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TUESDAY, JUNE 6, 2017
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Moody’s gives alarm on ‘much weaker’ Bahamas By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
M
oody’s yesterday expressed alarm at the “significantly worse” fiscal deterioration unveiled by the Government’s 2017-2018 Budget, although its lead analyst indicated no ‘junk’ downgrade for the Bahamas is imminent. The credit rating agency, clearly taken aback by the Minnis administration’s much-revised fiscal forecasts, warned the global markets that its planned $722 million borrowing showed this nation’s fiscal strength was “much weaker” than it had bargained for. Forced by surprise to adjust its own fiscal forecasts, Moody’s wrote-off its previous projection that the Bahamas’ direct government debt-to-GDP ratio would stabilise below 70 per cent, instead
* $722M BORROW SHOWS ‘SIGNIFICANTLY WORSE’ POSITION * RATING AGENCY TAKEN ABACK BY NEW ESTIMATES * BUT NO DOWNGRADE IMMINENT, SAYS ANALYST * YET DEFICIT TARGETS ‘SOMEWHAT OPTIMISTIC’ estimating that this will continue to climb through the 2019-2020 fiscal year - in contrast with the Government’s forecast that it will peak near 73 per cent in 2017-2018 Warning that the Bahamas’ debt-to-GDP ratio was the highest for any country it had rated one notch above so-called ‘junk’ status, Moody’s said this nation was seeking to achieve fiscal consolidation from “a more negative starting-off point” - especially given its vulnerability to major hurricanes in the absence of funding reserves to
cover damages. “The Budget indicates that the Bahamas’ fiscal outlook is significantly worse than what we had incorporated into our current projections,” the credit rating agency said. “Revised government estimates point to a higher deficit for fiscal 2017, and deficits (rather than surpluses) in the coming years. “Wider, serial deficits will lead to rising debt and delayed debt stabilisation. Whereas we previously had expected that debt would stabilise this year, we now forecast
that debt-to-GDP will rise until 2019, peaking above 70 per cent of GDP. The combination of significantly worse fiscal deterioration and delayed stabilisation of debt metrics puts downward pressure on the Bahamas’ credit profile.” Moody’s said the new government’s estimate of a $500 million deficit for the 2016-2017 fiscal year included “revenue underperformance and expenditure slippage” under the former Christie
SEE PAGE 7
Landfill bidder: Assess Doctors targets stem offer before new RFP cell therapy launch By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamian consortium that bid on the New Providence landfill management contract yesterday urged the new Government to assess its proposal before launching a new tender process. Ginny McKinney, principal of Wastenot, told Tribune Business that she and other members of the 10-strong Waste Resources Development Group (WRDG) were hoping they could at least discuss the contents of their bid with the Minnis administration given the time and money invested in it. Disclosing that she, personally, had submitted five landfill-related proposals that never received a response from any administration, Ms McKinney told Tribune
* BAHAMIAN GROUP: ‘WE DON’T WANT A BYE’ * URGES GOV’T TO LOOK AT PROPOSALS * MINISTERS HINT NEW TENDER PROCESS Business: “We don’t want a bye because we’re Bahamian; we’re not asking to be accepted. We’re asking for our proposal to be looked at.” WRDG, which has partnered with Providence Advisors, the Bahamian investment house, was one of two bids - the other being foreign - to respond to the former Christie administration’s eightday Request for Proposal (RFP)
SEE PAGE 8
Debt gobbles up 27% of Budget By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net MORE than 27 per cent of the Government’s total recurrent spending in the 2017-2018 Budget is going towards repaying principal or interest on the Bahamas’ $7 billion-plus debt mountain. Budget figures reveal that the $292.485 million ear-
* INTEREST, REPAYMENT 2 LARGEST LINE ITEMS * BUT DEBT SERVICING ‘NOT IN DANGER ZONE YET’ * EX-MINISTER RECALLS 40% DEBT TRIGGER SEE PAGE 5
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net DOCTORS Hospital plans to launch stem cell therapy and enter the primary healthcare market during its current financial year, after profits for the year to endJanuary 2017 increased five-fold. The BISX-listed healthcare provider said it planned to launch both initiatives at its Bahamas Medical Centre facility on Blake Road, having received the necessary approvals for one stem cell programme and another “in its final stages”. Doctors Hospital’s 2017 annual report did not identify the types of stem cell treatment involved, but said: “It is envisioned that stem cell therapy will occur at the facility [Bahamas Medical
* ALSO MOVING INTO PRIMARY CARE * PROFITS UP FIVE-FOLD FOR 16-17 * CAPITAL SPEND DOUBLES TO $7M Centre] in fiscal 2018, with one programme already receiving the necessary approvals and the second programme in its final stages of assessment and approval...... “We anticipate that in fiscal 2018 we will launch one of our primary care centres at this location, supported by increased specialist services to best serve the neighbouring communities.” Joe Krukowski, Doctors Hos-
SEE PAGE 6
$4.15 BAHAMAS FACING MULTIBILLION DEBT RISE EVERY FIVE YEARS * EX-MINISTER ‘SAW THIS COMING IN ‘04’ * DEBT, DEFICIT WORRIES SPARKED VAT STUDIES * GDP GROWTH, STRUCTURAL WOES KEY ISSUES By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SUCCESSIVE governments will continue adding $1 billion-plus to the national debt every five years without structural reforms and greater GDP growth, an ex-finance minister saying: “I saw this coming 13 years ago.” James Smith, also a former Central Bank governor, told Tribune Business he was struck by the similarities in “tone” between the 2017-2018 Budget presentation and the first one produced by the former Christie administration in 2012-2013. Both blamed the former government for leaving the Bahamas in a ‘fiscal crisis’, and with unpaid bills totalling nine-figure sums, which Mr Smith argued was evidence of structural deficiencies and the absence of economic growth - not “mismanagement”. “The speech was almost of the tone you would have heard in 2012,” Mr Smith said of last week’s 20172018 Budget presentation. “The incoming government in 2012, I think, said something to the effect of: ‘Look at what they left us with; all these unpaid bills.” The Christie administration, upon taking office, al-
SEE PAGE 4
PAGE 2, Tuesday, June 6, 2017
THE TRIBUNE
CONSTRUCTION INDUSTRY ‘PEERS OVER HORIZON’ By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamian construction industry is “waiting to see what’s on the horizon”, as activity slows down following the postHurricane Matthew construction and repair work. Leonard Sands, the the Bahamas Contractors Association’s (BCA) president, told Tribune Business that storm clean-up, renovation and remediation work had sustained the industry for a number of months. “That was a windfall for the construction industry and gave many contractors lots of work and necessary activity to support their businesses,” he said. “However we are now in June 2017 and most of that work has slowed down significantly.”
* AWAITING NEW ACTIVITY FOLLOWING POST-MATTHEW SLOWDOWN Mr Sands added: “The construction industry is looking forward to what’s going to happen next in terms of development. There are some small development whispers but, for the most part, we don’t hear a lot regarding new projects, especially in New Providence. We are waiting to see what’s on the horizon, what new thing can happen to bring some much-needed movement in the construction sector.” K T Turnquest, minister of finance, said during last week’s 2017-2018 Budget communication that “some degree of momentum” had been seen in construction-related output last year, supported by a number of foreign investment projects in both New Providence and the Family
Islands. “While the domestic construction sector remained soft, it did receive a temporary boost in the wake of Hurricane Matthew with the rebuilding of residential and commercial properties and repairs to public infrastructure,” he added. “Otherwise, the softness of the construction sector, as a whole, was reflected in total mortgage disbursements for new construction and repairs, which declined by almost 7 per cent, following a gain of 24 per cent in 2015. As for the two main components of the sector, the residential element contracted by 3 per cent last year, while the commercial segment decreased sharply by 51 per cent, and this on the heels of a 35 per cent downturn in 2015.”
Stephen Wrinkle, a former BCA president, told Tribune Business: “Things are very flat right now. I think it’s too early to tell what effect the change of government will have on the industry as a whole. Certainly, a lot of interested parties and investors have been waiting on the sidelines for the election results. “Those that were eager to see a change now see it, and it remains to be seen whether they will go ahead and invest. Hopefully, the people who have been on the sidelines can get the the financing that they need. I have not seen the banks easing up the criteria for lending, and that is going to continue to make it difficult for prospective home-buyers. We have to make it more
SKY CHIEF BACKS DOMESTIC ROUTE EXIT BY BAHAMASAIR By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A leading Bahamian airline executive says he would back Bahamasair’s ‘strategic’ exit from the domestic market, arguing: “You can’t spend more than you make”. “With Bahamasair, the goal was to go and build, open or expand markets, to get people to come from Europe, North America, Asia,
South America and even to partner with other operators. We have a national flag carrier which should really be bringing visitors here. We cannot depend on the foreign carriers. You will be at their whim when they decide to move, and what they decide to charge,” said Sky Bahamas president, Randy Butler. He was speaking after the Minister of Tourism and Aviation, Dionisio D’Aguilar, last week speculated about the possibility
of reducing Bahamasair’s domestic presence yearto-year, with the ultimate goal of withdrawing from that market segment completely in the coming years. “I’m glad to hear that the Minister is thinking that,” said Mr Butler. “That was the original plan, and that’s why folks like us got into the business. I think it was a bad deal purchasing those airlines just servicing the domestic route and flying people to Miami, Fort Lauderdale and Orlando. “You have to do things that make business sense. If Bahamasair leaves the domestic market today, I don’t think anyone would miss them but it has to be strategic. If they don’t do it this year they will have problems going forward. They may have to look at code sharing with other airlines, and maybe look at leasing equipment.” Mr D’Aguilar recently
told The Tribune that the Government must find a way to “encourage and develop” the domestic aviation industry, while it works to end its presence in it. “We have used Bahamasair, at least internationally, as a way to carry Bahamians to and from Florida, and not as a tourism tool to bring people to this country,” he told The Tribune. “There is more than Nassau to Miami, Nassau to Orlando and Nassau to Fort Lauderdale. “We have been beating ourselves up with the Nassau to Florida route for so long, when there are so many other carriers that run that route. There are other routes that we can take, other routes that we can make where we can earn something. We want to explore international routes, which we can offer as non-stop direct because those are routes that are less competitive.”
affordable for Bahamians to obtain a mortgage. You have to be able to reach the
consumer so that they can realise the dream of home ownership.”
FREEPORT PROMOTED TO CONTACT CENTRE SECTOR THE Grand Bahama Port Authority (GBPA) teamed up with a call centre operator to promote the island’s attractions for that sector at a recent conference. The GBPA paired with itelBPO Solutions (Island Outsourcers) for the ICMI Contact Centre Expo, recently held at the Walt Disney World Dolphin Resort in Orlando, Florida. The event marked the second year in which itelBPO and GBPA have collaborated to promote Grand Bahama as a destination for business process outsourcing (BPO) operations within the Caribbean. “The ICMI Tradeshow is a boutique call centre industry event, which hosts elite customer care executives and CEOs, gathering annually for collaborative exchange on transformational solutions to enhance the customer service experience,” said Derek Newbold, the GBPA’s senior manager of business development and Invest Grand Bahama. “Since establishing GB’s first official contact centre three years ago, GBPA has strategically marketed the island’s value proposition for nearshore operations by virtue of our exceptional infrastructure, proximity and cultural affinity to the US market. We have been deliberate in our approach to promoting Freeport as the ‘Free Trade zone of the Bahamas’
and, more specifically, the opportunities it offers for companies within the ICT industry.” The three-day Contact Centre event in Orlando catered to hundreds of executives, vice-presidents and directors representing various industries, including telecommunications, technology, retail and manufacturing, health, and banking and finance. Sebastian Tickle, vicepresident of business development at ItelBPO Solutions, said: “The region’s contact centre industry is roughly 20 years old, generating in excess of $1 billion dollars annually. More importantly, the industry continues to expand tremendously in numerous international markets. “In April of this year, we expanded our operational capacity at Itel BPO Solutions, with new offices at the Sir Albert Miller Building, and can now accommodate even greater business volumes.” Ian Rolle, the GBPA’s president, said: “GBPA will continue to embrace the Information and Communication Technology sector as a high growth industry for Grand Bahama. We have the infrastructure…we have the location and, by way of our partnership with itelBPO and high schools across Grand Bahama, we are investing in the ongoing development of human capital to create a selfreplenishing skills pool to sustain this new industry.”
AMERICAN AIRLINES GIVES EXUMA TOURISM BOOST AMERICAN Airlines has added non-stop service to Exuma from Charlotte, north Carolina, with the first flight touching down at Georgetown’s airport shortly after 10:20am on Saturday. The new route is designed to generate greater market penetration by opening up the Bahamas to a new visitor market. The service will operate weekly on Saturdays. The airplane, a Bombardier CRJ-700, has a capacity of 63 seats, nine in first class and 54 in the main cabin. Dionisio D’Aguilar, minister of tourism; Tyrone Sawyer, senior director of airlift development in
the Ministry of Tourism; American Airlines managing director for the Caribbean and Latin America, Alfredo Gonzalez; Exuma MP, Chester Cooper; and other senior officials greeted passengers. Mr D’Aguilar hailed American Airlines as an “extraordinary partner of the Bahamas”, and said: “Today we assemble to welcome yet another new flight by our long-term partner, American Airlines. Although it is only one flight a week, we see today’s flight as a very significant undertaking. “American Airlines serves more islands of the Bahamas than any other
airline. “In so doing, American Airlines, you help us achieve a very important goal; to maximise tourism spending and visitor arrivals throughout as many of our 700 islands as possible.” Visitors will have much to do on Euxma. The island, made up small cays, has some of the most gorgeous turquoise waters in the Caribbean and is home to the world-famous swimming pigs. Mr Gonzalez said American Airlines has 660 flights a day out of its Charlotte hub, and more than 356 flights a day from Miami. “So that combination opens up a lot of opportu-
nities for the Bahamas. We are very excited to be a part of this growth in the Bahamas. We have been flying to the Bahamas for more than 30 years. This is our 30th anniversary, so we are very committed to the Bahamas. We fly to six islands in the Bahamas,” Mr Gonzalez said. American Airlines’ new non-stop flight offers many strategic advantages for Exuma, Minister D’Aguilar noted. “Indeed, the 8:10am departure provides excellent connections to key markets like Houston, New Orleans, Hartford, Atlanta and west coast destinations like Los Angeles and San Francisco,” he said.
THE TRIBUNE
Tuesday, June 6, 2017, PAGE 3
Exemptions to ‘defeat the purpose’ of VAT By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE private sector “is glad” the Government deferred its Value-Added Tax (VAT) campaign promises, as these would have “defeated the purpose” of the Bahamas’ chosen taxation model. Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive, told Tribune Business it was “a prudent decision” to leave the Government’s main revenue source well alone in the 2017-2018 Budget. He added that the Minnis administration’s pledges to exempt ‘breadbasket’ food items, and key utilities and services, from VAT required careful study and “can’t be done in a oneshot deal”. Mr Sumner also warned that implementation of the proposed exemptions would “require a lot more work and effort than meets the eye”, with merchants having to adjust their pointof-sale (POS) and VAT accounting/reporting systems, and the Government likewise. “We’re actually glad that the Government decided not to proceed with that at the moment,” Mr Sumner told this newspaper of the VAT promises. “I think the whole idea of VAT reductions or exemptions would require a lot more work and effort than meets the eye.” The Chamber chief executive said the private sector body, and affiliated industry organisations, “spent an
awful lot of time” prior to VAT’s implementation on providing the then-Christie administration with advice and data to support their calls for a low-rate, broadbased model with minimal exemptions. “If you’re talking about extending exemptions, it defeats the purpose of the VAT in the first place,” Mr Sumner explained. “The idea was to make VAT a very efficient tax in the country, and based on all the options we had at the time, VAT was the most viable.” But Dr Hubert Minnis, during the election campaign, promised to ‘exempt’ so-called ‘breadbasket’ food items from the 7.5 per cent levy. He also promised to remove VAT from utility bills (light and water); healthcare and education. The now-Prime Minister justified the move on the grounds that this would reduce the burden of VAT, and relatively high living costs, on lower income Bahamians. However, Dr Minnis and the Free National Movement (FNM) were repeatedly warned against doing so by the International Monetary Fund (IMF), Bahamian private sector and Opposition parties on the basis that it would both undermine the chosen VAT model and create numerous unintended consequences. The VAT-related pledges were subsequently ‘watered down’ in the Speech from the Throne, which talked only of ‘reducing’ not eliminating VAT - on ‘breadbasket’ food items. Of the other services, there
* PRIVATE SECTOR ‘GLAD’ GOV’T PLAN DEFERRED * PROPOSAL CAN’T BE ‘ONE-SHOT DEAL’ * NEEDS ‘MORE WORK THAN MEETS EYE’ was no mention. And KP Turnquest, minister of finance, said following last week’s Budget presentation that the Government had been forced to delay implementation of its VAT-related promises because the Bahamas’ fiscal weakness required a more conservative approach, “That’s not going to happen immediately,” he conceded. “That’s one of the trade-offs that we have to make because we recognised that, for instance, the Ministry of Works overspent by $75 million in this last year. “We immediately, literally two days ago, had to say: ‘Wait a minute; let’s be conservative before we go out and give concessions. Let’s make sure that we have the house covered’.” The Government instead concentrated its tax adjustments on Customs duties and Excise tax reductions/ eliminations, something that had also been called for by the private sector. Mr Sumner reiterated that proposals to introduce numerous VAT exemptions required “very careful consideration”, and added: “It can’t be done in a one-shot deal. “To consider exemptions at this stage and readjust VAT will be an onerous provision. It will take time to do it properly; not only
the Government but merchants will have to adjust their point-of-sale systems and VAT systems.” Suggesting that there be “full consultation” should the Minnis administration decide to move ahead with its VAT ‘exemptions’ policy, the Chamber chief executive called for all parties to revisit the studies and reports conducted for the private sector on tax reform. He also said there were numerous unanswered questions regarding the Government’s plans, including which foods and goods would be included in the definition of ‘breadbasket’ items. Mr Sumner also queried whether the VAT would be reduced or eliminated on the ‘exempt’ goods and services and, if the former option was chosen, how much the reduction would be. He also asked if ‘zero-rating’ was an option. “The fact the Minister of Finance indicated they’d decided to defer the decision is a prudent move,” he told Tribune Business. “Rather than offer all these exemptions on breadbasket items, put a portion of the VAT revenues into a social security fund to support those individuals who may need assistance.” This echoes a call made last week by Robert My-
ers, a principal with the Organisation for Responsible Governance(ORG), who last week also warned that the VAT ‘exemptions’ plan will “open up a Pandora’s Box” of demands for everincreasing concessions that may undermine the low-tax model. He warned that the Minnis administration’s election campaign promises could turn VAT into an inefficient, complex tax that increased both business
and Government administration costs, while encouraging numerous industries and ‘special interests’ to start lobbying for the same treatment for themselves. Mr Myers suggested that the Government’s VAT ‘exemptions’ plan would force merchants to increase consumer prices on other products, while also acting as an unnecessary ‘tax break’ for rich and upper middle class Bahamians. Increased exemptions would mean Bahamian retailers and utilities reclaiming a smaller percentage of their VAT ‘input’ payments, resulting in these businesses increasing consumer prices to compensate for higher production costs caused by the lack of VAT ‘offset’.
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Qualified applicants should submit resumes on or before, June 7, 2017 electronically to the following email address: careers@bealiv.com with Subject: Commercial Analysis Manager.
PAGE 4, Tuesday, June 6, 2017
THE TRIBUNE
BAHAMAS FACING MULTI-BILLION DEBT RISE EVERY FIVE YEARS FROM PAGE 1 leged that its FNM predecessor had left it with $97 million in spending commitments that had to be met, including some $63.14 million in unpaid cheques and wire transfers. And in unveiling the 2012-2013 Budget, Perry Christie said: “Our room for manoeuvre is, at least in the short-term, severely constrained by the dire fiscal situation that has been handed to us by the previous administration. “The Government’s deficit and debt levels at this time are much worse than we had anticipated. We have been left with sizeable, ongoing capital expenditure commitments and a legacy of contracts entered into in the final days of the former administration.” And: “We also face the carry-over into 2012-2013 of certain recurrent expenditure commitments of the previous administration in respect of the promotions exercise, back pay, salary increases and the payment of insurance benefits. Fast forward five years, and the similarity in rhetoric and content with the 2017-2018 Budget is striking. K P Turnquest, minister of finance, last week told the House of Assembly that the fiscal situation was “far bleaker than we could ever have imagined. Our predecessors have literally left us with a cupboard that is bare.” He blamed the previous administration for burdening the new government with $300 million-plus in
accounts payables as result of a “backlog” in spending and payments commitments, which required the Minnis administration to borrow some $400 million to cover the ‘hole’. The similarities between the two Budget presentations were not confined to the rhetoric either, as both blamed the previous administration for saddling them with deficits of around $500 million when they left office. Mr Smith told Tribune Business this was evidence of a multi-billion dollar debt pattern that the Bahamas was doomed to repeat every five years without fundamental Budgetary and economic reform, disclosing that fears of huge annual deficits had prompted him to initiate studies on VAT 13 years ago. “It tells me, if you look at the historical data, that the Government borrows about 20 per cent of its revenue for capital or otherwise,” he explained to Tribune Business, “and the deficit on the recurrent is around $100 million to $200 million. “So you’re dealing with around $300-$400 million a year [in deficits]. You’re going to borrow more than $1 billion every single [political cycle]. It’s got nothing to do with mismanagement; it’s the nature of the economy, and the important issue is unless we have economic growth, the ratio of debt-toGDP - where GDP remains constant and the debt is going up more - starts climbing into a dangerous area. “It should be clear to everyone that our problem is an anemic economy,” Mr
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IN THE ESTATE OF FAITH H. TOMPKINS a.k.a. FAITH TOMPKINS, late of the Town of Millbrook, Country of Dutchess in State of New York, one of the States of the United States of America, deceased NOTICE is hereby given that all persons having any claim or demand against or interest in the above Estate should send same duly certified in writing to the undersigned on or before 3rd July, 2017 after which date the Executrix will proceed to distribute the assets of the Estate having regard only to the claims, demands or interests of which she shall then have had notice AND NOTICE is hereby given that all persons indebted to the above Estate are requested to make full settlement on or before 3rd July, 2017. FREDERIK F. GOTTLIEB & CO.
Attorneys for the Executrix P.O. Box AB-20405 Royal Harbour Village #2 Bay Street, Marsh Harbour, Abaco, The Bahamas
Smith added. “We have stagnant GDP levels, and a lot of stuff is baked into the Budget, like salaries, rents, goods and emoluments. “That’s not going to change much. The discretionary room for manoeuvre is too small to make a difference in the Budget. Unless we have substantial economic growth, everyone will be saying the same thing every five years.” Mr Smith said the Minnis administration’s first Budget failed to properly lay out a strategy for reviving economic growth, instead concentrating on the $500 million deficit it had inherited from 2016-2017 and the need to borrow more than $722 million to cover two years’ worth of fiscal ‘red ink’. “We’ve got to look at the macro economy and the growth rate,” he told Tribune Business. “Look at the last government and this government; you don’t see much about how I’m going to stimulate growth, and whether I’m going to get local and foreign investment, or a combination of both.” The Bahamas enjoyed four consecutive years of zero or negative economic growth between 2013-2016, and the direct link between GDP expansion and revenues likely helps to explain why the Government’s income failed to meet expectations. Mr Smith, acknowledging that $756 million in net VAT revenues over the past two years had helped to slow the national debt’s growth rate, called on the Government to focus on increasing tourist spending given that the sector accounted for two-thirds of the Bahamian economy. “You make more things available for them to spend money on,” he argued. “Entertainment, goods and services. You can’t change how many come in overnight, but you can increase spending by finding more for them to do. “Redirect efforts to stimulate your main industry in the short-term. I think we’ve just got to find ways to get a little bit more out of the tourism sector. We’ve seen growth in the Dominican Republic, Jamaica and others. The question is why are people flying over us to other destinations when we are just 40 minutes from Florida.” Mr Smith said economic diversification was a longterm goal, and disclosed that concerns over the Bahamas’ fiscal outlook prompted him to initiate VAT assessments when at the Ministry of Finance in 2004 “I saw this coming,” he told Tribune Business of the Bahamas’ debt and deficit crisis. “You may recall I tried to introduce VAT in 2004. We knew that unless we expanded our revenue base from 17 per cent to 20 per cent we would be in trouble.” Mr Smith said he was given Cabinet approval to initiate VAT studies by the IMF and Crown Agents, but never received permission to implement it. “Once we took a look at it, we needed to have the revenues increase to 20 per cent or down the road we would really have an increase in the debt and deficit. We knew that 13 years ago,” he revealed. VAT was eventually introduced some 11 years and two administrations later, and Mr Smith agreed that the Bahamas’ fiscal rebalancing depended on combining tax reform with similar adjustments on the spending side and faster economic growth. He added, though, that government spending was a “larger ship to turn around”, as civil service layoffs would only switch costs from salaries to the social security budget. The threat posed by natural disasters, and the role government expenditure played in the wider Bahamian economy, also meant any reductions needed to be approached cautiously.
THE TRIBUNE
Tuesday, June 6, 2017, PAGE 5
Debt gobbles up 27% of Budget FROM PAGE 1 marked for debt servicing (interest payments), and the $433 million for debt redemption, are the single largest line items in the Minnis administration’s Budget, with the Ministry of Health - thanks to the $40 million earmarked for the National Health Authority - the only ministry to be allocated a higher collective sum than this. A close analysis of the Budget figures shows the extent to which taxpayers are increasingly having to finance the borrowing/ spending habits of previous administrations, and just how much money is being sucked away from essential public services such as the police, Defence Force, health, education and social security. Put another way, over one-quarter, or more than $1 out of every $4 spent by the Minnis administration in the 12 months to end-June 2018, will be going on the Bahamas’ debt. James Smith, former minister of state for finance in the 2002-2007 Christie administration, said that while the amount of revenue allocated to debt servicing was “not in the danger zone yet”, it required careful monitoring given that it has reached record levels.
The $292.485 million in debt servicing costs is equivalent to 10.9 per cent of the Government’s planned recurrent expenditure of $2.676 billion, and 13.6 per cent of $2.15 billion in recurrent revenues. Mr Smith told Tribune Business: “The amount of revenue going to debt service is not in the danger zone yet. But we don’t want to go too far beyond that. It allows you another 80 cents or thereabouts to do other things. “We need to keep an eye on that. That will continue to change as soon as interest rates go up. I’m almost certain that the Budget will not have done a stress analysis of what will be the impact if interests rates go up one or two per cent.” Total debt repayments principal and interest - are set to total $725.284 million in 2017-2018, a 29.1 per cent rise on the prior year’s $561.552 million. K P Turnquest, minister of finance, attributed much of the increase - and rise in total recurrent spending - to the Government’s refinancing activities, which will consume $433 million in debt principal repayments. While debt principal repayments are forecast to moderate in 2018-2019 and 2019-2020, dropping back below $300 million, debt servicing (interest costs) will remain relatively high at $282.171 million and
NOTICE
NOTICE is hereby given that TED MEUZE of Strachan’s Alley, New Providence, 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 30th day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that MARIE VENISIA MOSS of Havens Road off Soldier Road, P.O.Box 51219, New Providence, 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 29th day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that FELIX ORVIL of #23 Wilson Tract, New Providence, 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 6th day of June, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
$276.419 million, respectively. The Minnis administration is projecting that the Government’s direct debtto-GDP ratio will peak at 72.7 per cent in the upcoming 2017-2018 Budget year, declining slightly to 72.3 per cent in 2018-2019 and then falling to 70.8 per cent in 2019-2020. Both these estimates are based on the Bahamas generating greater GDP growth than it has seen in almost a decade, with the economy forecast to expand by 1.4 per cent this calendar year, and 2.2 per cent in 2018, as Baha Mar becomes fully operational. Once the governmentguaranteed liabilities of public corporations are factored in, which amount to around 9 per cent of GDP, the Bahamas’ national debt-to-GDP ratio is likely to break through the 80 per cent mark by June 30, 2017, and stay there for at least two years. “What I find rather concerning was what I was in office, my trigger was 40 per cent,” Mr Smith told Tribune Business of the debt-toGDP ratio. “I thought that was a dangerous threshold. Seventy per cent is a new number for me.” The Ministry of Public Service and National Insurance’s Budget shows the impact of previous spending decisions on the Government’s debt and deficit, with medical insurance premiums for public workers set to double in 2017-2018 to $70 million. Public service pensions, which are effectively a ‘pay as you go’ scheme that is 100 per cent funded by the Bahamian taxpayer, are to increase year-over-year by 20.4 per cent - from $78.913 million to $95 million. Gratuities to public officials are rising by $6 million to $33 million, with office rents also increasing from $33.33 million to $42.962 million year-over-year.
Calling All High
SCHOOL STUDENTS
Every year in August THE TRIBUNE publishes a popular Back to School supplement as a guide to the following academic year. In the supplement we feature the profiles of high school students across the Bahamas and Family Islands. We want profiles from as many schools and students as possible to make this guide essential and informative.
Profiles must include 1. Name 2. Age 3. School 4. Grade 5. Parent name or names 6. Goals and aspirations, prizes won and honours awarded
7. Name of college they will be attending (if attending) Plus a suitable photograph in .jpeg format (graduation or any other image).
How to submit profiles Email to back2school@ tribunemedia.net with ‘Back To School’ in the subject field and photos in .jpeg format. By post to Back To School, The Tribune, Shirley Street & Deveaux Streets, PO Box N-3207, Nassau. By hand to The Tribune office The deadline for the profiles is June 30, 2017 and there is no cost involved. For any questions please contact Tribune Features at 5022380 or 502-2391.
PAGE 6, Tuesday, June 6, 2017
THE TRIBUNE
Doctors Hospital targets stem cell therapy launch
FROM PAGE 1 pital’s chairman, told shareholders via the annual report that the launch of primary care services “will be a vital component in the continuum of care we provide. “We will seek to provide our customers with multiple entry points for this level of care,” he added. Doctors Hospital’s stem cell initiatives, in particular, represent a potential boost to the Bahamas’ national effort to make greater inroads into the medical tourism market while also exploiting legislation passed by the former Christie administration.
The healthcare provider’s move into primary care will effectively create a fullyintegrated model, combining with its core business in secondary and tertiary care provision to potentially make Doctors Hospital almost a ‘one-stop shop’ for all medical needs. The expansion comes after Doctors Hospital saw total comprehensive income for the year to end-January 2017 grow by 409 per cent or more than five-fold, from $702,790 to $3.578 million year-over-year. The growth was driven entirely by the company’s main Collins Avenue facility, where profits more than doubled, increasing
by 157.4 per cent to $4.778 million compared to $1.856 million the year before. The Bahamas Medical Centre’s net loss increased slightly compared to the prior year, rising from $1.153 million to $1.2 million. An improved top-line drove Doctors Hospital’s improved profitability, with patient services revenue up $3.65 million or 7.4 per cent at $52.713 million. “Patient days increased by 6 per cent from the previous year,” the annual report said of the main Collins Avenue hospital. “Increases in the Intensive and Intermediary Care Units accounted for 37 per cent of the change, and the balance
in medical surgical and maternity. “Total admissions to the facility were 4,114 in fiscal 2017 compared to 4,063 in fiscal 2016. The continued flat admission numbers and increased patient days are indicative of the trend toward a rising severity of illness. The average daily census increased to 33 patients per day from 31.2 in the previous year.” Doctors Hospital’s total expenses grew by $818,452 or 1.7 per cent year-overyear, with salaries and benefits rising by $1.176 million or 5.6 per cent to $23.209 million. Due to the top-line growth, these fell as a percentage of patient net revenue from 44.3 per cent to
43.5 per cent. At Bahamas Medical Centre, revenues rose by $28,015 or 1.9 per cent to $1.462 million. This slightly outpaced the increase in expenses, which jumped by 1.5 per cent or $43,479 to $2.819 million as a result of rising medical supplies costs. Doctors Hospital is budgeting $7 million for capital spending projects in its financial year to end-January 2018, a sum more than double the prior year’s $3.1 million, as it bids to upgrade facilities and replace equipment. “Bad debt expense, as a percentage of patient service revenues, decreased to 2.6 per cent for the year
ended January 31, 2017, compared to 3.4 per cent the previous year,” Doctors Hospital said. “This represented a decrease of $316,808, or 18.8 per cent. This decrease is a result of a write-off of third-party receivables. “The number of days revenue in accounts receivable at year-end (AR Days) for fiscal 2017 stand at 51 compared with fiscal 2016 at 43 days, and net receivables as a percentage of net patient revenue increased to 14.1 per cent from 11.8 per cent. These increases are a result of high activity in the months of December and January, and payments not received until after yearend.”
THE TRIBUNE
Tuesday, June 6, 2017, PAGE 7
MOODY’S GIVES ALARM ON ‘MUCH WEAKER’ BAHAMAS FROM PAGE 1 administration, as well as the impact from Hurricane Matthew. The New York-based rating agency noted that the current fiscal year’s deficit was equivalent to 5.5 per cent of Bahamian economic output (GDP), and contrasted this with both the $350 million (3.8 per cent of GDP) and $100 million (1.1 per cent of GDP) estimates given by the previous government - the former as recently as March 2017. Pointing to the obvious contrasts and contradictions between the two governments’ estimates, Moody’s added: “Through the first eight months of fiscal 2017, the deficit had reached $290 million, implying a 72 per cent widening of the deficit to match the FNM’s estimate in the past four months.” “Authorities said that borrowing plans for fiscal 2018 will total $722 million (7.8 per cent of GDP) to cover unfunded spending committed in fiscal 2017, and the expected deficit in fiscal 2018. This indicates that the Bahamas’ fiscal position is much weaker than we had previously expected, even after accounting for the slippage caused by Hurricane Matthew. “Consequently, we no longer expect the Bahamas’ debt levels, which had already climbed to 67.3 per cebt of GDP from 48 per cent of GDP during the past five years, to stabilise below 70 per cent of GDP. Instead, we expect that they will rise at least through fiscal 2019. At these levels, the Bahamas’ debt-to-GDP ratio will be the highest for an emerging market sovereign rated ‘Baa’.” Moody’s also described the Government’s deficit reduction, and fiscal consolidation targets, as “somewhat optimistic” given the Bahamas’ four consecutive years of zero or negative economic growth. It added: “Although fiscal consolidation efforts, including boosting revenues through higher tax compliance and measures to rein in expenditures, have the potential to stabilise the debt trend, the Budget communication clearly points to a more negative starting-off point. “Additionally, there remain downside risks owing to a still-weak, albeit recovering, economy and the Bahamas’ susceptibility to climate-related events, such as hurricanes, that imply a fiscal cost in the absence of buffers. “The Budget envisions a somewhat optimistic deficit reduction path through fiscal 2020 without material
changes to current policy, particularly in a still weak economic environment,” Moody’s continued. “The new government forecasts a deficit of $322 million (3.4 per cent of GDP) in fiscal 2018, and deficits of around 2.3 per cent of GDP in fiscal 2019 and 1.1 per cent of GDP in fiscal 2020. This compares with previous official estimates of a small deficit of $28 million (0.3 per cent of GDP) in fiscal 2018 and surpluses beginning in fiscal 2019.” The only good news from the Bahamas’ perspective is that it retained its investment-grade rating with Moody’s - at least for the moment. Renzo Marino, the Moody’s assistant vicepresident, and lead country analyst for the Bahamas, told Tribune Business that while the 2017-2018 Budget’s contents were “a credit negative” for this nation, it wanted to assess the ‘bigger picture’ as it related to economic growth and fiscal reforms before taking any rating-related action. “At this stage, the fact the Government sees the fiscal strength is weaker is definitely a credit negative from our perspective,” he said in an interview with this newspaper. “[But] we still want to assess a few things. “Looking at the Budget document and the projections put there, we want to wait and see how the economy performed last year to give us an idea of what future growth in 2017-2018 might be, especially in the context of Baha Mar and the boost that’s expected to provide to the economy, and how this will affect the debt metrics of the Government. Based on that, we’ll review the rating of the Bahamas.”
Moody’s currently rates the Bahamas’ sovereign creditworthiness at ‘Baa3’ with a stable outlook, keeping it at one notch above ‘junk’ status following a previous downgrade in August 2016. Unlike Standard & Poor’s (S&P), which downgraded the Bahamas to ‘junk’ earlier this year, Moody’s has taken more of a ‘glass halffull’ position on the Bahamas and given it time to get its economic and fiscal house in order. That approach, though, may have been jeopardised by the suddenness, and magnitude, of the correction to the Government’s fiscal estimates, which drag out the fiscal consolidation process amid an ever-increasing national debt which - when the liabilities of the public corporations are factored in - is now around 80 per cent of GDP or four-quarters of the Bahamas’ total annual economic output. Mr Merino said that following last August’s downgrade, Moody’s had expected both the Bahamian economy to start recovering from years of weak performance and the Government’s debt to show signs of medium-term stabilisation. Even allowing for Matthew’s impact, the rating agency had still expected the debt-to-GDP ratio to peak this year - then stabilise - until last week’s Budget. “The incoming government presented a worse fiscal situation for the Government,” Mr Merino said. “One of the take aways from the communication, and this is the key, is that without any measures the debt will continue to rise for the next two to three years.” Moody’s acknowledged the fiscal measures outlined
in the 2017-2018 Budget, saying: “The FNM government has stated that over the coming months it will perform a review of revenues and expenditures to identify opportunities for greater fiscal consolidation than what the Budget presented. Authorities also will seek to introduce fiscal responsibility legislation, strengthen procurement processes and increase overall fiscal transparency.” Mr Merino said Moody’s “understood” that the Government would assess potential measures to reduce spending and enhance revenues within the next 90 days, and wanted to discuss these and other aspects of the Minnis administration’s plans when it made its annual summer visit to Nassau. The Moody’s analyst’s comments underscore how
the Government needs to restore trust in its fiscal credibility, with the ninefigure gap between the Minnis administration’s projections and those of the prior government threatening to undermine business, investor and consumer confidence - as well as that of the credit rating agencies unless the differences were properly explained. The Government, in unveiling the 2017-2018 Budget, revealed that the upcoming year’s deficit is projected to be $323 million - an almost $300 million increase from the $28 million in ‘red ink’ that was forecast by the Christie administration just 12 months ago. Raising further questions about the former government’s fiscal forecasting, the deficit for the current 2016-2017 fiscal year is now estimated to be $500 mil-
lion - a five-fold increase upon the $100 million that was forecast last May, and $150 million more than the mid-year Budget estimate given just three months ago in March. While Hurricane Matthew played a role in the deficit growing 400 per cent beyond projections, the former government was accused of exacerbating the storm’s impact by entering into unfunded spending commitments that had created a $300 million government payables “backlog”. Based on Moody’s comments yesterday, K P Turnquest, the minister of finance, was right to be concerned about how the rating agencies would react to the 2017-2018 Budget. Much now hinges on whether the Government can provide a convincing explanation when it visits.
EMployMEnt oppoRtunity A reputable Company is seeking a competent Secretary Applicants must possess the following skills: Main Duties & Responsibilities: • Organize meetings and schedule appointments • Record and distribute minutes of meetings • Research and prepare materials for presentations • Assist with preparation of reports • Manage all correspondences; receive and disburse incoming mails, etc. Qualifications/Requirements: • Associates Degree in Business Administration or related field • Minimum of four years’ experience as a Secretary • Must have strong typing and communication skills • Be proficient in Microsoft Office Suite programs • Must be able to work independently and be able to spearhead special projects Please submit resume and cover letter to P. O. Box N-7544 or by email to info@bleccu.com on or before June 19, 2017.
Self-starter, Ability to multi-task, Exceptional communication skills, Passionate, Keen attention to detail.
If you possess these qualities, Royal Fidelity invites you to apply for the position of:
Executive Assistant & Administrator Job Summary The Executive Assistant & Administrator will provide administrative support and assistance to the President of Royal Fidelity and the CEO of the Fidelity Group - to facilitate the efficient operation of their offices as well as providing general administrative support services for the business. As an essential point of contact with clients, the Executive Assistant & Administrator is expected to possess a polished professional brand – in both appearance and personality.
Main Duties & Responsibilities: • • • • • • • •
Ensure the professional and smooth running of the President’s and CEO's office Coordinate and prioritize the daily activities of the President & CEO Organize meetings and arrangements; schedule appointments Manage all correspondences; receive and disburse incoming mail Interface and assist with preparation of reports Record and distribute minutes of departmental meetings Coordinate and Monitor staff vacation; maintain staff attendance records Research and prepare materials for presentations, etc.
Requirements / Qualifications: • • • • • • •
Bachelor’s Degree in Business Administration or related field Minimum of 3 years’ experience in similar role High proficiency in Microsoft Office Suite programs Highly organized with effective time management skills Exceptional interpersonal, written and verbal communication skills Ability to work in a self-motivated environment with little supervision Passionate, polished professional and highly confidential
PLEASE SUBMIT BEFORE June 1st, 2017
HUMAN RESOURCES Re: Executive Assistant & Administrator careers@fidelitybahamas.com
ABSOLUTELY NO PHONE CALLS
A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.
PAGE 8, Tuesday, June 6, 2017
THE TRIBUNE
Landfill bidder: Assess offer before new RFP FROM PAGE 1 for a private sector manager for the New Provi-
dence landfill. However, WRDG heard nothing from the Government after the bids were
opened at the Finance, until nounced over weekend that
Ministry of it was anthe holiday the Minnis
administration is considering launching a new RFP or bidding process. The move was unveiled
Property & Casualty Insurance Trainee Are you looking for a career in Property & Casualty insurance? Does a real job with real responsibilities appeal to you? Are you a recent University Graduate? Are you a people person? If so, join a team where people come first. What will I be doing? This 24 month Security & General Insurance Company Limited Graduate Training Programme provides you with the opportunity to help you gain knowledge and experience in Property & Casualty Insurance. You will rotate through various areas such as: Broker Services, Claims, Technical Services and Finance. Through this on-the-job training programme, you will have the opportunity to liaise with brokers, review claims, underwrite personal and commercial insurance and prepare financial entries, journals, and other accounting items. What do I need? To be considered for this dynamic opportunity… • You have recently completed an Bachelors or a Master’s degree in business, economics or insurance; • You have a keen interest in property & casualty insurance and are in progress of, or willing to pursue, a professional insurance qualification e.g. ACII; • You are a self-starter who loves to continuously learn and develop your skills; • You are an excellent communicator and enjoy meeting and engaging with people; • You have exemplary organisation skills with attention to detail; and • You have an intermediate proficiency level with Microsoft Suite of products. About Us A leading regional player in the retail insurance sector, Colonial Group International, with over 300 employees and offices in Bermuda, The Bahamas, the British Virgin Islands, the Cayman Islands and the Turks & Caicos Islands, offers a complete range of premier financial and insurance services to our individual and corporate clients. We know that our products make a real difference to our clients and their families. We offer an attractive compensation package. To Apply Please send your résumé/cv to our Vice-President, Human Resources at hr_manager_bm@colonial.bm by no later than June 20, 2017.
SECURITY & GENERAL INSURANCE COMPANY LIMITED Atlantic House, 2nd Terrace & Collins Avenue, P.O. Box SS-5915, Nassau, The Bahamas tel. 326 7100 www.cgigroup.com A member of Colonial Group International Ltd. Insurance, Health, Pensions, Life
Security & General Insurance is rated A- (Excellent) by AM Best
MARKET REPORT WEDNESDAY, 31 MAY 2017
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,875.02 | CHG 0.01 | %CHG 0.00 | YTD -63.19 | YTD% -3.26 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.60 4.70 0.13 6.76 8.60 6.10 10.60 14.50 2.72 1.60 6.00 10.00 11.00 10.00 6.90 12.51 11.00
52WK LOW 3.40 17.43 8.19 3.50 1.64 0.12 3.80 8.35 5.70 9.00 10.50 2.18 1.31 5.80 7.55 8.56 7.30 6.35 11.92 10.00
1000.00 1000.00 1000.00 1000.00
900.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01
1.00 105.50 100.00 100.00 105.00 100.00 100.00 10.00 1.01
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 Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate 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 100.00 100.00 100.00
52WK LOW 100.00 100.00 100.00
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +
SYMBOL FBB17 FBB18 FBB22
Bahamas Note 6.95 (2029) BGS: 2014-12-3Y 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 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
MUTUAL FUNDS 52WK HI 2.06 3.93 1.95 169.70 141.76 1.47 1.67 1.57 1.10 6.96 8.50 6.30 9.94 11.21 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.41 1.61 1.52 1.03 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 4.22 15.85 9.09 3.60 1.77 0.12 4.05 8.60 6.00 10.52 10.50 2.35 1.55 6.00 9.75 9.00 9.75 6.90 12.50 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 109.08 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.22 15.85 9.09 3.60 1.77 0.12 4.05 8.60 6.00 10.52 10.50 2.35 1.55 6.00 9.75 9.00 9.75 6.90 12.50 10.00
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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01
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 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
109.08 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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
500 3,100
VOLUME
NAV 2.06 3.93 1.95 168.44 141.76 1.47 1.64 1.56 1.04 6.96 8.50 6.30 9.80 11.13 9.63
EPS$ 0.029 1.002 -0.144 0.170 -0.130 0.000 -0.030 0.607 0.430 0.450 0.110 0.102 0.080 0.300 0.520 0.960 0.820 0.294 0.610 0.000
DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.490 0.060 0.060 0.240 0.400 0.000 0.330 0.140 0.640 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 0.000
P/E 145.5 15.8 N/M 21.2 N/M N/M -135.0 14.2 14.0 23.4 95.5 23.0 19.4 20.0 18.8 9.4 11.9 23.5 20.5 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 0.0
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 7.00% 6.00% Prime + 1.75%
MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022
6.95% 4.00% 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%
20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022
YTD% 12 MTH% 1.57% 4.52% 0.39% 2.75% 0.77% 2.51% 3.95% 3.95% 6.77% 6.77% 0.40% 4.04% -1.76% 1.06% -0.34% 2.70% -0.95% 1.55% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%
NAV Date 30-Apr-2017 30-Apr-2017 30-Apr-2017 31-Dec-2016 31-Dec-2016 31-Jan-2017 31-Jan-2017 31-Jan-2017 31-Jan-2017 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016
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 1.90% 6.31% 0.00% 5.83% 0.00% 0.00% 2.22% 3.49% 3.67% 3.42% 4.67% 2.55% 3.87% 4.00% 4.10% 0.00% 3.38% 2.03% 5.12% 0.00%
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
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jointly by Romauld Ferreira, minister of the environment, and Dr Duane Sands, minister of health, when they released the Pan American Health Organisation’s (PAHO) initial report on the landfill and its potential health and environmental impacts. Apart from enhancing security and training, and providing the necessary fire-fighting equipment, the Ministers said a study of Grand Bahama’s landfill would be undertaken to help develop a plan for New Providence’s equivalent. “Once this plan has been agreed, a new Request for Proposal for the management of the landfill will be issued,” their statement read. This made no mention of the existing RFP, and whether it would be cancelled or continued. Mr Ferreira could not be reached yesterday, while Dr Sands declined to comment. However, a government source, speaking on condition of anonymity, said that while the two Ministers had “hinted” at a new RFP, the decision was not yet confirmed or ‘set in stone’. They added that the new government was still trying to determine the legalities and details of its predecessor’s landfill RFP, including how far the process had progressed; its terms and conditions; and whether it was binding on the Minnis administration. The Government was also said to be assessing the $10,000 deposit paid by bid participants under the former Christie administration, and whether more compensation than just refunding these sums is required if the process is cancelled. The Christie administration committed in the Baha Mar Heads of Agreement to resolve the landfill’s woes by year-end, or otherwise new owners, Chow Tai Fook Enterprises (CTFE), would be released from their performance obligations. The Government source said this, and other potential impacts to tourism and the Baha Mar deal’s closing, were also being examined by the new administration. Ms McKinney, meanwhile, said WRDG and its members were hoping to arrange a meeting with Mr Ferreira this week to discuss their proposal and the existing RFP’s fate. Arguing that the Government did not have to ‘reinvent the wheel’, she said: “We’ll strongly endorse our proposal. It’s yet more money that we’ve all had to pay to get it done, and we’ll see what his response is. “Honestly, talk about going round and round. We all know all of the problems. I would find it amazing if the Minister says they’re not going to look at our proposal. I’m hoping against hope that he’ll say it got lost in the transition shuffle, and now that’s over we’ll look at it again and call you in to discuss it.” Ms McKinney said that despite being involved with multiple landfill proposals over the past decade, “never, ever” had she and her associated been invited to discuss the submissions with the Government’s technical team to find out what the latter wanted and be given an opportunity to correct deficiencies. “We’ve never sat down with anybody; we’ve just
been told: ‘No’,” she told Tribune Business. “I hold out great hope for this administration. We don’t want a bye because we’re a Bahamian group. We want our proposal to be looked at, discussed, questions asked and determine the approach the Government wants to take. “We’re not asking that it gets accepted; we’re asking that it be looked at. It’s such a critical thing, and any day that landfill could ignite again. The garbage is again being left uncovered, larger amounts than it should be. I don’t know why. There’s no recycling happening. All the things that need to happen are not happening.” Ms McKinney continued: “At least look at what you have in hand and see if it answers all the bases. Read the former government’s RFP to understand what we’re being asked to respond to and if that’s enough. “Our guys literally worked 18 hour days. They crammed a month’s worth of stuff into those eight days. Hope springs eternal but it’s discouraging, especially with the landfill being such a dangerous thing for people living around it.” Ms McKinney said the WRDG consortium had no problem being judged against performance benchmarks should they be granted the New Providence landfill’s management, agreeing that failure to deliver should cost it the contract. “The main thing about Freeport is that it’s privately run and privately managed. Therein lies the difference,” she added of the Ministers’ reference to Freeport. “I’m not trying to smear anyone in the public sector, but in the private sector you have to perform or be swept away. “You do things, and are not constrained in the same way that the Department of Environmental Health Services is, having to put in for fill, put in for trucking, putting in for machinery. Those are all priced into our bid.” The Christie administration’s Heads of Agreement with Baha Mar’s owner state: “The Government acknowledges, and will undertake to ensure, that the environment for the guests of the resort is pleasant and enjoyable. “The parties recognise that the Government shall commence and diligently purse remediation, and improve operation and management of the Harrold Road landfill.” Year-end 2017 is given as the date by which the Government must “address the foregoing concerns”. The landfill heads the Government’s ‘infrastructure improvements’ commitments to CTFE and Baha Mar, which probably explains the Christie administration’s haste to initiate the Request for Proposal (RFP) and give bidders just eight days to submit detailed management and remediation plans. Tribune Business understands that the Government had been coming under pressure from not just CTFE and Baha Mar, but also the Albany developers, to address the landfill’s envrionmental and health hazards, which threaten to undermine the experience for their visitors and residents.
THE TRIBUNE
Tuesday, June 6, 2017, PAGE 9
BODY AND MIND
Seniors get fit with Jemi
By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net
THE adage ‘age ain’t nothing but a number’ is increasingly becoming a mantra when it comes to senior citizens engaging in physical activity. While many elderly people believe that because of their age they are unable to exercise, it has been proven that appropriate workouts can actually help them stay energetic, mobile, and therefore independent. With ongoing initiatives to create awareness of healthy living, Jemi Health & Wellness is seeking to help the elderly become more active. The gym recently held a Senior Wellness Day at its Seagrapes location, providing participants with tools to assist in living active, healthy lifestyles as they age. “The aim was also to promote the senior programmes that Jemi offers at its both locations (including Caves Village), as well as the wellness services that the gym offers,” said Janette Martin-Isaacs, registered nurse and president of Jemi. During the wellness day, participants were given nutrition tips and taught about the importance of a proper diet, mediation and relaxation. The event also included a yoga demonstration, fun exercise tips, specialty smoothies designed for sen-
SENIOR citizens enjoy a one-day fitness programme at Jemi Health and Fitness. iors by Liquid Nutrition, neck and shoulder massages done by Jemi’s therapist, as well as prizes and giveaways. “The highlight of the event was seeing seniors enjoy an event specifically designed for them. Observing the energy and excitement that they had when they were able to complete certain yoga and exercise moves was an awesome experience,” said Mrs MartinIsaacs. Annisa Albury, gym manager of Jemi Fitness East and the senior fitness trainer, said the benefits of exercising for the elderly far outweigh the risks, as many medical conditions like Alzheimer’s, dementia, heart disease, diabetes and cancer are improved with exercise. “The key, however, to exercising as a senior is making sure that you are exercising safely and that you have clearance by your
doctor. If you do have conditions like arthritis or you are overweight, you will want to begin with low impact exercises such as walking, water aerobics or using a recumbent bike,” she said. Ms Albury said regular exercise helps to improves bone density, lowering the risk of osteoporosis; increases the function of the immune system and cardio respiratory fitness. “Participating in physical activity most days of the week – four or five – lowers risk of developing heart disease and high blood pressure. If it is coupled with the right diet it can also help to lower glucose (blood sugar) and cholesterol,” she said. Next up for Jemi is the Kids Shapedown initiative starting in July. This programme is aimed at teaching children and young adults important basics about nutrition and fitness in a fun and interactive environment.
FIVE SIMPLE WAYS PARENTS CAN MAKE THE WORLD GENTLE FOR BABY THE big day has finally arrived and your newborn is here. Your baby is as perfect as you imagined and you’re filled with a love you never knew existed. Even before she or he arrived, you started making more careful choices and looked for gentle alternatives with natural-based ingredients for your little bundle of joy. One thing that needs to be considered when seeking out gentle options for babies is their skin - and that starts with the precious threads in babies’ clothing, according to paediatric dermatologist Dr Jody Levine. “As a paediatric dermatologist and mother of five, I know that babies’ skin can go through many changes throughout infancy, and the majority are perfectly normal,” Dr Levine says. “There are simple ways parents can protect babies’ skin from irritants, such as pre-washing clothes before
first wear and choosing gentle fabrics.” Dr Levine offers parents some tips on how to keep the world gentle for your little one: 1. Moisturise when needed. Peeling skin around the wrists and ankles is a normal part of a baby’s development, and requires no treatment. However, if dry
or sensitive skin persists after the first few weeks of life, special care may be needed. Keep baths short, use water that’s warm, but not hot, and a small amount of gentle cleanser. For babies with dry skin, moisturise twice daily using an ointment or a cream, preferably one with many ceramides. 2. Choose the gentle fabrics.
Infant skin is definitely more sensitive than adult skin, so the fabrics you put against your baby’s skin can affect her comfort and skin health. Choose light, comfortable clothes that are free of pleats or seams that can put unnecessary pressure on a baby’s skin. Fabrics should be soft and absorbent, such as cotton or cotton blends like cotton polyester or cotton spandex. 3. Wash clothing before using it for the first time. “Nine out of 10 dermatologists recommend parents wash baby’s clothing before wearing it for the first time, according to a survey by Dreft laundry detergent and I agree,” Dr Levine says. While 97 per cent of parents surveyed by Dreft said they believe it’s important to pre-wash baby clothes, just 40 per cent actually do so every time. New clothing can harbor dirt,
excess dyes and processing chemicals, so it’s important to pre-wash clothes using a gentle, yet effective detergent like Dreft purtouch that is 65 per cent plantbased and made from naturally derived ingredients. Wash your newborn’s clothing separate from the rest of the laundry. 4. Use products specifically made for babies. When choosing a skin care product for your baby, such as sunscreen, look for one specifically designed for use on infants. These baby products have been tested and proven to be gentle and less irritating to a baby’s skin. For example, baby sunscreen, which parents should start using after a baby turns six months old, usually contains physical blocking elements like zinc oxide and titanium dioxide, rather than the chemical blockers used in some adult
sunscreens. 5. Do your best at diaper duty. The diaper region requires extra attention since it’s prone to wetness and irritation. Change your baby’s diaper frequently, especially when it’s wet or soiled. A more absorbent diaper will help keep moisture away from baby’s skin longer. Always dry the diaper area well after cleaning or a bath. If your baby is prone to diaper rash, try a zinc-based diaper cream with every diaper change to help soothe and protect skin. “All parents want to care for their baby in the best way,” Dr Levine says. “Little things, like prewashing new baby clothing in a gentle baby detergent and moisturising as needed, can help keep the world gentle for your little one and his or her skin.” (BPT)
YOUNG ADULTS SEEK OPIOID ALTERNATIVES FOR PAIN RELIEF AFTER WISDOM TEETH EXTRACTION SUMMER vacation is the time of year students of every age look forward to. Warm weather, no school or homework, and summer travels - there are plenty of reasons to enjoy the break from the classroom. However, it’s not all fun and games, especially for college students. Summer break is also the busiest time of year for wisdom teeth extractions, and if complications arise, the procedure could be problematic long past summer’s end. A common prescription Those who have had their wisdom teeth extracted can attest that the pain associated with the procedure can be excruciating and long-lasting. Because of this, many dentists and oral surgeons also prescribe opioids to patients to help them manage their pain. In fact, a recent study published in the Journal of the American Medical Association finds that dentists are among the leading prescribers of opioids. The research also finds that
these medicines are most commonly prescribed for surgical tooth extraction for patients between the ages of 14 and 24. Finding a better alternative While opioids remain the popular course of pain relief in instances of wisdom tooth extraction, more and more oral surgery patients - and/or their parents - are becoming interested in non-opioid alternatives. The addictive properties of opioids are part of this concern, but increasingly there is also consideration being paid to their other side effects. New research from Nielsen’s Harris Poll Online, sponsored by Pacira Pharmaceuticals, Inc, finds that 90 per cent of survey respondents said they experienced adverse side effects after taking opioids. These side effects included nausea, vomiting, confusion or feeling “spaced out,” all of which impaired their daily activities. Respondents also reported being unable to drive, go to school, work or participate in sports for sev-
eral days. These experiences associated with opioids, in addition to potential addiction concerns, are motivating many to seek alternatives for pain relief after wisdom tooth extraction. The same study found 70 per cent of oral surgery patients would choose a non-opioid medication for pain if they were given the choice. Eighty per cent said they would be interested in an alternative even if it resulted in a higher expense. However, despite the clear demand from patients, the industry appears slow to move forward. Seventy per cent of respondents reported that they were prescribed an opioid after having their wisdom teeth out. Realigning on care options “It’s evident that opioids continue to be the cornerstone of pain management following third molar extraction, despite their association with unwanted side effects and the risk for abuse or addiction,” says Dr Pedro Franco, immediate past president of the Amer-
ican College of Oral and Maxillofacial Surgeons. “This research shows us that an overwhelming majority of patients - many of whom are likely exposed to opioids for the first time following an oral surgery procedure - would prefer a non-opioid option. I am hopeful that these findings will encourage clinicians and patients alike to be more proactive in their pain management discussions, especially as it relates to the availability of opioid alternatives.” While patients - or their parents - may not be used to discussing such things with their health care providers, it’s an opportunity they can’t pass up. Discussing pain management options - including non-opioid options and long-acting local anesthetics - with your oral surgeon remains the most effective way to feel comfortable about your wisdom teeth treatment, both at the moment of the procedure and all along the path to recovery. (BPT)
YOUNG people are seeking alternative methods of pain relief.
PAGE 10, Tuesday, June 6, 2017
THE TRIBUNE
The conversation Bahamian parents fear AUTONOMY IN ADOLESCENCE: TOO SOON OR NOT SOON ENOUGH? ADOLESCENCE ex- Due to the advancement pert Dr Laurence Steinberg in technology, youth are asks two very pertinent socialised and exposed to questions of family dynam- adult content in pre- and ics, firstly: “How can we early teen years, educating best characterise normative both themselves and each family relationships during other about content with adolescence and limited contexis adolescence a ‘There is a tual knowledge time of parent/ and maturity. child conflict?” need for a new This in turn, Secondly, “How perspective creates strife in do variations in on the family, teenage years, parent/child resometimes unlationships affect one that beknownst to the developing emphasises parents and forcadolescent?” ing, at times, the different Parental teens to raise control, au- viewpoints that themselves sothority and in- parents and cially and emofluence have adolescents tionally as they truly changed avoid talking to within Bahami- bring to their parents or adult an households. relationship figures. At times The concept of parents too feel with each parent/child relathis strife and tionships in 2017 other.’ are challenged are different and to find out how discussions are still to be to mediate it, therefore had regarding a clearer un- making the parent/child dyderstanding as to an ‘ideal’ namic even more important Bahamian parent/child dy- to foster. namic in a technological Perhaps adolescence is era and in a once very tra- a time of parent/child conditional collectivist culture. flict. However, why not enYet, regardless of our cur- deavour to lessen tensions rent understanding, there is in this relationship? Why little dispute that there has not ensure that despite our been a change, for better or reservations about allowworse. In due time this will ing teens to have a stake in be realised. However, there their growth at an earlier is a viewpoint I will propose age, they feel safe enough that may facilitate the clos- to talk and feel heard; that ing of a rapidly widening they are confident enough rift between parents and that even if what they want offspring, and may address is not what they get, they Dr Steinberg’s questions as still feel a sense of respect they relate to a Bahamian from their parents during context. their transition from child It is now up to parents to teen and from teen to and guardians to talk – young adulthood. not about drugs, alcohol There is a need for a new or sex – but to encourage perspective on the famdialogue and to ask their ily, one that emphasises the children,“How can I best different viewpoints that help you to grow and de- parents and adolescents velop in order to assist you bring to their relationship with making the best choic- with each other. (Steinberg, es?” 2001) Radical as it may seem During my last short to those of us that hold the six years of working with view of ‘I am the adult and youth and families, both in you are a child, what I say the United States and The goes…’, it may be impera- Bahamas, I saw that there tive to start this dialogue. was less tension and con-
IT may be imperative for Bahamian parents to give their teens the feeling that they are being heard in order to improve parent/child relations in the modern era. flict within the home when ents may have experienced are often left on their own mandated due to age, but both parties felt heard. And tough situations with another to do as they wish while acquired as a result of perteens tended to be less ob- child, heard of or seen a situ- their mothers seek to earn sonal vulnerability. stinate as a result. ation with a friend or family a living, said Mrs Griffin. Through their means of So, as a parent who may member’s child. Nonethe- Therefore, in certain fa- communication, adults are be fearful of giving auton- less, with the change in era milial instances it may be at times, by default, forced omy too early, ask yourself there has to be some degree immediately necessary for to be reflective and introthe following questions of change in rearing, as chil- the fostering of open dia- spective regarding their when a conflict arises be- dren fall into negative situa- logue. So the conversation personal insecurities and tween you and your teen: tions due to lack of autono- Bahamian parents fear is, challenges. They are able • Am I as a parent being my, lack of communication ‘autonomy during adoles- to be an example to teens of unreasonable? Why or why or mutual trust and respect cence – too soon or not what true respect, conflict not? between they and their par- soon enough?’ resolution and management • Am I truly listening ent/guardian(s). This article is by no looks like, especially when (actively and emphatically) In an article in the Baha- means applicable to all feeling challenged. An opwhen my child speaks? ma Journal (2012) with Mel- parent/child or family portunity is now presented • Am I afraid that my anie Griffin, she revealed situations, and there is no for youth to be trained in child will make a mistake that “up to the 1960s, only ‘normal’ family structure, a manner of thinking and they regret and I am embar- 30 per cent of children were especially within the Baha- behaviours before entering rassed about that mistake if born out of wedlock...To- mian context. This article is the workforce. Exploring I do provide them certain day, more than 60 per cent based largely on experience new ways of supporting our liberties? of all children are born out with youth in a therapeutic youth can only serve to help Parents and guardians fear of wedlock.” context, along with the in- and benefit the growth and that if they permit their child Again, despite the rea- clusion of several other lit- development of a future to provide a perspective, it son, this is evidence of a erature sources. generation and improve the may mean they relinquish shift in family structure that It aims to provide insight relationships within housetheir power and control as infers that there has to be a on the adolescent perspec- holds and society alike. adults. They fear that au- change in family rearing, tive, but the intent is to • Kandra Knowles is a tonomy too soon may mean specifically when it comes emphasise the encourage- Bahamian who has studabuse of independence by to our teens. ment of dialogue, active ied, trained and worked in teens. They fear embarrassIn the past, single moth- and empathetic listening as New York to become and ment in a culture founded on ers had the support of the an adult figure, in order to function as a licenced soJudeo-Christian principles extended family. Regretta- bring about a greater bond, cial worker for children and and communal living. These bly, with the collapse of the trust and mutual respect for families. She is currently fears may be warranted. Par- extended family...children children and teens that isn’t working in Nassau.
EDITH STUART BIDS FAREWELL TO KFC AFTER 48 YEARS OF SERVICE IN 1969, two years after KFC Nassau opened its doors as the first quickservice franchise in the country, a 17-year-old Edith Stuart walked through the doors of the Mackey Street location for her first day of work at the fledgling Bahamian-owned franchise. Now, 48 years later, as KFC Nassau celebrates its 50th anniversary, Ms Stuart has decided to hang up her apron and retire. “KFC was my second big family,” said Ms Stuart, reminiscing about her
EDITH Stuart says goodbye to her colleagues.
time at the company. “I spent more time in there than I (sometimes) spent at home. I loved working at KFC.” Ms Stuart joined KFC Nassau at its original Mackey Street restaurant, just a couple of buildings south of its current location. And aside from a brief stint at KFC Golden Gates, she spent her career at that branch, treating customers to her famous smile for nearly five decades. “We’re proud that as the oldest quick-service fran-
EDITH Stuart with George Myers, KFC Nassau’s chairman and CEO.
chise in the country, Bahamians of multiple generations have grown up with KFC,” said George Myers, chairman and CEO of Restaurants (Bahamas) Limited, KFC Nassau’s parent company. “This love and passion for our brand can be seen in the way our team members treat the hundreds of Bahamians who visit our restaurants every day. On behalf of myself and entire management team at KFC Nassau, we wish Edith nothing but the best in her retirement.”
THE TRIBUNE
Tuesday, June 6, 2017, PAGE 11
Two 12th graders share ‘Debutante of the Year’ title ESCORTED by their fathers, they entered one by one; 26 in total. Each debutante the picture of poise in pristine white ball gowns and glimmering tiaras as they performed their first waltz with their fathers. The Bahamas Debutante Foundation Ball, held every Spring, is the culmination of a six-month personal development and enrichment programme that has benefited more than 1,500 young ladies since its inception in 1997. Each year, one debutante who has exhibited the most personal growth and excellence is named ‘Debutante of the Year’. This year, for the first time in its 20-year history, the title of overall winner was shared between two young ladies – Tyeisha Collie, a 12th grade student at Akhepran International Academy, and Vanneisha Mackey, a 12th grade student at St Anne’s School. “Both Ms Collie and Ms Mackey exemplified what it means to be a debutante,” said Cristina Johnson, president and founder of the Bahamas Debutante Foundation. “They are both confident, driven, respectful and polished young ladies who committed to the sixmonth programme and will undoubtedly go on to do great things in their future.” As graduating seniors, both young ladies have their
DEBUTANTES of the year Tyeisha Collie, left, and Vanneisha Mackey. futures front and centre on their minds. Tyeisha, a deputy head girl, Junior Achievement Aspire programme member and Bahamas Outstanding Student Foundation honouree, plans to pursue the premed track at the University of Central Arkansas with the ultimate goal of becoming a forensic pathologist. Vanneisha, who is highly active in her high school as president of the choir, vice president of the Student Christian Movement, secretary of the Red Kettle Club
and public relations officer for the Interact Club, plans to study biology at the University of The Bahamas in the Fall. Her goal is to become both a paediatrician and an entrepreneur. While already excelling both academically and in their extracurricular activities, both ladies shared similar reasons for enrolling in the Bahamas Debutante Foundation programme. “I enrolled in the programme to become more confidant networking and socialising with others,”
said Tyeisha. “I was always a shy person and I would distance myself from others. Then I realised that in order to succeed in my endeavours I needed to be social and get over my fear of talking to others, and the programme provided the perfect training to do so.” Vanneisha also credits the Bahamas Debutante Foundation with helping her to communicate with others more confidently. “The most impactful experience I had during the programme was overcom-
ing my fear of public speaking. A Toastmasters session was held and every young lady gave a speech on the topic ‘Opening Doors for Tomorrow’s Success’. Presenting my speech took me out of my comfort zone and I learned from our mentors how to truly make the floor my own,” she said. This year, the Bahamas Debutante Foundation celebrates 20 years of inspiring young ladies, boosting their self-esteem and empowering them to be successful. The programme was
launched in 1997 by Cristina Johnson, a veteran educator who saw firsthand how overwhelming life can be for an adolescent on the verge of adulthood. Every year, the Debutante Foundation invites 30 to 60 12th grade female students with a GPA of 3.00 or above who are active in their schools and communities to participate. “These young ladies sacrifice their Saturday afternoons for six months to embark on a journey of spiritual growth, interpersonal development, social refinement and responsible citizenship,” said Ms Johnson. “When they emerge from this programme my hope is that the keys to success they learned will remain with them as they embark on their life’s journey.” This year’s Debutantes of the Year can attest to the value of the programme. “The Debutante Foundation truly develops young ladies into strong, young women,” said Tyeisha. “It is a perfect opportunity to network with others and learn from wise mentors.” Vanneisha concurred: “I would most definitely encourage young ladies to enroll. I believe that the programme truly transforms lives and makes young ladies polished, poised and prepared for a successful future.”
PLAYWRIGHT GAYLENE FORBES REMEMBERS DR MYLES MUNROE
By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net
TO those who may have not known him personally, the late Dr Myles Munroe was a leading Bahamian evangelist, author, speaker and leadership consultant who founded and led the Bahamas Faith Ministries. But to playwright and filmmaker Gaylene Forbes, he was a giant of man who consistently nurtured her creative gifts, taking her under his wing to ensure she was always in alignment with God’s plan for her life. Gaylene, who is currently a member of BFM, joined at age 14. However, the first time she met Dr Munroe, she was only five years old. It was during a church service and Dr Munroe made a commitment to mentor and nurture Gaylene until she was able to tap into a her talents and use them to the glory of God. “We were at an auditorium where the late Tom Skinner was the evangelist. That night he was preaching and he said there was a little girl in room that the world was going to meet through the arts, but I did not recognise that it was me what he meant at the time,” Gaylene told Tribune Woman. “(Pastor Skinner) called all the persons with little girls. And as he passed them he kept saying, ‘This isn’t the child’. Now my mother had a young girl at the time; she refused to take me up there. She was the only parent who did not take their child up. Then, for the final time he said, ‘Who in here is keeping this kid?’ Then my mother decided to get out of her seat. He said, ‘This is the child’. Pastor Myles was there that night and he said, ‘I will ensure that his child goes into the direction God wants her to go’, and that was how the alignment started.” As a teenager, Gaylene found herself drawn to BFM, specifically its youth centered events and activi-
ties. While attending one of those events, she had another encounter with Dr Munroe. “During that time BFM was the craze and I always had this urge to go. Then he was there and he sat down. I was impressed because I am thinking, ‘This older man who is the pastor is just sitting down, hanging out’, and I thought he was just so cool. He was the kind of person who you could talk to and relate to. Then he said to me, ‘You are great. You need to stop hiding.’ I didn’t get what he meant, but as time moved on I became a part of BFM and that nudging was always there. When I finally decided to step up to the plate, he told his sister to make sure I worked with them. That was from 1996 to 2000,” she said. Dr Munroe ensured that Gaylene worked along with anyone who would help to hone her skills and draw out her gifts. “He saw that I loved writing or saying things whenever we had productions or anything with regard to the Bahamas,” she said. “He remembered that gift and spoke to it consistently. When the opportunity provided itself as a young woman at the age of 21, he asked me, along with Kayla Lockhart Edward. So I cowrote ‘The Guards’ with her. She was so impressed by my writing she told him, ‘Give her whatever she needs’, and that was confirmation to him.” Gaylene received great support from the leadership of BFM, including from the late Dr Richard Pinder, who was on board the plane that crashed on November 9, 2014 in Grand Bahama, killing Dr Munroe, his wife Ruth, members of BFM and the two pilots. “Pastor Richard Pinder, I must say ,has played an integral part in all of this. He ensured I went off to the New York Film Academy in 2007. I was grateful for their support of my craft,”
she said. As a talented filmmaker and member of BFM she said her main goal is help minister the gospel of Jesus Christ in non-conventional ways. Since tapping into her God-given abilities, she has written nearly 60 plays, books, and made three films, one of which is being released this month. ‘The Crucifixion: Dying to Self’ was written and directed by Gaylene. It seeks to share the message of learning to trust solely on Jesus Christ’s sacrifice. The film follows the story of a young woman by the name of Mattie who is the product of a violent rape. After giving birth to Mattie, her mother, Sandra, leaves her baby at the hospital to be taken in by an orphanage. While a grown-up Mattie appears to have things together in her life, beneath the surface lies a troubled young woman who seeks answers to the internal troubles she faces. During the 1 hour 15 minute film, Mattie discovers a myriad of secrets concerning the rape of her mother and the perpetrator. “Originally, ‘The Crucifixion: Dying to Self’ was supposed to be an Easter drama production. In February of this year I was contacted by the leadership of BFM and they wanted a drama for Easter. We started to work towards it and then I said it won’t work for that time because it is bigger than that, even though there is an element of Easter because it is called ‘The Crucifixion: Dying to Self’,” Gaylene explained. “The film is about us as people, the body of Christ, as a nation, and as people on earth in general who don’t realise that every day you have to put something on the side or on the back burner, sacrifice something in order to he here today.” A free screening of the film will be held on the church grounds.
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SECTION D
TUESDAY, JUNE 6, 2017
Breaking beauty stereotypes
YOUNG ENTREPRENEUR LAUNCHES BAHAMIAN COSMETICS LINE
By ALESHA CADET Tribune Features Reporter acadet@tribunemedia.net
PETRA HANNA, CEO of Rev’or Cosmetics, pictured at the official launch of her cosmetics brand. Photo: Shawn Hanna/Tribune Staff
AT only twenty five years old, Petra Hanna has not only launched her own cosmetics line, she is also pushing the boundaries of traditional beauty standards. On Sunday, the former performer and model officially debuted her Rev’or Cosmetics brand. It caters to all skin colours and aims to deliver quality makeup at competitive prices. She aims to target not only the local market, but the international one as well, with plans to host launches in US cities and reach out to YouTube beauty gurus. “I have always been obsessed with fashion, Hollywood, the glitz, glamour, and being able to reach the world through platforms. In this beauty profession I love being able to knock stereotypes down of what a woman should look like,” Petra told Tribune Woman. “I’ve been told that I’m too curvy; my hips are too big, my thighs rub. The industry was not accepting of ‘plus size’ women, and because of that reason I love being able to escape from the (traditional) beliefs and
accept myself because I and ‘or’ came when I comlook and speak like the av- bined both my upbringings erage woman.” and professions into one. Petra said she grew to ac- People are afraid of what cept her body for what it is they can’t understand and and be OK with not looking I never trusted what somelike the usual runway mod- one else had planned for my els. She grew life but me. confident in Rev’or Cosherself and ‘I’ve been told that metics was as a result I’m too curvy; my born through has been able hips are too big, my life’s to travel the struggle,” she world along- my thighs rub. The said. side local de- industry was not At the signers. launch, Peaccepting of ‘plus “I have tra invited walked in nu- size’ women, and local jourmerous fash- because of that nalists, coion shows reason I love being medians, enand have acttrepreneurs, ed in front of able to escape from designers, thousands of the (traditional) fashion enpeople colthusiasts, beliefs and accept lectively at makeup artstage plays. myself because I ists, musiBoth fields look and speak like cians and inhave opened fluencers in the doors for the average woman.’ the industry me to be exto test her posed to an international products and purchase their market which fuelled my favourites. drive to change the world So far, the line includes one industry at a time,” she liquid lipsticks in different said. finishes, bullet lipsticks, lip This experience also in- liners, eye liners, bronzspired the name of her cos- ers, blushes, mascaras and metics company. more. “I overcame once again “The reviews received the stereotypes and fear have been amazing. All that the community placed of the products are high on me and it took me to a in pigment with a smooth, place of fearlessness, hence silk cream appearance on the word ‘Rev’ (reverend), both the skin and the lips.
The products are also ecofriendly and gentle on all skin types. As the company grows, we will expand the brand,” she said. Going forward, Petra’s goal is to one day expand her business into a Fortune 500 company and change the way society and the industry views beauty by promoting self-awareness and self-acceptance. “2017 will be my year of marketing. I will be placing my brand of cosmetics in local stores to be in reach for all of my customers. I will be sending a few of my products to a few well-known YouTube gurus before the year is out to push my products on an international level. I will travel to Cleveland, Ohio, for two days in July for a second launch party, and Baltimore, Maryland, in December for a third. I can guarantee that you will see Rev’or Cosmetics on a larger scale with store locations in a minimum of six states in the United States of America and in European countries. I want to target stores like Ulta, Walmart, Walgreens, Target, Kmart etcetera,” she said. Rev’or Cosmetics is based in Nassau. Visit www. revorcosmetics.com for more information.
From the Bahamas to Beijing AWARD-WINNING DESIGNER THEODORE ELYETT WOWS WITH JUNKANOO-THEMED FASHION COLLECTION IN ASIA MORE than 300 specta- wearable art which he tors sat expectantly in the created under the theme Grand Ballroom of the of “Junkanoo: Bahamian world famous Kerry Hotel Opulence”. in Beijing, China. Every Oversized fringe sileye glued to the runway, as houettes reminiscent of award-winning Bahamian the fringe style popular in designer Theodore Elyett Junkanoo costumes of the translated the magic and 1970s were juxtaposed with splendour of Junkanoo into bursts of colourful textiles. a ten-piece The presencollection ‘During my research tation of the for a crowd I fell in love with collection of diplomats, was punctubusiness ex- the aesthetic of ated with ecutives, fash- old Junkanoo and iconic Baion and film hamian hits immediately got industry conlike “Funky sultants and to work. I wanted Nassau” and Bahamians “Goombay to show that studying in Medley” Junkanoo could China. performed Mr Elyett also be wearable live by Bahawas invited and beautiful when mian enterto participate tainer Fred in the Cul- translated into Munnings Jr. tural Fashion garments.’ This was Event organMr Elyett’s ised by Ellen Barron, a not- first showcase in Asia in his ed Chinese designer, and 20-year career. the Embassy of the Baha“When I received the inmas in Beijing. The fashion vitation from Ambassador showcase held on May 26 (Andy) Gomez and Ellen was designed to highlight Barron to showcase in Chithe beauty of Asian and na, I knew immediately that Bahamian culture through I wanted to present a collecfashion. tion which highlighted our “I was introduced to rich culture,” he said. Theodore’s work by the “During my research I Bahamas Embassy here in fell in love with the aesChina,” said Ms Barron. thetic of old Junkanoo and “After viewing his portfo- immediately got to work. I lio, I knew that our design wanted to show that Junkaaesthetic would be a great noo could also be wearable match, so I invited him to and beautiful when transbe a guest designer in the lated into garments. I creatfashion showcase.” ed a collection of ten pieces Five Bahamian mod- that highlighted some of the els showed off Mr Elyett’s most exciting elements of
our Junkanoo celebration. Bold colours, stripes, a play of textures, fluid silhouettes, a lot of sparkle, shine and drama. “I am extremely thankful to Ellen and the embassy for the opportunity to showcase in China. I am also grateful to Equity Bank & Trust Bahamas Ltd for funding the entire project. The event was such a success that both Ellen and I have agreed to work together again in the very near future.” Mr Elyett’s collection inspired Éclat Beijing Hotel, a top luxury boutique hotel in Beijing, to extend an invitation to him to shoot the entire collection on their property, an invitation the Bahamian designer accepted. “Theodore’s fashion showcase in Beijing was outstanding,” said Kaouther Ghariani, Éclat Beijing’s business development manager. “We loved the colours, the freshness and the glamorous looks. His design aesthetic matches the style and sophistication that we aim for with our Éclat properties. We knew right away when we saw the collection that we wanted to organise a photo shoot and it turned out to be such a success.” A team of five Bahamian models travelled with Mr Elyett for the cultural presentation. Ashley Hamilton, Erika Adderley and Shanae Strachan, all based in Nas-
MODEL Shaunae Strachan showcases a Theodore Elyett design. sau, were joined by New York City based model Kamela Forbes, and Grand Bahama based model Tomii Culmer. Licenced professional makeup artist Nestaea Sealy also accompanied the team.
The Cultural Fashion Event was just one in a series of events hosted by the Bahamas Embassy in China to commemorate 20 years of diplomatic relations between the two countries. The event included a
charitable element and raised more than $33,000 to benefit the New Day Foster Home in China which provides care and funding for medical operations for mentally and physically disabled Chinese youth.