business@tribunemedia.net
WEDNESDAY, JULY 19, 2017
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BOB ‘abandons’ court fight with Central Bank PRIME Minister Dr Hubert Minnis speaks to reporters following a tour of Baha Mar. Photo: PETER RAMSAY/Bahamas Information Services.
BAHA MAR ‘FINALISING’ FULL OCCUPANCY PERMIT By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net BAHA Mar’s president yesterday said the $4.2 billion project was still “on target” to obtain a full certificate of occupancy (CO), with $75 million in group business now on its books. “We have our Temporary Certificate of Occupancy (TCO) and we are just finalising some details for our CO, but it’s on target,” Graeme Davis told Tribune Business. Baha Mar received its first phase Temporary Certificate of Occupancy
‘On target’ for Temporary upgrade $75m in group business on books (TCO) back in March, allowing visitors to occupy rooms and use other resort amenities, but many observers will have expected it to receive its full sign-off by now. Tribune Business previously reported that March 21 was set as the TCO issuance deadline because Baha Mar’s prospective owner, See PG B2
Baha Mar contractor now claiming supplier ‘misappropriated’ funds By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHA Mar’s main contractor yesterday denied reneging on promises to make a supplier ‘whole’, and instead alleged it had “misappropriated” its $390,500 lounge chairs payment. Natalia Dwornik, China Construction America’s (CCA) Bahamas contract manager, said the company was “dumbfounded” to learn that Source Outdoor had applied the payment for 1,420 chairs to instead cover debts owed by Baha Mar’s former developer. Her affidavit, filed with the south Florida federal court yesterday, claimed that CCA “never received complete information” from the lounge chair
CCA denies reneging on making supplier ‘whole’ Says receivers concerned on $450k deposits ‘Dumbfounded’ to learn funds went to Baha Mar debt manufacturer to enable it to cover debts owed prior to the Chapter 11 bankruptcy protection filing. Ms Dwornik said payment could not be made because Baha Mar’s receivers, Raymond Winder, the See PG B5
‘Holding our breath’ on public sector reforms By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net PRIVATE sector and governance reformers are “holding our breath” to see whether a $33 million project truly transforms public sector management, warning that “changing the culture” is as important as modernising systems. Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, told Tribune Business that the project would improve governance, and public sector accountability
‘Culture change’ as vital as systems on $33m project ‘Disappointment’ accrual accounts, procurement at end and transparency, if successfully implemented. He added that the fourpronged project, which is focused on performance monitoring, improved See PG B6
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Deputy Prime Minister yesterday pledged that “a comprehensive plan” to rescue Bank of the Bahamas will be unveiled by its August 2 shareholders’ meeting, the institution having “abandoned” its legal battle with the Central Bank. K P Turnquest told Tribune Business that the stricken BISX-listed bank had also become “fully compliant” with the regulator’s capital requirements, an assertion that might surprise its dividend-starved preference shareholders. Placing Bank of the Bahamas among “the top considerations” for the Minnis administration, Mr
DPM pledges ‘comprehensive rescue plan’ by AGM Stricken bank now ‘fully compliant’ on capital ratios Promises ‘no political interference’ with Board Turnquest emphasised that there would be “no political interference” in Board and management decisionmaking under this government. The Deputy Prime Minister suggested that this had contributed See PG B4
DEPUTY PM KP TURNQUEST
Bahamas needs ‘much’ more FDI than $522m By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas needs “considerably” more foreign direct investment (FDI) than the $522 million inflows it attracted in 2016, a governance reformer yesterday describing this as “critical” to faster economic growth.
Robert Myers, a principal with the Organisation for Responsible Governance (ORG), told Tribune Business that “stimulating FDI is vital” if the Bahamas is to hit the 5.5 per cent annual GDP growth rate identified as key to workforce stability. He was speaking after the World Investment Report 2017, published by the United Nations
Conference on Trade and Development (UNCTAD), revealed that Baha Mar’s construction resumption boosted FDI flows to the Bahamas by 27.8 per cent in 2016. The Bahamas attracted the second highest FDI inflow among small island developing states (SIDS), coming in behind only Jamaica, which gained $900 See PG B5
Nation saw 28% jump in capital inflows Reformer: Target over $1bn for jobs 2016 flow just one-third of Baha Mar peak
PAGE 2, Wednesday, July 19, 2017
THE TRIBUNE
BAHAMAS ISLANDS IN AWARDS TOP SPOTS THE Bahamas has gained four spots among the Caribbean’s top 15 destinations in Travel + Leisure magazine’s World’s awards. The Exuma Cays, the Abacos and Harbour Island were voted ‘Best Islands in the Caribbean, Bermuda and the Bahamas’. Harbour Island was ranked sixth best island, Exuma came in at number eight, and Abaco was rated 14th. Kamalame Cay in Andros was also voted top resort in the Caribbean, Bermuda and the Bahamas for the second year in a row. One reader described Kamalame Cay as “three little words: paradise on earth.” The awards are based on readers’ nominations, ranging from the best cities in the world to the best spas and cruises. Participants were able to nominate their favourite hotel, destination or airline in the survey and, to be eligible for the rankings, each entry had to rack up a minimum number of votes. Nathan Lump, editor-inchief of Travel + Leisure, said this year’s awards show that travellers are being drawn by experiences. “Travel + Leisure’s annual World’s Best Awards provide a picture of what the world’s most discerning
travellers find most satisfying in travel right now. What’s clear to me this year is how much they are drawn to experiences that aren’t just enjoyable but provide something richer—cultural immersion, mental and physical well-being, a true sense of adventure,” Mr Lump said. “It’s not easy to satisfy this group, but the destinations, hotels and companies that are doing it know that today’s traveller cares about a lot more than creature comforts.” Dionisio D’Aguliar, minister of tourism and aviation, said the awards were a testament to the Bahamas’ commitment to providing rich experiences. “We are thrilled to receive these impressive honours; it is a wonderful tribute to these beautiful islands of the Bahamas,” he said. “These awards show the Bahamas’ commitment to the tourism industry, and we will continue to work to provide the highest quality of experiences for visitors. “It is our hope that more people can discover the beauty of the islands of the Bahamas so they can have some of the same, if not better, experiences that impressed Travel + Leisure’s readers.”
NOTICE The Honourary Consulate of Jamaica wishes to advise the public that it has come to their attention that a certain group or groups are misleading the public that they have the Honourary Consulate’s endorsement to host the annual Jamaican Independence, “August Monday Celebrations” in Nassau, New Providence and to solicit sponsorship for same. Please be advised that “The Jamaican Hummingbird Association” is the only group that is recognized by this office to plan and host this event. Proceeds from this event are used primarily to assist charities here and in Jamaica.
SWIMMING PIGS
DUNMORE COTTAGE, Harbour Island
GREEN TURTLE CAY, Abaco
Baha Mar ‘finalising’ full occupancy permit
are on track with our SLS opening. The official opening we are looking at late October or first week of November,” said Mr Davis. Mr Davis told Tribune Business that around 800 of the 1,800 rooms at the Grand Hyatt are currently being rented, with the 50 per cent occupancy figure based solely on that property. Dionisio D’Aguilar, minister of tourism and aviation, last month pegged Baha Mar’s target average occupancy for the year at 25 per cent. “On the group market and meeting planning community, we have exceptional feedback right now,” Mr Davis added. “We have been open over 60 days and we have over $75 million in definite and prospective revenue for group business. “We are right on target for our ramping up. We
From pg B1 Chow Tai Fook Enterprises (CTFE) wanted 30 days to get its newly-hired staff “up to speed”, and familiar with Baha Mar’s amenities, prior to the ‘soft opening’ in late April The TCO gives CTFE “full rights” to use all Baha Mar amenities included in the first phase ‘soft opening’, including the convention centre, casino and casino hotel, but it remains “on the hook” for any unsafe, non-Code compliant items that need to be addressed. “It will be a situation where Building Control will say: ‘We’ll let you use it, but you have 60 days, 90
days to take care of what’s left,” a contractor familiar with the process told Tribune Business. Once these issues are dealt with, the Ministry of Works releases any remaining authority over the project via a full Certificate of Occupancy (CO), with all permits and approvals granted to Baha Mar’s. Mr Davis’s CO comments came as he and other Baha Mar executives led Prime Minister Dr Hubert Minnis and Cabinet ministers on a tour of the resort yesterday afternoon. “Right now we are at over 50 per cent occupancy, which is excellent, and as I have said before it’s ramping quickly. We
are at over 2,000 associates now and growing rapidly. We will be over 4,000 by year’s end. We are at 2,100 in Bahamian associates and less than 100 expatriates. The expatriates are here to make sure we deliver on some of that branded service.” Once fully operational, Baha Mar anticipates directly employing more than 7,500 Bahamians, while contributing more than $65 million in direct taxation to the Bahamas annually and over $100 million in combined direct, indirect and induced tax revenues. The SLS’s fall opening is expected to be followed by a 200-room Rosewood property in Spring 2018, when the full opening is set to occur.
THE TRIBUNE
Wednesday, July 19, 2017, PAGE 3
TOURISM CHIEF: ‘MANY WAYS TO SKIN A CAT’ By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Minister of Tourism yesterday defended the decision to amalgamate four US tourist offices into two, telling this newspaper: “There are many ways to skin a cat.” Dionisio D’Aguilar was responding after his predecessor, Obie Wilchcombe, told Tribune Business yesterday that he should have given the Washington D. C. and Los Angeles tourism offices “a chance for another year or two” before deciding to combine them with the New York and Houston locations, respectively. He told Tribune Business yesterday: “The technical people, the profes-
DIONISIO D’AGUILAR sional people from whom I receive my advice, disagree with the former minister and therefore recommended the amalgamation of those offices. “Obviously you look at your cost and see what you are yielding from those markets, and where you can
‘Full audit’ urged for civil service By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A TRADE union leader yesterday called for a complete human resources audit of the civil service, arguing that many “qualified” workers were deployed in areas where their skill sets are not applicable. John Pinder, the Bahamas Public Service Union’s (BPSU) president, told Tribune Business this had led many in the public service to become demoralised and lax. “There needs to be a complete human resources audit of the service. There are many people capable and qualified, but who are working in areas where they are not required to utilise their skill set,” said Mr Pinder. He praised this week’s launch of a $33 mil-
lion project to reform the Government’s financial management and procurement systems, and called for “greater efficiency” within the public service to meet the demands of the Bahamian business community and general public. “From my understanding the project speaks to the Government exercising fiscal prudence, there being better regulations as it relates to spending, the issuance of contracts and greater transparency in the way we do business in the public service,” said Mr Pinder. “The mere fact that we are speaking of public sector transformation, we have to realise that human resources is the main component. There is a need for the retraining of many in the public service.” He added: “We need to bring an end to the exploitation of these persons who are given expectations of
become more efficient. Just because you don’t have an office there doesn’t mean that you don’t service that market. There are many ways to skin a cat.” Mr D’Aguilar added: “You can put an office there or send people in that market once every month to arrange meetings. It’s not like every single day you are meeting with people, five days a week. Many companies that sell items don’t position people in the market continuously. What they do is they develop relationships and go into the market a week at a time and meet people and try to yield results. “We don’t have an office in Boston but that is an important market to us. Philadelphia is another important market, so is Charlotte, but we don’t have being hired but are never regularised or made pensionable in the civil service. Once they receive a cheque from the Government they get the impression that he or she is a public officer when that is not so. You have persons hired as an election ploy who really can’t say that they were fired by the Government because they were never properly hired in the first place.” Mr Pinder added that ‘hundreds’ of workers within the civil service were ‘unregularised’, an issue the Christie administration had sought to address. Former labour minister, Shane Gibson, who had responsibility for the public service, told Parliament back in January that an estimated 2,500 persons stood to be regularised, with some workers having been kept in ‘temporary’ status for 23 years. “I don’t even know the number of unregularised workers there are in the public service. During election time the number increases. The issue is even more prevalent in the Family Islands than in New Providence,” Mr Pinder said.
offices there. In this day and age the market has changed. “In the good old days, people would buy their vacations from travel agents. The purpose of the BTOs (tourism offices) was to go to these travel agents and try to influence them to influence their customers to pick the Bahamas. That business model has changed. At least 50 per cent of people now buy their vacations online. You have to direct your resources to social media and online to influence people online to choose the Bahamas.” Mr D’Aguilar argued that given Budgetary con-
straints, it was impossible to have a presence in every single market. “Given our Budgetary constraints we can’t afford to have an office in every city. This is the electronic age and, if you want to see someone, you can make an appointment, jump on a plane and meet them and that’s a lot cheaper than establishing a presence, giving someone a home, a housing allowance and all of that,” he added. “Everyone in the Government is looking at things. Everyone is going to say we shouldn’t cut this or that. We have a huge national debt and everyone has to look at what makes sense. You have to
use a business head here. We didn’t remove people just from those offices; we removed people from throughout our system in the United States. “We brought 12 people home and closed those two offices. I have had a $14 million cut in my budget, a 20 per cent cut in my budget, which was required. If I have to spend a ton of money on overhead and salaries then that means that less and less money will be spent on marketing the Bahamas, which is the mandate of the Ministry of Tourism. That $1 million, instead of going into overhead, will now go into marketing.”
PAGE 4, Wednesday, July 19, 2017
BOB ‘abandons’ court fight with Central Bank From pg B1 significantly to the bank’s nine-figure losses, and the potential systemic risk it continues to pose for the banking system and wider economy. He promised that the new government’s turnaround plan, for which he revealed no details, would restore shareholder and depositor confidence by returning Bank of the Bahamas to “sustainable profitability”. “We are obviously intent on fully supporting the bank, and we’re going
through a structuring exercise at the moment to determine how that will look,” Mr Turnquest told Tribune Business. “That restructuring plan will be rolled out at the AGM (annual general meeting) or before. We are putting the final touches to that, and the final plan will be unveiled at or before the AGM.” Mr Turnquest, who has ministerial responsibility for Bank of the Bahamas as minister of finance, declined to provide specifics on the
NOTICE
KRANOS LTD. NOTICE IS HEREBY GIVEN as follows: (a) KRANOS LTD. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 14th day of July, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas
THE TRIBUNE Government’s restructuring proposals other than to describe it as “a comprehensive plan”. He did, though, confirm that the BISX-listed institution, which is 82.58 per cent majority owned by the Government, had ceased its resistance to the Central Bank’s regulatory demands. “That has been abandoned,” Mr Turnquest said of the Supreme Court action. “We have been able to satisfy ourselves there’s no need carry forward with that action.” Tribune Business revealed earlier this year how Bank of the Bahamas had sought judicial protection from the Central Bank’s impositions prior to the May 10 general election. It had asked for a courtimposed ‘stay’ of the regulator’s demands for an “immediate” $50 million increase in loan loss provisions, and the initiation of legal action against “politically exposed” bad borrowers. The Central Bank had also wanted Bank of the Bahamas 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 in cash and constitute common equity Tier 1 capital” - a requirement the bank has since complied with. Despite the ongoing concerns over its solvency and compliance with the Central Bank’s capital requirements, Mr Turnquest yesterday said Bank of the Bahamas now met its regulator’s stipulations. “We’ve already dealt with our capital ratio requirements,” he told Tribune Business. “The bank is fully compliant at this point. That particular issue is not a concern. We’re within the requirements of the Central Bank in terms of capital.” The Deputy Prime Minister’s assertion may surprise some of Bank of the Bahamas’ preference shareholders, who were last week informed that a second consecutive bi-annual dividend payment due to them will not be forthcoming. The BISX-institution informed Class A, B, D and E preference shareholders that it was “not allowed” to
NOTICE RESOURCEFUL ENTERPRISES LIMITED ________________
Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 12th day of May, 2017.
Dated the 14th day of July A.D., 2017. H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company
Delano Aranha Liquidator of RESOURCEFUL ENTERPRISES LIMITED
pay a dividend, which many interpreted as a sign that it had yet to meet the Central Bank’s capital ratio and solvency standards. Mr Turnquest’s comments, though, bring this belief into question, although Bank of the Bahamas’ ‘accumulated deficit’ and consistent losses may be other factors acting as a dividend ‘bar’. The Deputy Prime Minister, meanwhile, promised that the Minnis administration would follow through with efforts begun under its predecessor to have independent directors appointed to Bank of the Bahamas’ Board. “There was a nomination that was made, and we will carry through with that,” he said. “Two names were suggested, and we’re speaking to them. We’ve selected one.” That individual, who Mr Turnquest declined to identify, will be nominated to the Board - and ratified - at the August 2 AGM. They will represent the interests of the 17.42 per cent minority investors, making a break from Bank of the Bahamas’ Board that have been 100 per cent selected by the Government. Mr Turnquest said the Government would not interfere with Board decision-making, adding that management changes would be left to the directors’ determination. “We have appointed a very competent Board of professional persons who have experience in the industry, and relevant experience in other areas, which brings depth and expertise to the Board,” he told Tribune Business. “They will make decisions as to the composition of management. We do not intend to interfere with the bank at the political level. That’s what got us into the situation we’re in. We’ll leave it to the professionals of the Board to make the appropriate decisions, and we’ll trust their judgment.”
NOTICE
RHEA LTD. NOTICE IS HEREBY GIVEN as follows:
IT’S BEGINNING TO LOOK A LOT LIKE
Jollification November 17th, 18th - 19th, 2017 The Bahamas National Trust is accepting applications from vendors wishing to exhibit at the Christmas Jollification Arts and Crafts Festival. Crafts must be original and made in The Bahamas. Forms may be collected from the BNT office on Bay Street Business Centre. Deadline for application is August 18, 2017.
FOR MORE INFORMATION Call: 393-1317 OR e-mail: bnt@bnt.bs
(a) RHEA LTD. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 14th day of July, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas Dated the 14th day of July A.D., 2017. H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company
Mr Turnquest was responding after Darron Cash, the former chairman, suggested that changes at management level - as well as a new Board - were required to properly turn Bank of the Bahamas around. Shareholders are also likely to query yesterday’s announcement that Bank of the Bahamas plans to establish a physical presence on Bimini to replace Royal Bank of Canada (RBC), given that $130 million-plus losses over the past four years suggest consolidation - rather than expansion - is required. The bank’s latest financials showed that its total comprehensive loss for the nine months to end-March 2017 jumped by 69 per cent year-over-year, growing from $6.707 million to $10.793 million. A staggering 46.07 per cent, or $234.886 million out of a total $510 million loan portfolio, was nonperforming at end-June 2016. Pledging to restore confidence in the bank, Mr Turnquest said: “It’s certainly up in the top considerations for the Government. “We recognise that many Bahamians have their investments in Bank of the Bahamas, and that the bank has had some challenges over the years for no other reason than weak policies, and we’re seeking to remedy that.” He emphasised: “It’s a priority area, and we recognise the effect it has on the economy and financial services industry, which is why we want to protect it and shore it up so depositors and investors are protected. “We’re very confident we’ll be able to sort it out. Investors, depositors and the Bahamian people as a whole will be confident and appreciate the restructuring effort that is planned. We believe we will bring confidence to the future stability and profitability of the bank. “We are confident the plan we’re going to put forward will result in the bank’s return to profitability, and paramount is the intention to protect
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THE TRIBUNE
Wednesday, July 19, 2017, PAGE 5
Bahamas needs ‘much’ more FDI than $522m From pg B1 million in capital from overseas in 2016. “Although flows into the 10 Caribbean economies in the group slipped to $2 billion (down 13 per cent), they still absorbed almost 60 per cent of total inflows to the 29 SIDS members. The largest recipient economy in this region was Jamaica, followed by the Bahamas and Barbados,” the World Investment Report said. “In the Bahamas, FDI flows bounced back by 28 per cent to $522 million, as FDI in construction picked up. Yet the volume remained less than onethird of its previous peaks ($1.6 billion in 2014 and $1.5 billion in 2011).” The report shows how the Bahamas ‘put its eggs
in one basket’ with respect to Baha Mar, with the $4.2 billion Cable Beach-based resort project effectively ‘the only game in town’ when it came to FDI, and generating employment and economic activity, for the past five years. The FDI flows measured by the World Investment Report bear this out, as the peaks coincide with Baha Mar’s 2011 construction start and the 2014 ‘race to the finish’ that ultimately failed. The project’s 2015 Chapter 11 bankruptcy protection filing, and subsequent protracted legal battle, coincide with a sharp decline in capital invested in the Bahamas. Between 2011 and 2014, FDI inflows to the Bahamas never dropped below $1 billion. Starting at
Baha Mar contractor now claiming supplier ‘misappropriated’ funds From pg B1 Deloitte & Touche (Bahamas) managing partner, and two Hong Kong-based colleagues, were alleging that Source Outdoor had “refused to honour” $450,000 in deposits already paid. Responding to claims by Gerald Shavartsman, Source Outdoor’s chief executive, the CCA (Bahamas) manager said she wanted “to clarify” the contractor’s “undertaking” in relation to the debt owed by Baha Mar. “In my initial correspondence, I indicated that CCA wished to complete outstanding orders that were in limbo due to the bankruptcy of Baha Mar,” Ms Dwornik alleged. “In that e-mail and in a number of subsequent communications, I requested information about the status of those prior orders and of the deposits associated with those orders.
“CCA never received the necessary, complete information requested. We were unable to determine what remained to be paid as to which prior orders from our predecessor,” the CCA (Bahamas) executive continued. “We were further advised by the receiver of the Baha Mar project that Source Outdoor was refusing to honour $450,000 in deposits previously paid. “This information was essential. CCA needed to know what had been ordered by its predecessor company, what deposits had been paid and what remained to be paid to those previous orders. “We were prepared to issue purchase orders for the amounts remaining due, and purchase orders for any items as to which no deposit had been paid. We could do neither without the requested information.” Ms Dwornik added: “Under those
$1.533 billion in 2011, they remained relatively constant at $1.073 billion and $1.133 billion in 2012 and 2013, respectively, before hitting $1.599 billion in 2014. However, FDI inflows dropped by almost 75 per cent year-over-year in 2015 to hit $408 million, before recovering somewhat to $522 million due to Baha Mar’s construction resumption and payments to creditors in late 2016. “While FDI in some leading FDI host economies (the Bahamas, Maldives and Mauritius) bounced back, the majority saw their fragile FDI diminish,” the World Investment Report said of SIDS generally. “ “The top five FDI recipients in 2016 – Jamaica, the Bahamas, Maldives, Mauritius and Fiji, in that order – accounted for 70 per cent of total FDI received by all SIDS.”
While the Bahamas’ rebound may look encouraging, the report said Caribbean rivals such as Jamaica and Trinidad & Tobago were using FDI more effectively to help diversify their economies. And it added: “Prospects for attracting more FDI for sustainable development remain dim. A sharp fall in the value of announced greenfield projects from 2015 to 2016 underscores the continuing challenge for SIDS of securing FDI.” Mr Myers, responding to the report’s findings, suggested that the Bahamas needed at least $1 billionplus annually in FDI if it was to have any chance of generating 5.5 per cent annual GDP growth. The International Monetary Fund (IMF) identified that percentage as the threshold for slashing the existing 11.6 per cent unemployment rate in half, and the economy being able
to absorb all high school graduates into its workforce with ease. “It’s not enough,” Mr Myers told Tribune Business of the Bahamas’ increased 2016 FDI inflow. “We’ve got to get our GDP up to 5.5 per cent.” He explained that the Bahamian economy’s current model, with its focus on services exports via tourism and financial services, and narrow domestic investor base, meant it remained heavily reliant on FDI to generate much of its growth. Mr Myers also highlighted structural impediments to domestic growth, including exchange controls and a relatively high interest rate environment, coupled with a thin manufacturing and export base. “FDI is a big one for us because manufacturing is absolutely zero to none. It’s very low,” he told Tribune Business. “All you have is fish and exports like
Polymers, aragonite, sand and salt. “There’s also some petroleum products that really skew our GDP. It’s money, money out and it doesn’t positively impact our economy that much.” Emphasising that the Bahamas will continue to be heavily reliant on foreign capital for the foreseeable future, Mr Myers added: “FDI is a big driver of our economy and always has been. “We’ve got to grow the economy, and FDI is a very large part of that. It’s a driver of our overall GDP, which needs to be at 5.5 per cent. GDP growth is the gorilla in the room, and FDI is one part of that GDP gorilla. “We haven’t done any specific modelling to understand that number, but I think that over a sustained period of time, if FDI could be $1.2 billion to $1.5 billion a year that’s a start.”
circumstances, CCA could not process any additional orders at that time. CCA did not renege on its offer to make Source whole. It simply never received the complete information required for it to do so.” Her affidavit is intended to rebut allegations by Mr Shavartsman that CCA performed a ‘u-turn’ on promises to make Source Outdoor “100 per cent financially whole”, and compensate it for debts incurred by Baha Mar during Sarkis Izmirlian’s ownership. CCA’s bid to obtain an injunction, which would force Source Outdoor to deliver the 1,420 chairs to its Miami-based shipper, is due to be heard by the south Florida federal court today. The contractor has warned that failing to get its hands on the lounge chairs will jeopardise the October 15, 2017, deadline by which it must ‘substantially complete’ Baha Mar. While the chairs’ potential absence is unlikely to endanger the opening of the 300-room SLS Lux property, and related plans of prospective owner,
Chow Tai Fook Enterprises (CTFE), it could make CCA non-compliant with the terms of its construction contract. CCA (Bahamas) court filings concede that the contractor has assumed responsibility for procuring Baha Mar’s fixtures, furnishings and other equipment, as well as completing the project’s construction at an additional cost of $600$700 million. Ms Dwornik’s affidavit, meanwhile, said Source Outdoor had only recently taken the position “it need not honour” CCA’s $390,500 purchase order. She added that there had been “no indication” from the Florida-based supplier that the chairs were not being manufactured, or would not be delivered
by May 26, 2017, until their dispute arose. “CCA was dumbfounded to be advised by Mr Shavartsman that its $390,500 had been applied by Source, without CCA’s knowledge or consent, to expenses attributable to entities other than CCA [the Baha Mar debts],” Ms Dwornik’s affidavit alleged. “That money had been paid by CCA in good faith in January 2017. An no time prior to Mr Shavartsman’s April 17, 2017, letter was CCA ever advised of the misappropriation of its funds in this manner.” Source Outdoor had queried why CCA (Bahamas) was getting so hung up on its lounge chairs, pointing out that it knew of twothree other suppliers who made a similar product.
Yet CCA was making its products out to be the equivalent of “a Monet or a Picasso”, or “a basketball that is signed by Michael Jordan”. And Source Outdoor openly questioned in its legal filings whether CCA was using the ‘lounge chairs’ dispute as a smokescreen, or cover, for other unknown reasons that might cause it to miss Baha Mar’s October 15 ‘substantial completion’ deadline. Ms Dwornik, though, claimed that the chairs were “made to order for the Baha Mar project” and “are not off-the-shelf items”. She added that they were designed to match the 1,400 chairs already delivered, and repeated CCA’s claims that Source Outdoor was selling the ones it was holding via the Internet.
ALIV Employment Opportunity ALIV Network Innovator The ALIV Network Innovator is responsible for the overall design, implementation, optimization and project management of turnkey in-building wireless systems. In addition, the successful candidate will be responsible for macro network design, implementation, traffic management, performance analysis and optimization initiatives as required. Other Core Responsibilities • • • • • • • • • • • •
Perform in-building system site surveys; Create and drive project implementation schedule with internal staff and external contractors (if required); Manage internal staff in charge of data collection, preliminary design and implementation; Manage project cost, schedule and scope; Document and report project deliverables; Implement and optimize in-building cellular systems on site if required; Document and handover package of in-building cellular systems as built; Communicate and update deliverables with Chief Technology Officer as well as update the end customer on progress at minimal weekly intervals; Perform macro network optimization based on collected drive data and/or network performance metrics; Perform traffic and capacity analysis on various types of cellular networks Provide training and mentoring to staff; Maintain and standardize test equipment including drive test equipment, antenna analyzers, spectrum analyzer, software tools.
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Minimum five years experience in cellular network planning, optimization, performance, or engineering roles Must have experience in 3G and 4G RF networks Must have a valid driver’s license and clean criminal record Must be willing to travel within North America, Central America, and the Caribbean Must be fluent with Microsoft Office and Microsoft Operating Systems Strong leadership, interpersonal, oral, and written communication, and project/time management skills.
Qualified applicants should submit resumes on or before, July 21, 2017 electronically to the following email address: Careers@bealiv.com with Subject: ALIV Network Innovator.
PAGE 6, Wednesday, July 19, 2017
THE TRIBUNE
‘Holding our breath’ on public sector reforms From pg B1 national statistics, better public financial management and a more open public procurement process, aligned with ORG’s goals. “We’re glad it’s moving forward,” Mr Aubry told Tribune Business. “We’d heard there was movement on this last year, but we’d
not seen evidence it was happening. “The heart of this project is to improve the efficiency and effectiveness of public procurement and financial management; getting different parts of government to work effectively together. “We obviously applaud the effort, as one of the components of good
governance is efficiency and effectiveness, and one of the components of this will become a pilot for more accountability and transparency, bridging key parts of government to work more in tandem.” Representatives from the Inter-American Development Bank (IDB), which is financing the project, said the Government could enjoy $13.1 million in annual savings from establishing a more efficient, open and transparent public procurement process.
Mr Aubry agreed that improvements in this area would boost the ‘ease of doing business’ for the private sector, and added: “Having a much more fair and clear process for bidding for government contracts, you’ll have an opportunity to understand where and who got what, what the parameters of different contracts will be, and the outturns.” He was supported by Rick Lowe, a director with the Nassau Institute ‘think tank’, who described the
accrual-based system will correct. Mr Aubry, meanwhile, backed the project’s intent to improve the timeliness, breadth and accuracy of national statistics presentations, warning that without such data “the public and private sectors will be left in the dark”. “For it to be truly effective, we have got to change the systems and also the culture,” he told Tribune Business. “It’s all going to be in the very specifics; that we don’t lose track of what it’s for, and the end goal. “We were excited it’s launched, and we’re holding our breath to see what comes from it and will try to get involved as actively as possible.” Mr Aubry urged the Government to work on key legislation “concurrently, not sequentially” with the project, arguing that anticorruption laws, a Fiscal Responsibility Act, whistleblower protection, an ombudsman and a Public Service Act would all help to support and underwrite its work. He also called for mechanisms and processes to be established that would allow civil society organisations and other groups to participate in, and give feedback on, the $33 million project.
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Legal Notice International Business Companies Act. Company Number 114158B MONNI LTD. In Voluntary Liquidation Notice is hereby given that in accordance with Section 137(4) of the International Business Companies Act (No 45 of 2000) MONNI LTD. is in Dissolution. The date of commencement of the dissolution is 7th July 2017. R.Clive Moore (Liquidator) Octogone Fund Management Limited P.O.Box SP-63157 No 3 Offices at Old Fort Bay Western Road Nassau, Bahamas
The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story. NOTICE TECCAL INVESTMENT LTD. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, TECCAL INVESTMENT LTD. is in dissolution as of July 13, 2017 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.
MARKET REPORT TUESDAY, 18 JULY 2017
IDB-funded project as “a step in the right direction”. He expressed disappointment, though, that the more critical reforms would take place later in the five-year reform programme. “This is something they’ve committed to publicly, which is a step in the right direction,” Mr Lowe said of the Government. “If there’s any sense of disappointment, it’s going to take four years to roll out all of the procurement reforms and new accrualbased accounting system. They are the third and fourth years. That’s the toughest part for sure. “The Deputy Prime Minister said we’ve fallen behind Jamaica, we’ve fallen behind the Dominican Republic. He says he’s a competitive fella and doesn’t like to lose.” The Government currently operates a cashbased accounting system, which only recognises revenues when they come in and expenditures when they become due for payment. It fails to capture spending commitments that the Government may have entered into, but which have yet to fall due, meaning that the current public sector accounting system does not reveal the full extent of its liabilities. This is what an
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BISX ALL SHARE INDEX: CLOSE 1,867.85 | CHG 3.45 | %CHG 0.19 | YTD -70.36 | YTD% -3.63 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.60 2.41 0.13 6.50 8.60 6.00 10.60 14.49 2.52 1.60 6.00 10.00 11.00 10.00 6.90 12.51 11.00
52WK LOW 3.65 17.43 8.19 3.50 1.47 0.12 3.80 8.35 5.83 10.05 10.00 2.18 1.45 5.80 8.75 8.56 7.90 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
1.00 100.00 100.00 100.00 105.00 100.00 100.00 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 2.07 3.95 1.96 170.77 146.34 1.49 1.67 1.58 1.10 6.99 8.54 6.15 10.52 11.46 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.43 1.64 1.54 1.04 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 4.27 15.85 9.09 3.60 1.47 0.12 4.00 8.60 6.00 10.48 10.01 2.59 1.56 6.00 9.75 8.10 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 100.00 100.00 100.00 108.24 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.27 17.43 9.09 3.60 1.47 0.12 4.00 8.60 6.00 10.48 10.01 2.58 1.56 6.00 9.75 8.10 9.75 6.90 12.50 10.00
CHANGE 0.00 1.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 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
108.56 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.32 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 2,395
100
VOLUME
NAV 2.07 3.95 1.96 170.77 146.34 1.49 1.64 1.58 1.07 6.92 8.03 6.15 10.52 11.46 10.01
EPS$ 0.444 0.932 -0.510 0.383 -0.340 0.000 -0.760 0.587 0.190 0.540 0.570 0.102 0.455 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 0.000 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
P/E 9.6 18.7 N/M 9.4 N/M N/M -5.3 14.7 31.6 19.4 17.6 25.3 3.4 8.0 12.8 24.5 11.7 11.5 17.9 0.0
YIELD 1.87% 5.74% 0.00% 5.83% 0.00% 0.00% 0.00% 3.49% 3.67% 3.44% 5.69% 2.33% 3.85% 4.83% 4.62% 0.00% 3.49% 2.03% 4.96% 0.00%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST 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% 1.92% 4.53% 0.82% 2.80% 0.95% 2.49% 3.95% 3.95% 6.77% 6.77% 1.45% 4.17% -1.59% 0.17% 0.49% 2.72% 1.29% 2.00% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%
NAV Date 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Apr-2017 30-Apr-2017 30-Apr-2017 30-Apr-2017 31-May-2017 30-May-2017 30-May-2017 30-May-2017 30-May-2017 30-May-2017
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
LIQUIDATOR ______________________ NOTICE BCANO BUSINESS LTD. In Voluntary Liquidation
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, BCANO BUSINESS LTD. is in dissolution as of July 13, 2017 GESTAM ADMINISTRATION LTD of Saffrey Square, Bay Street & Bank Lane, Nassau Bahamas
LIQUIDATOR ______________________ KEFKOS MANAGEMENT INC. Company No. 1586321 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1) (b) of the BVI Business Companies Act, 2004 that KEFKOS MANAGEMENT INC. is in voluntary liquidation. The voluntary liquidation commenced on 10th July, 2017 and Querube C. De Nuñez of MMG Tower, Ave. Paseo del Mar, Costa del Este, Panama City, Panama, has been appointed as the Sole Liquidator.
Dated this 13th day of July, 2017 Sgd. Querube C. De Nuñez Voluntary Liquidator
THE TRIBUNE
‘Let Obamacare fail,’ Trump declares as GOP plan collapses By ERICA WERNER AND ALAN FRAM Associated Press WASHINGTON (AP) President Donald Trump declared Tuesday it’s time to “let Obamacare fail” after the latest GOP health care plan crashed and burned in the Senate, a stunning failure for the president, Republican leader Mitch McConnell and a party that has vowed for years to abolish the law. In a head-spinning series of developments, rank-andfile Republican senators turned on McConnell and Trump for the third time in a row, denying the votes to move forward with a plan for a straight-up repeal of “Obamacare.” This time, it was three GOP women - Susan Collins of Maine, Lisa Murkowski of Alaska, and Shelley Moore Capito of West Virginia - who delivered the death blow. All had been shut out of McConnell’s initial allmale working group on health care. McConnell, who could afford to lose only two votes in the narrowly divided Senate, had turned to the repeal-only bill after his earlier repeal-and-replace measure was rejected on Monday. That had followed the failure of an earlier version of the bill last month. The successive defeats made clear that despite seven years of promises to repeal former President Barack Obama’s Affordable Care Act, Republicans apparently cannot deliver. Nonetheless, McConnell insisted he would move forward with a vote on his measure to repeal the law, effective in two years, with a promise to work - along with Democrats - to replace it in the meantime. The vote could come as soon as Wednesday. It
appears doomed to fail, but GOP leaders want to put lawmakers on record on the issue and move on. At the White House, Trump appeared to recognize defeat, at least for the moment, while insisting he bore none of the blame. “I think we’re probably in that position where we’ll just let Obamacare fail,” the president said. “We’re not going to own it. I’m not going to own it. I can tell you that the Republicans are not going to own it. We’ll let Obamacare fail and then the Democrats are going to come to us and they’re going to say, ‘How do we fix it?’” Despite the current law’s problems, most health care experts do not believe it is at immediate risk of outright failure, and Democratic cooperation to adjust the law is far from assured. Nor does it appear likely that Republicans can escape owning the
problems with the law and the health care system overall, now that they control the House, Senate and White House, partly on the strength of campaigning against the law. “They seem to have this notion that they can be a majority party, and have control of the White House, and not be responsible for bringing down the health care system,” said Democratic Sen. Dick Durbin of Illinois. “It doesn’t work that way.” Asked how he would justify the GOP’s failure on health care to voters, McConnell responded: “Well, we have a new Supreme Court justice” - suggesting inaction on health care would be forgiven because of that success along with some regulatory roll-backs. As the day began Tuesday, McConnell was hunting for votes to open debate on a revived version of legislation Congress sent
to Obama’s desk in 2015 that would have repealed major portions of Obamacare, with a two-year delay built in. He had turned to that approach after getting stunned Monday night by defections by Sens. Mike Lee of Utah and Jerry Moran of Kansas on a repeal-and-replace bill. Many Republicans support the repeal-only approach, and they questioned how senators who voted for the legislation two years ago could oppose it now.
Wednesday, July 19, 2017, PAGE 7 Legal Notice NOTICE ASLAND HOLDINGS LTD. NOTICE IS HEREBY GIVEN as follows: (a) ASLAND HOLDINGS LTD., is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 17th July, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas. Shareece E. Scott Liquidator
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, RENARDO FRANKLYN PINDER of Elizabeth Estates, Nassau, The Bahamas intend to change my name to RENARDO FRANKLYN MUSGROVE. 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 the publication of this notice.
NOTICE
NOTICE is hereby given that ROSE-MARY AMBROISEJOHNSON of Farrington Road, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 12th day of July, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
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