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MONDAY, MARCH 2, 2020
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‘Pushed into corner’ on Royal Caribbean deal By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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BAHAMIAN entrepreneur yesterday voiced fears that his $2m Paradise Island project is being “marginalised� and treated like “a second class citizen� to make way for Royal Caribbean. Toby Smith, principal of Paradise Island Lighthouse & Beach Club Company, told Tribune Business he was being “pushed into a corner� by the government following a Thursday night meeting at which he was urged to accept an “inferior�
• Bahamian entrepreneur ‘marginalised’ on PI • Govt pressure to make way for cruise line • And give it ten acres of prime crown land site for a development intended to provide jobs for 40 Bahamians. He argued that his interests and plans, which he has pursued for eight years, are suddenly in danger of being sacrificed to ensure Royal Caribbean completes the Grand Lucayan resort’s purchase and subsequent $275m redevelopment via a deal that will be signed this morning in Freeport. Tribune Business has
previously revealed that the government has used Royal Caribbean’s desire for a “beach break� destination on western Paradise Island, where it would take the hundreds of thousands of passengers it brings to Nassau every year, as negotiating leverage to get a deal it sees as critical to Freeport’s economic survival over the line. Joshua Sears, the prime minister’s senior policy
adviser, finally confirmed to this newspaper on Friday that Royal Caribbean has “expressed an interest� in obtaining prime crown land in the Colonial Beach area although he said other applications were also “being considered�.  However, Mr Smith revealed that the government wants to accommodate the cruise industry behemoth
SEE PAGE 7
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AG: Entrepreneur ‘extremely selfish’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE attorney general last night accused a local entrepreneur of “extreme selfishness� by rejecting a Paradise Island compromise that was “in the best interests of The Bahamas�. Carl Bethel QC told Tribune Business that it was an “absolutely untrue assertion� by Toby Smith, principal of Paradise Island Lighthouse & Beach Club Company, that the government was forcing him to accept “inferior� land for his $2m project to make way for Royal Caribbean’s “get-away� destination at Colonial Beach. He argued that the government had already shifted a three-acre crown land parcel it proposes to lease to Mr
CARL BETHEL QC Smith further to the east, in response to his representations - a move that would give the Bahamian entrepreneur “half� of the best beach at Paradise Island’s western tip. Mr Bethel said the adjustment to Mr Smith’s potential land-holdings “strikes a fair balance� between providing entrepreneurial opportunities for Bahamians
SEE PAGE 9
‘Oversight’ hits web shop patron taxation By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A CABINET minister says the government aims to correct an “embarrassing oversight� in failing to specify when the web shop patron winnings tax takes effect “within the next 30 days�. Dionisio D’Aguilar, pictured, minister of tourism and aviation, told Tribune Business that the regulations failed to give the date for when the tax would start when they were laid in the House of Assembly last year. “I think the legislation did
not have an effective date,� Mr D’Aguilar said. “Most regulations have an effective date, and I’ve come to learn that was not included in the legislation and regulations when they were passed.�
SEE PAGE 8
Minister in warning over forged cheque By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET minister has issued a warning to all businesses and individuals with checking accounts after his ministry summoned the Royal Bahamas Police Force (RBPF) to probe an alleged fraud. Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that a forged check bearing the Ministry of Tourism’s name, together with the
seemingly correct signatures, was “presented for payment and cleared�. Revealing that it had been created outside the ministry, Mr D’Aguilar said the police were immediately called to investigate once the transaction was picked up and flagged. He denied that the sum involved was $1.6m, although he declined to reveal the true figure citing the ongoing police investigation. “I’ll say this. I won’t say
SEE PAGE 10
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PAGE 2, Monday, March 2, 2020
Charter show numbers beat projections by 50% By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE first-ever Bahamas Charter Show exceeded the number of expected participants by more than 50 percent, organisers have revealed. Dr Kenneth Romer, the Ministry of Tourism’s executive director of product quality and support, told Tribune Business: “This is the inaugural event, so we are really proud. Since Hurricane Dorian we have been looking for ways to diversify the product and the yacht charter experience is a multi-billion dollar industry. “What we want to do is create a strategic plan around the boating and yachting industry, and see how we can include this as our maritime cruise and yachting business model. We originally had predicted 15 yachts, but we have exceeded that to now 23. We are very pleased with the success and we wish to drive this part of our tourism product in the future.” Peter Maury, the Association of Bahamas Marinas’ (ABM) president, said of the event’s impact for The Bahamas. “It’s jobs. You have all of these boat technicians, electricians, mechanics, air-conditioning, painters and hull washers, and there is a number of vocational support jobs from provisioners to agents,” he said. “The Caribbean has been beating us hands down over
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the last 40 or 50 years, but in the Caribbean they have to check in to a different country every time. For example, a charter that starts in Antigua and then on to St Thomas, they have to check in every time. “The advantage for The Bahamas is that these yachts can come to The Bahamas and stay in The Bahamas for up to six months a year at a time, and charter their own cruises around the islands without having to check in like they have to do in the Caribbean,” he added. “These charter opportunities spend a lot of money in the economy for Bahamians - from them going to marinas, food stores and restaurants, as well as keeping people employed.” Basil Smith, the ABM’s executive director, said the event was designed to introduce charter brokers to the available yachts, some of which are resident in The Bahamas all the time. “We really want to stimulate the business,” Mr Smith said, adding that he “wants to get a bigger slice of the pie” as The Bahamas is missing out on prime business to other Caribbean countries “outperforming us” despite our “geographic advantage” of being next to the US. Speaking about the impact the show will have for tourism, Mr Smith said: “It isn’t big in numbers, but it is big in comparative value. This inaugural boat charter show is really for charter brokers themselves; those brokers who want to see the yachts that are available for charter and to see the marina and to see the destination itself.” He added that some boats are chartered for up to $150,000 a week.
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PAYMENT PROVIDERS ROLL-OUT SAND DOLLAR INFRASTRUCTURE By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net DIGITAL payments providers have already unveiled kiosks and other infrastructure in Abaco to aid the Bahamian digital currency’s roll-out. Sean Smith, SunCash’s business development manager, told Tribune Business: “The kiosk is going to allow persons to go with their fiat, their physical cash, and they will be able to feed the cash into the kiosk and they will be able to get Sand Dollars. “They can also get any Sun Cash services we have. So they can feed it into that kiosk. They can get Sand Dollars from that kiosk or any other SunCash services from that kiosk. For debit cards and credit cards we will have a mechanism on the kiosk that will allow people to swipe their debit or credit card, and that will act as actually funding
the Sand Dollar or the Sun Cash from that same point.” Charmaine Edgecombe, Commonwealth Bank’s operations manager, said the BISX-listed commercial institution is partnering with the Central Bank to help roll-out the Bahamian digital currency, known as Project Sand Dollar, to its customers. Ms Edgecombe added that no timeframe has been set for adopting the Sand Dollar infrastructure, but in the “near future” it will make it available for all clients in Abaco. There are currently two Commonwealth Bank automated teller machines (ATMs) on the island, one at the Maxwell’s Supermarket in Marsh Harbour where is also a fully operational Commonwealth Bank branch, while the second ATM is at the Leonard Thompson International Airport. Simon Kim, managing director of NZIA Ltd,
INDUSTRY WORKSHOP AIM IS TO MEET THE STANDARD THE Bahamas Bureau of Standards and Quality (BBSQ) teamed with its Caribbean counterpart to host a Freeport workshop on the development of quality regulation for various local industries. The workshop, held on February 19 in partnership with the CARICOM Regional Organisation for Standards & Quality (CROSQ), included attendees from Pharmachem Technologies, GSPA-BDS, Freeport Container Port, Freeport Harbour Company, Freeport Oil, FOCOL Holdings, the Grand Bahama Port Authority (GBPA), Petro Express, and the Grand Bahama Utility Company (GBUC). The event featured an onsite visit to two calibration laboratories that were built under the BBSQ’s purview in an attempt to provide
consistent, and sustainable, measurements and calibrations to the service industry. The two laboratories were built within a 40-foot shipping container and are a step towards creating a framework for the further technical expertise and support the BBSQ needs to elevate the laboratories to full operational status. “The Bahamas Bureau Services and Quality, BBSQ, stands ever willing and able to assist in the development of quality in our nation in whatever way we can,” said Dr Renae Ferguson-Bufford, its director, in her opening address. “Even if that means coming and hosting this event because we want Freeport, Grand Bahama, to know that we are one country. And as we strengthen our national metrology infrastructure, we need you to be a part of that because you are the industrial hub. And so that is one of the reasons why we are here today. “We are looking to expand our services and strengthen our capabilities. We are also doing a massive campaign. We are hiring more inspectors, and also some administration staff, so we can expand the surfaces of the Bureau.” The Bahamas Bureau of Standards & Quality was
which was selected by the Central Bank as the Sand Dollar’s technology partner, said: “So the Sand Dollar is like money, just like the current modern day banking. You keep the money with the banks, and you use the banks to safeguard your money, and then you go to the banks to withdraw your money either through the ATM or over-the-counter. “But all of those things can be discarded, meaning you can actually request for a withdrawal of the money using the Sand Dollar network. You can actually pull the money from the account to your wallet.” Understanding that The Bahamas is “not fully digital yet”, Mr Kim said this meant “we need to convert some of the physical cash into the Sand Dollars. So if you are to send cash from Abaco to New Providence, using the physical cash is difficult. “But you can go to any of the kiosks and slide in your paper money and convert it into the Sand Dollars and now you have the money in the digital wallet, so now you can send it to anywhere
in The Bahamas.” Explaining the importance of having a money transfer company on-island such as SunCash, Mr Kim said: “NZIA is the infrastructure company, meaning that we are not a service provider. Everything goes through the regulated and authorised financial institutions. SunCash is one of the authorized financial institutions under the Central Bank. “They will still conduct all of those regulatory compliant processes, so you still need to be KYC (know your customer), but the Central Bank is adopting the risk-based, multi-tiered KYC process meaning that even though you just have a photo-ID and a phone number, you will still be able to access up to $500. “Of course, if you go through the normal regular KYC you can access up to $5,000. So they are going to conduct all of the KYC and the screening of the people. So their presence in Abaco will allow people to get on board with the Sand Dollars, and easier and faster here in Abaco.”
created in 2013 through the Standards Act and Weights and Measures Act 2006. Its ultimate goal is to develop regulatory standards nationwide to create quality, and ensure safety measurements across all industry platforms. This is designed to facilitate trade, the local and international competitiveness of Bahamian-manufactured products, and to ensure the reliability of metrological devices. Nicollette S Burrows, a BBSQ Inspector, said: “Metrology, by definition, is the science of measurements. Standards need metrology because accurate and rival measurements have to ensure standards are fit for purpose and enable demonstration for compliance. “And metrology needs standards because not only is metrology a process of standardisation within itself, but it needs technical specifications to help diffuse accurate measurements into the economy and into the society. “Measurements have an impact on our daily lives. For example, quality assurance that’s performed on the production of the food that we eat is based on measurements results, the monitoring of ambient air and water quality. In the health sector we heavily rely on diagnostics, and reliability and confidence in blood pressure meters.” David Tomlinson, technical officer of metrology at CRSQ, gave a presentation
on Strengthening industrial measurement in The Bahamas. He highlighted his organisation’s overall purpose in creating avenues for direct communication with stakeholders and companies. “This event here today is about us also getting information from you, most noticeably understanding your needs and concerns on two levels, both as technical experts in your own fields and in your own right, and also as residents here. Those are two hand-and-hand concerns that you have; how to get your job done and, most importantly, how to live,” said Mr Tomlinson. After outlining the importance of nationwide regulation, and the role that CRSQ plays in international programmes, Mr Tomlinson added: “We are here to understand what we can contribute to make you better at it, or to make your costs lower. “This is the objective that we have here; to start building a relationship with you guys as stakeholders, to understand your current needs, what are your issues, what are the challenges you face, and then to be able to develop a sustainable calibration service that meets your needs.” The workshop marks the beginning of a three to five-year development plan, headed by BBSQ and CRSQ, that aims to develop competence and calibration in various industry sectors.
STUDENT AWARD WINNER GETS CFAL INVESTMENT ACCOUNT THE winner of the financial services Student of the Year Award has again won an initial contribution towards an investment account at CFAL. The Bahamian investment house, together with the Bahamas Financial Services Board (BFSB) and the University of The Bahamas, organises and sponsors the award in a bid to encourage the next generation of finance professionals. Tyrone L Pratt Jr, the 2019 award recipient, recently graduated from the University of The Bahamas with a bachelor of business administration degree in economics and finance (with distinction). A native
TYRONE PRATT JR, BFSB’s 2019 financial services Student of the Year, was recently presented with his award. Pictured from left are Sophia Thurston, vice-president of pension administration and operations, CFAL; Tyrone Pratt Jr; and Jeanelle Francis, private wealth manager, CFAL. of San Salvador, he has served as vice-president of the university’s economic Society and co-chairperson of the School of Business steering committee. He also was a member of the University of The Bahamas’ team for the Global CFA Research Challenge in 2018. Mr Pratt has received numerous awards, including the Livingstone Evans Memorial Award Economics and Finance (2019); Honoree for the National Youth Award in Youth
Leadership (2018); Honoree for the National Youth Award in Education (2016); Young Unsung Hero Award (2016); National Award for the Economics BGCSE examination (2015); Alpha Phi Alpha Honoree (2014); Bahamas Outstanding Student Foundation Award (2014); Jones Communications Network Award (2014); and Cancer Society of The Bahamas Outstanding Youth Award for the island of San Salvador (2013).
THE TRIBUNE
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HE Central Bank’s governor says the Bahamian digital dollar will “strengthen defences against money laundering and other financial crimes” because every transaction can be tracked and recorded. John Rolle, speaking at Project Sand Dollar’s Abaco launch on Friday, said the roll-out will move the Bahamian payments system further away from a cash-based society, thereby improving the security and certainty associated with financial transactions as the island rebuilds following Hurricane Dorian. Arguing that Sand Dollar will make Bahamian communities, especially those in remote Family Islands, less vulnerable to the “logistical challenges of handling cash, the governor added of Abaco specifically: “We recognise that the economic infrastructure will function more smoothly once payments services are restored to satisfactory levels. “For businesses that accept cash payments on any significant level, there remains the less-than-full convenience in disposing of cash receipts until the physical banking infrastructure is restored. Equally, in services like construction that dominate the recovery landscape, workers need to have more convenient access to their earnings, especially if they are limited to long queues to cash cheques, or if their employers have to handle unsafe amounts of cash to make payroll. “Providing the inclusive access of residents to digital payments, we expect, will improve the financial services quality life for those who can participate in this pilot”. Mr Rolle added
Monday, March 2, 2020, PAGE 3
Bahamian digital dollar to boost finance crime fight BY YOURI KEMP | TRIBUNE BUSINESS REPORTER YKEMP@TRIBUNEMEDIA.NET
JOHN ROLLE
K PETER TURNQUEST
that the “second purpose” for the Abaco Sand Dollar launch is a “learning opportunity for the Central Bank, the participating financial institutions and our technology providers”. In particular, he said there was the chance to understand how to improve the quality and reliability of the technology network surrounding Sand Dollar payments while parts of Abaco’s infrastructure are
still under repair. “The Sand Dollar is not anonymous, as neither are credit card or debt card transactions. But our first priority through regulation will be to strengthen data privacy and other consumer protection for both the digital currency and other electronic payments transactions,” Mr Rolle said. “The Central Bank wants the public to understand that this infrastructure
will strengthen Bahamian defences against money laundering and other financial crimes, joining up with other parts of our financial system where transaction monitoring is the norm.” The governor added: “We want the public to be assured of our obligation and commitment to maintain a secure infrastructure for digital payments. All participants, including the Central Bank, will be subject to independent third-party scrutiny of the resilience of our maintained systems to cyber attacks and other vulnerabilities. “We will also educate users on the importance of maintaining their mobile phones security to protect the access to funds in their wallets. Although the phone only provides access to digital wallets, and does not store the money, practicing secure phone usage is still important.” Mr Rolle said that as the Central Bank moves through the Sand Dollar pilot phase it is also “working to enrich the experience by linking up this digital payment infrastructure with the rest of our domestic financial system, especially to make the flow of funds between digital wallets and bank deposit accounts a seamless process”. K Peter Turnquest, deputy prime minister, said at the launch: “I can remember when Governor Rolle first presented the Sand Dollar to the
Cabinet members. Everyone was excited about what this means not only for The Bahamas, but also for the world. “We are the first country with not just a digital currency, but a Central Bank digital currency, not to be confused with a cryptocurrency. The Sand Dollar is equivalent in every aspect to the paper currency with its value fully backed by the external reserves of the Central Bank. Yes, The Bahamas was the first, and we are very proud of that accomplishment.” Mr Turnquest added: “For the people of Abaco who would have lost everything, this Sand Dollar now allows them to have easier access to financial services. Through the Sand Dollar, Abaconians can now make payments at local grocers or gas stations right through their mobile devices in real time. “Additionally, Sand Dollar allows for seamless peer-to-peer transfers. Furthermore, the consumers can feel secure as the
Sand Dollar offers multifactor authentication where they can use facial recognition, biometrics or a password to access their Sand Dollar app on their mobile devices. “It is also important to note that the Sand Dollar is not anonymous but is confidential. The Central Bank is working diligently to ensure the safety and security of every consumer in the digital sphere.” Mr Turnquest added that a “number of key components” will be unlocked through the Sand Dollar, including offline functionality following hurricanes and other natural disasters. “Users will be able to make payments or transfers in the absence of Wi-Fi or data capabilities,” he added. “The Sand Dollar will revolutionise the way business is conducted throughout our islands. Once again, the Government of the Bahamas is in full support of this initiative and we look forward to the continued roll-out in the rest of the Bahama islands.”
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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 4, Monday, March 2, 2020
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WATER CORP’S SYSTEM LOSSES SLASHED 70% DAILY losses from the Water & Sewerage Corporation’s system have been slashed by some 70 percent in seven years, the contractor responsible has revealed. MIYA Bahamas, whose work has been financed by a $50m Inter-American Development Bank (IDB) loan, has focused on reducing the corporation’s non-revenue water losses by replacing of thousands of faulty service connections; disconnecting thousands of illegal and dormant accounts; implementing a comprehensive and affordable maintenance plan; and installing equipment for monitoring and controlling the water supply. Last year marked the seventh year of a contract that began in 2012. “One of the things we are especially proud of is the fact that we have been able to consistently meet the targets we set for each month and each year,” explained MIYA Bahamas project manager,
MORE than 100 Bahamians have been trained as certified leak inspectors for MIYA Bahamas as part of its project to improve water efficiency in and around New Providence. Photos: Ronnie Archer/Barefoot Marketing Mario Tavera. shock-resistant system.” collaboration with the Cor“Through our plan, MIYA Bahamas’ New poration is addressing some we were able to success- Providence-wide improve- long-standing issues,” said fully cut water losses from ment plans have not only Mr Tavera. 6.87m to 2.02m imperial reduced non-revenue water In addition to the immegallons per day, and we’re losses but also improved diate physical needs continuing the work of water pressure and qual- of the island’s water maintaining those levels ity, too. “While challenges system, MIYA Bahaand creating an even more still exist, the work we do in mas has also invested heavily in training the personnel required to maintain it. “We pride ourselves on being able to add value to the people that work with us, and so we’ve focused heavily on training as a key element in our plans,” Mr Tavera added. MIYA Bahamas said it has trained more than 100 Bahamians, for example, as certified leak inspectors. They work daily to detect
HIGHLY-trained field experts work daily to detect active water leaks, and are also responsible for monitoring pressure points in the system. active leaks, and are also because of it.” responsible for monitorMIYA Bahamas is now ing pressure points in the aiming to keep non-revenue system as well. water in Nassau no more “The results we’ve seen than 2m imperial gallons from this project have per day, meeting its tenbeen truly unique,” Mr year target, three years Tavera said. “This was a early. This will positively performance-based con- impact up to 250,000 water tract which really drove users in and around New everyone involved to put Providence, providing their best foot forward, improved water pressure as it were, and we’ve and quality to households seen tremendous results across the island.
Intelisys is a boutique corporate restructuring, insolvency, forensic accounting, litigation support and debt and asset recovery and collection services firm in The Bahamas. We are seeking applications for the below listed position.
SENIOR ANALYST The Senior Analyst will be responsible for performing the day-to-day financial analysis, investigations, research, business development and statutory tasks for corporate recovery, forensic accounting, liquidation or asset recovery assignments. The successful applicant is expected to be client focused, perform their duties with appropriate confidentiality and professionalism, demonstrate an appropriate level of initiative and organization, and be able to operate in a demanding environment. The ideal candidate should have a finance or accounting degree and have completed a qualification in one of the fields from a recognized institution or professional body. The successful applicant will typically have had at least three to six years relevant work experience, preferably with a Big Four Accounting firm. The range of salary for this post is commensurate with qualifications. A comprehensive benefits package includes health insurance, a discretionary bonus and 15 days’ vacation. Written applications along with detailed resume should be submitted no later than 15 March 2020 at:
info@intelisysltd.com
Intelisys P O Box SP 64064 • Nassau • The Bahamas
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Monday, March 2, 2020, PAGE 5
BPL CLOSER ON RAGGED ISLAND SOLAR GENERATION BAHAMAS Power & Light (BPL) says the first power from its solar field was sent to Ragged Island’s microgrid as of Saturday 29, February 2020. Burlington Strachan, BPL’s director of grid solutions and support services, said the utility’s teams have completed the work to tie-in the solar field. The first commissioning tests were conducted on the solar field on Friday, with power being sent to the grid for the first time under test conditions. BPL said the successful tests have brought it
BPL headquarters.
Haitian diplomats meet with BAIC
HAITI’S charge d’affaires to The Bahamas, Dorval Darlier, visited the Bahamas Agricultural and Industrial Corporation’s (BAIC) chairman and acting general manager last week. Also meeting with Bishop Gregory Collie and Debbie Strachan were Danielle SaintLot, ambassador at large, and first secretary, Magdala Ceneus. They also visited the Produce Exchange, which is now in full operation at BAIC’s Old Trail Road headquarters.
NOTICE TAKE NOTICE that Torry Tennyson Armstrong and Lynn Adele Armstrong intend to make application to a Judge of the Supreme Court in Chambers to have their marriage which was celebrated on the 14th day of April, A.D., 1979 at St. Matthew’s Anglican Church on the Island of New Providence registered in the Marriage Register pursuant to Section 30 (1) of the Marriage Act Chapter 120. Dated the 26th day of February, A.D., 2020 MUNROE & ASSOCIATES Attorneys for the Applicants
closer to completing the installation of the first solar baseload generation in its national grid. The next steps include continuous testing of the facility and moving on to installation of battery storage at the generator site. The state-owned utility monopoly added that Ragged Island’s renewable microgrid is an important first step in The Bahamas’ transition to more cost effective, sustainable and resilient solutions. It said the project is also one of the first in the Caribbean to feature category five hurricane
resilience and more than 90 percent renewable energy generation. BPL has partnered with the Rocky Mountain Institute (RMI) to implement sustainable and resilient energy solutions across the Family Islands. RMI sees the Ragged Island microgrid as the “critical first project that BPL needs to properly operationalise solar and storage as primary dispatch”. According to the Institute, the Ragged Island microgrid sets a precedent for other Family Island power systems.
PAGE 6, Monday, March 2, 2020
THE TRIBUNE
Coronavirus fears trigger the fastest stock market correction of all time ACTIVTRADES WEEKLY | BY RICARDO EVANGELISTA | WWW.ACTIVTRADES.BS
T
HE coronavirus crisis shows no sign of abating and the declaration of a global pandemic, by the World Health Organisation, is imminent. Person to person transmission is now documented across several countries, with some cases, notably in the US, where the source of the infection is unclear, leading to the assumption that the virus is circulating within the community and damping hopes of a quick containment. Should the disease become a global pandemic, the worst-case scenarios circulating in the press make grim reading. On Wednesday, February 26 a UK government document
S&P 500 Daily Chart was leaked to the press; the worst-case scenario points to an infection rate of 80 percent among the population, which, assuming a mortality rate of two percent, will translate into half a million fatalities in the United Kingdom alone. It is, therefore, not surprising the financial markets reacted to the latest developments in such dramatic fashion; the coronavirus
triggered the fastest stock market correction of all time. The S&P 500 lost more than 10 percent of its value in less than a week. It went from an all time high reached on February 19 to a loss of 12 percent, all within six trading days. This most remarkable correction illustrates how the markets are worried, which in turn signals the gravity of the situation. Similar patterns
can be found across the globe, with equally pronounced falls for the FTSE, the DAX and several Asian indices, to mention but a few. But it’s not just stocks that suffered the impact caused by the change in sentiment, the flight to safety is generalised with investors seeking to alienate position in risk related assets and bidding for the traditional
safe havens; The US dollar lost more than 3.5 percent to the Japanese yen during the last six trading sessions; at the same time American treasuries rallied, recording gains of almost five percent. The duration and severity of the epidemic is still unknown, and this is why the markets are reacting in such a manner; there is nothing investors fear more than uncertainty. I will finish this article by briefly looking at the impact the crisis is having in the real economy. It appears to be very likely that the efforts to contain the disease will continue to dampen the prospects for the growth of the world’s economy, with a global recession in the first
quarter of 2020 now being the base case for many analysts. Entire industries are being brought to a standstill, with traveling being one of the activities more strongly affected by the situation; business and leisure travellers are cancelling flights and hotel rooms, in a scenario which could be worrying for The Bahamas’ tourism industry. At some point in the next few weeks it is likely that authorities across the globe will move from a strategy of containment, to one of management of the disease. At least until then, the financial markets debacle, as well as the impact of the restrictions over the real economy, will probably continue.
Debt Collections Specialist Leading local company seeking Collections Specialist to manage a list of debt collection matters, prospective payment arrangements, urgent payments or large payment arrangements that have been promised. The ideal candidate will be able to conduct skip tracing and property title research, prepare financial calculations through the use of financial models, communicate with accountholders, update collection management software, and work well with co-workers. Qualifications: • Highly motivated and results driven • Excellent communication skills • College business degree with GPA of 3.0 or more • Excellent computer skills • Ability to problem solve and apply judgement • Ability to multi-task and work in a fast-paced professional setting All interested and qualified applications should submit a cover letter and resume to the attention of the Human Resources Manager at the below email address:
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The deadline for receipt of all applications is Wednesday, March 20, 2020. Only persons shortlisted for an interview will be contacted.
THE TRIBUNE
‘Pushed into corner’ on Royal Caribbean deal FROM PAGE ONE
by forcing him off the best crown land and beach parcel on western Paradise Island and into an area where his project will not be viable. He disclosed that the Bahamas Investment Authority (BIA) had sent him a letter on May 23, 2018, which gave his plans for restoring the derelict lighthouse marking Nassau Harbour’s entrance, and creating a “get-away” destination for Bahamians and visitors alike, the go-ahead for the first time following a six-year struggle. The letter, sent on behalf of the National Economic Council, which is really the Cabinet or a Cabinet sub-committee, said it would recommend that Mr Smith be granted a crown land lease over parcels including both the lighthouse and an area at Colonial Beach for his “beach break” destination. It also requested that he agree a Public-Private Partnership (PPP) or Memorandum of Understanding (MoU) with the Antiquities, Monuments and Museums Corporation (AMMC), an objective that was achieved
Monday, March 2, 2020, PAGE 7 on October 2, 2018. It was not until over 14 months later, though, that Mr Smith received the proposed lease documents for the crown land. A January 7, 2020, letter from Richard Hardy, acting director of Lands and Surveys, was headlined “approval for crown land lease” over two separate parcels - one that was two acres in size for the lighthouse, and another of three acres for the ‘beach break’ element. Mr Smith says he returned the lease, bearing his signature and other formalities, to the government on January 9, 2020. However, the government has to-date failed to apply its signature and execute the lease, with officials telling the entrepreneur that the document is now “not worth the paper it is written on”. Fearing that he has been “swung”, Mr Smith warned both the government and Royal Caribbean that he will not quietly accept his fate and to prepare for “a David and Goliath fight” unless they were prepared to reach a more reasonable compromise with him via negotiation. Suggesting that the episode sends a dangerous message to both Bahamian and foreign investors over the government’s willingness to “act in good faith”, Mr Smith argued
that it was “not in the best interests of The Bahamas” for prime crown land on arguably the top destination in this country to be leased to a foreign entity. “I am not prepared as a Bahamian to be marginalised in my own country,” Mr Smith told Tribune Business. “They’re [the government] trying to push me towards the back of the bus, end of the beach, in favour of giving a foreign entity prime beach. “I believe that what they’re trying to push upon me is unfair... They’re expecting me to watch Royal Caribbean receive the prime parcel that the Government of The Bahamas has already offered to me through a lease with defined terms, defined parcels of land, accompanied by a cover letter stating ‘Approval for crown land lease’. “Suddenly they tell me that my lease is not worth the piece of paper it is written on while they are in favour of Royal Caribbean putting their stuff on Paradise Island for a beach experience.” Mr Smith, who had been off-island for much of last week, said he was summoned to a meeting at the Prime Minister’s Office at 6pm on Thursday night. Present were Mr Sears, Candia Ferguson, the Bahamas Investment Authority’s (BIA) director
and Carl Bethel QC, the attorney general. The latter did all the talking on the government’s behalf, the entrepreneur said, adding: “I was being called unreasonable for not being willing to accept being pushed down the beach into an inferior portion despite a parcel of land having already been defined within a lease agreement that was provided to me on January 7, 2020, after applying since April 12, 2012. “Some may wish to consider that offering me the terms of a lease while, on the other hand, negotiating the exact same land with another foreign party is not in the best interests of Bahamians. Nor is it a demonstration of acting in good faith.” Mr Smith said he believed the government’s pressure for him to adjust his land needs is “all connected” to the need to ensure Royal Caribbean and its ITM Group partner complete the Grand Lucayan deal. Tribune Business had previously been told by informed sources that the Minnis administration was waiting for that to close before it would approve the Paradise Island/ Colonial Beach plans, and Mr Smith said he felt “great pressure is being exerted” by Royal Caribbean on the government.
He explained that while the government is still proposing to grant him two acres around the lighthouse, it has moved the other three-acre parcel to a location that is completely unsuitable for the ‘beach break’, cultural, heritage and other part of his plans. Mr Smith explained that the beach area where the government wants to move him is too steep, with a “45 degree angle”, rocky surface and sea spray not the desired environment for the beach dining experience he wants to offer. Shifting his parcel further west also means he loses the ability for boats to dock at a pier he was planning to construct on the south side of Paradise Island because the slope is too narrow. The most elevated part of the 17 total crown land acres on western Paradise Island, which overlooks the broadest beach and best swimming area, will also belong to Royal Caribbean rather than his project. Mr Smith explained that the latest parcel offered to him will also lack protection from the break water to the north of Paradise Island, while it also includes valuable nature and nesting sites that his plans called for leaving undisturbed. Noting that a heron colony and other migratory birds are present right in the middle of where the government wants
to move him, he added that the area also includes ruins that - while they may be designated an historic monument by the AMMC - are falling into disrepair and present a potential hazard. Mr Smith said he is refusing to accept the liability for dealing with this. Arguing that it was “the red carpet for foreigners, red tape for the Bahamian”, Mr Smith questioned how the government could move so rapidly on Royal Caribbean’s demands within a matter of months - and pressure him to accommodate the cruise line - when it had taken him eight years to make this progress. Arguing that this was “not acceptable”, he added: “I feel as though I’m being pushed into a corner. I’ve already invested substantial money in tidying up the prime beach parcel, planting trees and removing debris, and planting grass. “It was put to me that the government have agreed to give use of the land for the beach club to a foreigner, which they believe is in the national interest of The Bahamas. Quite frankly, my opinion is that giving up prime beachfront crown land to a foreign entity is not in the best interests of any Bahamian.”
PAGE 8, Monday, March 2, 2020
THE TRIBUNE
‘Oversight’ hits web shop patron taxation FROM PAGE ONE “I’m not quite sure of the process, but we have to either re-lay the regulations [in the House of Assembly] or do an amendment to the existing version to put in an effective date. It was one of a number of oversights on the gaming legislation so we’re seeking to have it corrected.” Mr D’Aguilar, who has ministerial responsibility for gaming regulation, added that the deficiency would be corrected “hopefully within the next 30 days”. Asked whether the oversight was somewhat embarrassing for the government, he replied: “I would agree with that conclusion.” Kenyatta Gibson, the Gaming Board’s chairman,
recently confirmed to this newspaper that the implementation of the patron winnings tax now needed to be “gazzetted” by the minister. The date oversight has added further delay to the levy’s imposition, as web shop operators were last year afforded additional time to have their games tested and certified by independent laboratories that the terms and conditions had not been altered due to the tax’s introduction. “I am advised of the view that all [games] have been vetted and checked, and whatever process they have to go through has been done in order for their software to be tested so that this winnings tax can be rolled out,” Mr D’Aguilar told Tribune Business. “If my memory serves me correctly it was going to be around $10m to $15m in revenue generated. The Gaming Act was passed in July and gazetted on October 1.” A Gaming Board spokesman yesterday confirmed: “All of the games have been tested and approved by three testing laboratories. There is GLI, Gaming Laboratories International, which is the same testing laboratory used in other gaming jurisdictions like Las Vegas and elsewhere, BMM and SIQ.” The new winnings tax, when it eventually comes into effect, will see five percent paid on winnings up to $1,000 and 7.5 percent on anything greater than $1,000. Mr D’Aguilar told the House of Assembly earlier this year that just 45 percent of web shop gaming activities will attract the new patron “winnings” tax with online casino spins remaining untouched “for now”. He added that the government had decided to focus this levy solely on lottery/
numbers operations because it was too “complicated” to calculate the winnings from online casino spinning. Mr D’Aguilar said this “small tax on winnings” was projected to yield between $10m-$15m annually for the Public Treasury and help take the government closer to the $50m total web shop revenue target it had envisioned under the initial tax structure for the industry. He indicated that Bahamian gamblers had got off relatively lightly, as the comparable winnings tax rates in Jamaica and Barbados are 15 percent and 20 percent, respectively. In the US, he added that the federal tax rate was 25 percent, with state and local taxes on top of that. Sebas Bastian, Island Luck’s principal, previously told Tribune Business that the patron “winnings” tax was “a wild card” for the Bahamian web shop industry given that it was difficult to predict how customers will react to the levy. “The patron lotto winning tax is going to be a wild card, though such a tax exists in many other regulated gaming jurisdictions,” the Island Luck chief said. “This winning tax is new to this gaming culture, so we can predict if player payout is less, that player has less to re-bet with. At the end of the day the new bill’s changes seem to correct some errors that were made in the previous tax methodology and assumptions.” The revised taxation structure to be paid directly by web shop operators has already gone into effect. All licensed gaming operators pay 15 percent on their first $0 to $24m of revenue, and operators earning anything greater than $24m will pay 17.5 percent on sums above that threshold.
THE TRIBUNE
Monday, March 2, 2020, PAGE 9
AG: Entrepreneur ‘extremely selfish’ FROM PAGE ONE
and improving Nassau’s attractiveness as a cruise port of call and destination. He suggested that allowing Royal Caribbean to have its own private Paradise Island destination for the hundreds of thousands of cruise passengers it brings to Nassau every year was needed to improve the visitor experience, and effectively represents a trade-off for the increased port and tourist fees that will finance Prince George Wharf’s $250m upgrade by Global Ports Holding. The attorney general suggested that Mr Smith could be viewed as “unreasonable” for rejecting the government’s offer, and hinted that if he did not accept there were “thousands of Bahamians that would relish the opportunity” of being able to market their product to the thousands of Royal Caribbean passengers on the adjoining property. “It’s an absolutely untrue assertion,” Mr Bethel said of Mr Smith’s argument that he is being forced to move to enable Royal Caribbean to lease ten acres of prime beachfront crown land on western Paradise Island, leaving him with a rocky portion unsuited to his own “beach break” destination (see other article on Page 1B). “Yes, in order to accommodate the Royal Caribbean development he was asked to move further to the west. The initial position, though, was not the on-the-ground position in terms of determining land usage. He [Mr Smith] was further to the west than he is today. We have been able to bring him further to the east. “He’s now right in an area that he himself calls a ‘sweet spot’. He’s further to the east than he would have been. He’s right in an area referred to as having the largest expanse of beach. He has half of that going west. We have made an adjustment that does not in any way prejudice him. “He has an equal share in half of the best beach and higher land to put his development on next to Royal Caribbean and their thousands of tourists. If he [Mr Smith] portrays that as inferior land that’s not the case. He has half of the best beach land on Paradise Island. If that is not acceptable to him, so be it, but we’ve done more than enough
to ensure his project is not prejudiced by Royal Caribbean’s development.” Mr Smith, though, told Tribune Business that Mr Bethel had effectively been trying to sell him “a second hand car” when they met on Thursday night, together with Joshua Sears, the prime minister’s senior policy adviser, and Candia Ferguson, director of The Bahamas Investment Authority (BIA), to alter the crown land holdings he would receive to accommodate Royal Caribbean. Arguing that it was the government, rather than himself, who were being “unreasonable”, Mr Smith questioned why he should be forced to move to allow a foreign corporate giant to lease ten of 17 acres of crown land at Paradise Island’s western tip that currently belongs to the Bahamian people. Voicing fears that he may become a victim of the government’s desire for Royal Caribbean to close the Grand Lucayan deal, and that Colonial Beach may have been used as a bargaining tool in those negotiations, Mr Smith yesterday listed multiple reasons why the revised threeacre beachfront parcel now proposed for him will not work (see other article on Page 1B). Meanwhile, Philip Davis, the opposition’s leader, also issued a statement yesterday questioning whether the lease of Paradise Island crown land to Royal Caribbean for a Nassau excursion destination was part of the Grand Lucayan deal due to be signed today. “The prime minister and his ministers must therefore answer the question before tomorrow’s signing,” Mr Davis said. “Is the crown land left at Paradise Island a consideration for what is being done in Grand Bahama? We want to be assured that there are no side letters or side deals, and that what is being done in Grand Bahama is a straight and open public deal.” Mr Bethel, meanwhile, said “there is a balance to be struck” between the needs of Bahamian entrepreneurs and making Nassau more attractive as a cruise destination. “We have to make the Port of Nassau competitive, both with private islands in The Bahamas and the emerging competition we’re going to get from Freeport,” he added.
Dated this 31st day of Dec, 2019
“The strategy is that Global Ports Holding will add to the attractiveness of the Port of Nassau itself, and the immediate area around it in downtown Nassau. A consequence of that, the price, is going to be higher fees to maintain that. Certain berthing fees will increase. “We have to increase the attractiveness of the Port of Nassau and get the cruise lines to continue to commit to coming here. One of the ways is that Royal Caribbean gets a beach front experience on Paradise Island. They’ve bought
most of the private homes, not all of them but most, up to the Yoga Retreat,” Mr Bethel continued. “Mr Smith has been moved further to the east, and the sweet spot - the best beach, and calmer waters - he has been given an equal portion of that area with Royal Caribbean. He’s right next to them, and will have the ability to work with them and other cruise lines to accommodate their passengers. “It’s a wonderful opportunity, and strikes a fair balance between providing
opportunities for Bahamians and improving the attractiveness of the destination.” Given that the purpose of Royal Caribbean’s planned destination is to ensure it maximises earning opportunities from its passengers, many observers are likely to query whether Bahamian businesses will be able to market to them. However, Mr Bethel pressed on: “It could be said that Mr Smith is being unreasonable by rejecting this offer, as he gets prime beachfront land and the ability to market
to Royal Caribbean customers right next door. “I am sure there are thousands of other Bahamians that would relish opportunity, and to have half of that beach spot and access not only Royal Caribbean customers but all the other cruise lines coming in. I am sure there are thousands of Bahamians who would relish that opening. “Seeking to portray what we are trying to achieve as other than in the best interests of The Bahamas is an act of extreme selfishness and irrationality in my view.”
PAGE 10, Monday, March 2, 2020
THE TRIBUNE
Minister in warning over forged cheque FROM PAGE ONE much on it,” the minister told this newspaper. “What I will say is a forged cheque was generated outside the Ministry of Tourism and drawn on its account. It was presented
for payment and cleared. “Once the Ministry of Tourism picked up on the fact the cheque had cleared the police were called and the investigation is ongoing.” Mr D’Aguilar said he was “neither going to confirm nor deny” that a former
high-ranking government official, who has held multiple posts, and one of their relatives were being questioned by police about the forged cheque. Police were yesterday equally tight-lipped. Arguing that the situation had wider implications, the minister added: “I would like to caution everyone who operates a business of chequing account of the technology available now. People can make wonderful copies of your cheques
and, once they have your signature transposed, that is a forged cheque and that’s a real concern. “You may want to switch to wire transfers for payment and moving monies between accounts, but you then have to be vigilant for e-mails asking about your bank account details. There is a constant attack on bank accounts to illegally gain funds, and wherever they feel there are accounts that have a lot of activity, those are high risk.”
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. YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides. Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property. This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home. We look forward to your continued support in this worthwhile endeavour.
MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100
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• Personal fulfillment in knowing you are impacting lives • Ranfurly children’s appreciation and positive response • Continued support provides stability and constant care
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
NOTICE NOTICE is hereby given that KERBY DUPRENAR of Allen Drive, 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 2nd day of March 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
MARKET REPORT www.bisxbahamas.com
(242) 323-2330
FRIDAY, 28 FEBRUARY 2020
(242) 323-2320
ALL SHARE INDEX: CLOSE: 2,210.83 | CHG: 3.86 | %CHG: 0.17 | YTD: -20.77 | YTD%: -0.93 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 10.75 3.64 5.10 10.88 8.00 16.99 9.40 3.87 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 3.35 17.43 6.00 6.68 2.10 1.62 3.21 11.61 6.00 4.32 6.10 3.35 5.06 10.72 8.00 15.08 9.33 3.79 15.20
CLOSE 3.50 17.43 6.00 6.68 2.10 1.62 3.21 11.61 6.00 4.32 6.10 3.23 5.06 10.31 8.00 15.08 9.33 3.87 15.20
CHANGE 0.15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.12 0.00 -0.41 0.00 0.00 0.00 0.08 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 5,000
2,000
10,000
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 -7.3 16.1 13.4 23.5 43.6 31.7 10.8 16.0 11.0 18.5 9.9 19.1 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% 2.78% 0.00% 13.44% 1.19% 3.18% 3.00% 3.58% 2.14% 3.10% 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
30-Sep-2019
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.
NOTICE In the Estate of HYACINTH EVADNEY FORBES nee REID late of Golden Gates No.2 in the Southern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas. NOTICE is hereby given that all persons having any claim or demand against the above-named Estate are requested to send the same duly certified in writing to the undersigned on or before the 3rd day of April, A.D. 2020 after which date the Executor will proceed to distribute the assets of the deceased having regard only to the claims of which he shall then have had notice.
30-Sep-2019 30-Sep-2019
AND NOTICE is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned. Dated the 2nd day of March, A.D. 2020 BROUGHTON CARTWRIGHT Attorneys for the Executor of the Estate Chambers #6 Bosham Close P.O. Box SP 63801 Nassau, The Bahamas
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333