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TUESDAY, MAY 25, 2021
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From ‘burners to earners’ Union leader: as debt at 100% of GDP Workers can’t OBIE FERGUSON
afford tax rise By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A TRADE union leader yesterday urged the government not to impose new and or increased taxes on Bahamian workers in the upcoming budget, arguing: “They cannot afford it.” Obie Ferguson, the Trades Union Congress (TUC) president, told Tribune Business that COVID-19’s devastating impact on jobs and incomes meant that any greater levies in tomorrow’s budget would be too great a burden to bear. “There should be no new taxes on the workers in light of what is going on now,” he said. “My only concern is whatever tax measures the government is contemplating they ought to take into consideration the workers and loss of income that they are presently experiencing. “The income is not there for there to be any sort of taxation on the workers. Whatever tax measures or new ones they anticipate putting into effect, that is something that must be borne in mind. The income is not there. “I am getting a tremendous amount of phone calls with respect to lack of wages, lack of income and unemployment. I’m almost at the point of seriously considering hiring someone in my office to take the calls concerning lack of employment and income as a result of COVID-19.” Mr Ferguson spoke out after Tribune Business last week revealed that the
SEE PAGE 7
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
T
HE Bahamas must rapidly “convert tax burners to earners” following official confirmation that its direct national debt is now almost the same size as the economy, a governance reformer has warned. Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business that converting loss-making state-owned enterprises (SOEs) and unproductive public sector workers into profitable, productive contributors was imperative after COVID-19 slashed this nation’s economic output by $1.641bn in real terms in 2020. The government’s Department of Statistics, in data released on Friday, confirmed - to no one’s great surprise - that The Bahamas’ gross domestic product
• Statistics shows debt equals economy output • Economy shrinks over $1.64bn in real terms • Inability to grow ‘comes back to haunt us’
ROBERT MYERS
MARLON JOHNSON
(GDP) contracted by 14.5 percent to $9.665bn last year after the tourism industry was shut down for much of 2020 while the rest of the economy was also restricted by COVID-related lockdowns and associated measures. When measured in nominal terms, which includes inflation’s impact on price levels, the economic contraction was even greater at 24.7
percent or $3.256bn. This produced a total Bahamian economic output of $9.908bn in nominal terms, the lowest GDP level for at least nine years, which showed that around a decade of economic growth has been lost to COVID-19. The Department of Statistics’ data, when presented alongside the government’s $9.503bn direct debt as disclosed in its recent
A RISK-management specialist is urging the government to state its position on the global minimum corporate tax rate drive in tomorrow’s budget given the threat to The Bahamas’ “value proposition”. Hubert Edwards, principal of Next Level Solutions, a Bahamas-based corporate governance and risk management consultancy, told Tribune Business it was vital that the government provide “clarity” to the Bahamian financial services industry on how it plans to respond to an initiative that appears to be gaining increasing traction. Speaking after the US Treasury Department last week proposed a 15 percent minimum global corporate tax rate, although it said this was “a floor” that should be pushed
SEE PAGE 6
Govt: We’ll do whatever needed to support NAD
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE government has pledged to “take whatever action is necessary” to prevent Nassau Airport Development Company (NAD) defaulting on its $480m debt as it remains in breach of a key investor term. The Lynden Pindling International Airport (LPIA) operator, in its just-released 2020 annual report, revealed that the Minnis administration gave a November 25, 2020, commitment to holders of more than $365m of its debt
• Pledges to prevent LPIA debt default • Debt cover ratio waived until June ‘22 • Moves key to preserve ‘going concern’ securities that it will provide whatever financial support is necessary to ensure NAD continues meeting its financial obligations. Walter Wells, NAD’s chairman, yesterday told Tribune Business that while “it would be overly optimistic of me” to suggest government support will not be required, it had not drawn on any assistance yet. LYNDEN PINDLING INTERNATIONAL AIRPORT
Bahamas ‘value proposition’ threat from 15% US tax plan By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
nine-month “fiscal snapshot” to end-March 2021, thus confirms that the sums owed by this nation to both local and international creditors almost match the economy’s size. This means that The Bahamas’ debt-to-GDP ratio, a key indicator of the country’s indebtedness and ability to service its liabilities, stands at 95.9 percent and 98.3 percent in nominal and real terms, respectively. The data further highlights the extent of the economic devastation inflicted by COVID-19 just one day before the prime minister unveils the government’s 2021-2022 budget in the House of Assembly. Given that the $9.503bn figure
• Govt urged: ‘State position’ on corporate tax • Can’t afford for financial services uncertainty • May change ‘bottom line across the board’ higher in negotiations, Mr Edwards said the push by the Biden administration in concert with high-tax European states represented a direct challenge to The Bahamas’ long-standing “no tax” business platform. “The implication for The Bahamas is that it has the ability to fundamentally change the value proposition for financial services,” he told this newspaper. “Decisions have been made up to now on the basis of no tax. “This has the potential to change the way we tax, and it puts pressure on the government to start thinking whether or not this will be a new regime of corporate taxation. They seem to be working in that direction,
but we do not have a clear pronouncement up to now of whether the country is going to pursue that. “We have to make a decision as to whether or not we are going to accede to the pressure in this instance, or we have some other way of moving forward without hurting the financial services industry or the economy.” Mr Edwards said The Bahamas has traditionally relied upon the US to blunt initiatives launched by the European Union (EU) and its members, but the Biden administration is in lockstep with its counterparts across the Atlantic as part of what it views as a drive to get US multinationals especially digital companies such as Facebook, Google
and Amazon - to pay their fair share in taxes. It is determined to prevent what it believes is the ‘offshoring’ of multi-billion revenues and profits to lowtax jurisdictions that enables such companies to minimise their tax burdens, even though such income was earned elsewhere. Together with the Europeans, the Biden administration views this as producing ‘a race to the bottom’ on tax rates in a bid to attract such corporate business. Hence its support for a global corporate minimum tax rate to prevent such practices. “We as a country have to stand up and pay very careful attention as to
SEE PAGE 9
SEE PAGE 8
$4.89 Airline: 100% of workers receive COVID vaccine By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN airline yesterday said 100 percent of its employees are now fully vaccinated against COVID19 after staff received their second and final shots in the morning. Trans Island Airways in a statement said all flight crew, ground crew, maintenance teams, sales and reservations staff, together with back office workers, had all made the choice to become fully inoculated after starting its vaccination drive started just over one month ago. All employees have received doses of either the Pfizer-BioNTech, Moderna or the Vaxzevria (AstraZeneca) vaccines. Paul Francis Aranha, Trans Island Airways’ director of operations, said: “The vaccine will allow our team to continue to help people travel, easily connecting The Bahamas to the world. “It will provide our people with the protection that was desperately needed having been on the front lines for the past 15 months. It will help to ensure that Trans Island continues to run effortlessly and provide our clients with an added layer of security when they choose to fly Trans Island Airways. “We are very happy with everyone’s willingness to take the vaccine and so proud to hit the 100 percent mark. We are excited that the vaccine will make it easier for customers to travel and fully support the new Bahamian travel visa guidelines for fully vaccinated travellers” Trans Island Airways said it adopted COVID-19 protocols early in January 2020 due to its exposure in to European and Middle Eastern flight operations, and implemented strict sanitisation and protective measures to safeguard crew and passengers.
SEE PAGE 9
PAGE 2, Tuesday, May 25, 2021
THE TRIBUNE
MINISTER: BAHAMAS TO LEAD CARIBBEAN ON DECENT WORK By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
A CABINET minister says The Bahamas is “poised to be called a Caribbean leader” through the adoption of what he branded as its “second generation” Decent Work Country Programme (DWCP). Dion Foulkes, minister for labour and transport, praised the work performed on the programme by the National Tripartite
DION FOULKES Council (NTC) and its representatives over the past three years. Speaking at the Council’s 2021 general assembly,
Airline’s COVID app in Bahamas travel boost TRAVELLERS to The Bahamas will be among the first to be processed by a new American Airlines app that verifies whether they are in compliance with this nation’s COVID-19 health protocols. The airline, in a statement, said it was working with mobile health partner, Daon, and its app, VeriFLY, to help customers confirm they are fully vaccinated and ready to fly before arriving an airport. Customers using the VeriFLY app also have the option to securely upload their vaccine documentation for travel to The Bahamas, El Salvador and Guatemala. “VeriFLY gives customers peace of mind that they can meet their destination’s travel requirements and save significant time at the airport,” said Julie
Rath, American Airlines’ vice-president of customer experience. “As countries re-open to those who have been vaccinated, we are ready with VeriFLY to help our customers travel with confidence.” For travel to the Bahamas, El Salvador and Guatemala, American Airlines said customers can upload a photo of both sides of their COVID-19 vaccine record into the app. The VeriFLY team will review that all documentation meets the destination’s requirements. The app allows customers to enter their origin and destination, guiding them through the necessary travel requirements. Customers can upload documents requested by their destination directly to the app, which then validates that they match a country’s requirements, and displays a simple pass or fail message. American Airlines said this is designed to streamline the check-in and document verification process at the airport before departure. The app also provides travellers with reminders when their travel window is coming to a close or once their pass credential has expired.
he said the National Tripartite Council had helped develop national productivity legislation, provide recommendations on the transformation of the Industrial Tribunal, and established The Bahamas as the first country in the Caribbean via its first Decent Work Country Programme some 12 years ago. Mr Foulkes said: “Today the Bahamas is again poised to be called the leaders of the Caribbean, as the government formally accepts
With the government’s 2021-2022 budget due to be unveiled tomorrow, Hubert Edwards in the first of a three-part series examines how the pandemic brought us to this point.
the National Tripartite Council’s recommendation regarding the second generation of The Bahamas Decent Work country programme.” The initiative aims to establish better relations between the private sector, public sector and labour unions in The Bahamas to ensure greater harmony in the workplace. Timothy Ingraham, the Bahamas Chamber of Commerce and Employers Confederation’s deputy
COVID RESPONSE AFFECTS ALL OUR TOMORROWS BY HUBERT EDWARDS
T
HE gestation period for a human is nine months. In the life of a mother, this can seems like forever. In the case of a country, that same time is but a blip. However, in the midst of a pandemic and global financial crisis, what happens can last for a lifetime. Generally, birth brings much happiness. The happiest person is likely the mother, the vessel through which the child arrives, full of potential and possibilities, and ready for growth and significant achievements. Only a mother can truly appreciate the process of birth, an exercise of nurturing characterised by discomfort and struggle, with near unbearable pain followed swiftly by joy. With The Bahamas more than ten months into its fiscal year, there is an important perspective to be drawn from this phenomenon
chair, said: “As with every relationship there will be ups and downs, but as with relationships communication is key to resolving issues. “To understand the effectiveness of the National Tripartite Council, one only need look at the work done recently on a decent country word programme.” Bernard Evans, the National Congress of Trade Unions of The Bahamas (NCTUB) president, said: “This pandemic gave rise to express our resilience as
of childbirth. This can be summed up by asking what the nation will birth at the end of this crisis. Like a pregnancy, the struggle and discomforts are real. Like a pregnancy, there are upheavals and pain to face. However, unlike a successful pregnancy, there are important differences - the full extent of the pain and future joy of success are both optional. The government has rightfully highlighted the uptick in revenue since the end of 2020, and sought to position this in a very positive light. One can appreciate why the government will seek to do this.
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Office furniture, computer equipment, vehicles, building supplies, generators, ice and water coolers, fans, etc. will be available for purchase. All bidders will have approximately one (1) hour to view lots. Absolutely NO firearms, knives, or weapons will be allowed. Bidders will be screened and must provide identification for entry. All Cash Sale Bahamas customs duties will be assessed prior to the auction and posted on each lot. This amount must be paid in addition to the winning bid price.
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There is value in seeking to create an environment that shows signs of progress and improvement. The country and economy are, however, at an interesting point. With the length of the pandemic uncertain and the fiscal fundamentals off-kilter, it is useful to ensure a very balanced approach is taken on how these matters are discussed. The reality is that while there is this moment of improvement, the economy is still challenged. Here is why balance is important. Unemployment is high, and personal productive capacity is being eroded as persons are forced to spend savings. While many companies are still moving forward the ultimate fallout is still not yet known. Despite the vaccination programme, which is not being taken up as anticipated, there is the present “third wave” of COVID-19 infections and this is potentially complicated by emerging virus variants. Any surge could plunge The Bahamas into a repeat of the 2020 restrictions and, as will be seen later, a potentially precipitous fiscal fall-out that is showing small signs of improvement. There must be access to more vaccines to cover
the people like the NTAC (National Tripartite Advisory Council) team, the National Tripartite Council team and the formation of the major task force built on the mandate of tripartism. “The National Congress of Trade Unions congratulates the National Tripartite Council on examining the facts, but more than anything, we thank you for bringing hope to our troubled world by inserting your time.” the entire population, or at least a sufficient portion to secure critical mass. Based on my analysis of publicly available information, The Bahamas is nowhere close to the possibility of herd immunity. To date, the country has secured 87,200 vaccine doses. This translates to a potential coverage of 43,600, not taking into account expirations, which based on the take up rate seems like a high possibility. Based on this, far less than 25 percent of the population will be covered, which is significantly below the levels required for herd immunity. This is further complicated by the level of take-up by citizens and residents. It therefore places The Bahamas in a tenuous position. In my view, “normalisation” will be elusive until such point when a significant proportion of the population has been fully vaccinated. Against this backdrop, the level of uncertainty is at a vicious stage, both for investors and doing business. With this in mind, policymakers must work diligently to find the right tone and balance to ensure they do not underplay the economic crisis while also not overselling the gloom. An understanding and acceptance of the real issues facing The Bahamas, businesses and individuals are important for planning and navigating the way forward. Nine-month “snapshot” Analysis of the government’s recently-released
SEE PAGE 4
THE TRIBUNE
Tuesday, May 25, 2021, PAGE 3
Livable wage finding in minimum wage rethink By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE National Tripartite Council’s chairman says recent University of the Bahamas (UoB) research on the livable wage had caused him to rethink his push for a minimum wage increase. Robert Farquharson, pictured, speaking at the Council’s 20201 general assembly, said he was reconsidering his call for a 40 percent increase in the weekly minimum wage which would increase it from the present $210 to $294 - as this would still be more than 50 percent below the livable wage levels identified in the university’s study. He added: “Too much times we hear about living healthy and eating healthy foods, but do you know how expensive it is to do it in our country? Policymakers need to take a conscious decision of finding ways and mechanisms to reduce the cost of living in our country for all payments.” 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. Mr Farquharson, meanwhile, also pledged to work with the government towards creating a “national pension plan”. He added: “Far too many times we see men and women put in 25-30 years on the job, but when it comes to reaching retirement age, they have difficulty maintaining the same standard of living. “The government, I think in 2012, reviewed a national pension plan. My recommendation is that Bill should be revisited with the view to having the National Tripartite Council recommend to the government the enactment of a national pension plan that’s transferable and portable, so you can take it from one job to the other job, and it will supplement what’s happening at the National Insurance Board.” The last attempt at pension legislation saw the Christie administration bring the Employees’
Pension Fund Protection Bill 2012 to Parliament in early 2013. However, it was never passed or enacted into law. Mr Farquharson added: “Secondly, we see so many issues associated with COVID-19: The mass amounts of redundancies. Just last week, Atlantis, a major employer, would have laid off 700 people. Serious talks need to be put in on a national redundancy fund.” He added that the government needs to find a “mechanism” for workers and employers to contribute to such a redundancy fund in an effort to “take the burden off of the government”. Peter Goudie, the Bahamas Chamber of Commerce and Employers Confederation’s director responsible for labour relations, said the enactment of national productivity legislation was the number one priority for the National Tripartite Council. He added that despite delivering the final report on the National Productivity Council consultations and public relations campaign, the pending legislation has been has been stalled by the onset of the COVID-19 pandemic. “We’re truly looking forward to getting over this pandemic, getting on with our life so we can establish the National Productivity Council and so we need to work very positively with the government on establishing this legislation.”
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INDUSTRIAL TRIBUNAL REFORMS ARE URGED By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
A LABOUR attorney has called for substantive changes to the Industrial Tribunal that will improve the speed and quality of workplace dispute resolution. Joan Dilworth, a member of the Bahamas Chamber of Commerce and Employers Confederation’s labour committee, told the National Tripartite Council’s annual assembly that the Industrial Tribunal had not always provided an efficient mechanism for resolving differences between employers and employees. “The expectations arising from the mandate of the tribunal is that when individuals go to the tribunal, first with the pre-trial session or stage event, that the parties should be able to reduce the issues, narrow the issues between them to maintain a cordial relationship while doing all that and, ideally, to come to an agreed settlement,” she said. Ms Dilworth said that if this does not happen then the next stage is going to trial with “an expectation that, wherever possible, there should be an agreed
early settlement”. Cindira Bain, secretary-general of the Bahamas Public Service Union (BPSU), said a legal advisory committee appointed by the National Tripartite Council had come up with nine separate recommendations to improve the Industrial Tribunal’s effectiveness. The first is that it be given powers to “enforce its own judgements”, as the present inability to do so greatly hinders the Industrial Tribunal from adjudicating labour matters effectively and efficiently. The second recommendation was for the Industrial Tribunal to have powers to impose sanctions if parties do not comply with its judgments. Noting that the informality of the tribunal is something that workers may benefit from, Ms Bain said they “expressed satisfaction with current forms of admissibility of evidence, format for witness statements and supporting documents, and lower costs through engaging advocates rather than paying higher costs to counsels or attorneys-at-law”. Another recommendation was whether “alternate dispute resolution should be made compulsory pre protocol. The costs of
bringing claims can be significantly reduced where parties agree to settle rather than incur expenses of the trial. “The conciliatory mandate of the Department of Labour is recognised as an important tool for early settlement of disputes. However, this process is useless where parties refuse conciliation to frustrate the process, as the Department of Labour has no powers to mandate that the parties engage in this process”. Ms Bain said this meant the Industrial Tribunal must be empowered to impose sanctions against non-compliant parties. She added that there is no statutory provision permitting an originating summons, which launches actions, to be changed and “Parliament needs to urgently implement the necessary legislative changes to allow applicants’ originating application forms to be amended in a way...... necessary at the time leading up to the trial”. Ms Bain said proper record and note keeping of proceedings needs to be implemented and enforced, and called for digital recording mechanisms to be
SEE PAGE 4
PAGE 4, Tuesday, May 25, 2021
INDUSTRIAL TRIBUNAL REFORMS ARE URGED FROM PAGE THREE placed in the tribunal to record proceedings accurately and clearly. The committee’s report, identifying some of the difficulties involved, said: “Section 61 of the [Industrial Relations] Act specifically states that orders or awards made by the tribunal are enforced in the Supreme Court. “If an employer does not comply with orders to satisfy an award made to an employee who was successful in a claim before the tribunal, then the employee must make an application for enforcement at the Supreme Court. Generally, this additional step can cost upwards from $1,500, which is sometimes more than the amount awarded to the employee. “Unfortunately, too many employers manipulate this provision by refusing to comply with the order or award with the hopes that the additional expenses required to enforce the award or order would prove too costly for the worker,” the committee continued. “In reality then, while the Tribunal can and does provide efficient and quality resolutions to industrial disputes, given its current power structure, and lack of powers to enforce its own judgments, it cannot assure
a final, full and satisfactory conclusion to matters.” The committee said the Minnis administration recognised the challenges this poses, having promised in its 2017 general election manifesto to enact changes giving the Industrial Tribunal the necessary enforcement powers. “Workers fully support an amendment to the Act which would enable the winning employee to quickly and easily receive compensation awarded, and without having to incur additional or substantial legal expenses,” the report said. “Feedback from employers’ representatives considers it a matter of fairness that awards and orders should be enforceable without adding extraordinary costs and time. However, they caution that additional staff and other resources may be required by the tribunal to manage the process, and thereby forcing the tribunal to introduce fees for its services. “An alternative approach would be to enact provisions whereby Tribunal judgments are registered at the registry of the Supreme Court ,giving the same effect as registered judgments emanating from Supreme Court proceedings.”
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THE TRIBUNE
COVID RESPONSE AFFECTS ALL OUR TOMORROWS FROM PAGE TWO
nine-month “fiscal snapshot” paints a haunting picture, but not one that is unexpected. The information that was provided, from the perspective of an informed observer, was largely pedestrian in nature. It was a case of nothing happening here, at least nothing beyond what should have been expected. Revenue remains under severe pressure because of the pandemic; expenditure is running parallel to or above “good years”; and the national debt is at record levels. Nothing about this picture should have been unanticipated. The deficit is just below $900m, and is indicative of the possibility of seeing a deficit as large or greater than that projected for the current fiscal year, $1.327bn. Typically, government expenditure runs in the range of $2.5bn. From all indications, the trajectory on expenditure will place it in this region for the current fiscal period. The reality is that, economically, The Bahamas is struggling and will continue to struggle over the next few years because of what is happening in this moment. Consequently, tomorrow’s budget will be very telling for the country. It represents a wonderful opportunity for the plans, policy and pivots to be initiated. I fully understand and appreciate the pressure brought on by heightened focus on the upcoming general election. At this moment, it is a time for country. It is a time for nationhood above everything else, and it is a time for the meeting of the minds and the unleashing of the collective Bahamian genius. To do otherwise in the face of overwhelming and compelling signals could lengthen the inevitable period of hurt. The big question that arises for me is will there be an investment of “a little pain” for the possibility of a future outcome that is in the interest of the greater good,
or will the energy of the election remove some of the potential sting, which in my opinion we should take now, from this cycle. I take great care to not make statements that can be seen as political. The reality is that whatever way the cookie crumbles, after a general election, the issues will be the same. The country must take steps to rectify challenges with the economy by fixing structural weakness, securing diversification across the economy and within existing industries, eliminate inefficiencies, improve productivity, break the back of the emerging debt trap, and place The Bahamas on a growth trajectory. Anything less will be suboptimal. In a generally bad situation, without deliberate action we are often likely to miss existing positives or slivers thereof. The ninemonth snapshot was not all gloom, though it remains generally gloomy. The first and most important metric, in my opinion, is the fact that quarter-overquarter, revenue has shown improvement. This is important. A cursory review will easily show that the first quarter (July to September 2020) of the 2020-2021 fiscal year ended with revenue at a reported low of $300m. The revenue position had improved by the third quarter to $556m. The change represents an 85.3 percent increase, though well below the third quarter performance of the previous fiscal by approximately $100m. This signals a level of economic recovery as the country opens up. Another important indication from the reported numbers is that despite the deficit widening to $878m, and the fact there will be a need for continued elevated borrowing, the much-heralded possibility of entering an IMF programme is not on the cards. Many would remember the
declaration that “within one year The Bahamas will be in an IMF programme”. True, the finances are very challenging. However, with the trajectory of revenue reversing from that “fall off the cliff” scenario suggested around June 2020, that argument continues to lose potency. Back then, I was very clear that I was not in agreement with this position. I believe then, as now, that the range of fiscal options available to the country were by no means exhausted. This has been borne out by two things. First, the government continues to access the credit market, even though this is at a higher cost, and second, it has yet to trouble the existing tax apparatus. John Rolle, governor of the Central Bank, said that before creditors were harmed the country would levy new (or more) taxes. This is, however, not the end of debt-related issues. Debt will continue to loom large for The Bahamas over the next few years and represents one of the most important economic factors that must be addressed for the country to thrive. Resilience is a stated objective of the current administration. True
resilience is achieved through an effective marriage of the public, private and social sectors. Despite a huge cost, the government has arguably shown great commitment in supporting the social sector. While there are still notable deficiencies, given limited resources, support for the small business sector, primarily through initiatives managed by the Small Business Development Centre (SBDC), has been commendable. While this has exerted pressure on spending, the take away is that The Bahamas has some level of capacity in this area. Over the course of the pandemic, significant resources have been redirected to social services support in the face of lock-downs and high unemployment. Contrast and compare with other countries in the region, where this kind of support lasted for six months or less. The Bahamas has been able to, with adjustments, provide support for well over one year though a variety of programmes. Here we will not argue the efficacy of the programmes, but simply look at this as a positive to take away. To be continued...
THE TRIBUNE
Tuesday, May 25, 2021, PAGE 5
Steps towards a greener future ACTIVTRADES WEEKLY By RICARDO EVANGELISTA www.activtrades.bs
S
TILL unknown to most, Carbon Allowances will soon start catching headlines, gaining importance as an increasing number of countries adopt zero net carbon targets, leaving polluting businesses’ under pressure to either drastically reduce emissions or offset them through such credits, in order to avoid heavy fines or outright closing-down by authorities. So, what are Carbon Allowances? Essentially, they are certificates that give the bearer the legal right to emit a metric ton of carbon dioxide or equivalent greenhouse gas. They are issued by states, some distributed free of charge to industries of national strategic importance, while others are available to buy at national auctions. Carbon Allowances can also be traded on exchanges, such as ICE and CME, in the form of Futures contracts, which leaves them exposed to the speculation driven volatility that affects any other product traded in the financial markets. The higher the demand, the higher the price, with demand being determined by investors’ expectations that the asset’s future value
BP wind turbines in area of natural beauty. will increase. Currently, the trend is clearly for Carbon Allowances’ prices to rise, because of the strategies to decarbonise the economy adopted by a growing number of countries. In the European Union, for example, the price of allowances rose from the 30 euros per metric ton of CO2 recorded last December, to the current more than 50 euros, following the adoption of the goal to reduce 55 percent of emissions by 2030 and achieving neutrality in
carbon emission until 2050. In this case, what raised the price of allowances was the expectation that the issuance of credits will gradually decrease, while demand will surge in view of the need to achieve such ambitious carbon neutrality targets. This dynamic will end up benefiting the environment; something that is rarely associated with investors’ “greed”. The increase in the price of the credits will force the transition to renewable energy sources by the
most polluting industries. Firms remaining reliant on licences will see their production costs rise, leading to a loss of competitiveness vis-à-vis others that have not neglected the process. However, as net zero emission targets aren’t yet globally adopted, there is scope for unfair competition from countries that
so far haven’t committed to decarbonise their economies, and whose companies, therefore, have
lower production costs. This scenario could force the European Union and the US, among others, to introduce carbon taxes on such imports, in order to protect their industries and ultimately encourage the embracing of positive environmental policies. As concerns over climate change grow and more nations aim for carbon neutrality, the need to adapt and evolve becomes a fight for survival for industries with a large carbon footprint. It is therefore encouraging to see some key players changing paradigm, including some unlikely ones, such as the oil companies BP and Shell. The two giants pledged to drastically reduce their environmental impact over the next decades, by adopting cleaner ways to extract and transport fuels, investing in renewables and contributing to the reforestation of devastated areas.
PAGE 6, Tuesday, May 25, 2021 LEGAL NOTICE
N O T I C E QATARGAS (II) ISLAMIC FACILITY COMPANY LIMITED Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 28TH day of April, 2021. Dated the 25th day of May A.D., 2021. UDIT MISHRA Liquidator of QATARGAS (II) ISLAMIC FACILITY COMPANY LIMITED
LEGAL NOTICE
N O T I C E EXXONMOBIL THE GAMBIA (OFFSHORE) LIMITED Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 11th day of June, A.D., 2021. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator. Dated the 25th day of May, A.D., 2021 R.L. WITTROCK Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A. LEGAL NOTICE
N O T I C E EXXONMOBIL THE GAMBIA (OFFSHORE) LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL THE GAMBIA (OFFSHORE) LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.
THE TRIBUNE
From ‘burners to earners’ as debt at 100% of GDP FROM PAGE ONE includes just the government’s direct debt, and not contingent liabilities such as debt guaranteed on behalf of state-owned agencies, the total national debt likely exceeds GDP. Marlon Johnson, the Ministry of Finance’s acting financial secretary, last night downplayed the debt and debt-to-GDP ratios stemming from the Department of Statistics report on the basis that economic output continues to improve since the tourism industry and others reopened in late 2020. Describing the 2020 data as “transitory” and representing a specific point in time, he told Tribune Business: “The ministry isn’t particularly concerned about the debt ratio. That represents where the economy was when there was a substantial contraction due to COVID-19. It’s a
transitory number. The size of the economy has rebounded because it has started to re-open. “The size of the economy has caught up by some measure with the contraction. It’s no cause for concern. It’s not a static ratio. It’s not set permanently as an indicator of the state of the economy.” However, the government’s debt has been increasing at a much faster rate than the economy’s post-COVID rebound. Chester Cooper, the Opposition’s deputy leader and finance spokesman, also picked up on the implications of the GDP data for The Bahamas’ national debt and attendant ratios. “Using the numbers released for analysis shows that we are in a frightening place,” he said. “With $9.5bn in direct debt at the nine-month mark, according to the fiscal snapshot, we are certain to see a forecast debt-to-GDP
LEGAL NOTICE
N O T I C E EXXONMOBIL KAZAKHSTAN GAS VENTURES LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL KAZAKHSTAN GAS VENTURES LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 18th day of May, 2021 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Hilary J. Walsh, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A. Dated the 25th day of May, 2021. HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company LEGAL NOTICE
N O T I C E
(b) The dissolution of the said Company commenced on the 18th day of May, 2021 when its Articles of Dissolution were submitted to and registered by the Registrar General.
EXXONMOBIL KAZAKHSTAN GAS VENTURES LIMITED
(c) The Liquidator of the said Company is R.L Wittrock, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A.
Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 11th day of June, A.D., 2021. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.
Dated the 25th day of May, 2021. HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company
Dated the 25th day of May, A.D., 2021.
N O T I C E SPARROW OFFSHORE CAPITAL LTD. Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 30th day of April, 2021. Eduardo Ojea Quintana Liquidator of SPARROW OFFSHORE CAPITAL LTD.
N O T I C E SPARROW OFFSHORE INVESTMENTS LTD. Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 30th day of April, 2021. Eduardo Ojea Quintana Liquidator of SPARROW OFFSHORE INVESTMENTS LTD.
HILARY J. WALSH Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.
ratio of well over 100 percent for this fiscal year when the budget communication is delivered. We note that the approved forecast for the entire year was $9.5bn.” The latter figure refers to the projected national debt at end-June 2021, which is when the current fiscal year closes, with Mr Cooper suggesting the timing of the Department of Statistics’ GDP data release was designed to “dull the pain for the Bahamian people” ahead of potential austerity measures - including new and/or increased taxes - that are likely to be unveiled in the Budget. Mr Myers, though, argued that the twin blows of Hurricane Dorian and COVID-19 have been worsened by “poor leadership” over the last 40 years that has failed to execute a coherent economic growth strategy for The Bahamas. Asserting that this has “come back to haunt us”, he added that successive administrations have instead expanded the size of the government and public sector to resolve the country’s employment issues due to an inability to facilitate private sector expansion. “I’ll tell you something else I’ve told people in politics,” Mr Myers told Tribune Business. “You are going to have to go through some austerity. You are going to have to convert the burners to earners. Those contributing taxes are earners, and those burning up and consuming taxes are the burners. Government, SOEs are the burners. “We’ve got to move the burners to earners. We’ve got to substantially grow the economy by seven to eight percent per annum, and convert those burners to earners. If you take five percent of the burners and move them to earners, not only are you going to increase revenues but you will reduce expenditure. It’s a double benefit to the economy.” Such “burners” include the likes of Bahamasair, the Water & Sewerage Corporation, Airport Authority and Broadcasting Corporation of The Bahamas, all of which consumer multimillion dollar taxpayer subsidies. The largest such consumer, of what is a $420m collective annual subsidy, is the Public Hospitals Authority (PHA). Besides the SOEs, Mr Myers argued that The Bahamas also needed to progressively reduce a civil service that a recent InterAmerican Development Bank (IDB) report said was 40 percent over-staffed by transferring excess workers to a growing private sector. “Moving people to the private sector where they become earners decreases expenditure, increases revenue and increases GDP,” he said. “The 40 percent overweight in the public
CHESTER COOPER sector, that are unproductive in the public sector, if they become productive in the private sector that’s a huge win for the Government, the country and GDP. “The problem is we haven’t had an administration in the last 40 years that has really focused on that. They’ve not had a growth plan that’s really worked. Their inability to create growth in the private sector has caused them to absorb more people into the public sector to keep unemployment down. That, my friend, has come back to haunt us. “That is why the government is over-sized. We’ve not had good leadership and a strong GDP growth plan that has been executed well. If we don’t get that, and keep on the same path we’ve been on for 40 years, we will fail and we won’t be the first.” The Department of Statistics, in its report, used two measurements to assess Bahamian GDP in 2020. The first, known as the “production approach”, and which measures gross value added across all industries, found that financial services/insurance and real estate were the two sectors least impacted by COVID-19. Financial services and insurance actually saw an increase in their gross value added contribution to the Bahamian economy in 2020, which rose from $1.058bn the prior year to $1.17bn. Real estate, meanwhile, saw only a slight decline from $1.678bn in 2019 to $1.649bn last year. Tourism and related services, not surprisingly, suffered the greatest impact. Accommodation and food services “contracted by $820m (71 percent) amid the sudden stop in tourism activity, due to travel restrictions and border closures”, falling from $1.149bn in 2019 to $328.3m. Transportation and storage’s contribution to GDP declined by 70 percent or $316m year-over-year, while the wholesale/retail trade and auto vehicle repairs were lower by $176.8m or 12 percent while administrative and support services were off by $115m or 43 percent. Using the “expenditure approach” to measure economic output, the Department of Statistics’ preliminary figures showed a $1.8bn or 44 percent fall in The Bahamas’ exports of goods and services last year to $2.273bn due to the dropoff in tourism business. Imports also contracted by $2.4bn, the decline matching that of exports in percentage terms, due to lower levels of economic activity. Total imports fell to just over $3bn. “Household consumption contracted by $309m (four percent), a direct impact of the increase in unemployment and reduced disposable income. Government’s increase in social assistance supplemented households’ loss of income and therefore minimised the reduction in this sector,” the Department of Statistics said. “General government consumption declined by $313m (17 percent), associated with a drop in purchases of goods and services. This was a direct result of the closure of a large percent of government offices in an effort to curb the spread of the pandemic. “Gross fixed capital formation decreased by $1.1bn (36 percent), which was broadly based across all components—although led by the buildings and infrastructure portion which experienced a reduction of 37 percent or $839m.”
To advertise in The Tribune, contact 502-2394
THE TRIBUNE
Union leader: Workers can’t afford tax rise FROM PAGE ONE
government is mulling whether to increase the VAT rate to 12 percent on all property sales worth $1m and above as part of next week’s budget measures to plug a multimillion dollar revenue gap. Multiple government officials, speaking on
condition of anonymity, told this newspaper there was a strong belief within the Minnis administration that “the very hot market” for high-end Bahamian properties will be able to easily withstand this two percentage point increase. The present structure levies VAT at just 2.5 percent on real estate sales transactions worth up to
Tuesday, May 25, 2021, PAGE 7 $100,000, with ten percent applied to all other deals, thereby giving the Ministry of Finance scope to target deep-pocketed buyers with higher tax rates to help pay for the debt and deficit blow-outs caused by COVID-19 and Hurricane Dorian. This newspaper understands that increasing the VAT rate to 12 percent for all property sales worth $1m or more, which would bring it into line with the rate Bahamians pay on every day items, is just one of multiple revenueraising measures being
To advertise in The Tribune, contact 502-2394
considered as part of a package intended to help ease the fiscal woe for the cash-strapped Public Treasury. It is thought that these proposals are being largely targeted at those most able to pay, such as wealthy foreign real real estate owners, as opposed to middle and lower income Bahamians who have born the brunt of COVID-19, in a bid to ensure they do
not inflict further social hardship or undermine the economy’s post-COVID rebound. Any new and increased levies are also being accompanied by measures designed to boost foreign direct investment (FDI) and external currency inflows. Tribune Business was informed that the government is also considering whether to establish a fund to
receive investments by wealthy foreigners seeking economic permanent residency in The Bahamas. This fund, established as an alternative to qualifying for permanent residency by acquiring property worth $750,000 or more, would pool monies received from overseas investors and use these funds to invest in a variety of infrastructure and social projects across The Bahamas.
PAGE 8, Tuesday, May 25, 2021
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THE TRIBUNE
Govt: We’ll do whatever needed to support NAD FROM PAGE ONE Whether it does, and to what extent, depends entirely on the timing and strength of tourism’s recovery, with NAD’s financial woes caused immediately by “the bottom falling out” of international air travel last year due to COVID-19 lockdowns, border closures and other measures. With the absence of passengers drying up its revenue streams, NAD fell into breach of its debt service coverage ratio that requires it to maintain a 1.3:1 ratio as part of the terms that induced investors to help finance LPIA’s $409m-plus redevelopment more than a decade ago. NAD’s annual report reveals that this breach is expected to persist through at least end-September 2021, but it has secured an agreement from its senior debt holders to waive this condition until end-June 2022 in the hope this will provide sufficient breathing room for both the tourism industry to rebound and to rebuild its finances. “If we didn’t get it, we would have been in default of our obligations,” Mr Wells told this newspaper of the importance of the June 2022 waiver. “Obviously we didn’t want to see that happen, and the government didn’t want to see that happen. “The senior debt holder also did not want to see that happen. They’ve got a lot bigger problems than NAD to deal with globally. They were very understanding of our situation because of what they’re dealing with elsewhere. They were quite accommodating, and obviously we were very grateful. It’s working well, and we meet with them on a regular basis to keep them abreast.” As for the government’s pledge of financial assistance, Mr Wells said: “We haven’t had to ask them for support just yet, and the extent to which we require it has yet to be determined. It all depends on the recovery. “I think it would be overly-optimistic of me to say we will not need it at all, but at the end of the day it’s refreshing for them to support is in this process. The good thing about that [June 2022] as well is that so much can happen between now and then. “We’re talking more than 12 months. It could really be humming at that point, or on the other hand it could not be humming, but certainly the indications are things should be substantially improved by then for everybody’s sake.” The NAD pledge, though, remains another potential liability that already-strained Bahamian taxpayers and the Public Treasury may have
to pick up if the recovery in international travel and stopover tourism visitor arrivals does not materialise as anticipated. NAD’s external auditors, PricewaterhouseCoopers (PwC) Bahamas, while flagging up the “going concern” issues created by the covenant breach did not qualify the accounts for the period to end-June 2020. But notes to the financial statements revealed: “The Government of The Bahamas has expressed to the note holders of the company’s senior debt, through a letter dated November 25, 2020, a commitment to take such action as may be necessary to enable the company [NAD] to continue to meet its obligations under the senior financing agreements.” The government’s pledge will remain in place until June 30, 2022, unless NAD comes back into compliance with its debt service coverage covenant and fully funds the debt service reserve earlier or a default occurs. “While in compliance with the debt service coverage ratio covenant at June 30, 2020, the company was in breach as at September 30, 2020, and the company’s cash flow projections indicate that the debt service coverage ratio covenant is expected to be breached for each of the consecutive calendar quarters through to September 30, 2021,” NAD’s financials said. “Management obtained a waiver from the senior note holders to temporarily waive the debt service coverage ratio covenant requirement for the calendar quarter of September 30, 2020. The temporary waiver was subsequently extended on November 25, 2020, through the execution of an amendment and waiver agreement which provided for a waiver under the debt service coverage ratio covenant through to June 30, 2022, unless there is an event of default.” NAD’s financials indicate that the government’s commitment letter, promising to support the airport operator financially if necessary, was critical to securing the debt service coverage ratio given that both developments occurred on the same day. And this, in turn, was vital to ensure NAD was treated as a ‘going concern’ for accounting purposes. “The bottom has fallen out of the travel industry for the past 13-14 months,” Mr Wells said of NAD’s financial woes. “How quickly we resolve our position is contingent on how quickly travel is restored over the next 12 months, and we get some element of control over what COVID-19 is doing to us.”
THE TRIBUNE
Tuesday, May 25, 2021, PAGE 9
Bahamas ‘value proposition’ threat from 15% US tax plan FROM PAGE ONE
how this will impact financial services and the wider economy,” Mr Edwards said of the consequences for The Bahamas. “Especially at this time when we are facing a crisis that has affected the first prong of the economy, tourism, we cannot afford for the second prong of the economy to come under pressure. It would be disastrous. “We don’t know where tourism is going to be. We saw what has come out of Atlantis. Atlantis is usually an early adapter, so tourism is going to be under great pressure. Financial services, though, has shown itself to be a great adapter in this environment, but this is going to be unsettling for the industry,” he added.
Airline: 100% of workers receive COVID vaccine
FROM PAGE ONE
It added that no Trans Island Airways employee has tested positive for the COVID-19 virus, and there have been no reported cases transmitted between passengers traveling on its flights. The company said all future Trans Island Airways employees will be required to have taken at least their first vaccination shot prior to starting employment. Meanwhile, Galleria Cinemas said it had to reassure customers it was open over the Whit Monday holiday weekend
“We definitely need to see a position, and that’s one of the things that should be stated in the upcoming budget. We definitely need to get some level of clarity, so there is certainty and predictability throughout the industry and persons make decisions on a solid basis.” Mr Edwards described the fact that the US and EU appear to be going “down the same road” as “a game changer” for The Bahamas and other international financial centres (IFCs), and added: “We need to put our strategic plan in place so we can respond wisely.” Paul Moss, president of Dominion Management Services, told Tribune Business that the US and EU offensive was “all about tax competition” and added: “They don’t want a nation like The Bahamas to have a rate that is markedly different from whatever they propose.” Should the US and European vision become reality, Mr Moss said it after the government’s Thursday night release of its latest COVID-19 emergency orders “caused a great deal of confusion and uncertainty for scores of local businesses and the wider public”. “Unfortunately, the new orders have mandated the closure of scores of entertainment-based entities such as bars and nightclubs over the long holiday weekend. The order also mandates the closure of ‘indoor cinemas’ as well,” the Mall at Marathon-based operator added. The government rushed out a clarification several hours later confirming that Galleria Cinemas, and similar businesses which it had previously given permission/exemptions to open, could operate over the holiday weekend.
would “change the bottom line across the board” as the Bahamian financial services industry would have to compete on attributes such as cost and quality of the products and services it offers. He reiterated his call for The Bahamas to get out ahead by implementing a corporate income tax designed for its own needs. It now appears inevitable - and only a matter of time - before a minimum global corporate income tax rate emerges, with corresponding pressure on all nations to conform. The International Monetary Fund (IMF) has also backed the initiative. The Biden administration’s move is a marked change from the stance taken by its Trump predecessor, which was more focused on allowing sovereign nations to set their own
tax rates and opposed to European efforts to impose a so-called “digital tax” on US multinational giants such as Amazon, Google, Facebook and Apple. However, the newlyelected Democratic government sees a global minimum corporate tax as critical to preventing such companies from minimising their tax burden via creative structures that shift profits and revenues to low-tax nations such as The Bahamas and other international financial centres (IFCs). Pascal Saint-Amans, head of tax administration at the OECD, told the UK’s Guardian newspaper: “What the US has put on the table … [is saying] we want the rest of the world to follow, we kill tax havens. The game is over. Let’s move to a minimum agreed level.”
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, JENNIFER MILLER QUENTIN PENNERMAN of Hope Garden, Nassau, Bahamas, parent of QUINTANAY DAJANIQUE MILLER a minor, intends to change my child’s name to QUINTANAY DAJANIQUE PENNERMAN. 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 IN THE ESTATE OF IRVIN CLARKE SR., late of the settlement of Stuart Manor, of the island of Great Exuma, one of the Islands of the Commonwealth of The Bahamas. Deceased. NOTICE is hereby given that all persons having any claims against the above-named Estate are required, on or before the 28th day of June, A.D. 2021 to send their names and addresses, and particulars of their debts or claims, to the undersigned, and if so required by notice in writing from the undersigned, to come in and prove such debts or claims, or in default thereof they will be excluded from the benefit of any distribution AND all persons indebted to the said Estate are asked to pay their respective debts to the undersigned at once.
NOTICE
AND NOTICE is hereby also given that at the expiration of the mentioned above, the assets of the late IRVIN CLARKE SR will be distributed among the persons entitled thereto having regard only to the claims of which the Executor and Executrix shall then have had notice.
NOTICE is hereby given that JENICKAH LOUIS, of 42 Aberdeen Drive, South Bahamia, Freeport, Grand Bahama, 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 25th day of May 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
AND NOTICE is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned. Dated this 25th day of May, A.D., 2021. c/o PYFROM & CO Attorneys for the Executor and Executrix, No.259 Shirley Street, P.O. Box N 8958, Nassau, N.P., Bahamas.
NOTICE NOTICE is hereby given that JOHNNIAN GOODIN, of Carmichael, 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 18th day of May 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE NOTICE is hereby given that NORDIA ZENOVER STEELE, of #334 Blue Hill Road, 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 17th day of May 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE NOTICE is hereby given that HENRICK AYALA HONORE, of Canaan Lane off Shirley Street, 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 17th day of May 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE NOTICE is hereby given that ROJAY CLINTON REID, of Eastwood, 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 18th day of May 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
MARKET REPORT www.bisxbahamas.com
FRIDAY, 21 MAY 2021
BISX ALL SHARE INDEX:
CLOSE
CHANGE
1949.63
0.10
%CHANGE
YTD
YTD%
0.01 -142.83
-6.83
(242) 323-2330 (242) 323-2320
BISX LISTED & TRADED SECURITIES 52WK HI 5.20 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 9.01 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
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 5.20 32.12 1.50 2.61 1.44 6.00 6.96 3.53 4.27 2.90 5.94 9.75 2.38 7.00 11.48 9.01 14.00 3.99 8.19 15.50
CLOSE 5.20 32.12 1.50 2.61 1.44 6.00 6.96 3.53 4.27 2.90 5.94 9.75 2.50 7.00 11.47 9.01 14.00 3.99 8.19 15.50
1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
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 BSBGR1252380 BSBGR1271398 BSBGRS870288
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.86
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.86
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
115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.00 100.00 100.66
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.66
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 FX BGR125238 BGRS FX BGR127139 BGRS FL BSBGR870288
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.12 0.00 (0.01) 0.00 0.00 0.00 0.00 0.00
VOLUME 500
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 21.8 34.5 N/M N/M N/M N/M 18.9 -8.1 30.5 15.8 13.2 13.5 24.5 15.0 17.8 12.4 17.2 19.7 8.7 24.6
YIELD 3.27% 3.92% 1.33% 1.15% 0.00% 0.00% 3.74% 0.00% 0.00% 4.14% 3.70% 7.38% 17.36% 0.86% 2.86% 2.66% 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% 5.00% 5.00% 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 15-Oct-2038 15-Jan-2039 26-Apr-2028
MATURITY
MUTUAL FUNDS 52WK HI 2.43 4.44 2.16 202.18 190.86 1.69 1.81 1.78 1.16 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 2.43 4.44 2.16 202.18 190.86 1.69 1.75 1.76 1.03 8.58 10.14 7.35 14.59 12.64 9.99 N/A 10.43 14.89
YTD% 12 MTH% 1.47% 4.26% 0.20% 0.87% 0.95% 2.82% 0.14% 5.02% 3.25% 31.13% 0.91% 0.68% -2.55% -3.02% -0.27% -0.27% -2.20% -7.62% 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
30-Apr-2021 30-Apr-2021 30-Apr-2021 31-Mar-2021 31-Mar-2021 30-Apr-2021 30-Apr-2021 30-Apr-2021 30-Apr-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