business@tribunemedia.net
THURSDAY, APRIL 18, 2019
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Abaco development AG ‘reach pledges $2bn impact out’ over
$4.86 Investment fears on work visa plan
CARL BETHEL
web shop tax snafu By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE attorney general will “reach out” to Wayne Munroe QC today to find out why his web shop clients are not paying the taxes agreed under the government’s settlement with the industry. Carl Bethel QC told Tribune Business he wanted “to hear what he has to say” for himself after being informed that Mr Munroe, who represents the Island Game, Paradise Games and Asure Win chains, had “some issues” he and the government did not agree with. Mr Bethel’s comments came after this newspaper was informed that the web shop industry is effectively split down the middle on compliance with the taxation settlement with the government - especially when it comes to paying
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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A
$580M mixeduse South Abaco resort investment is pledging to create 600 full-time jobs and inject $2bn into the area’s struggling economy during its first ten years in operation. A four-page booklet produced by Tyrsoz Family Holdings Ltd, which has been obtained by Tribune Business, details plans to construct multiple hotels, residential homes, a 136slip marina, golf course, water park, nature preserve and other amenities spread across almost 1,100 acres that is split into two separate land parcels. The two parcels are said to be “under contract” for purchase by the project’s owners, who are not identified in the report. The principal figure named is Ronnie Ben-Zur, the development manager, who is chief executive of French Quarter Holdings, a hospitality development company that specialises in acquiring distressed and undervalued resort properties it then renovates, turns around and prepares for onward sale. Mr Ben-Zur was
Aircraft registry needs ‘glaring advantages’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas must develop “glaring advantages” over rival jurisdictions if its proposed aircraft registry is to overcome its late market entrance, a Cabinet minister admitted yesterday. Dionisio D’Aguilar, pictured, minister of tourism and aviation, voiced optimism that hiring Aviation Registry Group to structure the registry would combine with The Bahamas’ traditional advantages such as its US proximity and stable, democratic nature to give
it a competitive advantage over more established rivals. Describing an aircraft registry as a “natural add-on” to The Bahamas’ existing industries and efforts to target high net worth individuals, Mr D’Aguilar said it was
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BPL adds 25MW to meet forecast summer demand By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net A TOP Bahamas Power & Light (BPL) executive yesterday admitted the utility has been forced to secure 25 megawatts (MW) of extra rental generation to meet the summer demand. Patrick Rollins, BPL’s executive director, speaking at a Bahamas Chamber of Commerce and Employer’s Confederation (BCCEC) breakfast at the British Colonial Hilton, said: “On Monday, we had some equipment failure. A few weeks ago, we lost
a generator and we can’t find a part for it. We actually have to get some more rental generation for the summer. “We are doing our best to minimise our load shedding, and this will be our last summer of those kind of issues.” Mr Rollins said the 25MW of extra rental generation will be in place by the end of May, and confirmed it will be provided by Aggreko, the company it has used over the past several years. BPL has reported several generation shortfalls in
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• 600 full-time jobs created in south • Three hotels, 136-slip marina planned • 927 local jobs at peak construction • Developer: $9m entrepreneur funding
appeared to be no overt opposition or resistance to the Tyrsoz Family Holdings project. It is projecting to create 927 jobs for locals at the peak of construction, with the average number of hires pegged at 618. However, Tribune Business was yesterday informed that concerns are indeed building among environmental activists due to both the size and location
REQUIRING sevenyear work permit holders to leave The Bahamas for one year before an employer can reapply for their return is “not investment positive”, the government has been warned. Jeffrey Beckles, pictured, the Chamber of Commerce’s chief executive, told Tribune Business that this element of the proposed Nationality, Immigration and Asylum Bill threatens to undermine Bahamian and foreign investor confidence at a time when The Bahamas needs to enhance its ability to attract capital investment. While placing a maximum seven-year limit on how long work visas (permits) can be granted for posed no problems, Mr Beckles said mandating that key employees effectively take a year’s sabbatical before they can return to The Bahamas would disrupt business continuity, operations and - potentially - further hirings and expansions by companies. The concerns centre on
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ARTISTS’ rendering of proposed development in South Abaco. yesterday said to be travelling and unavailable for comment when Tribune Business reached out to him, but this newspaper understands he visited south Abaco last week to meet with area residents, environmental activists and other stakeholders to unveil and discuss his plans. While the $580m proposal was said to be in its “early days” in terms of obtaining the necessary government permits and
Heads of Agreement, Tribune Business was told that Mr Ben-Zur wanted to “take the temperature” of south Abaco “and find out if the community wanted it” after the project was revealed by the prime minister in a recent national address. One contact, speaking on condition of anonymity, told this newspaper that the presentations given by Mr Ben-Zur were “hugely successful” and there
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE TRIBUNE
Thursday, April 18, 2019, PAGE 3
BPL: NO URCA APPROVAL NEEDED ON WARTSILA DEAL
By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net BAHAMAS Power & Light’s (BPL) executive director yesterday pledged it was ensuring “as many Bahamians as possible” work on the $95m installation of Clifton Pier’s new generation assets. Patrick Rollins, who gave a presentation to a Bahamas Chamber of Commerce and Employers Confederation (BCCEC) breakfast, said: “We have had talks with the union. We hear their concerns. We are doing our best to have as many
PATRICK ROLLINS Bahamians working on the project as possible, Wärtsilä is on board with this, too. Everyone is on the same page here.” BPL executives
announced the “fast track” installation of seven new engines, representing 132 megawatts (MW) in new generation capacity, last month. The state-owned utility confirmed it had contracted Wärtsilä to supply and install the engines in an unused section of its Clifton Pier power plant in a bid to reduce energy costs, eliminate load shedding and blackouts, and boost supply security by ultimately ending reliance on rental generation. The move, though, was immediately challenged by Bahamas Electrical
Workers Union (BEWU) president, Paul Maynard, who yesterday again argued that there was ample Bahamian expertise available to install the Wartsila engines. He told Tribune Business: “What Mr Rollins has stated is correct. We’re on the same page. Wärtsilä has reached out to me. As I stated from the beginning, they know the protocol. The prime minister has backed what the union has said and that Bahamians will be trained.” Mr Rollins added that the new engines “are on their way”. “They will be here in
early May and the real work will get started. Barring any unforeseen issues we will start to get power at the end of summer,” he said. During his presentation, Mr Rollins said Shell had conducted the request for proposal (RFP) tender exercise which resulted in the Netherlandsbased Wärtsilä beating out rival BWSC on price and implementation timeframe. Shell was previously selected as the winning bidder to construct New Providence’s new power plant, into which the Wärtsilä engines
will be absorbed. He also explained that BPL did not need approval from the Utilities Regulation and Competition Authority (URCA) for the Wärtsilä deal as it was not new generation, “The advice from our lawyers is that this is replacement generation,” he said. “BPL has to go to URCA and get approval for new generation, but clearly all the generation we are getting is to replace either generation down by fire or generation taken out of service because of age.”
$500M DEVELOPER UNVEILS BAHAMAS’ ‘LARGEST MARINA’ THE developers behind a proposed $500m Long Island development yesterday released artistic renderings of what is being billed as the largest marina harbour in The Bahamas. Port St George will feature a 100-acre, 640-berth protected harbour as its centrepiece, able to accommodate yachts and vessels up to 100 feet in length. The developers, who are headed by Star Resort Group, the US-based developer, marketer and vendor of resort-based real estate, said the marina will become the third in The Bahamas to achieve the Blue Flag certification eco-label. The harbour will offering full marina services including Customs, Immigration, boat cleaning and repair facilities; the ability to remove boats from the water; fuel; supplies and chandlery. The developers added that Port St George’s harbour will be designed to offer enhanced storm protection, enabling vessels to dock year-round. Surrounding the marina, they said, will be a one-mile
PHOTOS: Studio Hillier ARTIST renderings of proposed Long Island Development.
waterfront arc featuring a village centre for residents, resort guests and local Bahamians. This is supposed to include 276 luxury condominiums; 82 town houses; five single-family
homes and five branded residences; a 50-room fivestar hotel including hotel residences; a 40-room inn; culinary school; retail shops and a food market; yacht club; and food and
beverage venues A lighthouse overlooking Exuma Sound will mark the harbour inlet, the developers said, and will include a waterfront bar and restaurant for residents, locals and staff alike. It is unclear, though, how far the developers have progressed in working through the government approvals process, and whether they have obtained the necessary permits - as well as a Heads of Agreement - to enable them to do what they are pledging. Adrian Gibson,
Long Island’s MP, previously said works were due to begin by the 2019 first quarter end, although there is no indication this has happened. When the Port St George project was unveiled in 2008, it was touted as creating over 300 jobs on a 951.4-acre site in northern Long Island. It featured plans for a boutique hotel with 146 suites/villas; 60 boutique villas; more than 300 residential lots and 331 multi-family lots; and marinas with numerous
boat slips; plus golf courses, a town centre and other resort/community amenities. The project was projected to have an annual economic impact of between $54m to $90m, and at the time the developers had also signed a 25-year management agreement with Langham Hotels International. Some 875 construction workers were forecast to be employed over the build-out phase. Port St George, though, became a casualty of the 2008-2009 “credit crunch” and subsequent global recession, which dried up all potential sources of funding. In 2014 the original developers, Ian Moorcroft and his business partner, Jon Houghton, were said to be hunting for a joint venture partner to move the proposed $110m development forward. Nothing was heard subsequently until Star Resort Group issued a press release several months ago detailing its efforts to revive Port St George. Clairfield International, which advertises itself as “mid-market” mergers and acquisitions specialist working on transactions up to 500 million euros in value, was said to have “arranged funding”.
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PAGE 4, Thursday, April 18, 2019
THE TRIBUNE
TECHNOLOGY PROVIDER IN TOP GLOBAL AWARD BAHAMAS-BASED Cloud Carib has earned Informa’s prestigious Change Agent Award after seeing off competition from hundreds of technology companies. The company, which has offices in Nassau and Miami, and clients throughout the Caribbean and Latin America, won the award for playing a key role in the digital transformation and development of The Bahamas. The award winners were chosen by Informa, the umbrella international business intelligence, publishing and event management group that manages the competition in the technology space. Cloud Carib received one of only six awards for the 2019 Channel Futures Talkin’ Cloud 100 Research Edition. It was specifically
CLOUD Carib’s Reneldo Russell, far left, speaks during a panel discussion at the Grand Bahama Technology Summit on innovation and disruptive technology. credited with bringing solutions and effecting progress in what organisers called “an under developed community, geography or market segment”.
DUO TEAM FOR A REAL OASIS A BAHAMIAN entrepreneur is celebrating her business’s second anniversary with the addition of an in-house decorator and designer at Oasis Furniture. “Jennifer Treco, an amazingly talented interior designer, has joined the Oasis Furniture team, allowing us to provide in-house design services working with other designers or with the homeowner,” said proprietor Brooke Phillips-Pyfrom.
“We’re proud to be awarded the Change Agent Award,” said Cloud Carib’s chief executive, Scott MacKenzie. “Together with the government of The Bahamas and our technology partners, Cloud Carib has been working to establish our country as a leader in e-government and work towards our goal of advancing business environments through technology in the Caribbean and Latin American regions. “Our mission is to play a pivotal role in the digital transformation and development of the region. This award makes us extremely proud as it acknowledges our efforts and successes thus far.” “On behalf of the entire Channel Futures and Channel Partners editorial staff, I want to congratulate our 2019 Talkin’ Cloud 100
“We are thrilled that she is part of our team as we continue our commitment to be the go-to source for goods that make a home an inviting reflection of personal taste and style.” Ms Treco, who founded Sea Glass Interiors, said joining forces with Oasis Furniture was “as natural as the pieces that Brooke finds”. The two had been friends in school more than a decade earlier. “Our careers took us
along parallel paths,” said Ms Treco, who graduated from Rollins College in Florida and the Art Institute of Fort Lauderdale. She opened Sea Glass Interiors in 2011, but its success meant she was working “what felt like 24/7”, depriving her of time with a family that includes a husband and two young children. “I wanted to remain in the interior design industry, which I love, but I also wanted balance in my life,” said Ms Treco. “I did not want my children to grow up without my being there for the important moments and some of the little moments, too. “From the time that Brooke opened Oasis, I knew our tastes, instincts and style were
DYNAMIC design duo - Jennifer Treco, left, founder of Sea Glass Interiors, has teamed with Brooke Phillips-Pyfrom, founder of Oasis Furniture, who travels the world to source true craftsmen and unusual pieces in all-natural woods, fibres and textures. The duo povide in-house design and decorator services to the two yearold expanding home décor business in Sandyport. well-matched. She travelled thousands of miles to find authentic, natural designs, and I had relied on her store for many of my clients, so when the opportunity arose to join forces it was a natural.” Ms Phillips-Pyfrom, who studied business and
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.
graduated with high honours from Eckerd College, said one of the biggest surprises since opening Oasis Furniture has been how frequently clients ask for help for everything - from sofa or chair colour selection to hanging fixture size. “For every one of us who
special award winners and honourable mention recipients and thank them for the thoughtful feedback they provided in their applications,” said Lorna Garey, editor-in-chief for Channel Partners and Channel Futures. “We always want to ensure that our editorial coverage provides the most relevant and insightful content possible for our readers. The feedback we received for this research edition of the Talkin’ Cloud 100 survey will help us achieve that goal.”
To advertise in The Tribune, contact 502-2394 knows instinctively that a white sofa will work better than off-white in a certain setting or vice versa, there are a dozen people who struggle over that and I understand how daunting the furnishing of a home can be, so having an inhouse designer of Jennifer’s talent will be an extraordinary bonus for our clients,” said Ms Phillips-Pyfrom who had just returned from her latest sourcing in Indonesia, Bali and Thailand. “It was a working honeymoon,” she laughed. “We did take time out to swim with whales in the Indian Ocean; three hours just to get out to where they swam naturally, and it was an experience I will never forget. “But we also found some of the best pieces including chairs, tables, lamps, chandeliers, small items like place mats and platters, and just plain pretty stuff I have identified and I just can’t wait until the next container arrives.” Oasis Furniture is located under Club One in Sandyport.
THE TRIBUNE
Thursday, April 18, 2019, PAGE 5
Workshop to prepare GB for $300m cruise projects
GRAND Bahama residents and businesses will be prepared to take advantage of $300m in pending cruise line investments at a specialist training session scheduled for early May. The Grand Bahama Port Authority’s (GBPA) Small Business Bureau is hosting the workshop, which will be facilitated by the Aquila Center for Cruise Excellence. Aquila is the exclusive training partner of the Florida-Caribbean Cruise Association (FCCA). Ian Rolle, the GBPA’s president, said the May 8 workshop was vital to readying Grand Bahama for the new business, entrepreneurial and employment opportunities set to be created by the cruise lines. Carnival’s announcement of its new cruise port, complemented by Royal Caribbean’s proposed redevelopment of the Lucayan Harbour, are projected to unleash some $300m worth
NEXT month will feature the second in a series of Aquila workshops slated for Grand Bahama and local businesses in the tourism sector, hosted by the Invest Grand Bahama small business bureau. Pictured is Derek Newbold, senior manager of business development for the GBPA and Invest Grand Bahama (first left) during Aquila’s product development and packaging workshop in November 2017. Also pictured is Beth Hatt (third left), founder of Aquila Tours, and Melanie Colpitts, Aquila lead coach and trainer. of investment in the island. largest and most important for the GBPA and Invest This made the annual industry event of the year. Grand Bahama. Seatrade Cruise Global Industry leaders rely on “Considering the major Conference (STCG) even insights shared for future announcements made more important to Grand direction on what we can regarding Grand Bahama Bahama as a means of net- expect for the upcoming this year, in addition to working and gaining new maritime season from the investment promotion ideas. major players,” said Derek efforts, we focused on can“The Seatrade Cruise Newbold, senior manager vasing opportunities that Global Conference is the of business development would benefit licensees,
especially small businesses and aspiring entrepreneurs. This way, we could empower them to take advantage of future opportunities created by either of the new developments.” The four-day Seatrade Cruise Global Conference is host to over 11,000 attendees, exhibitors and executives spanning every sector of the cruise, maritime and tourism industries. “Grand Bahama is the logistics and maritime capital of The Bahamas,” Mr Rolle added. “Therefore, STCG is an important event on our annual investment promotion calendar. “The maritime sector continues to be a very competitive industry across all sectors. As a destination, Grand Bahama must keep pace with all aspects of the industry and consumer demands regardless of the nature, be it tourism, industrial, trade, information etc. “Competing ports and destinations continuously
refine the narrative on how to service these customers. Grand Bahama must as well, and I believe we can do it just as good or better than any jurisdiction,” Mr Rolle continued. “STCG has literally become a global marketplace for the maritime industry. And whilst we did not exhibit through our usual partnership with the Ministry of Tourism, we hosted a series of meetings with industry stakeholders, vendors and investment prospects. “As a result of a key meeting, we are proud to announce our upcoming Aquila Cruise Excellence Training set for May 8. Many of the new ideas and contacts made during the conference will prove beneficial for new product development and packaging of tours, not only for existing businesses but new entrants into the tourism market as well.”
REALTOR’S ELEUTHERA AGENTS FORM TEAM TWO Eleutherabased Damianos Sotheby’s International Realty agents have partnered to do business as a team, combining 16 years of real estate knowledge and service. Angelika Bacchus and Joan Braithwaite will now do business as Team Bacchus-Braithwaite. “We will continue to work with and maintain the relationships we’ve established with our individual clients,” Ms Bacchus said. “Our goal is to grow our business and focus on new clients as a team, but our individual clients will continue to receive our personal attention, just as they always have.” Since the agents began working as a team in January, they have already seen a major uptick in their listing portfolio. “This winter season has been one of the busiest in recent memory on mainland Eleuthera,” Ms Bacchus said. “Between the two of us, Joan and I are able to increase the amount of time we spend consulting with clients in person; we’re able to work together more seamlessly to ensure that we’re as responsive and
DAMIANOS Sotheby’s International Realty agents Angelika Bacchus, left, and Joan Braithwaite, right, are working together as Team BacchusBraithwaite to cover more ground on Eleuthera. efficient as our clients need us to be.” “Servicing clients is our top priority, and the main reason we decided to join forces,” Ms Braithwaite added. “Working together means that one, if not both, of us is physically present
for our clients at all times so we can continue to provide the personalised service we’ve each built our professional reputations on.” Ms Bacchus joined
Damianos Sotheby’s International Realty in 2005, while Ms Braithwaite became an agent with the firm in 2015. “As a company built on teamwork, we encourage our agents to work together as much as possible,” said Lana Rademaker, Damianos Sotheby’s International Realty’s chief brokerage officer. “Each agent brings something valuable to the table, so working together simply increases the amount of value and resources we are providing to our clients.” Ms Rademaker added that the number of tourists arriving in Eleuthera is increasing each year, many of whom return as potential home buyers hoping to make the island a permanent part of their lives. “More and more people from all over the world
are discovering the unique beauty and authenticity of mainland Eleuthera every year,” she said. “People come here to vacation, and fall in love with the fact that they can walk down
a beach and never bump into another soul unless they choose to. It’s the ultimate island for going off the grid and truly escaping the noise of the outside world.”
PAGE 6, Thursday, April 18, 2019 SOME 200 patrons recently attended a ‘Taste of The Bahamas’ reception held at the African-American Research Library and Cultural Centre in Fort Lauderdale. The event, which showcased the diverse culture of The Bahamas, with special emphasis on Freeport, was part of the Broward County Library Destination Friday’s programme facilitated by the Ministry of Tourism and Aviation (BMOTA). The event featured Bahamian entertainment, including a live performance by the Sunshine Junkanoo Group and DJ Levon Rolle. A bush tea specialist, known as Mr Bush Tea (Fenrick Russell of Freeport, Grand Bahama) spoke about the historic use of the bush teas for medicinal purposes. Guests also had the opportunity to speak with Bahamas Paradise Cruise Line, Balearia Cruise Line, and the Grand Lucayan’s Lighthouse Pointe. Betty Bethel, the Ministry of Tourism’s director of sales and marketing for Florida, said: “The opportunity to promote The Bahamas’ destination and culture at the historic library was most appropriate and timely, as it also showcased the many assets as well as differentiated the product offerings in The Bahamas from the other competing destinations.
“Here we used the allure of our culture - food, drink, music, storytelling, industry partners workshop and live Junkanoo ‘rush out,’ which no other destination can match. This event was a hit, and it resonated very well with the many visitors and second and third generation Bahamians who now reside within the South Florida communities, and have planned home reunions in The Bahamas in 2019,” she added. “The Bahamas has always enjoyed a wonderful relationship with the African-American market, especially with the people in Florida, as many of its natives share a heritage affinity with The Bahamas, the birth place of some of their forefathers, who sought better financial opportunities and migrated to Florida during the ‘contract’ day. This event was also an opportunity to begin developing diaspora travel from Florida.”
THE TRIBUNE
PATRONS GET TASTE OF THE BAHAMAS HIGHLIGHTS from the “Taste of The Bahamas” event in South Florida. Photos: Anita Patty Johnson.
THE TRIBUNE
Thursday, April 18, 2019, PAGE 7
Abaco development pledges $2bn impact FROM PAGE ONE of the proposed development, which is in close proximity to the 20,500-acre Abaco National Forest and the prime breeding ground for the endangered Abaco parrot. The project’s two potential real estate holdings include the 620-acre Lantern Head parcel, which according to renderings seen by Tribune Business appears to be especially close to the National Forest. The other 467-acre tract, called “South-West Point”, lies further south on Abaco’s south-western tip. Much of Tyrsoz Family Holdings’ booklet was devoted to reassuring Bahamians of the company’s environmental sensitivities. It is promising to create “a world-class, environmentally-sustainable luxury island retreat with local appeal via the participating community while, importantly, maintaining South Abaco’s natural charm”. “Tyrsoz Family Holdings Ltd’s financial advisor and real estate developer, Ra’anan ‘Ronnie’ Ben-Zur, is proposing a low-density,
ultra-luxury hotel, residential and marina development for the secluded undeveloped coastal region of South Abaco, Bahamas,” the booklet added. “Based on sound economical footing, yet designed with great care and responsibility to the environment and original nature of the area, it is intended to provide significant ongoing and expandingemploymentopportunities for the community and important infrastructure improvements for the benefit of residents and visitors alike.” The Lantern Head site, which is closest to the National Forest, will become “a very low density, private, secluded community” with an “ultra-luxury hotel of 50 large suites with private pools” acting as its anchor. A golf course and tennis courts, together with 76 residential home lots sized at one acre or more, will also feature amid the developer’s ambition to make the hotel rank in “the top hotels of the world” list. The South-West Point site, meanwhile, is being targeted for the 136-slip marina and two hotels - one a 75-room
“luxury” resort, the other a 100-room “standard” property. A water park, 80 residential lots, marina village and artists’ and cultural village are also included in the plans. “It will practically be the first meaningful super yachts marina in North America,” Tyrsoz Family Holdings said. “The marina has been sited and designed to minimise impacts to marine resources to the furthest extent practicable. “It will be located on the western shore near the southern side of the island to take advantage of the naturally occurring deep waters of the existing near-shore channel, and utilises the calm waters off the western coast of the island for safe navigation. “Adjacent to the marina will be a high-end Marina Village with yacht, fishing and scuba charter offices, boutique shops, restaurants and bars, and all other necessities to ensure a vibrant marina atmosphere.” Tyrsoz Family Holdings’ booklet said it had secured “two world-class luxury brands” to brand and manage the resort properties, although it did not name them. It added that the project was targeting “sophisticated”, luxury travellers who were looking for authentic experiences and wanted to mix with local communities, cultures and customs as they
unwind on vacation. The rest of the developer’s publication was devoted to explaining the benefits it will provide for south Abaco’s community, which include a $9m “Entrepreneurs Fund” to provide Bahamians with the necessary access to capital for the creation of small businesses that will support and feed off the project. “Local involvement is central to the success of the proposed venture, as currently there are no tourism related attractions in the area,” it said. “With nature billed as one of the top attractions to visitors, Ronnie realised that he must encourage the local communities to join him in entertaining guests and will establish, once the project commences, a $9m Entrepreneurial Fund for local businesses to get started in lines of work that will attract overseas visitors. “Also, to help stimulate financially the local economy, rent-free commercial spaces will initially be provided for Bahamians in the proposed Marina Village as well as a free Artists Village where crafts people can live, work, sell their goods and give lessons.” Tyrsoz Family Holdings is also promising “to donate back to the Government” some of the land it is aiming to acquire. Among its other community-focused pledges are financial support for the Bahamas National Trust’s
(BNT) National Park masterplan; a nature preserve; restoration of the “iconic” Hole in the Wall Lighthouse under BNT supervision; and access to the beaches on the southern shore. A medical centre at SouthWest Point; expansion and improvement of the Great Abaco Road; and upgrading of the nearby airport into Sandy Point International for private aviation use only are also on the developer’s list. Tyrsoz Family Holdings’ attorney is understood to be former Cabinet minister, Ryan Pinder, at Graham, Thompson & Company. He is handling the government approvals process, while Sean B. Callender & Co is dealing with the land acquisition. But Tribune Business sources, speaking on condition of anonymity, have raised concerns that the scale of the proposed project appears to be disproportionate to the location it is targeting. They suggested it revives memories of the so-called “anchor project” strategy employed by the Ingraham and Christie administrations, which - at best - produced somewhat mixed results. Developers of Family Island “greenfield” sites have often been caught unprepared by the huge financial sums they have to invest in equipping their projects with the necessary
supporting infrastructure, with the scale of such outlays frequently making it difficult to achieve profitability and investment return targets. Mr Ben-Zur’s career has largely involved transforming existing resort properties, such as the Radisson at JFK Airport and multiple hotels in Atlanta and Florida, rather than the “greenfield” property earmarked for the Tyrsoz Family Holdings project. The unspoilt, pristine nature of the development site is bound to arouse concerns from environmental activists and others. Previous investment proposals targeted at the south Abaco area, albeit from groups that lacked Mr Ben-Zur’s track record, received a frosty reception and went nowhere. However, south Abaco’s economy and its people badly need an economic stimulus. Much of Abaco’s wealth and development is largely concentrated in the northern end of the island around Marsh Harbour and the main population centres, and south Abaco has largely been forgotten and left out. Many had looked to Schooner Bay to be the “anchor” for South Abaco, but that project has come to a standstill - even regressed - after its development partner, Orjan Lindroth, left and placed it solely under the control of US investor, David Huber.
PAGE 8, Thursday, April 18, 2019
THE TRIBUNE
Investment fears on work visa plan FROM PAGE ONE the Bill’s section 105, which deals with “term limits on work visas”. It proposes a maximum seven-year limit on work visas, whether they are renewed annually or one is granted for the full term, with the clock running from the date when the expatriate employee first entered The Bahamas - either as a visitor or to work. While foreign workers coming and going on shortterm work visas are exempt, the Bill’s section 105 (3) adds: “Upon the expiration of the term limit set by subsection (1), and whether such visas are granted and held continuously or not, the worker shall leave The Bahamas and shall not be eligible for the grant or renewal of a work visa until he has ceased to hold a work visa for not less than a year after he has left The Bahamas.” Given that Brent Symonette, minister of financial services, trade and industry and Immigration, on Tuesday said the Bill’s release into the public domain was “premature”, it remains to be seen whether this proposal survives in its current form. Mr Beckles, speaking prior to Mr Symonette’s announcement, said the
enforced “sabbatical” rather than the seven-year work visa limit - had caused most concern among the Chamber and private sector. “If it’s seven years at a time it’s far better than what we have now,” he told Tribune Business. “I don’t see it as creating an issue.” However, when it came to the enforced departure after seven years, Mr Beckles added: “That needs to be looked at. “When you start talking about leaving for a year, and when you start talking about investment dollars and investor confidence, I don’t see it as a positive thing.... At the end of the day, The Bahamas needs to advance its attraction to the global investment community rather than take away from it.” An enforced one-year absence is likely to be especially problematic for high-level expatriates that act as the “owner’s representative”, and hold positions such as president, managing director and chief executive, where their employer will not want to lose such valuable and skilled employees. Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business there was
“a massive disconnect” between education and Immigration on one side, and the private sector on the other, as companies were frequently forced to seek expatriate management to enable them to train and hire “under educated” Bahamians. “We don’t have a robust public education system that prepares people for the workforce. Seventy percent of kids leaving public school get a ‘D-’ or less,” Mr Myers told Tribune Business. “We’ve got to focus on GDP to get things going, and can’t increase the cost of work permits and think that’s going to bring faster growth. “If we don’t fix our education problem, businesses will be forced to go outside and find competent management that is capable of hiring some of our undereducated and teach those people skills that allow GDP to grow. “There appears to be a massive disconnect between Immigration and the macro conditions. It’s a massive disconnect between Immigration, education and the macro conditions; just a huge disconnect. It’s like the right hand does not know what the left hand is doing. It’s very frustrating.”
BPL adds 25MW to meet forecast summer demand FROM PAGE ONE recent weeks with various communities across New Providence being affected. In his address to the business community, Mr Rollins said BPL lost 63 MW last September as a result of fires at its Clifton Pier Power plant. He described the incidents as “a real turning point for BPL”.
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
BPL, Mr Rollins added, has been employing rental generators since 2011 and “using up a good bit of money” in the process. BPL chief executive, Whitney Heastie, previously said the utility has been paying under $2m a month for rental generation units. “The amount of money we use in rental generation almost pays for the plant we are building,” said Mr Rollins yesterday.
FOCOL HOLDINGS LTD. DIVIDEND PAYMENT FOCOL is pleased to announce a dividend payment of 2 cents per share to all ordinary shareholders of record as of April 30, 2019 payable May 10, 2019 through THE BAHAMAS CENTRAL SECURITIES DEPOSITORY.
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
“Fuelling Growth For People”
PAGE 12, Thursday, April 18, 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
An entrepreneurial spirit, original thinking, and a passion to succeed. If you have it, we want you. Fidelity Bank invites applications for the position of:
MARKETING COORDINATOR Duties & Responsibilities: Reporting to the Marketing Manager, the Marketing Coordinator will offer clerical and marketing support in the Marketing and PR Department for the ongoing development, preparation and implementation of their activities for the Fidelity Group brands and business lines across all territories. • Media placement to pre-set budgets and the development/maintenance of a range of media traffic charts for all business lines and territories • Organize/maintain/manage an inventory system to update, track and distribute print materials, promotional and collateral • Check branches/outlets for correct presentation of collateral, and furnish with marketing materials/promotional items as needed • Develop reports from branch inspections, meeting notes, media releases • Set up and assist at events and seminars • Log Marketing GL’s and liaise with accounts for timely payment of vendors • Press clippings for various reports, as needed • All other necessary duties in support of the departments’ business, territory-wide
Requirements / Qualifications: • • • • • • • • •
Degree in Marketing, Communications or a business-related field Some work experience in the marketing and communications fields Proficiency in the Microsoft Office Suite of programs & electronic filing systems Strong communication skills: written, oral and presentation Ability and willingness to learn on the job Organized, productive and responsible Ability to multi-task effectively and to deliver to set deadlines Car and Passport owner, able to travel as needed A personable, pro-active, helpful working manner and team spirit in support of the members and infrastructure of a very busy marketing & advertising department
PLEASE SUBMIT BEFORE April 26st, 2019 to:
HUMAN RESOURCES Re: Marketing Coordinator & PR Department., careers@fidelitybahamas.com
ABSOLUTELY NO PHONE CALLS
A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.
THE TRIBUNE
Thursday, April 18, 2019, PAGE 13
Aircraft registry needs ‘glaring advantages’ FROM PAGE ONE vital that this nation seek out new investment and revenue sources as the financial services sector’s traditional business model “slowly diminishes”. Describing the initiative as being in the government’s “top five” aviation priorities, he added that it was one where the private sector was working with the government to “craft” a facility that would generate long-term economic benefits for The Bahamas. Mr D’Aguilar said “the best and brightest minds in the country” were members of the aircraft registry working group, including specialist aviation attorneys Michael Allen of Higgs & Johnson plus the Callenders & Co duo, Carey Leonard and Llewellyn Boyer-Cartwright. Captain Randy Butler, Sky Bahamas chief executive, is also in the group. Expressing satisfaction with the group’s “superb” progress, he added: “For the amount we intend to invest in it, which I don’t intend to reveal, the returns will be quite significant and it will make us a more attractive destination for persons wishing to register their plane. “As the financial services sector begins to diminish, we have to look for other revenue sources and means by which to replace what is a slowly diminishing industry. We’re actively looking for other sources to start to help offset the blow.” Mr D’Aguilar said an aircraft registry was a good value-added service to offer
To advertise in The Tribune, contact 502-2394
The Bahamas’ wealthy second homeowners and financial services clients, and would operate in a similar fashion to the successful shipping registry. “In the aviation sector we have many priorities, but certainly this is within the top five,” he told Tribune Business. “We want to build an aviation registry that works well. We have a lot of things going in our favour - an English-speaking common law state that is a democracy, with an established legal system, and is close to the US. “All these natural benefits we have will cause our registry to be more attractive than those in other jurisdictions. We have to make sure it works seamlessly well and does not get tied up with ease of business concerns that we have. “That’s what we’re trying to craft because there’s competition, and we’re kind of late establishing this facility. We have to come with certain glaring advantages to cause it to move. This is an industry that’s growing, affluence worldwide is increasing at a phenomenal rate, and more and more people are going into getting their own aircraft. We’ve identified this as a growth sector.” Mr D’Aguilar said the identification, and exploitation, of such “glaring advantages” will be the responsibility of the Aviation Registry Group (ARG), the entity responsible for creating Aruba and San Marino’s aircraft registries, which was identified by the working group as the best contender to execute The Bahamas’ strategy.
An entrepreneurial spirit, original thinking, and a passion to succeed. If you have it, we want you. Fidelity Bank invites applications for the position of:
GRAPHIC DESIGNER Duties & Responsibilities: Reporting to the Marketing manager, this person will provide support to the Marketing Department, by assisting with all aspects of graphic communications. Supports the department in inventory management, print production, video shoots and conference /event support. • • • • • • • • • • • •
Associate degree in Graphic Design Proficient in Adobe suite of products Proficient in both Mac/PC platform Working knowledge of Java Script, PHP, HTML, Flash and web design Strong Artistic and technical skills in design and layout Ability to handle multiple projects in a fast pace environment Strong print production skills Social media skills Organized and disciplined Knowledge of video production/video editing Excellent oral and written communication skills Personable and team player
Requirements / Qualifications: • • • • • •
Assisting the marketing team with various projects Researching, designing, and maintaining a variety of promotional materials and tools to support the company’s image, design standards and marketing goals Daily graphic log upkeep Management of promotional inventory Website maintenance Marketing event assistance
PLEASE SUBMIT BEFORE April 26st, 2019 to:
HUMAN RESOURCES Re: Graphic Designer careers@fidelitybahamas.com
ABSOLUTELY NO PHONE CALLS
A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.
PAGE 14, Thursday, April 18, 2019
THE TRIBUNE
NOTICE NOTICE is hereby given that WATSON ISRAEL of St Margret Road off Shirley Street, 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 18thday 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 ASHTON PIERRE of Cowpen 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 18th day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
AG ‘reach out’ over web shop tax snafu FROM PAGE ONE taxes owing from the first half of the 2018-2019 fiscal year. Tribune Business sources, speaking on condition of anonymity, said half the sector - namely Sebas Bastian’s Island Luck and Ultra Games chains, and Chances had paid up and were current with both their first half taxes and those for the calendar year-to-date that are based on the new, higher rates. Those three operators signed up to the mid-February 2019 settlement with the government, but this newspaper was informed that the outstanding monies were due from those who did not - Mr Munroe’s clients and Craig Flowers’ FML Group of Companies. These four were said to have started paying what was agreed only to stop. KP Turnquest, deputy prime minister, yesterday told Tribune Business that its information on who had paid/not paid taxes under the settlement agreement was “for the most part” correct. “Everyone paid something, then most of them fell off,” he said, expressing reluctance to comment
THE PUBLIC HOSPITALS AUTHORITY
NOTICE
TENDER FOR THE PROVISION OF SECURITY GUARDS SERVICES AT THE SANDILANDS REHABILITATION CENTRE TENDERS ARE INVITED FROM QUALIFIED COMPANIES FOR THE PROVISION OF SECURITY GUARDS SERVICES AT THE SANDILANDS REHABILTATION CENTRE, PUBLIC HOSPITALS AUTHORITY, FOR A PERIOD OF ONE (1) YEAR. TENDER DOCUMENTS, WHICH INCLUDE INSTRUCTIONS TO TENDERERS, SPECIFICATIONS AND OTHER RELEVANT INFORMATION, CAN BE COLLECTED 9 AM - 5:00 PM MONDAY TO FRIDAY AT THE PUBLIC HOSPITALS AUTHORITY, CORPORATE CENTRE BUILDING “B”, THIRD & WEST COLLINS AVENUE. A TENDER MUST BE SUBMITTED IN DUPLICATE IN A SEALED ENVELOPE OR PACKAGE IDENTIFIED AS A TENDER FOR THE PROVISION OF SECURITY GUARDS SERVICES AT THE SANDILANDS REHABILITATION CENTRE, PUBLIC HOSPITALS AUTHORITY” AND ADDRESSED TO:
THE CHAIRMAN, TENDERS COMMITTEE THE PUBLIC HOSPITALS AUTHORITY CORPORATE CENTREBUILDING “B” THIRD AND WEST TERRACES COLLINS AVENUE P.O. BOX NB8200 NASSAU, BAHAMAS
TENDERS ARE TO ARRIVE AT THE PUBLIC HOSPITALS AUTHORITY NO LATER THAN 12:00 P.M.
on Friday May 17th, 2019
All submissions must be accompanied by (i) a current Business License Certificate which states that your company is in Good Standing for one (1) year from the Business License/Valuation Unit of the Ministry of Finance to provide security guard services; (ii) three (3) references from current or previous clients; (iii) a copy of the Ministry of National Security license indicating that your company is authorized to perform Security Guards Services; (iv) a copy of Insurance Policy Certificate indicating that your company is insured against loss of life, injury or damages; (v) a copy of your company Value Added Tax (VAT) Registration Certificate; (vi) an up-to-date (not less than one (1) month old) V.A.T Compliance Certificate and (vii) a letter from the National Insurance Board (NIB) stating that your company is up to date and in good standing in the payment of its NIB contributions on behalf of those persons employed in your company. The Public Hospitals Authority reserves the right to accept or reject any or all Tender(s).
further as the matter was likely headed to the Supreme Court once again. “The fact of the matter is that if the tax is due it needs to be paid,” Mr Turnquest said “I’m going to leave it to the legal people for the moment and see how this works out. “Every dollar counts. Though we are OK where we are, again it’s a matter of equity and fairness and we expect to collect the Government’s revenue. That’s how it goes.” Mr Bethel, in a subsequent interview with Tribune Business, said he had been under the impression that all seven licensed web shops and their attorneys had agreed to the taxation settlement - even though Mr Munroe had told this newspaper on April 4 that his clients had not signed up to the deal. “All I know for a fact is that he [his clients] has not paid, and from what I’m hearing from others he’s got some issues I don’t share, don’t agree with as a matter of law,” Mr Bethel said of his fellow QC. “I want to confirm his opinion, and whatever he says we will go from there. I want to hear what he has to say. I’ll reach out tomorrow. I received some information this afternoon along the lines that you have. I will reach out tomorrow as I have got no formal communication from him.” Mr Munroe has not returned multiple Tribune Business calls and messages seeking comment on the situation for the past week. Craig Flowers, the FML Group of Companies proprietor, has proven similarly elusive despite numerous messages and calls attempting to contact him. Dionisio D’Aguilar, minister of tourism and aviation, declined to comment on the situation yesterday despite having last week warned web
shops to “get on board and pay your fair share to the Treasury” otherwise their licences will not be renewed if taxes remain owing. He argued then that there was no good reason for continued foot-dragging by some operators now that the industry’s taxation settlement with the government had been given legal effect, and revealed that two web shop chains - which he did not name - had been waiting for the Gaming Board to confirm the “specifics” of the agreement before they began to pay taxes owing for both the first half of the 2018-2019 fiscal year and under the new structure. Tribune Business understands that the “issues” Mr Munroe and his clients have may include the retroactive payment of taxes for the 2018-2019 fiscal year’s first half under the old rate structure. That system, which required web shops to pay the greater of 11 percent of taxable revenue or 25 percent of earnings before interest, taxation, depreciation and amortisation (EBITDA), was repealed when the 20182019 budget was passed at end-June 2018. Mr Munroe previously told Tribune Business that, as a result of that repeal and the attorney general’s previous undertaking not to enforce the new regime after the industry took the matter before the Supreme Court, no taxes were currently due or owing by the sector. “That’s our position. I think the Attorney General may dispute that, but that’s our position and that may or may not be something that goes to court,” he said on December 4, 2018. This newspaper understands Mr Munroe and his clients may be indeed holding to that position, hence the halted payment of retroactive taxes
and current stand-off. Under the mid-February settlement agreement, so-called “back taxes” for the first half of the 20182019 fiscal year - from July 1-December 31, 2018 were to be levied at the web shop’s old taxation rate of 11 percent of gaming revenues. This was replaced by the new “sliding scale” operator tax, and its new rates of 15 percent and 17 percent, with effect from January 1, 2019. As a result of this compromise agreement, Mr D’’Aguilar previously said the government was now projected to earn $50m per annum - rather than the initially forecast $75m - from gaming taxes. While this represented a one-third, or 33.33 percent, reduction from the 20182019 budget’s target, the government argued that it still represented a 127 percent increase in revenue generated by web shop taxation - thereby making for “an acceptable compromise”. Implementing the “compromise”, though, appears to have been much harder than thought. The government failed to realise $25m in projected first half revenues as a result of its legal battle with the web shops, with $15m of this sum relating to “sliding scale” operator tax proceeds and $10m attributed to the nowreplaced five percent Stamp Duty on patron deposits. Using the old “operator” structure for the 2018-2019 first half will generate around $11m-$12m for the Treasury based on previous full-year collections of $21m, which is less than 50 percent of what the Ministry of Finance had projected to earn - $15m “sliding scale”, and $10m from the “patron tax” during that period.
THE TRIBUNE
Thursday, April 18, 2019, PAGE 15
NOTICE
Godiva moves beyond chocolate to open 2,000 cafes CUSTOMERS wait in line for service at Godiva’s new cafe in New York on Tuesday. Godiva, the private Belgium chocolate maker, is looking beyond its iconic gold gift box of chocolates. The confectioner is rolling out 2,000 cafes that will serve a complete menu of items like the croiffle, a croissant and waffle hybrid. Photo: Bebeto Matthews/AP prepared food that doesn’t take too long to make. “Everybody runs, no one has time in their lives. We wanted to respect that,” he said.
NEW YORK Associated Press GODIVA is looking beyond its iconic gold gift box of chocolates. The Belgium confectioner is rolling out 2,000 cafes over the next six years that will serve a complete menu of items like the croiffle, a croissant and waffle hybrid that’s stuffed with fillings like cheese or chocolate and pressed on a waffle iron. Other items include an expanded list of coffees and a new collection of teas as well as grab-and-go items like sandwiches and yogurt parfaits. The cafes mark Godiva’s foray into prepared meals. The first one officially opened in Manhattan yesterday and is part of an ambitious growth plan spearheaded by CEO Annie Young-Scrivner, who took over Godiva’s helm in 2017 after serving as a top executive at Starbucks. Her goal: to increase its revenue fivefold by 2025. The company, privately owned by Turkish Yildiz Holding AS, doesn’t report sales or profits but according to reports, Godiva was about a $1bn business in 2017. It expects 40% of its total sales to come from the cafes in the next five years. One-third of the new cafes will be in the US. Godiva sees big sales opportunities in Asia and the Middle East, where
shoppers prefer to sit down to eat instead of grab-andgo options, according to Young-Scrivner. Currently, the confectioner operates about 800 stores in 105 countries. But the fare is limited to such items as boxed chocolates, chocolate-covered strawberries and ice cream. Drip coffee is available in some Godiva stores. Godiva wants to be more than just a gift choice for Valentine’s Day or the holidays. “We really have a stronghold on formal gifting but we want to expand to everyday consumption,” said Young-Scrivner in a phone interview with The Associated Press. Some of the traditional stores will be converted into
NOTICE is hereby given that MELISSA RASHANDA GIBSON of Nassau East North 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 18th day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
cafes, but Godiva is looking beyond malls and will also have stand-alone storefronts and airport locations. Young-Scrivner said she believes Godiva cafes will stand out amid the proliferation of other coffee outlets because of its heritage that goes back to 1926 as well as its top quality items. Thierry Muret, executive chef chocolatier at Godiva, says he’s been testing food and drinks for the new menu for a year. He said it took eight months to get the right blend of coffee that would have the right undertones of chocolate, for example. Each of the cafes will have the core menu but will be tailored to the international region’s tastes. Muret is also trying to balance consumer demands for freshly
NOTICE NOTICE is hereby given that ASHLEY DANIELA PIERRE of Fox Hill, 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 18thday of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
CONSOLIDATED BALANCE SHEET As at 31 December, 2018
(Expressed in Bahamian dollars)
ASSETS Cash on hand and at banks (Note 3) Term deposits (Note 3) Due from reinsurers Due from agents (Note 4) Accounts receivable, prepayments and other assets Unearned premiums reserve – reinsurance (Note 9) Deferred commissions expense (Note 9) Outstanding claims recoverable from reinsurers (Note 9) Investments in securities (Note 5): Fair value through profit or loss Loans and receivables Investments in associate (Note 6) Investment property (Note 7) Property, plant and equipment (Note 8) Total assets LIABILITIES General insurance liabilities Unearned premiums reserve (Note 9) Deferred commissions income (Note 9) Outstanding claims reserve (Note 9)
Other liabilities Cash advance from reinsurers (Note 9) Due to reinsurers Accounts payable and accrued expenses Total liabilities
RoyalStar Assurance Ltd. (Incorporated under the laws of the Commonwealth of The Bahamas)
2018 $
2017 $
14,020,922 10,007,944 971,652 9,497,414
7,000,528 9,915,508 937,076 11,356,335
503,365
7,392,001
16,536,424 2,878,542
19,615,322 2,792,563
43,581,845
211,757,236
5,889,183 13,054,875 5,462,627 – 13,989,722
6,104,473 13,114,136 4,804,102 900,000 14,386,543
136,394,515
310,075,823
26,372,320 2,074,876 52,139,026
28,805,639 1,981,607 218,183,911
80,586,222
248,971,157
– 4,344,644 2,497,095
46,608 6,559,607 7,477,624
87,427,961
263,054,996
EQUITY Share capital: Ordinary shares Authorized, issued and fully paid: 10,000,000 shares of $0.30 each Preference shares Authorized, issued and fully paid: 1,000,000 shares of $10.00 each (Note 10) Contributed surplus Retained earnings
3,000,000
3,000,000
10,000,000 7,000,000 28,966,554
10,000,000 7,000,000 27,020,827
Total equity
48,966,554
47,020,827
136,394,515
310,075,823
Total liabilities and equity
APPROVED BY THE BOARD OF DIRECTORS AND SIGNED ON ITS BEHALF BY:
27 March 2019 Date
DIRECTOR
DIRECTOR
The full audited Financial Statements, including the notes which form an integral part of the Financial Statements are available on the Company’s website at www.rsabahamas.com
PAGE 16, Thursday, April 18, 2019
THE TRIBUNE
Fed sees moderate growth but problems in trade and floods WASHINGTON Associated Press THE Federal Reserve said yesterday the economy was expanding at a moderate pace in March and early April, despite uncertainty caused by trade tensions and severe flooding in the Midwest. In its latest report on economic conditions around the country, the Fed said that some districts reported a slight strengthening
AN EVENING commuter enjoys the sunset on this New York skyline. following a slowdown this winter. But weakness
remained, especially in sluggish consumer spending,
which accounts for twothirds of economic activity. The Fed report, known as the beige book, said that tariffs imposed on imports, higher shipping costs and rising wages had all contributed to some increase in input costs. The report found prices remained low for many farm products, with several districts including St Louis, Minneapolis and Kansas City voicing concerns about what recent flooding might
do to crop production this year. The beige book findings will form the basis for discussion when central bank officials meet on April 30-May 1 to discuss interest rates. The Fed said that reports from the Fed’s 12 districts were mixed on consumer spending but noted that home sales were stronger. The Fed said the outlook had improved for manufacturing “although contacts in many districts noted traderelated uncertainty”. Most districts said that home sales were stronger although some districts reported lower demand for higher-priced homes. With unemployment near a 50-year low, the report said that there were shortages of skilled workers in manufacturing and construction as well as some technical and professional positions.
Many districts reported that firms were offering perks such as bonuses and expanded benefit packages in order to attract and retain qualified workers. The central bank boosted its policy rate four times in 2018 and in December indicated it expected two more rate hikes in 2019. Those rate increases prompted sharp attacks from President Donald Trump and contributed to a steep drop in the stock market late last year. Starting in January, the Fed has done an aboutface on policy and now says its plans to keep rates on hold for the entire year. Trump, however, has kept up his pressure saying the central bank needs should be cutting rates now. Some economists are forecasting the Fed’s next move could well be a rate cut later this year if the economy does not pickup.
THE TRIBUNE
Thursday, April 18, 2019, PAGE 17
UNITED AIRLINES TRIMS GROWTH PLAN FOR 2019 DALLAS Associated Press
THE grounding of its Boeing 737 Max jets is causing United Airlines to trim growth plans for this year, and the carrier expects to discuss potential compensation with Boeing. United claims to be managing the grounding relatively well by pressing spare jets into duty and delaying discretionary maintenance work on other planes. That approach, however, comes with extra costs — sometimes the airline uses bigger and less fuel-efficient two-aisle jets to replace the missing single-aisle Max on domestic routes. United has 14 Max planes in its fleet, and airline executives said yesterday they don’t expect those jets back before July. They said some of the 16 additional Max jets they expected to get this year might be delayed. “Obviously there are some costs that we have been incurring and continue to incur,” Chief Financial Officer Gerry Laderman said on a call with analysts and reporters. “We’ll have a conversation with Boeing and I expect, like we always do, to resolve whatever that conversation is in a way that works for both of us.” United declined to give a figure for its extra costs. The Boeing jetliner has been grounded around the world since mid-March after two crashes killed 346
UNITED commercial jets at Newark Liberty International Airport. people. Investigators are focusing on anti-stall software that pushed the planes’ noses down based on erroneous sensor readings. Boeing is working on a software update and training programme for pilots that will highlight differences
between the Max and previous versions of the 737, the best-selling airliner in history. The company reported yesterday that its first quarter profit doubled to $292m on more passenger traffic and strong cost controls.
NOTICE NOTICE is hereby given that LYNETTE GAITRY SAWH COOPER of Seven Hills Cooper’s Town 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 18th day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, 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.
Shares climbed $4.07, or 4.8 percent, to close at $89.24. United said it expects to cancel 130 flights in April because of the parked Boeing planes. That is far less than Southwest Airlines, which has 34
Max planes, and American Airlines, which has 24. Those two airlines say they are scrapping about 90 flights a day. Still, the missing Max planes account for 1.4% of United’s passenger-carrying capacity. Uncertain how long the planes will be lost, United cut its planned 2019 growth from about 5% to 4.5% heading into the crucial summer travel season. Executives said they are covering most Max flights by using spare jets and deferring maintenance jobs such as WiFi installations and paint jobs on other planes — not safety-related items, they said. United has no plans to require pilots to train in Max flight simulators. No US airline yet owns one of the
scarce machines. Chief Operations Officer Gregory Hart said United has long trained its Boeing pilots how to respond to the type of nose-down pitch that led to the October crash in Indonesia and the March crash in Ethiopia. “That is why we have consistently reiterated our confidence in the ability of United pilots to safely operate United Max aircraft,” he said. A group of technical experts appointed by the Federal Aviation Administration has said pilots should get more training about the anti-stall system on the Max, but that training does not need to be done in flight simulators — it could be done on computers or in classrooms.
PAGE 18, Thursday, April 18, 2019
THE TRIBUNE
LEGAL NOTICE
NOTICE HSJ HOLDINGS LIMITED
LEGAL NOTICE
LEGAL NOTICE
NOTICE
NOTICE
JUNO INTERNATIONAL HOLDINGS LTD.
N O T I C E IS HEREBY GIVEN as follows:
NOTICE IS HEREBY GIVEN as follows:
(a) HSJ HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(a) JUNO INTERNATIONAL HOLDINGS LTD., is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(b) The dissolution of the said company commenced on the 15th April, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.
(b) The dissolution of the said Company commenced on the 17th April, 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General.
(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas
(c) The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.
Dated this 18th day of April, A. D. 2019 _________________________________ Bukit Merah Limited Liquidator
Dated this 18th day of April, A.D. 2019.
A&A ASSETS MANAGEMENT LTD. In Voluntary Liquidation
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, A&A ASSETS MANAGEMENT LTD. is in dissolution as of April 16, 2019 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR ______________________
Shareece E. Scott Liquidator
LEGAL NOTICE
NOTICE
Matrix Strategies Ltd In Voluntary Liquidation
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Matrix Strategies Ltd is in dissolution as of March 8, 2019 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR ______________________
NOTICE
MARKET REPORT WEDNESDAY, 17 APRIL 2019
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 2,155.21 | CHG 6.76 | %CHG 0.31 | YTD 45.76 | YTD% 2.17 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.50 2.35 1.70 3.35 10.60 6.60 4.64 12.50 2.74 1.81 9.02 6.63 15.60 7.25 4.30 14.00
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 LAST CLOSE AML 4.25 APD 17.43 BPF 6.00 BWL 5.39 BOB 2.35 BBL 1.60 CAB 2.15 CIB 10.50 CHL 6.16 CBL 4.42 CBB 10.64 CWCB 2.52 DHS 1.79 EMAB 9.38 FAM 6.60 FBB 15.57 FIN 7.25 FCL 3.50 JSJ 14.00 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)
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 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
CLOSE 4.25 17.43 6.00 5.39 2.35 1.68 2.15 10.50 6.16 4.47 10.64 2.53 1.79 9.47 6.60 15.57 7.25 3.50 14.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.08 0.00 0.00 0.00 0.05 0.00 0.01 0.00 0.09 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
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
VOLUME
3,000 20,900 15,375
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 24.8 8.6 N/M 13.7 18.7 12.5 17.1 22.2
YIELD 3.06% 7.23% 0.00% 4.45% 0.00% 1.19% 0.00% 6.76% 3.57% 2.68% 5.83% 2.37% 3.35% 0.89% 3.64% 3.21% 2.76% 2.57% 4.29%
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%
MATURITY 19-Oct-2022
6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
############### 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022
YTD% 12 MTH% 0.58% 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
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
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
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
NOTICE is hereby given that LOUISIUS VINCENT of Deep Creek Eleuthera, 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 18th 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 RICHARD CHANAN of #22 Pinewood Gardens, P.O. Box SS6884, 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 11th 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 MONIQUE LESLIE of #613 Blue Hill road south, 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 11th 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 TIA BIMAL of Sea View Drive, P.O. BOX SP-60563 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 12thday of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.