06072017 business by tribune242

business@tribunemedia.net

WEDNESDAY, JUNE 7, 2017

$4.10 BAHAMAS TOPS CARIBBEAN ON DATA CENTRE EXPANSION * Ranked alongside Latin America giants * Behind only Uruguay, Chile and Brazil * Key to knowledgebased economy By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas has been ranked among the top six nations in the Latin American and Caribbean region for the development of data centres, although high electricity costs remain a major obstacle to further growth. An Inter-American Development Bank (IDB) report, titled ‘Data Centres and Broadband for sustainable economic and social development’, ranked the Bahamas as the Caribbean’s leader in developing such facilities, placing it alongside regional giants such as Brazil and Argentina. Using its own Data Centre Development Index (DCDI), the report said: “According to DCDI, the SEE PAGE 3B

$4.15

Baha Mar targets just 25% occupancy rate By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

* Gov’t giving $9m ‘equity’ to project for next 3 years * Conflict claim slammed; ‘ownership not discussed’ * But Minister indicates issue remains open

BAHA MAR is targeting just a 25 per cent average occupancy rate for 2017, the Minister of Tourism revealed yesterday, amid questions about the Government’s $9 million “equity contribution” to the project.

Dionisio D’Aguilar disclosed details of his recent discussions with Baha Mar’s principals as he slammed Bradley Roberts, the Progressive Liberal Party’s (PLP) chairman, for suggesting his directorship on the previous developer’s

Board placed him in a ‘conflict of interest’ position. Calling on Mr Roberts to “sit small”, Mr D’Aguilar said he was a “right-thinking, business-headed” Minister of Tourism who was simply meeting with the sector’s key stakeholders to

understand their plans and concerns. Emphasising that Baha Mar’s ownership was not a subject discussed in his meeting with Chow Tai Fook Enterprises (CTFE) and resort brand representatives, the Minister confirmed that the $4.2 billion will undergo a gradual, phased opening to allow for both its construction com-

MINISTER of Tourism Dionisio D’Aguilar. pletion and ongoing staff training to perfect the guest experience. “Their plans are to continue to very slowly open up the property,” he told TribSEE PAGE 4B

CABLE ‘CREATES PATH’ FOR CARIBBEAN CROSS-LISTING By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

* Lists $14.7m prefs in Jamaica * First Bahamian-owned entity to do so * ‘Big step’ adds value, opens funding options

CABLE Bahamas yesterday expressed optimism that it had “created a path” for other Bahamian firms to follow by becoming the first local company to cross-list on another Caribbean stock exchange. Kino Williamson, the BISX-listed communications provider’s finance chief, told Tribune Business it had taken “a big step”

through last Friday’s listing of $14.7 million worth of preference shares on the Jamaica Stock Exchange (JSE). “I think we are definitely the first Bahamian-owned entity to cross-list,” he said. “The JSE’s managing director mentioned that. “It’s a big step. When you think about it, we are striving to be a global company,

and part of our strategy is to get our name and company out there. It [the cross-listing] gives us more alternative avenues out there for fund-raising, and creates more value for shareholders.” The Series 11 preference shares listed on the JSE are split into two tranches, one denominated in US dollars SEE PAGE 4B

BAHAMAS ‘JAMAICA BOUND’ ON PRESENT FISCAL COURSE * Fiscal hawk: Nation ‘drowning’ in debt, deficits * Situation ‘two, three times’ as bad’ as in 2012 * Calls for more urgency from Minnis Gov’t By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas will be “Jamaica bound” unless it immediately implements measures to tackle its growing debt and deficits, a well-known fiscal hawk warned yesterday. Rick Lowe, an executive with the Nassau Institute think-tank, told Tribune Business that this nation would copy Jamaica’s descent into IMF bail-out and structural adjustment programmes, and a national debt that exceeds GDP, unless the Government quickly stemmed its financial bleeding. Speaking as Moody’s, the international credit rating agency, expressed alarm over the Bahamas’ “much weaker” fiscal position, Mr Lowe said the Minnis administraSEE PAGE 5B

TOURISM MINISTER TO AVOID ‘DEVASTATING CANNIBALISATION’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Minister of Tourism yesterday said his priority is to avoid any “devastating cannibalisation” impact from Baha Mar’s full opening on other New Providence resorts. Dionisio D’Aguilar told Tribune Business this was a greater concern than generating the extra 314,000 airline seats per annum that are needed to fill Baha Mar’s net 2,300-room increase. “I’m not particularly worried about that,” he said of the airlift issue. “The thing I’m worried about is I don’t want there to be cannibali-

* Acknowledges Baha Mar concerns * Aims to ‘empower’ tourism staff sation of the tourism product. “I don’t want them [Baha Mar] to increase occupancies at the expense of another property’s deteriorating occupancy. It’s very important that the marketing programme increase overall visitors to the country. We don’t want the same number to be here and going to different properties. That doesn’t help the country.” Fears that Baha Mar may split, rather than grow, the market for high-end visitors SEE PAGE 6B

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PAGE 2, Wednesday, June 7, 2017

THE TRIBUNE

A WORKER in a protective mask at a dump fire earlier this year. Photo: Terrel W. Carey

Opposition: Bahamian group was ‘preferred’ landfill bidder By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

THE Opposition yesterday urged the Minnis administration to enter into negotiations with the Bahamian consortium it had selected as the “preferred bidder” on the New Providence landfill management tender. A statement from North Andros MP, Picewell Forbes, who serves as shadow minister for the environment, housing, sports and culture, argued that there was no need to stop or cancel the Request for Proposal (RFP) initiated by the former Christie administration.

Selected He said the 100 per cent Bahamian-owned bidder, Waste Resources Development Group (WRDG), and its financial partner, Providence Advisors, had been selected as the preferred bidder out of the two offers submitted by the April 28 deadline. “We trust that the new administration will enter into negotiations with the preferred bidder and allow the remediation and operation plan prepared by the Bahamian engineering firm, Caribbean Coastal Systems, led by Carlos Palacious, and its international consultant, Dr Tarek Abichou, and approved by the Depart-

* Say selection made by former Gov’t * But Waste Resources group not told * Urge Gov’t to continue with process

NORTH ANDROS MP, Picewell Forbes, who serves as shadow minister for the environment, housing, sports and culture.

ment of Environmental Health Services, to be advanced. Significant work has been done; there is no need to stop or cancel that process, duplicate efforts or waste time or money,” Mr Forbes’s statement read. “Governments are continuous. The plan is laid out and the new government should not deprive the Bahamian group from being able to negotiate terms with the Government to enable them to solve this long-standing issue in the best of interests of the Bahamian people.” However, Ginny McKinney, principal of WasteNot, a leading member of WRDG, told Tribune Business on Monday they were never been contacted by the former government after the bids were opened at the Ministry of Finance

less than two weeks before the election. This raises doubts as to whether a preferred bidder had actually been selected, and Ms McKinney said she and other members of the 10-strong Waste Resources Development Group are hoping they can at least discuss the contents of their bid with the Minnis administration given the time and money invested in it.

Plans The Minnis administration has announced plans to pursue the “deconstruction and proper engineering” of the New Providence Landfill in response to a 28-page report compiled by officials from the Pan-American and World Health Organisations earlier this year. The Government also pledged to increase security and expand equipment for staff at the landfill, and indicated that a new RFP for the facility’s management will be held. The Christie administration committed in the Baha Mar Heads of Agreement to resolve the landfill’s woes by yearend, or otherwise new owners, Chow Tai Fook Enterprises (CTFE), would be released from their performance obligations.

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Wednesday, June 7, 2017, PAGE 3

Moody’s shows Bahamas has ‘no room for mistakes’ By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A PROMINENT governance reform campaigner warned yesterday that the Bahamas has “no time for mistakes” on fiscal reform, with Moody’s having expressed alarm at the deterioration unveiled in the 2017-2018 Budget. Robert Myers, a principal with the Organisation for Responsible Governance (ORG), told Tribune Business that this nation was

“absolutely on the radar” of both credit rating agencies - Moody’s and Standard & Poor’s - reiterating that he, too, was shocked by the vast gulf in the fiscal forecasts between the Minnis administration and its predecessor. “When one administration says that it is going to narrow the deficit and it doesn’t happen, it just makes us all look stupid,” he said. “That’s not good from a number of standpoints; there are no ifs, ands or buts about it. “The reality is that we have to

do better with managing our fiscal affairs. “We have to take this stuff very seriously or we are going to face some very hard socio-economic times.” Moody’s recently warned that the Minnis administration’s much-revised fiscal forecasts, and its planned $722 million borrowing, show this nation’s fiscal strength was “much weaker” than it had bargained for. The ratings agency wrote-off its previous projection that the

CIBC completes pull out from north Abaco By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

BUSINESSES and residents in northern Abaco were yesterday “extremely disappointed” over CIBC FirstCaribbean’s decision to close three branches, with community leaders warning the move will have a “devastating effect on commerce”. Matthew Lowe, Green Turtle Cay’s chief councillor, told Tribune Business that the CIBC branch on Green Turtle Cay last Thursday, having announced the decision back in late April. “It is very disappointing. We can only assume that they did this to cut back on expenses, but we don’t know; they didn’t say why other than that they were consolidating,” he said. “We are very disappointed with how they went about it. A lot of their clients have been with them for a very long time This will impact us tremendously. The bank was open one day a week, down from two days a week, and now we have nothing. There is no other bank to do deposits, withdrawals and there’s no ATM. Visitors can’t get

* ‘Devastating effect on commerce’ feared * Cash-based businesses ‘at risk’ cash, and businesses and residents won’t be able to deposit or get cash.” Mr Lowe said there are two resorts and several marinas on Green Turtle Cay, as well as several second home rentals that cater to a high volume of tourist throughout the year. In a letter to the Abaco Chamber of Commerce, he argued that not having a branch on Green Turtle Cay puts the future of several businesses, which have to secure large amounts of cash, at risk, Transporting it to the nearest bank is a 10-minute ferry ride, then a 30-minute drive to Marsh Harbour. “We had no dialogue on this matter, and would have appreciated a Town Meeting to discuss the reason for their closure and see what alternatives there were. A month’s notice’s simply wasn’t enough,” said Mr Lowe. CIBC FirstCaribbean, in a notice posted to its customers in April, said the Hope Town, Man-OWar Cay and Green Turtle Cay branches would be closed and consolidated

with its Marsh Harbour branch on May 30, May 31 and June 1 respectively. Attempts to reach CIBC FirstCaribbean executives for comment on the closures were not successful up to press time. The move by CIBC FirstCaribbean comes on the heels of Royal Bank of Canada’s (RBC) decision to close branches in Spanish Wells, Bimini and Treasure Cay. The bank, back in March also unveiled its plans to close its its location at Lynden Pindling International Airport (LPIA) in Nassau. Scotiabank, too, has reduced its Family Island branch presence in recent years as the Canadianowned commercial banks seek to cut costs and drive customers to online and electronic banking channels. Northern Abaco has effectively been left without a physical bank branch presence outside Marsh Harbour, highlighting why the Central Bank is so keen to push forward with plans to regulate electronic payments solutions providers.

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Bahamas’ direct government debt-to-GDP ratio would stabilise below 70 per cent, instead estimating that this will continue to climb through the 2019-2020 fiscal year in contrast with the Government’s forecast that it will peak near 73 per cent in 2017-2018. Mr Myers said that while the Minnis administration appears to be saying the right things, how effective it can be remains to be seen. “The new administration is saying the right things for the most part,” he agreed.

“The question remains how effective they can be in terms of making it happen, and does it have enough people who understand the changes that need to be made in order to make that happen. “We really don’t have time for mistakes. “We need people in there that are going to do what they say and act responsibly. “There needs to be a big shift in the culture of governance in this country.”

BAHAMAS TOPS CARIBBEAN ON DATA CENTRE EXPANSION FROM PAGE 1B top seven Latin American and Caribbean countries for the construction of data centres are Argentina, the Bahamas, Brazil, Chile, Costa Rica, Panama and Uruguay. Unsurprisingly, recent data centre investments are occurring in most of these countries.” Data centres are used to store, manage and distribute data on behalf of hundreds of companies, centralising their information technology (IT) operations and equipment. They are built to withstand natural disasters, and provide security against fire and theft, and are seen as a vital cog in developing knowledgebased economies - a key target for the Bahamas. Given the increasing role IT is playing in economies and societies, the IDB report said: “Data centres, where information is stored and processed, are essential for the development of the ICT ecosystem. “The speed of networks, security of the critical infrastructure and information, and the quality of public services, data and systems all depend on the availability and quality of data centres. Due to their vital role, the design and development of these centres is a priority for both private stakeholders and governments in Latin American and Caribbean (LAC) countries.”

The report indicates that the Bahamas has a strong foundation on which to build a knowledge-based economy, ranking the Bahamas among six of 26 Latin American and Caribbean countries who show “very high values for economic development and connectivity”. “Argentina, Brazil, Chile and Uruguay have very high levels of fundamental infrastructure, while the Bahamas and Panama show moderate levels of that pillar,” the IDB report and its authors state. “The level of data centre infrastructure is very high for Panama, high for the Bahamas, Chile and Uruguay, moderate for Argentina, and low for Brazil. Finally, values for the CIP (Critical Protection Infrastructure) pillar are very high for Bahamas, Brazil, Chile, and Uruguay, high for Argentina, and low for Panama.” Assessed on five criteria, the Bahamas was ranked fourth out of 26 for data centre development, behind only Uruguay, Chile and Brazil, but ahead of Argentina, Panama, Costa Rica and all Caribbean rivals. This nation’s ‘weakness’ was identified as the relatively high cost of electricity, given that data centres and communications networks require significant amounts of energy to operate. Operational costs as a percentage of communications company revenue was also high in the Bahamas.

PAGE 4, Wednesday, June 7, 2017

THE TRIBUNE

Baha Mar targets just 25% occupancy rate FROM PAGE B1 une Business of the new owners. “Their goal was 25 per cent occupancy for the year, and then in the first quarter of next year to begin to complete the opening of the fourth property, the Rosewood. “The marketing campaign will be rolled out as rooms come on stream. They believe that’s the best way to do it.” Baha Mar’s relatively low occupancy rate target for 2017 is not necessarily surprising, given that just the casino and associated hotel, plus the convention centre, were opened in late April. The remaining room inventory, represented by the SLS and Rosewood properties, is set to come on stream when these resorts open in late 2017 and by April 2018, respectively. However, several sources were quick to question who would cover the multi-million dollar losses and preopening expenses incurred during Baha Mar’s gradual ramp-up, and whether this burden has been transferred from CTFE and the project’s secured creditor, the China Export-Import Bank, to the Government and Bahamian taxpayer. Concerns, in particular, were raised over a line item in the 2017-2018 Budget entitled ‘Equity Contribution - Baha Mar’, which appears to commit the Government and taxpayers to paying $9 million per annum to the Cable Beach development over the next three Budget years. This totals $27 million, and appears unrelated to the marketing commitments made by the Christie administration in its April 25, 2017, Heads of Agreement with CTFE. This calls for the Government to contribute $4 million per annum over an eight-year period for a total of $32 million, and the $9 million ‘equity contribution’ is contained

in the Ministry of Finance’s budget - not that of the Ministry of Tourism. K P Turnquest, the minister of finance, could not be reached for comment before press time last night on what the $9 million ‘equity contribution’ to Baha Mar represented. Robert Sands, Baha Mar’s senior vice-president of government and external affairs, declined to comment last night when contacted by Tribune Business, with Graeme Davis, Baha Mar’s president, said to be off-island. However, well-placed Tribune Business sources suggested that all pre-opening expenses and losses, including the cost of keeping 1,500-plus Bahamians employed with minimal incoming revenues, would be borne by CTFE. “They are committed to making this work,” one contact said of the Hong Kong-based conglomerate. Mr D’Aguilar, meanwhile, indicated that the Government would prefer CTFE to move faster on opening Baha Mar. He said: “Any government would be interested in getting as many rooms open as quickly as possible, and getting visitors in the country.” Mr Roberts had accused Mr D’Aguilar of having “a vested interest” in removing Baha Mar’s ownership from CTFE, given his previous position as a Board director for the project’s original developer, Sarkis Izmirlian. Mr D’Aguilar, in the two-year period leading up to the general election from Baha Mar’s Chapter 11 bankruptcy filing, was a leading advocate of Mr Izmirlian’s cause, arguing that the project was wrongly stripped from the latter by an alliance between the former Christie administration and the Chinese government-owned lender and contractor. The Minister of Tourism

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Division

refuted the PLP chairman’s ‘conflict of interest’ claim over his meeting with Baha Mar’s executives, stressing that he was acting in his capacity to promote and safeguard the Bahamas’ leading industry. “There was no discussion about ownership. That was certainly not the place for it to be done,” Mr D’Aguilar told Tribune Business. He added, though, that his personal views on the Baha Mar controversy had not altered, and indicated that the Minnis administration had not come to a final decision on the project’s ownership. “I’m not going to get into a back and forth with Mr Roberts on what couldda, wouldda, shouldaa have happened over the past two years,” Mr D’Aguilar said. “My views have not changed.” As for Baha Mar’s ownership, he added: “How that plays out has yet to be decided. That’s not a decision I’ll be making. That’s a decision for the Prime Minister. I don’t know where that stands.” This sends a potentially unsettling message to both CTFE and other investors, especially given Dr Hubert Minnis’s pre-election comment that an FNM government would “engage and execute a real sale” of Baha Mar to a qualified purchaser if elected. CTFE’s purchase will only close once Baha Mar’s construction is completed in late 2017, and it is highly unlikely the new government will seek to intervene given how far the deal has progressed, unless it it uncovers something untoward. Turning to Mr Roberts’ allegations, Mr D’Aguilar

2014 CLE/GEN/1332

IN THE MATTER of an Indenture of Mortgage made the 12th day of July, A.D., 2006 between Zelma Naomi Barr-Brice and Monique Elese Brice and Finance Corporation of Bahamas Limited. AND IN THE MATTER of the Mortgages Act, Chapter 156 of the Revised Laws BETWEEN FINANCE CORPORATION OF BAHAMAS LIMITED AND ZELMA NAOMI BARR-BRICE AND MONIQUE ELESE BRICE

Plaintiff

First Defendant Second Defendant

To: Zelma Naomi Barr- Brice and Monique Elese Brice TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of The Bahamas by Finance Corporation of Bahamas Limited, Main Branch, 323 Bay Street, Nassau, New Providence, Bahamas, in which the Plaintiff ’s claim is set out in the Originating Summons filed in this action on the 4th day of September, A.D., 2014 as renewed seeking an Order to direct you to deliver up possession of:- (i) the Mortgaged property being Lot Numbered One hundred and Thirty-three (133) on the Plan of the Subdivision called and known as “Seven Hills Estate” and having the Number 512 in the City of Nassau in the Island of New Providence, Bahamas (the “First Mortgaged Property”) and (ii) the Mortgaged Property situated in the Western District of the Island of New Providence being Lot Numbered Nine hundred and Eighty-one (981) of the Subdivision called and known as Golden Gate Estate Section Two Addition in the City of Nassau in the Island of New Providence, Bahamas (the “Second Mortgaged Property”) to Finance Corporation of Bahamas Limited within Twenty-eight (28) days of the Order and Judgment for the sum outstanding under the Indenture of Mortgage dated the 12th day of July, A.D., 2006, and that it has been ordered that the publication of a notice of the entry of the Originating Summons filed on the 4th day of September, A.D., 2014, Affidavit in support of application filed on the 15th day of December, A.D., 2014, Ex Parte Summons filed on the 19th day of February, A.D., 2016, Affidavit in support of Ex Parte Summons filed on the 22nd day of February, A.D., 2016 and Order dated on the 25th day of May, A.D., 2016 in The Tribune Newspaper and the Nassau Guardian shall be deemed to be good and sufficient service of the said document upon you. If you desire to defend the said action, you must within fourteen (14) days from the publication of this advertisement, inclusive of the day of such publication, enter an appearance in person or by an attorney either (1) by handing in the appropriate forms duly completed, at the Registry of the Supreme Court, Ground Floor, BAF Financial Centre, Marlborough Street, Nassau, Bahamas, or (2) by sending them to that office by post. A copy of the said Originating Summons, Ex Parte Summons, Affidavit in support of Ex Parte Summons and Order may be obtained from the Supreme Court Registry, Judicial Complex, East Street North, Nassau, Bahamas, or from the Attorneys for the Plaintiff below mentioned. Dated the 30th day of May, A.D., 2017 HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, Bahamas Attorneys for the Plaintiff

said he had been invited to the meeting by Baha Mar. “It was good for any Minister of Tourism to go to such a large property and get a status report, and to discover what their plans were to get the property open, employ Bahamians and increase occupancies,” he told Tribune Business. “Any sensible, rightthinking, business-headed Minister of Tourism will do just that. We are out of the business of campaigning, have a country to run, and run responsible. Bradley Roberts and his crew had the country for the last five years and they failed. “The economy did not grow, and stopover arrivals did not grow. Bradley Roberts has to sit small and go to bed at night thinking about what he did wrong, instead of throwing blame at a Minister of Tourism in office for 21 days,” Mr D’Aguilar continued, “and, as any responsible Minister of Tourism is doing, speaking to tourism stakeholders to find out what their plans are and any concerns they have, and to work together to grow the number of arrivals and amount of dollars spent in this country by visitors once they get here.” The Minister described Mr Roberts as “a political has been” who needs to “wander off into the sunset”, with the margin of the PLP’s general election defeat showing his tenure as party chairman deserved an ‘F’ grade.

FROM PAGE B1 and the other in Jamaican currency. They represent the portion of last August’s $50 million preference share offering that Cable Bahamas sought to raise outside this nation from Caribbean investors. The BISX-listed communications provider had engaged Scotiabank (Bahamas) and its affiliate, Scotia Investments Jamaica, to place the Caribbean portion of the issue, which targeted raising $20 million or 40 per cent of the proceeds. Ultimately, $14.7 million, or 34.4 per cent of the $42.7 million total raised, came from outside the Bahamas. Besides establishing a milestone for Cable Bahamas, Mr Williamson said Friday’s cross-listing could also show the way for other Bahamian companies when it came to tapping capital markets and financing sources outside this nation. “Hopefully, it allows other companies in the Caribbean to come to our market and vice versa,” he told Tribune Business, “with a company on the local market that wants to cross-list on a Caribbean exchange. “We’re creating that path. We’re excited. It was a condition of [the preference share] raising to list. We’re happy to do it, and happy to accomplish this milestone for the company. It will be interesting to see how our shares do, even though they’re just prefs.” Regional cross-listings, with Caribbean companies listing on the Bahamas International Securities Exchange (BISX), and Bahamian firms going on other regional platforms, has often been talked about as one way to expand the

CABLE ‘CREATES PATH’ FOR CARIBBEAN CROSS-LISTING local capital markets and boost their liquidity. This, though, has yet to translate into action apart from Cable Bahamas’ JSE listing last week. The Bahamian private sector generally, encouraged by exchange control regime restrictions, continued to look inward rather than outward for investors, financing and markets. Cable Bahamas, with its $100 million expansion into Florida, is one of the few to break that trend. Mr Williamson said the JSE was “extremely excited” to receive its preference share listing, given the potential boost to liquidity and the possibility it will act as a magnet for more cross-listings. He added that the increased exposure to a Caribbean investor audience was a key attraction for Cable Bahamas, especially as the company undertakes rapid expansion through Aliv’s mobile license and its Florida initiatives. “Hopefully with this move, once persons start to see us, particularly the Jamaican investors, following the transition from triple-play to quad-play provider, and see our growth, that creates avenues to raise additional funds if something comes up in the not too distant future,” Mr Williamson told Tribune Business. “We’re excited about it. “We won’t stop. We’re back to the drawing board, looking at what’s next for the company, and hopefully we will come back with something.”

THE TRIBUNE

Wednesday, June 7, 2017, PAGE 5

BAHAMAS ‘JAMAICA BOUND’ ON PRESENT FISCAL COURSE FROM PAGE B1 tion needed to show it was capable of introducing the necessary fiscal reforms to avoid a second ‘junk’ downgrade. “I think we’re drowning,” Mr Lowe said, “and I suspect there’ll be another downgrade unless the Government proves they’re going to handle things differently. “They’ve certainly shown the intention to do that, but it’s a desperate situation. It really is. It’s quite scary. It was bad enough when the PLP took over in 2012, but this is two times’, three times’, as bad.” New fiscal alarms were sounded when K P Turnquest, minister of finance, last week predicted that the 2016-2017 fiscal deficit would total $500 million - a five-fold increase over the former Christie administration’s initial $100 million projection, and some $150 million higher than the mid-year Budget forecast given just two-and-ahalf months prior. Apart from Hurricane Matthew, Mr Turnquest blamed the expanded deficit on a $320 million “backlog” of payment and spending commitments inherited from the previous administration. As a result, the Minnis administration is seeking Parliamentary approval to borrow a collective $722 million, with $400 million earmarked to cover the 2016-2017 ‘backlog’ and the balance to fill the $323 million deficit projected for 2017-2018. The “wider, serial deficits”, as described by Moody’s, are forecast to take the Government’ direct debt, as a percentage of the Bahamian economy’s total output, to 71.2 per cent by the end of this month. And, when debt guaranteed on behalf of the public corporations (around 9 per cent of GDP) is factored in, the Bahamas’ total debt-to-GDP ratio will exceed 80 per cent. The IMF regards a 70 per cent debt-to-GDP ratio as the ‘danger threshold’, and the Bahamas’ is expected to remain at or above the 80 per cent mark through the 2019-2020 fiscal year, and still incurring nine-figure deficits. “If they [the Government] don’t make a turn at this stage, reverse this trend, I think we’re Jamaica bound,” Mr Lowe told Tribune Business. “How many years does it take to recover? You can’t recover overnight from that. “Governments raise people’s expectations for goodies through their spending, and don’t raise the taxes to pay for it. They borrow and it catches up with them. There’s now absolutely no room to manoeuvre. “What if there’s another hurricane? What if the economy tanks again? There’s not much positive on the horizon.” The Bahamas still has some way to go to match Jamaica, which hit bottom when its debt-to-GDP ratio reached 145 per cent in 2012. The southern Carib-

bean country was forced into an ongoing IMF restructuring programme that has lasted for several years, and which has started to produce higher economic growth rates and a reduced debt-to-GDP ratio projected to hit 108.6 per cent this year. Reiterating previous calls for a reduction in the size of government, Mr Lowe added: “I think it may to time to slash and burn, and recover from there. They’ve got to take the bull by the horns. “What’s the spending done for us? Nothing. It’s given us less economic growth, and you don’t get economic growth from tax increases. It slows growth further. “They have to look at cutting fat whether they want to or not. They don’t necessarily have to lay-off employees at this stage, although it may come to that. There has to be some restraint.” Mr Lowe suggested that the Government look to reduce its real estate footprint by combining or consolidating agencies into the same building, thereby reducing rental costs and associated upkeep/maintenance for the properties it owns. “If they were to cut 5-10 per cent, I’m sure there’s enough fat that they can cut back,” he told Tribune Business. “Instead of freeing the business environment, and allowing and encouraging businesses to invest, so the economy can grow, the Government has become an employment agency. They’ve employed people because it’s the easiest thing to do, and damn the torpedos.” Mr Turnquest said last week that the former administration’s pre-election hirings had added $27 million to the Government’s wages bill in 2017-2018, with $30 million also spent on roadside clearance and clean-up - a sum 10 times’ the $3 million originally budgeted. Mr Lowe, though, said the Budget presentation seemed to ‘lack urgency’ given the seriousness of the Bahamas’ fiscal predicament. “Unless I’m mistaken, I didn’t feel the sense of urgency in the presentation that I’d thought I’d have seen,” he told Tribune Business. “We’re going to be at $8 billion in debt. What course of action are you going to be forced to take? “There needs to be a very serious analysis agency by agency, department by department and ministry by ministry to get rid of some of this stuff the country can’t afford. How many more taxes can we bear with an economy that’s dropping so fast? “The biggest first step is control and reduce expenditure. Then it’s to downsize government and get the handcuffs off of business, so people are willing to invest. “As these downgrades continue, it just discourages people even more.”

MARKET REPORT TUESDAY, 6 JUNE 2017

t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

BISX ALL SHARE INDEX: CLOSE 1,873.34 | CHG -0.86 | %CHG -0.05 | YTD -64.87 | YTD% -3.35 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.60 4.70 0.13 6.76 8.60 6.10 10.60 14.50 2.72 1.60 6.00 10.00 11.00 10.00 6.90 12.51 11.00

52WK LOW 3.40 17.43 8.19 3.50 1.64 0.12 3.80 8.35 5.70 9.60 10.50 2.18 1.31 5.80 7.55 8.56 7.30 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

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

MUTUAL FUNDS 52WK HI 2.06 3.93 1.95 169.70 141.76 1.49 1.67 1.58 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 1.43 1.64 1.54 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.22 15.85 9.09 3.60 1.77 0.12 4.05 8.60 6.00 10.50 10.50 2.41 1.55 6.00 9.75 9.00 9.75 6.90 12.50 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 100.00 100.00 100.00 109.46 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.22 15.85 9.09 3.60 1.64 0.12 4.05 8.60 6.00 10.50 10.50 2.44 1.55 6.00 9.75 9.00 9.75 6.90 12.50 10.00

CHANGE 0.00 0.00 0.00 0.00 -0.13 0.00 0.00 0.00 0.00 0.00 0.00 0.03 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

109.02 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.44 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

3,000 250

VOLUME

NAV 2.06 3.93 1.95 168.44 141.76 1.49 1.64 1.58 1.07 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

P/E 145.5 15.8 N/M 21.2 N/M N/M -135.0 14.2 14.0 23.3 95.5 23.9 19.4 20.0 18.8 9.4 11.9 23.5 20.5 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% 1.57% 4.52% 0.39% 2.75% 0.77% 2.51% 3.95% 3.95% 6.77% 6.77% 1.45% 4.17% -1.59% 0.17% 0.49% 2.72% 1.29% 2.00% 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 30-Apr-2017 30-Apr-2017 30-Apr-2017 31-Dec-2016 31-Dec-2016 30-Apr-2017 30-Apr-2017 30-Apr-2017 30-Apr-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 1.90% 6.31% 0.00% 5.83% 0.00% 0.00% 2.22% 3.49% 3.67% 3.43% 4.67% 2.46% 3.87% 4.00% 4.10% 0.00% 3.38% 2.03% 5.12% 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

PAGE 6, Wednesday, June 7, 2017

THE TRIBUNE

TOURISM MINISTER TO AVOID ‘DEVASTATING CANNIBALISATION’ FROM PAGE 1B

“We don’t want one property to benefit at the expense of another. We are putting with Atlantis have been programmes in place to ensure that does not present ever since the $4.2 billion Cable Beach de- happen. We want to make sure everyone has velopment was conceived the particular segment of the market they are targeting, and they attract new, additional in 2003-2005. Paul O’Neill, Atlantis’s visitors to the destination to ensure the former top executive, country as a whole benefits.” publicly voiced such concerns during that period at a Bahamas Chamber of Commerce luncheon. Should these fears come to pass, it would create downward pressure on room rates at both New Providence’s mega resorts and, potentially other hotel properties, with none generating the profits they need to keep Bahamians employed and maintain a sustainable business

Minister of Tourism Dionisio D’Aguilar model. Mr D’Aguilar said that it was for this reason he had already met with Atlantis and the Nassau/ Paradise Island Promotion Board, as well as Baha Mar, in a bid to ensure all stakeholders worked together to grow the Bahamas’ stopover visitor market.

NOTICE

NOTICE is hereby given that I, VENKATAGIRI KRISHNA MURTHY of #32 Commonwealth Ave., Blair Estates, P.O.Box N-1078, 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 7th day of June, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that FRENDY ETIENNE of Flint Street, 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 31st day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

“I’m very mindful that a co-operative marketing programme is put in place to help the occupancies at Baha Mar and all other hotels,” he told Tribune Business. “There will be some cannibalisation, but it can’t be totally devastating.” He added that individual resorts also needed to do their bit with their own marketing programmes, saying: “Those companies have to spend the necessary marketing dollars to attract visitors and ensure the destination as a whole benefits from Baha Mar. “We don’t want one property to benefit at the expense of another. “We are putting programmes in place to ensure that does not hap-

pen. We want to make sure everyone has the particular segment of the market they are targeting, and they attract new, additional visitors to the destination to ensure the country as a whole benefits.” Mr D’Aguilar said he planned to “empower” the Ministry of Tourism’s staff to “do what they know best”, and design new and innovative ways to increase both visitor arrivals and spend. “There was probably a lot of interference and a lot of meddling,” he told Tribune Business. “The biggest mistake one could make is to plop down and profess you have the solution to everything. That’s the biggest complaint levelled against all ministers. “The day before the election they’re a candidate, and the day after they’re an expert. “I plan to engage all the stakeholders and figure out what is the best approach. “The Government is challenged with dollars because of the misman-

NOTICE

NOTICE is hereby given that CHARLLA ANESTIN PIERRE of Blackwwod, Eleuthera, 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 31st day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

agement of the economy by the PLP, so whatever we spend we have to spend wisely.” Mr D’Aguilar said the Ministry of Tourism was currently reviewing and questioning all that it is doing, to ensure programmes “make sense” and delivered increased visitor numbers and spending. He acknowledged that many of the major sporting events attracted to the Bahamas under the former administration were “questionable” in terms of the economic and financial benefits generated, and were being assessed. Rather than seek ‘big name’ sports events and

celebrities, Mr D’Aguilar suggested the Bahamas might be better served by targeting family-oriented occasions such as college and high school tournaments. These, he added, attracted more family members and, from the perspective of tourism economics, increased visitors and per capita spend. The Minister added that the Bahamas also needed to improve the experience for cruise ship passengers disembarking at Prince George’s Wharf, and ensure the Bahamas was promoted beyond Nassau and Freeport to give prominence to the Family Islands.

Roman Continental Ltd. Company No. 1736554 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that Roman Continental Ltd. is in voluntary liquidation. The voluntary liquidation commenced on 25th May, 2017 and Roland Waldvogel of Jenatschstrasse 1, Postfach 1850, 8027 Zürich, Switzerland, has been appointed as the Sole Liquidator. Dated this 25th day of May, 2017 Sgd. Roland Waldvogel Voluntary Liquidator

NOTICE FORTITER LIMITED In Voluntary Liquidation

NOTICE SOLROC INVESTMENT LTD. In Voluntary Liquidation

Frantic Investments Ltd. Company No. 1736624 (In Voluntary Liquidation)

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, FORTITER LIMITED is in dissolution as of May 23, 2017

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, SOLROC INVESTMENT LTD. is in dissolution as of May 23, 2017

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that Frantic Investments Ltd. is in voluntary liquidation. The voluntary liquidation commenced on 25th May, 2017 and Roland Waldvogel of Jenatschstrasse 1, Postfach 1850, 8027 Zürich, Switzerland, has been appointed as the Sole Liquidator.

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

Dated this 30th day of May, 2017 Sgd. Roland Waldvogel Voluntary Liquidator

AVIATION TRANSFER SERVICES LTD. Company No. 1048443 (In Voluntary Liquidation)

NOTICE Jangothang Holdings Ltd. In Voluntary Liquidation

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that AVIATION TRANSFER SERVICES LTD. is in voluntary liquidation. The voluntary liquidation commenced on 9th May, 2017 and Dr. Peter Marxer Jun. of Kirchstrasse 1, Postfach 777, 9490 Vaduz, Principality of Liechtenstein, has been appointed as the Sole Liquidator.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Jangothang Holdings Ltd. is in dissolution as of May 30, 2017

Dated this 1st day of June, 2017 Sgd. Dr. Peter Marxer Jun. Voluntary Liquidator Legal Notice

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

MISSION SERVICES LIMITED

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR ______________________ NOTICE

REFLEX HOLDINGS, INC. ________________

Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act (No. 45 of 2000), MISSION SERVICES LIMITED, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 8th day of May, 2017.

Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 19th day of April, 2017.

ROCKWELL LTD., 25 Mason Complex, Stoney Ground, The Valley, Anguilla, Liquidator

Delano Aranha Liquidator of REFLEX HOLDINGS, INC.

In Voluntary liquidation