Issuu

WEDNESDAY, OCTOBER 26, 2016

business@tribunemedia.net

$3.95

$3.98

$4.02

Unions seek 20-fold employer fines rise By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Bahamian trade unions are pushing labour law reforms that will impose a 20-fold increase in financial sanctions on businesses and an exorbitant redundancy cost burden - while simultaneously removing restrictions on their operations. The proposals are due to be discussed for the first time by the National Tripartite Council, which also features private sector and labour representatives, when the body meets on November 3 next week. Business community execu-

Want long-serving line staff pay to equal managers Massive business cost burden, as unions freed-up Labour law reforms set for November 3 talks tives yesterday again warned that the proposed amendments threatened to increase private sector costs to the point where they would “stop people want-

‘Intricate fabrication’: Sarkis blasts process for selling Baha Mar By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Sarkis Izmirlian has slammed Baha Mar’s transfer to a special purpose vehicle (SPV), controlled by its Chinese secured creditor, as “an intricate fabrication” designed to mask the failure of the project’s sales process. The project’s original developer, in an October 24 letter to China Export-Import Bank’s president, Liu Lange, argued that the lack of transparency surrounding the Baha Mar sales process was to blame for failing to attract a buyer. He added that the Supreme Court’s approval for the bank’s SPV, Perfect Luck Holdings, to purchase Baha Mar was also intended to camouflage the inability of the Deloitte & Touche receivers to find purchasers willing to make the Beijingowned institution ‘whole’. Mr Izmirlian’s letter See pg b5

Says ‘SPV sale’ designed to mask failed buyer search Developer brands no response to offer as ‘bizarre’ Others questioning ‘sincerity’ of sales process

Sarkis Izmirlian

Three local insurers earn ‘A grade’ ratings ByNEILHARTNELL Tribune Business Editor nhartnell@tribunemedia.net Three Bahamian insurance companies yesterday received ‘A grade’ ratings from the industry’s leading international rating agency. A.M. Best placed financial strength ratings of A- (Excellent), and issuer credit ratings of ‘a-’, on each of Summit Insurance Company, Family Guardian Insurance Company and Colina Insurance Company. All three were assigned a stable outlook. Summit Insurance Company, the only property and casualty underwriter of the three, retained the leading rating despite the fact that Hurricane Matthew-related claims will likely slash its 2016 profits - possibly pushing it into a loss. “Significant recent damage and losses from Hurricane Matthew will tarnish overall results for 2016,” A. M. Best said of the company. “However, Summit’s catastrophe reinsurance programme adequately protects surplus from such events, and the balance sheet is expected to remain strong.” It added: “The ratings reflect Summit’s supportive balance sheet strength,

Summit hits peak despite Matthew results ‘tarnish’ Rivals Colina and Family Guardian also at ‘A-’ A. M. Best concern on mortgage portfolios historically favourable operating results and leading market presence in the Bahamas. “These rating strengths are partially offset by the company’s geographic and underwriting risk concentration, and the challenges that weakened economic conditions and strong competitive market pressure have created for Summit’s overall operating performance and growth opportunities.” Summit, the carrier through which Insurance Management places most of its property and casualty business, was formed in response to a lack of market capacity following Hurricane Andrew in 1992. “The company enjoys excellent brand recognition See pg b6

ing to be in business”, and drive away potential foreign direct investment (FDI). They implied that the devastation wrought by Hurricane Matthew on the Bahamian economy, coupled with this nation’s latest slippage in the World Bank’s ‘ease of doing business’ rankings to 121st spot, provided further reasons to hold-off on implementing any legislative changes. These include removing the Employment Act’s existing ‘12-year cap’ on severance/ redundancy pay, and a mandatory 60-day notice period that employers must give the Government and relevant bargaining agents - trade unions

- when they intend to make 10 or more employees redundant. Tribune Business, though, can reveal for the first time the extent of the trade union movement’s demands, which go much further than what has been revealed publicly to-date, and threaten to price the economy - and businesses - out of the market. When it comes to redundancy pay, the Employment Act currently mandates that employees receive two weeks’ notice or pay in lieu of notice, plus two weeks pay’ for every year worked up to 24 weeks. This effectively ‘caps’ redundancy pay for line staff at a sixSee pg b4

Sarkis ally admits Chinese, Govt are saying: ‘Go to hell’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A key Sarkis Izmirlian ally yesterday conceded that his attempts to regain Baha Mar’s ownership will likely prove futile, given that both the Government and Chinese were telling the original developer to “go to hell”. Dionisio D’Aguilar told Tribune Business that the stony silence from Beijing showed the China Export-Import Bank had no intention of “engaging at all” with Mr Izmirlian, despite the latter’s pledge to beat any rival Baha Mar bidder’s price. The former Baha Mar director added that last week’s statement from Prime Minister Perry Christie’s office, calling on Mr Izmirlian to ‘engage’ with the bank and its Perfect Luck Hold-

Concedes likely futility of latest Baha Mar bid D’Aguilar: PM’s engage urgings are ‘hollow’ ‘Mind boggling’ original developer being ignored ings vehicle, “rang hollow” because the Government knew the Chinese wanted to freeze the original developer out. Mr Izmirlian’s camp yesterday released another letter to the China Export-Import Bank, imploring it to engage “in a serious discussion” over his latest offer and promise to trump any other See pg b6

$4.04

VAT drops Bahamas to 121st in ‘ease of business’ rankings Perilously close to world’s bottom third in key survey Chamber chief surprised at 73spot fall over taxes World Bank says eight working days spent on VAT By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Bahamas is now perilously close to dropping into the bottom third of the World Bank’s ‘ease of doing business’ rankings, after the country was ranked 121st out of 190 nations when it comes to facilitating private sector activity. Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive, expressed surprise that this nation had tumbled 73 places in the global rankings when it came to the ease of ‘paying taxes’. Pointing to the initiatives undertaken to improve tax collection efficiency and administration, Mr Sumner said the Chamber - via a public private partnership (PPP) style Edison Sumner approach - would work with the Government and its agencies to obtain a better understanding of the World Bank’s findings. “We’ve made improvements in the tax system,” he told Tribune Business. “I’m surprised in those numbers, as I believe we’ve improved our tax collection system.” The plunge in the Bahamas’ ‘paying taxes ease’ ranking, from 22nd in the world to See pg b6

Fidelity Bank

Debt Consolidation Loan Get Debt Relief & Regain Control with a Fidelity Debt Consolidation Loan!

• Decisions - Fast • Money - Fast Let Fidelity help you regain control of your finances! FREE Financial Coaching available by appointment.

FREDERICK STREET • CABLE BEACH • WULFF ROAD MADEIRA PLAZA • FREEPORT • MARSH HARBOUR INDEPENDENCE BUSINESS PARK

PAGE 2, Wednesday, October 26, 2016

THE TRIBUNE

L to R: Godfrey Eneas, Bahamas Ambassador to the FAO; Dr J. Graziano Da Silva, directorgeneral, UN Food and Agriculture Organisation; Leslie Minns, marketing manager and analyst,BAMSI Distribution Centre.

Ambassador Godfrey Eneas and Dominique Burgeon, director of the FAO’s emergency and rehabilitation division, discussing FAO assistance for the Bahamas.

Bahamas seeks aid for agriculture in Matthew’s aftermath Bahamian officials met with the United Nations’ (UN) Food and Agriculture Organisation (FAO) director-general to brief him on Hurricane Matthew’s impact on the Bahamas. The Bahamas’ FAO ambassador, Godfrey Eneas, and Leslie Minnis met Dr Jose Graziano Da Silva during the 43rd session of the World Food Security (CFS) committee, held from Oc-

ober 17- 21 in Rome. Some 200 FAO member states gathered to develop and introduce a global food security and nutrition plan. Within the context of the CFS, the Bahamas presented its Agri Vision 2021, a five-year food and nutrition security plan to feed this nation. Dr Da Silva said the FAO, through its emergency and rehabilitation

division, would be assisting Bahamian farmers and fishermen once its assessment had been completed in conjunction with the ECLAC mission, which is visiting the Bahamas this week A fisheries Expert from the FAO’s regional office in Santiago, Chile, will be a member of the disaster review ECLAC (Economic Commission for Latin America and the Caribbean) mission.

Airport management now 100% Bahamian The Nassau Airport Development Company (NAD) and its management partner, Vantage Airport Group, have named Paula Rigby as its vice-president of finance and chief financial officer. Ms Rigby joined the company in 2007 as financial controller, and was appointed director of finance in 2013. She became acting vicepesident of finance and chief financial officer on April 1, 2016, and has now been appointed to the role rull-time. NAD said that with Ms Rigby’s appointment, it now has a 100 per cent Bahamian executive team managing the Lynden Pin-

With Rigby’s confirmation as NAD’s financial chief dling International Airport (LPIA). “Paula is well qualified to provide the financial leadership and strategic advice needed for NAD to achieve its operating objectives and meet its fiduciary responsibilities,” said Vernice Walkine, NAD’s president and chief executive. “We are honoured to confirm her as part of our executive team, and we have no doubt that she will be very successful in this role.”

Paula Rigby

Exuma-based developer donates to storm relief The developer behind the Children’s Bay Cay development in the Exumas yesterday donated an initial $25,000 to the National Reconstruction and Disaster Committee for hurricane relief. Some $10,000 of this sum will be allocated for survival kits, providing temporary housing and emergency needs for families. The donation was made at NEMA headquarters to Prime Minister Perry Christie by Michel Neutelings, project director, on behalf of Children’s Bay principal, Dona Bertarelli. “I was shocked to see the destruction caused by Hurricane Matthew,” said Ms Bertarelli. “But what has been so inspiring is the spirit of the Bahamian people shining through the adversity. I hope this donation will help with some of their most immediate and urgent needs for food and shelter.” “We are grateful for this contribution and look forward to this development taking place in Exuma,” Mr Christie said.

“Given the lessons to be learned from this hurricane, what we have to do now is determine how does one incorporate those lessons into policy?” The developer has pledged additional support for educational initiatives, particularly in environmental education, in response to damage wrought by Hurricane Matthew. The storm lashed southern New Providence, West End, Grand Bahama and North Andros with winds up to 145 miles per hour and a strong storm surge, leaving thousands homeless or without a roof over their heads, flattening businesses and tossing boats onshore and into bush. Rebuild Bahamas has reenergised, while the National Reconstruction and Disaster Committee has raised hundreds of thousands of dollars, helping to support NEMA and other organisations assisting with repairs and restoration.

Children’s Bay Cay and Williams Cay project manager, Michel Neutelings (left), presents a cheque for $25,000 hurricane relief to Prime Minister Perry Christie. Also present was Jack Thompson, permanent secretary, Office of the Prime Minister. Photo/Patrick Hanna, BIS

THE TRIBUNE

Wednesday, October 26, 2016,. PAGE 3

Uniformed drivers part of bus reform

Chamber chief hopes Florida Expo leads become investments

By NATARIO McKENZIE

The Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive yesterday expressed hope that leads from a recent Florida trade expo will turn into “viable investments” in this nation, adding that several interested companies have subsequently reached out to the organisation. Edison Sumner told Tribune Business that despite a much smaller delegation of Bahamian businesses than anticipated prior to Hurricane Matthew, there was “keen interest” at last week’s Florida International Trade and Cultural Expo from companies seeking to do business in the Bahamas and forge partnerships with local firms. “There was a tremendous amount of interest shown in doing business in the Baha-

Tribune Business Reporter

nmckenzie@tribunemedia.net

Uniformed and salaried jitney drivers will be among the changes under a unified busing system, a Cabinet minister said yesterday, adding that the “refinement” of a corporate earnings structure was being developed in parallel to a pilot project that will act as the prototype. “We formed a steering committee with stakeholders such as the bus owners, and agencies such as the Ministry of Finance and the Road Traffic Department,” said Glenys Hanna Martin, minister of transport and aviation. “We brought in the consultant under the IDB grant process. I met with them last Friday and what they are doing now is they are reviewing a new route, and assigning buses to that route, which would include things like fare boxes and all of the sort of physical components that you would expect in a new system.” The proposed unification

of the public bus system is part of the New Providence Road Improvement Programme (NPRIP), funded by the InterA merican Development Bank (IDB), which also involved the upgrading of New Providence’s road network. Mrs Hanna Martin added: “The pilot route will be like a prototype of what we expect the roll-out to be like, which includes things like fare boxes and uniformed, salaried bus drivers; not people hustling for a dollar like we have now. “A driver would be a salaried employee. They are going to monitor the route but, on a parallel basis, we will be moving toward the refinement of what we hope to be the ultimate corporate earning structure and rollout. We are doing the pilot project to test the components of what we would like

the system to look like and, on a parallel basis, preparing for the complete rollout.” The Government is aiming to kick-start a decadelong effort to unify New Providence’s jitney system with a $530,000 pilot project to demonstrate how the scheme will work, in an effort to boost the island’s “economic efficiency and sustainability”. The project, which is being financed by $500,000 from the Inter-American Development Bank (IDB), is an attempt to encourage jitney operators and franchise holders to take the next step towards reform, and overcome what appears to be entrenched stakeholder resistance. According to the IDB, around 280 buses serve the Bahamian people on 23 different routes.

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

mas, persons looking at different levels of partnerships with Bahamian firms, establishing partnerships for distribution channels, value chains, etc,” he said. “We are looking now to follow through on those leads as well. We are hopeful that we can convert them to actual investors in the Bahamas and establish a presence here, whether directly or through some Bahamian partnerships.” Mr Sumner added that only two Bahamian businesses were able to make the trip post Hurricane Matthew. “Prior to the hurricane we had 15 business who had intended to go. We also had government ministers and department heads who had planned to go as well, but we understood that they were not able to make the trip considering the obligations here,” he said. “We also had two executives from the Abaco Cham-

ber with us, US Embassy executives, and representatives from the Consulate Generals Office in Miami.” “We believe that we were able to give a very good representation of the Bahamas to the degree that we had very significant interest from persons and businesses who expressed keenly that they wanted to do business in the Bahamas. We had the opportunity to present the Bahamas to all the delegates who were there from as far away as Africa,” said Mr Sumner. “Since we returned we have seen a number of those companies reach out to the Chamber, seeking further assistance and guidance on how to get things done and who to connect with. We are happy to have those leads and we are hopeful that we can convert those into strong, viable investments in the Bahamas.”

call 502-2394 to advertise today!

YOUR

CHOICE FOR THE FAMILY @JOYFMBAHAMAS WWW.FACEBOOK.COM/JOYFM1019

PAGE 4, Wednesday, October 26, 2016

Unions seek 20-fold employer fines rise From pg B1 month maximum. However, the joint recommendations submitted by the Trades Union Congress (TUC) and National Congress of Trade Unions (NCTU) propose a massive lifting of this ceiling - to the point where long-serving line staff will receive compensation equal to that of managerial employees. The unions are seeking a sliding scale, where workers made redundant after six months to five years on the job would receive two weeks’ pay per year worked. For those who have worked for their employer for between five-10 years, the labour movement wants redundancy payments to

increase to two-and-a-half weeks per year, with staff who have served for between 10 to 15 years gaining three weeks’ pay per year. Finally, for long-serving employees who have worked for 20 years or more, the unions want redundancy pay to be four weeks’ per year. This, if the Government were minded to enact it, would result in long-serving line staff receiving redundancy pay equivalent to the compensation received by managerial workers, which the unions want to keep at a month’s salary per year worked. Under their proposals, a 30-year worker made redundant would receive 120 weeks’ or close to two-and-

Legal Notice NOTICE ZOLTIN HOLDINGS LTD. NOTICE IS HEREBY GIVEN as follows: (a) Zoltin Holdings Ltd. is in dissolution under the provisions of the International Business Companies Act 2000 (b) The dissolution of the said Company commenced on the 19th October, 2016 when its Articles of Dissolution were submitted to and registered by the Registrar General.

a-half years’ pay - representing a massive expansion in the social safety net and imposing a near-impossible burden on an already-struggling Bahamian private sector. Peter Goudie, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) labour relations specialist, and one of the private sector’s Tripartite Council representatives, confirmed that he had seen the unions’ proposals. “That’s what they want to bring to the table for discussion, and that’s what’s going to be discussed on November 3,” he told Tribune Business. “Obviously, the opinion of the Chamber and the business side of the Tripartite Council is that you are putting the cost of business up, and you are going to stop people wanting to do business here. “That’s our opinion and we’ll let it be known on November 3. They can do what they want to do and say what they want to say, but we’ll have our say. It’ll be a fun meeting.” Mr Goudie said that while it was fine for the trade union movement to “cherry pick” the reforms it wants, “there’s a cost to doing business, and if you keep raising it you will have peo-

ple not opening businesses or starting to cut back. It’s just common sense; I don’t know what else to say”. Mr Goudie also confirmed that the trade union reform recommendations were e-mailed out by the Department of Labour on August 31, along with the latter’s own letter detailing the Government’s intentions - intentions that look eerily similar to the union proposals. This is likely to reinforce perceptions among the private sector, voiced privately to Tribune Business, that the Department of Labour is pro-union and anti-business. Mr Goudie, meanwhile, said the union proposals were also contrary to Prime Minister Perry Christie’s desire to increase foreign direct investment (FDI) inflows to the Bahamas. “It would seem to me that if we make the cost of business exceedingly high, or even higher than it is now, I think we’ll have trouble trying to get foreign direct investment into this country,” Mr Goudie told Tribune Business. “People look at some of this stuff and go: Uh, Uh, Uh. Yet the Prime Minister is going out trying to attract foreign direct investment. It seems what they’re asking for is counter to the

NOTICE

THE TRIBUNE

position taken by the Prime Minister.” Tribune Business can also reveal that the trade unions are seeking a 20fold increase in fines paid by businesses who run afoul of the Industrial Relations Act, with penalties rising from $5,000 to $100,000. They are also recommending that prison terms be increased from one to three years. Stricter timelines are also being sought when it comes to the recognition of trade unions and granting of Certification, with the two union bodies pushing reforms that would legally mandate employers to start “collective bargaining” negotiations within 30-60 days. And, in an obvious response to recent events at Sandals and the Melia, in the absence of an existing industrial agreement for the hotel industry, the unions also want the law to ensure the terms of expired deals “remain in force” until a new one takes effect. Other proposals are designed to benefit the unions themselves, including the apparent removal of the Industrial Relations Act provision that requires at least 60 per cent of bargaining agent members to how much will be deducted

from their salary in union dues. Union members will also be unable to hold a secret ballot on whether to amend industrial agreement provisions relating to union dues and other financial matters. Currently, just 25 per cent of members can ask the Labour Minister to hold such a ballot, but the unions are recommending that this provision be struck from the Act. Other proposed amendments also call for union officials’ time in office to be extended from three to five years, while legal restrictions on unionists sitting on more than one union’s Board or executive committee are removed. Obie Ferguson, the Trades Union Congress’s president, confirmed to Tribune Business that these were among the labour law reforms that unionists are seeking. “It’s a very important day,” he said of the upcoming November 3 meeting, “because there are a number of things we have to amend. The earlier the better. “I’m expecting employers to resist. Traditionally in the Bahamas, where there is a move to amend the laws to advance the workers’ rights and interests, employers have opposed it.”

NOTICE

NOTICE is hereby given that MELISSA GEORGES of Blue Hill South, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 26th day of October, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that KENESSEA SCOTT of Hillside Estate off Mackey St., P.O.Box N-8902, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 19th day of October, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Legal Notice NOTICE

CROFTON ASSET MANAGEMENT LTD.

HILLGROVE HOLDINGS LTD.

DURWOOD ASSET MANAGEMENT LTD.

(c) The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas. Shareece E. Scott Liquidator

NOTICE IS HEREBY GIVEN as follows:

(a) Crofton Asset Management Ltd. is in dissolution under the provisions of the International Business Companies Act 2000

(a) Hillgrove Holdings Ltd. is in dissolution under the provisions of the International Business Companies Act 2000

(a) Durwood Asset Management Ltd. is in dissolution under the provisions of the International Business Companies Act 2000

(b) The dissolution of the said Company commenced on the 19th October, 2016 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Shareece E. Scott Liquidator

Legal Notice NOTICE

ELSA HOLDINGS LTD.

BELLEVUE HOLDINGS LTD.

ARPEX INTERNATIONAL FUND LTD.

NOTICE IS HEREBY GIVEN as follows:

(a) Elsa Holdings Ltd. is in dissolution under the provisions of the International Business Companies Act 2000

(a) Bellevue Holdings Ltd. is in dissolution under the provisions of the International Business Companies Act 2000

(a) Arpex International Fund Ltd. is in dissolution under the provisions of the International Business Companies Act 2000

(b) The dissolution of the said Company commenced on the 19th October, 2016 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Shareece E. Scott Liquidator

THE INTERNATIONAL BUSINESS COMPANIES (WINDING UP AMENDMENT) ACT, 2011 AND THE COMPANIES ACT, CH. 308 NOTICE OF FINAL GENERAL MEETING PLUS HOLDINGS LIMITED (IN VOLUNTARY LIQUIDATION) Registration No. 26181B Notice is hereby given that a Final General Meeting of the Members of the above-named Company will be held at 1111 East Las Olas Blvd., Apt. 407, Fort Lauderdale, Fl. 33301 on the 21st day of November, 2016 at 12:00 noon, for the purpose of having an account laid before them, showing the manner in which the winding up had been conducted, and the property of the Company disposed of, and hearing any explanation that may be given by the Liquidator, and also of determining by Resolution the manner in which the books, accounts and documents of the Company, and of the Liquidator shall be disposed of. Dated this 25th day of October, 2016 Patricia Bloom Liquidator

Legal Notice

NOTICE

(a) FUSIONE OVERSEAS LIMITED is in dissolution under the provisions of the International Business Companies Act 2000

HORIZON ENERGY INVESTMENTS LIMITED

NOTICE IS HEREBY GIVEN as follows:

(b) The Dissolution of said Company commenced on October 25, 2016 when its Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd Terrace West, Centreville, Nassau, Bahamas. (d) All persons having Claims against the above-named Company are required on or before November 23, 2016 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be excluded from the benefit of any distribution made before such debts are proved. October 26, 2016 ZAKRIT SERVICES LTD. LIQUIDATOR OF THE ABOVE-NAMED COMPANY

In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act (No. 45 of 2000), HORIZON ENERGY INVESTMENTS LIMITED, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 27th day of September, 2016.

Mr. Petrov Vladimir Stanislavovich, Kostromskoy pr., Bld. 3, Apt. 34, Saint-Petersburg, Russian Federation Liquidator

THE TRIBUNE

Wednesday, October 26, 2016,. PAGE 5

‘Intricate fabrication’: Sarkis blasts process for selling Baha Mar From pg B1 effectively alleges that the ‘sale’ to Perfect Luck is a ‘smoke and mirrors’ transaction, which will allow the China Export-Import Bank to retain control of Baha Mar’s assets while ‘hiding’ any future sale - and associated losses - off its balance sheet. “It is indeed ‘extraordinary’ that the entire sale to ‘Perfect Luck’ has been an intricate fabrication,” Mr Izmirlian wrote in the letter, which was released for public consumption. “The fact that the receivers were not able to find an arm’s length buyer has nothing to do with the quality of the asset, and everything to do with a process where bidders were not given information, and were forbidden to meet with stakeholders or to discuss the status of construction with any of the relevant parties. “The fact that the Bahamian court signed off on the sale does not mean that a comprehensive and inclusive process was followed. It only means that your lawyers were able to craft a story sufficiently plausible for the bank to sell Baha Mar to itself and conduct a further sale of Baha Mar in even more secrecy.” Mr Izmirlian even hinted that other potential Baha Mar purchasers had questioned the sales process’s “integrity”, and the China Export-Import Bank’s real

goals for the project. “We have been in ongoing communication with many industry experts, operators and interested parties, many who have considered their options for pursuing Baha Mar,” he said. “They, like us, question the sincerity of the process and the real goal of the appointed receivers. They also recognise the unique experience we bring to this significant project given the many hurdles that lie ahead.” Tribune Business exclusively revealed the ‘SPV sale’ in the week before Hurricane Matthew hit the Bahamas, as details were contained in a Supreme Court judgment delivered by Justice Ian Winder. He wrote that the asset transfer to Perfect Luck was vital because the China Export-Import Bank was only willing to invest “hundreds of millions of dollars” in completing Baha Mar if the project was removed from receivership. Baha Mar’s physical construction completion was deemed essential because the prices offered to acquire the project ‘as is’ were “severely depressed”. Justice Winder said the sum offered by the SPV was “the best price obtainable under the circumstances”, given that all other bids to acquire Baha Mar were far below the $2.45 billion owed to the China Export-Import Bank. Although scant on de-

tails, due to the earlier decision by the Supreme Court to ‘seal’ the agreement for Baha Mar’s construction completion, Justice Winder’s ruling also divulged that the receivers were unable to reach a deal with the ‘preferred bidder’ in their sales process. Instead, Baha Mar’s latest ‘proposed purchaser’, whose identity has not been disclosed, emerged from “outside the bidding process” set up by Deloitte & Touche. Apart from taking aim at these machinations, Mr Izmirlian’s letter said it was “bizarre” that the China Export-Import Bank and its agents has never even acknowledged receipt of his offer to outbid all rivals in purchasing Baha Mar. “I sent you two weeks ago today a bona fide proposal to buy Baha Mar at a price superior to any offer ‘Perfect Luck’ or China ExportImport Bank has received,” Mr Izmirlian told Mr Lange. “As part of my offer, I also made clear that this proposal to acquire Baha Mar would result in, among other benefits, all substantiated Bahamian creditors being paid in full and all Baha Mar employees - both Bahamians and expats - being paid the monies they are owed. “Bizarrely, China Export-Import Bank has not acknowledged receipt of my proposal, nor has anyone associated with either the bank, the receivers, or ‘Perfect Luck’ made contact with us,” he added. “It makes neither economic sense, nor is it in the best interests for the future of Baha Mar or The Bahamas, that not one of these

related parties have engaged with us to discuss our proposal.” This is despite Prime Minister Perry Christie’s Office urging Mr Izmirlian to ‘engage’ with the bank and ‘Perfect Luck Holdings’ - the very thing Mr Izmirlian is now seeking to do, but without success as the Chinese cold shoulder him. Playing on the name of the bank’s SPV, Mr Izmirlian added: “At this stage, no one feels lucks: The thousands of Bahamians out of a job, the contractors not paid, the foreign creditors ignored, the shareholder of China Export-Import Bank who is forced to take an enormous write-off on its debt......

“We present the best option to complete the project and affirm the policy success of China Export-Import Bank. Why not at least engage in a serious discussion with us to consider whether there is a pathway forward?” However, it is clear that the Beijing government, and the two entities at the centre of the Baha Mar saga, the China Export-Import Bank and China Construction America (CCA), the project’s general contractor, have no wish to deal with Mr Izmirlian and are determined to oust him as the developer. Any deal with Mr Izmirlian would likely require CCA to be removed

from the project, a demand that has always been a ‘no go’ for the Chinese, with protection of the contractor’s interests seemingly paramount throughout the past 18-month saga. Former Bahamian employees have already been paid out, negating much of Mr Izmirlian’s promise to make all local creditors ‘whole’, while the China Export-Import Bank, as a government-owned policy institution, is under no obligation to deal with him or accept a higher offer. All this means Mr Izmirlian is likely to remain on the outside looking in at the project that was his brainchild.

POSITION:

CORPORATE ACCOUNTANT Clairmont Trust Company, an exclusive Mutli Family Office is looking for a Corporate Accountant. The Role involves preparing and assisting with year - end financial statements, management accounts, reports, budgets and analysis of financial information for the Trust Company and its group companies. As well as preparation of Central Bank and other Regulatory Reporting on a periodic basis. Applicants should have: • Bachelors Degree in Accounting • Minimum of 5 years experience in Accounting with a Trust Company or Multi-family office. • Well-developed writing and communication skills • Fluency in English • High level of proficiency in the use of computers and approved software applications including, Word, Excel, Outlook and NAV and Quick Books • Knowledge of legal, regulatory and industry requirements • Knowledge of business processes, standards, policies and procedures • Ability to read and understand financial statements, valuations and related forms of financial reporting • Ability to work well with others as a team Please respond by email to HR@Clairmonttrust.com or in writing to:

Managing Director Clairmont Trust Company Limited PO Box SP64284

An entrepreneurial spirit, original thinker, and a passion to succeed. If you have it, we want you. We are growing! Royal Fidelity invites applications for the position of:

SECURITIES ANALYST Job Summary: Reporting to the Investment Manager this person will prepare financial analysis on issuers and other financial reports, assist with investment presentations, and assist with corporate finance transactions, including due diligence and document preparation.

Main Duties & Responsibilities: • Analyze ﬁnancial information to produce business forecasts for making investment decisions • Prepare and disseminate company speciﬁc research • Evaluate and compare the relative quality of various securities in a given industry • Assist with Corporate Finance transactions, including due diligence and document preparation • Assist with investment presentations • Maintain knowledge and stay abreast of developments in the local and regional investment markets • Any other related duties that may be assigned

Requirements / Qualifications: • Series 7 qualification or equivalent • Degree in Finance, Economics, Accounting or related field • Minimum 2-3 years experience in investment banking • Ability to manage multiple priorities/excellent organizational skills • Ability to work with minimum supervision • Strong interpersonal, problem solving and customer service skills • Demonstrated written and verbal communication • Microsoft Office proficiency

PLEASE SUBMIT BEFORE October 28th, 2016 to:

HUMAN RESOURCES Re: Securities Analyst careers@fidelitybahamas.com

ABSOLUTELY NO PHONE CALLS

A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.

PAGE 6, Wednesday, October 26, 2016

Sarkis ally admits Chinese, Govt are saying: ‘Go to hell’ From pg B1 Baha Mar purchase offers (see other article Page 1B). Yet this letter, too, acknowledged that Baha Mar’s secure creditor, together with its Deloitte & Touche receivers and the bank’s Perfect Luck Holdings special purpose vehicle (SPV), had not even given Mr Izmirlian the courtesy of a reply or receipt acknowledgement. Mr D’Aguilar yesterday described this treatment of Mr Izmirlian as “reprehensible” and “despicable”, adding that both the Government and the Chinese were showing him “great disrespect”. And, seemingly alluding to the possibility of running as an FNM candidate in the upcoming general elec-

tion, Mr D’Aguilar warned the Christie administration that it “better” have acted properly in handling Baha Mar, otherwise there will be “hell to pay’. “The Chinese and the Government have met in the penthouse suite at Baha Mar and put a ‘do not disturb’ sign on the door,” Mr D’Aguilar said of the current situation. “As much as Sarkis attempts to kick in the door, the ‘do not disturb’ sign is still clearly on it.” Conceding that Baha Mar’s original developer is being ‘left out in the cold’, Mr D’Aguilar added: “That’s not what I think; that’s what’s clearly apparent. “The constant refrain of the Government is: Go

Three local insurers earn ‘A grade’ ratings From pg B1 throughout its territory. Operating performance has historically been profitable due to prudent underwriting, conservative risk management and adequate reinsurance protection backed by quality reinsurance partners,” A. M. Best said. “Risk-adjusted capitalisation is also sufficiently strong to support underwriting, investment and business risks, as well as strategic objectives.” On the down side, the insurance rating agency added: “Market conditions in the Bahamas are highly competitive and pricing, particularly on property business, is soft. Organic growth potential is extremely limited.” As for the two life and health insurers, A. M. Best’s assessments were re-

markably similar, even to the point of placing ‘bbb-’ ratings on their two BISXlisted parent companies, Colina Holdings and Family Guardian. Not surprisingly, given that the two compete in the same market and are rivals, A. M. Best expressed similar concerns with each of their mortgage portfolios as a percentage of investments and capital. It said: “The rating affirmations for Colina reflect its leading position in the life/health market in the Bahamas, its adequate risk-adjusted capitalisation, positive operating results and conservative reserving practices. “Partially offsetting these strengths are delinquencies in the company’s mortgage loan portfolio and a narrow geographic profile in the

THE TRIBUNE

speak to the Chinese. Those are hollow words that have no grounding in the hope of a positive outcome. “The Government has been complicit in the shafting of Sarkis Izmirlian. They [the Chinese] are not engaging with him at all, and the Government is complicit in the take down of one of the single largest foreign investors in the country. This will send a clear message to everyone else,” he continued. “It’s mind boggling. They are just ignoring him, and showing him great disrespect by not engaging with him at all.” Mr D’Aguilar’s interpretation of events is likely to be rejected by both the Government and the Chinese, plus their advisers, who have long harboured scepticism over whether Mr Izmirlian has the financing to do what he promises. They will probably see Mr Izmirlian’s latest letter to the China Export-Import Bank, which is dated

Monday, October 24, as merely the latest step in a PR campaign designed to discredit their actions over Baha Mar. However, many observers are likely to wonder why the China Export-Import Bank appears not to be taking Mr Izmirlian seriously, given that he is offering to beat all-comers on price plus make all Bahamian and foreign creditors whole. Given that both the bank, which is owned by the Beijing government, and the Deloitte & Touche receivers would appear to have the goal and responsibility of maximising the Baha Mar sale price, it would appear in their interests to at least test whether Mr Izmirlian is serious. “Even his last offer, to pay more than anyone else, didn’t pique their interest,” Mr D’Aguilar told Tribune Business. “Clearly, he’s [Mr Izmirlian] a wealthy man, clearly he doesn’t fly economy class, and he’s managed

to bring about a $3.4 billion investment project which is 97 per cent done. They’re just not engaging him, and are telling him to go to hell. It’s unfortunate. It’s reprehensible. It’s despicable.” Mr D’Aguilar said it was obvious “some deal has been struck between the Government and the Chinese for there to be such a deep love affair”, although the ‘sealing’ of all details surrounding the agreement for Baha Mar’s construction completion meant this had not been fully disclosed to the Bahamian public. “Hopefully, the Government will change, and when the Government changes we’ll see what the deal is,” Mr D’Aguilar said. “They’d better have done it properly, because if not, we’ll see it, and there will be hell to pay.” The outspoken businessman told Tribune Business he remained “steadfast in my belief” that it was in the Bahamas’ best long-term interests for Mr Izmirlian

to hold Baha Mar’s ownership, rather than a Chinese consortium. He based this on Mr Izmirlian’s commitment to Bahamians, which included contacting those living abroad to come back and work on the project, and giving persons who had been written-off a chance at employment. “He was the only investor to say to the Government: Give me 1,000 Bahamians who have fallen on hard times, bad luck and have had no success in living in the Bahamas, and give them an opportunity through the Leadership Development Institute,” Mr D’Aguilar said. He also lauded Mr Izmirlian’s commitment to providing a platform for Bahamian artists, and his “fight to remove large portions” of construction work from China Construction America (CCA), the project’s general contractor, and hand it to Bahamians.

Bahamas’ mature life and health market.” Expanding on this assessment, A.M. Best added: “Colina enjoys a leading market share in the region in its selected segments, and its risk-adjusted capitalisation remains adequate relative to its investment and insurance risks. “A. M. Best expects a continuation of a normalised level of aggregate profitability based on 2015 performance measures.” Yet it added: “Still, general economic headwinds, albeit lessening, within the Bahamas’ economy and high mortgage loan delinquencies continue to pose rating issues for the company in the near to intermediate term. “A.M. Best remains concerned over the concentration of real estate investments, mortgage loan exposure and continuing delinquencies of mortgages relative to total stockholders’ equity, but notes that over the past several years

the company has decreased its exposure to such asset classes in the aggregate and as a percentage of total invested assets.” As for Family Guardian, A. M. Best said: “The rating actions for Family Guardian reflect its long-standing life insurance marketing presence in the Bahamas, profitable and improved operating performance and solid level of risk-adjusted capitalisation. “Partially offsetting these strengths are the company’s high exposure to mortgage loans in its investment portfolio and its relatively high delinquency level, which correlates with current conditions in the Bahamian economy.” Providing further detail,

the insurance rating agency added: “A.M. Best further notes that company trends with respect to profitability and capital are generally favourable, with consistent growth in stockholders’ equity despite shareholder dividend payments. “Family Guardian’s core life and health business segments provide business diversification and competitive advantages in a generally limited and mature marketplace. “Still, Family Guardian faces inherent risks associated with the overall weak economic environment in the Bahamas, which can present risks to longer-term financial results and growth opportunities. A. M. Best recognises that despite the

limited growth opportunities in its local market, Family Guardian has been able to grow premium income in core business lines,” it added. “A. M. Best remains concerned regarding the risks associated with Family Guardian’s high concentration in mortgage loans, but notes that the company’s level of mortgage loans as a percentage of total investment assets, as well as a percentage of total capital, has continued to decline. The company holds mortgage loan provisions, which have proven to be adequate over time. A.M. Best considers this risk exposure as manageable at the current time.”

VAT drops Bahamas to 121st in ‘ease of business’ rankings From pg B1 95th, was the main reason why this nation failed to improve its overall position in the World Bank rankings, falling one spot from 120th to 121st year-over-year. And the reason for the Bahamas’ slump was made abundantly clear, the World Bank stating bluntly: “The Bahamas made paying taxes more complicated by introducing a Value-Added Tax.” It estimated that Bahamian VAT registrants, on average, spent about 157 hours per year - equivalent to almost 20 working days - calculating, collecting, filing and remitting the tax’s payments to the Government. This negated improvements made in other areas, especially in the ‘ease of registering property, where the Bahamas moved up 18 spots from 184th position (near rock bottom) to 166th. The World Bank attributed the improvement to the Bahamas “reducing the

cost of transferring a property”. However, on other criteria, such as dealing with construction permits; getting electricity; getting credit; and protecting minority investors, the Bahamas fell in the rankings by between one to six spots. The World Bank’s report again indicates that the Bahamas continues to ‘stand still’, while rivals make improvements and leapfrog ahead of it on regulatory efficiencies and systems - key determinants in attracting capital investment. Mr Sumner acknowledged that this was “the story last time”, adding: “We’re not necessarily regressing or declining, but we’re not doing what we could to improve. Other countries are probably improving, and we’re probably not doing enough.” Mr Sumner declined to comment further, but said the World Bank report was being assessed by the Chamber’s Board, and while the Bahamas’ rank-

NOTICE

NOTICE is hereby given that RITCHIE NELSON of Burial Grand Corner, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 26th day of October, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

ing was “obviously concerning”, it wanted to obtain a better understanding of how this had been determined. Suggesting that the issue would be discussed with the likes of Central Bank governor, John Rolle, and the National Development Plan Secretariat, Mr Sumner said: “It’s not a reflection on the Government or the private sector; it’s a reflection on the Bahamas. “We’ve got to work collaboratively to understand what is happening.” While the rate of slippage has slowed, the World Bank has again dropped the Bahamas’ ranking, sending a potentially negative message to international investors assessing whether to deploy their capital in this nation. And, yet again, the findings suggest that repeated promises by Prime Minister Perry Christie, and several of his Cabinet Ministers, to improve the ‘ease of doing business’ in the Bahamas continue to sound somewhat hollow. The Bahamas was initially ranked at 106th in last year’s ‘Doing Business’ rankings, but the World Bank yesterday said “data revisions and changes in methodology” had subsequently dropped this nation even further - to 120th spot. While this minimised the decline this time around, it suggests that the Bahamas fell even further than originally thought in 2015.

PAGE 8, Wednesday, October 26, 2016

THE TRIBUNE

ECB chief: low interest rates don't make inequality worse FRANKFURT, Germany (AP) — The head of the European Central Bank is defending the bank’s monetary stimulus programs and record-low interest rates against concerns that they hurt savers and favor the wealthy. Mario Draghi said in a speech in Berlin on Tuesday that low rates are a symptom of weak investment and excess savings, which central banks must take into account. He said low rates support consumption and jobs — benefits that are “always socially progressive.” He said that, overall, “a faster return to full employment should in turn contribute to lower future inequality.” The ECB has cut its benchmark interest rate to zero, and pushed down longer-term rates through a bond-buying program. The steps have frustrated savers who see low returns on conservative investments, while boosting stocks and other assets that are often held by wealthier people. Significantly, Draghi chose to speak in Germany, where the ECB’s stimulus efforts have come

under strong criticism by some economists and legislators who say such measures hurt savers and are increasingly ineffective. The bank faces a politically fraught decision on whether to extend its bond purchase stimulus program at its next meeting Dec. 8. The ECB has been buying 80 billion euros ($88 billion) a month in government and corporate bonds with newly printed money. That drives down market interest rates and pumps new money into the financial system. The program is slated to run at least through March, 2017. But now the bank must decide whether to extend it beyond then, and if so, how long. To avoid running out of bonds, the ECB’s governing council, led by Draghi, might have to ease some of the restrictions on which bonds it can buy. One of those rules requires the bank to purchase government bonds according to each country’s share of the eurozone economy. Easing that rule to find more bonds could run into charges of political favoritism and face op-

position from stimulus skeptics on the council. During his speech, Draghi reviewed the effects of low rates and loose monetary policy on different aspects of the economy — on jobs, stock and bond prices, home prices, and borrowing costs for ordinary people. He concluded that many of the effects balanced each other out when it comes to economic inequality. For instance, low rates may have boosted stock prices, benefiting a smaller slice of the population, while at the same time helping housing prices recover. Higher house prices benefit a broader segment, contributing to less inequality. He said that “certainly, some savers might suffer from a temporary period of low interest rates, especially if they rely on interest income...But whatever financial assets savers hold, in the final analysis their return always depends on the growth rate of the economy.” The ECB is the chief monetary authority for the 19 countries that use the euro currency.

The president of the European Central Bank, ECB, Mario Draghi, sits in the audience ain Berlin, yesterday. European Central Bank head Mario Draghi is defending the central bank’s current low level of interest rates and stimulus measures against charges they hurt savers and favor the wealthy. Draghi said in a speech in Berlin on Tuesday that low rates are a symptom of underlying weak investment and excess savings, which central banks must take into account. He said low rates support consumption and jobs _ benefits that are “always socially progressive.” He said that, overall, “a faster return to full employment should in turn contribute to lower future inequality.” (AP Photo)

THe WeaTHer repOrT

5-Day Forecast

TOday

OrlandO

High: 85° F/29° C low: 67° F/19° C

Tampa

THursday

FrIday

saTurday

sunday

Clouds and sun with a shower; windy

Partly cloudy, a t‑storm in spots

Clouds and sun, a t‑storm in spots

Periods of sun with a shower; windy

Partly sunny, a shower; breezy

High: 84°

Low: 73°

High: 84° Low: 74°

High: 85° Low: 75°

High: 86° Low: 74°

High: 85° Low: 74°

AccuWeather RealFeel

87° F

71° F

87°-74° F

88°-75° F

89°-76° F

92°-75° F

High: 87° F/31° C low: 69° F/21° C

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

almanac

aBaCO

High: 82° F/28° C low: 76° F/24° C

12‑25 knots

High: 84° F/29° C low: 77° F/25° C

12‑25 knots

FT. lauderdale

FreepOrT

High: 84° F/29° C low: 76° F/24° C

N E S

WesT palm BeaCH

uV inDex toDay

TOnIGHT

High: 84° F/29° C low: 73° F/23° C

mIamI

High: 85° F/29° C low: 75° F/24° C

10‑20 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 82° F/28° C Low .................................................... 75° F/24° C Normal high ....................................... 84° F/29° C Normal low ........................................ 72° F/22° C Last year’s high ................................. 87° F/31° C Last year’s low ................................... 74° F/24° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ............................................... 47.67” Normal year to date ................................... 34.37”

eleuTHera

nassau

High: 84° F/29° C low: 73° F/23° C

High: 83° F/28° C low: 77° F/25° C

Key WesT

High: 85° F/29° C low: 75° F/24° C

10‑20 knots

12‑25 knots

Ht.(ft.)

Low

Ht.(ft.)

5:31 a.m. 5:49 p.m.

2.9 2.9

11:45 a.m. 0.7 ‑‑‑‑‑ ‑‑‑‑‑

Thursday

6:19 a.m. 6:34 p.m.

3.0 2.9

12:08 a.m. 0.5 12:34 p.m. 0.6

Friday

7:01 a.m. 7:15 p.m.

3.1 2.9

12:49 a.m. 0.4 1:18 p.m. 0.5

Saturday

7:39 a.m. 7:53 p.m.

3.1 2.8

1:27 a.m. 1:58 p.m.

0.3 0.4

Sunday

8:16 a.m. 8:30 p.m.

3.2 2.8

2:03 a.m. 2:37 p.m.

0.3 0.4

Monday

8:52 a.m. 9:07 p.m.

3.2 2.7

2:37 a.m. 3:15 p.m.

0.3 0.4

Tuesday

9:28 a.m. 9:44 p.m.

3.2 2.6

3:12 a.m. 3:52 p.m.

0.3 0.4

sun anD moon Sunrise Sunset

7:14 a.m. 6:33 p.m.

Moonrise Moonset

3:42 a.m. 4:24 p.m.

new

First

Full

last

Oct. 30

nov. 7

nov. 14

nov. 21

andrOs

san salVadOr

GreaT eXuma

High: 84° F/29° C low: 78° F/26° C

High: 83° F/28° C low: 78° F/26° C

High: 84° F/29° C low: 75° F/24° C

W S

lOnG Island

insurance management tracking map H

High Today

High: 83° F/28° C low: 76° F/24° C

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

tiDes For nassau

CaT Island

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

High: 84° F/29° C low: 77° F/25° C

10‑20 knots

mayaGuana High: 84° F/29° C low: 79° F/26° C

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

CrOOKed Island / aCKlIns raGGed Island High: 84° F/29° C low: 79° F/26° C

High: 84° F/29° C low: 79° F/26° C

GreaT InaGua High: 87° F/31° C low: 79° F/26° C

12‑25 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: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:

WINDS NE at 12‑25 Knots ENE at 12‑25 Knots NE at 10‑20 Knots ENE at 12‑25 Knots NE at 12‑25 Knots ENE at 12‑25 Knots ENE at 10‑20 Knots ENE at 12‑25 Knots ENE at 10‑20 Knots ENE at 12‑25 Knots ENE at 10‑20 Knots ENE at 12‑25 Knots NE at 12‑25 Knots ENE at 12‑25 Knots NE at 10‑20 Knots ENE at 10‑20 Knots ENE at 12‑25 Knots ENE at 12‑25 Knots NE at 12‑25 Knots ENE at 12‑25 Knots ENE at 10‑20 Knots ENE at 10‑20 Knots NE at 12‑25 Knots ENE at 12‑25 Knots NE at 10‑20 Knots ENE at 12‑25 Knots

WAVES 5‑9 Feet 8‑12 Feet 2‑4 Feet 3‑5 Feet 4‑8 Feet 8‑12 Feet 5‑9 Feet 5‑9 Feet 5‑9 Feet 8‑12 Feet 3‑6 Feet 4‑8 Feet 2‑4 Feet 3‑5 Feet 5‑9 Feet 5‑9 Feet 3‑6 Feet 3‑6 Feet 6‑10 Feet 8‑12 Feet 3‑5 Feet 4‑7 Feet 3‑6 Feet 3‑6 Feet 3‑6 Feet 5‑9 Feet

VISIBILITY 7 Miles 8 Miles 8 Miles 5 Miles 8 Miles 5 Miles 5 Miles 5 Miles 8 Miles 5 Miles 7 Miles 8 Miles 8 Miles 5 Miles 5 Miles 5 Miles 8 Miles 7 Miles 5 Miles 5 Miles 8 Miles 5 Miles 8 Miles 7 Miles 8 Miles 5 Miles

WATER TEMPS. 80° F 79° F 81° F 81° F 82° F 82° F 83° F 82° F 80° F 80° F 81° F 81° F 81° F 81° F 84° F 84° F 81° F 81° F 84° F 84° F 81° F 80° F 82° F 84° F 81° F 81° F