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THURSDAY, MARCH 24, 2022
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BAHAMAS ALUMINUM MANUFACTURING
‘Don’t pull the rug from under’ $1m expansion By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
• Manufacturer urges ‘care’ on tariff cut plan • Door duty removal caused 80% sales crash • Staff to double on Jamaica export by year-end
A BAHAMIAN manufacturer, poised to double its workforce following a $1m expansion, yesterday urged the Government not to “pull the rug out from under us” with hasty tariff cuts that remove what little protection exists for local industries.
Andrew Rogers, Bahamas Aluminum Manufacturing’s president, told Tribune Business the Davis administration needs to “be careful” and remember the needs of local manufacturers after it asked the private sector to submit proposals for potential tariff cuts that could be included in the 2022-2023 Budget in a bid
SEE PAGE 10
COVID mask deterrent ease for cruise tourists By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government’s COVID enforcers have eased the maskwearing mandate for cruise ship passengers as vessel occupancy for Nassau berths hit a postpandemic record of 91 percent last Friday. Michael Maura, the Nassau Cruise Port’s chief executive, told Tribune Business that “very productive conversations” with
the Government had resulted in the COVID-19 police allowing passengers to remove their masks while outdoors after strict enforcement of this mandate resulted in some returning to their ships and not patronising cruise-dependent businesses. US federal health regulators, in a March 14, 2022, missive said persons no longer need wear masks on board cruise ships where there is sufficient distance between themselves
and others, and Mr Maura said The Bahamas needs to ensure its own policies match global standards and enable its tourism industry to remain competitive. “Those protocols permit cruise passengers to not wear a mask in open spaces on cruise ships,” he explained of the Centres for Disease Control and Prevention (CDC) guidelines. “Those passengers are arriving in their thousands at Nassau
SEE PAGE 13
MICHAEL MAURA
Minimum wage rise to benefit 25% of workers By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government’s top labour official yesterday said almost 60,000 Bahamian workers will benefit from a recommended minimum wage increase that will soon be submitted to the Government for its approval. Robert Farquharson, the director of labour, declined to provide any details on the likely increase or timing of its submission to the Government but said the National Tripartite Council
will likely assess whether future minimum wage rises should be linked to annual inflation rates. “There are approximately 235,000 in the workforce, and based on information from the Department of Statistics we estimate 25 percent to be on minimum wage or will be impacted by a rise in the minimum wage,” he told Tribune Business. “I can tell you that our research has begun, and we are deep into the research. I cannot give you
SEE PAGE 12
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Atlantis chief: Our staff ‘need pay increase now’ • Union members in 3% ‘across-the-board’ rise • Non-union workers set to enjoy up to 5% hike • Guest volumes yet to recover to pre-COVID By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ATLANTIS is awarding its unionised employees a 3 percent “acrossthe-board” pay increase with effect from April 25, its top executive saying: “Our team members need an increase now”. AUDREY OSWELL Audrey Oswell, the Paradise Island mega resort’s president and managing director, in a videotaped message to staff confirmed that non-union members will not be left out. She revealed that they will receive a performance-based pay increase ranging from zero to 5 percent to take effect at the same time as their unionised colleagues. Disclosing that the pay increase is being implemented even though guest volumes have yet to return to pre-pandemic levels, Ms Oswell said the 3 percent wage hike for unionised staff is separate from ongoing negotiations with the Bahamas Hotel, Catering and Allied Workers (BHCAWU) over a new industry-wide industrial agreement that has yet to be completed. Conscious that it has been more than nine years since union members last received a wage increase, after the BHCAWU failed to submit its proposal for a new industrial agreement by the deadline stipulated in the deal that expired in January 2103, Ms Oswell told Atlantis workers: “I want to send a heartfelt thank you to each of you for your support
SEE PAGE 7
PAGE 2, Thursday, March 24, 2022
Nassau’s top airport in three concession bids NASSAU’S major aviation gateway yesterday unveiled three new commercial opportunities as it revealed non-aeronautical revenues were 6 percent above projections for the six months to end-December 2021. The Nassau Airport Development Company (NAD), Lynden Pindling International Airport’s (LPIA) operator, said in a statement that it has launched a bidding process to select “an independent partner” to manage all display and digital advertising at the airport. It added that this was one of three commercial concessions being made available, with NAD also seeking proposals to operate a 300 square foot food and beverage site in the domestic and international departures terminal and a 100 square foot retail space in the US departures lounge. NAD said the request for proposal (RFP) processes are launching just as LPIA’s passenger numbers and revenue forecasts
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begin to trend upwards as international travel sustains its recovery from the COVIID-19 pandemic. “At the close of 2021, NAD had recovered 68 percent of its passengers compared to 2019, which was a banner year for LPIA,” said Vernice Walkine, NAD’s president and chief executive. “For 2022, we continue to see strong returns, particularly from key target markets like Newark, Washington, Fort Lauderdale/Miami and London. This growth is also being mirrored on our revenue side, especially during the last quarter of 2021.” During the 2021 fourth quarter, LPIA handled close to 2.1m airline seats, a level equivalent to 80 percent of what the airport recorded in the same period in 2019 – the last pre-COVID year. The increased passenger traffic through LPIA’s terminals will likely boost revenue for existing food and beverage and retail THREE new commercial opportunities are currently available at LPIA as operators see travel steadily rebound from the COVID-19 pandemic. outlets. The rise also creates the platform for NAD to pursue new concession contracts “The growth is encouraging. It speaks to the viability of our overall tourism product and the confidence visitors have in the destination,” Ms Walkine said. “We have taken our industry’s recovery very seriously and have built a level of trust with our business partners and hope to continue that in the future.” NAD’s current business mix features aeronautical revenues, generated primarily through passenger facility charges, aircraft parking and landing fees, together with non-aeronautical or commercial operations income. This includes terminal leases and concessions, car parking and other sources. In December 2021, NAD’s non-aeronautical revenues were $7.7m for the first six months of its current financial year, some 6 percent forecasts. December’s numbers alone were 23 percent
LPIA releases details its airport advertising concessions bid process. above projections. The sum represented 88 percent of the year-to-date nonaeronautical revenue for the same period in 2019, a banner year for passenger numbers and revenue generation.
Ms Walkine said: “The economic impact of LPIA, particularly over the past 15 years since its complete redevelopment under NAD, is significant. More than 4,000 persons work at the airport, and many businesses and spin-off operations benefit directly from LPIA. “As we push the industry forward beyond the pandemic, our focus is on improving our efficiency, enhancing the passenger experience and creating viable revenue generation through commercial opportunities at the airport.”
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Thursday, March 24, 2022, PAGE 3
Statutory downtown manager supported if functions correctly By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net DOWNTOWN Nassau stakeholders yesterday backed the creation of a statutory body to manage the city’s transformation while urging the Government to respect private property rights. Vernal Major, chief executive of the Equinox Group of Companies, which owns the Equinox Business Centre, Xscape Lounge & Nightclub and the Climax Lounge, told Tribune Business he was forced to switch from being a nightclub to a co-working centre to remain in business and keep staff employed at the height of COVID-19 lockdowns. He maintained this model until pandemic-related restrictions were relaxed such that nightclubs could re-open, but swiftly realised that operating a standard 9am to 5pm business downtown has its challenges. One of the major problems was insufficient parking spaces, and Mr Major said he is becoming “annoyed” with patrons’ vehicles being towed from various open spaces around his business. Representatives from the Government met with downtown Nassau stakeholders to discuss plans for the redevelopment of Bay Street and the surrounding areas on Tuesday. Among the topics discussed was the creation of a statutory government body to manage the city of Nassau’s overhaul. Mr Major said: “I think it is the duty of the Government to manage the affairs of downtown. However, the bottom line still remains; you have to be a little more understanding with how the laws work. “If you have land as an owner, and you have certain
rights, that has to be subject to developments that are taking place. You know there is really no law that speaks against these things. “You will find yourself as a government wanting to do this and that but, at the end of the day, that's private property. So you could sit down behind your desk and think about all these grandiose things, but until the law changes, you’re just wasting your time.” Marcian Sawyer, owner/ operator of the Crew Pub, added: “I've always said that I think that the downtown areas should be its own constituency, simply because a lot of other businesses down here are just getting brushed under and bullied into other constituencies that are more residential base. “And I think residential and business should operate separately at all times because there are different bye-laws that govern each of them.” Having a statutory body to manage the downtown area would be welcome if it was run properly, said Mr Sawyer. “When you visit a US coastal state like Savannah, Georgia, and you want to open up a t-shirt shop, you have to go to the mayor of the town and put in a request for approval,” he added. This, Mr Sawyer said, would stop all the duplicate
stores in downtown Nassau that are each selling the same thing with very little differentiation between them. He also feels as there are not enough garbage receptacles in open spaces for people to dispose of their trash. “If you look at some of the places over in the bazaars and places like that, they have to use like communal garbage systems and stuff like that, where it's kind of hard because there really is not a good waste receptacle organisation that's consistent and clean for the downtown area,” he said. “The Downtown Nassau Partnership has been around for over 10 years now. I joined the board about eight years ago, and I showed up for one meeting that never happened, and I wrote them off in the back of my head. “But that was a private organisation and they really didn’t have any power to do anything. The Government still had the authority to get everything done. So you can’t just create an organisation and not give it the power to do anything. So I think a statutory board for downtown would be beneficial. The question is: Will it be run properly? It’s just a matter of how it will be run.”
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FOCOL is pleased to announce a dividend payment of 2 cents per share to all ordinary shareholders of record as of March 31, 2022 payable April 12, 2022 through THE BAHAMAS CENTRAL SECURITIES DEPOSITORY.
“Fuelling Growth For People”
PAGE 4, Thursday, March 24, 2022
DPM GIVES NAD BOARD GOVERNMENT'S MANDATE
CHESTER COOPER, deputy prime minister and minister of tourism, investments and aviation, met with the Nassau Airport Development Company (NAD) Board to communicate the Government's mandate for Lynden Pindling International Airport (LPIA). Pictured seated from L to R are: Gary Sawyer, chairman, NAD Board; Mr Cooper; Manita Wisdom, deputy chairperson, NAD; Vernice Walkine, president and chief executive, NAD. Standing from L to R: Dwight Gibson, director; Paula Rigby, vice-president, finance and chief financial officer, NAD; Melanie Rolle-Hilton, director; Kevin McDonald, vice-president, maintenance and engineering; Sami Teittinen, director (Vantage Airport Group); Pastor Trent Davis, director; Glennette Farquharson-Reckley, director; Peter T. Carey, director; Deborah Coleby, vice-president, operations; Jayson Moxey, director; Jan Knowles, vicepresident, marketing and commercial. Photo:Kemuel Stubbs/BIS
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Scotiabank in $5m SME recovery fund SCOTIABANK (Bahamas) is launching a $5m recovery fund that will offer small and medium-sized enterprises financing at a concessionary rate. The initiative, which will last until May 31, will provide business owners with financing at a 7 percent interest rate to help SMEs “get their businesses back on track” following COVID-19. Successful applicants will receive a three-month moratorium on loan principal repayments and “a full waiver” on application fees, the bank said. SMEs are also being invited to participate in its month-long ‘go digital’ campaign, a series of live webinars for business owners to receive insights from industry and financial experts on how they implement digital solutions to improve operational efficiency . “These past two years have been very difficult on small and medium-sized enterprises in The Bahamas due to the COVID-19 pandemic. We are committed to playing our role in the economic recovery
NA-AMAH BARKER of the country, and to support the business owners that have had to find ways to reinvent themselves to remain viable,” said Naamah Barker, Scotiabank (Bahamas) director of retail banking. “We are doing this through funding and capacity building opportunities.” Applicants should be sole proprietors, partnerships and incorporated companies. They should have less than 500 employees and an annual turnover of up to $4m. The business must have been in operation for a
minimum of three years, and with a good credit history. Each customer will be allowed to receive a minimum $10,000, and a maximum of up to $125,000, from the fund. Scotiabank (Bahamas) will be hosting a webinar for its SME customers on March 30 to educate them on technology solutions it offers, which can be used to drive business efficiency. To register for the session, customers should contact their business banking officer to receive access credentials.
Small/Medium Resort is searching for a
Head Chef
The ideal candidate must be knowledgeable in culinary arts, detail-oriented and self-motivated with excellent interpersonal and communication skills. Core Competencies: • Ability to execute duties with accuracy and proficiency • Demonstrate a keen eye for details • Manage small food and beverage operations within budget guidelines and to the highest standards • Lead F&B team by attracting, recruiting and training talented personnel • Design F&B menu, purchase inventory and manage food cost while providing exceptional customer satisfaction. • Must be hands on, very practical and must be able to work well with others • Must be knowledgeable in culinary and bartending. • Must comply with all health and safety guidelines of the Resort. • Oversee the day-to-day operations of all food outlets on property. • Overseeing the maintenance of all kitchen and restaurant equipment, organizing repairs when needed. • Must be able to prepare local and international cuisines. Required Qualifications: • 5+ years’ experience • Salary commensurate with experience • Must have own transportation
email: info@sandyport.com P.O. Box SP-63162 Nassau, Bahamas
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Thursday, March 24, 2022, PAGE 5
BTVI signs Turks partnership deal THE Bahamas Technical Vocational Institute (BTVI) has signed a Memorandum of Understanding (MoU) with the Turks and Caicos Islands Community College (TCICC) in a bid to increase collaboration between the two entities. To drive the fledgling partnership, BTVI’s president, Dr Robert W. Robertson, and its dean of construction and workforce development, Alexander Darville, visited Turks and Caicos Islands from March 15-17 to discuss further opportunities under the recently-signed MoU, which is expected to last for an initial three-year period. Talks were held on the development of short, online and blended courses to assist in strengthening technical and vocational training within the TCICC and, ultimately, to address skills gaps in the Turks and Caicos islands. Examples of these types of programmes currently in use at BTVI include the National Centre for Construction Education and Research
(NCCER) trade certification courses, and the dual enrolment Information Communication Technology (ICT) programme. Dr. Robertson said: “We were very impressed by the strategic partnership approach being taken to address the skills gap. It is clear that there are common problems facing both BTVI and TCICC.” Kevin Baxter, TCICC’s dean of technical vocational education and training (TVET), said the college looks forward to building a partnership that will benefit both institutions. The visit included a courtesy call on Turks and Caicos premier, Charles Misick, and minister of education, labour, employment and customer service, Rachel Taylor, as well as the TCICC interim president, Clara Gardiner; permanent secretary of education, Wesley Clerveaux; and the TCICC chairman of the board of governors, Dr. Marcella Malcolm.
THE BAHAMAS Technical and Vocational Institute (BTVI) and the Turks and Caicos Islands Community College (TCICC) are strengthening ties. Shown from L to R are MP for Wheeland and West Caicos, Kyle Knowles; BTVI’s dean of construction and workforce development, Alexander Darville; Turks and Caicos minister of education, labour, employment and customer service, Rachel Taylor; premier of the Turks and Caicos Islands, Charles Washington Misick; BTVI’s president, Dr Robert W. Robertson; interim president of TICCC, Clara Gardiner; and TCICC dean of technical vocational education and training (TVET), Kevin Baxter. Photo:TCICC The BTVI representatives visited high schools in Providenciales and Grand Turk, the Department of Correction and Rehabilitation, and conducted a presentation for construction industry stakeholders on certified trades training. Ms Taylor, who has dual responsibility for education and employment, said: “We
look forward to a successful partnership between BTVI and the TCICC. Our aim is to strengthen the TVET programme in an effort to bridge the skills gap in our country. Our people will be encouraged to take advantage of such initiatives as they seek to engage in new opportunities to upskill and retool, or harness the existing ones.”
Ms Gardiner added: “Providing opportunities to pursue certified workforce-based training and learning, infused with the application of technology, could not be more timely in a post-pandemic world. It is my hope that with the support of corporate citizens and individuals, this partnership will be a very rewarding venture.”
Planned next steps include the training of trainers; enrollment of participants in foundation and core courses; and a visit to BTVI by Ms Taylor and officials from the Turks and Caicos Islands Community College to conduct a study tour and explore possible funding opportunities for joint faculty development.
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Professional Trainee Programme RoyalStar Assurance Ltd. invites qualified career-oriented individuals to apply for the above programme. Key Accountabilities: This programme is geared towards training qualied candidates in various aspects of General Insurance, including the underwriting and claim functions and assisting them in preparing for professional examinations. Duties include but are not limited to: • Developing an overall understanding of the Company’s operations, insurance laws and regional regulations • Developing an understanding of the underwriting processes and guidelines for various General Insurance products • Developing a basic understanding of reinsurance • Understanding the basic process of claims negotiation and settlement • Developing and maintaining relationships with agents and brokers
Educational Qualications & Required Skills: • Associate Degree or High School Education with a minimum of ve BGCSEs • Basic knowledge of Microsoft Word and Excel • Sound writing, communication and interpersonal skills • Must attain insurance qualication • May be required to travel to the various territories in which the Company operates Salary and benefits commensurate with qualifications and experience for the position. ROYALSTAR ASSURANCE LTD. (RSA) IS A PROPERTY AND CASUALTY INSURANCE COMPANY. RSA HAS INSURANCE LICENCES TO OPERATE IN SIX COUNTRIES (THE BAHAMAS, THE TURKS & CAICOS ISLANDS, THE CAYMAN ISLANDS, THE BRITISH VIRGIN ISLANDS, THE U.S. VIRGIN ISLANDS AND ANGUILLA). BASED ON OUR CONSISTENT FINANCIAL PERFORMANCE, EXPERIENCED MANAGEMENT TEAM AND OUR TECHNICAL UNDERWRITING AND REINSURANCE APPROACH, A.M. BEST HAS GRANTED RSA A RATING OF A (EXCELLENT) WITH A STABLE OUTLOOK.
Please submit resume before 31 March 2022, to: employment@royalalliance.bs FOR ADDITIONAL INFORMATION ABOUT RSA, VISIT OUR WEBSITE, RSABAHAMAS.COM.
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PAGE 6, Thursday, March 24, 2022
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WELL-KNOWN REALTOR JOINS FEEDING NETWORK BOARD
THE BAHAMAS Feeding Network has announced the appointment of Mario Carey to its board of directors. He is pictured during his Pasta Fridays initiative when his real estate firm partnered with Graycliff to provide thousands of hot meals during the pandemic. THE Bahamas Feeding Network (BFN) yesterday announced the appointment of businessman and real realtor, Mario Carey, to its board of directors. Felix Stubbs, the nonprofit’s chairman, said: “Mario is not only an astute businessperson who is increasingly dedicating his energy and resources to social entrepreneurship, he is someone who demonstrated he understands the reality of hunger in challenging times.” Along with partners, Paolo Garzaroli and the team at Graycliff, Mr Carey created an initiative called Pasta Fridays, closing his office and recruiting his real estate firm to prepare and distribute thousands of boxed hot meals every Friday for months during the height of COVIDrelated unemployment. Best known as the founder of Better Homes and Gardens Real Estate MCR Bahamas, Mr Carey created Mario Carey Ventures a year ago to bring innovation to what he considers just and vital causes in national development. The father of a son with Asperger’s on the autism spectrum, he participated for years in cycling and other events to raise funds for autism. As head of REACH, he worked with government to create Light it Up Blue, now a fixture in Parliament Square to mark world autism day. Mr Carey has made urgent calls to monetise the waters of The Bahamas to raise funds to save coral reefs and marine resources and, most recently, hosted a golf tournament that raised more than $50,000 to assist BAARK with its spaying and neutering programme. For the past 25 years he also brought cheer serving as Santa for the Centre for the Deaf.
“In a career that spanned four decades in real estate, I was very fortunate to have done well, but I was also exposed to the differences between those who have plenty and those who have too little,” said Mr Carey. “More and more, I have wanted to find ways to help ease that gap, whether through education and training for upward mobility and better opportunities or, when necessary, through assistance. “I have been impressed by the work of the Bahamas Feeding Network since the day it was founded by Frank Crothers, and I am honoured to serve on the board.” Founded nearly a decade ago, the Bahamas Feeding Network transitioned from preparing and serving home-cooked meals in a kitchen in a converted cottage in Fox Hill to raising funds to purchase food coupons and create parcels of groceries that would last a family of up to four for about five days. Distribution is now mainly through other organisations that feed, including about 110 soup kitchens, feeding centres and churches’ feeding programmes. Mr Carey joins a board made-up of Mr Crothers, Mr Stubbs, Lester Ferguson, Peter Whitehead, Elaine Pinder, Philip Smith, Sean Moree, Robyn Symonette, Shayne Davis and Peter Carey. Mr Ferguson, Bahamas Feeding Network’s executive director, said Mr Carey’s appointment to the Board “will strengthen the Network’s ability to impact more people who can support our efforts, as well as meet the need of more hungry families.” Earlier this year, Mr Ferguson took over from Philip Smith as executive director when the latter became executive chairman of the Agricultural Development Organisation.
THE TRIBUNE
Thursday, March 24, 2022, PAGE 7
ATLANTIS CHIEF: OUR STAFF ‘NEED PAY INCREASE NOW’ FROM PAGE ONE during the most challenging period in our company’s history. “Despite the many challenges that COVID has sent our way, our team has remained focused and your hard work has produced tangible results. We could not have gotten through this time without your commitment. Given how busy the resort has been in recent weeks, it may surprise you that we are still not back to 2019 volumes. “However, despite the current world events, business levels continue to improve and we are on the path to recovery. As business steadily improves, we can bring back more benefits and programmes for our colleagues.” These, Ms Oswell said, include “roundtables” featuring senior management executives and staff; “mentoring circles”; various sports leagues; worker appreciation days and awards. Saving the best for last, the Atlantis chief then revealed: “This year we are also pleased to be able to award merit increases. Increases to base pay will be effective April 25, 2022, and reflected in your pay beginning May 12, 2022. Increases for non-union team members will range from zero to 5 percent based on individual performance appraisals. Your manager or division head will be engaging with you regarding your performance review in the next few weeks. “For our bargaining unit team members, we know that the industrial agreement that governs your pay and increases expired in January 2013. As a result, many of you have not received a wage increase since then. This year, Atlantis will issue a 3 percent across-the-board increase for all active bargaining unit team members effective April 25, 2022, to be reflected in your pay beginning May 12, 2022.” Affirming that the 3 percent increase is separate and apart from industrial agreement talks between hotel employers and the BHCAWU, Ms Oswell said: “We will continue to negotiate with the union to sign a new agreement. When Atlantis and the union sign a new industrial agreement, the terms of that agreement will apply. “In the interim, Atlantis has made the decision that our team members need an increase now.” She added that “for the very first time later this year” Atlantis will offer its unionised staff the chance to voluntarily participate in a health benefits programme, with the details to be released at a later date.” The rationale for, and timing of, the Atlantis pay increase were not explained directly in Ms Oswell’s message, especially given that guest volumes have yet to recover to pre-COVID levels. However, the Atlantis chief’s language “that our team members need an increase now” indicates that the Paradise Island resort has moved to do what it can in cushioning the impact of soaring prices and inflation
on its workforce’s quality of live and living standards. Most Atlantis staff will receive a pay increase, and given that this could apply to some 6,600 workers, the economic impact from additional spending could be significant. Some, including the Government, will likely tout it as a further sign of growing confidence in the tourism economy’s revival prospects, as well as a just reward for the efforts of Bahamian workers during the COVID-19 pandemic. Others, meanwhile, may see it as a sign of looming wage pressures throughout the Bahamian economy as workers seek increases to keep up with the cost of living - something that could potentially fuel further inflation as well as increased import spending. It also appears that Atlantis decided it could not wait on a new industrial agreement to be concluded before acting on the pay increases. Sheila Edden-Burrows, the BHCAWU’s general secretary, in a March 22, 2022, note to members confirmed that the pay rise unveiled by Ms Oswell was not part of the industrial agreement discussions. “This is to advise that the 3 percent increase that was given by the company across-the-board to the bargaining unit employees does not impact the negotiation process,” she wrote. “The union is currently in discussion with the association (The Bahamas Hotel Employers Association) for the financial section of the agreement on behalf of the industry.” Darrin Woods, the BHCAWU’s president, yesterday told Tribune Business that the 3 percent pay rise “has nothing to do” with the industrial agreement talks. When asked whether Atlantis’ move pre-empts or cuts across those talks, he replied: “We always welcome any merit increases; any type of increase the members get. We’re not going to say: ‘Don’t give it to them’. It just came about the other day. The members were asking us what it was. We had to make a clarification by saying the company is at liberty to give an increase. “The timing may be in question. We’re trying to figure it out. At the end of the day, we won’t be the ones saying not to give it to them.” Mr Woods declined to comment on the status of the industrial agreement negotiations, although he indicated that Mrs EddenBurrows was correct in saying that the talks were now focused on the deal’s financial elements and that all other aspects had been agreed. The BHCAWU president added that if discussions “aren’t going the way they’re supposed to, you’ll be hearing from me. You can take that as a given”. Hotels have, for the last nine-plus years, operated as if the terms and conditions of the expired 2013 industrial agreement are still in place. They are able to do so because the union failed to submit its proposal for a revised deal by the stipulated deadline of 90 days before the last one expired.
Dave Beckford, a former BHCAWU presidential candidate and now a critic of the union, yesterday argued that Atlantis had made it “look weak” by
giving the pay rise ahead of a concluded industrial agreement. “We don’t know if the negotiations are stalled and the employer is doing this by themselves,”
he added. “At the same time, how does this impact negotiations? “You cannot say it is a bad thing. Any increase is good but, at the end of the
day, it makes the union look weak. It comes across that the employer took into consideration the cost of living has gone up, inflation has gone up exponentially. Your union is not doing anything for you, we’re doing something for you. It’s a smart move by the employer.”
PAGE 10, Thursday, March 24, 2022
THE TRIBUNE
‘DON’T PULL THE RUG FROM UNDER’ $1M EXPANSION
FROM PAGE ONE
to curb the impact of soaring inflation on Bahamian consumers. He argued that illadvised slashes in the past had removed his ability, and that of other Bahamian manufacturers, to compete with foreign rivals who enjoy lower production costs and greater economies of scale, while undermining plans to invest in new product lines and expand workforces. Acknowledging that some shudder at the thought of “protectionist
tariffs”, Mr Rogers asserted that members of the Bahamas Light Industries Development Council collectively employ up to 20,000 Bahamians, with himself and other window/door manufacturers responsible for 200 staff collectively. With unemployment still relatively high following COVID-19’s devastation, he added that The Bahamas could ill-afford any job losses stemming from flawed tariff cuts. Disclosing that Bahamas Aluminum Manufacturing has been operating for close
to 25 years, he told this newspaper: “We manufacture three types of impact and non-impact windows, French doors and hurricane shutters. There used to be 45 percent import duty for all of these products. Today there is no duty on doors, 5 percent on a number of types of windows and 25 percent on shutters. “With no duty on doors, we saw our sales plummet by 80 percent of what we used to have when it was at 45 percent. It seems like every year they keep chipping away with these duties, and every time they do, it
affects our sales with that product drastically. One of our main window product lines is an awning window where there is a 25 percent duty still in place. If you remove that I can assure you we will go out of business. “The ironic thing is that we just invested $1m, building an ultra-modern manufacturing facility and are about to add 10-12 staff to our payroll. With this awning window, we have been in communications with possible distributors in Jamaica and are looking forward to export our
first container of these windows before the end of this year - a first for our country.” Mr Rogers spoke out after Tribune Business revealed earlier this week that Senator Michael Halkitis, minister of economic affairs, in a meeting last week with the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) and its ease of doing business committee requested that the private sector supply a list of potential tariff cuts for the Government’s consideration as a way to ease inflationary pressures. While not objecting to this, he argued that the Davis administration will have to be selective in its approach and ensure it does not undermine manufacturers by removing the last import protection they have left. Widespread, and deep, tariff cuts are highly unlikely, though, given the Government’s fiscal pressures and desperate need for revenue. “We do need some help, some protection,” the Bahamas Aluminum Manufacturing chief said, asserting that without this it was impossible to compete with US, Canadian and other rivals who enjoy greater economies of scale as a result of much larger domestic consumer markets, as well as lower energy costs and other factors of production. “They can mass produce. Their equipment, even though we have good equipment, their’s is more superior, more modern. There’s stuff we could do, but we don’t have the demand,” Mr Rogers added. “But we’re doing well. We’re actually about to expand the staff. We wanted to get in and sort it out first. “We’re introducing a new line of horizontal sliding windows, which is a big demand product. It’s low-cost. It’s the cheapest window in the market. We’re looking into that, and getting the tools in right now.” Bahamas Aluminum Manufacturing completed the $1m investment in its new facility some eight months ago and, having moved in, is now poised to double staff numbers to 24 by launching its planned expansion. “We needed the room to expand,” Mr Rogers explained. “I have confidence in the workforce of this country, I have the confidence that we can manufacture these products. The expansion is all ready. We’re ready to hire the people now. We just need any help we can get from the Government. There are any number of ways to help, but most important is to give us a little protection. That’s all we want. Every year they nip a bit off here, a bit off there. “I’m probably going to be going down to Jamaica in the next two to three months to look at this personally and try to set up distribution. I have had three distributors show interest in our product. They like our product, and like the price of our product. “Shipping to Jamaica will not necessarily become an issue, but we have to ship through the US. You have a leg from Nassau to Miami, and to compete with people from Florida I have one expense they don’t have. This makes our expenses a bit higher because of the freight costs. It’s looking good, though, and by the end of the year we should be looking at our first shipment.” Describing the company as “a true manufacturer”, which imports all its raw materials and crafts them into a finished product in The Bahamas, Mr Rogers said: “What’s important to get across to the Government is they have the information right at their finger tips. They only have to request it from the two ministries, and have to look at those [tariff] lists very carefully before they make a decision.” Recalling how the elimination of duty on doors some four to five years ago “took it right out from under us, as there’s no way
to compete”, Mr Rogers recalled: “It’s really tough. I was going to go into the sliding door business, but there’s no protection. With no duty, it does not encourage me to go into any other type of door “We were considering sliding doors, but we only make French ones. With no duty on doors, it gives me no margin to make any money out of it. You’ve got to make a profit.” Two laws are in place to assist and protect Bahamian manufacturers. One is the Tariff Act overseen by the Ministry of Finance, while the Light Industries Encouragement Act is monitored by the Ministry of Economic Affairs. “The Government is always promoting that Bahamians should invest in their own country then, without any thought or consideration, they just eliminate all the duties on the products that you sell,” Mr Rogers said. “There are a total of five window and door manufacturers in our country. Between all of these companies we employ over 200 staff. “Both of these divisions of Government do an excellent job working with local industries, supporting and implementing the necessary list of raw materials for that company to import dutyfree. This gives the local manufacture a margin to manufacture and sell their products competitively. When you remove any duty and, in some cases, all the duty, it makes it impossible to compete with power houses such as the US, Canada, China, Europe etc. “Then you throw in product dumping, which all of these countries are famous for, especially China, and it makes it difficult to compete, even if the duty was 100 percent. When they dump products, the objective is to reduce the selling price to put the local competitors out of business. To do this they start by reducing the quality of the product substantially, reducing the cost,” he added. “The local consumer in most cases is not aware of the poor quality and is driven by the low prices, subsequently buying an inferior product. Once they succeed and there is no more local completion, the sky is then the limit for them to put their prices back up, above and beyond where they were when there were local manufacturers supplying these products, and who gets ripped off? The local consumer, our fellow Bahamians.” Mr Rogers told Tribune Business he was not suggesting that the Government increase tariffs, “not with the cost of living and there being no end in sight to what’s going on”, but merely that it has “to be really careful not to remove or reduce certain tariffs for certain products manufactured in our country”. “I propose to the Government that before any such products are considered to have any duty rates reduced, that they request a list of all the locally-manufactured products that are registered and protected under both the Tariff Act and the Light Industries Encouragement Act,” he added. “This list of products should then be taken into serious consideration with no further duty reductions. “In fact, I think the Government needs to review a number of products that have had the duty reduced and, in some cases, removed, doors being a good example, and there are many others in other fields and seriously consider re-implementing some of these protective duties with the objective of advancing local manufacturing, which will only help to reduce some of the unemployment in our country.” Praising the likes of Arawak Homes and other local businesses for supporting Bahamas Aluminum Manufacturing’s products, Mr Rogers said that it was shipping awning windows to distributors on major Family Islands every week.
THE TRIBUNE
Thursday, March 24, 2022, PAGE 11
RUSSIAN STOCK MARKET, CRUSHED BY WAR, WILL PARTIALLY REOPEN NEW YORK Associated Press RUSSIA plans to reopen its stock market for limited trading on Thursday, nearly one month after shares plunged and the exchange was shut down following the invasion of Ukraine. There will be heavy restrictions on trading intended to prevent the kind of massive selloff
that took place on Feb. 24 in anticipation of crushing financial and economic sanctions from Western nations. Trading will be allowed in 33 of the 50 companies that are part of the country's benchmark MOEX index, including air carrier Aeroflot, state-owned gas producer Gazprom and the oil company Rosneft, according to the central
bank announcement about the reopening. Stocks last traded in Moscow on Feb. 25. A day earlier the MOEX sank 33% after Russian President Vladimir Putin ordered the invasion of Ukraine. When Moscow's market reopens, trading will be limited, and investors' true sentiment could be difficult to judge. The country has banned short-selling, in
which investors essentially bet on stock prices to go down. And foreign shareholders will be unable to sell shares — a restriction Russia has put in place to counter Western sanctions against its financial system and the ruble, which has been sharply devalued. Moscow's stock exchange is tiny, with a market capitalization of about $773 billion at the end of last
year, according to the World Federation of Exchanges. That is dwarfed by the New York Stock Exchange, where the total of all equities is roughly $28 trillion. The average exposure by a U.S. investor through a mutual fund or retirement account to Russia is exceedingly small, according to Ben Johnson, director of global ETF research at Morningstar.
"If someone is holding a traditional 60% stock, 40% bond portfolio matched to a global index, their exposure to Russia would be roughly 0.02% of their portfolio," Johnson said. "Russia barely registers." The reopening of Russia's stock market has only minimal economic significance compared with the heavy weight of U.S.-led sanctions.
PAGE 12, Thursday, March 24, 2022
MINIMUM WAGE RISE TO BENEFIT 25% OF WORKERS
THE TRIBUNE FROM PAGE ONE a timeframe, but we have done extensive work and expect a recommendation [on the minimum wage] to be submitted in the not-toodistant future.” Mr Farquharson did not break down the 25 percent, or near-60,000, who would benefit from a minimum wage hike although it is possible that figure includes a significant number of persons who make the majority of their income in commissions or tips. Such workers are often paid a low basic salary, and those numbers will also include the likes of food store and gas station workers. The director of labour spoke amid forecasts that The Bahamas faces “brutal” inflation that will only start to gradually ease come 2023. The International Monetary Fund (IMF), in its concluding statement on the recent Article IV consultation with The Bahamas, predicted that “end of period” inflation - based on the consumer price index (CPI) - will surge to 6.7 percent this year, having jumped from 1.2 percent in 2020 to 5.5 percent last year. While Bahamian inflation, which is largely driven by external factors given that the country imports virtually all it consumes, is projected to ease somewhat to 3.5 percent in 2023, Mr Farquharson said the National Tripartite Council - the body that deals with all labour-related matters in the country - will likely assess whether to index the minimum wage to cost of living increases moving forward. “I suspect consideration is being given to that as well,” he confirmed. “That’s one of the pieces to-date that we’ve been studying and is in our processes, and are going to find a way to tie any increase to the CPI. There are a number of other factors such as the rate of inflation.” Peter Goudie, the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) representative on the
ROBERT FARQUHARSON
PETER GOUDIE Council, yesterday agreed that annual minimum wage increases tied to inflation would be more manageable for businesses to absorb than the large rise experienced previously. Introduced at $150 per week in 2001, it has only been increased once - by 40 percent to $210 in 2015 - during its 20-plus years in existence. The Davis administration had previously mulled a rise to $250 per week, and Mr Goudie said: “When I went to address the members of the Chamber of Commerce in Freeport in 2015, when I raised the minimum wage then some of the companies said you shouldn’t leave it
so long in between because it kind of jumped at them.” The IMF, in its Bahamas assessment earlier this week, warned: “Inflationary pressures are building in line with global developments and are expected to ease only gradually. Despite this, it will be important to allow higher international food and energy costs to pass through to domestic prices alongside targeted support to protect the poorest members of society. “Higher food and oil prices, including because of the effects of the war in Ukraine, could erode consumer demand and impose a particularly heavy burden on the vulnerable.”
THE TRIBUNE
COVID MASK DETERRENT EASE FOR CRUISE TOURISTS FROM PAGE ONE Cruise Port and other ports throughout the Caribbean, and disembarking ship. “When they land here, and are walking on the breeze and open air, they’re not wearing a mask. There’s no need for them to wear a mask in the open air. We’ve had discussions with the COVID police from a couple of weeks ago because, as passengers were exiting the cruise port, they had COVID police approaching them telling them they had to wear a mask outside. Those persons were simply going back to the ship. “In very productive conversations with government representatives, the COVID police agreed to discontinue approaching persons outside and requiring them to wear a mask.” While cruise passengers will no longer have to wear a mask when walking outside on Bay Street or Junkanoo Beach, Mr Maura said they will still have to carry one with them at all times if they wish to enter and patrionise retail and restaurant enterprises. “We are communicating with cruise passengers that when they go into a store or eat in a restaurant, they have to carry a mask on their person because they will have to wear when when shopping or entering the restaurant prior to being seated,” he added. “Every time these ships are arriving, it’s new passengers that were not here the day or week before. They are happy to meander through town and go to the beach, so people are enjoying themselves.” The treatment of cruise passengers when it comes to COVID mask wearing has thus been brought into line with that for the Bahamian hotel industry. The Government relaxed the hotel industry’s mask mandate such that guests no longer have to wear one in hotel lobbies, corridors and casinos where there is
sufficient distance between themselves and non-family members, or outside on hotel grounds. Mr Maura, meanwhile, revealed that the four cruise ships who called at Nassau Cruise Port last Friday brought with them the highest collective passenger occupancy level since the global pandemic began just over two years ago. “Five [now six] days ago we had 91 percent occupancy, the highest since COVID began,” he revealed. “We’ve been climbing, and 91 percent represents the highest occupancy on cruise ships on that day.” The number was achieved by four vessels - the MSC Meraviglia; the Disney Magic; Carnival Mardi Gras; and Carnival Horizon. The four accounted for a combined 13,919 passengers, and took the average cruise vessel occupancy for March 2022 to-date to 69 percent. “We’re climbing back, which is very positive news,” Mr Maura added. “We’re getting there. Being at almost 70 percent means there’s another 30 percent to go. I have no doubt that we’re going to be at 80 percent or upwards at the end of April, and going into summer we will be at 100 percent. It’s positive.” Getting all passengers to disembark when in Nassau, and increasing their per capita spending yield, remain key challenges for the Bahamian tourism industry. However, passenger occupancy for cruise ships calling on Nassau has now increased further from the 65 percent it stood at in early March, which was then the highest level it has been at since transient voyages resumed towards the end of 2021. Vessel occupancy levels, which stood at 52 percent in October, increased to 64 percent for December 2021 before falling to a low of 45 percent in January
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, MADELINE LOUISE WILKINSON of Kiskadee Drive Nassau, Bahamas, intend to change my name to MADELINE LOUISE NESBITT. 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, Bahamas no later than thirty (30) days after the date of publication of this notice.
due to the Omicron-related COVID surge. Global Ports Holding, Nassau Cruise Port’s 49 percent controlling shareholder, said in a recent statement that that February 2022 vessel calls to Nassau Cruise Port exceeded those during the same month in 2019 - a record-breaking year for tourism arrivals, which saw 5.4m cruise passengers visit The Bahamas, and the last full year pre-pandemic. “Continued positive momentum can be seen in our cruise calls for January and February 2022. On a like-for-like basis, they were only 9 percent below the same period in 2019, with Nassau Cruise Port actually welcoming more ships in February 2022 than in February 2019,” it said. Nassau Cruise Port received 102 vessel calls this February as opposed to 95 during the same month in 2019 - a rise of 7.4 percent.
Thursday, March 24, 2022, PAGE 13
CALL 502-2394 TO ADVERTISE
PAGE 14, Thursday, March 24, 2022
THE TRIBUNE
THE GASOLINE price board is shown at a gas station in Menlo Park, Calif., on March 21, 2022. On Wednesday, March 23, 2022, Californians who own cars could get up to $800 from the state to help offset record high gas prices under a proposal announced Wednesday, March 23, 2022, by Democratic Gov. Gavin Newsom. Photo:Jeff Chiu/AP
CALIFORNIA CAR OWNERS COULD GET UP TO $800 FOR GAS By ADAM BEAM Associated Press SACRAMENTO, Calif. (AP) — Californians shouldering the nation's highest gas prices could soon get a tax break, free rides on public transit and up to $800 on debit cards to help pay for fuel under a proposal revealed Wednesday by Democratic Gov. Gavin Newsom Gas prices have soared in recent weeks, the result of pandemic-induced inflation and Russia's invasion of Ukraine. State governments across the country have been debating what to do about it, with the most popular choices being slashing fuel taxes or offering rebates to taxpayers. Last week, the governors of Maryland and Georgia signed laws temporarily suspending their state's gas taxes, while Georgia on Wednesday also offered $1.1 billion in refunds to taxpayers in a separate action. California's average gas prices hit a new state record Wednesday at $5.88 per gallon, more than $2 higher than it was a year ago, according to AAA. California has the second-highest gas tax in the country at 51 cents per gallon. But the state's Democratic leaders have been wary of suspending the gas tax because they fear oil companies would not pass along the savings to drivers. Instead, they want to send money directly to taxpayers. The governor's office says the average California driver spends about $300 per year on gas taxes. Newsom's idea is to give car owners $400 debit cards for up to two vehicles, for a total of $800. The money would go to everyone who has a car registered with the state — including the uberrich, people living in the country illegally, and even drivers who own vehicles that don't use gasoline. For people who don't have cars, Newsom wants the state to pay for their bus or train fare for three months. His proposal would give $750 million to transit and rail agencies, which Newsom said would be enough to give free rides to 3 million people per day. About $1.1 billion would pay to pause scheduled inflationary increases for diesel and fuel taxes this summer, and another $500 million would pay for projects that promote biking and walking. "This package is also focused on protecting people from volatile gas prices, and advancing clean transportation," Newsom said. Rising fuel prices are a tricky policy issue for Newsom, who is trying to wean the state off fossil fuels. He has signed executive orders aimed at banning the sale of new gas-powered cars in the state by 2035 and halting all oil extraction by 2045. He has proposed a total of $10 billion in funding over six years to boost
zero-emission vehicle production and build charging stations. Higher gas prices typically inspire people to be more thoughtful about their vehicle use by walking more or eliminating unnecessary car trips, said Laura Deehan, state director for Environment California, a nonprofit that advocates for an end to fossil fuel use. Giving people money for gas would encourage them to drive more, she said. Instead, she said Newsom should spend the $9 billion on programs aimed at getting people out of gasguzzling cars. "Just giving out these rebates to anyone who has a car in the state isn't going to help us in the long run move away from the volatility that comes with our dependence on fossil fuels," she said. Newsom's plan must be approved by the Legislature, where Democrats dominate both the Assembly and the Senate. Democratic leaders, however, don't like the idea of giving money to rich people. They have been discussing their own rebate proposal, one that would give $200 rebates to every taxpayer and their children with taxable income less than $125,000 for single filers and $250,000 for joint filers. That means a family of five would get $1,000 while a single parent with two children would get $600. "The Senate is focused on ensuring that state money is targeted to those who actually need relief and we look forward to working with Gov. Newsom, Speaker Rendon and our Legislative colleagues to quickly develop a proposal that delivers for struggling Californians," said state Senate President Pro Tempore Toni Atkins, a Democrat from San Diego. A spokesperson for Democratic Assembly Speaker Anthony Rendon called Newsom's idea "consistent with the Speaker's goal of providing targeted financial relief to Californians most in need" but stressed the idea is "in the very early stages." Newsom's plan is similar to a separate proposal floated last week by more moderate Democrats in the state Assembly that would give every taxpayer $400, regardless of income. Assemblywoman Cottie Petrie-Norris, a Democrat from Laguna Beach who supports that plan, on Wednesday urged the Legislature and Newsom to act quickly. "The contours of the governor's proposal are a little different than what we proposed, but I would be very happy to support this," she said. The governor's office said Newsom would be willing to negotiate with lawmakers about who can get the money, a process that could take some time to sort out. Republicans favor a temporary suspension of the state's gas tax, saying it's the quickest way to offer relief.
THE TRIBUNE
Thursday, March 24, 2022, PAGE 15
MARKET REPORT www.bisxbahamas.com
TUESDAY, 22 MARCH 2022
BISX ALL SHARE INDEX: BISX LISTED & TRADED SECURITIES 52WK HI 6.70 40.15 2.05 2.90 2.60 6.05 10.05 2.56 9.02 3.10 7.20 13.00 2.71 10.10 11.25 10.75 15.00 4.00 10.00 16.50
52WK LOW 4.55 32.12 1.46 2.20 1.30 5.50 6.00 2.82 4.25 2.27 5.50 9.75 1.99 6.50 10.02 9.00 13.10 3.42 8.00 15.50
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
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 1.00
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
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00
52WK LOW 100.00 100.00
SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited
CLOSE
CHANGE
%CHANGE
YTD
YTD%
2241.27
-0.17
-0.01
13.03
0.58
SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB SYMBOL FBB22 BFHB
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.98 100.00
LEGAL NOTICE
NOTICE
BIVCA Advisory Ltd. In Voluntary Liquidation
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, BIVCA Advisory Ltd. is in dissolution as of March 18, 2022 Lighthouse Corporate Services Ltd., office situated at Old Fort, Building 2, Suite A, Lyford Cay, Nassau, Bahamas is the Liquidator.
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 96.71 93.97 94.12 91.00 90.95 89.02 89.62 89.00 90.24 90.73
MUTUAL FUNDS 52WK HI 2.50 4.67 2.20 207.86 207.68 1.72 1.83 1.81 1.05 9.37 11.83 7.54 16.64 12.84 10.77 10.00 10.43 14.89
52WK LOW 2.11 3.30 1.68 164.74 116.70 1.68 1.73 1.75 1.01 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
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 BGRS FX BGR106036 BGRS FX BGR117037 BGRS FX BGR118037 BGRS FX BGR125238 BGRS FX BGR127139 BGRS FX BGR127149 BGRS FX BGR129249 BGRS FX BGR131249 BGRS FX BGR132249 BGRS FX BGR136150
BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGR1060361 BSBGR1170376 BSBGR1180375 BSBGR1252380 BSBGR1271398 BSBGR1271497 BSBGR1292493 BSBGR1312499 BSBGR1322498 BSBGR1361504
LAST CLOSE 5.30 39.95 2.04 2.31 2.50 6.05 9.25 3.30 7.90 2.82 7.16 13.00 2.04 10.06 11.98 10.75 15.00 3.80 10.00 15.50 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00 LAST SALE 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 89.62 100.00 100.00 100.00
CLOSE 5.30 39.95 2.04 2.31 2.50 6.05 9.25 3.30 7.90 2.82 7.16 13.00 2.06 10.06 11.74 10.75 15.00 3.80 10.00 15.50 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
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
VOLUME
1,680
225
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00 100.00
CHANGE 0.00 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 89.62 100.00 100.00 100.00
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 0.00 0.00 0.00
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 RF Bahamas Opportunities Fund - Secured Balanced Fund RF Bahamas Opportunities Fund - Targeted Equity Fund RF Bahamas Opportunities Fund - Prime Income Fund RF Bahamas International Investment Fund Limited - Equities Sub Fund RF Bahamas International Investment Fund Limited - High Yield Income Fund RF Bahamas International Investment Fund Limited - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
MARKET TERMS
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 (0.24) 0.00 0.00 0.00 0.00 0.00
(242) 323‐2330 (242) 323‐2320 EPS$ 0.239 0.932 0.000 0.140 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 0.080 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
INTEREST Prime + 1.75% 6.25% 6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 5.40% 5.20% 5.22% 5.00% 5.00% 5.50% 5.55% 5.60% 5.65% 5.69%
NAV 2.50 4.67 2.20 204.67 199.97 1.72 1.83 1.81 1.01 9.37 11.79 7.54 15.94 12.47 10.74 N/A 10.43 14.89
YTD% 12 MTH% 0.34% 4.30% -0.06% 5.21% 0.21% 2.72% 1.37% 3.18% 8.18% 14.94% 0.26% 2.76% 0.36% 2.37% 0.28% 2.51% -1.31% -3.43% -0.02% 10.36% -0.33% 18.23% 0.22% 3.05% -3.89% 14.76% -1.04% -2.57% 0.81% 4.20% N/A N/A 3.00% 25.60% 7.90% 48.70%
P/E 22.2 42.9 N/M 16.5 N/M N/M 25.1 -7.5 56.4 15.3 15.9 18.0 20.2 21.5 18.2 14.8 18.4 18.7 10.6 24.6 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
YIELD 3.21% 3.15% 0.98% 3.46% 0.00% 0.00% 2.81% 0.00% 0.00% 4.26% 3.07% 5.54% 21.07% 0.60% 2.79% 2.23% 3.60% 3.16% 2.00% 3.94% 0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%
MATURITY 19-Oct-2022 30-Sep-2025 20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 4-Aug-2036 14-Jul-2037 13-Oct-2037 15-Oct-2038 15-Jan-2039 15-Jan-2049 15-Apr-2049 15-Jul-2049 15-Oct-2049 21-Apr-2050
NAV Date 31-Jan-2022 31-Jan-2022 28-Jan-2022 30-Sep-2021 30-Sep-2021 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Mar-2021 31-Mar-2021 31-Mar-2021
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
LIQUIDATOR ______________________ TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
PAGE 16, Thursday, March 24, 2022
THE TRIBUNE
STOCKS FALL ON WALL STREET AS CRUDE OIL PRICES CLIMB AGAIN By DAMIAN J. TROISE AND ALEX VEIGA AP Business Writers
STOCKS fell broadly on Wall Street and crude oil prices rose sharply again Wednesday, as a wave of selling all but wiped out gains from a day before and left the S&P 500 and Dow Jones Industrial Average in the red for the week.
The S&P 500 fell 1.2%, with more than 80% of the stocks in the benchmark index closing lower. The Dow and Nasdaq composite each slid 1.3%. After a strong rally last week, the market has been up and down this week as investors weigh concerns about rising inflation and slower economic growth now that federal spending
on various stimulus measures has faded away and the central bank has signaled several interest rate hikes to come this year as it battles surging inflation. Concerns on Wall Street about persistently high inflation have been elevated since Russia's invasion of Ukraine sent energy and other commodity prices even higher. Crude oil
prices have been volatile over concerns that the conflict will exacerbate an already tight market. The fluctuation in prices has been pushing and pulling the broader stock market. "The market was a bit oversold maybe a few weeks ago and since the bounce has been pretty tremendous," said Ross Mayfield, investment strategy analyst
at Baird. "What the market is doing is trying to find a level where it's balancing the risks that remain out there with the upside tail winds." The S&P 500 fell 55.37 points to 4,456.24. The Dow slid 448.96 points to 34,358.50. Both indexes are now on pace for a weekly loss. The Nasdaq fell 186.21 points to 13,922.60. Smaller company stocks also lost ground. The Russell 2000 fell 36.14 points, or 1.7%, to 2,052.21. The selling was widespread, with technology, health care and financial stocks among the biggest weights on the S&P 500 index. Microsoft fell 1.5% and Abbott Laboratories slid 4.1%. Retailers and communications companies also lost ground. Energy stocks rose as crude oil prices climbed more than 5%. Hess rose 4.6% for the biggest gain in the S&P 500. Energy prices will likely remain volatile as the conflict continues. U.S. President Joe Biden is heading to Europe for an emergency NATO summit Thursday, where sanctions and the Russian oil embargo will likely top the agenda. U.S. benchmark crude oil rose 5.2% to settle at $114.93 per barrel, while a barrel of Brent crude, the international standard, rose 5.3% to settle at $121.60.
Prices are up more than 50% in 2022 so far, raising concerns about the impact on a wide range of consumer goods and consumer spending overall. Many of the higher costs incurred by businesses have been passed on to consumers and higher prices for food, clothing and other goods could lead them to cut spending, resulting in slower economic growth. Central banks have been reacting by raising interest rates to try and counter the impact from inflation. The Federal Reserve has already announced a 0.25% increase for its benchmark interest rate and is prepared to act more aggressively if necessary. Bond yields have been rising overall as the market prepares for higher interest rates, but they eased back Wednesday. The yield on the 10-year Treasury fell to 2.29% from 2.37% from Tuesday. Investors are preparing for the latest round of corporate earnings as the quarter comes to a close. Some companies are already giving updates. Adobe fell 9.3% after giving investors a disappointing financial forecast and warned that halting sales in Russia and Belarus will impact its revenue. Metal manufacturer Worthington Industries slid 17% after reporting disappointing fiscal third-quarter profits.
AMERICAN flags fly outside the New York Stock exchange, Friday, Jan. 14, 2022, in the Financial District in New York. Stocks are opening lower on Wall Street, Thursday, March 23, giving back some of the big gains they made a day earlier. Photo:Mary Altaffer/AP
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