business@tribunemedia.net
THURSDAY, NOVEMBER 1, 2018
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Business easier in Gaza than Bahamas
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
T
HE deputy prime minister yesterday pledged “drastic improvement” after the World Bank concluded it was easier to do business in the war-torn West Bank and Gaza Strip than The Bahamas. KP Turnquest, pictured, told Tribune Business that planned reforms to the Government’s processes and interaction with the private sector, driven by the increasing use of technology, would warrant “a significant upgrade” to The Bahamas’ 118th spot in the World Bank’s “ease of doing business” index. While that represented an improvement of just one spot from last year’s 119th position, the World Bank still put The Bahamas two places behind the 116th-ranked West Bank and Gaza Strip
* World Bank puts nation behind Palestinians * DPM pledges ‘drastic improvement’ via reform * Says Bahamas often ‘short-changed’ on upgrades * Legislative action with mid-year budget
- the Palestinian territories regularly subjected to bombardments, economic blockades and lengthy power outages as a result of conflict with Israel. Mr Turnquest, though, said The Bahamas was frequently “short changed” by assessments from the World
Chamber chief: World Bank ignored ‘ease of business’ upgrades By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Chamber of Commerce’s chairman yesterday said he was “personally frustrated” that the World Bank had ignored evidence of improvements in The Bahamas’ cross-border trade regime. Michael Maura, pictured, saying he was “disappointed” that much “real work” in upgrading The Bahamas’ “ease of doing
business” had not been recognised, revealed that World Bank officials had failed to deliver on promises to cut the time for clearing imports by almost 50 percent.
SEE PAGE 7
Insurers: NHI launch deadline ‘not feasible’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN insurers yesterday warned that the Government’s April-July 2019 target for launching National Health Insurance’s (NHI) basic care package “is unrealistic and not feasible”. The Bahamas Insurance Association (BIA), unveiling its “position paper” on the revised NHI model, said there would be just three to five months to properly roll-out the scheme’s Standard Health Benefit (SHB)
once the 45-day public consultation was completed. This timeline, it added, was more than two times’ shorter than the health insurance industry’s normal product development cycle, thus suggesting that the design of NHI’s minimum benefits package is likely to be rushed. “According to the [Government’s] policy paper, the Standard Health Benefit (SHB) is scheduled to be launched between April and July of 2019,” the BIA said. “It is our view that
SEE PAGE 6
Bank and other international agencies, which often failed to account for improvements and reforms enacted by this nation. He added that the Government will initiate legal reforms to give effect to recommendations from its own “Ease of Doing Business”
committee, chaired by Lynn Holowesko, when the midyear budget is unveiled in the House of Assembly in early 2019. The Minnis administration’s critics, though, are likely to seize on the World Bank’s latest findings to argue that its much-touted “ease of doing business” focus has yet to bear fruit, with The Bahamas effectively “treading water” and going nowhere fast in terms of improving its competitiveness and attraction for foreign direct investment (FDI). In truth, both the Government and its political opponents can use the latest World Bank index - with its
SEE PAGE 4
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Over 25% of BOB’s loans still delinquent By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net MORE than one-quarter of the Bank of The Bahamas net loan portfolio was delinquent at end-June 2018 despite the prior year’s bailout, with its financials unable to escape a “going concern” warning. KPMG, the BISX-listed institution’s external auditors, said the $138.9m “accumulated deficit” that existed at financial year-end represented “a material uncertainty
that casts significant doubt on the bank’s ability to continue as a going concern”. The qualification to Bank of The Bahamas’ (BOB) audited financial statements came despite the troubled institution’s return to profitability with $2.591m in total comprehensive income for the full-year, a result that was driven by the removal of some $167.7m in toxic commercial loans from its balance sheet in August 2017.
SEE PAGE 5
Insurers: NHI’s $1k cost a ‘gross underestimate’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN insurers yesterday warned that the $1,000 annual premium for National Health Insurance’s (NHI) basic package may “grossly underestimate” the true cost of the scheme’s benefits. The Bahamas Insurance Association (BIA), releasing the industry’s “position
paper” on the Government’s revised NHI model, called on it to produce data and empirical studies that showed how it had determined the scheme’s costs and employer/employee contributions. In particular, it questioned how it could set a $1,000 annual premium for NHI’s Standard Health Benefit (SHB), the minimum level
SEE PAGE 6
PAGE 2, Thursday, November 1, 2018
THE TRIBUNE
Night owls get more done E
VER noticed that most freelance web and graphic designers have this uncanny habit of being nocturnal? What is it in the night that makes us work more? From my experience, I am more focused at night and tend to get more covered during this time. During the day I am simply not at my best. No, it is definitely not a disorder. I have spoken with a few other designer friends that work at nights, and casually asked why they prefer to do so. Their answers were very simple and “matter of fact”. Here are some short-listed reactions: Less distraction Just not having the phone ring, solicitors selling cookies, the reduction of e-mails and less chatter pays tremendous dividends when working at night. Mind relaxation The mind relaxes and opens up to a slew of creativity, and it is easy to get into the zone when you are at ease. What Is a Night Person? A “night person” is an individual whose natural body rhythms are such that he or she is most active and alert during the evening and night, and is least active and alert during the pre-dawn
The Art of Graphix BY DEIDRE M BASTIAN
and daytime hours. You know you are a “night person” if: • Sunrise comes as an unpleasant surprise. • You call someone on the phone to just chat and discover that they have been asleep for six hours. • You do your best work at 2am. • You finally force yourself to go to bed at 1am, and thereafter keep having brilliant ideas that you have to get up and write down. • People who are perky or sharp in the morning appall you and can run rings around you before noon, too.
• Birds start singing about the time you fall asleep. Disadvantages So, what are the disadvantages of working at night? Working at night is bad on its own. It is hard enough changing your body clock to deal with the graveyard schedule, but you also have to deal with the lack of social life or the opportunity to do errands during the day because you are already asleep by the time the sun is bright and shining. Sustaining a night shift schedule can pose serious consequences to your health if rest is lacking. Disadvantages can also relate to the amount, time and quality of sleep you enjoy. Most night workers may sleep for five hours alone. Also, health concerns can arise from poor diet and insomnia. • You may be totally useless in the morning. • You will sleep at embarrassing periods during the day and still never feel refreshed. • Unproductive and unable to produce materials of worth in the morning. • You may be grouchy and sometimes rude. • You feel normal only at night. Advantages The easy answer is that if
you are a “night person” it simply means that you function better at night. And focus on the bright side; at night, it is quiet. Your energy can be focused on a master design. And if you focus on something before you sleep, you are much more likely to remember it in the morning. The general feeling is that the day shift is most popular, but this is no longer true. Most designers prefer the evening or night shifts if given the option, as it offers more freedom to balance other things. Clearly, if you have slept earlier, your brain is clear and the work comes off well. As a final point, I must confess that I am nocturnal and, most times, I find that my best designs are done only at nights. I have had friends, foes and wellwishers alike tell me that
it ain’t normal. However, if your best work is done at 2am or your creative adrenaline is more active at nights, I would encourage you to go for it. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game. NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre Bastian is a professionally-trained graphic designer/ marketing co-ordinator with qualifications of MSc, BSc, ASc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.
BAHAMAS WASTE IN 3-YEAR SHARE BUY-BACK EXTENSION BAHAMAS Waste’s board of directors has approved the continuation of its share buy-back programme for another three years. The initiative will allow the BISX-listed waste services provider to purchase up to ten percent of its issued and outstanding stock, or up to 398,487 shares, over the 36-month period that ends on October 31, 2021. Peter Andrews, Bahamas Waste’s chairman, said in a statement that the share buy-back initiative was intended to increase shareholder value for the company’s 1,800 investors, plus help improve earnings and dividends per share.
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THE TRIBUNE
Thursday, November 1, 2018, PAGE 3
BAHAMAS FIRST ACQUIRES TWO MORE AGENT/BROKERS By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
BAHAMAS FIRST HQ
Bahamas First yesterday signalled the continuation of its longrunning expansion strategy by confirming the acquisition of two more agent/ broker portfolios.
The property and casualty insurer, in a statement, disclosed that it has reached an agreement to acquire 100 percent of CMA Insurance Brokers & Agents Ltd (CMA). Both parties have executed a share purchase agreement, with the deal’s completion
now awaiting regulatory approval by the Insurance Commission. Bahamas First will then assume ownership of the 18 year-old company and its client portfolio, which will ultimately be merged into its own wholly-owned subsidiary, NUA Insurance Agents & Brokers (NUA).
In a separate transaction, Bahamas First has agreed terms with Response Insurance Agency (RIA) for NUA to obtaining the renewal rights for 100 percent of its insurance portfolio with effect from October 1, 2018. Bahamas First’s longrunning strategy has been
expansion through the purchase of other insurance agents and brokers that fit with its own portfolio. The general insurance underwriter added that its latest transactions will expand NUA’s revenue base and boost its earnings with effect from October 1, 2018.
Carnival seeks 65 Bahamian workers THE Government teamed with Carnival to stage a recent recruitment fair that aimed to fill 65 jobs at the cruise line with Bahamian workers. The Ministry of Labour, continuing its drive to find employment in the maritime industry for Bahamians, teamed with other industry partners and Carnival to organise the job recruiting programme (JRP) on Thursday, October 18, at the National Training Agency’s (NTA) Gladstone Road headquarters. The job fair, organised as a follow-up to the recent visit by the National Committee on Skills, Industry and Training to Carnival, sought to fill 65 total vacancies. These were broken down into 25 bar waiters; 15 assistant waiters; ten trainee cooks; and 15 deck hands. In accordance with the Merchant Shipping (Maritime Labour Convention) Regulations 2012, the Ministry of Labour worked with two registered seafarer recruitment and placement services agencies to identify a pool of Bahamians to be interviewed. The two that took part were AquaMarine and Campbell’s Shipping. The interview process included the submission of resumes, and the completion and submission of an online form by each job seeker. The Carnival interview team included Ashley Spencer, senior manager of talent acquisition, and Edward Allen, vice-president of beverage and guest services. Carnival’s representatives advised the Ministry of Labour officials that they were pleased with the quality of the job seekers interviewed, and confident that the cruise line will be able to identify Bahamians to fill the 65 vacancies. They added that Carnival will work with the two participating seafarer recruitment and placement services agencies to ensure that the successful candidates which meet its criteria and standards will be employed in the 2019 first quarter.
The Ministry of Labour said positions are still available, and interested job
seekers can contact AquaMarine or Campbell’s Shipping.
To advertise in The Tribune, contact 502-2394 REPRESENTATIVES from Campbell’s Shipping.
DEYANE E. RUSSELL & Co.
REPRESENTATIVES from AquaMarine sign up job seekers.
JOB seekers waiting to be interviewed.
All former clients of Deyane E. Russell & Co. are requested to collect your files at chambers, 79 Montrose Avenue, Nassau, The Bahamas from Monday November 5, 2018- Friday November 9, 2018 between 10:00a.m. - 5:00p.m. All outstanding accounts must be settled.
ASHELY SPENCER, Carnival’s senior manager of talent acquisition, interviewing a Bahamian job seeker.
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THE TRIBUNE
BUSINESS EASIER IN GAZA THAN BAHAMAS FROM PAGE ONE rankings for 2019 - to make their rival cases. The latest rankings do represent an improvement, albeit the smallest possible upgrade, and provide further evidence that The Bahamas’ has “bottomed out” by arresting multiple years of slippage in the index. The Bahamas’ lowestever ranking came in 2016, when it fell to 121st spot, prompting alarm among the private sector and swift pledges of fundamental reform by the then-Christie administration to turn the situation around. Its successor can point to initiatives such as the Commercial Enterprises Act, which streamlined the Immigration regime for approved companies in targeted industries, and introduction of the “single portal” Internet window for start-ups’ business licence applications as moves that could have merited a much higher upgrade from the World Bank. The reality, though, is this nation has only improved by three places over two years, and remains a long
way short of its former “ease of doing business” slot in the 60s and 70s spots - a position that once placed it in the world’s top-third. The Bahamas’ ranking below West Bank and the Gaza Strip is likely to be both alarming and embarrassing, although some aspects of the Palestinian territories’ ratings appear questionable - especially their 54th spot for “ease of trading across borders”, given that the latter area is currently blockaded by both Israel and Egypt. Mr Turnquest, while arguing that the World Bank and other agencies often fail to give due reward for implementing reforms, yesterday conceded that The Bahamas has to go further in protecting its economic and investment reputation. “It’s typical that they don’t give you the credit but, by the same token, we still recognise we have some work to do,” the deputy prime minister told Tribune Business. “Hopefully in the next update we will see some further improvement. “There are some legal changes, and the implementation of technology solutions, that we think
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will bring about drastic improvements that warrant a significant upgrade.” Mr Turnquest identified these as “the single [Internet] portal for doing business with the Government from a business point of view, as well as technology upgrades we are looking at for government services as a whole”. He declined to identify those specific “upgrades” and “services”, as they did not fall under his ministry, but promised they would lead to “modernisation throughout the system and the way the citizen interacts with the Government and maintains its records”. The Government is already exploring the use of blockchain technology for maintaining Bahamians’ education records, and Mr Turnquest said the Minnis administration was “going to do our best” to eliminate the “red tape” and bureaucracy frequently encountered by Bahamians. “All this goes to our reputation and our attractiveness as an investment destination,” he acknowledged of The Bahamas’ “stand still” in the “ease of business” index. “Obviously we are keenly interested in ensuring The Bahamas is best positioned, particularly among our regional peers, as the preferred and easy destination in which to do business.” While The Bahamas ranked above Barbados, St Vincent and the Grenadines, Guyana, St Kitts and Nevis and Grenada in the latest World Bank rankings, it was behind Jamaica, Trinidad & Tobago, the Dominican Republic, Dominica, and Antigua and Barbuda. Jamaica led the Caribbean in 75th spot, an area once inhabited by The Bahamas. Mr Turnquest, meanwhile, confirmed the
Government’s “ease of doing business” committee, headed by Mrs Holowesko and attorney Bryan Glinton, had submitted their final report. “We are in the process of evaluating all the recommendations that have been made, and are providing and drafting legislative amendments that are necessary to give effect to some of what has been made,” he told Tribune Business. Mr Turnquest said these changes will be unveiled with the mid-year budget, and emphasised that the Government planned to press on with reform regardless of how The Bahamas is ranked by the World Bank and others. “Generally speaking, all of these ratings people have short-changed us with respect to the tremendous effort made, and improvements made, to various systems,” he said. “We continue to press on, recognising no one is going to give us anything, and that we’re going to have to go out and demonstrate and prove it. “There’s definitely keen interest in this area. It is the focus of the Government, and I’m confident we’ll achieve the necessary results. The fact we have not dropped in the rankings is a significant achievement. The fact we are making changes is a net positive.” The World Bank’s latest index did give The Bahamas credit for reforms that made it easier to pay taxes and obtain credit. The former referred to the online system for filing and paying value-added tax (VAT), while the latter was boosted by the passage of legislation that governs the proposed credit bureau. And The Bahamas’ achieved a modest
Smooth regulatory processes are especially important to a Bahamian economy positioned as an international financial and business centre. improvement in its scores in six of the ten categories in which itself and 189 countries were rates. The improved scores were obtained in the categories of paying taxes; starting a business; dealing with construction permits; getting electricity; registering property; and resolving insolvency. Together, this contributed to a modest rise in The Bahamas’ overall score, but was not enough to alter its “inertia” in the World Bank rankings. And many Bahamian consumers and businesses are likely to regard it as ironic that the category in which this nation is ranked highest, at 50th in the world, is “paying taxes”. This represented an improvement on the prior year’s 55th spot. The Bahamas also saw modest year-over-year improvement on “starting a business”, where it rose from 108th to 105th, while it moved upwards on the “ease of getting electricity” - from 117th to 87th. But, in the other categories, the only way appeared to be down. The Bahamas fell from 86th to 91st for
“dealing with construction permits”; from 142nd to 144th on the “ease of getting credit”; from 167th to 169th on the “ease of registering property”; from 157th to 161st in “trading across borders”; from 129th to 132nd on minority investor protection; and from 74th to 84th on enforcing contracts. The World Bank’s annual “ease of doing business” index is used as a key indicator by international investors to guide them in their decision-making, as it enables them to gauge how easy it is to conduct commerce in a particular nation. Smooth regulatory processes are especially important to a Bahamian economy positioned as an international financial and business centre (IFC), but investors will be especially wary of allocating capital to projects in low-ranked nations, or those that have suffered consecutive falls such as The Bahamas, as this gives them the impression that their investments will be unsafe, and caught up in too much bureaucracy and red tape.
To advertise in The Tribune, contact 502-2394
The American Embassy in Nassau is accepting applications for the following position:
Human Resources Specialist Salary $50,300 – $75,450 This position is the senior position in the Human Resources Office and is responsible for the administration of the personnel program at post. The incumbent provides advice and guidance to both American and Locally Employed Staff (LE Staff) on a wide variety of personnel matters. For LE Staff, the HR Specialist oversees recruitment, performance management, health and retirement benefits management, disciplinary measures, local compensation surveys, personnel actions, personnel records, and required reports. The incumbent also manages services for American personnel, including check-in and check-out processing, diplomatic accreditation, and advises staff on allowances, benefits, and leave. Supervises two HR Assistants. Interested candidates are required to possess the following skills and qualifications: •
Education: University Bachelor’s degree in Human Resources or Business Administration is required.
•
Experience: At least five years of progressively responsible experience in human resources or personnel management administration. At least six months of supervisory experience is required.
•
Language: Level 4 (Fluent) Speaking/Reading/Writing of English is required.
The complete Vacancy Announcement and Application forms are available online at: https://bs.usembassy.gov/embassy/jobs Application forms must be submitted electronically to the following email for consideration: NassauRecruitment@state.gov Applications will not be accepted at the Security Gate of the Embassy or by mail or other means of delivery. Deadline for applications is November 2, 2018. Due to the high volume of applications, unsuccessful candidates will not be contacted
THE TRIBUNE
Thursday, November 1, 2018, PAGE 5
Bahamian marinas in membership deal By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net THE Association of Bahamas Marinas (ABM) has unveiled an initiative to drive increased boating traffic to this nation through the provision of exclusive benefits. In partnership with Marinalife it has launched Voyager, a membership
programme that offers participants discounts, cruising guides and invitations to special events. It was unveiled at yesterday’s Fort Lauderdale International Boat Show. The Voyager programme has been developed in partnership with ABM’s allied member, Marinalife magazine, to direct additional business to Bahamian marinas and stimulate greater interest in boating by this
nation’s citizens. Benefits will be available at participating ABM marinas and allied business places in The Bahamas and the USA, with a portion of the membership fees allocated to supporting the environmental protection work of the Bahamas National Trust (BNT) and the Bahamas Reef Environment Educational Foundation (BREEF). For a $75 annual
membership fee, within The Bahamas Voyager members receive: • Exclusive discounts at participating ABM marinas, including dockage, hotel rooms and food and beverage. • Exclusive discounts on ABM Allied members’ goods and services, such as yachting guides and local excursion providers. • Special guided boating flings to the islands at
discounted rates. • Dedicated e-newsletter with information about member events and special offers. • ABM Bahamas cruising map. Within the US and internationally, Voyager members will receive: • Discounts on fuel, dockage, service and repairs at participating marinas in the US and around the world - up to
40 percent off. Discounts nationally include hotels and car rentals. • Trip planning and access to popular cruise itineraries. • Navigation alerts with time-sensitive, region-specific navigation updates. • Fuel locator to find nearby fuel docks at the best price. • Online marina reservations and access to a concierge desk.
Over 25% of BOB’s loans still delinquent FROM PAGE ONE Explaining its inability to give BOB a clean bill of health, KPMG wrote: “The bank experienced significant operating losses for the several years prior to the current year, and has an accumulated deficit at June 30, 2018, of $138.9m (2017: $140.498m). “These events and conditions, along with other matters, indicate that a material uncertainty exists that may cast significant doubt on the bank’s ability to continue as a going concern. Management does not expect that the operating losses or accumulated deficit will impact the bank’s continuing ability to operate as a going concern. Our opinion is not modified in respect of this.” Management’s confidence, as BOB’s financial statements later make clear, come from the Government’s continued commitment to prop up the still-troubled bank through the Bahamian taxpayer. Such support has already cost $300m (the $100m and $167.7m bail-outs), and $40m rights issue, and continues to climb as the Bahamas Resolve bail-out vehicle is
unable to service the interest due on the bonds held by BOB as a result of difficulties in liquidating the real estate security for the toxic loans. The Government had to step in and pay the $5.8m “accrued interest” due to BOB from Bahamas Resolve - a payment that was noted in the Ministry of Finance’s first quarter fiscal “snapshot” released earlier in the week. Confirming continued taxpayer support, BOB’s financials added: “The Government, as majority shareholder (82.6 percent), has confirmed that it remains firmly committed to supporting the continuing operations of the bank, including the implementation of the strategic plan approved by the board, and will ensure that adequate resources are provided to enable the bank to satisfy its financial obligations and its regulatory requirements for at least the next 12 months and, in fact, for the foreseeable future.” They also asserted that BOB’s management has “developed a strategic plan” that will “improve the operational and financial viability of the bank” and its continuation as a “going concern”. However, this plan - which
the 3,000 minority shareholders have been urging be released - has yet to be disclosed in full detail. BOB’s financials also reveal that last August’s bail-out has not restored the BISX-listed institution to full health, since 28.92 percent or $101.648m of its net loan portfolio remains in default. While that represents a significant drop of over $145m from the yearbefore’s 55.11 percent ratio, it is double the 14.3 percent average delinquency ratio for the full Bahamian commercial banking industry. The bank’s second bail-out largely focused on removing delinquent commercial mortgages, leaving BOB with a still-problematic residential mortgage portfolio. Some 31.2 percent,
or $76.325m, of a $244.481 residential mortgage book remains in default, accounting for around three-quarters of the bank’s remaining troubled loans. Elsewhere, the audited financial statements showed that the Government continues to prop-up BOB in other ways. Together with its agencies, they accounted for $242.325m or 38.6 percent more than one-third - of the bank’s $628.406m in deposits at end-June 2018. The Public Treasury also made a $12m payment to part-settle the Government’s guaranteed student loans and hurricane loan obligations after the financial year-end. The audited financials, though, still did not explain the sudden appearance on
BOB’s balance sheet of $56.727m in Treasury Bills, which were described as a “cash equivalent”. As shortterm government debt, Treasury Bills are regarded as highly liquid and akin to cash, and the suspicion is they may have been injected as part of the Government’s commitment to redeem the first $100m worth of bonds put into BOB on the first bail-out. The extent to which Bahamian taxpayers continue to remain exposed to BOB through the Government’s continued financial support is starkly illustrated by the statements, which show that the loans acquired from the bank by Bahamas Resolve are worth just 37.6 percent of the principal amount paid. The Government-owned
special purpose vehicle (SPV) paid $134.5m, and another $33.2m for “accrued interest”, to obtain toxic commercial loans that BOB’s statements concede had “a total net book value of approximately $50.6m”. The $117.1m “net difference” between the $50.6m “net book value”, and $167.7m in promissory notes handed to BOB, was also written back into the bank’s balance sheet as “special retained earnings”. Not only did this wipe out BOB’s $139m accumulated deficit, but these “earnings” are treated as equity and regulatory capital, enabling the bank to now far exceed Central Bank-mandated ratios it previously had trouble meeting.
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THE TRIBUNE
Insurers: NHI’s $1k cost a ‘gross underestimate’ FROM PAGE ONE of coverage, when the NHI Authority had yet to agree the fees that doctors and other healthcare providers will charge. Calling on the Government to provide further details to support its economic modelling, the BIA backed calls for NHI to be “phased-in” to “minimise disruption” to consumers and businesses at a time when many were still grappling with the recent value-added tax (VAT)
rate increase and other cost pressures. Echoing Gowon Bowe, the Bahamas Institute of Chartered Accountants (BICA) president, the association suggested it “might be more pragmatic” to phase-in both the proposed two percent NHI payroll tax on employees and expansion of the SHB benefits package to avoid any economic shocks. Setting out its concerns, the BIA said plans to allocate 50 percent of the SHB’s annual premium to a “risk equalisation fund”, which will be
established to compensate insurers who take on more high-risk clients, only left $500 for its health underwriter members. “The policy paper proposes that, at the onset of the employer mandate, 50 percent of the SHB premium would be considered ‘at risk’ and used to form a risk equalisation fund,” the BIA said. “This leaves private health insurers with 50 percent, or $500, of the proposed annual premium of $1,000, which we believe may already be a gross underestimation of realistic premiums to cover the conditions outlined in the document.” The insurance industry’s concerns over the Government’s NHI pricing are repeated several times in the BIA’s position paper, especially given the absence of economic data to support this and the many unanswered questions it identifies. “The policy paper proposes that the annual premium for the SHB will be around $1,000,” the BIA said. “While this is a noble objective, the rationale and support for this regulated premium amount should be shared with private health insurers for review.
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NOTICE
VACANCY (For an)
ACCOUNTANT Applications are invited from suitably-qualified applicants for the position of Accountant. Applicants must possess the following qualifications: • Minimum of a Bachelor’s Degree in Accounting, with a minimum of five (5) years’ experience in the industry; • Excellent organizational skills; • Excellent communication skills (oral and written); analytical and conceptualized thinking skills; excellent interpersonal skills; • Excellent computer skills, (proficiency in Microsoft applications required) • Ability to meet deadlines The Accountant will report to the Financial Controller. SUMMARY OF DUTIES: 1. Draft financial statements 2. Present management reports 3. File regulatory reports 4. Maintain company records 5. Maintain accounting files Interested persons should submit a letter of application, along with their curricula vitae, to: the General Manager; via: P. O. Box N-1986 or; fax #322-4880, to be received NO LATER THAN Wednesday, November, 7th, 2018. Please note that only short-listed applicants will be contacted.
“Based on the limited details on the proposed schedule of benefits, we had assumed that the healthcare facilities and healthcare providers within the SHB network have reached an agreement with the NHI Authority to significantly discount their fees. “However, we have since been advised by the NHI Authority that the negotiation of fees with healthcare providers under the SHB plan has either not commenced or not been concluded.” Tribune Business reported earlier this week that Bahamian workers already covered by employer-sponsored medical insurance will not have to pay extra from their salaries for NHI’s Standard Health Benefit (SHB) due to the way the scheme is structured. The SHB, as NHI’s minimum or base care/benefits package, is supposed to be incorporated into companies’ existing group health insurance plans. As a result, the “two percent of salary” levy on employees - ranging from $8 to a maximum $42 per month depending on income, and capped at a $500 annual maximum - will effectively be taken from existing premium contributions. It is unclear whether the same applies to the employer’s SHB share, which will be “at least 50 percent” of the total $83 monthly premium per worker. However, it is likely that some companies may elect to drop existing medical insurance plans and just take the SHB depending on whether the NHI proposal is approved as is.
The BIA, in yesterday’s “position paper”, said the language in the NHI’s consultation document “implies that the anticipated costs to (healthcare) providers have either been agreed or pre-determined in order to arrive at the proposed annual premium of $1,000” given that it talked about both costs and margins. “The BIA requests that these anticipated costs be shared with us to enable us to conduct our independent actuarial analysis and opine whether the premiums are reasonable and realistic,” the association, which represents health insurance underwriters and brokers/ agents, urged. “The BIA has maintained that there is a strong correlation between private health insurance premiums and healthcare costs. The delivery of affordable, quality healthcare via the SHB with an annual premium of $1,000 may only be achievable if the facilities and providers’ fees are materially lowered. “The NHI Authority has informed us that, at this time, it has not determined that its medical fee schedule will apply to the reimbursement of care covered by private insurers,” it added. “As the cost of medical services is a key driver of insurance premiums, it cannot be determined at this time whether their anticipated $1,000 annual premium for the SHB may be applicable to employers. “In that regard, the BIA’s position is that the agreed fee schedule for the SHB will be adopted as the national fee schedule for The Bahamas and will guide the reimbursements
of private health insurers for all healthcare provided in the country. We request that this agreed fee schedule be shared with the BIA and subsequently published for public reference for transparency purposes.” The BIA suggested that “perhaps it would be more pragmatic, and a more measured response to the difficulties the nation faces as regards universal healthcare (UHC), for the NHI Authority to phase in both the employee contributions and healthcare services/ benefits. It proposed a payroll levy scale that started at 0.5 percent of a worker’s income, which would increase to one percent in the second year and the full two percent by NHI’s third year of operation. Similarly, it recommended phasing-in catastrophic illness diagnoses during the scheme’s second and third years. “Based on the challenges within the proposed framework and the questions surrounding its sustainability, it will not be surprising if some health insurers do not deem participation in the NHI scheme to be in their best interest based on their risk appetite,” the BIA said. “Private health insurers are subject to statutory solvency and capital requirements, which are determined by their financial strength. Is the NHI Authority proposing that all private health insurance companies will be forced to offer the SHB whether their business model and financial capability makes this a viable option or not?”
Insurers: NHI launch deadline ‘not feasible’ FROM PAGE ONE the proposed timeline is unrealistic and not feasible, bearing in mind that the 45-day consultation period ends on December 7, 2018 or December 26, 2018, if this is construed to be 45
working days. “Once the consultation period ends, our understanding is that the feedback received from all stakeholders will be collated, reviewed and requisite amendments made to the policy paper before it is re-presented to the
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Government for approval. We presume that all things being equal, approval for the revised plan may be granted between December 2018 and January 2019. “This leaves only three to five months for the design and roll out of the SHB by the NHI Authority. While this does not relate to the launch of the SHB by private health insurers, we recommend that the NHI Authority reconsiders the feasibility of this selfimposed timeframe.” The BIA continued: “It is imperative to note that from our experience as health insurers, the product development life cycle takes nine to 12 months provided there are no intervening unforeseen circumstances. “We therefore propose that the launch of the SHB by private health insurers, which is scheduled for January 2020, be contingent upon the finalisation
SEE PAGE 7
THE TRIBUNE
Thursday, November 1, 2018, PAGE 7
Chamber chief: World Bank ignored ‘ease of business’ upgrades FROM PAGE ONE Describing The Bahamas’ one-place improvement in the World Bank’s 2019 “ease of doing business” rankings as “better than no change”, Mr Maura said this nation appeared to have been given little credit for upgrades such as the “single portal” through which start-ups can apply for their business licence. While The Bahamas’ 118th ranking was better than the Latin American and Caribbean average, the Chamber chairman said there was “still much room for improvement” in the country’s processes and how the private sector interacts with the Government to obtain all the necessary permits and approvals it needs. Mr Maura said it had taken The Bahamas “decades to become as inefficient as we have been”, and it would take a concerted effort by both the Government and the private sector over several years to fully reverse this trend and improve the economy’s competitiveness. Assessing the World Bank’s findings, Mr Maura said he was especially troubled that it had kept the time required to clear a shipping container at 51 hours when its own officials had told him they would reduce it to 27 hours for this year’s report. “I am personally frustrated with the results for ‘trading across borders’ where the World Bank ‘ease of doing business’ team did not acknowledge a single enhancement made to our border process,” said Mr Maura, who is perfectly placed to observe improvements as chief executive of Arawak Port Development Company (APD). “The ‘trading across borders’ survey is 18 pages
INSURERS: NHI LAUNCH DEADLINE ‘NOT FEASIBLE’ FROM PAGE SIX of the benefits package; costing of the SHB; agreement of a reasonable fee/reimbursement schedule with healthcare providers; and the conclusion of the consultation process with private health insurers. “We submit that a realistic timeline for the launch of the SHB cannot be ascertained prior to the aforementioned milestones. This will separate the NHI Authority from the historical government trend of introducing grandiose plans within unrealistic timeframes and without full consideration of meaningful dialogue with
long, and queries everything from port fees to Customs Brokerage charges; the cost for local trucking; Bahamas Customs charges associated with the clearing process; and the time required to procure and complete each stage. “The Nassau Container Port is able to receive an empty container from a trucker and also provide an import container to the same trucker in 19 minutes. Our port has been consistently ranked number one by the Florida Shipowners Association in vessel productivity since 2013. In 2016, the Caribbean Development Bank ranked our port number one in its regional port efficiency study,” he continued. “Yet the World Bank ‘ease of doing business’ team chose to document the total average number of hours to collect an import container at 51 hours. What makes this even more upsetting is that on May 10, 2018, the World Bank ease of doing business representative reviewing the submissions stated that they would use 27 hours as the maximum time to collect an import. “It is important to note that a significant percentage of all imports arriving at the Nassau Container Port by ship are unloaded from the vessel and out-gated from the port the same day they arrive in Nassau. These importers have their goods within eight hours of the vessel arriving and are required to adhere to the same process available to all.” Mr Maura told Tribune Business that “50 percent of cargo coming off the ship” is cleared at the Arawak port on the same day. Yet the World Bank’s latest “ease of doing business” index shows The Bahamas going backwards on cross-border trade, falling from 157th in
the world to 161st. “It appears they gave us the same rank as they did last year,” he added. “It doesn’t appear they acknowledged the improvements made in cross-border processes. They left us the same in metrics, but due to improvements by other countries we find ourselves becoming worse.” Recommending that the Government and private sector have “greater engagement” with the World Bank over the “ease of doing business”, the Chamber chairman added: “Notwithstanding the improvements and enhancements which must occur, it is unacceptable that the World Bank does not acknowledge the positive steps that have been taken and, worse, that they simply ignore them and copy and paste last year’s results. “Also, we here at home cannot continue to take these international surveys as casual and insignificant tasks. They impact our economy, investment and jobs. If you receive a survey next year, do your research. “In the shipping sector there are hundreds of importers that either refuse to embrace technology or are simply ignorant as to what is available. Today the majority of the cargo documentation moves electronically, and these traders are leveraging technology. Your responses in a World Bank ‘ease of doing business’ survey should consider the technology that is available.” Mr Maura, a member of the Government-appointed “ease of doing business” committee chaired by Lynn Holowesko and Bryan Glinton, told Tribune Business that “real work has gone into trying to make improvements in our ‘ease of doing business’ in The Bahamas”. “I look at a one-point improvement as essentially
flat, and there has been a very real effort on the part of both the Government and private sector to modernise our processes, to make our processes more efficient and address bureaucracy in government in terms of unnecessary steps and duplication of effort and so forth,” he said. “Do I believe we are close to an optimal business environment? The answer is no. It’s taken us decades to become as inefficient as we have been, and it’s going to take us some years - not many, but a few, to address policy, legislation and regulations, to amend tax processes and administrative fees at the port charged by Customs.” Calling for The Bahamas to “press on” with change, Mr Maura said reforms needed to be enacted “today and not tomorrow”, with both government and private sector becoming better educated about processes and system improvements they can exploit. He also called for fees to reflect “the cost of service” as opposed to being revenue earners for the Public Treasury, adding: “An example of this is the Customs administrative fee of one percent of the value of the shipment. The World Bank believes this fee serves to inflate the cost of import processing at the border, and challenge the trade process. “Other countries with a better ranking do not have such a fee. Efficient economies remove inefficient processes and fees which prevent the trading community from getting the goods to market as soon as possible. In these instances, the efficient Government collects its fees and taxes after the goods have been placed in inventory, and during the sales and service process. “Additionally, it is critical that each Government
key stakeholders.” Dr Duane Sands, minister of health, previously told Tribune Business that NHI’s SHB package was estimated to cost around $100m, which the BIA noted represents a more than three-fold expansion of the Government’s annual $30m allocation to the present scheme. “It is the position of the BIA that the expansion of benefits under the NHI plan must be measured, calculated and pragmatic based on the fiscal challenges faced by the nation,” the association urged, echoing other private sector voices. “In the wake of an increase in the value added tax (VAT) rate, and in the midst of modest growth in the economy and persistent high unemployment, we advise the Government to proceed with caution. We recommend that the proposed schedule of benefits be adjusted to reflect the fiscal realities of the country.” Despite its concerns
over what it described as “a number of fundamental issues” with the revised NHI model, the BIA welcomed the seemingly greater role for the private sector and efforts to involve it more in the scheme’s design. “The BIA supports the concept of universal health coverage (UHC) and shares the vision of the NHI Authority that residents of The Bahamas should not suffer financial hardship in gaining access to quality and affordable healthcare,” it added. “We believe that universal access to healthcare in The Bahamas is a noble and attainable goal in The Bahamas. We endorse the NHI Authority’s philosophy of collective and shared responsibility while supporting the notion that NHI should care for those who need it most. Still, the BIA queried whether the three percent premium tax and VAT will be levied on the employer/ employee contributions that
will finance NHI, describing this as one of many unanswered questions related to the scheme.
agency/department charged with facilitating business be equipped with the necessary Information, Communication and Technology (ICT). Today our Customs department does not have the necessary ICT systems and this must be addressed. The new Bahamas Electronic Single Window (ESW), once launched at the port, will have a meaningful impact on trade efficiency. But it is taking too long to bring this system on line.” Mr Maura also pointed to the streamlined Business Licence approval process for start-ups as further evidence of improvements that the World Bank has not taken into consideration in its latest analysis. “If we consider ‘starting a
business’, the business application process has improved with the introduction of a single portal which the new applicant uses,” the Chamber chairman said. “This single portal passes the work of engaging the various Government agencies/ departments to the Department of Inland Revenue team, saving the applicant time. “We must acknowledge that opportunities remain to improve our business license renewal processes, but we must acknowledge that progress is being made, and note that those charged with reforms are challenging both historical practices and new requirements which undermine the ease of business objective.”
PAGE 10, Thursday, November 1, 2018
THE TRIBUNE
UK chief Brexit negotiator says he expects deal by Nov 21 LONDON Associated Press BRITAIN’S Brexit secretary has told lawmakers that he expects a long-elusive divorce deal with the European Union to be finalised before Nov 21, though there
is still little sign of a breakthrough on the vexed issue of the Irish border. Dominic Raab told Parliament’s Exiting the EU Committee in a letter that he would give evidence to the panel “when a deal is finalised, and currently expect 21
November to be suitable”. The committee released the Oct 24 letter yesterday. Raab’s Department for Exiting the European Union said later “there is no set date for the negotiations to conclude” and that the secretary mentioned Nov 21 in response to
BRITAIN’s Brexit Secretary Dominic Raab addresses delegates during a speech at the Conservative Party Conference at the ICC, in Birmingham, central England. Britain’s Brexit secretary says he expects a divorce deal with the European Union to be finalised before Nov 21. Dominic Raab has told Parliament’s Exiting the EU Committee on yesterday that he will give evidence to them “when a deal is finalised, and currently expect 21 November to be suitable”. Photo: Rui Vieira/AP a suggestion that he appear before the committee on that date. Britain is due to leave the EU on March 29, but London and Brussels have not reached an agreement on their divorce terms and a smooth transition to a new relationship. The stalemate has heightened fears that the UK might leave without a deal in place, leading to chaos at ports and economic turmoil. Prime Minister Theresa May has said a Brexit deal is 95 percent done, but the two sides remain at odds over the issue of the border between the UK’s Northern Ireland and EU member Ireland. Britain and the EU agree there must be no customs posts or other barriers that could disrupt businesses and
Reputable and Growing Corporate Services Company, accepting resumes for
Rewards Loyalty & VIP Manager
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• Contribute to the marketing team with aggressive marketing initiatives • Develops and ensures the production of company marketing materials • Coordinates the production of a wide range of marketing communications • Develop marketing events and exhibitions as required • Develop information for promotions for internal and external use • Write product description for promotions • Ensure that all our social media sites are functioning • Provide leadership to and direct supervision of the rewards team members through effective coaching, performance management and evaluations. • Perform other related duties as required
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Deadline for submissions – November 9th, 2018 Only successful candidates will be contacted.
residents on either side of the border and undermine Northern Ireland’s hard-won peace process. But the two parties have rejected each other’s proposed solution. Raab said in his letter that “despite our differences, we are not far from an agreement on this issue”. He said the UK and the EU agree “on the principle of a UK-wide customs backstop” — a plan to keep the UK in a customs union with the bloc, rendering border checks on goods unnecessary. Britain has said such a solution must be temporary, while the EU wants a permanent fix. But Raab said agreement should be possible, and “the end is now firmly in sight”. An Oct 17-18 EU summit that had been billed as the
deadline for a breakthrough ended with the talks still deadlocked. But behind-thescenes talks have continued. Irish Foreign Minister Simon Coveney said yesterday in Paris that a deal in the next month was feasible, but “if they want to conclude the text of a withdrawal treaty in November, then the negotiations need to intensify”. Any agreement reached by the two sides must be approved by the British and European parliaments. May’s proposed deal faces strong domestic opposition both from pro-Brexit lawmakers, who say it keeps Britain bound too closely to the bloc, and from pro-EU legislators, who argue it will create barriers between the UK and its biggest trading partner.
THE TRIBUNE
Thursday, November 1, 2018, PAGE 11
Fitch shifts Mexico debt outlook from stable to negative
MEXICO’s President-elect Andres Manuel Lopez Obrador casts his vote in Mexico City last Thursday. The future of Mexico City’s new airport, already about a third completed, comes down to a public vote this week in a political high-wire act by the country’s president-elect that could shut down Mexico’s largest infrastructure project in recent memory. Lopez Obrador promised to let the people decide the fate of the $13bn airport. Photo: Eduardo Verdugo/AP MEXICO CITY Associated Press FITCH Ratings changed its outlook on Mexico’s long-term foreign-currency debt issues yesterday from “stable” to “negative”, citing the potential policies of President-elect Andres Manuel Lopez Obrador. The leftist Lopez Obrador has tried to smooth anxieties in the business community, but upset many on Monday by cancelling a partly built, $13bn new airport on the outskirts of Mexico City. The private sector had strongly backed the airport project, but Lopez Obrador called it wasteful. Instead he plans to upgrade existing commercial and military airports. He made the decision based on a public referendum that was poorly organised and drew only about one percent of the country’s voters. Alfredo Coutino, Latin
America director at Moody’s Analytics, said the decision to cancel the airport project “added not only volatility but also uncertainty to the economy’s future, because it signals that policymaking in the new administration can be based more on such kind of subjective consultation and less on technical or fundamentals consistent with the country’s needs.” “The cancellation has certainly introduced an element of uncertainty in markets and investors,” Coutino wrote, “which could start affecting confidence and credibility”. Fitch confirmed its BBB+ investment-grade rating for Mexican government debt, but said yesterday “there are risks that the follow-through on previously approved reforms, for example in the energy sector, could stall.” Lopez Obrador has said he will review private concessionary oil exploration
contracts granted under current President Enrique Pena Nieto’s energy reform, but won’t cancel them if they were fairly granted. The fear is that future exploration contracts may be delayed or cancelled. Lopez Obrador won’t take office until Dec 1, but has already announced major policy decisions. Some of his policy announcements — like fiscal restraint, respect for the independence of the central banks and a pledge to avoid new debt — earned praise from investors. But Fitch noted the decision to cancel the airport “sends a negative signal to investors”. Lopez Obrador has also pledged to have the stateowned oil company, Pemex, build more refineries to lower imports of gasoline. Fitch wrote that this type of proposal will “would entail higher borrowing and larger contingent liabilities to the government”.
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Marketing Executive
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Interested candidates are required to possess the following managerial skills and qualifications: • Proven experience as marketing executive or similar role • Good understanding of market research techniques, data analysis and statistics methods • Thorough knowledge of strategic planning principles and marketing best practices • Proficient in MS Office and marketing software (e.g. CRM) • Familiarity with social media and web analytics (e.g. WebTrends) • Excellent communication and people skills • Strong organizational and time-management abilities • Creativity and commercial awareness • Preferred BSc/BA in marketing, business administration or relevant discipline Interested qualified candidates may submit their resume via email to info@242careers.com. Deadline for submissions – January 26, 2018 Only successful candidates will be contacted.
PAGE 12, Thursday, November 1, 2018
THE TRIBUNE
SUPPLY SHORTAGES PLAGUE CANADA’S NEW CANNABIS MARKETPLACE TORONTO Associated Press THE name of the store is High North, but it might as well be named High and Dry because for all but about four hours of the first two weeks since marijuana was legalised in Canada, there was no pot to sell. Trevor Tobin, one of the owners of the Labrador City shop in Newfoundland and Labrador, said they went ten straight days without supply. “The producers keep saying there will be some bumps in the road, but right now it’s not a bump in the road. It’s a big pothole,” he said. His mother, Brenda Tobin, is a part-owner and said that after she tells customers there’s nothing to buy, “a lot of them are saying, ‘Oh, well. I guess it’s back to the black market’”. Legalisation arrived Oct 17, and Canada became the world’s largest national marketplace for so-called recreational marijuana. But for now, it’s a superlative in name only. The first weeks have felt more like a soft opening with few retail outlets operating and rampant supply shortages. It’s not because Canada can’t produce enough cannabis products
A MAN smokes multiple joints in a Toronto park as they mark the first day of legalisation of cannabis across Canada. Supply shortages have been rampant in the two weeks since Canada became the largest national pot marketplace. Photo: Chris Young/AP — licensing those producers has been slow, and the federal government is taking steps to speed up the process. The provinces are handling the sales and most of the regulations. Reports from around the country are similarly discouraging when it comes to supply. Quebec closed its government-run shops for three days this week because of a lack of pot and will continue to keep them shut on Mondays through Wednesdays until availability is stabilised. Manitoba Liquor & Lotteries said it expects product shortages in both brick-and-mortar and online
NOTICE EXXONMOBIL EXPLORATION AND PRODUCTION ROMANIA (LOPATAR) LIMITED Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 18th day of October, 2018 Dated the 1st day of November A.D., 2018. R.W. Rice Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION ROMANIA (LOPATAR) LIMITED
stores could last six months. Ontario, Canada’s most populous province, won’t have any stores open until April at the earliest as the new conservative government writes regulations. Meantime, police have shut down at least 11 illegal dispensaries in the province. Ontario residents who want to make legal purchases are flooding the online government store. At least 150,000 orders arrived in the first week, more than all other provinces combined, and the store can’t keep up. Contributing to the delivery problem is a strike by workers at Canada Post,
the nation’s postal service that handles online marijuana orders that are legal countrywide. British Columbia, the third-largest province by population and a place that historically supplied of much of the country’s illegal weed, still has just one retail store. Across Canada, people are returning to the black market. And some never left. Corey Stone, a 32-yearold bar-restaurant manager in Montreal, and his friend were first in line at Quebec’s government-run cannabis store on Oct 17, but he hasn’t been back because of the supply problems and has been getting his pot illegally. In the capital of Ottawa, Ontario Capital Buds is one of the last holdouts after most of the illegal dispensaries in town closed on Oct 16 so they could file for legal operating licenses. Business is booming — at 11am on a recent chilly, gray day, the waiting room was packed. Blake Murchison, 62, was among the customers. He didn’t try visiting the government’s online store. “Why? There’s a postal strike!” he laughed. “I’m not patient. It’s a matter of convenience, really. Or inconvenience.” Devyn Stackhouse, a 30-year-old student
NOTICE Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, 2000 Notice is here by given that Charlton International Traders Ltd. is in dissolution and the date of commencement of the dissolution is the 1st November 2018. The Liquidator of said company is ELCO CORPORATE SERVICES LTD. Located at Loyalist Plaza, Don Mackay Blvd., P.O. Box AB 20377, Marsh Harbour, Abaco, Bahamas
at Ottawa’s Algonquin College, did go to the government website on Oct 17 and placed two orders for five pre-rolled joints and a gram each of four cannabis strains. After waiting more than a week to get a delivery, Stackhouse went to an illegal dispensary. “If (the government) were serious about access, serious about smothering the black market, then more resources would have been allocated to the OCS,” Stackhouse said, referring to the Ontario Cannabis Store website. In Newfoundland, 25-year-old technician Elwood White has been to three legal shops and found little selection. He said the marijuana is more expensive but better quality. “It definitely has better buzz,” he said. Private and government retailers are dependent on licensed producers to send them products. But so far, of 132 marijuana producers approved by Health Canada, only 78 have sales licenses. FSD Pharma Inc, an Ontario-based producer, received a cultivation license a year ago but still is waiting for a sales license. “There is a lot of red tape,” said Dr Raza Bokhari, co-chairman and
interim chief executive of FSD Pharma. “Some of the obstacles are unnecessary. It is quite burdensome.” Many that did get sales licenses are smaller operations, said Cam Battley, a top executive at Aurora Cannabis Inc, one of Canada’s large-scale producers. Health Canada has hired 300 additional staff to evaluate applications for producers. Thierry Belair, a spokesman for Canada’s health minister, said the government has streamlined the licensing process and production is increasing. “The implementation of the new legal regime that will better protect Canadians is not an event, it’s a process,” Belair said in an email. “The demand for some strains might be more important than for others but ... we are confident the industry is well-positioned to supply product as consumers transition to the legal market.” The rollout problems have been felt in Canada’s financial markets. Cannabis company stocks that soared as legalisation arrived have been hammered since. Aurora’s stock price lost about half its value since peaking at $15.16 per share Canadian (US $11.68), but Battley remains optimistic.
NOTICE International Business Companies Act (No. 46 of 2000) BRECKON LIMITED No. 165141 B In Voluntary Liquidation NOTICE is hereby given that in accordance with Section 138 of the International Business Companies Act, (No. 46 of 2000), BRECKON LIMITED is in Dissolution. Dissolution Commenced on: September 11, 2018. We, Redcorn Consultants Limited of Suite 205A – Saffrey Square, Bay Street, Nassau, Bahamas are appointed Liquidators of the company: BRECKON LIMITED. Any person having a Claim against BRECKON LIMITED is required on or before December 31, 2018 to send their name, address and particulars of debt or claim to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made such claim. _________________________________________ Redcorn Consultants Limited Liquidator
NOTICE
NOTICE
NOTICE
EXXONMOBIL EXPLORATION AND PRODUCTION ALBANIA (ONSHORE) LIMITED
EXXONMOBIL EXPLORATION AND PRODUCTION MALTA LIMITED
EXXONMOBIL EXPLORATION AND PRODUCTION ROMANIA (PELICAN NORTHEAST) LIMITED
Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 18th day of October, 2018
Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 18th day of October, 2018
Dated the 1st day of November A.D., 2018.
Dated the 1st day of November A.D., 2018.
Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 18th day of October, 2018 Dated the 1st day of November A.D., 2018. R.W. Rice Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION ALBANIA (ONSHORE) LIMITED
R.W. Rice Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION MALTA LIMITED
R.W. Rice Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION ROMANIA (PELICAN NORTHEAST) LIMITED
THE TRIBUNE
Thursday, November 1, 2018, PAGE 13
GN2125
VACANCY FOR COMMISSIONER OF CORRECTIONS BAHAMAS DEPARTMENT OF CORRECTIONAL SERVICES MINISTRY OF NATIONAL SECURITY Applications are invited from suitably qualified persons to fill the post of Commissioner of Corrections in The Bahamas Department of Correctional Services, Ministry of National Security.
NATIONAL Rifle Association Executive Vice President and CEO Wayne LaPierre, speaks at the Conservative Political Action Conference (CPAC), at National Harbor, Md. The 2018 election marks the first time that groups supporting gun control measures could spend more on a campaign than the National Rifle Association.
Rare drop in NRA election spending as gun-limit groups rise WASHINGTON Associated Press THE National Rifle Association — long seen as a kingmaker in Republican politics — is taking a lower profile in this year’s highstakes midterm campaign, a sign of the shifting dynamics of the gun debate as the GOP fights to maintain its grip on Congress. The NRA has put $11m into midterm races this year — less than half what it spent four years ago in a campaign that gave Republicans full control of Congress. This year’s totals are also far below the $54m the group spent in 2016 on both the presidential and congressional races. The shift comes as spending to support tougher gun control measures has surged. Everytown for Gun Safety, a group founded by former New York City Mayor Michael Bloomberg, pledged $30m for this year’s election, and has continued to put new money into competitive races in the final days. A political action committee formed by Gabby Giffords, the former congresswoman wounded in a shooting, is spending nearly $5m. It’s the first time under current campaign finance laws that the NRA might be outspent by gun control groups, though the organisation often ramps up spending late in the campaign. That money won’t show up in federal financial reports until after Election Day. It all underscore a changing political landscape on guns after a series of election year mass shootings, including the February massacre at a Parkland, Florida, high school that left 17 people dead, and Saturday’s deadly attack at a Pittsburgh synagogue. “The politics of guns has changed,” said Jim Kessler, the senior vice president for policy at Third Way, a centrist think tank. “The groups supporting more gun safety restrictions are smarter than in the past and have more resources, both in terms of people and money, than in the past.” With polls showing that the majority of Americans now support at least some tightening of gun laws, the issue is no longer taboo in swing districts, particularly the suburban areas that could determine which party controls the House next year. Everytown and Giffords’ group are on the air in competitive districts in Texas, Virginia, Kansas and elsewhere. After the Pittsburgh shooting, a Bloomberg aide said Everytown bought another $700,000 in advertisements aimed at ousting Rep Mike Coffman, a vulnerable Republican who represents a suburban Denver district — a significant sum to spend on a single House race in one week. The group has also spent about $4m in the Atlanta suburbs to back Democrat and gun control advocate Lucy McBath, whose son was shot and killed in 2012. Despite the public polling, there are no guarantees that sending more progun control lawmakers to Washington would result in
tougher legislation. Modest measures have repeatedly been blocked in Congress, even as Americans have grown more supportive of steps like banning assault weapons and tightening background checks. Bloomberg, who is weighing a run for president as a Democrat in 2020, promises to keep up the pressure on lawmakers and candidates he’s backing if they end up on Capitol Hill. “I’ve put an awful lot of my money and an awful lot of my time into this,” he said in an interview with The Associated Press. “I’m not going to forget it. I’m not going to walk away.” He continued: “The nice thing about the House, it may be a stupidly designed system but if they don’t do what they said they were going to do, you get another crack at deciding to support them or somebody else two years from now.” An NRA spokeswoman would not comment on the group’s election spending compared to organisations pushing for stricter gun laws. Bloomberg, who is spending $120m on the midterms, has helped pro-gun control groups level a playing field long dominated by the NRA. The organisation was riding high after the 2016 election, with a strong supporter in the White House and Republicans in charge of both the House and Senate. But 2018 has proved to be a tumultuous year for the NRA, which has been faced with boycotts from parts of corporate America in the wake of mass shootings and an investigation into what federal authorities allege were covert Russian agents seeking to influence the 2016 election to benefit Trump by courting NRA officials and funneling money through the group.
Publicly, the NRA has portrayed itself as being in financial distress because of deep-pocketed liberal opposition to guns and what it calls the mainstream media “spewing toxic lies” about the group. Over the summer, the organisation raised its annual dues fees from $40 to $45 — the second increase in two years. NRA watchers dismiss the notion that the organization is in trouble and say it’s more of a ploy to energize its ardent supporters, which in turn could help bring in more donations. “It’s in the NRA’s interests to exaggerate how much trouble it’s in,” said Robert J Spitzer, chairman of political science at the State University of New York at Cortland and an expert on guns and the Second Amendment. Indeed, the group’s political fundraising is up this year compared to the last midterm election. According to data provided by an NRA official, the group’s Political Victory Fund has raised more than $12m this year compared to nearly $11m at this same point in the 2014 midterms. While the NRA is not pumping the same levels of money into this year’s elections, it still has much at its disposal to try to sway campaigns: its NRATV media arm, social media and an ability to mobilise its millions of members to get them to the polls. The NRA’s membership rolls and finances are not public, but the organisation has said it has about 6 million in its ranks. Those who closely watch the group believe its membership is closer to 4 million. Both the NRA and groups such as Everytown can also quietly influence elections with money that doesn’t have to be reported in publicly available campaign finance reports.
Requirements for the Post Bachelor’s Degree (from an accredited institution, approved for The Bahamas Government’s purpose) and have been trained in Penal/Public Administration/Correctional Management; with a minimum of three (3) years experience as Deputy Commissioner of Corrections; OR Applicants must possess a Bachelor’s Degree (from an accredited institution, approved for The Bahamas Government’s purpose) and have been trained in Penal/Public Administration/Correctional Management; with a minimum of ten (10) years experience in a comparable post and environment; OR Associate’s Degree (from an accredited institution, approved for The Bahamas Government’s purpose) and have been trained in Penal/Public Administration/ Correctional Management, with a minimum of five (5) years experience as Deputy Commissioner of Corrections; OR Associate’s Degree (from an accredited institution, approved for The Bahamas Government’s purpose) and have been trained in Penal/Public Administration/ Correctional Management, with a minimum of twelve (12) years experience in a comparable post and environment. Degrees in Law, Criminal Justice or Social Sciences would be an asset. In addition to the post requirements, experience as follows would be an asset: • Senior executive level management experience, including the management of human and financial resources; • Experience in promoting the importance of a healthy organization workplace; • Experience in representing an organization, and communicating and consulting at a senior level with a broad range of private and public sector stakeholders, policy and decision makers as well as the media; • Experience managing labour relations and working with staff associations in a complex and challenging environment; • Experience working in a correctional facility, within the criminal justice system, or in a field providing services or programmes to inmates, working with diverse inmate populations and vulnerable persons or groups. Knowledge, Skills and Abilities required • Knowledge of legislative and policy frameworks and legal principles governing corrections and the criminal justice system in The Bahamas; • Knowledge of the mandate, role and responsibilities of organizations involved in the National Security portfolio; • Knowledge of the challenges facing The Bahamas Department of Correctional Services, including the rehabilitation of offenders, health and mental health care, and strengthening community corrections; • Knowledge of the role of Commissioner and their relationship within the portfolio and with the Government; • Knowledge of practices, principles and policies underlying interactions between the institution and the private sector; • Knowledge of labour relation practices and managing interactions with employee representatives and their Association; • Superior communication skills, both written and oral, and ability to represent the Bahamas Department of Correctional Services with employees, the public, governments and other organizations, including public safety and criminal justice bodies internationally; • Ability to lead and manage a public sector organization, and to define its strategies and objectives; • Ability to lead in emergency situations, including life threatening situations; • Ability to innovate, identify modern solutions and opportunities, and implement culture change; and • Ability to analyze differing opinions and complex situations with a view to identifying appropriate courses of action and understanding the impact of decisions. Responsibilities and Duties of the Post The Commissioner of Corrections shall have overall responsibility for the general management of The Bahamas Department of Correctional Services and the management and discipline of correctional institutions in the Commonwealth of The Bahamas. Specific duties include: • The care and custody of inmates, sentenced and those on remand, including their health and mental health care; • The provision of programmes that contribute to the rehabilitation of inmates and to ensure their successful reintegration into the community; • The preparation of inmates for release; and • Maintaining a programme of public education about the operations of the Service. The Commissioner will work in collaboration with other senior public leaders in the National Security portfolio, and around the world in a professional and non-partisan manner. He/she will lead a dynamic team to fulfill the important responsibilities of this option. The salary scale of the post is in Scale PR1 - $54,050 x $800 - $62,850 per annum (July 2012 Salary Scale). Serving officers must apply through their Heads of Departments. Application forms may be obtained online at: www.bahamas.gov.bs/ publicservice. They should be returned, complete with certified copies of academic qualifications and documentary proof of relevant experience to the Secretary, Public Service Commission, Poinciana Hill Complex, Meeting Street, P. O. Box N-3915. Secretary Public Service Commission
PAGE 14, Thursday, November 1, 2018
THE TRIBUNE
US limits tech exports to Chinese firm on national security grounds WASHINGTON Associated Press THE Trump administration has imposed restrictions on technology exports to a state-supported Chinese semiconductor maker, citing national security grounds amid a mounting tariff battle. The controls imposed on Monday on Fujian Jinhua Integrated Circuit Co reflect concern Chinese competition could drive American technology suppliers out of business, leaving the military without secure sources of components.
PRESIDENT Donald Trump walks from the Oval Office as he leaves the White House to attend a campaign rally in Charlotte, NC. The Trump adminisration has imposed restrictions on technology exports to a state-supported Chinese semiconductor maker, citing national security grounds amid a mounting tariff battle.
Beijing has spent heavily to build up Jinhua and other chip makers as part of efforts to transform China into a global leader in robotics, artificial intelligence and other technology industries. The United States, Europe and other trading partners say Beijing’s tactics violate its market-opening obligations. American officials worry they might erode US industrial leadership. President Donald Trump has imposed tariffs of up to 25 percent on $250bn of Chinese goods in an effort to pressure Beijing to roll back those plans. Jinhua is completing “substantial production capacity” for integrated circuits, possibly using US technology, which “threatens the long-term economic viability of US suppliers of these essential components of US military systems,” said a Commerce Department statement. The company was added
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MARKET REPORT WEDNESDAY, 31 OCTOBER 2018
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 2,002.77 | CHG -0.14 | %CHG -0.01 | YTD -60.80 | YTD% -2.95 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 4.46 1.26 0.27 3.92 9.26 6.60 4.97 12.50 2.74 1.78 8.21 6.30 13.20 6.90 4.50 13.50
52WK LOW 3.50 19.17 7.50 3.32 0.90 0.16 2.25 8.60 6.09 3.54 9.00 2.30 1.50 7.25 6.00 10.06 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 4.05 17.43 9.09 4.46 1.01 0.25 2.30 9.25 6.16 3.98 12.42 2.54 1.78 7.67 6.30 13.14 6.60 3.63 13.01
CLOSE 4.45 17.43 9.09 4.46 1.01 0.25 2.30 9.25 6.16 3.98 12.42 2.46 1.78 7.54 6.30 13.00 6.60 3.63 13.01
CHANGE 0.40 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.08 0.00 -0.13 0.00 -0.14 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 50
624
331 3,044 800
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 20.8 18.7 N/M 14.1 N/M N/M -2.3 13.2 14.0 25.8 19.8 24.1 8.5 N/M 9.4 18.5 9.2 13.1 20.6
YIELD 2.25% 6.48% 0.00% 5.16% 0.00% 4.00% 0.00% 7.68% 3.57% 3.02% 4.99% 2.44% 3.37% 1.11% 4.44% 3.85% 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
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
to the department’s “entity list”, which will require it to obtain an export license for all software, technology and commodities, the Commerce Department said. It said such applications “will be reviewed with a presumption of denial”. That “will limit its ability to threaten the supply chain for essential components in our military systems,” Commerce Secretary Wilbur Ross said in the statement. China’s foreign ministry said it hoped foreign governments would treat Chinese companies “reasonably and fairly”. “We hope the United States will do something that serves the two sides’ interest and helps improve mutual trust, instead of the other way around,” said a ministry spokesman, Lu Kang. Calls to Fujian Jinhua’s offices rang unanswered on Tuesday and there was no immediate response to an inquiry made through their website. The order marks the second US action this year blocking technology exports to a Chinese buyer. ZTE Corp, China’s second-biggest maker of telecoms equipment, faced possible bankruptcy this year after Washington imposed a seven-year ban on sales of US technology to the company over its exports to Iran and North Korea. American authorities lifted the ban in July after ZTE paid a $1bn fine, agreed to replace its executive team and hired US-selected compliance officers. Meanwhile, Jinhua is embroiled in a court battle with US chip maker Micron Technology Inc, which accuses the Chinese company of stealing its technology. Micron sued Jinhua in December in federal court in California. Jinhua sued the US company the following month in a Chinese court and obtained an order blocking sales of some Micron products.
NOTICE Notice is hereby given that JEAN-RONY JEAN CHARLES of Nassau Bahamas, who was born in 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 October 30, 2018 to the Minister responsible for Nationality and Citizenship, P.O Box N-7147 Nassau, Bahamas.
NOTICE Notice is hereby given that VINCENT SULLIVAN of Harbour Island, P.O.Box EL270077, Eleuthera, 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 signed statement of the facts within twenty-eight days from the 1st November, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.
NOTICE Notice is hereby given that DERICKA SHIRLEY CLEARE of Carmichael Rd., Nassau, 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 signed statement of the facts within twenty-eight days from the 25th October, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.