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TUESDAY, MARCH 16, 2021
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Oil drilling end ‘so far from done deal’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
OIL exploration opponents yesterday said efforts to raise the $200,000 security ordered by the Supreme Court are being complicated by the belief there will be no more drilling in Bahamian waters. Sam Duncombe, reEarth’s president, told Tribune Business “it’s not a done deal” that Bahamas Petroleum Company (BPC) has given up on finding commercial oil quantities despite the failure of its initial Perseverance One exploratory well. Yet such perceptions, she indicated, were making it difficult for environmental activists to raise the necessary bond to cover BPC’s legal costs so that the trial on the substantive issues raised by their Judicial Review. Declining to confirm how much of the $200,000 has been raised to-date, with
just 14 days left to meet the deadline imposed by Justice Petra Hanna-Adderley, Mrs Duncombe said: “We are doing what we need to do. A lot of people seem not to grasp that because BPC did not find oil in this particular well, it’s not a done deal. “It’s so far from being a done deal. They can come back at any time, drill and do the same thing all over again.” While BPC’s Perseverance One well failed to discover commercial oil
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US queries Bahamas financial crime pursuit By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
SAM DUNCOMBE
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HE attorney general yesterday declared that The Bahamas had largely received “a fair assessment” even though the US questioned this nation’s commitment to prosecuting financial crime. Carl Bethel QC told Tribune Business he was especially pleased that the Biden administration’s justpublished International Narcotics Control Strategy Report (INCSR) had determined that the Bahamian financial system “poses no threat” of providing a gateway for laundered proceeds from drug trafficking and other crimes to enter the US. Pointing out that the likes
• Challenges will to prosecute and report • AG: Bahamas ‘poses no threat’ to US • Disputes laundering prosecution data
CARL BETHEL QC of Spain, and regional rivals such as Barbados and the Dominican Republic, were rated as presenting such dangers, Mr Bethel said he anticipated The Bahamas will receive any even more
favourable assessment from the US next year as it will have made further progress in implementing its latest anti-financial crime reforms. Arguing that no nation was likely to completely
escape criticism due to the “interrogatory” nature of the US report, Mr Bethel said the only two areas where he challenged its assertions were the data it provided on money laundering prosecutions in The Bahamas plus its failure to acknowledge such cases were interrupted/delayed last year due to COVID-19 related lockdowns. And he voiced confidence that this nation had made sufficient progress such that “we’ll never see a day when people point fingers in our face” again over alleged
National debt near New vehicle sales ‘20% stronger’ than forecast $10bn at 2020 end • Down just one unit on February comparison By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Bahamas’ national debt was just shy of $10bn at year-end 2020, the Central Bank revealed yesterday, having increased by $1.4bn during the previous 12 months. The figures, disclosed in the regulator’s economic review for the 2020 fourth quarter, provide further insight into the debt and deficit blow-out produced by the combination of COVID-19 and Hurricane
Dorian plus the ever-increasing strain being placed on Bahamian taxpayers to service this burden. The report revealed that the government’s debt increased by more than half a billion dollars in the 2020 final quarter, due to the collapse in its revenues and increased social spending to mitigate the pandemic’s worst effects, with total liabilities finishing the year just $143.3m below the $10bn mark.
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Transparency boost for $1.4bn govt spending By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE prime minister yesterday pledged that legal reforms will surround some $1.4bn in annual government spending with greater transparency and accountability. Dr Hubert Minnis, speaking on the Public Procurement Bill during its second reading in the House of Assembly, said the legislation will help deliver better taxpayer value for money when it came to expenditure equivalent to 13 percent of
Bahamian gross domestic product (GDP). “Procurement systems clearly have a significant impact on the efficiency of the use of public funds and, more generally, on public confidence in government and on good governance,” he told MPs. “In the local context, the sheer importance of these activities is evidenced by the central government’s $1.4bn in public procurement spending, which approximates nearly 13 percent of the country’s GDP.
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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
AUTO dealers yesterday said new vehicles sales for early 2021 have been “20 percent stronger than projected” while warning that potential product shortages await in early summer. Fred Albury, the Bahamas Motor Dealers Association’s (BMDA) president, told Tribune Business that the industry had managed to hold fairly well against early 2020 comparatives with collective sales down just 21 vehicles for January and February combined. Those were the two months immediately prior to the COVID-19 lockdown
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• But ‘touch and go’ over product shortages • Dealer voices concern on credit card use
that began in late March, and BMDA data provided to this newspaper showed that the sector’s new car sales for February 2021 were just one off the prior year, standing at 126 units compared to 127 for last year. But, while acknowledging that “the light is at the end of the tunnel” with the arrival of COVID-19 vaccines, Fred Albury warned that supply chain disruption meant he and other dealers likely faced a “touch and go” summer in terms
of having sufficient product on-island to meet customer demand. While 2021 is projected to be better than the lockdown-hit 2029, he added that new vehicle sales were unlikely to recover to 2019 levels until next year. “Our sales are stronger than what I anticipated they would have been, especially on the high-end product,” Fred Albury told this newspaper of the industry’s collective performance for 2021 to-date. “I would say they’re probably 20 percent
stronger than projected. “I think it’s a little too early in the year to forecast anything, but I know there are going to be some issues with supply chains being broken. There’s going to be some issues getting product, and because most dealers fell on the side of caution and did not order much product, by the middle of the year it’s going to be touch and go having product for sale. “For our group of
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THE TRIBUNE
CRUISE HOME PORTING IS ‘BIGGEST GAME CHANGER’ THE Bahamas stands on the threshold of “the biggest game changer in recent history” if four cruise lines decide to home port in this nation, a prominent real estate broker believes. “Home porting has the potential to kickstart and revolutionise The Bahamas’ tourism-based economy,” said Mario Carey, founder and chairman of two real estate firms plus his latest undertaking, Mario Carey Ventures. “This is the time for everyone who is already operating in the tourism space to look for fresh ideas, and figure out ways in which they can benefit through the new model when passengers
MARIO CAREY embark on their cruise from Nassau or Grand Bahama, and they may decide to stay in The Bahamas following their cruise as well.” The Bahamas has eyed the benefits of becoming a home port for the cruise industry for years. It was raised several years ago as
a possible means of reviving Freeport’s tourism industry and struggling economy, but the cruise lines have traditionally been reluctant to ask guests to fly in to access their ship when most of their market lived close enough to a port to drive to it. Dionisio D’Aguilar, minister of tourism and aviation, confirmed the negotiations between The Bahamas and the four cruise lines during his mid-year budget contribution last week. Royal Caribbean is among the cruise lines looking to home port at least one of its ships in The Bahamas. It confirmed that this nation will be its first port of call
upon the cruise line’s return to sailing as soon as the Centres for Disease Control and Prevention (CDC) gives the industry the goahead and, for the first time, it will offer seven-night cruises from Nassau. “The cruise lines believe that the pent-up desire to travel is so great that the market will respond positively to the idea of flying to The Bahamas to board a ship. We trust, and I have talked to hoteliers who agree, that the same pentup desire to get out will entice passengers to extend their vacation with a hotel stay either before or after their trip,” said Mr Carey. “This means more people
will have more time in The Bahamas to enjoy local dining, tours, attractions and excursions, culture and history, and shopping. They will have more time for everything - from visits to national parks to a fishing trip or a chance to take scuba lessons. Home porting opens up a world of possibilities.” Mr Carey believes spinoff opportunities range beyond cottage industries to creative ideas such as local foods cooking lessons; making a Junkanoo head piece or story-telling for children; to a much larger market with outdoor venues for concerts. Several of these projects have been
incorporated into Nassau Cruise Port’s $250m redevelopment of Prince George Wharf. “If we as a nation explore the possibilities, and provide experiences that continue to appeal to a wider and wider market that is being delivered to our doorstep, it could generate such an economic boost that it will even increase home ownership,” said Mr Carey, who has handled nearly $3bn in transactions over a 35-year real estate career as an agent, broker, appraiser and owner. “This is a gift we never saw coming. It is up to us now to make it work.”
PORT CHIEF HAILS BOOST TO CRUISE CONFIDENCE NASSAU Cruise Port’s chief executive yesterday hailed Crystal Cruises’ seven-night Bahamas voyages as “instrumental in inspiring greater confidence” in the cruise industry’s postCOVID return. Mike Maura, in a statement, said the cruise port operator was fully behind the Genting-owned cruise line’s move as it finalises plans for the launch of its home port service. Nassau will become the starting point for the first ocean-going cruise to set sail in the Americas region since March 2020 and the start of COVID-19 lockdowns. “We fully support the inventive Bahamas-Crystal Cruises partnership. We believe that the sevennight round-trip ‘Bahamas Escapes’ cruises will be instrumental in inspiring greater confidence in the return to sailing in the western hemisphere and in travel to The Bahamas,” Mr Maura said. “We are very excited to partner with Crystal Cruises to establish Nassau Cruise
NASSAU CRUISE PORT Port as a home port for ocean- going cruise vessels beginning July 3, 2021. This relationship marks the beginning of service to hundreds of thousands of additional passengers per year for Nassau Cruise Port, and will generate an extensive amount of economic activity for hotels, tour operators, taxis and other tourism stakeholders as this area of our business grows.” Crystal Cruises’ Serenity
vessel will call on Bimini, Harbour Island, San Salvador, Exuma and Long Island as part of 16 sevenday round trip voyages scheduled to take place between July and October. The cruise line’s owner, Genting, also holds the majority interest in Resorts World Bimini. Mr Maura added: “We look forward to collaborating with the Crystal Cruises team, the Ministry
of Tourism, Nassau Airport Development Company, the hotel sector, and other local stakeholders to ensure that the facilitation of the home port experience here is second-to-none, and that the customer experience for our passengers is seamless and enjoyable. “We also look forward to providing home port services for other cruise brands as more vessels potentially resume voyages in
the months ahead. Nassau Cruise Port is positioned in a prime location to serve as a home base for cruise itineraries that will whisk guests away on thrilling adventures across the Caribbean. “We appreciate the hard work and effort that has been invested in bringing this partnership to fruition by Dionisio D’Aguilar, Joy Jibrilu, director-general of tourism, and the entire Ministry of Tourism and Aviation team.” Mr Maura continued: “While simply viewing an ocean-going cruise ship at the port will generate a sense of excitement and relief for many in our community, we know that our tourism stakeholders – from hotels to tour and excursion operators, to retail vendors
– will be particularly pleased to see more guests return to our shores, and hopefully, to downtown Nassau soon. “We have been preparing and enhancing our COVID19 protocols in anticipation of the restart of cruising for many months, having earned an accreditation as a World Travel and Tourism Council Safe Travels destination in August 2020 based on these measures. “We look forward to implementing these protocols safely amid our construction efforts. We will continue to work in partnership with all local and international tourism, and health and safety partners, to ensure that all stakeholders remain safe as the resumption of sailing begins.”
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THE TRIBUNE
Tuesday, March 16, 2021, PAGE 3
PM HAILS ‘DEFINING MOMENT’ FOR HANDLING PUBLIC FINANCES
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
THE prime minister yesterday hailed “a defining moment” in the government’s management of the public finances after a comprehensive regulatory reform package was debated in Parliament. Dr Hubert Minnis told the House of Assembly that the Public Financial Management (PFM) Bill and Public Debt Management (PDM) Bill, together with the Public Procurement Bill and Statistics Bill, are
DR HUBERT MINNIS “long overdue reforms” to how the country’s finances are run. He said the Public Financial Management Bill applies “for the first time to activities of all
public bodies”. Caught in this net are ministries, various departments and government agencies; “agencies” that comprise non-commercial StateOwned Enterprises (SOEs); and “government business enterprises” that are defined as SOEs involved in commercial activities but not expected to make any profits. The Public Debt Management Bill, meanwhile, will create a “comprehensive” legal framework for promoting greater clarity and discipline in debt management operations
in The Bahamas. Dr Minnis added: “The overriding objectives of the Public Debt Management Bill are to consolidate and modernise the existing debt management provisions”, which are spread out across the Financial Administration and Audit Act 2010, the Bahamas Registered Stock Act and Regulations and the Developments Loans Act 1990. Speaking to the Statistics Bill, Dr Minnis said this will provide for the establishment of a Statistics Institute so the government can be
supported by “informed decision making”. The Bill will address the shortcomings of the current Statistics Act and will use a modernised CARICOM model for legislation. Dr Minnis said: “Through the Statistics Bill, the government is seeking to establish a credible institution, with an advisory oversight mechanism, whose mission and functions will guide the strategy for improving the quality, timeliness and coverage of national statistics, which is vital input to policy decision making.”
Turning to the Procurement Bill, Dr Minnis said it will have a “significant impact” on the efficient use of public funds. It will allow for proper management and administration of public contracts, in an attempt to limit wastage, and permit greater transparency in the bidding process. The Procurement Bill will also set aside specific contracts for small and medium-sized enterprises (SMEs), but Dr Minnis did not identify a particular percentage that the Government will allocate to these companies.
CHAMBER DIRECTOR BACKS BPL TARIFF REGULATION PLAN
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A CHAMBER of Commerce director yesterday applauded efforts to bring regulation of Bahamas Power & Light’s (BPL) energy tariffs under independent oversight for the first time. Debbie Deal, head of the Chamber’s energy and environment division, told Tribune Business she “likes the idea” of the Utilities Regulation and Competition Authority (URCA) taking over responsibility for regulating the state-owned energy monopoly’s pricing. She spoke out after URCA launched a public consultation on the framework it plans to use to assess
and approve energy tariff (price) applications by BPL and other electricity suppliers moving forward. The regulator said it is seeking to find the right balance between the interests of the consumers and BPL, insisting that the former should not pay more than necessary to receive electricity service of a given standard. URCA is proposing that BPL better segment its customers into categories based on “common/shared characteristics”, which will make it easier to levy a consistent charge. These categories would be based on features such as consumer type, meaning if they are residential, commercial or industrial users, and their level of
electricity consumption. And the regulator is proposing that BPL offer “special non-fuel charges” to three consumer groups. The first are so-called “lifeline rates” for the most challenged and economically vulnerable consumers, where all residential users get a reduced charge for the first 200 kilowatt hours of electricity consumed. However, the base tariff is only discounted for these vulnerable consumers. Then there are “standby rates” that are “designed for those companies who own and operate generating equipment capable of meeting their own power requirement”, but which sometimes need to take utility power when demand
outstrips their own supply. Finally, URCA is proposing “time-of-use rates” to “reflect the fact that the utility’s cost to provide electricity to consumers varies according to the time of the day the electricity is produced”. Ms Deal backed the notion that consumers should pay the equivalent of what they are receiving in terms of service quality. “So if we’re getting intermittent power outages, if there’s a hurricane, and you’re not getting any power, or you’re only getting little bits, that kind of stuff, then your rate would be different,” she said. “For persons that don’t have as much money and are challenged by many things,
whether they’re physically challenged or financially challenged, their rate under 200 kilowatts would be less than other people. “And if you are going to provide your own power through solar, and you only want to tie into BPL for a certain period of time - if you only want to tie into BPL at night-time - you would pay a different rate. I agree with that.” Ms Deal added: “People have been complaining about having to pay the same price for electricity when they are not getting a good standard of quality. I’m really glad URCA is addressing this because we can’t be expecting foreigners to come in and be second home owners, and we can’t
expect boutique hotels to come in, and not give a quality standard of power service. “Our guests to this country expect what they have in their own country, so I’m really grateful for URCA doing this. Whatever energy company is in power, they must actually produce the top quality standards otherwise, with this new regulation, the amount that they may be able to charge maybe reduced because of that. “So we really need to scale our energy production, and our energy company has to be able to accommodate the people that we would like to attract come into this country.”
BTC CHIEF ‘PROUD OF STRIDES’ ON WOMEN’S EMPOWERMENT
SHANTELL COX-HUTCHINSON
ANDRE FOSTER
THE Bahamas Telecommunications Company’s (BTC) chief executive says he is “proud of the strides” it has made in empowering women who now makeup nearly two-thirds of its management. In a statement following International Women’s Day on March 8, BTC said 63 percent of its management team - and 55 percent of executive leadership- are women. BTC honoured its team members with a week of activities that began with a global summit hosted by parent company, Liberty Latin America. This was followed by a wellness seminar, paint and sip, and local
leadership summit featuring four team members as panellists. André Foster, BTC’s chief executive, said: “I am really proud of the achievements of women in our business and in society as a whole. I am particularly proud of the strides that we’ve made as an organisation in what is still a male-dominated industry. “Today we have a number of females in technical management roles who are breaking the glass ceiling and helping to grow our business. I am committed to the continued advancement of women at all levels of the organisation
DIGITAL PAYMENTS PROVIDER EYES ‘TREMENDOUS GROWTH’
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN digital payments provider yesterday said it is expecting “tremendous growth” as the volume of electronic transactions continues to increase amid the COVID19 pandemic. Herbert Cash, Kanoo’s chief financial officer, told Tribune Business that digital payments - and the adoption of digital wallets by Bahamian consumers - has “increased” drastically over the last few months as users receive unemployment and other social benefits electronically. He added: “COVID-19 is the main driver for all of this. Banks have even seen greater use of their online banking services. We recognise that more persons are comfortable using the wallet services, and more merchants are using it to collect and process payments.” Kanoo is an approved financial institution (AFI) for the Bahamas digital currency, the Sand Dollar, and Mr Cash said he is expecting “tremendous growth” for Kanoo and the industry as a whole as this and other digital products continue to roll-out. He said: “We see not only significant interest in The
Bahamas but also throughout the English-speaking Caribbean. Kanoo’s digital gift card platform has been a tremendous benefit for many persons. This is our way to encourage persons to shop locally and support our domestic businesses and the labour market by extension.” Mr Cash added that Kanoo has a “two-part strategy” for educating both consumers and merchants. “Together, they make our wallet and digital ecosystem work,” he said. “Kanoo feels the best value-based approach was to focus initially on our merchant users to maximise their benefits to wallet users/consumers. “This is being done through targeted campaigns, such as digital gift card promotions, while simultaneously running awareness campaigns on Kanoo’s capabilities on social media. Visuals also play a major role in our awareness campaigns. “This includes our ‘Merchant Minute’ segments and a ‘How-To’ video library available on our YouTube channel. We also have ‘popup’ events at participating merchants where we interact with users in real-life interactions to demonstrate the app’s benefits.” Mr Cash continued: “Kanoo uses several tools to engage users from a market
and within our Bahamian society.” These women include Shantell CoxHutchinson, BTC’s director of technology operations for business to consumer, one of the few women to hold this role in the company. She is responsible for keeping residential customers connected, and oversees a 200-strong team who are responsible for the installation and repairs of all fixed-line, broadband and TV services. Ms Cox-Hutchinson said: “It’s an honour to be recognised during International Women’s Day. I’ve had an exciting journey at BTC thus far, and I’m grateful for all of the leadership opportunities I’ve been afforded. “Every day I commit to doing the best that I can with whatever I undertake. I boldly choose to challenge the status quo, and I am accountable for my actions and those of my team. Having a team that spans the entire country can be quite difficult at times, as each island has its own level. In February, Kanoo had a consumer-driven campaign called ‘Love me some Kanoo’ using our merchants’ small group. “This month, we’ve launched our ‘Merchant Madness’ campaign geared towards merchants using the app’s market interface to serve consumer wallet users better. This will be a systematic and interactive campaign to help merchants and consumers better understand the wallet platform, and utilise it practically with the shops they like to shop at. Initiatives like these will continue throughout the year.” Kanoo’s target market will be “those in need.” To this extent, Mr Cash added: “We are proud of our work with certain government agencies, charities and food distribution organisations that use digital solutions to serve their respective communities better. “Kanoo believes in education greatly, and views our marketing budget as the resource for education campaigns given the level of awareness needed for this new industry. As a result, Kanoo has set aside considerable funds ranging from $5,000 to $20,000 monthly for the education campaigns, including live events for Kanoo wallets users and the Sand Dollar introduction for merchants and users. We understand education is vital to the meaningful impact that digital solutions like Kanoo seek to have.”
unique challenges. The work that the team does every day is nothing short of amazing.” Tina Cooper and Tonya Johnson are a part of Ms Cox-Hutchinson’s team, leading technical operations on several Family Islands. Ms Cooper has been in the technical field
for the past 29 years, and is currently serving as the acting senior manager for Family Island operations for Andros, Exuma and Abaco. Ms Johnson joined BTC in 1989 as a technician, and is currently the acting senior manager of Family Island operations for Eleuthera, Cat Island, Crooked Island,
Inagua, Mayaguana and Long Island. BTC said it demonstrated its support for progressive workplace policies one year ago by introducing a new parental leave policy that provides 16 weeks of maternity leave for expectant mothers, and eight weeks off for fathers.
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THE TRIBUNE
HEALTHCARE PLAN IN REWARDS INITIATIVE A HEALTHCARE plan has launched a rewards programme that offers hundreds of members benefits and discounts at 20 local and international merchants. Firstcare Medical Plan, which was launched in 2009 to provide access to free private doctor visits and other primary healthcare discounts and benefits across New Providence and Grand Bahama, said By showing their FirstCare card, said members can save up to 20 percent at merchants throughout New Providence, Grand Bahama and south Florida by showing their membership card. Merchant categories include travel; beauty and wellness; food and beverage; retail and shopping; professional services and more. Savings can be accessed at south Florida hotels, including Sonesta ES and Holiday Inn, as well as discounts at car rental brands Hertz, Budget and Dollar through GoGo Florida. “For more than 12 years, FirstCare has been
MORE than 20 local and international merchants now offer discounts and benefits for FirstCare members. From left: Brenton Laylor, manager, Domino’s Pizza Harbour Bay, and Indira Smith, representative, Firstcare Rewards. helping members save on healthcare services. Now, especially given the current environment, we are excited to expand those savings to the every day goods and services our members need
at some of their favourite local and international merchants,” said Corinna Neely, FirstCare Medical Plan president. FirstCare provides access to more than 50 private
medical professionals and healthcare services. Members can visit any private primary care doctor within the plan’s network for free. They can also save up to 50 percent when
US queries Bahamas financial crime pursuit FROM PAGE ONE
structural deficiencies in The Bahamas anti-money laundering and counter terror financing regime. However, the US report appeared to do just that in specific areas. In particular, it questioned whether The Bahamas has the will and commitment to put its newly-enacted reforms into practice and see money laundering offences through to actual prosecution and conviction in the courts. It reiterated previous complaints that the number of suspicious transactions reports (STRs) presented to the Financial Intelligence Unit (FIU) for analysis remains too low, given the size of the Bahamian financial services industry and volume of business it handles, while also repeating concerns over the money laundering risks presented by the domestic (web shop) gaming industry. “International experts have stated The Bahamas should continue to work on demonstrating that authorities are investigating and prosecuting all types of money laundering, including cases involving virtual currencies, stand-alone money laundering and proceeds of foreign offenses such as tax crimes,” the US
report said. “Despite significant legal and regulatory progress todate, in 2020, the number of money laundering prosecutions and convictions dropped by 12 percent, on top of a 67 percent drop in 2019, which may indicate a lack of commitment to prosecutions.” That, if correct would represent a near-71 percent drop in prosecutions over a twoyear period. However, the US report continued: “There is strong political will to pass legislation related to strengthening the antimoney laundering/counter terror financing regime, and The Bahamas has implemented a strategic action plan to correct noted deficiencies. However, effective implementation of enhanced regulations and co-operation continues to pose challenges. “The number of filed STRs continues to be low when compared to the size and scope of the financial sector. As of October 30, 2020, the FIU received 461 STRs for sectors encompassing $400bn in assets, up slightly from 454 in 2019. In addition, the volume of sales generated in the domestic gaming sector in relation to GDP per capita remains an area of concern.”
NOTICE NOTICE is hereby given that JOHN ALEX JOSEPH, of Cowpen Road, 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 16th day of March 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE NOTICE is hereby given that ELSIE PETIT-CHARLES, of Carmicheal Road, 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 16th day of March 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Mr Bethel, in response, said it was impossible to completely eliminate all risks associated with activities such as online gaming and digital transactions. However, he noted that the US report had correctly acknowledged that web shop gaming and the digital Bahamian currency, the Sand Dollar, are both restricted to Bahamian citizens and residents only. “I think that it is, broadly speaking, a fair assessment. The report is positive about The Bahamas and, most particularly, that we don’t pose a money laundering or terror financing threat to the US economy,” the attorney general told this newspaper. “They note that having regard to the volume of business done in the international financial sector, they feel there should be an increase in the number of STRs.” Pointing out that the data showed “a marginal” year-over-year increase for 2020, Mr Bethel said the volume of STRs dealt with would increase as the FIU “strengthens the quality of its work and analysis”. He added that the Unit had just hired an additional analyst in Sam Wilkinson, while its new data and reporting system would allow it to address STRs electronically in “real time” with the filing institution. “At the end of the day, we have gone through a very vigorous reform process which they [the US] have
commended in the report,” Mr Bethel added. “We are in the early implementation stages. We have ramped up our efforts with the Register of Beneficial Ownership Act, and we are working assiduously with the nonprofits in terms of their registration and beneficial ownership information. “It is an evolving process. I anticipate that when they view the successes and progress made this year, we’ll get a more positive assessment. What we won’t get from an interrogatory process like this is that everything is wonderful. The Bahamas cannot escape the same stringencies of examination that are applied to all. “We have to take it in our stride, and put our shoulders to the wheel and continue to press forward at a very high standard.” Mr Bethel added that there was “the strongest political commitment to ensuring any vulnerabilities in the country’s anti-financial crime defences were eliminated “so no one can point their finger in the face of The Bahamas” again. Nevertheless, the US report stands in sharp contrast to the findings that enabled The Bahamas to earlier this year exit the Financial Action Task Force’s (FATF) enhanced scrutiny initiative. Mr Bethel disputed the money laundering prosecutions data in the US report, while also arguing that it failed
they visit specialists such as dentists, eye doctors, laboratories and pharmacies within the plan’s network. The FirstCare network includes healthcare providers in New Providence, Grand Bahama and more than ten primary care doctors in South Florida. It added that discounts of up to 80 percent are available at pharmacies including CVS, Target and Walgreens, along with savings at select South Florida labs. “FirstCare was created to provide an affordable solution for the thousands of persons who were living without medical insurance. Anyone can join the plan, and no one can be turned down,” said Ms Neely. “We can all appreciate how important it is to prioritise your health and wellness, especially now. At $35 per month, FirstCare is affordable for most budgets and takes the financial hesitation out of visiting your doctor. We encourage our members to visit their doctor annually for a thorough check-up, and
whenever they are not feeling well.” Participating FirstCare Rewards merchants include Arising Courier; Baha Retreat Anti-Aging Spa; Bahama Blu; Battery & Tyre Specialists; Candy Captains; Cost Right Wholesale Club; Domino’s; Esquire Mens; Evolve Functional Fitness; GoGo Florida; Holiday Inn; Island Car Rental; Monique Gomez & Co; Nubian Styles; Party Land; Quality Home Centre; Renu Day Spa; Rolle’s Auto Parts & Accessories; Sandy’s; Skinistry; Aesthetics &; Laser Studio; Sonesta ES; The Beauty Shack; and Windermere Day Spa & Salons. “AML Foods has been a FirstCare client for more than six years, and we value the healthcare benefits FirstCare provides to our staff,” said Melissa Major, AML Foods marketing manager. “When we were approached to become a part of FirstCare Rewards, we jumped at the opportunity to offer an exclusive discount from Domino’s.”
to allow for the disruption caused by COVID-19’s impact on the court system and progress of cases. He subsequently disclosed data to Tribune Business showing that the number of persons charged with money laundering increased slightly last year, rising to 58 from 51 in 2019. And, for 2021 to-date, some 22 persons are facing such charges. The attorney general’s figures showed 25 persons were prosecuted for money laundering in 2020, compared to 20 the prior year, with another nine prosecutions begun this year. However, seven persons were convicted for money laundering-related offences last year compared to 20 the year before. Since the Caribbean Financial Task Force’s (CFATF) 2014 inspection that triggered the FATF process, Mr Bethel’s data showed some 224 persons have been charged for money laundering-related offences with 106 prosecutions and 61 convictions. “As things pick up steam in the courts, the prosecutors are fully sensitised to enhance the breadth and scope of attention on financial crimes, including increasing money laundering prosecutions where a money laundering component is found,” Mr Bethel told Tribune Business. “The prosecutors, led by the director of public prosecutions, are extremely assiduous in this right now.” With the government’s Identified Risk Framework Steering Committee continuing to meet weekly, the attorney general added: “We’ll stay on top of these issues, and issues as they emerge, so The Bahamas will never every be left behind and people will point fingers in our faces....... “We are determined to do everything in our power to stay ahead of the game and not be in a position where any country or institution will have any justifiable reason to blacklist or grey
list The Bahamas going forward.” The US report, meanwhile, again singled out the risks posed by the money transmission sector and web shop gaming. “Money transmission businesses are vulnerable due to the substantial number of small transactions, high numbers of one-off and non-resident customers, and usage by undocumented migrants,” it added. “The Bahamas faces money laundering challenges related to the online gaming sector, including ‘web shops’ (hybrid online gaming houses) which are restricted to citizens and residents of The Bahamas. “As reported by the Central Bank, The Bahamas generated $299m in casino gross revenues (January to March 2020) and $2.3bn in online gaming sales (January to October 2020) in a country with an overall population of less than 400,000, and in which pandemicinduced unemployment increased from an estimated ten percent to 40 percent.” It is unclear where the US obtained its web shop gaming figures. The findings also stand in stark contrast to a Gaming Board assessment released in February 2019, which said a one-month study had “debunked the myth” that web shops are vulnerable to financial crime and pose a significant risk to The Bahamas’ integrity. Crystal Knowles, the gaming regulator’s chief counsel, said research showed that the average patron transaction of $60 and account balance of just $5 - were “far too small” to suggest the sector was being exploited for illicit financial activities. Writing in The Bahamas’ first-ever anti-money laundering and counter terror financing annual report, she argued that long-standing fears that the domestic gaming industry could be open to such abuses were “unfounded”.
To advertise in The Tribune, contact 502-2394
NOTICE NOTICE is hereby given that ALFRED MARVIN DAWKINS of #12 Sea View Drive of West Bay Street, 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 9th day of March, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
THE TRIBUNE
Tuesday, March 16, 2021, PAGE 5
New vehicle sales ‘20% stronger’ than forecast FROM PAGE ONE
companies [Auto Mall] it’s going to be somewhat of an issue out there. I don’t know how much it’s going to impact any of the other dealers, but I suspect they also fell on the side of caution and decided not to get into an over-stocked position.” Fred Albury said microchips, a key component in the latest vehicle models, were now in short supply due to a fire at the factory that produced them. This, he added, will likely worsen supply chain backlogs facing dealers in The Bahamas and elsewhere. “That will probably impact sales by May, June, July,” he disclosed to
Tribune Business. “There are some units I need right now for a big customer and I just can’t get them because they’re not available because of the micro chip side. “The first half of the year is going to be touch and go. Some product is coming out of Indonesia and India, and the lead time from ordering to receiving is five to six months. The second half of the year, if things continue to open up, the cruise ships come back and the hotels get up and going, should definitely improve over last year if we don’t have any more lockdowns. “The light is at the end of the tunnel out there. My gut feeling is by June people will
Oil drilling end ‘so far from done deal’
FROM PAGE ONE
quantities, the oil explorer has yet to signal it has abandoned The Bahamas completely given its statements about “monetising” its licence assets in this jurisdiction. Reading between the lines of its latest statements, BPC will likely seek to renew its five licences that are due to expire at end-June 2021 but is unlikely to drill another well in this nation unless it can find a farm-in or joint venture partner to share the financial, technical and operational risk. In such a way
will it monetise its licence, with the Perseverance One well data already attracting new interest. “I don’t have the exact numbers, but there are multiple people out there fund raising,” Mrs Duncombe said. “If we have to pay for justice then that’s really no justice. It’s completely unsustainable. “Every time an issue is raised, if everything was transparent and in the sunshine, as the FNM promised, we’d have been able to see what the permitting was and everything that had been
National debt near $10bn at 2020 end FROM PAGE ONE
“The national debt - inclusive of contingent liabilities - rose by $510.4m (5.5 percent) over the three-month period, and by $1.399bn (16.5 percent) on an annual basis to $9.857bn at end-2020,” the Central Bank revealed. “As a ratio to GDP, the direct charge increased by an estimated 12.4 percentage points on a yearly basis to 69.4 percent at endDecember. The variation also reflected an estimated significant contraction in the denominator, the GDP,
Transparency boost for $1.4bn govt spending
FROM PAGE ONE
“My government is all about establishing an efficient procurement system; attaining the best value for money spent on behalf of Bahamians; ensuring public access to information on government contracts; and providing fair opportunities for suppliers to compete for government contracts.” Dr Minnis acknowledged that government procurement processes have traditionally been plagued by problems associated with “the lack of transparency and efficient market competition”, together with the “absence of a legal framework that promotes high standards in line with international best practices”. He added that there has also been a frequent “lack of reconciliation between budget amounts committed and procurement requisitions”, and an over-reliance on manual processes, with reform proving an “elusive” goal across successive administrations. “The Public Procurement Bill we have before us today is designed to promote economy and efficiency in the use of public funds, to conduct procurement in a fair and transparent manner, and to support an increase in the number of small Bahamianowned businesses involved in the public procurement space,” Dr Minnis said. The overhaul will be spearheaded by a Public Procurement Department (PPD) headed by an as yet-unnamed chief procurement officer. Its responsibilities will include
for 2020. In addition, the national debt-to-GDP ratio increased to an estimated 72.6 percent compared to 62.3 percent in 2019.” The scale of the deterioration in the government’s finances and key ratios is not surprising given the deep economic contraction sparked by COVID-19, but it illustrates just how much work is now required to stabilise the fiscal position and get it back on track with the targets established by the Fiscal Responsibility Act. “Budgetary financing for the second quarter of the 2020-2021 fiscal year was dominated by development and management of the electronic supplier registry and procurement bidding and awards system. “Currently in its pilot phase, the government’s e-procurement system already today has just over 2,000 vendors registered in the system and it is being used by 38 government agencies. The Bill will institutionalise the requirements to utilise this digital platform or any other platform as may be mandated by the PPD.” A Public Procurement Board will allow civil society to provide oversight of government procurement processes, with each public sector agency required to establish its own procurement unit. A Procurement Review Tribunal will also be established to allow bidders to appeal awards if they have been wronged.
have taken their vaccine, and provided nothing else jumps out at us, I think we’ll start to see some sort of normalcy coming back into our lives. This has been a warning shot across the bows of the world that something like this could happen, and bring the world economy to its knees without a bullet being fired.” However one auto dealer, speaking on condition of anonymity, told this newspaper they were disturbed by a growing trend of customers increasingly turning to credit cards to pay for vehicle service and parts as opposed to cash. Suggesting that credit card purchases had increased anywhere from 20-50
percent over the past several months, they said: “We’re finding that the business by credit card is growing hand over fist. Very few people are paying cash. I don’t know if that means they’re using their credit cards to get points. I don’t know if that means they’re pushing up debt. “We’ve noticed that for the last several months. I would say it’s a least a 20-30 percent, maybe even a 50 percent, increase. It’s gone up a hell of a lot. It is a lot of money on cards. Whether that’ll continue or not I don’t know.” Ben Albury, Bahamas Bus and Truck’s general manager, told Tribune Business he is facing the same
challenges as his Auto Mall namesake. “I’m getting a lot of interest in high-end product, not as much in the low-end, and commercial and construction vehicles are doing pretty well,” he said. “The main challenge I’m having right now is all my suppliers are having difficulty getting inventory to me in a timely manner. COVID19, the microchip processor components, there’s a lot of logistical issues but I could do even more than what I’m doing now if I had easier access to product.... “My vehicle manufacturers are telling me to expect an additional twomonth delay on top of the usual lead times. Some are
four months, others are six months, and all are citing additional delays. It is long now,” Ben Albury added. “I’ve been begging suppliers to send product from other regions and stuff that may be allocated to other dealers who want to give it up, but the type of product I want is in demand in other places. Talking to other dealers that’s what they are experiencing as well.” Still, Mr Albury admitted he had been “pleasantly surprised” by new vehicle sales for 2021 to-date, and voiced optimism that the economy will continue to gradually strengthen throughout 2021 as the tourism industry continues to open up.
approved. We’d not have to go to court. “This ‘government in secrecy’ benefits the developer and the government; it does not benefit the people of The Bahamas. Having to take every developer to court is not a sustainable situation for this country. If we have to pay for justice and come up with $200,000 every time we need answers.... I’m at a loss. I don’t know how the country moves forward.” Rashema Ingraham, Waterkeepers Bahamas executive director, yesterday acknowledged that fundraising efforts are “half-way there to the point” of the 30-day deadline set by the judge to cover BPC’s “security for costs”. “It’s going pretty good,” she added. “We’re just working to be ready for our date in court. We are pretty
confident we are going to be ready. Whether or not we have anything near the amount ordered for by the court, so we have all the necessary legal funds there, I can’t speak to that because it’s ongoing. “It’s going well, and we’ve spent a lot of time reaching out to supporters and doing our best to get people to pitch in or chip in. We’re hoping for positive feedback from persons we’ve contacted. We’re actively working to get to that [$200,000] point.” Justice Hanna-Adderley had previously ruled that BPC’s opponents “are not immunised from an application for security for costs simply because their action raises points of law of public importance”. She gave Save the Bays and Waterkeepers Bahamas, the two environmental
groups that initiated the Judicial Review challenge to BPC’s permits and the process by which they were obtained, 30 days - effectively until the end of March - to come up with a bond to cover the oil explorer’s legal costs. The activists’ position is that the Judicial Review’s merits be heard and ruled upon by the Supreme Court so that the Bahamian people have a full understanding of BPC’s licence terms and commercial deals reached with the government. They believe it is also critical that the Bahamian judicial system determine what approvals must be obtained, and processes followed, so that the permitting processes for future exploratory wells can be properly established. “To have this action stayed is going to set us back another
five years, which we cannot afford as a matter of public importance,” Ms Ingraham said in a previous interview. “A lot of the questions we were asking in the legal process have not been answered, and that is whether or not there are additional avenues for BPC to apply for exploration wells in other licence areas as well as the one it has just drilled in.” Voicing concern that BPC can apply for further well Environmental Authorisations (EAs), she added that the judicial system is also needed to determine whether the Planning and Subdivision Act’s site plan approval and excavation permits under the Conservation and Protection of the Physical Landscape of The Bahamas Act are required.
external borrowings, which totalled $886.5m, inclusive of issues of international bonds proceeds of $825m and $61.5m in project and policy-based loans,” the Central Bank said. “Further, $307.6m was obtained from domestic sources in the form of bonds ($191.4m); loans and advances ($94.9m) and net Treasury bills/notes ($21.3m). Debt repayment for the period totaled $692.3m, of which the largest share (63.3 percent) went towards retiring Bahamian dollar debt. “As a consequence of these developments, the direct charge on the government grew by $513.9m (5.8 percent) over the previous quarter, and by $1.685bn (21.8 percent) year-on-year to $9.418bn,” the Central Bank added. “A breakdown by component
showed that Bahamian dollar obligations constituted 55.3 percent of the total, while foreign currency liabilities accounted for the remaining 44.7 percent. “A further disaggregation by creditor revealed that private and institutional investors held the largest portion of local currency debt (41.6 percent), followed by banks (42.4 percent), public corporations (11.1 percent) and the Central Bank (4.9 percent). “A breakdown by instrument type showed that government bonds comprised the largest share of domestic currency debt, at 73.2 percent, and featured an average maturity of 10.5 years, compared to 9.8 years in 2019. In addition, Treasury bills and loans and advances accounted for smaller shares of 17.7 percent and 9.1
percent, respectively.” The government’s contingent liabilities, meaning debt it has guaranteed on behalf of the public corporations, fell by $285.3m or 39.4 percent year-on-year to $438.7m due to the refinancing of legacy Bahamas Electricity Corporation (BEC) debt. As for the country’s foreign currency debt, the Central Bank added that this rose by $635.2m (15.3 percent) to $4.784bn during the 2020 fourth quarter. “In comparison to the same quarter of 2019, total foreign currency debt service payments rose sharply to $340.5m from $79.7m, attributed in large part to a $248m refinancing of government’s short-term external debt obligations,” it said. “Net of the refinancing, the comparable serving was still expanded at
$92.5m. Underlying this outturn, the government’s debt service payment increased to $321.5m from $58.1m last year, as amortisation payments advanced to $254.3m and interest charges moved higher by $16.8m to $67.2m. “In contrast, the public corporations’ segment decreased by $2.6m (11.8 percent) to $19.1m, with interest charges lessening by $5m (35.7 percent) to $9.1m, outstripping the $2.5m (33.3 percent) rise in amortisation payments to $10m. “Exclusive of refinancing activities, the government’s debt service to revenue ratio stood at 18.3 percent at endDecember, an increase of 7.6 percentage points over the previous year, while the debt service ratio rose to 41.8 percent from 8.4 percent in 2019.”
LEGAL NOTICE
NOTICE TOP BRANDS AGENCY INC. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, TOP BRANDS AGENCY INC. is in dissolution as of March 3rd, 2021. International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.
LIQUIDATOR ______________________ LEGAL NOTICE
NOTICE AM5 INC. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, AM5 INC. is in dissolution as of March 12th, 2021. RAMON MARIA ORTIZ DE TARANCO situated at Ruta 8 km.17500, Zonamerica, Local 115A, 91600 Montevideo, Uruguay is the Liquidator.
LIQUIDATOR ______________________
PAGE 6, Tuesday, March 16, 2021
THE TRIBUNE
Stocks extend gains for fifth day, led by technology shares Associated Press
YOUR
CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019
MARKET REPORT www.bisxbahamas.com
MONDAY, 15 MARCH 2021
BISX ALL SHARE INDEX:
CLOSE
CHANGE
1937.20
0.37
%CHANGE
YTD
YTD%
0.02 -155.26
-7.42
(242) 323-2330 (242) 323-2320
BISX LISTED & TRADED SECURITIES 52WK HI 4.70 33.05 2.00 2.90 2.10 6.00 6.90 3.60 6.15 4.26 6.16 12.00 2.75 6.85 10.88 8.44 14.60 4.25 9.00 16.00
52WK LOW 3.13 22.65 0.67 1.62 1.50 5.00 6.00 2.70 4.27 2.80 5.20 10.20 2.10 4.90 9.50 7.70 13.00 3.43 8.15 14.00
PREFERENCE SHARES 1.00
1.00
1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
1.00 10.00 1.00
1.00 10.00 0.90
SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Bahamas Limited Focol Finco J. S. Johnson
SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ
LAST CLOSE 4.55 32.12 1.62 2.90 1.59 6.00 6.40 3.56 4.75 2.84 5.00 10.20 3.04 6.84 10.45 8.40 13.95 3.43 8.35 15.50
CLOSE 4.64 32.12 1.62 2.90 1.59 6.00 6.40 3.56 4.75 2.84 5.00 10.20 2.91 6.84 10.55 8.40 13.95 3.43 8.35 15.50
1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
SYMBOL FBB22 BFHB
LAST SALE 100.00 100.00
CLOSE 100.00 100.00
CHANGE 0.00 0.00
BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGR1200371 BSBGR1321391 BSBGR1322498
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.04 100.00 100.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.04 100.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B
BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00
52WK LOW 100.00 100.00
115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 97.72 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 93.92 100.00 100.00
SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited
BAHAMAS GOVERNMENT STOCK - (percentage pricing) Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BSBGR FX BSBGR1200371 BGRS FX BSBGR1321391 BGRS FX BSBGR1322498
CHANGE 0.09 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.13) 0.00 0.10 0.00 0.00 0.00 0.00 0.00
VOLUME 37,411
1,000
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EPS$ 0.239 0.932 0.000 0.110 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
VOLUME
DIV$ 0.170 1.260 0.020 0.030 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
P/E 19.4 34.5 N/M N/M N/M N/M 17.3 -8.1 33.9 15.4 11.1 14.1 28.5 14.6 16.3 11.5 17.1 16.9 8.9 24.6
YIELD 3.66% 3.92% 1.23% 1.03% 0.00% 0.00% 4.06% 0.00% 0.00% 4.23% 4.40% 7.06% 14.91% 0.88% 3.11% 2.86% 3.87% 3.50% 2.40% 3.94%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75% 6.25%
19-Oct-2022 30-Sep-2025
6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 5.22% 5.29% 5.65%
20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 15-Dec-2037 15-Oct-2039 15-Oct-2049
MATURITY
MUTUAL FUNDS 52WK HI 2.40 4.44 2.15 201.90 184.85 1.69 1.85 1.78 1.24 8.49 10.26 7.28 13.91 12.84 10.81 10.00 10.20 13.79
52WK LOW 2.11 3.30 1.68 164.74 116.70 1.66 1.79 1.75 1.05 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 Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global 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 2.40 4.44 2.15 201.90 184.85 1.68 1.79 1.76 1.05 8.49 10.03 7.28 13.91 12.84 10.05 N/A 10.20 13.79
YTD% 12 MTH% 0.38% 4.56% 0.04% 1.37% 0.20% 2.56% 3.47% 3.47% 10.86% 10.86% 0.20% 0.65% -0.37% -2.43% 0.16% 0.20% -0.66% -14.82% 1.76% 1.76% -1.97% -1.97% 4.91% 4.91% 5.28% 15.75% 0.05% 3.96% -0.35% -6.34% N/A N/A 8.60% 8.60% 11.90% 11.90%
NAV Date
31-Jan-2021 31-Jan-2021 29-Jan-2021 31-Dec-2020 31-Dec-2020 31-Jan-2021 31-Jan-2021 31-Jan-2021 31-Jan-2021 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020
MARKET TERMS
BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00
YIELD - last 12 month dividends divided by closing price
52wk-Hi - Highest closing price in last 52 weeks
Bid $ - Buying price of Colina and Fidelity
52wk-Low - Lowest closing price in last 52 weeks
Ask $ - Selling price of Colina and fidelity
Previous Close - Previous day's weighted price for daily volume
Last Price - Last traded over-the-counter price
Today's Close - Current day's weighted price for daily volume
Weekly Vol. - Trading volume of the prior week
Change - Change in closing price from day to day
EPS $ - A company's reported earnings per share for the last 12 mths
Daily Vol. - Number of total shares traded today
NAV - Net Asset Value
DIV $ - Dividends per share paid in the last 12 months
N/M - Not Meaningful
P/E - Closing price divided by the last 12 month earnings
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CAROLISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
STOCKS shook off an early stumble and closed broadly higher yesterday, nudging some of the major US indexes to more alltime highs as the market added to its recent string of gains. The S&P 500 rose 0.7% after having been down 0.5% in the early going, extending its winning streak to a fifth day. Technology stocks, airlines, cruise operators and other companies that rely on consumer spending helped lift the market. Banks and energy stocks were the only laggards. Wall Street continues to eye the bond market, where yields pulled back a bit from Friday’s sharp increase. Investors are also focused on the recovery of the US and global economies from the coronavirus pandemic. The $1.9tn aid package for the US economy has lifted investors’ confidence in a strong recovery from the pandemic in the second half of the year, but also raised concerns about a potential jump in inflation. President Joe Biden’s pledge to expand vaccine eligibility to all Americans by May 1 should also translate into faster economic growth. Rising interest rates continue to be a key concern for investors following the sudden jump over the last month in bond yields. Rates are not yet at a concerning level, and both the markets and economy can easily digest them, said Yung-Yu Ma, chief investment strategist at BMO Wealth Management. “The question ultimately becomes how well markets can digest and stay the course on the idea that these increases are temporary,” he said. “As well as coming to terms with the idea that temporary might be three or four quarters.” The S&P 500 rose 25.60 points to 3,368.94. The Dow Jones Industrial Average gained 174.82 points, or 0.5%, to 32,953.46. Both indexes hit all-time highs, eclipsing records set on Friday. The tech-heavy Nasdaq Composite added 139.84 points, or 1.1%, to 13,459.71, while the Russell 2000 index of smaller companies rose 7.38 points, or 0.3%, to 2,360.17. That gain was enough for an all-time high. Bond yields ticked mildly lower yesterday, with the ten-year US Treasury
note falling to 1.61% from 1.62% on Friday. The mild drop in yields was affecting bank stocks the most, where investors have placed big bets that higher yields would translate into banks charging borrowers higher rates. Bank of America fell 0.5%, Wells Fargo dropped 0.7% and Citigroup lost 1.3%. Technology stocks, which have been hurt by the rise in bond yields, resumed climbing. Apple rose 2.4%, while Tesla Motor Co gained 2%. The bond market has pulled tech stocks mostly lower this year, because as yields push interest rates higher, they make high-flying stocks look expensive. Some economists fear that inflation, which has been dormant over the past decade, could accelerate under the extra demand generated by a surge in government spending. Others disagree, pointing out that there are 9.5 million fewer jobs in the American economy than there were before the pandemic hit, and argue that unemployment will keep a lid on inflation. United Airlines surged 8.3% for the biggest gain in the S&P 500, while American Airlines rose 7.7%. Delta Air Lines gained 2.3% and JetBlue Airways climbed 5.9%. The rally in airline stocks came as the Transportation Security Administration screened more than 1.3 million people both Friday and Sunday, the most since the coronavirus outbreak devastated travel a year ago. Cruise operators, whose shares have been pummeled over the past year, also had a good day. Carnival gained 4.7%, while Royal Caribbean climbed 4.8% and Norwegian Cruise Line added 2.7%. Markets got a mixed message from China. It has led the global recovery, reopening earlier than other countries from coronavirus shutdowns following the disease’s emergence in the central city of Wuhan in early 2020. Retail sales there jumped nearly 36% year-on-year in January-February from a year earlier. The outsized gain benefited from a flattering comparison with the low level of activity during last year’s shutdowns, ING said. Meanwhile, China’s jobless rate rose to 5.5% from 5.2% a year earlier, possibly affected by flare ups of coronavirus in some areas, analysts said. The Shanghai Stock Exchange fell 1%, while other markets in Asia were mixed.