02272020 BUSINESS

business@tribunemedia.net

THURSDAY, FEBRUARY 27, 2020

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Fears coronavirus to cost $2m home deal

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN company yesterday said it fears losing a $2m modular housing opportunity in this nation due to the coronavirus impacting its Chinese partners and supply chains.

Latrae Rahming, Bahamaren’s managing director, told Tribune Business: “I think for the most part, for most Bahamians, particularly us doing business in China, we do business in three different areas - housing, trade and suppliers. Most of our suppliers are closed depending on the areas. Our supply chain, for the most part, has been impacted.”

Multiple Chinese factories have been closed to prevent the further spread of the deadly virus, which has infected thousands in that country and worldwide, and led to the death of hundreds.

These closures, in turn, create logistics and supply chain problems for Bahamian companies as the supply of both finished products and components is disrupted, resulting in shortages.

SEE PAGE 7

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Royal Caribbean’s PI land deals revealed

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

R

OYAL Caribbean’s Bahamian attorney this week confirmed it has acquired multiple real estate parcels on Paradise Island’s western end, but declined to specify whether it is also seeking crown land.

Campbell Cleare, partner at McKinney, Bancroft and Hughes, instead directed Tribune Business to speak to the Prime Minister’s Office after multiple sources suggested the Department of Lands and Surveys has been given instructions to drawup plans to address the cruise line’s request.

This newspaper has never received an answer to its questions, submitted through Dr Hubert Minnis’ official spokesman several weeks ago, as to whether Royal Caribbean has submitted an application to purchase, lease or otherwise use as much as ten acres

Ex-AG slams ‘absurdity’ of financial crime listing

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AN ex-attorney general has slammed the “absurdity” of the criteria that will determine whether The Bahamas should be removed from an anti-financial crime monitoring list.

Alfred Sears, pictured, said the Financial Action Task Force’s (FATF) assertion - that it needs to assess whether this nation has “sufficient political will” to sustain reforms to its anti-money laundering and counter terror financing regime - introduces “subjective” and “unverifiable” mechanisms into The Bahamas’ efforts to escape its surveillance.

Questioning whether such standards would be applied to the likes of the US, Canada and the European nations, Mr Sears argued that the new laws, strengthened regulatory bodies and increased investigations/ prosecutions of financial crime resulting from The Bahamas’ implementation of the October 2018 “action plan” agreed with the FATF should be evidence aplenty of “political will”.

While there was “no question” that The Bahamas needed to escape the FATF’s monitoring list, given the negative impact for its international financial centre and trade model, the former attorney general said the assessment criteria further highlighted the

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need for all global antifinancial crime initiatives to be placed under the United Nations (UN) supervision.

He told Tribune Business that The Bahamas needed to insist that the FATF team, which will visit this nation before mid-May 2020 to determine if enough progress has been made to warrant its removal from the 18-state list, feature representatives from its Caribbean and international financial centre (IFC) peers and not merely be comprised of officials from the major onshore centres.

This, Mr Sears argued, would improve The Bahamas’ chances of enjoying a fair and unbiased assessment given that the FATF’s major members are the countries driving global regulatory reforms in a manner many believe is intended to push this nation and other IFCs out of the financial services business.

A former chairman of the FATF’s regional affiliate, the Caribbean Financial

SEE PAGE 4

acquisitions. “I think the best people to ask are the Office of the Prime Minister,” he replied, neither confirming or denying Royal Caribbean’s intentions.

“As it relates to crown land, you need to speak to the Crown. I cannot go any further than that. The only people who can tell you that are the Office of the Prime Minister or the surveyor general. Certainly, if the Office of the Prime Minister cannot tell you, I certainly cannot. I’m sure you understand the dynamics of all this.”

Tribune Business was last night awaiting replies from Royal Caribbean to its questions on the Paradise Island plans as it went to press.

Its real estate purchases are thought to accompany virtually all the private parcels extending west from the Yoga Retreat, although

Bahamas investor gives oil explorer $36m war chest

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

there is understood to be one lot owner who may be holding out.

Several properties on Paradise Island’s western end have been on the market in recent years. Hollywood actor Nicholas Cage’s property, Kilkee House, was put up for auction in 2016, while art dealer Gilbert Lloyd, whose father co-founded the Marlborough Gallery, was said to be seeking near$16m when his property was advertised for sale in 2017.

Both are thought to have been snapped up by Royal Caribbean, along with the Beach House Villas property developed by Sterling Global Financial chief, David Kosoy, who is now spearheading Hurricane Hole’s redevelopment. Tribune Business understands that Royal Caribbean may have spent as much as

A BAHAMAS-based investor was yesterday said to have added “another brick in the wall” to a local oil explorer’s financing strategy by taking the funding available for its first well to $36m.

Simon Potter, Bahamas Petroleum Company’s (BPC) chief executive, told Tribune Business that the investor - who he declined to name - had given the exploration outfit access to a further £8 million (approximately $10.5m) before expenses and fees.

Some 90 percent of these funds can be drawn down, and BPC has this week already accessed an initial $3.2m tranche as it moves to ensure it has the necessary financing in place when needed for the first exploratory well that will be dug in April 2020 in waters southwest of Andros.

Mr Potter indicated that the Bahamian investor’s financing provided BPC with further certainty that all costs will be fully covered, as service provider contracts are likely to combine with direct well

SEE PAGE 6

SEE PAGE 7

• Attorney confirms multiple parcels acquired • Neither confirms nor denies crown land sought

of crown land in efforts to develop a beach break/ getaway destination for the thousands of passengers it brings to Nassau annually.

However, Mr Cleare did affirm Tribune Business revelations dating back to early 2019 that the cruise line giant has been steadily acquiring real estate parcels on Paradise Island’s western end from their private highend owners.

“I do represent Royal Caribbean,” he said. “Royal Caribbean has bought a number of parcels of land on the western side of Paradise Island. I can tell you, because we’ve concluded the matter and it’s of public record, that we did buy a number of parcels on western Paradise Island.”

Mr Cleare, though, was less forthcoming when asked whether his client was also seeking crown land to go with its private

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PAGE 2, Thursday, February 27, 2020

THE TRIBUNE

GB resort rewards its best employees The best way to A GRAND Bahama resort honoured several of its 60 employees during the biannual Pelican Awards Ceremony.

Della Bridgewater, Pelican Bay’s operations manager, said: “2019 was a particularly challenging year for us because of Hurricane Dorian, but our employees really stepped up to make sure that the property was able to remain open.

“These awards give us an opportunity to showcase those who have given outstanding service and made exceptional contributions to our overall business success, and were unflappable in the aftermath of Dorian.”

This year’s Pelican Awards highlighted 17 employees who were recognised for invaluable contributions at work and exemplified excellence. Awards were presented in various categories .

Antique McKinney, who has been employed at Pelican Bay for just 18 months,

THE MANAGEMENT of Pelican Bay honoured several of its staff members with a special luncheon and award ceremony for their dedication to the property.

Photo: Alfred Anderson/Barefoot Marketing received the award for Front said McKinney. “It’s a House employee of the reminder to us all that our year. “I can’t describe how contributions matter and wonderful it is to know that that our employer appreciyou are a valued member of ates our efforts.”

Also taking awards were your work environment,”

employees such as Leroy Darling, who was awarded the trophy for Back of the House employee of the year, while Jordan Missick and Eddison Davis - both supervisors - were recognised for their work.

Pelican Bay opened its doors as soon as the postDorian all-clear was given in Grand Bahama, just as it did following Hurricane Matthew in 2016. The hotel made rooms available for persons involved in restoration efforts and, as more of Grand Bahama’s essential services were restored, the hotel was able to open even more of its room inventory, providing assistance for those who needed shelter.

“Our staff was back at work as soon as the all-clear was given,” said Magnus Alnebeck, Pelican Bay’s general manager. “Everyone stepped up and helped us open, and we are eternally grateful for the fact that they gave us 100 percent even though they were also impacted by the storm.”

To celebrate their efforts, and show appreciation for their hard work, employees were treated to much-needed trips to New Providence and Florida before the end of 2019. The off-island getaways were an opportunity for employees to relax and recharge post-Dorian.

Pelican Bay is now fully operational, including its restaurant, Sabor, and Bones Bar. “We are a resilient hotel,” said Mr Alnebeck.

“We have weathered Frances, Jeanne, Mathew and now Dorian. We have a hard crew of workers who care very much about our island and the tourism business. I congratulate them all for their dedication to us, and to the business of making guests happy.”

handle your debt

By MARIO CAREY Principal, Better Homes and Gardens Real Estate MCR Group Bahamas

THE warning in Shakespeare’s Hamlet, “neither a borrower nor a lender be”, was aimed at keeping money and friendship at arm’s distance. Once you eliminate close friends from the equation, borrowing can be a powerful tool. The real questions are: How do you know when borrowing is the right thing to do, and how do you keep the cost associated with it as low as possible?

Let’s face it. We have heard so much about people burdened by too much debt and offers of debt consolidation loans that we sometimes lose sight of the positive side of debt. The fact of the matter is there is a right time and a wrong time to incur debt, and right and wrong reasons.

My advice is that the right time to incur debt is when the cost is not overbearing, and it will allow you to invest in a business or business idea and/or purchase real estate, which is likely to appreciate in value and enhance your lifestyle.

Structured and used properly, debt can be a powerful tool. Almost no business in the world has grown, improved and increased its market share without borrowing.

Debt is the foundation of expansion, but the key is understanding good and bad debt practices and the full cost of borrowing. Just

MARIO CAREY like anything else, there is a right and wrong way to handle debt. Borrowing to develop a business idea or improve your lifestyle can be a positive tool when applied to investment growth, or a dangerous burden when used to consume unnecessary items.

Remember that there are costs associated with debt, the primary one being interest payments spread over a long period. The total cost of a 20-year mortgage can be twice the initial amount borrowed, so you will want to shave off as much of that interest as possible. A proven method of lowering the cost of debt is to make extra principal payments toward the loan balance.

This requires discipline and budgeting, but over the life of the loan making extra payments on the principal can save you lots of money.

For the first five years of a loan, every payment is primarily interest. So make sure the loan terms you negotiate allow for monthly or at least quarterly principal payments without any penalties from the lender.

And, when negotiating your loan, make sure there is no pre-payment penalty.

Go to the principal and save costs.

THE TRIBUNE

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A TOP government official yesterday said post-Dorian upgrades to The Bahamas Building Code could take up to a year to complete depending on the direction the process takes.

Craig Delancy, the Ministry of Works building controls officer, and who is leading this project, told Tribune Business: “We are about to start work on it. There is a process involved where we want to start off with having a stakeholders meeting, which will incorporate all of the (ACE) architects, engineers and contractors, along with building suppliers and even investors who

Thursday, February 27, 2020, PAGE 3

Building code upgrades may need year to finish may be interested.

“This is going to take about a year, at least a year. Depending on the direction we go it may be a little shorter or a little longer.” Mr Delancey, who is two weeks into his role in leading the initiative, added the government will use this forum “to get buyin” from all stakeholders and brief them on what the

government plans to do.

Explaining that there are two options, Mr Delancy told this newspaper the initiative can simply revise the current Bahamas Building Code or look at adopting a recognised international building code. “Those would be some of the main focus of the forums,” he added. “We also need to

have a consultant involved to assist us in this process.”

Asked when the consultant will be in place, Mr Delancy said: “We will have to put out for an RFP (request for proposals).

I would say in a month’s time the RFP would be out for the consultant. The RFP will go out in March and we hope to get some returns by April. If the

local person qualifies or meets all of the requirements, it’s a possibility they can get the contract to deal with it.

“By the end of March we will just be embarking on the entire initiative, and the consultative team comprising ACE, investors and interested stakeholders would be started in April. It would be best if

we identified the consultant first.

“We want to make sure we are making intelligent decisions that would satisfy the country. That doesn’t mean that the current building code does not satisfy us, because as far as from a structural point of view the building code as it is is quite satisfactory,” Mr Delancey continued.

“We want the new code to include additional areas that were not included in the previous edition; things like energy conservation, alternative energy, or renewable energy and expanding on the persons with disabilities. We want to get the views and validate what direction we should go. We hope that we will end up with a good solution that will take us forward.”

‘No choice’ over GB Power’s Dorian levy

By YOURI KEMP and NEIL HARTNELL Tribune Business Reporters GRAND Bahama Power Company customers “may have no choice” but to accept the Dorian recovery levy being added to their bills as the price for restoring service to East End, it was argued yesterday.

James Sarles, one of the island’s principal realtors, told Tribune Business that the utility’s Storm Recovery and Stabilisation Charge threatens to “add insult to injury” for homeowners and businesses still in recovery mode almost six months after the category five hurricane struck.

However, he acknowledged that the levy was “probably justified” if it results in GB Power restoring electricity services to Grand Bahama’s East End via traditional transmission and distribution infrastructure - something it had not initially planned to do.

“Obviously the people are hurting, and it would be good for them not to charge this and give us a break,” Mr Sarles told this newspaper. “However, I

understand that in the east they were not going to restore power out there as to do so was too expensive for the number of homes.

“That decision was changed, and they are going to electrify the east. I am grateful they are doing that.

If that’s [the new charge] what’s needed for the electrification of the east, so people can have power, it’s probably justified.”

An Inter-American Development Bank (IDB) report previously revealed that GB Power had baulked at restoring the pre-Dorian transmission infrastructure in East End on the basis that it did not make economic sense, as the $8m investment required would never yield a return because there are too few homes and customers in the area.

The utility had initially looked at microgrid renewable energy solutions for East End, but ultimately reversed course and said these would be an interim solution until restoration activities were completed.

Suggesting that the government could have provided some financial support for GB Power’s

post-Dorian recovery so as to ease the burden on consumers, Mr Sarles added: “I would like to see them not do it, but if this is what it takes to electrify the east there may be no choice to it.

“It would be good if they don’t add insult to injury and allow us to recover. The people were hit so hard by the hurricane, they probably could have left this alone and tried to make it work. The prices are high anyway and that’s going to affect us commercially, as it keeps a lot of people away.”

GB Power has described the additional charge to customer bills, which will take effect from April 1, 2020, as essential to recovering $15.6m worth of post-Dorian infrastructure repairs. It reiterated that the levy will only increase consumer bills by an average one cent ($0.01) per kilowatt hour However, Michael Mosko, vice-president of Mosko Realty’s Grand Bahama operation, told Tribune Business: “I think it’s ridiculous. How long will they keep on charging us for this thing?

The last hurricane when Edward St George was alive, I don’t remember them ever charging us.

“But right now, to hit us with this and business is not good, and to give one month’s notice?

I only found out by accident, and then I called the power company and asked them when did they plan to tell us? But what can we do? Somebody has to pay for it.”

James Rolle, Dilly Madison’s general manager, added: “Everyone is concerned about that. People are saying that we are still trying to survive from Hurricane Dorian, and the Grand Bahama Power Company is using the same excuse everyone else is using that they have suffered, and that is the reason for their rate increase.

“Of course that doesn’t give any credence to the fact that the people that have businesses in Grand Bahama are still trying to get themselves back together, and it’s going to take more than a year for a lot of the businesses to get near to where they were operating before Dorian”.

Arguing that GB Power was merely “passing the overhead costs on to businesses”, Mr Rolle added: “I hope they can come back with a different way or means of recouping, or at least getting themselves back to where they were.

I can’t think of a way, but increasing your fees adds more to the burden of the people. That’s what it boils down to.”

Brent Collins, Power Equipment Ltd’s chief executive, added: “Personally I understand why they have to do it, and most other people I have spoken to about it, they don’t disagree.

Everybody is upset because rates are going up anyway,

but people understand why they have to pay.

“With everything else that’s going on it’s just something else you have to pay for. I don’t know what else to say. Everybody is kind of disheartened here.....Most people, and even the businesses, are still running on generators here or a lot of the businesses have closed down.

“Our business has only been opened up since January actually. We didn’t have power to our building until the second week of January, so we were still working out of my house. We are on city power now because we lost our generator in the storm.”

Maintenance Technician Needed to service and repair washers, dryers, heaters, and boilers.

• Must have strong work ethics and at least 5 years experience.

• Must be self motivated and able to work with little supervision.

• Must be able to read and write English.

• Must be able to read schematics.

Send Resume to

Maintenancetech2020@gmail.com

PAGE 4, Thursday, February 27, 2020

THE TRIBUNE

FROM PAGE ONE Action Task Force (CFATF), Mr Sears urged the Minnis administration not to be “intimidated” and to challenge the basis upon which The Bahamas’ case for escape will be assessed.

His concerns were triggered by Friday’s FATF statement which said The Bahamas had made sufficient progress in implementing its reforms to “warrant” a visit by an assessment team, which is usually the last step in a country being removed from its surveillance list if all goes well.

The FATF added that its team’s objectives will be to “verify that the implementation of The

Ex-AG slams ‘absurdity’ of financial crime listing Bahamas’ anti-money laundering/counter terror financing (AML/CFT) reforms has begun and is being sustained, and that the necessary political commitment remains in place to sustain implementation

in the future”.

Voicing alarm, Mr Sears said: “First of all, political will and commitment is so subjective, it is so utterly subjective. With respect to implementation you can always determine that

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

by either the legislation being enacted, the regulatory bodies having the capacity or mechanisms to prosecute and undertake international co-operation.

“Those things are observable, they are concrete experiences and they are quantifiable. But how do you measure political will or commitment? This is an absurdity, and if we do not really challenge it and take a stand against this kind of subjectivity... Is it the level of subservience, the level and degree of compromise you are prepared to make?

“I would have though that the passing of the laws, the implementation of the laws, the strengthening of the regulatory institutions, the processing of suspicious transactions reports, the prosecutions of persons who are alleged to have violated the law is how you measure political will,” he continued.

“It’s an absurdity. This is an absurd measure because what you [the FATF] are now doing is applying subjective criteria that are not published and not verifiable. This is why we need to put this process into a mechanism that is more objective-based, transparent and fair.

“We’re moving towards a much more unstable global environment for small countries. We need to push for multilateral regulatory frameworks that are based on norms of universalism. That’s why convening a global forum for the purposes of prescribing international conventions on anti-money laundering is part and parcel of the solution.”

The Bahamas is now deemed by the FATF to have satisfactorily addressed seven key areas detailed in its October 2018 action plan, including ensuring that its regulatory authorities have access to information on all beneficial owners of locally-domiciled corporate vehicles through the Register of Beneficial Ownership Act. The supervision of nonbank financial institutions has also been stepped up, and international co-operation improved via the installation of a new case management system in the Attorney General’s Office.

The Financial Intelligence Unit’s (FIU) output is also said to have improved to enable law enforcement agencies to better investigate money laundering and other suspected financial crimes.

The Bahamas has also had to show that all types of money laundering are being investigated and prosecuted, and that confiscation proceedings are initiated and concluded for all types of money laundering cases.

Mr Sears acknowledged the importance of escaping the FATF list, not least because it influenced the US and UK Treasuries to warn their own financial systems to apply increased due diligence to transactions involving or originating from The Bahamas.

Besides increasing the costs and time associated with such transactions for Bahamas-based residents and investors, the exattorney general added it

also endangered the correspondent links this nation’s banks enjoy with foreign counterparts and which they rely upon to clear all financial dealings.

Yet he reiterated: “How could a team from this ad-hoc body in Paris visit The Bahamas and assess political will? Is this separate and apart from compliance with the FATF’s own 40 recommendations? This ad-hoc body is not being asked to justify what it means by political will. Where’s the accountability? Where’s the transparency?

“If it was under the UN we know there is a process.

As a signatory to a convention you have standing to challenge something at the International Court of Justice.... Come on, how could this group put you on the list, say you are substantially compliant, but put you under cross-examination to determine if you have political will?

“What is the reliable set of criteria?” Mr Sears added. “Will the team visiting include persons from other IFCs or only from OECD countries?

What role will the CFATF play? These are relevant questions, and I hope the government will not be so intimidated that it does not ask to have a process that has some indica of transparency, fairness and equality of application.

“When you are not prepared to fight for sovereignty you forfeit the right to have it. Challenging and insisting on a fair process does not mean we are complacent and soft on money laundering.. It cannot be an act of sacrilege. We are safeguarding a critical asset of the state which is the second largest sector.”

Mr Sears argued that “tactically, the Bahamas ought to insist” that the FATF review team be comprised of officials from CFATF states and its IFC peers, rather than exclusively feature representatives from its high-tax onshore competitors who wish to see this nation driven from the financial services industry.

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.

KINGSWAY ACADEMY Teacher Applications for 2020 - 2021 Kingsway Academy invites applications from highly qualified and experienced candidates who are committed to the spiritual, intellectual, and social development of students, and who are willing to enrich our school community beyond the classroom.

Elementary School General Elementary Studies K3 through Grade 6 Music Physical Education Teacher’s Aide High School Art French Biology General Science Business Studies Geography Carpentry and Joinery Health Science Chemistry History Christian Education Home Economics Computer Studies Mathematics English Language/Literature Music Lab Technician/Teacher’s Aide

Physical Education Physics Social Studies Spanish Technical Drawing Woodwork

Applicants should: • In the case of a Teacher’s Aide, have a minimum of an Associate Degree and relevant work experience • In the case of an elementary teacher or a high school teacher, have an academic degree in the area of specialization (Bachelor’s Degree or higher) and/or a Teacher’s Certificate from an accredited college or university • Have the ability to prepare students for national examinations • Possess strong oral and written communication skills • Have interest in and skills to participate in extra-curricular activities or committees • Be a born-again Christian A complete application package includes the following: A completed Kingsway Academy application form (including a legible e-mail address and working telephone contacts), a detailed resume with cover letter, a recent photo, , three references forms - one being from your church’s minister, a police record, and a health record. The application and reference forms are accessible on the school’s website at www.kingswayacademy.com (click on About Us) or at the school’s Business Office located on Bernard Road.

Packages should be forwarded to: Human Resources Kingsway Academy P O Box N-4378 Nassau, The Bahamas To ensure consideration, application packages must be received by Monday, 9th Marc, 2020 at the Herbert L. Treco Administration Building at the school.

THE TRIBUNE

Thursday, February 27, 2020, PAGE 5

NHI chief ‘puzzled’ by insurers’ stance

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE National Health Insurance Authority’s (NHIA) chairman yesterday said he is “puzzled” by the insurance industry’s call for the scheme to set out a “long-term framework” and strategic plan.

Dr Robin Roberts told Tribune Business this had already been “outlined”, and was something the insurance industry is well aware of. “We have gone public. We have had stakeholder engagement and we told them the next level was the introduction of the high-cost care plan,” he said.

“We talked about having our employer and employee mandate. We talked about having our risk adjustments.

We talked about affordable and sustainable care.

We are being very public on what our plans are. The whole programme for National Health Insurance (NHI) has always been set at us having private care, we have high cost care. and then we move towards a more comprehensive package in the end. This is going to be phased.”

Responding to concerns that the NHI lost direction after Hurricane Dorian, and there were concerns its funding will be cut back, Dr Roberts replied: “We have not only said we are doing the electronic health records (EHR) but, in the interim, we will expand our primary care programme.

“So instead of saying we are introducing primary care 1.0 and going to highcost care 2.0, we are going to go to primary care 1.1.

So we are going to expand our primary care services, and a part of this expansion is the introduction of the EHR. So I am kind of puzzled when they say

To advertise in The Tribune, contact 502-2394 Vacancy Announcement

The American Embassy in Nassau is accepting applications for the following position: Duties: DR ROBIN ROBERTS they don’t know our strategic plan. Not only that, they have representation on the board of the NHI Authority.”

Dr Roberts added: “We had our timelines for all of this set up. So if you want to go on our web page it would clearly define what was going to be the next phase of our development, and you would see that the shared responsibility and looking at high-cost care was the next phase for the NHI plan.

“The final stage would have been once that is implemented, somewhere down the road we will look at increasing the number of benefits for the third phase of a more comprehensive benefits plan.”

Explaining the current status of NHI’s employer mandate, Dr Roberts said: “We said that the employer mandate, where we are looking at high cost care, would have been introduced this year, but the government said no new taxes.

“So they decided to hold back on the next step. Now we have to wait on the government to do

that - whether or not the government sees that it is economically feasible to move forward on this endeavour, because it will involve a greater budget in order to invest the people’s money.”

Arguing that NHI has been “very explicit” on the scheme’s intentions and progress, Dr Roberts said: “We went and had a stakeholder period of some 55 days. We had some 13 or so town hall meetings, we visited some ten islands and were on numerous radio and talk shows and in the newspapers.

“So we were very clear.

We talked about the shared responsibility, and we talked about producing a package of benefits where we were looking at the introduction initially of the four common cancers and cardiac conditions, end stage renal disease and childhood cancers.

“We said what that package of benefits was, we projected what the costs would have been, and we have projected how we are going to pay for that. So we were very clear on what our next stage was going to be.”

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 6, Thursday, February 27, 2020

THE TRIBUNE

Royal Caribbean’s PI land deals revealed FROM PAGE ONE $54m on these deals, including $18m on Mr Kosoy’s former property.

The remaining real estate, which sits between the lighthouse and the last privately-owned property, is crown land. Royal Caribbean is thought to be eager to add this to its holdings as the final piece in the land jigsaw that will form a beach-centred entertainment destination for the passengers it brings to Nassau.

It is unclear what amenities/attractions will be developed at the site, which sits on the other side of Nassau Harbour almost exactly opposite Prince George Wharf and the cruise terminal that will

undergo a $250m transformation under Global Ports Holding’s supervision.

However, it is unlikely to feature any type of water park as this would bring Royal Caribbean into direct competition with the nearby Atlantis resort. The cruise line, having seen how popular Atlantis “day passes” have been with cruise passengers, is thought to be keen to retain this spending for itself at a destination where it can control the experience and provide improved product offerings.

Such plans are unlikely to be received with joy by Bay Street and downtown Nassau merchants, given that this will likely result in a reduced customer base and cruise passengerrelated revenues. And

Royal Caribbean’s plans, as previously reported by this newspaper, may also compete - and conflict with - western Paradise Island crown land applications submitted by at least one Bahamian entrepreneur.

Toby Smith, principal of Paradise Island Lighthouse & Beach Club Company, earlier this month revealed that he already possesses a Memorandum of Understanding (MoU) secured with the Antiquities, Monuments and Museums Corporation (AMMC) to facilitate his lighthousecentred $2m project to transform Paradise Island’s western end.

Tribune Business understands that Mr Smith and his company have also applied to lease around five acres of crown land

in that area, and are only waiting for the government to sign-off on the relevant lease. But it is unclear whether the Minnis administration will be unable to accommodate both him and Royal Caribbean, and their respective plans.

Mr Smith declined to comment when contacted

by Tribune Business this week. It creates a potential dilemma for the government, though, as it will not wish to be seen pushing Mr Smith out in favour of a foreign corporate giant especially given that crown land is involved, while his MoU dates back several years.

The prime minister this week also suggested he was keen to introduce more transparency and method around crown land

grants as he blasted alleged “greedy hoarders” who are sitting on 1,000 acres or more of such property.

Confirmation of Royal Caribbean’s Paradise Island purchases comes as it prepares to join its ITM Group joint venture partner in signing the purchase agreement, and Heads of Agreement, for the $275m Grand Lucayan and Freeport Harbour redevelopment on Monday.

Tribune Business previously reported suggestions that the government is using Royal Caribbean’s desire for a Nassau Harbour destination as “leverage” in negotiations over the Grand Lucayan deal.

This newspaper was told that the Minnis administration will not give the final

go-ahead for Royal Caribbean’s Nassau project until the deal for its $275m overhaul of Freeport’s “anchor” property and harbour is sealed.

The cruise line is understood to have taken a tough approach to the Freeport negotiations, and the length of time taken to close the sale - it is almost a year since the Letter of Intent was signed - is thought to have frustrated the government.

Royal Caribbean, though, is investing heavily in The Bahamas. Besides Nassau and the Grand Lucayan, it has already spent around $250m in enhancing its private island, Coco Cay in the Berry Islands, into the Perfect Day destination.

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

THE TRIBUNE

Thursday, February 27, 2020, PAGE 7

Fears coronavirus to cost $2m home deal

FROM PAGE ONE

“Our modular housing project has been suspended because we have Chinese partners,” Mr Rahming added.

“Suspended in the sense that it has been postponed due to the government policy that all modular systems must remain in China due to the construction of hospitals.

“It has delayed the modular project for The Bahamas.

We were really looking forward to seeing how that could be ready for Abaco and Grand Bahama after the hurricane. Due to the coronavirus the supply chain has to now be redirected to domestic usage.”

Bahamaren signed a Memorandum of Understanding with the China Construction

Modular Housing Company in summer of 2018 as a first step in their co-operation on modular housing initiatives in The Bahamas.

“In my estimation the modular project is a huge loss for us,” Mr Rahming added. “I just would say that it has significantly impacted our ability to make money, particularly off of the modular housing. We now run the risk of the Government of The Bahamas finding alternative modular solutions.

Because we are not in the market now we run the risk of losing that opportunity.

“We were hoping that we would have set up a house in The Bahamas by the summer period. That looks unlikely, so we are looking at the end of the year.”

No agreement has been signed to-date between

the Bahamian government and Bahamaren on any initiative. Mr Rahming, who is the former press secretary for ex-prime minister, Perry Christie, and a close relative of Pinewood MP, Reuben Rahming, said he remains “optimistic”.

He added that he understands the Chinese government is now considering how important manufacturing is to its economy, and it may take the risk of reopening factories because they are “trying to avoid the business being at a standstill.”

“Most of our major corporate clients depend on Chinese imports. Most of our corporate projects have impacted our clients in a way where it has postponed their supply chain arrivals,” Mr Rahming said.

Bahamas investor gives oil explorer $36m war chest FROM PAGE ONE expenses to take the total outlay to between $25m to $30m.

“Some $3.2m was made available straight away,” he explained. “There’s a further series of tranches available in April, May, June and July. The way we’re putting the funding together is for it to be available to us at the time we need it. As the rig arrives and the well progresses, we need to draw down on those funds.

“We have a lot of longlead items, critical path items we have to pay for up front. Receiving $3.2m at this time helps to prepare the equipment for as and when it’s needed.”

BPC’s statement described the £8m facility as coming from a “substantial Bahamian-based institutional family office investor”, and Mr Potter described the local involvement as “encouraging to see”.

“I think us putting in place the financing from the Bahamian investor is us moving forward with a structured financing strategy,” he told Tribune Business. “The well cost is estimated at $20m to $25m, and as we firmed up the signing of many contracts, we’re looking at a cost closer to $25m to $30m. This capture makes it $36m, and more than covers that and any contingencies as well.”

BPC has already raised $7.1m and $4.3m, respectively, through a private placement and rights offering to existing shareholders, and also has access to another convertible note financing facility providing a gross $13.3m. Its recent Bahamian mutual fund placement raised a further $0.9m, and it has the ability to place more shares along with existing cash reserves.

The oil explorer’s announcement said the Bahamian mutual fund will raise a further $1.4m should the further 40 million BOC shares being made available to it, at a price of 3.35 UK pence per share, be fully taken up next month.

“Today’s [Bahamian investor] facility affords us greater overall funding availability, and a high degree of financial flexibility so that we can respond as may be needed to real-time drilling results,” Mr Potter added.

“We will see some immediate cash inflow to help manage the timing of cash flow needs in advance of drilling (for example, for long-lead/critical path items and advance credit payments required by service providers).

Thereafter, the remaining funds are

committed and available if the company elects to draw on the facility as we progress through drilling.

“We continue to make rapid progress toward the drilling of Perseverance No.1, our first exploration well in The Bahamas, expected to commence in April 2020,” he continued.

“Since mid-2019 we have progressively been implementing a co-ordinated funding strategy, with a view to ensuring we have access to the funds necessary for drilling, as and when we need them.

“This measured approach means that we have now secured a funding package with considerably less overall dilution to shareholder equity than most commentators expected would be required. Moreover, through this process we have consistently put the interests of our shareholders first - for example, in October 2019 we provided our existing shareholders with the first option to subscribe for additional shares at a substantial discount to the then prevailing (and the current) share price.”

Explaining the rationale for BPC seeking additional funding, the oil explorer’s statement said it now has access to “total funding availability of approximately $36m”.

“In 2019, the company advised an estimated cost for the Perseverance No.1 well in the range of $20m to $25m,” BPC said. “Since then, the company has made considerable progress in terms of contracting for various equipment and services necessary for the drilling of the well, as well as finalising certain key cost inputs for the well including logistical support (helicopters and supply vessels), manpower planning, fuel supply and other consumables.

“Further, to maximise the capacity to drill the well safely at all times the company has decided to employ a managed pressure drilling system (MPD) integrated on to the drilling rig, which will add an additional cost to the day-rate for the rig.

“Finally, taking into account other operational requirements, the load-out, mobilisation and demobilisation of the rig will take approximately one week longer than originally contemplated. As a result, the estimate for the base cost of the Perseverance No.1 well has now been revised to be in a range of $25m to $30m.”

The oil explorer added: “Additionally, a number of potential contingency elements have been identified, including the provision for additional, optional casing strings, and the possibility

for an expanded data gathering, logging and sampling programme if merited by positive real-time drilling results.

“These additional items could, if not offset by a reduction in drilling time or other costs, add up to another $5m to the total estimated cost of the well... Accordingly, recognising the need to provide both greater funding assurance and flexibility to meet the full estimated potential cost of the well in all operating scenarios, and so as to better manage cash flow and thus avoiding the potential of any unnecessary delay to the project timeline, the board has determined that securing further staged funding capacity would be prudent.

Explaining that these minor disruptions are on a “case-by-case basis”, Mr Rahming gave examples and said: “Any goods that were supposed to be in The Bahamas for September probably won’t be able to come in because you won’t be able to get the manufacturer in time to produce any goods or any customised goods.

“Another one of our clients was supposed to be introducing mobile retail stores. That was supposed to be implemented for the summer period. That project has been postponed because the government in China has closed their factory.

“Another small example was persons who have been importing clothing to The Bahamas. Most of them have been notified by us that until further notice we can’t

proceed with the manufacturing of their goods and products. We are trying to encourage our clients that most of this is case-by-case depending on the province, and if it is near the Hubei region it’s a huge possibility that it may be impacted.”

Mr Rahming added that Chinese supply chains will start to open up again from late April as Beijing starts to feel pressure to re-open commerce “We also import medical supplies from China as well,” he said. “Our medical partner is one of the largest state-owned medical companies in China. We have been notified by them that due to a run on medical supplies in China, they expect this to prolong until the ending of March. So there is a high possibility that we won’t be

able to get any medical supplies out of China until this is done.”

Bahamian retailers and wholesalers/distributors of electronic goods are likely to be among those most impacted the longer the coronavirus and related manufacturing shutdowns last, especially those that carry a significant portion of goods from China.

Jeffrey Beckles, the Bahamas Chamber of Commerce’s chief executive, last night said coronavirus-related supply chain disruptions had not been raised as a major concern yet by the private sector. The extent of any disruption and product shortages, he added, would be determined by how long it takes to get the virus’s spread under control.

Is seeking full-time

EXECUTIVE CHEF

Duties: • Design new recipes, plan menus and select plate presentation • Prepare, cook and present dishes within your specialty • Delegate responsibilities and task to cooks and stewards • Display exceptional leadership by providing a positive work environment, counselling employees as appropriate and demonstrating a dedicated and professional approach to management • Track and reorder inventory replenishment as needed • Ensure all staff members adhere to culinary standards and health and safety regulations Qualifications: • Minimum 15 years experience in a Supervisory Culinary Role • Four year Culinary Degree • Ability to create new menus or promotions that suit clientele and seasonal trends • Strong communication and leadership skills • Working knowledge of various computer software programs • Flexibility and great time management skills Applicants must be willing to relocate to a small island. Air transportation, housing and meals included. Only shortlisted candidates will be contacted.

Please email:

careers@chubcay.com

PAGE 10, Thursday, February 27, 2020

MANAGING REMOTE WORKERS? IT TAKES MORE THAN THE LATEST APPS NEW YORK Associated Press NICOLAS Vandenberghe’s company has 42 staffers scattered among 36 cities in 15 countries. As technology makes it possible for people to be in constant touch while working remotely, businesses like Chili Piper are becoming the norm.

“We have Zoom, Slack, and a myriad of other collaborative tools — do we really need the in-person water cooler meetings?” asks Vandenberghe, whose business makes software to help companies manage meetings.

Vandenberghe himself is continually remote, splitting his time between Brooklyn, New York; Los Angeles and France.

Whether it means a parent working from home while caring for a sick child, a staffer who logs into a company computer daily from a coffee shop or an entire law firm that operates online, remote working is gaining momentum at small businesses. Technology that makes communication and meetings easy is a big factor in the growth of remote working, but so is the shrinking labour pool that accompanies an unemployment rate below 4% for over a year. Many companies no longer look for help close to their home base.

It’s hard to find definitive statistics on how many people work remotely. Gallup’s most recent survey in 2016 showed that 43% of employees worked remotely in at least some capacity; that was up four percentage points from 2012.

But even as remote working grows, business owners find managing offsite staffers involves more than giving them the latest technology.

Communication, for example, can’t be left solely to videoconferencing and messaging apps like Slack. Three of Jazmine Valencia’s seven staffers are in her Los Angeles office, three are in New York and one is in Chicago.

THE TRIBUNE Her company, JV Agency, does marketing for the music industry. Valencia’s remote staffers can feel left out when the onsite team discusses issues.

“I have to over-communicate and make sure everyone is on the same page. This might mean more one-on-ones, more calls and sometimes just being constantly emailing or private messaging the remote team,” Valencia says. “I need to give them a sense of security.”

Owners say a remote operation can’t work without trust between a boss and staffers, especially because it can be difficult for an owner to know what an employee is doing during a workday. Tyler Forte recalls that when he first managed staffers remotely, “it was me checking on them probably too frequently.” He worried about staffers at his real estate brokerage spending time on social media.

But, “over time, you develop trust with the employee, that we’re all working toward the same goal,” says Forte, CEO of Felix Homes, based in Nashville, Tennessee. The company has staffers in Los Angeles. “Even if I’m not overseeing every move, I believe they are doing their best to advance the goals of

the company.”

Forte has found project management software, an aid many owners use, helps him keep track of what everyone is doing.

Sometimes the problem is very different from staffers goofing off.

“People have this idea that if you have a remote team, they won’t work,” says Emma Rose Cohen, CEO of Final Straw, a maker of reusable straws that has a hub in Seattle. “It’s the opposite — if you hire the right people, they’re self-starters, and selfstarters are often people who work too much.”

She’s alert to signs that any of her 15 staffers are spending too much time on the job, and when they tell her they feel burned out, tired, or stressed, Cohen says it’s time to take a break. And she’s very public about the fact she blocks off time for non-work things she needs to do.

One reason why employees take remote jobs is their bosses give them flextime; they can make their own hours, take time off for children’s activities or to go to the gym or walk the dog.

That perk can help a small business attract and retain staffers.

But remote work is a bad fit for some employees because it often is isolating; staffers can feel disconnected and even alienated from co-workers. That can be countered to some extent through messaging channels that allow everyone to chime in on a fun discussion. Cohen has gone further, creating channels devoted to specific topics like pets or podcasts.

When Andrew DeBell hires remote staffers, he flies them to his company’s home base for interviews; that’s one way to increase the odds they’ll work well with the team at Water Bear Learning,

a Ventura, California-based company that creates educational materials.

Some owners find remote work can have a stifling effect on a team’s creativity — there’s no lightbulb moments as staffers pass each other in the hallway, no riffing in a meeting, no break room chats that are unexpectedly productive.

“You’re able to feed off each other and brainstorm ideas better in person than when you’ve got several people on the phone,” DeBell says. His company has one staffer in Denver and two in Ventura. It also has a network of freelancers in the eastern US. Vandenberghe encourages staffers to go to coworking spaces so they can avoid isolation. When he needs a brainstorming session, he flies staffers to where he is so they can meet in person.

THE TRIBUNE

Thursday, February 27, 2020, PAGE 11

How auto insurers use your nondriving habits to raise prices

By KAYDA NORMAN NerdWallet/AP YOU expect your car insurance rates to increase after you buy a new vehicle, cause a crash or add a young driver to your policy.

But some insurers jack up prices based on seemingly unrelated data — like your magazine subscriptions or what groceries you buy.

Even if you have a clean driving record and have stayed loyal to your insurance company for the past ten years, you could be paying higher premiums than someone with the same driving history, car and background. Why? Price optimisation.

WHAT IS PRICE OPTIMISATION? Price optimisation is the practice of charging higher rates based on the likelihood that a person will not shop around for a lower price. Insurers create algorithms based on all kinds of personal data, including loyalty to other service providers and shopping behavior, but not your driving habits. This is a separate formula from other common auto insurance rate factors like age, neighbourhood, gender and the type of car you drive.

Factors can run the gamut from your magazine subscriptions, the number of phones you buy and your web browsing history.

This means a company’s most loyal customers may be most affected by this practice.

And while it’s true insurers often have a loyalty discount, if you’re overcharged by 30%, a 5% or 10% loyalty discount isn’t worth it, explains Robert Hunter, director of insurance at the Consumer Federation of America, a nonprofit group based in Washington, DC. With the average cost of car insurance at $1,621 per year in 2019, according to a NerdWallet rate analysis, price optimisation could cost you more than you think.

For example, Consumer Watchdog, a nonprofit based in Los Angeles, detailed a recent case in which Farmers Insurance overcharged its longtime California customers 4%-13% more in premiums each year than it should have — $26m to $29m a year in total.

WHO IS AFFECTED BY PRICE OPTIMISATION? Price optimisation is illegal in 20 states, but the CFA asserts all states should outlaw the tactic. “Some companies are still using it, some have dropped it completely — we don’t know which are which,” Hunter says. And while every state requires rates not be excessive or unfairly discriminatory, he says some state insurance commissioners just aren’t paying attention to price optimisation. “It’s hidden in rates and hard to find.”

Because companies use different algorithms to determine rates, price optimisation can affect anyone who doesn’t compare insurance rates often. Even those not affected by price optimisation can save hundreds of dollars a year by comparing rates.

“The reason they can charge you $1,000 and another person $2,000 is because the person paying $2,000 doesn’t know about the $1,000 company out there,” Hunter says.

SHOP AROUND AT LEAST ONCE A YEAR Auto insurance shopping isn’t glamorous, but just an hour of your time comparing rates might pay for your next vacation. Whether you shop online, through an agent or a combination, here are some quick guidelines on how to compare car insurance quotes.

Auto insurance premiums change as often as every six months, so you might benefit from doing a search each time your policy is up for renewal, but if that seems like a hassle, aim for once per year.

Sarah Brown, president and CEO of Keller-Brown Insurance Services of Shrewsbury, Pennsylvania, notes it’s not necessarily a matter of time but life events that can cause rate changes. She sees the biggest rate inflation when customers add a young driver to their policies or buy a new vehicle. She says it’s best to shop around before you’re hit with higher rates.

“You may qualify for a preferred pricing tier before the young driver is added,” for example, but you may not qualify after, Brown says.

Customers considered “preferred” by insurers tend to have clean driving

records and credit histories, and receive the best rates.

Other times you should compare rates include: • After you’ve had a car accident, DUI or traffic ticket.

• Before moving or relocating.

• When you want to change what your policy covers.

PRICE ISN’T THE ONLY FACTOR

Drivers should consider more than cost when choosing an insurer, including things like the company’s reputation and customer satisfaction scores.

“It’s very easy to be

seduced into focusing on the price. But you’re buying this insurance to protect yourself against that fateful day when something happens,” says Harvey Rosenfield, founder of Consumer Watchdog.

PAGE 14, Thursday, February 27, 2020

THE TRIBUNE

To advertise in The Tribune, contact 502-2394

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

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

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

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

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

WEDNESDAY, 26 FEBRUARY 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,203.21 | CHG: -2.13 | %CHG: -0.10 | YTD: -28.39 | YTD%: -1.27 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.70 2.60 2.00 5.47 12.77 6.17 4.50 10.84 3.64 5.10 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 9.91 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 3.21 11.61 6.00 4.33 6.10 3.49 5.08 10.97 8.00 15.08 9.33 3.70 15.20

CLOSE 3.35 17.43 6.00 6.68 2.10 1.62 3.21 11.61 6.00 4.32 6.10 3.44 5.06 10.99 8.00 15.08 9.33 3.70 15.20

CHANGE -0.15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 -0.05 -0.02 0.02 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00

CHANGE 0.00

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

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

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

VOLUME 1,715

5,000 20,500

131,500 100

VOLUME

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

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

P/E 14.0 18.7 N/M 18.1 N/M N/M -7.3 16.1 13.4 23.5 43.6 33.7 10.8 17.0 11.0 18.5 9.9 18.2 24.1

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 5.07% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.20% 3.67% 2.78% 0.00% 12.62% 1.19% 2.98% 3.00% 3.58% 2.14% 3.24% 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

NOTICE NOTICE is hereby given that OKEELEY ANTHONY PALMER of #32 Robinson Road, Nassau Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20TH DAY OF FEBRUARY, 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that EVANS SILVENE of Miami Street, 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 20TH DAY OF FEBRUARY, 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Thursday, February 27, 2020, PAGE 15

Stocks slide on Wall Street, extending steep drops this week

By ALEX VEIGA Associated Press MAJOR US stock indexes gave up early gains and closed mostly lower yesterday, extending the market’s heavy losses for the week.

The benchmark S&P 500 fell for the fifth straight day after swinging between a 0.6% loss and 1.7% gain.

Smaller company stocks bore the brunt of the selling. The bond market continued to flash warning signs as long-term Treasury yields fell further below short-term yields.

Worry about economic fallout from the virus outbreak that originated in China has fueled a sharp sell-off this week that’s wiped out the market’s gains for the year.

The virus continues to spread and threatens to hurt industrial production, consumer spending, and travel. More cases are being reported in Europe and the Middle East.

Health officials in the US have been warning Americans to prepare for the virus.

“The market is still digesting the full impact of what the coronavirus could mean for global GDP growth and, more importantly, on earnings growth for a lot of companies,” said Nadia Lovell, US equity strategist at JP Morgan Private Bank.

The S&P 500 index fell 0.4%. It’s on track for its biggest monthly decline since May. The Dow Jones Industrial Average dropped 123.77 points, for a three-day loss of 2,034 points. A modest rally in technology stocks helped nudge the Nasdaq composite to a 0.2% gain.

Smaller company stocks fell the most. The Russell 2000 index lost 1.2%.

European markets were mostly higher and Asian markets fell.

A burst of morning buying had stocks on track for modest gains, but the rally mostly faded by the end of the day, reflecting ongoing concerns among investors about the new coronavirus.

The outbreak has now infected more than 81,000 people globally and

continues spreading. Brazil has confirmed the first case in Latin America. Germany, France and Spain were among the European nations with growing caseloads. New cases are also being reported in several Middle Eastern nations.

US cases currently total 57, and the White House has requested $2.5bn for vaccine development, treatment and protective equipment. On Tuesday, US health officials called on Americans to be prepared for the disease to spread in the United States.

Bond yields headed lower for much of the day, but then recovered mostly. The yield on the ten-year Treasury inched up to 1.34% from 1.33% late Tuesday. The yield on the three-month Treasury bill edged up to 1.51%.

The inversion in the yield between the ten-year and the three-month Treasurys is a red flag for investors because it has preceded the last seven recessions.

“The bond market is sending us some warning signals that we should pay attention to and that’s what you see playing out in the market today,” Lovell said.

Investors have been moving more money into bonds in the wake of the outbreak. Traders are concerned the global economy could slow down as the world’s second-largest economy struggles to contain the outbreak.

“A slowdown definitely is on the horizon, but it’s transitory,” Lovell said.

“I would expect economic growth to reaccelerate in the back half of the year as China starts to come online.”

Energy companies led the selling yesterday as the price of US crude oil fell 2.3%.

Cruise operators continued falling amid persistent virus fears. Norwegian Cruise Line Holdings fell 7.9%, Royal Caribbean Cruises dropped 8.1% and Carnival slid 7.5%.

Other companies that depend on travelers also declined. Expedia lost 7.1%.

Technology stocks eked out a modest gain. The tech sector was among the worst hit by sell-offs this week as

many of the companies rely on global sales and supply chains that could be stifled by the spreading outbreak.

Microsoft rose 1.2% and Adobe rose 1%.

TJX, the parent of retailer TJ Maxx, surged 7.2% after beating Wall Street’s fourth-quarter profit forecasts and raising its dividend.

Disney fell 3.8% a day after Bob Iger’s surprise announcement that he will immediately step down as CEO of the giant entertainment company. Iger steered the company’s absorption of big moneymakers, including Star Wars, Pixar, Marvel and Fox’s entertainment businesses. He also oversaw the launch of the Disney Plus streaming video service.

Toll Brothers slid 14.6% after the homebuilder reported disappointing fiscal first-quarter profit.

The poor results weighed on nearly all homebuilder stocks. DR Horton fell 2.6%.

A government report yesterday showed that sales of new homes jumped 7.9% in January to the fastest pace in more than 12 years.

MARKET ROUNDUP: The S&P 500 index fell 11.82 points, or 0.4%, to 3,116.39. The Dow dropped 123.77 points, or 0.5%, to 26,957.59.

The Nasdaq gained 15.16 points, or 0.2%, to 8,980.77.

The Russell 200 index of smaller company stocks dropped 19.14 points, or 1.2%, to 1,552.76.

Benchmark crude oil fell $1.17 to settle at $48.73 a barrel. Brent crude oil, the international standard, dropped $1.52 to close at $53.43 a barrel. Wholesale gasoline fell eight cents to $1.45 per gallon. Heating oil declined seven cents to $1.50 per gallon. Natural gas fell three cents to $1.82 per 1,000 cubic feet.

Gold fell $6.90 to $1,640.00 per ounce, silver fell 36 cents to $17.83 per ounce and copper fell one cent to $2.58 per pound.

The dollar rose to 110.22 Japanese yen from 110.12 yen on Tuesday. The euro strengthened to $1.0897 from $1.0881.

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