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BPL ‘cannot exist’ if Atlantis to pay up to 50% of March drop persists staff salaries By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
B
AHAMAS Power & Light (BPL) has suffered a “frightening� multi-million dollar March revenue drop that threatens the energy provider’s very existence if it continues, a Cabinet minister has revealed. Desmond Bannister, minister of works, told Tribune Business that customer payments on their March electricity bills were “lower than they have ever been for the past five years� as the tourism shutdown, coupled with the COVID-19 lockdown, leaves thousands of businesses and households struggling to meet their obligations. Declining to give either a dollar or percentage figure for the decline, Mr Bannister said the government was now faced with “making some policy decisions� with regard to BPL although he declined to detail what those options might be.
• Multi-million revenue fall ‘frightening’ • ‘Real challenge’ on disconnection halt • $580m refinance ‘won’t happen soon’
DESMOND BANNISTER He confirmed that BPL’s bond refinancing, lasts pegged at $580m and viewed as critical to finally placing the cash-strapped energy monopoly on a sustainable financial and operational footing, was “unlikely to happen any time soon� due to the COVID-19 turbulence in the international capital markets. The minister, who has Cabinet responsibility for BPL, also acknowledged that
its financial state meant the utility faces “a real challenge� to continue its suspension of disconnections beyond March 31 even though many of those impacted - businesses and households - will likely be unable to pay because of almost 100 percent income loss due a combination of the shut down, unemployment and reduced hours. And he affirmed that BPL’s near-bankrupt state also represented a potential obstacle to it taking advantage of the drop in global oil prices below $30 per barrel, as it needed “to be able to pay if it wants to play�. Mr Bannister agreed that the global oil price drop could “ease a lot of the pain� for Bahamians in terms of lower energy and transportation costs, but indicated that BPL was still
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
some way off being able to exploit hedging and other techniques that could give consumers certainty when it comes to the fuel costs that form 50-60 percent of their monthly bills. “That’s a challenge. It’s a real challenge. The government is going to have to look at it from a policy perspective,� Mr Bannister responded, when asked by Tribune Business if BPL will be able to maintain its disconnection suspension beyond tomorrow. “BPL’s collections this month are down; lower than it’s been for any of the past five years for March. Given the precarious state of the corporation, it cannot continue to operate, cannot continue to exist, in that circumstance.
SEE PAGE 4
ATLANTIS workers have hailed the mega resort’s plans to pay staff up to 50 percent of their base salaries for the next 60 days as a “wonderful thing� to mitigate COVID-19’s financial fall-out. Dave Beckford, a 25-year Atlantis veteran and former Bahamas Hotel, Catering and Allied Workers Union (BHCAWU) presidential candidate, told Tribune Business that the assistance unveiled by the Paradise Island property on Friday was critical to enabling its 8,000 staff to ride out the virus-enforced economic shutdown. He spoke out after Tribune Business obtained a March 27, 2020, letter to Atlantis staff detailing how The Bahamas’ largest private sector employer will assist them during a temporary lay-off that will last until at least May 15. It said
DAVE BECKFORD members of the union’s bargaining unit will receive an “ex-gratia� payment next month to be funded via from the industry’s Health and Welfare trust fund. This “will be facilitated by Atlantis and deposited directly into the bank account into which your regular wages are deposited�, union members were told. “The first payment will be on or before the end of April. The trustees of the fund will give consideration for a second payment at a
SEE PAGE 6
Harbour Island ‘like movie set that’s gone dark’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A HARBOUR Island property manager has described the tourism hot-spot as akin “a movie set gone dark� amid the COVID-19 lockdown, adding: “We’ve not seen this in almost 70 years.� James Malcolm, a former Ministry of Tourism executive who now runs a vacation rental/property management business, told Tribune Business it was a “surreal� experience to see the normally-bustling destination at a near-standstill during what is normally the peak month in its winter tourism season.
“The island started to empty out as things got serious,� Mr Malcolm explained of how the COVID-19 pandemic tightened its grip on Harbour Island. “It seems there’s a very small percentage of visitors that hunkered down, and got deals to stay in houses which they thought would be for a couple of weeks, but it now looks like it might be months. “There are very few of those here. The hotels have all closed, the restaurants have all closed. Prior to them closing the FBO (fixed base operation or private
SEE PAGE 7
VAT, business licence filings back to april 15 By NEIL HARTNELL and YOURI KEMP Tribune Business Reporters THE government has pushed back the deadlines for March’s VAT filings and business licence fee payments until April 15, a senior official confirmed yesterday. Marlon Johnson, the Ministry of Finance’s acting financial secretary, told Tribune Business that the government was hoping that many businesses had already paid their annual business licence fee - which is normally due by end-March
every year - prior to the COVID-19 pandemic and associated national lockdown taking hold. Confirming that a decline in March revenues was expected, when measured against both expectations and the prior year, Mr Johnson said: “For the first couple of months [of 2020] the revenue has been holding fairly firm against the revised projections. “But, of course, we anticipate with the shutdown
SEE PAGE 7
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PAGE 2, Monday, March 30, 2020
THE TRIBUNE
‘SCREWED’ IF WE DON’T USE COVID-19 TO TRULY REFORM By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Bahamas will be “screwed” if it does not use the “unique opportunity” provided by the COVID19 pandemic to restructure itself for a sustainable 21st century future, it was argued yesterday. Roderick Simms, a former Chamber of Commerce director who headed its Family Islands division, told Tribune Business that the crisis has “truly reset the world” and it cannot be “business as usual” in The Bahamas. Warning Bahamians that “things will not return to the way they were” once the pandemic has passed, Mr Simms said the country will be dealing with a “totally different economic landscape” that does not include many existing businesses and where those that do survive realise they can “do more with less” and downsize. Calling on all workers to prepare for what he views as the inevitable restructuring of the labour market and job opportunities, Mr Simms said COVID-19 had forced The Bahamas to shed its previous “reluctance” and embrace the digital technology era. And the “price of corruption” had also greatly increased.
Pointing out that branch closures and reduced opening hours were increasingly pushing Bahamians to digital and online banking, whether they liked it or not, he reiterated calls for the government to “dust-off” the National Development Plan (NDP) as it represented the only long-term planning effort presently on the table that had obtained any degree of bi-partisan political support. “The way in which we were operating as a country has to be restructured, and needs to be modified, as it is not sustainable,” Mr Simms told Tribune Business. “COVID-19 provides a unique opportunity to restructure the country, and the National Development Plan is the best opportunity we have to realign and restructure the country, and put it on the path to sustainability. “COVID-19 has truly reset the world. It’s not business as usual. Things will not return to the way they were originally designed; things will evolve differently than they presently are. The price of corruption in the country has gone up. We have to put the NDP in place and need to move the country forward to be a global player in the 21st century.” The NDP represents
the first ever co-ordinated effort to plan The Bahamas’ development in a systematic manner using empirical data and analyses, while also obtaining input from private sector and civil society organisations. Labelled “Vision 2040”, the plan aims to break with The Bahamas’ past ad hoc approach to national growth by setting a clear path towards a more sustainable future. It also sets out a “road map”, containing measurable goals and objectives for The Bahamas to attain, so that this nation’s progress towards achieving its development targets can be judged according to set timelines. Vision 2040 focused on four main policy pillars the economy, governance, social policy and the environment, both natural and built - in its first 400-page draft, which is already publicly disclosed. But, while much work was done on it under the former Christie administration involving all political parties, its successor has been reluctant to embrace it and appears to have placed it on the shelf. Arguing that the National Development Plan (NDP) needs to be revisited rapidly once The Bahamas and the world emerge from the pandemic, Mr Simms said: “What
COVID-19 has done is show us a digital platform is very important. “What we’re learning from this is employees need not come to work every day; they need to work, but a lot of activity can be done remotely. Companies are going to use this opportunity to downsize as they’ve realised they can do a lot more with less. “There’s going to be a restructuring in the labour market and employee opportunities. Bahamians have to get themselves reeducated to take advantage of opportunities that arise with the new economy. It’s not going to be the same. It’s not going back to the way it was,” he added. “It’s going to be a totally different landscape, and a digital platform is the way to go in moving the country forward. We are now doing a lot of things digitally. We knew we had to go that route, and were kind of reluctant, but COVID-19 has left us in no doubt.” Mr Simms said banking and financial transactions were a prime example of this now-forced transition, but added that a revised National Development Plan was the critical tool for binding all elements together in a properly-structured “road map” for taking The Bahamas forward
RODERICK SIMMS post-COVID 19. “The NDP and its four pillars should be dusted off and looked at,” he added. “It’s a good time for government to come together with the opposition as we really need a plan. There may be some other plan out there, but the only plan I know of is the NDP. “Right now we have a health crisis. The health crisis is more important than the economy. The economy is devastated, let’s face it. Whether we like it or not, our number one industry, tourism, just got shot. It’s going to take a while for most components of the economy to return to where they were. It’s going to be slow, and take time, because COVID-19 has changed the
perception of travel. “It’s affected our way of life. If we don’t use this opportunity, we’re screwed. Although this is not the best way to get an opportunity, and it is not a pleasant opportunity, the reset button has been pressed. What are we going to do? We have a oncein-a-lifetime, generational opportunity to restructure.” Mr Simms backed the government’s emergency powers nationwide lockdown as essential to preventing COVID-19’s spread throughout The Bahamas, and urged it to ramp-up testing as the only true way to determine the number of cases in this nation.
OCEAN CLUB TO STAY OPEN
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
THE Paradise Islandbased Ocean Club says it plans to remain open with “limited services” and has no intention of laying-off staff amid the COVID-19 pandemic. John Conway, general manager of the Ocean Club, a Four Seasons resort, told Tribune Business the ultra high-end property was not following the closure trend
set by other Bahamas-based properties. “We don’t talk about our staff, but we’re still open,” he added. “Obviously we are severely unoccupied compared to what it should be, but we are going to remain open on limited services. Obviously we are planning on getting through this with our team and we look forward to better days ahead.” Many properties, such as Atlantis and Sandals, view mid-May as the earliest date
for when they may re-open. Mr Conway added of the Ocean Club’s likely bookings for this period: “Again, at this point it is severely depressed, because right now we don’t look that far out when it comes to coming back online, but it would be very low, probably sub ten percent. “Your guess is as good as mine when it comes to how soon we are going to have treatment and a vaccine, and the fear of flying and travelling is going to go away.”
VIRUS ‘SPIKES’ DEMAND FOR PAYMENT PROVIDER’S APP A BAHAMIAN payments solutions provider says it has seen “a spike” in persons downloading its app to conduct financial transactions with more than 60 local businesses. MobileAssist, a financial technology (FinTech) provider, says it has given companies a range of options to enable consumers to continue doing business with them via electronic/ digital means. It said its Bill Pay product allows customers to pre-pay for products/services via the app, while its Scan & Pay option provides businesses with a unique QR code/ Point of Sales (POS) solution that allows customers to use the embedded QR code reader to literally scan and pay. MobileAssist added that both services can be set up within 48 hours at minimal cost. Its MobileAssist Mobile Shop also displays products for sale, allowing business owners to generate revenue without the restriction of a physical store front. Customers, using the app, can purchase products for pick-up or delivery. “Our research shows that businesses globally are organically migrating toward applications like MobileAssist. Typically, the acceptance and implementation of m-commerce has been based on creating additional sales channels,” said Selina Archer, marketing
consultant for MobileAssist. “We saw an uptake locally as businesses saw the impact of Dorian on Grand Bahamian and Abaconian operators. Business owners saw the benefit of not being tied to a physical store front. COVID-19 has completely changed the game. There is no environmental disaster that has compromised a building, but a bio-hazard that has changed buying behaviours by restricting the way we shop.” Adria McCardy, MobileAssist’s marketing manager, added: “We have over 60 businesses using our app as a payment solution. We have seen a spike in downloads as people are forced to shop and pay at places other than a cash register. “Using a debit or credit card to make purchases is far from the norm, and now we have the opportunity to stay safe while we support local businesses through the app and get the products and services we need.” One business to adopt MobileAssist’s solutions was Southside Neighborhood Pharmacy. “As a Bahamian, I applaud the government for the measurements taken to secure life and health. As a small business owner, though, it was devastating news,” revealed owner and operator Denero McIntosh. “I needed to find a way for my customers to re-order their prescriptions and prepay for delivery.”
“Accepting debit and credit card payments to avoid the risks associated with cash payments, both in handling money and from a security standpoint, allowed us to serve our customers within the law and with less danger to our employees.” Peter Maury, Green Parrot’s proprietor, opted to use the MobileAssist Mobile Shop as the restaurant chain sought to offer food delivery and pick-up services. “We have a responsibility to our employees to reduce the loss of business due to dine-in restrictions, which are very much necessary with the appearance of Coronavirus on our shores,” he added. “However, we must adapt to a more progressive way of thinking. Our work family also have families to feed, and we have to look at how we maintain the best-case scenario in keeping Bahamians employed.” MobileAssist is licensed and regulated by The Central Bank of The Bahamas, and is wholly Bahamianowned. It also provides marketing tools, directory services and local information through the application. MobileAssist is available as a free download on GooglePlay and The App Store. To date, it says its app has more than 60,000 downloads and almost 7,000 registered users. Integration of the Sand Dollar, the Central Bank’s digital currency, is expected in time for summer.
THE TRIBUNE
Monday, March 30, 2020, PAGE 3
LIQUOR DISTRIBUTOR DENIES LAW BREACH By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A BAHAMIAN liquor distributor has refuted assertions by the Police Commissioner that its nowprohibited home delivery service breached the law. Jimmy’s Wines & Spirits, the retail arm of the Bahamian Brewery & Beverage Company, confirmed in a statement that the Prime Minister’s Office had initially granted it an “exception” to deliver alcoholic beverages to consumers’ homes having received “hundreds of calls” demanding such a service. This permission, though, was revoked less than 24 hours later with Anthony Ferguson, the Royal Bahamas Police Force’s commissioner, arguing that the service would have breached the Liquor Licence Act. “Not only is it a breach of the [emergency powers] order but a breach of the liquor licence. You can’t go and sell alcohol anywhere as you wish,” he said. “You have to have a licence, and a licence like that... they don’t have the trading provision they would
Taxi drivers face benefits struggle as self-employed By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net TAXI drivers would not be struggling to obtain the new self-employed jobless benefit if the government had moved faster on granting new plate leases and franchises, a union president is arguing. Wesley Ferguson, president of the Bahamas Taxi Cab Union (BTCU), told Tribune Business: “Absolutely nothing is happening right now. The only thing now is that I am inundated with calls on how to fill out this application [to NIB] to get this relief that the government promised the self-employed people who were in the front line of the tourism industry. “But it is turning out to be a disaster for taxi drivers, especially those who don’t have their own franchises or didn’t get their plates, and this is not for the unemployment assistance as they will get that automatically. I’m talking about the other dilemma they found themselves in. “If you remember, the minister Wells (minister for transport and local government) mentioned last year December that the moratorium on taxi plates was lifted. Since then he has pushed the date back over and repeatedly, so no taxi driver basically got any
need to do that.” However, Jimmy’s Wines & Spirits is understood to dispute that it breached the Liquor Licence Act on the basis that all sales for the home delivery service were being handled through one of its stores, which possesses the necessary licence to conduct such activities. It was not taking orders on the street or from people’s homes. “We wish to clarify that Bahamian Brewery & Beverage Company was granted permission on March 25, 2020, from the Office of the Prime Minister to provide products via a delivery service,” the company said in its statement. “We also wish to confirm that at no time did the company breach the provisions of the Liquor Licence Act of The Bahamas as the letter granted us an exception to provide delivery service to the public.” It added: “On March 26, 2020, we proceeded with our delivery service starting with advertisement of our offerings in the media. The consumers embraced the opportunity, and were very responsive to the availability of home delivery alcoholic beverages. However, a few hours
into operations we received a letter revoking the previously-granted permission. “We were motivated to pursue this avenue by the hundreds of calls that we were receiving from our consumers daily requesting products. These are some extraordinary times, with lockdown and confinement that The Bahamas has never experienced... “As stated, we were not in breach of the law as we were granted written permission by letter to operate the aforementioned aspect of our business. Certainly we take this opportunity to applaud the government’s effort during the crisis,” Jimmy’s Wines & Spirits added. “There is no question of the seriousness of COVID19, and the government’s intention to keep the population safe by mitigating the spread as much as possible. With that said, in initiating this process we took all safety measures into consideration including social distancing, use of sanitisers, gloves and other precautionary measures to keep both our employees and clients as safe as possible.” Tribune Business reported on Friday how the government revoked the
new taxi plates,” Mr Ferguson added. “So what happens is in a situation like this, where the country shuts down, those people who were leasing plates now will undoubtedly lose those plates because they can’t afford to pay the owner for the plates. The owner is not going to leave you out there with their plate on your car for an extended amount of time.” Mr Ferguson said the fact many taxi drivers do not own their franchise or plates is making the benefit application process more difficult. Since many drivers rent their plates from other persons, with the business licence held by whoever they are renting the taxi plate from, he explained that individual drivers are having trouble proving they are self-employed to access the $10m facility provided by the government. The union chief added: “Of course, you have those people who were outright driving for some body whose taxi and taxi plates they were using. Obviously all of those cars were confiscated by the owners. “So had the government moved a little more quicker with the lease of these new taxi plates, a lot more of the taxi drivers would have been more in an independent position where - although they may have not been making any money - they would have had their own car and their own plate, so that would not have been a factor on how to regroup after this
is all said and done. That is going to be a challenge for the average taxi driver.” The self-employed benefit facility, which is being administered by the National Insurance Board (NIB), will enable persons to receive $200 a week for every two weeks for eight weeks. This will give taxi drivers and others, such as jet ski operators, taxi drivers, straw vendors and tour operators, the ability to obtain a total $1,600 over this period. These persons do not normally qualify for NIB unemployment benefits. They have to be registered with NIB, and persons who are temporarily laidoff will also be eligible for NIB’s standard 13-week unemployment benefit. Sickness benefits will be available for those who catch or have to quarantine because of COVID-19. Mr Ferguson said the entire taxi industry was shut down, and “everybody is home just chilling out until this thing blows over”. He added: “I advised all taxi drivers to stay at home and stay safe, and stay near their families and don’t go on the road looking for anything to do. “I had several calls from people who came in at the airport, and I basically told them that there was no one available and to see if they can get a ride from someone, somewhere. Maybe one of those essential workers could give them a ride but I am not putting any drivers out there at risk.”
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permission granted to Jimmy’s Wines & Spirits for the home delivery service within 24 hours of it being granted. It had sought to overcome New Providence’s lockdown through a home delivery service that would fulfill orders for a minimum $200 worth of alcohol ordered by phone, What’s App or e-mail. Social media advertising was launched, with at least one promotional flyer obtained by Tribune Business touting a 9am to 4pm service with Busch Light bottles offered at a special price of $35 per case. Gary Sands, Jimmy’s
Wines and Spirits general manager, told Tribune Business it was “a huge disappointment” that the government yesterday afternoon revoked the approval it had given just the day before to a launch a brand new service amid the COVID-19 pandemic. He said the home delivery shutdown had also deprived Jimmy’s, and its brewery affiliate, of the chance to earn precious revenue that would have helped to pay its 150 staff amid the COVID-19 national lockdown and its continued recovery from millions of dollars worth of damage inflicted by
Hurricane Dorian. Mr Sands added: “This is a service we don’t normally offer, and to undertake this project was not as easy as one thinks it would be. It takes a lot behind the scenes to make this type of thing happen. It’s a huge disappointment. It’s a huge impact on us in terms of revenues. “We still have about 150 persons we want to pay, and by not having one single dollar coming through for revenue puts us in a huge financial situation like other liquor distributors. It’s huge. We’re dead in the water. Big time.”
PAGE 4, Monday, March 30, 2020
THE TRIBUNE
BPL ‘cannot exist’ if March drop persists FROM PAGE ONE
“The government is going to have to take some policy decisions with respect to BPL. The BPL Board will have to make some decisions, and the government is going to have to guide them and see how it can assist from a policy point of view.” Confirming that he had been presented with BPL’s March 2020 revenue and collection figures on Friday, Mr Bannister declined to detail precisely how much
they were off compared to prior years. “I can tell you millions. I won’t tell you the figure. It’s by millions,” he added. “It would not be fair to BPL to give a figure, but it’s down by millions and that’s frightening. “The corporation still has to exist, employees have to be paid, and that’s going to be a real challenge if we continue the way we are. It’s very difficult, and what happened this month cannot continue.” The seemingly-sharp drop in BPL’s revenues is not unexpected given that
the Bahamian economy has largely ground to a halt, due to a combination of the tourism industry shutdown and resulting mass lay-offs together with the nationwide COVID-19 lockdown that has closed many other sectors. This will only have served to exacerbate the stateowned energy monopoly’s monthly accounts receivables, which measure the debts owed to it by customers, as these traditionally stand at between $90m to $100m. Mr Bannister, though,
BPL HEADQUARTERS
said BPL’s problems were being made worse by the failure of customers who can pay not doing so. “If we are in a circumstance where only people unable to pay don’t pay, the losses would not be so great,” he added. “BPL has challenges with consumers able to pay but who do not pay. That creates a challenge for the rest of us. It’s always been a challenge to ensure some consumers pay their bills, and pay their fair share that those who can pay, pay their fair share. When we go to smart metering that will change, but with the way the bond market is that’s going to be a huge challenge.” Some $30m of the projected $580m proceeds from BPL’s bond refinancing has been earmarked for the roll-out of smart meters, which will enable the utility to instantly disconnect bill duckers’ services rather than having to visit their homes. However, with the COVID-19 turmoil sending share prices tumbling across the world, BPL’s plans have had to be placed on hold for the time being. “I don’t see it happening any time soon,” Mr Bannister said of the bond refinancing, “as the markets are now going to be a challenge. “We have no idea when
it will happen bearing in mind that these challenges are unforeseen and unprecedented. If you had told me early last week that I’d wake up and Boris Johnson [the UK prime minister] would have caught coronavirus, I would not have believed you. Everybody, everything... we are all in the unknown and we don’t know where it’s going to take us. Reduced global economic activity, and the oil supply war between Russia and Saudi Arabia, has provided one small bright spot for The Bahamas amid the economic gloom with prices at some gas stations in The Bahamas now below $4 per gallon. The main global oil indices, as Tribune Business went to press last night, showed per barrel prices at between $25 to $27, but Mr Bannister said BPL’s parlous financial condition might leave it hard-pressed to take advantage of a key opportunity to reduce energy costs for all Bahamians. “The oil prices in the market today could be a good opportunity for The Bahamas,” the minister conceded to Tribune Business. “It could ease a lot of pain, but we have to be able to pay if we want to play. “BPL wants to take advantage of the market,
but that in itself is a challenge. BPL has to get involved in hedging, and has to get the money to be able to do that. BPL is looking to see if it is at all possible to get involved in hedging practices, and if they can do so it will change everything for them. “They could put a lid on all fuel costs for the next three years, and protect against any increases in prices for five to six years, maybe even a decade.” Still, despite the likely financial crisis created by COVID-19, Mr Bannister pledged that BPL will provide “exceptional service” this summer due to the recently-installed Wartsila and General Electric (GE) engines that were purchased to end load shedding and blackouts on the generation side. “We’re going to have the power mix to do what we need to do for the Bahamian people,” he added. “This is a huge priority. We know what we’ve been through with energy for the last two decades, and just as we anticipated making a difference for the country we have to face the possibility of not having the funding to do what we have to do. “Nobody would have anticipated what we’re facing today. It’s so amazing.”
THE TRIBUNE
Monday, March 30, 2020, PAGE 5
We’ve never seen numbers like this - how will it play out in the end?
A CHART of the S&P500 by the ActivTrader Platform. ACTIVTRADES WEEKLY By RICARDO EVANGELISTA www.activtrades.bs THE coronavirus pandemic is taking the planet by storm, despite emerging less than four months ago it has taken over headlines, infecting hundreds of thousands including prominent leaders such as the British Prime Minister Boris Johnson and causing unparalleled economic and social havoc. Authorities around the globe are taking draconian steps to halt the progression of the pandemic, with measures that are having an enormous impact. Entire countries have been placed under lockdown, as is the case of The Bahamas with the emergency powers order published on March 24 restricting business and socialising down to the bare essentials. As necessary and unavoidable as such measures are, they are also placing an historically unprecedented strain on the world’s economy. Goldman Sachs recently published a research piece predicting a contraction of the American economy of almost 25 percent during the second quarter of the year. Truly unparalleled numbers which will echo in many other countries as COVID19 continues to spread and claim an increasing number of victims, overwhelming health care systems.
Despite moves of concerted action from governments and central banks, such as the federal aid pack of $2tn in the United States which followed the move by the Federal Reserve to cut rates by one percent, the economic prospects for 2020 are still bleak. On the week ended March 21, 3.3 million Americans filed for unemployment benefits; this is by far the highest ever number, dwarfing the previous maximums of 695,000 in October 1982 and 665,000 in March 2009. To many of us the word recession resonates with the 2008 financial crisis or the 1929 great depression, but what we are entering now could be even more serious because of the scale and speed at which global economies are shrinking, as all but essential economic activity is brought to a standstill. During the 2008 and 1929 crises, stock markets dropped more than 50 percent, credit dried up and there were bankruptcies generating high levels of unemployment. However, it took three years for the events to unfold. The coronavirus generated a similar scenario within only three
weeks. It took only 15 days for the S&P 500 to drop more than 20 percent from its all time high, bringing the longest running bull market in history to an end. At some point in mid-March the losses exceeded 35 percent and despite a recent recovery - seen by some as a “dead cat bounce” - the S&P500 is still more than 20 percent below where it sat mid-February. And how will this crisis continue to unfold? The best-case scenario points at an economic downturn more severe than the 2008 recession, but shorter-lived. For this to happen, the economic activity will need to return to a semblance of normality by the third quarter of the year, entailing that China, Europe and America will be able to contain the spreading of the disease. Such a scenario will also require politicians to continue delivering support to businesses and workers, as well as more easing and accommodation from central banks, that have already done in three weeks what took them three years to achieve during the last financial crisis.
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PAGE 6, Monday, March 30, 2020
THE TRIBUNE
Atlantis to pay up to 50% of staff salaries
ATLANTIS PARADISE ISLAND FROM PAGE ONE
MARKET REPORT www.bisxbahamas.com
(242) 323-2330
FRIDAY, 27 MARCH 2020
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ALL SHARE INDEX: CLOSE: 2,109.88 | CHG: -5.49 | %CHG: -0.26 | YTD: -121.72 | YTD%: -5.45 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.70 2.60 2.00 5.47 12.77 6.17 4.50 10.60 3.64 5.10 10.88 8.15 16.99 9.40 4.24 15.21
52WK LOW 3.35 20.91 5.50 5.38 1.96 0.67 2.00 10.21 5.60 3.75 6.01 2.53 1.80 8.00 6.46 13.60 6.98 3.14 13.85
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ
1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
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
CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB
PREFERENCE SHARES
1.00 10.00 1.00
1.00 10.00 1.00
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00
52WK LOW 100.00
115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
SECURITY Fidelity Bank Note 22 (Series B) +
SYMBOL FBB22
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: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing)
LAST CLOSE 3.55 17.43 6.00 6.68 2.10 1.62 2.70 11.26 6.00 3.84 6.01 3.08 4.90 9.03 8.15 14.00 8.97 4.24 15.21
CLOSE 3.55 17.43 6.00 6.68 2.10 1.62 2.70 11.26 6.00 3.80 6.01 3.08 4.90 9.03 8.15 14.00 8.97 4.24 15.21
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00
CHANGE 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
VOLUME
36,700
VOLUME
EPS$ 0.239 0.932 1.760 0.369 0.070 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.646 0.728 0.816 0.939 0.203 0.631
DIV$ 0.170 1.260 0.000 0.260 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.434 0.060 0.328 0.240 0.540 0.200 0.120 0.610
P/E 14.9 18.7 N/M 18.1 N/M N/M -6.2 15.6 13.4 20.7 42.9 30.2 10.5 14.0 11.2 17.2 9.6 20.9 24.1
0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0
YIELD 4.79% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.39% 3.67% 3.16% 0.00% 14.09% 1.22% 3.63% 2.94% 3.86% 2.23% 2.83% 4.01% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75%
MATURITY 19-Oct-2022
6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 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-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022
YTD% 12 MTH% 0.37% 3.81% 0.24% 4.38% 0.23% 2.75% 5.76% 5.76% 12.81% 12.81% 0.58% 4.04% -1.09% 5.26% 0.22% 4.45% 2.29% 9.61% 11.57% 11.57% 18.35% 18.35% 5.17% 5.17% 15.86% 15.86% 5.67% 5.67% 3.40% 3.40% N/A N/A 10.80% 2.60% 10.40% -4.00%
NAV Date 31-Jan-2020 31-Jan-2020 31-Jan-2020 31-Dec-2019 31-Dec-2019 31-Jan-2020 31-Jan-2020 31-Jan-2020 31-Jan-2020 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019
MUTUAL FUNDS 52WK HI 2.30 4.38 2.09 195.13 166.73 1.67 1.83 1.76 1.23 8.34 10.26 6.94 12.01 12.35 10.74 10.00 8.98 11.79
52WK LOW 1.67 3.30 1.68 164.74 116.70 1.67 1.83 1.76 1.23 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 2.30 4.38 2.09 195.13 166.73 1.67 1.83 1.76 1.23 8.34 10.23 6.94 12.01 12.35 10.73 N/A 8.98 11.40
MARKET TERMS
BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
30-Sep-2019 30-Sep-2019 30-Sep-2019
later date.” As for non-union members, including managerial level staff, Atlantis added: “All full-time, non-union team members will receive an ex-gratia weekly payment equivalent to 50 percent of their base pay for up to 60 days”. The letter added that all Atlantis staff would have their health benefits continued for up to 60 days, and urged them to file for the unemployment benefits that the government is making available for temporarily laid-off workers through the National Insurance Board (NIB). “These ex-gratia payments have no effect on your eligibility for unemployment benefits,” the letter added. “Please be mindful that NIB has thousands of filings over the past few weeks, and it may take some time for your unemployment benefits to be processed.” It said that Atlantis has “been working diligently to identify a feasible solution to the set of changes we are all facing. Given that the resort is closed we are left with a difficult situation. “We have always endeavoured to put you, our team members, first. We all play important roles here at Atlantis and are equally responsible for the success we have shared over the years. Each of you represents the face of Atlantis, even more so than the iconic Royal [Towers] photo recognised worldwide.” An Atlantis spokesperson declined to comment on the letter when contacted yesterday, but did not deny or dispute its authenticity. The terms offered to staff mirror those provided by its rival destination resort, Baha Mar, which is paying fulltime employees 40 percent of their base pay for 90 days from March 26, 202, along with insurance premiums for a variety of coverages. Meanwhile, Mr Beckford, when contacted about the Atlantis letter, said what was pledged would provide much-needed financial relief for employees during a situation “I’ve never seen in my 25 years” working at the resort. “It’s a wonderful thing,” he said of the Paradise Island destination property’s plans. “As a hotel worker, that’s a good thing. Something is better than nothing. I think it’s a wonderful thing, it’s a good thing, and is one of the reasons this fund was put in place. I applaud Atlantis for doing that. “This [COVID-19] will have a devastating impact on people, and devastating consequences for the hotel industry and us that work in the industry. I’ve not seen this in my 25 years at Atlantis. I’ve never seem anything like this. This is worse than 9/11. “As bad as 9/11 was, I was put on four-day weeks for two weeks, and then things
improved so I was back to five-day weeks and things returned to normal pretty quickly. But this is unprecedented. Nobody knows when this pandemic is going to come to an end.” Tribune Business reported last week that the hotel union itself was exploring whether the industry’s Health and Welfare Fund and Employee Assistance Fund could provide some financial support to thousands of furloughed workers, although several obstacles had to be overcome. The Health and Welfare Fund is specifically to assist hotel workers who have been made redundant, not those who - in this particular instance - have been temporarily furloughed or laid-off. The Employee Assistance Fund, too, was not established for that purpose, having been created to provide fire and medical assistance. This newspaper understands that the operation of both funds is strictly governed by trust documents, and it would require agreement among the trustees to use the monies for an alternative purpose such as responding to the fallout from COVID-19. All this takes time. The hotel industry pension funds are also designed strictly for retirement purposes only, meaning they cannot be used to help. With these hurdles now seemingly overcome, Mr Beckford questioned whether the Health and Welfare Fund would be used to provide similar financial assistance at other BHCAWU bargaining member properties where staff have also been temporarily laid-off. These include the likes of the Melia Nassau Beach; British Colonial Hilton; Club Land’Or; Town Hotel; and the Four Seasons Ocean Club. Two of those properties, the British Colonial Hilton and Ocean Club, remain open while another member resort, the Lyford Cay Club, is closing down permanently and terminating the 150-160 staff. “While I think that’s a good thing to get 50 percent of base pay as I work at Atlantis, I hope that’s extended to other hotel union properties that come under the same contract as us,” Mr Beckford added. Darrin Woods, the BHCAWU union president, declined to comment when asked by this newspaper whether the Health and Welfare Fund’s trustees had agreed to provide similar assistance to hotel workers at other bargaining unit properties. Praising Atlantis fort its efforts, he added: “Whoever, and whatever, we can get help for the people from we’ll take it. We’re all in the same boat. Everybody needs a little help. I guess they [Atlantis] mimicked what Baha Mar’s going to do. That should be good, and it’s a welcome addition.”
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SHENIKA JOANNA NEELY of #6 Ibis Court, Kennedy Sub-Division P.O.Box NP-4940 Nassau, Bahamas, intend to change my name to SHENIKA JOANNA NEILLY. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
THE TRIBUNE
Monday, March 30, 2020, PAGE 7
Harbour Island ‘like movie VAT, business licence filings back to april 15 set that’s gone dark’ FROM PAGE ONE airport), a few wealthy private persons were coming in on planes from New York and elsewhere.” Juanita Percentie, owner of Tingum Village, told Tribune Business in a subsequent e-mail that her property had not closed down and was still providing take-out food to residents who needed it. “We own Tingum Village Hotel and Ma Ruby’s Restaurant, and we remain open and have posted the same on our Facebook page. Locals who need food can visit us between 8am to 8pm,” she said. Mr Malcolm, meanwhile, said that while the mail boats and cargo vessels from Florida continued to call at Harbour Island, and water taxis shuttled back and forth from mainland Eleuthera carrying “essential services” workers, Brilanders and their economy were witnessing something never seen before in their destination’s long tourism history. “The island is very quiet. We’re idle like most places,” he told Tribune Business. “For March, with this gorgeous weather happening, the whole thing is surreal. March being the peak month in Harbour Island’s winter season. My grandfather used to say that if
you’re not making money in March you’re never going to make it. “It’s surreal. It’s the first March in almost 70 years where Pink Sands and other hotels have all closed. Pink Sands opened in 1951, and the others followed, with Coral Sands in the early 1960s. That’s when it started. The whole thing is surreal, to have this March, where the whole town feels like a movie set gone dark. That’s exactly what it feels like.” Mr Malcolm backed the government’s emergency powers lockdown of much of the Bahamian economy, agreeing that it was essential to prevent COVID-19’s spread locally and protect The Bahamas’ reputation as a safe, healthy tourism destination as much as possible so that this nation can fully exploit the market recovery when it does occur. “Hopefully we’ll be seen as a refuge in a few months when this is over if we don’t get affected too badly,” he said. “We can become a refuge place where people go to first. That’s why we need to be overly cautious and stay inside until April 30, in my personal opinion. “We have to make sure it [COVID-19] is not here and it is not bad. Then, by late summer, early fall, let’s hope and pray this is done. That’s
why we have to be extracautious.” The House of Assembly will today debate extending the government’s emergency powers to April 8, after it was confirmed that the number of cases in The Bahamas has now hit 14 with two hospitalised. Mr Malcolm added that and other vacation rental/ property managers on Harbour Island were either rebooking clients scheduled to come now for later dates or offering full refunds on deposits and other monies. And, with rental rates amounting to thousands of dollars at this point during the peak winter tourism season, he added that clients were being give deals such as an extra night if they rebooked for quieter periods in a bid to add value. “The last thing we want to do is play hardball and say: ‘You’re not getting your deposit back’,” Mr Malcolm told Tribune Business. “We have to treat rental customers like that. It’s very important. We have to pretty much let them cancel without penalties and give them refunds. “Don’t fight them. We need them to come back and think about us in a positive way. ‘They treated us well, so we’ll go back in September’.”
FROM PAGE ONE
in the tourism market and the lockdown that there will be a turn on revenue reported for the month..... In talking to businesses, many of them have already complied and made their Business Licence payments. A significant number have already paid, and hopefully others will continue to do so.” COVID-19 has struck during the most revenue-rich period of the government’s fiscal year, which is the three months to end-March 31. This coincides with the peak winter tourism season, which boosts economic activity and VAT receipts throughout the economy, as well as business licence fee payments, the bulk of real property tax collections, and commercial vehicle licensing month. Mr Johnson added that the Ministry of Finance was also revising its economic and fiscal numbers for the 20192020 budget year’s fourth quarter, which is the period from April 1 to end-June and concludes the government’s financial year. Medium and longer range forecasts will also be modified.
“We’re living in a very different reality by virtue of COVID-19, and in line with that we’re working through all the prior scenarios we have, updating them and looking at multiple scenarios for when commerce comes back online,” he said. “We’re doing our part to make sure policymakers have an understanding of the many foreseeable scenarios that can happen so that they can plan according to that. We all appreciate the reality of where we are, and the nature of the economic slowdown and shock in many sectors, and our plans and forecasts will reflect that. “The truth of the matter is that no one could have seen this coming. The world looks a lot different from the last time. The lesson is we just have to remain nimble. We’re taking it in stride, and our job at the Ministry of Finance is to look at the numbers and the range of options available to the policymakers to accomplish whatever goals we need to coming out of this.” The prime minister last night said the deputy prime minister, K Peter Turnquest, will unveil a range of new
measures to assist Bahamian businesses, households and individuals when the House of Assembly meets today. Dr Hubert Minnis said: “We continue to approve incentives under the Hotels Encouragement Act for a number of small and medium-sizes businesses which will assist them in their recovery. The approvals process for investment projects, both domestic and international, will be accelerated to ensure we get people back to work as quickly as possible.” He also promised to make an announcement this week for persons “who live in rental properties of a certain value who have lost jobs or income because of COVID19”, and added: “Pharmacies will be allowed to operate from 9am to 1pm. “Banks will be allowed to operate from 9am to 1pm. Landscaping and property maintenance businesses, and janitorial service businesses, will be allowed to operate on Saturday and Sunday only. Pool maintenance businesses will be allowed to operate on Friday and Saturday only. All street or roadside vendors will be prohibited from operating.”
PAGE 10, Monday, March 30, 2020
THE TRIBUNE
THE WEATHER REPORT
5-Day Forecast
TODAY
TUESDAY
WEDNESDAY
THURSDAY
FRIDAY
Mostly sunny
Mainly clear
Mostly sunny and pleasant
Clouds breaking for some sun
Partly sunny and beautiful
Partly sunny with a shower
High: 84°
Low: 70°
High: 83° Low: 72°
High: 86° Low: 70°
High: 81° Low: 69°
High: 80° Low: 69°
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
94° F
75° F
92°-76° F
93°-72° F
86°-68° F
86°-68° F
ORLANDO
High: 92° F/33° C Low: 69° F/21° C
TAMPA
High: 87° F/31° C Low: 71° F/22° C
N
ABACO
N
High: 79° F/26° C Low: 73° F/23° C
7-14 knots
S
High: 87° F/31° C Low: 72° F/22° C
3-6 knots
FT. LAUDERDALE
FREEPORT
High: 86° F/30° C Low: 72° F/22° C
S
E
W
WEST PALM BEACH
E
tiDes For nassau
High: 83° F/28° C Low: 69° F/21° C
MIAMI
High: 88° F/31° C Low: 72° F/22° C
6-12 knots
High
ELEUTHERA
NASSAU
High: 84° F/29° C Low: 70° F/22° C
Forecasts and graphics provided by AccuWeather, Inc. ©2020
N
KEY WEST
High: 84° F/29° C Low: 76° F/24° C
S
E
W S
6-12 knots
0.4 0.3
1:04 a.m. 1:22 p.m.
2.5 2.0
7:35 a.m. 7:28 p.m.
0.5 0.3
Wednesday 2:01 a.m. 2:23 p.m.
2.5 2.0
8:35 a.m. 8:31 p.m.
0.5 0.3
Thursday
3:04 a.m. 3:30 p.m.
2.6 2.1
9:39 a.m. 9:39 p.m.
0.5 0.2
Friday
4:08 a.m. 4:36 p.m.
2.7 2.3
10:40 a.m. 0.3 10:46 p.m. 0.0
Saturday
5:09 a.m. 5:37 p.m.
2.9 2.6
11:37 a.m. 0.0 11:49 p.m. -0.2
Sunday
6:06 a.m. 6:33 p.m.
3.0 2.9
12:30 p.m. -0.3 ---------
Sunrise Sunset
7:03 a.m. 7:26 p.m.
Moonrise Moonset
11:07 a.m. 12:08 a.m.
First
Full
Last
New
Apr. 1
Apr. 7
Apr. 14
Apr. 22
ANDROS
SAN SALVADOR
GREAT EXUMA
High: 79° F/26° C Low: 72° F/22° C
High: 79° F/26° C Low: 73° F/23° C
N
High: 81° F/27° C Low: 72° F/22° C
E
W S
LONG ISLAND
tracking map
High: 79° F/26° C Low: 73° F/23° C
H
6:42 a.m. 6:36 p.m.
sun anD moon
High: 78° F/26° C Low: 72° F/22° C
N
6-12 knots
Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
Ht.(ft.)
CAT ISLAND
E
W
Ht.(ft.)
2.6 2.0
Tuesday
Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 82° F/28° C Low .................................................... 73° F/23° C Normal high ....................................... 80° F/27° C Normal low ........................................ 67° F/19° C Last year’s high ................................. 81° F/27° C Last year’s low ................................... 68° F/20° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 1.71” Normal year to date ..................................... 4.51”
High: 78° F/26° C Low: 72° F/22° C
Low
12:14 a.m. 12:30 p.m.
Today
almanac
E S
W
The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.
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.
W
N
uV inDex toDay
TONIGHT
8-16 knots
MAYAGUANA High: 80° F/27° C Low: 74° F/23° C
Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 79° F/26° C Low: 74° F/23° C
GREAT INAGUA High: 83° F/28° C Low: 75° F/24° C
N
N E
W
E
W
H
High: 79° F/26° C Low: 74° F/23° C
S
S
10-20 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: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:
WINDS SE at 3-6 Knots SSW at 7-14 Knots SE at 6-12 Knots SSW at 6-12 Knots ESE at 6-12 Knots SSW at 6-12 Knots E at 8-16 Knots SE at 6-12 Knots SSE at 6-12 Knots SSE at 6-12 Knots SE at 3-6 Knots SSW at 8-16 Knots E at 6-12 Knots SE at 7-14 Knots E at 10-20 Knots ESE at 6-12 Knots E at 8-16 Knots SE at 7-14 Knots E at 8-16 Knots SE at 6-12 Knots SE at 6-12 Knots S at 7-14 Knots E at 10-20 Knots SE at 8-16 Knots SE at 8-16 Knots S at 6-12 Knots
WAVES 1-3 Feet 1-3 Feet 0-1 Feet 0-1 Feet 2-4 Feet 1-3 Feet 3-5 Feet 2-4 Feet 1-3 Feet 1-3 Feet 1-2 Feet 1-3 Feet 1-2 Feet 1-2 Feet 3-5 Feet 2-4 Feet 1-3 Feet 1-3 Feet 3-6 Feet 2-4 Feet 1-2 Feet 1-2 Feet 2-4 Feet 2-4 Feet 2-4 Feet 1-3 Feet
To advertise ALL your LEGAL NOTICES, call The Tribune’s Sales Department
502-2394
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. 77° F 79° F 79° F 80° F 77° F 76° F 79° F 79° F 77° F 78° F 79° F 80° F 79° F 80° F 78° F 78° F 78° F 78° F 78° F 78° F 78° F 78° F 78° F 79° F 77° F 78° F