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THURSDAY, MARCH 12, 2020
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Oil exploration: The people will decide By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
T
HE Bahamian people will determine the fate of any commercial oil discovery in this nation’s waters, a Cabinet minister pledged yesterday, adding that the country is at “a crossroads” over the issue. Romauld Ferreira, minister of the environment and housing, told Tribune Business that The Bahamas had reached the stage where it “needs to know” if the Bahamas Petroleum Company’s (BPC) decadeplus exploration work will translate into the discovery of commercial oil fields below the nation’s seabed. Emphasising that BPC’s first well is exploratory, and no discovery has been confirmed, Mr Ferreira did not commit to holding a referendum on oil drilling in Bahamian waters
• Minister says Bahamas at ‘crossroads’ on issue • Govt will ‘guage’ voter will if BPC successful • But ‘not enthusiastic’ about offshore drilling
ROMAULD FERREIRA should the company prove successful. The former Christie administration had promised to hold such an exercise in the event of a commercial discovery so that the Bahamian people could decide whether to pursue oil exploration in Bahamian waters, but Mr Ferreira yesterday argued
VAT about-turn to boost post-Dorian rebuild By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government’s aboutturn to eliminate VAT on construction services in the Dorian-ravaged islands was yesterday hailed as “a tremendous help” that will lower costs and speed-up rebuilding. Ken Hutton, pictured, the Abaco Chamber of Commerce’s president, who had last year pushed hard for the government to extend VAT-free treatment to this particular service, told Tribune Business the move was
“fantastic news that will go a long way to helping us rebuild Abaco”. The government formally extended the VAT waiver by tabling an amendment to the Special Economic
SEE PAGE 10
‘Painful cuts’ best fiscal response to virus pandemic By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government may have no choice but to respond to the coronavirus pandemic with “painful spending cuts” due to its lack of fiscal “headroom”, a prominent businessman warned yesterday. Sir Franklyn Wilson, pictured, the Arawak Homes and Sunshine Holdings chairman, told Tribune Business that the Minnis administration needed to “look carefully” at which programmes can be slashed given that room for further
borrowing was already limited by Hurricane Dorian’s massive reconstruction bill. Pointing out that the 2020 hurricane season is just months away, Sir Franklyn said The Bahamas could not afford to use all its remaining fiscal ammunition on the
SEE PAGE 5
there were “many routes” through which the electorate can express their will. Pledging that any find would be immediately disclosed to the Bahamian people, the minister said the Minnis administration will “take our instructions from them” on how to proceed should BPC strike “black gold”. “The exploratory well that is being contemplated will determine if oil is there,” Mr Ferreira told Tribune Business. “Right now, according to the science, we can narrow it down to a 35-40 percent possibility, but at some point you have to drill a well. We are at that point. “The relationship we have with the BPC organisation was in train when we
came to office. This is not something new; it’s a continuing obligation that we met and it has tremendous implications. The big rub is: Do we ignore the fact we have oil here, and do we or do we not - explore for it? “The other big issue that comes to a head if oil is found is do we proceed to commercial exploration and drilling, and what happens to that money? Does it go into the sovereign wealth fund? We essentially have the country at a crossroads, but I hasten to add that no oil has been found,” the minister continued. “This government is committed to full transparency, and if oil is discovered we’ll
SEE PAGE 8
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$30m Sandals butler assault claim tossed By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A US couple’s much-publicised $30m sexual assault lawsuit against Sandals Royal Bahamian Resort and its affiliates has been thrown out in its entirety by a New York judge. District judge Analisa Torres, sitting in the southern New York federal court, dismissed the lawsuit filed by John Pascarella and Ashley Reid Pascarella on the basis that it lacked “personal jurisdiction” over the Bahamian resort and its Sandals Resorts International parent. The duo, whose allegations received widespread TV and print coverage on both the US and UK media when they were first aired in 2019, had initiated legal action after claiming Mrs Pascarella was sexually assaulted by Moral Adderley, the butler assigned to them during their stay at Sandals Royal Bahamian. “Ashley and Jeffrey Pascarella claim that Ashley was assaulted by an employee of Sandals Royal Bahamian Spa Resort & Offshore Island on the night before their destination wedding
at that resort’s property,” Judge Torres wrote in surmising their action. “They bring claims against Sandals Royal Bahamian, its parent company, Sandals Resort International, and the tour company that helped book their wedding, Travel Impressions, for negligence, loss of consortium on behalf of Jeffrey, and breach of contract.” Delving deeper into the allegations, the verdict recalled: “In April 2016, plaintiffs planned a destination wedding at the resort property operated by Sandals Royal Bahamian in The Bahamas. Sandals Royal Bahamian is a subsidiary of Sandals Resorts International, which ‘sets policy for, directs and maintains throughout all its affiliate resorts . . . brand compliance and uniformity of accommodations, services, food, beverage, housekeeping, water sports, and all other environments, decor, and activities’. “The wedding was booked through Travel Impressions. On the basis of the deal negotiated
SEE PAGE 9
PAGE 2, Thursday, March 12, 2020
THE TRIBUNE
MARIJUANA ADVOCATES SHIFT FOCUS TO REGULATION BAHAMIAN advocates for cannabis legalisation say their focus has shifted from changing the law to how the industry should be regulated. The Bahamas Cannabis Research Institute (BACARI), headed by Terry Miller, recently held a series of panel discussions on the issue under the title, Talk Back Bahamas.
The sessions were staged as BACARI prepares for the second annual 242/4:20 Cannabis Masters Educational Event that will be held in Nassau this Spring. Mr Miller said the conversation had moved beyond whether The Bahamas should alter its cannabis-related laws, and added: “BACARI’s main
focus now is how should we regulate the emerging cannabis industry.” He added that the challenge associated with decriminalisation is that while it allows citizens to possess a certain amount of cannabis, it would still be illegal to sell it. This, he cautioned, would still encourage the proliferation of a “black market”. The first panel discussion, held on January 28 before 40 participants, adopted the theme Cannabis policy shift: How do we prepare. Bishop Simeon Hall, co-chair of the Bahamas National Commission on Marijuana, challenged attendees to banish old prejudices. “Embrace the medicinal cannabis opportunities that the natural plant has to offer,” he argued. Glenys Hanna Martin, opposition MP for Englerston, criticised the severity of existing criminal laws. She highlighting the fact that the punishment far outweighed the crime, while businessman Yorick Brown focused on the opportunities that a legalised and regulated industrial hemp industry could produce. Priest Ethelbert Harrison, represented the views of Rastafarians, emphasised that they should not be restricted from access to, and use of, cannabis as it is used in their sacrament. And Rochelle Basden, a clinical psychologist, said The Bahamas needs new regulations. “Let’s ensure that legislation would take under consideration the importance of the protection of our children,” she added. A second panel discussion, held on February 28, saw Tony Scriven, former deputy comptroller of Customsturned-attorney, say: “We do not need to wait for new legislation to have records expunged; under the present laws records can be, and are being, expunged now.” Barry “Jyah” Armbrister, who successfully sued the US federal government for wrongful dismissal over possession of medical marijuana, said: “This plant was made by God for the healing of the nations.”
THE TRIBUNE
Thursday, March 12, 2020, PAGE 3
MP ‘stands’ with residents Bahamas urged: Use ‘rule over Woodlawn Gardens of law’ fall as opportunity By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net MARATHON’S MP yesterday hailed the “courage” of his constituents in alerting the authorities to Woodlawn Gardens Cemetery’s expansion, and said: “We stand with them to ensure full compliance.” Romauld Ferreira, who is also minister of the environment and housing, told Tribune Business he was opposed to “unregulated development changing the character of the streets” in the Danottage Estates and Village Estates area. He added that the fight against developments lacking the necessary planning permits was “always on ongoing battle”, especially in New Providence’s urban areas, but pledged to work personally with the Attorney General’s Office and Ministry of Works to ensure all decisions relating to Woodlawn Gardens were fully enforced and obeyed. Mr Ferreira spoke after Tribune Business revealed that the cemetery, without Town Planning Committee and Department of Physical Planning approvals, had opened up previously closed dead-end roads through Danottage Estates and Village Estates to give funeral-related traffic access to its northern section. This was intended to give vehicles access to a newly-cut perimeter road running around the edge of Woodlawn Gardens, in what neighbours believe is an attempt to expand the cemetery after its southern section became overcrowded. Residents, many of whom have signed a 200-strong petition in opposition, argued that their quality of life is under threat from increased traffic congestion and parking problems. They are also citing potential health, environmental and safety problems stemming from burial plots being located right next to their property boundaries. Adrian White, the
Town Planning Committee’s chairman, subsequently confirmed to Tribune Business that no approvals had either been issued to, or applied for, by Woodlawn Gardens Cemetery when it came to opening up multiple deadend roads or cutting its perimeter access road. He added that a “stop order” has been issued to the cemetery on February 25, 2020. “If it’s a challenge they suffer from then I’m concerned,” Mr Ferreira said of his constituents’ worries. “Once it was brought to my attention I notified the ministries concerned and they commenced their investigation. “Several constituents came to see my during my office hours, and they also telephoned me. I support them. We don’t want the character of their neighbourhoods to change, particularly if it’s unregulated. We’ll work with the Attorney General’s Office and Ministry of Works to ensure that whatever edicts are issued, they’re complied with. It’s always an ongoing battle with the urbanisation of certain areas.” Mr Ferreira said had had been “made to understand” that Woodlawn Gardens had submitted an application for the relevant planning permissions, but no determination had been made or approvals issued by the relevant government agencies. However, Mr White told this newspaper on Wednesday that no application had been received. “There are no approvals in place and there is no application pending,” he told Tribune Business of the cemetery’s activities todate. “The works that have been carried out are without approval, and a ‘stop order’ has been issued.” Mr Ferreira, meanwhile, added: “I’m so grateful to the residents around there for their vigilance and bringing it to the attention of the authorities. It’s now time for us to enforce
whatever decision is taken by the Ministry of Works. “The residents of that area have shown courage in just bringing this to the attention of the nation, and we certainly support them at the Marathon constituency office and myself. We support that courage, and stand with them to ensure obedience and full compliance with the law. “Their roads and communities are very important. They represent who Bahamians really are; hard working, resilient, and wanting to leave a legacy for their children,” Mr Ferreira added. “There’s nothing wrong with that. They don’t want that disturbed in any way, which is a reasonable position to take.” Mr Ferreira said he was in “constant contact” with Desmond Bannister, minister of works, on the matter, and reiterated that he would “do whatever we have to do with the ministries impacted to ensure the law is enforced”. He added that the Department of Environmental Health Services (DEHS), which comes under his ministry, is not involved in the permitting required by Woodlawn Gardens. Tribune Business yesterday received complaints from residents that heavy trucks and other clearing/ construction equipment was again occupying the newlyopened through roads in Danottage Estates and Village Estates. Mr Ferreira confirmed similar concerns have been expressed to him. Mr White said the Town Planning Committee planned to invite both residents and the cemetery’s representatives to a hearing in two weeks’ time to allow each to vent their respective cases. He explained that it would take the form of “a fact-finding mission” where Woodlawn Gardens would be asked to explain what authorisation it believed it had to undertake the clearance and perimeter road construction.
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas’ twospot fall in the 2020 World Justice Report’s (WJP) Rule of Law Index represents an opportunity “to gain credibility”, governance reformers argued yesterday. Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, told Tribune Business that the country could use the decline in its ranking to 41st out of 128 countries as motivation for improvement in a world where the rule of law appeared to become less valued. “We can see this WJP ranking as an indicator of lack of success, but it’s better to look at it as an opportunity and say that in the midst of the world going backwards The Bahamas can show it can move itself forward,” said Mr Aubry. “The report said that the world, globally, fell back in this space. So we are now in a world where adherence to the rule of law seems to be less of a priority. “If The Bahamas pays more attention to it we have an opportunity to gain credibility in our reputation, but there is possibly also opportunity within our business sectors and the opportunity to gain attention to some of the good work being done within our government. We do see a lot of reforms that the government has undertaken, which really does speak well for us if they actualise
in terms of our efforts on governance.” He continued: “I think this is a great opportunity to recognise that the world is looking at these things. We are now at an international place as a financial services leader, as a tourism leader. We are producing some of the highest level of product in these industries and, with the kind of attention we have gained, it also then requires that we get the scrutiny that comes with it.” The Rule of Law Index ranked The Bahamas ninth out of 30 countries in the Latin American region, but just 34th out of 37 states that it considered to be high income. More countries declined than improved when it came to upholding the rule of law for a third year in a row, continuing a negative slide. The Bahamas scored relatively well when it came to constraints on government powers, the absence of corruption, fundamental rights and criminal justice. However, it fared less well for government openness, transparency and accountability where it was ranked 62nd out of 128 nations.
This nation’s worst ranking came in regulatory enforcement, which measured the effective and fair implementation of regulations, where it finished 64th. It also finished 55th on order and security, which benchmarked how well a society protects persons and property, and 50th on civil justice, which assessed how easily persons can peacefully and effectively resolve disputes through the civil courts. Mr Aubry said legislation dealing with the freedom of information, procurement reforms and fiscal responsibility needs to be “followed through” in order to improve The Bahamas’ ranking in these and other indices. “As I looked at the particular indicators, I think each of these creates an opportunity for us to look at and analyse what is actually on the ground. There is always a challenge with these global indicators or ratings that they use publicly available knowledge, and they give us an indicator of where we might be but they don’t get into the nuances,” he added.
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PAGE 4, Thursday, March 12, 2020
THE TRIBUNE
GOVT ‘FULLY DRAWS DOWN’ $190M LOAN By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE government has “fully drawn down” a $190m syndicated loan led by Royal Bank of Canada (RBC) that will finance post-Hurricane Dorian reconstruction, it was revealed yesterday. Marlon Johnson, the Ministry of Finance’s acting financial secretary, told Tribune Business that the provision of such debt financing by a group of Bahamian commercial banks showed lenders still retained confidence in the government’s ability to pay its debts despite the storm’s fiscal fall-out. “We’ve drawn down the full sum of the loan,” he confirmed, revealing that the government had obtained an interest rate of Bahamian Prime By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net SOME 2,069 homeowners have completed full registration for the Disaster Reconstruction Authority’s post-Dorian small home repair programme, a Cabinet minister said yesterday.
plus 0.125 percent. With prime currently at 4.25 percent, this translates into a 4.375 percent debt servicing cost. “We’re still a good customer,” Mr Johnson added. “The lending community still has confidence in the government’s paper. “As the deputy prime minister would have said, we have been approached by any number of investors domestically and internationally. They retain their confidence in the government’s ability to service its obligations.” Royal Bank, in a statement, said it had provided $100m – more than 50 percent – of the syndicated loan itself. The $190m loan total accounts for 37.4 percent of the government’s net new $508m borrowing post-Dorian. Mr Johnson said the $90m balance was provided
by four other Bahamasbased banks. They were Scotiabank (Bahamas); Commonwealth Bank; Fidelity Bank (Bahamas); and Bank of the Bahamas. RBC, which is the government’s bank, was also quick to remind that it had led the $130m syndicated loan put together by a similar consortium of local banks to assist the former Christie administration with post-Hurricane Matthew repairs. “Hurricane Dorian brought unprecedented levels of destruction and damage to communities on the Abacos and on Grand Bahama,” said LaSonya Missick, RBC’s managing director for The Bahamas. “As an Abaconian myself, I am proud of RBC’s continued commitment to helping our clients thrive and our communities prosper. I know that
this loan will go a long way in rebuilding the lives of our impacted fellow Bahamians.” “Hurricane Dorian imposed significant fiscal costs on the government as we seek to provide social and economic support to residents of Abaco and Grand Bahama, and restore key public infrastructure,” said K Peter Turnquest, deputy prime minister. “The government appreciates the strong participation of representatives of the domestic banking community in our capital raising initiatives.” Brian Knowles, RBC’s vice-president of corporate banking, added: “In addition to providing the bulk of the financing, RBC was pleased to lead the co-ordination efforts to help make this loan a reality. “Support for rebuilding and recovery is essential to
help get life back to normal for thousands of Bahamians, and it is something we are proud to be a part of.” Apart from the $190m loan, the government’s post-Dorian financing package also comprises a $100m contingent credit line from the Inter-American Development Bank (IDB), of which 80 percent is expected to be drawn down. The mix also includes a $50m loan from the Caribbean Development Bank (CDB), with the remaining $177.9m to be sourced via government bonds and other debt instruments. Mr Johnson told Tribune Business that these debt securities will be placed “and drawn down according to our cash needs”. He added: “We phase our borrowing according to our cash needs, so as we continue to the process over the next two to three months we will
MARLON JOHNSON draw down as necessary.” Not all the additional $508m net new borrowing is to cover Dorian-related reconstruction costs, though. Just under $120m it needed to finance additional spending by the government. This includes Bahamas Power & Light’s (BPL) new $30m General Electric (GE) generation unit; $30m for civil service upgrades, the bulk of which is to cover December’s one-off lump sum payment; further sums for Princess Margaret Hospital repairs; and some $16.1m to regularise funding provided for the Grand Lucayan resort.
OVER 2,000 HOMEOWNERS SIGN-UP FOR DORIAN REPAIRS Iram Lewis, minister of state for disaster preparedness, management and reconstruction, told the House of Assembly: “Since the launch of the small
home repair programme web portal, 3,137 persons set up user profiles. Of those 3,137 profiles, 2,069 homeowners have completed the full registration
for assistance. “Of the 2,069 homeowners registered, 804 need structural assessments, 471 need to upload documents, 404 approved have met all criteria and structural assessments. We are still waiting on 89 percent of homeowners to bring in their quotes so the purchase order can be issued.” The initiative, which was launched on February 10, gives residents whose homes as assessed as having suffered minimal damages some $2,500 worth of building materials purchase orders. Those deemed to have medium damage are eligible for $5,000; those with major damages can receive $7,500; and those whose homes were destroyed up to $10,000. Purchase order recipients are able to effect home improvements, purchase materials and labour, or a combination of both. To receive these benefits, the property has to be in Grand Bahama or Abaco. The person applying must be a Bahamian citizen, there must be proof of residence and the property would have to be uninsured. Materials have to be purchase from approved vendors in The Bahamas as the purchase orders cannot be used abroad. “The Disaster Reconstruction Authority has also partnered with NGOs (non-governmental organisations) in Dorian-affected communities to assist with home repairs,” Mr Lewis added. “Through the partnership the government pays for home repair labour, and the NGOs provide supplies and various of logistical and
IRAM LEWIS technical assistance.” The Disaster Reconstruction Authority, in a paper tabled in the House of Assembly yesterday, listed several “challenges” facing the reconstruction effort. The Bahamas “very expensive” construction costs were cited as one potential obstacle, given that building a small two-bedroom house often cost upwards of $70,000. “While government and partners are starting to repair houses with minor damage, there is no current capacity identified to rebuild at scale destroyed homes or houses with structural damage,” the paper said. “Due to the unprecedented scale of disaster impact for The Bahamas, building damage assessments have still to be completed and to be overlaid with social economic assessment data in order to fully allow gap analysis for the recovery response moving forward. “Most of the houses damaged and destroyed came from non-compliance with The Bahamas’ building codes, and from the significant tidal surge flooding. Building back
better, technical assistance and quality control for enhanced building code compliance is needed to reinforce the resilience of affected Bahamian communities in a future of more frequent climate changeinduced hurricanes.” Mr Lewis, meanwhile, said the Disaster Reconstruction Authority (DRA) is working on developing 55 lots in Central Pines for single and multi-family use. He said: “We are in the process of having properties from the Ministry of the Environment and Housing transferred to the DRA. It is hoped that these units will provide much need rentals and housing for people on the islands, and those seeking to return. “Additionally, the DRA is working on the development of two 60-acre tracts, one in Wilson City and one in Marsh Harbour. The surveyor-general has confirmed the preliminary survey is completed. The final plans are being properly documented so the information can be included in an RFP we plan to issue by the middle of April. We hope work will begin on this initiative in the third quarter of this year.”
THE TRIBUNE
Thursday, March 12, 2020, PAGE 5
Maritime Authority takes tax contribution to $96m By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas Maritime Authority (BMA) took its two-decade contribution to the Public Treasury to near-$96m following its last financial year in which total comprehensive income rose by 8.7 percent. The authority’s annual report for the year to endJune 30, 2019, which were tabled in the House of Assembly, confirmed that it continues to be a steady if unspectacular revenue earner for Bahamian taxpayers at an average of just under $5m per year since its creation in 1995.
‘Painful cuts’ best fiscal response to virus pandemic FROM PAGE ONE Covid-19 battle given the risk that another Doriantype storm may strike the archipelago. He revealed that all the businesses in which he is invested, such as Arawak Homes and RoyalStar Assurance, are currently engaged in coronavirus-related resiliency and continuity planning to ensure they will still be able to function should “pivotal” staff members become infected and have to become quarantined at home. “It comes at a time when the government’s financial reserves are stretched because of all they’re trying to do with Dorian,” Sir Franklyn said of Covid-19, which was yesterday formally declared a pandemic by the World Health Organisation (WHO). “It would seem prudent for the government to look carefully at what can be cut. I agree with the prime minister’s message: ‘Don’t panic’, but in a rationale way we have to accept we do not have as much headroom as we had at any time in our history. “We don’t have as much headroom. We have to look carefully at what government programmes can be cut, what can be done differently, and what can be saved. It may be painful, but this is what is required.” Dorian’s impact on the country’s short and mediumterm finances, which has placed fiscal consolidation
The shipping registry, which is the authority’s most prominent function, added 1.458m in gross tonnes during its latest financial year even though the total number of ships registered fell by seven. “As at June 30, 2019, the register consisted of some 1,552 ships totalling over 65.17m gross tonnes, with an average age of 15.82 years,” the authority’s annual report said. “The Bahamas flag continues to attract the eminent and most respected shipping companies in the maritime industry who are not only leaders but also pioneers in the industry..... “For the fiscal period The Bahamas remains the
largest flag for passenger ships, with other 160 passenger ships registered, and where new registrations included new buildings that ranged from a small expedition ship to one of the world’s largest passenger ship. There are ongoing preparations for additions by new entrants to the sector.” The annual report added that The Bahamas continued to be a “leading flag” for liquefied natural gas (LNG) carriers, featuring 121 ships weighing a combined 10.9m gross tonnes on its registry at end-June 2019. The total tonnage of registered offshore vessels grew during the year to more than 8m,
firmly on the backburner for the time being, shows that a 2019-2020 deficit equivalent to 5.3 percent of gross domestic product (GDP) - some $677.5m - will drive the Government’s direct debt beyond the $8.205bn mark by endJune 2020. The direct debt-to-GDP ratio will increase by more than seven percentage points compared to initial projections, rising from 57.3 percent to 64.4 percent by the time the fiscal year closes. This ratio is forecast to peak at 66.6 percent at the end of the 2020-2021 fiscal year, and will only have come down slightly to 65.9 percent some two years later. The government’s revised budgetary projections show more than $1.7bn being added to its direct debt over the four years from end-June 2019 to the close of the 20222023 fiscal year, taking it to $9.243bn. If roughly $700m of contingent liabilities guaranteed on behalf of loss-making stateowned enterprises are thrown in, together with potentially at least $1.5bn in unfunded civil service pension liabilities, then the true scale of The Bahamas’ debt is placed nearer $11.5bn. And this is all before any economic fall-out related to the coronavirus is factored in. The Bahamas’ tourismdependent economy, and its highly open, vulnerable nature, mean the country was already exposed to the virusrelated slowdown in global travel even prior to Donald Trump’s announcement last night that the US is closing its borders to all flights from Europe - bar the UK - for 30 days with effect from Friday.
Sir Franklyn said yesterday that The Bahamas and entire world were in “uncharted territory” given that the pandemic’s extent and spread were impossible to predict, adding that all needed to pray for human life and financial well-being. “On the fiscal side it seems to be prudent to take a position as to what can be cut,” he reiterated. “Let’s face it. We’re not going to get the revenues we expected, and the expenditure will definitely go up. Nobody contemplated months ago that we would be spending money on test kits for coronavirus test kits or for quarantine tents. You know expenditure’s going to go up. “Your choices are to either cut or borrow. I suggest we be very careful in trying to get through this with more and more borrowing. Whatever headroom we have, we have to leave some in case we face a hurricane. In two to three months we have the start of hurricane season. “Whatever headroom we have today, we cannot use all of it to deal with the coronavirus. Let’s look very carefully at what can be cut before we go the route of borrowing again.” The government is already borrowing a net $508m to kickstart Hurricane Dorian reconstruction, from which it has already fully drawn down on a $190m syndicated loan put together by Bahamian commercial banks. “In the organisations I’m associated with we’re looking at what happens if people have to stay home,” Sir Franklyn added. “If one employee cannot come to work because of infection, is there someone who can keep things going so that the organisation doesn’t collapse?”
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with this class accounting for 15 percent of all ships on the registry. “The authority’s value proposition of quality customer service delivery has enabled a continued growth of the fleet size through market retention and acquisition of new business,” the authority’s annual report said. “This increase of the fleet has resulted in the operating profit for the Authority exceeding $16m for the last four years. “The balance sheet remains strong with operating revenue before taxes of $5.06m compared to $4.67m in 2018. This level of return has contributed to the Authority remitting $95.7m
to The Bahamas’ consolidated fund from inception in 1995.” The Authority described strengthening its “financial sustainability” as one of its “core strategic objectives” during the current 2020 financial year. It is attempting to achieve this from an already-solid platform, with operating revenues jumping to $16.89m in 2019 as compared to $16.252m the year-before. “For the 2019 fiscal year, the net operating cost of the Authority was $10.028m, an increase of $272,378 or 2.8 percent compared with the 2018 costs of $9.755m. The increase is mainly due to the increase in operational cost
attributed to the opening of a dedicated office in Japan, and an increase in staffing levels. “The authority is making a conscious effort to reduce operational costs while balancing the need to maintain the level of customer service to attain and retain customers.” The authority’s annual report said The Bahamas had maintained its “low risk” status as a shipping flag, retaining its status on the Paris and Tokyo inspection regimes’ “white lists”. Only 26 Bahamian-flagged ships were detained following inport inspections during 2019, a decline from the prior year’s 28 detentions.
Securities group meets with top BFSB executive THE Bahamas Investment & Securities Business Association’s (BISBA) executive board has paid a courtesy call on Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive. They discussed the securities industry potential, including specialisation in “contracts for difference” together with the rules released for consultation by the Securities Commission. Emphasis was placed on reputational risk, leverage requirements, the European Securities and Markets Authority’s (ESMA) Rules and industry competitiveness. Pictured above is BISBA’s executive board with Ms McCartney.
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PAGE 8, Thursday, March 12, 2020
THE TRIBUNE
Oil exploration: The people will decide FROM PAGE ONE disclose it to the Bahamian people and take our instructions from them as to the way forward.” The last Christie administration promised to stage a referendum on whether to approve commercial
oil exploration within The Bahamas’ waters should BPC prove successful, but matters never reached this stage before it was voted out of office in May 2017. Mr Ferreira was cool towards staging a referendum, telling Tribune Business that there were
other methods for determining “the will of the Bahamian people”. He added: “I am stressing that oil has not been found yet, so it’s a little cart before the horse. We remain cautiously optimistic. “There are other ways to gauge the will of the
Bahamian people. A referendum is one of many tracks. One thing that is assured is that we will engage the Bahamian people on the way forward.” Describing the Bahamian people “as a mosaic” of multiple different views and
interests, Mr Ferreira said he respected environmentalists’ opposition to any type of oil exploration in this country’s waters. “I think Bahamians are excited that this is a whole new industry; most Bahamians I meet are,” he added. “Oil is a very emotive issue. There are some Bahamians resolutely opposed to oil, and I respect that position, but like most governments we strive for the utilitarian approach, which is to do the greatest good for the greatest number. Everything has to be looked at holistically to make the correct determination.” BPC is aiming to drill its first exploratory well by end-April 2020 in waters some 100 miles south-west of Andros, and close to the maritime boundary with Cuba. Mr Ferreira’s ministry paved the way for the explorer to proceed by recently approving its Environmental Authorisation. Pointing out that commercial oil discovery will create an entirely new industry for The Bahamas, and a new natural resource, together with a significant revenue stream for the government, the minister reiterated that the country faces a choice between ignoring the possibilities or finding out if the potential exists. “We are essentially
tourism, financial services and fisheries,” Mr Ferreira told Tribune Business. “The country needs another industry. We have to make a decision. Are we going to find out if it exists in commercial quantities? The real fundamental issue at play here is: Do we have oil? That is the $1bn question everyone wants answered. We have to drill a well to make a final determination.” BPC’s first exploratory well, named Perseverance No.1, is targeting a sub-sea structure in which up to 800m barrels of oil could be held based on seismic testing and other geological studies. If the presence of oil is proven at that location, the oil explorer believes close to 2bn barrels would likely be present in a surrounding field that stretches for 80 kilometres, taking the discovery “up to the field size they’re finding in Guyana”. Mr Ferreira added that the government is “not enthusiastic about issuing offshore drilling licenses” such as those possessed by BPC, adding that it was legally mandated to honour them upon taking office. He added that it was more favourable to what he described as the “mixed merits” of onshore oil exploration.
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THE TRIBUNE
$30m Sandals butler assault claim tossed
THE BEACH side at Sandals Royal Bahamian resort on Cable Beach. FROM PAGE ONE with Travel Impressions, plaintiffs invited some 70 guests to their destination wedding at Sandals Royal Bahamian’s property. During plaintiffs’ stay at Sandals Royal Bahamian’s property, they were assigned a butler, who was an employee of Sandals Royal Bahamian. “After a cocktail party held on the night before plaintiffs’ wedding, that employee ‘entered the bedroom of’ Ms Pascarella, and ‘undertook surreptitiously to molest, fondle, grope and take sexual liberties of’ her. She screamed for help, and resort security apprehended the butler. He was later charged with indecent assault in a Bahamian court.” The butler, Moral Adderley, has vigorously denied that such an attack occurred even though he pled guilty to indecent assault in a Magistrate’s Court. He said he changed his initial ‘not guilty’ plea in an effort to escape serving prison time and thus missing his father’s funeral. Mr Adderley declined to comment on the lawsuit’s dismissal when contacted by The Tribune yesterday. The couple’s allegations were unable to survive the attack mounted by Sandals’ US
attorneys, who raised multiple legal technicalities and obstacles to it proceeding in the New York courts. Tribune Business previously reported how the all-inclusive resort chain’s legal advisers had urged that the case be dismissed on the basis that the couple had signed a document agreeing that all legal disputes be resolved in The Bahamas. This stipulated that “all claims” against Sandals “shall be governed solely by the laws of Bahamas as the exclusive choice of law, and further that the courts of Bahamas shall be the exclusive venue/forum for any proceedings, claims or litigation whatsoever”. In addition, Sandals’ attorneys argued that The Bahamas was the most appropriate judicial forum to hear the claim as all events, evidence and witnesses were in this nation - and there is absolutely no connection to New York. Tara Nicola, of the Fitzpatrick, Hunt, Pagano, Aubert law firm, wrote: “The Bahamas is an adequate and available forum given that Sandals Resorts International consents to jurisdiction of the Bahamian courts. “In addition, Bahamian courts recognise negligence claims and permit recovery for pecuniary and
non-pecuniary losses. Bahamian courts also provide for pre-trial discovery.” Ms Nicola added that The Bahamas had a strong reason to try the case because the events complained of allegedly occurred in this nation, adding: “The public and private interest factors support dismissal in favour of The Bahamas. “The Bahamas has a strong interest in resolving this dispute locally because the events and allegations that form the basis of the claim are local to the Bahamas. Indeed, plaintiffs contend that a Bahamian resident engaged in inappropriate, unwanted sexual conduct in The Bahamas at a Bahamian resort involving the Bahamian authorities.”
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Thursday, March 12, 2020, PAGE 9
PAGE 10, Thursday, March 12, 2020
THE TRIBUNE
CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY
T
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
CIRCLE of FRIENDS Silver: $1,500 - $2,499 Gold: $2,500 - $4,999 Platinum: $5,000 plus
OPPORTUNITIES • • • •
Invitations to Ranfurly events Assist with fundraising events Involvement with special activities Adults are eligible to join the Board after three months • Stay in touch with Ranfurly through website and newsletters
BENEFITS
• 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
VAT about-turn to boost post-Dorian rebuild FROM PAGE ONE Recovery Zone Order in the House of Assembly yesterday. It also made the construction services treatment retroactive to December 1, 2019, when the zones took effect. Under the heading “VAT zero rating on the supply of construction services”, the amendment reads: “For the period commencing on the first day of December 2019, and ending on the 30th day of June, 2020, the supply of construction services shall be zero rated under the value-added tax Act 2014.” The amendment was signed by K Peter Turnquest, deputy prime minister, on February 28, 2020. He told Tribune Business yesterday that the change was made in response to feedback from both the Abaco and Grand Bahama Chambers of Commerce, as well as residents in the two Dorian-hit islands. “I think it’s going to be significant,” Mr Turnquest said of the amendment’s impact. “It’s a tremendous cost saving for those actively engaged in reconstruction, and we want to encourage people not to sit on this as these incentives will not last forever. “We encourage them to take advantage of it so that they can rebuild their homes, businesses and communities as quickly as possible. We’ve been listening to the residents, these communities and the challenges they’ve been having with respect to that, as well as doing our part to stimulate the reconstruction effort.” The extension of VAT-free, or zero-rated, treatment to construction services represents a significant u-turn by the government in just two months. Mr Turnquest told this newspaper on December 11, 2019, that eliminating VAT on services in the Dorian-hit islands would be difficult to police and too costly, while granting tax breaks to companies that do not need them. Singling out construction labour, in particular, as an area where the government would have liked to provide concessions and “do more”, Mr Turnquest said then that it needed to “be reasonable” because the Public Treasury stands to lose “significant”
K PETER TURNQUEST revenues through the tax breaks already granted. “One, because it is difficult to control,” Mr Turnquest told Tribune Business of the government’s thinking in declining to provide the Bahamian economy’s dominant services sector with a VAT break. “Second, if we do that, we would be giving wide-ranging concessions to businesses that don’t really need it; hotels, Freeport’s industrial sector, and all those various entities that provide services. Remember, the concessions are intended to help with the reconstruction effort. We are giving concessions on items people have to replace. “In addition, this is a significant cost to the government, and we still have a government to run which has to be funded. We’ve done the best we can. We’d love to do more, particularly as it relates to construction labour. We’d love to do more, but we have to be reasonable.” While the government is likely to come under fire from its political opponents over its about-turn on construction services VAT in the disaster zones, the Minnis administration can argue that it has listened to the concerns of both the private sector and residents. Its action means that VAT will be totally eliminated from the construction industry input chain for both physical goods as well as services. In particular, the 12 percent levy will be removed from the industry’s labour costs, which is a significant expense component, thereby saving rebuilding homeowners and residents valuable sums. “That is fantastic. That is fantastic news,” Mr Hutton told Tribune Business when informed by this newspaper of the government’s action. “I think that is a very welcome change to the situation, and I think it will
go a long way to helping us rebuild Abaco. “I think there is only so much money out there. The more of it that can be focused to the rebuilding effort the better. That’s a tremendous step forward. They’re listening. I can’t tell you how happy I am to hear that. You’ve made my day.” Mr Hutton had last year warned that the government was in danger of leaving the post-Dorian recovery effort “half finished” by failing to eliminate VAT on services as well as physical goods imports. Calling for a rethink, he said such a policy would continue to levy 12 percent VAT on contractor bills and those of other repair professionals, inclusive of labour costs, while at the same time leaving all construction materials tax-free. Mr Turnquest yesterday said the government had yet to address the issue of VAT refunds for taxes already paid on construction services in the Dorian-hit islands between December 1, 2019, to now, but would do so as cases emerged. “The other thing that is going to be a tremendous help is we have a lot of nongovernmental organisations and relief organisations that are using donated funds and local labour to repair and rebuild structures here,” Mr Hutton added. “When hiring local labour, those local contractors were having to charge VAT, so we were charging VAT on donated funds with the actual labour component.” Mr Hutton said Abaco’s post-Dorian reconstruction was progressing “one day at a time”. He added: “It’s not happening overnight. It’s going to take a long time, fantastic effort and it’s going to take commitment. “We’ve got a long, hard struggle but at the end of the day it’s going to be worth it. We’ll get Abaco back bigger, stronger and more resilient than ever.”
THE TRIBUNE
Thursday, March 12, 2020, PAGE 11
Trump announces delay of tax deadline for virus victims
PRESIDENT DONALD TRUMP WASHINGTON Associated Press PRESIDENT Donald Trump announced yesterday night that he will instruct the Treasury Department to allow individuals and businesses negatively affected by the coronavirus to defer their tax payments beyond the April 15 filing deadline. In an address from the Oval Office, Trump said he would use his emergency authority to allow individual taxpayers ad businesses to defer paying their taxes by next month’s deadline if they have suffered adverse effects from the spreading virus. Treasury Secretary Steven Mnuchin told Congress earlier yesterday that the payment delay would have the effect of putting more than $200bn back into the economy that would otherwise go to paying taxes next month. He did not indicate what the new deadline would be. Mnuchin told reporters that the delay would cover “virtually all Americans other than the super-rich”. He said the delay would not apply to large corporations or very wealthy taxpayers but he did not offer any specific income or asset thresholds that would be needed to qualify for the delay.
Mnuchin told a House Appropriations subcommittee that the administration could grant the tax delay without having to go to Congress for approval. Mnuchin said the delay would allow individuals to not pay their taxes by the April 15 deadline. The IRS would also waive interest payments or other penalties for missing the deadline. Under current IRS rules, taxpayers can get an automatic extension on filing their tax returns but they are required to pay tax on the estimated amount they will owe when they do file. Members of Congress have urged the administration to take this step amid the coronavirus crisis. “Given the growing nationwide concerns regarding the potential spread and the resulting economic and public health impact of such an outbreak, we urge you to act quickly and remove one source of stress that individuals face during the crisis,” Sens Bob Menendez, D-NJ, and Patty Murray, D-Wash, said in a letter to IRS Commissioner Charles Rettig. “The American people should not have to worry about filing IRS forms in the middle of a public health emergency,” the two senators wrote.
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PAGE 12, Thursday, March 12, 2020
THE TRIBUNE
MARKET SWINGS AND A WAVE OF CANCELLATIONS AS VIRUS SPREADS WASHINGTON Associated Press
SEVEN weeks after the first case of COVID-19 was confirmed in the US, the outbreak is now classified as a pandemic and it’s doing widespread damage to critical economic sectors of the global economy. Airlines are cutting capacity, people are working from home, major public events that raise millions of dollars for local communities have been canceled. The NCAA will hold its annual March Madness basketball tournament without fans in stands and CME Group says it will shutter its Chicago trading floor at the close of business this Friday. The Associated Press is publishing a running tally of the effects of the
coronavirus on people, businesses, and the economy. • VOLATILE IS THE NEW NORMAL: Wild swings in US markets are becoming the new normal. Gyrations of 1,000 points or more on the Dow is occurring almost daily. In the first three days of this week, the Dow has fallen 2,000, risen 1,700, and plunged again yesterday, with the Dow falling more than 1,400 points. Goldman Sachs says the longest bull market in history will end soon. Sachs lowered its 2020 corporate earnings forecast for S&P 500 companies for the second time in less than two weeks yesterday. Most of Europe rebounded and the Bank of England cut its key interest rate by half a percentage point to 0.25% and offered financial liquidity measures in response to the
outbreak of the COVID-19 virus. Asian markets slid. • OIL WARS: Saudi Arabia intensified its fight with Russia over the production cuts it wanted in a bid to halt tumbling oil prices. Benchmark US crude is down almost 50% this year and its most severe decline since the economic crisis is happening this week. Yesterday, Saudi’s state-owned Aramco said it will increase production capacity to 13 million barrels per day, up from 12 million per day. It hopes to make it more painful for oil-producing countries to continue without production cuts. Crude prices fell 3% yesterday, nearing $33 per barrel. • DISLODGED: The hotel industry is under duress. Business travel, vacations and other events are being canceled daily, and
NOTICE
so are room reservations. Hilton is pulling its forecast for the first quarter and the year citing uncertainty as the coronavirus spreads. Hilton Worldwide Holdings Inc followed Hyatt and Park Hotels & Resorts by withdrawing guidance for investors. Hyatt, Marriott and Hilton hotels plunged between 9% and 10% yesterday. • FANS BANNED: NCAA tournament games will not be open to the general public because of concerns about the spread of coronavirus. NCAA President Mark Emmert said yesterday that he made the decision to conduct both the men’s and women’s tournaments, which begin next week, with only essential staff and limited family in attendance. San Francisco’s mayor prohibited for two weeks all
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
NOTICE is hereby given that CLAUDE SAUVEUR LAURISTAN of #55 Meeting Street, P.O.Box SB-50707 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 5th day of March 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
The Public is hereby advised that I, SANDRA PATRICIA LANCHIPPA KUON of No.227 Aqua Marine Close East, Treasure Cove, P.O. Box N-7609, Nassau, Bahamas, intend to change my name to SANDRA PATRICIA DE SAMILLAN. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, N.P., Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE NOTICE is hereby given that IMRAN TASLIM RAHIEM of 51 Davis St., Oaksville, Nassau, New Providence, The 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 12th day of March, 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
gatherings of 1,000 or more people, including Golden State Warriors games. Separately, city officials last week called off non-essential gatherings of 50 or more people at city-owned properties, such as City Hall, the convention centre and performing arts centres. Farther north, Washington Gov Jay Inslee announced a ban on gatherings and events of more than 250 people in virtually the entire Seattle metro area to try to stop the spread of the new coronavirus in the state where at least 24 people have died. The order would not prohibit the operation of workplaces or schools. It would apply to sporting events like Seattle Mariners baseball and Seattle Sounders soccer games. The Mariners are still in Arizona for spring training, but their regular season home opener is scheduled for March 26. • DERAILED: The pandemic has scrambled supply chains, darkened factories in China, and reduced orders with the anticipation of a slowing global economy. Railroads are reporting a steep decline in the number of containers of imported goods they are carrying. The Association of American Railroads said yesterday that the number of intermodal containers that US railroads hauled last week fell 14.1% compared with last year. The railroad trade group said it is difficult to determine how much of the drop in shipments of containers of goods is related to the virus outbreak, but it is clear that is playing a role. • TAKING ON WATER: Already under heavy pressure from protracted trade disputes, shares of major ocean shippers are sinking further due to the viral
threat to the global economy. Shares in some of the biggest shippers have lost between quarter to nearly half their value this year. A JPMorgan industry analyst said that shippers could potentially catch up with recent capacity cuts as the supply chain normalises and Chinese factories re-open. However, the bigger threat is the surge in coronavirus cases in the US and Europe. • CASINOS CRAP OUT: The casino industry is being ravaged by fewer tourists willing to travel and gamblers seeing the casino floor as a risky health bet. Shares in MGM, Wynn, Las Vegas Sands and Caesars are down between 25% and 45% since late February. Industry analysts are lowering their expectations for the first quarter. Ratings company Egan-Jones says gaming revenue in Macao, a huge gambling resort that attracts millions of Chinese gamblers, plunged 87.8% in February as casinos closed for two weeks. Gross gaming revenue in Macao is down about 50% year-to-date, EganJones said. • TRADING FLOOR CLOSED: CME Group said it will shutter its Chicago trading floor as of the close of business Friday as a precaution. No coronavirus cases have been reported on the trading floor or in the Chicago Board of Trade building, it said. Reuters, meanwhile, reported that the New York Stock Exchange is also taking steps to limit the spread of the virus. It cited an internal memo saying the steps include mandating separate entrances and eating spaces for floor traders and staff at the NYSE’s Wall Street building.
Legal Notice
March 10th, 2020
NOTICE KLUM INVESTMENTS LTD.
April 9th, 2020
NOTICEIS HEREBY GIVEN as follows:
MARKET REPORT www.bisxbahamas.com
(242) 323-2330
WEDNESDAY, 11 MARCH 2020
(242) 323-2320
ALL SHARE INDEX: CLOSE: 2,197.53 | CHG: -8.41 | %CHG: -0.38 | YTD: -34.07 | YTD%: -1.53
(a)
KLUM INVESTMENTS LTD., is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(b)
The dissolution of the said Company commenced on the 11th March, 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General.
(c)
The Liquidator of the said Company is Delco Investments Limited of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.
Dated this 12th day of March A.D. 2020
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 3.90 15.20
52WK LOW 3.35 20.91 5.50 5.38 1.77 0.67 2.00 10.01 5.60 3.89 6.10 2.53 1.76 8.00 6.40 14.00 6.98 3.14 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 3.00 11.95 6.00 4.26 6.10 3.22 5.06 10.01 8.00 15.08 8.97 3.72 15.20
CLOSE 3.50 17.43 6.00 6.68 2.10 1.62 3.00 11.95 6.00 4.20 6.10 3.13 5.06 9.55 8.00 15.08 8.97 3.72 15.20
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.06 0.00 -0.09 0.00 -0.46 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 100
7,000 15,000
6 35
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 -6.8 16.6 13.4 22.8 43.6 30.7 10.8 14.8 11.0 18.5 9.6 18.3 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% 6.03% 3.67% 2.86% 0.00% 13.87% 1.19% 3.43% 3.00% 3.58% 2.23% 3.23% 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% 0.37% 3.81% 0.24% 4.38% 0.23% 2.75% 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-Jan-2020 31-Jan-2020 31-Jan-2020 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
Delco Investments Limited Liquidator LEGAL NOTICE
NOTICE
SPUTNIK TECHNOLOGY VENTURES LTD. (In Voluntary Liquidation)
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, SPUTNIK TECHNOLOGY VENTURES LTD. is in dissolution as of March 9, 2020 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR ______________________
MUTUAL FUNDS 52WK HI 2.30 4.38 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 3.30 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 2.30 4.38 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 30-Sep-2019 30-Sep-2019
LEGAL NOTICE
NOTICE
CRUMBLE FRUITY LIMITED (In Voluntary Liquidation)
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, CRUMBLE FRUITY LIMITED is in dissolution as of March 5, 2020 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR ______________________
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333