business@tribunemedia.net
FRIDAY, MAY 5, 2017
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Activist ‘shock’ over new Blackbeard’s Cay process By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Environmental activists were yesterday “in a state of shock” after the Government, rather than obey a court Order to close Blackbeard’s Cay down, instead initiated a process to grant it the necessary planning approvals. Sam Duncombe, founder of reEarth, the group that won a near three year-old Supreme Court verdict that quashed the controversial $12 million development’s permits, slammed the Christie administration for “failing to follow the rule of law”. She described herself as “very distressed” after the Department of Physical Planning yesterday announced a May 25, 2017, public meeting at its offices to review the Site Plan Application (SPA) submitted by developer, Blue Illusions Ltd. Mrs Duncombe said it was “disgraceful” that the Government, rather than obey the July 31, 2014, verdict by Justice Stephen Isaacs, was
The Grand Bahama Chamber o f Commerce’s president has pledged to pursue the private sector’s demand for answers o ver Freeport’s new investment regime as a “priority”, even tho ugh the deadline for compliance passed yesterday. Mick Holding told Tribune Business that “just because the deadline” for submitting applications for a renewal o f investment incentives has passed does no t invalidate the private sector’s continuing concerns. Freeport-based businesses had until yesterday to apply for renewal o f their real property tax, capital gains and income tax exemptions under the Grand Bahama (Port Area) Investment Incentives Act 2016, despite the Go vernment’s failure to clarify key issues. See pg b6
Despite court Order to close $12m development reEarth chief slams ‘backdoor’ permit attempt
BISX-listed firm slashes its deficit almost 40%
now staging a process to give Blackbeard’s Cay everything it wanted through “the retroactive backdoor”. She accused the Christie administration of allowing Blue Illusions and its principal, Samir Andrawos, “to do whatever they want”, and asked: “Who in Government is in bed with the developer?” “I’m in a bit of a state of shock,” Mrs Duncombe replied, when informed by Tribune Business of Blackbeard’s Cay’s latest planning application. “The See pg b4
Chamber chief to pursue despite deadline’s passage Incentive Act queries in ‘top two-three objectives’ No application extension as many had hoped
Mick holding
NHI primary doctors to ‘easily hit’ 150-200 By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The National Health Insurance (NHI) scheme’s pro ject manager yesterday said he expects the number o f primary care pro viders to “easily hit 150-200”, which wo uld “more than co ver” the number o f Bahamians expected enrol. Speaking with Tribune Business, Dr Delon Brennen said: “I think we have the ability to attract the majority o f the primary care pro viders that are in the co untry. “We estimate that there are just o ver 300 primary care pro viders who wo uld be eligible to pro vide primary care services under NHI. Right no w we’re hitting abo ut the 100 mark.”
Julian Brown
Benchmark: ‘We’ve turned the corner’
Govt initiates 21-day Site Plan consultation, meeting
Freeport tax regime answers still sought By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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Brennen confident scheme can get ‘majority’ Abo ut 60 primary care doctors from the private sector signed up for NHI initially, representing just under 20 per cent o f the to tal number o f registered primary physicians. A listing o f NHI primary care pro viders, dated May 3, sho ws that the number o f private physicians has remained at aro und 60, with their number supplemented by public sector doctors to get to Dr Brennen’s 100 figure. Ho wever, Tribune Business was sho wn that several doctors were named twice See pg b6
Baha Mar Resort
Baha Mar deal ‘doubles down’ on the secrecy By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Baha Mar’s Heads of Agreement “doubles down on the lack of transparency” surrounding the Government’s earlier deal with the China Export-Import Bank to complete the $4.2 billion project, an activist group alleged yesterday. Transparency in Politics (TIP), which is seeking Supreme Court permission to intervene in “the public interest” and petition for the release of the still-sealed deal with the Chinese bank, claimed it was impossible to know what the Government had agreed on the Bahamian people’s behalf without these documents. Francisco (Paco) Nunez, a TIP director and its secretary, alleged in a May 3, 2017, affidavit that the Heads of Agreement granted to Baha Mar’s prospective new owner, Chow Tai Fook Enterprises (CTFE), could not be properly under-
Activists: CTFE deal exacerbates earlier sealing Seek permission to intervene and unseal agreement QC says lack of transparency makes ‘terrible deal’ stood without viewing the earlier ‘Heads of Terms’ agreement. This was because CTFE’s Heads of Agreement allows the Hong Kong-based conglomerate, and its affiliates, to enjoy “all of the benefits and concessions” granted by the Christie administration to the China Export-Import Bank and its Perfect Luck vehicle, which currently owns Baha Mar’s assets, via the August See pg b4
Made ‘major progress’ on regulatory capital deficiency SEC deal: Instant $5m redemption not ‘stipulated’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BISX-listed company yesterday expressed optimism it has “turned the corner”, its principal adding that its settlement with US federal regulators did “not stipulate” the instant redemption of its $5 million preference share capital. Julian Brown, Benchmark (Bahamas) chief executive, said the agreement with the Securities & Exchange Commission (SEC) required the company to notify the regulator when the preference shares were redeemed, but imposed no deadline for carrying this out. With the SEC action now behind Benchmark See pg b5
PAGE 2, Friday, May 5, 2017
Nursing the workplace past a general election
Next week is undoubtably a critical moment in the life and times of Bahamians, as we prepare to go into a general election vote. Many Bahamians view the issues surrounding the 2017 election as crucial for the economic development and advancement of this country. Matters relating to investment, youth empowerment, education, tourism, economic growth, food production and many other issues all impact the country’s bottom-line and economic viability. Outside of the mainstream issues, election seasons typically prove to be a divisive time where those on the opposing sides engage in public rivalry and, in some cases, disrespectful assault. Employers, too, express great concern over the di-
minished productivity and efficiency in the workplace that results from election fever. Employees seem more interested in ‘water cooler chat’ surrounding the latest political gossip, attendance at the rallies or walking the streets with their candidates in hopes of political favours and recognition. Let us be very clear; it is the constitutional right and privilege of every citizen of the Bahamas to cast a vote in the democratic process. We encourage and support employers following the law to its fullest in permitting employees to cast their vote as part of their democratic expression. This article today, though, provides three basic tips for employers in maintaining some degree of workplace efficiency during this season.
1. Discourage, through line-up meetings, written memorandums and coaching, partisan political talk in the professional arena. This might include work and social media sites, company blogs, and company websites. Employees should be reminded to respect all their colleagues regardless of political affiliation, religion or any other issue. No one should be assaulted or insulted for their perceived political views. In fact, this conversation should not even be had in the workplace realm. 2. Ensure that employees are fully engaged in meaningful work assignments that keep their hands occupied
during this period. Grammy’s old adage reminds us that ‘idle hands are the devil’s playground’. Do not accept that people are not going to get work done during this time. Hold them accountable for this week of work. This might mean checking on the deliverables this coming week, and using this time as an evaluation period. 3. Establish the boundaries, and make clear the times employees have to engage in their extra-curricular activities. It may not be wise to even suggest to some team members that they should not give 100 per cent support to their party and candidate. It is
BTC unveils mobile plan for businesses The Bahamas Telecommunications Company (BTC) has unveiled a new mobile plan just for startup businesses and mobile device management. “Since small businesses are the lifeblood of our economy, we’ve made a concerted effort to do more to meet the needs of this special group,” said Carlyle
Roberts, BTC’s vice-president for business. “In addition to creating a Small Business Unit and partnering with the Bahamas Chamber of Commerce, we’ve now introduced a special mobile plan for new start-up businesses.” The ‘BTC Start-up Business Plan’ is available to all
small business customers. It includes features such as unlimited talk and text. It includes buckets of minutes for calls to the US and Canada. BTC also plans to release its new ‘Business Premium’ and ‘Business Executive’ options next month, which include more data and unlimited talk and text.
Mr Roberts added: “We want our customers to become partners, and from partners to family. We try to engender a spirit of partnership with them, and that’s what separates us.” BTC introduced the new mobile plan at its Fantastic Fridays Business Mixer, where it also showcased one if its latest solutions,
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important to remind them, though, that the work of the company that pays their salary should come first. Perhaps this political season is a good time for employers to remind employees that we are Bahamians first, and all of what connects us should be celebrated before we focus on what might separate us - PLP, FNM, DNA or any other vying political party. However this works out, on May 11 we will continue to be the Commonwealth of the Bahamas, the place where God lives and the country where it is better. • NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international Mobile Device Management. “This solution allows business customers to monitor their users’ voice and data. Using mobile device management, companies can track and monitor usage in real time,” Mr Roberts said. BTC also displayed its virtual reality gear and the latest smart watches. “We want to showcase a lifestyle. We want to showcase what our customers
Ian ferguson universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com. can experience, not just with their mobile devices but with their accessories as well. The virtual reality head gear allows our customers to get into a different ‘Galaxy Experience’ as I call it,” Mr Roberts said. BTC hosts its monthly business mixer at the British Colonial Hilton. The sales team uses the event to interact with clients, while sharing the latest products and solutions with them.
Carlyle Roberts, BTC’s vice-president for business, mingles with customers. Photo/Rossano Deal
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Friday, May 5, 2017, PAGE 3
Provider rejects insurance demand over renewables
By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
A Bahamian renewable energy provider yesterday disagreed “completely” with the requirement for residential suppliers to obtain general liability insurance, arguing that this was “unwarranted” and an added expense. Phil Holdom, head of Alternative Power Supply (APS), told Tribune Business that anything which adds to the cost of alternative energy solutions makes them less attractive. The Utilities Regulation and Competition Author-
URCA stipulation ‘unwarranted’, will add to cost ity (URCA), in its assessment of Bahamas Power and Light’s small scale residential offering (SSRG), introduced a requirement that residential suppliers of renewable energy to the grid obtain general liability insurance to guard against BPL personnel or others suffering harm. “With regards to the need for liability insurance, we completely disagree,”Mr Holdom said. “There has never been a case of a util-
ity worker being harmed by a UL-listed, industry standard grid tied inverter. “The inverters derive their ability to be connected to the grid by receiving their signal from the grid. If the grid is down, the inverter is disconnected, period.” Mr Holdom added: “With that logic, all generators should require liability insurance, since it is more likely that a failed transfer switch would damage a line worker. “If insurance is not required for other devices connected to the grid that are UL-listed, meet UL1742 and are IEEE, then insurance should not be required for inverters.
“Electrical engineering standards and historical data from decades of gridtie usage around the world do not support the claim that insurance is needed ‘in the event that BPL personnel or others suffer harm’. Mr Holdom said USbased Southern Power, which purchased PowerSecure, BPL’s manager, is a major installer of grid-tied megawatt solar plants in the United States. “I could understand if these are industry stand-
ards, but they are not,” said Mr Holdom. URCA has also mandated that mandated that BPL alter its renewable energy interconnection agreement to give homeowners certainty of a 15-year payback, and make it clear that ‘fuel charge’ compensation is only temporary. The regulator, in its assessment of the energy monopoly’s small scale residential offering (SSRG), said the “variable” length of interconnection agree-
ments was unsatisfactory for Bahamians seeking a return on their renewable energy investments. The SSRG programme is designed to kick-start BPL grid tie-ins for residential solar and wind systems that are up to standard, and URCA said: “URCA notes that BPL’s proposed draft suggests that the term of the interconnection agreement would be variable, depending either on the length of BPL’s ‘pilot programme’ or See pg b5
NHI public insurer deal ‘in coming days’
By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net The contract to manage the National Health Insurance (NHI) scheme’s public insurer could be concluded “in the coming days”, its project manager yesterday saying doctors will temporarily be paid directly via the NHI Authority. Dr Delon Brennen, speaking with Tribune Business following the first NHI patient visit yesterday, acknowledged that negotiations with Family Guardian and its international partner, Aetna, had “advanced’” to the contract stage. “Negotiations have advanced to the point where we think we are able to go into contract with them,” he said. “Obviously it’s not on us because that’s a contract with central government as a whole to run the public insurer, but my understanding is that they have reached a point where both sides feel as though they are close enough to sign a contract that, within the coming days, that will be concluded.” Dr Brennen explained that despite the public in-
Doctors to initially be paid direct by Authority surer not yet being in place, the NHI Authority - the overseer for the scheme - will be the initial mechanism through which doctors will receive payment based on the capitation method. “The issue isn’t that we need the public insurer in place to deliver payment,” Dr Brennen said. “What is important is that we have a payment mechanism in order to deliver that. “Right now, the NHI Authority is going to be the mechanism by which the providers actually get paid. Once the regulated health administrators (RHA) are in place, the expectation is that the NHI Authority would basically take the per capita adjusted amount for each patient per year, deliver that to the RHAs along with an administration fee, and the RHAs would then make payments to providers so payments no longer come directly from NHI or the NHI Authority, but through the RHAs, who would then become the co-
ordinators of benefits for the individual beneficiaries and make payments to providers based on when and how patients are being seen.” RHAs are supposed to be the private health insurance companies, but none have yet to agree to participate in NHI, and little dialogue is understood to have occurred between the Government and the sector in recent months. But according to Dr Brennen, the roll-out of NHI “is going extremely well; even better than we would have expected”. He added: “Today we have almost 9,000 people who have enrolled so far in only just over a week. We are definitely progressing very well to getting Bahamians modern, affordable and accessible care that they have been asking for for years. “We have been working on this for the greater part of three decades. Initially we had signed up in excess of 60 of our private providers, and now we are in excess of 100 providers total who would have been able to get on to the programme.”
Career Opportunity Scotiabank (Bahamas) Limited is seeking the services of a
Director, Retail Banking Position Summary: • The incumbent is responsible for meeting objectives related to the profitable growth of the retail and small business portfolios managed through the branches in The Bahamas as well as achieving other objectives related to customer service, human resource management and operational effectiveness. • He/she provides direction to the country in a manner consistent with the overall regional strategy of developing a customer-focused sales culture. This includes a primary responsibility for embedding and sustaining sales and service management activities throughout the Branch network in The Bahamas. • The incumbent will also provide support to the Caribbean North District (i.e. Cayman Islands, Turks & Caicos, British Virgin Islands) as required.
Key Accountabilities for this role: 1. Lead and manage a team of Branch Managers, Sales & Service Coaches, Sales Administrators by: • Focusing on sales management activities whilst driving and motivating a large sales and service team • Providing direction, guidance and support as required to both direct reports as well as sales and service teams • Conducting coaching sessions, skill building sessions and sales meetings in conjunction with sales and service coaches • Recognizing performance and managing non-performance in conjunction with relevant managers and teams • Preparing and obtaining agreement on individualized development plans for all direct reports and serving as a mentor 2. Develop tactical strategies to support the overall strategy and direction of the region/ International Bank and the achievement of business objectives by: • Reviewing input from a variety of sources including the field business partners, customers, competitive intelligence. • Conceptualizing tactics and objectives, designing programs, implementing and evaluating programs to review outcomes. • Recommending and prioritizing initiatives and providing input to the VP & Country Head where changes may be necessary.
Organized, Self-Motivated, Results Driven, Excellent Communicator. If you have it, we want you.
Royal Fidelity invites applications for the position of:
CLIENT SERVICES REPRESENTATIVE Job Summary This role performs administrative and clerical support functions, including answering of incoming calls, receiving/directing clients, providing information regarding the Bank’s products and services, etc. This role is also responsible for the preparation of accounting entries and the processing of account opening documents. As the first point of contact with customers, the Client Services Representative is expected to be courteous, helpful, articulate and professionally dressed at all times.
Requirements/ Qualifications: • Bachelor’s Degree in related field • Minimum of 2 years’ administrative experience • Excellent interpersonal and effective communication skills (verbal and written) • Proficient in Microsoft Office Suite programs • Ability to work in a self-motivated environment with little supervision • Ability to manage the administration of multiple tasks • Polished physical appearance
Educational Requirements: • Master’s Degree (Business, Accounting, Finance or related field) • Minimum 7 years of previous sales and management work experience at senior/executive levels. • Expert knowledge of Retail Branch Banking.
Functional Competencies: • • • • • • • •
Expert knowledge of retail and small business products and services, Thorough knowledge of sales & service design concepts; Thorough knowledge of applicable retail management platforms Expert strategic and relationship building skills Excellent communication skills Focused and results driven Strong coaching and development skills Strong strategic influencing and strategic thinking acumen
• Must be mobile Qualified candidates should submit C.V. via email to: The Human Resources Dept., Scotiabank: hrbahamas@scotiabank.com on or before May 12, 2017. Please note: Only candidates short-listed will be contacted.
®Trademark of The Bank of Nova Scotia, used under licence (where applicable).
PLEASE SUBMIT BEFORE May 5th, 2017
HUMAN RESOURCES Re: Client Services Representative 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 4, Friday, May 5, 2017
Baha Mar deal ‘doubles down’ on the secrecy From pg B1 22, 2016, ‘Heads of Terms’. CTFE’s Heads of Agreement also make clear that there are numerous ‘subsidiary agreements’ between the Government and China Export-Import Bank, referring to “addendums and attachments”. TIP is thus arguing that the value of the tax breaks/ investment incentives granted for Baha Mar’s resolution, and other key details, cannot be determined unless the Heads of Terms are ‘un-sealed’. Arguing that the Christie administration was reneging on previous promises to release this agreement, Mr Nunez alleged: “April has come and gone, and it is clear to us that the Government now has no intention of releasing the Heads of Terms or other collateral arrangements, or of petitioning the court to unseal these documents.
“The repeated promises to release details of the deal have not been fully fulfilled by the disclosure of the April 2017 Heads of Agreement. “On the contrary, the Heads of Agreement doubles down on the lack of transparency because, through clause 9.8, it extends to the CTFE entities the clandestine concessions, benefits and exemptions granted to the China Export-Import Bank, Perfect Luck and the contractor under the August 2016 ‘Heads of Terms’ without disclosing what these are.” Justice Ian Winder, in a September 27, 2016, ruling revealed that he sealed the ‘Heads of Terms’, at the China Export-Import Bank’s request, for commercial reasons - namely to “preserve the integrity” of the Baha Mar sales process. Mr Nunez and TIP are now arguing that since CTFE has obviously been
Activist ‘shock’ over new Blackbeard’s Cay process From pg B1 planning application. “The fact they’ve gone ahead with that is outrageous. I’m very disturbed about that. “How can they retroactive everything in the courts? This is another example of this Government failing to follow the law. I don’t know how this developer, three years since the ruling and four years since the development was announced, can backdoor it now and pretend to make everything right after doing it all wrong. “How does this Government turn a complete blind eye to this? It’s the Government ministries that have to approve this and go through the whole motion. They’re completely disregarding the court Order.” Mrs Duncombe said it appeared as if Blue Illusions can “do whatever it wants
on that island”, and added: “I would like to know who is in bed with the developer, as obviously someone high up in government allowing him to move forward. “This government seems to forget that with one click the world knows how disgracefully they’re behaving.” The Site Plan Application drawing, published in yesterday’s newspapers, appears to show that, rather than fearing its imminent closure, Blackbeard’s Cay - which employs 100 Bahamians - is actually aiming to expand. The drawing has ‘Proposed new development and renovations’ plastered on it in large text, with the Department of Physical Planning stating: “The development by Blue Illusions includes ocean pens for a dolphin/stingray encounter, a restaurant, swimming and
selected as the purchaser, and has signed an agreement to acquire Baha Mar by buying Perfect Luck, the rationale behind Justice Winder’s decision has now fallen away. They are also arguing that “the constitutional principle of open justice” applies to the Baha Mar case, and that there is nothing to justify “the eightmonth wholesale blanket sealing” of an agreement that involves Crown Land and “millions of dollars of concessions, benefits and exemptions”. Arguing that Baha Mar “involves issues of great importance to the Bahamian public”, Mr Nunez said Justice Winder acknowledged in his ruling that the Bahamian people were effectively “stakeholders” in the project, especially since it had received “a considerable amount of public funds via concessions”. Fred Smith QC, the Callenders & Co attorney and partner who is acting for TIP, told Tribune Business that the Baha Mar agreements were “a terrible deal”
simply because of the secrecy and unknown details. “We don’t know who is behind all of this, and it incorporates by reference provisions in the previous Heads of Agreement which have not been disclosed,” Mr Smith said. He accused the Government of trying to “pull the wool over the eyes of the public” by releasing the CTFE Heads of Agreement, rather than the promised ‘Heads of Terms’. And Mr Smith reiterated his argument that so-called ‘Heads of Agreement’ deals were a device that allowed successive governments to avoid Parliamentary scrutiny and approval of their investment agreements with major developers. He argued that “the power to tax or not tax” rests with Parliament and its MPs, as the Bahamian people’s representatives, meaning that tax breaks and incentives such as those given to Baha Mar need to be approved by both ‘Houses’ first. “We have been fighting the secrecy and lack of
transparency embedded in these secretive Heads of Agreement for anchor projects, which the Government enters into through the National Economic Council (NEC) and gives concessions for Crown land or exemptions from taxes,” Mr Smith said. He added that the absence of a proper ‘separation of powers’, with members of the executive (the Government) dominating the House of Assembly (the legislature), made it extremely difficult to properly scrutinise investment deals such as that granted to Baha Mar. Besides the ‘Heads of Terms’, there are numerous other ‘pieces of the puzzle’ relating to the Baha Mar resolution that have yet to be disclosed by the Government, CTFE or the China Export-Import Bank and Perfect Luck. Michael Scott, an attorney and former Hotel Corporation chairman, yesterday wrote that the September 2, 2016, agreement transferring Baha Mar’s assets out of receivership to
Perfect Luck had not been disclosed. The same, he added, was true of the Share Purchase Agreement between CTFE and the China Export-Import Bank, signed on November 30, 2016, whereby the former agreed to buy Baha Mar by acquiring Perfect Luck. And, perhaps most important, is the Hotels Encouragement Act agreement signed between the Government and Perfect Luck on September 9, 2016, and whose benefits will be assumed by CTFE. Hotels Encouragement Act agreements contain the ‘nuts and bolts’ of investment deals, setting out each item, and its quantity, upon which tax breaks are being extended, and the value of such incentives. Transparency in Politics appears to have links to Save the Bays and other like-minded civic activist groups, and has been responsible for some of the media advertisements attacking the Christie administration in the run-up to the May 10 general election.
beach facilities, a nature trail, swimming pools and support buildings and utilities.” Fred Smith QC, reEarth’s attorney, told Tribune Business that the Department of Physical Planning seemed to be “pretending” that it was a new application from Blue Illusions as a way to get around Justice Isaacs’ ruling. “I am shocked and appalled at this raw abuse of political power,” Mr Smith said, “genuflecting at the altar of a developer who has for years operated an unlicensed facility. “In addition, the various government authorities are under a court Order to close down the facility, and the director of physical planning has been ordered to cause Blackbeard’s Cay to be returned to its original condition because everything occurred without Planning and Subdivision approval.” He added: “This is an attempt at an end-run around Justice Stephen Isaacs’ judgment. This isn’t even
an after-the-fact attempt to legitimise; this is an attempt to pretend that it is a new development. “This is nothing less than an utter contempt of the Supreme Court judgment, and reEarth will be taking steps to hold the various government authorities, and the developer, its officers and directors, in contempt of the ruling.” Justice Isaacs’ ruling quashed all Blackbeard’s Cay’s approvals because the Government had failed to follow its own statutory permitting processes. Among the permits quashed were Blackbeard’s Cay’s dolphin import licences and preliminary Site Plan Approval, on the grounds they had not been properly obtained in accordance with procedures laid down in Bahamian law. Justice Isaacs also found that the Government and developer had failed to hold proper public consultation, which is again required by law, and ordered them to return the development site located on Balmoral Island opposite Sandals Royal Bahamian, off New Providence’s north coast - to its original condition. Mrs Duncombe, meanwhile, described the Christie administration’s governance over the past five years as “nauseating’, adding that it had shown “complete disregard for the Bahamas and its people”. “How can they expect people to follow the law if they don’t,” she added in reference to Blackbeard’s Cay. “They continue to act
as if the law doesn’t apply to them; just the rest of us. “I don’t see how we can go forward in this country if the leaders of the day don’t follow the rule of law. Talk about discouraging. It’s disgraceful. This can’t work.” The Department of Physical Planning, in announcing the Site Plan Application meeting, said Blackbeard’s Cay’s Environmental Impact Assessment (EIA) and other plans will be available for inspection at its JFK Drive offices over the next 20 days. Feedback has to be provided within that period. Mrs Duncombe, though, questioned why the EIA had not been posted on the Bahamas Environment, Science and Technology (BEST) Commission’s website for convenient access by all. “They need to stop that foolishness,” she argued. “You can’t cherry pick which EIA goes on the BEST website. We need to be transparent in this country. “We’re never going to progress if we shroud development in secrecy. We have an absolute right to know what’s going on in this country. Why do I, as a citizen, have to fight tooth and nail for a document I should have access to?” Mrs Duncombe recalled that when the Bahamas was considering whether to approve multiple liquefied natural gas (LNG) projects, she obtained more information from US and Florida regulators than those in the Bahamas. The Blackbeard’s Cay
Site Plan Application has also been published a month after the Court of Appeal gave Blue Illusions leave to appeal to the Privy Council over the ownership of the project’s dolphins. Brian Moree QC, senior partner at McKinney, Bancroft & Hughes, accused Blue Illusions of “perverse conduct”, and exploiting the Bahamian legal system to prevent enforcement of both the reEarth verdict and the rulings requiring the project’s dolphins to be returned to his client. Mr Moree, who represents the dolphins’ supplier, Instituto De Ciencias Marinas (IMS), argued that the Privy Council appeal, together with four other Supreme Court actions launched by Blue Illusions following the initial dolphin verdict, were “obfuscation” attempts designed to prevent Blackbeard’s Cay’s closure. However, the Court of Appeal ruled against Mr Moree and granted Blue Illusions leave to appeal the dolphins’ ownership to the Privy Council, finding he had not shown that the developer’s conduct was completely “oppressive, perverse, or frivolous and vexatious”. Mrs Duncombe told Tribune Business that reEarth, and international organisations it worked with, were “completely aghast that Blackbeard’s Cay is going to the Privy Council over the dolphin ownership”. “They’re effectively calling us a banana republic,” she added.
Passionate about customer service, Keen attention to detail, Ability to multi-task, Excellent communication skills If you possess these qualities, we invite you to apply for the position of:
Teller Supervisor JOB SUMMARY: Fidelity Bank (Bahamas) Limited is currently seeking qualified candidates to fill the role of Teller Supervisor. This position is responsible for providing teller services while meeting Teller Performance Standards.
Main Duties and Responsibilities: • Training, coaching, and supporting staff • Researching/resolving teller differences and client concerns • Assure operational integrity and risk management by ensuring that procedural requirements and processes are known and utilized • Oversees the staffing and performance management of all tellers • Participate in the daily teller activities needed to meet the demands of the Branch including processing teller transactions and performing standard teller activities • Meets established sales goals and acts as a leader in the Branch
Minimum Requirements & Qualifications: • Associate Degree from recognized tertiary institution - or a minimum High School Diploma along with three years’ experience in the Financial Services Industry • 3 years of cash handling experience • 2 years of supervisory experience in a cash handling position • General working knowledge of the Bank’s products and services • Excellent written and verbal communication skills • Demonstrated leadership skills • Professional appearance • Proficiency in Microsoft Office applications PLEASE SUBMIT BEFORE May 5th, 2017 to:
HUMAN RESOURCES Re: Teller Supervisor careers@fidelitybahamas.com
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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.
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Friday, May 5, 2017, PAGE 5
Benchmark: ‘We’ve turned the corner’ From pg B1 and its broker/dealer affiliate, Alliance Investment Management, have “made significant progress” in addressing regulatory concerns in the Bahamas. Although Alliance has yet to meet the Securities Commission’s $300,000 minimum regulatory capital threshold, an issue that has existed for nearly five years, Benchmark is continuing to guarantee its subsidiary’s obligations. Mr Brown said the BISXlisted firm was confident it could get Alliance back into line with the Securities Commission’s requirements, following a year in which its bottom line enjoyed a positive $3.4 million ‘turnaround’. Benchmark (Bahamas) went from a $296,341 loss in 2015 to $3.096 million in comprehensive income for the 12 months to end-December 2016, due to a neartripling in commissions to $2.529 million. This drove it to $2.08 million in operating income, compared to just $349,105 the year before. And the other major contributor to Benchmark (Bahamas) 2016 results was the unrealised gain in the value of its investment portfolio, which underwent a $1.165 million ‘swing’ from a $292,628 decline in 2015 to a $872,910 improvement. Benchmark (Bahamas) 2016 profitability enabled it to cut its accumulated deficit by almost 40 per cent at year-end 2016, reducing this from $7.908 million to $4.812 million. Mr Brown attributed the jump in commissions to “a significant improvement”
in trading activity by Alliance’s clients, and told Tribune Business: “I think we have turned the corner. “I believe we will continue to move along in a strong and steady direction upward in terms of future growth potential. The numbers are certainly headed in the right direction, and we believe we will continue to see good performance going forward.” Mr Brown added that Benchmark (Bahamas) had employed a “methodical” turnaround strategy that was now starting to bear fruit, and said: “We had to ensure that when things were back on the right track, we’d be a beneficiary and this strategy paid off.” PKF (Bahamas), Benchmark’s auditors, while not qualifying the 2016 financial statements, still drew attention to Alliance’s “net deficit position” and the need for its parent’s guarantee for it to operate as “a going concern”. “The statement of financial position shows net liabilities and deficit as at December 31, 2016, resulting in Alliance not being able to meet its regulatory capital requirements,” the financials said. “[Benchmark] has provided a guarantee to Alliance to make sufficient funds available to enable it to meet its present and future obligations for a period including, but not limited to, 12 months from the date its financial statements were approved by the Board of Directors.” While no penalties have yet been imposed by the Securities Commission, Alliance’s regulatory capital
Provider rejects insurance demand over renewables From pg B3 other factors, which are not clearly set out. “URCA considers that in order to properly secure customer-generator investments in renewable generation systems, the agreement must be of fixed length, which must be of sufficient duration to ensure recovery of the customer-generator’s investment. URCA has therefore inserted an amendment to fix the term of the agreement at 15
years.” URCA also ordered that BPL amend its interconnection agreement such that it acknowledges the method for calculating consumer compensation may be changed “from time to time”, with inital payments equal to its fuel charge only an “interim solution”. BPL had also proposed that if the homeowner supplies more energy than they consume, a credit will be applied to their account and carried forward into
deficiencies have been ongoing since 2012. However, Mr Brown yesterday told Tribune Business: “We’ve made significant progress in terms of fixing that issue, and have made a commitment to continue our efforts. We believe we will achieve that objective.” As for the SEC settlement, in which Mr Brown and Alliance neither admitted nor denied the allegations against them, some $15,000 of their total $337,852 payment to the US regulator had been paid by 2016 year-end. Benchmark’s financials said another $85,000 was paid on April 25, 2017, in accordance with the payment scheduled set out by the northern Illinois federal court. The company has also set aside funds to settle legal expenses. Mr Brown, though, yesterday denied that part of the SEC settlement required Benchmark (Bahamas) to redeem its entire $5 million preference share capital, which is 100 per cent owned by the company at the centre of the SEC case. “There was certainly nothing in any agreement I signed,” he told Tribune Business. “Maybe that was your interpretation of what you read, but that’s not my understanding. “That was not something we agreed to. Those shares are constituted in accordance with Bahamian law, and continue to be represented in our balance sheet until such time that the company feels strong enough to repay the preference shareholders. There was never any question about the authority of the investor to make the investment.” Tribune Business, in re-
it was a material issue, but there was no mention of it in Benchmark (Bahamas) 2016 financials. They are currently keeping the company solvent, or in positive net worth. Mr Brown, though, suggested this was a “misunderstanding”, adding that Benchmark (Bahamas) was obliged to “notify” the SEC once the preference shares were redeemed, but no more. He and Alliance had always vigorously denied, and defended, allegations by the SEC that they facilitated a global ‘Ponzi’ scheme perpetrated by Nikolai Battoo and his BC Capital Group. They listed 19 defences to the SEC action against them, with the duo arguing that any “wrongful conduct” was outside their control. The crux of the SEC’s
case was that the Bahamian defendants misled investors by suggesting they were the independent custodian for the BC Capital funds, whereas these monies were all directly in Battoo’s hands. And it also claimed that Alliance “helped him hide the massive losses by sending out bogus account statements that fraudulently overstated the value of investor assets by more than $148 million”. However, Mr Brown and Alliance in their defence argued that Battoo directed them to send BC Capital financial statements to the Illinois-based auditors for an investor in the scheme. And they maintained that the SEC, and US federal securities laws, have no “extraterritorial effect” and therefore cannot touch them in the Bahamas.
the next month. Credits will roll forward until October of each year, when they will be reset to zero. URCA, though, rejected this as “unfair”. It added: “BPL has advanced no justification for the proposal that customer-generators would not be fully compensated for the electricity which they generate and supply to BPL. “URCA has amended the language to provide for payment by BPL to the customer-generator on an annual basis, where the customer’s account holds a credit balance after offset of payment for power taken from BPL.”
Career Opportunity Job title: Closing date: Salary Range:
porting on the October 7, 2016, settlement agreement between Alliance and the SEC, wrote that as part of the deal the former had given an “undertaking to repurchase all its preferred stock, as soon as the repurchase of such shares, in whole or part, is lawfully permitted under the laws of the Bahamas, including but not limited to the Companies Act 1992”. While no timeline was imposed, the settlement agreement added: ““Alliance shall satisfy its obligation to repurchase the preference shares by paying $5 million to the receiver or joint official liquidators [of BC Capital Group], or to their duly-appointed and authorised successors or assigns.” Tribune Business raised the issue of the $5 million preference shares as
Accountant Thursday, May 11th, 2017 $36,500 - $43,500 per annum
Dependable, Highly Organized, Multi-Tasker, Attention To Detail. If you possess these qualities, we invite you to apply for the position of:
Customer Service Representative Job Summary
A diversified financial services and management firm requires an Accountant to become an integral member its Accounting & Finance Team. This individual will be responsible for: • • • •
providing financial advice and support to Executive Management and to Operations; producing accurate and timely financial reports; assisting with the management the Company’s financial accounting, monitoring, and reporting systems; and assisting with supervising and directing the activities of accounting & finance team members.
Fidelity Bank (Bahamas) Limited, is seeking proficient service-oriented Customer Service Representatives (Tellers) to join our team on a one year contract. This position requires a great attitude, professional out-going personality, with a high degree of precision and competence in performing banking transactions for our customers. The ideal candidate must be someone who can multi-task while maintaining a high level of accuracy. Practice good communication skills including speaking clearly, succinctly, and accurately while using a pleasant tone and common conversational courtesies. Have the ability to cross-sell Fidelity’s products and services. Ability to work shifts and weekends as needed.
Requirements / Qualifications: • High school diploma or equivalent vocational training • Minimum 2 years’ experience in the Financial Services or Hospitality Industry • Cash handling experience • Ability to accurately maintain and balance a cash drawer
Candidates should possess a Bachelor’s degree in Accounting and a minimum of three (3) years’ experience in a similar position, preferably in a financial services institution or retail company. CPA/ACCA/CA designation or license with BICA is a plus. Reputable accounting firm experience with financial services and retail focus in audit or private company consulting is highly valued. Candidates must have good communication skills, be flexible and have a positive attitude. Candidates will be required to undergo a thorough background check and must provide suitable character and employment references. Please submit resumes to employed242@gmail.com. Candidates submitting resumes must be prepared to begin their tenure with the Company within two weeks of employment offer.
• Ability to navigate multiple applications and computer systems • Proficient in Microsoft Office Suite
PLEASE SUBMIT BEFORE May 5th, 2017 to:
HUMAN RESOURCES Re: Customer Service Representative 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, Friday, May 5, 2017
NHI primary doctors to ‘easily hit’ 150-200 From pg B1 on the May 3 list, with one named three times. And the Medical Association of the Bahamas (MAB) president, Sy Pierre, last week told this newspaper he was seeking to clarify which doctors
have signed on for NHI, given that he had been contacted by physicians who said their names were on the list without their consent. Dr Brennen declined to directly address this yesterday, although medical
Freeport tax regime answers still sought From pg B1 “I think the questions are still valid, and I would hope that post today’s [yesterday’s] deadline and, realistically, it will be post-election, that we continue our discussions with whichever administration is in place,” Mr Holding told Tribune Business. “I think we can still make a contribution on behalf of our members in addressing some of the unanswered questions so that we can advise them accordingly. “The issues haven’t gone away because the deadline has passed. It’s high on our priority list. It’s certainly up there among the top two or three objectives for the very near future.” Top of the list of unanswered concerns/questions is whether Grand Bahama Port Authority (GBPA) licensees not planning to expand their business are effectively ‘locked in’ to maintaining their existing employment levels for five years in return for the renewal of their real property tax, capital gains and income tax exemptions. The application form at-
tached to the Grand Bahama (Port Area) Investment Incentives Act 2016’s regulations divides GBPA licensees into two categories: Those planning a business expansion within the next 12 months, and those who “expect to operate as a going concern and maintain current staffing levels for at least the next five years”. The latter category appears innocuous, but when the application form is read with the Act, it effectively “locks in” GBPA licensees to maintaining employment levels for a five-year period regardless of whether there are further market or economic downturns outside their control. Should a licensee be forced to downsize in those five years to survive, the Act’s section six, ‘Failure to fulfil obligations’, would appear to come into play. This allows the Minister for Investments to strip Freeport businesses, partially or in full, of their tax breaks, and even enables them to demand payment of taxes that should have been paid if no concessions were granted. The Act enables the Min-
ESTEE LAUDER (WEST INDIES) LIMITED _____________________________________ NOTICE IS HEREBY GIVEN that at a Resolution of the Shareholders of the abovenamed Company duly convened and held on the 10th day of April, 2017 the following resolutions were passed: RESOLVED that ESTEE LAUDER (WEST INDIES) LIMITED be wound up voluntarily. RESOLVED that Delano Aranha be appointed the Liquidator for the purpose of such winding up. BLAKEWINDS ASSOCIATES S.A. Company No. 609391 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that BLAKEWINDS ASSOCIATES S.A. is in voluntary liquidation. The voluntary liquidation commenced on 26th April, 2017 and Antoinette Russell of The Bahamas Financial Centre, Shirley and Charlotte Streets, Nassau, Bahamas has been appointed as the Sole Liquidator. Dated this 05th day of May, 2017 Sgd. Antoinette Russell Voluntary Liquidator
THE TRIBUNE
industry sources alleged that the NHI Secretariat is refusing to remove doctors who claim they never consented to signing up for the scheme. This newspaper was told that the NHI Secretariat considers all public sector doctors as having automatically signed up, given that they are employed by the Government, and is inviting private physicians who want their names removed
to come in and meet with it. Dr Brennen, meanwhile, expressed optimism that as the NHI programme grows within the public and private sector, more doctors will sign-on. “As the programme grows we could easily get about 150-200 of those providers and, once we hit those levels, we would more than cover the number of patients we expect to be enrolled in the programme so
we won’t run out of physician capacity,” Dr Brennen said. “If we could get all 300plus primary care providers involved in the system we will do that because we don’t want to restrict that at all.” According to Dr Brennen, the roll-out of NHI has been “better than expected”, with almost 9,000 persons having been enrolled to-date.
“Initially we had signedup in excess of 60 of our private providers, and now we are into in excess of 100 providers total who would have been able to get on to the programme,” he reiterated. “We have another 40-50 providers in our pipelines as we bring on our Family Island providers, and we bring on more private providers and public sector providers in the capital.”
ister to “reduce or revoke in full” the tax breaks granted, and even “demand payment in respect of any money that would have been payable had no concessions under the Act been conferred”. In effect, it demands retroactive or ‘back’ taxes. This, together with how long the tax breaks will be granted for - something that appears left entirely to the Investments Board and responsible minister - remain the crux of the private sector’s concerns. Mr Holding told Tribune Business that many GBPA licensees had left it until late to apply, in the hope that the Government might grant another extension. However, that ultimately proved wishful thinking. “Quite a few of our members have phoned me and the general consensus from those who I spoke to is that they were going to file late Wednesday afternoon or Thursday morning, but were holding off to see if there would be a further extension,” he explained. Mr Holding said he had heard unofficially that more than 200 GBPA licensees had applied by the start of this week, and added that he expected most of the foreign-owned companies to comply by the May 4 deadline.
The Chamber president explained that these businesses were “immediately vulnerable” to the imposition of real property tax, unlike their Bahamian counterparts, which could be made retroactive to last May. “Hopefully the extensions they are granted will be long enough for them to continue to make their future plans with the certainty that they’ve got time without the burden of real property tax,” Mr Holding said of Freeport’s foreignowned businesses, which include the major industrial conglomerates. “If you’ve got an expansion plan that takes two, three, five years from start to finish, you want to be comfortable in the knowledge of where you are with taxes. Being exempted is important, but knowing with certainty is also important to business planning.” Bahamian-owned real estate outside Nassau is real property tax-free, and Freeport would likely receive the same treatment. As a result, Port area sourc-
es have suggested that the most vulnerable companies are foreign-owned entities used as holding vehicles for commercial and residential real estate. Mr Holding acknowledged that many Bahamian-owned GBPA licensees may take “a wait and see” approach, given that there is little immediate danger
of exposure to greater taxation. K P Turnquest, the FNM’s deputy leader, has also pledged that his party will either repeal or amend the Grand Bahama (Port Area) Investment Incentives Act 2016 if elected, so many businesses may be waiting on the election’s outcome.
advertise today! call the tribune today @ 502-2394
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CHOICE FOR THE FAMILY @JOYFMBAHAMAS WWW.FACEBOOK.COM/JOYFM1019
ESTEE LAUDER (BAHAMAS) LIMITED _____________________________________ NOTICE IS HEREBY GIVEN that at a Resolution of the Shareholders of the abovenamed Company duly convened and held on the 10th day of April, 2017 the following resolutions were passed: RESOLVED that ESTEE LAUDER (BAHAMAS) LIMITED be wound up voluntarily. RESOLVED that Delano Aranha be appointed the Liquidator for the purpose of such winding up.
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NOTICE
NOTICE is hereby given that DESIREE CHRISTINE WILLIAMS of Eight Mile Rock, Grand Bahama, 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 5th day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
Notice is hereby given that THAZIE DAURESTIL FLOREUS of P.O Box N-7954, off Young Street,Nassau,The Bahamas, is applying to the Minister responsible for Nationality and Citizenship,for Registration/Naturalization as a citizen of The Bahamas,and that any person who knows any reason why registration/naturalization should not be grated,should send a written and signed statement of the facts within twentyeight days from the 28th day of April, 2017 to the Minister responsible for Nationality and Citizenship,P.O.Box N-7147 Nassau,Bahamas
Legal Notice
NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
MISSION SERVICES LIMITED In Voluntary liquidation
“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), MISSION SERVICES LIMITED is in Dissolution.” The date of commencement of dissolution is the 3rd day of May, 2017.
ROCKWELL LTD., 25 Mason Complex Stoney Ground, The Valley, British Anguilla Liquidator
THE TRIBUNE
Friday, May 5, 2017, PAGE 7
Very organized, attentive to detail, ability to multi-task, excellent communication skills.
If you possess these qualities, we invite you to apply for the position of:
Administrative Assistant – Records Management House Financial Services Committee member Rep. Stephen Lynch, D-Mass., center, flanked by Rep. David Scott, D-Ga., left, and Rep. William Lacy Clay, D-Mo., speaks on Capitol Hill last Tuesday, during the committee’s hearing on overhauling the nation’s financial rules. (AP Photo/Manuel Balce Ceneta)
Job Summary
GOP-led House panel votes to overhaul Dodd-Frank WASHINGTON (AP) — House Republicans took a major step toward their long-promised goal of unwinding the stricter financial rules created after the 2008 crisis, pushing forward sweeping legislation that would undo much of President Barack Obama’s landmark banking law. A House panel on Thursday approved Republicanwritten legislation that would gut much of the Dodd-Frank law enacted by Democrats and signed by Obama in the wake of the financial crisis and the Great Recession. The party-line vote in the Republican-led House Financial Services Committee was 34-26. “I can’t do a good James Brown, but I feel good,” said Rep. Jeb Hensarling, the normally reserved Republican chairman of the committee, referring to the singer often called the godfather of soul. Hensarling wrote much of the overhaul legislation. Republicans argued that the Dodd-Frank law is slowing economic growth because of the cost of compliance and by curbing lending. Democrats warned the GOP bill will create the same conditions that led to the financial crisis and pushed the economy to the brink of collapse. Rep. Maxine Waters, the panel’s senior Democrat, called it “a deeply misguided measure that would bring harm to consumers, investors and our whole economy.” “The bill is rotten to the core and incredibly divisive,” Waters said. “It’s also dead on arrival in the Senate, and has no chance of becoming law.” After attempts in recent years to overhaul the DoddFrank legislation, the Republicans were heartened this time by a sympathetic Republican president now in the White House. President Donald Trump has denounced Dodd-Frank and promised that his administration would “do a big
number” on it. Still, getting the new bill to Trump’s desk could be a hard road. It now goes to the GOP-dominated House for a vote, but supporters admit that the path will be much more difficult in the Senate, where Democratic support will be needed. In a fast-moving session following two days of laborious debate, the panel flew through a series of votes on amendments, as the majority Republicans easily beat back Democrats’ attempts to reshape and soften the legislation. The bill would repeal
Requirements / Qualifications:
agreement to enhance economic growth. Such agreement was nonexistent during the House hearings this week. Instead, the hearings turned into a contentious debate over Democratic efforts to cast a spotlight on President Donald Trump’s business empire and his refusal to release his tax returns. The Republican bill also goes after an agency that enforces consumer protection laws and scrutinizes the practices of virtually any business selling financial products and services. That ranges from credit
“This economy is poised to take off, but it’s not going to take off as long as Dodd-Frank in its current form remains on the book” about 40 provisions of the Dodd-Frank Act. Banks could qualify for much of the regulatory relief in the bill so long as they meet a strict basic requirement for building capital to cover unexpected big losses. Republicans argued that big banks have done well under Dodd-Frank, but that community banks and credit unions are struggling to keep up with the regulatory burdens imposed by the law. “This economy is poised to take off, but it’s not going to take off as long as DoddFrank in its current form remains on the book,” Hensarling said. “It’s important that we get tax reform done. It’s important we get health care reform done, but it’s also important we pass the Financial Choice Act passed.” While the measure is expected to pass the full House, in the Senate, it will need 60 votes to become reality, meaning the GOP will need several Democrats to join their effort. Leaders of the Senate panel with jurisdiction over a Dodd-Frank overhaul have said they would like to work together to find areas of common
The Administrative Assistant – Records Management is responsible for ensuring an effective and accurate records and archiving system for Royal Fidelity. This individual will also provide general administrative support to the business.
• Bachelor’s Degree in a related field • Records Management certification preferred • Minimum of 2 years’ administrative experience • Excellent communication skills (verbal & written) • Proficient at Microsoft Office Suite programs • Ability to work in a self-motivated environment with little supervision • Ability to multi-task • Polished physical appearance
HUMAN RESOURCES Re: Administrative Assistant – Records Management
PLEASE SUBMIT BEFORE May 5th, 2017
card companies to mortgage servicers to auto lenders. The bill removes some of the Consumer Financial Protection Bureau’s powers and replaces its guaranteed funding from the Federal Reserve with whatever Congress determines would be the appropriate amount, a move Democrats said would gut the agency.
ABSOLUTELY NO PHONE CALLS
careers@fidelitybahamas.com
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.
MARKET REPORT THURSDAY, 4 MAY 2017
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,1884.35 | CHG -6.23 | %CHG -0.33 | YTD -53.86 | YTD% -2.78 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.56 4.70 0.12 6.76 8.60 6.10 10.60 15.27 2.72 1.60 6.00 10.00 11.00 10.00 6.90 12.01 11.00
52WK LOW 3.20 17.43 8.19 3.50 1.64 0.12 3.80 8.20 5.69 8.50 11.00 2.18 1.31 5.80 6.90 8.56 7.15 6.35 11.92 10.00
1000.00 1000.00 1000.00 1000.00
900.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01
1.00 105.50 100.00 100.00 105.00 100.00 100.00 10.00 1.01
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 Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00 100.00
52WK LOW 100.00 100.00 100.00
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +
SYMBOL FBB17 FBB18 FBB22
Bahamas Note 6.95 (2029) BGS: 2014-12-3Y 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 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
MUTUAL FUNDS 52WK HI 2.05 3.92 1.95 169.70 141.76 1.47 1.67 1.57 1.10 6.96 8.50 6.30 9.94 11.21 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.41 1.61 1.52 1.03 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.40 8.60 6.00 10.51 11.50 2.37 1.55 6.00 9.33 9.00 9.95 6.90 12.01 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 108.61 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.05 8.60 6.00 10.51 11.50 2.37 1.55 6.00 9.33 9.00 9.95 6.90 12.01 10.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 -0.35 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
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01
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
CLOSE 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
108.74 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.13 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial 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
VOLUME 165
4,142
VOLUME
NAV 2.05 3.92 1.95 168.44 141.76 1.47 1.64 1.56 1.04 6.96 8.50 6.30 9.80 11.13 9.63
EPS$ 0.029 1.002 -0.144 0.170 -0.130 0.000 -0.030 0.607 0.430 0.450 0.110 0.102 0.080 0.300 0.520 0.960 0.820 0.294 0.610 0.000
DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.490 0.060 0.060 0.240 0.400 0.000 0.330 0.140 0.640 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
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
P/E 151.0 15.8 N/M 20.8 N/M N/M -135.0 14.2 14.0 23.4 104.5 23.2 19.4 20.0 17.9 9.4 12.1 23.5 19.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST 7.00% 6.00% Prime + 1.75%
MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022
6.95% 4.00% 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 15-Dec-2017 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% 0.84% 4.46% 0.01% 3.70% 0.37% 2.61% 3.95% 3.95% 6.77% 6.77% 0.40% 4.04% -1.76% 1.06% -0.34% 2.70% -0.95% 1.55% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%
NAV Date 28-Feb-2017 28-Feb-2017 24-Feb-2017 31-Dec-2016 31-Dec-2016 31-Jan-2017 31-Jan-2017 31-Jan-2017 31-Jan-2017 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016
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 1.83% 6.31% 0.00% 5.93% 0.00% 0.00% 2.22% 3.49% 3.67% 3.43% 4.26% 2.53% 3.87% 4.00% 4.29% 0.00% 3.32% 2.03% 5.33% 0.00%
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 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
THE TRIBUNE
Friday, May 5, 2017, PAGE 15