business@tribunemedia.net
THURSDAY, AUGUST 5, 2021
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Voters urged: Challenge parties on business ease
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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PROMINENT realtor yesterday urged Bahamian voters to challenge general election candidates on how they plan to drag The Bahamas’ ease of doing business “from a third world mentality to a first world mentality”. Mario Carey, the Better Homes and Gardens Real Estate MCR Group Bahamas principal, told Tribune Business that the electorate needs to quiz prospective MPs from all the political parties on how they plan to address the transparency, accountability and red tape
• Top realtor: Ask how we get to ‘first world mentality’ • Nation can’t ‘put head in sand like ostrich’ any more • Govt focus on US report positives, not deficiencies
MARIO CAREY woes identified in the US government’s Investment Climate Statement report on The Bahamas. While acknowledging that it was possible to point
fingers back at the US, he argued that it was deeply frustrating for the same deficiencies and weaknesses in The Bahamas’ business and investment approvals processes to be flagged up year after year. Suggesting that The Bahamas faces the choice of “putting its head in the sand like an ostrich” or finally addressing longstanding impediments to private sector growth and job creation, Mr Carey said the technology exists for a “really quick” turnaround
on approvals speed and the ease of doing business if the political will and leadership is present. “From an investment point of view those are common remarks in any conversation,” he told this newspaper of the concerns detailed in the US Investment Climate statement. “I don’t think those conversations have gone away..... “Why are we stuck with these same problems? Why are we having these same
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Doctors in COVID testing expansion
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
DOCTORS Hospital is aiming to expand its COVID-19 testing sites to southern New Providence after its newly-opened British Colonial Hilton location hit a “3,000 run rate within the first week”. Dennis Deveaux, the BISX-listed healthcare provider’s chief financial officer, told Tribune Business that it is also seeking to take its PCR and rapid antigen services to other Bahamian islands as the total number of tests it has performed todate rapidly approaches the 500,000 mark. With demand likely to increase as a result of the government’s revised testing protocols set to take effect tomorrow, he added that Doctors Hospital has
Hospital ‘must beat misperception’ that it’s not affordable By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
DOCTORS Hospital “must beat misperceptions” that its healthcare services are too expensive to be accessed by middle and lower income Bahamians, its chief financial officer says. Dennis Deveaux told Tribune Business that the BISX-listed healthcare provider has already moved to tackle such beliefs through slashing patient deposit requirements by 50 percent and introducing its Loyalty Advantage (LAMP) primary care initiative that gives patients
• Hilton hits ‘3,000 run rate’ within first week • BISX-listed firm nears 500,000 tests done • Free COVID testing? Someone must pay
DOCTORS HOSPITAL already expanded this service to Grand Bahama and is now aiming to do the same with Exuma. Some 150 persons are employed by Doctors Hospital on COVID-19 access to a doctor via membership plans ranging from 75 cents to $1.50 per day ($30-$40 per month). “There’s a misperception around affordability at Doctors Hospital,” Mr Deveaux conceded, asserting that it would never seek the $250,000-$500,000 patient deposits requested by major Florida hospitals for catastrophic cases. “It’s non-existent that we’d seek that requirement and impose it on Bahamians. It doesn’t exist,” he added. “We lowered deposit requirements during the crisis by 50 percent. That lowers the barrier to access at the point of needing care. “That means taking on more accounts receivables risk, and we have to be careful how we manage that and
SEE PAGE 5
Bank ‘hopelessly deficient’ on $600k loan guarantee By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
BANK of The Bahamas’ “hopelessly deficient case” has left it unable to enforce a guarantee for a near-$600,000 delinquent mortgage owed on a property in south-west New Providence’s Coral Vista subdivision. The Court of Appeal, in a unanimous ruling, overturned an earlier Supreme Court Order by Justice Gregory Hilton that mandated Simeon Peter Cooper help repay $593,291 plus interest to the BISX-listed bank in his role as guarantor for the mortgage owed by Betty Joe
Antasha Cooper (nee Smith). Dismissing the case against Mr Cooper, appeal justice Stella Crane-Scott found that Bank of The Bahamas had provided no evidence to show that he was liable for the debt in his role as guarantor. Backing the arguments of Mr Cooper’s attorney, Bahamas Bar Association chairman Khalil Parker, she wrote: “We have given anxious consideration to the contending arguments and agree with Mr Parker that the bank’s pleaded case vis-à-vis Mr Cooper (as guarantor)
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testing, and Mr Deveaux said the healthcare provider is focused on “price leadership” where Bahamians and residents “cannot find a better priced test in Nassau”.
Tribune Business previously revealed that the COVID-19 testing roll-out had given the BISX-listed firm a significant multimillion dollar boost for the financial year that closed at end-January 2021, but the Doctors Hospital financial chief said the issue of whether testing should be free - as demanded by the Progressive Liberal Party (PLP) - was “a public policy question” to be put to the Government rather than the company. Besides its two main COVID testing centres at
SEE PAGE 4
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BTC’s half-year better via 16% revenue rise By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas Telecommunications Company (BTC) enjoyed a 16.3 percent year-over-year increase in 2021 second quarter revenues, it was revealed yesterday, despite losing close to 3,000 prepaid mobile subscribers. Liberty Latin America (LiLAC), its ultimate parent, revealed that BTC’s top-line for the three months to endJune rose by almost $7m compared to prior year numbers, jumping from $41m to $47.7m. This, in turn, helped propel the Bahamian carrier to a modest 2.6 percent increase in 2021 half-year revenues, more than offsetting the first quarter decline to produce a $92.7m top-line compared to the prior year’s $90.3m. BTC’s 2021 second quarter numbers were up against weak comparatives from the prior year, as that was the period which endured the bulk of COVID-19 lockdowns and associated restrictions. While it does not represent a trend, and LiLAC does not reveal BTC’s bottom line profits, the carrier can at least take some encouragement that it has halted - at least for the moment - a declining topline trend. BTC also increased its postpaid mobile subscriber numbers by 400 during the 2021 second quarter, increasing the total to 33,100. This is the more lucrative, stable segment of the market representing higher margin customers on long-term contracts. However, success in this area may again be overshadowed by the loss of some 2,800 prepaid customers during the same period. Prepaid subscribers fell to 144,600 as a result, and net total mobile subscribers dropped by 2,400 to 177,700
amid cut-throat competition with its rival, Aliv, for market share. Elsewhere, BTC’s other business segments added a combined 2,900 customers or revenue generating units (RGUs) during the 2021 second quarter. Most of these, some 1,300, were Internet subscribers while a further 700 were added on the TV/video side and 900 on fixed-line telephone communications. With 120,900 homes passed by BTC’s fibre-to-thehome network, BTC ended the 2021 second quarter with 72,400 non-mobile RGUs. These included 29,100 Internet subscribers, 8.700 TV customers and 34,600 fixedline phone users. Andre Foster, BTC’s chief executive, earlier this year admitted to Tribune Business that the carrier faces “a real day-by-day fight” to reclaim mobile market share lost to Aliv. However, he said the carrier is “pretty confident” that the erosion of its mobile subscriber base has “bottomed out”, adding that BTC believes new products that it plans to launch in the 2021 second half will “help us reclaim some of our mobile subscriber base”. Aliv, though, previously said its total mobile customer base had increased to 186,000 at year-end 2020 which, if accurate, means it has seized majority market share from BTC. BTC’s revenues suffered a 12.6 percent year-over-year decline in 2020, dropping by $26.2m from $207.3m in the prior year to $181.1m for the 12 months to end-December, a fall that will largely have been driven by COVID-19 and its devastating impact on consumers. The carrier’s revenue also fell by $48.1m over a twoyear period when the 2020 figures are measured against 2018. That equates to a 21 percent decline.
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TREAT INTERNAL AUDIT AS TRUSTED ADVISORS By ANISHKA COLLIE Chief Executive ATC Financial Advisors & Consultants
INTERNAL auditors should be considered trusted advisors who work along with the board and management to help your company achieve its goals and business objectives. The Internal Audit Department (IAD) must conduct engagements in a professional, impartial and unbiased manner. It has to perform all engagements with due professional care, and in accordance with best practices as recommended by the Institute of Internal Auditors (IIA). The Internal Auditor should perform
the following: • Consult with the Audit Committee and establish clear policies and guidelines for all internal audits and reviews. This includes ensuring rights to due process and the preservation of confidentiality in relation to the information gathered. The internal auditor may also be involved in training facilitation, make recommendations for process design and advisory services. This is established via the Internal Audit Charter. • Co-ordinate with and provide recommendations for oversight of other control and monitoring committees and functions. These, for example, would
include enterprise risk management, treasury, governance, finance, disclosure, ethics, quality assurance, regulatory compliance, security, legal, environmental and external audit functions. • Be available to receive, directly from individual staff members, complaints or information concerning the possible existence of fraud, waste, abuse of authority, non-compliance with company rules and regulations. This could involve administrative, personnel and other matters, or other irregular activities relevant to the internal auditor. • The right of all staff to communicate confidentially
Aliv celebrates NBA drafting for Bahamian ALIV celebrated Kai Jones becoming the eighth Bahamian drafted to the National Basketball Association (NBA) with a special bonus data offer in its MyAliv app, a live stream and Bahamian NBA themed trivia. “Draft day was a proud moment to see Bahamian flags waving in Barclay’s Center as we awaited Kai Jones’ name to be heard. In the midst of the festivities I was able to post all over social media (Facebook, Twitter and Instagram) while talking to friends and family on WhatsApp without any issues,” said Timothy Bain, host of WhoDat. Bahamian influencers Bain and Kyle Ferguson hit New York to document draft day for Jones. Liberty Prime, an Aliv postpaid plan that gives subscribers the ability to roam abroad,
FROM left: Kyle Ferguson, Kai Jones and Timothy Bain. powered a live stream and behind the scenes footage from the Barclays Arena with the Bahamian draftee. An official recap video will be released on Aliv’s Facebook, Instagram, Twitter and YouTube pages. “Aliv is always excited to support Bahamian exceptionalism, and
Kai along with our digital partners, Timothy and Kyle, exemplify this. So we went the extra mile to provide the mobile and promotional support to truly celebrate this great moment in Bahamian history,” said Aliv’s senior digital manager, Queswell Ferguson.
with, and provide information to, the internal auditor without fear of reprisal shall be guaranteed by the company’s chief executive. • Internal auditors must co-operate with, and be responsive, to the needs of executive management yet remain independent and objective when assessing management’s performance of its responsibilities. • Internal auditors must review various business units at appropriate intervals to determine whether the units are functioning in accordance with board and management instructions, policies and procedures, and the high standards of administrative practice. This includes
assessing whether risks are appropriately identified and managed. Reporting The internal auditor shall attend meetings of the Audit Committee and furnish full reports, analyses, recommendations, advice, and/or summary information on a regular basis concerning the activities reviewed. Specific findings and recommendations of a significant nature are also to be reported in a timely fashion, as well as comments on the status of previous recommendations as required. NB: Ms Collie has more than 19 years’ experience in external auditing, internal audit, corporate
THE TRIBUNE
ANISHKA COLLIE governance, enterprise risk management and internal controls. She focuses on clients in the financial services industry, and has presented at numerous auditing and accounting seminars. Ms Collie is a licensed member of the Bahamas Institute of Chartered Accountants (BICA) and the current president of the Institute of Internal Auditors (IIA) Bahamas chapter.
BAHAMAHOST GRADUATES 760 IN VIRTUAL CEREMONY
BAHAMAHOST’S 2021 graduation ceremony was held on July 29, and aired via Zoom and Facebook to make it a virtual event. Dionisio D’Aguilar, minister of tourism, gave remarks from the ballroom of the Courtyard Marriott on the theme The people’s Bahamahost: Heart, community, empowerment. The ceremony marked the graduation of 760 tourism professionals from New
Providence, Grand Bahama, Eleuthera, Andros, Exuma and Long Island. Captain Shonedel Pinder, deputy commander of the Royal Bahamas Defence Force, also brought remarks. Pictured are Mr D’Aguilar delivering remarks and, standing in groups, the minister with graduates. Also from left are Sherry Collie, senior manager/ industry training, Ministry
of Tourism and Aviation; Kirkland Pratt, director/ industry training, Ministry of Tourism and Aviation; Dionisio D’Aguilar, minister of tourism and aviation; Ian Ferguson, executive director/administrative operations, Ministry of Tourism and Aviation; and Captain Shonedel Pinder, deputy commander, Royal Bahamas Defence Force. Photos: Kemuel Stubbs/ BIS
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Thursday, August 5, 2021, PAGE 3
Commission summons police over firm’s ‘fake certification’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Securities Commission has brought in the Royal Bahamas Police Force (RBPF) to help investigate an entity falsely claiming to be licensed and registered with the financial services regulator. Gawaine Ward, the Commission’s senior manager for enforcement, told Tribune Business the case involving Ray-E Securities Investment Company was an “abnormal situation” as this was the first time anyone had produced a fraudulent certificate claiming they were licensed and registered with the regulator. “The first time that we’ve encountered a situation where someone has put up a forged certificate. It
is not a genuine certificate and was not issued by the Securities Commission, and everything on it is a fake,” he added. “I would go as far as to say that even down to the signature it looked genuine, but it is not genuine. That certificate is not on the Securities Commission’s files.” The regulator is now probing who is behind Ray-E Securities Investment Company, and has begun an internal investigation to determine if its suspicions are correct as to connected companies and entities that may be involved, especially given that companies do not have to post their certificates online. “That’s not a requirement. If any of them do, then that’s on them,” Mr Ward said. Placing such reg-
istration certificates online can lead to problems such as the Ray-E certificate where “you take something online, reconfigure it and create a forgery, and then you pass it off as genuine”. The Securities Commission has reported the case to the police, making it a criminal matter. “We have to make a formal complaint to them right now, because it’s not just that entity,” Mr Ward said. “You may have noticed over the course of the last few months, we’ve had an issue with these fake websites popping up saying that they are regulated by the Securities Commission. “It’s been quite a number of them. We’ve issued notices on all of them and we’ve been reporting it to the police, and working with the police to have this one resolved.”
GROWING PESSIMISM ON GRAND LUCAYAN’S SALE By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net GRAND Bahama businesses yesterday voiced growing pessimism that the Grand Lucayan’s sale to the ITM Group/Royal Caribbean joint venture will ever be completed especially as a general election nears. James Rolle, Dolly Madison’s general manager, told Tribune Business: “I can’t see this deal going anywhere now. I think the political season has mostly caused people to not even believe something positive can come out of this. “I think that anyone who is going to come into Grand Bahama and invest, the first thing they have to look at is to see how exactly other deals have been made in Grand Bahama. If they can’t get an equal or better deal, then I don’t think they are going to be prepared to make any big investment into Grand Bahama.” Mr Rolle spoke out after Dionisio D’Aguilar, minister of tourism and aviation, said it was “extremely frustrating” that the Grand Lucayan’s sale continues to be delayed by the protracted wait for ITM/Royal Caribbean to close their separate deal with Freeport Harbour Company. He told Tribune Business that concluding negotiations over Freeport Harbour’s redevelopment - including the addition of new cruise berths - was a “condition precedent” that
THE GRAND LUCAYAN must be satisfied before the joint venture will acquire the resort from the government. Suggesting that the government nevertheless “remains optimistic” that the Grand Lucayan’s sale will eventually get over the line, he said he had been “advised” that an agreement between ITM/Royal Caribbean’s Holistica joint venture and Freeport Harbour Company - the latter which is 50/50 owned by Hutchison Whampoa and the Grand Bahama Port Authority (GBPA), the former having management control - was “imminent”. “One of the main reasons this deal has not been able to come to a conclusion is there is a condition precedent, and the condition precedent is for Royal Caribbean and Freeport Harbour Company to seal their deal, and that has not happened,” Mr D’Aguilar disclosed to this newspaper. “Once that happens that triggers the ability to seal our deal. They want to get their deal done to make sure they have a place to
go. It’s extremely frustrating that Freeport Harbour Company and Royal Caribbean have taken this long to seal a deal. It’s obviously impacted our ability to conclude our negotiations with Royal Caribbean. We can negotiate all we want, but this is a condition precedent of theirs. “They don’t want to purchase the hotel and real estate, and buy into that, and end up not getting a deal at the port. They want to get that done. Clearly it’s frustrating that this has not concluded yet. We wanted it to conclude, but remain optimistic it’s going to happen,” the minister continued. “I’m advised they’re at the commas and colons stage of concluding their agreement, putting them in the right place. Hopefully it’s imminent. We’re ready to move forward, but are waiting for this condition precedent. We’re waiting for Freeport Harbour Company and Royal Caribbean to finalise their agreement.
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K. PETER TURNQUEST
Ex-DPM backing 2023 for full COVID rebound
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
THE former deputy prime minister yesterday backed the Central Bank’s assessment that the Bahamian economy will not fully recover from COVID19 until 2023, with much depending on how the latest case surge is handled. K Peter Turnquest, also ex-minister for finance, told Tribune Business yesterday the Central Bank’s forecast that “very nearterm risks” have increased is a “reasonable statement” given the potential ramifications for tourism of the recent spike in COVID-19 infections. He added: “Persons may lose confidence in the jurisdiction’s ability to contain the spread” if it is not brought under control. While praising the Ministry of Tourism for “handling the situation very well”, Mr Turnquest said: “We must continue to commit to pre-testing and continuous testing. While guests are here, we haven’t heard of any major outbreak.” While incidents such as the six passengers who tested positive for COVID-19 on board Royal Caribbean Cruise Line’s Adventure of the Seas late
last month is “something to watch out for”, Mr Turnquest said The Bahamas can “mitigate some of the risks”. “But make no mistake: There is a risk of our COVID-19 cases continuing to be elevated and, almost as importantly, South Florida is a major gateway into the country. Their rates have yet to start to moderate,” the former deputy prime minister added. Florida broke its state record for COVID-19 infection ratea this past Sunday with 21,683 new cases, surpassing its previous January 7, 2021, peak of 19,334 cases. Mr Turnquest added that Texas, another major gateway and tourism market, is encountering the same issues. “We’ve been doing fairly well with Houston, and now Texas is also elevated,” he said.
With all this outside The Bahamas’ control, Mr Turnquest said it is unlikely that a full economic rebound will occur sooner than 2023. “I don’t see it,” he added. “I think a rebound by 2023 is a reasonable statement. The fact of the matter is that tourism, while coming back, is not going to likely approach 2019 levels within the next six to eight months, and then it’s always a lag. “In addition to that, as the Central Bank governor would have mentioned, there are still delays in reconstruction following Hurricane Dorian. Meaning that not only are we not benefiting from the construction that can happen with the reconstruction efforts, but also it means that some of those assets are offline and not able to produce for us and help.”
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Doctors in COVID testing expansion FROM PAGE ONE the Town Centre Mall and Doctors Hospital West (Blake Road), the healthcare provider has also partnered with mega resorts Atlantis and Baha Mar to provide on-site testing to those properties’ guests and staff. Arguing that infection
rates and numbers at both those resorts were “infinitesimally small”, Mr Deveaux disclosed: “We’re approaching the deliver of half-a-million COVID-19 tests. If you start to think about what that means to partners like Atlantis and Baha Mar, so many of the other hotels on Paradise Island, so many businesses to safely re-open, and
tourists departing back home... “We employ around 150 people that are engaged in COVID-19 testing around Nassau. We have plans for expansion because the need is there. We set up a testing site at the Hilton, and within a week the run rate was roughly about 3,000 tests [per week]. “That speaks to the
demand as the economy starts to recover, more and more tourists come, and they require testing to go home while Bahamians and residents need it for interisland travel. We stand in that gap, and our testing capacity is significant. We sought at the beginning to put in high throughput, high efficiency testing.” Mr Deveaux, who spoke with this newspaper prior to the government unveiling its revised COVID testing protocols for travel, said the new Hilton testing site’s numbers did not include Royal Caribbean and Crystal Cruises’ home porting passengers prior to their departure from Nassau Cruise Port on weekly seven-night cruises. He added that Doctors Hospital’s partnership with the Town Centre Mall and its owners, the Symonette and Darville families, had enabled it to offer the “lowest cost” and “most affordable” COVID-19 tests on New Providence. This had helped to mitigate price rises imposed by supply chain cost increases, which have pushed rapid antigen tests up from $16-$18 VAT inclusive to around $22 VAT inclusive. “My role is to provide healthcare that is affordable and accessible,” Mr Deveaux reiterated. “Our role is ensuring we have price leadership so that you cannot find a better priced COVID-19 test in Nassau. It’s about affordability.” This newspaper previously reported that Doctors Hospital enjoyed a $7.747m revenue boost as a result of administering more than 100,000 COVID-19
tests during the ten months to end-January 2021. It revealed to shareholders in its annual report for that year that the income from COVID testing was the key factor in delivering an 18.6 percent year-over-year increase in total revenues to $76.398m. This top-line surge also helped Doctors Hospital overcome what it had originally anticipated would be a sharp drop in profitability, after April 2020 resulted in a 44.2 percent year-overyear revenue drop and net loss as numerous services and procedures were either reduced or cancelled due to the pandemic’s start. The healthcare provider turned around a $351,917, or 16.4 percent, year-overyear decline in net income for its first quarter by transforming it into a 107 percent increase in fullyear profits, which more than doubled from the prior year’s $6.009m to $12.439m for the 12 months to endJanuary 2021. With a $750,000 investment in capital equipment and laboratory renovations, Doctors Hospital said: “In financial year 2021, COVID-19 testing revenues at Doctors Hospital (Bahamas) were $7.747m associated with the completion of 37,778 RT-PCR and 65,954 rapid antigen tests, the overwhelming majority of which were performed on an outpatient basis and in support of large corporate clients as part of their safe return to work strategies. “Despite a COVID-19 related decline in outpatient services, emergency room visits and elective procedures in the first quarter of
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financial year 2021, where revenues and inpatient days declined sharply, the profit structure of Doctors Hospital (Bahamas) recovered robustly toward the end of 2021.” These figures are understood to have raised eyebrows, especially given calls led by the PLP, in particular, that the government needs to make COVID-19 testing free throughout The Bahamas for both citizens and residents in a bid to better counter the virus’s spread and current case surge. However, Mr Deveaux argued that someone would have to pay for COVID-19 testing whether it was made “free” or not. Free testing would likely require further spending by the government on behalf of Bahamian taxpayers, and the Doctors Hospital chief said this was a question for the Minnis administration rather than himself. “There has to be a payer for healthcare services,” he explained. “While testing for the end-user could be free, someone has to pay for staff, the test kits and the infrastructure. That’s more a public policy question. Others need to speak to whether it’s free or not. Our services, because we need to fund the investment, we need to make sure it’s affordable and quality is not compromised.” Mr Deveaux said Doctors Hospital has had a fully operational COVID-19 testing centre in place in Grand Bahama for three months now, with the numbers increasing every month, having partnered with a local physician there for its launch. It plans to do similar in Exuma, although that has been delayed because its partner there became ill, while it is also seeking “another location in the southern part of Nassau in response to need”.
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Thursday, August 5, 2021, PAGE 5
Hospital ‘must beat misperception’ that it’s not affordable GROWING PESSIMISM ON FROM PAGE ONE
ramp up at the back end. It’s a perception that we need to beat, we have to deal with that, and we hope that Loyalty Advantage and other initiatives help us to do that long-term. We think Loyalty Advantage, allowing unlimited access to your primary care physician for $10 per week, might be the best kept secret in The Bahamas.” Felix Stubbs, Doctors Hospital’s chairman, in his first quarter report to shareholders for the 2022 financial year confirmed that patient deposit rates have been slashed in half. Echoing Mr Deveaux’s caution, he added that there was “a significant increase in bad debt expense, which correlates to the significant increase in trade receivables”. The 50 percent deposit slash resulted in larger accounts receivables
balances, representing monies owed by patients and insurance companies. Accounts receivables owed by “third party payers” such as insurance companies grew by more than $5m during the three months to end-April 2021, rising from $15.401m to $20.993m. Those figures are net of a $5m provision for debts that Doctors Hospital doubts it may be fully able to collect. “The company continued its initiative of reducing its traditional upfront deposit requirements to allow access to critically needed care without the large financial impediment,” Mr Stubbs said. “Deposit requirements were reduced by 50 percent. The changes taken by the company has invariably led to larger trade receivable balances and higher provisions against the related balances.” Meanwhile, Mr Deveaux said Doctors Hospital was
in the process of “aggressively expanding” beyond its traditional business model of an in-patient hospital and tertiary care provider into outpatient services and primary care, based on a vision of offering “quality affordable healthcare for all Bahamians”. He revealed that Doctors Hospital plans to launch an elective surgery facility, with two operating theatres initially, at Centreville Medical Centre within 45 days in response to such procedures having previously been delayed by COVID-19 and the hesitancy of some patients to attend facilities where they fear the virus is present. Explaining that elective surgeries are those that typically require less than a 24-hour hospital stay, Mr Deveaux added: “That’s a huge spectrum of different types of cases. We expect the demand to be pretty high. We’ll launch with two operating theatres and evaluate the need for additional ones thereafter.” He revealed that Doctors Hospital will also unveil another specialist internal medical practice within the next days, although he provided no details. “We see the role of the hospital, and this is part of the president’s vision, very differently from its traditional focus, which was in-patient. Now it’s to facilitate healthcare throughout The Bahamas. “I think it is about expanding the delivery of healthcare in The Bahamas
beyond the in-patient space and beyond Nassau. It is the very best high level quality care, but beyond the in-patient space to out patients and beyond Nassau to the rest of The Bahamas.” Crediting the strategy and vision to Dr Charles Diggiss, Doctors Hospital’s president and chief executive, and who has become its largest shareholder, Mr Deveaux said the company’s financial strength is such that it has not had to call upon the $13.5m equity injection from Canadian-headquartered Fairfax Financial to fund any of its current financial projects. Some 2m ordinary shares, representing a 17 percent interest in Doctors Hospital, were issued in exchange for the investment. Acknowledging that “decisions made during COVID-19 will shape the boundary for Doctors Hospital for the next generation”, Mr Deveaux told this newspaper: “We’re poised and ready to do it. “The Fairfax investment is not earmarked. With the combination of new equity and maybe debt, we could do most of what we’re talking about. We have it held. It’s sitting in Treasury Bills. It’s not earmarked for any particular project, but we’ll continue to look at it as needed to fund growth.”
GRAND LUCAYAN’S SALE FROM PAGE THREE We’re almost ready to go, but nothing can move forward until we see this agreement.” Greg Langstaff, owner of the Grand Bahama Brewing Company, yesterday added: “It would be great for Grand Bahama if they can get on with it and finish it off and did something, but I wouldn’t be surprised if nothing happens out of this Grand Lucayan sale. The government has never been very good at managing hotels.” Acknowledging fears that negotiations are being dragged out, Mr Langstaff said: “Here’s the deal. Not only doesn’t the Grand Lucayan have any customers, the tourism industry is dead right now. I wouldn’t invest in anything right now unless it was medical-related.”
Suggesting that “the cruise lines aren’t in any position at all” to finance major investment projects, he added: “At the time they thought it was a good idea but that was before COVID-19. “Since the Hutchison group have ownership of the port, you have to have them involved. If there’s outstanding liens, mortgages and payroll liability, for instance, then it all needs to be cleared up, or we need to be aware of what the extent of it is. “If the government didn’t want to get into a deal with it, or didn’t think they could deal with it, then they could have declined. The whole world is dead right now. I can’t imagine getting real excited about a real estate deal for a hotel that they couldn’t fill. What do you do? I don’t see tourism bouncing back.”
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PAGE 6, Thursday, August 5, 2021
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COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT COMMERCIAL DIVISION
2019 COM/bnk/00077
IN THE MATTER OF THE COMPANIES ACT. 1992, CH. 308 AND IN THE MATTER OF PACIFICO GLOBAL ADVISORS LTD. (IN LIQUIDATION) NOTICE TAKE NOTICE that by a resolution of members made on the 2nd day of October 2019, PACIFICO GLOBAL ADVISORS LTD. (In Official Liquidation) (the “Company”) was placed into voluntary liquidation. On the 28th day of October 2019, the liquidation of the Company was placed under the supervision of the Supreme Court of The Bahamas (the “Supreme Court”). AND FURTHER TAKE NOTICE that by Order of the Supreme Court dated the 21st day of July 2021, Mr. Mark E. Munnings and Ms. Tiphaney C. Russell, Chartered Accountants of Deloitte & Touche, The Bahamas, were appointed to act as successor Joint Official Liquidators of the Company in place of Mr. Edmund Rahming. Dated this 4th day of August 2021. Mark E. Munnings and Tiphaney C. Russell Joint Official Liquidators Deloitte & Touche 2nd Terrace West, Centreville Nassau, Bahamas Telephone: 1-242-302-4800 Email: pgaliquidation@deloitte.com URL: www.deloitte.com/bs/pga-liquidation
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THE TRIBUNE
Voters urged: Challenge parties on business ease FROM PAGE ONE
issues year after year? Do we still have our heads in the sand like an ostrich? Who benefits by not correcting them?” Mr Carey said “frustration” was the most common sentiment voiced by the private sector when dealing with its public sector counterparts, yet the need for approvals, permits and such like meant there was little choice but to endure. “Hopefully in the digital age, and by embracing blockchain technology, we can go from a third world mentality in business efficiency to a first world mentality,” he told Tribune Business. “It can happen really quickly. The questions are: ‘Can we do it?’ If the answer is yes, the question is: ‘Why are we not doing it?’ All of these things can be repaired and fixed. Why are they not doing it? We’re still taking the easy path of least resistance. “Their [the US] observations are correct. What do we do next? Do we live with it, and accept it, put our head in the sand? How do we change it, that entire mentality? These are all good things for voters to ask to get answers for. They should look at that list from the US, and ask the politicians what they are going to do to correct these policies. That would be interesting. It should also be in the party’s manifestos.” Mr Carey spoke out after the US report detailed strengths, but also long-standing deficiencies, in The Bahamas’ investment climate and approvals framework. It said: “Positive aspects of The Bahamas’ investment climate include political stability, a parliamentary democracy, an Englishspeaking labour force, a profitable financial services infrastructure, established rule of law, general respect for contracts, an independent judicial system, and strong purchasing power with a high per-capita GDP. “Negative aspects include a lack of transparency in government procurement, labour shortages in certain sectors, high labour costs, a bureaucratic and inefficient investment approvals process, time-consuming resolution of legal disputes, internet connectivity issues and high energy costs. “The price of electricity averages four times higher than in the US and is driven by antiquated generation systems and a dependence on inefficient fossil-fuelled power plants. To remedy energy sector deficiencies, the current government has prioritised infrastructure projects focused on non-oil energy, including a liquefied natural gas (LNG) plant and various solar projects. However, the LNG plant is stuck in multi-year negotiations.”
Thursday, August 5, 2021, PAGE 7 The latter is a reference to the ongoing negotiations between state-owned Bahamas Power & Light (BPL) and Shell North America for the latter to take over New Providence’s baseload generation via a new Clifton Pier power plant that will be fuelled primarily by LNG supplied from a nearby terminal that has yet to be constructed. However, the Ministry of Finance, in a statement yesterday responding to the US report, ignored the criticisms about the “stuck” Shell project and asserted that the Biden administration had acknowledged its work on lowering the cost of electricity - a reference to its fuel hedging that was not seemingly mentioned in the report. While the governmentappointed Economic Recovery Committee (ERC) made numerous proposals to speed up investment approvals, and reduce associated bureaucracy and red tape, Mr Carey queried why the prime minister and Cabinet still needed to signoff on something as simple as the purchase of a condominium at the Reef, instead of it being handed off to a lower level administrative team. “Trying to open a bank account here is one of the worst nightmares that ever existed,” he added. “There are solutions if we are openminded to them, but why are they not thinking of or listening to them? It we want to stick in a third world mentality for generations to come, and the process we want to exist in, that’s unfortunate; very unfortunate.” While similar charges could be thrown back at the US, and the deficiencies identified are already well known, Mr Carey said The Bahamas’ northern neighbour was at least “open for business”. He added: “I think that list is perfect. It’s spot on. It is frustrating for Bahamians to have to be stuck in the same old, same old. Nothing changes.” Kwasi Thompson, minister of state for finance, sought to focus on the positives in the US Investment Climate Statement and made little to no mention of the corruption-related concerns or the government’s continued failure to move legislation such as the Integrity Commission Bill and Ombudsman’s Bill forward. Instead, his statement kicked-off by billing the Public Procurement Act which is due to be enacted on September 1 - as “the most progressive procurement legislation in the entire Caribbean region”. He added: “The investor community can be reassured that this government has not only taken concrete steps to improve the process, but the new Public Procurement Act is now a standard bearer of modern, progressive procurement standards.” Mr Thompson’s glowing assessment contrasts with that of Daniel Ferguson, the former government official who helped to draft the legislation and design its implementation. In repeated Tribune Business
columns, he has warned that the Bill’s intent and impact are in danger of being lost due to poor execution and resistance at both the political and official levels as it will prevent contracts from being awarded to family, friends, constituents and political cronies. Mr Ferguson was subsequently acted in the House of Assembly by the prime minister, who branded him “an angry man” and threatened to reveal details from his personnel files. Dr Minnis’ conduct was this week rebuked by Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, who said it would inhibit efforts to “change the culture so that there is no tolerance” of corruption. Besides fostering greater accountability and transparency, Mr Aubry said passing the Integrity Commission Bill and Ombudsman’s Bill into law would ensure The Bahamas is no longer “perceived as having corruption ingrained in our system” and “gives us a leg up on reform”. “This concept of corruption is detrimental,” he added. “It wastes money, breeds inefficiency and ineffectiveness in government, and tarnishes our reputation overall.” Besides changing the culture and mindsets, Mr Aubry said the use of technology was key, and praised the government for making public services available electronically via the MyGateway platform as well as digitising agencies such as Customs and the Road Traffic Department. Mr Thompson, in his statement, said: “This government has taken firm steps to address the deficiencies that impede the ease of doing business in the country. The fiscal reforms taking place to increase transparency, accountability and the ease of doing business are not the only areas of advancement. “The report acknowledges the government’s INVESTBahamas Project that will cut through the burdensome bureaucracy that places an unnecessary drag on investment decisions. The report also acknowledges the government’s successful digital transformation efforts and its work to reduce the cost of electricity, to streamline business license applications and expand provisional business licenses. “In fact, the Ministry of Finance will shortly announce new changes that simplify the business license process even further,” he added, noting the US report’s references to other legislative reforms. “Even with the shortfalls, the investor community has continued to recognise The Bahamas is a best in class destination for business,” Mr Thompson continued. “Despite the global pandemic, The Bahamas proved to be the global leader among small island developing states for inward investment, doubling the quantum of the second place counterpart nation. In 2020, The Bahamas experienced a 47 percent increase
to $897m in inward investment, outpacing other small island developing states (SIDS) by some $500m. “This reflects ongoing
confidence of international and domestic investors in the country and the government. Moving forward, the ongoing reform efforts
most recently outlined in the Accelerate Bahamas Budget Plan will only improve the country’s standing as an exemplary place to invest.”
PAGE 8, Thursday, August 5, 2021
THE TRIBUNE
Bank ‘hopelessly deficient’ on $600k loan guarantee FROM PAGE ONE
is hopelessly deficient. Quite simply, there is no evidential basis in the bank’s affidavit to establish the liability of the guarantor.” Appeal justice CraneScott added that “there is absolutely no case pleaded case against Mr Cooper” in the affidavit of Bank of The
Bahamas official, Paulette Butterfield. “Furthermore, it is undeniable that a true copy of the guarantee was not exhibited to the Butterfield affidavit, and the original Guarantee and the other securities were not produced at the” Supreme Court hearing in violation of the latter’s rules, she added. “As the pleadings against Mr Cooper failed
to comply with the basic rules of pleadings or with the applicable rules of court governing mortgage actions, it is clear that these three grounds [of appeal] must succeed,” appeal justice Scott-Crane ruled. “The bank’s pleaded case vis-à-vis Mr Cooper (as guarantor) is hopelessly deficient. The claim against Mr Cooper was very poorly pleaded, and further
provided no evidential foundation for the bank’s claim against Mr Cooper as the guarantor.” As a result, the Court of Appeal overturned the Supreme Court Order and dismissed the case against the guarantor. The mortgage loan in question was originally taken out in February 14, 2006, and up-stamped with further charges in June 2007 and January 2009. Mr Cooper only allegedly came into the picture as guarantor for the third and final transaction. The Supreme Court’s Order made both himself and Betty Joe Antasha Cooper liable to repay
Bank of The Bahamas, and to hand over the property in question so that the latter could sell it. However, Mr Cooper reacted sufficiently quickly that his appeal was filed within five days of Justice Hilton’s Order. His first ground of appeal rested on whether Justice Hilton made an error in not adjourning proceedings after his attorney requested more time to file a defence, and instead proceeded to final judgment. “Regrettably, the verbatim transcript for the hearing which took place before the learned judge on March 13, 2020 was unavailable,” the Court of Appeal found.
“Indeed, we were told there was no verbatim transcript of what transpired. This undoubtedly made Mr Parker’s task of convincing us that the learned judge’s decision not to grant an adjournment, and to enter final judgment against both defendants, was unreasonable or wrong in law exceedingly more difficult. “Regrettably, without having had sight of the verbatim transcript, we were unable to impugn the learned judge’s decision not to adjourn the matter.” Bank of The Bahamas was represented at the appeal hearing by attorney Nadia Wright.
THE TRIBUNE
Thursday, August 5, 2021, PAGE 9
WILL MCCONNELL LIFT ROADBLOCK OF BIDEN FOR INFRASTRUCTURE? WASHINGTON Associated Press
SENATE Republican leader Mitch McConnell, pictured, had vowed to be “100% focused” on stopping President Joe Biden’s agenda. But when it comes to the bipartisan infrastructure plan, McConnell is sounding like a go. McConnell has been acting and voting like a lawmaker ready to set aside — for a few days, anyway — his reputation as a roadblock for one of the Democratic president’s chief legislative priorities, a roughly $1tn public works bill. Last week, the Kentucky senator allowed debate to proceed on the measure, which would boost spending on just about every facet of the country’s transportation systems as well as water and broadband. This week, he said nice things about the legislation, opening the door to potentially giving his support for final passage. “There’s an excellent chance it will be a
success story for the country,” McConnell told reporters on Tuesday. His efforts are raising a big question on Capitol Hill: Just what is the selfdescribed “grim reaper” thinking? Some colleagues say McConnell simply likes the bill and that his state would benefit from the federal investments. Others say McConnell thinks the bill could help some of the Republicans in contested elections next year if they pass it and send government aid to their states. Still others say McConnell is also thinking about a much bigger picture, such as showing Americans that
Republicans are more than the party of opposition to Biden’s agenda and tamping down calls to eliminate the Senate’s 60-vote filibuster rule, which some say is preventing Congress from approving major legislation. “He’s a very pragmatic person. I think he knows that everybody sort of wins if it’s true, hard infrastructure,” said Sen Kevin Cramer, R-ND. “This is a good demonstration that he can preserve the filibuster and still have meaningful, bipartisan legislation,” Cramer said. “And at the end of the day, he’s got a constituency back in Kentucky that probably looks pretty favourably on it.” Democrats see another dynamic at work. Sen Chris Van Hollen, D-Md, said Republicans are at risk of being seen as having little to show voters after having already opposed Biden’s $1.9tn COVID-19 rescue. Not a single Republican senator supported that plan. “I think they want to
be able to point to something positive that they’ve done,” Van Hollen said. “And, if they oppose everything, they are not going to be able to claim credit for anything.” McConnell could still vote “no” on the public works plan. But so far, he has twice voted to advance the legislation. And while warning Senate Majority Leader Chuck Schumer, D-NY, against rushing the amendment process, he has not tried to halt the work. McConnell has saved his scorn for the big vote that Schumer is preparing before the Senate breaks for an August recess. McConnell has derided an upcoming budget blueprint from Democrats that will set the stage a $3.5tn spending package on health, environment and social programmes later in fall; McConnell calls it a “reckless tax and spending spree”. That package would be paid for with higher taxes on corporations and the wealthy. Republican strategist Scott Jennings, a longtime
McConnell ally, said it’s easy to see how McConnell could get to “yes” on this first part of Biden’s infrastructure priorities. “Just listen to what he said,” Jennings said. “He always said it should be a smaller package focused on roads bridges airports and broadband.” Kentucky is not a state without needs, with its roads and bridges requiring investments, Jennings said. Biden and former President Barack Obama both cited the Brent-Spence Bridge between Kentucky and Ohio when promoting plans to boost jobs. Politically, the votes ahead could be a winwin for McConnell and Republicans to show some bipartisanship on this first package while launching into a strictly partisan broadside against the larger plan. “I do think it gives Republicans senators a chance to say Look, they always claim we’re going to stop everything,” Jennings said.
“It does give the Republicans a chance to say, `We’re for the stuff that makes sense and we’re against the stuff that doesn’t.’” Sen Rob Portman of Ohio, who led the Republican side in its negotiations on the infrastructure bill, pointed out that McConnell’s wife, former Transportation Secretary Elaine Chao, knows well the country’s infrastructure needs. “He understands that the politics of this are also good for Republicans. And when our members are out there running for re-election, it’s good to be talking about accomplishments,” Portman said. McConnell’s vote could make or break the package, serving up a victory for Biden with passage or delivering another failure by Washington to address the nation’s infrastructure needs. The Trump administration was unable to follow through on the president’s call for investing trillions of dollars in infrastructure.
PAGE 10, Thursday, August 5, 2021
THE TRIBUNE
GM POSTS $2.8BN PROFIT, BUT CAUTIOUS TONE SINKS SHARE PRICE DETROIT Associated Press
GENERAL Motors posted a healthy $2.8bn second-quarter profit yesterday, but its cautious outlook for the rest of the year spooked investors. The Detroit automaker made the strong profit despite a global shortage of computer chips that have forced it and other companies to temporarily close factories. While GM raised its outlook for the year, it also cautioned about high commodity prices and lower production due to the chip shortage, and it warned that the highly contagious delta variant of the coronavirus could hamper its supply chain. The cautious tone rattled investors, who pushed GM shares down almost 9% yesterday. Chief Financial Officer Paul Jacobson predicted that GM would produce 100,000 fewer vehicles in the second half of the year
compared with the first, even as other companies forecast improvements in semiconductor production. GM said it managed the shortage well and was able to divert scarce chips to factories that make higher profit pickup trucks and large SUVs. But Edward Jones Industrials analyst Jeff Windau said investors are building some uncertainty into GM’s stock price after the company forecast $3.5bn to $4.5bn worth of increased costs in the back half of the year. “Obviously there’s some shutdowns, and there’s just concerns with how things are evolving,” Windau said. “Expectations have been rising over the last couple of months. This just kind of comes back and potentially resets the bar a little bit.” On Tuesday, GM announced that pickup truck plants in Flint, Michigan; Silao, Mexico; and Fort Wayne, Indiana; would be closed next week due to the chip shortage. Production is to resume on Aug 16. But
factories in Tennessee and Mexico that make cars and SUVs that were down since July 19 will come back on line on Monday. Even with the caution, GM told the same story as competitors Ford, Stellantis and others reporting strong profits, saying that high prices and healthy demand for expensive pickup trucks and luxury SUVs overcame inventory shortages. GM boosted its net income guidance for the full year to $7.7bn and $9.2bn, and pretax earnings to a range of $11.5bn to $13.5bn from $10bn to $11bn. Executives said yesterday that they expect tight inventory and high prices to continue through the year as the chip shortage lingers into 2022. Yet CEO Mary Barra warned that the fastspreading coronavirus delta variant could cause supply chain problems down the road. The company also has plans to handle future shortages by collaborating with semiconductor manufacturers, she said.
“There is still more variability than I’d like to see,” Barra said. “This is something we will work our way out of, and it won’t be an issue as we move forward over a little bit longer period of time.” The average GM vehicle sold for nearly $44,000 from April through June, the company said, and it was up nearly $3,000 over that in July. Jacobson said the high prices at present come from high demand for more higher priced trucks and SUVs with a “very rich mix” of options being purchased by consumers. Barra said the prices will subside a bit as inventory grows, but she still expects them to be strong as GM adds electric vehicles to its lineup. Excluding one-time items, GM made $1.97 per share, beating Wall Street estimates of $1.82. Revenue was $34.2bn, which also exceeded analysts’ estimates of $29.92bn, according to FactSet. The profit would have been $1.3bn higher if not
for recall costs, including $800m to fix a battery fire problem in older Chevrolet Bolt electric vehicles, the company said. Barra said GM had a little more than 200,000 vehicles in stock, enough to supply 25 days of consumer demand. That’s far short of the normal inventory. Automakers like to have around a 60-day supply on dealer lots for customers to pick from. On Tuesday, a task force of Detroit auto companies and the United Auto Workers announced that factory workers would be required to wear masks again due to the delta variant. Asked if GM would require employees to be vaccinated, Barra hinted that may be coming. “We are evaluating multiple choices that we can make, but our intent is always to keep our employees and our customers safe,” she said. GM said it produced about 200,000 more vehicles in the first half of the year than it did during the same period in 2020, largely
because factories were shut down last year as the pandemic grew. Yet the consulting firm LMC Automotive estimated that GM production from April through June was down 38% from the same quarter in 2019, the last comparable quarter of normal production. Jacobson said the semiconductor shortage should start to ease in the fourth quarter, so fourth-quarter production will be higher than the third. “You can see light at the end of the tunnel as we’re getting toward that,” he said. Barra also announced two new electric vehicles coming as part of GM’s plan to introduce more than 30 globally by 2025. She said the Chevrolet brand will roll out a full-size electric cargo van, and GM also will sell a medium-duty electric or hydrogen fuel cell truck platform that can be used for service and utility vehicles such as school buses, bucket trucks and wreckers.
THE TRIBUNE
Thursday, August 5, 2021, PAGE 11
Uber’s recovery accelerates, but worries about losses linger SAN RAMON Associated Press UBER’S ride-hailing service is regaining the momentum that it lost during the pandemic, but it’s coming at a cost that’s raising more doubts about the company’s ability to make money. At the same time, Uber’s unprofitable delivery service is still growing at a torrid pace, indicating that some homebound habits may be here to stay, even though people are going out again. Those two trends produced Uber’s best quarterly report since the pandemic clobbered the San Francisco company 17 months ago. The results announced yesterday for the AprilJune period included a rare profit that investors glossed over to focus on ongoing losses in Uber’s operations. The second-quarter profit stemmed from a one-time gain of $1.4bn to recognise recent increases in the values of Uber’s stakes in China’s leading ride-hailing service, Didi, and a self-driving car division that it recently handed off to Silicon Valley startup, Aurora. Those accounting adjustments eclipsed Uber’s losses in its business, enabling the company to post a second-quarter profit of $1.14bn, or 58 cents share, reversing a loss of $1.78bn suffered in the same threemonth period of 2020, during the early throes of the pandemic. Revenue for the quarter
totaled $3.93bn, more than doubling from the dismal conditions at the same time last year when most people were still stuck at home and not looking for rides to go anywhere. The revenue figure exceeded the estimate of $3.76bn among analysts surveyed by FactSet Research. But Uber investors tend to focus more on an unorthodox measure called “adjusted earnings before interest, taxes, depreciation and amortisation”. The company had previously pledged to become profitable under that yardstick by the final three months of the year — a promise CEO Dara Khosrowshahi reiterated yesterday —- only to take a step back during the second quarter with a loss of $509m. While that was lower than a year ago, the latest quarterly loss came after an adjusted loss of $359m during the first three months of the year. The larger loss was largely due to the bonuses and other incentives Uber is offering to drivers to rejoin its ride-hailing service after many quit because of safety concerns during the worst of the pandemic. In the US, it’s also competing against Lyft, which is also trying to lure back drivers. Uber is expecting the need for driver incentives to taper off, enabling it to reduce its adjusted loss for the current quarter ending in September to $100m or less before turning into an small adjusted profit during the final three months of the year.
FINANCING FOR VIABLE PROJECTS International sources of funds wishing to finance Bahamian projects in the Resort, Housing, Energy, Tourism, Maritime, and Agriculture Sectors. $2 million and above. Must provide Executive Summary, with three years financials, management and marketing capabilities, and collateral offered. Infrastructure projects based on PPP’s also wanted. Serious inquiries only. Email us at inquiries@bahamasbusinessnetwork.com
NOTICE NOTICE is hereby given that MICHAEL EUGENE, of Butlers Way, Golden Isles Road, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 29th day of July 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE NOTICE is hereby given that WELDINE ALEXIS GAUDIN, of Pinewood Gardens, Button Wood Avenue, Sapodilla Bvld, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 29th day of July 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE NOTICE is hereby given that JANIQUICA JOSEPH, of Windsor Place, Soldier Road, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 29th day of July 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Investors, though, clearly remain skeptical. Uber’s stock dropped more than 4% in extended trading after the mostly upbeat second-quarter report came out. The shares had already fallen by more than 30% from their peak of about $64 in February. Uber, though, had mostly a positive story to tell during the past quarter. The highlights included a total of 1.51 billion rides provided — more than doubling from the same time last year. The company’s ride-hailing revenue also more than doubled from last year to $1.62bn. Despite those strides, ride-hailing revenue was still about 30% below its levels at the same time two years ago, long before the pandemic upended the economy. Total rides were down about 10% from two years ago. Khosrowshahi told analysts during a conference call that the ride-hailing service was nearly back to full strength. But he conceded a shortage of drivers in some major markets like San Francisco and New York is resulting in higher fares than Uber believes will be acceptable to passengers over time. However, things are starting to shift, Khosrowshahi said, with the number of ride-hailing drivers and delivery couriers increasing by about 420,000 since February in the US.
To advertise in The Tribune, contact 502-2394
PAGE 12, Thursday, August 5, 2021
THE TRIBUNE
PUBLIC NOTICE
CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, DAWN CLAUDISHA COXof Dumping Ground Corner, Bain Town, P.O Box CB 13418 Nassau, The Bahamas intend to change my name to DAWN CLAUDISHA LIGHTBOURN. 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.
T
he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned. YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides. Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property. This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home. We look forward to your continued support in this worthwhile endeavour.
MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100
CIRCLE of FRIENDS Silver: $1,500 - $2,499 Gold: $2,500 - $4,999 Platinum: $5,000 plus
OPPORTUNITIES • • • •
Invitations to Ranfurly events Assist with fundraising events Involvement with special activities Adults are eligible to join the Board after three months • Stay in touch with Ranfurly through website and newsletters
BENEFITS
• Personal fulfillment in knowing you are impacting lives • Ranfurly children’s appreciation and positive response • Continued support provides stability and constant care
For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115
An entrepreneurial spirit, original thinking, and a passion to succeed. If you have it, we want you. Fidelity Bank invites applications for the position of:
GRAPHIC DESIGNER Duties & Responsibilities: Reporting to the Marketing manager, this person will provide support to the Marketing Department, by assisting with all aspects of graphic communications. including print production, video shoots and conference event support.
Qualifications: • • • • • • • • • • • •
Associate degree in Graphic Design Proficient in Adobe suite of products Proficient in both Mac/PC platform Working knowledge of Java Script, PHP, HTML, Flash and web design Strong artistic and technical skills in design and layout Ability to handle multiple projects in a fast pace environment Strong print production skills Social media skills Organized and disciplined Knowledge of video production/video editing Excellent oral and written communication skills Personable and team player
Requirements: • • • • • • •
Assisting the marketing team with various projects and special assignments Researching, designing, and maintaining promotional materials and tools to support the company’s image, design standards, brand and marketing initiatives Graphic log upkeep Management of promotional inventory Website maintenance Marketing event assistance Social media content
PLEASE SUBMIT BEFORE August 20th, 2021 to:
HUMAN RESOURCES Re: Graphic Designer careers@fidelitybahamas.com
ABSOLUTELY NO PHONE CALLS
A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.
THE TRIBUNE
Thursday, August 5, 2021, PAGE 13
MARKET REPORT www.bisxbahamas.com
WEDNESDAY, 4 AUGUST 2021
BISX ALL SHARE INDEX:
CLOSE
CHANGE
1977.60
3.08
%CHANGE
YTD
YTD%
0.16 -114.86
-5.49
(242) 323-2330 (242) 323-2320
BISX LISTED & TRADED SECURITIES 52WK HI 6.50 33.95 1.62 2.90 1.67 6.00 7.00 3.60 6.01 3.80 6.16 12.00 2.71 7.76 10.71 9.55 14.31 4.10 8.85 16.00
52WK LOW 3.35 22.65 1.46 1.62 1.35 5.00 6.00 2.80 4.25 2.47 5.00 9.75 2.10 5.30 9.50 8.35 13.00 3.42 8.00 15.20
PREFERENCE SHARES 1.00
1.00
1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
1.00 10.00 1.00
1.00 10.00 0.90
SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard RF Bank & Trust (Bahamas) Limited Focol Finco J. S. Johnson
SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ
Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B
BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB
CLOSE 6.50 39.95 1.60 2.45 1.42 6.00 6.97 3.25 5.99 2.74 5.95 9.80 2.52 7.75 11.39 9.55 14.00 3.99 8.35 15.50
CHANGE 0.00 0.00 0.00 0.00 (0.02) 0.00 0.00 0.00 0.24 0.00 0.00 0.00 0.01 0.00 0.02 0.00 0.00 0.00 0.00 0.00
1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
SYMBOL FBB22 BFHB
LAST SALE 100.00 100.00
CLOSE 100.00 100.00
CHANGE 0.00 0.00
BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS710237 BSBGRS880378 BSBGRS630211 BSBGRS700238 BSBGRS700246 BSBGRS770249 BSBGRS790262
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.03 100.19 100.27 100.05 100.62 100.72
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.03 100.19 100.27 100.05 100.62 100.72
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
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00
52WK LOW 100.00 100.00
115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 104.00 100.49 100.95 100.53 100.30 100.62 100.70
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.25 100.00 100.95 100.29 100.05 100.62 100.46
SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited
LAST CLOSE 6.50 39.95 1.60 2.45 1.44 6.00 6.97 3.25 5.75 2.74 5.95 9.80 2.51 7.75 11.37 9.55 14.00 3.99 8.35 15.50
BAHAMAS GOVERNMENT STOCK - (percentage pricing) Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FL BGRS71023 BGRS FL BGRS88037 BGRS FL BGRS63021 BGRS FL BGRS70023 BGRS FL BGRS70024 BGRS FL BGRS77024 BGRS FL BGRS79026
VOLUME
EPS$ 0.239 0.932 0.000 0.110 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631
1,810
1,366
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 VOLUME
DIV$ 0.170 1.260 0.020 0.030 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
P/E 27.2 42.9 N/M N/M N/M N/M 18.9 -7.4 42.8 14.9 13.3 13.6 24.7 16.6 17.6 13.1 17.2 19.7 8.9 24.6
YIELD 2.62% 3.15% 1.25% 1.22% 0.00% 0.00% 3.73% 0.00% 0.00% 4.38% 3.70% 7.35% 17.22% 0.77% 2.88% 2.51% 3.86% 3.01% 2.40% 3.94%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75% 6.25%
MATURITY 19-Oct-2022 30-Sep-2025
6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.53% 4.42% 4.81% 4.53% 4.56% 4.50% 4.53%
20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 22-Oct-2023 26-Jul-2037 12-Dec-2021 29-Jul-2023 29-Jul-2024 4-May-2024 28-Mar-2026
31
MUTUAL FUNDS 52WK HI 2.43 4.47 2.17 202.18 190.86 1.70 1.81 1.78 1.07 8.75 10.46 7.40 15.99 12.72 10.39 10.00 10.43 14.89
52WK LOW 2.11 3.30 1.68 164.74 116.70 1.67 1.73 1.75 1.03 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
NAV 2.43 4.47 2.17 202.18 190.86 1.70 1.76 1.77 1.04 8.75 10.46 7.40 15.99 12.72 10.39 N/A 10.43 14.89
YTD% 12 MTH% 1.85% 4.26% 0.77% 1.44% 1.14% 2.84% 0.14% 5.02% 3.25% 31.13% 1.37% 1.52% -2.05% -2.21% 0.36% 0.76% -1.28% -2.30% 3.13% 5.76% 4.29% 7.07% 1.70% 3.85% 14.99% 38.64% -1.20% -0.36% 3.43% 0.76% N/A N/A 3.00% 25.60% 7.90% 48.70%
NAV Date 31-May-2021 31-May-2021 28-May-2021 31-Mar-2021 31-Mar-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 30-Jun-2021 31-Mar-2021 31-Mar-2021 31-Mar-2021
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 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
Passionate, Results Oriented, Ability to Work in a High Pressure Environment, Driven to Succeed If you possess these qualities, we invite you to apply for the position of
Analytical, Self-Motivated, Team Player, Results Driven If you possess these qualities, we invite you to apply for the position of:
OPERATIONS SUPERVISOR
SENIOR INTERNAL AUDITOR
Job Summary:
Job Summary:
The successful candidate will be responsible for assisting the Financial Centre Manager with customer service, operations and logistics, as well as providing non-credit banking services to clients of the Financial Centre. The primary role will be cash management, training and supervision of tellers, maintenance of premises and equipment, security administration and of special assignments as required.
Duties and Responsibilities:
Duties and Responsibilities: • Cash management (treasury & ATMs) and supervision of tellers • Management of premises security (liaising with Security Service Providers, Financial Centre Managers and Security Administrator) • Unit AML/CFT Compliance Officer in the absence of the Unit Compliance Officer • Implement and maintain Guiding Principles, Paradigm and Minimum Service Standards • Training, coaching and assessment of Tellers and Sales Support Staff • Referral of products and services: • Savings Accounts • Fixed Deposits • VISA and MASTERCARD Prepaid Cards, Debit Cards and Credit Cards • Loans • Online Banking • Banking App • Merchant Services
Requirements/Qualifications: • • • • • •
High school diploma or equivalent vocational training Minimum 5 years’ experience in the Financial Services Industry Must have excellent communication skills (verbal and written) Proficient at Microsoft Office Suite programs Ability to work in a self-motivated environment with little supervision Ability to manage the administration of multiple tasks at one time.
In this highly visible position, the successful candidate will be responsible for performing internal audits and fraud investigations for Fidelity Bank & Trust International Limited and its subsidiaries, Fidelity Bank (Bahamas) Limited and Fidelity Bank (Cayman) Limited, (collectively referred to as the Bank).
• Act as lead auditor for the team. • Successfully plan, coordinate and lead meetings and interviews with all levels of management and employees. • Conduct and document thorough analysis of business processes for areas under audit. • Develop specific audit procedures that are designed to achieve audit objectives. • Ensure all specific audit test work is properly performed and adequately documented. • Summarize, draw conclusions and effectively report testing results. In addition, understand, assess and track deficiencies or exceptions noted during testing. • Provide cost effective solutions and recommendations to problems encountered during the audit. • Prepare and review detailed audit work papers to substantiate the fieldwork performed, testing results, and audit conclusions reached. • Prepare audit reports detailing the audit results and findings inclusive of recommendations. • Ensure audit findings are properly communicated with management and appropriately tracked through remediation.
Requirements/Qualifications: • Bachelor’s degree in Accounting, Finance or Business Administration with advanced knowledge of accounting principles. • Professional designation, e.g. Certified Public Accountant (CPA) or Certified Internal Auditor (CIA), is preferred. • At least five (5) years of progressive audit experience in public accounting or a minimum of ten (10) years of experience in retail banking, including at least three (3) years of supervisory or managerial experience. • Extensive knowledge of financial, operational and system audits, as well as business process control reviews. • Proficiency in Microsoft Excel and Word programs. • Knowledge of TeamMate is preferred. • Exceptional communication and interpersonal skills are required with strong attention to detail and accuracy. • Exceptional organizational skills with the ability to prioritize, meet tight deadlines and work well under pressure. • Highly confidential. • Ability to work flexible hours and travel.
PLEASE SUBMIT BEFORE August 20th, 2021 to: PLEASE SUBMIT BEFORE August 20th, 2021 to: Only persons shortlisted will be contacted
HUMAN RESOURCES Re: Operations Supervisor 51 Frederick Street P.O. Box N-4853 | Nassau | F: 328.1108
ABSOLUTELY NO PHONE CALLS
A competitive compensation package will be commensurate with relevant experience and qualification.
HUMAN RESOURCES Re: Senior Internal Audit 51 Frederick Street P.O. Box N-4853 | Nassau | F: 328.1108 careers@fidelitybahamas.com
ABSOLUTELY NO PHONE CALLS
A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.
THE TRIBUNE
Thursday, August 5, 2021, PAGE 15
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