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BPL power plant has ‘hit the rocks’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Bahamas Power & Light (BPL) is racing against time to have its new $95m electricity plant ready to meet peak summer demand after plans for its cooling system literally hit the rocks. Tribune Business can reveal that the state-owned utility’s scheme to cool the 132 Mega Watts (MW) of newly-installed generation capacity by digging four 800-foot deep wells at
Clifton Pier is in danger of running aground because the area’s rock structures have proven far more difficult to penetrate than first thought. BPL has to-date managed to reach just over 50 percent of the target depth on two of the four wells and, with summer’s peak demand just threeand-a-half months away, it has ordered an alternative radiator system as a back-up in case the original strategy fails. Several drill bits have
already been broken in efforts to reach the required well depth, this newspaper has confirmed, with sources suggesting that only two of the seven Wartsila-supplied engines which comprise BPL’s new generation capacity are currently online and being used amid the wait for a cooling solution. Tribune Business also understands that BPL management was advised against the well cooling solution by Wartsila, which urged the state-owned
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utility to instead purchase a closed radiator system, but executives decided to press ahead despite the supplier’s recommendation. The drilling woes, though, have finally forced them to alter course. And, besides the challenges in penetrating the rock, this newspaper was also told that decades of oil spills and other BPLrelated pollution at Clifton Pier means that the water pulled up by the wells SEE PAGE FIVE
AG HAILS ‘A NEW DAY’ ON FINANCIAL REGULATION By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Bahamas is targeting a June “exit� from a list of 18 nations with “strategic deficiencies� in their antifinancial crime defenses, the attorney general said yesterday, hailing “a new day� in regulation. Carl Bethel QC, speaking after the Financial
Action Task Force (FATF) found this nation had made sufficient progress to “warrant an on-site� examination to ensure its reforms have been implemented and will be sustained, told Tribune Business that The Bahamas was “moving at a fast pace� to ensure it escaped the body’s continued surveillance. SEE PAGE FOUR
GAMING BOARD’S REDUNDANCY FAIL ‘MIND BOGGLING’ - JUDGE By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A SUPREME Court judge has slammed the Gaming Board’s failure to follow “clearly set out� employment law procedures when it dismissed 24 staff as “mind boggling�. Justice Indra Charles, in her much-anticipated
February 17 verdict, suggested that the casino and web shop regulator had failed to adhere to modern industrial relations practices requiring employers to be candid and forthright with staff as it never showed how those workers were “chosen to be made redundant�. SEE PAGE SEVEN
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FUNERAL HOME ROW ONÂ DORIAN BURIALS By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
A MINISTER has denied that the Government reneged “on its word� to allow a funeral home association to bury Hurricane Dorian’s unidentified victims on Abaco. The Bahamas Funeral Directors Association (BFDA), in a
February 19, 2020, letter said it was “shocked and very concerned� that the Government appeared to have gone back on a “letter of commitment� that it had allegedly promised to issue to it. The BDFA, which said it had travelled to Abaco on February 17 to meet with the Disaster Reconstruction SEE PAGE SIX
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PAGE 2, Monday, February 24, 2020
THE TRIBUNE
BUILDING MATERIALS STILL ‘GO MISSING’ ON ABACO By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
BUILDING suppliers said port security remains a major concern in Abaco as reconstruction efforts start to ramp up because materials are still “going missing”. Chris Lleida, Premier Importers’ chief executive, said demand for the company’s construction supplies and hardware was picking up “slowly but surely” almost six months after Hurricane Dorian struck. “We started seeing signs of a lot more activity, but it’s still challenging,” he added. “You have seen the stories with the issues at the
airport, issues at the seaport, but it is definitely increasing.” Describing some of the “issues” he has been dealing with at the sea port, Mr Lleida said: “At the port, for instance, there are materials that go missing at the dock. The actual Customs warehouses and everything has been destroyed. “The last time I was there they still had Defence Force officers monitoring entry during the day, but docks are big places but I guess there are other ways in and out of the dock. I think it is a matter of coordination. It frustrates the public, and there is no flexibility seemingly or discretion shows.” Explaining one such problem, Mr Lleida said:
“For example, on the Majority Rule Day holiday on the Friday, due to the weather the mail boat from Nassau didn’t get to Marsh Harbour until some time midday on Thursday, but the dock closes 4pm. “Come hell or high water you need your stuff. So dog eat your lunch because your stuff is going to sit on the dock from Thursday, Friday, Saturday, Sunday, and you can come back for it on Monday. Under normal circumstances, fair enough. “But there is no storage; security is stretched and challenged; and with that kind of decision-making it kind of leaves the public scratching their heads. If it wasn’t a hurricane recovery situation I would say fine,
not happy, but I can deal with it.” Describing efforts to rebuild Premier Importers’ Abaco location, Mr Lleida said: “I know that with our building we are waiting for an electrical inspection to start rewiring. We had to settle on a makeshift office inside our lumber yard, so you make do with what you can, but it is going as well as it can be expected.” Another building supplies store owner, speaking on condition of anonymity, said: “There is a problem with the security at the port in Marsh Harbour, which I think you are aware of. Everybody is having the same problem. It’s actually the customer’s stuff
that’s going missing. A lot of people have had stuff missing; some of it just disappeared.” When asked if the items were insured, they replied: “Once the mail boat signs for them the mail boat covers them.” Ernelia Turnquest, general manager of the Legacy mail boat, told Tribune Business: “It seems as though we had to give a disclaimer to persons that, if they ship, we would be forced to leave their goods in the open if they do not pick them up at the appointed time. We would have to leave it. Especially for building materials, we have no way to keep them if we don’t have the storage space.”
Ms Turnquest added that the company was waiting for the Ministry of Transport’s building to be rebuilt because that is where its operations were located prior to the storm. Iram Lewis, minister for disaster preparedness and reconstruction, told the media last month he was not sure which properties shippers were using for customers to receive goods shipped to Abaco. More recently, he told reporters that the Government is planning to move the destroyed dock buildings as part of proposals to move Marsh Harbour further inland, but gave no indication as to when this will happen or where the new site would be.
ABACO FIRMS PARTNER ON STORM DEBRIS OVERSIGHT TWO Abaco-based companies hired by the Government for post-Hurricane Dorian restoration have teamed up to operate the debris management site at Spring City. Deshon Kemp, principal of J & G Pavers, and Shannon Albury, his counterpart at Big Cat, formed a joint partnership to facilitate ongoing clean-up and debris management
following the Category Five storm. The two companies were among several firms awarded contracts by the Ministry of Public Works to begin the massive task of clearing Abaco after the catastrophic storm hit in early September 2019. J & G Pavers and Big Cat were selected based on their local experience and ability to quickly mobilise
heavy-duty equipment to begin the clean-up process. Over the past five months, both companies have worked closely with the Ministry of Public Works, the Ministry of Environment and Housing and other agencies including the United Nations Development Programme (UNDP) as progress continues in Abaco. To-date, their efforts
have focused on demolishing, clearing, cleaning and fencing areas including the shantytowns in Sand Bank 1 and Sand Bank 2 near Treasure Cay, plus select portions of Marsh Harbour. Under their partnership, J & G Pavers and Big Cat are pooling resources, expertise and manpower to operate the Spring City debris management site. The focus will be on monitoring activity, recording key data points, geo-tagging items on intake, securing the facilities and processing debris. The Spring City site workers receive approximately 185 to 200 truckloads of debris daily. The site will eventually manage additional debris barged in from the surrounding cays. Unlike lay down sites where debris is crushed, then pushed into piles and burned, debris management sites assess items on arrival and use machinery and manpower to sort them based on specific categories including appliances, electronics, furniture, yard waste, hazardous materials and concrete, rock or rubble.
ADDITIONAL manpower is needed as post-Dorian clean up efforts continue in Abaco. J & G Pavers and Big across Abaco and its Cat will continue to work cays. More workers are with government agencies needed to continue to sort to raise awareness among and process debris as the contractors and residents island works towards a full on the proper way to sort recovery. The joint venture debris before items are trucked to the Spring City launched a new employsite. At present, 90 per- ment campaign encouraging cent of the debris arriving Abaconians to return home to be part of the rebuilding on-site needs to be sorted. The Ministry of Envi- process. It is anticipated ronment and Housing that the recovery period is scheduled to provide will be extensive, and cleantraining for site workers up sites such as the one managing debris. Spring City at Spring City will allow site workers will also receive individuals in the process additional safety and envi- of rebuilding their lives to have a level of financial ronmental training on site. An extra 20 acres of stability. The projects also land is being cleared to help strengthen Abaco’s receive the debris from economy.
THE TRIBUNE
Monday, February 24, 2020, PAGE 3
Land surveyors query PM over Crown Land By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net PRIVATE sector executives have challenged the Prime Minister’s assertion that a shortage of land surveyors is impeding the Government’s ability to issue Crown Land grants to Bahamians. Dave Taylor, secretary of the Bahamas Association of Land Surveyors, said hiring qualified private land surveyors to assist with this task is a “simple process”, Also a member of the Surveyors Board, he questioned Dr Hubert Minnis’s assertion about a shortage given that it simply had to approach the private sector. “Now I did not hear the comments in entirety,” Mr
PRIME Minister Dr Hubert Minnis. Taylor said, “but as far as I know it can’t be land surveyors holding it back. I don’t see how that would be possible, because if the Government sends out a request for quotations (RFQ) for surveys, private surveying companies will respond. If the quotations are accepted then the private land surveyors carry out the work. If that was his
A BAHAMIAN realtor yesterday said Cable Beach was the strongest performing real estate market on New Providence in 2019 with average condo sales prices increasing 20 percent. Engel & Volkers, in its report on how the Bahamian real estate industry fared in 2019, said the sector endured a “mixed” year that saw Abaco taken off-line for four months by the devastation caused by Hurricane Dorian. While the number of residential units showcased on the Bahamas Real Estate Association’s (BREA) Multiple Listing System declined by around 20 percent nationwide, Engel & Volkers added that the average sales price for such property - including vacant land - rose by 6.7 percent year-over-year from just over $239,000 to $255,547. For New Providence, the realtor said while the average price of a singlefamily home decreased by 9.5 percent, that for a condominium and vacant lot both increased by 7.2 percent and 13.5 percent. Cable Beach, in particular, saw a 19.8 percent increase in the average sales price from $440,844 in 2018 to $528,245. The average sales price of a home in Sandyport was said to have risen by 5.8% increase, with the community enjoying one of the highest list-to-sales price ratios of 89 percent compared to an 84 percent average for highend communities. “Cable Beach was the top performing market on New Providence/Paradise Island in 2019,” the Engel & Volkers report said. “The condo market average sales price increased 20 percent, while Sandyport improved by 5.8 percent over 2018. “Total units sold increased across the board. The primary contributor to the area is the success of Baha Mar as a central amenity, and its contribution towards a strong rental market. The trend should continue in 2020.” Turning to Nassau and New Providence more broadly, the report added: “The luxury market will continue to be strong in 2020, with price adjustments being the order of the day and more properties likely to trade on the MLS than in 2019. “New luxury condo inventory has flooded the market giving buyers more
negotiating power and willingness to wait for the right deal. 2020 will be a year to present good opportunities to buyers as well as the opportunity for sellers to move their property if they are prepared to work with the market. “Projects like Albany, Goldwynn, The Pointe, Palm Cay, Hurricane Hole, Rosewood and SLS represent over 900 new luxury condo units to the Nassau/Paradise Island market. With several years of inventory between them, price adjustments and incentive heavy negotiations will likely influence 2020 sales and bring good opportunities for buyers.” Colin Lightbourn, Engel & Volkers license partner, said in a statement: “Cable Beach is benefiting greatly from the Baha Mar property, and the restaurants and amenities it has brought to the immediate community. It has made renting very popular, and when the yields are good the sales will reflect that. Buyers also appreciate the amenities for their personal use.” Engel & Volkers added that Cable Beach “again outperformed Paradise Island on the average gross rental yield of 7.5 percent to 5.3 percent, both slight decreases over 2018. “The luxury markets including Old Fort Bay, Lyford Cay and Ocean Club Estates among others saw an average price increase of 16 percent for a residential home. However, the total units sold dropped for the second year in a row. The report itself, focusing on Cable Beach and Paradise Island, added: “In 2019, the average square feet of a rental apartment on Paradise Island was 1,704 square feet, while Cable Beach averaged 1,335 square feet. “Twenty-nine percent of Cable Beach rentals, and 54 percent of Paradise Island rentals, were at or over $5,000 per month. The average days on the market before leasing in Cable Beach was 150, and 115 for Paradise Island. The average list price to lease price ratio in Cable Beach was 94 percent, and 96 percent for Paradise Island.” Hurricane Dorian’s impact on Abaco reduced the island’s volume of real estate sales by around 50 percent year-over-year. Despite the storm, Green Turtle Cay’s
comments, I really don’t see how that can be. “The reality is that the way the process should work is that Crown Land is usually carried out by government surveyors - Crown Land surveyors - and if there are not sufficient government surveyors then a RFQ is sent out to private surveyors. “Once they respond they have to vet those and, once they approve somebody for it, then you mobilise the team and then the work is done. So that’s a simple process whether in the public sector or private.” Donald Thompson, chief executive of Donald E Thompson & Associates, echoed these sentiments by adding: “I don’t think there is a lack of land surveyors. I don’t think he [the
Prime Minister] has all the information he needs with respect to this matter. “He needs to get with the Bahamas Association of Land Surveyors, and the surveyor-general, and sit us all down and find out exactly how many surveyors he needs to assist him with this urgent matter of land grants. He needs to sit with the president of the Land Surveyors Association and the Land Surveyors’ Board, and we will resolve all the matters he is concerned about.” Dr Minnis, upon his return from a CARICOM (Caribbean Community) meeting in Barbados, last week urged private surveyors to call his office for work. “We have one challenge, because we want to issue land to Bahamians,” he said. “We
have the land available, but we have the greatest challenge with surveyors. We don’t have sufficient and that’s holding back this government giving land grants to many young people and Bahamians who have applied.” Suggesting that there may even be persons within government blocking the private sector from getting such work, the Prime Minister continued: “We want to give the land to the Bahamian population, but we can’t give it because we don’t have sufficient surveyors and there are individuals who are hogging up this knowledge and don’t want Bahamians to get the land. “But they will get it and we are recruiting surveyors. All private surveyors who are out there in the private sector
kindly call the Office of the Prime Minister on Monday so we can hire you so that these Bahamians can get their land. They’re waiting for it, we’ve promised and we cannot deliver because we cannot survey the land, so we’re recruiting.” Damian Sands, an associate at quantity surveying company, DHP Associates, said: “Those people [surveyors] need time to do their work. They don’t work by cost of square foot’ they measure and they price. “Land surveyors need time to do whatever they need to do. They have to get there, they have to measure, they have to make their reports. These things don’t happen on a dime if we are talking about land surveying.”
sales matched 2018 numbers with an 8.6 percent increase in average prices. Treasure Cay, though, was well down on 2018. “There is not enough data just yet to determine the impact the storm has had on prices in the Abacos but we estimate it is about 50 percent of the pre-Dorian value,” Mr Lightbourn said. “By the end of this year we should be able to determine a more accurate figure, and this figure should increase as infrastructure and central amenities are built back. “The promising sign is the incredible resiliency shown by residents and the fact that so many people, whether owners or aspiring owners, want to build their communities back. Freeport,
in comparison to Abaco, is in relatively good condition and has some great buying opportunities at this time with reports confirming that Royal Caribbean is still committed to buying the Grand Lucayan.” Eleuthera saw an increase in the average sales price but a decrease in units sold during 2019, while Exuma saw a 4.5 percent decrease in the average sales price. Mr Lightbourn said these two islands will likely benefit in 2020 from buyers who would traditionally gravitate to Abaco, but who do not want to either renovate or wait on community amenities and infrastructure to be rebuilt. “The main factor in 2020 is likely going to be price adjustments,” Mr
Lightbourn said. “The new condo developments have several years of supply at the current prices and, at the time of this release there, are 2,560 residential properties active on the MLS. “Also, lending has improved since our report last year with rates now as low as sub-4 percent interest, so it should be a good year for vacant land and home sales to Bahamians.” The Engel & Volkers report added: “While properties in Abaco and Freeport will likely see trading activity for value buys and renovation investments, the other islands such as Exuma, Eleuthera and Long Island will likely benefit from those looking to experience their
investment immediately or begin generating income without the risk or requirement of surrounding amenities or renovation requirements. “The developing islands continue to be a buyer’s market because of low airlift, lack of amenities and inconsistent infrastructure. Opportunities exist to get more bang for your buck, and data proves that vacation renters will come from further away for longer periods of time to stay in a quality, comfortable well serviced property. Long Island, Cat Island, Berry Islands, Andros and San Salvador all offer great value, and authentic nature-based life styles which have been a growing trend internationally in recent years.”
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PAGE 4, Monday, February 24, 2020
THE TRIBUNE
AG hails ‘a new day’ on financial regulation from page one Arguing that The Bahamas had made much faster progress than other listed jurisdictions, having only been on the FATF list for 18 months compared to the three-plus years of some countries, Mr Bethel said the “on-site” visit to this nation was currently scheduled “some time before mid-May” 2020. He voiced optimism that, if all goes well, the visit should set the stage for The Bahamas to escape the list created by the FATF’s International Co-operation Review Group (ICRG) at the June meeting of the organisation that sets global standards for combating money laundering, terror financing and other forms of financial crime.
Mr Bethel said the Government’s attention, as well as that of financial services regulators and industry partners, will now turn to ensuring everything necessary is in place to produce a positive assessment by the visiting FATF team. He highlighted progress on “the investigation and identification of the proceeds of tax offences” as a particular issue meriting attention, but told Tribune Business yesterday this did not meant enforcing foreign countries’ tax laws in The Bahamas. Instead, Mr Bethel explained this would focus on the laundering of tax evasion proceeds and any false statements/ declarations submitted to the Ministry of Finance by the foreign owners of
Bahamas-domiciled corporate vehicles as part of their compliance with the US FATCA, the Common Reporting Standard (CRS) and other automatic tax information exchange obligations. And he reiterated that “the old days” of regulators and government agencies turning a blind eye to certain activities “are over” given the ever-increasing surveillance and demands for co-operation and transparency by international watchdogs. Mr Bethel’s remarks were also echoed by K Peter Turnquest, deputy prime minister, who told Tribune Business that escaping the FATF list - which places this country alongside warravaged states such as Syria and Yemen, and collapsed economies like Zimbabwe - was vital “to restore the good name of The Bahamas”. He also voiced hope that removal from the FATF listing would see The Bahamas escape the advisories issued by the US and UK Treasury Departments, both of which cited the body’s action for warning their financial systems to apply increased scrutiny from transactions originating in or involving this nation. “We are in the exit process,” Mr Bethel told Tribune Business following the outcome of the FATF meeting last week. “That is more than just a step in the right direction. You don’t get into the exit process unless you’ve substantially completed all the requirements. “Some countries have been on this list for three years; we’ve only been on it for 18 months. We
are moving at a very fast pace, and are in the exit process. You don’t get into the exit process until you’ve completed all, or mostly all, of the requirements. “That is a very important signal, and provided all goes well in the on-site visit, we will in June look forward to receiving full ICRG clearance and removal from their ‘grey list’.” Mr Bethel said he already has dates for the FATF’s “on-site” visit to The Bahamas, but these have yet to be finalised. “It’s going to take place some time before mid-May,” he added. “The aim is to have the on-site before the June plenary, and our target is to be off by the June plenary as we’ve identified before. That’s our goal.” The FATF, in its statement after last week’s meeting, said The Bahamas had “substantially completed” the action plan agreed in October 2018 to remedy the deficiencies identified in its anti-money laundering and counter terror financing (AML/ CFT) regime. As a result, this nation “warrants an on-site assessment to verify that the implementation of The Bahamas’ AML/CFT reforms has begun and is being sustained, and that the necessary political commitment remains in place to sustain implementation in the future”. The reforms encompassed seven key areas, and included developing a comprehensive electronic case management system for international cooperation; showing risk-based supervision of non-bank financial institutions;
“access to adequate, accurate and current basic and beneficial ownership information”; improving the quality of the Financial Intelligence Unit’s (FIU) products to assist law enforcement agencies in money laundering and terror financing investigations, especially complex and stand-alone cases; showing that all types of money laundering are being investigated and prosecuted; and showing that confiscation proceedings are initiated and concluded for all types of money laundering cases. Mr Bethel, in a statement following the FATF announcement, called on all agencies, regulators and financial sector players to “redouble” their compliance and prudent management efforts, and ensure they adhere to the new laws and standards. “It is critically important that The Bahamas showed measurable and sustained progress in addressing the deficiencies in our antimoney laundering and counter-terrorism financing regime, as well as in our combating all identified risk offenses,” he added. “Of particular importance will be the investigation and identification of the proceeds of tax offenses with a view towards the enabling of prosecutorial intervention in the event of any potentially false reporting under the CRS or the Substance Requirement Act.” Mr Bethel, yesterday explaining the reference to tax offenses, told Tribune Business: “We cannot enforce another country’s
tax laws in our own country as they are not part of our laws. We cannot enforce German, French, Italian or Spanish law, so we have to capture these illegal funds being laundered or if false statements are being made to the Bahamian tax authorities. “All these entities with non-resident beneficial owners must make CRS filings with the Ministry of Finance and economic substance filings.” Mr Bethel said the Attorney General’s Office had made arrangements with the Ministry of Finance, on a regulatorto-regulator information sharing basis, for the latter to forward any evidence of false tax compliance and related declarations to it so they could be investigated by the police. With focus now switching to preparing for the FATF’s visit, Mr Bethel added: “A large part of the preparation will be going over and reminding regulators of the extent of their authority, and limitations thereof. In all things they must follow the law consistent with what the statute permits, and what the limitations are. We’re looking in a sense to remind people of their new-found duties and penalties. “There’s a new legislative architecture governing financial services enforcement specifically, and regulatory powers to ensure compliance, and these powers and regulations must be implemented where circumstances require. It’s a new day. The old days of anything that mash up goes and nobody does or says anything, those days are over.”
THE TRIBUNE
Monday, February 24, 2020, PAGE 5
BPL power plant has ‘hit the rocks’ from page one to-date us unusable because it contains multiple forms of waste and harmful chemicals. The situation is likely to both alarm and infuriate BPL’s long-suffering residential and business customers on New Providence, as it will raise fears of a repeat of summer 2019 when virtually all parts of the island were subject to daily load shedding and blackouts often lasting a minimum three hours due to the utility’s aged and poorly-maintained generation capacity being unable to meet demand. Desmond Bannister, minister of works, confirmed the potential dilemma facing BPL when contacted by Tribune Business after this newspaper’s contacts alerted it to the situation at Clifton Pier. He admitted that “everything has to be in place” on the cooling system by May so that the new plant is fully operational in time to meet the peak summer electricity demand that kicks-in come June. The minister, who has responsibility for BPL, said the state-owned utility monopoly was “fully confident” that a cooling solution will be place before summer 2020. He hinted, though, at differences over what that solution should be by saying he preferred the radiator solution to the wells that management was focused on. When asked why the cooling situation had not been thought of and addressed much sooner, given both the size of the $95m investment and the long lead time - the deal for the engines’ purchase, shipping and installation was signed in early March 2019, almost one year ago - Mr Bannister suggested the answer stemmed from the complete
confidence engineers have in their chosen solutions. “Let me say this,” he told Tribune Business. “There is engineering thinking and there is practical thinking. When I look at something I like to have two to three options due to reality. An engineer may have confidence in one thing working. “It was never anticipated that the wells would be such a difficult thing because of the coral there. This is the situation. BPL has three options for cooling those wells. They’re looking at all the options in addition to digging the wells. “The first option is to utilise the 800-feet deep wells. They have challenges with the coral there, and have broken a number of drill bits. They are at a little over 400 feet on two of them, and they continue to work to dig those wells.” BPL’s other two options, Mr Bannister explained, are to bring in cooling water from “another source”, such as the utility’s other stations at Clifton Pier, or the radiator system that was identified as the preferred solution by Wartsila. “That system is on order,” the minister added. “It’s going to be delivered shortly before summer. In my view, that’s the most reliable source. Having all those options open to them is critical to BPL.” Mr Bannister said the present winter season, with
its reduced energy demand, meant that BPL did not need all seven Wartsilasupplied engines to be operational now. All were undergoing testing and rotation amid preparations to hook them up to the grid. “They’re not seeking to run all of them right now. That was never the intention They don’t have to have them operational fully until June,” he told Tribune Business. “When we come into June it’s critical to have them operational, and BPL is fully confident it will have the cooling system in place before then “There are two things. They have to test all the engines and ensure they operate appropriately at the right standard. The second thing is to ensure they have the cooling system in place for the summer peak season. “Right now we’re at a time when we don’t need all those mega watts. By May everything has to be in place. It has to be operational in June. They’ve ordered the radiator system and expect it to be here soon. In my view that is going to be the most reliable way to deal with it, but I’m not an engineer. I believe they’re counting on being able to use those wells as much as possible, but from my perspective I like the idea of radiator cooling.” Besides keeping the lights on during summer 2020, the Wartsila engines are also
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critical to reducing energy costs for Bahamian households and businesses and offsetting the extra costs associated with BPL’s imminent $580m refinancing. Dr Donovan Moxey, BPL’s chairman, told last month’s Bahamas Business Outlook that the 30 percent greater efficiency of these seven new units means they will reduce the fuel costs that make up 50-60 percent of BPL customer bills. This will achieved because they burn less fuel than BPL’s existing generation capacity to generate the same amount of electricity. And Dr Moxey said the planned switch from automotive diesel oil (ADO), currently the most expensive fuel source available, to heavy fuel oil (HFO), which will be enabled by the Wartsila-supplied engines, will reduce BPL’s generation costs by a “further 30 percent”. Combining these two savings gains, he added, should offset the addition of the new debt servicing charge that will be added to BPL customers’
bills to help repay the $580m borrowed from local and international investors. The cooling system wait, and delay in bringing all the Wartsila engines online, also helps explain prior warnings by BPL and Mr Bannister that the debt servicing charge - equivalent to 15 percent of a customer’s current consumption - may initially increase overall bills. And revelations of BPL’s cooling system woes are especially ill-timed because the utility is still waiting to obtain the ‘credit rating’ from international agencies that will allow it to place the $580m refinancing and determine the price (cost) Bahamian consumers must pay to investors. Dr Moxey, when contacted on the cooling system situation, responded by saying that “some of the things” reported to Tribune Business were not correct. He declined, though, to identify what these were and Mr Bannister’s comments confirmed what this newspaper had been told was largely correct.
“Some of the things you just outlined to me are not correct,” Dr Moxey replied. “I’m not going to respond to any of it. I’m not going to provide any feedback or comment. Some of that stuff is clearly not accurate. I’m not going to get into any of it, I’m really not. I’m not going to put anything to it. Whoever the sources are are doing it to cause confusion, muddy the waters or don’t know what the facts are.” Tribune Business had been alerted to the situation by a source who said: “Two of the seven engines are up and running out of the seven. The forgot to make provision for the water to be pumped through the engines. Wartsila updated the engines and, $100m later, somebody forgot to pump water through the engines to keep them cool.” Another added: “They’re trying to put four 800foot wells down there, and they’ve been unable to do one because the drill bits keep breaking as the rock is so hard.”
Vacancy Announcement
The American Embassy in Nassau is accepting applications for the following position:
Financial Assistant Duties: Provides administrative support to the Financial Specialist. Duties include preparation of the Diplomatic and Consular Programs (DCP) budget, the Public Diplomacy Budget and Consular (MRV) budget. Duties include assisting with the preparation of budget estimates, development of financial plans, collection of workload counts for the preparation of the ICASS Budget, development of financial plans, preparation of variety of administrative reports, in all areas of post budgets and fiscal operations. Interested candidates are required to possess the following skills and qualifications: • Education: Completion of an Associate Degree in Accounting or Finance is required or at least three years of technical study in accounting, or budgeting. • Experience: A minimum of five years of financial management experience performing progressively more responsible work. The experience must emphasize analytical, judgmental, and expository capabilities. At least two of the five years must have been for an international organization. • Language: English level IV (Fluent). 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: Friday, February 28, 2020. Due to the high volume of applications, unsuccessful candidates will not be contacted.
Straw Market Authority Public Notice Please be advised that the Bay Street Straw Market
will be CLOSED
to the general public from Sunday, 23rd February, 2020 to Friday, 28th February, 2020. The Bay Street Straw Market is EXPECTED TO RE-OPEN on Saturday, 29th February, 2020 at 7:00am. We apologise for any inconvenience caused.
PAGE 6, Monday, February 24, 2020
THE TRIBUNE
FUNERAL HOME ROW ON HURRICANE DORIAN BURIALS from page one
Authority on the matter, added that the group and its members had been prepared to invest $300,000 of their own money in arranging proper burials for the victims whose bodies are still being stored in refrigerated truck. It accused the Government of “succumbing to the pressure of one of our members” to hand this task over to them, but Minnis administration representatives denied that any binding commitment or promise had been given to the Association. Iram Lewis, minister
of disaster preparedness, management and reconstruction, said: “I never received a letter from the Bahamas Funeral Directors Association. I never spoke to those people. I never went back on any word because there was never any word given to them to go back on.” John Michael-Clarke, chairman of the Disaster Reconstruction Authority, added: “We didn’t go back on our word. We got two proposals for the burial of persons in Abaco. We were originally supposed to have carriage over it, but we were made to understand that the ministry and the minister
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was already handling that. That was the reason why we got two proposals for it. “While we were entertaining two proposals, it was decided that the minister would take the lead in organising the burials. Subsequent to speaking with minister Lewis and speaking with the Prime Minister, my understanding is that the minister is still committed to the solution of the burial of the bodies in Abaco being as inclusive as possible.” The BFDA, which is addressed to Mr MichaelClarke and signed by the association’s secretary, Uranda Curtis, says the group “had multiple level communications” with the Disaster Reconstruction Authority and was “advised by its chairman” that they would be provided with a “letter of commitment” to proceed with providing services for the burial of victims of Hurricane Dorian. They “were invited to meet with representatives of the Disaster Reconstruction Authority in Marsh Harbour on February 17,
2020” to view the burial site and finalise plans. This trip went ahead, and the BFDA said they were advised that their services “would be accepted, and that we would be issued a letter of commitment on February 18, 2020”. It added that they were prepared to spend more than $300,000 of members’ own money to provide the funeral service, prepare all graves, and ensure that all related services would be handled. However, the BFDA letter added: “We are shocked and very concerned to now understand that the Government of the Bahamas has succumbed to the pressure of one of our members, who initially volunteered (as reported in the media) to assist the Government with removal of bodies in Abaco, and only provided services for persons who had contracted their business directly, to now be on the precipice of being offered the very same service that we have agreed to provide, and what we are advised was accepted by the Disaster Reconstruction Authority.
“We are even more concerned to learn that the Government in fact paid this member near six-figures to remove bodies in Abaco, at a rate almost double that of what law enforcement pays for the removal of deceased persons, when this member advised that the services were provided on a voluntary basis. “We also mention that during the periods after Hurricane Dorian, law enforcement and NGOs were providing this service without cost and there was no need to contract any of our members to provide this service. Had we been contacted, we would have provided it at zero cost.” The BFDA is also asking Mr Lewis and the Government to “honour the commitment expressed by the Disaster Reconstruction Authority” and to not engage any of its members, “particularly without confirming the currency of their Business License and tax compliance status”. It also warned against members trying to undercut the efforts of the BFDA as a body.
Mr Michael-Clarke, though, responded: “The idea was that there was composite solutions. What is important is that the bodies are buried in a decent fashion. They sent it to me and I had given an indication that we wanted to give the bodies in Abaco a decent burial. As far as I am concerned we are still working on an inclusive solution. Responding directly to the BFDA claim that a contract was awarded to a single funeral director for more than double the going rate, Mr Clarke added: “That is not true. The Disaster Reconstruction Authority has not signed or entered into a contract with anyone for the burial of bodies. “The expectation is in keeping with our recovery in that as many persons as possible are involved in the burial of the bodies, whether or not that contract is made at the ministry, the authority or at NEMA (National Emergency Management Agency).”
THE TRIBUNE
Monday, February 24, 2020, PAGE 7
GAMING BOARD’S REDUNDANCY FAIL ‘MIND BOGGLING’ - JUDGE from page one
She ruled that the Gaming Board had failed to comply with both the Bahamas Public Services Union (BPSU) industrial agreement, which governed the impacted line staff, plus the 2017 reforms to the Employment Act that mandated “consultation must take place” with the affected workers and their representatives when more than 20 are being terminated. Justice Charles also found that the Gaming Board had pressed ahead with the redundancies despite its chairman, Kenyatta Gibson, being told of the need to adhere to these procedures by BPSU and worker representatives. “It is mind-boggling that the defendant did not follow the procedure which is so clearly set out in the law even after representations were made to the chairman that the bargaining agent must be informed and consulted once ‘employees’ are made redundant,” she wrote. “The defendant produce no evidence as to how these 24 plaintiffs were chosen to be made redundant. The failure of the defendant to adhere to the redundancy procedure as stated in the Employment Act (as amended) and the Industrial Agreement results in the Plaintiffs being wrongfully and/ or unfairly dismissed.” Justice Charles ruled that the 24 line and managerial
staff were entitled to reinstatement to their posts, which must take place by June 30, 2020, and/or damages for wrongful and unfair dismissal. She also found that they were “entitled to special damages”, but could do nothing for the 12 probationary and contract workers who were also made redundant by the Gaming Board at the same time. Setting out how the dispute unfolded, Justice Charles said it stemmed from an October 17, 2017, decision by the Gaming Board’s Board that “there is a need to embark upon a restructuring exercise in an effort to create maximum organisational efficiency”. Georgette Johnson, one of the dismissed employees, in her evidence recalled how she attended the first Board meeting following the Minnis administration’s May 2017 election in September of that year. “She had anticipated that she would be called upon to present all outstanding reports on the areas that she supervised,” Justice Charles wrote. “However, the chairman [Mr Gibson] advised that she was invited to discuss other pressing matters. She stated that the chairman expressed his concern about the number of ‘misfits’ at the defendant Board. She further averred that the chairman stated that the defendant Board was overstaffed, and she should recommend persons to be disengaged.
“However, she duly informed him and Board members that she would be unable to make those recommendations and that the defendant Board should carry out a manpower and training needs analysis to determine the same.” Mrs Johnson also recalled the Gaming Board’s redundancy plans were discussed during a meeting held by Cameron Symonette, a member of the regulator’s Board. She said during cross-examination: “Like I said in this statement, Mr Symonette would have stated that as per his experience, and he drew reference to an organisation that had 200 employees, he said likewise, the Board has about 200 employees and there is only a need for one person in payroll administration. So a discussion was had on who would be the best person for the position, and it was concluded that Claudia Williamson should be the person.” Mr Gibson and the Gaming Board subsequently issued a statement following the redundancies, explaining that the regulator’s needs had become technology focused as opposed to manpower focused due to the rapid evolution of web shop and casino gaming. Justice Charles said it was “plain” that the Gaming Board had embarked on a restructuring exercise, noting that seven of the managerial employees made redundant had
worked for the regulator for between 11 to 32 years. And she added that it was “crystal clear” that it had to comply with the BPSU industrial agreement in relation to the line staff. “I found as a fact that the defendant failed to inform and consult with the bargaining agent/representative as well as the minister of labour regarding the Plaintiffs’ termination,”
the judge ruled. “It was the representatives of the bargaining agent [BPSU] who contacted the defendant. “She [Ms Bain] stated that she and the president were able to make contact with the chairman [Mr Gibson], and he informed them that the terminations were based on a human resources audit which resulted in persons being terminated since they were
not qualified. “They also inquired of the chairman as to the reason for not informing the bargaining agent, to which he gave no response. Ms Bain stated that they asked the chairman whether he would give consideration to reinstating the persons who were terminated, and he responded that he will not reinstate the terminated persons.”
IMPORTANT NOTICE West Bay Street and Baha Mar Parking Lot Modifications The Bahamas Environmental Group Ltd. would like to inform the general public that it will be performing road construction works on the old West Bay Street south of Melia and modifications to the Baha Mar western parking lot. As a result, traffic management measures will be utilized to safely perform the work. These measures will consist mainly of one lane road closures that permit stop and go traffic. The work will commence on Monday, February 24th, 2020 and is expected to last approximately 12 months. Signs, cones, barricades and flag persons will be used to direct motorist through the work zone. The motoring public is advised to minimize use of this area during this period if possible. However, if you must use this area please observe all traffic management measures to ensure your safety, the safety of other road users and our site team. We apologize for the temporary inconvenience to the public during this period as we endeavor to make improvements. For further information or assistance during the work please use the contacts below:
Bahamas Environmental Group Ltd. Tel: + 1 242 601-8683 e-mail: admin@bahamasenvironmental.com
Vacancy Announcement
The American Embassy in Nassau is accepting applications for the following position: Duties:
Safety Program Coordinator
Incumbent serves as the Safety Program Coordinator with responsibility for assisting the Post Occupational Safety and Health Officer (POSHO) in carrying out the day-to-day functions of the Safety, Health and Environmental Management (SHEM) and Fire Protection Division (FIR) programs at post as required by 15 FAM 900 and 15 FAM 800; assures that all governmentowned and leased property in country meet the requirements of 15 FAM 253.5, 15 FAM 432, 15 FAM 840, and 15 FAM 950, as well as other related Departmental requirements which may exist. Incumbent reports directly to the Post Occupational Safety and Health Officer. Interested candidates are required to possess the following skills and qualifications: • Education: Completion of High School education, additionally, the candidate must have completed a two-year vocational/trades school training in facilities maintenance, environmental safety, construction or any of the building trades, such as mechanical, electrical or structural. • Experience: Minimum three (3) years of experience in the maintenance or construction field performing repair work or in the field of occupational safety, to include work experience as a construction supervisor or quality control assurance inspector with experience in managing people and resources. • Language: English level IV (Fluent) reading/writing/speaking 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: Friday, March 06, 2020. Due to the high volume of applications, unsuccessful candidates will not be contacted.
PAGE 8, Monday, February 24, 2020
THE TRIBUNE
What impact will coronavirus have on financial markets? Weekly Market Insights
MEDICAL workers wearing protective gear move a patient suspected of contracting the new coronavirus from an ambulance to the Kyungpook National University Hospital in Daegu, South Korea. Photo: Kim Jong-un/Yonhap via AP THE novel coronavirus first appeared in Wuhan sometime in December and, at the time of writing (February 19), there are over 70 million people infected worldwide, resulting in more than 2000 fatalities. The emergence of the disease triggered an unprecedented move by the Chinese authorities, leading to the imposition of circulation restrictions over more than 70 million people and the prolongation of the lunar new year, triggering a pronounced decline in the country’s economic activity. Despite uncertainty about the real potential for disruption, over what will be the duration, global reach and severity of the disease, economists from Morgan Stanley are predicting a fall in economic growth to as low as 3.55% (from the previously estimated six percent) during the first quarter of 2020, if containment of the pathogen isn’t achieved quickly – other scenarios, accounting for longer timeframes are even more pessimistic. A recent analysis of the manufacturing output in the country, by the same bank, found production to
be below 50 percent of the usual level. But the disruption isn’t limited to China. The country is a pivotal piece in the global supply chain, providing parts and components used by manufacturers and assemblers based all around the globe; Apple recently stated the unlikeliness of its first quarter sales projections being achieved. JCB, a UK producer of heavy machinery, announced cuts in production and the introduction of a 34-hour week for its employees, due to a shortness of components imported from China. However, China isn’t only an exporter, it is also the world’s largest buyer of raw materials, specially oil, and one of the main markets for European cars and luxury products. Global tourism is another casualty of the crisis, as the Chinese traveller stays at home. And how are the financial markets reacting? Perhaps with some complacency; the S&P500, a stock index, which includes the main US companies, continues to rise; at the time of writing it had just reached an all-time high, in a dynamic reflected by the world’s other leading
stock indices. Since the 2008 financial crisis central banks have been keeping interest rates at historical lows and injecting liquidity into the financial markets, driving investors towards a search for yield that has been particularly beneficial for stocks. So far, the coronavirus hasn’t changed this sentiment, which continues bullish. We can however see repercussions in the foreign exchange and commodities markets. The Euro lost over 3.8% to the US dollar since the beginning of the year, due to fears that the slowdown in global economic activity will have a worsening effect over the already anaemic levels of growth in the region. The price of oil also suffered, due to the reduction in demand from china, leading to a decline of around 17% in the value of the crude barrel. Much uncertainty persists over the coronavirus and its potential to impact the growth of the global economy. If it will it trigger a black swan event, that dictates the end of the longest running bull market in history, remains to be seen.
THE TRIBUNE
Monday, February 24, 2020, PAGE 9
ONE IN THREE VENEZUELANS UNABLE TO GET ENOUGH FOOD CARACAS, Venezuela Associated Press
ONE of every three people in Venezuela is
struggling to put enough food on the table to meet minimum nutrition requirements as the nation’s severe economic contraction and
NOTICE NOTICE is hereby given that QUINCY OMAR JOHNSON JR. of Betsy Village, Governor’s General Delivery 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 24th day of February 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
political upheaval persists, according to a study published Sunday by the UN World Food Program. A nationwide survey based on data from 8,375 questionnaires reveals a startling picture of the large number of Venezuelans surviving off a diet consisting largely of tubers and beans as hyperinflation renders many salaries worthless. A total of 9.3 million people – roughly one-third
of the population – are moderately or severely food insecure, said the World Food Program’s study, which was conducted at the invitation of the Venezuelan government. Food insecurity is defined as being unable to meet basic dietary needs. “The reality of this report shows the gravity of the social, economic and political crisis in our country,” said Miguel Pizarro, a Venezuelan opposition leader.
DUGLEIDI Salcedo complains about the high price of food as she prepares arepas for her three sons. Hunger drove her to send her four-year-old daughter to live with an aunt when she could no longer feed her. Photo: Rodrigo Abd/AP
PAGE 10, Monday, February 24, 2020
THE TRIBUNE
PUBLIC NOTICE
MARKET REPORT
INTENT TO CHANGE NAME BY DEED POLL
www.bisxbahamas.com
(242) 323-2330
FRIDAY, 21 FEBRUARY 2020
(242) 323-2320
ALL SHARE INDEX: CLOSE: 2,202.03 | CHG: -7.09 | %CHG: -0.32 | YTD: -29.57 | YTD%: -1.33 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 3.64 5.06 10.88 8.00 16.99 9.40 3.80 15.20
52WK LOW 3.35 20.91 5.50 5.38 1.77 0.67 2.00 9.85 5.60 3.95 6.10 2.53 1.76 8.00 6.40 14.00 6.80 3.01 13.85
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 3.53 11.61 6.00 4.33 6.49 3.66 5.06 11.05 8.00 14.50 9.33 3.70 15.20
CLOSE 3.50 17.43 6.00 6.68 2.10 1.62 3.53 11.61 6.00 4.33 6.10 3.65 5.06 11.21 8.00 15.05 9.33 3.50 15.20
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.39 -0.01 0.00 0.16 0.00 0.55 0.00 -0.20 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
175
3,700 2,000 1,000
2,075 4,500 5,300 8 3
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 -8.1 16.1 13.4 23.5 43.6 35.8 10.8 17.4 11.0 18.4 9.9 17.2 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% 2.77% 0.00% 11.89% 1.19% 2.93% 3.00% 3.59% 2.14% 3.43% 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% 0.58% 4.04% -1.09% 5.26% 0.22% 4.45% 2.29% 9.61% 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-Jan-2020 31-Jan-2020 31-Jan-2020 31-Jan-2020 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 1.67 1.83 1.76 1.23 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 1.67 1.83 1.76 1.23 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 1.67 1.83 1.76 1.23 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
The Public is hereby advised that I, ABIGAIL KESHELLE KERR aka KESHELLE ABIGAIL DAVIS of Azalea Close in the Western District, Nassau, Bahamas, intend to change my name to KESHELLE ABIGAIL DAVIS. 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.
THE TRIBUNE
Monday, February 24, 2020, PAGE 11
THE STRUCKUM recruitment event at BTVI.
PEST CONTROL FIRM IN PITCH TO FIND NEW RECRUITS A PEST control company has held a recruitment exercise at the Bahamas Vocational and Technical Institute. Struckum Commercial Pest Services held the event on Thursday last week to inform students of opportunities in the industry. The director of HR and marketing for Struckum,
Jaychelle Hanna, told students that the company is part of a growing market already worth $75m. Struckum presently has a staff of 21 and in need of workers in both the service and administration areas. Ms Hanna told students that the industry needed people with the skills produced by BTVI – including
electrical and plumbing skills. Struckum is led by Gavvin and Gibran Strachan, sons of the founders, the late Gregory Strachan and his wife Gilda. Anyone wanting more information can visit https:// struckum.bamboohr.com/ jobs or email jobs@struckum.com.