10302017 business

business@tribunemedia.net

MONDAY, OCTOBER 30, 2017

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Gov’t told: Don’t stall on $70m Aliv sell-off

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

* Warned: Investor interest will wane * Fiscal boost less if not fully subscribed * Still waiting on Minnis Gov’t go-ahead

T

he Government has been warned it will lose investors if it stalls for too long on the $70 million sell-off of its Aliv majority shareholding.

Gowon Bowe, one of the proposed private placement’s advisers, told Tribune Business it was vital to maintain “the excitement and expectation” among institutional

GOWON BOWE investors about holding an equity interest in the

Bahamas’ second mobile operator.

The sell-off of the Government’s 51.75 per cent interest, held via the HoldingCo vehicle, has been anticipated for months, and Mr Bowe warned that the likes of pension funds, mutual funds and credit

unions cannot be expected to keep multi-million dollar funds waiting indefinitely.

Acknowledging that the general election, and its result, had impacted the Government’s Aliv exit, Mr Bowe told Tribune Business: “We need to move so that we don’t lose

the excitement and expectation that was there.

“If we delay and don’t close the deal, people will be deploying resources elsewhere to get a return. The parties we’ve approached, their ability to

SWITCHING $40 million from National Health Insurance to finance essential capital works will not produce taxpayer value, a Cabinet Minister pledging: “We will not scrap NHI.” Dr Duane Sands, minister of health, told Tribune Business that Bahamians would gain far more from reforming NHI than

ARAWAK PORT: TOUGH TO MATCH 157% PROFIT RISE

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Nassau Container Port’s chief executive yesterday said it “will take something quite significant to repeat” 2017’s 157 per cent profits rise, which received a $1.1 million Baha Mar boost.

Michael Maura told Tribune Business that Baha Mar’s remobilisation, and settlement of pre-Chapter 11 debts, meant that Arawak Port Development Company (APD) was able to recover rent owed at its Gladstone Road Freight Terminal (GFT).

* APD AIDED BY $1.1M BAHA MAR RECOVERY * HOPES FOR BPL, PRINCE GEORGE BOOSTS With no such one-off cost recovery anticipated for the BISX-listed port operator’s current financial year, Mr Maura indicated it would be tough for APD to match the record net income performance for the 12 months to end-June 2017.

He added, though, that several government-related projects - Bahamas Power & Light’s (BPL) temporary

SEE PAGE 6

DOCTORS CHIEF LABELS $89M PUBLIC HEALTH GAP ‘A BOMBSHELL’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Medical Association of the Bahamas’ (MAB) president has described revelations of an $89 million public healthcare funding shortage as “a bombshell”, and “warranting extreme concern”.

Dr Sy Pierre told Tribune Business that the problems laid out by Dr Herbert Brown, recentlyretired Public Hospitals Authority (PHA) managing

* SAYS VIABILITY OF EXISTING SYSTEM IN QUESTION * UNDER 10% OF $98M REQUIREMENTS FUNDED * CHRISTIE GOV’T ‘DECEIVED’ PUBLIC OVER NHI director, called into question the viability of the existing public healthcare system as well as National Health Insurance (NHI).

SEE PAGE 4

Government ought to end NHI, and repurpose its funding towards strengthening an existing public healthcare system that is already ailing.

Rejecting their calls, Dr Sands told Tribune Business: “The

* REALTORS URGE END TO HEIGHT/ZONING ‘CONFUSION’ * UNCERTAIN RETURNS DETER DEVELOPERS, FINANCIERS * 95% OF EAST BAY ST. BUILDINGS ‘UNKEMPT’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

beauty of a democracy is people have a right to express their views.

I have a different view. I believe NHI, as a tool for healthcare reform, a vehicle for addressing

SEE PAGE 9

SEE PAGE 5

* $40m repurpose won’t give value * Keeping scheme better than ‘sink hole’ * Budget trimmed for 10% cuts reallocating its 2017-2018 budget into the “giant sink hole” that is the public healthcare system’s near-$89 million financing ‘gap’.

Several doctors and medical professionals have privately told Tribune Business that the

REGULATORY UNCERTAINTY ‘STUNTS’ BAY STREET REVIVAL

DOWNTOWN Nassau’s revival is being “stunted” by regulatory confusion that is deterring potential developers and financiers, a senior realtor warned yesterday.

Charles Christie, C. A. Christie Real Estate’s president, said zoning restrictions - especially on how high developers could build - were combining with already-high property values to make any redevelopment ‘east of East Street’ commercially “unfeasible”.

Potential developers were thus being put-off by an unfavourable risk/ reward analysis, Charles Christie warned, unable to

SEE PAGE 7

Sands: ‘We will not scrap NHI’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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PAGE 2, Monday, October 30, 2017

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THE TRIBUNE

‘We have lost our way’ in tourism

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net ANDROS is the “gateway” for Bahamians to truly define themselves and invest in the tourism industry, an industry executive yesterday arguing: “We have lost our way.”

Peter Douglas, Andros’s manager for sustainable tourism development, and a presenter at the island’s Business Outlook conference, told Tribune Business: “We need, as Bahamian people, to come and invest in our tourism industry and stop

looking for something else from someone else.

“We have to stop pretending that we are something that we are not.

We need to define ourselves and invest in the tourism business with our culture, our entertainment, our music and food. We have the space to do it right here on Andros. Andros is the gateway for Bahamians to invest in the country.”

Mr Douglas added: “We have lost our way. We can’t have central government directing our way. We have to find our way as a people.”

He suggested that small boutique resorts were ideal investment opportunities

for Bahamians in the tourism sector.

Mr Douglas also argued that foreign investors were seeing the value in Andros, with foreign-owned boutique fly fishing resorts likely to squeeze out Bahamian operators.

“The fly fishing industry is a multi-billion industry worldwide. It’s worth more than $140 million throughout the country, and all of these boutique fishing resorts that have properties in Alaska and Iceland, for example, want to have properties on the best salt water flats in Andros. These people are trying to control the market,” he said.

Andros ‘master plan’ unveiled at Outlook

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

ESTABLISHING linkages between Androsian farmers and resort properties is one of several “quick wins” outlined in the island’s Sustainable Development Master Plan, which creates a long-term road map for investment and economic support.

Brett Lashley, programme manager in the Government’s economic development and planing unit, outlined the initiative yesterday at the annual Andros Business Outlook conference.

The project to create the sustainable development master plan was funded by

the Inter-American Development Bank (IDB), and the document was completed earlier this year.

The plan, which received input from several government agencies, outlines short, medium and longterm priorities as well as “quick-wins”, Mr Lashley noted.

“The plan was completed earlier this year, around March. We are now following up on the implementation of action items by the various agencies.

“The plan spoke to issues like public works, investments, the environment, nature-based tourism activities and recommendations for land use.

“The goal of the plan was to create a long-term road map for investment

and support of a naturebased economy in Andros,” Mr Lashely told Tribune Business.

Among the “quick wins” identified in the plan are the implementation of a Mangrove Cay-South Andros ferry service; the establishment of linkages between farmers and local tourism properties; the launch of a processing and packaging facility at BAMSI; and the training of Bahamians in sap and lumber production.

Among the medium term, 10-15 year investments identified by the plan are the development of cultural and fishing centres; the establishment of nature-based activities around blue holes; and addressing connectivity challenges.

THE TRIBUNE

Monday, October 30, 2017, PAGE 3

Peace & Plenty buyers targeting ‘the next level’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

going to be put into getting it up and running. We have already started work on the property. We will get that done and we plan to open in a matter of weeks.”

SMS Lodging will manage all operations at the Peace & Plenty, including sales, marketing and reservations at the 35-room resort, which was built in 1958 by Lawrence Lewis, the grand-nephew of railroad tycoon Henry Flagler. Flagler was the pioneer developer for much of Florida and the Florida Keys over a century ago.

The Club Peace & Plenty has formally been for sale for at least two years, having been placed on the market in February 2015 for around $6 million.

Tribune Business reported that its owners, the Benjamin family and patriarch, Stan Benjamin, who acquired Club Peace

THE new owners of Exuma’s iconic Peace & Plenty Resort aim to take it “to the next level”, with plans to reopen the property by mid-December following “quick renovations”.

Jesper and Gustaf Arnoldsson of SMS Lodging, the Miami-based boutique hotel owner/operators, have partnered with longtime Exuma real estate investors, Steve and Patrick Harrington, and Bahamian entrepreneur, Burton Rodgers, to acquire the historic hotel.

Mr Rodgers told Tribune Business: “We are going to do some quick renovations to get the place up to par.

We don’t have an exact cost on those renovations, but some significant money is

& Plenty in the early 1970s, had been mulling whether to sell the resort for some time before placing it with a realtor.

The family had already been downsizing and selling its Exuma assets, in what appeared to be an estate planning move.

“This is one of the most historical properties in the region, not just the Bahamas. It is an iconic property in Exuma.

“I hope we live up to the challenge and do the property justice the way the previous owners did. They did an excellent job and we want to continue that and take it to another level,” said Mr Rodgers.

He added that employment opportunities will be created as the new owners expand the property.

“We will be building a beach club, fixing up the marina and working with

some of the tour operators to assist them in expanding their business,” said Mr Rodgers.

“There will be direct and indirect jobs. We will be hiring around 20-plus persons immediately to get the hotel up and running.

That’s just operations and not construction. We will be hiring other persons for other things.”

The Peace & Plenty lists visitors including Jimmy Buffet; Prince Phillip of England; actors Robert Mitchum, Sam Elliott, Gene Hackman, Johnny Depp; Hume Cronyn and wife Jessica Tandy; Ester Rolle; Al Roker; Jackie Kennedy Onassis; baseball greats Mickey Mantle, Dusty Baker and Davey Johnson; golfers Jack Nicklaus, Ray Floyd, Greg Norman and Tom Weiskof; footballer Joe Namath and coach Don Shula.

STANDARDS ESSENTIAL TO DIVERSIFYING ECONOMY

By NATARIO MCKENZIE Business Reporter nmckenzie@tribunemedia.net STANDARDS that verify quality goods and services are essential if the Bahamas is to properly compete with global rivals in rules-based trading regimes, a Cabinet Minister said.

Brent Symonette, minister of financial services, trade and industry and Immigration, said the development and adherence to quality standards would also help the Bahamas to diversify its economy.

His comments came while addressing the recent Bahamas Bureau of Standards and Quality (BBSQ) forum on implementing national quality infrastructure, featuring Sergio Mujica, the secretary-general of the International Organisation for Standardisation (ISO).

“We have to find ways to diversify the economy. We can only compete in the trade and industry arena if we have standards and quality. That is very important,” said Mr Symonette.

He added that the Government was trying to move forward on areas such as the World Trade Organisation (WTO) accession, the Economic Partnership Agreement (EPA) and

RESORT OWNER: ‘WE’RE ALL IN SAME BOAT EVEN MORE’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

Bahamas Out Island Promotion Board (BOIPB).

A presenter at the Andros Business Outlook conference, he told Tribune Business: “We need to help each other and not believe that someone in the same business is solely your competitor.

“If they do well, we all do well. If someone has a bad experience in the Out Islands they are going to speak bad about the Bahamas.

“We’re all in the same boat now more than ever.

A Family Island resort operator yesterday stressed that tourism stakeholders must work together for the success of the destination as a whole, while calling for more nature-based offerings.

“There are some barriers that we need to get over,” said Jeff Birch, owner of the Small Hope Bay Lodge and a past president of the

We need to support each other locally and, through the Promotion Board, internationally.”

Mr Birch also urged support for Bahamians in establishing nature-based tourism offerings.

“We need to work together to develop nature tourism and help local residents to develop naturebased businesses such as kayaking and day-away trips,” he argued.

Mr Birch suggested that Andros has immense untapped potential to

generate economic activity.

“When you look at other developed areas of the country, Andros is just getting started,” he said.

“We don’t have a history of boats coming here, businesses being developed or people developing real estate.

“Andros was kind of left in the dark, but we have an opportunity to do it right and create employment for everyone who wants to be employed. In my view it’s 100 Small Hope Bay Lodges and not one Atlantis.”

other trade agreements that require liberalisation in certain rules and sectors.

Mr Symonette said the Government was also examining issues such as Customs duty and exchange control liberalisation.

Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive, said the demand for standards and quality encouraged the private sector, particularly small businesses, to be more careful in how they manage their operations and promote their products.

Mr Sumner added that today’s consumer was far more aware and discerning on whether products and services met their expectation. He added that, ultimately, the demand for standards and quality will improve the way business is done in the Bahamas.

“Too many times we hear that a person paid for a gallon of this but only got a quarter of that, or that the quality was not up to par. In order for us to correct those issues and put our best foot forward, we must understand that when we do business the eye of the world is on the Bahamas, not just the local consumer,” Mr Sumner said.

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Career Opportunity Scotiabank (Bahamas) Limited is seeking the services of a

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STAFF

Client Relationship Manager – Dual Role Position Summary:

Suitably qualified candidates are invited to apply for the following positions available at University of The Bahamas:

The Client Relationship Manager – Dual Role is responsible for contributing to the profitable growth and quality of the Bank’s Commercial portfolio in the Mid Market segment focusing on the cross-sell, up-sell, and retention of existing commercial customers. This includes meeting financial objectives related to the profitable growth and retention of an individual assigned portfolio. The incumbent will be expected to conducts sales planning and fulfill the execution of services for existing customer base with primary responsibility for analysis and completion of credit applications for diverse industry segments by using standardized products and processes.

Receptionist/Clerk I under the supervision of the Vice President Finance. The successful candidate will be responsible for providing clerical assistance which supports the daily operations of the reception area. Among the specific duties and responsibilities are issuing cheques; receiving, screening and directing visitors; responding to general enquiries and answering telephone calls; logging mail and courier packages; assisting with maintenance of the filing system and replying to emails and correspondence as required. Applicants must have at least two (2) passes at B.G.C.S.E level in English Language and Mathematics at Grade “C”. Certifications in the use of Microsoft Office Applications are an asset.

Key Accountabilities for this role: • Ensure all aspects of assigned relationships receive ongoing attention, in order to maintain, improve, grow and retain relationships; • Ensure the timely analysis, structuring and presentation of credit proposals within the prescribed segment; • Recommend alternative terms, conditions and covenants to provide a viable banking proposal to the client within sound credit lending practices; • Develop strategic plans for existing customers; • Lead the direct selling of credit and non-credit commercial products to customers; • Promptly and effectively address issues surrounding the adequacy, quality and completeness of loan documentation and security • Maintain adherence to the Bank’s Anti-Money Laundering program and Guidelines for Business Conduct by reporting any unusual occurrences or fraudulent activities per established procedures

Functional Competencies: • Thorough knowledge of the commercial banking marketplace and a general knowledge of the assigned market; • Thorough understanding of the Commercial Banking segment, strategies, structure, as well as its lending and deposit products and services; • Proven leadership skills; • Excellent written and oral communication skills, negotiation and analytical skills; • Good technical knowledge of Commercial Systems and platforms; • Strong Relationship Management Skills; • Strong networking and interpersonal skills; • Strong strategic thinking ability

Educational Requirements: • Bachelor’s Degree in Business Administration, Finance or Accounting; • Five years of progressive related experience within the financial services industry, in a Relationship Management capacity; • Other training requirements as determined by the Bank from time to time with particular emphasis on Corporate & Commercial Banking.

Computer Technician II responsible for providing support to the Office of Information Technology in the maintenance and configuring of University computer systems, desktops and peripherals. Specific duties and responsibilities include installing, diagnosing, repairing, maintaining and upgrading all hardware and equipment while ensuring optimal workstation performance; assisting with relocating hardware and accessories; performing computer, printer, copier, scanner and other peripheral maintenance, troubleshooting and upgrades at the University’s main and satellite locations; ensuring that users are able to log-on and open applications on the desktop, and connect to approved network resources and liaising with external vendors. Applicants must have at least an Associate Degree in Computer Studies or equivalent qualifications (in IT or Network Communication Engineering related field or comparable training/experience directly related to telephone repair or equivalent combination of education and experience) AND five (5) years of relevant work experience, as well as a Current A+ Certification.

Payroll Assistant in the Office of the Vice President Finance responsible for the timely and accurate input of all payroll transactions. Specific duties and responsibilities include maintaining payroll information by collecting, reviewing and entering data accurately; updating payroll records by entering changes in exemptions, insurance coverage, savings deductions, and job title and department/division transfers; preparing monthly NIB (National Insurance Board) C-10 Forms and requisitions for payment of employee and employer contributions; resolving payroll discrepancies by collecting and analyzing information; providing payroll information by answering questions and requests and assisting with the enhancement of policies and procedures as needed.

For full details of each position announcement visit http://www. ub.edu.bs/about-us/career-opportunities/staff/ Applicants should submit the following information to the attention of the Vice President, Human Resources by Wednesday, 8th November 2017 by emailing: hrapply@ub.edu.bs: • A cover letter of interest highlighting work experience and accomplishments relevant to the position; • A completed University of The Bahamas Employment Application Form accessible via www.ub.edu.bs/wp-content/uploads/2017/01/Application-for-Employ- ment-Staff.pdf • Current curriculum vitae or resume;

Qualified candidates should submit curriculum vitae via email to: hrbahamas@scotiabank.com on or before November 3rd, 2017.

Note: Only persons short-listed for an interview will be contacted.

• Copies of qualifications and certificates; • Copy of the relevant pages of a valid passport showing passport number, photo identification and expiration date); • Copy of a current N.I.B Card;

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PAGE 4, Monday, October 30, 2017

THE TRIBUNE

Doctors chief labels $89m public health gap ‘a bombshell’ FROM PAGE 1 He added that Dr Brown’s September 25, 2017, letter to Dr Duane Sands, minister of health, describing the public healthcare system’s numerous challenges had also validated the many concerns raised by the healthcare industry over the former government’s grandiose NHI scheme.

“That was a bombshell,” Dr Pierre said of Dr Brown’s letter. “It warrants extreme concern. The question is: How can we have NHI, or any kind of public healthcare system, if these things are not fixed.

And how are we going to fix them?

“Those things in the paper are very concerning as to how we’re going to make not just NHI, but any

public healthcare system, work.”

Dr Brown’s letter, disclosed last week by The Tribune, warned that the broken Bahamian public healthcare system, afflicted by “collapsing infrastructure”; staff and equipment shortages; and a lack of funding, preventative maintenance and proper management, poses a threat to patient health, safety and

“dignity”. In particular, it revealed that less than 10 per cent of the PHA and wider healthcare system’s financing needs have been funded, leaving a ‘gap’ or shortfall of $89 million.

For the PHA alone, only 3.1 per cent of the $44.583 million capital works deemed essential for the Princess Margaret and Rand Memorial hospitals in 2017-2018 have been

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funded to-date, with Dr Brown’s letter implying that the Christie government approved numerous projects without any idea - or monies - of how to pay for them.

The PHA’s ‘health systems strengthening’ projects are in slightly better shape, with just $27.051 million needing to be found for initiatives costed at $35.289 million.

However, Dr Brown’s letter revealed that another $14.413 million is required to renovate the Department of Public Health’s clinics.

And it also points out that the Government’s 2017-2018 Budget failed to fund the $4.2 million increase in salaries and allowances for junior doctors in the public healthcare system. The increase came from the Bahamas Doctors Union’s (BDU) new industrial agreement.

The end result, according to Tribune Business’s calculations, is that out of $98.484 million worth in public healthcare financing needs, some $88.844 million remains to be found. Less than $10 million, or under 10 per cent, has been provided to-date.

Many of the problems identified in Dr Brown’s letter are well-known, especially to healthcare industry professionals, but the document is one of the first to pull ‘all the threads together’ that has emerged publicly.

Some doctors, speaking on condition of anonymity, were more blunt than Dr Pierre, accusing the former Christie administration of attempting to “deceive” the Bahamian people with the much-trumpeted NHI scheme.

“This just confirms all the concerns we have had as a medical community all along,” one doctor told Tribune Business of Dr Brown’s letter.

“This completely validates every single concern that has been put forward by the MAB and all sectors of the allied healthcare professional industries.

“These are the exact concerns we have had all along.

This thing, from a government agency, validates concerns we have known about all along, yet they have been totally ignored by the Government, Ministry of Health and NHI Secretariat. “The former government were pushing

along their agenda to the public and deceiving the public in terms of what they were able to do, and not able to do, and the quality of care they were able to deliver.”

Many doctors and others repeatedly banged on to the Christie administration that the public healthcare system needed to be strengthened, reformed and improved before it contemplated introducing NHI - an argument Dr Brown’s letter effectively backs.

The doctor spoken to by Tribune Business called for “the creation of a new culture” within the public healthcare system, with an emphasis on accountability and improved patient care.

“That mandates we do things differently,” he added. “We cannot do what we have been doing in the past.”

Dr Pierre, meanwhile, agreed that the public healthcare system needed “serious strengthening”, and that Dr Brown’s letter had validated medical industry concerns over the former government’s NHI scheme.

“It’s brought to light all of these things within the system,” he told Tribune Business.

“Coming from a source like that, it says all of these things people were thinking and saying [on NHI] were true.”

Dr Pierre suggested that correcting, and financing, the public healthcare system’s current ailments would be difficult given the Government’s fiscal constraints and the economy’s struggles. “I’ve always said poor healthcare is a symptom of a bad economy,” he said. “I don’t care if you tax at 50 per cent of a person’s income; if you have a poor economy you’re not going to have a good healthcare system.

“We have to fix the issue of a poor economy.

If you have 95 per cent employment, economic diversification, people have meaningful jobs and salaries, and are able to educate their children here, you will have a large group of people able to afford private health insurance and make NHI a moot point.

“These are the things we need to sort out, and we’re not hearing anything in terms of stimulus to this economy.”

THE TRIBUNE

Monday, October 30, 2017, PAGE 5

Regulatory uncertainty ‘stunts’ Bay Street revival FROM PAGE 1 determine whether their proposed projects would yield the desired returns. And the same uncertainty was also driving away financiers of such redevelopment.

Pointing out that 95 per cent of Bay Street buildings between East Street and the Sir Sidney Poitier Bridge were in a “shameful state”, Charles Christie said the Bahamas’ failure to maximise downtown’s potential as an economic and tourist mecca was deepening.

“The fundamental problem is one of economics,” he said in a statement. “The high land values, particularly on the waterfront side, coupled with the restrictive zoning make any land redevelopment proposals almost impossible to make feasible for financing.

“Considering the maximum square footage that can be accommodated under the present zoning, investment proposals are unlikely to meet the feasibility requirements for institutional financing. To turn around the situation and increase development immediately, new height restrictions (between 12 to 20 storeys) must be adopted to create more developable square footage.”

Gavin Christie, C. A. Christie’s managing partner, yesterday told Tribune Business that there was “a lot of confusion” surrounding existing height

restrictions in the downtown area - to the point that no one is sure what the limits are.

He added that, “generally speaking”, persons seeking to redevelop downtown Nassau properties were limited to three-four storeys high for properties zoned either residential or commercial, and said: “There’s so much uncertainty.”

Urging the Minnis administration to rapidly clarify the regulatory regime, Gavin Christie added: “As Charles said, with the uncertainty and limitations it’s kind of stunting the growth of downtown.

“It’s making it very tough, and almost unfeasible, for any developer to come in and take a look at it because of the cost of the land site. When a developer starts to run the numbers, it doesn’t make sense because you are so limited.

“A developer, investor or broker has to be 100 per cent sure as to what they are getting into, and what are the restrictions and issues. If I own or purchase this land today, what can I do? What is feasible?” continued Gavin Christie.

“It’s a bit challenging. If somebody wanted to build a 15-storey, mixed-use building, at this point it’s not allowed. If you spend $8 million, $9 million, $10 million, $12 million for prime property in downtown, the question is: Can you reap your investment?

That’s the big question mark.”

NOTICE

NOTICE is hereby given that RASHAD LAMONT DORVILUS of Mount Tabor Drive, Pinewood Gardens, 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 23rd day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that CHANTELLE GUSTAVE of Yellow Elder Gardens, 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 30th 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 KEVIN ORELIEN of Forbes Court, Golden Gates #1, 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 23rd day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

The Christies’ calls are not the first time that zoning, especially height, restrictions in downtown Nassau have been raised as an issue.

Larry Roberts, Bahamas Realty’s long-time principal, warned that uncertainty surrounding the issue was impeding the area’s redevelopment several years ago.

The concerns were also echoed by now-Cabinet minister, Brent Symonette, whose family has extensive real estate holdings in the downtown/Bay Street area.

He also complained to this newspaper that the thenChristie administration had failed to establish ‘the rules of the game’ for the area’s revival.

There is little developers/ investors hate more than regulatory uncertainty, and this often puts a freeze on all capital outlays and new projects. It is currently preventing the Bahamas from fully exploiting the uniqueness of having waterfront property in what should be its commercial heart - the downtown area of its capital city.

“To me, that’s where the value of Bay Street is: it’s east of Bay Street,” Gavin Christie told Tribune Business. “There’s so much untapped potential, and it’s crucial to the redevelopment of downtown.

“West Bay Street is pretty much developed, has activity, has foot traffic

and retail sites opening and closing, and east Bay Street is a graveyard. Hopefully, someone can look at this [zoning restrictions] and review it.

“It’s time to diversify our product to keep the Bahamas thriving. We need a thriving downtown. We have to bring more activity into downtown, and to do that we need to transform the east of Bay Street.”

Gavin Christie added that it was tough to place a dollar value on east Bay Street real estate, due to the fact that minimal sales in the area in recent years meant comparisons were difficult.

This was not how it was supposed to be when the former Ingraham administration secured the movement of the shipping companies from Bay Street to Arawak Cay, the idea being it would make downtown Nassau less congested and free-up prime waterfront land for tourist and residential real estate development.

This has yet to happen more than five years later, with the restrictions cited by the Christies likely to have played a part. The area ‘east of East Street’ has continued to deteriorate, becoming effectively a ‘Twilight Zone’ where economic activity has - in many cases - ceased to exist.

Charles Christie pointed out that downtown

Nassau’s revival would bring benefits for all, not least property owners, who would see the value of their real estate holdings appreciate to the extent of “creating a number of new millionaires”.

“The entire area will become extremely attractive for investment, as the resultant increase in developable square footage will vastly increase the feasibility of proposals and the potential for return on investment,” Charles Christie said.

“Further, the change will facilitate the rejuvenation of the area into a modern city of Nassau within a decade.

“The charm and historic importance of the area extending west of East Street, from Government House to the British Colonial Hilton, should be preserved as ‘Old Town Nassau’ with the current zoning restrictions maintained.

However, east of East Street would become a new, modern city centre, a perfectly feasible endeavour given the absence of any historic buildings in this area.

“What is needed is a way forward in this modern age to enliven the city of Nassau, bolster new development, increase land values and inspire commercial, recreational and residential development in the desirable waterfront

area,” Charles Christie continued.

“It is time to reclaim the beauty and charm of the city centre, and rekindle the spirit of adventure, art, life and prosperity that has been allowed to decay for too long.”

Contrasting this vision with east Bay Street’s current state, Charles Christie said it was “a stark reminder of the consequences of neglect”.

He added: “The area has steadily declined over the past 30 years to its current shameful state. Ninteyfive per cent of the of the buildings are unkempt and shuttered, with degraded exteriors adorned with a kaleidoscope of peeling paint and rotting wood.

“A significant segment of our key commercial centre and main tourism focal point remains under-utliised. It is no surprise that we have failed to maximise the potential of the millions of cruise passengers who visit our shores annually.

“Instead of restaurants, shopping, art galleries and other creative outlets for locals and visitors to congregate and find entertainment, the deplorable state of the area screams - decay. No wonder our cruise passengers are opting to remain onboard, and even when onshore significantly underspending in our destination compared to some of our neighbours in the region.”

PAGE 6, Monday, October 30, 2017

RETAIL MANAGER

THE TRIBUNE

ARAWAK PORT: JOB VACANCIES TOUGH TO MATCH 157% PROFIT RISE

Blue Lagoon Island, home of Dolphin Encounters is seeking to hire a Retail Manager to effectively manage two Retail Stores and motivate a Retail Sales team.

RESPONSIBILITIES Include but are not limited to; • Manage a retail staff inclusive of performance appraisals, training and development • Manage inventory, place orders and price merchandise.

• Accountable for retail financial transactions and produce daily retail reports • Organize special promotion • Organize shelf space and attractive displays for maximum sales potential • Assist on the sales floor during heavy traffic and be accessible for voids, refunds etc.

• Assisting with the implementation of all preset security measures • Deal with customer complaints

RETAIL SUPERVISOR

he retail supervisor is expected to provide support to the manager.

RESPONSIBILITIES Include but are not limited to; • Ensure staff provides exceptional customer service. This includes answering questions and assisting with product selection, purchases, and returns as well as handling any disputes.

• Ensure that the store is clean, well-organized, and properly merchandised.

• Ensure all store policies, procedures, and controls are followed.

• Coordinate and oversee the scheduling, planning, organizing, and delegation of work among staff.

EXPERIENCE/SKILLS • A minimum of 5 years’ experience in a Retail Management position • A degree in Retail Management or Business is a plus • Must be computer literate

EXPERIENCE/SKILLS • A minimum of 5 years’ experience in a Retail Management position • A degree in Retail Management or Business is a plus • Must be computer literate • Excellent interpersonal skills • Resourceful, organized, service-oriented and creative.

ONLY QUALIFIED APPLICANTS WILL BE CONTACTED Email resumes to HR@dolphinencounters.com

MOBILE

APP

Take us with you Everywhere you go!

FROM PAGE 1 generation tender, and the redevelopment of Prince George’s Wharf could raise the Arawak Cay port operator’s earnings to similar heights if they materialise.

APD’s total comprehensive income more than doubled, and was not far from tripling, as revenues increased in almost every category during its 2017 financial year, while expenses dropped due to the Baha Mar recovery.

The BISX-listed port operator saw its ‘bottom line’ soar from $4.338 million in 2016 to $11.171 million for the 12 months to end-June, with earnings per share (EPS) rising from $0.87 per share to $2.24 per share.

“I don’t know if we can match it,” Mr Maura told Tribune Business of APD’s 2018 prospects. “As Baha Mar came back online, and Chow Tai Fook Enterprises (CTFE) came into the picture, we were very fortunate to recover the rents due for the Gladstone Freight Terminal.

“We were able to recover storage [fees] from carriers owed by the project. We had in the neighbourhood of $1.1 million that fell to the bottom line from Baha Mar that was specific to the rent at GFT.” Baha Mar’s financials showed a $1.212 million bad debt ‘reversal’ yearover-year, with a $513,000 ‘expense’ in 2016 transformed into a $700,000 ‘recovery’ in 2017.

Mr Maura confirmed that related entirely to the Baha Mar-related rent due at GFT, with the $1.2 million ‘reversal’ almost entirely responsible for the 7.4 per cent year-over-year fall in APD’s costs from $17.202 million to $15.925 million.

Although not incorporated into APD’s 2018 budget and financial projections, Mr Maura said there were several potential projects that could boost the Arawak Cay port’s performance to similar levels if they come to fruition.

“Some of the things that could potentially materialise are projects the Government controls,” he told Tribune Business, “one of which is BPL. They have a tender that is out right now for supplementary power. That tender is due on November.”

Mr Maura was referring to the bidding process to supply BPL with 80 Mega Watts (MW) or temporary (rental) generation capacity for five years, other contacts having corroborated that bids are due by 4pm this Friday.

The APD chief added that he understood the tender was not “restrictive”, meaning that bidders could propose an extended or longer-term supply contract, and even offer long-term generation solutions for addressing BPL’s woes. This, too, has been

confirmed by other Tribune Business contacts familiar with the BPL Request for Proposal (RFP).

“That has not been factored into our Port budget, but those generators have to come across our bulkhead,” Mr Maura explained. “The other project that I understand the Government may be looking at is the future redevelopment of Prince George’s Wharf.

That would drive a considerable amount of business for us that’s not contemplated in our budget.

“There are a few significant projects that could materialise, or begin to, this fiscal year, which could have a pretty significant impact on the company and help us to get to the level we’ve just experienced.

“Obviously there is no $1.1 million in outstanding storage that we have today; all in-house rents are current. It would take something quite significant to repeat these numbers just realised.”

APD’s total revenues rose by 20.2 per cent or more than $5 million yearover-year, jumping from $27.08 million in 2016 to $32.551 million. Earnings before depreciation and amortisation increased by 68.3 per cent to $16.627 million, while earning before interest more than doubled from $6.525 million to $13.325 million.

“We did see a bump in business from the remobilisation of Baha Mar,” Mr Maura confirmed. “We saw a spike in business as a result of construction materials specific to the hurricane. We also saw a spike in our bulk vehicle imports, and they would have been the biggest drivers of business - cargo volumes - for us.”

Mr Maura said APD never budgeted for the income and expenditure impacts of hurricanes, but its financial performance had been aided the past two years by “construction materials going across the bulkhead” to assist with Joaquin and Matthew rebuilding.

“If you bring a container across the bulkhead, it’s going to touch 90 per cent of our tariff lines,” he told Tribune Business.

“If you look back over the last several years, you would have seen a decline in port storage as a result of carriers and merchants getting cargo off the dock, and we’ve seen an improvement from the carriers in clearing their empties. There’s been improved cargo management from importers and exporters.”

The Nassau Container Port, which is effectively a ‘natural monopoly’, has a 20-year, governmentgranted exclusivity as New Providence’s commercial shipping port. Both the Government and shipping industry each hold 40 per cent of its equity, with the remaining 20 per cent held by Bahamian public investors.

THE TRIBUNE

Monday, October 30, 2017, PAGE 7

Gov’t told: Don’t stall on $70m Aliv sell-off FROM PAGE 1 hold funds is not indefinite, and that is certainly being communicated to the policymakers. Money sitting on deposit is certainly not making money these days.”

Mr Bowe, now Fidelity Bank (Bahamas) chief financial officer, emphasised that the private placement just awaited a decision from the Minnis administration to ‘pull the trigger’ after familiarising itself with the transaction’s implications.

“Unfortunately, we had an election taking place in the middle of a transaction,” he told this newspaper. “What I can say is the new Board [of HoldingCo] has certainly been persistent to get a meeting with the powers that be to move forward as quickly as possible. It now boils down to them [the Government] and what they want to do.”

Mr Bowe reiterated that, should the $70 million be fully placed, the Government would realise a much-needed revenue windfall that could help cover deficit financing needs pegged at a tota; $722 million for the 2017-2018 and immediate past fiscal year.

“The proceeds coming from that will enure to the Government’s coffers,” he emphasised. “It will not solve all the problems, but will certainly be a welcome infusion.”

The Aliv private placement represents potential ‘low-hanging fruit’ for the Minnis administration in terms of securing significant one-off revenues for the Public Treasury, given that much of the work was done

by Mr Bowe and others under the former Christie administration.

The Minnis administration could realise a much-needed revenue windfall, given its precarious fiscal position, should HoldingCo’s full $70 million private placement be taken up by Bahamian institutional investors.

Realising the full $70 million would aid its bid to keep the 2017-2018 fiscal deficit below the $323 million outlined in the Budget, but the Government cannot wait around forever to achieve this target.

Mr Bowe said the change in government, which resulted in a new HoldingCo Board of Directors and minister responsible, had naturally held up the Aliv placement given that they needed to familiarise themselves with the transaction.

“While we’d liked it to have moved faster, we’re now in a position of waiting on the new government to give the go-ahead,” he told Tribune Business.

“Cabinet position papers were already there, and the Prime Minister indicated he had no intention of changing the former Cabinet’s position; they just wanted to satisfy themselves of the position.”

The HoldingCo investment was effectively a

‘bridge financing’ arrangement by the Government to ensure that Aliv’s network roll-out was not delayed by the wait for private investors to come in.

Its exit was always planned, apart from any minority interest the Government may want to retain as an income asset.

The $70 million potentially generated by selling-off HoldingCo would also enable the Government to, finally, realise

the proceeds from the $62.5 million spectrum license paid by Cable Bahamas.

Those funds were immediately injected back into Aliv as HoldingCo’s share of its infrastructure buildout costs.

HoldingCo holds the majority 51.75 per cent equity stake in Aliv, with Cable Bahamas owning the remaining 48.25 per cent.

The BISX-listed communications provider has Board and management control.

HoldingCo was initially conceived as a vehicle that would pool Bahamian capital for investment in a variety of infrastructure-based developments throughout the country, with Aliv designed to be just its first holding.

The institutions eyed as its first investors have been targeted because they represent the broadest possible spectrum of Bahamian ownership through their members.

NOTICE

LEGAL NOTICE

CHEER FAVOUR HOLDINGS LIMITED

BALNA WEALTH MANAGEMENT LTD.

N O T I C E IS HEREBY GIVEN as follows:

(In Voluntary Liquidation)

(a) CHEER FAVOUR HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

Notice is hereby given in pursuance of Section 138(8) of The International Business Companies Act, 2000 (as amended), the Dissolution of the above-named company has been completed, a Certificate of Dissolution has been issued and the abovenamed company has therefore been struck off the Register. The date of the completion of the dissolution was the 5th day of October 2017.

(b) The dissolution of the said company commenced on the 27th October, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 30th day of October, A. D. 2017

Bennet R. Atkinson Liquidator

_________________________________ Bukit Merah Limited Liquidator

NOTICE OF DISSOLUTION NOTICE IS HEREBY GIVEN as follows: a) The National Insurance Board invites suitably qualified businesses to tender for the contract to operate the Cafeteria of the National Insurance Board’s Head Office, Clifford Darling Complex, Baillou Hill Road.

Interested persons may collect a Bid Application from the Director’s Office at the National Insurance Board’s Head Office, Clifford Darling Complex, Baillou Hill Road and submit same on or before Friday, November 3, 2017 at 3 p.m.

All bids must be submitted in a sealed envelope marked “Bid for Cafeteria” and addressed to: The Director The National Insurance Board Clifford Darling Complex Baillou Hill Road Nassau, Bahamas The Board reserves the right to reject any and all proposals.

Proposals that do not include all required documents will not be considered.

b)

c) d)

Octopus Garden Ltd. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

The dissolution of said company commenced on the 17th of October 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

The Liquidator of said company is Petaluma Limited, PO Box SP-63146, Nassau, Bahamas.

All persons having Claims against the abovenamed Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before November 20th, 2017.

Dated this 19th day of October 2017 ______________________ Petaluma Limited Liquidator

PAGE 8, Monday, October 30, 2017

THE TRIBUNE

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THE TRIBUNE

Monday, October 30, 2017, PAGE 9

Sands: ‘We will not scrap NHI’ FROM PAGE 1 the challenges of healthcare financing, and eliminating some of the gaps in funding, is a necessary and valuable tool.

“I don’t agree we should scrap NHI. It will allow improved access and equity, particularly for people who do not have access to private health insurance.

Could we do things differently, and throw $40 million into a giant sink hole? We probably could.

“But are we likely to get the same value out of it? Probably not. As 10 per cent of the healthcare spend, I believe the NHI infrastructure can do incredible things if managed properly,” the Minister continued. “We are not going to scrap NHI. “I am sure there are some people disappointed to hear that, but I’ve been taking deliberate care to signal honestly the views of the Prime Minister, Cabinet of the Bahamas and my Ministry in terms of where we’re headed.

“I’ve said we’re going to make NHI work, work better, and do it in a responsible way. We’re not going to spend $200 million, $300 million, $600 million on NHI unless we’re going to collect that money in revenues and funding on new projects. That’s unlikely.”

Dr Sands’s comments are indeed likely to disappoint a significant segment of the medical industry and allied professions, many of whom have argued there are better ways than NHI to finance the Government’s universal health coverage (UHC) objectives.

They feel their case has been strengthened by a recently-disclosed letter to Dr Sands from just-retired Public Hospitals Authority (PHA) managing director, Herbert Brown, in which he cited the financing, management, infrastructure and equipment inadequacies

threatening to compromise the quality of patient care in the public health system.

His letter revealed that less than 10 per cent of the PHA and wider healthcare system’s financing needs have been funded, leaving a ‘gap’ or shortfall of $89 million.

The end result, according to Tribune Business’s calculations, is that out of $98.484 million worth in public healthcare financing needs, some $88.844 million remains to be found. Less than $10 million, or under 10 per cent, has been provided to-date.

Dr Sands, meanwhile, confirmed that NHI’s $40 million financing for 20172018 had been cut by 10 per cent, or $4 million, as part of the Government’s wider initiative to slash public expenditure by that proportion ‘across-the-board’.

“We have earmarked, policy-wise, $36 million,” he told this newspaper.

“That’s a policy decision.

The national Budget says the bill is $40 million, we but we are operating with a goal in mind to maintain that expenditure at no more than $36 million.”

Emphasising that the public healthcare system will have to live within the Government’s fiscal constraints, Dr Sands reiterated: “I believe the Prime Minister, the Deputy Prime Minister and the Cabinet have signalled to the Bahamian people that we will not spend significantly more than we capture in revenue.

“Given that we have an explicit goal to balance the Budget within this term, it means that if the revenue performance is not there we’re going to have to make some painful decisions to bring in expenditure in line with the money we have.”

He added that the former Christie government had sold Bahamians the NHI “dream” for too long, and this had turned into “a nightmare” with respect

to the deteriorating public healthcare system.

“This is a real world scenario,” Dr Sands said. “In reality, while people are discovering they can’t get

everything and pay nothing, I believe the reliance on being candid with the Bahamian public, respecting that they understand it even if they don’t like it, is

far better than selling them a dream.

“The dream went on for a very long time, and it’s probably become a nightmare. Here’s the facts,

here’s the money. You might not like the way we’ve allocated the money, but it is what it is. It is open, transparent, honest and access to information.”

MARKET REPORT THURSDAY, 26 OCTOBER 2017

t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

BISX ALL SHARE INDEX: CLOSE 2,076.68 | CHG 0.47 | %CHG 0.02 | YTD 138.47 | YTD% 7.14 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.70 1.96 0.16 5.83 8.60 6.30 5.30 14.49 2.59 1.60 6.00 10.00 11.00 4.49 7.25 12.51 11.00

52WK LOW 4.06 17.43 8.19 3.50 1.25 0.12 3.70 8.40 5.83 3.15 9.00 2.18 1.40 5.80 8.78 5.75 3.35 6.61 11.94 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 Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE

E J K L M N

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00 100.00

52WK LOW 100.00 100.00 100.00

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 2.10 3.98 1.97 176.30 149.66 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 4.31 17.43 9.09 3.65 1.25 0.15 3.75 8.60 6.10 4.97 9.00 2.46 1.51 6.00 10.00 6.90 4.46 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 100.00 100.00 100.00 108.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.31 17.43 9.09 3.65 1.25 0.15 3.70 8.60 6.10 4.97 9.00 2.49 1.51 6.00 10.00 6.90 4.49 7.01 12.50 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 -0.05 0.00 0.00 0.00 0.00 0.03 0.00 0.00 0.00 0.00 0.03 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

108.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.13 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

3,000

500 5,261

VOLUME

NAV 2.10 3.98 1.97 176.30 149.66 1.51 1.64 1.59 1.09 6.97 8.00 6.25 10.96 11.60 10.08

EPS$ 0.444 0.932 -0.223 0.540 -1.373 0.000 -0.857 0.611 0.574 0.196 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 0.120 0.570 0.060 0.050 0.290 0.450 0.000 0.113 0.140 0.600 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 9.7 18.7 N/M 6.8 N/M N/M -4.3 14.1 10.6 25.4 15.5 24.4 3.9 4.9 13.5 12.0 14.5 -10.5 23.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

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% 3.29% 4.48% 1.69% 2.22% 1.77% 2.42% 4.66% 3.89% 5.58% 6.65% 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 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD 1.86% 5.74% 0.00% 5.75% 0.00% 0.00% 0.00% 3.49% 3.61% 2.41% 6.33% 2.41% 3.31% 4.83% 4.50% 0.00% 2.52% 2.00% 4.80% 0.00%

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

PAGE 10, Monday, October 30, 2017

THE TRIBUNE

THE TRIBUNE

Monday, October 30, 2017, PAGE 11

WHY THE EXPLOSIVE GROWTH OF E-COMMERCE COULD MEAN MORE JOBS

By CHRISTOPHER RUGABER Associated Press WASHINGTON (AP) — When the robots came to online retailer Boxed, dread came, too: The familiar fear that the machines would take over, leaving a trail of unemployed humans in their wake.

“I had a lot of people asking me, ‘What is going to happen to us?’” says Veronica Mena, a trainer for the e-commerce startup, recalling the anxiety that rippled through her co-workers after company executives announced plans to open an automated warehouse in nearby Union, New Jersey.

Yet their fears didn’t come to pass.

When the new warehouse opened this spring, workers found that their jobs were less physically demanding than at the older, manual warehouse in Edison, New Jersey. Instead of walking thousands of steps a day loading items onto carts, employees could stand at stations as conveyor belts brought the goods to them.

And rather than cutting jobs, the company added a third shift to keep up with rapidly growing demand.

What happened at Boxed — and has occurred elsewhere — suggests that widespread fears about automation and job loss are often misplaced. Automation has actually helped create jobs in e-commerce, rather than eliminate them, and stands to create more in the years ahead. By accelerating delivery times, robotics and software have made online shopping an increasingly viable alternative to bricks-and-mortar stores, and sales have ballooned at online retailers.

The surge in e-commerce has required the rapid build-out of a vast network of warehouses and delivery systems that include both robots and human workers. The robots didn’t take jobs from people, because many of the jobs didn’t exist before.

“We’re not looking to do the same work with half the people,” said Rick Zumpano, vice president for distribution at Boxed.

“Since we’re growing, we need everyone.”

Newer robotic technologies do loom as a threat to some e-commerce jobs.

Startup robotics companies are developing robot arm prototypes, for example, that can pick goods from shelves. Those devices may replace some workers over the next decade.

But the explosion of e-commerce and the ease of automation are leading e-commerce companies to build more warehouses.

So even if each warehouse employs fewer workers, the proliferation of new warehouses is projected to generate hiring across the industry.

In the meantime, jobs have been lost at storefront retailers, which have suffered under the e-commerce onslaught. Venerable chains such as Toys “R’’ Us, RadioShack, and Payless Shoesource have all filed for bankruptcy this year.

There are widespread fears that things will get only worse for the nation’s 16 million retail workers.

Self-checkout kiosks and experimental stores like Amazon’s Go , which has no cashiers, could theoretically eliminate millions of retail jobs.

But worries about a “retail apocalypse” have missed a more important trend: E-commerce actually leads to more jobs by paying people to do things we used to do ourselves.

When people shop online, tasks that once filled their days — driving to a store, searching through aisles for a product, bringing it to a cashier and paying for it — are now done by warehouse employees and truck drivers. People spend less time shopping than in the past, research shows.

Joe Song, an economist at Bank of America Merrill Lynch who has studied government data, has found that working women are spending less time shopping — nearly 25 hours less per year compared with a decade earlier. Song attributes the time savings mainly

to e-commerce. Families increasingly outsource shopping to e-commerce employees, just as many have long outsourced other household tasks to child care workers or house cleaners. In each case, jobs are created.

That means the bankruptcies and store closings in the retail sector aren’t the complete picture.

While jobs have been lost in stores, many more have been gained from online shopping. Michael Mandel, an economist at the Progressive Policy Institute, calculates that the number of e-commerce and warehousing jobs has leapt by 400,000 in the past decade, easily offsetting the loss of 140,000 brick-and-mortar retail jobs.

Amazon accounts for much of the additional employment. Yet it’s also at the vanguard of automation. Since 2014, Amazon has deployed 100,000 robots in 25 warehouses worldwide. At the same time, it’s nearly tripled its hourly workforce, from roughly 45,000 to nearly 125,000.

Its use of robotics has shaved the operating costs for a warehouse by about 20 per cent, according to a report by Deutsche Bank. Such savings, in turn, have lowered the cost for Amazon to open new facilities — and hire more workers.

Mandel points out that it’s a lot like what happened more than a 100 years ago, when Henry Ford’s installation of assembly lines — an early form of automation — helped reduce the price of cars, which boosted demand so much that Ford needed more workers.

Robots have displaced many manufacturing workers in the past two to three decades, enabling factories to produce more with fewer employees.

Yet e-commerce and warehousing are growing far faster than manufacturing is — a crucial difference that lessens the impact of automation. E-commerce sales are surging roughly five times as fast as storefront retail sales, according to market research firm Forrester. By 2022, they’re expected to account for 17 per cent of all retail sales, up from 13 per cent this year.

From a handful of distribution centers in 2000, Amazon now has more than 240 warehouses and smaller delivery facilities, according to MWPVL, a consulting firm. Those warehouses have created tens of thousands of jobs and boosted wages in some communities, which many local employers call “the Amazon effect.”

But Amazon is not the only company that has experienced growth due to e-commerce.

Walmart, the world’s largest retailer, recently opened its sixth e-commerce campus near Orlando, Florida. Like the others, it includes a million square foot warehouse.

Walmart is also expanding its online grocery pickup service to 2,000 stores, double the 1,000 where it is now available. It allows Walmart’s customers to order groceries online, but requires more workers, not fewer. Ravi Jariwala, a spokesman, says Walmart has created a new job classification — “personal shopper” — to do what customers once did themselves: Pick and package orders.

And XPO Logistics, which ships mostly appliances and other heavy goods, has hired 3,000 warehouse workers in the past year to keep up with growing e-commerce, bringing its total to 26,000.

It’s adding a million square feet of warehouse about every four to six weeks, says Ashfaque Chowdhury, president of XPO’s supply chain in the Americas and Asia.

Chowdhury says items that many people wouldn’t have felt comfortable buying on the internet not long ago — from refrigerators to treadmills to furniture — are becoming routine online purchases.

And the company is also planning to open a million square foot warehouse in

CYNTHIA RICHBURG, in this file photo, prepares a product for shipment at an Amazon fulfillment centre in Baltimore.

(AP Photo/Patrick Semansky) the Midwest exclusively to handle returns.

All these trends have been helped by automation’s ability to hold down costs, such as Walmart’s use of drones to help track its warehouse inventory.

Still, a tour of Boxed’s gleaming new warehouse in Union makes it easy to see why people worry

that automation costs jobs.

Everywhere you look you see machines and rows of neatly organised pallets of goods. But not so many workers. Through the 140,000-square-foot building, two miles of conveyor belts quietly whisk plastic bins containing customers’ orders. One machine stamps mailing

labels on boxes. Spread thinly along the conveyor belts, roughly three dozen workers operate on the floor. Among the first stops on the conveyor is a four-story-high robotic contraption known as “Perfect Pick.” It enables one employee filling orders to choose from 700 items. An automated container, the iBOT, zips up and down and back and forth among the Perfect Pick’s shelves, where products are stored.

The iBOT retrieves small items — health and beauty products and snack foods — and brings them to the employee, who places them in bins.

At Amazon’s much larger warehouse in Baltimore, there are more workers, but also a lot more robots. They lift shelves of goods and roll them to the company’s pickers, who select items that customers have ordered before the robots return the shelves to storage.

Even so, there are still jobs at both warehouses for people to do. At Boxed, the bins glide from the Perfect Pick to other employees, who select additional items to complete an order. A separate group, the packers, puts everything in pastel-hued boxes for

shipment. Fitting multiple items of different shapes and textures into a box is something people still do much better than robots.

Barbara Ward, 56, is a packer at Boxed, and like all her colleagues, she writes a thank-you note for each order she packages.

It’s part of Boxed’s effort to preserve some aspects of the conventional shopping experience. When a customer has ordered diapers, a packer might write a congratulatory note.

At Amazon’s Baltimore warehouse, employees called “stowers” are needed to stock the shelves that are carried by robots. And that requires human judgment: Software suggests to workers where each item should be placed. But it’s an employee’s responsibility to make sure the shelves, which are tall and narrow, remain balanced.

There are also “problem solvers” who position themselves near a scale on a conveyor belt that weighs each package as it whizzes by. If the weight isn’t consistent with what’s supposed to be in the box, the package is set aside for a problem solver, who opens the box to see whether the order was filled correctly.