business@tribunemedia.net
MONDAY, JUNE 26, 2017
$4.15 FREEPORT IN XMAS ‘POINT OF NO RETURN’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FREEPORT’S economy will hit “the point of no return” by Christmas unless the Grand Lucayan can be fully re-opened, a prominent attorney has warned. Terence Gape, the Dupuch & Turnquest law firm’s managing partner, told Tribune Business that resolving the fate of Freeport’s ‘anchor’ resort property is a “pre-emptive first step” that the Minnis administration must accomplish if it is to realise its revival plans for Grand Bahama. Mr Gape, a long-time Freeport resident, described the city’s tourism market as “dead” and “almost at zero”, with Memories’ post-Matthew departure and the continued Breaker’s Cay closure depriving Grand Bahama of 59 per cent of its hotel room inventory. He branded Hutchison Whampoa, the Grand Lucayan’s owner, as “a naughty boy”, adding his voice to those blaming the Hong Kong-based conglomerate for the present predicament.
Unless Grand Lucayan fully reopened Attorney: ‘Our town may not survive’ Tourism ‘almost zero’; economy ‘dead’ While there had been much talk about Wynn Group and other potential Grand Lucayan purchasers, Mr Gape said it was vital that the new government directly engage Hutchison Whampoa to prevent Grand Bahama’s further economic collapse. “The immediate number one goal must be to open that hotel, either by Hutchison or a new investor,” he told Tribune Business. “This is so critical that it is not even funny. “That will not happen unless the Government spurs direct dialogue with Hutchison on this issue. That has to happen. It has to be the Prime Minister, Deputy Prime Minister or the Minister of Tourism; See PG B4
No public insurer to dominate NHI By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government will not permit a single, publicly-owned insurer to manage the entire National Health Insurance (NHI) scheme, the Minister of Health has revealed. Dr Duane Sands confirmed the Minnis administration had rejected its predecessor’s model, where the publicly-owned BahamaCare would have administered all care and benefits packages to the “exclusion” of the private health insurance sector. Speaking after meet-
$4.20
$4.27
$4.27
$10m bond switch to cease BOB stand-off By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Minister of Finance yesterday said it was “a safe bet” that Bank of the Bahamas (BOB) will drop its legal battle with the Central Bank, after it moved to comply with a key regulatory demand. K P Turnquest said BOB’s move to bow to the Central Bank demand that a $10 million bond, issued to the Government, be converted into equity capital was part of a wider strategy to end the stand-off between state-owned bank and regulator.
Minister: ‘Safe bet’ Central Bank fight over Govt exchanging debt for more shares Minority investors back move despite dilution The troubled BISX-listed institution, in a release to the capital markets late Friday, confirmed it will convert its contingent con-
vertible bonds - all of which were acquired by the former Christie administration - into BOB ordinary shares. The Public Treasury, as BOB’s majority shareholder, will be issued 6,756,756 shares in exchange for its bonds, pricing them at Friday’s market closing price of $1.48 per share. The transaction, though, will further dilute BOB’s long-suffering minority shareholders, who will see their collective equity stake in the bank fall from around 21 per cent to around 17.42 per cent. BOB’s notice strips out the non-voting ordinary See PG B6
MINISTER of Finance K P Turnquest.
Sarkis demands Baha Mar sale closure ‘moratorium’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
SARKIS IZMIRLIAN
SARKIS Izmirlian yesterday urged the Minnis administration to impose “a moratorium” on completion of Baha Mar’s sale, and warned he was mulling legal action against the Christie administration’s “state-sponsored discrimination”.
Baha Mar’s original developer launched a withering assault on the ‘Heads of Terms’ for the $4.2 billion project’s construction completion, variously describing the multi-million dollar tax incentives granted to the Chinese as “toxic”, “onesided” and a “wholesale giveaway” that the Bahamas cannot afford See PG B7
Urges casino license probe re-open And slams ‘state-sponsored discrimination’ Moves to prevent Minnis Govt backslide
Govt rejects ‘exclusion’ of private sector Minister pledges ‘very different model’ Eyes ‘menu’ to keep spend in Bahamas ing with the industry last week, Dr Sands told Tribune Business: “The idea of a public insurer that is created almost to the exclusion of the existing industry is See PG B5
‘Re-examine’ creation of new NHI agencies By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government’s fiscal crisis dictates that it re-examine the creation of new agencies to oversee the proposed National Health Insurance (NHI) scheme, the Bahamas Insurance Association’s (BIA) chairman says. Emmanuel Komolafe, speaking after the sector met the Minister of Health last week, said the $429 million in taxpayer subsidies granted to public agencies in the 2017-2018 Budget highlighted why healthcare reform needed to be balanced with fiscal prudence. The Minnis administration has allocated $40 million for the NHI Authority’s creation in the upcoming fisSee PG B8
BIA chair notes fiscal prudence balance New authorities ‘must justify existence’
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THE TRIBUNE
Many business ‘ill prepared’ for hurricanes By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net SMALL and mediumsized businesses have been urged to prepare their business continuity plans, a private sector executive noting that Hurricanes Joaquin and Matthew had demonstrated just how “illprepared” many were for catastrophic events. Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) chief executive, said that businesses, particularly small and medium-sized firms
Small and mediumsized companies lack continuity plans should ensure that they have their business continuity plans in place in the event of a disaster so as to avoid a repeat of what happened in the aftermath of Hurricanes Joaquin and Matthew. Speaking with Tribune Business on the sidelines of a ‘Business Continuity and Disaster Management” seminar hosted by the BCCEC, the International Labour Organisation (ILO)
and the Bahamas Telecomunications Company (BTC), Mr Sumner said: “When we came out of the last two hurricanes, we realised that a lot of small and medium-sized businesses were very ill prepared for catastrophes. They had no business continuity plan, no protocols in place and could not produce proper records to show what their businesses were doing prior to the storms. They did not know who to call and what to do. We want to sensitize the business community and prepare them so that they can be ready to respond quickly in the event of a disaster.”
Mr Sumner stressed that the devastation and disruption to business operations caused by the two hurricanes underscored the need for preparedness. “We have to be prepared. We don’t know when a storm can come our way. We have to find ways to keep our communications infrastructure up and running. We have to exchange information and develop protocols on how we should respond in the event of a hurricane and we should keep the public education up and running all the time.”
FROM L to R: Jeffrey Lloyd, Minister of Education; Tanya McCartney, BFSB chief executive and executive director; Santia Dean, projects co-ordinator, BFSB; and Ivan Hooper; co-chairman AIBT
FINANCIAL SERVICES MEETS MINISTER ON LANGUAGE PLAN REPRESENTATIVES from the Bahamas Financial Services Board (BFSB) and the Association of International Banks and Trust Companies (AIBT) paid a courtesy call on Jeffrey Lloyd, minister of education, last Thursday. They discussed the Towards a Bilingual Bahamas (TABB) programme, which is currently in its second year of operation within government junior and senior schools throughout the Bahamas. The financial services sector confirmed its commitment to the programme, and thanked the Ministry for its continued
role in the process. Towards a Bilingual Bahamas (TABB) is a programme created by BFSB in partnership with Rosetta Stone, co-hosted by the Ministry of Education, Science and Technology, and the Ministry of Financial Services, and cosponsored by the private sector. TABB is designed to provide Bahamian high school students with the opportunity to acquire proficiency in French or Spanish. The intention is to make Bahamian students more competitive in the international job market.
WATER CORP BRINGS BACK 50% RETURNER DISCOUNT THE Water & Sewerage Corporation has reintroduced its 50 per cent discount for new and returning customers until December 2017. “We understand that for some, the cost of connecting or reconnecting to our water supply system may be a burden,” said Visna Armbrister, public affairs manager. “But with a looming hurricane season and our improved water services, we have heard the cry to make our services more affordable so once again we’ve reduced our fees by cutting cost in half.” Over the last five years, the Water & Sewerage Corporation, with the assistance of the InterAmerican Development Bank (IDB), has completed much-needed upgrades to aging water mains and equipment without any direct cost to customers. The upgrades are part of the Government’s plan to protect the safety of water being supplied to communities around New Providence, particularly those who use well water, which is often susceptible to contamination by natural disasters or man-made hazards. “WSC’s professionallytrained staff monitor our
water 24/7 to ensure that our water quality meets World Health Organisation standards,” Ms Armbrister added. “We pride ourselves on the fact that we were able to maintain our service during the passage of Hurricane Matthew last year. We know how important it is for customers to have a reliable and safe water supply, particularly during and after a storm,” she added. “Now as we head into another hurricane season projected to be above average, we want to reach out to those who were unable to return to us before to come back now, and we will offer this promotion until the end of December”. Interested persons who want to sign up for WSC services are asked to contact the customer service department by calling 3025599, or visiting its website to sign up on line. “We are very pleased as well about our improvements in customers’ ease of doing business with us,” said Ms Armbrister. “No longer do you have to come in to start your sign up, but you can sign up while sitting in your home and you will be able to view and pay your bills on line, too.”
THE TRIBUNE
Monday, June 26, 2017, PAGE 3
US ruling on Brazilian BETHEL: WE’LL BACK BAHA MAR beef ‘a warning sign’ By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE US decision to suspend all Brazilian beef imports should be viewed as “a warning sign”, a Bahamian poultry producer says, arguing that it highlights why this nation needs to become more self-sufficient. “It’s definitely a warning sign,” said Lance Pinder, operations manager at the Abaco poultry producer, Abaco Big Bird. “It’s kind of like a buyer beware situation. People need to educate themselves on where their food is coming from. What this sort of thing really demonstrates is the fact that as a country we need to produce more locally, not just for our economy and jobs but for
our health.” Mr Pinder said that poultry producers were having a very strong summer on Abaco, given the tourist market for boneless chicken breast. “We are having a very strong summer here in Abaco. Nassau in January and February was very suppressed. April was one of the worst in probably ten years. Nassau has bounced back a bit, but our market in Nassau has been a bit soft. Right now our sales are about three per cent higher than the same period last year. Even though sales are up, profits are lower because we have had to sell products like chicken drumsticks at a discount due to imported chicken.” In late March, the government announced a ban on all processed meat imports from Brazil for 60 days as a precaution following
the shocking bribery scandal unfolding in the South American country. It was reported at the time that the government of Brazil had suspended exports from 21 meat-processing units due to food inspectors taking bribes to allow sales of rotten and salmonella-tainted meats. Brazil has been left scrambling to shore up its beef industry’s reputation yet again after the United States blocked shipments of fresh cuts, claiming it found abscesses in the meat and signs of systemic failure of inspections. Canada and the European Union has reportedly rejected some shipments of Brazilian beef in recent months. Brazil’s government and meat industry has stated that most problems stemmed from vaccinations and were being addressed.
Commonwealth Bank claims largest market cap on BISX COMMONWEALTH Bank shareholders voted to return the same Board at its May 31 annual general meeting (AGM), following a 2016 financial year where profits were $57.4 million. ‘‘Your bank is an important constituent of the Bahamian economy. We are now the largest market capitalisation on BISX,” said executive chairman, William B. Sands, Jr. “But more than this, your bank has established a reputation as being an early responder to assist our fellow Bahamians in times of national crisis. Our response to Hurricane Matthew continued that trend with financial donations given to the Bahamas Red Cross and The National Hurricane Relief Fund. In addition, we gave loan assistance to our customers and staff. In total, we committed over half a million dollars to recovery from the storm.” Despite that assistance, 2016 profits were only $400,000 below the previous year’s record. Total assets increased by 4.8 per cent to end the year at just over $1.6 billion, paid out $35 million in dividends
during the year. “These positive results were achieved despite everincreasing competition and a lingering less-than-dynamic environment, which saw a downgrade by Standard and Poor’s at the end of the year,” Mr Sands said. Going forward, he indicated that Commonwealth Bank would continue to take a conservative approach with an emphasis on consumer lending, since it was a business model that had paid off.
“We strongly believe that our business strategy remains the best opportunity for our continued success in 2017, and while our outlook for the near future is guarded given the many challenges that face us, we remain optimistic that our flexibility, staff and experience will enable us to take advantage of any opportunities,” Mr Sands said. Commonwealth Bank’s impaired loan ratio stood at 4.2 per cent at See PG B7
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By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net
THE Attorney General has affirmed the Minnis administration’s commitment to aiding Baha Mar’s full opening, while agreeing that commercially sensitive documents relating to the $4.2 billion project should remain sealed for the time being. Mr Bethel, while giving his contribution to the 2017/2018 budget debate in the Senate, noted that even though the Minnis administration disapproved of the way certain legal and other matters with respect to Baha Mar were handled, it would do everything it
could to facilitate the mega resort’s success. “Even though we may disapprove of the way certain legal and others matters were handled in respect to Baha Mar, as a responsible government we will do everything to facilitate the completion, sale and opening of the resort to the full measure of its potential economic benefits can be released for the Bahamian people,” said Mr Bethel. The Supreme Court last week granted approval for the the disclosure and release of the heads of terms signed August 22, 2016, by the former government and the China EXIM Bank. Mr Bethel noted that the Minnis administration had taken issue with the secrecy
surrounding the document. “We are cognizant that there are other commercially sensitive documents which were sealed at the request of the private parties of the Baha Mar matter and which remain sealed pursuant to the court’s order. After careful review and discussion with the other parties, we are of the view that those documents should remain sealed for the time being for the legal reasons which have been given by the judge,” said Mr Bethel, noting that the documents remain sealed to preserve the integrity of the sale process which remains a commercially sensitive issue.
PAGE 4, Monday, June 26, 2017
Freeport in Xmas ‘point of no return’ From pg B1 somebody has got to do it. “Hutchison, as far as I’m concerned, are being a naughty boy with the hotel.
Port Lucaya is in very dire straits, and if we lose those 100 Bahamian shopkeepers where the hell are we going to place them and their staff?”
THE TRIBUNE Grand Bahama’s official unemployment rate was pegged at 13.3 per cent by the Department of Statistics in November 2016, but Mr Gape argued that the true rate was nearer 25 per cent. He added that the island was continuing to lose critical mass and population,
estimating that up to 5,000 residents had been forced to seek jobs on other islands following the tourism plant closures. “I think that by Christmas we’ll be at the point of no return if that place doesn’t get open,” Mr Gape told Tribune Business in reference to the Grand Lucayan. “Our town may not survive. “From 20-30 restaurants, we’re down to two. Who’s coming to visit when we haven’t got any restaurants? Not even people out there with their own homes, the second home people with families. It’s too dead. There’s no shopping and there’s no restaurants. What the hell have we got? “The only reason we have airlines servicing us now is not because of tourism; it’s because of BORCO and the Shipyard shifting people, and the cruise ships moving staff. That’s all that’s keeping us alive. There’s no tourism coming here to service the airlines. They’ve let the tourism market go down almost to zero.” Mr Gape said the Grand Bahama Port Authority (GBPA), as Freeport’s quasi-governmental and development authority, has been especially conspicuous by its near-total silence on the Grand Lucayan situation. “The Port Authority has not said a word about the hotel and, to me, that’s an acknowledgement they’re not a player,” he told Tribune Business. “They’ve not said anything about the state of tourism, what steps they’re taking to turn Freeport around, and that seems to
me an acknowledgement by them that they’re no longer a player.’ Mr Gape said the GBPA had lacked leadership since the late Edward St George’s death in 2005, and added: “Edward St George would have been jumping up and down, raising holy hell about getting that hotel open, if he was alive. He understood what tourism meant to the viability of this town. “It means this. It’s up to Bahamians, local investors in Freeport and the Government, to cause Hutchison to do the right thing. I think it could be done, but we have to show Hutchison why.” Hutchison Whampoa’s failure to repair Matthewrelated damage on acceptable terms and timelines was blamed for Memories’ late January 2017 decision to withdraw from Freeport’s hotel sector - a move that also resulted in muchreduced airlift to the island. The Hong Kong-based conglomerate’s property arm, Cheung Kong Property Holdings, into which the Grand Lucayan and other real estate assets were spun-off, last year initiated a sales process for the resort prior to Matthew. The Toronto-based real estate developer, Wynn Group, eventually emerged as a potential purchaser, with former prime minister, Perry Christie, announcing that a Letter of Intent (LOI) for the Grand Lucayan’s sale had been signed just prior to the May 10 general election. However, little subsequent progress towards
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closing a deal appears to have been made, with Wynn understood to have been seeking capital from other investors and potential joint venture partners. Many observers believe the Grand Lucayan’s reopening should be the Minnis administration’s leading national economic priority, given that the situation has the potential to derail its long-term plans for Grand Bahama if it persists much longer. The new government has placed Grand Bahama at the centre of its economic revival strategy, with plans to market the island to three separate tourism niches, plus attract the film/ TV industry and financial services. This, though, will all be for nought unless the current decline is arrested. Kwasi Thompson, minister of state for finance, last week indicated to Tribune Business that the Government was aware of the urgency and importance required, saying: “The redevelopment and reopening of the Lucayan Strip is a major priority - not just for my office in Grand Bahama, but I believe it is a national priority. “Grand Bahama needs this hotel to be open, and it needs our people to be employed without question. The closure has had a major effect on our tourism product in Grand Bahama. We have a sense of urgency because we knew before we came to office that Grand Bahamians were suffering. They elected us for this reason.” Mr Gape, meanwhile, said “dead is the kindest word I can use” to describe Freeport’s economy at present, adding that such a description also applied to its real estate sector. “There’s been a couple of sales in Ocean View, $700,000 condo units selling for $500,000,” he recalled. “We have ocean front lots, which used to be $800,000, selling for $250,000. Those are luxury lots, luxury apartments. In Nassau, those lots would be selling for $3-$5 million. We’re dead here.”
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THE TRIBUNE
Monday, June 26, 2017, PAGE 5
MINISTER of Health Dr. Duane Sands tours the Princess Margaret hospital. Photo: Terrel W. Carey/ Tribune Staff
No public insurer to dominate NHI From pg B1 not something I support. “I believe we are going to go down a different road. The idea that we have a single public insurer managing the entire portfolio is not going to be something we maintain. We’re going to be looking at a very different model for NHI.” The former Christie administration launched NHI without key components of its management and governance structure being in place, with the insurance sector among these missing elements. Its original model envisaged BahamaCare and the private health insurance underwriters operating as regulated health administrators (RHAs), offering the same benefits packages at the same price to the Bahamian public. However, the scheme launched without either. Key details had not been agreed with the private insurance industry, while BahamaCare had not been created despite Aetna and its Bahamian partner, Family Guardian’s BahamaHealth business, being selected as its operators.
Emphasising that the new government had not abandoned the ‘public insurer’ idea, Dr Sands pledged to re-work the NHI scheme to make it much more inclusive and private sectorfriendly. He added that this would “open up opportunities for local insurers and open up opportunities for new products levied at different levels of service and price points”. “The standard medical policy is a major medical insurance policy that gives real opportunities for services provided outside the Bahamas,” Dr Sands explained. “That comes at a significant cost. “If we now have another product specific to the Bahamas, a product where people can choose from a menu that includes different [benefits packages], you can portion what you can afford. “That gives opportunities for businesses that cannot afford all the benefits, but want to provide some health insurance for their employees,” he continued. “If NHI is sold by many different companies, then
you have an opportunity for people to compete on quality of service once you define what the benefits will be.” Dr Sands said both government and insurance industry representatives left last week’s meeting with a respect for the other side, and added: “It is very much different from the tone that had been established incountry over many years in the run-up to NHI 2017. “I think we now have an opportunity to move this thing along in partnership with a previously neglected sector... I think we recognise the value brought by the insurance industry, whether we’re talking carriers, brokers etc. “I have noted that, unfortunately, the run-up to 2017 was not inclusive enough. We don’t expect we’re going to agree on every single item, but we definitely recognise the value and commitment the industry brings to the table,” Dr Sands said. “That opens up some very exciting opportunities to make NHI work without dampening economic growth, without dampening the financial services sector, and which affords some flexibility. We covered a lot of ground, including concepts which have not been thought about before.”
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PAGE 6, Monday, June 26, 2017
THE TRIBUNE
$10m bond switch to cease BOB stand-off From pg B1
www.ub.edu.bs
CAREER OPPORTUNITIES Suitably qualified candidates are invited to submit applications and supporting documentation for the following positions at University of The Bahamas.
ADMINISTRATION
Associate Vice President, Business Enterprise Unit responsible for providing strong oversight for multiple activities across a range of business operations and opportunities at the University including retail and facilities rental. Further duties and responsibilities include working pro-actively to develop new business opportunities; developing business proposals for existing and new customers; ensuring costs are reported and monitored to determine return on investments/objectives and improve general efficiency; working with key suppliers and networking/sourcing new suppliers in order to provide the most up-to-date and cost-effective client development solutions. The AVP Business Enterprise Unit will also develop innovative strategies for revenue growth, including undertaking interviews in order to get feedback and incorporate it into the institution’s growth plan. Applicants must have a Master of Business Administration (MBA) degree, with at least 5 years’ post degree experience at the management level. For more information visit: http://www.ub.edu.bs/about-us/career-opportunities/administration/ .
MIDDLE MANAGEMENT
Director, Intramural and Recreation responsible for directing, organizing, supervising and evaluating all aspects of the Intramural and Recreation programme, enforcing its policies and procedures and strengthening relationships with faculty, staff, students and alumni that build school spirit. Further duties and responsibilities include managing the Intramural and Recreation budget; authorizing intramural equipment purchases and repairs; creating and maintaining an operational procedures manual; designing, coordinating and scheduling programmes and maintaining records relative to participation and equipment inventory. Applicants with a Master’s or Bachelor’s degree from an accredited university in Recreation, Sports Administration, Exercise Science, Physical Education or related field AND Certification in First Aid and CPR are eligible. For more information visit: http://www.ub.edu.bs/about-us/career-opportunities/administration/ .
Assistant Director, Alumni Affairs & Annual Fund responsible for assisting in the implementation of alumni programmes both on and off campus while facilitating the engagement of alumni and promoting the activities of the Alumni Affairs Office. Duties and responsibilities include working closely with the Alumni Association Board and facilitating a productive relationship between the Board and the academic and administrative leadership; participating in departmental planning, implementation and communication with external and internal constituencies; managing and leading the annual Phonathon Initiative; measuring the success of initiatives and alumni participation and supervising alumni coordinators, work/study employees and alumni volunteers. A Bachelor’s degree and 4 years’ experience in organizational development, event planning, alumni relations, fund raising or communications/public relations are required qualifications. For more information visit: http://www.ub.edu.bs/about-us/career-opportunities/administration/ .
Assistant Director, Payroll responsible for the day-to-day supervision of the Payroll Unit. The Assistant Director, Payroll will maintain an accurate system of salary payments and notifications of same; ensure relevant reports are prepared accurately; identify, investigate, and resolve any payroll discrepancies; prepare monthly salary expenditure reports and provide external audit information when required. Further duties and responsibilities include performing month-end reconciliation and reconciliation of payroll related GL accounts. Applicants must possess a Bachelor’s Degree in Business Management, Accounting or equivalent; 5 years’ experience in payroll management or eight (8) years as Payroll Assistant and at least two years’ administrative experience which involve the supervision of support staff. For more information visit: http://www.ub.edu.bs/about-us/career-opportunities/administration/
Assistant Director, Maintenance Services responsible for ensuring that all University grounds and buildings are properly maintained; planning and directing all major and minor maintenance repairs and managing all tools, parts, general equipment and supplies designated for the maintenance of University properties. Additional duties and responsibilities entail ensuring completion of periodic inventory checks; maintaining accurate records of the plant’s monthly maintenance costs and assets, recommending cost reductions where possible; developing preventative maintenance programmes and assisting with the preparation of annual budgets. Applicants must have at least a Bachelor’s Degree or equivalent professional qualification; evidence of enrolment or completion in a certified Human Resources Management or Supervisory Management programme and a minimum of 8-10 years’ experience with at least 5 years of supervisory responsibility. For more information visit: http://www.ub.edu.bs/about-us/career-opportunities/administration/ .
STAFF
Electrical Unit Supervisor/Foreman responsible for the installation, inspection, maintenance and repair of wires, conduits, apparatus, fixtures and other electrical appliances. Duties and responsibilities include maintaining records of assignments and materials received and used as well as producing work reports; attending meetings called by management; undertaking continued training as required to meet the dynamic needs of the client and industry; complying with departmental and governmental health and safety standards; reporting damage, malfunctioning of furniture or fixtures to the Help Desk and assisting in maintaining a preventative maintenance schedule. Applicants must possess certification as a Three (III) Phase Licensed Technician. For more information visit: http://www.ub.edu.bs/about-us/career-opportunities/staff/ .
Storeroom Clerk II (Culinary Arts and Tourism Studies) responsible for receiving and/or issuing food, beverages, supplies, and operating equipment in accordance with established policies and procedures and ensuring that all products and services received are consistent with hotel/hospitality quality standards and communicating errors, spoilage and waste to management in a timely manner. Further duties and responsibilities include receiving and maintaining food, beer, wine, liquor and operational supplies according to schedule; conducting inspections for proper specifications (quantity and quality); maintaining daily logs for all products and services; assisting with interim and year-end inventory and attending meetings and/or training sessions as required by management. An Office Assistant’s Certificate, OR approved equivalent as for CSS-1, AND 5 years’ relevant work experience or Associate Degree in relevant area are required. For more information visit: http://www.ub.edu.bs/about-us/career-opportunities/staff/ .
Interested applicants should forward the following to the Human Resources Department by emailing hrapply@ub.edu.bs: • A completed UB Employment Application Form (available on the website); • A cover letter of interest highlighting work experience and accomplishments relevant to the position; • Current Curriculum Vitae or Resume; • Copies of Relevant Qualifications and Certificates; • Copy of the relevant pages of a valid passport showing passport number, photo • identification and expiration date; • Copy of N.I.B. Card; • At least three (3) written, professional references. The deadline for all applications is Tuesday, 4th July, 2017.
FACULTY
Librarian (Part-Time), lending support to the overall law collection and staff, responsible for general reference and research assistance, management of law journal and reserve collections, sorting and shelving of legal resources, producing monthly statistics/reports, supervising and mentoring student workers, assisting patrons with copying/scanning functions and involvement in policy development and facilities management. A master’s degree in Library Science is preferred or an LLB and a minimum of 2 years’ experience working in an academic Library setting or a legal environment. For more information visit: http://www.ub.edu.bs/about-us/career-opportunities/faculty/ .
Interested applicants should submit the following electronically to the attention of the Office of Academic Affairs, University of The Bahamas by emailing facultyapply@ ub.edu.bs. • Completed University of The Bahamas Application for Employment Form (available on the website); • Letter of interest (highlighting work experience and accomplishments relevant to the position); • Up-to-date curriculum vitae or resume; • Unofficial transcripts (official transcripts needed for employment); and • At least three confidential, professional references. Hard copy submissions will not be accepted. Incomplete files will not be considered.
shares held by the National Insurance Board (NIB) and other government entities, which also face dilution from 28.42 per cent to 23.98 per cent. In contrast, the “majority shareholder” or the Public Treasury will see its majority holding increase from 50.93 per cent to 58.6 per cent, with the number of outstanding and issued BOB ordinary shares jumping from 36,437,759 to 43,194,515. Mr Turnquest, asked whether the bond conversion was a first step in bringing BOB into full compliance with the Central Bank’s demands, said: “The simple answer to your question is: Yes.” And, pressed as to whether BOB’s legal action against the Central Bank would be discontinued, the Minister replied: “I would say that’s a safe bet.” The bond conversion addresses one of the four issues that prompted BOB to seek Supreme Court protection from the Central Bank’s regulatory demands prior to the May 10 general election. Tribune Business exclusively revealed in early May how BOB was seeking a court-imposed ‘stay’ of the Central Bank’s impositions, which included an “immediate” $50 million increase in loan loss provisions and legal action against “politically exposed” bad borrowers. Next on the regulator’s list was the requirement for BOB to “convert the first $10 million tranche of contingent convertible bonds to common equity Tier 1 capital, and all future capital injections must be paid
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in cash and constitute common equity Tier 1 capital”. The $10 million tranche referred to in Friday’s notice was intended to be the first of three equal tranches, set to ultimately total $30 million, that were to be 100 per cent financed by the Christie administration in a bid to shore up the stricken bank’s regulatory capital. However, only one was placed - possibly because of regulatory opposition. BOB had previously asked the Central Bank to “reconsider” its demands over the contingent convertible bonds, with the regulator ultimately fining the troubled bank $100,000 for its non-compliance and regulatory breaches prior to it initiating legal action. The BISX-listed institution’s ‘u-turn’ on the issue, following the general election and appointment of respected financial services professionals, Wayne Aranha and Anthony Allen, as its chairman and deputy chairmen, signals the end of a troubling incident that threatened to undermine financial services industry regulation. Abhilash Bhachech, the Central Bank’s outgoing inspector of banks and trust companies, expressed concern in legal papers that BOB’s application for a ‘stay’ of the regulator’s demands could undermine its ability to properly supervise the troubled BISX-listed institution. He warned that imposing a ‘hold’ or injunction on the Central Bank could also “further erode depositor and public confidence” in BOB, as well as undermine “the retail banking system of the Bahamas” given the bank’s systemic importance. Many observers interpreted BOB’s legal action as a sign of the Christie administration’s inability, as the bank’s majority shareholder, to inject the necessary capital given the Public Treasury’s payments backlog and cash flow woes. The matter effectively placed the Government and Central Bank at loggerheads, but the new Minnis administration appears to have moved quickly to end the impasse. “The Government of the Bahamas is commit-
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, STEPHON REUBEN WEIR of College Gardens off Prince Charles Drive, P.O. Box N3157, Nassau, Bahamas intend to change my name to STEPHON REUBEN FORBES. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
ted to good governance with respect to Bank of the Bahamas,” Mr Turnquest said yesterday. “We’ve put in place a very competent Board that we have the utmost faith in.” He indicated that the $10 million bond ‘conversion’ was just the first step in BOB complying with the Central Bank’s wishes, adding: “There are going to be some capital requirements to which we are committed, and we do intend to pursue the loan portfolio and reorganise credit policies such that we return the bank to profitability as soon as possible.” Shareholders yesterday gave a cautious welcome to the $10 million bond ‘conversion’ despite their dilution, saying it represented “a step in the right direction” towards making BOB compliant with key regulations. “If it can help restore the bank to a position where it is run according to proper boundaries, maybe that’s a good place,” Mike Lightbourn, Coldwell Banker Lightbourn Realty’s president, told Tribune Business. “If there’s anything they can do that might return it to some state of normalcy, and I know it will take a long time, that’s an improvement. I think it’s a step in the right direction, but there’s such a long way to go. There’s light at the end of the tunnel, and I don’t see a problem with that.” Mr Lightbourn reiterated that most minority BOB shareholders had writtenoff their investments, and added: “I think most of us figure that we’ll never recover anything of our investment, although there’s some hope now. “I don’t think any of us have any hope that something miraculous is going to happen.” Dr Johnathan Rodgers, the well-known ‘eye doctor’, praised the Central Bank for standing firm and enforcing its regulatory requirements despite pressure from BOB and the former Christie administration. He questioned, though, whether BOB’s crisis would have become so deep-rooted had the Central Bank taken a much harder line under former governors. “If there are rules and regulations in the financial services sector, all parties have to comply with the rules and regulations,” Dr Rodgers told Tribune Business. “There’s no way around it. You have to comply. “I think it’s good that the Central Bank is enforcing the rules and regulations. Had the rules and regulations been enforced by the Central Bank in the past, BOB maybe wouldn’t be in the position it is today.”
THE TRIBUNE
Monday, June 26, 2017, PAGE 7
Sarkis demands Baha Mar sale closure ‘moratorium’ From pg B1
given its precarious fiscal position. He also demanded that the new government “reopen the investigation” into the casino license granted to Baha Mar’s potential new owner, Chow Tai Fook Enterprises (CTFE), and publicly disclose the Gaming Board’s assessment of its suitability. Outlining his two key requests, Mr Izmirlian told the Minnis administration: “Place a moratorium on the completion of any sale of Baha Mar and other transactions under these agreements.” This, he argued, would enable the new government and the Bahamian people to assess “the toxicity” of the former Christie administration’s dealings with the Chinese, “and how the best interests of Bahamians can be met”. Baha Mar’s original developer then demanded: “Reopen the casino license investigation and report the findings of the Gaming Board, given the extensive public record about the...... associations of Chow Tai Fook’s owners – a record that appears to have been intentionally and conveniently ignored under the previous administration.” Mr Izmirlian’s statement, in the name of his BMD Holdings vehicle, places the newly-elected Minnis administration in a potentially difficult position, given Opposition claims - and a perception among some - that he played a key ‘behind the scenes’ role in its election victory. Any “moratorium” on completing Baha Mar’s sale, from the China Ex-
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port-Import Bank’s Perfect Luck vehicle to CTFE, risks placing the $4.2 billion project into ‘cold storage’ again at a time when its jobs and potential output remain one of the few short-term options for boosting Bahamian GDP. Mr Izmirlian’s statement will also prompt recollections of Dr Hubert Minnis’s pre-election social media posting, where he said an FNM government would seek a purchaser for Baha Mar if no sale had been closed by the time it took office. This is despite the fact that Baha Mar is the China Export-Import Bank’s, not the Government’s, asset to sell. And the call for the Gaming Board to “reopen” its assessment also puts Dionisio D’Aguilar, minister of tourism, in a personal quandry. He now has ministerial responsibility for the Gaming Board, but - as a former Baha Mar director under Mr Izmirlian - was the first to question CTFE’s suitability to hold a casino license. Mr D’Aguilar had sought to link CTFE’s owners, the Cheng family, and their New World Development subsidiary, to the potential exploitation of Macau’s VIP gaming rooms by Chinese organised crime gangs through their investment in Stanley Ho’s companies. CTFE has vigorously and consistently refuted such claims, describing them as “completely baseless and untrue” - with no gaming authority having refused it a license or interest in an entity that held one. Mr Izmirlian, though, suggested that clauses 1.2 and 3.11 of the ‘Heads of Terms’ violated the Bahamian constitution and statute law by discriminating against himself and foreign members of his Baha Mar senior management team. These clauses stipulated that Mr Izmirlian, entities related to him and his former senior executives could not participate in the claims
payout process, nor have any shop or restaurant leases renewed - unlike other creditors and tenants. “The Heads of Terms also underscores the extremes to which the former Government of the Bahamas and China ExportImport Bank conspired to impair the economic interests and reputation of the original developer, Sarkis Izmirlian,” the BMD Holdings statement said. “Not content to stop at the confiscation of the resort, the Heads of Terms expressly prohibits any payments to companies associated with Mr Izmirlian, a long-time resident and the largest foreign investor in the history of the Bahamas, as well as payments to the former expatriate executives of Baha Mar. “This is state-sponsored discrimination, contrary to the laws and constitution of the Bahamas, and sets an awful precedent for foreign investment in the Bahamas. Accordingly, BMD is considering its legal options against the parties involved in constructing these highly questionable agreements.” Some will likely view Mr Izmirlian’s statement as a last-ditch attempt to reinsert himself into the Baha Mar process, and an effort to prevent any ‘backsliding’ by the new government. It is thought that Mr Izmirlian was alarmed by Carl Bethel, the attorney general, saying that no other documents relating to the former administration’s Baha Mar dealings will be unsealed. “The Heads of Terms is only one document of many about the former government’s secret dealings on Baha Mar, and the only document made public thus far. It is a bread crumb trail to many other referenced documents that must be vetted to determine the extent of the improper giveaways,” Mr Izmirlian’s statement said yesterday. Among the key documents that remain sealed are the Hotels Encouragement Act Agreement between the former government and the China Ex-
COMMONWEALTH OF THE BAHAMAS
2015
IN THE SUPREME COURT
CLE/GEN/1500
Common Law and Equity Division IN THE MATTER of an Indenture of Mortgage made the 19th day of December, A.D., 2007 between Simon Damallie and Shannon Damallie and Finance Corporation of Bahamas Limited. AND IN THE MATTER of the Mortgages Act, Chapter 156 of the Revised Laws BETWEEN FINANCE CORPORATION OF BAHAMAS LIMITED AND SIMON DAMALLIE AND SHANNON DAMALLIE
Plaintiff First Defendant
Second Defendant
To: Simon Damallie and Shannon Damallie TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of The Bahamas by Finance Corporation of Bahamas Limited, Main Branch, 323 Bay Street, Nassau, New Providence, Bahamas, in which the Plaintiff’s claim is set out in the Originating Summons filed in this action on the 22nd day of September, A.D., 2015 as renewed seeking an Order to direct you to deliver up possession of the Mortgaged Property known as Unit Number Seven (7) comprising part of Plumbago Condominium situated “Fox Hill” in the Eastern District of the Island of New Providence, Bahamas to Finance Corporation of Bahamas Limited within Twenty-eight (28) days of the Order and Judgment for the sum outstanding under the Indenture of Mortgage dated the 19th day of December, A.D., 2007. And that it has been ordered that the publication of a notice of the entry of the Originating Summons filed on the 22nd day of September, A.D., 2015 as renewed, Affidavit in support of application filed on the 1st day of March, A.D., 2016, ex parte Summons filed on the 14th day of February, A.D., 2017, Affidavit in support of ex parte Summons filed on the 9th day of March, A.D., 2017 and Order granted on the 20th day of June, A.D., 2017 in the Nassau Guardian Newspaper and The Tribune Newspaper shall be deemed to be good and sufficient service of the said document upon you. A copy of the said Originating Summons, Notice of Appointment to hear the Originating Summons ex parte Summons, Affidavit in support of ex parte Summons and Order may be obtained from the Supreme Court Registry, Judicial Complex, East Street North, Nassau, Bahamas, or from the Attorneys for the Plaintiff below mentioned. AND further take notice that you must within fourteen (14) days from the publication of this advertisement, inclusive of the day of such publication, enter an appearance in person or by an attorney either (i) by handing in the appropriate forms duly completed, at the Registry of the Registry of the Supreme Court, Ansbacher House, East Street, Nassau, New Providence, Bahamas, or (ii) by sending them to that office by post, otherwise Judgment may be entered against you without notice. Dated the 21st day of June, A.D., 2017
HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, Bahamas Attorneys for the Plaintiff
port-Import Bank, signed on September 9, 2016, last year and which CTFE will inherit. This contains the ‘devil in the detail’, namely the value of the tax incentives granted, and the volume and nature of products and equipment that will be brought in duty-free. Mr Bethel said other documents, such as the sales agreement between CTFE and Perfect Luck, and the China Construction America (CCA) letters detailing how they planned to compensate former sub-contractors, related to private transactions and would remain confidential to protect their commercial integrity. Mr Izmirlian, meanwhile, attacked the tax incentives granted to the China Export-Import Bank and CCA, arguing: “The giveaways laid out in the Heads of Terms by the Christie administration to China Export-Import Bank and Chow Tai Fook are egregious and an insult to the Bahamian people. “What else did the former administration do in its desperation to get any kind of a deal to announce related to the sale of Baha Mar to try to win re-election? “In BMD’s view, these documents confirm the nation’s fears that the previous administration had engaged in the wholesale giveaway of hundreds of millions of
dollars in tax waivers and concessions that the country could not afford, and that rightfully should have been earmarked for the Bahamian people, solely to facilitate a charade of a sale in the lead up to the general election last May.” The original developer also slammed the ‘Heads of Terms’ for Baha Mar’s construction completion as a further example of “selfdealing” by members of the former Christie administration, although he provided no specifics to back this up beyond what is already known. Tribune Business previously reported that apart from being tweaked to account for VAT’s introduction, the tax incentives granted to CTFE are the same as those that were given to Mr Izmirlian. The ‘Heads of Terms’ concessions were also linked as a ‘trade-off’ for the China Export-Import Bank agreeing to the $101.5 million compensation for Baha Mar’s former staff and creditors, even though it had no obligation to do so. And failure to grant such incentives may have resulted in Baha Mar’s creditor failing to complete the project, instead letting it sit there to become a ‘white elephant’. Still, Mr Izmirlian’s statement continued: “The
Commonwealth Bank claims largest market cap on BISX From pg B3 year-end 2016, below the industry average of 12.3 per cent. The hurricane, uncertainty over a stagnating economy and credit rating downgrades caused the bank’s Board to move cautiously in 2016. It completed an $800,000 corporate training centre, and the opening of its branch
in Spanish Wells to fill the gap left by Royal Bank of Canada has exceeded projections. Commonwealth Bank also enhanced its product offerings by introducing a chip-enabled VISA debit card, while its online banking customer base increased to more than 40,000 users. Full-service Saturday banking was extended to seven branches,
grossly unfavorable concessions revealed in the Heads of Terms, along with other commitments made by the prior Government to satisfy by the end of this year - including CTFE’s demands for increased power generation from Bahamas Power and Light, for the city dump, and for what it wants from the Water and Sewerage Corporation - place a crippling financial burden on the Bahamas that the country can ill-afford at a time when the new Government is forced to borrow another $722 million. “It is outrageous that the Christie administration would agree to grant 1,200 new Chinese work permits to CCA when Bahamian workers could, and should, finish this resort. At a conservative estimate, with the cost of completion standing at $600 million, these sums would have been a welcome boost to the local construction industry. “These permits literally take food out of the mouths of Bahamians to reward the same Chinese construction company that had failed to meet multiple opening dates that it had set. It is unthinkable that a Government that claimed it was working in the best interests of the Bahamian people would have agreed to such terms.” while the Bahamas Financial Services Board (BFSB) named the bank’s president, Ian Jennings, as the executive of the year, and special credit supervisor, Lynden Smith, as mentor of the year. Shareholders voted to return the full Board of Directors, including William B. Sands; Ian Jennings; Rupert W. Roberts; Roland Craig Symonette; Vaughn W.T. Higgs; Tracy E. Knowles; Earla J. Bethel; Larry R. Gibson; Dr. Marcus R.C. Bethel; and Robert D.L. Sands.
PAGE 8, Monday, June 26, 2017
THE TRIBUNE
‘Re-examine’ creation of new NHI agencies From pg B1 cal year, and Mr Komolafe said both the insurance industry and government had agreed “sacrifices will have to be made by all” if NHI is to succeed. “We find ourselves in a Catch 22 situation,” the BIA chairman told Tribune Business. “It is imperative that we skillfully navigate through the NHI conundrum while managing the expectations of the populace in relation to NHI. “In an environment that calls for fiscal prudence, financial discipline and
the curbing of government spending, the implementation of social programmes (such as NHI) will have to be done in a pragmatic manner.” He added: “In the same vein, we have to re-examine the necessity of establishing additional government agencies and the creation of multiple layers of bureaucracy within the healthcare sector in order to implement NHI. “As an example, the NHI Authority will be an addition to the Public Hospitals Authority (with a staff com-
plement of over 4,000), Department of Public Health, Ministry of Health, the Rand Memorial Hospital, Sandilands Rehabilitation Centre, National Medical Services and the Supply Management Agency, at further costs to taxpayers. “Following reports of wastage (including some $100 million as stated by the chief medical officer) and inefficiencies across the existing agencies in an economy plagued by negative or zero growth and high unemployment, any new government agency will be subject to much scrutiny with a need to justify its existence.” Mr Komolafe suggested that tough decisions would be needed on NHI and other social programmes, given a strained financial position that requires the new government to obtain approval to borrow up to $722 million as one of its first acts since taking office. Recalling the BIA’s meeting with Dr Sands, he told Tribune Business: “The conversation was honest and frank in relation to the inherent challenges within the NHI scheme. “We reaffirmed our commitment to being an active partner with the Government in the expansion of universal healthcare in the Bahamas. There was a general consensus that sacrifices will have to be made by all stakeholders if the NHI program is to succeed”. He added: “The Minister asked for patience from stakeholders as the new administration presses the proverbial reset button and commences the process of redefining the NHI product, instituting a proper governance framework for the NHI scheme and building relationships with stakeholders. “We believe that it is apparent that there is much work to be done to put in place a much-needed structure, and defining the future path of a National Health Insurance programme that is sustainable. “We had a productive meeting with the Minister. Dr Sands opined that while all stakeholders will probably not agree on all matters relating to NHI, our deliberations and exchanges will be honest, respectful and constructive.”
MARKET REPORT FRIDAY, 23 JUNE 2017
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,866.21 | CHG -2.77 | %CHG -0.15 | YTD -72.00 | YTD% -3.71 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.60 4.70 0.13 6.56 8.60 6.10 10.60 14.49 2.72 1.60 6.00 10.00 11.00 10.00 6.90 12.51 11.00
52WK LOW 3.62 17.43 8.19 3.50 1.48 0.12 3.80 8.35 5.83 10.05 10.02 2.18 1.31 5.80 7.55 8.56 7.82 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 1.49 1.67 1.58 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 1.43 1.64 1.54 1.04 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 4.22 15.85 9.09 3.60 1.48 0.12 4.05 8.60 6.00 10.50 10.02 2.41 1.56 6.00 9.75 9.00 9.93 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 100.00 100.00 100.00 109.13 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.27 15.85 9.09 3.60 1.48 0.12 4.05 8.60 6.00 10.50 10.02 2.43 1.56 6.00 9.75 9.00 9.75 6.90 12.50 10.00
CHANGE 0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.00 0.00 0.00 -0.18 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
109.17 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.04 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 1,610
2,000
1,630 1,200
VOLUME
NAV 2.06 3.93 1.95 168.44 141.76 1.49 1.64 1.58 1.07 6.96 8.50 6.30 9.80 11.13 9.63
EPS$ 0.444 0.932 -0.510 0.383 -1.117 0.000 -0.406 0.587 0.190 0.540 0.570 0.102 0.197 0.753 0.763 0.330 0.830 0.600 0.697 0.000
DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.570 0.060 0.060 0.290 0.450 0.000 0.340 0.140 0.620 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 9.6 17.0 N/M 9.4 N/M N/M -10.0 14.7 31.6 19.4 17.6 23.8 7.9 8.0 12.8 27.3 11.7 11.5 17.9 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% 1.45% 4.17% -1.59% 0.17% 0.49% 2.72% 1.29% 2.00% 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 30-Apr-2017 30-Apr-2017 30-Apr-2017 30-Apr-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 1.87% 6.31% 0.00% 5.83% 0.00% 0.00% 2.22% 3.49% 3.67% 3.43% 5.69% 2.47% 3.85% 4.83% 4.62% 0.00% 3.49% 2.03% 4.96% 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
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
NOTICE Notice is hereby given that BGRS Certificate No. 50343 in the amount of $10,000.00 is lost and due to mature 2017. If this certificate is found, please write to P.O. Box N-7502 Nassau, Bahamas.
Project Manager/Site Supervisor The position is open to candidates with the following qualifications: Bachelors Degree in Engineering, Construction Management or related studies. Minimum of 5 years professional experience. Must have some project management experience. Proficient in Microsoft Word, Excel, Project and AutoCAD. PerSonal attributeS Must be able to lead in planning and implementation of projects Must be able to perform engineering duties Must be able to oversee construction and maintenance of building structures and facilities Must ensure that construction standards are met. Must be a “problem solver” with an eye for detail Must have ability to identify priorities, meet deadlines in a timely manner Provide direction and support to project team Must possess good communication skills Must be able to multi-task. All interested applicants should email to: apexpavers@gmail.com.
THE TRIBUNE
Monday, June 26, 2017, PAGE 9
5 GOP SENATORS NOW OPPOSE HEALTH CARE BILL AS WRITTEN By ALAN FRAM AND REGINA GARCIA CANO Associated Press WASHINGTON (AP) — Nevada Republican Dean Heller became the fifth GOP senator to declare his opposition to the party’s banner legislation to scuttle much of Barack Obama’s health care overhaul on Friday, more than enough to sink the measure and deliver a stinging rebuke to President Donald Trump unless some of them can be brought aboard. Echoing the other four, Heller said he opposes the measure “in this form” but does not rule out backing a version that is changed to his liking. Senate Majority Leader Mitch McConnell, R-Ky., has said he’s willing to alter the measure to attract support, and next week promises plenty of back-room bargaining as he tries pushing a final package through his chamber. Nonetheless, Heller’s announcement underscores the scant margin of error
Republican leaders must deal with. Facing unanimous Democratic opposition, McConnell can afford to lose just two of the 52 GOP senators and still prevail. Besides the five who’ve announced outright opposition, several other GOP senators — conservatives and moderates — have declined to commit to the new overhaul. The measure resembles legislation the House approved last month that the nonpartisan Congressional Budget Office said would mean 23 million additional uninsured people within a decade and that recent polling shows is viewed favorably by only around 1 in 4 Americans. Heller, facing a competitive re-election battle next year, said he was opposing the legislation because of the cuts it would make in Medicaid. The federal-state program provides health care to the poor, disabled and many nursing home patients. The Senate bill would
SEN. RAND PAUL, R-Ky., speaks to reporters at the Capitol after Republicans released their long-awaited bill to scuttle much of President Barack Obama’s Affordable Care Act, at the Capitol in Washington, Thursday, June 22, 2017. He is one of four GOP senators to say they are opposed it but are open to negotiations, which could put the measure in immediate jeopardy. (AP Photo/J. Scott Applewhite) )
also erase the tax penalties Obama’s 2010 law imposes on people who don’t purchase insurance. It would allow insurers to cover fewer benefits and repeal tax boosts on wealthier people that help finance the statute’s expanded coverage. The Senate legislation
would phase out extra federal money Nevada and 30 other states receive for expanding Medicaid to additional low earners. It would also slap annual spending caps on the overall Medicaid program, which since its inception in 1965 has provided states with unlim-
said, noting that conservative Republican senators would likely be reluctant to add spending back to the measure. Heller spoke at a news conference in Las Vegas with Nevada Gov. Brian Sandoval, a Republican who has also assailed the
Ron Johnson of Wisconsin, Mike Lee of Utah, Rand Paul of Kentucky and Ted Cruz of Texas. Underscoring the sensitivity of the bill, Sen. Joni Ernst, R-Iowa, who has not suggested she opposes the measure, declined to comment on its components when asked at a news conference Friday. “It was just released yesterday. So, we have 142 pages to go through,” she said. Asked about the bill’s impact on Medicaid insurance coverage for lower-income Iowans, Ernst said, “I
“I cannot support a piece of legislation that takes insurance away from tens of millions of Americans and tens of thousands of Nevadans” ited money to cover eligible costs. “I cannot support a piece of legislation that takes insurance away from tens of millions of Americans and tens of thousands of Nevadans,” Heller said. Trump has spoken favorably about both the House-passed bill and the Senate version unveiled this week, though he declared several times as he ramped up his campaign for the presidency that he would not cut Medicaid. Heller said that to win his vote, GOP leaders would have to “protect Medicaid expansion states” from the bill’s current cuts. “It’s going to be very difficult to get me to a yes,” he
House and Senate health care bills for cutting Medicaid. The state has added 200,000 more people to its program under the Obama overhaul. Sandoval said the Senate bill “is something that needs to change.” It would be politically difficult for Heller to take a different stance on the measure from the popular Sandoval. Heller got an opponent for next year when firstyear Democratic Rep. Jacky Rosen announced this week she would seek his Senate seat. Just hours after McConnell released the 142-page legislation on Thursday, four conservatives said they opposed it. They were Sens.
wouldn’t say they are losing it.” Iowa opted to expand, and has added more than 150,000 people to its rolls since 2014. Under special rules McConnell is using that will block Democrats from using a filibuster to kill the bill, the legislation cannot include provisions that make policy changes that don’t primarily affect the budget. The Senate parliamentarian will make that decision. Democrats hope to use those rules to erase some language from the bill, including a section barring consumers from using the measure’s health care tax credits to buy insurance that covers abortions.
PAGE 10, Monday, June 26, 2017
THE TRIBUNE
DEBT, PROTECTIONISM COULD DRAG DOWN IMPROVING GLOBAL ECONOMY
A LABORER takes bath after the day’s work at a site where he makes cement blocks used for construction, in Bangalore, India, Saturday, June 24, 2017. There is no direct supply of potable water at homes in most of the poor neighborhoods in the country. (AP Photo/Aijaz Rahi)
By DAVID MCHUGH Associated Press
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FRANKFURT, Germany (AP) — The global economy has picked up and prospects for the next few months are the best in a long time. But the recovery is maturing and faces risks from populist rejection of free trade and from high debt that could burden consumers and companies as interest rates rise. Those were key takeaways from a review of the global economy released Sunday by the Bank for International Settlements, an international organization for central banks based in Basel, Switzerland. The report said that “the global economy’s performance has improved considerably and that its nearterm prospects appear the best in a long time.” Global growth should reach 3.5 percent this year, according to a summary of forecasts, not quite what it was before the Great Recession but in line with long-term averages. Meanwhile, financial markets for stocks and bonds have been unusually buoyant and steady. On top of that, forecasts by governments and international organizations as well as by private analysts point to “further gradual improvement” in coming months. Key risks include a possible weakening of consumer spending across different economies. So far, the recovery has been largely fueled by people being willing and able to spend more. But that trend could fall victim to higher levels of debt as interest rates rise in some countries and as the amount people need to spend to service their debts takes a bigger chunk of income. Countries that were slammed by collapsing real estate markets during the Great Recession seem less vulnerable now, such as the United States, the U.K., and Spain. But debt burdens are more worrisome in a range of other countries mentioned in the report, including China, Australia and Norway. Another risk comes from weak business investment, typically the second stage of recovery after consumers start spending more; yet that kind of spending has lagged its pre-recession levels for reasons that aren’t always clear to economists. The BIS urged governments around the world to take advantage of the economic recovery as an opportunity to make growth more resistant to trouble by implementing pro-business and pro-growth measures. In particular, the report warned against a backlash against globalization, saying that trade and interconnected financial markets had led to higher standards of living and lifted large parts of the world’s population out of poverty. It called for domestic policies to address inequality and lost jobs, saying that changing technology was often to blame, not free trade. “Attempts to roll back globalization would be the wrong response to these challenges,” it said.
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