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MONDAY, JANUARY 20, 2020
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Top contractor terminates 54 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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EARS were growing last night that one of The Bahamas’ largest and best-known construction companies has shut down permanently with some 54 employees already terminated. Cavalier Construction, which was founded 64 years ago, was said by multiple construction industry sources to have closed its doors last week and laid-off all staff after it was unable to win a sufficient volume
Bahamians trapped in ‘double dependency’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net MANY Bahamians “lack the means to live” and are caught in a “double dependency syndrome” that relies on the government to provide growth and jobs, an economic observer argued yesterday. Dr Johnathan Rodgers, pictured, the well-known eye doctor, told Tribune Business that too many economists had bought into the “fallacy” that Bahamians are “living above
their means” and need to save more to improve their financial well-being and prospects. Instead, he suggested that the root cause of The Bahamas’ low savings levels was simply that too many households and individuals earn insufficient income to put money aside once all daily living costs are met. And Dr Rodgers added that too many Bahamians have “misunderstood the role of government”,
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BPL staff must know ‘the customer is king’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
ALL Bahamas Power & Light (BPL) staff “must know the customer is king”, a union leader has charged, arguing: “We’ve got to make this utility a lean, mean, fighting machine.” Paul Maynard, the Bahamas Electrical Workers Union’s (BEWU) president, told Tribune Business that BPL’s plans to invest in staff training were “spot on” but he questioned why it had taken the board and
management so long “to come to this epiphany”. Responding after Dr Donovan Moxey, BPL’s chairman, branded the utility’s customer service as “terrible” at last week’s Bahamas Business Outlook conference while admitting that it had lost the trust of most customers, Mr Maynard backed his comments but warned: “Talk is cheap.” Disclosing that he had warned Dr Moxey and his Board that they were facing their “worst nightmare”
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process now. The minister was notified more than a week ago,” he said. “They only said they let go 54 due to lack of business. They didn’t say that [they were closing] in the letter, but that’s what I have heard; that they have gone out of business.” Martin Todd, Cavalier’s managing director, last night confirmed to Tribune Business that 54 employees have
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BPL cuts bond to $580m raise JOHN PINDER
• Fears mount for Cavalier’s future • Top executive does not deny closure • 64 year-old firm blames ‘lack of work’
of high-value, large-scale projects to support its significant overhead costs. John Pinder, director of labour, said his department had been notified by Cavalier that it was terminating 54 persons “due to lack of business” although he said the contractor had made no mention of any plans to close in its letter to Dion Foulkes, minister of labour. “They’re starting the
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been terminated. He would, though, neither confirm nor deny that the contractor had closed its doors for good, instead promising to issue a statement today. “To be honest, I’ve not got too much to say today,” he told this newspaper, dancing around the closure question. “There’s a few things going on that I need
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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
BAHAMAS Power & Light (BPL) has cut the target for its upcoming bond issue to $580m as it places reliance on “selling our turnaround strategy” to obtain the credit rating it needs. Desmond Bannister, pictured, minister of works, confirmed to Tribune Business that the sum sought has been reduced by just over ten percent from the original $650m because BPL has already received some of the necessary financing through the Ministry of Finance for post-Dorian restoration projects in Abaco. “That’s the most likely
figure right now,” Mr Bannister said of the $580m. “Because of the money we’ve injected through the Ministry of Finance and a number of projects in Abaco, the amount we need is not as high as initially projected.” The $70m drop in BPL’s borrowing requirement comes as the state-owned utility monopoly still awaits a credit rating for its socalled Rate Reduction
SEE PAGE 6
PAGE 2, Monday, January 20, 2020
THE TRIBUNE
Government bidding reform ‘revolutionary’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net MORE than 400 businesses were represented at the Inter-American Development Bank’s (IDB) first-ever Bahamian procurement fair in a bid to increase their share of its $292m in locally-funded projects. Marlon Johnson, the Ministry of Finance’s acting financial secretary, told Tribune Business: “This is really the IDB, in particular, going over the purpose of the fair, which is to make sure Bahamian businesses and Bahamian entrepreneurs understand all of the opportunities that are involved in the IDB projects here in the country. “And also that they are aware that, because we are a member of the IDB, they can also bid on contracts like any one of the member countries in Latin America and the Caribbean. So the purpose of the fair is to introduce them to the projects, and have the projects here so they see what kind of contracts they can bid on, both for consultancies and to do actual broader sort of contractual work.” “They will know that this particular project they are going to need consultancies to do construction work, they are going to need IT (information technology) professionals, they are going to need persons who do catering; whatever the things are in that project, so that when the projects are advertised they have a running start.” Jeffery Beckles, Bahamas
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MARLON JOHNSON Chamber of Commerce and Employers Confederation (BCCEC) chief executive, said: “In terms of the expectations, the objective here is one of education and introduction. The procurement legislation that we have been working very hard with our stakeholders and the government to develop is critical to getting businesses to understand, particularly small and medium-sized businesses, that they do have a chance in a system that has greater accountability, greater transparency, greater fairness and a great sense of equity where smaller business can participate. That is revolutionary for the business sector. “Then the other idea is how do we introduce Bahamian businesses to the idea of building stronger partnerships and alliances with regional and international partners in the same space to improve and increase capacity,” Mr Beckles added, “because as these projects come on stream we are going to need more expertise, then causing Bahamians to understand that there is a need for continuous learning and continual development.” Edison Sumner, who was Mr Beckles’ predecessor at the chamber, told Tribune Business: “It’s overwhelming to see the amount of
people that actually showed up to this. I didn’t know there were so many people that had an interest in IDB procurement, but it creates an opportunity for a lot of professionals to have access to be able to submit bids and respond to RFP’s (request for proposals) that are put out by the IDB or by IDB-sponsored activities. “I’m just hoping that for those who aren’t as qualified to submit bids that they will take measures to be sure that they qualify themselves through whatever means are necessary to do so. But it also creates a great opportunity for partnerships, in case one entity or individual doesn’t possess all of the requisite requirements.” Winston Rolle, a Small Business Development Centre consultant, added: “It’s a good opportunity for the private sector to get engaged to understand the different projects that basically the government is paying for by way of the IDB. “Hopefully this will provide some opportunities for private sector companies to get more engaged in the projects. But the key thing is understanding the requirements, which is one of the challenges for most companies, and the IDB opened by talking about their criteria.” Demarius Cash, chief executive of Bahamian technology firm, Seagrape Inc, said of the IDB initiative: “It gives companies an opportunity to see what’s going on, and then where they can try to put themselves in a position to bid for those contracts.” He added that he expects the IDB to build “a talent pool in terms of a database with all entrepreneurs” and develop a “Bahamas thing”.
THE TRIBUNE
Monday, January 20, 2020, PAGE 3
Customs crackdown to find $15m minimum in lost funds A CUSTOMS Department consultant has pledged to identify no less than $15m in uncollected revenue when its eightmonth effort to crack down on leakages begins today. The Ministry of Finance, in a statement issued yesterday, confirmed that TTEK Inc has been hired on a $1.38m contract to assist the Customs Management Optimisation project that starts today. During the eight-month consultancy, TTEK will work with senior management at the Customs Department and the Ministry of Finance to reduce revenue leakages and secure
further reform and revenue enhancement within the tax collection agency. “The government has been consistent in its efforts to reform and modernise the country’s revenue collection framework,” said K Peter Turnquest, deputy prime minister. “In my budget communication last year, I emphasised this work would be ongoing, as we are looking for every opportunity possible to improve the administration of revenue collection. This engagement is another step forward. “It will ensure that we are using modern data analytic capabilities to the fullest extent, so as to highlight
and address revenue collection anomalies, and to close any significant holes in our collection of Customs Duties. It will provide an operational road map to optimise the management structure at Customs and harness the wealth of expertise within the Department to meet the needs of a modern Bahamas.” TTEK’s work involves an initial five-week assessment of the Customs Department to identify opportunities to address revenue leakage. It will do so by employing advanced data analytic tools to undertake a “deep-dive” into several years of Customs’ import data.
During the follow-up stage, five international Customs experts will work directly alongside the Customs team to introduce and embed the agreed reform elements which flow from the initial phases. “What we are particularly keen on is the fact that we will have seasoned Customs experts from around the world working directly alongside our Customs management team for about seven months to help guide the implementation of the reform efforts, and provide ongoing support to enhance the use of investigative and data analytic techniques”, said Mr Turnquest.
“TTEK was selected as the winning bidder in part because its core expertise is Customs and border management. Its resume includes a diverse range of countries, including work in the Caribbean region with countries that share many of the same challenges and opportunities. “Because the team on the ground will be comprised in large part of former Customs officers and managers, we feel that they will have the real life experience to add tremendous value to the government’s reform efforts.” TTEK Inc specialises in delivering customs and
K PETER TURNQUEST border management consultancies, and technical solutions, around the world. It draws on more than 200 international experts who have worked in diverse Customs and Border management public entities. TTEK, its executives, and its team of officials have provided services for jurisdictions such as Australia, the US, Canada, Saudi Arabia, Dubai, Abu Dhabi, Bangladesh, Ghana, the Philippines, Barbados and Trinidad and Tobago.
GB Power to restore island’s east by May GRAND Bahama Power Company (GBPC) has pledged to restore electricity distribution to the island’s eastern end by May 2020 through rebuilding 35 miles of transmission lines. “We’re continuing the challenging work of cleanup of downed wires, poles and equipment as we prepare for the repair and replacement of hundreds of damaged poles, wires and accompanying infrastructure,” said Dave McGregor, GB Power’s president and chief operating officer, in a statement. “In the coming weeks, we will engage skilled utility contract crews from the US to work with our own experienced crews to rebuild the 35 miles of transmission lines to the East End.” All crews will be working 12-hour days, six days per week until the East End is fully restored. GB Power said it will build back stronger wherever it can by using thicker poles, shortening
the distance between poles, and applying a design that will help minimise broken poles during future storms. It promised that “all streets in east Grand Bahama communities” will be restored. While its transmission and distribution network is restored, GB Power said will put in place temporary generation to service east Grand Bahama communities and be ready for customer reconnections once homes and businesses receive clearance from the Ministry of Works. By early February, temporary diesel-fuelled generation will be installed adjacent to Equinor’s location. These units will provide enough power to support Equinor as well as all communities in the East End on a temporary basis until the transmission and distribution infrastructure is repaired, at which time energy can be provided from Freeport. “Working from the generation units,” Mr McGregor
continued, “we will repair west to High Rock and beyond, and east to all communities beyond Equinor to bring service back as quickly as possible.” GB Power’s position appears to be much changed from that set out in a report produced for the Inter-American Development Bank (IDB), which revealed the Emera-owned utility had “no intention” of investing $8m to rebuild the transmission line that previously ran from Freeport to East End because it will never get a return on its investment. The report, by the Washington DC-based consultancy, ERM, said the area’s population and electricity consumer numbers, which were relatively thin prior to Dorian, had been thinned out even more by the category five storm’s devastation. It added that GB Power is waiting to determine how many persons return to the area - and where they settle
- before deploying renewable energy microgrid solutions. The report estimated that these microgrids would cost $3.75m and be 50 percent less than the price tag to rebuild the former transmission line. “The 33kV (kilovolt) transmission line from Freeport to East Grand Bahama that runs for approximately 40km (kilometres) to a substation, which then steps to lower distribution voltage, is completely destroyed along with associated distribution lines,” the report for the IDB confirmed. “The privately-owned Grand Bahama Power Company has no intention to rebuild it given that the estimated cost is $8m. It is still uncertain how many consumers will eventually return and rebuild their houses or other assets, nor is there is information about future peak load in each town/ settlement. “The proposed solution to re-establish electricity supply
is by deploying several micro grids in the area consisting of combinations of solar generation and battery storages.” The IDB said the “implementation cost of $3.75m will be funded” through a new energy sector loan facility it is making available to The Bahamas in Dorian’s wake, part of which will be dedicated to the post-Dorian reconstruction. A further $200,000 “would be dedicated to feasibility studies for the micro grids”. Meanwhile, GB Power said all streets within communities from Freetown to McLean’s Town will be reenergised by the temporary generation to serve homes and businesses deemed safe to restore. Crews will also repair and energise streetlights as they go. “We are continuing to work with donors, stakeholders and government on a longer term renewable energy future for East Grand Bahama,” Mr McGregor added. “We want to see
communities to the east powered by resilient distributed renewable energy systems, backed up by a robust power supply from Freeport, resulting in a faster, cheaper restoration following future storms.” Nikita Mullings, GB Power’s director of customer operations, added: “Once GBPC’s temporary generation is in place, transmission wires, lines and transformers will become energised. It is critical that residents treat all lines as live, and do not touch or move wires or any electrical infrastructure. “It’s also important to drive with caution around our crews as they are working. Please proceed slowly and obey markers and traffic signals put in place by our team. We ask that the public not approach our work zones or crews themselves, as the safety and security of our crews is paramount, and any stoppage in work will slow the restoration.”
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THE TRIBUNE
Shipping firm ‘locks’ Union’s election action down its deliveries given court go-ahead By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN shipping company has promised to take the “hustle and bustle” out of picking up packages outside business hours by offering “lock boxes” at no extra cost. Tomonique Butterfield, operations manager for Go Postal, told Tribune Business that Bahamians can choose which lockers the items they purchase online are to be delivered to. Only they will be able to access the locker to retrieve their purchase via a code that will be texted or e-mailed to them. Designed as a post officestyle delivery system, Ms Butterfield said: “Our customers would be able to pick up packages 24 hours, and it would be safe and
convenient for them. “They [the lock boxes] are going to be in different businesses. We are partnering with gas stations and convenience stores. Wherever, it will be spread out, but you can go to our website and you will be able to pinpoint exactly which location you can pick up your package from. “You’re going to be able to choose where you would like to pick up your package from, wherever the lock box location would be at. Right now we have five businesses on our portfolio, and we are going to be naming those businesses in the oncoming weeks.” Ms Butterfield added: “We are taking out that hustle and bustle. No need to be driving through traffic, trying to catch our stores’ hours because our normal
store hours are between 10am and 6pm. So now you can have the convenience of picking up any time. “If you get off at 12am and you would like to pick up at 12am in the morning, sure, no problem. Once you have already paid online you would be sent the code, and you can go ahead and go to the boxes and pick up. For the consumer there would be no additional cost. It is a service we are offering, so it won’t be any additional cost for our customers.” Go Postal said the goal is to modernise The Bahamas’ freight-forwarding industry. It has teamed with Sunrise Communications to keep packages safe, with each locker equipped with antitampering software and built-in wi-fi.
SAINT AUGUSTINE’S COLLEGE 2020 ENTRANCE EXAM The Entrance Examination for students wishing to enter Grade Seven at St.Augustine’s College for September, 2020 will be given on Friday, January 31st, 2020 Deadline for registration for this examination is Friday, January 24th, 2020. Eligible students may register at their Catholic Primary Schools or at St. Augustine’s College. ONLY students in Grade Six will be allowed to sit the Entrance Exam.
OBIE FERGUSON, (at mic). WSMU given green light to proceed with Judicial Review action.
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Water and Sewerage Corporation’s management union (WSMU) has been given permission to proceed with its Judicial Review action over alleged government interference in its elections. Supreme Court Justice, Indra Charles, last week allowed the union’s dispute with John Pinder, director of labour, the Ministry of Labour, and the Water and Sewerage Corporation (WSC) to proceed with all parties scheduled to reappear before her on April 30, 2020. They have until April 17 to file their submissions by e-mail. Obie Ferguson, the Trade Union Congress (TUC) president of and attorney for the WSMU, told Tribune Business outside court: “Today the application for Judicial Review was scheduled to be heard before Justice Charles. The application for leave for Judicial Review was to be dealt with today.
“The director of labour and the Water & Sewerage Corporation (WSC) decided they would challenge the application for leave for Judicial Review. But yesterday, in the latter part of the evening, they wrote and they conceded that they are not going to challenge the application for leave. So, as a result, that matter has been set aside and the substantive matter is now going to be heard.” The union sought the Judicial Review on the basis that the Ministry of Labour and Mr Pinder, who is also the registrar of trade unions, had tried to set a date for nominations and supervising an election of WSMU executives and officers on November 22, 2019, without its consent. It is arguing that this breaches the Industrial Relations Act and the union’s constitution. Mr Ferguson added: “I’m very pleased with how Justice Charles is dealing with the matter, but really and truly they conceded. The WSC conceded and the director of labour, they conceded, so my only
remark would be I would just hope that in the future labour relations could move to another level. “The personal view expressed in solving a trade dispute ought to be a thing of the past. We should follow procedures, and follow it to the letter and follow the law, and if you do that much of these issues that we have in the court would not be so prevalent. “What will now happen, I would have to prepare skeleton arguments, the Water and Sewerage Corporation would have to prepare skeleton arguments, and we would have to come back in front of the judge to argue whether or not the director acted properly or not.” Gary Francis, chief counsel in the Attorney General’s Office, appeared on behalf of the ministry of labour, and Lakeisha Hanna, of Harry B Sands, Lobosky and Company, appeared on behalf of WSC. The Water and Sewerage Corporation had no legal representation in the matter up until last week, but is now an “interested party”.
www.ub.edu.bs
CAREER OPPORTUNITIES Suitably qualified candidates are invited to apply for the following career opportunities at University of The Bahamas, Oakes Field Campus: Front Office Assistant in the Office of the Vice President of Institutional Advancement who will address visitors, phone calls, correspondence and forward to the relevant units under the department including the Office of Development, Office of University Relations, Office of the DIA Comptroller, Office of Corporate and Foundation Relations and the Office of Alumni Affairs. Specific duties include receiving, screening and directing visitors to the appropriate area and documenting messages; responding to and appropriately directing inquiries; informing and following-up with the relevant departments on all maintenance issues; providing general typing of assigned material; and assisting with the division’s special events and projects when needed. Alumni Affairs Assistant in the Office of Alumni Affairs, responsible for oganising class reunions/anniversaries, Homecoming events, alumni awards banquet and other alumni engagements; coordinating networking and sponsorship events; and encouraging donations to support bursaries, research and university development. Other duties include creating content for alumni collaterals including the alumni magazine and alumni newsletters; promoting the alumni community to current students; and arranging for discounts, benefits and services for alumni members. Detailed position announcements are accessible online at: http:// www.ub.edu.bs/about-us/career-opportunities/. Interested applicants should submit the following to the Human Resources Department via hrapply@ub.edu.bs (Attn: Vice President, Human Resources) by Friday, 24th January, 2020: • A cover letter of interest highlighting work experience and accomplishments relevant to the position; • Completed UB Employment Application Form (www.ub.edu.bs/wp-content/uploads/2017/01/Applicationfor-Employment-Staff.pdf) • Current curriculum vitae or resume; • Copies of relevant qualifications and certificates; • Copy of the relevant pages of a valid passport showing passport number, photo identification and expiration date; • Copy of N.I.B. Card; • Copy of valid driver’s license; • Copy of voter’s card • At least three (3) written, professional references.
THE TRIBUNE
Monday, January 20, 2020, PAGE 5
HOTEL INDUSTRY MEETS BPL ON POWER PLANS
BAHAMAS IN ‘GOOD SHAPE’ ON PETROLEUM PRICE FEARS By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
PICTURED from left: Kerry Fountain, executive director, Bahamas Out Islands Promotion Board (BOIPB); Carlton Russell, president of the Bahamas Hotel and Tourism Association (BHTA); Donovan Moxey, chairman, Bahamas Power & Light (BPL); Robert “Sandy” Sands, senior vice-president, BHTA; Robynlee Ogilivie, BPL Board member; Robert Meister, member, BHTA and BOIPB; Jamal Glover, treasurer, BHTA; Jermaine Wright, vice-president, Nassau and Paradise Island, BHTA; Whitney Heastie, chief executive, BPL; and Suzanne Pattusch, BHTA executive vice-president. BAHAMAS Hotel and Tourism Association (BHTA) executives have met with Bahamas Power & Light (BPL) over the extra charge set to be added to resort bills and plans to improve electricity supply. The resort industry, in a statement, said the issue was pressing because electricity represents a significant proportion of the costs of doing business in The Bahamas. With energy supply reliability also a major concern, BPL told the hoteliers it hopes to achieve a cost-saving for consumers by the end of summer 2020 through more efficient, lower-cost generation engines. Whitney Heastie, BPL’s chief executive, outlined the
utility’s strategy for overhauling and upgrading equipment, and deploying modernised systems and technology, to ensure consumers receive a consistent, quality power supply. Mr Heastie also unveiled BPL’s plans to use enhanced “smart” automated meters to ensure BPL operates as a viable institution. Carlton Russell, the BHTA’s president, said: “The meeting with BPL was both illuminating and productive. We look forward to continuing our communication, and to working together on specific initiatives deemed essential to achieving collective goals, many of which were discussed in the meeting today.”
A TOP petroleum executive says The Bahamas in “pretty good shape” on short-term fuel costs as the global oil market has not “reacted as strongly” to the US and Iranian stand-off as initially feared. Keith Glinton, regional manager for Sol Petroleum Bahamas, told Tribune Business: “We are price takers in The Bahamas because we are so small. The reality is there are lots of things that could happen, but right now the market has not reacted as strongly as some would have expected. “The reality is the bigger markets would make that determination for us. Right now we are in pretty good shape. Actually I think the next fuel cargos would be better than people would have expected. But we have to see; it is a very active and global fuel market.” Bahamian businesses and households had been dreading the potential outbreak of full-blown hostilities between the US and Iran over the assassination of the latter’s top military commander due to the fact that any conflict would have sent oil prices soaring. Oil costs impact virtually the entire Bahamian economy, especially where energy and transportation costs are concerned, but fears of a wide-ranging conflict between the long-time
foes have receded and the global markets - at least for the moment - appear to have calmed again. Speaking at Sol Bahamas’ launch of its “Esso Synergy fuels” product, Mr Glinton said: “This fuel will bring, as we say, simply more miles and more smiles. There is a lot of technology that goes into it. “When you see our branding and our advertising you will see that we take all of those very technical points, and we try to communicate it in a way that the average person can understand. Fuel prices won’t go down as a result of this, but
value will go up and the amount of miles you get for the same fuel will go up.” Synergy fuels will be available at all Essobranded service stations across Nassau. Sol Bahamas said the upgrade includes grade labels that are easier to identify; brighter and more comfortable layout and lighting; easy-touse technology; and an enhanced customer service experience. Mr Glinton added of Hurricane Dorian’s impact: “We were an important supplier to the Abaco markets. We have done a great deal to make sure that our
motorists and our clients in Abaco know that we are there. We have never stooped selling fuel one day after Dorian through our distributor there, Abaco Petroleum, and we continue to make sure they have the supplies that they need.”
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Vacancy Announcement The American Embassy in Nassau is accepting applications for the following position:
Political Economic Specialist Duties: Serves as an analyst and advisor to the Section Chief on domestic and external political issues in The Bahamas. In this role, incumbent is responsible for researching and drafting reports on political issues, including trafficking in persons, human rights, religious freedom, elections and domestic politics, external relations, marginalized populations, and other issues as assigned. Incumbent is responsible for drafting the Congressionally mandated annual Human Rights, Trafficking In Persons, and Religious Freedom Reports. Incumbent has specific reporting and advocacy responsibility for socially marginalized populations. Develops and maintains an extensive range of contacts at a relatively high level in the government, political parties, private sector, media, educational institutions, and related sources. Interested candidates are required to possess the following skills and qualifications: • Education: University Degree in Political Science, Economics, Business Administration or International Law. • Experience: From five to seven years of progressively responsible experience in the fields related to political science, economics or journalism. • Language: Level 4 in English required. The complete Vacancy Announcement and Application forms are available online at: https://bs.usembassy.gov/embassy/jobs Application forms must be submitted electronically to the following email for consideration: NassauHR@state.gov. Applications will not be accepted at the Security Gate of the Embassy or by mail or other means of delivery. Deadline for applications is January 31st, 2020. Due to the high volume of applications, unsuccessful candidates will not be contacted.
PAGE 6, Monday, January 20, 2020
THE TRIBUNE
BPL cuts bond to $580m raise FROM PAGE ONE
Realtor’s top agents list $56m in property DAMIANOS Sotheby’s International Realty has unveiled its top listing agents for 2019, with the best performing duo handling $56m worth of property. That was Mark Hussey and Bianca Aranha, who were the realtor’s overall top listing agents. Mitzi Pearce earned the title of top listing agent in the Abaco market, while Joan Braithwaite and Angelika Bacchus shared the title of top listing agents in Eleuthera. “Last year was a strong year for our agents who operate as teams,” said Lana Rademaker, Damianos Sotheby’s chief brokerage officer. “The real estate market in The Bahamas continues to get more
and more competitive, and we’re finding that the team structure is beneficial in terms of being able to cover more ground and offer clients even more personalised attention.” Mr Hussey and Ms Aranha began working together as a team in 2018, while Ms Bacchus and Ms Braithwaite paired up in January 2019. “Servicing clients is our top priority,” Ms Braithwaite added. “Working together means that one, if not both of us, is physically present for our clients at all times so we can continue to provide the personalised service we’ve each built our professional reputations on.” Similarly, Ms Pearce said
nurturing long-term relationships with her clients was key in maintaining a strong foothold in the Abaco market. Since Hurricane Dorian made landfall in Abaco last September, she has continued to work with clients from her new base in Nassau. “I have learned a lot about Nassau in a short amount of time, and I take every opportunity to pass on this new knowledge to clients who are curious about other locations in The Bahamas,” Ms Pearce said. “Plus I am in constant touch with my network in Abaco, so I am always up-to-speed on recovery and rebuilding efforts so I can advise my clients and potential investors accordingly.”
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Bond (RRB) issue from the likes of Fitch, Standard & Poor’s (S&P) and Moody’s. The rating is vital to pricing the bond, meaning it is key to determining how much BPL’s business and residential customers will pay to service the debt and repay the investors and buy it. With BPL announcing last week that it hopes to place the issue by mid-February, an assessment of the bond’s creditworthiness is needed imminently to meet this timeline. However, the evaluation is taking place against the impact of Hurricane Dorian on the Bahamian economy and the government’s financial position. With a $677.5m now deficit projected for 2019-2020, along with a $9.5bn national debt in five years’ time, the weakened sovereign creditworthiness has already impacted the credit ratings of other Bahamian entities. Fitch recently slashed the Nassau Airport Development Company’s (NAD) outlook from “stable” to “negative”, implying that a rating downgrade is possible in the next 12-18 months, although it kept
the Lynden Pindling International Airport (LPIA) operator’s credit rating the same. Fitch justified its move due to the deterioration in the government’s financial position post-Dorian. Given that it typically rates infrastructure-related projects, entities and their debt offerings, it is highly likely that BPL has sought a rating from it and will have to overcome the same sovereign obstacles that faced NAD. Dr Donovan Moxey, BPL’s chairman, told Tribune Business that he was optimistic that the strength of BPL’s recovery plans would more than offset concerns about The Bahamas’ sovereign creditworthiness in rating the RRB issue, and therefore the latter would have no impact on the ultimate outcome. “All I can tell you is we’ve had very positive conversations with our financial advisers, and the meetings with the rating agencies went very positively,” Dr Moxey said. “Our job is to sell the turnaround strategy for the company to the rating agencies. “We feel optimistic. We have no way of knowing, but we’re very optimistic we’ve put our best foot forward. We believe we have a very good strategy, and we’re very optimistic investors will buy into it.”
It is unclear whether the reduced sum BPL is seeking will have any impact on what businesses and households will have to pay in terms of the extra National Utility Investment Bond fee that will be added to their bills. Present estimates suggest this fee will be equivalent to 15 percent of consumers’ current consumption, but the credit rating is likely to be the bigger influence. Mr Bannister added: “One of the real challenges is that The Bahamas is not a typical onshore American entity. The way risk is assessed on relation to a small sovereign country like The Bahamas is somewhat different. “We are anticipating that we need to be able to have funds in place to do what we need to do change this paradigm we’ve lived through unhappily for so long.” Dr Moxey, meanwhile, told the Bahamas Business Outlook conference that BPL expected to have power restored to the whole of Abaco by the end of March. He added that while utility-scale solar and other renewable generation “is going to come, it’s going to happen”, grid stability needed to vastly improve to accommodate its inclusion in The Bahamas’ generation mix.
THE TRIBUNE
Monday, January 20, 2020, PAGE 7
Top contractor terminates 54 FROM PAGE ONE
to deal with.” Mr Todd, however, replied: “I can confirm that. There’s nothing wrong with that” when asked about the lay-offs. The Bahamian construction industry was abuzz with talk of Cavalier’s possible closure late last week, with many wondering what it said about the current state of the sector and the meaning for its future. The repercussions are likely to be felt well beyond Cavalier itself, given that the company will have been responsible for hiring numerous sub-contractors, skilled craftsmen and labourers to work on its various construction sites. Equipment and building materials suppliers may also be impacted, along with clients whose project may already be in progress. Several contractors, some speaking on condition of anonymity, blamed the situation on an inconsistent flow of high-end projects necessary to support what was Cavalier’s relatively large fixed-cost base by Bahamian construction industry standards. “They were the cat’s meow. They were the big boys on the block. It’s sad. I never thought I’d see that happen,” one source said. Another told Tribune Business: “Sources deep within the organisation and management have recognised they [Cavalier] were simply unable to continue because of lack of work over the last five years
and because they were carrying such overheads. “They were running a $100m construction company when they were not earning $100m in revenues. The Public Hospitals Authority’s Critical Care Block was the last major project to carry their name. They couldn’t continue to incur these losses. They were doing a big house at Lyford Cay, but it was not enough. “This is real stuff. They successfully completed the last renovation, extension at the Mall at Marathon, and did it really well. The challenge is that when your costs are at that level you need a lot of jobs. They were a $100m construction company that needed a lot of volume to sustain themselves, and simply did not have it. You can’t have just one Mall at Marathon extension.” The construction industry source also suggested Cavalier’s potential closure signalled trouble for the wider sector, adding: “It’s going to do
no good for the strength of the construction sector. Cavalier is the oldest construction company in The Bahamas. “When a company like them shuts down that should be very unnerving for the sector. Do you understand how significant this is? It’s the former Balfour Beatty contractor.” Stephen Wrinkle, a former Bahamian Contractors Association (BCA) president, yesterday told Tribune Business that “rumours” had been circulating in the construction industry for some time surrounding Cavalier’s financial health. He, however, suggested that the company’s problems again highlighted the difficulties major Bahamian contractors face in “getting in the door” on major multi-million dollar foreign direct investment (FDI) projects. And Mr Wrinkle argued that it further highlighted the need for the government to overcome its reluctance to implement the self-regulatory licensing system set out in the Construction Contractors Act, as this would certify to developers what individual contractors are capable of doing.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ANTHONIA SAUNDERS of Francis Avenue, Fox Hill, New Providence, Bahamas intend to change my name to ANTHONIQUE SAUNDERS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
“The overheads running a company that size are tremendous,” he said of Cavalier, “and without having the volume of work to keep that going it’s difficult. The volume of work hasn’t manifested itself, and the costs of doing business are already prohibitive. “It’s extremely difficult to balance that cost. It’s historically been a problem for the industry. It’s a feast or famine model, and when you’ve spent years growing to the size of Cavalier and don’t get an opportunity to participate on the major projects, they’re stuck with these overheads and costs they’re carrying. “Bahamianisation has not reached the construction
industry,” Mr Wrinkle has continued. “You’ve got all these foreign construction companies working in The Bahamas, and the large Bahamian companies have a difficulty getting their foot in the door.” He cited China Construction Company’s (CCA) The Pointe, together with Mediterranean Shipping Company’s (MSC) Ocean Cay private island, as examples of projects where foreign companies had taken the lead. “They take our labour, pay them higher rates, leave and labour comes back to us wanting the same higher rates we cannot afford,” Mr Wrinkle said. “It’s a lose-lose situation for the Bahamian companies. Unless we have policies that
position Bahamian companies for these FDI projects this is going to be the result. “It goes back to licensing the contractors and regulating the industry. The Ministry of Works is not inclined to do that, so the industry is stuck. This [Cavalier] is a direct result of that; the nonparticipation of Bahamian companies in the growth of the country.” Cavalier Construction was founded in 1956 by the late Godfrey Lightbourn and Eugene Pyfrom, who were 50/50 partners. They sold the business in the early 2000s to a management-led buyout, which was headed by late managing director, Richard Wilson.
PAGE 8, Monday, January 20, 2020
Bahamians trapped in ‘double dependency’ FROM PAGE ONE believing it - rather than the private sector - should be the primary driver of economic jobs and providing jobs when its true purpose was national security, the provision of essential public infrastructure, health, education and maintaining the rule of law. Describing this as a “mindset vulnerability”, he said it had contributed to a culture where around 70 percent of the government’s recurrent spending - fixed operating costs - goes on civil service wages and pensions. This, Dr Rodgers said, stands in stark contrast to the average private sector wage bill that typically accounts for 23-25 percent of a private company’s total revenues. Labour and energy typically
account for around half to two-thirds of business expenses, and he argued that the government would be running an annual surplus if its wage costs were comparable to the private sector’s as a percentage of income. Dr Rodgers, in his address to the Bahamas Business Outlook conference, also highlighted “institutional vulnerability” as the “downright poor” customer service provided by most government ministries and agencies, which lacked the skill sets and policy competencies required in the 21st century. He suggested that many officials tried to “frustrate” Bahamians and residents into paying bribes so that they “provide the timely service that should be the norm”, and accused successive PLP
THE TRIBUNE and FNM administrations of tolerating such a culture to enable underpaid public servants to earn a little money on the side. Dr Rodgers yesterday told Tribune Business that such ingrained practices and “misconceptions” explained why the Bahamian economy continued to muddle through following over a decade of “stagnation” that featured anemic average annual GDP growth of 0.9 percent, high unemployment, high private and government debt, and very low savings levels. He argued that the mean average income of $17,000 per annum was just 38 percent of the $45,000 “living wage” that Bahamians needed to live comfortably and also save. This gap and its size, Dr Rodgers argued, meant too few persons could set aside sufficient income for their retirement and/or to finance themselves during hard times. “If the living wage is at $45,000, but the average is
actually at $17,000, people have three choices: Beg, steal and borrow,” he told Tribune Business. “That’s why they borrow so much. The bottom line is not people are living above their means; they don’t have the means to live. “That’s the common misconception and fallacy that exists among economists and most people. They say: Save more. How can you save more when you’re not earning enough to meet your living needs?” Dr Rodgers did not identify where he obtained his $45,000 and $17,000 figures from. The InterAmerican Development Bank (IDB), in a recent report, acknowledged that significant issues in The Bahamas with income inequality and that per capita income had taken a decade to recover to pre-recession levels, but pegged average per capita income at $30,000 in 2017. Dr Rodgers added that The Bahamas was also faced
with a major “brain drain”, arguing that last year more Bahamians - especially young ones - had left the country than had returned “for the first time in then history of The Bahamas since the Contract era”. He also identified what he termed “a double dependency syndrome”, the first layer being The Bahamas’ reliance on tourism, financial services and foreign direct investment (FDI) related construction to drive economic growth and job creation. “The problem is there’s never been enough jobs in tourism and financial services to accommodate all the people coming out of school and, over the years, the government has been over-employing to pick up the slack,” Dr Rodgers told Tribune Business. “We Bahamians have a misunderstanding of the role of government... Everybody looks to the government to drive the economy
and for jobs. “Wages in the private sector account for 23-25 percent of income. In the government it’s 70 percent. If the government was to engage a comparable number of people to the private sector, it would have a surplus every year.” This, he added, would result in less public debt, but agreed that the bloated size of government cannot be addressed “instantaneously” due to the impact this would have on already-high unemployment levels that are expected to jump further post-Dorian. Dr Rodgers said the government should first release all temporary workers once their contracts expire, implement a public service hiring freeze, retire all workers aged 65 years-old and over, and then put in place proper systems and structures that promotes high-performers while also dealing with those who failed in their duties.
THE TRIBUNE
Monday, January 20, 2020, PAGE 9
BPL staff must know ‘the customer is king’ FROM PAGE ONE when they took over at BPL, he urged them to stop playing the “blame game” by pinning the utility’s problems on past administrations. He argued that Bahamians did not want to hear this, and were concerned only that someone can “fix” BPL’s high costs and unreliable supply . “We’ve got to change the way we do business,” the line staff union chief told this newspaper. “We’ve got to intensify staff training because we lost a lot of the more experienced staff during the voluntary separation exercise. We’ve got to get everyone to know the customer is king, and if the meter is not spinning BPL earns no dollars. “We’ve got to go on an intensive staff retraining programme. We have to invest in equipment and bring staff morale up. It’s low, and we have to do what we can to bring morale up. He’s [Dr Moxey] spot on. It’s taken them a long time to come to this epiphany, and I told them that from the start. “They’ve got to stop blaming. He has to stop blaming what happened in the past. I met with them and told them: ‘This is your worst nightmare, and you’ve got to fix it’. Bahamians aren’t into this blame game. They have to fix it. Talk is cheap and they’ve got to get it done. BPL has to be developed into a lean, mean fighting machine.” Mr Maynard’s “blame game” reference alludes to Dr Moxey pinning the fault
PAUL MAYNARD for BPL’s near-bankruptcy on the 2003 decision by the then-PLP administration to cut the utility’s base tariff, which is the portion of customer bills that covers all its operating costs, below the cost of producing electricity. He added that the two areas needing greatest focus in terms of training were customer service and transmission and distribution (T&D). “In T&D, a lot of
the staff are inexperienced and they need intensive training to make sure they carry on that work safely without anything happening to them,” Mr Maynard told Tribune Business. “Then, in customer service, you’ve got to call people back and let them know their bill is overdue. That’s a big frustration for consumers. They don’t have the manpower they used to. If you are cut-off and pay the bill that day, your electricity should be restored within an hour of paying. That’s what we have got to do. “I have been saying since 2014 that we needed to change the fuel, upgrade the T&D system and then we’ll
LEGAL NOTICE
NOTICE LOXFORD INVEST LTD. NOTICE is hereby given as follows: (a)
Loxford Invest Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000.
(b)
The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas.
(c)
The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas. Dated 16th day of January, 2020.
Beatus Limited Liquidator
be fine. I’ve been saying that aging equipment in T&D, the stuff is obsolete and is dangerous for us doing it. I’ve been saying that for years.” Asked how optimistic he was that BPL’s upcoming $580m refinancing and turnaround strategy will produce the promised results, Mr Maynard replied: “Hopeful. Once can only hope.” Dr Moxey told last week’s Business Outlook conference: “Our customer service quality is terrible. It needs to be improved. We recognise this, we’re owning this. All the executives that stood up [during the
conference] are owning this. One of the most important things is to take responsibility and solve it. “We have to keep employees trained. We’ve had no money to do that. As a result of that, the kind of development we needed to do over the last 15 years we didn’t do. We’re committed to righting the ship. We’re also changing our culture around safety at BPL, making sure employees are safe and customers are safe. “I’ve stood on the line to understand the consumer’s pain and frustration. Sometimes you just call the number and it rings and
rings and rings. We’re going to build a state-of-the-art customer service centre by the second quarter that will be open 24/7 and 365 days a year. “We will take responsibility, fix and own that. Every employee who goes in front of the customer will be trained in how to talk to, and empathise with, the customer. More important, we will build a culture that is customer focused and customer centric. We’re doing business like everyone else, albeit we’re a monopoly, but that should not stop us providing the best service and best product.”
PAGE 10, Monday, January 20, 2020
THE TRIBUNE
23rd December
MARKET REPORT www.bisxbahamas.com
(242) 323-2330
FRIDAY, 17 JANUARY 2020
(242) 323-2320
ALL SHARE INDEX: CLOSE: 2,220.67 | CHG: 5.46 | %CHG: 0.25 | YTD: -10.93 | YTD%: -0.49 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.70 2.60 2.00 5.47 12.00 6.17 4.50 11.01 2.81 4.60 10.21 7.90 16.99 9.40 3.63 15.20
52WK LOW 3.35 20.91 5.50 5.38 1.60 0.67 2.00 9.50 5.60 3.95 6.45 2.35 1.76 8.00 6.30 12.15 6.80 3.01 13.50
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 3.35 17.43 6.00 6.68 2.30 1.62 3.51 11.61 6.00 4.40 6.50 3.28 4.60 10.70 7.60 15.05 9.33 3.56 15.20
CLOSE 3.35 17.43 6.00 6.68 2.30 1.62 3.51 11.61 6.00 4.44 6.50 3.35 4.60 10.88 7.60 15.05 9.33 3.56 15.20
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.04 0.00 0.07 0.00 0.18 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
6,500
VOLUME
EPS$ 0.239 0.932 1.760 0.369 0.070 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.646 0.728 0.816 0.939 0.203 0.631
DIV$ 0.170 1.260 0.000 0.260 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.434 0.060 0.328 0.240 0.540 0.200 0.120 0.610
P/E 14.0 18.7 N/M 18.1 N/M N/M -8.0 16.1 13.4 24.1 46.4 32.8 9.9 16.8 10.4 18.4 9.9 17.5 24.1
YIELD 5.07% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.20% 3.67% 2.70% 0.00% 12.96% 1.30% 3.01% 3.16% 3.59% 2.14% 3.37% 4.01%
0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0
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% 3.93% 3.93% 6.38% 6.38% 4.50% 4.50% 7.96% 7.96% 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 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-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 1.66 1.85 1.76 1.20 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 1.60 1.74 1.69 1.12 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 1.66 1.85 1.76 1.20 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
2019