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FRIDAY, MAY 14, 2021

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BPL races to get $535m bond ‘across finish line’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

AHAMAS Power & Light (BPL) is racing to get its $535m refinancing “across the finishing line”, its chairman said yesterday, amid growing scepticism over whether the bond issue will actually happen. Dr Donovan Moxey told Tribune Business the stateowned energy monopoly and its financial advisers had “made significant progress” in preparing the rate reduction bond (RRB) for launch to local and international investors despite missing several issuance dates already this year.

• Chairman: ‘We’re doing everything we can’ • As scepticism grows following missed dates • End May/early June targeted for placement

DR DONOVAN MOXEY However, he dismissed growing speculation that the bond - which he described as “critical” to placing BPL on a sustainable financial footing - will

not take place, although he declined to provide a launch date on the grounds that previous ones have been missed. “We are doing everything we can to get this completely across the finish line,” Dr Moxey told this newspaper. “We have made significant progress and are moving forward. I don’t know why anyone would have the basis to say it’s not going to happen. “All I can say is that things are moving forward positively. We’re working

as hard as we can to get the bond launched.” He added that the bond issue’s joint “book runners” and placement agents, CIBC FirstCaribbean and Citibank, would confirm a closing date once it launched. Tribune Business sources, speaking on condition of anonymity, yesterday suggested that BPL’s $535m refinancing was now targeting a late May/early June launch, but added that they

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‘No way on God’s earth’ is livable wage $2,625 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE National Tripartite Council’s vice-chair yesterday blasted “there’s no way on God’s green earth” that Nassau’s monthly living wage is $2,625 as unions hailed the finding as vindicating their stance. Peter Goudie, who also heads the Bahamas Chamber of Commerce and Employers Confederation’s labour division head, told Tribune Business the authors of a University of the Bahamas (UoB) study which found New Providence’s living wage was almost triple the existing minimum wage “have to be out of their minds” and “absolutely dreaming”. Warning that The Bahamas “cannot afford” such an increase, especially amid the

• Tripartite vice-chair blasts ‘astounding’ UoB findings • But unions hail results as minimum wage vindication • Research figures ‘a rabbit we will continue to chase’

PETER GOUDIE

BERNARD EVANS

OBIE FERGUSON

COVID-19 pandemic, as “a whole bunch of businesses” would be forced to close, Mr Goudie also questioned why such “astounding” findings were never discussed with the private sector or other stakeholders before their publication. Trade union leaders,

though, argued that the research backed their longheld position that the $210 weekly minimum wage is nowhere near sufficient to provide a decent standard of living and quality of life for workers in the lower reaches of the Bahamian workforce.

Bernard Evans, the National Congress of Trade Unions of The Bahamas (NCTUB) president, said the findings by a team from UoB’s Government and Public Policy Institute supported his argument that

Mature small businesses in ‘50/50 survival toss-up’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A SMALL business consultant says it is “a 50/50 toss up” as to whether many of his more “mature” small business clients can survive the Bahamian economy’s slow bounce back from COVID-19. Mark A Turnquest, president of the proposed 242 Small Business Association and Resource Centre, and head of his own consulting firm, said the struggles of his long-standing clients contrasted with a wave of new entrepreneurs he is mentoring who have accessed the

MARK A TURNQUEST $5,000 grant offered by the Small Business Development Centre (SBDC). However, he revealed that his larger small and medium-sized clients are now “struggling” in many instances to repay the up to $20,000 Business Continuity

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Businessman reveals Dorian tax relief woe

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A GRAND Bahama business yesterday complained the Customs Department is not approving Dorianrelated duty exemptions even though his clients have Department of Inland Revenue permission. Brent Collins, Freeport-based Power Equipment’s chief executive, told Tribune Business he is dealing with several customers who put in for duty and VAT relief on generators under the Special

Economic Recovery Zone (SERZ) order. Several informed him that the Customs Department in Grand Bahama is not approving these applications despite their possession of exemption letters from the Department of Inland Revenue. Mr Collins said: “I was supposed to call a friend of mine at Bahamas Customs to find out if that’s true or not, but considering what’s still going on here that exemption needs to last until Freeport is fully restored.

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BISX-listed fund eyeing first dividend in decade By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE BISX-listed Bahamas Property Fund could next year pay its first dividend for a decade if it can capitalise on momentum from a new government tenant to hit a 70 percent average occupancy. Michael Anderson, the Property Fund’s chairman, told Tribune Business that it had brought occupancy rates at its flagship Bahamas Financial Centre property in downtown Nassau back in line with this target after the Registrar General’s Department executed a lease to rent one-sixth of its 100,000 square feet. With its Providence House property 100 percent leased, he added that the remaining challenge was to solve the 70 percent vacancy rate at it third and final property, Paradise Islandbased One Marina Drive, which has been especially hard-hit by the COVID-19 related tourism shutdown. Arguing that high-end commercial office space has “been a tough market for at least the last 10-15 years” since the 2008-2009 financial crisis, Mr Anderson said the Bahamas Property Fund was also eyeing a potential shopping centre acquisition - which he declined to identify - as a means to diversify its portfolio of real estate holdings. With banks and trust companies in the international financial services industry largely continuing to work from home amid the COVID-19 pandemic, he added that the government’s decision to lease a significant portion of the Bahamas Financial Centre for its agency had come as a timely relief. “We’ve been fortunate in that we were able to rent out some space to the government,” Mr Anderson told this newspaper. “That

MICHAEL ANDERSON lease finally went through at the Financial Centre. That lease was waiting for 18 months to get finalised. The Registrar General’s Department is taking 16,600 square feet. “They’re moving in. The lease was signed a week or so ago. I think we’ve been at just over a 40 percent vacancy rate there. This brings us to just over 30 percent, or a 70 percent occupancy rate, which is obviously an improvement over where we’ve been. “Historically, most commercial office spaces have expectations of a 90 percent occupancy rate, so being down at 70 percent is not great but, taking into account the situation at the moment, it’s a good boost for the Property Fund and a step up for the occupancy rate.” The Bahamas Property Fund’s 2020 audited financial statements have yet to be released, but Mr Anderson said both its Bahamas Financial Centre and One Marina Drive properties felt the full force of COVID-19’s economic devastation as tenants opted to either work from home or pull out completely. This was especially felt at One Marina Drive, a property targeted at tourism-related businesses in the attraction and excursion industry, whose enterprises were either shutdown or heavily restricted by COVID19 public health measures for the majority of 2021.

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PAGE 2, Friday, May 14, 2021

THE TRIBUNE

FORCING COVID VACCINE ON STAFF NOT THE ANSWER

HE past 15 months has proven to be a challenging period for the world. While tremendous strides have been made in producing a vaccine for COVID-19, the resistance and opposition to taking it is staggering. Persons from all walks of life, in all countries, and across all socio-economic, political and cultural divides have openly voiced reasons why they will not take the vaccines and their lack of trust in them despite respective governments approving their use. Some companies have seen the opportunity to increase their corporate social responsibility by making the vaccine mandatory for their senior leaders,

employees and customers. While many view this as an infringement on the basic rights of the worker, others look at the devastating impact the pandemic has had on the world’s social, economic and health performance, and view it as absolutely necessary. Disease experts indicate that until 75 percent of people are vaccinated within a community, we should all continue to wear masks and maintain social distancing even if we have been vaccinated. That means movie theatres, indoor dining, sporting events and travel will remain challenged. No recognisable normal is achieved unless and until more people volunteer to receive the vaccine.

Because we live in a shrinking global village, unless three-quarters of The Bahamas and world are vaccinated, the economy will not jump-start the way so many are hoping. If individuals are left to make the vaccine decision by themselves, a 75 percent compliance rate may be unattainable. For this reason, some companies at home and abroad are strongly encouraging their staff to “take one for the team”. There is a persuasive argument that a vaccination mandate could be considered a workplace benefit. If employees knew that everyone around them is vaccinated, they will feel more comfortable working there, and it could create

a compelling competitive advantage in the services industry. Operations such as barber and beauty shops; taxi services; massage parlors and others would be more attractive to customers if the company can validate that all its workers are vaccinated. Forcing employees to do what they do not want is never the solution. A non-threatening communications plan should be developed to allow each person to make up their minds based on the facts. Here are a few ideas to incorporate into your communication plan: • Dedicate time at your regular staff meetings to share information about the COVID-19 vaccines and address concerns.

• Share educational blog posts about the vaccines in your company newsletter. In addition to including information about the COVID-19 vaccines, share tips on reducing the spread of SARS-CoV-2, including social distancing and frequent hand-washing. • Host an educational session focused specifically on the vaccine and allow employees to ask questions. • Share facts from the Centres for Disease Control and Prevention (CDC) about the COVID-19 vaccines on your intranet portal. • NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international

IAN FERGUSON BY

universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.

SEMINAR TARGETS BLUE ECONOMY EXPLOITATION A SEMINAR to explore how Bahamians can benefit from the sustainable exploitation of this nation’s ocean resources attracted 340 participants plus 20 local and international panellists. The Bahamas Development Bank (BDB), said the recent Blue Economy thinktank, which was hosted by its strategic development and initiatives unit, focused on the theme From small island state to big ocean nation to highlight the fact that this nation’s islands are scattered over a vast marine area. The meeting explored potential opportunities in the areas of food, bio extractives, the maritime industry, arts/ culture and tourism. Dave Smith, the BDB’s managing director, said The Bahamas’ economic exclusion zone is 46 times the size of the entire country’s land mass, thus representing a major opportunity for revenue generation. Michael Pintard, minister of agriculture and marine resources, echoed these sentiments by saying: “Sustainable use of ocean resources in tandem with

THE BAHAMAS Development Bank’s BDB strategic development and initiatives (SDI) unit team. From left: Paige Bastian, project administrator; Regina Smith, project officer; Sumayyah Cargill, unit head, SDI; Dave Smith, managing director. economic development is simply a must.” Christopher Straughn, energy sustainability specialist with the Caribbean Development Bank, highlighted a recent study that found The Bahamas has the highest renewable energy potential in the region with the greatest opportunity coming from near-shore wind. Mark Legacy, a Canadian businessman, indicated that given The Bahamas’ geography, pump storage hydro energy could provide sufficient power for this nation to become a net energy exporter. He added that this sustainable technology could readily provide power and fresh water for agriculture and residential use in

both Nassau and the Family Islands. However, high energy costs were identified as a major challenge for commercial ventures such as aquaculture development, which were identified by Jon Chaiton during the Food of the Future panel. Dr Marah Hardt, Future of Fish’s director of discovery, presented on solutions that have successfully increased fishing revenues by 20 percent. She pointed out that immediate opportunities exist in waste diversion in the fishing industry. During the bio extractives segment, Dr Kirk Douglas, from the Centre for Biodiversity at the University of the West Indies, expanded

on products derived from fisheries waste, including biopharmaceuticals from conch blood and fish-based leather. Vanessa Haley-Benjamin showcased her work in cell-based food production with mollusks. Michael Bowleg Jr. outlined his work that explores how to successfully farm spiny lobster, as well as how insect-based animal feed production for aquaculture and other species offers an opportunity for income generation for Bahamian farmers. Bahamian creatives highlighted opportunities in the arts sector in a panel moderated by Tarran Simms of the Ministry of Tourism. Award-winning Bahamian director and owner of Conchboy Films, Lavado Stubbs, spoke about how local history and culture connects Bahamians to the ocean, and the intersection of the blue and orange (creative) economies. To support innovation in the Blue Economy, BDB is offering a grant of up to $7,500.

Bank’s principals meet with the PM THE principals of the newly-renamed Lucayas Bank, formerly Private Investment Bank (PIB), visited the Prime Minister at his office earlier this week. Faye Mythen (second left), adviser to Lucayas Bank, was accompanied by Edward Lynch, its vice-chairman; Senator Janet’Lisa’ Bostwick-Dean,

director of Lucayas Bank/ attorney; and John H Bostwick II, director of Old Church Financial Investments/legal counsel. Dr Hubert Minnis was accompanied by permanent secretary David Davis together with Nathaniel Beneby from the Office of the Prime Minister. Photos: Yontalay Bowe/ BIS

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THE TRIBUNE

TOURISM OPERATORS: GO TO DIGITAL VACCINE CARDS By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net FAMILY Island tourism operators yesterday suggested the government introduce electronic COVID-19 vaccination cards if it has doubts over whether the paper-based version can be verified. Carl Rolle, manager of Rollezz Villas Beach Resort on Cat Island, told Tribune Business that the Minnis administration should go digital if the current paper-based “yellow card” is deemed too unreliable for determining - and tracking - if Bahamians are fully vaccinated.

Friday, May 14, 2021, PAGE 3 He spoke out after Dionisio D’Aguilar, minister of tourism and aviation, said the COVID-19 PCR testing requirement for Bahamians travelling inter-island “may be removed” if the yellow vaccination card issued to those fully inoculated can be properly vetted. Mr D’Aguilar said the health travel visa system needed to receive the necessary information in a way where it can be properly scrutinised and recorded in the travel database. This comes as the government allows fully vaccinated Americans and other visitors into The Bahamas without having to take a COVID-19 PCR test. Mr Rolle said: “You have to have the card to travel, and it must be like a government ID where it could be authenticated.” He suggested that the government had to get to the current position at the Road Traffic Department where, rather than persons having a new photo every time they

TOP TOURISM OFFICIAL URGES TRAVEL INTERRUPTION COVER By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A SENIOR Ministry of Tourism official yesterday suggested introducing trip interruption insurance to give Bahamians and residents confidence they will not suffer financial loss if impacted by COVID issues. Kerry Fountain, the Bahamas Out Island Promotion Board’s (BOIPB) executive director, in an e-mailed response to Tribune Business questions hailed the possibility of removing COVID-19 testing requirements for locals travelling inter-island, saying: “The board welcomes this news and applauds The Bahamas government for making this decision. “To be clear, though, while we think this will definitely result – given the pent-up demand for travel – in much-needed business

for our hotel members, particularly our small “Mom and Pop” Bahamian-owned hotels, domestic airline partners and tour vendor/ activity partners alike, we view the whole vaccination issue first and foremost as a public health issue. “While we know that we cannot legally mandate that Bahamians/residents must be vaccinated, we believe if there are no legitimate health or religious reasons that preclude one from receiving the vaccine, we strongly encourage everyone to get vaccinated as it is scientifically proven to help prevent the spread of COVID-19, prevent hospitalisations and prevent unneeded deaths.” Mr Fountain added that the removal of COVID19 PCR testing requirements for fully vaccinated Bahamians should occur “ASAP, ie, as soon as Bahamians/residents

went to renew their driver’s licence, their images were stored in the system and merely uploaded. “Something like that needs to be taken into consideration. It’s easy to get their hands on the technology; just go to the Ministry of Transport,” Mr Rolle added. Cheryl Bastian, owner/ operator of Swain’s Cay Lodge in Andros, echoed Mr Rolle’s assessment that an electronic card should be considered if the paper-based vaccination certification is not reliable. She said: “They should do something like that. Maybe use a QR code or something to verify the vaccination status like a magnetic bar code, where they can put it right under a system and check people automatically instead of holding people up at the lines.” Ms Bastian added that not lifting testing restrictions for fully vaccinated Bahamians will negatively impact the Family Islands. She said: “I was really looking forward receive their second shot/ dose, followed by a twoweek immunisation period, which is consistent with what is required of all inbound international travellers/visitors. “Food for thought, too. Perhaps Bahamians/residents should also be given the option to purchase Trip Interruption Insurance at the same time they apply for the Travel Health Visa, thus financially relieving them of any unforeseen COVID-19 issues.” Mr Fountain continued: “We have no issues with the vaccination cards themselves, but like every single country in the world these cards present us with a challenge, and that is how do we verify if the cards are legitimate or not. “How can we, without disregarding the confidentiality of private health information, access a database of those that have been vaccinated in order to approve the Travel Health Visa? By the way, we have the same challenge with our inbound international visitors.”

to that because I travel often between Nassau and Andros. “I have always been a frequent traveller and I just can’t wait for these restrictions being lifted. I think this will impact us because a lot of Bahamians are overwhelmed with visitors coming to The Bahamas, where the system is crashing or can’t sustain the number of people, so the removal of the restrictions would be good news in terms of not being able to take these tests.” Matthew Brear, Cape Santa Maria’s general manager, said the government needs to “come up with a [vaccination] card that’s more legitimate”. “What’s the point of having a card if you’re

not going to accept it? If The Bahamas is producing a card for proof of vaccination, but it’s not accepting it as proof of vaccination in and of itself, then that in and of itself doesn’t make any sense,” he added. Anthony K Hamilton, president of the Bahamas Association of Air Transport Operators, said: “I understand planning and we are under a crisis situation, but for efficiency and effectiveness, if the system isn’t working then it needs adjustment. “Normally in a business process you go through planning, organising and implementation, and you continuously evaluate, so obviously the end result is that you need to make some adjustments.

“Understanding the socioeconomic challenge we have in the nation, and the government being stuck between a rock and a hard place with really trying to make this thing work, engagement of the stakeholders is critical to this process because we need to ensure that inclusion and consultation is taking place so that it minimises disruption as much as possible.” Mr Hamilton said maintaining existing testing requirements is going to affect traffic flow to Bahamian airports. “The thing is we have to be very holistic about this, and weigh all of the pros and cons, and that is why inclusion and consultation is so critical because you want to be holistic, you want to be practical, and you must also be relevant,” he added.

PAGE 4, Friday, May 14, 2021

BPL races to get $535m bond ‘across finish line’ FROM PAGE ONE

would not be surprised if this timeline slipped further given that it has has already missed several previous launch dates in early 2021. They suggested that the bond was still awaiting sign-off and approval from the likes of the Ministry of Finance, Attorney General’s Office and Central Bank. In the latter’s case, this newspaper was told that it was especially mindful of how future repayments to international investors will impact the external reserves post-COVID given that $450m will be placed outside The Bahamas. “They now think they’re going to get it done at the end of May or early June,” one contact told this newspaper. “It’s all procedural issues that have to get done. I understand that it’s now expected to close somewhere around the end of May, with interest rates of around 7.75 percent for the local market and 8.75 percent for international. “They’re still in the process of tying down final details and amounts. It’s

being finalised.” Dr Moxey, though, declined to be drawn on these developments, saying: “I’m not going to confirm any of that. However some sources, speaking on condition of anonymity, yesterday voiced growing doubts that the bond issue will be placed despite the chairman’s reassurances. “I question how that’s going to happen any more, and how they are managing thus far without it,” one added. Others questioned whether BPL was sufficiently attractive to investors, given the multimillion dollar losses it has racked up over the past 14 years, to ensure the $535m will be fully placed even at those relatively high interest rates - especially since it has yet to demonstrate a turnaround strategy that is delivering significant results for the bottom line. Dr Moxey acknowledged that BPL’s immediate and long-term future revolves around a successful bond placement. He told Tribune Business: “This is very important and very critical to what we are trying to do strategically at BPL in terms of making the right investments and ensuring the company gets on a firm financial footing so it can be sustainable in its business operations. “We’re completing all the requirements necessary to get this done. BPL has been in a challenging situation for

THE TRIBUNE several years. This has been a solution contemplated since 2015, 2016 when the Rate Reduction Bond legislation was first introduced, but somehow we could never get it done. We’re in a position right now where it’s extremely important to get it done, and we’re applying all the resources necessary to make it happen.” The fate of planned reforms to the Rate Reduction Bond Act, also deemed key to enabling BPL’s mammoth refinancing to be placed in both the local and international capital markets, is presently unclear. Those changes were designed to give potential investors sufficient security and confidence to buy in, but Desmond Bannister, deputy prime minister, could not be reached for comment yesterday. Tribune Business had also disclosed in mid-March that CIBC FirstCaribbean had been conducting a so-called “market read” to determine the appetite and level of interest among Bahamian investors for the $85m that will be placed locally. It is understood that major institutional investors and investment banks were approached to give an indication of how much they, and their clients, would be willing to take-up as well as the interest rate, maturity and other commercial terms that would entice them

to buy in. Mr Bannister previously said BPL “is very attractive to investors” even though many observers would argue this is unlikely given its consistent losses coupled with concerns about poor service quality, frequent power outages and aged transmission and distribution infrastructure that the bond financing is to help replace. He added: “BPL already has an indication of what the credit rating agencies are thinking. They’re just waiting to start the process, but already have good indications of how they will be rated by the agencies. They already have an indication of what the interest rates are going to be.” Those interest rates, in turn, will be key to determining just how much Bahamian households and businesses will have to pay to service BPL’s bond debt via the National Utility Investment charge that will be added to their bill once the issue is placed with investors. BPL initially estimated that consumers would have to pay a charge equal to 15 percent of their monthly consumption, but that was some time ago and this amount may have changed. Proceeds from the bond issue will be used to refinance and replace BPL’s existing $320m-plus debt, as well as fund upgrades to its substations and transmission and distribution networks.

Mature small businesses in ‘50/50 survival toss-up’ FROM PAGE ONE Loans they received via the SBDC at the height of the COVID-19 pandemic last year. “They got $15,000 to $20,000, and a $4,000 to $5,000 grant,” Mr Turnquest explained, “as government gave out funds to existing businesses through to February. Some of those that got the money spent it all up early to maintain existing staff and product levels. “Unfortunately, it did not meet expectations. They spent a lot of money upfront keeping staff levels up high, and certain inventory and products high, but customer demand did not meet their expectations in terms of coming back and buying. “They’re feeling the pinch right now. A lot of them knew they had a good location, and were able to negotiate on the rent with the landlord, and some had to pay the full amount, so they had that burden on them. No one wanted to move. I advised them that to survive they have to make an adjustment again and face the reality.”

Businessman reveals Dorian tax relief woe FROM PAGE ONE

The money isn’t really flowing here like that for people to be spending, and if you look at the duty list, all of the stuff that people need are at 45 percent duty.” He added that there are several items listed at under a ten percent rate, but “vehicle parts are 60 percent, and what’s happening mostly in Grand Bahama is that people are trying to get their cars fixed. “I do IT work and most of the electronics is 45 percent, and then I’m dealing with generators, and even though generators are five percent, the automatic transfer switch is 45 percent. So right now I understand that the electrical supplies are still duty free, but just imagine if you spent $5,000 on a transfer switch and you have to pay 45 percent

Mr Turnquest said many of his entrepreneurial clients in this position are aged in their 50s an d 60s, and “only know being in business. They don’t know how to survive if they’re not in business, and don’t know how to cope. It isn’t like they can start over and take stock”. Warning that 2019 economic activity levels are unlikely to return for two to three years, he added of these entrepreneurs: “They’re barely surviving based on their gross margins. If they don’t meet that, they are finished. Based on my judgment it’s a 50/50 toss up; 50 percent chance they’ll make it. It all depends on how much tourism product comes into the country. I don’t see a significant change this year.” Mr Turnquest said many of his clients, such as wedding and destination planners, were in the tourism and services sectors of the economy that have been especially hard hit by the pandemic. He added that small businesses seeking financing of $40,000 or more via the SBDC were having to “pitch” to the banks, who were often somewhat reluctant to lend. plus shipping. That’s a lot of money.” Marlon Johnson, acting financial secretary at the Ministry of Finance, responding to the issues raised by Mr Collins, said: “If they have a legitimate exemption, then obviously it is still valid.” He advised persons having trouble accessing the exemptions that they should call the Ministry of Finance, but he was unaware that anyone had done so to-date. James Rolle, Dolly Madison Home Centre’s general manager, said the SERZ Order that is set to expire on June 30 should be extended for “at least” until the end of 2021. He added: “Some people have to reconstruct all over so they haven’t had a chance, and unfortunately, COVID-19 came in and has put a lot of stoppers in the way of people being able to do things that they would normally have been able to do.”

NOTICE NOTICE is hereby given that ASHMARIE ZAHLEEKAH SMITH of Bethel Avenue, Stapledon Gardens, 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 7th day of May, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

‘No way on God’s earth’ is livable wage $2,625

FROM PAGE ONE

a livable wage - as opposed to a minimum wage - should be the true focus for policymakers and the National Tripartite Council. However, he conceded that achieving the livable wages set out in the study will “not happen overnight” particularly since the economy is still trying to rebound from the twin blows of COVID-19 and Hurricane Dorian. Likening it to “a rabbit we will continue to be chasing”, Mr Evans said the findings nevertheless gave The Bahamas something to target and aspire to in coming years. And Obie Ferguson, the Trades Union Congress (TUC) president, told this newspaper that the UoB report’s findings will give employers and the government “greater appreciation” for why he is proposing a near 43 percent minimum wage hike to $300 per week. The UoB study, dated September 30, 2020, and authored by Lesvie Archer, Olivia Saunders, Bridget Hogg, Vijaya Permual and Brittney Johnson, concluded that a living wage in New Providence and Grand Bahama is $2,625 and $3,550 per month respectively. “Our gross living wage

estimate for New Providence is 26 percent lower than the Grand Bahama living wage estimate, nearly 200 percent higher than the national minimum wage, 127 percent higher than 2013 poverty line and nearly 75 percent higher than the minimum wage hike proposed by a local union,” they wrote. “Our living wage estimate for Grand Bahama is nearly 300 percent higher than the living wage, 200 percent higher than the 2013 poverty line and 140 percent higher than the minimum wage hike proposed by a local union.” The Bahamas’ private sector minimum wage, last increased following VAT’s introduction in 2015, is currently $210 a week. Reacting to the findings, Mr Goudie blasted: “That is ridiculous. That is way ridiculous. I don’t know where they got their information from. I’d love to see it. No way on God’s green earth is that correct. It’s way above the poverty line. “This country cannot afford that, number one. It’s a simple fact. The minimum wage is $210 a week, and if you translate that into their $600 [weekly livable wage for Nassau] you are talking about tripling the minimum wage. They have to be out of their minds. They’re dreaming, absolutely dreaming.

Friday, May 14, 2021, PAGE 5 “I would like to see the information before I give a firm opinion, but there’s no way this country can afford it especially with COVID19. This makes no sense. You will get a whole bunch of businesses that would close down. You triple the minimum wage and expect no fall-out?” The minimum wage, though, is defined differently from the “livable wage” measure employed by the UoB study. It based its work on a model employed by Richard Anker, the International Labour Organisation’s (ILO) living wage specialist, who defined a livable wage as one that can sustain a person’s “physical, emotional, social and cultural needs and that of their family beyond mere subsistence”. Food and housing costs, based on a “nutritious diet” and “decent housing”, were factored into the calculations together with other daily living costs, while the research also drew on data from sources such as the 2019 Labour Market Information Newsletter; 2017 Labour Force Report; and 2016 Government of the Bahamas salary book. Mr Goudie, though, queried why the findings were not discussed with the National Tripartite Council, private sector or trade unions before they were published. He said: “Get serious. Don’t come out and publish something that is so astounding without discussing it with anybody. This

is beyond me. These guys must live in another world.” However, the NCTU’s Mr Evans said of the research: “That’s what I’ve been saying all along. It’s high time somebody got the empirical data and came close to what is the cost of living in this country. Once we know what the living wage is we have a base target to get to. “We won’t get to it immediately. We can’t jump to it. But I’m glad someone did the research. I always said we should not be looking at the minimum wage, and we should be looking at a livable wage. It gives us something to target by 2030 following the ILO’s Decent Work Country agenda.” Mr Evans said he and other trade unionists had always been labelled as greedy, and simply seeking more money for their members, when they raised the livable wage issue in the past, but he argued that the

UoB study’s findings now showed otherwise and that they were right to raise the issue. He suggested the model could now be used to develop a living wage for each Bahamian island, pointing out that living costs were far more expensive on the Family Islands. Using Andros as an example, he argued that gasoline costs there are $2 higher than Nassau. Acknowledging that the UoB findings were open to challenge, Mr Evans added: “We’re not advocating that this happen today. This will be something that we’re constantly chasing for years and years, trying to catch up, and we never get there. “It’s a rabbit we will continually be chasing, but it’s good to have that knowledge and data. And we have something to strive for. The mere fact they have identified a livable wage for each island, we can put in

building blocks and processes to get to that point.” Mr Ferguson, meanwhile, noting that the UoB report pegs the livable wage at more than $600 and $800 per week for New Providence and Grand Bahama respectively, said: “Now the government and the employers will very much appreciate the proposal we put forward from the labour movement. “In my proposal with the community of the unified labour movement, we agreed $300 per week [minimum wage]. There are those who felt it excessive, but I was not proposing for that to come into effect at this time. “I laid it on the table so everybody could get a good understanding and appreciation for it. We recognise the economy cannot at this time absorb the increase. That’s a fact. But we welcome these [UoB] figures that show how legitimate our proposal is.”

NOTICE NOTICE is hereby given that JOHNSON JEAN of Palm Breeze Drive, 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 7th day of May, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SCHAMELL SUSANNA ADDELAIDE SWEETING-ADDERLEY, of #7 Saunders Acres off Fire Trail, Southern District, New Providence, The Bahamas, intend to change my name to SCHAMELL SUSANNA ADDELAIDE SWEETING. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of publication of this notice.

MARKET REPORT www.bisxbahamas.com

THURSDAY, 13 MAY 2021

BISX ALL SHARE INDEX:

CHANGE

1947.75

-3.91

%CHANGE

YTD

YTD%

-0.20 -144.71

-6.92

(242) 323-2330 (242) 323-2320

BISX LISTED & TRADED SECURITIES 52WK HI 5.15 33.05 1.50 2.90 1.78 6.00 6.96 3.60 6.00 4.03 6.16 12.00 2.75 7.50 10.71 9.00 14.60 4.25 8.97 16.00

52WK LOW 3.13 22.65 1.46 1.62 1.44 5.00 6.00 2.70 4.25 2.75 5.00 9.75 2.10 4.90 9.50 8.00 13.00 3.42 8.15 15.20

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 0.90

SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Bahamas Limited Focol Finco J. S. Johnson

SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ

LAST CLOSE 5.05 32.12 1.50 2.61 1.44 6.00 6.96 3.53 4.30 2.93 5.91 9.75 2.29 6.80 11.26 9.00 14.00 3.99 8.19 15.50

CLOSE 5.05 32.12 1.50 2.61 1.44 6.00 6.96 3.53 4.30 2.90 5.91 9.75 2.32 6.80 11.24 9.00 14.00 3.99 8.19 15.50

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

SYMBOL FBB22 BFHB

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS780222 BSBGRS760240 BSBGRS870288

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.65 100.00 100.86

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B

BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.00 100.50 100.66

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 99.97 100.66

SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited

BAHAMAS GOVERNMENT STOCK - (percentage pricing) Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FL BSBGRS780222 BGRS FL BSBGRS760240 BGRS FL BSBGR870288

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.03) 0.00 0.00 0.03 0.00 (0.02) 0.00 0.00 0.00 0.00 0.00

VOLUME

32,600

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

EPS$ 0.239 0.932 0.000 0.110 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

VOLUME

DIV$ 0.170 1.260 0.020 0.030 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 21.1 34.5 N/M N/M N/M N/M 18.9 -8.1 30.7 15.8 13.2 13.5 22.7 14.6 17.4 12.4 17.2 19.7 8.7 24.6

YIELD 3.37% 3.92% 1.33% 1.15% 0.00% 0.00% 3.74% 0.00% 0.00% 4.14% 3.72% 7.38% 18.71% 0.88% 2.92% 2.67% 3.86% 3.01% 2.44% 3.94%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75% 6.25%

19-Oct-2022 30-Sep-2025

6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.44% 4.50% 4.33%

20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 22-Sep-2022 18-Jan-2024 26-Apr-2028

MATURITY

MUTUAL FUNDS 52WK HI 2.42 4.43 2.16 202.18 190.86 1.69 1.83 1.78 1.24 8.58 10.26 7.35 14.59 12.84 10.31 10.00 10.43 14.89

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.67 1.73 1.75 1.03 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

NAV 2.42 4.43 2.16 202.18 190.86 1.69 1.75 1.75 1.03 8.58 10.14 7.35 14.59 12.64 9.99 N/A 10.43 14.89

YTD% 12 MTH% 1.11% 4.62% -0.08% 0.88% 0.64% 2.75% 0.14% 5.02% 3.25% 31.13% 0.72% 0.80% -2.20% -1.87% -0.37% 0.01% -2.48% -11.52% 1.14% 4.22% 1.09% 3.04% 1.01% 4.65% 4.93% 42.27% -1.56% 0.80% -0.60% -4.90% N/A N/A 3.00% 25.60% 7.90% 48.70%

NAV Date

31-Mar-2021 31-Mar-2021 26-Mar-2021 31-Mar-2021 31-Mar-2021 31-Mar-2021 31-Mar-2021 31-Mar-2021 31-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 31-Mar-2021 31-Mar-2021 31-Mar-2021

MARKET TERMS

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00

YIELD - last 12 month dividends divided by closing price

52wk-Hi - Highest closing price in last 52 weeks

Bid $ - Buying price of Colina and Fidelity

52wk-Low - Lowest closing price in last 52 weeks

Ask $ - Selling price of Colina and fidelity

Previous Close - Previous day's weighted price for daily volume

Last Price - Last traded over-the-counter price

Today's Close - Current day's weighted price for daily volume

Weekly Vol. - Trading volume of the prior week

Change - Change in closing price from day to day

EPS $ - A company's reported earnings per share for the last 12 mths

Daily Vol. - Number of total shares traded today

NAV - Net Asset Value

DIV $ - Dividends per share paid in the last 12 months

N/M - Not Meaningful

P/E - Closing price divided by the last 12 month earnings

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CAROLISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

PAGE 8, Friday, May 14, 2021

THE TRIBUNE

BISX-listed fund eyeing first dividend in decade FROM PAGE ONE

“Some paid rent up until a certain date when they left, and others just left,” Mr Anderson said of One Marina Drive. “As the tourism business comes back in the 2021 second half of the year, we will see more tourism and marina operators come back, and improvements in the occupancy rate at One Marina Drive. “That building is built for tourism. It is currently around 30 percent occupied and 70 percent vacant.” He also acknowledged that financial services-related

“It’s more to diversify out of office space and get into retail. I think we see an opportunity to get back into growing our portfolio particularly where certain assets are not performing as they should be and it’s a time to buy when things are not as strong as they could be. It’s always difficult to find property at the right price.” Acknowledging that shareholder returns have been lacking for the past decade, he said: “The Property Fund is like a yield driven fund, where it gets a certain yield based on occupancies, and it’s been close to ten years since we paid a dividend because occupancy rates reduced steadily over that period ever since the financial crisis and never

tenants at the Bahamas Financial Centre, on Charlotte Street, may also reassess their office space requirements following the switch to home working as a result of the COVID-19 pandemic. Mr Anderson, though, said none of this had stopped the Bahamas Property Fund from seeking out potential acquisition opportunities. “We declined a couple of opportunities over the last six to nine months,” he told Tribune Business, “and are currently looking at one that is not an office space but a shopping centre.

came back. “We are trying to get to where our occupancy numbers across the three properties average 70 percent. Providence House is 100 percent and the Financial Centre at 70 percent now. But with the 70 percent vacancy rate at One Marina Drive we’re closer to 65 percent across the three. “If we get more space occupied this year we may get around to paying a dividend next year.” However, given the weak economy and

increased supply of space in western New Providence, Mr Anderson conceded that the market for high-end “Class A” commercial office space continues to struggle. Citibank has just taken space in the Caves Village corporate centre, moving out of its long-standing Thompson Boulevard headquarters building which is now up for sale. The Property Fund chief said: “There’s very limited demand for office space at the moment. There haven’t

To advertise in The Tribune, contact 502-2394

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 80° F/27° C Low: 65° F/18° C

TAMPA

SATURDAY

SUNDAY

MONDAY

TUESDAY

Mainly cloudy with a thunderstorm

Mostly cloudy with a stray t‑storm

Clouds and sun, a shower; breezy

Clouds and sun with a shower; windy

Mostly cloudy and windy

Partly sunny, a shower; windy

High: 84°

Low: 74°

High: 85° Low: 72°

High: 84° Low: 72°

High: 85° Low: 73°

High: 86° Low: 72°

AccuWeather RealFeel

95° F

72° F

90°-71° F

86°-70° F

87°-72° F

89°-72° F

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

almanac

ABACO

High: 80° F/27° C Low: 74° F/23° C

8‑16 knots

High: 84° F/29° C Low: 74° F/23° C

8‑16 knots

FT. LAUDERDALE

FREEPORT

High: 84° F/29° C Low: 73° F/23° C

W S

WEST PALM BEACH

| Go to AccuWeather.com

TONIGHT

High: 87° F/31° C Low: 68° F/20° C

High: 83° F/28° C Low: 72° F/22° C

MIAMI

High: 85° F/29° C Low: 73° F/23° C

8‑16 knots

KEY WEST

High: 84° F/29° C Low: 77° F/25° C

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 88° F/31° C Low .................................................... 75° F/24° C Normal high ....................................... 84° F/29° C Normal low ........................................ 71° F/22° C Last year’s high ................................. 83° F/29° C Last year’s low ................................... 75° F/24° C Precipitation As of 2 p.m. yesterday ................................. 0.04” Year to date ................................................. 3.36” Normal year to date ..................................... 7.05”

ELEUTHERA

High: 82° F/28° C Low: 76° F/24° C

NASSAU

High: 84° F/30° C Low: 74° F/23° C N

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

10:15 a.m. 10:37 p.m.

2.1 2.8

4:29 a.m. 4:13 p.m.

0.1 0.1

Saturday

10:54 a.m. 11:17 p.m.

2.0 2.7

5:09 a.m. 4:51 p.m.

0.2 0.2

Sunday

11:36 a.m. ‑‑‑‑‑

2.0 ‑‑‑‑‑

5:51 a.m. 5:33 p.m.

0.3 0.3

Monday

12:00 a.m. 12:23 p.m.

2.7 2.0

6:36 a.m. 6:20 p.m.

0.4 0.5

Tuesday

12:48 a.m. 1:16 p.m.

2.6 2.0

7:25 a.m. 7:16 p.m.

0.5 0.5

Wednesday 1:40 a.m. 2:15 p.m.

2.6 2.1

8:17 a.m. 8:18 p.m.

0.4 0.5

Thursday

2.6 2.3

9:10 a.m. 9:24 p.m.

0.3 0.4

2:37 a.m. 3:16 p.m.

sun anD moon Sunrise Sunset

High: 82° F/28° C Low: 76° F/24° C

7‑14 knots

6:26 a.m. 7:47 p.m.

Moonrise Moonset

8:23 a.m. 10:31 p.m.

First

Full

Last

New

May 19

May 26

Jun. 2

Jun. 10

SAN SALVADOR

GREAT EXUMA

High: 83° F/28° C Low: 76° F/24° C

High: 84° F/29° C Low: 77° F/25° C

3‑6 knots

ANDROS

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

uV inDex toDay

CAT ISLAND

been very many entities in the market, and people want to move west. “The commercial property market has been a tough market for at least the last ten to 15 years with the building of a number of office buildings out west, and more space to rent and the relocation of a lot of banks and law firms’ offices out of town. Before the dip in the economy and relocation out west, most people will have seen a significant increase in vacancy rates.”

High: 84° F/29° C Low: 77° F/25° C

W S

LONG ISLAND

tracking map

High: 83° F/28° C Low: 76° F/24° C

3‑6 knots

MAYAGUANA High: 85° F/29° C Low: 77° F/25° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 84° F/29° C Low: 77° F/25° C

GREAT INAGUA High: 86° F/30° C Low: 78° F/26° C

N E

High: 84° F/29° C Low: 77° F/25° C

7‑14 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday:

WINDS N at 8‑16 Knots NE at 12‑25 Knots NE at 7‑14 Knots NE at 10‑20 Knots W at 3‑6 Knots NE at 10‑20 Knots ESE at 6‑12 Knots ENE at 7‑14 Knots N at 4‑8 Knots NE at 12‑25 Knots NNE at 8‑16 Knots ENE at 12‑25 Knots NE at 3‑6 Knots NE at 10‑20 Knots NE at 7‑14 Knots ENE at 8‑16 Knots ESE at 4‑8 Knots NE at 8‑16 Knots SE at 6‑12 Knots ENE at 6‑12 Knots NNE at 7‑14 Knots NE at 12‑25 Knots E at 7‑14 Knots NE at 8‑16 Knots NW at 3‑6 Knots NE at 10‑20 Knots

WAVES 2‑4 Feet 4‑8 Feet 1‑2 Feet 2‑3 Feet 2‑4 Feet 3‑5 Feet 1‑3 Feet 1‑3 Feet 2‑4 Feet 3‑5 Feet 1‑3 Feet 2‑4 Feet 0‑1 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 1‑2 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 1‑2 Feet 2‑3 Feet 1‑3 Feet 1‑3 Feet 3‑4 Feet 3‑6 Feet

VISIBILITY 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 6 Miles 5 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 81° F 80° F 85° F 85° F 85° F 85° F 82° F 82° F 82° F 84° F 81° F 81° F 84° F 84° F 82° F 82° F 81° F 83° F 81° F 82° F 83° F 82° F 82° F 82° F 85° F 84° F