business@tribunemedia.net
THURSDAY, FEBRUARY 22, 2018
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Stop ‘looking in mirror’ on fiscal blame game
Lawsuit threat to $5.5bn oil refinery
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
T
he Government was yesterday urged to “get past looking in the mirror”, as it again blamed the Christie administration’s “overhang” for exceeding the prior year’s fixed-cost spending. Gowon Bowe, the Bahamas Institute of Chartered Accountants (BICA) president, told Tribune Business that the Government needed to focus on whether its policies are “bearing fruit” and hitting their fiscal targets rather than worrying about the past. He called on the Minnis administration to conduct a “liquidity” analysis of the Bahamas’ $7.5 billion debt, and determine “how much we’ve mortgaged the future”, as part of wider debt management strategy. Mr Bowe argued that such a plan could be
* BICA chief warns Gov’t: ‘Focus on you’ * As DPM blames $30m Christie ‘overhang’ * Debt manage plan, liquidity analysis urged implemented before the Government’s planned switch to accrual-based accounting in 2021-2022, adding that “more clarity” was required to enable the Bahamian people to judge an administration’s “stewardship and governance” of the public finances. The BICA president spoke out after K P Turnquest, deputy prime minister and minister of finance, blamed recently-discovered spending commitments inherited from the Christie administration for the Government’s non-debt recurrent spending exceeding that of its predecessor. Stripping out debt principal repayments, Mr Turnquest said fixed-cost spending for the six months
50% CAPITAL SPEND CUT DRIVES $92M DEFICIT FALL By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government’s struggles with its fixed costs resulted in a halfyear deficit equivalent to 61 per cent of the full-year target, forcing it to cut capital outlays by 50 per cent to restrain spending.
K P Turnquest, deputy prime minister, in unveiling the 2017-2018 mid-year Budget blamed spending commitment “overhangs” from the Christie administration (see other article Page 1B) for a slight yearover-year increase in recurrent outlays to
SEE PAGE 8
GOV’T MULLS PRE-ELECTION HIRE AND SPENDING FREEZE By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Government is mulling the imposition of a deficit ‘ceiling’ and ‘cap’ on recurrent spending growth, the Deputy Prime Minister revealed yesterday.
K Peter Turnquest said temporary hiring freezes, together with limits on capital projects above a certain threshold, were among other measures being considered as fiscal constraints during the run-up to general elections. Mr Turnquest, addressing a
SEE PAGE 4
CENTRAL BANK TEAMS WITH BIA ON INTERNET PROCESSING PORTAL By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Central Bank is working with the Bahamas Investment Authority (BIA) to create a single electronic Internet portal for foreign investment processing, the Central Bank’s
Governor said yesterday. “We are also liaising with the Bahamas Investment Authority ultimately to produce a single electronic application portal for foreign investment processing,” revealed John Rolle. “This would be co-ordinated with other
SEE PAGE 6
GOWON BOWE to end-December 2017 was slightly ahead of the prior year’s $994 million, coming in at $1.003 billion. Unveiling the mid-year Budget in the House of Assembly, he said: “The
outturn this year was negatively impacted by the overhang commitments of the previous administration that have had to be met during the current fiscal year. “To date, Mr Speaker, we have had to make provisions to settle more than $30 million in verified payment arrears over and above what was known during the Budget exercise last May. There are tens of millions of dollars in remaining commitments from prior years.” Mr Turnquest promised to detail these outstanding spending obligations once the mid-year Budget debate begins next week, but Mr Bowe indicated that the
SEE PAGE 9
THE $5.5 billion Oban Energies oil refinery project was last night threatened with legal action, with the controversy involving its principals described as a “wake-up call” for the Prime Minister. Fred Smith QC, the Freeport-based attorney, told Tribune Business he planned to launch a Judicial Review challenge to the project on the basis that the Government was again ignoring the legal planning/approval process and had failed to consult with affected east Grand Bahama residents before approving it. Mr Smith’s threat came as the Government’s political opponents sought to exploit The Tribune’s revelations that Oban Energies’ chief promoter, Peter Krieger, was named as a defendant in two separate lawsuits that alleged he
* QC: GOV’T NOT LEARNING PAST LESSONS * OPPOSITION: CONTROVERSY PM ‘WAKE-UP CALL’ * ROBERTS: GOV’T ‘FOOLED’ DESPITE ‘WARNING LIGHTS’ misappropriated investor monies. Bradley Roberts, the former PLP chairman, suggested that Oban and its principals had “fooled” the Government by exploiting Dr Hubert Minnis’s inexperience as Prime Minister and his desperation to kickstart economic activity on Grand Bahama. Mr Roberts said the episode should be a “wake-up call” for Dr Minnis in terms of who his administration did business with, adding:
SEE PAGE 7
PAGE 2, Thursday, February 22, 2018
THE TRIBUNE
YOU ARE INVITED! Central Bank to Host Seminar on Blockchain Technology and Domestic Financial Services The Governor of The Central Bank of The Bahamas is hosting selected stakeholders to a half-day seminar on Blockchain technology on Thursday, March 1st 2018, at the British Colonial Hilton. The Central Bank also looks forward to sharing more of its strategic plans to promote greater access and inclusion to financial services. In an island nation, aspirations lean rightly towards providing even more services digitally and securely.
Some of topics that will be covered include: • Plans to further evolve the local payments system • The basics of blockchain and distributed ledger technology • Blockchain applications in regulated industries such as Finance • The security aspects of blockchain technology • Potential paths to blockchain adoption in the domestic economy
Thursday, 01 March 2018 * 8:30 a.m. – 12:00 p.m. Windsor Ballroom, British Colonial Hilton Hotel
No. 1 Bay Street, Nassau, Bahamas Please RSVP your acceptance by email to the Governor’s office via: gov@centralbankbahamas.com or by calling 302-2632 or 302-9849. Limited Seating. For individuals who are unable to attend the event, a live stream link will also be available. www.centralbankbahamas.com
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THE TRIBUNE
Thursday, February 22, 2018, PAGE 3
$100m BOB bail-out borrow won’t hit deficit By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government’s newlyannounced $100 million borrowing to facilitate the Bank of the Bahamas bailout will not add to this year’s deficit, a top official said yesterday. Marlon Johnson, the Ministry of Finance’s acting financial secretary, told Tribune Business that international accounting standards required the borrowing to be treated as a financial investment and “purchase of an asset”. “It doesn’t factor into the deficit because they are investments in assets,” he said of the funds. “It doesn’t count against the deficit and deficit number.”
Mr Johnson was speaking after the Government yesterday tabled a Parliamentary resolution to borrow an extra $100 million beyond the amount approved in last May’s Budget, which led many observers to believe it would increase the projected $323 million deficit. The $100 million, which will be raised from local investors in the Bahamian capital markets, will be invested by the Government in Bahamas Resolve, the special purpose vehicle (SPV) that facilitated the Bank of the Bahamas rescue by accepting two tranches of its ‘toxic loans’. The first ‘bail-out’, in October 2014, saw the Government inject $100 million in promissory notes (bonds) into the stricken BISX-listed
institution’s balance sheet to fill the ‘hole’ created by the removal of those loans. The Government has now agreed to pay-out those bonds and replace them with cash, having financed some $69 million worth of redemptions to-date from its own resources. The $100 million borrowing will thus replace the monies it has spent to-date through Bahamas Resolve, and finance redemption of the remaining $31 million before the endJune fiscal close. “In the first half of this fiscal year, some $69 million was expended from current Government resources as part of the $100 million that the Government is to invest in Resolve,” K P Turnquest, the Deputy Prime Minister, said in the mid-year Budget address yesterday.
“As I foreshadowed in my statement to Parliament on Resolve in September of last year, and as was disclosed at the time of our recent international bond issuance, the Government committed to facilitate Resolve retiring the original $100 million promissory note issued to the Bank of the Bahamas in respect of the initial tranche of toxic loan transfers, in accordance with an agreed schedule. “After exploring funding options, the Government is of the view that it would be best to access the domestic
market, given the ample levels of excess liquidity. In line with this commitment, new corresponding borrowing authority will be sought from Parliament today to cover this sum.” Another $167 million worth of promissory notes was injected into Bank of the Bahamas as a result of the second ‘bail out’ deal last summer, which resulted in more ‘toxic loans’ being transferred to Bahamas Resolve. The two ‘bail outs’ mean that the liabilities associated
with the ‘toxic loans’ have been switched from Bank of the Bahamas and its shareholders to the Bahamian taxpayer through Bahamas Resolve. With the time and difficulties involved in realising the collateral for these loans, many have questioned Bahamas Resolve’s ability to pay the interest due to Bank of the Bahamas on the promissory notes through collection activities. There are fears that the taxpayer, too, may be saddled with the interest payment burden.
CHAMBER CHIEF OPPOSES WAL-MART ‘TYPE’ ARRIVALS By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE private sector “like it or not” must be actively engaged in the Bahamian workforce’s training, the Chamber of Commerce’s chairman said yesterday, arguing that constant criticism is “inappropriate”. Mike Maura, delivering remarks at the Chamber’s ‘State of the Economy’ conference, said: “The private sector, whether we like it or not, must be active and engaging participants on the education and training front, and the larger our organisation the more responsibility we have to the cause.” Mr Maura said the Nassau Container Port, for which he is chief executive, employs over 400 persons and is highly-dependent on technology and sophisticated equipment. “Of the 400 staff I estimate that less than 5 per cent have a university degree, and yet the port has been rated number one in productivity in the Caribbean,” he added. “The point here is that large multinational corporations doing business in the Bahamas have a duty to
contribute to our national education reform and polish the rough diamonds. Publicly tossing criticisms is inappropriate.” That will likely be interpreted as a veiled criticism of the controversial address given by now-retiring senior Royal Bank of Canada executive, Tim Rider. Mr Maura, meanwhile, said the Chamber is committed to real efforts to address the national education crisis. “We applaud the Ministry of Education’s commitment and passion, and the Department of Labour’s work on productivity. Unfortunately, the Government may not be capable of tackling the necessary reforms fast enough,” he added. Commenting on this Bahamas’ push to become a full World Trade Organisation (WTO) member by 2019, Mr Maura argued that the private sector “must not simply participate in the discussion but serve as a resource, framing arguments important to our collective economic growth”. “It is important to note that very large multinational corporations and their associations, like the US National Retail Federation, which includes Wal-Mart and
others, continue to spend tens of millions lobbying the WTO to eliminate barriers to entry in foreign countries,” he said. “In my opinion it is not in our collective interest, as part of our WTO negotiation, to permit a multinational ‘big box’ style operator like Wal-Mart to enter our market. There is extensive research which speaks to the Wal-Mart effect in small markets.” Mr Maura yesterday warned that the Bahamas must not “overregulate” or go beyond its international obligations to its own detriment, referring to the proposed Financial Transactions Reporting Bill that seeks to modernise the anti-money laundering and counter-terrorism framework. “We commend the Government for its effort in ensuring that this jurisdiction remains compliant with applicable international standards; specifically, the Financial Action TASK Force (FATF) 40 Recommendations in this instance. However, we must be careful not to over-regulate or go beyond our international obligations to our own detriment,” he added.
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PAGE 4, Thursday, February 22, 2018
THE TRIBUNE
Gov’t mulls pre-election hire and spending freeze FROM PAGE 1 ‘State of the Economy Report’ conference hosted by the Bahamas Chamber of Commerce, said: “The Government is giving consideration to establishing a ceiling on the deficit and a cap on recurrent expenditure growth - one that is consistent with keeping the public debt-to-GDP ratio on a downward trajectory. “Our recent fiscal experiences show a tendency to borrow to cover current expenditures, when best practice should have these outlays covered by operating revenues. Consequently, we will seek to include a medium-term objective that government’s operating expenditure does not exceed operating revenues or are contained within the ceiling.” Mr Turnquest added: “Another important guard rail will be the requirement for fiscal constraints during electoral periods. What is being contemplated are the imposition of temporary hiring freezes, limits to increases in short-term debt, limits on new capital projects
above a certain threshold or any policy that commits the Government to fiscal or quasi-fiscal expenditure above a threshold. “Importantly, the Fiscal Responsibility framework will also have sanctions when compliance with the legislation is violated - which could be an obligation to provide an explanation to the Parliament when the targets are not met.” Mr Turnquest said the Bahamas’ fiscal performance was perhaps the worst on record in 2016-2017, as the overall deficit surged to $675.8 million - a sum equivalent to 6 per cent of GDP and “a marked deviation from the budget target of $100 million”. “This outcome was attributed to several one-off impacts on both revenue and outlays,” he said. “There was, for instance, the disruption in revenue collections caused by Hurricane Matthew, which necessitated the grant of temporary tax reliefs, and then the corresponding boost in expenditures associated with post-hurricane clean-up and reconstruction activities.
“This had some impact on the fiscal situation to be sure. But the primary culprit was the pre-election spending, which included a sharp increase in the wage bill, the engagement of any number of small and large contractual arrangements for goods and services, and the subsequent accumulation of payment arrears, which your tax dollars are continuing to address well past the election date. “That this unparalleled ramp-up in expenditure was allowed to happen unchecked, and hidden from public sight, was - and is - clear evidence that the mechanism for transparency and fiscal prudence were either non-existent or ineffectual.” Mr Turnquest said the Minnis administration undertook spending control measures that included a targeted 10 per cent cut in certain spending categories against approved budgets, and a freeze on non-essential hiring. “We also launched an expenditure review and rationalisation exercise to
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determine the merits and appropriateness of existing programmes and projects,” he added. “In the mediumterm policy space, the Government also disclosed its intent to utilise more public-private partnerships for select capital projects; to pursue greater cost recovery and enhanced corporate governance at the state-owned enterprises; and to transform the existing defined benefit pension scheme into a contributory regime.” “The Government has had to make some very tough calls when it came to employment in the public sector, to address the pre-election build-up in temporary workers. This continues to be part of the rationalisation of excessive costs needed to create fiscal space for priority expenditures and key public investments. While the Government is always concerned about unemployment, its role is to create the enabling environment for private sector growth and job creation, and not use the public purse in this irresponsible manner.” Still, Mr Turnquest said that based on the performance in the first half of the 2017-2018 fiscal year, the Bahamas is moving in the right direction. “Compared with the first six months of fiscal year 2016-2017, the fiscal performance has turned in a $92.3 million or 38.6 per cent reduction in the overall deficit - to $198 million from $290.3 million in fiscal year 2016-2017,” he said.
“Gains in revenues of $24.8 million are supported by a $67.5 million or 43.6 per cent reduction in spending. Comparisons with the Budget show revenues running at some 41 per cent of the target, and adjusted recurrent and capital spending, at 44.7 per cent and 33 per cent, of their respective targets. “We believe that the measures taken, and those in the pipeline, have the ability to help restore fiscal discipline and place the finances on a sustainable path for the benefit of all Bahamians. However, we would acknowledge that these measures alone will not get us to where we want and need to be,” he added. “Most importantly, we must grow our economy and do so in a sustained way. Additionally, if our fiscal plans are to be sustainable, they need to be reinforced by other administrative and legislative initiatives designed to bolster credibility in a transparent and accountable manner.” On the issue of public financial management reform, Mr Turnquest said: “An important element of the public financial management reform agenda focuses on bringing greater transparency, fairness and efficiency to bear on public procurement activities. “Public procurement is big business for governments, and equally as big are the temptations and opportunities for corruption, collusion, fraud and manipulation.
“For the Bahamas, more than $1.475 billion or an estimated 13 per cent of GDP was spent in fiscal year 20162017 to acquire goods and services - underscoring the imperative for the Government to obtain value for monies spent.” He continued: “The first stage in these reform efforts was marked by the recentlylaunched pilot phase of the Government eProcurement portal - a single access point - where all announcements and documents and information about tender participants, summary of bid evaluation reports and notice of procurement awards will be published. All suppliers interested in doing business with the Government have been invited to register their businesses by uploading all of the requisite documents via the portal.” “Work is also well advanced on finalising the draft public procurement legislation that will bring the regulatory framework closer in line with international standards and best practices. Some of the areas covered in the legislation are the establishment of a public procurement department; a public procurement board, and a public review tribunal to provide persons with an avenue for recourse. The most critical element of this procurement reform will be the requirement that all tenders and bid offers be published publicly online, and that all successful bid offers accepted by government also be awarded.”
THE TRIBUNE
Thursday, February 22, 2018, PAGE 5
Chief WTO negotiator to ‘fight’ for retailers By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net
GRAND Bahama has not been able to realise its full potential because potential exporters have no market access protection, the Bahamas’ lead World Trade Organisation (WTO) negotiator said yesterday. Raymond Winder, during a presentation at a ‘State of the Economy Report’ conference hosted by the Bahamas Chamber of Commerce, said that given Grand Bahama’s infrastructure and tariff incentives, the island was intended to attract industry and drive employment. “It hasn’t happened, and there are a number of reasons why people will say that it hasn’t happened, but one of the main reasons is that when we talk about trade we are not a a part of the world order in terms of trade,” said Mr Winder. “It makes it difficult for an entrepreneur to go to
Grand Bahama without a a basic level of protection. Imagine what every potential investor thinks of before they come to the Bahamas. The minute it is said the Bahamas is not a part of the WTO, the Bahamas goes down the list. “Anyone who comes to the Bahamas is not interested in selling just to Bahamians; they are interested in selling their products across the world, and the Bahamas is not the place to come to if that is your intention.”. Mr Winder suggested the absence of protection provided to investors by a rules-based trading regime, such as the WTO, is one of the major reasons why Grand Bahama has not realised its full potential. “If you ask me what was probably one of the major reasons why we haven’t been able to develop Grand Bahama, I am willing to stake my case that we are not a part of a trade regime that could protect our investors if they decide to come to Grand Bahama,” he said.
“We have to make up our minds on whether we are going to open ourselves up and provide the basic level of protection for countries to trade, and prevent countries from setting up barriers.” The Minnis administration has approved an aggressive push for the Bahamas to become a full World Trade Organisation (WTO) member by 2019, a process which it began back in 2001. “The Bahamas is the only country in the Western Hemisphere that is not a part of the WTO. When we attempted to join back in 2001 everyone at the WTO table thought that we would have been an easy case, and that it would have taken three to five years at best, so everyone around the world is shocked that it has taken so long,” said Mr Winder. He added that some have come to question
whether the Bahamas is serious about its accession to WTO. “The Bahamas becoming a member, or doing the things to become a member, is the choice the Bahamas has to make. We have to decide whether it is in our best interest. The rest of the world is not on our doorstep trying to make us become members,” said Mr Winder. He moved to reassure Bahamian retailers that he was prepared to advocate for them in their call for government to make apparel, shoes and fashion stores price competitive through duty elimination. “I’m on your side. I’m your advocate. I will fight with the Government to try to make that happen because consumers ultimately benefit, and it gives you an opportunity to be competitive in the current world that we exist in,” said Mr Winder.
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PAGE 6, Thursday, February 22, 2018
THE TRIBUNE
Central Bank teams with BIA on Internet processing portal FROM PAGE 1 process reforms that the Government is considering for the Bahamas Investment Authority.” Mr Rolle, who was speaking at a ‘State of the Economy Report’ conference hosted by the Bahamas Chamber of Commerce, said the regulator was looking at how it “fine-tunes” and streamlines the documentation requirements for exchange control approvals. A Central Bank official noted during a seminar on exchange controls earlier this month that the regulator was committed to a five-to-seven working day
* ‘No takers yet’ for foreign currency return turnaround for ‘non-urgent’ applications. Bahamian-owned businesses as of this month are allowed to maintain operating deposit accounts, with up to $100,000 in foreign currency, at domestic commercial banks. The buying and selling rates for the investment currency market have been reduced from 12.5 per cent and 10 per cent, respectively, to 5 per cent and 2.5 per cent. And residents are able to fund investments
at a lower rate of $1.05 Bahamian dollars to $1 dollar US, and to repatriate investment currency proceeds to the Bahamas at a rate of $1.025 to $1 US. “Measures such as regularising the overseas accounts of Bahamians has the potential to attract some resources back to the Bahamas. We have not had anyone yet ask for permission. We expect that those individuals will begin to come forward at some point,” said Mr Rolle.
THE TRIBUNE
Thursday, February 22, 2018, PAGE 7
FROM PAGE 1
Lawsuit threat to $5.5bn oil refinery
“All the warning flags were there to stay away.” Dr Minnis yesterday indicated the Government was aware of Mr Krieger’s past troubles, which resulted in the latter settling with US federal regulators before the matter got to trial. The other action, brought by the judicial manager for a sister company of CLICO (Bahamas), the insolvent insurer that denied hundreds of Bahamians access to their life savings, was dismissed on a legal technicality. The Prime Minister yesterday suggested that the legal actions against Mr Krieger were “not new” to the Government, although he appeared to blame any issues on previous administrations by implying they would have conducted due diligence on Oban Energies’ principals to begin negotiations with them. Mr Roberts, though, said he was “very concerned, very concerned” about The Tribune’s revelations concerning key Oban Energies’ players, and suggested the group was seeking to obtain a Heads of Agreement with the Government so it could attract energy industry players and investors to support its plans,
possibly even ‘flipping’ it to another buyer. Besides Mr Krieger, this newspaper found that Satpal Dhunna, the developer’s president, was dismissed for “alleged gross misconduct” by a former employer, although he contested the allegations. The Tribune also uncovered evidence suggesting that the biographies of Mr Dhunna and Russell Erickson, Oban Energies’ senior vice-president, over-stated some of their expertise and qualifications, although the former again disputed this. “The fella heading it, there ain’t much substance to him,” Mr Roberts said of Mr Krieger. “You exposed that. The team behind him doesn’t have much experience. I think their intention is to get the approval from the Government, go out and shop it and sell it to someone. “Mr [Hubert] Ingraham didn’t allow it to happen, Mr Christie didn’t allow it to happen. A new Prime Minister came along and gave them the green light. It’s unbelievable. Every single guideline of the Foreign Investment Board they
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ignored. It’s unfortunate; very unfortunate.” Mr Roberts said technical studies, such as Environmental Impact Assessments (EIAs), should be done in advance of Heads of Agreement signings with major foreign developers, rather than afterwards as in the case of Oban Energies. Questioning whether the developer has the necessary financing in place to construct the proposed oil refinery and storage terminal, the former PLP chairman took a dig at the numerous businessmen in the Minnis Cabinet. “It’s unfortunate they could fool an established government with all these smart fellas in it,” he told Tribune Business. “It’s embarrassing. I hope this is a wake-up call for Dr Minnis. Why would he do business with a fellow like that? All the warning lights were there to stay away. I believe he was under so much pressure to get something going.” The Prime Minister yesterday urged the media and public not to rush to judgment on Mr Krieger, Oban’s other principals and the project, suggesting that concerns
would be eased when the Heads of Agreement - which should have been tabled in the House of Assembly yesterday - was finally released. However, the Government’s and Oban’s difficulties may be mounting after Mr Smith QC, who has fought many successful and protracted environmental-based Judicial Reviews against foreign developers, last night threatened to mount a similar challenge. “I intend to challenge via Judicial Review this $5.5 billion project that has been signed off on,” Mr Smith told Tribune Business. “I appreciate the need for jobs, but more importantly I call on the Government to remember their commitment to developing a ‘dream’ economy. I don’t know why they would wish to destroy a pristine eco-tourism environment in east Grand Bahama. Mr Smith said the basis of such an action will be the Government’s failure to consult “with those affected” before approving the Oban Energies’ deal; its failure to follow the legal planning/ permitting processes; and “pre-determination and bias”
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DEMONSTRATED EXPERIENCE:
• • • • • •
Minimum 3-5 years’ experience in accounting Automated Systems Strong spreadsheet and analytical skills Knowledge of General Ledger Entries and Closing Books Balance Sheets Reconciliations Working in Hospitality industry or reputable organization (not a must but preferred).
Interested candidates may submit a cover letter and resume via email to: albanyhr@albanybahamas.com
Human Resources Department By 5pm Friday, February 23, 2018. Only shortlisted candidates will be contacted.
in its decision-making. “I am very disappointed that despite all the Town Planning cases that both the FNM and PLP have been involved in through Judicial Review, they continue to operate as if the Planning and Subdivisions Act and the Local Government Act don’t exist,” he added. “I am disappointed that this administration is devaluing the major role of the Department of Physical Planning. That ought to be the first stop by any developer, Bahamian or foreign, that wants to engage in major development outside the Freeport area. “As a Freeporter I am even more taken aback that the Government has again secretly, and without consultation, entered into an agreement which will have a drastic environmental and economic impact, whether good or bad, for society and business.” Hitting out once again at “secretive” Heads of Agreement deals between the Government and foreign developers, Mr Smith said: “It baffles me why the executive branch of government,
particularly the Office of the Prime Minister, refuses to obey the laws passed by Parliament. “I’m exhausted by the Government’s refusal to abide by the law. I am disappointed that our government continues to give away the Bahamas for baubles and trinkets.” He called on the Government to disclose the amount, and type, of tax incentives granted to Oban Energies, and said it was a “slap in the face” to Freeport that the project will not be located there given the city’s existing infrastructure to accommodate it. Other sources, speaking to Tribune Business on condition of anonymity, questioned how the Government “missed” the lawsuits involving Mr Krieger prior to signing the Oban Energies’ Heads of Agreement, “I think it’s terrible,” one said. “It’s laughable, the Government presenting him with this kind of reward. It’s embarrassing. They’ve got to learn some lessons.” Another added: “The Opposition is having a field day with this. This has given Bradley Roberts a new lease on life; he’s just exploding all over social media. Hubert Ingraham would never have allowed this.”
TEMPLE CHRISTIAN HIGH SCHOOL
ENTRANCE EXAMINATION 2018-2019 Temple Christian High School will hold its Entrance Examination on Saturday, February 24, 2018 at the school on Shirley Street from 9:00 a.m. to 12:00 p.m. for students wishing to enter grades 7, 8, 9 and 10. Application forms are available at the High School Office. The application fee is twentyfive dollars ($25). Application forms should be completed and returned to the school by Friday, February 23, 2018. For further information, please call telephone number: 394-4481/394-4484.
PAGE 8, Thursday, February 22, 2018
CAPITAL SPEND
FROM PAGE 1 $1.003 billion. This figure, which strips out debt principal repayments, was achieved despite the Government’s 10 per cent ‘across-the-board’ spending cuts and public sector lay-offs/contract non-renewals, as it seeks to bring its wage bill under control.Mr Turnquest said
the Government’s wage bill, consisting of salaries and benefits, actually increased by $15 million year-overyear to $373 million for the six months to end-December 2017 despite the downsizing. He blamed this on a combination of an “industrial agreement-related lump sum payment” worth $7.7 million, and $6 million in outstanding overtime payments to police officers. Severance payments to laid-off public sector workers, though, are likely to have
THE TRIBUNE been a further contributing factor. Mid-year Budget data, though, indicates that the Government expects savings from the recent downsizings to come through in the 20172018 second half. It is now projecting an $8.282 million reduction in its emoluments (wages and benefits) bill to $733.477 million for the full year, implying that a $23 million-plus savings will be realised in the six months to end-June 2017.
Mr Turnquest’s address, which focused solely on ‘the numbers’ and contained no new policy initiatives, emphasised that while the Minnis administration was “on track” with its fiscal consolidation plan it would need to exercise constant “vigilance” and prudence to ensure targets are met. He acknowledged that the Government’s bid to “bring the country’s financial house in order” could not starve much-needed infrastructure upgrades of investment capital, hinting that the Minnis administration may have to look towards more publicprivate partnership (PPP) arrangements to brink key assets in line with a “21st century Bahamas”. The Deputy Prime Minister conceded that the $92.3 million year-over-year reduction in the first-half GFS deficit to $198 million “largely reflected” the 50 per cent slash in capital spending. This fell from $152.2 million in the same period in 2016-2017 to $75.8 million for the six months to endDecember, representing a $76.4 million reduction. “This fiscal year, the Government has exercised extreme prudence in the commitments for capital expenditure, ensuring that only meaningful and critical public investments are approved,” Mr Turnquest said. “That said, we acknowledge that our public infrastructure plant, in too many cases, remains well below the standards for a 21st century Bahamas. The Government commits, over this term in office, to find creative and efficient ways to substantially increase productive investments in our hospitals, schools, clinics, airports and digital infrastructure, to allow for the sustained social and economic development of Bahamians throughout the full archipelago. “These investments will be critical to underpin the much-needed improvements in productivity, boost the growth potential of the Bahamian economy and thereby contribute to enhanced job opportunities for our citizens.” Mr Turnquest said Bahamian GDP was forecast to have expanded by 1.8 per cent in 2017. Comparisons between the 2017-2018 first half and
the prior year are difficult because the latter period contains the fall-out from Hurricane Matthew, which struck in October 2016. Repairs to public infrastructure would have driven capital spending to $152.2 million, while revenues would have been lost due to the disruption in economic activity. Emergency borrowing was also required. Matthew’s impact was not mentioned in yesterday’s mid-year Budget address, but its prior year impact makes the 31.8 per cent deficit reduction from $290.3 million to $190 million - a fall of $92.3 million - seem slightly less impressive. Mr Turnquest said total government spending was down from $1.146 billion to $1.078 billion year-over-year, with the $67.5 million reduction driven entirely by the cut in capital outlays. “This, coupled with an increase in revenue collection of $24.8 million, is what has led to the improvement in the deficit position by some $92.3 million,” he added. “That said, this year’s GFS deficit at the mid-year does, however, represent some 61 percent of the $323 million full-year deficit that had been projected in last May’s Budget Communication.” Mr Turnquest blamed this on spending obligations inherited from the former Christie administration, some of which were still being uncovered. He added that the fiscal deficit for 2016-2017, the last year of the previous government, was now pegged at $676 million - almost seven times’ higher than the initial $100 million forecast. This has largely been blamed on pre-election spending. As for discretionary recurrent spending, which excludes both $787.444 million in debt principal repayments and $141.729 million in interest costs, the Deputy Prime Minister said the 10 per cent spending cut had helped to bring this in at $861.1 million versus a “pro-rated” estimate of $975.3 million. Confirming the tough task facing the Minnis administration in controlling its fixed costs, Mr Turnquest said: “Despite the 10 per cent cut being implemented across the board, the amount spent on personal emoluments - salaries and
allowances - in the first half of this year totalled $373 million as compared to $358 million in the corresponding period of 2016-2017, a $15 million increase. “Given the contribution of the salary bill to our overall recurrent expenditure, the Government will continue to manage this element of our budgetary spending, especially in light of pension obligations and the need still to recruit and retain professional talent into the public service.” Turning to the Government’s revenues, Mr Turnquest said its income stood at $881 million, representing 41 per cent of the full-year forecast. “Tax revenue was up $18.7 million in the first half as compared to the previous year,” he added. “Within this category, VAT was up by $10 million; motor vehicle tax by $7 million; Gaming tax by $5 million; and Excise taxes by $3.8 million. Import duties, however, were down by $6 million. Non-tax revenue was higher by $6 million.” The Deputy Prime Minister added: “The overriding message that flows from the first-half fiscal results is that the Government is on track to bring the country’s financial house in order, notwithstanding the dire fiscal situation that the administration met coming into office. “Even though the situation has been compounded by the millions of dollars in past debt obligations that this administration continues to address, we remain on track to meet our budgetary deficit target at year-end. “However, ongoing dedication and vigilance are warranted for the remainder of the fiscal year to enable the Government to achieve the desired level of fiscal consolidation. We shall have to maintain expenditure restraint. We shall have to maximise our revenue yield.” The Government’s total spending in the 2017-2018 first-half totalled $1.79 billion, due to a $540 million spike in debt redemption as the Government used its $750 million foreign currency bond from late last year to accelerate the taking out of short-term debt. Debt redemption does not show up in the GFS deficit, which measures only new debt.
EMPLOYMENT OPPORTUNITY
HUMAN RESOURCES COORDINATOR We are currently seeking a passionate focused Human Resources professional who prides them self on their ability to deliver extraordinary levels of customer service and provide creative solutions to our employees.
Job Summary
As a Human Resources Coordinator you are responsible for coordinating the various functions including administrative procedures and recruitment, liaison with the various departments and outside contractors, maintaining and producing reports and records. The role needs to assist with the smooth functioning of the Human Resources Department. Duties and Responsibilities: •
Process employment requisitions, develop and edit departmental job descriptions, vacancy announcements and position advertisements in consultation with the Human Resources Manager.
•
Develop and maintain confidential departmental employee files, documents and databases.
•
Coordinate the employee recruitment process, as appropriate, ensuring search documentation is accurate, consistent and complete.
•
Coordinate employee relation functions in consultation with the Human Resources Manager, monitor employee performance appraisal completions and track vacation and sick leave accruals.
•
Prepare and complete the monthly Human Resources report and other statistical reports as required by the Human Resources Manager.
•
Coordinate and conduct departmental training and Human Resources Orientation for new hires.
•
Maintain Filing System.
Skills/Qualifications: • • • • •
An associate degree in Human Resources or a related field preferred. Two years of experience in Human Resources preferred. Must be computer literate (Microsoft Office). Verbal and Written Communication Skills required. Self motivated with strong analytical and problem-solving skills.
Knowledge & Competencies:
The ideal candidate will be result oriented, self motivated and with a positive attitude. Must have the ability to think laterally and have strong social skills and a presence, enabling you to interact and deal with employees effectively; portray a fair leadership style and is easily approachable for employees at all levels. Interested persons should apply in writing via e-mail address:
jmcdonald@comfortsuitespi.com
THE TRIBUNE
FISCAL BLAME GAME FROM PAGE 1
Government’s focus on blaming the Christie administration for all the Bahamas’ fiscal woes was starting to wear thin. Describing the country’s mood as one of “impatience and anticipation”, Mr Bowe said: “Ultimately, what we would like to see is evidence that their policies are starting to take fruit. “We need to get past looking in the mirror. We need to look at where we are against projections that tells us where we are as a country. There are three elements as it relates to our debt that are critical and don’t need that kind of gamesmanship involved in it. “There was a discussion around the hole that needed to be filled, and debt raising that needed to take place. If we’ve done that, we need to make sure all debt resolutions are a part of the original Budget that was presented in 2017-2018, or are they supplemental obligations. That means they’re projecting higher levels than forecast.” Mr Bowe called for the Government to implement a “clearly articulated” debt management strategy, which tracked progress on debt reduction on an annual basis. “The Government needs to get into that practice before accrual accounting as they have the information to do so,” he told Tribune Business. “There needs to be a clearly articulated debt management strategy; how we manage the currency, US versus Bahamian; how we manage the tenor, when it becomes due; and make sure we only increase the debt for long-term projects as opposed to short-term. “The principle is a debt management strategy. I’m not going to say one doesn’t exist already, but in the years I’ve been observing one has not been articulated.” Mr Bowe said Mr Turnquest, in an address to the Chamber of Commerce’s ‘State of the Nation’ forum yesterday morning, had spoken about the Government “doing better” in laying out the assumptions underpinning its Budget forecasts such as expected real GDP growth.
Thursday, February 22, 2018, PAGE 9 Government revenues and spending are directly tied to economic growth, and the Deputy Prime Minister also suggested the Government would start providing a “detailed analysis” of why its fiscal performance was beating/missing targets and the reasons for this. Backing these intentions, Mr Bowe said the Government would ultimately enable Bahamians to judge the credibility of its every Budget - and governance of the public finances - should it move in this direction. “It would give the ability to be critical around the actual performance versus what’s budgeted,” the BICA president added of such reforms. “There is a need to look through this half-year Budget. “If you ask what the political mood is in the country, it’s one of impatience and anticipation. If the Government says it’s $25 million ahead in revenues, but acknowledges that last year they had a period when revenues were affected because of the hurricane that took place, it’s not a good barometer by which to be judged.” The 2017-2018 first half was up against ‘weak’ comparatives from the prior year due to the devastation inflicted by Hurricane Matthew in October 2016, which cost the then-government
significant revenues due to the disruption in economic activity while forcing it to undertake $150 million in emergency borrowing and unplanned restoration expenditures. Mr Bowe suggested the Government’s fiscal performance against its May 2017 Budget projections, rather than year-over-year comparisons, were a better indicator of its stewardship. “Are we seeing signs of the policies they’ve put in place bearing fruit?” the BICA president asked. “It would be beneficial in the full debate on the halfyear Budget that they give a clear reason for failing to meet Budget or exceeding Budget. What I would want to see in the half-year Budget is a complete analysis of the debt situation. “We’ve had a tremendous amount of debt raised last year [$750 million] in terms of the US market, so how were those funds deployed? Net new money was not a lot. The Government needs to have a liquidity analysis that puts debt in various buckets; when it’s coming due - one year, three years, five years, 10 years - and how much is coming due,” Mr Bowe continued. “This is so we have an idea of how much we have mortgaged the future relating to the current debt, and what
type of financing we might need in future to meet these current obligations.” Calling on the Government to focus on the present rather than the past, Mr Bowe added: “The
debate has to mature to the point of speaking about what the current administration has achieved, and if it highlights the underperformance of previous administrations, so be it. “The focus should
be on what you have done for me lately. The focus should not be the past and setting the bar low. “We have to set the bar high in terms of what you want us to live up to.”
Rhone is a Swiss company established in 1982 with offices in Geneva, The Bahamas and Singapore. It advises clients on estate planning and the administration of legal entities. To bolster its Bahamas-based Administration team, Rhone is seeking
MESSENGER/ADMINISTRATIVE ASSISTANT
MISSION To act as the Rhone Bahamas Company Messenger and also to provide general office administrative support. RESPONSIBILITIES Messenger: o Delivering and picking up packages and other items to specific locations Administrative Assistant: o Filing, scanning, archiving o Assisting with the preparation of all documents with respect to creation, control and filing of new mandates and database maintenance o Sorting and delivering mail, maintaining supplies, scheduling appointments o Maintaining and assisting with the use of office equipment o Assisting with in-house deliveries o Any other miscellaneous duties assigned by Office Manager PROFILE o Clean driver’s license and police record o Must have own reliable transportation o High school diploma or higher o Proficient in Microsoft Office o Excellent command of English, oral and written o Minimum of 1 year experience in a professional office environment No telephone calls accepted. Resumes should be delivered BY HAND and addressed to: Rhone Trustees (Bahamas) Ltd. Building No. 1, Bayside Executive Park West Bay St. P.O. Box SP-63131 Nassau, Bahamas ATTN: OFFICE MANAGER Deadline for submission is February 28, 2018
Nassau Airport Development Company Ltd. CAREER OPPORTUNITY:
Manager, Marketing and Promotions The Nassau Airport Development Company Ltd. (NAD) is seeking candidates for the position of Manager, Marketing and Promotions at Lynden Pindling International Airport Position Summary: This role is responsible for the planning, development and execution of a comprehensive marketing and communications strategy and program for LPIA, including working closely with airport stakeholders, brands and partners to drive aeronautical and non-aeronautical revenue. The position uses multiple media platforms (print, social media, web, email, video, etc.), to drive increased concession sales, passenger/community engagement and brand awareness. The Manager of Marketing and Promotions is responsible for the development and implementation of all promotional events, campaigns and related activities to drive revenue. Experience and Background: 1. University degree in marketing or other relevant field 2. 5-10 years professional experience in a marketing role with a track record of successful, revenue generating projects. Abilities and Qualities: 1. Demonstrated business acumen coupled with strategic, analytical and creative skills 2. Strong Communication and Interpersonal Skills 3. Excellent Project Management Skills 4. Strong Writing and Presentation Development Ability Visit www.nassaulpia.com/careers for more details If you are qualified and interested please submit your resume by February 26, 2018 to: Director of Human Resources Nassau Airport Development Company Ltd. P.O. Box AP 59229 Nassau, Bahamas Email: people@nas.bs
PAGE 12, Thursday, February 22, 2018
NOTICE
LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000)
BLUE STARS SECURITIES FUND LTD. (the “Fund”)
In Voluntary Liquidation Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000) that BLUE STARS SECURITIES FUND LTD. (IBC no. 174437 B) is in dissolution. The date of commencement of the dissolution is 20th February, 2018. The Liquidator of the Fund is Juan Jose Moratorio of Pza. Independencia 133, 13th floor, Montevideo, Uruguay. All persons having claims against the above-named Fund are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 21st March, 2018.
NOTICE is hereby given that NATASHA JOSEPH of Lower Bogue, Eleuthera, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.
wa n t e d
SaleS RepReSentative Looking to work in the world of sales within the shipping industry? Are you able to prospect new business through phone calls, courtesy calls for growing sales, provide quotes and close the sale? If you have the below qualifications, this may be an opportunity for you! Qualifications • 3 + years sales experience • Outstanding customer service and relationship-building skills • Communication skills that are effective, persuasive, and convincing • Self-motivated and self-disciplined • Energetic and positive attitude • Negotiation skills • Valid driver’s license and reliable transportation Compensation • Base salary commensurate with experience plus commission. Position is based in Nassau. Send resume to hrmgr.bahamas@gmail.com by March 2, 2018.
Back to School WIN 1 of 4 Xbox Consoles 1
Buy one of any flavor of Snack Pack 4pk Pudding or Gels, one jar of Peter Pan Peanut Butter 16oz and one box of Swiss Miss Hot Chocolate Mix 8pk or 10pk.
2
Circle eligible purchases on store receipt dated between January 8 - March 2, 2018.
3
Write your name and phone number on the back of the store receipt and drop into entry boxes at participating stores or The d’Albenas Agency Limited in Palmdale.
Employees of The d’Albenas Agency Ltd, Media Enterprises Ltd, Custom Computers their agents and immediate families are not eligible to enter. Photo ID is required to collect
NOTICE is hereby given that DIEULIPHETE DORLEAN of Ponciana Avenue, c/o P.O. Box CR-56310, 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 22nd day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
GN-2013
Juan Jose Moratorio Liquidator
To enter:
NOTICE
Get a FREE Pencil Case and Coloured Pencil Set when you drop your entry at The d’Albenas Agency.
6
THE TRIBUNE
THE TRIBUNE
Thursday, February 22, 2018, PAGE 17
SUPPORT THE BLOOD BANK
SAVE A LIFE GIVE THE GIFT OF
BLOOD
BECOME A REGULAR DONOR
1 PINT CAN SAVE 3 LIVES GIVE BLOOD - GIVE LIFE
SOME HELPFUL TIPS BEFORE YOU DONATE:
4 You must have eaten at least once for the day.
4 You need at least 30 minutes between your last meal and donating blood. 4 You will need at least 10 minutes rest after donating blood. 4 You can donate blood every 8 weeks.
4 The Blood Bank will do FREE Pre-screening tests to make sure you are healthy enough to donate blood.
BECOME A REGULAR DONOR
PLEASE ENCOURAGE YOUR COLLEAGUES TO SUPPORT THE BLOOD DRIVES
PAGE 18, Thursday, February 22, 2018
THE TRIBUNE
MARKET REPORT WEDNESDAY, 21 FEBRUARY 2018
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 2,050.43 | CHG -0.09 | %CHG 0.00 | YTD -13.14 | YTD% -0.64 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.76 1.64 0.18 4.60 8.70 6.30 5.30 11.87 2.59 1.56 9.70 6.10 10.55 10.95 4.50 12.51 11.00
52WK LOW 3.50 17.43 8.19 3.32 0.90 0.12 3.50 8.40 5.83 3.15 9.00 2.18 1.40 7.75 5.83 8.78 5.67 3.35 12.01 10.00
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 Premier Real Estate
1050.00 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 Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B
PREFERENCE SHARES
1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01
1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ PRE
E J K L M N
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00
52WK LOW 100.00 100.00
CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +
SYMBOL FBB18 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) 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
MUTUAL FUNDS 52WK HI 2.12 4.14 1.98 178.69 153.40 1.54 1.70 1.62 1.10 6.99 8.54 6.15 10.52 11.46 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.48 1.62 1.57 1.04 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 3.90 17.43 9.09 3.34 1.00 0.18 3.60 8.70 6.10 4.74 9.90 2.58 1.50 8.01 6.10 10.10 6.24 4.47 12.51 10.00
CLOSE 3.90 17.43 9.09 3.34 1.00 0.18 3.60 8.70 6.10 4.74 9.90 2.56 1.50 7.93 6.10 10.10 6.24 4.47 12.51 10.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.02 0.00 -0.08 0.00 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00
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 100.00 100.00
CLOSE 100.00 100.00
CHANGE 0.00 0.00
109.53 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-0.09 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
109.62 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund
VOLUME
500
VOLUME
NAV 2.12 4.14 1.98 178.69 153.40 1.54 1.69 1.62 1.09 7.16 8.40 6.29 11.28 11.60 10.21
EPS$ 0.475 0.932 -0.508 0.540 -1.220 0.000 -1.462 0.638 0.583 0.171 0.631 0.102 0.330 0.668 1.129 0.729 0.484 0.298 0.543 0.000
DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.320 0.220 0.120 0.690 0.060 0.050 0.141 0.300 0.500 0.150 0.120 0.570 0.000
P/E 8.2 18.7 N/M 6.2 N/M N/M -2.5 13.6 10.5 27.7 15.7 25.1 4.5 11.9 5.4 13.9 12.9 15.0 23.0 0.0
YIELD 2.05% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.68% 3.61% 2.53% 6.97% 2.34% 3.33% 1.78% 4.92% 4.95% 2.40% 2.68% 4.56% 0.00%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST 6.00% Prime + 1.75%
MATURITY 31-May-2018 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% 4.00% 4.39% 5.57% 5.69% 2.14% 2.44% 4.66% 3.89% 5.58% 6.65% 0.36% 4.29% -0.15% 3.50% 0.23% 3.89% -0.34% 4.66% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%
NAV Date 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Jan-2018 31-Jan-2018 31-Jan-2018 31-Jan-2018 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017
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 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
TO ADVERTISE TODAY IN THE TRIBUNE, JUST CALL 502-2394