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THURSDAY, OCTOBER 5, 2017
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REALTOR FEAR ON 50% PERMANENT RESIDENCY RISE By NATARIO McKENZIE Tribune Business Reporter and NEIL HARTNELL Tribune Business Editor REALTORS last night described the Government’s revised plans to increase the permanent residency threshold by 50 per cent, from $500,000 to $750,000, as “bad news” and something to “head off”. Brent Symonette, minister of financial services, yesterday told the Nassau Conference that while the Minnis administration would not go as far as its predecessor, which wanted to raise the bar to $1 million, it was still planning reform. He said: “On the issue of permanent residency, I think we have agreed to take that bar from $500,000 to $750,000 for the right of applying.” He added See PG B11
Govt plans threshold raise to $750k Warned: ‘We’re not only game in town’ Minister talks Bar, registry exchange control
A 28 per cent decline in per tourist spending yields since 2000 has resulted in “no growth” this century in the Bahamas’ largest industry, the Minister of Tourism revealed yesterday. Dionisio D’Aguilar told the House of Assembly that the decline in per capita visitor spending had offset the increased arrivals volume, resulting in a flat-lining of the sector’s economic impact since the turn of the millennium. “Visitor arrivals have grown by 48 per cent or two million persons since 2000, from 4.1 million to six million,” Mr D’Aguilar said, “but the average spend per visitor has declined 28 per
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Sir Franklyn: Homeowner Protect Act ‘a real disaster’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ARAWAK Homes chairman yesterday urged the Government to “urgently review” the Homeowners Protection Act, branding it “a real disaster” for the Bahamas’ struggling mortgage market. Sir Franklyn Wilson, a well-known Progressive Liberal Party (PLP) supporter, criticised the Christie administration for “unnecessarily rushing” the Act into law so it could meet a 2012 manifesto promise prior to the May 10 general election.
Criticises PLP for ‘unnecessary rush’ into law Urges ‘urgent review’ of ‘drastic’ mortgage impact Banks, realtors brought law upon themselves He argued that it imposed overly-burdensome restrictions on what banks and other mortgage lenders “can and cannot do” in
SIR FRANKLYN WILSON relation to their distressed properties, and introduced concepts and definitions that were unworkable in practice.
In particular, Sir Franklyn said the requirement that delinquent real estate assets be sold at ‘market value’ was unduly subjective, given that a single property could attract five different appraisal values from five different appraisers. In addition, the Act prevents mortgage lenders from selling distressed homes to relatives of their staff, including cousins. Given the tight-knit nature of Bahamian society, Sir Franklyn said this requirement - especially given the absence of definitions - would be extraordinarily difficult to comply with See PG B7
Bahamasair: $22m loss maker guilty of predatory pricing By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BRENT SYMONETTE
TOURISM FLAT-LINES AS YIELDS OFF 28% SINCE MILLENNIUM By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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‘Offset’ with arrivals sees ‘no growth’
THE Minister of Tourism’s recognition that Bahamasair’s multi-million dollar taxpayer subsidies enable it to undercut rivals was yesterday branded “critical to the survival” of private Bahamian airlines. Captain Randy Butler, Sky Bahamas’
chief executive, told Tribune Business that Dionisio D’Aguilar’s remarks showed the Minnis administration understood how Bahamasair was able to “shock the market” through subsidies that enabled it to keep ticket prices “artificially low”. Revealing that he would “really consider suing” the national flag carrier for predatory pricing “if I had the time”, Captain Butler
yesterday said Bahamasair’s taxpayer funding enabled it to price tickets up to onethird below cost. The Sky Bahamas’ chief was reacting after Mr D’Aguilar validated his long-standing criticisms about how Bahamasair is able to distort the domestic aviation market via its ‘bottomless well’ of government funding. See PG B4
Minister admits subsidies distort market Issue ‘critical to survival’ of local rivals Sky chief: ‘I’d sue if I had the time’
Flat economic impact ‘quite troubling’ Minister wants to pool $50-60m market spend cent - from $586 in 2000 to $422 in 2015, meaning that the declining spend per visitor has significantly offset the total arrivals growth of the past 15 years. “Thus, there has been no growth whatsoever in the number of dollars and cents these extra foreign See PG B12
MINISTER CONTRADICTS SEBAS WITH MONEY TRANSFER ‘BLACKLIST’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Minister of Tourism yesterday contradicted Sebas Bastian, Island Luck’s principal, by suggesting the Bahamas’ could again be ‘blacklisted’ through web shops acting as unregulated money transfer businesses. Dionisio D’Aguilar, in an address to the House of Assembly, said it was “worrying” that web shops were filling the void created by commercial banks closing branches and withdrawing from more sparsely-populated Family Islands. He added that, as a result, more Bahamians were increasingly using gaming
‘Worrying’ that web shops filling bank void Unlicensed, and Minister questions KYC houses as a means to conduct normal household and commercial transactions, and send and move money through the country - even though the sector was not licensed to provide money transmission services. “The fact that clearing houses are closing branches throughout the archipelago, and leaving numerous See PG B6
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PAGE 2, Thursday, October 5, 2017
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BAHAMAS TO CHAIR TOURISM’S COMMISSION FOR AMERICAS THE Bahamas has been elected as Commission for the Americas (CAM) president by the United Nations World Tourism Organisation (UNWTO). Dionisio D’Aguilar, minister of tourism, will assume the seat for the next two years following the 22nd session General Assembly in Chengdu, China, from September 10 – 17, 2017. Bahamas Minister of Tourism and Aviation, the Hon. Dionisio D’Aguilar, will assume the seat on behalf of the country for the next two years.
“With such unique and diverse cultural and natural attributes that the Americas are blessed with, I pledged to work in collaboration with member states of the region to further develop and promote these attributes globally in an effort to enhance the quality of life of citizens through the advancement of tourism development,” Mr D’Aguilar said. Haiti and Brazil will serve as vice-chairmen for the period 2017 - 2019. The Commission for the Americas is one of
KPMG Bahamas to sponsor regional infrastructure forum KPMG Bahamas yesterday said it will be a title sponsor of the Caribbean Infrastructure Forum (CARIF), which will be held from December 11-12 in Montego Bay, Jamaica. Following successful KPMG Island Infrastructure summits in 2011, 2013 and 2015, the accounting firm is partnering with host IJGlobal, the infrastructure arm of Euromoney Institutional Investor, and New Energy Events, the organisers of the Caribbean Renewable Energy Forum, to gather a broader crosssection of decision makers, executives and financiers to discuss the region’s needs, explore structures and partnerships, and introduce projects to international financing sources. Dr Warren Smith, the then-incoming Caribbean Development Bank president, predicted in 2014 that $30 billion would be required over the next decade to modernise the region’s energy, transportation, telecommunications, and water and wastewater sectors.
As the extent of the threat posed by rising sea levels and unpredictable weather patterns is better understood, KPMG said the need to invest heavily in climate resilient infrastructure across multiple sectors has become clearer. It added that $30 billion now appears to be a conservative estimate. “We are very excited to partner with IJGlobal, New Energy Events and fellow title sponsor, CIBC First Caribbean, to host a consolidated regional infrastructure event which gathers the market,” said Charlene Lewis-Small, a KPMG (Bahamas) director and its infrastructure lead. “CARIF is set to be the catalyst which will drive the flow of financing and investment into critical regional infrastructure projects now and for years to come, as it draws an expansive audience of project sponsors and developers, providers of multilateral and private capital, and regional governments.”
six regional commissions that were established in 1975 as subsidiary organs of the UNWTO General Assembly. The commissions cover the following six regions of the world: Africa, Europe, the Americas, East Asia and the Pacific, the Middle East and South East Asia. The Commissions meet once a year with the objective of informing the UNWTO body, through the Secretariat, of any concerns or suggestions to improve its responsiveness to member needs. Each Commission elects one chairman, and its
vice-chairmen, for a term of two years. CAM has the third largest number of member countries, following Africa and Europe. It has seen increased participation in its annual meetings by affiliate members, including the private sector, academia and non-governmental agencies, which advances the UNWTO’s goals of developing public-private partnerships (PPPs) to grow the tourism economy. The Americas region recorded 200 million international visitor arrivals in
2016, representing a 7.5 million increase over the same period in 2015. With an annual 3.8 per cent growth rate, the Americas kept pace with the world average of 3.9 per cent. The growth in the Americas was fuelled by South America, with Chile leading the way through a 26 per cent increase in arrivals, together with strong demand from neighbouring Argentina. The Caribbean contributed a 5 per cent growth in business, due mainly to a robust increase of 13 per cent in visitor arrivals recorded in Cuba.
DIONISIO D’AGUILAR
Baha Mar marketed at invitation-only forum BAHA Mar recently attended the invitationonly 2017 ILTM North America conference, where it introduced the $4.2 billion destination resort to travel agents, journalists and advisors from the Western Hemisphere. “The executive team was honoured to introduce the spirit of Baha Mar to the world’s leading influencers and tastemakers in the travel industry,” said Karin Salinas, Baha Mar’s vice-president of marketing. “We look forward to welcoming these industry leaders to the Bahamas as our guests and showcasing the beauty of Baha Mar.” Journalists from travel publications such as Travel + Leisure, AFAR, National Geographic, CNN, ForbesLife and Robb Report were among those treated to a presentation and dinner from award-winning Chef Federico Lopez. Guests were welcomed to a beachfront location at Jardin del Mar in Riviera Maya, and were greeted with a Cloud 9, the signature drink of Baha Mar. A twist on the Bahamian classic sky juice, the Cloud 9 was created by Derrick
THE VALLEY Boys gave a surprise performance at the 2017 ILTM North America conference. Blackmon, one of Baha Mar’s leading bartenders. Ms Salinas introduced Baha Mar over an exclusive five-course dinner, featuring ceviche, fresh greens and various seafood including grilled fish, jumbo shrimps, and
coconut lobster prepared with a Bahamian flair. Throughout the evening, representatives from Baha Mar and its individual properties - Grand Hyatt, SLS and Rosewood - explained both current offerings and future openings. The evening finished with a surprise performance by
the Valley Boys, who were flown to Rivera Maya to bring authentic Bahamian spirit and entertainment to the event. Baha Mar will debut its brand marketing campaign this fall, followed by the opening of SLS Baha Mar in November 2017.
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Thursday, October 5, 2017, PAGE 3
Promotion Board ‘playing cards dealt’ on airlift fix
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Out Island Promotion Board yesterday said it was “playing the cards we have been dealt” in trying to boost tourism prior to fixing airlift connectivity. Kerry Fountain, its executive director, said “the biggest impediment to growth” in the southern Bahamas was the lack of airlift and convenient access through the Nassau “hub”. He described the southern Bahamas’ performance as “the tale of two cities”, with the “negative trend” seen from 2015 onwards continuing into 2017. “We feel the biggest impediment for growth,
‘Biggest bar’ to Out Island growth Southern Bahamas in 3-year ‘negative trend’ hurricane or no hurricane, as far as the southern islands are concerned is the lack of more connecting flights via the Nassau hub,” Mr Fountain said. Taking Acklins as an example, he said the island was connected to the Bahamas’ main gateway by just two Bahamasair flights per week, which arrived on Wednesday and Saturday.
GOVT AGREES NASSAU HARBOUR BOARDWALK By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Government has agreed to the construction of a boardwalk along the Nassau harbourfront, the Minister of Tourism yesterday expressing hope this will spark downtown’s redevelopment. Dionisio D’Aguilar, addressing a Bahamas Chamber of Commerce and Employers Confederation (BCCEC) breakfast, said the revival of Bay Street requires a living component. He added that Bay Street property owners
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feel as though they have not been able to make any headway with government, and that any living component would likely involve a height in excess of 12-14 storeys. Parking and food and beverage options are also essential for downtown’s revitalisation. “In order to revitalise Bay Street we are going to have to offer a living component. We have agreed that we are going to create a boardwalk from Prince George Dock up to the bridge,”Mr D’Aguilar said. “It’s just a matter of getting the necessary approvals, and hopefully that will begin to create the stimulus and show that government is serious.
With most incoming flights to Lynden Pindling International Airport (LPIA) arriving late morning or early afternoon, Mr Fountain said that allowing for a 90-minute turnaround the ideal departure time for connecting Family Island flights was in the early to mid-afternoon around 1.30-2pm. However, flights to Acklins departed Nassau at 10am on Wednesday and Saturday, meaning that tourists seeking connection through Nassau would have to wait three-four days for the next flight if they missed that time. “If you know anything about Family Island travellers, you know they want to spend as least time as possible in Nassau,” Mr
Fountain said. “There’s a huge opportunity for us to fix that and provide onestop service via the LPIA hub. “We have a plan in place, but these are the cards we have been dealt. Until we get the issues fixed, we have to get people to Acklins, Long Island and San Salvador......” Mr Fountain said the Promotion Board had implemented a domestic tourism programme in the hope that Bahamians, via posting of their experiences and Family Island attractions on social media, would act as “ambassadors” for the country. A ‘fly free’ programme has been implemented to encourage this, with redemptions increasing
There are many owners of different stages of wealth. Some have it, want to spend it, while some have it and don’t.” Mr D’Aguilar said the Government is aiming to increase visitor spend, particularly from cruise visitors, adding that this effort will depend heavily on the involvement of local small and medium-sized enterprises (SMEs). He added that an increased focus must be given to authentically Bahamian products and experiences, while there was a ‘vacuum’ for familyoriented activities. “The room is wide open for this type of business,” said Mr D’Aguilar, who urged the business community to create interactive activities that appeal to all members of the family. Plans for a boardwalk were raised under the former Christie administration but never materialised.
Financial executives urged to ‘change Bahamas perceptions’
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By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tibunemedia.net FINANCIAL services industry executives yesterday expressed optimism over the sector’s future, arguing that this nation needs to “change the perception about doing business in the Bahamas”. Michelle Neville-Clarke, a partner at Lenox Paton, speaking as a panellist at the Nassau Conference, said that while she was optimistic about the future, it was not without reservations. “Everyone has to buyin. We can have the right legislation and competitive pricing, but we must be able to stay agile and relevant,” she said. “We must understand what new products
from $7,000 in 2014-2015 to $60,000 in 2015-2016. A similar offering for European visitors had also produced growth, with redemptions rising from $17,000 in 2014-2015 to $120,000 in 2015-2016. Breaking down the performance of the Promotion Board’s 42 member properties, Mr Fountain said 50 room-plus resorts on Abaco, Exuma and Bimini were down collectively 13.7 per cent for September. However, they were projected to be up a “mind blowing” 237 per cent for October, due to the absence of Hurricane Matthew, which last year forced Sandals Emerald Bay to close in the early part of the month.
are out there, and take ownership of marketing and developing the environment that attracts new business.” Andre Souza, of Arbitral Securities, argued that the changing financial services landscape provides an opportunity for the Bahamas to develop new products and solutions. “We need to change the perception that people have about doing business in the Bahamas,” he said. “We need to be forthcoming about the changes that have been made. We need to demonstrate reality. We need to demonstrate as an industry the changes that have been made. “If one company is promoting something, another cannot be saying something different. We need to be forthcoming with the
Small resorts in the northern Bahamas under 50 rooms were largely closed during the slowest period of the tourism season, both to give themselves a breather and conduct renovations. In the central Bahamas, Promotion Board members under 50 rooms were up 42 per cent collectively in August. That performance continued into September with a 17 per cent upswing year-over-year, and October is projected to be ahead 78 per cent. In the southern Bahamas, hit hardest by Hurricane Irma, member properties there suffered a 10 per cent decline in August and 35 per cent drop-off in September, followed by projections of a 40 per cent decline in October 2017.
press and show them what has been done, what needs to be done and that we are working on it. We cannot wait for another article to come out,” said Mr Souza, referencing an Economist article published in 2016 which described this nation as the ‘hold-out’ on automatic tax information exchange. Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive and executive director, said: “If we are saying that we are a tax cooperative and transparent jurisdiction, then we all have to be committed to that because if one institution goes against the grain and we have an article in the Economist again, or some other scandal, it impacts the industry as a whole.”
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PAGE 4, Thursday, October 5, 2017
Bahamasair: $22m loss maker guilty of predatory pricing From pg B1 “These enormous subsidies to Bahamasair are allowing them to keep prices artificially low to the detriment of the private operators that are struggling to survive in the air transportation business in the Bahamas,” Mr D’Aguilar told the House of Assembly. “I intend to sit down with all parties to see how they can all operate and remain financially viable despite the subsidies passed on to Bahamasair by the state.” Captain Butler told Tribune Business he was “ready to go” in response to Mr D’Aguilar’s meeting invitation, and praised the Minister for saying something his predecessors would have tried to conceal. “Let’s say that he was bold enough and candid
enough to say some of the things he said,” the Sky Bahamas chief said, “which gives the impression he’s trustworthy. “Folks in the past would have tried to hide that story, so we’re going to sit at the table. When he calls, we’re ready. I’m ready to go.” Such talks will occur against a backdrop of increasing losses at Bahamasair, with the ‘red ink’ for the year to end-June 2017 projected to exceed $22 million - a 32.5 per cent (almost one-third) increase on the prior year’s $16.6 million loss. Increasing losses likely mean increased taxpayer subsidies to fill the ‘hole’, and Captain Butler said this made it even more vital to address the distortive effects Bahamasair has on other airlines.
THE TRIBUNE “It’s critical. It’s the survival and continuation of the airlines,” he told Tribune Business. “I think you would see a number of us asking the vendors to give us a little more time on our payables, which we used to settle in 15-30 days. “The Government that you pay your fees and taxes to are the same ones dropping and creating the issue in the market. Revealing the impact of Bahamasair’s decision to cut round-trip air fares to Abaco and Freeport to $120 earlier this year, Captain Butler said such prices had not been seen since 2008. “Aircraft went out with two-three people on them,” he recalled. “We were putting them out on time, and people were prepared to wait with their lunch boxes for Bahamasair because the price was significantly better. “Just to stay in the thing and continue, even with
45-50 per cent load factors round trip, you’d need to have ticket prices around $181. We couldn’t understand them going down from $200 to $120. That was a shocker to the market. Even the hackers felt it; everyone felt it. “When you charge $120 in these kind of times, it’s artificial. Bahamasair couldn’t continue with it; it could not be sustained. They went back to their regular fare, and said it was just to get people in the door. But it depresses the market, and it’s kind of hard to get prices back up.” Captain Butler said Bahamasair’s discounting tactics, especially as an airline financed by taxpayer subsidies, would not be permitted by law and regulators in countries such as the US. “If I had the time I would really consider suing the Government and Bahamasair for predatory pricing practices,” he told Tribune Business. “There are agencies in the US that look at this kind of thing.” Mr D’Aguilar yesterday attributed Bahamasair’s increased losses to $1.9 million in pilot training costs
for the five-strong ATR fleet, plus $5.8 million in closing costs associated with the loan that financed the planes’ $120 million acquisition. The Minister, who has responsibility for the airline, suggested its losses would increase once repayments on that loan kick-in from September 2018 onwards. “We must reduce its enormous losses,” Mr D’Aguilar emphasised. “It is completely within the realm of any right-thinking Bahamian to ponder when enough is enough.” He also blamed Bahamasair’s financial position on deeply-rooted structural flaws stemming from too much political interference in the decades since the airline’s 1973 creation. Mr D’Aguilar said the national flag carrier employed 690 persons to handle just eight aircraft, a ratio of 86.25 workers per plane. And staffing costs eat up 42 per cent of its revenue, a ratio almost twice the industry’s 20-25 per cent average. “The sad fact, Mr Speaker, is that when politicians control companies
there is a tendency to overstaff under the belief that somehow that secures votes and victory at the poles,” Mr D’Aguilar told the House of Assembly. “Time and time again that has been proven wrong, and I wish that all politicians would stop meddling in the workings of state-owned companies to the detriment of the taxpayer.” However, Mr D’Aguilar revealed that he had undergone something of an ‘epiphany’ in relation to Bahamasair, having taken office with the position that he would not support the airline “because of its enormous burden on the state”. However, the Hurricane Irma evacuation and tours of Bahamasair’s facilities have now convinced him it plays “a vital national security and nation building role”, while providing Bahamians with jobs and careers in aviation. To improve Bahamasair’s performance, the airline opened a new route to Cap Haitian on September 5. However, the planned opening of its Houston service on November 15 is now being “evaluated” due to Hurricane Harvey’s impact.
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COMMISSION TEAMS WITH MINISTRY ON FINANCIAL LITERACY PROGRAMME THE Securities Commission has partnered with the Ministry of Education (MOE) to develop and launch a financial literacy/ investor education pilot study in the Bahamas. The pilot study, which is being launched this week, is designed to test the delivery of financial concepts and provide students with real world skills for developing sound financial practices and managing money. Jeffrey L. Lloyd, minister of education, said: “The fundamental financial concepts taught in the programme will pave the way for our children to develop good attitudes and behaviours to achieve financial success as they mature. “We hope this pilot study will inform the development of a national curriculum that teaches these financial skills to all
Bahamians, from kindergarten to graduation.” Christina Rolle, the Securities Commission’s executive director, added: “Financial literacy and investor education are vital 21st century life-skills, akin to the ability to read, write, perform mathematical operations and use computers. “I thank the Ministry for allowing us this opportunity and partnering with us to jointly develop and deliver this programme, which will help ensure that young people have the skills they need to make wise financial choices into adulthood.” Curricula for financial literacy and investor education were developed for students at both the primary and junior high school levels. The pilot course is being introduced in three schools in Nassau, namely:
A.F. Adderley Junior High School; H.O. Nash Junior High Schoo;l and C.W. Sawyer Primary School. The Securities Commission and Ministry of Education are also working to develop a programme that will infuse key concepts at even earlier stages. The high school curriculum focuses on nine core areas, including understanding money; basic numeracy for financial literacy; planning for financial success; saving; an introduction to investing; the capital markets; risk and diversification; getting advice; and avoiding frauds and scams. The primary school module is designed to cover more fundamental
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areas and focus on basics, such as understanding money and saving. The timeframe for the pilot study will be one school year, and will include pre and post-evaluations administered to students in the study and control groups to assess the success of the programme in delivering key concepts. Upon completion of the pilot study year, it is intended that a full financial literacy programme will be rolled out to all grade levels in primary and secondary schools.
Thursday, October 5, 2017, PAGE 5
CHRISTINA ROLLE
PAGE 6, Thursday, October 5, 2017
Minister contradicts Sebas with money transfer ‘blacklist’ From pg B1 islands without any banking facilities at all, [means] gaming houses are unintentionally - or intentionally - becoming the easiest and cheapest way to move cash throughout the islands,” Mr D’Aguilar said.
“Mr Speaker, this is worrying because this type of unregulated cash movement without any Know Your Customer (KYC) regimes in place will surely, at some time, set off some alarm somewhere in the world in one of those organisations that can put us on some list, typically known as the
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THE TRIBUNE ‘blacklist’, and injure our ability to conduct banking relationships.” The web shop industry would likely vehemently reject Mr D’Aguilar’s assertion that it has no KYC regime in place, but the Minister’s comments appear to contradict Mr Bastian’s position that the sector is “the least likely” to be abused by money launderers or other financial criminals. Mr Bastian, who responded to criticism by financial services executive, Paul Moss, in yesterday’s Tribune Business, argued that the web shop sector “operates under the tightest magnifying glass in the country”. He added that all licensed web shops applied strict Know Your Customer (KYC) and due diligence standards, given that they were being held to global best practices and closely supervised. “The gaming industry operates under the tightest magnifying glass in this country,” said Mr Bastian. “No industry undergoes greater scrutiny. We are regulated by, and visited by, the Gaming Board on a
daily basis, just as the casinos at Atlantis and Baha Mar are. “One of the most respected accounting firms in the region is the firm of record to review all of our transactions. We bank with a bank that is supervised by the Central Bank of the Bahamas, and is compliant with international risk compliance standards.” Mr Moss, president of Dominion Management Services, had also argued that web shops were operating as unlicensed banks and money transmission providers in Family Island communities where there is no commercial bank presence. And he suggested that the way in which the sector was legalised had exposed “a glaring deficiency in our system” that could attract attention from international regulatory bodies. Mr Bastian, though, countered that the web shop industry was the segment least likely to produce anti-money laundering/ terrorism financing risks from a financial services perspective. “There is absolutely no justification to tarnish respected professionals and institutions,” he said. “Government wanted the industry regularised so that there would be security surrounding it, and we would be held to the standards
that are acceptable in a world in which there is greater and greater concern with the source of funds. “The reason reporting standards have gotten tighter is to guard against funds that could be linked to terrorist financing or other activities that could wreak havoc on a global scale. Our source of funds is so evident - a local population, with each and every person having to show proof of residence or citizenship. So, in fact, we are the least likely to be on a ‘watch list’ or raise concern from those whose prying eyes are trying to keep the world safe.” Mr D’Aguilar, meanwhile, said the Gaming Board will “consult” with the Central Bank to determine how to move forward and “ensure that the gaming houses do not negatively impact the stability of our financial sector”. The Central Bank earlier this year introduced the Payment Instruments (Oversight) Regulations 2017, which was designed as the supervisory framework for electronic payments solutions and providers. Mr Bastian and Island Luck have previously expressed an interest in obtaining a license under this regime, but John Rolle, governor of the Central Bank, confirmed to Tribune Business earlier this week
that no such licenses have yet been issued. He added, though, that non-bank institutions already licensed by the Central Bank - the likes of money transmission providers and credit unions - had “expressed an interest in expanding their product lines” through such services. Mr D’Aguilar, meanwhile, suggested none-too-subtly that the Government will seek to impose new or increased taxation on the web shops, describing their profits as “eye popping” for a “cashstrapped” government. Gaming house operators are currently required to pay 11 per cent of their taxable revenue or 25 per cent of earnings before interest, taxes, depreciation and amortisation (EBITDA), depending on which one is greater. The Minister also hit out at the 10-year moratorium barring new entrants to the web shop gaming industry, suggesting this had allowed existing operators to become “a cartel”. He added that the sector was also consolidating, with the larger web shops acquiring smaller players, as shown by the common ownership of some chains. Mr D’Aguilar also called on the web shops to do more to combat gambling addiction.
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Thursday, October 5, 2017, PAGE 7
Sir Franklyn: Homeowner Protect Act ‘a real disaster’ From pg B1 “because almost everyone’s a cousin”. He conceded, though, that there was “no disputing the need” to appropriately protect Bahamian homeowners and consumers. The Arawak Homes chairman added that Bahamas-based banks and real estate appraisers had, to some extent, brought the Homeowners Protection Act upon themselves through unrealistic valuations and the way customers previously in ‘good standing’ had been treated. But, with some $529 million worth of mortgage loans still delinquent at endAugust 2017, Sir Franklyn told Tribune Business: “The information I am receiving is that this Homeowners Protection Act is a real disaster for the country, for everybody, and that there’s an urgent need to review it with a view to bringing about some amendments. “The Homeowners Protection Act introduces concepts as to what you can and can’t do. It talks about who you can sell distressed properties to. You can’t sell to anyone who’s a cousin. It introduces this concept of ‘cousin’ without defining ‘cousin’. In the Bahamas, everyone’s a cousin. Who’s going to establish if someone’s a cousin? How am I supposed to do that? “It introduces the concept of a lender having to sell [a distressed property] at market value. What’s the ‘market value’? Fifty appraisers will come up with 50 different valuations. The owner of the property can go to court and say they got an appraisal that says their house is worth four times’ what the bank says.” Sir Franklyn said the uncertainty and confusion resulting from these deficiencies was why the Homeowners Protection Act, which he argued was introduced with the best of intentions, was “in very serious need of review” by the Minnis administration. “Everyone knows my political position in the country,” he told Tribune Business, “but the PLP government in an effort to meet what it told the country it was going to do just before the election rushed it through unnecessarily so. “My intelligence tells me that it was a significant time after the election before the banking community and new government realised what had happened. The Homeowners Protection Act is in urgent need of attention because it not only affects the banks; it affects the attitude of any buyer purchasing from the bank. “This whole sector [mortgage/housing market] has been put in disarray by the passage of this Act, and I urge the Government of the day to engage with lenders sooner rather than later to see how best the Act can be reformed. The way it has been done is likely to drastically and adversely depress the mortgage market.” Sir Franklyn’s fears echo the warnings issued by top commercial banking executives after the Homeowners Protection Act was passed into law by the Christie administration in early 2017. They warned at the time that home loan costs and accessibility could largely depend on how the courts interpreted the Act’s provisions,
Ian Jennings, Commonwealth Bank’s president, told Tribune Business at the time that his institution viewed the legislation as “changing the risk profile of mortgage financing”. He added that Commonwealth Bank, and all other Bahamas-based commercial banks, would now have to each determine whether this impact was “material” enough to spark an increase in mortgage lending rates and/or a tightening of their borrowing criteria. Suggesting that the latter could involve requiring borrowers to come up with higher downpayment or equity contributions, Mr Jennings said then that it was “too soon” to determine the Act’s impact on the mortgage and housing markets. The Act inserts the courts into the foreclosure and ‘power of sale’ process, requiring lenders to give delinquent borrowers 30 days’ notice before either invoking their ‘power of sale’ under the mortgage or seeking a court-approved foreclosure. In both cases, borrowers can apply to the Supreme Court for relief. On the foreclosure process, the court can either adjourn, stay or suspend the matter if it believes the borrower will be able to pay principal and accrued interest within six months. As for the ‘power of sale’, the latest version of the Bill allows the court to postpone this for “a reasonable period where a sum equal to at least one half of the principal, and accrued interest, has been paid at a specified time”. Mr Jennings, in common with Sir Franklyn yesterday, said the Act’s provisions included definitions that needed to be clarified by the courts. He pointed to clause nine, which empowers the courts to prevent a
bank exercising its ‘power of sale’ for a ‘reasonable time’ - with no definition of ‘reasonable time’. The Christie administration’s rationale for developing the Homeowners Protection Act was to make delinquent Bahamian mortgage borrowers more secure in their homes, with all the attendant social and economic benefits that will bring if they can restructure their loans. However, as indicated by Sir Franklyn, it threatens to increase the costs, time and difficulty/uncertainty incurred by banks in repossessing mortgage collateral - usually the homes and businesses subject to the original loan. With a higher risk now associated with mortgage lending as a result, the banks may both hike interest rates and refuse to grant new Bahamian loan applicants access to credit. Besides impeding Bahamian dreams of home ownership, this would further depress an alreadystruggling housing market, and negatively impact industries that rely heavily upon it, especially the construction, real estate and legal sectors. Sir Franklyn, though, yesterday conceded that the mortgage lending and real estate industries had helped to bring the Homeowners Protection Bill upon themselves. He argued that unrealistic appraisal valuations provided by realtors prior to the 2008-2009 recession had left lenders with overvalued properties offering insufficient collateral/security to cover the mortgage amount. “With the greatest amount of respect to appraisers in this country, they were part of the problem,” Sir Franklyn told Tribune Business. “Appraisers contributed to the mortgage crisis in this country by coming up with appraisals that did not reflect reality.
“But to entrench that lack of rigour in legislation is very unwise.” Sir Franklyn added that the commercial banking industry was also guilty, in some instances, of unfairly treating long-standing clients who had run into repayment difficulties through no fault of their own. “I was in the presence of someone at the weekend who was down to 15 per cent on their mortgage balance, and had never missed
a payment,” the Arawak Homes chairman revealed. “It was a rental property on Paradise Island. The tenant bolted on them. The mortgage fell slightly into arrears, but after two to three missed payments the bank came down on them like a ton of bricks and said they would foreclose on them. “Few would disagree that this was a case where the homeowner should have had some degree of relief, rather than the bank coming
down like a ton of bricks on them. With a 10-15 per cent balance, the bank knows equity is not an issue, it knows the circumstances, but rather than deciding to meet and talk they sent the borrower a letter saying this is going to happen. “This type of action is driving this call for consumer protection. This case was a credible example of the need, but the way it has been addressed is to no one’s advantage.”
PAGE 10, Thursday, October 5, 2017
THE TRIBUNE
White House seeks $29B for disaster aid, flood insurance By ANDREW TAYLOR Associated Press WASHINGTON (AP) — The Trump administration on Wednesday asked Congress for $29 billion in disaster aid to cover ongoing hurricane relief and recovery efforts and to pay federal flood insurance claims.
The request comes as the government is spending almost $200 million a day for emergency hurricane response and faces a surge in flood claims for federally insured homes and businesses slammed by hurricanes Harvey, Irma, and Maria.
White House budget director Mick Mulvaney told lawmakers in officially submitting the request that the federal flood insurance program “is not designed to handle catastrophic losses like those caused by Harvey, Irma, and Maria. The NFIP is simply not fiscally sustainable in its current form.”
Mulvaney proposed a package of changes to the flood insurance program that, among others, would protect low-income policyholders from big rate hikes, allow the government to drop from the program properties that have been repeatedly flooded, and phasing out policies on new homes in flood zones. In the meantime, Wednesday’s request proposal would provide $16 billion to pay those flood claims, along with $13 billion for Federal Emergency Management Agency disaster relief efforts. Federal firefighting accounts would receive $577 million as well to replenish them after a disastrous season of Western wildfires. The Senate’s top Democrat quickly backed the aid
request but signaled opposition to the administration’s proposed restrictions on flood insurance. “This funding request is a good start, but those affected by Maria, Harvey, Irma and wildfires still have a long and difficult road ahead,” said Minority Leader Chuck Schumer, D-N.Y. “We should act on this supplemental quickly, but it should be just the beginning of Congress’ efforts to aid in rebuilding.” Congress last month approved a $15.3 billion aid package that combined community development block grant rebuilding funds with emergency money for cleanup, repair and housing. The federal flood insurance program is on track to run out of money to pay
claims during the week of Oct. 23. Mulvaney said more than 20,000 federal workers have been deployed by various agencies to help in the hurricane recovery effort. The “burn rate” of almost $200 million a day is requiring an infusion of cash into FEMA coffers. The request would bring the price tag for this year’s costly hurricane season to about $44 billion — and that’s before rebuilding efforts get under way in earnest. A final estimate is a ways away since damage assessments of Puerto Rico may take some time, but Mulvaney said the administration will submit assessments in time for a budget hoped-for budget agreement later this year.
THE TRIBUNE
Thursday, October 5, 2017, PAGE 11
Realtor fear on 50% permanent residency rise From pg B1 that the Government will also re-institute the fasttracking of applications for those those buying property worth $1.5 million or more - an initiative introduced under the former Ingraham administration in 2011. That saw the thengovernment commit to reviewing such applications within 21 days of receipt. Mr Symonette yesterday said the Government will look at permanent residency as not solely tied to the purchase of a residence or real estate, but other investments, such as the purchase of financial instruments such as bonds or Treasury Bills. A senior realtor, speaking on condition of anonymity, told Tribune Business that the industry and associated professions, such as developers, needed to lobby the Government for a rethink on the proposed $750,000 threshold. “It’s not personal to me, because I’m not involved in construction at that price point, but the concern is there are so many other options than the Bahamas,” the realtor replied, when informed of Mr Symonette’s comments.
“We love to think this is our country and Bahamians come first, but we need foreign money coming in. It’s as simple as that. There are so many other countries out there to go to, and we have to respect that. “People fail to realise we’re not the only game in town. It’s bad news. We need to try and head that off.” The Christie administration had proposed increasing the permanent residency threshold to $1 million, but also received considerable push back from the real estate sector and developers. They were especially concerned about the proposed policy change, given the importance of the second home market to their industries and the wider Bahamian economy. With the Bahamian segment relatively flat, the second home sector has been one that realtors have been able to rely on to generate sales momentum over the past few years. With 80 per cent of real estate sales inventory priced below $1 million, they feared that any change - especially one that might be perceived negatively by foreign buyers - could drive a significant chunk
of the market to other jurisdictions. And a ‘drying up’ of such buyers would produce wider ‘ripple effects’ in the Bahamian economy, reducing work for the construction industry and a variety of other trades whose business is tied to the real estate and second home markets. Mr Symonette, meanwhile, yesterday said the Government will look to revamp the Companies Register.” We are going to look at the way the companies register works, revamp it and tweak it to make sure it is on par with other jurisdictions so we can get quick, efficient responses,” he said. The Financial Services Minister also raised the issue of liberalising the Bar to allow foreign specialist attorneys to practice in the Bahamas. “We have to deal with the question of the relaxation of the Bar,” he said. “If we are going to grow this economy we have to be able to - as we are trying to become an arbitration centre - bring in arbitrators or support services. I’m not talking about an entire opening of the Bar but a liberalisation of the Bar which would allow attorneys from around the world to come to the Bahamas and practice is specialised fields.” Mr Symonette addeds that a “serious” look must
also be given to exchange control. “Exchange control has to be looked at seriously, not only from the exchange control side but also the regulatory side where persons may appear to be overstepping the mark, or we have moving targets or you are getting different opinions on the same subject on numerous occasions. All of that has to be looked at so we know
that we are all on the same page,” he said. Mr Symonette said the Government has appointed a committee to examine ‘the ease of doing business’, chaired by Lynn Holowesko. He told attendees there was a “disconnect” between public perception and the reality of how many Bahamians are employed in the financial services sector.
“I believe there is a disconnect as to the level of Bahamians versus nonBahamians working in this industry,” he said. “The other day Immigration decided to look at one of your offices to find out that 85 per cent if or more were Bahamians. We have to get this issue out in the forefront and discuss it so that the public understands that your industry hires a tremendous amount of Bahamians.”
PAGE 12, Thursday, October 5, 2017
Tourism flat-lines as yields off 28% since millennium From pg B1 visitors are dropping into our economy.” The Minister’s remarks highlight why the Bahamas continues to find annual GDP growth so hard to come by, as its largest industry and private sector employer is simply either not growing - or not growing fast enough. Describing the economic data as “quite troubling”, Mr D’Aguilar’s suggested that the Bahamas had been too focused on growing visitor arrivals at the expense of their economic contribution/impact. Effectively, Bahamian tourism has become a volume business, while yields/margins have slowly declined. This stems largely from the fact that cruise passengers have driven the majority of visitor arrivals growth, while
higher-yielding stopover numbers have remained frustratingly flat at around 1.5 million per annum. Mr D’Aguilar yesterday said the $1,500 per stopover visitor spend was “more valuable” than the $69 yield per cruise passenger, “but the problem is that the number of stopover visitors has not grown in 30 years, remaining at approximately 1.5 million for that entire period. “Any growth in our tourist arrival numbers has come from an increase in the number of cruise passengers, whom we now know spend far, far less than the more desirable stopover visitor.” The Minister added that cruise passengers accounted for 75 per cent of visitor numbers, but just 12 per cent of total spending, whereas stopover/landbased visitors produced 88
GOP budgets to permit first steps on tax overhauls NOTICE IN THE ESTATE OF MARY LOUISE JOCKELL late of 5055 Dixie Highway NW, in the City of Palm Bay of Brevard County in the State of Florida one of the States in the United States of America, Deceased IT IS HEREBY NOTIFIED, for the information of those it may concern, that all persons having any claim or demand against the said Estate are required to send the same to the undersigned on or before the 4th day of November, A.D. 2017 and if so required by notice in writing from the undersigned to come in and prove such demand or claim or in default thereof be excluded from the benefit of any distribution made before such debts are proved; AND NOTICE is hereby given that all persons indebted to the said Estate are requested to settle their respective debts at the Chambers of the undersigned on or before the date hereinbefore mentioned. Dated the 5th day of October, A.D. 2017
THE TRIBUNE per cent of spending but accounted for only 25 per cent of the volume. “Put another way, cruise ship passengers spend approximately $300 million in our country each year as opposed to the stopover visitors that spend $2.2 billion,” Mr D’Aguilar said. “Why, one might ask, are we providing millions upon millions in incentives to the cruise ship industry when the spending of their passengers pales in comparison to the passengers brought by air.” Mr D’Aguilar said the Ministry of Tourism was now focused on growing stopover visitors, given that they were essential to expanding an industry that generates 77 per cent of the Bahamas’ US dollar earnings. He also expressed concern that the Bahamas’ tourist arrivals had only grown by an average 2.3 per cent per annum since 2011, a rate almost half that of the Caribbean’s 4.3 per cent.
“The Bahamas is seemingly losing some of its allure as a destination of choice, as travellers become more adventurous and venture further south for something new, something different,” he said. To reverse the negative trends, Mr D’Aguilar said the Bahamas was placing reliance on the return to service of all 600 rooms in Atlantis’s Coral Towers by April 2018, and the net 2,300 increase in New Providence’s room inventory when Baha Mar fully opens at the same time. To better co-ordinate promotional efforts, the Minister said he was seeking to pool the total $50-$60 million annual marketing spend by the Ministry of Tourism, Promotion Boards and individual hotels. “The numbers reveal that, despite all of this spending, our stopover visitors are not growing probably because our message is confusing, and probably because
our marketing dollars are spread too thinly over too many pots to be effective,” Mr D’Aguilar said. He argued that his ‘pooling’ plan would “allow for the more efficient and effective spending on our marketing message”, and questioned whether something similar should happen with regard to the Internet. “Each of these entities have their own websites,” Mr D’Aguilar said. “Would it not be more effective for all of these websites, which are all costing thousands upon thousands of dollars to operate and manage, to all collapse into Bahamas. com? “The tourism sector is now mercilessly competitive, and we must guard our marketing dollars jealously to ensure that they are spent on ensuring that any search on the worldwide web for a destination in the Caribbean leads back to the Bahamas.” Mr D’Aguilar added that the Ministry of Tourism
would also seek to “reverse this downward trend” in per capita cruise passenger spending. “I challenge our local entrepreneurs to figure out ways to develop, and create fun and innovative and interesting excursions to offer to the 4.5 million cruisers that touch down mostly in New Providence each year,” he said. “The Ministry of Tourism has done an excellent job attracting these types of visitors to our country, but we have failed to fully leverage the opportunities this has created.” Mr D’Aguilar said he would create a unit within the Ministry of Tourism to facilitate talks between the cruise lines and Bahamian entrepreneurs, and added: “I will try to convince the Minister of Finance to adjust the duties and other taxes to motivate cruisers to do more of their shopping here rather than further down in the Caribbean.”
By ANDREW TAYLOR Associated Press
rosy estimates of economic growth and illusory spending cuts to promise to wrestle the federal budget back into surplus within a decade. The real-world trajectory of Washington, however, is for higher deficits as Republicans focus on tax cuts, a huge hike in the defense budget, and a growing disaster aid tally that is about to hit $45 billion. Their appetite for spending cuts is limited to nonbinding promises, and even a token 10-year, $200 billion spending cut package demanded by tea party
House Republicans appears likely to be scrapped in upcoming talks with the Senate. “The train’s left the station, and if you’re a budget hawk you were left at the station,” said Rep. Mark Sanford, R-S.C. Instead, the motivating force behind the budget measures is the Republicans’ party-defining drive to cut corporate and individual tax rates and rid the tax code of loopholes. They promise this tax “reform” measure will put the economy in overdrive, driving economic growth to the 3 percent range, and adding a surge of new tax revenues that would help bring the budget toward balance.
It’s also a key political imperative for Republicans — who control the levers of power in Washington but have no major legislative accomplishments to show for it after a protracted effort to repeal the Obama health law unraveled again last month. A face plant on tax reform would be an enormous political debacle. The budget measure would provide key procedural help for the tax measure because it sets the stage for followon legislation that can’t be filibustered by Senate Democrats. Republicans used this so-called reconciliation procedure in their failed attempt to kill Obamacare, including its tax surcharges on wealthy people.
WASHINGTON (AP) — Congressional Republicans on Wednesday kicked off debate on House and Senate budget plans that promise slashing cuts to social programs — but whose real purpose is to grease the skids for a sweeping overhaul of the U.S. tax code that would add up to $1.5 trillion to the nation’s spiraling debt. The companion GOP budget measures differ in key respects but both rely on
NOTICE
NOTICE is hereby given that PHILOMENE TANIS of
Palm Breeze Dr., off Carmichael Rd, New Providence, Bahamas is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 5th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
CALLENDERS & CO. Chambers, One Millars Court, P.O. Box N-7117, Nassau, The Bahamas
EMPLOYMENT OPPORTUNITY FOR
MARINA MANAGEMENT
A major New Providence marina is seeking a General Manager and Assistant Manager. Qualified applicants require: -Minimum 5 years’ experience managing marinas -Experience managing fuel dock operations -Budgeting and reporting experience -Excellent leadership skills Compensation will be commensurate with experience. All interested parties must email CV to marinamanager@hotmail.com
PAGE 14, Thursday, October 5, 2017
THE TRIBUNE MANHATTAN District Attorney Cyrus Vance shows a sexual assault kit during a new conference at the Office of the Chief Medical Examiner in New York. Vance says he has returned a campaign contribution from a lawyer who represented the Trump Organization in a fraud investigation. (AP Photo/Kevin Hagen)
Prosecutor returns donation from lawyer in closed Trump case NEW YORK (AP) — A top prosecutor says he has returned a $32,000 campaign contribution from a lawyer who represented the Trump Organization in a fraud investigation that was ultimately dropped. LEGAL NOTICE
NOTICE
REGAL INVESTMENT MANAGEMENT INC. (In Voluntary Liquidation)
Victory Inc. NOTICE IS HEREBY GIVEN as follows:
Notice is hereby given in pursuance of Section 138 of The International Business Companies Act, 2000 (as amended) that the Shareholder of the above-named company by Resolution passed on the 2nd day of October 2017 resolved that the company be wound up voluntarily forthwith and that the Liquidator is Mr. Bennet R. Atkinson of Ronald Atkinson & Co., Chartered Accountants, Marron House, Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas.
(a) Victory Inc. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 2nd day of October, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General.
All persons having claims against the above-named company are requested to submit particulars of such claims and proofs thereof in writing to the Liquidator, Mr. Bennet R. Atkinson, Marron House, Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas, not later than the 5th day of November 2017, after which date the books will be closed and the assets of the company distributed.
(c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas
Dated the 3rd day of October 2017.
H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company
Bennet R. Atkinson Liquidator
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,896.04 | CHG -0.67 | %CHG -0.04 | YTD -42.17 | YTD% -2.18 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.70 1.96 0.15 5.83 8.60 6.30 11.25 14.49 2.52 1.60 6.00 10.00 11.00 3.45 7.25 12.51 11.00
52WK LOW 4.06 17.43 8.19 3.50 1.26 0.12 3.80 8.40 5.83 9.46 10.00 2.18 1.40 5.80 8.75 7.01 3.35 6.61 11.93 10.00
1000.00 1000.00 1000.00 1000.00
900.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 105.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01
1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00
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 Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00 100.00
52WK LOW 100.00 100.00 100.00
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +
SYMBOL FBB17 FBB18 FBB22
Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
MUTUAL FUNDS 52WK HI 2.09 3.96 1.97 170.77 146.34 1.50 1.67 1.58 1.10 6.99 8.54 6.15 10.52 11.46 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.44 1.63 1.55 1.04 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 4.28 17.43 9.09 3.65 1.26 0.15 3.92 8.60 6.10 11.25 10.01 2.60 1.55 6.00 9.75 7.08 3.45 7.01 12.50 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00 LAST SALE 100.00 100.00 100.00 109.14 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.28 17.43 9.09 3.65 1.26 0.15 3.92 8.60 6.10 11.25 10.01 2.59 1.40 6.00 9.75 7.08 3.45 7.01 12.50 10.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 -0.15 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00
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
CLOSE 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
109.36 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.22 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund
VOLUME 115 115
460 4,400 10,000
VOLUME
NAV 2.09 3.95 1.97 174.30 146.25 1.50 1.63 1.58 1.08 6.92 8.03 6.15 10.52 11.46 10.01
EPS$ 0.444 0.932 -0.223 0.540 -1.373 0.000 -0.857 0.611 0.574 0.562 0.582 0.102 0.392 1.217 0.743 0.575 0.310 -0.668 0.543 0.000
DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.000 0.300 0.220 0.360 0.570 0.060 0.050 0.290 0.450 0.000 0.113 0.140 0.600 0.000
P/E 9.6 18.7 N/M 6.8 N/M N/M -4.6 14.1 10.6 20.0 17.2 25.4 3.6 4.9 13.1 12.3 11.1 -10.5 23.0 0.0
YIELD 1.87% 5.74% 0.00% 5.75% 0.00% 0.00% 0.00% 3.49% 3.61% 3.20% 5.69% 2.32% 3.57% 4.83% 4.62% 0.00% 3.28% 2.00% 4.80% 0.00%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST 7.00% 6.00% Prime + 1.75%
MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022
6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022
YTD% 12 MTH% 2.92% 4.43% 0.98% 1.19% 1.54% 2.45% 3.48% 4.01% 3.17% 7.00% 2.15% 4.22% -1.93% -1.89% 0.81% 2.21% 2.28% 1.30% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%
NAV Date 31-Aug-2017 31-Aug-2017 25-Aug-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 31-May-2017 30-May-2017 30-May-2017 30-May-2017 30-May-2017 30-May-2017
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
their meeting, a step the prosecutor said was part of his policy of returning any money contributed by someone with a case before his office. “I did not, at the time, believe beyond a reasonable doubt that a crime had been committed,” Vance told reporters for the news organizations. “I had to make a call, and I made the call, and I think I made the right call.” A spokeswoman for the district attorney, Joan Vollero, said in a statement Wednesday that during the investigation the Trump SoHo condominium purchasers who initially claimed to have been defrauded “reversed course and took the position that the sellers had not committed any crime against them.” The Trump Organization settled the civil lawsuit with the prospective buyers in 2011 by agreeing to refund their sales deposits. Five months after the investigation ended, Kosowitz gave another $31,993 to Vance’s campaign committee.
NOTICE
MARKET REPORT WEDNESDAY, 4 OCTOBER 2017
The probe stemmed from a civil lawsuit in which some condominium buyers at the Trump SoHo hotel accused Donald Trump’s children Ivanka Trump and Donald Trump Jr. of lying about how many units had been sold, saying half or more were in contract when sales were actually much slower. The company said no laws were broken, but prosecutors in the office of Manhattan District Attorney Cyrus Vance Jr. began investigating in 2010. The probe was still active in 2012, when Donald Trump’s personal lawyer Marc Kasowitz donated $25,000 to Vance’s re-election campaign. The New Yorker, ProPublica and public radio station WNYC reported Wednesday that four months after making the contribution Kasowitz met with Vance to discuss the case. Three months later, Vance halted the investigation. Vance, a Democrat, said the fact that Kasowitz was a campaign supporter had no bearing on his decision. Records show that Vance returned the $25,000 donation from Kasowitz before
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
NOTICE is hereby given that JEAN BAPTISTE EDLYN of Carmichael Rd., New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 5th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that LOUISE DAFNIE POLIARD of Bellot Road, off Fire Trail, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 5th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, TALMADGE ALEXANDER HILTON of Tarpum Bay, Eleuthera, Bahamas intend to change my name to TALMADGE ALEXANDER KNOWLES. 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.
NOTICE
NOTICE is hereby given that ANNA-KAY SEYMOUR of Golden Gates #1, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 28th day of September, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, EARNEL ROLLINGSTON HANNA of the Settlement of Landrail Point on the Island of Crooked Island, Bahamas intend to change my name to EARNEL ROLLINGSTON HEASTIE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.