of the economy — fell in November for the first time since April. The 0.4% drop, coming in the midst of the crucial holiday shopping season, added to concerns that weak consumer spending will slow the economy in coming months. Economists suggested that the viral crisis, combined with diminished income and colder weather, likely led Americans to pull back in November. Also yesterday, the government said that sales of new single-family homes sank 11% from October to November, though purchases remain up nearly 21% from a year ago. Boosted by rock-bottom mortgage rates, housing has proved resilient since the health crisis erupted last spring. Another report yesterday showed that orders to US factories for high-cost manufactured goods rose a moderate 0.9% in November, with a key category that tracks business investment plans showing a gain. The rise in orders for durable goods, which are items that are expected to last at least three years, followed even stronger gains in recent months. The pace of orders has now nearly regained its pre-pandemic level. In its report on applications for unemployment aid, the government said the total number of people who are receiving traditional state benefits fell to 5.3 million for the week that ended Dec 12 from a week earlier. That figure had peaked in early May at nearly 23 million. The steady decline since then means that some unemployed Americans are finding work and no longer receiving aid. But it also indicates that many of the unemployed have used up their state benefits, which typically expire after six months. Millions more jobless Americans are now collecting checks under two federal programs that were created in March to ease the economic pain inflicted by the pandemic. Those programs had been set to expire the day after Christmas. On Monday, Congress agreed to extend them as part of a $900bn pandemic rescue package. On Tuesday night, though, President Donald Trump suddenly raised doubts about that aid and other federal money by attacking Congress’ rescue package as inadequate and suggesting that he might not sign it into law. The supplemental federal jobless benefit in Congress’ new measure has been set at $300 a week — only half the

amount provided in March — and will expire in 11 weeks. A separate benefits program for jobless people who have exhausted their regular state aid and another benefits programme for selfemployed and gig workers will also be extended only until early spring, well before the economy will likely have fully recovered. A tentative economic recovery from the springtime collapse has been faltering in the face of a resurgence of COVID-19 cases: An average of more than 200,000 confirmed cases a day, up from fewer than 35,000 in early September. Hiring in November slowed for a fifth straight month, with employers adding the fewest jobs since April. Nearly ten million of the 22 million people who lost jobs when the pandemic hit in the spring are still unemployed. According to the data firm Womply, closings are rising in some hard-hit businesses. For example, 42% of bars were closed as of Dec 16, up from 33% at the start of November. Over the same period, closures rose from 25% to 29% at restaurants and from 27% to 35% at salons and other health and beauty shops. The number of jobless people who are collecting aid from one of the two federal extendedbenefit programmes — the Pandemic Unemployment Assistance program, which offers coverage to gig workers and others who don’t qualify for traditional benefits — rose by nearly 27,000 to 9.3 million in the week that ended Dec 5. The number of people receiving aid under the second programme — the Pandemic Emergency Unemployment Compensation programme, which provides federal jobless benefits to people who have exhausted their state aid — fell by nearly 8,200 to 4.8 million. All told, 20.4 million people are now receiving some type of unemployment benefits. (Figures for the two pandemic-related programmes aren’t adjusted for seasonal variations.) States and cities have been increasingly issuing mask mandates, limiting the size of gatherings, restricting or banning restaurant dining, closing gyms or reducing the hours and capacity of bars, stores and other businesses, all of which has slowed economic activity. With vaccines now beginning to be gradually distributed, though, optimism is rising about 2021. Months from now, economists say, the widespread distribution and use of the vaccines could potentially unleash a robust economic rebound as the virus is quashed, businesses reopen, hiring picks up and consumers spend freely again. Until then, the limited aid Congress has agreed to won’t likely be sufficient to stave off hardships for many households and small companies, especially if lawmakers balk at enacting further aid early next year.

THE TRIBUNE

Thursday, December 24, 2020, PAGE 7

S&P 500 index ticks higher, breaking a three-day losing streak Associated Press STOCKS closed higher on Wall Street yesterday, nudging the S&P 500 to its first gain in four days, as investors weighed a mixed set of reports on the economy. The S&P 500 inched up 0.1% after shedding most of its gains from earlier in the day. The benchmark index remains on track for a weekly loss. Gains by financial, communication services, energy and other sectors were kept in check by declines elsewhere, including technology companies, which helped pulled the Nasdaq slightly lower. Investors continued to bid up shares in smaller company stocks, driving the Russell 2000 small-cap index to its second straight all-time high. An hour before trading began on Wall Street, the government released an avalanche of data on the economy that showed some optimistic signs and several disappointing ones. But the market seemed to largely shrug off the reports. “The economic data is being largely discounted,” said JJ Kinahan, chief strategist with TD Ameritrade. “It seems to be that the rollout of the vaccine for the coronavirus is starting to go pretty well, so that’s what’s giving people a lot of hope. At the end of the day that still remains the top story.” The S&P 500 rose 2.75 points to 3,690.01. The benchmark index set a record high today and is up 14.2% so far this year. The Dow Jones Industrial Average added 114.32 points, or 0.4%, to 30,129.83. The Nasdaq composite fell 36.80 points, or 0.3%, to 12,771.11. The tech-heavy index has notched new highs 54 times this year as Big Tech companies have led the market higher. The Russell 2000 index climbed above the 2,000point mark for the first time. It gained 17.22 points, or 0.9%, to 2,007.10. The index has risen 10.3% this month, roughly half of its gain for far this year. Overnight, Wall Street had seemed to be heading for a rockier day of trading. US stock futures initially dropped after President Donald Trump said that he may not sign

PEDESTRIANS pass the New York Stock Exchange in New York. Stocks were ticking higher on Wall Street yesterday following a mixed set of reports on the economy. Photo: John Minchillo/AP

the $900bn rescue for the economy that Congress just approved. But they eventually drifted upward as investors looked past the unexpected push back. Markets around the world were relatively buoyant. Many Asian and European stock markets also rose, while Treasury yields climbed. Thin trading in this holiday-shortened week could make market moves more erratic. So could investors looking to close out positions as the end of the year approaches. “The market is just inclined to go higher,” said Andrew Mies, chief investment officer at investment advisory firm 6 Meridien. “There’s a positive seasonal trend behind that. There’s obviously a tremendous momentum move that we’ve seen in the market over the last eight months and it just doesn’t seem like it wants to end.” A mixed batch of economic data didn’t keep the market from grinding higher yesterday. The Labor Department said fewer US workers filed for unemployment benefits last week. The number is still incredibly high compared with before the pandemic, but it was better than economists were expecting. It also meant at least a temporary halt to the increase in unemployment claims the economy had been suffering as the pandemic worsens and tightens its chokehold on the economy.

COMMONWEALTH OF THE BAHAMAS 2018 IN THE SUPREME COURT CLE/qui/00568 Common Law and Equity Division IN THE MATTER OF The Quieting Titles Act, 1959 AND All that piece parcel or tract of land containing Thirty-two and three hundred fifty four hundredth acres situate on the Southern Side of West Bay Street immediately East of Atlantic Drive in the Western District of the Island of New Providence one of the Islands of The Commonwealth of The Bahamas AND IN THE MATTER OF The Quieting Titles Act, 1959 AND IN THE MATTER OF The Petition of Brien Philip Andru Miller NOTICE The Petition of Brien Philip Andru Miller of the Eastern District of the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas in respect of: All that piece parcel or tract of land containing Thirty-two and three hundred fifty four hundredth acres situate on the Southern Side of West Bay Street immediately East of Atlantic Drive in the Western District of the Island of New Providence one of the Islands of The Commonwealth of The Bahamas. Brien Philip Andru Miller the Petitioner herein claim to be the owner in fee simple in possession of the said land free from encumbrances and have made application to the Supreme Court of the Commonwealth of The Bahamas under section 3 of The Quieting Titles Act, 1959 to have this title to the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. AND TAKE NOTICE that the Petition and Plan of the said land may be inspected during normal business hours at the following places: (a) The Registry of the Supreme Court, British American Building, Marlborough Street Annex, Nassau, Bahamas; (b) The Office of the Petitioner’s Attorneys J. Michael Saunders Chambers, Knowles Drive, Off Tonique Williams Darling Highway, Nassau, Bahamas. NOTICE is hereby given that any person having an adverse claim or a claim not recognized in the Petition shall on or Brien Philip Andru Miller claims to be the owner in fee simple of the said land free from encumbrances and has made application to the Supreme Court in the Commonwealth of The Bahamas under section 3 of the Quieting Titles Act 1959 to have his title to the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. J. MICHAEL SAUNDERS Chambers Knowles Drive Off Tonique Williams-Darling Highway Nassau, Bahamas. Telephone No. 323-8005/6 Attorneys for the Petitioner

Another report said that orders for long-lasting goods strengthened by more than expected last month, a good sign for the nation’s manufacturers. Other data reports were more grim, though.

Consumers pulled back on their spending by more last month than economists expected. It was the first drop since April, and it’s a discouraging signal for an economy that’s driven mostly by consumer

spending. A big reason was the sharp drop in incomes that Americans took in November, worse than economists had forecast. The resurgent pandemic is pushing governments around the country and world to bring back varying degrees of restrictions on businesses. Those, plus lost sales for companies from customers scared to do business amid the pandemic, are dragging the economy down following its initial bounce-back from its springtime plunge. A new, potentially more infectious coronavirus strain identified in southern England is raising worries further. The hope in markets had been that $900bn in economic support that Congress approved on Monday night could tide the economy over until widespread vaccinations could help the world begin a return to normal next year. The package includes one-time cash payments to most Americans, extra benefits for laid-off workers and other financial support.

But Trump said late on Tuesday that he wants to see bigger cash payments going to most Americans, up to $2,000 for individuals. He also criticised other parts of the bill. Wall Street’s gains on Wednesday were modest but widespread. Stocks of companies that would benefit the most from a healthier economy were doing the heaviest lifting. Energy stocks rose 2.2% for the biggest gain among the 11 sectors that make up the S&P 500. Financial stocks were close behind, adding 1.6%. The yield on the ten-year Treasury rose to 0.95% from 0.90% late Tuesday.

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PAGE 8, Thursday, December 24, 2020

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Edging into Christmas Eve, EU and UK near Brexit trade deal BRUSSELS Associated Press EUROPEAN Union and British negotiators inched their way to within touching distance of a trade deal early today, raising hopes a chaotic economic break between the two sides on New Year’s Day could be averted, officials said. After resolving a few remaining fair-competition issues, negotiators tussled over EU fishing rights in UK waters as they worked right into Christmas Eve to secure a provisional deal for a post-Brexit relationship after nine months of talks. Sources on both sides said the long and difficult negotiations were in their final stretch as negotiators went into another night, living off a stack of pizzas delivered to EU headquarters while they were combing through the fine print of a draft deal that runs to some 2,000 pages. “Work will continue throughout the night,” said EU spokesman Eric Mamer. British Prime Minister Boris Johnson held a Cabinet conference call to brief his senior ministers on the outlines of the deal, ahead of an announcement widely expected later today. Johnson and EU Commission President Ursula von der Leyen are likely to bring news of an agreement

before the tentative deal goes to the 27 EU capitals seeking unanimous approval and the blessing of the EU and British parliaments. No matter what happens, trade between Britain and the EU will face customs checks and some other barriers on Jan 1, when the UK leaves the bloc’s single market and customs union. A trade deal would avert the imposition of tariffs and duties that could cost both sides billions in trade and hundreds of thousands of jobs. Britain withdrew from the EU on Jan 31, and an economic transition period expires on Dec 31. Johnson has always insisted the UK will “prosper mightily” even if no deal is reached and the UK has to trade with the EU on World Trade Organization terms from Jan 1. But his government has acknowledged that a chaotic exit is likely to bring gridlock at Britain’s ports, temporary shortages of some goods and price increases for staple foods. Tariffs will be applied to many UK exports, including 10% on cars and more than 40% on lamb, battering the UK economy as it struggles to rebound from the impact of the coronavirus pandemic. Over the past few days, Johnson and von der Leyen have been drawn more and more into the talks and have been in contact by

BRITISH Prime Minister Boris Johnson. phone seeking to unblock negotiations. Rumours of a pre-Christmas trade deal surfaced in recent days based on progress on the main outstanding issues, other than fishing. The EU has long feared that Britain would undercut the bloc’s social, environmental and state aid rules to be able to gain an unfair edge with its exports to the EU. Britain has said that

having to meet EU rules would undercut its sovereignty. On those issues, a compromise had been reached, a diplomat from an EU country said. The economically minor but hugely symbolic issue of fish came to be the final sticking point, with maritime EU nations seeking to retain access to UK waters where they have long fished, and Britain insisting it must exercise control

LEGAL NOTICE

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DAWEL FOUNDATION In Voluntary Liquidation

ELDRED FOUNDATION In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, DAWEL FOUNDATION is in dissolution as of December 18th, 2020.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, ELDRED FOUNDATION is in dissolution as of December 18th, 2020.

International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

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as an “independent coastal state”. Some EU nations insisted that upon close scrutiny, Britain’s latest proposals on quotas for EU vessels in UK waters were far less conciliatory than first met the eye, imperiling a deal at the last minute. Yesterday, brokering on quotas and transition times for EU vessels to continue fishing in UK waters was in full swing, with progress reported from several sides. A deal must be ratified by parliaments in both Britain and the EU. The British Parliament is currently on a Christmas break but could be recalled next week so lawmakers can vote. Johnson’s large majority in Parliament should ensure the agreement passes, but any compromises will be criticised by

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hard-line Brexit supporters in his Conservative Party. The party’s euroskeptic European Research Group said it would carefully scrutinise any deal “to ensure that its provisions genuinely protect the sovereignty of the United Kingdom after we exit the transition period at the end of this year”. If the two sides fail to meet the Jan 1 deadline, a deal could provisionally be put in place and approved by the EU parliament in January. Businesses on both sides are clamoring for a deal that would save tens of billions in costs. The border is already reeling from new restrictions placed on travelers from Britain into France and other EU countries due to a new coronavirus variant sweeping through London and southern England. Yesterday thousands of trucks were stuck in traffic jams near Dover, waiting for their drivers to get virus tests so they can enter the Eurotunnel to France. While both sides would suffer economically from a failure to secure a trade deal, most economists think Britain would take a greater hit, because it is smaller and more reliant on trade with the EU than the other way around.

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NOTICE JR Associated Corp In Voluntary Liquidation

NOTICE KOFINVEST LTD. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, ELDRED FOUNDATION is in dissolution as of December 18th, 2020.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, JR Associated Corp is in dissolution as of December 22, 2020

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, KOFINVEST LTD. is in dissolution as of December 18, 2020

International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

CANDEO OVERSEAS S.A. with address at Tortola Pier Park, Building 1, 2nd Floor, Whickams Cay I, Road Town, Tortola, British Virgin Islands is the Liquidator.

GESTAM REPRAESENTANZ LTD with address at Suite 102, Saffrey Square, Bank Lane & Bay Street, Nassau, Bahamas is the Liquidator.

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NOTICE VEMRON BUSINESS LTD. In Voluntary Liquidation

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Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, VEMRON BUSINESS LTD. is in dissolution as of December 18th, 2020.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, RGM Business Investment Ltd. is in dissolution as of December 21st, 2020.

International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

NOTICE ELDRED FOUNDATION In Voluntary Liquidation

NOTICE Shop Value Limited NOTICE IS HEREBY GIVEN as follows: (a) Shop Value Limited is in dissolution under the provisions of the International Business Companies Act, 2000. (b) The dissolution of the said Company commenced on the 22 December, 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Beryn Neeley. Dated the 22nd day of December, 2020.

LIQUIDATOR ______________________

LIQUIDATOR ______________________

H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

PAGE 10, Thursday, December 24, 2020

THE TRIBUNE LEGAL NOTICE

NOTICE LAINSLY LIMITED N O T I C E IS HEREBY GIVEN as follows:

(a)

LAINSLY LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 23rd December, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Dizame Consulting S.A., P.O. Box 3149, Pasea Estate, Road Town, Tortola, British Virgin Islands.

Dated this 24th day of December, A. D. 2020 _________________________________ Dizame Consulting S.A. Liquidator LEGAL NOTICE

NOTICE NETA BOXENBAUM LIMITED N O T I C E IS HEREBY GIVEN as follows: (a)

NETA BOXENBAUM LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 23rd December, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is CST Administration (Bahamas) Limited of the Bahamas Financial Centre, Shirley and Charlotte Streets, P.O.Box N-3023, Nassau, Bahamas.

Dated this 24th day of December, A. D. 2020 _________________________________ CST Administration (Bahamas) Limited Liquidator LEGAL NOTICE

LEGAL NOTICE International Business Companies Act (No.45 of 2000) Wisdom Fund Ltd. (the “Company”) In Voluntary Liquidation

MARKET REPORT www.bisxbahamas.com

WEDNESDAY, 23 DECEMBER 2020

BISX ALL SHARE INDEX:

CLOSE

CHANGE

2082.65

3.77

%CHANGE

YTD

YTD%

0.18 -148.95

-6.67

(242) 323-2330 (242) 323-2320

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000) Wisdom Fund Ltd. (the “Company”) is in dissolution. The date of commencement of the dissolution is December 23rd, 2020. Elias Ferreira Caixeta is the Liquidator and can be contacted at Rua Olimpio P De Melo 120 CS, Caicaras, 38702-164 Patos de Minas, MG, Brazil. All persons having claims against the above-named company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before December 29th, 2020.

BISX LISTED & TRADED SECURITIES 52WK HI 4.15 33.05 2.00 1.84 2.39 6.00 6.75 4.10 8.01 4.50 6.16 12.77 3.64 6.85 10.88 8.44 15.08 4.25 9.26 15.21

52WK LOW 3.13 22.65 0.67 1.62 1.67 5.00 6.00 2.70 4.75 3.50 5.90 11.06 2.10 4.60 9.60 7.50 13.00 3.25 8.15 14.00

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

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 Bahamas Limited Focol Finco J. S. Johnson

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

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

BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

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

52WK LOW 100.00 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00

52WK HI 2.37 4.43 2.13 198.39 176.73 1.69 1.85 1.77 1.24 8.39 10.26 7.23 12.80 12.81 10.81 10.00 8.98 11.79

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.65 1.79 1.75 1.05 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

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

SYMBOL FBB22 BFHB

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

MUTUAL FUNDS

MARKET TERMS

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

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407

LAST CLOSE 4.15 32.12 1.62 1.79 1.67 6.00 6.61 2.80 4.75 3.59 5.90 11.26 2.40 6.75 10.21 8.40 13.75 3.80 8.25 15.20

CLOSE 4.15 32.12 1.62 1.84 1.67 6.00 6.61 2.80 4.75 3.59 5.90 11.26 2.41 6.75 10.21 8.40 13.75 3.80 8.50 15.20

CHANGE 0.00 0.00 0.00 0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.25 0.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

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

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

VOLUME

170,000

2,000 1,354

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 VOLUME

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

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00

EPS$ 0.239 0.932 0.000 0.110 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631

NAV 2.37 4.43 2.13 198.36 173.98 1.69 1.79 1.77 1.05 8.39 9.88 7.23 12.33 12.80 10.20 N/A 9.28 11.86

DIV$ 0.170 1.260 0.020 0.030 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 17.4 34.5 N/M N/M N/M N/M 17.9 -6.4 33.9 19.5 13.1 15.6 23.6 14.5 15.8 11.5 16.9 18.7 9.1 24.1

YIELD 4.10% 3.92% 1.23% 1.63% 0.00% 0.00% 3.93% 0.00% 0.00% 3.34% 3.73% 6.39% 18.01% 0.89% 3.21% 2.86% 3.93% 3.16% 2.35% 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%

MATURITY 19-Oct-2022 30-Sep-2025

6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25%

20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022

YTD% 12 MTH% 3.76% 4.43% 1.54% 2.56% 2.12% 2.59% 1.65% 2.39% 4.34% 9.82% 1.65% 1.95% -3.06% -2.22% 0.80% 1.17% -12.30% -11.81% 0.64% 0.98% 1.19% -3.63% 4.20% 5.04% 2.63% 7.68% 3.68% 3.93% -4.89% -4.62% N/A N/A -0.50% 3.70% -3.80% 4.10%

NAV Date 31-Oct-2020 31-Oct-2020 30-Oct-2020 30-Sep-2020 30-Sep-2020 31-Oct-2020 31-Oct-2020 31-Oct-2020 31-Oct-2020 30-Sep-2020 30-Sep-2020 30-Sep-2020 30-Sep-2020 30-Sep-2020 30-Sep-2020 30-Sep-2020 30-Sep-2020 30-Sep-2020

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

Elias Ferreira Caixeta Liquidator LEGAL NOTICE

LEGAL NOTICE International Business Companies Act (No.45 of 2000) C & D Global Capital Ltd (the “Company”) In Voluntary Liquidation Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000) C & D Global Capital Ltd. (the “Company”) is in dissolution. The date of commencement of the dissolution is December 23rd, 2020. Elias Ferreira Caixeta is the Liquidator and can be contacted at Rua Olimpio P De Melo 120 CS, Caicaras, 38702-164 Patos de Minas, MG, Brazil. All persons having claims against the above-named company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before January 21st, 2021.

Elias Ferreira Caixeta Liquidator LEGAL NOTICE

LEGAL NOTICE International Business Companies Act (No.45 of 2000) Infinity Field Fund Limited (the “Company”) In Voluntary Liquidation Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000) Infinity Field Fund Limited (the “Company”) is in dissolution. The date of commencement of the dissolution is December 23rd, 2020. Elias Ferreira Caixeta is the Liquidator and can be contacted at Rua Olimpio P De Melo 120 CS, Caicaras, 38702-164 Patos de Minas, MG, Brazil. All persons having claims against the above-named company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before January 21st, 2021.

Elias Ferreira Caixeta Liquidator

THE TRIBUNE

Thursday, December 24, 2020, PAGE 11

TRUMP PLAN TO CURB DRUG COSTS DEALT SETBACK IN COURT WASHINGTON Associated Press

A LATE-term maneuver by President Donald Trump to use lower drug prices paid overseas to limit some of Medicare’s own costs suffered a legal setback yesterday that appears likely to keep the policy from taking effect before the president leaves office. US District Judge Catherine C Blake in Baltimore issued a nationwide injunction that prevents the Centres for Medicare and Medicaid Services, or CMS, from carrying out the socalled “most favoured

sweeping changes. The Trump regulation would tie what Medicare pays for certain drugs administered in a doctor’s office to the lowest price paid among a group of economically advanced countries. It would apply to 50 medications that account for the highest spending under Medicare’s “Part B” benefit for outpatient care. That group includes cancer drugs and other medications delivered by infusion or injection. Trump announced his new policy at the White House before the Thanksgiving holiday, saying, “the drug companies don’t like me too much.

PRESIDENT DONALD TRUMP nations” rule as scheduled on Jan 1. The judge wrote in her temporary order that CMS had failed to follow required procedures for notice and commentbeforeimposingsuch

But we had to do it”. A coalition of groups including the Association of Community Cancer Centers and the Pharmaceutical Research and Manufacturers of American quickly sued to block the rule. Some opponents have likened the Trump policy to a form of socialist price controls. Blake wrote that the plaintiffs had established a reasonable likelihood their arguments accusing the administration of cutting corners in a rush to regulate would carry the day in a trial. Federal law says that government agencies must provide adequate

opportunity for affected parties to comment on proposed regulations. The administration had sought to use emergency authority as a work-around. The case is hardly trivial, the judge said. “This case deals with a regulation that would for the first time implement the use of a price control mechanism not provided for by Congress,” Blake wrote. The Health and Human Services department said it is reviewing the ruling, and had no immediate comment. Trump came into office accusing drug companies of “getting away with murder”

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 79° F/26° C Low: 41° F/5° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

MONDAY

Breezy; a morning shower in places

Mostly cloudy, a shower and t‑storm

Windy and cooler; morning showers

Clouds and occa‑ sional sun; cool

Partly sunny and nice

Mostly sunny, breezy and pleasant

High: 80°

Low: 71°

High: 75° Low: 58°

High: 70° Low: 62°

High: 74° Low: 65°

High: 78° Low: 66°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

83° F

71° F

75°-53° F

67°-59° F

75°-62° F

78°-63° F

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

N

almanac

E

W

ABACO

S

N

High: 80° F/27° C Low: 68° F/20° C

10‑20 knots

S

High: 82° F/28° C Low: 55° F/13° C

10‑20 knots

FT. LAUDERDALE

FREEPORT

High: 82° F/28° C Low: 59° F/15° C

E

W S

E

W

WEST PALM BEACH

N

uV inDex toDay

TONIGHT

High: 75° F/24° C Low: 47° F/8° C

High: 80° F/27° C Low: 65° F/18° C

MIAMI

High: 82° F/28° C Low: 60° F/16° C

6‑12 knots

KEY WEST

High: 79° F/26° C Low: 64° F/18° C

High: 80° F/27° C Low: 71° F/22° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 81° F/27° C Low: 72° F/22° C

N

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.) 0.6 0.2

Today

3:30 a.m. 3:37 p.m.

2.3 2.1

9:49 a.m. 9:53 p.m.

Friday

4:18 a.m. 4:26 p.m.

2.4 2.0

10:41 a.m. 0.5 10:37 p.m. 0.1

Saturday

5:03 a.m. 5:12 p.m.

2.6 2.0

11:29 a.m. 0.3 11:19 p.m. 0.0

Sunday

5:45 a.m. 5:56 p.m.

2.7 2.0

12:13 p.m. 0.2 ‑‑‑‑‑ ‑‑‑‑‑

Monday

6:26 a.m. 6:39 p.m.

2.8 2.1

12:00 a.m. ‑0.1 12:55 p.m. 0.1

Tuesday

7:06 a.m. 7:20 p.m.

2.9 2.1

12:41 a.m. ‑0.2 1:36 p.m. 0.0

Wednesday 7:46 a.m. 8:01 p.m.

2.9 2.2

1:21 a.m. ‑0.2 2:16 p.m. ‑0.1

sun anD moon Sunrise Sunset

6:52 a.m. 5:27 p.m.

Moonrise Moonset

1:49 p.m. 2:00 a.m.

Full

Last

New

First

Dec. 29

Jan. 6

Jan. 12

Jan. 20

CAT ISLAND

E

W

High: 82° F/28° C Low: 73° F/23° C

N

S

E

W

7‑14 knots

S

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

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 79° F/26° C Low .................................................... 70° F/21° C Normal high ....................................... 78° F/26° C Normal low ........................................ 66° F/19° C Last year’s high ................................. 82° F/28° C Last year’s low ................................... 71° F/22° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ............................................... 67.20” Normal year to date ................................... 39.38”

ELEUTHERA

NASSAU

and promising to slash costs for American patients. But his administration was unable to drive major drug pricing legislation through Congress. Even if the Trump rule is ultimately blocked, the idea of using international prices to lower costs for Americans is very much alive. It’s at the heart of House Speaker Nancy Pelosi’s legislation to empower Medicare to negotiate drug prices. And President-elect Joe Biden also supports the approach. Blake was nominated to be a US district judge by former Democratic President Bill Clinton.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 82° F/28° C Low: 72° F/22° C

High: 83° F/28° C Low: 75° F/24° C

N

High: 82° F/28° C Low: 72° F/22° C

E

W S

LONG ISLAND

tracking map

High: 82° F/28° C Low: 73° F/23° C

8‑16 knots

MAYAGUANA High: 82° F/28° C Low: 75° F/24° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 82° F/28° C Low: 74° F/23° C

High: 82° F/28° C Low: 74° F/23° C

GREAT INAGUA High: 84° F/29° C Low: 75° F/24° C

N

E

W

E

W

N

S

S

8‑16 knots

10‑20 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:

WINDS SE at 10‑20 Knots NW at 12‑25 Knots SE at 7‑14 Knots NNW at 12‑25 Knots ESE at 8‑16 Knots SW at 7‑14 Knots E at 10‑20 Knots ESE at 6‑12 Knots SE at 8‑16 Knots WNW at 8‑16 Knots SSE at 10‑20 Knots NW at 12‑25 Knots SE at 8‑16 Knots WNW at 7‑14 Knots E at 10‑20 Knots E at 6‑12 Knots E at 8‑16 Knots S at 6‑12 Knots E at 10‑20 Knots SE at 7‑14 Knots SE at 7‑14 Knots NW at 12‑25 Knots E at 8‑16 Knots W at 6‑12 Knots SE at 8‑16 Knots W at 8‑16 Knots

WAVES 5‑9 Feet 6‑10 Feet 1‑3 Feet 3‑5 Feet 4‑7 Feet 3‑6 Feet 4‑8 Feet 3‑6 Feet 4‑8 Feet 4‑7 Feet 3‑5 Feet 6‑10 Feet 1‑3 Feet 1‑3 Feet 4‑8 Feet 3‑5 Feet 3‑5 Feet 2‑4 Feet 6‑10 Feet 6‑10 Feet 2‑4 Feet 2‑4 Feet 3‑6 Feet 2‑4 Feet 3‑5 Feet 2‑4 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 4 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 5 Miles

WATER TEMPS. 77° F 77° F 74° F 75° F 80° F 80° F 80° F 80° F 79° F 79° F 75° F 77° F 79° F 79° F 81° F 81° F 81° F 81° F 80° F 80° F 78° F 78° F 80° F 80° F 80° F 80° F

PAGE 12, Thursday, December 24, 2020

THE TRIBUNE

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