business@tribunemedia.net
TUESDAY, MAY 22, 2018
$4.75
$4.77
$70m Aliv exit delay on Cabinet ‘clarity’ queries By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
T
he Government’s exit from its $70m majority ownership of Aliv has been delayed by the Cabinet’s desire for “clarity and comfort” on the chosen route. Gowon Bowe, pictured, one of the advisers to the planned sale, told Tribune Business that Cabinet ministers had submitted “detailed questions that needed answering” on the private placement offering model that was originally selected as the Government’s exit route. He disclosed that the queries had focused on whether a private placement to Bahamian institutional investors was “the only option” available to the
* Questions on private placement model * ‘Clear instructions to proceed’ awaited * Gov’t warned on delay and ‘ambiguity’
Government, and how this “fits in” with the laws and regulations governing such offerings. The Government would exit 51.75 per cent ownership in Aliv, the second mobile operator, by selling off HoldingCo, the vehicle that holds this equity stake, and Mr Bowe said the
advisers were now awaiting “clear instructions to proceed” from the Minnis administration. He added that the Government had been warned it can ill-afford to cause “confusion and ambiguity” among institutions already approached as potential investors, with lengthy delays also likely to cause a reduced appetite for participation. Mr Bowe said he and fellow offering advisers would be “happy with [Cabinet] consensus”, and did not require unanimity, as they were ready to move “with haste” in placing HoldingCo’s shares once the
go-ahead was received. The Government inherited the private placement model from the Christie administration, which had given its approval to the structure pre-general election. “Ultimately I think the Cabinet, whilst they had agreed to primarily on the same basis they had in place, a number of questions came out from them that they wanted comfort on,” Mr Bowe told Tribune Business. “As they started to think about it, detailed questions came up that we had to answer. We said to them
SEE PAGE 4
Regulator accuses BPL of ‘compromising renewables’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net REGULATORS fear Bahamas Power & Light (BPL) may have “compromised the introduction of sustainable renewable energy in the shortest possible time” by breaching the Electricity Act 2015. The Utilities Regulation and Competition Authority (URCA), in its draft
* URCA says they breached law, licence * Endangers 30% renewables target * Utility-scale, 1-25MW projects delayed order and initial findings, said the utility monopoly had failed to meet its legal obligation to produce a Renewable Energy Plan (REP), featuring timetables and performance benchmarks, within six months of
the Act taking effect. Noting that “more than 27 months have elapsed” since this occurred, URCA expressed concern that BPL’s continued delay was jeopardising the National Energy Policy (NEP) goal of
generating 30 per cent of this country’s energy needs from renewable sources by 2030. It added that BPL’s failure to produce an acceptable REP was also delaying plans
SEE PAGE 6
$4.77
$4.77
Gov’t hotel exit depends if buyer ‘still interested’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net COMPLETION of the Government’s 26-year bid to exit hotel industry ownership now depends on whether the Bahamian purchaser of its last property “is still interested”. Dionisio D’Aguilar, pictured, minister of tourism, told Tribune Business he planned to check with the Lighthouse Yacht Club and Marina’s potential buyer to see if they still wanted to pursue the deal given the length of time that has “elapsed” since the initial offer was submitted. “Someone has offered to buy the property,” he confirmed of the last Hotel Corporation-owned resort. “Their bid was submitted to the Cabinet and approved, but I need to confirm they are still interested. “There has been an offer made and an offer accepted, but I need to make sure the buyer is still interested given the time that has elapsed between when the bid was made and when the bid was accepted. Let me see if he’s decided to buy it.” Both Mr D’Aguilar and Frederick McAlpine, the Hotel Corporation’s chairman, confirmed that the prospective purchaser of the still-closed Andros resort is a Bahamian. They declined to name them, but the latter described
* BAHAMIAN OFFER ON LIGHTHOUSE CLUB * $250K SAVED BY TERMINATING STAFF * TOURISM DEVELOPMENT APPROVAL SOUGHT the buyer as “familiar with the hotel business”, having worked on other boutique Family Island properties. Besides the wait for Cabinet confirmation on the Lighthouse Club deal, Mr McAlpine said the Hotel Corporation Board was also awaiting sign-off on plans to transition into a Tourism Development Corporation - a change that has been “in the works” for almost two decades. Mr McAlpine, the Pineridge MP who has gained a reputation for speaking out against his own government and party, said the failure to complete this transformation has placed The Bahamas “behind” regional competitors, leaving the Government less able to participate in and guide the direction of tourism industry development. “It’s in the works to be sold,” Mr McAlpine said of the Lighthouse Club. “It’s still awaiting confirmation from the Cabinet. We recommended that it be sold and we’re moving towards
SEE PAGE 5
Ownership Registry DPM ‘hopeful’ GDP growth will escape could ‘destabilise’ oil price shocks financial services By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
AN EX-CABINET minister has warned that creating a central Beneficial Ownership Registry could “destabilise” the Bahamian financial services industry and should be shelved “for now”. Ryan Pinder, a former financial services minister, told a Bahamas Financial Services Board (BFSB)-sponsored seminar that the proposal represented “a major shock” for an industry and client base already reeling from the imposition of numerous international regulatory initiatives within just a few years. He warned that the Register of Beneficial Ownership Bill 2018, tabled recently in the House of Assembly,
* EX-MINISTER URGES ITS SHELVING * WARNS OF CLIENT ‘MAJOR SHOCK’ * BAHAMAS MUST HOLD TO ‘LEVEL PLAYING FIELD’
would likely prove especially alarming for the high net worth Latin American clients that The Bahamas is increasingly targeting. Mr Pinder said such clients had legitimate reasons for confidentiality, given the often-high level of crime and political instability in their home countries, and disclosure of their wealth via hacking or data leak from
SEE PAGE 8
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE DEPUTY Prime Minister is expressing confidence that The Bahamas will meet its 2.5 per cent GDP growth target despite rising oil prices, adding: “Hopefully we’ll be able to ride it out.” KP Turnquest, pictured, conceded to Tribune Business that increased energy costs, with global oil prices hitting the $80 per barrel mark last week, could throw the Government’s economic growth and fiscal consolidation plans off course. However, he expressed optimism that a healthy foreign direct investment (FDI) pipeline, combined with
* ‘FINGERS CROSSED’ BAHAMAS ‘RIDES IT OUT’ * ADMITS CONCERN FOR FISCAL CONSOLIDATION * $1.6BN EXTERNAL RESERVES GIVE BUFFER
external reserves just shy of $1.6bn at end-March 2018, would help cushion any reduction in consumer spending and confidence. “That is obviously something we’re watching,” he said of rising oil prices. “It could have an effect on our consolidation plans, so we have to manage it is as an outlier and build in as many
SEE PAGE 4
PAGE 2, Tuesday, May 22, 2018
THE TRIBUNE
Milo Butler Group eyes more growth BAHA MAR GRANTED ‘DEAL OF YEAR’ AWARD THE Milo Butler Group of Companies and its third-generation managing director are continuing to eye expansion opportunities as he celebrates his first year in charge. Damian Butler has guided the company through two retail store openings, expanded his management team by five, and added two new brands to Milo Butler’s wholesale grocery distribution business since taking over as chief executive and managing director on May 1, 2017. The group’s former director of liquor operations, Damian Butler replaced his brother, Franklyn, when the latter became its chairman. Their grandfather, Sir Milo B Butler, the first Bahamian Governor-General, started the business in 1963 selling grocery items throughout The Bahamas. Today, Milo Butler Group Of Companies operates a wholesale distribution arm, retail outlets that include Milo Butler Mart on Baillou Hill Road and the Flying Dutchman liquor stores, along with a growing portfolio of real estate and investment holdings.
DAMIAN BUTLER “We started by filling key roles within the organisation to meet our immediate and long-term plans for growth and expansion. We are well underway with plans to continue the growth in our liquor division, the Flying Dutchman,” Damian Butler explained. He joined Milo Butler in 2003 as information technology (IT) manager, working to incorporate new technology into its operations - from the retail POS (point of sale) systems to billing. In 2015, he spearheaded the rebranding and expansion of the Flying Dutchman into new locations. The brand now operates liquor stores on Baillou Hill Road, Cable Beach, Carmichael Road and Prince Charles Drive,
Frustrated by ‘shooting ourselves in the foot’ EDITOR, The Tribune. I WRITE to express my deep concern that this country is setting itself up to enter the deepest depression it has ever seen, leaving the majority of the population unable to afford electricity and food. As a long-term resident with the right to own my own business, my attempts to finance a new business or obtain a bank loan secured on my own house have met nothing but negative responses. My existing business as a financial and corporate services provider (FCSP) has seen at least 80 per cent of its clients cease their use of The Bahamas as a location for their International Business Companies (IBCs). In many cases they chose to form a Delaware company over the Internet at a cost of under $200 each, where no details
of the owners are required. Such companies can open bank accounts in the US and elsewhere with minimal deposits and documentary requirements. This business used to be the lifeblood of the financial industry in The Bahamas. NO FOREIGN OWNER will allow his IBC to have a local director who must produce accounts. He will move his assets to Delaware, as thousands have already done. What is our Government thinking? What benefits do we receive for agreeing to co-operate with the World Trade Organisation (WTO) and the European Union (EU) financial codes on KYC (Know Your Customer)? We are a sovereign nation fighting to protect our borders and our valuable air space, yet we are shooting ourselves in the foot. Take this scenario:
with another outlet set to come on stream by August 2018. “On the retail grocery end, we have also implemented new operational and marketing strategies to improve the efficiency and performance at Milo Butler Mart on Baillou Hill Road,” said Damian Butler. “We rebranded the store and changed the name from Butler’s Bargain Mart to Milo Butler Mart, with a greater focus on grocery sales, customer rewards and improving product selection to meet the demands of the market.” Under his leadership, the company closed its home goods store located upstairs from Milo Butler Mart. “While our retail grocery store on Baillou Hill Road continues to perform well, the foot traffic and sales at the home goods outlet on the second floor continued to decline and so this month we followed through on the decision to close Milo Butler Home Essentials,” Damian Butler added. The company’s Board of Directors and management team are still seeking new opportunities to grow operations. Milo Butler
Distributors recently acquired the rights to exclusively distribute Blue Ribbon Rice and Ronzoni Pasta in the market. It currently distributes 50 brands, including Juice Bowl, Five Roses, Twinings, Roma, Right Guard and its own private label, Super B canned foods. “We have significant potential in terms of growth and new opportunities for our businesses,” said Damian Butler. “In the near future, we plan to expand our current distribution facilities by 5,000 square feet to improve the overall efficiency. We are also in the process of upgrading our operating systems to allow us to live up to our promise of delivering dependability, innovation and quality guaranteed to our clients.” Mr Butler heads a 110strong workforce spread between New Providence and Grand Bahama. He holds a bachelor’s degree in mathematics and electronics from the University of the West Indies, and also serves on the Board of Directors at Milo B Butler & Sons Investments and Sandy Port Development Company.
BAHA Mar Resorts at Cable Beach.
BAHA MAR has been named as the Caribbean Hotel & Resort Investment Summit’s (CHRIS) Transaction of the Year 2017 award winner. The announcement was made at the CHRIS conference on May 18, 2018, at the JW Marriott Marquis Miami. Kent Schwarz, of real estate firm Colliers International, chaired the Transaction of the Year Award committee. The committee was comprised of hotel industry leaders who selected, reviewed and nominated deals. Information on finalists was then sent to the CHRIS delegates for voting. Baha Mar covers around 1,000 acres (400 hectares) in the Cable
Beach area, featuring three branded hotels in Grand Hyatt Baha Mar, SLS Baha Mar and Rosewood Baha Mar. The trio feature more than 3,000 rooms, and amenities include a casino, convention centre, spa and TPC-class golf course. Baha Mar officially opened for business in April 2017, after being sold to Chow Tai Fook Enterprises (CTFE) for an undisclosed price. Finalists in the Transaction of the Year 2017 category also included the San Juan Marriott Resort & Stellaris Casino in San Juan, Puerto Rico, and the Ritz-Carlton Grand Cayman Resort in Grand Cayman, Cayman Islands.
Letter to the Business Editor 1. We repeal the IBC Act and replace it with a new Companies Act to apply to all new companies. It is too late to apply it to existing companies, most of which have left this jurisdiction or closed their Bahamas bank accounts. 2. To bring accountants, lawyers and all financial institutions into a full reporting regime will be inflationary and lead to increased fees, turning more and more investors away from this jurisdiction and resulting in job losses for well-paid professionals. This, in turn, reduces the disposable income available to buy local goods and go to local restaurants. That is a recipe for economic collapse or devaluation of the currency. Each law firm now needs to employ socalled compliance officers? Why? If a foreigner wants to buy a Bahamas property,
the Investment Board must receive the KYC documents as it is at present. Why change this system? 3. Are mutual fund managers, or mutual fund companies, with thousands of investors caught by the new proposals? Are the Cayman Islands profiting from this loophole of not being required to check every investor? 4. Are the BVI and Turks & Caicos facing the same rules imposed by the EU? A foreign investor, when asked if he would invest in a Bahamas business, said “no” because of the corruption and time it takes to get an approval. Most businesses in The Bahamas pay five taxes: Customs Duties; VAT; Business Licence fees; real property tax; and National Insurance contributions. These can add up to almost 30 per
cent of gross revenue before salaries and rent. VAT is being abused. Talk to shopkeepers: The honest ones and the greedy ones. Some just add 7.5 per cent to every invoice - from the import price to the wholesale price and the sales price, while not passing on the credit they receive when calculating their VAT tax return. To set up a new business to manufacture a bike stand out of recycled plastic, owned 100 per cent by citizens and permanent residents of The Bahamas with the right to own their own business, has proved an almost impossible task. No one believes The Bahamas can manufacture and export anything. So we have decided to do all this in Canada, where a company will manufacture the tools needed at their own cost, and produce the initial 1,000
bike stands for export and sale all over the world. What a pity. This item, if made in The Bahamas, would involve all sales being paid in foreign currency and banked here for increasing the business and employing more Bahamians. If foreigners were enticed to invest in this business here, all profits would go to them and little advantage to The Bahamas economy except for the jobs and the bank accounts. All these questions need answering before The Bahamas decides to give up its own sovereignty. The only beneficiaries in this saga will be the lawyers, employed to challenge all the breaches of our constitutional right to privacy among other things. FRUSTRATED BUSINESS MAN May 21, 2018.
THE TRIBUNE
Tuesday, May 22, 2018, PAGE 3
RBC MORTGAGE LENDER ‘NOT WHERE WE NEED IT’
By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net
ROYAL Bank of Canada’s (RBC) mortgage lending arm “is still not where we need it to be”, the bank’s top regional executive has conceded, despite improvements elsewhere in its portfolio. Rob Johnston, head of RBC Caribbean Banking, said that while the bank has “looked at” removing bad debt from its balance sheet, it has enjoyed success with debt
restructuring - except at BISX-listed Finance Corporation of The Bahamas (FINCO). “Our business clients are enjoying some of the economic activity that is coming back into The Bahamas,” he said. “That portfolio for RBC is really strong. Our corporate portfolio is very strong. In fact, we have absolutely no delinquency in our corporate portfolio. “Our personal banking business in The Bahamas bank is very strong and,
RBC: BAHAMAS DIGITAL USAGE ‘ABOVE FORECAST’ By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net ROYAL Bank of Canada’s (RBC) top regional executive says use of its digital platform in The Bahamas is “well above forecast”, with increasing demand for more availability and functionality. Rob Johnston said RBC’s digital push has been “extremely well received” by Bahamians. “Our move into online banking, and our mobile banking platform, has been extremely well received by Bahamians. In fact, there was a pent-up demand,” he said. “Bahamians have actually more smart phones and devices than most countries in the world per capita. They are used extensively for social and other applications. Now Bahamians are starting to see how they can be used to make things easier; save time, money and add convenience. Our adoption and utilisation is well above forecast. Now, rather than perhaps some resistance, we are getting demand for increased functionality, more availability.” Mr Johnston added:
again, we are not concerned at all. Where we have not been able to make the same progress is with our clients who are dealing with FINCO. Our mortgage experience is still not where we need it to be, and there are a number of reasons why.” Mr Johnston added: “We are working with the judiciary, the Government and other stakeholders to try and help clients get that part of their stability where they want it to be. People don’t want to be worrying
SEE PAGE 7
told Finance Corporation of The Bahamas (FINCO) shareholders at the time that recurring non-performing loan woes were largely responsible for the two-thirds drop in total comprehensive income. Non-performing loans rose by more than $5m in the three months to endJanuary 2018 to hit $126m, which Mr Johnston said represented a 6 per cent year-over-year rise and 4 per cent increase on the $120.87m at year-end 2017. Mr Johnston said RBC
has looked at moving bad debt off its books. “We are looking at it. I wouldn’t be genuine if I didn’t. You have to look at options. To date we haven’t made that choice,” he said. “We have found that we have been successful structuring facilities for our individual clients. We have been on occasion required to take possessions of homes, and we have been able to sell them into the market. Selling parts of a portfolio is a viable option and we have looked at it.”
Manufacturer warning on WTO ‘irreparable damage’ By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net
“As clients use online and mobile banking and ATMS for the more day-to-day activities, that leaves more times in our branches to do things that are more complex. People who have problems that need solving, people who need advice and solutions. We now have more capacity in our branches than we would have and previously.” RBC stopped cashing cheques, accepting bill payments, taking deposits or buying and selling foreign currency for non-customers on January 2. It now only cashes government cheques and pension cheques for non-clients.
whether they are going to lose their home. “We are not in the business of taking people’s homes from them. We want to help people find ways to make ends meet but also honour their obligations. That’s that fine balance that we are prepared to, at the individual client level, find the right answer.” Tribune Business reported last month that RBC FINCO reported a 67 per cent year-over-year slump in 2018 first quarter profits. Mr Johnston
BAHAMIAN manufacturers are warning of “irreparable damage” to the sector if current protective tariffs are not maintained when The Bahamas accedes to full World Trade Organisaton (WTO) membership. The Bahamas Light Industries Development Council (BLIDC) is urging the Government to be mindful that many of its members rely on protective tariffs to effectively compete with foreign rivals in the domestic market. While commending the Government for its WTO private sector consultations, the BLIDC said substantial concerns remain. “The Bahamas Light Industries Development Council (BLIDC) have unique concerns,” it said in a statement. “Many of our members rely on protective tariffs on the products we produce in order to remain competitive locally. The protective tariffs are critical to our ability to remain
active in the business community and continue employing Bahamians. “In light of this, it is of utmost importance that the Government take note of the protective tariff rates that have been requested. Further we ask that in transparency, the Government share the rates that are eventually submitted to the WTO for negotiation.” The Council added: “The light industries sectors, comprised of manufacturing, light industries and agro-processors, strongly contribute to the health of the local economy and employ no less than 3,800 Bahamians. “The viability of manufacturing directly correlates with being able to operate on a level playing field, which is currently compromised by high electricity rates, costly labour and limited production scale. “WTO membership may, in some instances, address scale, but can only be attained if high input costs are tackled. Consequently,
in the current environment, protective tariffs on the products we produce is the primary mechanism enabling manufacturers to remain competitive. Irreparable damage will likely be done to the sector if these tariffs are not maintained.” The BLIDC also warned that encouraging foreign direct investment (FDI) should not come at the detriment of existing Bahamian businesses. “If local interests are not safeguarded, negative effects could completely negate the positive
effects noted from accession,” it said, calling for a “comprehensive balanced approach” that protects local businesses while encouraging investment in others”.
To advertise in The Tribune, contact 502-2394
COMMERCIAL BUILDING FOR SALE This attractive building located on Jerome Ave in high traffic area is currently fully rented and is an ideal investment. Price: $398,000 ONO. CALL 427-6969 or 465-2943
PAGE 4, Tuesday, May 22, 2018
THE TRIBUNE
$70M ALIV EXIT DELAY ON CABINET ‘CLARITY’ QUERIES FROM PAGE ONE
that given the question process we need clear instructions to proceed, because we can’t cause confusion and ambiguity with the people [investors] involved with this. We’ve approached them on one model and process.” The structure agreed with the Christie administration was a private placement model, where HoldingCo’s shares would be sold to a targeted group of “sophisticated” institutional investors. Those institutions are the likes of Bahamian pension funds, investment/ mutual funds and credit unions - entities covering thousands of members, and thus ensuring the broadest possible Bahamian ownership and spread of benefits. Other “exit” routes, such as an initial public offering (IPO), were rejected on the basis that Aliv, as a start-up operation that will
incur initial heavy losses while it completes its infrastructure build-out, was not appropriate for retail (individual) investors. This view has been met with some public opposition, and Tribune Business sources have suggested some well-placed government members were keen on an initial public offering (IPO). Mr Bowe said one Cabinet question was whether the private placement is “the only option available to them”.
“It’s been around providing the evidence and supporting details around the various options and considerations presented to the previous Cabinet,” he explained of the “question and answer” moves. “They want to be clear how the chosen path fits in, and there are no other options around given the laws and regulations that exist. “The original [Christie] Cabinet decision and instructions have not changed. It’s just the
Cabinet wanted clarity and to be properly briefed. Whilst from a commercial and economic standpoint we’d like to be out the gate and doing the placement, we are respectful of the fact the Government is the shareholder and it’s in their prerogative to make sure they understand. “It comes down to HoldingCo and the administration communicating so there’s clarity in purpose. There’s been no objection to the information feedback. It’s just making sure they have the answers to the questions they have.” The Government’s investment in Aliv, via HoldingCo, was always intended to be temporary. It was made to ensure the new mobile operator had the necessary financing to get its operations off the ground, and was not delayed in meeting its infrastructure build-out and licensing obligations. Its replacement by private investors, though, has
been more than two years’ in the making. The Government’s exit was delayed by last year’s general election and, despite Prime Minister Dr Hubert Minnis’s confirmation early in his administration that it would see the process through, this has yet to occur. The Government has already cited the HoldingCo sell-off, and potential reduction of its equity interest in the Bahamas Telecommunications Company (BTC), as two events that would help it achieve the objective of creating a “shareholder society” and spreading wealth creation/accumulation more widely among Bahamians. It also represents “lowhanging fruit” for the cash-strapped Public Treasury, as the potential $70m proceeds - if fully placed - will represent a major one-time cash injection that can significantly reduce an annual deficit currently
exceeding $300m. It will thus finally enable the Government to realise the fees paid by Cable Bahamas, Aliv’s controlling shareholder, for winning the licence. “I will be happy with consensus; I don’t need unanimity,” Mr Bowe said of the Cabinet. “What we need, by consensus, is that everyone who is a decisionmaker in this process, the Cabinet, understands this is the route being taken. “We’ve articulated to them that the more time passes, the more anxiety comes about in terms of clarity on the road ahead. Once there’s confirmation of the original decision or instructions otherwise are sent out, we will mobilise with haste to get it done. “A lot of the leg work has been done, more information [on Aliv] is available. The framework already exists, and the build-out of the structure is easy enough once everyone is of the same accord.”
DPM ‘hopeful’ GDP growth will escape oil price shocks FROM PAGE ONE
www.ub.edu.bs
CAREER OPPORTUNITY SENIOR MANAGEMENT
Suitably qualified candidates are invited to submit applications for the following position available at University of The Bahamas:General Counsel, who will serve as the chief legal officer of the University of The Bahamas’ system, and provide legal guidance and counsel in executive and policy decision-making to the Board of Trustees and senior leadership. Among the duties and responsibilities are: • Managing the University’s legal representation in all litigation and administrative proceedings; • Providing counsel and advice concerning compliance with laws of The Commonwealth of The Bahamas and all UB Act statutes and regulations affecting tertiary education, including preventative legal services and legal representation in monitoring and resolving disputes that may lead to litigation; • Subject to direction of the Board of Trustees and President, resolving all legal claims and initiating and appealing all lawsuits and administrative proceedings; • Managing outside counsel budgets, issuing contracts for legal services and retaining outside counsel on behalf of all University units; • Providing administrative leadership to the Board of Trustees in litigation reviews; • Serving as attorney to the Board of Trustees in legal matters and communicating legal issues and concerns to the attention of the Trustees, President, and senior leaders; • Reviewing all Board resolutions and policies for form and legality. Among the essential qualifications are at least 10 years of experience as a practicing attorney in a sophisticated environment such as a large law firm, government agency, university, non-profit organization or corporation and a J.D. LLB and /or LLM degree from an accredited law school. Proven success in providing legal guidance in the context of complex organizations and a deeply held commitment to, and belief in, the value of collaborative decision-making are also essential. A detailed position announcement is available online at: http://www.ub.edu.bs/about-us/career-opportunities/ . Applicants should electronically submit via hrapply@ub.edu.bs, to the attention of the Vice President, Human Resources the following documents by Thursday, 31st May, 2018: • A completed University of The Bahamas Application for Employment (available at (www.ub.edu.bs/wp-content/uploads/2017/01/Applicationfor-Employment-Staff.pdf); • A cover letter of interest highlighting work experience and accomplishments relevant to the position; • Current Curriculum Vitae or Resume; and • The names and contact information of three professional references
contingencies as we can. “Where we have a rise in oil prices it affects the amount of investment dollars and consumer confidence. Those are factors we have to watch, but hopefully the oil price will not rise too much further and we will be able to contain the risk in the envelope we have developed.” Many analysts are predicting that prices will continue to rise past $100 per barrel, driven by supply cuts from key Oil Producing and Exporting Countries (OPEC) members, particularly Saudi Arabia and Russia. Much of the world’s oil reserves are located in volatile and politically unstable regions, such as the Middle East and Venezuela, and Donald Trump’s decision to withdraw the US from the Iran nuclear deal has helped spark last week’s price surge amid fears of supply interruptions following the renewed imposition of sanctions. The Bahamas relies 100 per cent on imported fossil fuels for virtually all its energy needs, making it especially vulnerable
to upward movements in global oil prices - something acknowledged by Mr Turnquest. “In an open economy these are risks we are constantly faced with,” he told Tribune Business. “We don’t control them. It only gives credence to the fact that during periods of declining oil prices we ought to be investing in alternative energies and encouraging persons to invest in alternative energies, as well as energy efficient equipment. “Fortunately for us we have very healthy reserves, so hopefully we will be able to ride it out, hope it’s
a temporary issue and get back to more normal prices in short order. It does have an affect on the reserves, but we have no concerns at the moment.” Mr Turnquest conceded that further, sustained oil prices will cause investors and consumers to “pull back” due to the resulting uncertainty. Yet he added: “At the moment we have very healthy investments in the ground, so we have confidence that we’ll be able to meet that [2.5 per cent] growth or not be too much off. “We feel pretty confident where we are, fingers crossed and all that.”
THE TRIBUNE
Tuesday, May 22, 2018, PAGE 5
Gov’t hotel exit depends if buyer ‘still interested’ FROM PAGE ONE that, hopefully soon. We forwarded our recommendation and are just waiting to hear from the Cabinet of The Bahamas in that regard.” Confirming that the chosen purchaser planned to “refurbish and rebuild” the Fresh Creek property, which has been closed ever since Hurricane Matthew’s devastation of October 2016, Mr McAlpine said of the buyer: “It is a Bahamian who is familiar with the hotel business. “They are very familiar with the hotel business because they have also done work with other hotels on the Family Islands. We wanted to choose someone who at least is familiar with being able to deal with it as a project.” Mr McAlpine told Tribune Business that the Hotel Corporation had managed to save taxpayers some $250,000 by terminating the Lighthouse Club’s 20-plus staff and paying them due severance, after the Christie administration kept them on despite the hotel being closed. “We were paying people for a year who weren’t working because of the closure of the hotel, and we were able to terminate them without any problems,” he said. “We gave severance to probably 20-plus staff, and were saving the Corporation thousands of dollars because we no longer had to pay them. We were paying over $250,000 to keep them on staff.” Numerous attempts to sell the 20-room Lighthouse Club, whose amenities include a 30-slip marina, pool and tennis court on 11 acres of beachfront land, have been made before with little success. The last Ingraham administration was trying to negotiate a sale to Illinois-based Scheck Industries when it left office in May 2012, in a bid to end financial bleeding that was costing the Hotel Corporation some $500,000 per year. Under the proposed agreement with the then-Ingraham administration, land and investment incentives would have been released to Scheck in accordance with “timeframes and milestones for development”. The company had proposed a $15m investment in the first phase, and construction and full-time jobs of 50-plus, but nothing further was heard of Scheck once the Christie administration took office. Tribune Business then revealed in 2014 that rival Bahamian-led bids with strong Andros connections were battling to acquire the Lighthouse Club. Prescott Smith, owner of Stafford Creek Lodge, confirmed he was heading one group, while Vanlock Fowler, owner of
Nassau-based All Purpose Steel Company, confirmed he was part of another. Again, though, no deal was closed. The property remains shuttered, with the Matthewrelated damage not repaired, resulting in the Minnis administration offering the assets on an “as is” basis when it began marketing the Lighthouse Club for sale last September. The land upon which the Lighthouse Club sits is more valuable than the buildings and, together with the sale, Mr McAlpine said the Hotel Corporation’s Board had also submitted plans and timelines for transforming itself into a Tourism Development Corporation. “We’re looking forward to moving from a Hotel Corporation to a Tourism Development Corporation,” he told Tribune Business. “That should also be a primary goal to realise. “That has been put to Cabinet, and we’re awaiting their approval. The Hotel Corporation has done its due diligence and everything we have done has been forwarded to Cabinet. That was my hope; to transform or go
through the metamorphosis from a Hotel Corporation to a Tourism Development Corporation, which has been in the works for 20 years.” Mr McAlpine said he was unsure whether the Hotel Corporation and Tourism Development Corporation would exist as separate, standalone entities, or if one will be the subsidiary of the other, as the corporate structure has yet to be determined. “I’m hoping we can transition to the point where everything comes under the Tourism Development Corporation rather than the Hotel Corporation but, for legal purposes, we may have to have the two,” he revealed. “With the Tourism Development Corporation we can do more to develop tourism. We have to encourage tourism development and be part of it, whether it’s eco-tourism or boutique hotels. We can have a say in the development of the industry and the things being done.” A Tourism Development Corporation has been planned since the 2002-2007 Christie government, but has yet to come into fruition
UNIQUE VACATIONS LIMITED
VACANCY
Social Media Coordinator Unique Vacations is looking for an ambitious, hardworking, social media guru who lives and breathes digital media. Candidates for this position will be the first to check social media in the morning to see the latest news and trends. Finally, we need the ultimate team player that can handle a constantly changing digital landscape and fast paced environment.
Job Summary: • • • • •
Work with Social Media Manager and Social Media Team to execute cohesive and engaging social media campaigns across the Sandals and Beaches Resorts social media accounts Execute Sandals and Beaches Resorts social media messaging and interactions across all social media platforms, including but not limited to Facebook, Twitter, Instagram, Snapchat, Youtube, etc. Monitors effective benchmarks (best practices) for measuring the impact of Social Media campaigns. Analyze, review, and report on effectiveness of campaigns in an effort to maximize results. Assist with developing and managing our social media campaigns Consistently engaging with the Sandals and Beaches Resorts existing fan base
Experience/Skills/Qualifications: • • • • • • •
Minimum of 2 years of social media or digital marketing experience. Strong copywriter with ability to proofread Ability to work in a fast paced work environment, managing multiple tasks across multiple teams. Must be a team player, contributing ideas in large group meetings and possessing superior and persuasive communication skills Bachelor’s Degree in Marketing and/or Media/Communications preferred. Exceptionally well organized and good attention to detail Creative thinker with strong writing skills
Only short listed candidates will be contacted. Interested persons should submit their applications by May 23rd, 2018 with curriculum vitae to hrreport6@gmail.com
under three successive administrations. Its role would likely involve attracting investors, and even partnering with them in joint ventures, given the significant landholdings it will inherit from the Hotel Corporation. The latter’s remaining assets include about 3,200 acres of undeveloped land in Eleuthera, in the area of Winding Bay and Half Sound, plus property on Andros. “We still own a lot of property in Eleuthera and Andros,” Mr McAlpine confirmed. “We’ll be selling the
land, and using the land for development of other things.” He added that Prime Minister Dr Hubert Minnis had identified the Tourism Development Corporation’s creation as an early goal, and said: “This has been in the making for a very long time. A lot of work has been done on its development. “It’s the future. We’re behind in this regard. Many of the countries in the region have developed Tourism Development Corporations to develop their industries. It’s something that’s needed,
and needed to move us forward. A successful sale of the Lighthouse Club would seemingly mark the end of a 26-year process, begun under the first Ingraham administration in 1992, with the sales to Sandals and SuperClubs Breezes, to extricate the Government from the business of hotel ownership. It will also mark the end of an inglorious chapter under the Pindling administration when millions of taxpayer dollars were wasted in trying to prop up failing, loss-making hotels.
PAGE 6, Tuesday, May 22, 2018
THE TRIBUNE
Regulator accuses BPL of ‘compromising renewables’ FROM PAGE ONE
“by several commercial entities” to introduce renewable self-generation projects that will generate between one Mega Watt (MW) to 2.5 MW of energy, with any excess sold to the utility’s grid. With only Small Scale Residential Generation (SSRG) of up to 100 kilowatts currently permitted, such projects - as well as utilityscale renewable generation - fall into a ‘hole’ outside the existing legal and regulatory regime. While BPL did submit an REP on April 28, 2016, URCA said this failed to meet the Electricity Act’s requirements. It is alleging that the state-owned monopoly has subsequently failed to remedy these deficiencies, which has also left it in breach of its licence obligations as well as the Act. URCA’s “bite”, though, appears less than its bark. To rectify these violations, its draft “Order” requires BPL merely to submit a revised REP that complies with its previous recommendations - and includes provision for utility-scale renewable generation - by July 21, 2018. Fines will only be
considered if BPL fails to meet this demand. And, should they become necessary, they will likely be equivalent to one per cent of turnover - increasing by “one hundredth of one per cent”, or 0.01 per cent of BPL’s daily turnover, until such time as the penalty is paid. Still, the timing of URCA’s findings is especially awkward for BPL, as it coincides with rising oil costs that last week pushed per barrel prices beyond the $80 mark. Given that The Bahamas and BPL - are 100 per cent reliant on fossil fuel for all energy needs, rising oil prices automatically translate into increased energy costs for Bahamian households and businesses. The introduction of renewables into The Bahamas’ energy mix has been a “hot topic” for at least a decade, given the widely-held perception that this nation could become a leader in this industry, amid the need to counter rising energy prices and the environmental impact of oilbased fossil fuels. However, the absence of an enabling legislative/ regulatory regime has often been cited as a key reason for why renewable energy penetration has been slow,
NOTICE OF PETITION COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Family Division
TO:
2018/FAM/div/00038
DANIELA LOURDESS CHARLTON (nee) RAJCEVAC
TAKE NOTICE that a Petition for dissolution of marriage has been presented to the Supreme Court of the Commonwealth of The Bahamas by KAMARI KENYADA CHARLTON indorsed with a notice to you to enter an appearance within 28 days after the date of this publication and to file an answer to charges therein. In default of your doing so the court will hear the evidence and pronounce judgment. Dated this 3rd day of May, A.D., 2018 Pyfrom Farrington Chambers Grosvenor Professional Park & Medical Centre Suite #6, Shirley Street Nassau, Bahamas
with access to financing also considered a major obstacle. URCA’s findings at least represent an effort to tackle some of these hurdles. Darnell Osborne, BPL’s chairman, declined to comment on URCA’s findings on the basis that neither she nor the utility’s attorneys had yet studied them. She added that she also needed to speak to BPL’s chief executive, Whitney Heastie, who is presently travelling “I have no comment at this time,” she said. “I have to look at it in detail. Mr Heastie is travelling, and I need to speak to him. I have no comment until we have our attorneys look at it.” URCA, however, said it was concerned by both the inadequacies of BPL’s initial REP as well as the utility’s failure to meet its timeline for making changes. “URCA is concerned that BPL’s failure to formulate and submit an RFP in accordance with the requirements of the Electricity Act compromises the achievement of the policy objectives regarding introduction of sustainable renewable energy in The Bahamas in the shortest possible timeframe,” the regulator warned. “The current National Energy Policy established in September 2014 for the period from 2013 to 2033 has as its core objective the increasing inclusion of sustainable renewable energy sources into the generation mix in The Bahamas. “The National Energy Policy focuses on the development of indigenous energy resources with the goal of increasing the percentage of renewables in the energy
mix to about 30 per cent by 2033.” URCA said it had called upon BPL to revise its initial REP in an August 28, 2017, letter. It sought a plan for incorporating utility-scale renewables into The Bahamas’ energy mix; a three-year timetable of initiatives that can be introduced and measured against performance; and specific utility-scale projects that can be developed. While finding that the first REP “would not promote the goal of the National Energy Policy”, URCA acknowledged that BPL’s approach of splitting “smallscale” and “utility scale” generation had merit. That gave rise to the current SSRG scheme, implemented in April 2017, which allows commercial and residential customers self-generating up to 100 kW to sell any excess back to the grid. The regulator, though, deemed other aspects of BPL’s REP as “vague”, and failing to meet the key objective of timelines and actions for introducing renewable energies to meet the National Energy Policy’s “30 per cent” goal. It also called for specifics on how BPL would finance and develop utility-scale renewable energy projects, adding that the initial REP made no room for independent power producers (IPPs) - other renewable energy suppliers - to be integrated into the mix. BPL sought an extension to meet these demands, creating concerns at URCA that its “approach appears to lend itself to a lack of action in the short to medium term”. “URCA advised BPL that
it considered that delaying even the discussion of renewable energy initiatives for a further six months would have been unsatisfactory,” URCA said. It replied that an extension would only be granted if BPL took “immediate steps to accommodate the introduction of a reasonable quantity of renewable energy capacity from renewable energy self-generation customers to BPL’s grid during the period required by BPL” to address its own renewable planning. Warning that the delays were already having consequences, URCA said “the most disturbing aspect of BPL’s contravention... is the delay to the introduction of large-scale renewable energy projects in The Bahamas”. It added: “URCA was aware of inquiries by several commercial entities which were seeking to pursue renewable energy self-generation projects of capacity between one MW and 2.5MW, confirming to BPL that there was already significant interest from existing commercial entities in The Bahamas who were desirous of generating energy for their own use using renewable energy sources and selling excess energy to BPL for use in its system.” URCA said such proposals fell into the “gap” between the SSRG programme and utility-scale projects, and called on BPL to “take steps to implement interconnection arrangements for this class of commercial customers forthwith”. The regulator said BPL’s alleged breaches of the Electricity Act had also placed
the utility in violation of its 25-year licence, which requires it to comply with its governing law and URCA regulations plus develop procurement procedures for utility-scale renewables. To remedy the situation, URCA is calling on BPL to submit a revised RFP that details the “appropriate mix” of renewable energy sources, and timelines for when and how they will be introduced; grid improvements; the financing plans for such projects; the impact on consumer tariffs; system reliability; and the progress made. “URCA is of the view that BPL’s REP should seek to ensure the implementation of at least one utility scale renewable energy project (a project of at least 2.5MW generation capacity) operational within 18 months of its implementation,” the regulator added. It is also proposing that, within six months of any adverse findings, that BPL initiate a programme for “no less than 20MW of renewable energy generation capacity” on New Providence and capacities that are “feasible” for other Family Islands./ URCA now awaits BPL’s response to its findings.
To advertise in The Tribune, contact 502-2394
THE TRIBUNE
Tuesday, May 22, 2018, PAGE 7
RBC: BAHAMAS DIGITAL USAGE ‘ABOVE FORECAST’ FROM PAGE THREE
- and standing orders for credit cards discontinued from January 31, 2018. Last Friday, announced that RBC Future Launch, RBC’s signature initiative focused on equipping youth with the opportunities and skills to succeed in an ever-changing and technologically-evolving workforce, will be coming to the Caribbean.
Deposits and transfers to other RBC clients’ accounts are also no longer accepted over-the-counter in branches, other than those for FINCO clients. The bank also ceased its FastDeposit service on January 15, while wire transfers were not processed over-the-counter
“RBC Future Launch was launched in Canada about a year ago. It was our view about what’s necessary to engage youth differently and prepare them for a world of work that we really don’t understand what it will be in the future,” said Mr Johnston. “We do know that there are things we can do today to prepare youth for tomorrow
CLOSURE
www.ub.edu.bs
The University of The Bahamas Oakes Field Campus and Grosvenor Close Centre will close early at 12:00p.m. on Thursday, 24th May, 2018 in preparation for the Spring 2018 Commencement scheduled to be held at the Thomas A. Robinson National Stadium, beginning at 4:00p.m. However, Chapter One Bookstore will remain open, as normal, until 6:00p.m. Additionally, UB-North in East Grand Bahama will close at 1:00 p.m. on Thursday, 31st May, 2018 in preparation for Spring 2018 Commencement scheduled to be held at the Grand Lucayan Resort, beginning at 6:30 p.m. UB’s Oakes Field Campus and UB-North will reopen as normal on Friday, 25th May and Monday, 4th June, 2018 respectively. We apologize for any inconvenience caused.
Managing Editor The “People’s Paper” is looking for a unique, dynamic individual with a proven track record of leadership, teaching and the ability to excel in leading our editorial team. As the second-in-command (reporting to the Publisher) the Managing Editor is key leader of our team requiring an unrivalled range of professional and technical skills. LEADERSHIP BY EXAMPLE: • Creating a culture of creativity, invention and productivity by encouraging feedback and ongoing performance coaching using the candidate’s skills to teach Bahamian journalists how to excel in the demanding and fast moving world of news and information, in which we now live • Establish and ensure strict adherence to all editorial standards • Implement individual development opportunities for team members; develop newsroom strategies and day-to-day tactics for efficiently managing the workflow of the organisations • Coordinate with the News Editor for the assignments, duties, writing, editing and approval of all copy; create public affairs programmes as well as support our ongoing charity events EXPERIENCE & QUALIFICATIONS REQUIRED: • A Bachelor’s degree with previous top level managerial experience • 10+ years previous experience in a senior management post having successfully demonstrated the ability to handle the pressures of a deadline driven, breaking news-orientated company • Previous experience in managing a successful organisation - having built upon and grown its news content - while maintaining a detailed eye towards controlling costs in a highly competitive environment. • Experience in managing projects in a fast-paced news environment; while at the same time maintaining the ambitious deadlines to the daily news cycle • Ability to write headlines and compelling articles, while possessing the ability to adapt to change to embrace new opportunities, as an integrated member of our team THE SUCCESSFUL CANDIDATE MUST POSSESS: • Proficiency in WordPress, HTML5, MPEG, JPG, CSS & CCI/MySQL Databases and experience with PDF and online video creation and production • Proficiency with Photoshop, Adobe InDesign, Scribus or other publishing software • Knowledge of AP Stylebook, Google Analytics, and metric reporting as well as full proficiency with British grammar and laws of defamation • Capable of organising training opportunities for upcoming journalists; encourage each team member to pursue and develop their skills • Ability to travel/work nights, weekends and overtime with little or no notice • Must be “on call” 24 hours a day / 7 days a week to respond to breaking news or other unexpected events or hurricanes Please apply in writing to:
The Publisher c/o The Tribune P. O. Box N-3207 Nassau, N.P, The Bahamas
even without that clarity; things like developing work experiences, acquiring skills, building networks, finding mentors, all of that we can enable today and there is no doubt it will be a part of tomorrow He added: “Financial services is dynamic, it’s growing and becoming increasingly complex. We need new skills, we need new backgrounds. We hire today data scientists, engineers, application development, strategists, economists. Across the whole spectrum of education and spectrums you will find those in RBC. Financial services are complex ecosystem; both internally and the way we interact with governments and corporations and clients.” Mark Beckles, RBC’s senior director of youth
strategy and innovation, said: “RBC Future Launch is RBC’s most explicit expression to helping our clients and, more specifically, communities prosper by ensuring that the youth have every opportunity to be successful as they prepare for the future of work. “What is happening is young people are growing up and they don’t have
a basic understanding of how to manage their financial affairs. What we are doing as an organisation is we are supplementing that curriculum by providing on the RBC Future Launch web site utilities for young people and parents to be able to go on to that website and build their won competencies around financial literacy.”
To advertise in The Tribune, contact 502-2394
PAGE 8, Tuesday, May 22, 2018
THE TRIBUNE
OWNERSHIP REGISTRY COULD ‘DESTABILISE’ FINANCIAL SERVICES FROM PAGE ONE
a Bahamian ownership registry - could place their lives and their families in jeopardy. The former minister urged the Government to delay the Beneficial Ownership Registry until global standards on the issue further evolved, and instead focus on complying with the European Union’s (EU) demands
RYAN PINDER for “economic substance” and the elimination of “ring fencing”. He added that the
Bahamian financial services industry could ill-afford further “shocks and challenges” until the revamping of its business model, and a clearly defined “value proposition” and growth strategy, were developed and implemented. “Leave the Register of Beneficial Ownership Bill 2018 alone for now and focus on “economic substance” and “ring fencing” matters,” Mr Pinder recommended to
the Government. “Address [the] Beneficial Ownership Register at a later date after we re-define our value proposition and make some substantial advances.” K P Turnquest, the Deputy Prime Minister, previously told Tribune Business that the proposed Beneficial Ownership registry will have “the most stringent controls” when it comes to data protection and information security.
MARKET REPORT THURSDAY, 17 MAY 2018
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,941.40 | CHG 3.84 | %CHG 0.20 | YTD -122.17 | YTD% -5.92 BISX LISTED & TRADED SECURITIES 52WK HI 4.40 19.17 7.50 3.76 1.64 0.19 4.50 8.90 6.60 5.30 11.50 2.71 1.60 8.21 6.10 11.48 7.29 13.67 12.51
52WK LOW 3.50 17.43 7.50 3.32 0.90 0.12 3.30 8.40 6.00 3.15 9.00 2.30 1.40 7.25 6.00 8.78 5.67 3.35 12.01
1050.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01
1.00 100.00 100.00 100.00 105.00 100.00 100.00 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 100.00 100.00
52WK LOW 100.00 100.00
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +
SYMBOL FBB18 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) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
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
MUTUAL FUNDS 52WK HI 2.13 4.14 1.99 178.69 153.40 1.55 1.70 1.62 1.10 6.99 8.54 6.15 10.52 11.46 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.48 1.62 1.57 1.04 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 4.40 17.43 9.09 3.35 1.00 0.18 3.35 8.89 6.10 3.82 10.05 2.62 1.60 7.72 6.10 10.44 6.43 4.20 12.51
CLOSE 4.40 17.43 9.09 3.35 1.00 0.18 3.35 8.89 6.12 3.85 10.05 2.62 1.60 7.70 6.10 10.60 6.43 4.20 12.51
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.03 0.00 0.00 0.00 -0.02 0.00 0.16 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 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 100.00 100.00
CHANGE 0.00 0.00
108.98 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-0.20 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
LAST SALE 100.00 100.00 109.18 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
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
VOLUME
22,140
VOLUME
EPS$ 0.361 0.932 -0.306 0.281 -1.133 0.000 -1.465 0.638 0.573 0.171 0.627 0.102 0.330 0.000 1.129 0.679 0.610 0.293 0.543
DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.320 0.220 0.120 0.620 0.060 0.050 0.084 0.320 0.500 0.200 0.120 0.580
P/E 12.2 18.7 N/M 11.9 N/M N/M -2.3 13.9 10.7 22.5 16.0 25.7 4.8 N/M 5.4 15.6 10.5 14.3 23.0
YIELD 1.82% 6.48% 0.00% 6.87% 0.00% 0.00% 0.00% 3.60% 3.59% 3.12% 6.17% 2.29% 3.13% 1.09% 5.25% 4.72% 3.11% 2.86% 4.64%
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 6.00% Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
NAV 2.14 4.13 2.00 179.39 135.02 1.55 1.68 1.63 1.09 7.15 8.14 6.41 11.26 11.68 10.24
YTD% 12 MTH% 0.31% 4.30% 0.16% 5.93% 0.17% 2.36% 4.66% 3.89% 5.58% 6.65% 1.04% 4.26% -1.06% 2.15% 0.58% 3.61% -0.48% 4.84% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%
MATURITY 31-May-2018 19-Oct-2022 20-Nov-2029 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 NAV Date 31-Mar-2018 31-Mar-2018 30-Mar-2018 31-Mar-2018 31-Mar-2018 31-Mar-2018 31-Mar-2018 31-Mar-2018 31-Mar-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
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
It will not be accessible to members of the general public, and he said it was “not an unreasonable guess” to suggest that The Bahamas would follow the Cayman Islands’ lead by establishing a registry that is neither “in the cloud” or linked to the Internet, in a bid to eliminate the threat of hacking and/or data leaks. Mr Pinder, though, said such pledges were unlikely to allay the legitimate confidentiality/privacy concerns of many Bahamian high net worth clients and their advisers. “Despite maintaining that a Beneficial Ownership register will be private, this will not satisfy the legitimate data protection concerns,” he argued. The now-Graham Thompson & Company attorney and partner pointed to previous “high profile” and Bahamian database hacks and breaches as one factor, along with the absence of global standards for such Beneficial Ownership Registries. “Many G-20 countries themselves do not have such legislation. We still need to continue to insist on a level playing field,” Mr Pinder said, suggesting that The Bahamas needed to wait and assess the fall-out from the UK parliament’s decision to pass legislation forcing the likes of the Cayman Islands, British Virgin Islands (BVI) and Bermuda to implement public registries by 2020. Mr Pinder said The Bahamas’ current regulatory regime, where supervisory authorities and the courts could obtain beneficial ownership information on all Bahamas-incorporated entities from the relevant “registered agent”, was sufficient to meet this nation’s obligations. “The Bahamas has focused on, and successfully attracted clients from Latin America, a new region,” he warned. “Latin American clients have a specific concern about privacy as they live in an environment where kidnapping, victimisation and even murder can be commonplace. A Beneficial Ownership Registry could drive this business away. “The significant amount of international regulatory changes in just a small timeframe (FATCA/CRS/BEPS) has placed a significant strain on an already volatile and sensitive industry. The additional shock of a beneficial ownership registry - which is a major shock - could very well destabilise the financial services industry of The Bahamas. “The imposition of
additional shocks and challenges to the industry without having a clear value proposition or growth strategy will be detrimental to an alreadycontracting industry.” The Register of Beneficial Ownership Bill was tabled with an “Appointed Day Notice”, which many in the financial services industry have interpreted as a signal that it will not take effect immediately once the legislation is passed by Parliament. The belief is that the Register will take time to set-up, as the Government addresses information technology (IT) concerns and the best model for maintaining confidentiality/privacy, while also working on the data gathering process for thousands of legal and incorporated Bahamian entities with industry. Several observers suggested that the Government wanted to demonstrate progress by tabling the Bill, especially with the Financial Action Task Force (FATF) due in The Bahamas next month to assess whether this nation has adequately addressed the anti-money laundering and counterterror financing deficiencies identified by its Caribbean affiliate last year. “One of the FATF’s concerns, as well as the other alphabet group’s, is that there’s no central repository for information, so there’s potential for gaps that might not be detected because there’s no central registry,” Mr Turnquest told Tribune Business previously. However, government sources said the Bill would not permit “fishing expeditions” by foreign regulators. Mr Pinder, though, expressed concerns over whether the Register of Beneficial Ownership Bill is “going too far”, and if it might create “a trust registry through the backdoor”. In particular, he questioned whether the beneficial owners of companies owned by trusts will be included. Suggesting that the regulations gave the responsible Minister latitude to determine who is defined as a “beneficial owner”, Mr Pinder said it was “unclear” whether registered agents could “perform any search” or just those for companies they act for. He also queried whether the Government intended for the financial services industry to pay for the register through regulations, and noted the absence of a fee schedule for the Registrar.
NOTICE
NOTICE is hereby given that DIANA ORMILUS of Faith Gardens, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of May, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that NTHAWA BENNETT of Lumumba Lane, P.O.Box N-9668, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 22nd day of May, 2018 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, JANICE DORETTA McKENZIE of #12 Talbot Street intend to change my name to JANICIA AREITHA NEWTON McKENZIE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE
NOTICE is hereby given that HONEL JEAN of Central Pines, Abaco, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 15th day of May, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
THE TRIBUNE
Tuesday, May 22, 2018, PAGE 9
HOPE FOR US-CHINA TRADE PROGRESS SENDS STOCKS JUMPING NEW YORK Associated Press
INDUSTRIAL and technology companies led stocks to solid gains yesterday after the US and China appeared to make significant progress in trade talks. That helped ease concerns among investors that the world’s two biggest economies might be headed for a trade war. After another round of talks, the two countries agreed not to place tariffs on goods imported from the other. The Chinese government said it will buy more US goods, including energy and agricultural products, while Treasury secretary Steven Mnuchin said the US postponed its proposal to put tariffs on up to $150bn in goods from China. The two sides gave no indication of how much progress they had made toward ending their dispute entirely and both said hostilities could increase again. Mark Hackett, chief of investment research at Nationwide Investment Management, said investors overreacted to the
possibility of a trade war and they may be slowly learning to take a more patient approach with statements by the Trump administration and other nations, which is a good thing, Hackett says, because future administrations may borrow from Trump’s aggressive style. “Treating Trump literally is destructive for investors,” he said. “There’s a lot of these issues where there are going to be hyperbolic statements made in the public sphere by both sides.” The S&P 500 index climbed 20.04 points, or 0.7 percent, to 2,733.01. The Dow Jones industrial average rose as much as 371 points during the morning and finished with a gain of 298.20 points, or 1.2 percent, to 25,013.29. The Nasdaq composite gained 39.70 points, or 0.5 percent, to 7,394.04. The Russell 2000 index of smaller-company stocks set another record close as it jumped 10.81 points, or 0.7 percent, to 1,637.44. All 11 sectors in the S&P 500 index finished higher. Among industrials, Boeing gained 3.6 percent to $363.92 and construction
equipment maker Caterpillar rose 2.1 percent to $158.92. In the financial sector, Bank of New York Mellon added 1.3 percent to $57.72 and JPMorgan Chase rose 0.9 percent to $112.15. Trade disputes have occupied a lot of investors’ attention for the last two months. Stocks have rallied
on signs progress was being made, only to fall back when the situation appeared to worsen. Hackett said Wall Street could get over its trade worries relatively quickly if talks go well. If that happens, he said stocks could be set for further gains because they are still below their early 2018
highs and analysts expect stronger earnings growth, which makes stock prices seem less expensive. General Electric rose 1.9 percent to $15.26 after announcing that its train engine division will combine with railroad equipment maker Westinghouse Air Brake Technologies in deal
NOTICE
NOTICE is hereby given that DANTÉ CHARLES HANNA, Pine Forest, Eight Mile Rock, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 15th day of May, 2018 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Freeport, Bahamas.
HELP WANTED
Noteable Bakery needs Baker Cake Decorator
For more info email: needbaker17@gmail.com
RFP
worth $11.1bn. It’s the latest step by GE’s CEO, John Flannery, to break off parts of the conglomerate. GE will get $2.9bn in cash and will own 50.1 percent of the combined company, and the deal will help it narrow its business down to the aviation, health care and energy industries.