01032020 BUSINESS

business@tribunemedia.net

FRIDAY, JANUARY 3, 2020

$4.58

$4.59

Sir Franklyn: PM has ‘no difference-making ideas’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE prime minister has “no viable ideas” for improving the lives of ordinary Bahamians, a prominent businessman has blasted, arguing that the Over-the-Hill revival has made little impact to-date.

Sir Franklyn Wilson, the Arawak Homes and Sunshine Holdings chairman, told Tribune Business that while Dr Hubert Minnis “means well” he lacks “well thought-out” policies that “can make a difference” to the Bahamian people’s well-being.

He cited the prime minister’s signature Over-the-Hill

• Says he ‘means well’ but lacks ‘viable’ policies • Argues no sign of Over-the-Hill ‘execution’ • Blasts ‘spin’ over Hurricane Dorian revival revitalisation project as a prime example, arguing that there were no visible signs of “execution” or that it was having the effects muchtouted by the prime minister while in opposition.

“I don’t question the prime minister’s heart; I think he wants to help,” Sir Franklyn told this newspaper. “But the truth of the matter is that he has no ideas that are viable. Look at the Over-the-Hill initiative. So what happened?

SIR FRANKLYN WILSON

DR HUBERT MINNIS

SEE PAGE 3

Haitian deportations ‘hit Dorian rebuilding’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A FORMER finance minister yesterday warned that the speed of Abaco’s post-Dorian reconstruction could be undermined by the government deporting much of the necessary workforce back to Haiti.

James Smith, also an exCentral Bank governor, told Tribune Business that The Bahamas faced “some hard choices” over its policies towards illegal Haitian migrants given that many had previously worked in construction on Abaco and possessed the specialist skills essential to that island’s proper rebuilding.

He suggested that the government “take a deeper dive” and not repatriate persons with the necessary abilities to “make a positive

• Ex-minister: Losing much of essential workforce • Calls for ‘deeper dive’ to identify those with skills • Bahamas downgrade ‘very unlikely’ near term

JAMES SMITH contribution” to the reconstruction effort, while continuing to send back to Haiti all those who failed to meet this criteria.

Those who remained to work on the post-Dorian rebuilding, Mr Smith added, should be regularised or

Fishermen hail 45% increase in crawfish prices

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMIAN fishermen yesterday hailed this season’s 45 percent increase in crawfish prices to $16 per pound as “the best we have ever had” since they started in the industry.

Keith Carroll, the Bahamas Commercial Fishers Alliance’s (BCFA) vice-chairman, told Tribune Business: “This is the best price we ever had since I have been fishing. The price for lobster now is $16 per pound, but the price was usually around $11 or $12.”

He attributed the increase

to The Bahamas’ Marine Stewardship Council (MSC) certification, which confirms this nation is using sustainable fishing practices that will preserve the environment and industry for future generations.

“For years we have been trying to get certified for MSC,” Mr Carroll said. “That’s the group that goes around to countries and, if you can show them that you are trying to protect the industry and protect the lobster for future generations, then they approve you to go on MSC. “So that means when we

SEE PAGE 5

Real estate sales ‘pulled down’ 10% by offline Abaco

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PROMINENT Bahamian realtor yesterday predicted that total real estate market sales volumes will be “pulled down” by ten percent in 2020 due to Abaco being taken offline by Hurricane Dorian.

John Christie, HG Christie’s president and managing broker, nevertheless said the industry was set for “a good solid year” with New Providence picking up some of the slack created by the devastation inflicted on Abaco’s second home and vacation rental market by

the category five storm.

With his firm “doing deals already”, Mr Christie said the sector may not be “quite as hot” from a realtor perspective this year when compared to 2019 because there were fewer properties available to meet buyer demand.

He disclosed that HG Christie remains committed to rebuilding and re-opening its two Abaco offices, in Marsh Harbour and Hope Town, once insurance settlements and repairs are concluded as the island accounted for between 15-20 percent of the company’s

SEE PAGE 5

given a status similar to those Bahamians who used to work in Florida “on the contract” agreed with the US during the Second World War. “There are some hard choices to make because it would take longer than it would otherwise,” he told this newspaper of Abaco’s reconstruction. “That will not happen at the necessary pace because the policies towards the labour force that has done most of the construction in Abaco has resulted in them being repatriated.

“Some of the policies have an unintended effects. They could be more selective and

take a very close look at the skilled labour used on the reconstruction. There’s a way to facilitate that by taking a deeper dive. You still continue [with the deportations] but be selective in terms of those that make a positive contribution versus those that do not.

“Put those who do in the same category as many Bahamians who used to work on the fields in Florida. It’s just a question of what’s in the best interests of our own economy.”

Mr Smith’s argument is that The Bahamas should make rebuilding Abaco’s

SEE PAGE 2

$4.66

$4.63

Auto dealers target 15-20% sales surge

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMIAN auto dealers yesterday said they are targeting a 15-20 percent sales increase for 2020 amid expectations that the sector could enjoy its best year in more than a decade.

Ben Albury, Bahamas Bus and Truck’s general manager, told Tribune Business his company hoped to at least match 2019’s sales pace with business volumes having barely slackened since Hurricane Dorian struck.

Acknowledging the “unfortunate circumstances” created by the category five storm, he revealed that Bahamas Bus and Truck had at one point been almost “overwhelmed” by the demand for replacement and construction/commercialtype vehicles in its aftermath.

“Personally, I’m excited about the prospects for this year,” Mr Albury told this newspaper. “We could use it.

We’ve had some rough years in the automobile industry and it’s really been taxing, but if we have a couple more good years we can hire more staff and keep things going.

“I’ve hired a few people from Abaco to assist them and have just kept plugging. It’s still early days, but I’d hope we’d grow at the same pace as last year. I’d hope to see at least a 15-20 percent increase over last year as a whole if current trends continue.”

Mr Albury added that sales had begun to “pick up” in August just prior to Dorian’s landfall in Abaco and Grand Bahama, and that momentum has largely been maintained through the storm’s aftermath and into early 2020.

“Due to unfortunate circumstances as it relates to Hurricane Dorian we’ve extremely busy with people displaced from Abaco and Freeport who need a vehicle here, need a vehicle over

BEN ALBURY there, and construction companies and non-governmental organisations (NGOs),” he explained.

“When the storm happened it was the furthest thing from my mind; I’d not considered that thousands of vehicles would be destroyed or damaged. I feel that of all the dealerships here we have one of the most diverse product lines, and are heavy in construction and commercial-type models, delivery vehicles, all of which are very lucrative right now because a lot of people need them for clean-up and rebuilding.

“We were very fortunate to have good inventory levels when it happened to satisfy a lot of the desires out there. A lot of it was luck. It was unfortunate it happened the way it happened, but it’s where we’re at,” Mr Albury continued.

“People that have come to me, we’ve tried to co-operate and work with them as best we can to sell them a vehicle that is excise tax-free and VAT-free, and assist with the price. When it’s an NGO or a charity we try and assist them on a cost-plan basis because they’re doing good work and we want to help them.”

The Bahamas Bus and Truck chief told Tribune Business that the dealership was trying to get the message out to Grand Bahama and Abaco residents, and businesses, within the Dorian disaster zones that they could purchase vehicles from it excise Tax and VAT-free once all the paperwork was

SEE PAGE 5

PAGE 2, Friday, January 3, 2020

THE TRIBUNE

LONG ISLAND VACATION RENTALS HIT BY DORIAN

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net LONG Island has been hit by Hurricane Dorian fall-out, its Chamber of Commerce president revealed yesterday, with vacation rental bookings significantly down on prior years.

Cheryl de Goicoechea told Tribune Business that her own Airbnb properties “are nowhere near as booked as they have been” in the recent past - a trend that is currently being experienced by other vacation rental owners on the southern island.

She blamed the decline in business directly on the category five storm that devastated Abaco and Grand Bahama in early September, with many travellers still incorrectly believing that the entire Bahamas - rather than just a small portion - was impacted despite the Ministry of Tourism’s best efforts to tell the world otherwise.

“We have a lot of vacation homes on the island that are booked through Homeaway or Airbnb,” Ms de Goicoechea said.

“I personally have some of those, and I can tell you that this year the occupancy is not as high as it has been in the past years.

“I believe that is all due to the fact that people feel like the Bahamas is still damaged from Hurricane Dorian. Most people still don’t realise that The Bahamas isn’t just one island; that it’s 17 other populated islands, and 15 of them were not affected. I have a feeling it has a lot to do with that.”

While other Family Islands, especially the likes of Bimini, Exuma and Eleuthera, are expecting to pick-up some of the tourist business that would traditionally have headed to Abaco, Ms de Goicoechea added: “We are not seeing that increase here in Long Island. We’re not booked as much as we have been in the past.

“By now, I would have been completely sold out for January, February and March. I have four units (Airbnb), and I actually have a hotel license through the Bahamas government.

My places are nowhere near as booked as they have been in the past years. I have spoken to owners of other rental properties and they have indicated the same thing.”

Aside from reduced vacation rental demand, Ms de Goicoechea said Long Island’s critical economic need is to be designated “an international port of entry” through the expansion of Deadman’s Cay’s airport. This will facilitate international flights and larger aircraft bringing tourists to the island once FAA (Federal Aviation Administration) approval is obtained.

“Nothing has changed,” Ms de Goicoechea said. “As far as I am aware I don’t think that there was any closure of any businesses in 2019. All of the businesses are still operating. Right after they implemented (raised) the VAT a few small businesses closed down.”

Remaining upbeat about the public infrastructure upgrades that

are underway on Long Island, Ms de Goicoechea said: “Well, they have expanded the water throughout the island. They completed the first phase, and they have expanded the water from Gray’s into Thompson Bay and they are in the process of doing it for the north of the island.

They have plans to complete the whole island.

“That is a big plus for Long Island. They are working on getting quotes and whatever they need to work on getting the airport upgraded. That’s something that’s still moving forward aggressively. We don’t have any private projects; nothing going on like that. Nothing new, unfortunately, for Long Islanders, so pretty much that’s it because we don’t have any direct flights.

“Customers or guests to the island don’t want to have to stop in Nassau or elsewhere, and the airport at this time cannot accommodate larger aircraft. That’s what we’re up against.”

Ms de Goicoechea added, though, that Long Island was beginning to offer more to the visitors it does have through eco-tours and other excursions.

“You have people that are doing bird watching,” she said. “They’re doing eco-tours, they are taking people out and letting them really experience the island life. Some people even take guests out at night if they want to do hiking, or they take them out crabbing.

They are really giving them a part of our life here on the island as we experience it here as locals.”

Haitian deportations ‘hit Dorian rebuilding’ FROM PAGE ONE society and economy its number one priority, while still maintaining the fight against illegal migration and continuing deportations albeit in a more selective manner.

His comments are likely to arouse fierce opposition among some elements in Bahamian society, especially since Dorian and its aftermath appear to have exacerbated tensions and attitudes towards the Haitian community including those in this nation legally.

Clarence Russell, director of Immigration, recently suggested in a TV interview that a labour “contract” with Haiti - similar to the 19431965 agreement with the US that saw some 30,000 Bahamians work in Florida’s farming fields - should again be looked at as a means to curb illegal migration while also meeting this nation’s workforce needs.

The suggestion is not new, with the government having previously sought to reach such an accommodation with its Haitian counterpart, but no agreement was ever concluded or properly implemented. Mr Smith’s remarks, though, also reflect the reality that Abaco likely faces a manpower shortage for the reconstruction effort given the thousands of homes and properties that were either destroyed or damaged beyond repair.

The former finance minister, meanwhile, said it “does not take a crystal ball” to see that the Bahamian economy will effectively have to mark time in 2020 as it waits for the Abaco reconstruction to kick-in and start to bring the island’s economy back on line.

Backing the Central Bank’s forecast that the Bahamian economy will shrink by 0.5 percent this year, Mr Smith said the government’s increasing

fiscal constraints will prevent it from “priming” gross domestic product (GDP) activity through increased public spending for some time to come.

He predicted, though, that The Bahamas was unlikely to suffer a sovereign credit rating downgrade in the near-term as Dorian’s impact had already been “baked in” by the likes of Standard & Poor’s (S&P) and Moody’s.

“The growth prospects are very dim because of the need for reconstruction of 20 percent of our economy,” Mr Smith told Tribune Business.

“That has to happen first to provide some sort of platform, and added to that we still have this stubborn high unemployment rate, particularly among young people, and headwinds facing our two largest industries, tourism and financial services .”

With the ever-present threat of more frequent and stronger hurricanes, Mr Smith branded the post-Dorian recovery as “sluggish” with insurance claims failing to come through as rapidly as desired and with some settlements failing to match expectations.

“The outlook is fair to overcast for growth prospects unless something external happens,” he added. “You don’t need to a crystal ball to see what is happening out there. We have to kind of wait this one out.”

Praising the accuracy of past Central Bank growth forecasts, Mr Smith said the post-Dorian fall-out was likely still impacting tourism bookings and producing cancellations with many potential visitors still under the impression that the entire Bahamas - not just two islands - had been flattened by the category five storm.

However, he conceded: “I think the Abaco economy sometimes has a greater impact that we realise. While

the rest of The Bahamas attracts short-term tourists, who are are here for a couple of days or weeks, Abaco had a greater percentage of permanent tourists like you find at Lyford Cay through second-owned homes, usually by Americans and Europeans.

“Those houses, if they didn’t stay there themselves, they rented them out to family and other people.

Those homes are really hotel rooms, and persons staying there would have spent higher directly in the community for services and food. I think that has taken a big gap out of our GDP growth.”

Mr Smith added that “the severe fiscal constraints” that the government now finds itself operating under post-Dorian means there is “no possibility of the government priming economy through spending. They simply don’t have it”.

Suggesting that this situation will prevail for at least another 18 months, he also voiced concern that the government may experience an increase in debt servicing (interest) costs and find it difficult to access sufficient capital altogether if local and international investors became wary of its postDorian deficits and debt.

However, he said it was “very unlikely” The Bahamas faces any imminent downgrade to its creditworthiness as the rating agencies would have taken this action immediately after Dorian.

“I think our negative numbers have already been baked in,” Mr Smith told Tribune Business. “The government, to my knowledge, has not had a difficulty meeting its debt payments. Debt servicing has always been a priority and we’re sticking to that plan. We don’t have a track record of not meeting our commitments, and the rating agencies were too quick to downgrade in the past quite frankly.”

THE TRIBUNE

Friday, January 3, 2020, PAGE 3

Farmers to receive $1.2m Dorian aid during January

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A CABINET minister yesterday said the government will this month release some $1.2m to deal with farmers’ “emergency needs” some four months after Hurricane Dorian’s passage.

Michael Pintard, minister of agriculture and marine resources, told Tribune Business: “We have allocated $1.2m to deal with some of the emergency needs that the farmers have, and we expect in January to be mobilising those resources to assist a number of farmers.

“We have also gotten commitments of funding from some international organisations directly for

MICHAEL PINTARD the agricultural sector, and we expect that those funds would have been wired over the course of he Christmas holidays, so this month we will verify that and those funds will also be disbursed to help farmers.”

Mr Pintard added: “For some farmers, their issue is

if they are to rebuild, they need collateral in order to attract resources. So the ministry is minded to support a number of these farmers, including Big Bird in Abaco, in terms of trying to assist them get their crown grant for the land that they have occupied for more than the required period when one is eligible to apply for a crown grant.

“They are an extremely important part of our agricultural eco-system, being the largest poultry producer in The Bahamas.

And, of course, they also have a vibrant agricultural component to their operation as well.”

Lance Pinder, chief executive officer of Abaco Big Bird Poultry farm, told Tribune Business last year that the farm’s 21-year

lease had ended more than three years ago, and that it had been trying to get the government to convey the land to them without success. He added that they needed to obtain ownership of the land so it could be pledged as security for the financing required to help restart operations following Dorian.

Mr Pintard, meanwhile, added yesterday: “This month we are setting up an aquaponics operation attached to a number of our schools in Grand Bahama. We are looking to roll out both a boutique egg production and aquaponics in Abaco, so we have several things that will come on stream.”

He added that the government was co-operating on initiatives with

the United Nations Food and Agriculture Organisation (FAO) and the Inter-American Institute for Co-operation on Agriculture (IICA).These involve placing green houses and shade houses on Abaco and Grand Bahama to assist with establishing hydroponics operations.

“Aquaponics and hydroponics in the first quarter of this year are going to be two very important parts of our responses to this disaster. Again, it is climate smart technologies being used to help revitalise the agricultural sector,” Mr Pintard said.

He added that postDorian assessments confirmed “the level of damage exceeds $50m, both to the fisheries and agricultural sector.” Mr

Pintard continued: “While we were conducting the more in-depth assessment, we have worked with regional groups to immediately get some input directly to farmers; seeds being the dominant one, other things that assist with the soil mix, and items that would allow farmers to immediately resume some degree of cultivation.

“We have also been quite busy in the fisheries sector, working with groups that have an interest in helping fishers return to normal. One group out of the United States, who are friends of Sweetings Cay, worked very closely with the ministry as well as the MP for east Grand Bahama in making donations of three vessels to assist fishers.”

CONSUMERS ‘DISGRUNTLED’ ON PLASTIC BAG TRANSITION

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net SUPER Value’s principal yesterday admitted “there are disgruntled customers” over the 25 cent per plastic bag charge, adding that the transition had “not been accepted as I had hoped”.

Rupert Roberts, pictured, told Tribune Business: “I would say that it wasn’t accepted the way that I had hoped. There are disgruntled customers. They thought that that if plastic was banned it should have been banned suddenly, and not be sold.

“I think that some of the public is very confused about it and they will think

it out. But one thing they are asking for is boxes, and they are buying the tote bag; the re-usable bags.

They are really buying them. I was shocked. There is a big resistance to paying 25 cents for a plastic bag.”

Revealing how he feels about being forced to charge customers for using the single-use plastic bags, which will be totally banned

Sir Franklyn: PM has ‘no difference-making ideas’ FROM PAGE ONE “There was a lot of noise.

Drive through Over-theHill and show any evidence that the commitment to change Over-the-Hill exists.

Where? What do you see?

What’s changed? He meant well, he means well, but he’s got no ideas that have been thought through that are pivotal and can make a difference.”

Sir Franklyn pointed to criticism of the Free National Movement’s (FNM) 2017 general election campaign manifesto by former senior figures the manifesto, suggesting it was not “a viable platform”, to support his case although Tribune Business was unable to find any record of the persons he referred to making such comments.

Nevertheless, he continued: “That’s another way of saying he came to power with no viable ideas, and now we’re seeing it. When we’re talking about the Over-the-Hill initiative, where is the execution?

Where is it?”

In response to previous criticisms of the project, Dr Minnis has urged patience on the basis that 50 years of neglect cannot be reversed overnight in just over one year. He told the media last year: “It’s amazing that the inner city was neglected for 50 years and you want resolution in one. It can’t happen overnight.”

That came after The Tribune reported that nearly four months after the Over-the-Hill’s Economic Empowerment Zone went live, just 17 applications for the tax concessions on offer had been submitted.

Of these, 14 were approved, but more entrepreneurs and small businesses have subsequently been able to access financing through the Small Business Development Centre (SBDC).

The Over-the-Hill revival will take time, and the jury likely remains out on the prime minister’s initiative,

and the prime minister will likely point to ongoing energy sector reforms and the government’s low-cost housing plans as examples of initiatives designed to benefit ordinary Bahamians.

Sir Franklyn, though, noted that Dr Minnis had made addressing income inequality a priority for his administration just one day after the Sunshine Holdings chief said the issue appeared to be “off the radar” for the government.

The businessman said it was “a wonderful thing to hear the prime minster say” that he is focusing on closing “the gap of inequality to allow more of the poor and the indigent to share in the wealth”.

“I will now watch carefully the upcoming budget cycle to see what policy measures will be put in place to reflect that commitment and, a year-and-a-half from now, will be able to measure what progress was made,” Sir Franklyn said.

He also hit out at the government’s handling of the post-Dorian recovery, arguing that the Minnis administration was providing “spin” as to what is happening in Grand Bahama and Abaco. Sir Franklyn said this was causing persons on the ground in both islands to “question where these guys are living”.

“Part of the problem is trying to dissect the truth,” he told Tribune Business.

as of June 30, Mr Roberts said: “I don’t like it. They could have just forgotten that and let it come to an end in six months, Because we can’t import it would end.

“But the purpose of the charge is to send a message to the public that we have to stop this, and that message is getting through to the public very clear and plain. But they are disgruntled about it when they have to pay 25 cents. They don’t like it and they fill that bag as full as it can hold. Instead of buying two they take the chance if one would break.”

Expressing optimism that Super Value and his customers will overcome these initial issues, Mr Roberts added: “I think with our “They’re giving us spin on what is going on in Grand Bahama and Abaco, and everyone I talk to is raising questions as to where these guys are living.

“As it relates to Grand Bahama and Abaco in 2020, so very much depends on what happens with the recovery effort. If there’s reasonable efficiency with the hurricane effort on Abaco, reasonable efficiency, Abaco is poised to come back stronger and faster that a lot of people think.

“That is because of the tremendous engine represented by Baker’s Bay. Baker’s Bay is a very powerful engine. There’s a reasonable prospect, in my view, if the public sector does its role with a reasonable degree of efficiency, Abaco may come back a lot faster than people think because of what it has going for it on that project at Baker’s Bay.” Sir Franklyn, though, was less optimistic on Grand Bahama’s economic prospects in 2020. He said “so much hinges” on the government sealing the Grand Lucayan’s sale to the ITM Group/Royal Caribbean joint venture as part of their $275m water-based adventure park destination, plus the redevelopment of Grand Bahama International Airport.

“There’s this deep cloud over what happens with the airport,” he told Tribune Business. “Grand Bahama, in my humble opinion, is just an unknown thing. There are just too many unknowns to speak meaningfully as part of the equation.”

help we are encouraging them on how to do it. Last week we had a meeting with the managers on how to handle it, and the managers have gone on to deal with the head cashiers and then to the cashiers.

“Now this week we are meeting with our 350 cashiers. This morning we met with the first shift, and at 3pm we will meet with the second shift. We are learning what the customers are saying, getting their feelings, but so far from the morning meeting they are resisting paying and they don’t think they should pay us or the government shouldn’t have forced us to make them pay. Which is natural, but I think it would have gone over better if they

took another approach.”

Mr Roberts said Super Value’s stock of reusable tote bags was selling quickly, and added: “This morning we sold out of all of our refrigerated bags - all 3,000. We had 60,000 of the reusable tote bags in, and this morning we ordered another 65,000, so we are assuming it is catching on and the public is going to be using re-usable bags.

“What worries me is if a customer is taking home meat or chicken, and they have drainage in the bag, not washing the bag and bringing it back to the store - that’s a concern. But we’re selling the refrigerated bag. It’s a tote bag but it’s refrigerated, and you can put your meats in that, and

your milk and all of your perishables in that, and it is easily wiped out or easily washed out.”

Mr Roberts clarified earlier comments he made to Tribune Business, when he said “when the plastics are out of the way, we’ll be using compostable and we should go back to free bags”. He explained: “I understand that government is making us charge for compostable bags when we go from plastic bags to compostable bags.

“We still have to charge the customer 25 cents. To me it’s still plastic, to plastic, to plastic, just that one disintegrates faster than the other. But we will have to charge for compostable bags.”

PAGE 4, Friday, January 3, 2020

THE TRIBUNE

CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY

T

he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned.

YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides.

Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property.

This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home.

We look forward to your continued support in this worthwhile endeavour.

MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100

CIRCLE of FRIENDS Silver: $1,500 - $2,499 Gold: $2,500 - $4,999 Platinum: $5,000 plus

OPPORTUNITIES • • • •

Invitations to Ranfurly events Assist with fundraising events Involvement with special activities Adults are eligible to join the Board after three months • Stay in touch with Ranfurly through website and newsletters

BENEFITS

• Personal fulfillment in knowing you are impacting lives • Ranfurly children’s appreciation and positive response • Continued support provides stability and constant care

For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115

THE TRIBUNE

Auto dealers target 15-20% sales surge FROM PAGE ONE

in order rather than trying to import directly from the US. “I predicted after Dorian, in a meeting with staff, to prepare for a busy six to 12 months,” Mr Albury said.

“Just before Dorian things began to pick-up. We had a very good August, and through September and October I would say we were overwhelmed it got so busy.

“I thought I was going to lose my mind at one point.

We’re still very busy, but it’s manageable. That’s going

Real estate sales ‘pulled down’ 10% by offline Abaco FROM PAGE ONE

business by sales volume.

“Abaco was a very strong market, and because of the fact that was destroyed that is going to pull the whole real estate market down by ten percent I would guess in terms of volume, not value,” Mr Christie told Tribune Business.

“The upside of that is there will be less inventory so prices will pick up. That will be good for people trying to sell, not so good for people that buy.

Prices in Nassau are slowly

to continue for a while. We have a lot of people now in a different place, and they have to try and get back on the road and get some normalcy.”

His optimism was backed

by Rick Lowe, Nassau Motor Company’s (NMC) director/operations manager, who predicted that the Bahamian auto industry could be poised for its best year since 2008 which coincided with the worldwide recession’s start.

He added that overseas suppliers had finally “caught up” with taxation changes picking up. It’s still a good time to buy if you have the money to do so.”

Mr Christie said the real estate firm’s Marsh Harbour office, which was rented, survived intact structurally but saw water intrusion reach almost to the ceiling. It is now awaiting the insurance settlement to start the necessary renovations.

He added that repairs to the roof, and re-wiring, had already begun at HG Christie’s Hope Town office where water penetration had only reached as high as three feet.

“The bigger sales are in Nassau. Abaco was maybe 15-20 percent of our business,” Mr Christie said, “but we still had a very strong year last year. And I think it will

NOTICE NOTICE is hereby given that ROBERT MERTHELUS of Johnson Road, Nassau ,Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 3rd day of January 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that JACKY LEONALDO PHILISTIN of Major Alley, off William Lane Nassau ,Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 3rd day of January 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that IBENESE JUNIOR JEAN-GILLES of Windsor Lane Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 3rd day of January 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Friday, January 3, 2020, PAGE 5 that have significantly lowered the price of vehicles with smaller engine sizes that are more fuel efficient and environmentally friendly, enabling Bahamian dealerships to stock more these in-demand autos.

“If the recent three months is a trend it should be a year of getting back to reasonable profitability,” Mr Lowe told this newspaper. “Our inventory has finally caught up. We had a big shipment in last month, and it’s already all gone.

We knew we had names on them, so buyers were waiting.

“There’s been a big pent-up demand waiting for inventory at reduced levels of duty. It’s been pretty good. It’s still not at 2007 levels, but I haven’t

been this positive for a long time. It’s a good thing for a change.”

The government slashed the excise tax rate for new autos with an engine size of 1.5 litres or less by 40 percentage points in the 2018-2019 budget, dropping the levy from 65 percent to 25 percent. Besides aiding the sector and individual dealers, it was intended to encourage consumers to switch to smaller, more fuel efficient and environmentally friendly.

Then, following industry representations on behalf of dealers who had no inventory in that category, the Minnis administration enacted further reforms to “level the playing field” between dealers by cutting the Excise Tax rate for vehicles with engine sizes

be a good solid year this year.

We seem to have a fair bit of interest from people looking to buy and rent.

“For the realtors I don’t think it will be quite as hot.

The interest is there, but there are less properties available, so that might slow things down a bit. There is less hanging fruit, but generally we’re feeling good about a pretty solid year. We’re doing deals already this year, so things are moving.”

Mr Christie added that a strong US stock market, solid consumer confidence and persons feeling more wealthy were all factors working in the Bahamian real estate market’s favour. He added that decisions by Abaco property owners on whether to rebuild or not largely hinged on the receipt of insurance payouts, with the picture becoming much clearer within the next two months.

The HG Christie chief also lamented the obstacles placed in the way of foreign real estate investors by The Bahamas’ ease of doing business woes and overbearing Know Your Customer (KYC) regime, which made tasks such as opening a bank account more time-consuming and bureaucratic than necessary.

“All of our regulations don’t help,” he said. “Hopefully it won’t last for ever, but it is what it is. We’re still doing fine. People want to be here and we’re still close to the US. Our location is very good for us.”

Fishermen hail 45% increase in crawfish prices FROM PAGE ONE ship our lobster from The Bahamas, that stamp is on our lobster. They go around and assess how countries are keeping the right fishing methods; if they are preserving for future generations, and are they throwing the small crawfish away.

Things like that.

“Before MSC we could only have shipped lobster to North America and some parts of Europe, but now we can ship all over the world.”

Despite the improved prices, Mr Carroll told Tribune Business that the crawfish season to-date has not met industry expectations. “Things ain’t as good as we expected it to be, but we haven’t had any cold fronts or anything like that,” he explained.

“Usually by this time of year we have some cold fronts, but we haven’t seen any coming through yet. A cold front usually muddies up the water, and the fish start to move and bring in new fish on the bank. Down in the southern Bahamas from the crawfish season was over it was calm, calm, calm.”

Mr Carroll added that

between 1.5 and two litres to 45 percent.

And it has also enabled Bahamian auto dealers to defer excise tax and VAT payable at the border on imported vehicles until such time as they are sold through the use of so-called “bonded” facilities.

Describing these reforms as “a tremendous help” to the industry and its consumers, Mr Lowe suggested it had also likely resulted in greater revenues for the Public Treasury by facilitating increased vehicle sales.

“It’s helped with cash flow,” he added of the “bonded” facility, “but has also helped with inventory levels. We can stock a few more cars, give people a slightly better selection.

From that point of view it has been really good. It’s

“at least 95 percent of the fishermen are upset” by the lawsuit filed against the government by 20 nationals from the Dominican Republic and Honduras over the refusal to issue them dive compressor permits.

The men, who either have either spousal permits with the right to work or are permanent residents, are employed on Bahamianowned fishing vessels as divers. These vessels are used specifically for capturing crawfish, and dive compressor permits are alleged to be essential for capturing lobster at certain depths.

However, Michael Pintard, minister of agriculture and marine resources, announced a Bahamian-only policy earlier this year. He said that under no circumstance would compressor permits be issued to persons who have work permits.

Mr Carroll said yesterday: “The fishermen stand with minister Pintard 100 percent with what he is doing.

If all of the former ministers of fisheries were like him we would never have this problem in this country with what we are having now, because he is the first minister that denied them a permit to dive in this country.

really been beneficial for all the dealers that have product in that range.

“It’s sort of proving what we’ve been suggesting to the government all along that lower import taxes would mean higher sales.

I’m hopeful, very hopeful, that if prevailing trends continue we should have a very positive year. It’s been a long time waiting for it; since 2008 really. We’ve had the odd year, but have never reached those 2007 levels.”

Both Mr Lowe and Mr Albury agreed that new auto dealerships still have a long way to travel before they reach 2007 sales levels, which peaked at around 4,500 autos compared to post-recession lows of 1,500 to 1,600 annually.

“For you to have in your possession a license to dive with a compressor you must have a valid Bahamian passport or voter’s card. That says it right there. Yet they are taking the minister to court for denying them a permit to dive in this country.”

Mr Carroll added: “We have a new Act that is supposed to go to Parliament that strictly says fishing is for Bahamians only. They have been talking for the last ten or 15 years about taking this Act to Parliament, but you know how many things that went to Parliament since this, like this plastic ban law? They started talking about this three months ago and it is already passed.

“Anything they want to pass, they pass. But they are not willing to protect this country for future generations... The government has to get serious with what they are going to do with fishing. We went over that Act. We had fishermen that we met, and changed what we think would be better for the future generation of fishermen. It went to the Attorney General’s Office, and all we heard is that it is supposed to be ready to go. What I understand is it is ready to go to Parliament.”

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

THURSDAY, 2 JANUARY 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,231.50 | CHG: -0.10 | %CHG: 0.00 | YTD: -0.10 | YTD%: 0.00 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.10 2.60 2.00 5.47 11.75 6.17 4.50 11.01 2.81 4.35 10.21 7.90 16.99 9.40 3.63 14.20

52WK LOW 3.35 20.91 4.90 4.46 1.47 0.22 2.00 9.50 5.60 3.95 6.75 2.35 1.76 8.00 6.25 12.15 6.80 3.01 13.01

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 Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson

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

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

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

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

1.00 10.00 1.00

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 3.59 17.43 6.00 6.10 2.35 1.80 4.40 11.06 6.16 4.50 8.01 3.26 4.35 10.50 7.60 15.05 9.33 3.54 14.00

CLOSE 3.59 17.43 6.00 6.10 2.35 1.80 4.40 11.06 6.16 4.50 8.01 3.21 4.35 10.43 7.60 15.05 9.33 3.54 14.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.05 0.00 -0.07 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00

CHANGE 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME

VOLUME

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

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

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 15.0 18.7 N/M 16.5 N/M N/M -10.0 15.3 13.7 24.5 57.2 31.5 9.3 16.1 10.4 18.4 9.9 17.4 22.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 4.74% 7.23% 0.00% 4.26% 0.00% 1.11% 0.00% 6.51% 3.57% 2.67% 0.00% 13.52% 1.38% 3.14% 3.16% 3.59% 2.14% 3.39% 4.36% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 3.06% 3.81% 1.91% 3.39% 2.23% 2.75% 4.99% 6.20% 7.18% -0.08% 2.88% 3.80% 4.56% 6.50% 3.35% 4.17% 5.77% 7.89% 10.91% 11.57% 17.57% 18.60% 4.72% 5.08% 13.44% 13.49% 5.38% 5.44% 3.28% 3.80% N/A N/A 10.80% 2.60% 10.40% -4.00%

NAV Date 31-Oct-2019 31-Oct-2019 25-Oct-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Nov-2019 30-Nov-2019 30-Nov-2019 30-Nov-2019 30-Nov-2019 30-Nov-2019

MUTUAL FUNDS 52WK HI 2.27 4.32 2.08 194.86 158.57 1.65 1.82 1.74 1.21 8.31 10.26 6.91 11.76 12.32 10.74 10.00 8.98 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.58 1.69 1.66 1.09 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

NAV 2.27 4.32 2.08 193.72 158.42 1.65 1.82 1.74 1.19 8.29 10.16 6.91 11.76 12.32 10.72 N/A 8.98 11.40

MARKET TERMS

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

30-Sep-2019 30-Sep-2019 30-Sep-2019