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TUESDAY, OCTOBER 30, 2018
$4.99 Scanning firm’s training facility eyes 150 jobs By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net A BAHAMIAN firm yesterday revealed it is aiming to create between 120-150 jobs through constructing a $2m training facility in west Grand Bahama. BOARDSECU, in a statement issued yesterday, said the facility will be used to train Bahamians and other nationalities in the operation of scanning equipment to be used at ports of entry throughout the world. The company said it had already secured a partnership with AWS, a Canadian firm that distributes the IGRIS scanners, to provide scanning equipment for all ports of entry in The Bahamas - especially those where containers are landed. It added that IGRIS scanners are used by the Pentagon, US army, Department of Defense and military bases. Sean Deveaux, BOARDSECU’s director, said the company has already made presentations to the Government on its proposal. “BOARDSECU is thrilled about providing the answer for many of our country’s immediate concerns, which are alleviating the importation of drugs, other contraband, guns, ammunition, harmful chemicals, illegal immigrants, etc,” he added. “The IGRIS scanning technology will assist Customs in collecting additional much-needed revenue that would assist the Government in funding other programmes, therefore improving the country. Other countries that have already shown an interest in this technology are South Korea, Vietnam, the Philippines, Taiwan, Jamaica, Tanzania, Congo, Liberia, Nigeria, Libya, Argentina, Colombia, India, Uruguay Ecuador and the list goes on.” Mr Deveaux added that BOARDSECU has proposed to implement the
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Govt: ‘No party yet’ as VAT slashes deficit 52% By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
T
* VAT take jumps $32m after rate hike * $60m revenue rise cuts Q1 ‘red ink’ * Spending ‘controlled’ despite arrears * Finance waiting till Q3 for trends
HE MINISTRY of Finance’s top official yesterday said it was “not preparing to throw a party just yet” despite increased VAT revenues driving a 52 percent cut to the Government’s fiscal deficit. Marlon Johnson, acting financial secretary, told Tribune Business that the Minnis administration will gain “a better sense” of whether the VAT rate hike and other budget tax increases have worked once it hits the fiscal year’s third MARLON quarter early in 2019. JOHNSON Speaking after the ministry released its first quarterly update on the 2018 provided “cautious Government’s fiscal per- optimism” that it was formance, Mr Johnson said “heading in the right directhe results for the three tion” to slash persistent months to end-September $300m-plus annual deficits
that have driven The Bahamas’ national debt to the $8bn mark. The Ministry of Finance’s “first quarter snapshot” revealed that a $60.1m yearover-year revenue increase, more than half of which came from VAT, drove the 52 percent reduction in the fiscal deficit for the July to September 2018 period. The deficit, which measures the amount by which Government spending exceeds revenue, was itself slashed by $56.6m compared to the 2017 fiscal first quarter performance - falling from $108.6m to $52m year-over-year. VAT revenues increased
by $32m or 19.1 percent, jumping to $199.4m compared to $167.4m in the prior year, with the Government’s income also further boosted by an 89.6 percent rise in stamp tax. That revenue item grew from $30.8m to $58.4 year-over-year. The Government managed to retain most of the revenue increase by controlling total spending growth to just $3.5m for the three months to end-September 2018. A $39.1m rise in recurrent or fixed-cost spending, which initially appeared alarming, was offset by a $35.6m capital
BAHAMAS Power & Light (BPL) yesterday defended its hiring of an extra ten megawatts (MW) of expensive dieselburning generators from fierce union criticism that it “makes no sense”. Whitney Heastie, the utility’s chief executive, told Tribune Business it had “no option” but to install additional temporary generation capacity at its Clifton Pier power station to prevent New Providence being plagued by summer 2019 blackouts. He acknowledged that the move could further increase already-high Bahamian electricity bills, given that the Aggreko units use the most expensive fuel available, but said this was the same for all rival proposals.
WHITNEY HEASTIE Arguing that criticism of BPL’s selection “falls by the wayside” as a result, Mr Heastie further highlighted the increasingly fragile nature of New Providence’s
Lay-offs cut govts wage bill by $20m By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
the preferred bidder on New Providence’s proposed 270 MW power plant, on a medium-term solution to the island’s power woes that was sparked by the recent fires at Clifton Pier. The state-owned utility monopoly is seeking to acquire 40 MW of longer term generation capacity to replace the 60 MW lost in the blazes, with Mr Heastie pledging these units will positively impact the fuel charge portion of customer bills that have been hit by rising global prices through their ability to use multiple fuels.
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* ‘No option’ to avoid summer 2019 blackout * Admits fuel costs may further hit consumers * Temporary generation nears 50% of total energy supply infrastructure by confirming that the extra ten MW could bring the amount of electricity generated by temporary units close to 50 percent. Aggreko already provides 80 MW of temporary generation at BPL’s Blue Hills plant, and Mr Heastie said the additional capacity had been wrapped into the two sides’ existing deal. While Bahamian consumers will see no electricity tariff increase as a result, the BPL chief admitted it would further “strain” the utility’s finances since it would have to absorb this extra cost. He also revealed that BPL is working with Shell,
KP TURNQUEST
CONTRACT worker terminations and early retirements enabled the Government to slash its civil service wage bill by $20m during the fiscal year’s first quarter, it was revealed yesterday. The Ministry of Finance’s “snapshot” of the three months to end-September 2018 revealed that the total compensation paid to the civil service, including allowances and National Insurance Board (NIB) contributions, fell by 10.4 percent compared to the same period in the prior year. “Compensation of employees was significantly lower by $20m at $171.9m,” the report for the 2018-2019 fiscal year’s first quarter revealed. “The largest component, wages and salaries, declined by $15.8m to $153.7m, reflecting a combination of deliberate measures taken by the Government to rationalise contractual employment arrangements alongside the impact of retirements. “Meanwhile, timingrelated factors in the payment of overtime to the security forces explained the $3.6m reduction in allowances. Based on the decline in employment complement, the employer’s [Government] NIB contribution was reduced by $0.6m to $7.4m.” The report suggests the lay-offs and early retirements initiated by the Government shortly after taking office are beginning
BPL chief refutes generation deal ‘madness’ claim By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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Govt misses $12.6m in web shop revenue By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government narrowed its first quarter fiscal deficit by 52 percent despite missing out on a projected $12.6m revenue increase in web shop taxation, it was revealed yesterday. Marlon Johnson, the Ministry of Finance’s acting financial secretary, said it quickly realised the forecast yield from the industry’s new “sliding scale” taxation structure, and five percent Stamp Duty levy on customer deposits and over-the counter lottery ticket sales, might be delayed by implementation issues and legal challenges. “We were cognisant of that very early in the process, and managed our expenditure accordingly,” Mr Johnson told Tribune Business after the Ministry of Finance produced its
* Deficit cut below $40m if realised * Tax increases projected extra $50m * QC: Some planned rules still ‘offensive’ first-ever “quarterly update” on the Government’s fiscal performance. The “update”, covering the three months to endSeptember 2018, reveals that the Government could have further narrowed its $52m fiscal deficit to less than $40m if it had been able to collect on the anticipated web shop taxes. “Gaming tax receipts of $6.2m tracked moderately below the $8.9m of the prior year, and excluded the potential uplift from the new schedule of taxes on gaming houses and the five percent stamp tax on patrons because of implementation delays,” the Ministry of Finance revealed. “In combination, these
WAYNE MUNROE QC new measures are budgeted to yield an incremental $4.2m monthly in receipts.” This means that the budget’s
increased taxation for both web shop operators and their thousands of patrons is projected to yield an additional $12.6m every quarter, or $50.4m annually, in revenue for the Public Treasury. This sum is not insignificant given the extent of the Government’s fiscal troubles, but the web shop industry has challenged both tax reforms impacting it in the Supreme Court, thereby delaying their implementation. Wayne Munroe QC, the attorney representing the Island Game and Paradise Games web shop chains, told Tribune Business yesterday that the industry
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THE TRIBUNE
DOCTORS NAMES TOP RBC CHIEF TO BOARD ROYAL Bank of Canada’s (RBC) Bahamian managing director has been appointed to Doctors Hospital’s board of directors. “We consider ourselves most fortunate to have someone with Nat Beneby’s experience and expertise in the financial world join Doctors Hospital at this level,” said Doctors Hospital’s chairman, Felix Stubbs. “This is an exciting time for Doctors Hospital as we continue to expand
our facilities and services offered to the Bahamian public, so his contribution will be extremely valuable.” Besides his post as RBC Royal Bank (Bahamas) managing director, Mr Beneby chairs the bank’s boards in The Bahamas and Cayman Islands. He also serves as managing director of its BISX-listed mortgage lender, RBC FINCO. The Prince Williams Baptist High School graduate has also served as
board chairman at Bahamas Power & Light (BPL) and the Bahamas Electricity Corporation (BEC), as well as the National Disaster Reconstruction Committee. Mr Beneby formerly served as a board member at the Hotel Corporation of The Bahamas; as president of the Bahamas Institute of Financial Services (BIFS); and deputy chairman of the Public Hospitals Authority (PHA). He also previously co-chaired a fundraising
cabinet at College of The Bahamas, and has served on several advisory committees. He has a Bachelor of Science in business administration and an MBA from California Coast University. Mr Beneby is also a fellow of the Bahamas Institute of Financial Services. Other Board members include Dr Charles Diggiss, Karen Carey, LeRoy Archer, Barry Rassin, Dr Barrett McCartney and Wayde Christie.
CFAL launches Junior Investor programme CFAL has launched its THE NASSAU Junior Investor EducaLAUNCH tion programme 2018-2019, marking the 17th year in which it has educated young Bahamians on the importance of financial literacy and saving. The initiative also introduces students to the different investment options available in the Bahamian capital markets. Students are given a hypothetical investment portfolio to manage for the duration of the programme. There are 17 senior high schools participating in the programme, including Anatol Rodgers High School; St Paul’s Methodist College; Jordan Prince William High School; St George’s High School; C V Bethel High School; Mary Star of the Sea Catholic High School; R M Bailey High School; Central Andros High School; St Andrew’s High School; Huntley Christie High School; Charles W. Saunders High School; Jack Hayward High School; Bahamas Academy; Nassau CENTRAL Christian Academy; St ANDROS HIGH Augustine’s College; AquiSCHOOL nas College; and Eight Mile
GRAND BAHAMA LAUNCH
HUNTLEY CHRISTIE HIGH SCHOOL IN NORTH ANDROS.
Govt: ‘No party yet’ as vat slashes deficit 52% FROM PAGE ONE expenditure decrease driven by the absence of a one-off transaction from the year before. The recurrent spending rise was blamed on $39.5m in payments to settle the first portion of the $360m unfunded arrears identified in the 2018-2019 budget address, and which the Government has committed to settle over the next three years. The first quarter outlay, which represents 21.6 percent of the $183.2m budgeted to settle those arrears this fiscal year, drove a 41.3 percent or $35.1m increase in the Government’s spending on goods and services to $120.1m As for the capital spending decline, the Ministry of Finance indicated it had returned to normal levels following last year’s one-off $40m payment to redeem promissory notes (bonds) issued to Bank of The Bahamas as part of its 2014 taxpayer-financed bail-out. Mr Johnson, though, told Tribune Business that the Government was not getting carried away by just one quarter’s positive outcome. He indicated that it was more focused on establishing a consistent long-term trend of deficit reduction, then elimination, to set The Bahamas’ public finances back on a sustainable path. The acting financial secretary also emphasised that the 2018-2019 fiscal first quarter contained just two months of VAT filings at the new 12 percent rate, given that July’s collection captured the last month (June) at the old 7.5 percent rate. He suggested there was still not enough evidence to determine if the budget’s VAT rate hike will have the desired effect, telling this newspaper: “We’re waiting to see. We cannot yet be pleased with that. “We’re trending in the right direction, but that only shows two months.
Although it’s positive, we still don’t have a full picture of it. By the time we get into the third quarter [January to March 2019] we will have a better sense of the success of that element of the tax increases.” The Ministry of Finance’s update, which said the near-$200m VAT take was equivalent to 19 percent of the full-year target, echoed Mr Johnson. It said: “This outcome does not reflect the full impact of the VAT rate hike, to 12 percent from 7.5 percent, which became effective July 1, 2018. “Some tempering factors included the Government’s accommodation to hotels and resorts, and development projects, to honour business booked/secured prior to September 30, 2018, at the old rate, and the first quarterly filing at the new rate being in October.” Mr Johnson, described spending control as the Ministry of Finance’s “key watchword”, acknowledging the challenges the Government has faced in achieving the necessary restraint given the continual “demands” from the public sector for expanded budgets. “Our goal is to stay within the $237.6m projected deficit [for the 2018-2019 full year],” Mr Johnson told Tribune Business. “We see from the first quarter that we are heading in the right direction. “Expenditure management is the key watchword. That’s been our watchword; to try and manage expenditure and expenditure growth to make sure it stays within budgeted amounts.” Total government spending was $565.8m for the three months to end-September 2018. Describing the Ministry of Finance’s post-first quarter outlook as “cautious optimism”, Mr Johnson told Tribune Business: “We’re not prepared to throw a party just yet. We’re pleased we’re on track from both a revenue and expenditure standpoint. “The revenue growth has
Rock High School Richard Pinder, program co-ordinator, at the Nassau launch emphasised the importance of managing money through an activity that allowed participants to think about how they spend their money and improve their financial health. At the Grand Bahama launch, Dwayne Swann, a CFAL advisor, urged students to take full advantage of the information and material provided throughout the year. been achieved on the back of increased taxes and a healthy economy which, we believe so far, will continue to grow. Our anticipation was the economy would continue to see healthy growth notwithstanding the tax increases. It’s cautious optimism. Once we get into the third quarter we will be in a position to determine how truly successful the Budget goals were.” The January to March period is typically the quarter when the Government revenues peak. It coincides with the winter tourism season, and includes the deadline for Business Licence fee payments and commercial vehicle licensing month. The majority of real property tax revenues are also collected during this time. Mr Johnson, though, warned that the process of restoring the Government’s finances to good health is a marathon, not a sprint, and that an unrelenting effort over many years possibly even decades - will be necessary to achieve sustainability. “We wouldn’t have been too disheartened if the report had been adverse, if we had not made the fiscal deficit target, but we also would not have been jubilant if we had missed the target,” he revealed. “The deficit number yearon-year is down by half, but it’s still early days. Even with settling those [$39.1m] arrears we were still able to manage the expenditure growth pretty well. As we improve our fiscal position, it will give us the headroom to deal with fiscal shocks down the road.” Mr Johnson conceded that the Government had been “fortunate” to-date to escape hurricanes and other events that could have blown its budget projections, and fiscal targets, off course at at an early stage. “A key area of focus for us is capping growth in expenditure,” he reiterated. “That’s a big challenge in a public sector environment as the demands continue. Keeping a lid on that and focusing on revenue capture - capturing the yield from the tax increases - are our focus.”
THE TRIBUNE
Tuesday, October 30, 2018, PAGE 3
TAXI DRIVERS ‘IN DARK’ OVER THE CRUISE PORT By NATARIO MCKENZIE
Tribune Business Reporter
NASSAU nmckenzie@tribunemedia.net CRUISE PORT THE Bahamas Taxi Union (BTU) yesterday expressed fears that the 300 drivers operating from Nassau’s cruise port were being left “in the dark” over their future amid the Government’s drive to find a private sector manager for the facility. Wesley Ferguson, the BTU president, told Tribune Business: “There is a transition that the Government is doing with the Prince George Wharf. It is still not clear what the programme is that the Government will implement for
the taxi drivers. “We have heard that the port will be managed by an independent company. So far we are in the dark about how that is going to affect taxi drivers, or what exactly is the plan going ahead. That is our biggest issue right now.”
Dionisio D’Aguilar, minister of tourism and aviation, could not be reached for comment up to press time yesterday. However, the 11-page Request for Proposal (RFP) that seeks an operator for the cruise port addressed the issue thus: “Meaningful
regard must be given to Bahamian ownership in the Nassau cruise port, and the role of local vendors and taxi and tour operators.” Mr D’Aguilar previously told this newspaper that the Government is seeking “significant Bahamian ownership” in Nassau’s new cruise port operator, which will have “a 25-year concession” to manage, develop and maintain the facility. Bidders have until Friday, December 7, to submit their offers, with the government having formally launched its search for a Prince George Wharf manager earlier this month. The Minnis administration is seeking a
similar model to BISXlisted Arawak Port Development Company (APD), the Arawak Cay port operator, where “the average citizen” - meaning small retail investors - have an opportunity to participate in the ownership of key Bahamian infrastructure assets. Mr Ferguson, meanwhile, also expressed concern over rising fuel costs that are cutting into the profit margin of taxi drivers. “The effect that it is having is it is cutting into our profits,” he said. “I feel as though we purchase the lion’s share of the gas. “Tour companies pay for their gas and not the driver. However, in the taxi
industry the driver pays out of pocket. We suffer the most with gas prices rising. We need gas every day to operate and it directly affects our income; it diminishes our profit margin. The amount of gas you may have needed to operate last month, you now have to increase to do the same operation.” Mr Ferguson, who recently assumed leadership of the BTU, told Tribune Business: “Right now we’re trying to revamp and rebrand this entire taxi industry. We want to present ourselves as business owners and push back against this perception that we are basically hustlers.”
BANK LOAN APPROVALS OFF 10% AGAINST 2017 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
LOAN approval and application volumes both declined year-over-year during the 2018 first half, with Bahamian commercial banks still rejecting almost half of all mortgage proposals. The Central Bank, unveiling the results of its latest bank lending conditions survey, confirmed that the ability of potential home buyers to obtain credit remains the major obstacle to reviving the Bahamian housing market and all industries that rely upon it. It added that a “high debt service ratio continued to be
the most reoccurring reason for loan denials”, meaning that too many Bahamian borrowers are still too over-leveraged and heavily indebted to qualify to own “a piece of the rock”. The Central Bank said 52.4 percent of mortgage applications, or just over one out of every two, were approved by Bahamian commercial banks during the 2018 first half. This represented a “decline by 3.1 percentage points in comparison to the first half of 2017, but firmed [an improvement] by 4.3 percentage points relative to the July to December period”. In contrast, the approval
rate for consumer loans stood at 77.4 percent for the same period. But even this was some 4.3 percentage points lower than both the same period in 2017 and the latter part of that year. And the approval rate for commercial loans was 92.6 percent, some 1.7 percentage points higher than the 2017 second half, and up 0.71 percent on the yearbefore period. “The overall approval rate across loan categories was 9.7 percentage points lower at 76.7 percent when compared to the second half of 2017, and down by 3.8 percentage points vis-à-vis the first half of 2017,” the Central Bank said.
“Provisional results for the first half of 2018 indicate that banks received approximately 16,853 loan applications, down by 12.8 percent when compared to the same period last year. This was largely due to a fall-off in the consumer credit segment.” Elsewhere, the Central Bank’s monthly report for September highlighted the continued strength of the vacation rental market, with Airbnb bookings up by 51.4 percent year-over-year. “In line with the strengthening in air arrivals - as well as an increase in the number of listings - data from AirDNA revealed a 51.4 percent strengthening
in total bookings in the short-term rental market, relative to the same period in 2017,” the Central Bank said. “Bookings in Abaco improved by 88.9 percent, led by an expansion in rental of entire units as opposed to segmented use of units (including specified rooms), while reserved listings for Grand Bahama, the Exumas, and New Providence, advanced by between 40 percent and 60 percent. “In terms of the average daily room rate (ADR), which is more comparable between periods, the data showed that the rates for entire
place listings firmed by 8.2 percent to $284.37 per day. However, those for private rooms (hotel comparable) listings fell by 3.8 percent to $126.34 per day,” it continued. “Over the nine-month period, total booked residential listings increased by 43.1 percent in comparison to 2017, with both the entire place and private room bookings up by 42.6 percent and 32.6 percent, respectively. In addition, the ADR for both entire place rentals and hotel comparable rooms rose by 5.2 percent and 2.2 percent to $337.57 and $139.36, respectively.”
BDB partners for GB tourist attraction event THE Bahamas Development Bank has teamed with the Prime Minister’s Office and Patrick Rahming & Associates to host a two-and-a-half day Tourist Money Never Done workshop. The initiative, which will be held on November 1-3 at the Grand Lucayan, is intended to increase tourist-related attractions throughout Grand Bahama. Presenters will be drawn from tourism, financial services, insurance and other successful entrepreneurs. Attendees will be introduced to the many attractions that can be developed, and how they can start a business in those areas. They will also be given a broad overview of the Bahamian tourism product, and the target markets and alliances
Scanning firm’s training facility eyes 150 jobs FROM PAGE ONE project at no upfront cost to the Government, and will undertake 100 percent of the cost for maintaining the IGRIS scanners. He told Tribune Business that AWS, in conjunction with BOARDSECU, has proposed building a multipurpose facility on Grand Bahama to train operators of the IGRIS equipment from around the world. “Our proposal is for a $2m training facility on the outskirts of Grand Bahama. We’re looking at western Grand Bahama. We are looking to lease Crown Land. We’re seeking a ten-year contract with the Government. We are in talks with the Government on this. We intend to turn the facility over to the Government after the ten-year contract is finished,” said Mr Deveaux. “In terms of the traffic, we’re are anticipating to draw from countries around the world and local tertiary level institutions of 150 students on a monthly basis. We’re offering 85 jobs in Grand Bahama and an additional 35-40 here in New Providence.”
needed to successfully operate in the current economic environment. The Bahamas Development Bank will provide access to affordable loans once qualified candidates complete its application process. The goal is to enable qualified applicants to secure resources sufficient to start their tourism business.
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PAGE 4, Tuesday, October 30, 2018
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Govt misses $12.6m in web shop revenue FROM PAGE ONE
and the Government were currently exchanging proposals on rules for how the five percent stamp tax will be implemented in practice. The Government has also issued regulations governing the “sliding scale” taxation structure imposed on web
shops, which Mr Munroe branded as “constitutionally offensive”. He promised they would be challenged in the courts if the Minnis administration moved forward with their implementation. Mr Munroe added that he was due to respond to the Government’s stamp tax proposals today, with fellow attorney, Alfred Sears QC,
having already responded on behalf of Island Luck, the largest web shop operator, on Friday. “On the stamp tax aspect, they sent us proposed rules,” he told Tribune Business. “It’s basically trying to work it out. My main issue with it is they want us to round up over 0.5, and to round down otherwise.”
The “rounding” issue has been one of the web shop industry’s primary concerns, as it could lead to an over or under-payment of the due Stamp Tax by patrons. Neil Major, Island Luck’s chief compliance officer, warned in an August 16, 2018, letter to Mr Johnson: “No guidance has been giving on the rounding up or down of fractional cents, or if there would be variance based on type of transaction. With the number of transactions occurring, this has an impact on the financial results. “Rounding of small amounts: We process tickets as small as $0.10. Rounding here could make this a ten percent stamp tax on some customers.” Mr Munroe yesterday
added that there were “one or two other technical issues” with the five percent stamp tax that he planned to take up with the Government on his clients’ behalf, and called on the administration to negotiate a solution with the web shop industry as opposed to engaging in a court battle. “Hopefully we can deal with the stamp tax aspect,” he told Tribune Business. “On the ‘sliding scale’ tax aspect of it, they have put out new regulations we say are still offensive constitutionally, so we will be challenging those if they move forward with it. “I’m hoping that when they write to us now they engage with is, so we can look at it properly, sit down and work things out. My
clients are businessmen; they don’t want to be involved in litigation. Only attorneys win from litigation.” Mr Munroe reiterated the web shop industry’s position that the Government should have properly consulted it on the 2018-2019 budget’s tax changes prior to their passage through Parliament, thereby saving all parties time and costs. “From where I stand it would be wholly proper if they engage the industry before they do these things, just like they do with the insurance industry, the banking industry and any other industry,” he added. “We hope they deign to meet with us so we can have discussions. They may be surprised as to how helpful our clients instruct us to be.”
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Tuesday, October 30, 2018, PAGE 5
Lay-offs cut govts wage bill by $20m FROM PAGE ONE to have their desired effect in curtailing a public sector wage bill that grew by $226m over the previous seven years, although those impacted will not see it that way. Elsewhere, the Ministry of Finance report revealed that the Government invested a total $37.5m, inclusive of the $30m purchase price, in acquiring the troubled Grand Lucayan resort during the fiscal year’s first quarter. “Government’s financing transactions included an additional $6.6m allocation to sinking funds established to assist with future debt repayment,” the document said. “Government also invested $37.5m in its recently-established special purpose vehicle, Lucayan Renewal Holdings, for the purpose of meeting the initial $30m deposit and other related payments for acquisition of the Our Lucaya Hotel and related properties in Grand Bahama. “The total purchase price was $65m, with the balance, $35m, being sourced via a loan from the vendors [Hutchison Whampoa], supported by a government guarantee.” The Ministry of Finance report also exposed how Bank of The Bahamas continues to drain Bahamian taxpayers even after two bail-outs and a $40m rights issue that, combined, will cost the Public Treasury $300m-plus and counting. With the Bahamas Resolve unable to raise enough funds by selling the real estate that secured Bank of The Bahamas’ former toxic loans, the Government has had to step in to pay the interest due to the BISX-listed lender on the $167.7m in bonds that filled the hole on
its balance sheet. “The Government provided $5.7m to Bahamas Resolve to assist with payment of interest on its $167.7m promissory note to the Bank of The Bahamas, partially settled contingent liabilities with the Bank of The Bahamas related to the hurricane loan and student loan programmes totalling $6.4m; and extended an additional $4.9m in subventions to several public corporations,” the Ministry of Finance report added. KP Turnquest, pictured, deputy prime minister and minister of finance, yesterday hailed the report’s publication as “an historic first” that sets an “unprecedented standard of transparency in public finances” by introducing quarterly reporting on the Government’s finances. He said in a statement: “The in-year quarterly budget performance, reporting on the central government’s revenue, expenditure and financing operations, allows the Bahamian people to understand and track the financial health of the country. It aligns with global fiscal disclosure standards
and best practices. “Performance reporting is not about popping champagne when we are happy with our progress and burying the numbers when we are not. Performance reporting is about full disclosure. It is about upending the culture of closed government and promoting transparency instead.” He pledged that the Ministry of Finance was “proactively working to set a new model for good governance” that involves “building a culture of openness, access to information and engagement”. Mr Turnquest, though, acknowledged that producing change - “especially within large bureaucracies” - would take time. He also warned against reading too much into the 2018-2019 first quarter numbers as they had yet to emerge into a solid longterm trend, although the performance was “certainly moving in the right direction” when compared to the same period in 2017. “Naturally we are happy to see that revenue is up, the deficit is down by more than 50 percent year-onyear, and growth in overall expenditure was less than 1 per cent,” Mr Turnquest said. “But we ought not to read too much into the numbers at this point because it is the first quarter; there is still a lot of hard work to do. “Nonetheless we are cautiously optimistic that the Government is on track to meet its fiscal targets, which called for a substantial reduction in our annual deficit. We must contain expenditure growth, improve the revenue yield and continue smart capital investments with scarce public funds. The Ministry of Finance will stay focused on this critical mandate.”
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PAGE 6, Tuesday, October 30, 2018
THE TRIBUNE
BPL chief refutes generation deal ‘madness’ claim FROM PAGE ONE The new Aggreko deal yesterday came under union fire, though, amid suggestions that it “makes no damn sense” and that there were better offers available to BPL. Paul Maynard, the Bahamas Electrical Workers Union’s (BEWU) president, told Tribune Business the continued use of diesel fuel was “madness” given the high cost it imposed on Bahamian businesses and households. Contacted after this newspaper was tipped off about the rental generation units’ arrival at Clifton Pier, Mr Maynard said they were supposed to start supplying power to BPL’s grid this weekend once cable and fuel lines were connected a timeline confirmed by Mr Heastie. The BEWU chief, though, said New Fortress Energy and General Electric/Providence Energy Partners - two bidders who had lost out to Shell on the long-term generation contract - had made proposals that were superior to the Aggreko arrangement. He added that the latter, in particular, had “offered to put 100 MW there at no cost to the Government and the people, and sell it to BPL”. “It doesn’t make no sense what they’re doing,” Mr Maynard told Tribune Business of the Aggreko deal. “We’re paying a fuel charge this month of 20.78 cents per kilowatt hour (KWh). For us to be continuing to use diesel ADO fuel is madness, but it’s their decision. Who am I, the little boy crying wolf.”
BPL Clifton Pier plant during a fire. Photo: Terrel W Carey Sr/Tribune Staff
Mr Heastie, though, confirmed that BPL had contracted with Aggreko to provide an extra ten MW of rental generation upon the advice of Shell. “There’s no intent to add above ten MW,” the BPL chief executive said, with each Clifton Pier unit able to generate one MW for the utility’s grid. “Shell went out and did their work, and what they came back with was the best we were going to get in terms of deployment and price right now is Aggreko,” Mr Heastie continued. “They’re in the business of shortterm generation; nobody else would be able to come in and do this for as short a time as Aggreko would. “All the others, to deploy any kind of asset, they all require longer-term commitments that BPL is not willing to do. We could release Aggreko in six
months, whereas everyone else was looking for three to five years... Aggreko became the best option for us. Shell looked at all the vendors, and short-term for them would not be short-term for us.” Mr Heastie conceded that the addition of extra dieselburning generation units threatens to exacerbate the already-high - and increasing - fuel costs that Bahamian businesses and consumers are paying for, but he argued that BPL’s alternatives were virtually non-existent. “No one came in with an option that was not using diesel fuel,” he revealed. “To be frank, people were saying they were going to bring in gas units, but they would bring them in and run them on diesel and, when the infrastructure was set up for gas, convert them to gas in the future.
“The only thing available immediately would have been diesel. The argument that using Aggreko would not be the best option falls by the wayside as everyone else was in the same boat using diesel.” Mr Heastie said Clifton Pier currently lacks the necessary regasification infrastructure to convert fuels such as liquefied natural gas (LNG), and pump them from ship to shore, although Shell’s power plant will require this when it becomes operational in 2021. With the Clifton Pier fires having damaged, if not destroyed, BPL’s two most efficient generation units, Mr Heastie said the ten MW of temporary generation was vital to enabling its permanent assets to be taken off-line for critical maintenance upgrades.
“We need the Aggreko units on the ground to allow us an opportunity to take units out in the winter period to do maintenance,” he told Tribune Business. “Without ‘Station C’ [the fire-damaged engines] we lost the flexibility to take the assets off the grid. Aggreko will come in to allow us the flexibility to do the winter overhaul.” Mr Heastie said this was supposed to have begun in early September/October, but had to be delayed because of the fires. This meant BPL was already behind in ensuring its generation fleet is in the condition necessary to meet peak summer demand. He added that Clifton Pier’s “Station C” and firedamaged engines were still in the care of insurance loss adjusters, who were evaluating them to see if they have any remaining value. Until
that process is complete, BPL will have no idea of the total loss it faces. Looking beyond the immediate Aggreko deal, Mr Heastie said BPL was also examining how to “get out of this situation we got ourselves into with the fire” by “bridging the gap between not having to burn diesel and getting back on to something more cost effective for customers”. As a result, BPL had asked Shell to again evaluate whether Wartsila or MAN Diesel was the best candidate to supply 40 MW of multi-fuel medium speed, four-stroke engines as a medium-term option “to ensure we don’t load shed while doing these overhauls”. Shell’s recommendations are expected by mid to end-November. Mr Heastie added that BPL was examining whether it could modify Clifton Pier’s ‘Station A’, which contains its oldest generation units, to Shell’s infrastructure needs and enable it to accommodate the proposed new generation units. The BPL chief admitted that its increasing reliance on temporary generation units for New Providence’s energy supply was “not ideal”. Should Aggreko’s 90 MW be employed at full capacity, they will likely account for between 40-50 percent of a winter demand that typically stays between 190-200 MW. The present 80 MW generated around one-third of summer demand, with some 60 MW of Clifton Pier’s 135 MW capacity now off-line indefinitely.
THE TRIBUNE
Tuesday, October 30, 2018, PAGE 7
At a small US factory, Trump’s trade war forces hard changes PHILADELPHIA Associated Press SITTING in his office beside photos of grandchildren decked in Philadelphia Flyers jerseys, Christopher Scott shakes his head. Another email has come in from another supplier. It wants to raise prices to cover the cost of President Donald Trump’s tariffs. For weeks, emails and letters have been arriving in a steady stream at Howard McCray, the small Philadelphia factory Scott runs with about 85 workers. It’s mostly bad news. One supplier is charging more for shelving brackets, another for electrical switches, a third for wheeled castors. McCray needs those parts for the refrigerated display cases it produces for convenience stores and restaurants. Since Trump imposed tariffs on imported steel and aluminum and on Chinese products, Scott, like many other American manufacturers, has had to rapidly switch gears. He had been optimistic about 2018, with plans for hiring and investment in new machinery. He had hoped, for example, to replace two 30-year old machines that cut holes in stainless steel sheets with a newer version that uses lasers and works twice as fast. All that’s now on hold. This year, McCray has slashed in half its spending on large equipment. Scott is also leaving four jobs unfilled and instead adding more overtime for his current staff. “That’s what the tariffs are doing to us,” Scott, 59, said while giving a visitor a tour this month of the factory floor, straining to be heard above the pneumatic drills and hydraulic equipment. “We’re just going to delay it until they come off.” Tax cuts that Trump pushed through Congress last year sharply reduced the tax burden on businesses. The administration argued that lower taxes would accelerate investment in machinery and high tech equipment. Over time, such capital spending tends to make workers more productive and speed the economy’s growth. Yet Scott says that for his company, the higher tariffs — which are taxes on imports — have largely nullified any benefit from the tax cuts. There is growing evidence that other companies are feeling similar strains. Business investment in large machinery and other equipment grew just 0.4 percent in the July-September quarter, the government said on Friday. It was the slowest pace in nearly two years. And demand for computers, industrial equipment
and other capital goods has dropped in the past two months. “The prospect of a fullblown trade war with China and tariffs more generally are prompting some companies to delay investments for next year,” noted Diane Swonk, an economist at Grant Thornton. The tariffs have also injected a new layer of uncertainty into Scott’s business. Right now, for instance, Scott is trying to decide what prices to quote for two potential customers he is pitching. Should he pass on to those customers the higher costs of the tariffs — or eat them, as he is doing now? “If you price the tariffs in now, you risk losing the account,” he says. “If you don’t price them in, you risk losing money on the account.” The stated goal of the Trump administration’s 25 percent tariffs on steel and ten percent on aluminum, imposed June 1, was to limit cheap imports and spur hiring and growth in America’s metals industries. In imposing the tariffs, Trump invoked national security: His reasoning was that low-priced imports hurt America’s ability to produce items needed for national defense. Many critics have disputed that assertion. Some companies have indeed benefited. Braidy Industries, an aluminum manufacturer, has broken ground on a plant in Kentucky that it says will create 600 jobs. US Steel is spending $750m on modernising a factory in Gary, Indiana. But across more industries, higher costs for
businesses have begun spreading and leading economists to predict slower economic growth next year. And Trump has also imposed tariffs on roughly half the goods the US imports from China. 3M Corp, for example, has said it’s raised prices to offset the higher cost of goods subject to tariffs. Ford Motor Co says the import taxes will raise its costs $1bn through 2019. And Caterpillar says the steel tariffs will cost it roughly $100m in 2018. Trade concerns are among the factors that are rattling the US stock market; the Standard & Poor’s 500 stock index has tumbled 9.3 percent from its record high in September. In the meantime, with costs rising, Scott has had to scramble to limit his company’s expenses. When he visited Las Vegas this month for a trade show, only he and his wife and co-owner, Diane, went, rather than the half-dozen from his company who attended last year. It meant their booth wasn’t fully staffed during the whole show. Rob Martin, an economist at UBS, notes that US tariffs are now at their highest levels since 1971. And back in the early ‘70s, trade constituted a much smaller portion of the economy. Now, import taxes are rising at a time when the US has become far more integrated with the global economy, which means tariffs now tend to inflict heavier damage. “No one has seen this phenomenon in the US,” Martin said. Though Scott has
absorbed his higher costs for now, he hopes to eventually pass some of them on to his customers, which include Shell Oil’s convenience stores and Texas Roadhouse restaurants. First, though, he wants to see how his larger competitors handle the higher costs. “Little Howard McCray can’t go out and raise prices ten percent and lose all the market share that we’ve worked so hard to gain,” Scott said. Especially when his business, small as it is, is entwined in international trade. Like many companies, McCrary both benefits and suffers from globalization. Scott has worked to expand his business to Canada; ten percent of his sales now come from that country. He felt relief when the US agreed last month on an updated trade agreement with Canada and Mexico. On the other hand, the company produces a commercial refrigerator that Scott says Chinese
companies sell for less than the cost of his parts alone. He’d favour a tariff on that refrigerator. Howard McCray buys its parts from distributors that acquire them from other manufacturers. If its American suppliers were to acquire their parts from China or some another country, Scott wouldn’t always know about it — maybe not until an email arrived announcing a price hike to reflect new tariffs. Like a family shopping at a department store for clothes or toys imported from China, Scott didn’t choose to acquire parts from overseas. “The source of where their factories are is very hard for us to stay on top of,” Scott says, standing before dozens of bins holding screws, wiring and electrical components. For many products, there aren’t any alternative US suppliers. “If one moves (to China), they all move,” says Bill Warren, his business partner. Scott holds up a handful of Chinese-made shelf
brackets dipped in chrome. One of his suppliers now charges ten percent more for them because of the latest round of tariffs on Chinese imports. And the tariffs are set to rise to 25 percent on Jan 1. Environmental regulations make it too expensive to manufacture them in the United States. Scott decided to gamble a bit, and bought a year’s supply of the brackets in August, when he first heard the tariffs might be imposed. That decision could save the company money if the tariffs increase as scheduled. On the other hand, if the Trump administration reaches an agreement with Beijing before year’s end and the tariffs come off, Scott will have bought too many. Yet he has no alternative. “We are still buying Chinese,” Scott says. “If there was an American manufacturer that made a shelf bracket, we would shift to that.”
PAGE 8, Tuesday, October 30, 2018
THE TRIBUNE
UK TO START TAXING BIG INTERNET COMPANIES LONDON Associated Press BRITAIN’S Treasury chief unveiled yesterday a new tax on big internet companies’ revenues, insisting it is time that the global tech giants with profitable business in the UK pay their fair share for public services. Philip Hammond made the announcement as he outlined his budget, explaining that while he preferred trying to find a global solution to address the borderless nature of the wealth of the likes of Google and Facebook, negotiations with other countries had been too slow. He said the tax will be
“narrowly-targeted” on the UK-generated revenues of specific digital platform business models. “The rules have simply not kept pace with changing business models,” Hammond said. “And it’s clearly not sustainable, or fair, that digital platform businesses can generate substantial value in the UK without paying tax here in respect of that business.” Companies typically pay their taxes where they are based. But while local governments can impose a sales tax on physical goods in shops and restaurants, that has not been the case with online service providers. And in the European Union, foreign companies like Amazon, Google and
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Facebook pay what tax they owe in the country where they have their regional base — usually a low tax haven like Ireland. So their business generates little to no tax revenue in countries, like the UK, where they have significant operations. Hammond said the digital sales tax will be structured to apply to “established tech giants” rather than tech startups and was at pains to emphasise that it was “not a online-sales tax on goods ordered over the internet”. It will only apply to firms making 500 million pounds ($640m) a year in global revenues. The text will come into effect in April 2020 and is forecast to bring in 400 million pounds a year. Dan Neidle, a partner at law firm Clifford Chance, said the tax could chill innovation and, given the dominance of the tech giants in the United States, would likely be met with a hostile reception by the Trump administration. “For 100 years, businesses have been taxed based on where they are, not where their customers are,” he said. “The digital tax represents a revolutionary change - it taxes digital companies, regardless of their legal structure, if they have users in the UK. There are many - particularly in the US - who will regard limiting that revolution to one particular sector as opportunistic, particularly when it’s a sector where the UK (and Europe as a whole) have conspicuously failed to create world-beating businesses.” The announcement came
BRITAIN’s Chancellor of the Exchequer Philip Hammond poses for the media as he holds up the traditional red dispatch box, outside his official residence 11 Downing Street before delivering his annual budget speech to Parliament in London yesterday. Photo: Frank Augstein/AP as Hammond splashed out on health services in a spending plan signaling the easing of eight years of austerity with a modest uplift in public spending and few major tax increases. Hammond declared the end is in sight for the budget cuts implemented by a series of Conservative-led governments after the global financial crisis, reiterating a commitment made by Prime Minister Theresa May this month. But he cautioned that the government’s plans to end austerity could be thrown off track if Britain fails to secure a deal that protects trade with the EU. Hammond said improving public finances after years of belt-tightening meant he could give
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The Public is hereby advised that I, ELIZABETH ROLLE of Kennedy Sub, P.O.Box CR-54808,Nassau, Bahamas mother of ELISA TYRA ROLLE intend to change her name to ELISA TYRA HIGGS. 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.
Halson Ferguson and Lynn Kelly LIQUIDATORS c/o EFG Bank & Trust (Bahamas) Ltd Goodman’s Bay Corporate Centre 3rd Floor, West Bay Street and Sea View Drive P.O. Box CB 10956 Nassau, Bahamas
MARKET REPORT MONDAY, 29 OCTOBER 2018
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 2,002.24 | CHG -0.06 | %CHG 0.00 | YTD -61.33 | YTD% -2.97 52WK LOW 3.50 19.17 7.50 3.32 0.90 0.16 2.30 8.60 6.09 3.54 9.00 2.30 1.50 7.25 6.00 10.00 5.67 3.25 12.50
1050.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01
1.00 100.00 100.00 100.00 100.00 100.00 100.00 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 Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson 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
52WK LOW 100.00
115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 ##########
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
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 22 (Series B) +
SYMBOL FBB22
Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing)
LAST CLOSE 4.00 17.43 9.09 4.46 1.01 0.22 2.30 9.25 6.16 3.98 12.42 2.51 1.75 7.52 6.29 13.14 6.60 3.63 13.01
CLOSE 4.00 17.43 9.09 4.46 1.01 0.23 2.30 9.25 6.16 3.98 12.42 2.46 1.75 7.51 6.29 13.14 6.60 3.63 13.01
CHANGE 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 -0.05 0.00 -0.01 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
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
CHANGE 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
VOLUME
1,000 250
200 597
135
VOLUME
EPS$ 0.214 0.932 -0.306 0.317 0.059 0.000 -0.996 0.700 0.441 0.154 0.627 0.102 0.209 0.000 0.670 0.701 0.719 0.277 0.631
DIV$ 0.100 1.130 0.000 0.230 0.000 0.010 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.280 0.500 0.150 0.130 0.590
P/E 18.7 18.7 N/M 14.1 N/M N/M -2.3 13.2 14.0 25.8 19.8 24.1 8.4 N/M 9.4 18.7 9.2 13.1 20.6
YIELD 2.50% 6.48% 0.00% 5.16% 0.00% 4.35% 0.00% 7.68% 3.57% 3.02% 4.99% 2.44% 3.43% 1.12% 4.45% 3.81% 2.27% 3.58% 4.53%
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 Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
MATURITY 19-Oct-2022 ############### 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
MUTUAL FUNDS 52WK HI 2.18 4.16 2.02 182.41 158.55 1.58 1.70 1.66 1.10 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.45 11.20
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.52 1.68 1.61 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
NAV 2.18 4.16 2.02 182.41 158.55 1.58 1.69 1.66 1.09 7.36 8.47 6.53 11.32 11.67 10.54 9.93 8.45 11.20
YTD% 12 MTH% 2.90% 4.07% 0.44% 4.38% 1.70% 2.35% 2.08% 3.47% 3.35% 5.94% 3.22% 4.22% -0.38% 3.34% 2.39% 4.01% -0.38% 0.53% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.61% 0.75% 1.13% N/A 2.95% N/A
NAV Date 30-Sep-2018 30-Sep-2018 28-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018
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
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Police are warning they don’t have the resources to fight crime; school principals are marching with demands to help children; and the military is concerned about its eroding ability to defend the nation. Further complicating the picture, the government is pushing ahead with plans to roll out a new comprehensive welfare programme that critics say will leave the most vulnerable worse off. Hammond got some help in meeting the demands from an unexpected increase in tax revenue. The independent Office of Budget Responsibility upgraded its forecast for economic growth in 2019 from 1.3 percent to 1.6 percent, then expects 1.4 percent in 2020 and 2021, 1.5 percent in 2022, and 1.6 percent in 2023. But Hammond said further specifics on which programs would get more money would have to wait until next year — after Brexit talks are completed. If the negotiations collapse, a no-deal scenario would represent a “very big transition” in the way the economy operates.
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BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 4.46 1.26 0.23 3.92 9.26 6.60 4.97 12.50 2.74 1.77 8.21 6.30 13.20 6.90 4.50 13.50
government departments a real-terms spending boost next year. Beneficiaries include the Ministry of Defense, which will get an extra 1 billion pounds. There was also more money for mental-health services and social care, and 1 billion pounds to ease the transition to a simplified benefits system known as Universal Credit. Small businesses got a cut in property tax rates, and workers will see an increase in the amount they can earn before paying income tax. “Austerity is coming to an end - but discipline will remain,” Hammond said. The pressure has been on for May’s administration. Government workers and the public have been agitating to end years of austerity that have slashed funding for everything from law and order to schools as May and her predecessor sought to close the budget deficit.
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
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The Public is hereby advised that I, TESSIE CHANTELL DAVIS of Bennerman Town, Eleuthera, Bahamas intend to change my name to SHANTELL TISSIE COOPER 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.