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MONDAY, APRIL 15, 2019
$4.70 GB Power owner fears ‘major loss’ if deal reversed By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net GRAND Bahama Power Company’s Canadian owner will suffer “substantial loss and damage” if a prominent QC succeeds in quashing the approvals to buy-out all Bahamian shareholders. Timothy Eneas, a McKinney, Bancroft & Hughes attorney, argued before the Supreme Court that Emera should be added as a party to the Judicial Review challenge filed by Fred Smith QC and his company, SeSaChe Ltd, because it had most to lose if the action succeeded. Should that occur, Mr Eneas warned it would result in a “mess” that he likened to “the unscrambling of the egg” where Emera would have to unwind the near-$35m buyout of Bahamian investors who had
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SUPER Value’s principal has warned he may have to close his paper manufacturing plant due to tariff cuts, as he called on the government to outline WTO’s benefits instead of attacking him. Rupert Roberts, pictured, told Tribune Business he was surprised that the government’s chief World Trade Organisation (WTO) negotiator, Zhivargo Laing, has chosen to criticise the basis for his opposition to The Bahamas
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
T
HE government has narrowed its $185m revenue gap, the deputy prime minister has revealed, as it “keeps a close eye” on its agencies’ spending as the 2018-2019 fiscal year-end looms. KP Turnquest told Tribune Business that the traditionally revenue-rich first quarter of the calendar year had helped “tighten” the difference between the government’s actual and projected revenue collection ahead of the upcoming 2019-2020 budget.
joining the rules-based trading regime rather than laying out the advantages of doing so. Arguing that it was “imperative” that the Government make the case for The Bahamas’ accession to full WTO membership, Mr Roberts argued that its failure to do so to-date made him question whether it had something to hide. And, while Mr Laing had pledged that the retail and wholesale sectors were “off the table” when it came to the WTO talks, as they
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Aircraft registry: ‘Tangible’ progress by year-end 2019 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas wants “to have something tangible in place” for an aircraft registry by year-end 2019, it was revealed last night, after hiring a leading consultant to give effect to its ambitions. Algernon Cargill, pictured, director of aviation, told Tribune Business that such a registry will be “well in place” by 2020 after confirming that the government had signed a Memorandum of Understanding (MoU) with the
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Govt ‘narrowing’ its $185m revenue gap
Super Value chief warns on potential paper plant close By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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company responsible for creating such facilities in Aruba and San Marino. The Bahamas is now looking to “piggy back” off the expertise and reputation previously established by the Aviation Registry
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KP TURNQUEST
Lucayan managers to ‘very shortly’ get new payout offer By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
budget, with the Minnis administration aiming to be “faithful” to a threeyear consolidation plan that targets elimination of the fiscal deficit and payment of $360m in total unfunded arrears. The International Monetary Fund’s (IMF) recent visit to The Bahamas for the annual Article IV consultation had also “confirmed a lot of our thinking”, Mr
THE Grand Lucayan’s managers should “very shortly” receive a new voluntary payout offer following “a productive meeting” last Friday with the minister of tourism. Obie Ferguson, the Bahamas Hotel Managerial Association’s (BHMA) president and chief negotiator, last night told Tribune Business he was awaiting several items discussed with Dionisio D’Aguilar prior to making another trip to Freeport for a membership. Confirming that Mr D’Aguilar had delivered on his promise to produce a “modified version” of the managers’ voluntary separation package (VSEP) prior to Friday’s meeting, Mr Ferguson declined to discuss specifics although he indicated the differences
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• ‘Keeping close eye’ on agency spend • Especially ‘where no legitimate need’ • DPM: ‘IMF thinking in line with ours’ Suggesting this had further boosted confidence that the year-end $237.6m deficit target will be achieved, Mr Turnquest said the Ministry of Finance was closely scrutinising all ministries, departments and agencies to ensure there are no last-minute spending binges “where there is no legitimate need”. He added that there were unlikely be to any “major” changes to expenditure allocations in the 2019-2020
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THE TRIBUNE
Monday, April 15, 2019, PAGE 3
AIRPORT BRACES ITSELF FOR RECORD EASTER VOLUMES KEY stakeholders at Lynden Pindling International Airport (LPIA) are ramping up efforts to manage “double digit” increases in passenger traffic that are expected to peak this Easter weekend. Officials at Nassau Airport Development Company (NAD), which manages LPIA, are expecting additional growth in traveller numbers - especially between April 19 and April 22 - beyond the 21.9 percent increase seen in February 2019 when 22,596 passengers moved through The Bahamas’ major airport. Similar trends are expected when March’s passenger numbers are tallied. To address the challenges presented by such volume increases, NAD partnered with airport stakeholders to develop a new set of Standard Operating Procedures (SOPs) during the 2019 first quarter to manage passenger movement from arrival to the boarding gate and vice versa. “We have seen high passenger traffic in-terminal over the past 15 months, with an 11 percent growth year-over-year in 2018 and figures for the first quarter of this year showing growth of 20 percent over prior year,” said Vernice Walkine,
LPIA stakeholders plan for a busy Easter travel weekend ahead. NAD’s president and chief executive. “For the upcoming Easter holiday period we are continuing to evaluate and tweak our SOPs in real time to accommodate larger passenger volumes in our facilities. “We are working closely with all stakeholders to ensure that the airport performs at a level that provides an exceptional arrivals and departures experience for our users. Our efforts are co-ordinated and focused on using increased manpower, existing technology and effective communication between agencies to improve the overall operations during peak periods.” LPIA stakeholders include Bahamas Immigration, Bahamas Customs, the Airport Authority, US Customs & Border Protection (USCBP), Nassau
Flight Services (NFS), Air Traffic Services (ATS), airline operators, NAD operations, NAD parking and ground transportation, airport police and the Road Traffic Department. All agencies were presented with the SOPs earlier this year based on their role in overall airport operations. Stakeholders are also given projected passenger numbers three days prior to anticipated peaks, allowing them sufficient time to review and schedule manpower accordingly. The passenger projection charts detail arrivals and departures traffic in hourly intervals, and highlight peaks within each of the three terminals at LPIA. This is a powerful tool when used in conjunction with historical passenger numbers. A busy day for
Super Value chief warns on potential paper plant close
this morning,” Mr Roberts added. “If Laing is serious he should give us the protective tariff back on paper before I close the plant... Surely the intend to keep the manufacturing rather than wipe it out. “If they did, maybe bleach would sell for a little bit less and imported water would sell for half the price if they took the tariff off. But I’m not advocating for that. We need to create this local labour.” Mr Laing on Friday had told Tribune Business that Mr Roberts’ opposition to The Bahamas joining the WTO was founded on “illusion and fiction”, and had little to no basis in fact. But the Super Value chief, emphasising that he had nothing personal against the former Cabinet minister, questioned why Mr Laing had focused on responding to him rather than trying to sell the private sector and Bahamians on the merits of full WTO membership. “He still did not enumerate the benefits in his criticism,” Mr Roberts told Tribune Business. “I’m surprised he criticised me. I
FROM PAGE ONE were “reserved” areas for Bahamian ownership only, Mr Roberts argued there was little to no “trust” in government’s ability - and will - to maintain this. Previous governments have already waived this restriction, two prime examples being Winn-Dixie’s long-running ownership of the City Markets food chain and the more recent acquisition of Bahamas Food Services (BFS), the largest food wholesaler, by US giant Sysco from another American company, Beaver Street Fisheries. Mr Roberts, meanwhile, questioned whether recent tariff reductions were implemented as part of WTO membership preparations. He specifically pointed to the tariff cut involving imported paper, which was reduced from 45 percent to 25 percent in the 2017-2018 budget, and immediately impacted his plant that manufactures bathroom
tissue for Super Value and its competitors. “We had a 45 percent protective tariff on paper, bathroom tissue, and they took that down to 25 percent,” the Super Value chief recalled, adding that local manufacturing “employs a large number of Bahamians”. “When they did that I should have shut the plant down. I’m now waiting for some profit and loss statement. If it’s not favourable I will have to shut it down and sell the equipment.” Mr Laing told this newspaper on Friday that he and every member of the government’s negotiating team was “keenly aware” of the need to ensure the “viability” of Bahamian manufacturers and farmers post-WTO accession, with the strategy being to maintain or increase tariffs on imported rivals while still achieving the WTO’s mandated 15 percent average rate. “I texted the minister
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international arrivals at LPIA is around 5,000 passengers. In February, the airport recorded nine days with international arrivals between 6,000 to 7,500-plus passengers. On March 9, a record breaking 8,245 passengers were processed through Bahamas Immigration and Customs. In US departures, busy days are when 5,000 passengers are processed through the pre-clearance facility. During the first quarter of 2019, officials logged multiple 6,500- 7,000 passenger departure days. On the airside, LPIA recorded a total of 13,114 aircraft movements in January 2019 and 12,386 in February 2019, up 8.58 percent over the previous year. For the Easter holiday weekend, LPIA’s operations plan will focus on processing areas including pre-board screening in the US Departures terminal and the international/ domestic departures terminal, as well as queue management in US Customs, Bahamas Immigration and Bahamas Customs. All areas should be well-staffed and queue
times in the terminals should be 30 minutes or less. Stakeholders will also continue customer-focused measures implemented earlier this year. To expedite the flow of passengers on arrival, officers in the Bahamas immigration hall will process large families with young children and senior citizens on separate lines during the peak periods between 12pm to 3pm. NAD’s operations team will again position line management agents (LMAs) to organise traffic flow in the US departures terminal check-in hall with the goal of processing times falling within a 30-minute window. Ms Walkine added: “In addition to measures being taken in-terminal, our plans for the upcoming Easter holiday weekend will also focus on traffic management. NAD’s parking and ground transportation team will continue to work directly with Road Traffic Department officers and the Airport Police to manage vehicular traffic on the landside of our operations. “Our scheduling team
will work closely with airlines and ground handlers to maximise gating operations on the apron.” As it relates to air traffic management, Air Traffic Services will have the added staffing required to efficiently manage the increased commercial and general aviation arrivals and departures from LPIA during this busy period. With passenger estimates projected to exceed Easter 2017 and 2018, airport officials are encouraging the travellers to allow for sufficient processing times on travel days and to stay tuned to NAD’s social media channels and communicate directly with airlines for important travel updates. NAD along with the Nassau/Paradise Island Promotion Board, the Ministry of Tourism and LPIA commercial partners will host holiday-themed activities in-terminal featuring musical entertainment from local schools and bands, LPIA’s baggage claim game in the international arrivals terminal and a visit from the Easter Bunny.
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THE TRIBUNE
LANDFILL TAKEOVER A ‘GREAT FIRST STEP’ By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net A WELL-KNOWN environmentalist activist has hailed the New Providence landfill’s takeover by a local consortium as a “great first
step”, while urging the pursuit of a waste-to-energy solution. “I think it makes sense and would be a win-win in terms of generating energy and tackling the waste streams at the site,” said
reEarth president Sam Duncombe. “That is something that I would ultimately like to see happen, a wasteto-energy solution where we are using the garbage to create energy and offset the usage of fossil fuels.” The government officially handed over the New Providence landfill to Providence Advisors and the sevenstrong Waste Resources Development Group (WRDG) on Friday. The WRDG consortium, featuring Bahamian waste services providers, was selected as
the preferred bidder to take over the landfill’s operations - and effect a $130m transformation of the site - in late August 2018. The group has partnered with Ken Kerr’s Providence Advisors in a 60/40 split, and have a 10-year deal to manage the landfill. The initial $130m investment has been reduced to around $42m after the government requested that the waste-toenergy component be split out from the rest of the consortium’s plans. Mr Kerr said on Friday
that one of the main goals is to eliminate fires at the landfill. “We’re using an EPA (US Environmental Protection Agency) standard that’s common in North America, which is called a cap and cover process,” he said. “What is required as we receive the waste streams on a daily basis, we cover it with an adequate amount of top soil or cover. That way you reduce the oxygen content, you reduce the gas build-up and you reduce the opportunity for fires to
occur on a daily basis.” “It’s a great first step,” said Mrs Duncombe of the takeover. “There are a lot of issues going on there. If they can get the fires under control that would be huge. There is still a concern regarding ground water contamination. Everything is dumped there, and when these things get mixed it’s toxic. I have no idea how they intend to tackle the ground water situation but hopefully that will be addressed as well.”
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BTC Team members and Samsung reps during the launch event. THE Bahamas Telecommunications Company (BTC) introduced the Samsung S10 device to its product line-up with an April 11 launch at its Mall at Marathon retail store. Ben Freeman, director of business to consumer, said: “BTC has shared a great relationship with Samsung over the years. Just like Samsung, we are committed to giving our customers exactly what they want so they can do more of what they love. We’ve added the S10 to our awesome suite of devices.” The new S10 line boasts several devices, and includes devices with bigger batteries, bigger screens, and five cameras
inclusive of an advanced selfie camera. The device also provides wireless power share, allowing
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NOTICE Announces Easter Holiday Banking Hours Thursday, April 18, 2019 Normal Banking Hours, Extended to 4:30pm Friday, April 19, 2019 Closed Saturday, April 20, 2019 Closed Monday, April 22, 2019 Closed Tuesday, April 23, 2019 Normal Banking Hours Resume
Bank of The Bahamas Limited CIBC FirstCaribbean International Bank Citibank, N.A. Commonwealth Bank Limited Fidelity Bank (Bahamas) Limited RBC Royal Bank (Bahamas) Limited Scotiabank (Bahamas) Limited
THE TRIBUNE
Monday, April 15, 2019, PAGE 5
CHAMBER BACKS RENWABLE ENERGY FINANCE DISCUSSION By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net THE Bahamas Chamber of Commerce is backing local alternative energy suppliers in their bid to secure renewable project financing from Bahamian commercial banks. Debby Deal, who heads the chamber’s energy and environment division, told Tribune Business that alternative energy suppliers first
raised the concern over access to financing, or the lack of it, some eight months ago. “There were some who said that for their high-end clients financing was no issue. On the lower end, the small businesses, for instance, they were getting a lot of quotes but persons didn’t have the disposable income to go forward,” she added. “The chamber is working
with the alternative energy suppliers to help the sector. We want to ensure that not just the wealthy are able to have access to renewables. We’re working with alternative energy suppliers and supporting them in their discussions with the banks to tailor financing for alternative energy. “We believe that new construction would be a great place to start. We’re not trying to take money away
from BPL. If you could save $200 on your BPL bill, that would be part of the payment. We’re still hashing out the details. We’re just trying to figure out how to do it where everyone is happy; the banks, the suppliers and the customers.” Ms Deal also backed the Utilities Regulation & Competition Authority’s (URCA) plan to implement a framework for the procurement of
power generation resources. “There has been a lot of controversy in recent times over how things have been done,” she added. “We really need to have faith in our energy company because energy is the number one thing that guides our every day living. We need to have a really good relationship with our energy company, BPL, and there needs to be transparency and accountability.”
Shevonn Cambridge, URCA’s director of utilities and energy, said at the regulator’s town hall meeting last week that it was looking at putting in place a set of procurement procedures that would set the framework to ensure certainty, accountability and transparency. This, he added, will also help to build stakeholder confidence in the process regarding the procurement of goods and services.
Bahamas to host major law summit THOUSANDS of lawyers will be heading to The Bahamas in 2021, as the destination is scheduled to host the Commonwealth Lawyers Conference (CLC). The four-day conference will bring together judges, lawyers and other professionals from 53 member countries of the Commonwealth, including English-speaking nations of the Caribbean. The hosting of the conference by The Bahamas marks the second time the CLC will be held in the Caribbean region, the first time having been in Ocho Rios, Jamaica, in 1986. CLC Bahamas will also be the third time the conference has been held in the western hemisphere. The second time was in Vancouver, Canada, in 1996, except for regional meetings. Dionisio D’Aguilar, minister of tourism and aviation, said: “As a proud member of the Commonwealth of Nations, The
ABOVE: Dr Peter Maynard speaks at this year’s CLC in Zambia.
Bahamas is honoured to host Commonwealth Lawyers Conference 2021. “We’ve been passed the baton from Zambia, and we look forward to welcoming members of the legal profession from around the Commonwealth to our capital city of Nassau for a conference that will enrichen our collective jurisprudence. “CLC 2021 is a great opportunity for delegates to engage in enlightening discussions, share ideas and best practices and to network. We will also use this occasion to introduce members of this diverse gathering to many of the exciting touristic offerings of our destination. CLC 2021 Bahamas promises to be a memorable, dynamic conference.” The Commonwealth Lawyers Conference is organised by the Commonwealth Lawyers Association (CLA) in London, and has been hosted since 1955 throughout the
Commonwealth in countries such as Australia, Canada, Hong Kong, India, Jamaica, New Zealand, Nigeria and the United Kingdom. The CLA President 20172019, R Santhanakrishnan of India, visited The Bahamas in January 2018 and again a year later in January 2019. He was accompanied this year by incoming CLA president for 2019-2021, Brian Speers of Northern Ireland, and they both attended the inaugural meeting of the CLA regional hub for the Americas, spearheaded by Bahamian attorney Dr Peter Maynard. They were hosted by Mr D’Aguilar and the Bahamas Bar Association. They also attended the seventh annual arbitration and investment summit: Caribbean, Latin America and other emerging markets held at the Baha Mar Resort and Casino, which was co-sponsored by the CLA. CLC 2019 was held in Zambia from April 8-12.
The Bahamas delegation consisted of Kahlil Parker and Khrystle RutherfordFerguson, Bahamas Bar Association president and treasurer, respectively, and Dr Maynard. Dr Maynard was elected on Monday as CLA vice-president for the America 2019-2021. International arbitrator, Bertha Cooper Rousseau, was also present having been elected a CLA Council Member for the Caribbean, succeeding Dr Maynard in that post. Erin Greene was among the speakers. Judges, lawyers and other professionals were present from around the Caribbean and 40 of the 53 member countries of the Commonwealth.
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CANDIDATES COMMITTEE REPORT April 5TH, 2019 LIST OF ENDORSED NAMES: EXECUTIVE MEMBERS: 1. Rosemary E. Burrows 2. Maralyn Genette Burrows 3. William Ingraham 4. Cyril Morris Jr. 5. Wayne Thompson 6. Kameisha Delique Wells 7. Judd T. Williams TRUSTEES: 1. Jacqueline Lorene Mckenzie 2. Bolinder Newbold – Munroe 3. Vernincha Louise Delcine Simmons 4. Lana Monique Williams-Smith 5. Haldane Alfred Stubbs AREA VICE PRESIDENTS: NORTHERN BAHAMAS: 1. Ann Marie Bullard 2. Eldecia Shaquincha Ethlyn Thompson GRAND BAHAMA: 1. Quintin Howard Laroda 2. George Austin Trevor Mills. NEW PROVIDENCE: 1. Vernon Jemell Rodgers SOUTHERN BAHAMAS: 1. Ann Louise Strachan ASSISTANT TREASURER: 1. Catherine Knowles-Stubbs 2. Katress Wells SECRETARY – GENERAL: 1. Helena Cartwright 2. Dion Damien Johnson 3. Tiffany M. Delancy-Laing ASSISTANT SECRETARY – GENERAL: 1. Juanita T. Gaitor 2. Cedricka Rolle PRESIDENT: 1. Joan Knowles-Turnquest VICE PRESIDENT: 1. Tiffany Burrell-Roberts 2. Jason Haley From the desk of John Musgrove Secretary-General The Bahamas Union of Teachers.
PAGE 6, Monday, April 15, 2019
BAHAMIANS ATTEND MAJOR CONFERENCE
Alfred Sears QC, the former attoney general and managing partner of Sears & Co, attended a major conference in Singapore with Sears & Co partner V Moreno Hamilton. The INSOL Conference, held from April 2-4, 2019, at the Marina Bay Sands Convention Centre, brought attorneys, accountants, insolvency practitioners, judges, academics, government officials and policymakers together to address global economic trends, such
as rising protectionism, offshore financial centres and global best practices in corporate insolvency and restructuring systems. Bahamian attendees included Mr Sears; Tiphaney Russell, director, Deloitte & Touche (Bahamas); V Moreno Hamilton; and Nadia Wright, partner, Providence Law Chambers. Tara Cooper-Burnside, partner, Higgs & Johnson and Fellow of INSOL International and sponsor, also attended.
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Port closes second grant funding round THE Grand Bahama Port Authority (GBPA) has closed its the second round of its grant funding programme, known as the Capital Arena Initiative, for small businesses and entrepreneurs. The initiative, started by the GBPA’s Invest Grand Bahama Small Business Bureau (IGBSBB), saw entries double this year compared to the inaugural launch, with candidates having to pitch their ideas to a four-judge panel. Ian Rolle, the GBPA’s president, said: “I am advised that this year we received nearly 100 submissions, which featured several unique, innovative and sustainable business ideas. “Personally, the number of millennials that submitted, and the types of businesses they introduced, were very impressive. If we can provide opportunities for this generation of entrepreneurs, I believe they can help chart a bright future for Freeport.” Only 18 so-called gladiators (semi-finalists) advanced to Round II
JUDGES ARE YOU READY: Pictured from left: Ian Rolle, GBPA president; Deann Seymour, chief financial officer; LaShawn Dames, business services manager; Nicole Colebrooke, customer relations manager; and Derek Newbold, senior manager of business development. Judging for ‘In-person pres- process, which I can confientations’, where they faced dently say we did. the judging panel. “In fact, some plans - if “The quality of business presented five to seven years proposals from this Cohort ago - would not have even was significantly stronger made it. However, through than last year’s,” said Derek the use and application of Newbold, the GBPA’s technology, so much more is senior manager of business possible and can be accomdevelopment. modated within Freeport’s “Not only did our judges economic landscape, and it have the awesome task was this type of innovation of reviewing the various we wanted to embrace.” plans, but scoring them Finalists from Cohort II according to the submission can secure up to $15,000 criteria, which filtered our in grant funding to start or 18 semi-finalists for Round grow their businesses. They II pitching. The diversity of will also receive entrepreplans submitted was impres- neurial training designed sive and challenged us to by the University of The examine proposals more Bahamas exclusively for creatively during the scoring Capital Arena finalists, and
be paired with a mentor to complete the programme. The filming of Capital Arena episodes was staged at the Canal House of the Pelican Bay resort, with set designs provided by the Home Design Centre. Seasons one and two will air some time this year, featuring participants from both cohorts. “Considering the amazing opportunities coming on stream for Grand Bahama, Cohort II clearly demonstrated that Grand Bahamians are ready to embrace a new era of opportunity and success, especially the younger generation,” said Deann Seymour, GBPA chief financial officer and Capital Arena judge. “Whether your business idea is a startup or an expansion, now is the time to move on it. Cohort III will launch this winter, giving existing business owners and aspiring entrepreneurs new opportunities. The GBP’s business services manager and project director for Capital Arena, LaShawn Dames, said: “Preparation is key. Candidates that prepare well perform the best during presentations; these become our Gladiators.”
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Monday, April 15, 2019, PAGE 7
Govt ‘narrowing’ its $185m revenue gap FROM PAGE ONE Turnquest said, with the concerns it identified already on the government’s agenda to address. He revealed that the Deloitte & Touche (UK) study of the Bahamas’ tax structure, and potential reforms to make it more efficient and equitable, had effectively been placed on hold by the need to enact reforms to meet the European Union (EU) and Organisation for Economic Co-Operation and Development (OECD) demands. With The Bahamas having addressed their anti-tax evasion concerns, Mr Turnquest said the Government would seek to “restart” the Deloitte effort although he gave no dates for when this would happen. The government, meanwhile, had been counting on early 2019 to compensate for the revenue slippage experienced during the 2019 first half, and Mr Turnquest indicated that the period had not disappointed. “I don’t have the final numbers yet,” he told Tribune Business of the three
months to end-March 2019, “but I know that what we’ve seen is a tightening is a tightening of the actual versus the projected. “I’m feeling good. We are still feeling confident that we will make our budget based on our forecast for the end of the year, and will continue to work towards that. The revenue numbers are tightening, which is positive, and we continue to keep a careful eye on expenditure through the end of the fiscal year. “We feel pretty good about where we are, and unless something completely unforeseen happens we feel comfortable we will be able to bring it on budget.” Mr Turnquest, in unveiling the mid-year budget at end-February, revealed that full-year revenues were due to come in $185.43m or seven percent below the $2.649bn target due to a shortfall caused by VAT, gaming and enforcement underperformance. He attributed this to the delayed introduction of the increased 12 percent VAT in key sectors such as construction and hotels, where concessions were granted
to enable them to honour existing contracts and bookings at the old 7.5 percent rate for several months. The anticipated increase in web shop taxes also failed to materialise due to the sector’s resistance and legal action, while the delayed creation of the Revenue Enhancement Unit (REU) threatened the collection of $80m in projected revenues from enhanced compliance/ enforcement. However, the first calendar quarter - the third in the government’s fiscal year - is traditionally the most “revenue rich” period for the Public Treasury and appears to have cut the projected $185m shortfall. Besides coinciding with peak economic activity related to the winter tourism season, the period features monthly and quarterly VAT filing/payment; business licence fee payments; the bulk of real property tax payments; and commercial vehicle licensing months. Mr Turnquest, meanwhile, said the Ministry of Finance was guarding against long-established practices where government ministries, agencies and departments - possessing a surplus they had no need for - simply spent it before fiscal year-end to ensure they received no reduction in allocation in the upcoming budget. “During this period agencies sometimes feel they
have a need to spend the money even though they don’t have a legitimate need to do so,” he told Tribune Business. “If we’re not careful things happen, but we’re keeping a close eye on it and will closely manage it through the end of the year.” Mr Turnquest added that the impending 2019-2020 budget will be “faithful” to the government’s fiscal consolidation plan of trying to achieve a balanced budget/ small surplus by 2020-2021 and paying off all unfunded arrears. “I expect the upcoming budget to be faithful to that with some minor changes to reflect circumstances that happened in the year, and some additional priority items that arise as a result of the government’s plans,” he said. “I wouldn’t expect any any major changes to line item allocations in the next budget. We’ve projected three years out and want to be faithful to that as best we can, making the necessary tweaks to to reflect current circumstances and priorities.” The IMF recently maintained The Bahamas’ 2019 GDP growth projection at 2.1 percent, and Mr Turnquest said of the recent Article IV consultation: “We’re very pleased with the IMF visit; they’ve confirmed a lot of our thinking. “Generally speaking,
Super Value chief warns on potential paper plant close FROM PAGE THREE gave him the opportunity to enumerate the benefits of WTO, and he didn’t. He had another opportunity to outline the benefits and passed that up to criticise somebody that didn’t agree with him.” Calling on the government to make the case for WTO membership, he
added: “It is imperative that they do that. It has to be done. The government has to show the people. It’s surprising, and makes you think there’s some sort of trick in the wind because they’ve not come forward and enumerated the benefits of WTO. They’re just saying: ‘Join, join, join, join.” While Mr Laing had
promised that the retail and wholesale industries were not included in the WTO negotiation accessions, Mr Roberts said current investment policy had been waived so often that few believed the terms would be set with no changes. “The element of trust is not there,” he told Tribune Business, pointing to the City Markets and
Bahamas Food Services situations. “There was even a referendum where the government did the opposite to the result. How can we trust it? I’d rather not go there, and something changes and goes against you. “I’m not for it because I don’t know anything about it [WTO], but what I know about I don’t want.”
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their thinking is in line with ours. They’ve pointed out areas where there is concern and improvements have to be done, which is in line with our agenda.” The deputy prime minister, though, confirmed that the Deloitte UK taxation study - which was supposed to assess options and alternatives to the business licence regime among other issues - had been delayed as a result of the need to address EU and OECD concerns. “We hope to restart that
project at some point,” Mr Turnquest said. “We have our three-year plan already and will continue to work that. However, as we’ve already said, the Ministry of Finance has to be armed with the relevant research and forwardlooking facts, and have the relevant options looking into the horizon. “While not a priority today, it’s important to have all the tools available to us to address a situation that may arise.”
PAGE 8, Monday, April 15, 2019
THE TRIBUNE
Aircraft registry: ‘Tangible’ progress by year-end 2019 Lucayan managers to ‘very FROM PAGE ONE Group, with Mr Cargill conceding that it will take some time for this nation’s planned registry to establish the desired “global profile”. He added that the MoU showed the government was now moving to execute on the objectives set in the 2018-2019 budget, when the government eliminated the ten percent customs duty on airplanes and helicopters - a development hailed at the time as removing a major obstacle to the creation of a Bahamian aircraft registry. Reaffirming the Government’s goal of creating “a first class aircraft registry”, Mr Cargill said the MoU - signed between the Aviation Registration Group, and the department of aviation and Bahamas Civil Aviation Authority
- was the first step towards unlocking potentially “enormous revenues” for this nation. While not specifying how much revenues could be realised for the Public Treasury, he added that the MoU - signed two to three weeks ago - was the initial stage of what the government hopes will be a longer term agreement with the Aviation Registry Group. Mr Cargill said the consultants would “lead the process so we can work through Aviation Registry Group and their resources to implement a first-class aviation registry for The Bahamas, and make the jurisdiction attractive for the registration of aircraft and collection of more revenues. “Aviation Registry Group has a plethora of expertise in the aviation industry,” he added. “Their primary deliverable will be to assist us on implementing the aircraft registry. We are a member state of ICAO, and Aviation Registry Group through their expertise will be helping us to implement regulatory reforms as well. “This brings The Bahamas world recognition as an aircraft registry location in the first instance. There are enormous revenues to be collected from an aircraft registry, significant fees paid to the government to have aircraft registered here. We have to think of additional ways to increase
the revenue base of The Bahamas, and this is an opportune one we are well suited to achieve. “It will improve the global profile of The Bahamas. We have a a world-class maritime registry, and now a world-class aircraft registry. It will attract many of the private wealthy jet owners to The Bahamas because they have their aircraft registered here. It gives The Bahamas another leading position.” An improved Bahamian aircraft registry has been viewed as a value-added complement to the financial services industry’s high-end clients, many of whom own or lease planes. It also fits in with the shipping registry and other efforts to expand and diversify the economy. Virtually all the Bahamas’ international financial centre (IFC) rivals possessing their own aircraft registries. “We have a deliverable of something tangible by the end of the year. Certainly by 2020 we will have this registry well in place,” Mr Cargill told Tribune Business, when asked how quickly the government wanted to press forward in tandem with Aviation Registry Group. He acknowledged, though, that “it’s a much longer project to achieve the global profile we want” - conceding that multiple rival jurisdictions have been in this business for much longer, and The Bahamas
JOB VACANCY A family office located in western New Providence seeks to fill the position of
Accounts Clerk Duties and Responsibilities We are looking for a skilled Accounts Clerk to perform a variety of accounting, bookkeeping and financial tasks, including: • Processing accounting transactions (i.e. accounts payable and receivable, disbursements and receipts) in a timely manner • Preparation of accounting reports (i.e. expense and payable listings) • Reconciliation of bank accounts • Disbursement and replenishment of petty cash • Prepare and maintain accounting documents and records • Data entry of financial transactions in accounting database • Provide accounting and clerical support to the accounting department • Function in accordance with established standards, procedures and applicable laws Requirements and Skills • • • • • • • • • • •
Accounting experience, preferably as an accounts payable clerk Familiarity with bookkeeping and basic accounting procedures Experience working with accounting software (preferably Quick Books) Hands-on experience with spreadsheets and financial reports Ability to perform filing and record keeping tasks Data entry and word processing skills Accuracy and attention to detail with an aptitude for numbers Well organized and able to work independently Excellent communication skills and team-oriented High standards of ethics and confidentiality to handle sensitive information Bachelor or Associates degree in business administration or accounting Interested persons should submit their resumes via e-mail to: vacancybahamasoffice@gmail.com Please reference ‘Accounts Clerk’ as the subject of your email. All resumes must be received by April 30th.
must now battle to obtain market share. Mr Cargill also agreed that The Bahamas needs to establish a register of aircraft mortgages, and sign on to the Cape Town Treaty (Aircraft Convention), both to show it was serious and to complement the aircraft registry’s creation. The Cape Town Treaty (Aircraft Convention gives financiers and leasing companies confidence that their liens and charges over planes - and plane parts - will be recognised and secure whatever jurisdiction the craft is in. Bahamas-based companies and residents typically have to pay more when leasing aircraft from US companies because this nation is not a Cape Town Convention signatory, and the owner wants extra compensation for the extra risk. Jorge Colindres, executive chairman of Aviation Registry Group, said of the deal: “We are thankful for the trust that the Government of Bahamas has on ARG’s expertise and reputation in the industry, and we are looking forward to the cooperation in developing the Bahamas Aviation Regulatory System together with the BCAA into a premier jurisdiction in compliance with the highest aviation industry standards and practices, as we have done with Aruba and San Marino.”
shortly’ get new payout offer FROM PAGE ONE between the two parties had narrowed. “It was a productive meeting and we are progressing,” he told Tribune Business. “I intend to go to Grand Bahama once everything is completed and present the position to the members. “I suspect that will occur very shortly. There were some things I need to have in my possession, and once those things are in I will go to our members and seek ratification of what was discussed on Friday. ‘The minister provided the information that was promised. We are now discussing the way for us to reach an amicable settlement.” Some 91 of the Grand Lucayan’s 114 middle management staff and BHMA members have indicated they wish to leave the resort if the VSEP terms are right. The issue has dragged on for more than seven months, becoming contentious at several stages, with the Grand Lucayan’s Board and Minnis administration taking the position they had committed an extra $500,000 of taxpayer monies over and above what BHMA members are due under the law in a bid to settle, and were not prepared to go beyond a $3.1m-$3.2m offer. The two sides were some $2.4m apart on their valuations of the voluntary
OBIE FERGUSON separation packages (VSEPs). The government and Grand Lucayan Board say the union’s comparisons with previous VSEPs are also inappropriate because those involved operating businesses in the process of being sold or restructured while the Grand Lucayan has yet to be disposed of. The government is also basing the VSEP offers on the Employment Act, which caps payouts at 12 years of service, but the BHMA and its 114 Grand Lucayan members are arguing that this applies only to redundancy/terminations - not voluntary departures. The union’s total $5.5m payout figure also includes the workers’ retirement annuity, but the Grand Lucayan Board’s position is that it needs to take this issue up with Hutchison Whampoa - not the government. Some observers will likely argue that the government should have left the staff payouts to the Hong Kong conglomerate rather than take responsibility itself, as this could have avoided the present impasse.
THE TRIBUNE
GB Power owner fears ‘major loss’ if deal reversed FROM PAGE ONE collectively held less than a 20 percent ownership interest in GB Power. Pointing out that the transaction being challenged by Mr Smith and SeSaChe had already been completed in early 2018, Mr Eneas argued that Emera would itself become a “victim” if the duo succeeded in quashing the Central Bank and Bahamas Investment Authority (BIA) approvals that permitted the buy-out to occur. “Emera has done everything that it was supposed to do,” Mr Eneas argued before Justice Petra Hanna-Adderley on April 9, 2019,” and it procured all of the necessary government approvals and it acted bona fide. “And so Emera would say to you: ‘We are victims too’. And Emera would say the court needs to manage this fairly and justly if it is to be unravelled, and to permit Emera to extricate itself, if necessary, in a just and fair way.” Emphasising Emera’s vested interest in the case’s outcome, and why it should be added as a party, Mr Eneas said unravelling the buy-out would require the Canadian utility to cancel the Depository Receipts (DRs) issued to many of the Bahamian shareholders while also re-issuing them with shares in GB Power and the former BISX-listed vehicle that held their interest, ICD Utilities. Mr Smith and SeSaChe
Monday, April 15, 2019, PAGE 9 are resisting the addition of Emera to a case where the current respondents are the Prime Minister, minister of finance, Central Bank governor and BIA. Mr Smith last week promised he “will not seek to lock them out”, but argued that the Canadian utility giant should only have an “unrestricted right to be heard” and watching brief as it was not involved in issuing the approvals. Disagreeing, Mr Eneas argued: “SeSaChe’s application in these proceedings seeks to impugn the transactions which resulted in Emera’s ownership, interest in ICD Utilities and the issuance of the depository receipts in connection with the same... “Emera’s transaction is being attacked, and he is suggesting that they should come on the date and give their two cents and walk away. Emera would like to participate in discovery. Emera may have documents which may assist the Attorney General’s Office. “Emera is entitled to insist that it be joined, and ought to be joined, in view of the fact that it is the party with the greatest interest at stake if SeSaChe is successful... If SeSaChe is successful the resulting Order would have the effect of invalidating the underlying transactions, thereby causing substantial loss and damage to Emera.” Mr Smith’s company, SeSaChe Ltd, filed its Judicial Review action in late November 2017 in a bid to quash the government approvals that gave Emera the go-ahead to buy-out all GB Power’s local shareholders. That transaction was
completed on January 15, 2018, with Bahamian investors in BISX-listed ICD Utilities receiving either a cash payout or depository receipts giving them an interest in Emera in exchange for their shares. ICD Utilities was subsequently de-listed from the local stock exchange, but Mr Smith and SeSaChe’s fight to retain their $300,000 equity ownership interest in GB Power locally - rather than through an Emera derivative - remains alive. They are alleging that the BIA and Central Bank approvals are “ultra vires, irrational and procedurally unfair”, and are seeking court Orders to block the government from approving the buy-out without first consulting Bahamian shareholders and other “stakeholders”, such as the Grand Bahama Port Authority (GBPA). And they are arguing that since the BIA is not created by law it has “no authority over the personal shares owned by Bahamian citizens”, and thus has “no power” to approve Emera’s purchase of SeSaChe’s shares. Documents filed with the Supreme Court reveal that preparations for the buyout of all Bahamian minority shareholders in ICD Utilities began in earnest on March 21, 2017, with an internal proposal for an Emera affiliate, Emera Utilities Holdings Ltd, to acquire their shares. Approvals for the transaction were received from the Bahamas Investment Authority (BIA) on July 13, 2017, with the Securities Commission confirming the following day its permission
was not required. The Central Bank followed suit with an approval in principle on September 7 that year. Final approvals from the BIA and Central Bank were secured on January 3, 2018, and January 11, 2018, respectively. While all this was going on, ICD Utilities’ three independent directors had met regularly with KPMG, their financial advisers, and attorneys, to determine the financial terms to be offered to Bahamian investors. The independent directors recommended offering Bahamian investors either $8.85 per share in cash; 0.913 depository receipts per share, with each of these equivalent to 25 percent of an Emera ordinary share; or a combination of the two. Emera’s legal filings added: “The consideration to be received on a per common share basis represented a premium of approximately 26 percent over the then-current trading price of ICD Utilities shares on the Bahamas International Securities Exchange (BISX), and a premium of approximately 33 percent over the volume-weighted average trading price of those shares on BISX over the previous 24 months.”
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NOTICE
Re: Supreme Court Equity Action No. CLE/qui00269/2016
The Petition of Craig Andrew Symonette respecting (9,500) square feet situate on the western side of a road reservation known as Vinspen Road 360.44 feet North of Cow Pen Road and bounded on the North by subdivision known as “Calf Subdivision”, and Thence running thereon for a distance of Eighty-Seven and Sixty-Seven hundredths (87.67) feet by a road reservation known as Vinspen Road Thirty (30) feet wide; and Thence, run thereon along a tangent curve concrete to the East having an arc distance of One Hundred and Seventy-Six and Thirty-Eight hundredths (176.38) feet South by land a portion of the Estate of Baldwin Symonette; and Thence, running there for a distance of Three Hundred and Forty and Eight-Seven hundredths (340.87) feet NORTHWEST by land the other portion of the Estate of Baldwin Symonette and THENCE running thereon which said piece parcels or lot of land which has such position boundaries shape marks and dimensions as are show on the attached plan. Craig Andrew Symonette claims to be the legal owner of the unencumbered free simple estate in possessions of the above parcel of land and has made application to the Supreme Court of the Bahamas under the Quieting Titles Act, 1959 to have his title to the land investigated. The filed plan may be inspected during normal working hours at: a) The Registry of the Supreme Court, George Street, Nassau, N.P., Bahamas; or b) The Chambers of Gregory S Armbrister & Co. Sapodilla House Market & Cameron Street, Nassau, Bahamas. NOTICE IS HEREBY GIVEN that any person having any adverse claim or claim not recognized in the Petition shall on or before the 10th May, 2019, file in the Registry of the Supreme Court and serve on the Petitioner or the undersigned a statement of such claim in the prescribed form and verified by an affidavit to be filed therewith. Failure of any such person to file and serve a statement of such claim on or before 10th May, 2019, will operate as bar to such claim.
PAGE 10, Monday, April 15, 2019
THE TRIBUNE
CHINA, JAPAN TOUT ‘RECOVERED’ TIES AMID GLOBAL UNCERTAINTY BEIJING Associated Press CHINA and Japan have the opportunity to “take charge of the economic field” during a time of worldwide uncertainty, Japan’s foreign minister said yesterday, as trade pressures from the United States have prompted both countries to seek alternative markets. Foreign Minister Taro Kono met with his Chinese counterpart, Wang Yi, in Beijing to discuss youth exchanges and economic relations between the two countries, whose ties “completely recovered” last year, according to Kono. The relationship was turbulent in previous years due to an unresolved dispute over islands in the East China Sea. High-level exchanges were frozen in 2012 after Japan nationalized the small group of remote islands claimed by Beijing. The act set off violent protests in China and sent Japanese investment and tourism into a nose dive. Trade and investment have since rebounded, and companies from the two nations are considering joint projects in third countries such as Thailand. While “the current economic situation is complicated and profoundly changing,” Wang said, “Sino-Japanese economic co-operation is constantly advancing at a solid pace.” China and the US said a week earlier that they achieved new progress in talks aimed at ending a tariff standoff over Beijing’s industrial and technology policies. A conclusion to the dispute, which has shaken
financial markets, remains uncertain. Two issues at the center of China-US trade frictions — forced technology transfer and intellectual property — were raised by the Japanese delegation yesterday, said Japanese Foreign Ministry spokesman Takeshi Osuga. Osuga told reporters at an evening news briefing that the Chinese side noted that Chinese tech giant Huawei’s activities in Japan have been affected by certain policies. To this, Kono responded that Japan has never taken any measure with the objective of excluding any company or product, Osuga said. Several countries have expressed concerns over Huawei, which the US has accused of being controlled by China’s ruling Communist Party and thus obliged to spy on its behalf. Huawei maintains that it would say no to requests from the Chinese government for confidential information about foreign users of its technology. Japan’s cybersecurity agency says suppliers deemed high-risk, including Huawei, will be excluded from government purchases. Meanwhile, Japan’s exports have suffered as a result of slowing Chinese growth. China is Japan’s largest trading partner, and Japanese companies — from carmakers to department stores — play a major role in the Chinese economy. President Donald Trump has also imposed tariffs on imported steel and aluminum from Japan, and threatened automobile tariffs that would leave Japan among the hardest-hit.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, LEVARDO ELKINO MORRIS, of Nassau East South , P.O. Box EE15865, Nassau, Bahamas intend to change my name to LAVARDO ELKINO MORRIS. 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. LEGAL NOTICE
NOTICE International Business Companies Act No.45 of 2000
Spectrum Offshore Limited (the “Company”)
Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of Spectrum Offshore Limited (IBC No. 161259 B) has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 12th day of November 2018. _____________________________
Mr. Michael H. Scholten Liquidator
THE TRIBUNE
Monday, April 15, 2019, PAGE 13
American Airlines cancels Max flights through mid-August NEW YORK Associated Press AMERICAN Airlines announced yesterday that it was canceling 115 flights per day through mid-August because of ongoing problems with the Boeing 737 Max aircraft. The announcement made American the second major carrier to cancel Max flights through the busy summer season. Southwest Airlines, the largest operator of Boeing jets, announced last week that it would cancel its Max flights through Aug 5. American’s cancellations will last through Aug 19. The US and other countries grounded Boeing’s 737 Max plane in mid-March after deadly plane crashes in Ethiopia and Indonesia. Boeing aims to finish fixing the planes in late April, and any changes would have to be submitted to the Federal
Aviation Administration and foreign regulators for approval. American previously planned to cancel Max flights through early June. But by extending cancellations through the summer, the airline can plan more reliably for the peak travel season, said Doug Parker, American’s chairman and CEO, and Robert Isom, president, in a letter to employees yesterday. Airlines are being forced to ground their planes longer than expected after Boeing and the FAA said the company needs more time to complete changes to a flightcontrol system suspected of
playing a role in the crashes. American’s cancellations represent 1.5% of its total flights each day of the summer. The airline, which has 24 Max jets, said its reservations and sales teams will work with customers to manage their travel plans. American explained on its website that not all flights previously scheduled on a Max would be cancelled, because the airline plans to substitute other aircraft for some flights. That also means some flights that were not scheduled to take place on a Max plane may be cancelled because the airline aims to affect the smallest number of customers.
PAGE 14, Monday, April 15, 2019
THE TRIBUNE
CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY
T
he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned. YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides. Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property. This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home. We look forward to your continued support in this worthwhile endeavour.
MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100
CIRCLE of FRIENDS Silver: $1,500 - $2,499 Gold: $2,500 - $4,999 Platinum: $5,000 plus
OPPORTUNITIES • • • •
Invitations to Ranfurly events Assist with fundraising events Involvement with special activities Adults are eligible to join the Board after three months • Stay in touch with Ranfurly through website and newsletters
BENEFITS
• Personal fulfillment in knowing you are impacting lives • Ranfurly children’s appreciation and positive response • Continued support provides stability and constant care
For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115
NOTICE NOTICE is hereby given that DINEA HAUGHTON of Jenny Street South, Robinson Road, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 8th day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
MARKET REPORT THURSDAY, 11 APRIL 2019
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 2,155.05 | CHG -0.04 | %CHG 0.00 | YTD 45.60 | YTD% 2.16 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.50 2.30 1.38 3.45 10.60 6.60 4.64 12.50 2.74 1.81 9.02 6.60 15.60 7.25 4.47 13.85
52WK LOW 3.50 19.17 4.90 3.34 1.00 0.19 2.10 8.80 6.10 3.54 9.75 2.30 1.50 7.25 6.10 10.10 5.85 3.01 12.51
1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 103.00 100.00 100.00 105.00 103.00 100.00 10.00 1.01
1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00
52WK LOW 100.00
115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 ##########
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 22 (Series B) +
SYMBOL FBB22
Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing)
LAST CLOSE 4.25 17.43 6.00 5.39 2.25 1.38 2.15 10.50 6.16 4.47 10.64 2.52 1.79 9.43 6.60 15.57 7.25 3.54 13.85
CLOSE 4.25 17.43 6.00 5.39 2.25 1.38 2.15 10.50 6.16 4.47 10.64 2.51 1.79 9.38 6.60 15.57 7.25 3.54 13.85
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 -0.05 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00
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
CLOSE 100.00
CHANGE 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
VOLUME
VOLUME
EPS$ 0.167 0.932 -0.306 0.323 0.098 0.000 -0.431 0.708 0.480 0.154 0.627 0.102 0.209 0.000 0.481 0.834 0.578 0.205 0.631
DIV$ 0.130 1.260 0.000 0.240 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.240 0.500 0.200 0.090 0.600
P/E 25.4 18.7 N/M 16.7 N/M N/M -5.0 14.8 12.8 29.0 17.0 24.6 8.6 N/M 13.7 18.7 12.5 17.3 21.9
YIELD 3.06% 7.23% 0.00% 4.45% 0.00% 1.45% 0.00% 6.76% 3.57% 2.68% 5.83% 2.39% 3.35% 0.90% 3.64% 3.21% 2.76% 2.54% 4.33%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
MATURITY 19-Oct-2022 ############### 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022
MUTUAL FUNDS 52WK HI 2.20 4.24 2.04 184.51 158.55 1.61 1.75 1.70 1.14 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.55 1.68 1.64 1.08 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 FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
NAV 2.22 4.22 2.04 184.51 147.81 1.61 1.75 1.70 1.14 7.54 8.73 6.65 10.66 11.79 10.48 9.92 8.69 11.79
YTD% 12 MTH% 0.58% 3.94% -0.39% 1.53% 0.43% 2.52% 3.26% 3.26% -3.65% -3.65% 1.15% 4.41% 0.59% 4.31% 0.92% 4.16% 2.79% 4.80% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88
NAV Date 28-Feb-2019 28-Feb-2019 22-Feb-2019 31-Dec-2018 31-Dec-2018 31-Mar-2019 31-Mar-2019 31-Mar-2019 31-Mar-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 30-Sep-2018 30-Sep-2018 30-Sep-2018
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
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NOTICE NOTICE is hereby given that JEAN EDDIE DORSAINVIL of Johnson Road, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 15th day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that LEVY CENAT of of Pinder’s Point, Freeport, Grand Bahama, 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 8th day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE NOTICE is hereby given that VALENCIA REMILDA CORNISH, of General Delivery Marsh Harbour Abaco, 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 15th day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
THE TRIBUNE
Monday, April 15, 2019, PAGE 15
Ivanka Trump promotes women’s empowerment in Ethiopia ETHIOPIA Associated Press FAR from the din of Washington, Ivanka Trump toured businesses run by women in Ethiopia yesterday while promoting a White House global economic programme for women. President Donald Trump’s daughter and senior adviser visited a coffee shop and textile company in Addis Ababa. It was her first stop in Africa on a four-day trip to Ethiopia and Ivory Coast on behalf of a White House project intended to boost 50 million women in developing countries by 2025. Aiming to offer assistance and learn about the struggles of women in business, she took part in a traditional coffee ceremony, visited with weavers and announced new financial support for businesses. “Investing in women is smart development policy and it’s smart business,” Trump said, sitting in Dumerso Coffee, a dimly lighted space with a woven ceiling, tile floor and colorful paintings. Alongside were women who work in the industry. “It’s also in our security interest, because women, when we’re empowered, foster peace and stability,” she said. This is Ivanka Trump’s first visit to Africa since the president launched the Women’s Global Development and Prosperity Initiative. It’s a programme she hopes will outlast an administration better known for “America First” isolationism. She has drawn praise for taking on this project and for making the trip. But thousands of miles from Washington, she is sure to be shadowed by her father’s efforts to cut international
WHITE House senior adviser Ivanka Trump, left, reacts as she tries her hand at a traditional weaving loom at Muya, a manufacturing centre of textile and traditional crafts, with Muya founder Sara Abera yesterday in Addis Ababa, Ethiopia. Trump is visiting Ethiopia and later this week the Ivory Coast to promote a White House global economic programme for women. Photo: Jacquelyn Martin/AP aid, as well as his past disparaging comments about Africa. Ivanka Trump arrived in Ethiopia early yesterday, flying commercial. She first visited the coffee shop and then went to the textile and craft manufacturer Muya, where she was greeted by dancers and chatted with women seated at colourful looms. She took a seat at one herself. She also noted that she was in the country with Africa’s second-highest population. “Ethiopia’s success is Africa’s success,” she said. “We learned today that the quality of the coffee is second to none. You shared with me that Ethiopian cotton rivals cotton anywhere in the world. And then of course the skills and the craftsmanship of the Ethiopian people. We hope more people realise their full potential.” Ivanka Trump was accompanied by Mark Green, administrator of the US Agency for International Development, and David
Bohigian, the acting president of the Overseas Private Investment Corp, which provides loans, loan guarantees and political risk insurance, funding projects that stretch across continents and industries. OPIC, working with Ivanka Trump, last year announced a project geared at women. At the coffee shop they announced a loan, issued by a local women-focused bank and backed by USAID, for a coffee business owned by women. At Muya, they announced additional OPIC financing. Later in the trip, she plans to meet with Ethiopian President Sahle-Work Zewde and Prime Minister Abiy Ahmed. In Ivory Coast, she will visit a cocoa farm and participate in a meeting on economic opportunities for women in West Africa. That gathering is part of the World Bank’s Women Entrepreneurs Finance Initiative, a programme that Ivanka Trump pushed the bank to introduce. She will be joined in Ivory
Coast by a US congressional delegation that will include US Sen Lindsey Graham, a close ally of the White House. Reaction to the visit reflected the contradictions of Ivanka Trump’s role. Activist Marakie Tesfaye, who founded a group in Ethiopia for women, welcomed the attention. “I think she’s coming genuinely to empower women and it’s good that she’s coming because she will push forward our agenda,” she said. Ethiopian journalist Sisay Woubshet was more skeptical, citing Donald Trump’s past comments. “I don’t think people will have a good feeling about his daughter’s visit this time around to promote her global initiative towards women.” For Ivanka Trump, those challenges come with the territory. She has spent two years promoting a family-friendly agenda in an administration focused on hard-line immigration tactics and
protectionist trade policies. To questions about international aid spending, she has said the administration strives to be generous in a “fiscally responsible way”, and has argued that investing in her project, which builds on previous White House efforts, is a way to promote security in developing countries. The new global women’s initiative involves the US State Department, the US National Security Council and other American agencies. It aims to assist women in developing countries with job training, financial support and legal or regulatory reforms. Money for the effort will come through USAID,
which initially set up a $50m fund using dollars already budgeted. The president’s 2020 budget proposal requests an additional $100m for the initiative, which will also be supported by programmes across the government as well as private investment. Experts praised the government-wide approach, which will incorporate new and existing programs, though some stressed that it was early in the process. The investment comes as the president is proposing cuts to foreign aid, and as the administration is expanding a ban on US aid to groups that promote or provide abortions.
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