business@tribunemedia.net
TUESDAY, SEPTEMBER 17, 2019
$4.50 Attorney has ‘nil’ chance to defeat bankruptcy ruling By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN attorney’s bid to overturn his bankruptcy adjudication has been rejected by the Court of Appeal because its prospects of succeeding “are nil”. Richard Boodle, trading as Richard Boodle & Company, had sought an extension of time to appeal Supreme Court Justice Gregory Hilton’s refusal to set aside the Order declaring him a bankrupt over his failure to pay a $37,000 award. This was obtained by a former client, Rebecca Valrejean, who Mr Boodle had represented in an action against her former employers. She obtained an award for $2,000 plus damages to be assessed on February 18, 2014, after Mr Boodle and his attorney, Julika Thompson, failed to submit a defence within the time stipulated by Supreme Court rules. The Supreme Court’s deputy registrar subsequently determined the damages to be $35,000 at an October 2014 hearing, with the final judgement set down in February 2015. Mr Boodle’s failure to pay resulted in Ms Valrejean taking out a debtor summons against him in June 2015, but payment of the award remained outstanding. This prompted Mr Boodle’s former client to seek a Supreme Court adjudication order that he be declared bankrupt, which was duly granted on June 8, 2016. Yet Mr Boodle sought to have the bankruptcy order “annulled or set aside” just three weeks later, along with a previous default judgment obtained against him by Ms Valrejean. When the case was eventually heard before the Supreme Court, Justice Hilton ruled that the only issue he had to determine was whether Mr Boodle was properly served with the bankruptcy proceedings. Rejecting Mr Boodle’s assertions that he was not, the judge said he preferred the sworn testimony of the two police servers - Sergeant Eric Burrows and reserve police officer Charles Gibson - given that it “was not shaken under cross-examination”. Justice Hilton added that he found Sergeant Burrows “particularly convincing” when it came to recalling
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$4.53
Minister: ‘We’ll not be at BPL’s mercy again’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A
CABINET minister has pledged that New Providence will “never go through a summer like this again” where the island was held captive daily by Bahamas Power & Light (BPL) blackouts. Desmond Bannister, minister of works, voiced optimism to Tribune Business that the regular three-hour load shedding endured by residents and businesses for months should be “virtually eliminated fairly shortly”. He based his assessment on fall and winter’s expected cooler temperatures, which should reduce energy demand, coupled with the installation of BPL’s new 132 megawatts (MW) of additional generation capacity via the Wartsila engines. While many Bahamians and residents are unlikely to share Mr Bannister’s upbeat analysis until it is matched by the on-ground reality, the minister said the stateowned utility monopoly had by last week restored all the
• Bannister: Load shedding ‘eliminated soon’ • Adds: ‘It’s my job to make that happen’ • BPL targets shortfall cease by month-end
DESMOND BANNISTER New Providence communities it had cut-off during flooding associated with Hurricane Dorian. Ministry of Works inspectors were subsequently required to make sure it was safe to restore power to those affected, with the minister expressing hope that BPL’s new generation capacity will “come online within the next three months”. “We’re never going to go through a summer like the one we went through again,” Mr Bannister told Tribune Business in a recent
interview. “This country will never go through that again, and it’s my job to make sure that happens. “We hope there’s going to be a lighter load with the temperature changing; we anticipate the loads will be lighter, and load shedding will be less frequent. Right now, we expect that load shedding will be virtually eliminated fairly shortly. “BPL is preparing for the engines coming in, that are here already, and they should come online in the next three months and
AN ABACO poultry farm yesterday revealed that Hurricane Dorian had inflicted “at least $1m in damages” and “pretty much destroyed” the 100-acre business. Lance Pinder, operations manager at Abaco Big Bird Poultry Farm, told Tribune Business that the restoration of electricity and banking services were critical to enabling his business and others to rebuild as rapidly as possible. He called on the Royal Bahamas Police Force and Defence Force to beef up their presence against looting and other potential criminal activity, revealing that several neighbours in south Abaco had taken to patrolling with guns to deter any threats. “We estimate that we have at least $1m in
whatever additional power it may be looking at. If there are additional needs we will look at additional power. The first order of business is to install these engines, complete the installation.” Mr Bannister’s comments indicate that no immediate solution to New Providence’s energy generation crisis will be forthcoming, with the government placing its faith in a combination of reduced fall/winter demand and the Wartsila engines to reduce and, eventually, end load shedding. However, Paul Maynard, the Bahamas Electrical Workers Union’s (BEWU) president, reiterated to Tribune Business his expectations that load shedding in Nassau and the rest of the island will last until November and the start of the peak winter tourism season with the Thanksgiving holiday. “Put it in your book. It’s
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Yamaha dealer: 70% of Dorian losses from theft By YOURI KEMP
ABACO’S Yamaha dealership yesterday said up to 70 percent of its Hurricane Dorian losses were incurred from the looting of 103 engines worth a collective $1m. Stephen Albury, the Marsh Harbour-based company’s principal, told Tribune Business: “We are looking at about $1.4m to $1.8m in losses in inventory as a result of Hurricane Dorian, with $1m of that estimate being the result of the theft of 103 Yamaha engines between Tuesday and Thursday of last week at our store in Abaco. “We have good information that the bulk of the missing engines may be in the Sandy Point area in the south, and we are currently working with the police - particularly the Central Detective Unit (CDU) in New Providence,” he added. “We had to file a report
• $1m worth of engines looted from firm • Several of stolen 103 since recovered • Proprietor calls for better police guard
DAMAGES at Abaco’s Yamaha dealership. with the CDU in New Providence because the police presence in Abaco is not being co-ordinated properly. Everyone is being allowed in and out of the central area of Marsh Harbour, and no one is setting up checkpoints
in the area to manage the flow of persons in and out.” Mr Albury added: “I’ve been told by the police that they have found a few of the engines, as well as a few of the suspects have been caught, so we’re hoping that
Abaco farm suffers $1m Dorian damage By YOURI KEMP
$4.54
• Poultry producer ‘pretty much destroyed’ • Armed residents patrolling to deter criminals • Inability to insure crops remains big problem damages or more. We are still assessing things now over our 100 acres of property,” Mr Pinder said. “Our farms are pretty much destroyed right now, and there is no access to banking facilities. They need to get a mobile bank or something here as soon as possible. “While you may have access to gasoline from the gas station in Sandy Point, or even access to some dry goods from the store in Sandy Point, you still don’t have any money to buy any of it because there are no banks to get money from.” He argued that “south Abaco should be the staging ground for banking services and commercial activities
now, because Marsh Harbour is totally gone and the south is virtually untouched by the storm when compared to central and north Abaco”. Mr Pinder, however, voiced optimism that South Abaco’s electricity supply can be restored within the next week to ten days, given that this part of the island was less impacted by Dorian’s category five winds and storm surge. Water has only been partially restored, and Mr Pinder added: “Luckily for us our generator survived the storm and we have been able to create clean water from our facilities and at least six pounds of ice a day,
both of which we give away to persons.” “Thus far our freezers are relatively intact. Only one had trouble, but the other three are up and running just fine. Our processing room has significant damage, and it would take many months before we are able to have it back up and running. “We had insurance on our buildings, but no crop insurance, and it is something that we have been battling with the government for years to help us to get sorted out. You simply cannot get crop insurance from the private insurers
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the ones already in custody will talk and that would help us to find the other persons involved in the theft of these engines. “I was told by the police that five of the missing engines were found in a dump truck in the Murphy Town area, as well as a few more that were recovered in the junk yard next to a Bahamas Power and Light (BPL) station.” Mr Albury said the company had also “lost a great deal more” as a result of backhoes and cranes removing debris from around its warehouse. He confirmed that “everything is destroyed” in Marsh Harbour, with the only building left standing being the
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$4.54
Attorneys praise exchange control ‘red carpet roll out’
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ATTORNEYS yesterday praised the Central Bank’s proposal to relax exchange controls on nonresidential real estate deals as “a rolling out of the red carpet that everyone will welcome”. Adrian White, former head of The Bahamas Bar Association’s real estate committee, told Tribune Business that the move would improve this nation’s competitiveness and attractiveness to foreign direct investment (FDI) in the real estate sector. “I think that’s wonderful news,” he said of the reforms, which the Central Bank plans to implement with effect from October 1. “That’s [exchange control approvals] been one of the most significant problems and impediments to what would otherwise be a more positive outlook on the ease of doing business as far as real estate transactions in The Bahamas are concerned. “If you’ve been in the industry, and dealing with what’s been placed on you, this is a rolling out of the red carpet that I think everyone will welcome. It’s very positive news for the country. It shouldn’t be as exciting as it is, and may seem a simple thing to do, but exchange control restrictions and regulations have hampered excitement in the past and have now been lifted.” Sharlyn Smith, the current Bar real estate committee head, told this newspaper the move had the legal profession’s “wholehearted” support as a “win-win” that would boost real estate market efficiency and competitiveness while still preserving the country’s balance of payments objectives and one:one peg with the US dollar. “We support the introduction of anything that improves the administration process in conveyancing matters,” she said. “This step by the Central Bank certainly does that and it improves what’s there now. It allows sales to be completed quicker and
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THE TRIBUNE
BAHA MAR HOSTS TENNIS CUP TO AID DORIAN RELIEF BAHA Mar has teamed with leading Bahamian tennis player, Mark Knowles, and other former tour professionals to host the Baha Mar Cup fundraiser for Hurricane Dorian victims. The event, which will take place from Thursday, November 7, to Sunday, November 10, will also feature tennis greats Andy Roddick, Tommy Haas and James Blake. The Baha Mar Cup will feature a pro-am tournament pitting professional tennis players against fans, and exhibition matches with appearances from surprise celebrities. It also involves Baha Mar’s first official UTR (Universal Tennis Rating) tournament, The Baha Mar Futures
AN AERIAL VIEW OF THE BAHA MAR RESORT PROPERTY
Cup, and other events held throughout Baha Mar Racquet Club’s nine tennis courts, including hard, hartru clay and grass surfaces. All proceeds and winnings from The Baha Mar Cup will go directly to aid Hurricane Dorian’s victims and support the long-term recovery of The Bahamas. “Baha Mar is committed to sustained relief and rebuilding efforts for our neighbouring islands,” said Karin Salinas, Baha Mar’s senior vice-president for marketing. “We are bringing our international network of friends and supporters together at Baha Mar to raise funds, awareness and champion The Bahamas on a global stage.” “I am honoured to share
the beauty and warmth of my country with the world as we come together to help the people of Abaco and Grand Bahama unite to build an even better Bahamas,” said Knowles, Baha Mar Cup tournament host and the former number one doubles player in the world. “I am proud to serve as tournament director of The Baha Mar Cup,” said Tommy Haas, former professional tennis champion with 15 career singles titles. “I first visited Baha Mar in 2017 for The Necker Cup, which Baha Mar held following Hurricane Irma’s damaging passage through Necker Island in British Virgin Islands. Once again, I look forward to playing in The Bahamas for such an important cause.”
AML donates $275k to aid staff, dorian relief AML Foods yesterday said it has donated more than $275,000 to support both Hurricane Dorian relief efforts and its 275 impacted employees in Grand Bahama. The BISX-listed food retail and franchise group said some $200,000 had been allocated to support its staff, with a further $25,000 donated to both The Bahamas Red Cross and National Emergency Management Agency (NEMA). And, through partnerships with international vendors, more than $30,000 in product donations have been received. Through the Red Cross, AML Foods has distributed three containers of ice and two containers of water in Grand Bahama. Another container with baby furniture, diapers, snacks, drinks and other food items is expected to sail in the coming days, along with three containers of fresh produce. A produce container will each be sent to Grand
FROM left: Tiffany Knowles, accountant, NEMA; Renea Bastian, VP media marketing, AML Foods; and Capt Stephen Russell, director, NEMA. Bahama, Abaco and New Providence to assist with the evacuees being housed in shelters. More help is expected over the next few weeks as products are being delivered almost daily to AML Foods’ freight forwarder in Florida. “Our thoughts and prayers remain with the persons impacted by Hurricane Dorian”, said Gavin
Watchorn, AML Foods president and chief executive. “We want to give support and help however we can. “Many of our international vendors have committed to sending supplies and products, and as quickly as items are received in our warehouse in the US we will ship them out so that those persons affected can
get the relief they need.” The food retail and franchise group has also been working to restock and get fresh product and general merchandise into Grand Bahama. “Containers of fresh produce, bread and other perishable items have already begun arriving. We recognise that we have a responsibility to meet the needs of Grand
FROM left: Terez Carey, president, Red Cross Bahamas; and Renea Bastian. Bahamians”, Mr Watchorn said. The company, through its Domino’s brand, has also given support by donating more than 200 pizzas to victims and first responders in both Abaco and Grand Bahama. Both Domino’s Freeport and the Deli in Solomon’s Lucaya is providing the 275 AML Foods employees in Grand Bahama with
daily hot meals. The company has also made it possible for customers to make donations at the registers in their Solomon’s, Solomon’s Fresh Market and Cost Right stores in Nassau, as well as online at www.dominos242.com. For updates on donations and distribution you can visit the company’s website at www. amlfoods.com.
THE TRIBUNE
Tuesday, September 17, 2019, PAGE 3
CONTRACTORS REGISTRAR ATTACKS OWN MINISTER By YOURI KEMP
competition from foreign rivals. This is the second time in just over a month that Mr Archer has become embroiled in a public bustup with senior Ministry of Works colleagues, having called for the resignation of Melanie Roach, director of public works, in early August. Ms Roach, supported by Mr Bannister, swatted away claims by Mr Archer that she gave preferential treatment to unnamed contractors. “I don’t pay attention to what’s out there on social media,” she said. “I don’t want to know what he said, and I’m not interested in what he said. The only response I had is I have been in the Ministry of Works for 28 years and I have never heard such a thing. Never once has my integrity been called into
question. I have never had anybody say anything to me like that. I am a busy woman and I have the people’s work to do.” Mr Archer’s latest outburst further indicates that there is a power struggle behind the scenes at the Ministry of Works, with himself as a central figure. His appointment as registrar of contractors coincided with allegations by Leonard Sands last year that Mr Archer had demanded his resignation as Bahamian Contractors Association (BCA) president. Asked by Tribune Business who had told the BCA Board he needed to be removed, Mr Sands replied: “It is Omar Archer, a political hack. He had no prior idea or knowledge of the BCA beforehand, didn’t know anything about the construction industry
or the Act at all. “He’s going on the last 30 days of knowledge of being in the job, and determined the BCA president must be removed. It’s very dangerous, unprecedented, the way he sought to have a president removed. “The communication the Board had with him was: Don’t call me again until you have his resignation in hand. That’s dictating. The last communication he made was: If it’s not received by 12pm today [yesterday], he will communicate with the press that the construction industry will move forward without the BCA’s contribution. Mr Archer at the time denied Mr Sands’s claims of government/political interference, saying he had no influence over the BCA’s internal workings. “That’s news to me,” he said of the resignation.
FEARS DORIAN WILL SPARK GB CHAMBER TARGETS ‘PLAN EXPANSION OF GOVT SIZE OF ATTACK’ ON DORIAN REVIVAL
(BORCO’s owner), we have already completed our hurricane assessments. There was light damage to our roof domes, as some of the panels came loose. We have already repaired some of those. “There has been no environmental issues to report, no oil spills, and no breach of our tanks in any way. In fact, we are in a better position than we were with the previous Hurricane Irma. What we did do over the weekend is that we closed the terminals, but now they are back up and running. We were just taking extra precaution in waiting for the current tropical weather system, Humberto, to fully pass by.” Mr LaRoda said banking services were available on Grand Bahama, with Commonwealth Bank’s branch in the Seahorse Plaza already open for business. He has been told that Royal Bank of Canada (RBC) plans to open its branch tomorrow. “The Solomon’s Fresh Market in the Seahorse Plaza is open as well as Cost Right, so people have been able to get food and additional supplies if they need it,” the GB Chamber chief said.
“The water pressure is still not reliable in the city in addition to the power in central Freeport not being fully restored, but having the power restored has to go hand-in-hand with electrical flood assessments.... From what I understand everybody in the industrial centre should have power by the end of this week.” Mr LaRoda praised GB Power for doing “a good job thus far” with restoration efforts, and added: “I am aware that most of the industrial sector has power, and everybody who doesn’t should have power this week. Everything should be back to normal after this week in terms of power and water for the industrial sector. “Equinor/Statoil (South Riding Point) took a significant hit, and there is quite a bit of loss on their end. They have been dealing with an oil spill at their facilities. So we are just keeping our eyes on that. But most of the industrial sector has been on back-up power and generators in the meantime if their power has not been restored as yet.”
THE contractors registrar yesterday launched an astonishing attack on his minister by accusing him of “procrastination” and “inaction” over implementing the sector’s self-regulation. Omar Archer told Tribune Business that contractors were asking why Desmond Bannister, minister of works, was “procrastinating in establishing the Contractors Board” that will oversee the Construction Contractors Act 2016. The former controversial social media activist argued that these concerns were shared by members of the Bahamian Contractors’ Association (BCA) and the Moving Forward Contractors Association, who both wanted to “know why the Contractors Board has not been appointed and
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A THINK-TANK executive yesterday voiced concern that Hurricane Dorian will cause a further expansion in government’s size after The Bahamas fell seven spots in an economic freedom index. Rick Lowe, of the Nassau Institute, also expressed concern about “the lack of trust” in government institutions, and warned that this could impede efforts to improve The Bahamas’ standing in the Economic Freedom of the World Index. The index, released by the Nassau Institute in conjunction with the authors, the Canada-based Fraser Institute, showed The Bahamas fell from 51st spot to 58th over the past two years that were assessed due largely to declines in its rating for the “size of government”, legal system and property rights. With The Bahamas ranked 38th as recently as 2010, its slippage in the Economic Freedom of the World Index appears to mirror its recent decline in the World Bank’s “ease of doing business” rankings. Asked about The Bahamas’ prospects for reversing this trend, Mr Lowe replied: “It’s easy enough to switch if they’re willing to put their noses to the grind stone, but now with Dorian the excuse will be to create more government and that will have the opposite effect. “I think we absolutely should be concerned with the decline.... Other countries have been doing what it takes to improve, and its been shown that with more economic
OMAR ARCHER established yet”. “The minister has had ample time to get it done. Why is Desmond Bannister procrastinating on this?” Mr Archer asked. “The Prime Minister gave him a mandate to get it done.” He went further by arguing that, in the wake of Hurricane Dorian, the Contractors Board could lead efforts to rebuild in Abaco and Grand Bahama if it was in place. “They could have led the cleanup efforts, once the Board
freedom people are better off. Look at the countries ahead of us such as Singapore with proper institutions.” He added: “There’s a level of trust, and I don’t think our society has a level of trust. We don’t trust each other, and don’t trust the government. We also need the same level of trust in our institutions, and our institutions don’t deserve that trust at the moment. We need those institutions to do the right thing in order for society to build trust.” The Bahamas ranked 58th out of 162 countries, with its overall ratings dropping from 7.36 to 7.25. Hong Kong and Singapore again top the index, continuing their streak as first and second, respectively. New Zealand, Switzerland, the US, Ireland, UK, Canada, Australia, and Mauritius round out the top ten. The report was prepared by James Gwartney, of Florida State University; Robert A Lawson and Ryan Murphy of Southern Methodist University; and Joshua Hall, West Virginia University. It is based on data from 2017 (the most recent year of available comparable data), and measures the economic freedom - levels of personal choice, ability to enter markets, security of privately owned property, rule of law - by analysing the policies and institutions of 162 countries and territories. The ten lowest-rated countries are: Iraq, Republic of Congo, Egypt, Syria, Democratic Republic of Congo, Angola, Algeria, Sudan, Libya, and Venezuela. Some despotic countries such as North Korea and Cuba can’t be ranked due to lack of data.
had been appointed,” Mr Archer said. “I am very disappointed by his inaction concerning the matter.” The registrar of contractors’ comments drew a terse, dismissive response from Mr Bannister, who told Tribune Business: “I’m focused on addressing matters that are relevant, such as the situation in Abaco and Grand Bahama, not voice notes. Sorry.” Still, Mr Archer persisted by arguing that the current Construction Contractors Act 2016 now has to be amended because the 24-month deadline to appoint the Board following the law’s taking effect lapsed in December 2018. He added that the Board’s absence also meant Bahamians were unable to take control of the multi-billion dollar construction industry, and were vulnerable to
THE Grand Bahama Chamber of Commerce’s president yesterday said he was looking to develop “a plan of attack” for the restoration of commerce as businesses slowly re-open after Dorian. Gregory LaRoda told Tribune Business that the restoration of key utility services - electricity, water and communications - was key to the speed with which the Grand Bahama private sector could rebound in the aftermath of the Category Five storm’s devastation. He identified power, in particular, as a problem since many storm surge-flooded businesses needed to first be inspected by an electrician before the Grand Bahama Power Company (GBPC) could restore service. “There is still no power in downtown Freeport,” Mr LaRoda said. “The main reason why, from what I have been led to understand, is that these businesses need to be assessed by electricians first in order for the Grand Bahama Power Company. “Grand Bahama was hit really hard without question. As of now we’re using social media to reach out and communicate with business owners. As a chamber we’re using this time to make personal assessments. But this week we’ll be using our time as a chamber to make contact with all businesses as a unit. “We need to get out there to meet with SMEs to see what is the extent of their damages, and what their direct needs are. The difficulty with touching base with persons has been that the telecommunications is still poor, and there has been a lot of flooding along with some
businesses still being closed.” Mr LaRoda added that the GB Chamber was working closely with the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) in Nassau to see what sort of relief assistance the two bodies can collaborate on for the private sector. “Jeffrey Beckles, the New Providence Chamber’s executive director, is supposed to come in for a visit this week some time,” Mr LaRoda said. “We don’t have a specific plan of attack yet, but this is something we will discuss with our chamber partners in New Providence to see what’s best moving forward for all businesses - those in both the bonded area under the jurisdiction of the Grand Bahama Port Authority (GBPA), and those businesses outside of it that are under the jurisdiction of the central government in New Providence.” Mr LaRoda continued: “As for the company I work for, Buckeye Partners
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THE TRIBUNE
Attorney has ‘nil’ chance to defeat bankruptcy ruling FROM PAGE ONE the time and place of service, and therefore up held the adjudication Order that affirmed Mr Boodle’s bankruptcy. Sir Michael Barnett, in a unanimous verdict supported by his two fellow Court of Appeal justices, said it was “unfortunate” that Justice Hilton confined the hearing to whether the attorney was properly served as his pleadings “did raise other issues concerning the validity of the judgment debt, and whether it could form the basis of a debtor summons”. Finding that this was “an error” by the Supreme Court judge, Sir Michael said the Court of Appeal had considered whether the matter should be sent back to the lower court for a new hearing. However, he argued that this “would be an unwise use of judicial time” as the Court of Appeal had the power to decide whether the bankruptcy order should be overturned. Turning to the other arguments advanced by Mr Boodle and his attorneys, Sir Michael said his argument that the bankruptcy order was “irregular” because it was filed without leave and “in default of appearance” was “factually incorrect”. Pointing out that the bankruptcy Order was instead obtained after Mr Boodle failed to file a defence, Sir Michael wrote: “There is nothing in our Rules which required the respondent [Ms Valrejean] to obtain leave before entering the default judgment. “Moreover, after the judgment was entered, the appellant [Mr Boodle] - knowing of its existence did not apply to set it aside and agreed that the interlocutory default judgment for damages to be assessed should be agreed in the sum of $37,000.” The Court of Appeal added: “The appellant asserts that he instructed his attorney to apply to set it aside. There is only his averment made after the adjudication Order and, if correct, may give him a claim against
his former attorney. “However, unless and until it was set aside he was obliged to comply with the judgment. Given that he was aware of the bankruptcy proceedings as the judge has found, that would not be a basis for the court to exercise its discretion to set aside or annul the adjudication Order.” Sir Michael also rejected the argument that the proceedings violated the Bankruptcy Act because the judgment was obtained against “Richard Boodle trading as Richard L Boodle & Company”, whereas the proceedings were brought against him personally. The Court of Appeal ruled that this was “without merit” because Mr Boodle’s law firm, which court documents listed as being based at Columbus House at the junction of Nassau’s East and Shirley Streets, was “not a separate legal entity”. The Court of Appeal also rejected arguments by the attorney, who was said to live at Port Del Mar in eastern New Providence, that the bankruptcy proceedings were full “of defects and irregularities” that had created a “substantial injustice”. Sir Michael, though, concluded that there was “no basis” for such a complaint because Mr Boodle’s debt was not “disputed” - since he had agreed the amount owed, and never sought to set it aside. “The appellant is a counsel and attorney of this court,” Sir Michael ruled. “With knowledge of the debtor summons he failed to apply to set it aside. With knowledge of the bankruptcy proceedings he did not take any steps to set aside the judgment or assert any defence to the petition. “It is only after he was served with the adjudication Order that he [leapt] into action with the false claim that he was not served with the papers and was unaware of the proceedings. “The court’s power to annul is a discretionary power. This is not a case in which it would be appropriate to exercise that power... The prospects of a successful appeal are nil.”
Abaco farm suffers $1m Dorian damage FROM PAGE ONE unless the government is involved or supports it in some way,” Mr Pinder continued. “Our avocado farms are totally gone, and our lime groves are totally wiped out. I estimate out of the 15 acres we had, only ten percent of the trees are sparsely left standing. We also have been giving people chickens because an issue came up as a result of people who may be experiencing protein deficiency, a doctor stationed on Abaco from a foreign aid group
told one of my neighbours. It’s only so far Vienna sausages and grits can take you.” Mr Pinder revealed that safety and security remained major issues for remaining Abaco residents amid fears of looting. “We have resorted to a few of our neighbours patrolling the south Abaco area with guns to keep us safe because we were worried that the looting would spread,” he added. “After a few complaints to the police, we have seen a little more police presence now than we saw last week and right after
He added that, with the help of Abaco’s fire truck, the farm had supplied the World Food Programme with 2,000 gallons of water to assist the preparation of meals for persons in Marsh Harbour and the surrounding areas. Asked by Tribune Business if there were any viable docking facilities in south Abaco, Mr Pinder replied: “Boats have only been coming in through Marsh Harbour.” He explained that Sandy Point has a small dock, but it is not a protected harbour and only viable for small pleasure craft.
Yamaha dealer: 70% of Dorian losses from theft
MORE photos of damages at Abaco’s Yamaha dealership.
FROM PAGE ONE Maxwell’s supermarket. However, Mr Albury said all his staff and family members are
COMMONWEALTH OF THE BAHAMAS
accounted for and safe. “What I would like is for the communities in Abaco to come together as a group, and allow the foreign aid groups stationed on the cays
to assist with rebuilding. We can’t sit around and wait for the government to rebuild Abaco, as it would simply just take too long,” he added. “What we also have to
keep mindful of is that many of the people in Dundas Town and Murphy Town have no insurance coverage for their businesses, so we must come together.”
To advertise in The Tribune, contact 502-2394 2016
IN THE SUPREME COURT
CLE/gen/01653
Common Law & Equity Division
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law & Equity Division BETWEEN
BETWEEN
2015 CLE/gen/00633 SUNSHINE FINANCE LTD. AND
SUNSHINE FINANCE LTD. AND SEATON FERGUSON AND SOPHIA FERGUSON
SUMMONS
MAGNUS OBIAGWU
Plaintiff
AND NELLIE OBIAGWU AND
First Defendant
FRANKLYN ROBINSON AND
Second Defendant
LET ALL PARTIES concerned attend before the Assistant Registrar Turner of the Supreme Court in Chambers, Ansbacher Building, East Street North, Nassau, Bahamas on Wednesday the 2nd day of October, A.D., 2019 at 11:00 o’clock in the fore- noon or soon thereafter as Counsel may be heard on an application on behalf of the Plaintiff pursuant to Order 73 Rule 3(1) of the Rules of Supreme Court and/or under the inherent jurisdiction of the Court that the Plaintiff be at liberty to enter Judgment in Default of Appearance and/or Judgment in Default of Defence against the Defendants for the following:1. The outstanding loan principal balance of $8,259.55 as at June 28th, 2019; 2. The outstanding interest balance of $4,577.69 as at June 28th , 2019; 3. The outstanding value added tax balance of $24.71 as at June 28th , 2019; 4. Further interest to accrue at the contractual rate of 12.75% per annum until judgment granted or payment in full; 5. Statutory interest to accrue at 6.25% on the total judgment sum from the date of judgment; 6. Alternatively damages; 7. Further or other relief as the Court may deem just.
PATRICK DEMERITTE
SUMMONS
Dated the 2nd day of July A.D., 2019 BY ORDER OF THE COURT
BY ORDER OF THE COURT REGISTRAR
To: Magnus Obigwu Nassau, The Bahamas
REGISTRAR
Nellie Obiagwu Nassau, The Bahamas Franklyn Robinson Nassau, The Bahamas
To: Sophia Ferguson Nassau, The Bahamas
Patrick Demeritte Nassau, The Bahamas
SHARON WILSON & CO. Chambers Delvest House Shirley Street East at Highland Terrace Nassau, Bahamas Attorneys for the Plaintiff
Plaintiff
First Defendant
Second Defendant
Third Defendant
Fourth Defendant
LET ALL PARTIES concerned attend before the Assistant Registrar Turner of the Supreme Court in Chambers, Ansbacher Building, East Street North, Nassau, Bahamas on Wednesday the 2nd day of October, A.D., 2019 at 11:00 o’clock in the fore - noon or soon thereafter as Counsel may be heard on an application on behalf of the Plaintiff pursuant to Order 73 Rule 3(1) of the Rules of Supreme Court and/or under the inherent jurisdiction of the Court that the Plaintiff be at liberty to enter Judgment in Default of Appearance and/or Judgment in Default of Defence against the Defendants for the following:1. The outstanding loan principal balance of $21,935.98 as at July 2nd, 2019; 2. The outstanding interest balance of $17,820.40 July 2nd, 2019; 3. The outstanding value added tax balance of $817.60 July 2nd, 2019; 4. Further interest to accrue at the contractual rate of 12.7.5% per annum until judgment granted or payment in full; 5. Statutory interest to accrue at 6.25% on the total judgment sum from the date of judgment; 6. Alternatively damages; 7. Further or other relief as the Court may deem just.
Dated the 28th day of June A.D., 2019
To: Seaton Ferguson Nassau, The Bahamas
the storm. But it’s still not enough, and they have to do more to ensure the safety and security for the residents.” The Abaco Big Bird manager said the only store open on Abaco has solely dry goods, with his farm possessing the only functioning refrigeration unit on the island “as far as we know”. “Some food stuff has been able to trickle in from the foreign aid groups, but we have seen nothing from NEMA. There is still nowhere to get anything fresh,” Mr Pinder complained.
SHARON WILSON & CO. Chambers Delvest House Shirley Street East at Highland Terrace Nassau, Bahamas Attorneys for the Plaintiff
THE TRIBUNE
Minister: ‘We’ll not be at BPL’s mercy again’
BPL HEADQUARTERS
FROM PAGE ONE load shedding until November,” Mr Maynard told Tribune Business. “I told you they were going to be doing it all summer. Every day now it’s the same thing. It is what it is.” Much now depends on how quickly the Wartsila engines can be installed, tested and brought online, with Mr Maynard among those sceptical that the December deadline for completing this will be met. The devastation inflicted by Hurricane Dorian on Abaco and Grand Bahama has caused some distraction from the daily misery inflicted by BPL on New Providence households and the private sector, although the utility’s struggles are unlikely to be forgotten - especially as they might continue for some months to come. Mr Bannister told Tribune Business that Dorian-related flooding, as New Providence caught the storm’s outer tropical stormforce winds and rain bands, resulted in several communities being disconnected from the BPL grid as a safeguard against electrocution and other hazards. “There was extensive flooding throughout New Providence,” the minister recalled of the storm’s early September passage. “In some of the areas within my constituency there was 18 inches of water. It impacted many, many communities
and BPL had challenges as a result with the provision of power. “People were asking BPL to disconnect the power in many of those areas. They did so because there were fears that water would reach so high in people’s homes that electricity could become a hazard. “And with many of those consumers BPL disconnected, to reconnect power they had to do a thorough inspection to ensure lines were not down. Where they were they had to get Ministry of Works inspectors in to check everything was OK before they turned the power on. All of New Providence is back on now.” BPL, which had previously suggested New Providence’s energy generation capacity shortfall would be resolved by end-August/ early September, last night set late September as the new timeline for restoring 44 MW at its Blue Hills power plant to service. The utility, which is continuing to focus on two generation units, said the replacement diesel starting engine for the first turbine - which can produce a maximum 23 MW - had arrived yesterday and should be installed by mid-week. This, BPL added, will enable it to restart the unit and its testing, with the state-owned monopoly voicing hope that it could be back in service by the final week in September. As for the other 21 MW unit, BPL said two
generator specialists had arrived yesterday to help with “continued troubleshooting” of the interface with the diesel engine. This will further analysis of the vibration issue preventing this unit from going to full power supply, with September 25 tentatively set as the date for completion depending on the pace of progress. “We continue to concentrate efforts on these two units at Blue Hills power station because together they have a total output of 44 MW, which more than makes up the generation deficit we face during peak energy consumption hours. That generation deficit is what has led to the heavy load shedding,” BPL confirmed. The present reality is that BPL still faces an estimated 30 MW generation capacity shortfall compared to yesterday’s 22.2 MW “gap”, which will necessitate continued three-hour load shedding should consumer demand hit expectations. “Our current availability is 212.8 MW against an expected day peak of 230 MW and an expected evening peak of 235 MW,” BPL added. Almost half its New Providence generation capacity continues to be provided by 105 MW of rental supply from Aggreko. Whitney Heastie, BPL’s chief executive, admitted last month that the utility had given itself a wafer-thin margin to meet New Providence’s 250 MW peak
summer demand with only 270-280 MW of generation available. While he argued that the extent of the failure at the Blue Hills power plant, which resulted in three generation units being lost simultaneously, could not have been predicted, Mr Heastie also admitted that some of BPL’s aged infrastructure was at least 30 to 40 years-old - a factor that suggested regular maintenance/repairs would be required. Mr Heastie confessed that BPL knew it was “walking a tightrope” for summer 2019, which many observers will interpret as an admission that BPL failed to adequately plan for summer demand and all possible scenarios. With the loss of 70 MW in generation capacity at Blue Hills, the BPL chief executive admitted then that the utility only currently has 210 MW of generation capacity to meet 250 MW peak demand in the Bahamian capital. He also admitted that BPL’s “decaying” generation fleet contains equipment where parts cannot be procured and have to be obtained exclusively from manufacturers. thereby making engine breakdowns and off-line maintenance a near 100 percent certainty. Mr Heastie said the energy monopoly is “on the edge, on the cliff” virtually every day.
Tuesday, September 17, 2019, PAGE 5
Attorneys praise exchange control ‘red carpet roll out’ FROM PAGE ONE we support it wholeheartedly. “It reduces costs somewhat and reduces the steps. It can help position the international market to view The Bahamas as an easy place to do business where your transaction can be completed with less bureaucracy, which will support the ease of doing business.” Noting that the Central Bank’s latest planned exchange control liberalisation will not undermine the fixed peg exchange rate regime, Ms Smith added: “It can be done while preserving everything The Bahamas has to preserve. “It’s a win-win while maintaining what the Central Bank is interested in maintaining and the Investments Board approval regime. There’s no concern about the floodgates being opened. This is just an improvement in the administrative process, and everyone supports that. It doesn’t jeopardise any of the principles that are important.” The Central Bank, in a four-page document outlining its liberalisation rationale, admitted that the current requirement to obtain Central Bank exchange control approval for real estate transactions involving expatriates had created “a very regimented process”. Under the proposed changes, foreshadowed this summer by governor John Rolle, no applications to the Central Bank for approval of “any aspect” of residential real estate deals will be required. Foreign purchasers will automatically inherit “approved investment status” on completion of such transactions, with the sale of shares in companies that hold real estate also enjoying the exemption from exchange control approvals.
While foreign real estate developers will still need to obtain exchange control approvals at the initial stages of their projects, subsequent sales of subdivided units or constructed homes will also be free from such requirements. And the Central Bank is planning to delegate the authority to convert Bahamian dollar proceeds from real estate sales to foreign currency, ahead of their repatriation to the foreign seller, to the Bahamian commercial banks once evidence is supplied that the vendor is non-resident. Describing the moves as “really positive news for the real estate industry in The Bahamas in terms of the second home market”, Mr White said the sector seemed to have seen an increase in “the duplication of due diligence requirements” imposed on attorneys and their clients in recent months. He added that the banks, in particular, had been asking for more information on overseas buyers and their source of funds even though professions such as attorneys and realtors were covered by the Financial Transactions Reporting Act and overseen in this area by the Compliance Commission. Mr White said this all added up to attorneys, realtors, banks, the Investments Board and the Central Bank conducting similar due diligence on the same persons, resulting in a major duplication of effort and paperwork that generates unnecessary bureaucracy and red tape. Now, with the Central Bank stepping out of the way, Mr White said investor clients could be informed that “one of the more significant hurdles - not so much with closing, but getting funds to clients from the sale and out of attorneys’ accounts” - had been eliminated.
THE TRIBUNE
Tuesday, September 17, 2019, PAGE 7
Oil prices jump as attack on Saudi plant jolts supply By CATHY BUSSEWITZ Associated Press GLOBAL energy prices spiked yesterday by 15% after a weekend attack on key oil facilities in Saudi Arabia caused the worst disruption to world supplies on record. It was an increase on par with the 1991 Gulf War and analysts said heightened tensions in the Middle East could keep prices elevated for the foreseeable future. The wider economic fallout will depend on just how long the Saudi supply disruption lasts. The attack on the country’s largest oil processing plant disrupted more than half of its daily exports, halting 5% of world crude oil output. It followed a string of other attacks in the Persian Gulf, which threatened global oil supplies and stirred tensions in the region. But the scope of the most recent incident was more severe. That’s especially worrying for oilthirsty Asia, where China, Japan, South Korea and India are major customers of Saudi oil. “What got hit is really important and serious, and this is not going to be a ‘We’re fixing it in two days’ kind of thing,” said Amy Myers Jaffe, senior fellow at the Council for Foreign Relations. “It’s the difference between my stabbing you in the leg or the shoulder, versus stabbing you in the neck.” Oil prices spiked 15% at various points yesterday after the disruption to a market that was already constrained due to supply disruptions in Venezuela and elsewhere. Crude was up more than $8 per barrel by midday trading, to about $63, and Brent picked up more than $9 per barrel, to $69. The Associated Press explains the far-reaching impact of the attack on the global economy. THE US AND ASIA’S RELIANCE ON MIDEAST OIL
Asia is the biggest consumer of Persian Gulf oil, absorbing three-quarters of the oil that travelled out of the region last year. Saudi Arabia provides about a fifth of China’s crude imports, more than 37% of Japan’s and almost a third of South Korea’s. And while oil production in the US is booming and its reliance on imports is waning, the US still needs oil from Saudi Arabia. The US produced a record-high 375 million barrels per month in May, while its imports of Persian Gulf oil fell from 96.7 million barrels per month in 2001 to 28.4 million barrels in April 2019, according to the US Energy Information Administration. All the extra US oil is boosting the world’s oil supply and helping to soften the impact of lost production in Venezuela and Iran, which are unable to supply the US due to sanctions, and Libya, where political unrest has cut production. But the added US oil is not enough to replace what could potentially be lost if there are further disruptions in the Middle East, and it also is not the type of crude oil everyone wants. Most of the new oil produced in the US is light and sweet, which is low in sulfur. But many oil refineries along the US Gulf Coast are designed to process heavy crude oil. In some cases, it’s cheaper for US oil producers to ship light, sweet crude to Europe than to ship it to US refineries in the Northeast. The US still imports a hefty amount of oil, and in 2018 it brought in 2.34 million barrels of oil per day, representing 11% of the petroleum consumed in the country. HIGHER OIL PRICES IMPACT GLOBAL ECONOMY The oil price spike comes at a risky time for the US economy. Businesses have already reduced their investment spending as the US-China trade war has raised costs and uncertainty, and the slowing global
economy has cut into US exports. Yet higher oil prices, which typically push up gasoline costs, erode Americans’ spending power. That could weigh on growth at a time when hiring is also slowing down and consumers may face higher prices from new tariffs on Chinese imports. “One of the biggest factors playing into our current economic outlook is uncertainty,” said Beth Ann Bovino, US chief economist at S&P Global Ratings. “Higher oil prices may be just one more nail in the coffin for this US expansion.” Still, most economists forecast that the direct impact on the US and other advanced economies will likely be small, particularly if the damage is quickly repaired. Modern economies are more energyefficient than a generation or two ago, so higher gas prices don’t have as big an impact. And in the United States, now the largest oil producer in the world, higher prices actually carry a benefit. With revenue rising, oil drillers can hire more workers, build more rigs, and expand production. AIRLINES FEEL THE PAIN Airlines are big consumers of fuel, and their shares fell yesterday after the attacks on Saudi oil facilities. Jet fuel is the biggest variable cost at airlines — accounting for about one-fifth of operating costs — and is second only to labour among all expenses. American Airlines shares were down 5% in early afternoon trading, while Delta Air Lines, United Airlines and JetBlue Airways were lower by nearly 3%. Airlines counter rising fuel prices by raising fares, but that usually takes time. “The airlines will not be able to quickly absorb the spike in oil prices,” said Cowen airlines analyst Helane Becker. Since the third quarter is nearly over, she said, the impact will be more significant in the fourth quarter and beyond if oil prices remain elevated. Mark Zandi, chief economist at Moody’s Analytics, said the impact on the US economy over the next 12-18 months would be “largely a wash”, after an initial hit to consumers was offset by the benefits to oil producers. TAPPING INTO RESERVES When a major disruption to oil supply happens, countries can act together — coordinating through the International Energy Agency — or alone when considering releasing oil from their strategic reserves. There have been three times that countries acted together to release oil from
STORAGE tanks are seen at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia, on Sunday. The weekend drone attack in Buqyaq on one of the world’s largest crude oil processing plants that dramatically cut into global oil supplies is the most visible sign yet of how Aramco’s stability and security is directly linked to that of its owner -- the Saudi government and its ruling family. Photo: Amr Nabil/AP
COMMONWEALTH OF THE BAHAMAS
their reserves, including during the lead-up to the Gulf War in 1991, after oil infrastructure was damaged by Hurricanes Katrina and Rita in 2005 and after a prolonged disruption of Libyan oil supply in 2011. “Countries are looking to see how long the repairs are going to take and how big the disruption is going to be in terms of what can be restored and can’t be restored quickly,” Jaffe said.
2017
IN THE SUPREME COURT
CLE/gen/00929
Common Law & Equity Division BETWEEN
SUNSHINE FINANCE LTD. AND SHANNA STUBBS
Plaintiff
First Defendant
SUMMONS LET ALL PARTIES concerned attend before the Assistant Registrar Turner of the Supreme Court in Chambers, Ansbacher Building, East Street North, Nassau, Bahamas on Wednesday the 2nd day of October, A.D., 2019 at 11:00 o’clock in the fore - noon or soon thereafter as Counsel may be heard on an application on behalf of the Plaintiff pursuant to Order 73 Rule 3(1) of the Rules of Supreme Court and/or under the inherent jurisdiction of the Court that the Plaintiff be at liberty to enter Judgment in Default of Appearance and/or Judgment in Default of Defence against the Defendant for the following:1. The outstanding loan principal balance of $6,607.17 as at July 2nd, 2019; 2. The outstanding interest balance of $4,071.74 as at July 2nd, 2019; 3. The outstanding value added tax balance of $73.56 July 2nd, 2019; 4. Further interest to accrue at the contractual rate of 16% per annum until judgment granted or payment in full; 5. Statutory interest to accrue at 6.25% on the total judgment sum from the date of judgment; 6. Alternatively damages; 7. Further or other relief as the Court may deem just. Dated the 2rd day of July A.D., 2019 BY ORDER OF THE COURT REGISTRAR To: Shanna Stubbs Nassau, The Bahamas SHARON WILSON & CO. Chambers Delvest House Shirley Street East at Highland Terrace Nassau, Bahamas Attorneys for the Plaintiff
PAGE 8, Tuesday, September 17, 2019
THE TRIBUNE
WITH TRUMP TRADE WAR A THREAT, FED IS SET TO CUT RATES AGAIN WASHINGTON Associated Press FOR a second straight time, the Federal Reserve is set to cut interest rates this week to try to protect the economy from the consequences of a global slowdown and President Donald Trump’s trade war with China. After that, no one — not
even the Fed itself — seems sure what it will do. The economic landscape looks too hazy and vulnerable to unexpected events, like oil price spikes resulting from the weekend attack on Saudi Arabia’s oil production facilities. Among the key questions: Will Trump achieve at least a truce in his conflict with China and diminish a threat overhanging the US
JEROME POWELL
COMMONWEALTH OF THE BAHAMAS
economy? Will Britain avoid a disruptive exit from the European Union that would destabilise the global economy? Is US inflation, dormant for years, finally starting to reach the level the Fed has long targeted? Could a surge in oil prices even send inflation to heights that would make the Fed uncomfortable about cutting rates? Or would higher energy prices make the officials more fearful of a global downturn and so more inclined to cut rates? The answers to those uncertainties will influence the Fed’s decisions in the coming months on whether it needs to keep reducing borrowing rates to try to help sustain the US economic expansion now in its 11th year. It might not matter much in any case. With rates already ultra-low, few economists think a further modest drop in borrowing costs would provide much economic stimulus. Still, the financial markets are anticipating not only a quarter-point rate cut tomorrow when the Fed ends its latest policy meeting but one or more additional cuts later this year. Since the Fed’s last meeting ended July 31, the markets have endured a tumultuous ride. On that day, it announced its first rate cut in more than a decade — since the eruption of the financial crisis in 2008. In explaining its move to cut its key short-term rate to a range of 2% to 2.25%, the Fed cited the weakening international economy, uncertainties heightened by Trump’s trade fights and chronically low inflation. It cast its action as a preemptive move to sustain the expansion. Yet the very next day, Trump sent markets plunging when he announced a new round of penalty tariffs against China. Around the same time, he also stepped up his public attacks on the Fed and on Chairman Jerome Powell personally. By the time Powell addressed an
2016
IN THE SUPREME COURT
CLE/gen/00858
Common Law & Equity Division BETWEEN SUNSHINE FINANCE LTD.
Plaintiff
AND DWAYNE EDDISON SMITH
Defendant
SUMMONS LET ALL PARTIES concerned attend before the Assistant Registrar Turner of the Supreme Court in Chambers, Ansbacher Building, East Street North, Nassau, Bahamas on Wednesday the 2nd day of October, A.D., 2019 at 11:00 o’clock in the fore - noon or soon thereafter as Counsel may be heard on an application on behalf of the Plaintiff pursuant to Order 73 Rule 3(1) of the Rules of Supreme Court and/or under the inherent jurisdiction of the Court that the Plaintiff be at liberty to enter Judgment in Default of Appearance and/or Judgment in Default of Defence against the Defendant for the following:1. The outstanding loan principal balance of $8,708.22 as at July 2nd, 2019; 2. The outstanding interest balance of $5,992.94 as at July 2nd, 2019; 3. The outstanding value added tax balance of $92.35 July 2nd, 2019; 4. Further interest to accrue at the contractual rate of 16% per annum until judgment granted or payment in full; 5. Statutory interest to accrue at 6.25% on the total judgment sum from the date of judgment; 6. Alternatively damages; 7. Further or other relief as the Court may deem just. Dated the 2rd day of July A.D., 2019 BY ORDER OF THE COURT REGISTRAR To: Dwayne Eddison Smith Nassau, The Bahamas SHARON WILSON & CO. Chambers Delvest House Shirley Street East at Highland Terrace Nassau, Bahamas Attorneys for the Plaintiff
MARKET REPORT www.bisxbahamas.com
(242) 323-2330
MONDAY, 16 SEPTEMBER 2019
(242) 323-2320
ALL SHARE INDEX: CLOSE: 2,176.21 | CHG: 1.31 | %CHG: 0.06 | YTD: 66.76 | YTD%: 3.16 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 20.91 7.00 5.92 2.60 2.00 5.47 11.75 6.17 4.64 12.40 2.81 2.90 10.00 7.35 16.00 9.30 3.65 14.20
52WK LOW 3.50 19.17 4.90 4.46 1.00 0.19 2.00 9.17 6.15 3.60 6.75 2.35 1.75 7.51 6.10 12.00 6.20 3.01 13.00
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 Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ
1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Class A Focol Class B
CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB
PREFERENCE SHARES
1.00 10.00 1.00
1.00 10.00 1.00
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00
52WK LOW 100.00
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
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
52WK HI 2.25 4.31 2.06 191.61 158.55 1.63 1.77 1.71 1.17 7.89 9.35 6.80 11.39 12.15 10.63 10.00 8.69 11.79
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.56 1.68 1.65 1.09 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
SECURITY Fidelity Bank Note 22 (Series B) +
SYMBOL FBB22
Bahamas Note 6.95 (2029) 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 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing)
MUTUAL FUNDS
MARKET TERMS
LAST CLOSE 4.10 17.43 6.00 5.92 2.46 1.80 4.70 11.06 6.16 4.06 7.50 3.04 2.90 10.37 7.00 16.00 9.20 3.35 14.20
CLOSE 4.10 17.43 6.00 5.92 2.46 1.80 4.70 11.06 6.16 4.07 7.50 2.98 2.90 10.42 7.00 16.00 9.20 3.35 14.20
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 -0.06 0.00 0.05 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 10.00 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
LAST SALE 100.00
CLOSE 100.00
CHANGE 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
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 Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
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
VOLUME
20,621
645
VOLUME
NAV 2.25 4.31 2.06 191.61 158.33 1.63 1.77 1.71 1.17 7.89 9.35 6.80 11.39 12.15 10.63 9.92 8.68 11.38
EPS$ 0.239 0.932 1.760 0.369 0.070 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.000 0.728 0.816 0.939 0.203 0.631
DIV$ 0.160 1.260 0.000 0.250 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.068 0.060 0.328 0.240 0.540 0.200 0.120 0.610
0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000
P/E 17.2 18.7 N/M 16.0 N/M N/M -10.7 15.3 13.7 22.1 53.6 29.2 6.2 N/M 9.6 19.6 9.8 16.5 22.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0
YIELD 3.90% 7.23% 0.00% 4.22% 0.00% 1.11% 0.00% 6.51% 3.57% 2.95% 0.00% 2.28% 2.07% 3.15% 3.43% 3.38% 2.17% 3.58% 4.30% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75%
MATURITY 19-Oct-2022
6.95% 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 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% 2.15% 3.88% 1.61% 4.11% 1.53% 2.74% 3.85% 6.28% 7.12% 2.08% 1.91% 4.55% 1.45% 4.30% 1.67% 4.21% 4.75% 7.44% 5.53% 8.48% 8.12% 12.28% 3.03% 4.85% 9.83% 0.60% 3.92% 3.72% 2.47% 3.16% -0.71% 0.16% 7.40% 2.70% 10.20% 1.30%
NAV Date 31-Jul-2019 31-Jul-2019 26-Jul-2019 30-Jun-2019 30-Jun-2019 31-May-2019 31-May-2019 31-May-2019 31-May-2019 31-Jul-2019 31-Jul-2019 31-Jul-2019 31-Jul-2019 31-Jul-2019 31-Jul-2019 30-Mar-2019 30-Mar-2019 30-Mar-2019
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 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
annual Fed conference in Jackson Hole, Wyoming, in late August, Trump was tweeting that the man he had chosen to lead America’s central bank was an “enemy” of the United States to rival China’s President Xi Jinping. Trump’s sniping at the Powell Fed hasn’t let up. He has demanded larger and larger rate cuts. Last week, he insisted that the Fed should cut its benchmark rate to zero — or below, as the European Central Bank has done. Nearly all economists outside the administration view that idea as unwise if not reckless. Negative rates tend to reflect severe economic weakness — something not characteristic of the US economy, with its slow but steady growth, solid consumer spending and an unemployment rate near a half-century low. The most serious threat to the expansion is widely seen as Trump’s own trade war. The increased import taxes he has imposed on goods from China and Europe — and the counter-tariffs other nations have imposed on US exports — have hurt American companies and paralysed plans for investment and expansion. And despite Trump’s insistence that the Fed aggressively slash what are already historically low interest rates, few businesses feel that borrowing rates are too high or that they can’t obtain loans. “When we talk to our businesses — and it doesn’t matter the sector, it doesn’t matter the size, it doesn’t matter their geographic location — what’s driving their concern is uncertainty in the policymaking process, especially with respect to tariffs,” said Neil Bradley, executive vice president of the US Chamber of Commerce. In recent days, the Trump administration and Beijing have acted to de-escalate tensions before a new round of trade talks planned for October in Washington. Yet most analysts foresee no significant agreement emerging this fall in the conflict, which is fundamentally over Beijing’s aggressive drive to supplant America’s technological dominance. Balanced against a possible truce in the trade war are events that could undercut the economy, from a strike at General Motors to the attack that has temporarily reduced Saudi Arabia’s oil production. The Trump administration says
Iran is behind the attack, raising already high USIran tensions. So far, most economists say the temporary loss of Saudi production won’t end up hurting the US economy, primarily because there remains plenty of global supply. “Higher oil prices are not the big economic deal that they have been in decades past,” said Mark Zandi, chief economist at Moody’s Analytics. “I suspect the Fed will look through the Saudi attack and will stick to their script of delivering a rate cut this week.” Tomorrow, in addition to announcing its decision on rates, the Fed’s policymakers will update their forecasts for economic growth, unemployment, inflation and interest rates over the next three years. Powell will also hold a news conference. The case for a rate cut is by no means overwhelming. The job market is essentially healthy, and wages are rising. Last week, the government reported that retail sales rose in August. An index of consumer sentiment produced by the University of Michigan has rebounded. In addition, inflation, which has run chronically below the Fed’s 2% target rate for years, may be picking up. The government said core consumer prices, excluding the volatile sectors of energy and food, rose 2.4% over the past 12 months — the fastest such pace in more than a year. If the Fed’s policymakers conclude that inflation will sustain a faster pace, it might give them pause about cutting rates much further. Still, the course of the trade war, along with other unknowns like the outcome of Brexit, will likely be the biggest factor in the Fed’s decision-making. “They have to react to policies that can change with the speed of a tweet,” said Diane Swonk, chief economist at accounting firm Grant Thornton. Yesterday, Trump linked the oil attack and the Fed’s rate decision, saying that after “the oil hit”, the economy needs “Big Interest Rate Drop, Stimulus!” But some analysts think the Fed might react to Trump’s rising demands for steep rate cuts by making explicitly clear that it’s keeping its focus on the economy.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, PRISCILLA STUART of Palm Beach Street, Englerston, New Providence intend to change my name by Deed Poll to EVELYN PRISCILLA STUART. If there are any objections to the 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 this publication notice.
NOTICE
NOTICE is hereby given that KENOL AGUET of Wulff 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 twenty-eight days from the 10th day of September, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE NOTICE is hereby given that SHERENE DANIEL of 3rd Street, Coconut Grove, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 10th day of September, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.