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THURSDAY, FEBRUARY 13, 2020
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‘Beer we go’: Sands in full return by June By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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AHAMIANS can look forward to Sands Beer and its fellow beverages returning by “early summer”, the brand’s founder revealed yesterday, as he predicted a “massive” effort to rebuild market share. Jimmy Sands, the Bahamian Brewery and Beverage Company’s founder, told Tribune Business it “has to basically start all over again” with its homegrown labels despite being able to draw on the inroads made with consumers pre-Dorian. Revealing that the Freeport-based brewer is targeting a phased return to full production some nine months after the category five storm hit, Mr Sands said business will “not just fall into our laps” once Sands Beer and the other brands come back to bars and shelves. The Bahamian Brewery
• Brewer to ‘start all over again’ post-Dorian • Faces ‘massive’ market share rebuilding • Pernod Ricard deal ‘feather in our cap’
EXECUTIVES from the Bahamian Brewery & Beverage Company celebrate the beginning of a new relationship that will see it carry Pernod Ricard brands such as Martell Cognac, Jameson Irish Whiskey, Absolut Vodka, and Kahlua Liqueur. Photo: BBB/Barefoot Marketing and Beverage Company is set to resume “kegging” by the end of March 2020 as the first stage in resuming production, with drinkers who “favour bottles” likely to enjoy Sands’ return by “the end of May and early June”. And Mr Sands said the company had gained
DPM predicts $130m economic output fall By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government is forecasting that Bahamian economic output may be slashed by a full percentage point due to Hurricane Dorian, the deputy prime minister revealed yesterday. K Peter Turnquest, pictured, launching the House of Assembly debate on the government’s extra $508m financial needs, said it had no choice but to borrow as the alternatives were to either “starve the economy” or
“break the back of taxpayers”. “We have $540.7m in new and necessary financing requirements and only $32.8m in offsetting income,” he added, referring to the monies
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Digital dollar to have ‘monumental effect’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Chamber of Commerce’s chief executive yesterday predicted that the Bahamian digital currency will “have a monumental effect” on the transparency and safety of local financial transactions. Jeffrey Beckles, speaking after the Central Bank introduced Project Sand Dollar to 162 businesses at a Chamber breakfast, told Tribune Business that the initiative “sets the tone” for entrepreneurs to develop multiple spin-off
JEFFREY BECKLES products in this space for the benefit of both consumers and businesses. Calling for the Sand Dollar’s national roll-out to be accompanied by a robust education campaign, he
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“another feather in our cap” through the just-signed deal with Pernod Ricard to become the exclusive distribution agent and representative for its wines and spirits brands in this nation. Describing the tie-up as “a vote of confidence” in the vertically-integrated
brewer’s resilience and operating model, he added that it would provide a “valuable injection” of revenue to coincide perfectly with the company’s post-Dorian restoration efforts. The Bahamian Brewery and Beverage Company founder said the addition of Pernod Ricard will “make it a much stronger and all-around company”, complementing other existing distribution deals with AB InBev (Budweiser) and Phillip Morris (tobacco company) to give it a full liquor product menu and range. “Now we’ve just got to the brewery back up and running,” Mr Sands told Tribune Business. “It’s coming on well. As I speak there’s workers installing the new equipment, and we expect
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Taxpayer interest bill to jump $50m By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN taxpayers face a $50m post-Dorian hike in debt servicing costs that a former finance minister yesterday described as “very troubling” for fiscal sustainability. James Smith, pictured, who held the post under the first Christie administration, told Tribune Business that the revised budget estimates show the government is spending more to service its debt than on each of the “essential public services” provided to those who pay its taxes. His comments came after this newspaper’s research revealed the impact of Hurricane Dorian’s deficit and national debt blow-out on what the government pays just to service the interest on a direct debt mountain that is projected to hit $8.204bn by end-June 2020 and still continue climbing. The forecasts published by the government in the May 2019-2020 udget projected that its debt servicing (interest) costs would be placed on a declining trend, falling from $381.351m in 2018-2019
to $371.552m this fiscal year. That momentum was to continue with further falls to $345.338m in 2020-2021, and $327.552m in 2021-2022. However, the recovery and restoration costs associated with Dorian have totally reversed this picture based on the estimates contained in the supplementary Budget presented to the House of Assembly in late January. While debt servicing costs are forecast to increase by a modest $5.5m on the initial 2019-2020 projection to $377m, the impact of the $540.5m deficit increase postDorian only starts to be properly felt in coming Budget years. Instead of dropping to $345.338m in 2020-2021, the government’s interest bill is instead forecast to surge
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THE TRIBUNE
GB BUSINESSES RISE WITH $160,000 FUNDING A FURTHER 14 Grand Bahama businesses have received grant funding from an initiative that has already awarded almost $160,000 to assist with post-Hurricane Dorian restoration. Team RISE, which stands for Restoring Industries and Sustaining Employment, confirmed the 14 recipients had been chosen from a second group of applicants who had just completed the selection committee process. The effort is a partnership between The Grand Bahama Port Authority (GBPA), and Mercy Corps International (MC), a global humanitarian aid organisation, together with key funding partners, Bacardi Global and the American Red Cross. Henry St George, a GBPA director, said: “We are encouraged by the quality of applications coming in for RISE and the diligence
of the applicants. Our analysis of the incoming application data has reiterated a really pressing need for funding to micro and small business owners postDorian, and we are pleased to be able to provide a comprehensive support mechanism for those businesses. We have now revised our goal to provide grants to at least 200 micro and small businesses.” RISE Grants provide up to $10,000 in recovery funding for eligible businesses. It is now accepting applications from a third group, and the deadline for a fourth group is end-Monday, March 9. “Grand Bahama’s small business sector has endured enormous challenges since the storm,” Mr St George added. “We designed RISE to support micro and small business owners with the re-establishment of their operations, to drive
economic recovery, and to build resilience and sustainability against future catastrophic events through training. “The goal is to rebuild a small business sector that is stronger and more robust in the face of the climate challenges that have become our new normal.” RISE said it is attracting an increasing number of applications, and the GBPA/Mercy Corps team will host new information sessions in east Grand Bahama to assist business owners there with submitting their requests. Details on the meeting will be announced at a later date Pete Sweetnam, Mercy Corps’ country director, said: “Teaching businesses how to build a strong narrative with supporting documents, and guiding them on how to validate their need for the award, is critical to the overall success
THE RISE initiative has awarded another round of small business recovery grants. Pictured, from left, are business recipients: Sherica Smith-Pinder; Stephanie Ferguson, president, Phoenix Brokerage; Buffie Dorsette, director, Shabo’s Conch Salad Stand; Captain Patrick Cartwright, owner of Triple-A Boatcare & Maintenance; and Wayne Hall, owner, Local Organics. of their application. Mercy in the Micro Mentor proCorps and GBPA want to gramme for one year free of see even more businesses charge. We all believe that apply for the grants, and, this will add tremendous even more receive funding. value and further enhance “Through RISE, they their operation.” will receive essential busiWhile the retail and ness training and have the services sectors have proopportunity to participate duced the most applicants
to-date, actual grant recipients have emerged from a cross-section of the Grand Bahama economy including maritime, trade services, food and beverage, and technical trades. Stephanie Ferguson, president of Phoenix Brokerage & Shipping, said: “We would like to thank Mercy Corps and the Grand Bahama Port Authority for granting us the Rise grant. This Grant is a God-send and will assist Phoenix Brokerage with not only rebuilding but to grow our business bigger than it was prior to Dorian.” Captain Patrick Cartwright, owner of Triple-A Boatcare & Maintenance, added: “I would like to thank the RISE and GBPA project team for an expeditious process. The RISE grant has not only opened many doors for me, but it has given me the hope needed to go on.”
BAHAMAS PROMOTES NEW DENVER AIRLIFT
JOY Jibrilu, director-general, MOTA. MINISTRY of Tourism officials promoted the latest direct airlift link to The Bahamas to 20 journalists and social media influencers, and 140 travel agents, on a recent visit to Denver. The trip, which also included Bahamian
hoteliers, was undertaken to market United Airlines’ new non-stop airlift from Denver to Nassau that starts on March 7. Joy Jibrilu, the Minstry of Tourism’s director-general, and Ellison “Tommy” Thompson, deputy director-general, provided key destination updates showing some seven million travellers visiting The Bahamas in 2019. “The Bahamas is very excited for travellers to experience the islands’ adventurous activities that cannot be found in the mountains of Colorado,” said Mrs Jibrilu. “The beautiful sun, sand and sea are now just a short airplane ride away.” Ministry of Tourism officials emphasised that The Bahamas was ready to welcome visitors despite the devastation inflicted by Hurricane Dorian, with both Abaco and Grand Bahama enjoying several hotel re-openings in the
TOP row from left: Ana Cerna (Baha Mar); Ellison “Tommy” Thompson, Ministry of Tourism’s deputy director-general; Joy Jibrilu, Ministry of Tourism director-general; Mary Pasquale, Nassau/Paradise Island Promotion Board; Erin Benson, United Airlines; Fred Lounsberry, Nassau/Paradise Island Promotion Board. Bottom row: Cristina Diaz, Melia Nassau Beach; Jose Kant Szybowski, SLS Baha Mar; Lynnette Dmuchowski, British Colonial Hilton. And the Junka-tech Junkanoo Band.
ELLISON “Tommy” Thompson, Ministry of Tourism’s deputy director-general; Joy Jibrilu, Ministry of Tourism director-general; Erin Benson, United Airlines; Fred Lounsberry, Nassau/Paradise Island Promotion Board; Denver media and influencers, and the Junka-tech Junkanoo Band. storm’s wake. United Airlines will be launching a Saturday-only non-stop service between Denver International Airport and Lynden Pindling International Airport (LPIA). The flight will suspend during the off-peak travel season, beginning
in August 2020, and start again on October 21, 2020, on an annual basis. The Ministry of Tourism also used the Denver visit to debut its multi-channel brand campaign, Still Rockin’, featuring Bahamian-American rock legend, Lenny Kravitz.
THE TRIBUNE
Thursday, February 13, 2020, PAGE 3
COMPLETE BAHAMIAN DIGITAL DOLLAR ROLL-OUT BY YEAR-END By Farah Johnson Tribune Reporter fjohnson@tribunemedia.net
THE Central Bank’s governor yesterday confirmed that the digital Bahamian dollar will be rolled-out throughout all islands during the 2020 second half after being introduced to Abaco by month’s end. John Rolle, pictured, addressing a Bahamas Chamber of Commerce and Employers Confederation (BCCEC) breakfast on Project Sand Dollar, said the test initiative – which began in Exuma in December – will be extended to Abaco to “accelerate the provision of financial services needed to support business sector recovery”. “Abaco actually was the first choice for the digital currency pilot,” he added, “but we felt that what was missing from Abaco was that the financial inclusion, or financial access issue, wasn’t as stark in the sense of all of the banks being present. But in terms of
ecosystem, it would have been just as rich.” Mr Rolle said some “interesting experiences” can come out of Abaco when it comes to using the digital Bahamian dollar to conduct and settle financial transactions as the island is still recovering from Hurricane Dorian. He added that the Central Bank is still in the process of enrolling all the 1,200 persons who signed up for the pilot in Exuma, while there are a further 2,000 who have expressed interest in participating in the initiative there. “When we went into
Exuma for the project we started out with three of the payment services providers and the on-island commercial bank, but at this point we have eight financial institutions in total who are in varying stages of participation in the pilot,” Mr Rolle said. “Since it is card-based that put an immediate limit on how many persons can participate because originally we thought we’d focus on only having 500 persons in the pilot, and so trying to accommodate this number is already over-stretching the limits.” Still, Mr Rolle said the Central Bank will be in position to enroll more participants without the requirement for a card in “very short order”. He also confirmed that the delay in card distribution, which caused a suspension of new Sand Dollar registrants, is over. “We’re also addressing a different approach, which will be enabled within twoand-a-half to three weeks,”
Mr Rolle said. “Once the PSPs or the payment providers are correctly integrated into the infrastructure, we’ll be able to do the digitally-enabled tokens for accounts to be activated.” He explained that the pilot programme’s goal is to create an infrastructure that “provides for the interoperability of payment services”. “We’re looking at a digital representation of our currency. It’s not a different currency; it’s the same currency. In law, it will never be different. It can’t differ in value in any way or the other so Sand Dollars can never be priced different from Bahamian dollars,” Mr Rolle said. He added that while the digital currency is intended for domestic use, it was possible it could be linked with foreign currency. This, though, could only be done “where there is an explicit buying and selling of foreign exchange behind
the scenes to accomplish that”. “While in terms of the timeline The Bahamas might be a little bit ahead of some countries, we’re not alone in this. Central Banks around the world are looking at the issue of digital currency, and they’re looking at it from different point of views,” Mr Rolle said. “We’re not going to get to the rest of the Bahamas until the second half of the year, and that is predicated on certain things like during the pilot looking at a lot more issues around the technology infrastructure, making sure that the legal framework is more elaborated around regulations etc, and spending some time dealing with a lot of the cyber issues.” Jerry Butler, former executive director of the Inter-American Development Bank (IDB) for Caribbean countries, said he believes the Sand Dollar project can help The Bahamas catch up with the rest of the world.
“It is foolish for the sheep to declare that we should all remain vegetarians if the lion is of a different impression, and right now the lion is the rest of the world and they are moving quite quickly towards digitising itself, introducing digital fee access currencies and also using block chain technology to increase the focus efficiency and recordkeeping of the way that we do business,” he said. Delphino Chassar, head of business development in financial technology at Equity Bank and Trust Bahamas, said he was optimistic about the digital transformation. “We want to essentially be as cooperative as possible and complement the process. We fully support the Central Bank, and we’re looking for compliant ways to assist. Once those pathways become clear and enshrined it seems to suggest that this process won’t be substitutability but complementary,” he added.
DEMAND CONCERN FOR KEY ABACO AIR LINK By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Abaco Chamber of Commerce’s president has voiced concern over whether there will be sufficient demand to sustain American Airlines’ return to the island which starts today. Ken Hutton told Tribune Business that the resumption of the carrier’s international service to Marsh Harbour was “a tremendous boost” for Abaco’s post-Dorian recovery effort, but questioned whether it would attract sufficient load factors given that much of the island’s resort and second home market is still rebounding. “It’s great to have them back,” he said. “The issue is going to be making sure the flights are full. The other issue is where are these people going to stay? I’m pretty confident the Cays are coming back, but if you’re looking at staying in Central Abaco and Treasure Cay it’s not going to happen. “I just hope we can get enough lift to keep and expand the service. My concern is that we don’t have enough tourist accommodation available to keep those people in.” Mr Hutton added that Green Turtle Cay appeared to be recovering fastest of all, together with the likes of Man O’ War Cay, Elbow Cay and Great Guana Cay. He is not the only one concerned about generating
sufficient load factors to keep American Airlines interested. One message, seen by Tribune Business, confirms: “American Airlines will resume Miami to Marsh Harbour service effective February 13, 2020. At present, American Airlines has plans to offer one flight per day. “There is one major concern, however. The bookings for Miami to Marsh Harbour are very low, which means that this flight could be cancelled due to the lack of traffic. In order to keep this service, your immediate support would be most appreciated.” The Ministry of Tourism, in a recent update, said Abaco hotels that are open and welcoming guests include the Abaco Club on Winding Bay, the Sandpiper Inn, the Delphi Club, the Black Fly Bonefish Lodges, Abaco Breeze, Oeisha’s Resort, Pete & Gay’s Guest House, Moore’s Island Bonefish Lodge and R&S Motel in south Abaco. In central Abaco, the Abaco Hillside Plaza, Calypso Hills Hideaways and Abaco Inn on Elbow Cay gave re-opened. The Abaco Beach Resort and Marina in Marsh Harbour is also open for business, but resort services are limited. As for North Abaco, James Inn, M&M Hotel, Millie’s Guest House, Linton’s Cottages, Cay’s Resort Ltd, Cooper’s Cove Motel, Island Bay Front Hotel,
A FISHING boat in The Abacos.
Joleeka’s Motel, Josey Wales and Sassy Cassie Motel are also ready to receive business. Other properties that have set dates for Spring 2020 including Firefly Sunset Resort and Green Turtle Club Resort and Marina “Though the road to recovery has been challenging, we are confident that the Abacos will be back
stronger and better than ever before,” said Dionisio D’Aguilar, minister of tourism and aviation.
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PAGE 4, Thursday, February 13, 2020
THE TRIBUNE
Digital dollar to have ‘monumental effect’ FROM PAGE ONE
BAHAMIAN Brewery staff celebrate at their Nassau distribution centre after the Pernod Ricard announcement was made of partnership with Pernod Ricard. Photos: BBB/Barefoot Marketing
Bahamian Brewery hails Pernod tie-up A FREEPORT-based brewery has further expanded its product offering with a deal to act as the exclusive Bahamian distribution agent for Pernod Ricard’s wine and spirits brands, Bahamian Brewery and Beverage Company said the tie-up with Pernod Ricard’s Caribbean and Central American operation would help to further diversify its product portfolio while also expanding its presence in the wines and spirits segment. Describing Pernod Ricard as being in the “top two” for global wines and spirits sales, Bahamian Brewery and Beverage Company will give Bahamian drinkers access to brands including Martell Cognac, Jameson Irish Whiskey, Absolut Vodka and Kahlua Liqueur, as well as premium Champagne brands such as Mumm and Perrier-Jouët. “We are excited that Pernod Ricard has chosen Bahamian Brewery to represent their brands here in the Bahamas. It speaks to our achievements, our impeccable reputation, and growth in the market. This move will help us farther diversify our portfolio and have a stronger presence in the market in the wine and spirits side of the business,” said general manager, Gary Sands. “Pernod Ricard is one of the largest and most prestigious wine and spirit companies in the world with brands like Absolute Vodka, Jameson Irish Whiskey and Perrier-Jouet Champagne, just to name a few.” “I am the third generation Sands in
GARY SANDS, the Bahamian Brewery & Beverage Company’s general manager, signs an agreement making the company the agency of record for Pernod Ricard brands in the Caribbean. Pictured from left are Alejandro Manuel Flores, Pernod Ricard’s legal and corporate affairs director; Emilio Ferro, Pernod Ricard’s Caribbean Markets luxury brands director; Mr Sands; and Luis Pabon Salas, regional business development manager for Pernod Ricard. the liquor business, and I am proud to be bringing companies like Pernod Ricard back into Bahamian hands,” added Mr Sands. “My father started this company with 14 employees and a beer he created called Sands. “He had no brand equity besides his name, amazing employees, and a great tasting beer made for Bahamians by Bahamians. Now, with this acquisition, we represent the largest beer company in the world, AB InBev; largest tobacco company, Phillip Morris; and now Pernod Ricard.”
Pernod Ricard products will become available in all the brewery’s Jimmy’s Wine & Spirits retail stores. “We are excited to announce our new partnership with our new distributor in The Bahamas, Bahamian Brewery & Beverage Company,” said Luis Pabon Salas, business development manager for Pernod Ricard. “We have great confidence in this partnership, and predict major growth for Pernod Ricard as we work to bolster our brand offering and further redefine our footprint in the marketplace.”
added that the 93 percent of Bahamians who own mobile phones are already “functioning in that space” without using it to conduct financial transactions. Besides improving the efficiency and security of The Bahamas’ payments systems, and reducing the need for businesses and consumers to handle cash, Mr Beckles said the digital Bahamian dollar also provided a platform for the development of apps and software for related purposes. He added that it can also provide the base for eventually expanding into transactions involving foreign currencies - something that is required to target the seven million-plus stopover tourists and cruise passengers that visit The Bahamas annually. “It will open the door quite widely,” Mr Beckles told Tribune Business. “Not only to businesses have the opportunity to enter the digital space, but businesses are going to be able to supply apps and programs in support of this digital platform. “It provides quite a lot of entrepreneurial opportunities, especially for people in the technology space. It’s going to greatly improve our ease of doing business on the local stage, as every transaction will have same settlement. Vendors will not be waiting for payments to transfer into their account, and less cash will be handled by the consumer and business. There’s quite a bit of upside.” Arguing that Bahamian commercial banks “need to become more creative” in supporting the digital Bahamian dollar’s roll-out, Mr Beckles added: “While the Sand Dollar involves local or domestic currency, it sets the tone for how and what we do for transactions in other currencies, particularly for foreign visitors. “We now have seven million visitors every year. How do we tap into that market? The Sand Dollar sets the tone. It will also have a monumental effect on our
ability to do business in a more transparent, safe and efficient way that bodes well for the country. “It will help the southern Family Islands that do not have physical banking facilities, and the overall ability to do business in The Bahamas. Now people there have the ability to settle transactions without a bank. That’s huge. In the small and medium-sized enterprise community at large it’s going to be a tremendous benefit to their efficiency. And e-government, paying for government services with a digital payment card. That’s a home run.” Emphasising that business and consumer education was key, Mr Beckles continued: “We are very sophisticated in that 93 percent of Bahamians have a cell phone, and use them for all manner of things except for business. We go for the debit card and credit card but are functioning in that space already. We just need to pull it into our everyday lives. “It’s an evolving space where Bahamian are going to realise it’s not so different after all. Can you imagine how much simpler our lives would be every day as consumers and businesses transacting business in The Bahamas.” The chamber has created a Digital Transformation Committee to work with the Central Bank and digital payments solutions providers to ensure the private sector’s needs are “understood and met”, with Sand Dollar also linking to the Minnis administration’s e-government transformation project. “I think you’ll see a quick uptake,” Mr Beckles said of the business community’s attitude to the Sand Dollar project. “The private sector has been waiting for an opportunity to embrace this technology, and has the same concerns as consumers - how to provide a more productive way to settle transactions in the most secure environment possible. The Sand Dollar platform provides it. I think you’ll see some really fantastic things come out of it.”
THE TRIBUNE
Thursday, February 13, 2020, PAGE 5
URCA TAKES CONSUMER PROTECTION TO ELEUTHERA THE Utilities Regulation and Competition Authority (URCA) is planning to take its consumer protection message to Eleuthera and Grand Bahama residents this month. The supervisory body, in a statement issued yesterday, said it will return to the latter island this month as well as holding two “pop-up office” and Town Hall events on Eleuthera on February 19. It said the meetings will focus on issues ranging from ensuring access to, and participation in, URCA’s regulated sectors; consultation on proposed new consumer protection regulations for
kegging to start at the end of March. “The canning will hopefully start at the end of April, and the bottling will start at the end of May. We should be in full production probably around June. I feel very comfortable that by early summer we will be in that position... People who are in favour of the bottle will hopefully enjoy Sands by the end of May/early June. “It takes a little time to get everything back rolling again. Unfortunately you don’t turn the machine on and out it comes. That’s nine months. Nine months from a blow such as this is a long time in a business such as ours.” Dorian dealt the Bahamian Brewery and Beverage Company a potentially devastating setback after four feet of flood water penetrated its Freeport-based
will host an open forum for all residents before travellking to the South Eleuthera Mission in Rock Sound for a similar agenda. “We’re hoping for widespread participation,” said Ms Johnson-Collie. We’ve planned a very informative session for all our participants, and will provide light refreshments for everyone that attends. We want residents to come prepared to ask questions and be fully engaged in the conversations.” Ahead of the Eleuthera meetings, URCA representatives will be returning to Grand Bahama for a second series of “popup” meetings this year at the GB Chamber of
Commerce. “In planning these meetings, we wanted to craft multiple opportunities for residents to engage with us in ways that were most convenient for them,” Ms Johnson-Collie explained. Residents will get the chance to ask questions and also formally lodge specific complaints. “Our unplugged sessions on Grand Bahama will take place on February 17-18 at Solomon’s and Cost Right, respectively,” she said. “We’re hoping our presence in these high-density locations will encourage residents to talk to us about the issues they may be facing about services in the two regulated sectors.”
the Bahamian Brewery and Beverage Company’s target timeline. Sands and its homegrown beers will then have to regain their popularity with consumers and re-establish the market share they enjoyed pre-Dorian. “We’re going to have to start basically all over again,” Mr Sands affirmed. “Although we have a head start from past experience we will have to start again. I don’t think it will be as difficult as it was before, but it’s going to require a massive effort as the business is not just going to fall into our laps. “We’re very excited to get this thing back up and running, and got for another run. We have a schedule and we’re still on target. The team out of Hamburg have been exceptional, and our local team - our staff - have worked very very hard. Everyone should be very proud of themselves. It was not one or two persons. “My focus is to get the place back up and running, and all departments back up and running. When I walked into the place after the storm, after the shock
and awe, I said: ‘There’s only one way to do this. Let’s get started’. With that attitude we got started and didn’t stop. Not only for my sake, but everyone else’s sake and the country’s sake. Everyone was affected.” Mr Sands said the Bahamian Brewery and Beverage Company had retained its entire 130-strong workforce post-Dorian, and had only lost eight workers who left of their own accord. “A tremendous effort went into it,” he added. “I’ve got to take my hat off to everybody. Everyone has worked feverishly to get this back into operation. Not just the brewery but the distribution, too. That was the first thing we had to get operational. “We had the distribution put back together somewhat in Freeport two weeks after the storm, which was a miracle. It’s a brand new store here, better than it was before. We put that store together on East Bay Street in a difficult time. It’s a first-class store. And we’re completely reopened and refurbished in Abaco.” Confirming that “the
timing couldn’t have been better when it came to the Pernod Ricard deal, Mr Sands told Tribune Business: “It’s another feather in our cap. To do such a thing after the storm came here required perseverance. “It’s a big deal. It adds to the resources and also gives us an all-around strength with all these other brands. It makes the whole company a much stronger company, and is going to be a substantial, valuable injection. I don’t want to call any figures, but it will be a much-needed injection. “These outside people, looking in to see what we can do, they can see we don’t fool around. It’s a tremendous vote of confidence in the company, and the people they have to work with,” he continued. “It’s rounding-off the company as well - wines, spirits and beer. It gives diversification. If there is a problem in one area, another area can pick up the slack. If we had all the eggs in one basket we may not be here having this discussion now.” The Bahamian Brewery and Beverage Company has
carved out a strong niche in this nation’s liquor manufacturing, distribution and retail market since its founding in 2007. It has been able to establish itself despite having to contend with the competitive challenge posed by BISX-listed Commonwealth Brewery, which is backed by 75 percent majority owner, Heineken, the global beverage giant. Besides its Sands Beer staple, the Grand Bahamabased brewery also produces brands such as Sands Light, Strong Back Stout, High Rock Lager, Bush Crack Beer, Triple B Malt and Sands Passion Radler. It recently moved to an expanded three-acre warehouse and office complex in Nassau’s Airport Industrial Park to serve its continued growth on New Providence. The Bahamian Brewery and Beverage Company scored a major victory in 2015 when it won the Bahamian distribution contract for Budweiser and all brands produced by AnheuserBusch from Commonwealth Brewery.
COMBINING its “pop-up” office strategy with a series of Town Hall meetings, URCA’s executive team will focus on addressing multiple issues. Photo: URCA/Barefoot Marketing electricity consumers; and revised regulations for
‘Beer we go’: Sands in full return by June
FROM PAGE ONE
telecommunications consumers to cover Internet,
fixed and mobile phones, and Pay TV or cable consumers. “Our mission is to ensure that Bahamians understand the role that URCA plays in ensuring their rights are protected,” said URCA’s corporate and consumer relations manager, Mavis Johnson Collie. “We want business persons and everyday consumers to know that we are here to protect their interests and regulate services they are paying for.” Starting at St Patrick’s Parish Hall in Governor’s Harbour, the morning “pop-up” office will allow one-on-one meetings with URCA executives. Then, at 6.30 pm, URCA’s team
manufacturing facility and associated buildings, destroying all its electrical machinery, finished product and ingredients in inventory. The company was forced to suspend production until new equipment could be installed and the water damage repaired, forcing it to rely heavily on its distribution and Jimmy’s Wines and Spirits retail business in the meantime until the brewing operation is restored to health. Describing the damage as “substantial”, and in the millions of dollars, although he declined to give a figure, Mr Sands said he was “satisfied with the results of what transpired with the insurance company” in terms of settling the brewery’s Dorian claim. Branding the outcome as “very fair”, he confirmed that the planned June resumption of full production was in line with
UNIQUE VACATIONS LIMITED VACANCY Manager – Call Center Operations Unique Vacations is looking for a dynamic and results oriented individual who is intelligent, persuasive, forward thinking, and above all, able to demonstrate excellent leadership skills. In addition to extensive leadership experience, the candidate must have held a management position in a well-established company and be able to demonstrate a track record of sustained success. A sound knowledge of call center operations is an asset and customer relationship management is essential; as is a broad understanding of Caribbean travel. A strong appreciation for the sales and customer service function with a focus on meeting clients’ needs though understanding clientele is required. Job Summary: • Develop all agents, supervisors and managers through monitoring of work performance and counseling them in the areas of quality service, telephone etiquette, overall product knowledge, sales techniques and provide the individual with a development plan. • Maintain and track the agent’s daily performance and phone statistics; analyze data to identify strengths and weaknesses and counsel individuals accordingly. • Ensure a “goal” plan is set for each agent, supervisor and manager. Every goal plan ensures the maximum productivity and is customized based on their individual needs. • Completes group-monitoring sessions each week. • Hosts periodic focus groups to identify employee concerns and satisfaction. • Assist in planning and executing call center promotions and morale boosting activities. • Administer disciplinary action when necessary. • Enforce rules of conduct based on company/ department policy. • Communicate the standards of performance and assist individuals in achieving these standards. • Disseminate new information, procedures and programs and communicate to the agents, supervisors and managers in a timely and effective manner through daily/ weekly briefings and/ or emails. • Communicate effectively with other managers, peers and subordinates through both written and verbal skills both locally and in other sites. • Encourage participation, teamwork and establish an open and trusting environment. • Evaluate the agent’s, supervisors and managers performance to ensure that each is performing up to measured standards. • Supervise that all necessary documentation is processed in a timely manner. • Review all documentation for accuracy prior to submitting (i.e.: administrative forms to HR, etc) • Submit and verify all personnel action forms to payroll on a timely basis to provide accurate reporting. • Process shift swaps and vacation/ floating holiday requests for all call center personnel. • Work closely with Work Force Management to ensure effective scheduling and staffing. • Conduct company annual performance appraisals as required by management. • Assist in the interview and selection process of new positions. • Identifies and assists in developing follow up training courses. • Must be able to escort Familiarization trips as needed. • Must remain current with all the resorts updates and if required by management, must take opportunities to view first hand. • Must be available to work nights, weekends and holiday schedules a needed. • Other duties as required. Experience/Skills/Qualifications: • Minimum Bachelor’s Degree in Business Management or similar • Minimum of 5 years management experience in a Call Center***(preferred) Only short-listed candidates will be contacted.Interested persons should submit their applications by February 13th, 2020 with curriculum vitae to
hrreport6@gmail.com
PAGE 6, Thursday, February 13, 2020
THE TRIBUNE
Taxpayer interest bill to jump $50m FROM PAGE ONE to $381.238m. And, for 20212022, instead of dropping to $327.552m it is projected to increase to $377.852m a jump of more than $50m compared to pre-Dorian. Debt servicing costs are forecast to increase further in the 2022-2023 fiscal year to $397.8m, placing them almost equivalent to the $400m in Dorian-related expenses and losses cited by K Peter Turnquest, deputy prime minister, in the House of Assembly yesterday. Mr Smith told Tribune Business that such data showed The Bahamas “faces some rough seas ahead”
from a fiscal and economic standpoint unless it can generate the significantly higher gross domestic product (GDP) growth rates that have eluded it since the 2008-2009 recession more than a decade ago. Arguing that economic growth was likely the only option available to The Bahamas in seeking to head-off spiralling debt, the former finance minister and ex-Central Bank governor said there appeared “nothing on the horizon” to give the stimulus this nation needs with the world economy’s growth rates also projected to be relatively lacklustre.
“That’s not comforting,” Mr Smith said of this newspaper’s debt servicing comparisons. “That could be troubling on a number of fronts. This first thing is whenever your interest bill has become the largest item of recurrent expenditure, it means you’re in a pretty fragile position. “It means that out of every dollar spent, more is going on interest than each of health, education, law enforcement and social services. It can tell you precisely where the emphasis is in terms of placing taxpayer funds. It was travelling like that for the last ten years, and reaching that position means it has been on a
very dangerous trend where you’re paying more to service debt than people. “It’s very troubling. It really means we’re more focused on spending more to service the debt than on providing services to the population from which you’re taking the tax proceeds to pay it.” The government’s interest bill is already the single largest line item in its recurrent, or fixed-cost budget, dwarfing all other agencies. The closest to it is the Ministry of Health with its revised $324.544m allocation for 2019-2020. Yet, even when its projected budget is combined with that of Education for 2022-2023, they only just exceed that year’s near$400m debt servicing costs. Mr Smith, meanwhile, also questioned what increases The Bahamas’ interest bill might suffer if developed countries end the quantitative easing that has artificially kept global interest rates low for a sustained period. Any increase in benchmark rates such as LIBOR, the London InterBank Offer Rate, would automatically produce a rise in variable rate Bahamas foreign currency debt whose interest rate (price) is linked to this.
The government’s supplementary budget shows that some $157.936m of debt interest payments in 2019-2020 will be made to foreign investors, representing around 42 percent of the total interest outlay. Mr Smith added that any increase in The Bahamas’ foreign currency debt created further concerns because “foreign creditors are not very forgiving”, even agencies such as the International Monetary Fund (IMF), should it become necessary for the country to reschedule its liabilities. “The take away from all of this is that we have to get debt servicing costs under control,” he told Tribune Business. “The only way we’ve got left is growing the economy, because the tax base will then increase proportionally to the interest bill. It seems logical and the best way to do it; grow the economy and the tax base. I don’t think we’ve got much room to negotiate our debt servicing. “We’ll have to find some way to grow ourselves out of this. The global economy is moving rather slowly itself, two percent or less, and they’re projecting for us probably something flat or negative in the short term.
“We need some extraordinary injection to provide growth and that’s very difficult at this stage as there’s nothing on the horizon. We’ve still got high levels of unemployment, which automatically means you’ve got a decreasing tax base from the domestic market. We have some headwinds with foreign direct investment, not least because of Dorian, and there’s no let-up in financial services contraction.” Rick Lowe, a fiscal “hawk” with the Nassau Institute think-tank, told Tribune Business of the debt servicing increase: “It just shows that the spiral continues. Incredible. There doesn’t seem to be any possibility to deal with it without a serious contraction in government spending. “It should raise the question as to how much bigger they want to make the government, and couple that with the ease of doing business. It just seems that they are not able to pull it off; they are unable to do it or lack the political will to do it. “They have done some excellent work, but is Dorian a convenient excuse or are their legitimate costs? Yes, raising taxes would be the wrong thing to do, but they can’t continue the debt spiral and have to consider the options for increasing business.”
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THE TRIBUNE
Thursday, February 13, 2020, PAGE 7
DPM predicts $130m economic output fall FROM PAGE ONE
obtained from the Central Bank’s dormant accounts and Caribbean Catastrophic Risk Insurance Facility (CCRIF). “We are also looking at the possibility of GDP shrinking by one percentage point as a result of Hurricane Dorian.” Such a decline would likely cut Bahamian economic output, which GDP measures, by around $120m-$130m. However, Mr Turnquest drew comfort from the Caribbean Development Bank’s (CDB) forecast that the Bahamian economy will expand by two percent this year notwithstanding Dorian’s impact on Abaco and Grand Bahama. “I’m not that bold,” he said of the CDB’s forecast, “but certainly it gives us confidence we are on the right track.” The deputy prime minister said he also took it as vindication of the Minnis administration’s “fiscal sustainability and consolidation” strategy that had been in effect pre-Dorian. The CDB’s forecast is also far more upbeat than those provided by the Central Bank
of The Bahamas and International Monetary Fund (IMF). The former, which revised its own 2020 GDP growth projections upwards to “flat”, having initially projected a 0.5 percent contraction, said much depends on whether economic activity on other Bahamian islands offsets the loss of Abaco’s tourism income. The IMF, for its part, backed the Central Bank’s first prediction that the Bahamian economy will suffer a “mild contraction” in 2020. Meanwhile, Mr Turnquest defended the government’s planned extra borrowing, which will push the 2019-2020 deficit out to $677.5m, a sum equivalent to 5.3 percent of GDP, as the only “viable option” open to it to finance post-Dorian recovery and restoration efforts. He admitted that new or increased taxes would further slow an already-struggling Bahamian economy, while eliminating the deficit “in one swoop” would require an across-the-board spending cut of greater than 20 percent . Repeating several times
that no new or increased taxes are being considered, he said: “The government decided that it will not impose additional tax burdens on Bahamians to cover the cost of recovery. “More taxes could slow down the already-strained economy as people would consume less given the need to pay more in taxes. Although we have a large budget gap to close in the immediate term, this is not a viable option. Therefore, the government will not be increasing taxes, or introducing any new taxes, to cover the cost of Hurricane Dorian.” Mr Turnquest continued: “So, what are our alternative options? Well, we could slash spending by a few hundred million, but that means starving the economy of job opportunities and commercial activities by way of reduced capital and other major projects. “Large spending cuts would also reduce the resources available to assist the vulnerable with social assistance benefits and other recurrent programs. To balance the budget in one swoop, we would have to cut total expenditure, across the board, by over 20 percent, based on spending estimates at the time of the national budget. “Indiscriminate cuts like
this would affect everyone, and not just in the stormaffected islands. This is not an option. The operations of the government must continue to function. Again, the government realised that an economy of our size facing a $3bn hit would be further impacted negatively by massive cutbacks in public expenditure,” he added. “The bottom line is the only way to finance these extraordinary expenses without breaking the backs of taxpayers, starving the economy of opportunity and draining the government of already tight resources is to borrow - but only to do so consistent with an articulated plan to bring the budget back in line over the medium term.” Mr Turnquest again given an indication of how far Dorian has blown the government off its fiscal consolidation plan by affirming that the 50 percent debt-to-GDP ratio targeted in the Fiscal Responsibility Act
will only be achieved in ten years’ time. “Yes, we are departing temporarily from our original fiscal consolidation plan,” he conceded. “However, given the options either to raise taxes higher or to cut spending drastically, the government took what we know to be the prudent decision to raise the necessary resources through increased borrowing - and to focus this borrowing largely to fix the infrastructure and to provide direct support for persons most impacted by Dorian.” Mr Turnquest also revealed that the Ministry of Finance’s revenue unit, as at early February, had received 2,000 applications under the Exigency Order tax waivers initially put in place for Abaco and Grand Bahama post-Dorian. “Of this total, over 900 applications were for the importation of replacement vehicles, and over 1,200 applications for relief goods and
other non-listed items,” he added.
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PAGE 8, Thursday, February 13, 2020
THE TRIBUNE
POWELL HEARS BIPARTISAN SENATE SUPPORT FOR FED INDEPENDENCE
WASHINGTON Associated Press
REPUBLICAN and Democratic senators voiced strong support for an independent Federal Reserve during a hearing with Fed Chair Jerome Powell, one day after President Donald Trump launched another attack directed at Powell on Twitter. “Stay independent,” Sen John Kennedy, a Republican from Louisiana, told Powell during yesterday’s hearing. “I think you’re doing a great job. All of us in politics are going to give you advice, but call ‘em as you see ‘em.” The support from members of the Senate Banking Committee suggests Trump’s attacks on Powell and the
FEDERAL Reserve Chairman Jerome Powell testifies before the Senate Banking Committee on Capitol Hill in Washington, yesterday, during a hearing on the Monetary Policy Report. Photo: Susan Walsh/AP Fed have found little traction among members of his own party on Capitol Hill. Powell has made numerous visits to Senate and House members’ offices since being appointed Chair by Trump in February 2018.
Trump has called Fed officials “boneheads” and argued that the central bank should cut interest rates further. The Fed’s benchmark rate is currently in a historically low range of 1.5% to 1.75%.
Vacancy Announcement
The American Embassy in Nassau is accepting applications for the following position: Duties:
Electrician
Employed as an Electrical Technician to accomplish skilled maintenance and repair work throughout the Embassy Compound, buildings, grounds and residential owned/leased properties. Work assignments which include hardware, associated peripherals, configuration, optimization, repair of electrical power distribution, voltage regulators, transformers, switchgear, automatic transfer switches, uninterruptible power supply systems and lighting systems will be directed by the Facility Manager or an assigned Supervising Engineer. Interested candidates are required to possess the following skills and qualifications: • Education: The position requires successful completion of secondary school. Completion of vocational school training equivalent to two years from an accredited institute recognized as producing journeyman level technicians with a concentration in electrical principles and application. • Experience: Minimum of five years of broad experience in operations and maintenance of building electrical power and lighting systems and associated equipment. This should include at least three years of experience as an Electrical Technician working with large, modern, commercial or Government office building in operations and maintenance. • Language: Level III (good working knowledge) in English is required. The complete Vacancy Announcement and Application forms are available online on the Electronic Recruitment Application (ERA) located on the following website: https://bs.usembassy.gov/embassy/jobs Applications will not be accepted at the Security Gate of the Embassy, by mail, E-mail or other means of delivery. Deadline for applications is February 21st, 2020. Due to the high volume of applications, unsuccessful candidates will not be contacted.
Sen Mark Warner, Democrat from Virginia, said that many other government institutions are “under assault” from the Trump administration, citing White House attacks on intelligence agencies and turmoil at the Justice Department over the prosecution of Trump’s associate Roger Stone. Warner said that if Powell were to “see any efforts made to undermine the Fed’s independence that you make us aware of that.” “The Fed’s independence is more important than ever at this point,” Warner added. Other senators, including Mike Rounds, Republican from South Dakota, and Democrats Jon Tester from Montana and Jack Reed from Rhode Island also expressed similar sentiments. The comments came on the second day of Powell’s semiannual appearances before Congress. On Tuesday, he testified before the House Financial Services Committee, when Trump criticised him. Trump tweeted on Tuesday that the Dow was falling as Powell spoke “as usual”, and said interest rates in the US were too high. Trump has repeatedly
publicly criticised the Fed chair since announcing that he had nominated Powell in 2017, a break from recent tradition. Previous presidents have pressured the Fed privately. Powell told both committees that the US economy is in generally solid shape, having weathered the headwinds last year stemming from the US-China trade war and slower overseas growth. The unemployment rate is near half-century lows, Powell said, and businesses are increasingly willing to hire workers with insufficient skills and train them. “There’s no reason why it can’t go on,” Powell said yesterday. “There is nothing about this economy that is out of kilter or imbalanced.” Still, China’s viral outbreak remains a threat to the US economy that the Fed is monitoring closely, Powell said. “We do expect there will be some effects” on the US economy, Powell said, but added that it is too early to speculate on the impact. Economists at Goldman Sachs estimate that the coronavirus, along with the shutdown of Boeing’s production of its troubled 737 MAX aircraft, could reduce economic growth
by three-quarters of a percentage point in the first three months of this year. But growth would likely bounce back and make up for some of the slowdown by the second half of the year, Goldman said. Powell also defended the Fed’s intellectual openness and diversity after being questioned by Sen Rounds, who asked about “group think” at the Fed. “It’s critical to have diverse perspectives,” Powell said. “But I really think we do though. We have had plenty of dissent at the Fed over the years.” The question was likely a preview of the debate that may take place over one of Trump’s recent nominees for the Fed Board of Governors, Judy Shelton. Shelton supports a range of unorthodox views on monetary policy and has questioned whether the Fed should be independent of the White House. A hearing on her nomination is scheduled for today. The Fed cut its benchmark interest rate three times last year to its current range of 1.5% to 1.75%, historically a very low level, to offset the drag from a weaker global economy and to push inflation higher.
THE TRIBUNE
Thursday, February 13, 2020, PAGE 9
PAGE 10, Thursday, February 13, 2020
THE TRIBUNE
US whiskey exports decline as trade dispute with EU persists FRANKFORT Associated Press PRESIDENT Donald Trump’s trade war dampened the overseas market for American-made whiskey last year, diminishing exports even as the domestic market continues to thrive. Overall exports of bourbon, Tennessee whiskey and rye whiskey tumbled amid a trade war-induced decline in exports to key European markets. At home, US sales posted solid gains, especially for pricier premium brands, the Distilled Spirits Council reported yesterday. For distillers, it was the proverbial glass-half-full, glass-half-empty, scenario. “While it was another CATOCTIN Creek Distillery whiskey is on display in a tasting room in Purcellville, Va. A new spirits industry report says President Donald Trump’s trade war dampened the overseas market for American-made whiskey last year. The Distilled Spirits Council says overall exports of bourbon, Tennessee whiskey and rye whiskey tumbled amid a trade war-induced decline in exports to key European markets. Photo: Steve Helber/AP strong year for US spirits sales, the tariffs imposed by the European Union are causing a significant slump in American whiskey exports,” said Chris Swonger, the council’s president and CEO. American whiskey makers have been caught in the middle of a transAtlantic trade dispute since mid-2018, when the EU imposed tariffs on American whiskey and other US products in response to Trump’s decision to slap tariffs on European steel and aluminum. Those duties amount to a tax, which whiskey producers can either absorb in reduced profits or pass along to customers through higher prices — and risk losing market share in highly competitive markets. The tariff headaches continued in 2019, when
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The American Embassy in Nassau is accepting applications for the following position:
Voucher Examiner
Duties: Under the direct supervision of the Financial Specialist (Supervisor), the incumbent independently examines and processes a variety of vouchers that include the most difficult and complex, the moderately complex and the simple vouchers. This includes completion of the entire voucher examining process through the entering of appropriate payment data into Momentum, and submission of the vouchers to the certifying officer. The incumbent also maintains Accounting Records for a portfolio of Agencies. Interested candidates are required to possess the following skills and qualifications: • Education: A minimum of two years of college studies is required. • Experience: A minimum of three years prior experience with accounting, finance, accounts analysis is required. • Language: Level IV English (Fluent) is required. The complete Vacancy Announcement and Application forms are available online on the Electronic Recruitment Application (ERA) located on the following website:
https://bs.usembassy.gov/embassy/jobs Applications will not be accepted at the Security Gate of the Embassy, by mail, E-mail or other means of delivery. Deadline for applications is February 21st, 2020. Due to the high volume of applications, unsuccessful candidates will not be contacted.
whiskey makers in the US saw their exports decline by 16% to $996m compared to the prior year, the council said in its report. American whiskey exports to the EU were down 27% in the last year, it said. American whiskey accounts for 65% of all US spirits exports, and the EU is the top export market for whiskey makers. Exports plunged by nearly 44% in Spain, nearly 33% in the United Kingdom and almost 20% in France, the council said. At Catoctin Creek Distillery in Virginia, prospects remain bleak for now to rebuild the business it had cultivated in Europe before the tariff fight. “Tariffs remain in place and our business has been at a standstill with virtually no revenue coming in from Europe,” said Scott Harris, co-founder and general manager of Catoctin Creek. “We do have whiskey and warehouses in Amsterdam, but with the increased pricing due to tariffs, it doesn’t move very fast.” Whiskey producers got a shot of relief last year with an agreement to end retaliatory tariffs that Canada
and Mexico had slapped on whiskey and other US products. The new North American trade agreement preserves tariff-free trade for spirits with America’s two neighbours, the council said. Catoctin Creek has managed to gain a foothold in Mexico, where it sold a “small amount” of spirits last year as it tries to find new markets to make up for losses in Europe, Harris said. Meanwhile, the whiskey industry is hoping for a trade breakthrough with the EU. “We are hopeful that the recent trade agreements will create new momentum for negotiations with the EU,” said Christine LoCascio, the council’s public policy chief. While the spirits industry faced stiff headwinds in Europe, it built up more momentum in the US. Overall domestic supplier sales rose 5.3% to a record $29bn in 2019, the council said. Total volumes were up 3.3% to a record 239 million cases, it said. Spirits continued to gain market share versus beer and wine in 2019, the council said. Combined US revenues for bourbon, Tennessee whiskey and rye whiskey rose 10.8%, or $387m, to $4bn in 2019, the council said. Domestic volumes were up 8.4% to 26.6 million cases. Rye whiskey continued its upward trajectory with sales growth of 14.7% to reach $235m. The strongest revenue growth in the US spirits market continued to come from high-end premium and super-premium products that fetch the highest prices. In the bourbon, Tennessee whiskey and rye segment, super-premium volumes surged by 22% while high-end premium volumes rose 8.2%. Irish whiskey had another strong year with US revenues up 5.6% to $1.1bn, the council said. Vodka remains the spirits sector’s largest category, representing 31% of all US volume, it said. In 2019, vodka revenues were up 2.9% to $6.6bn, also driven by strong growth in highend premium products, it said.
PAGE 14, Thursday, February 13, 2020
BP lays out long-term ambition to achieve net-zero emissions
THE TRIBUNE
POLICE officers stand near activists outside BP’s headquarters to mark the first day of the oil company’s new chief executive Bernard Looney, at St James’ Square in London yesterday. Around 100 environmental activists mounted the peaceful protest in central London as Bernard Looney prepared to take up his new role. Photo: Victoria Jones/PA/AP LONDON Associated Press ENERGY producer BP said yesterday it wants to eliminate or offset all carbon emissions from its operations and the oil and gas it sells to customers by 2050, an ambitious target born out of pressure to help combat climate change and keep making money. London-based BP’s goals include becoming a net zero emitter in its own production of energy but also to reduce the carbon dioxide created by its customers as they use that energy - the bulk of emissions from the industry. Doing so would require not only a shift to cleaner energy sources but also coming up with new technologies to offset emissions or extract CO2 from the atmosphere. As such, BP’s announcement was less of a detailed restructuring plan and more of a statement of intent from a company that is trying, like the wider energy industry, to ensure its long-term viability as the world decreases its reliance on fossil fuels in an effort to fight climate change. “The world’s carbon budget is finite and running out fast; we need a rapid transition to net zero,’’ CEO Bernard Looney said in a statement. “We all want energy that is reliable and affordable, but that is no longer enough. It must also be cleaner.’’ In a presentation in London to climate scientists, investors and journalists, Looney acknowledged that targets and more specifics would follow. He compared
the announcements, which come only two weeks into his tenure as CEO, as being like setting the destination in a GPS. “We’re starting with a destination,”’ he said. “The details will come.’’ Other energy companies have expressed similar ambitions as public awareness of climate change - and the energy industry’s role in emitting CO2 - has grown. Total of France said they were integrating climate into their strategy in 2016; Royal Dutch Shell outlined a “net carbon footprint ambition’’ to halve emissions by 2050 while Repsol of Spain also made a similar net zero pledge to that of BP, David Elmes, an energy expert at Warwick Business School. Elmes said BP’s announcement was significant in that it required deep change to the company’s business strategy rather than just reducing emissions from its current operations. “While there are technologies that could keep us using fossil fuels without releasing the emissions (carbon capture, use and storage), it means BP has set a 30-year clock ticking to change much of what they do,’’ he said. Bob Ward, policy and communications director at the Grantham Research Institute on Climate Change and the Environment, said BP’s plans will put pressure on other oil companies to follow suit. But he said they don’t go far enough if the world is going to meet the goal of limiting global warming to 1.5 degrees Celsius over preindustrial levels. “The oil and gas industry
can only survive the next few decades if they take ownership of the rapid transition to zero-emissions energy,’’ Ward said. “However, what is lacking from BP’s announcement is any indication of whether the company accepts that there will be a major reduction in the global demand for its hydrocarbon fuels.’’ The environmental group Greenpeace took issue with the pledge, offering a long list of places where BP is drilling for oil and gas. It suggested BP should stop drilling new oil and gas wells and reduce production from existing reserves. BP said it plans to help customers reduce their emissions by cutting in half the amount of greenhouse gases produced by the fuels it sells by 2050. The company said it will increase investment in “low carbon businesses’’ and put less money into oil and gas operations. It will install monitoring equipment at all oil and gas processing plants by 2023 as it seeks to reduce the amount of methane the facilities release by 50%. On a broader level, the company said it would work to promote policies that move society toward netzero emissions. BP said it will stop “corporate reputation advertising’’ and shift that spending toward promoting carbon reduction. Image was nevertheless also taking center stage in Looney’s presentation, which began with a counterintuitive video that featured angry climate protesters together with their tweets that portrayed BP as greedy, uncaring and unresponsive to the global climate emergency. Looney described how he had spent the months preparing for his job by listening to activists, politicians and scientists to better understand the crisis and ways forward. He referenced people in the audience at the presentation. He singled out climate scientists by name. He expressed contrition for failures in trust. It almost had the feel of a chat show at times, with Looney at one point asking a young person in the audience how he had felt representing BP. The answer was decidedly mixed. Looney pounded away at the message repeatedly: BP is going to change. He said society is going to have to invest trillions of dollars “in replumbing and rewiring the world’s energy system’’ and he wanted BP to be part of that change.
THE TRIBUNE
Thursday, February 13, 2020, PAGE 15
CVS Health swings US ON TRACK FOR FIRST $1TN to 4Q profit, lays out BUDGET DEFICIT SINCE 2012 leadership changes By TOM MURPHY Associated Press CVS Health swung to a fourth-quarter profit and is starting the new year with a management shakeup for its largest business. The company will replace Derica Rice with Dr. Alan Lotvin as the leader of its pharmacy benefit management segment. CVS Health also named former Concerto Healthcare executive Alec Cunningham to lead its Aetna insurance business as it focuses more on government programmes like Medicare Advantage. CEO Larry Merlo told analysts the changes give CVS Health experienced leaders as it evolves. CVS Health operates one of the nation’s largest drugstore chains with more than 9,900 retail locations. Its pharmacy benefit management segment runs prescription drug plans for big clients like employers and insurers. It pulled in more than $141bn in revenue last year. The company said Lotvin has deep experience in that area and in working with high-cost specialty drugs
that have become a growing focus for insurers and other bill payers. CVS Health is focusing more on providing health care services and managing customer care. It added health insurance to its business mix with the 2018 purchase of the nation’s third-largest insurer, Aetna. Its new business helped CVS Health Corp. earn $1.75bn in the final quarter of 2019. That compares to a loss of $419m the previous year, when the company booked a big charge from a struggling business that provides services to longterm care facilities. In the most recent quarter, adjusted earnings totaled $1.73 per share, the Woonsocket, Rhode Island, company said. Revenue climbed 23% to $66.89bn, helped in part by an increase in prescriptions filled and higher prices for some brand-name drugs. Analysts polled by FactSet expected a profit of $1.68 per share on revenue of $63.93bn. CVS Health also said Wednesday that it expects adjusted earnings for 2020 to range between $7.04 and $7.17 per share.
Wall Street expected, on average, earnings of $7.15 per share, according to FactSet. The company’s stock got off to a rough start last year, when CVS Health debuted a forecast that fell short of analyst expectations. Aside from the leadership changes announced Wednesday, CVS Health said earlier this month that its board of directors would shrink to 13 members from 16. Three directors will not stand for re-election this year. That includes former Aetna CEO Mark Bertolini, whom the company said would be leaving following the health insurer’s successful integration with CVS. But Bertolini told The Wall Street Journal that the integration wasn’t complete, and he was being pushed out. Company shares rose more than 1%, or $1.04, to $74.89 in Wednesday morning trading, while broader indexes advanced at a slower pace. CVS Health shares climbed about 13% last year but were down slightly so far in 2020.
THE US Capitol is seen amid reflections of the Russell Senate Office Building in Washington. WASHINGTON Associated Press THE US budget deficit through the first four months of this budget year is up 19% from the same period a year ago, putting the country on track to record its first $1tn deficit since 2012. The Treasury Department said yesterday in its monthly budget report that the deficit from October through January was $389.2bn, up $78.9bn from the same period last year. The deficit reflected government spending that has grown 10.3% this budget year while revenues were up only 6.1%. For January, the deficit totalled $32.6bn, compared to a surplus a year ago of $8.68bn. President Donald Trump sent Congress a new budget blueprint on Monday that projects the
deficit will top $1tn this year but then will decline over the next decade. The Congressional Budget Office, however, is projecting that the deficit will top $1tn this year and remain above $1tn over the next decade. The actual deficit for the 2019 budget year, which ended Sept 30, was $984.4bn, up 26% from the 2018 imbalance. The rising deficits reflect the impact of the $1.5tn tax cut Trump pushed through Congress in 2017 and increased spending for military and domestic programmes that the president has accepted as part of a budget deal with Democrats. In his new budget plan for the 2021 fiscal year that starts on Oct 1, Trump is proposing spending $4.8tn but would seek to hold down deficits by making cuts to domestic
programmes like food stamps and Medicaid. Trump’s plan projects that if Congress goes along with his spending cuts, which is highly unlikely, the budget would return to balance in 15 years. Through the first four months of this budget year, government spending has totaled a record $1.57tn, up 10.3% from the same period last year. Revenues also set a record for the first four months of a budget year, increasing by 6.1% to $1.18tn. The government first ran $1tn deficits from 2009 through 2012 as revenues fell during the worst recession since the 1930s. Spending increased for safety-net programmes such as unemployment benefits and to rescue banks and auto companies following the 2008 financial crisis.
PAGE 16, Thursday, February 13, 2020
THE TRIBUNE
Solid earnings send stock indexes higher on Wall Street By ALEX VEIGA Associated Press STOCKS closed broadly higher on Wall Street yesterday, driving the S&P 500 and Nasdaq indexes to more record highs. Technology stocks powered much of the rally as investors focused on the latest batch of mostly solid company earnings reports. The
latest gains came as worries about the economic impact of the virus outbreak that originated in China continued to subside. Health officials raised hopes that the spread of the virus is peaking after new cases dropped for a second straight day. Worries about the economic impact of the outbreak fueled a wave of selling that erased the market’s gains in January, but
traders have since largely set aside their jitters. The S&P 500 index is up 4.8% so far this month, on pace for its biggest monthly gain since June. “You have the continuing good news on the coronavirus potentially slowing and being under control, and that’s obviously powerful,” said Tom Martin, senior portfolio manager with Globalt Investments.
The S&P 500 index rose 21.70 points, or 0.6%, to 3,379.45. The Nasdaq climbed 87.02 points, or 0.9%, to 9,725.96. Both indexes have set all-time closing highs every day this week. The Dow Jones Industrial Average gained 275.08 points, or 0.9%, to 29,551.42. The Russell 2000 index of smaller company stocks picked up 11.86 points, or 0.7%, to 1,689.38.
Major indexes in Europe and Asia finished higher. Bond prices fell. The yield on the ten-year Treasury rose to 1.63% from 1.59% late on Tuesday. Stronger-than-expected company earnings reports and positive US economic data have helped keep investors in a buying mood. Traders are also banking that central banks and governments around the world will support markets with rate cuts and stimulus to stem any potential economic fallout from the virus outbreak. Investors got some encouraging news yesterday when health officials reported that the number of new cases of the coronavirus in China declined for a second straight day. The outbreak has infected over 45,000 people worldwide and killed more than 1,100. Meanwhile, Chinese President Xi Jinping promised tax cuts and other aid to industry as the ruling Communist Party tries to limit the mounting damage to the economy. Shares in companies focusing on travel made some of the strongest gains Wednesday. United Airlines rose 2.1%, Wynn Resorts climbed 3.7% and Royal Caribbean Cruises gained 3.7%. Cruise lines, hotels and other companies have been more sensitive than other companies to the spread of the virus. Technology stocks led the broader market’s gains. Micron Technology climbed 3.5% and Apple rose 2.4%. Companies that rely on consumer spending also did well. Nike gained 3% and Gap jumped 4.7%. Communication services stocks notched solid gains. Twitter added 3.2% and video-game developer Activision Blizzard rose 2.6%. Crude oil jumped 2.5%, which gave energy companies a boost. Hess led the gainers, climbing 4.7%. The energy sector remains the market’s worst-performer this year. It’s down 9.1%. The pickup in bond yields weighed on several homebuilders, including Toll Brothers, which slid 1.6%. Mortgage rates tend to track the ten-year Treasury yield, so an increase in the yield means less attractive rates. Utilities and household goods makers lagged the market in another sign that investors were more confident and shifting money into investments that
carry more risk. Investors continued to assess the latest company earnings reports. Akamai Technologies rose 1.1% after the cloud services provider beat analysts’ profit and revenue forecasts. Generic drug developer Teva jumped 9.1% and e-commerce company Shopify vaulted 7.8% after reporting solid financial results. Ride-hailing service Lyft plunged 10.2%. Lyft stuck to a prediction that it won’t turn a profit until the fourth quarter of 2021. Rival Uber said earlier this month that it would make money in the fourth quarter of this year. Wall Street appeared to largely ignore the outcome of Tuesday’s Democratic presidential primary in New Hampshire, which Bernie Sanders won, edging out moderate rival Pete Buttigieg. Despite Sanders’ surge, it’s still not clear which of the Democratic candidates will win the nomination, Martin noted. “The feeling has been that Sanders, if he did become the candidate, has a platform that would not appeal to the country as a whole, so that if he was the candidate, Trump would easily beat him,” he said. Sanders has energised young voters and liberals with his calls for a Medicare for All health care system and free college tuition, but moderates portray such policies as unrealistic and costly. “As far as a more moderate candidate, those would be more competitive and that would be potentially a negative if you had a credible candidate that might make a national election between the Democrats and the Republicans competitive,” Martin said. Benchmark crude oil rose $1.23 to settle at $51.17 a barrel. Brent crude oil, the international standard, gained $1.78 to close at $55.79 a barrel. Wholesale gasoline rose seven cents to $1.58 per gallon. Heating oil climbed five cents to $1.68 per gallon. Natural gas rose five cents to $1.84 per 1,000 cubic feet. Gold rose $1.80 to $1,567.40 per ounce, silver fell nine cents to $17.48 per ounce and copper rose two cents to $2.61 per pound. The dollar rose to 110.08 Japanese yen from 109.76 yen on Tuesday. The euro weakened to $1.0867 from $1.0922.
NOTICE
RENEE LIMITED N O T I C E IS HEREBY GIVEN as follows:a)
RENEE LIMITED 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 on the 11th February, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.
c)
The Liquidator of the said company is Octagon Management Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas.
Dated this 13th day of February, A. D. 2020 _________________________________ Octagon Management Limited Liquidator
NOTICE
NIKESTAR LIMITED N O T I C E IS HEREBY GIVEN as follows:-
William Pratt
a)
NIKESTAR LIMITED 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 on the 11th February, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.
c)
The Liquidator of the said company is Triangle Administration Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas.
Dated this 13th day of February, A. D. 2020 _________________________________ Triangle Administration Limited Liquidator
PAGE 22, Thursday, February 13, 2020
THE TRIBUNE
NOTICE
PUBLIC NOTICE
To advertise in The Tribune, contact 502-2394
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, TARA DANIELLE SAUNDERS of Jennifer Gardens, P.O.Box CB-11218 New Providence, Bahamas, intend to change my name to TARA DANIELLE BETHEL. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000
NOTICE is hereby given that BRENDA RAYMONVIL GRANT of Wilson Track, 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 13th day of February 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
ANDROMEDA GLOBAL STRATEGY FUND LTD. Voluntary Liquidation
Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act, 2000, the dissolution of ANDROMEDA GLOBAL STRATEGY FUND LTD. has completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was 17th January 2020. Israel Borba Lyford Financial Centre, Building 2 - Western Road P.O. Box CB-10988 Lyford Cay Nassau, Bahamas
22nd
November
LEGAL NOTICE
LEGAL NOTICE
N O T I C E
N O T I C E
LITHCON CORPORATION
LITHCON CORPORATION
N O T I C E IS HEREBY GIVEN as follows:
Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 9th day of March A.D., 2020. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.
(a) LITHCON CORPORATION is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 11th day of February, 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Kirvy Ferguson of 253 Shirley Street, Nassau, Bahamas
Dated the 13th day of February, A.D., 2020.
Dated the 13th day of February, 2020. 22nd
Kirvy Ferguson Liquidator 253 Shirley Street, Nassau Bahamas
HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company
November
MARKET REPORT www.bisxbahamas.com
(242) 323-2330
WEDNESDAY, 12 FEBRUARY 2020
(242) 323-2320
ALL SHARE INDEX: CLOSE: 2,218.44 | CHG: 0.53 | %CHG: 0.02 | YTD: -13.16 | YTD%: -0.59 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 10.84 3.24 5.06 10.57 7.90 16.99 9.40 3.80 15.20
52WK LOW 3.35 20.91 5.50 5.38 1.60 0.67 2.00 9.50 5.60 3.95 6.35 2.53 1.76 8.00 6.40 12.38 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 3.50 17.43 6.00 6.68 2.10 1.62 3.80 11.61 6.00 4.34 6.49 3.58 4.60 10.82 7.60 15.05 9.33 3.69 15.20
CLOSE 3.50 17.43 6.00 6.68 2.10 1.62 3.80 11.61 6.00 4.34 6.49 3.64 4.60 10.86 7.70 15.05 9.33 3.69 15.20
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.06 0.00 0.04 0.10 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
500 2,000
6
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 14.6 18.7 N/M 18.1 N/M N/M -8.7 16.1 13.4 23.6 46.4 35.7 9.9 16.8 10.6 18.4 9.9 18.2 24.1
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
YIELD 4.86% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.20% 3.67% 2.76% 0.00% 11.92% 1.30% 3.02% 3.12% 3.59% 2.14% 3.25% 4.01% 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% 3.73% 3.73% 2.93% 2.93% 2.67% 2.71% 5.76% 5.76% 12.81% 12.81% 3.93% 3.93% 6.38% 6.38% 4.50% 4.50% 7.96% 7.96% 11.57% 11.57% 18.35% 18.35% 5.17% 5.17% 15.86% 15.86% 5.67% 5.67% 3.40% 3.40% N/A N/A 10.80% 2.60% 10.40% -4.00%
NAV Date 31-Dec-2019 31-Dec-2019 27-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019
MUTUAL FUNDS 52WK HI 2.29 4.37 2.09 195.13 166.73 1.66 1.85 1.76 1.20 8.34 10.26 6.94 12.01 12.35 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 2.29 4.37 2.09 195.13 166.73 1.66 1.85 1.76 1.20 8.34 10.23 6.94 12.01 12.35 10.73 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
22nd Novemeber
Employment Opportunities
An established company in The Bahamas is presently considering applications for a Project Manager. The positions are opened to candidates with the following qualifications:
Project Manager
Bachelors Degree in Engineering, Certified Project Manager, Construction Management or related studies.Minimum of 10 years professional experience. Must have some project management experience. Proficient in Microsoft Word, Excel, Project and AutoCAD.
Personal attributes
Must be able to lead in planning and implementation of projects Must be able to perform engineering duties Must be able to oversee construction and maintenance of building structures and facilities Must ensure that construction standards are met. Must be a “problem solver” with an eye for detail Must have ability to identify priorities, meet deadlines in a timely manner Provide direction and support to project team Must possess good communication skills Must be able to multi-task.
All interested applicants should email to nassaurecruitment@gmail.com