MONDAY, NOVEMBER 28, 2016
business@tribunemedia.net
$4.10 Web shop: GBPA ‘cannot carve out’ Port zone powers By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Grand Bahama Port Authority (GBPA) “cannot carve out a special place in Freeport” where it has the authority to issue gaming licences, a web shop operator is arguing. Jarol Investments, which trades as Chances Games, will this week argue that the objectives underpinning the 2014 reforms to Bahamian See pg B9
Warns Gaming Act ‘frustrated and defeated’ if loses Thursday case to decide sector’s Freeport regulator Chances: Hawksbill can’t ‘trump’ national law
‘Political mismanagement’ undermining Bahamas economic sustainability By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A governance reform advocate has urged politicians to produce “more action, less talk”, and warned that Government mismanagement is threatening “economic sustainability”. Robert Myers, a principal with the Organisation for See pg b7
The Chamber of Commerce’s chief executive has denied claims that it is “capitulating” to the Government, and that it is too close - and ‘in bed’ with - the Christie administration. Edison Sumner told Tribune Business that the Chamber’s role as private See pg b8
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Building shunned applicant database for class action
A newly-formed nongovernmental organisation (NGO) is seeking to compile a database of shunned Crown Land applicants as the basis for yet another Judicial Review legal action against the Government, Tribune Business has been told. Fred Smith QC, the Callenders & Co attorney and partner, told Tribune Business that Crown Land for Bahamians was looking to
$3.92
QC demands ‘total transparency’, and no cronyism Describes land as Bahamas’ ‘raw economic material’ develop a “non-political” class action-type action that would challenge the
Fred Smith QC Government’s failure to respond to thousands of applications.
He added that the NGO, established last year, had been receiving as many as 400-500 hits a day on its website and Facebook page from disgruntled Bahamians who had either been turned down - or not even received a response - to their Crown Land applications. Mr Smith said some 200 persons had already completed a registration form on the website, detailing the status and fate of their applications for what he described as “the foundation See pg b6
‘Minimal’ local benefits from Abaco Club marina
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
PM’s protest letter branded ‘too little, too late’
Opponents of the Abaco Club’s proposed Little Harbour marina are alleging that the Government has “already gone down the wrong path” on a project whose economic benefits are tilted overwhelmingly in the developer’s favour. The Responsible Development for Abaco (RDA),
Has had ‘ample time’ to address governance issues
$3.86
NGO targeting Crown Land legal challenge
Politicians warned: We need ‘more action, less talk’
Chamber chief denies ‘capitulating’ to Govt By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
$4.14
in written submissions supporting their Judicial Review application, alleged that while the Abaco Club will receive $125,000 per dock slip sale, just two fulltime jobs would be created. “The development is opposed by an overwhelming majority of the residents and homeowners in Little Harbour,” RDA and its attorney, Callenders & Co, alleged. “It is opposed on the
grounds that it would swamp Little Harbour (occupying approximately two acres of the 11 acres of usable space in the harbour); it would cause environmental damage; it would increase pollution, light, noise and traffic; and it would commercialise what is, at present, a quiet ‘off-grid’ community.” Turning to the marina project’s projected impact, See pg b5
Activists: Two jobs, but developer gets $125k per slip Claim Govt seeking ‘to avoid proper scrutiny’ Govt hits back at ‘shoestring’ opponents
Doesn’t need to ‘bash’ to hold Govt accountable Under fire from some for being ‘too close’ to Govt Sumner: Bahamas ‘weaker’ without Chamber’s role
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PAGE 2, Monday, November 28, 2016
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THE TRIBUNE
Inagua targeted on bird tourism The Ministry of Tourism is aiming to tap into a multibillion dollar global market when it launches bird tourism in the Bahamas this January. The Ministry held a town meeting in Matthew Town, Inagua, on November 21 to inform residents about bird tourism and introduce its ‘People to People’ programme on the island. More than 30 residents attended the meeting. Ellison ‘Tommy’ Thompson, the deputy directorgeneral, said the Ministry wants to ensure that when visitors come to Inagua they have a seamless vacation. “We wanted to make sure that the sales component was in place,” Mr Thompson said. “We’ve done the training. We have three supremely qualified bird guides and a number of other guides. “In order for this to be sustainable and successful we need to be able to bring business to the island, and it is important that the customer is able to book very easily and online.” The bird guide training initiative is a collaborative effort between the Baha-
Photo/Kemuel Stubbs mas National Trust (BNT), the Ministry of Tourism and the National Audubon Society, with funding by the Inter-American Development Bank (IDB). “If you come to Inagua and come to Lake Rosa in the middle of the island, it’s like a National Geographic special,” Mr Thompson said. “It is absolutely fantastic for those people who are interested in seeing the birds in the Bahamas. “We want to make sure that when people come to the island, it is a seamless and enjoyable vacation. So, we are working with the hotels, the guides, and the
BNT to ensure that it does work seamlessly. “We also met with the administrator on the island and he is onboard with what we are doing.” Mr Thompson explained that $41 billion is spent on birdwatching in the United States, and $500 million in the UK. Around three million people travel internationally for birdwatching experiences. Between 2005 to 2009, 20 million US citizens took trips within the US for birding experiences. “There is a lot of money in that industry and we need to get some of that into the See pg b4
THE TRIBUNE
Monday, November 28, 2016, PAGE 3
‘Cons outweighed pros’ BTC attracts 3,000 on local NHI insurer bid to Black Friday sale By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
The Bahamas Insurance Association’s (BIA) chairman says the relatively low number of bids to manage the National Health Insurance (NHI) scheme’s public insurer shows “the cons outweighed the pros” for many of his members. Emmanuel Komolafe, in an interview with Tribune Business, said initial feedback from BIA members showed “there was clear interest” in bidding on the management contract for Bahama Care, the scheme’s public insurer. However, Peter DeveauxIsaacs, the permanent secretary heading up the NHI
Secretariat, last week said three bids had been received from unnamed Bahamian and international parties by the bid deadline. While unable to comment on the quality of the proposals, as they and the identities of the bidders have not been disclosed, Mr Komolafe said there were several factors that may have discouraged Bahamian firms from participating. Although the bid deadlines were extended twice, the last time because of Hurricane Matthew, the BIA chairman said there were “certain restrictions, stipulations and unique requirements” that may have made the process unattractive to Bahamian companies.
“As indicated upon the initial release of the RFP, the timeframes were quite ambitious and tight,” Mr Komolafe told Tribune Business. “In spite of the extended deadlines, arguably the short timelines did not allow for broader participation which could have resulted in the submission of several robust proposals by both local and international firms from which the nation could choose.” He added: “In addition, certain restrictions, stipulations and unique requirements within the RFP seem to have rendered the process unattractive to a number of local firms. “Presumably, certain See pg b11
Marina Association: Boat thefts ‘cut 50%’ By NATARIO McKENZIE
The Association of Bahamas Marinas has seen the number of boat thefts cut “almost in half”, with similar success regarding the return of stolen vessels. Stephen Kappeler, its president, said information sharing via the Association’s Facebook page has helped to raise awareness and curb the problem, with “thefts almost in half and, of those taken, more than 50 per cent returned”. He acknowledged that more work remains to be done, especially in Abaco,
where almost half of all thefts still occur. Basil Smith, consultant to the Association of Bahamas Marinas, told Tribune Business: “We have had some success with the boat theft issue,and sharing of information is key to that. “Members have decided to share information not only on the theft of boats, but also identify persons convicted of boat thefts so as to prevent them from going from island community to island community with impunity. “That has helped to curtail the problem to some extent but, of course, given the country’s geography and the persistence of the
perpetrators, it is a problem that will persist but there has been some control.” Mr Smith said the Association plans to launch its website next year for visitors interested in boating and sports fishing in the Bahamas. The Association also recently expressed relief that Prime Minister Christie had ended speculation over a proposed $2.1 billion Chinese agri- fisheries joint venture on Andros. The Prime Minister recently said the proposal would be “rejected outright” if such a plan came before Cabinet, following weeks of public outrage and debate over the issue.
Yves Lourdin
Linda D’Aguilar
Ian Jennings
Tribune Business Reporter
nmckenzie@tribunemedia.net
By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The Bahamas Telecommunications Company (BTC) says it recorded “phenomenal” sales on its ‘Black Friday’ promotion, with more than 3,000 customers flocking to its South West Plaza store last Friday. BTC’s ‘doorbuster’ offer of a free Samsung J2 prime phone, with the purchase of $29.99 2G data, from 5am to 7am at its Southwest Plaza outlet drew a large crowd, the scene being widely shared on social media. “Sales were phenomenal. We had more than 3,000 customers at our Southwest Plaza store, and almost 500 at our Pioneer’s Way Store in Grand Bahama. The response was overwhelming and we thank our customers
for their continued loyalty. This is truly BTC country,” said Leon Williams, its chief executive. Other Bahamian retailers also reported a spike in business as a result of their Black Friday promotions. Lavandrea Rahming, a Shayne’s Department Store manager, told Tribune Business: “Things have gone pretty well this year. I don’t think we saw the kind of foot traffic last year that we have seen this year. I would say this year was an improvement.” She added: “I guess for those people who didn’t get a chance to go away they took advantage of the opportunity to shop locally.” The store’s Black Friday promotion ran from November 25-26, with discounts on shoes up to 75 per cent and outerwear up to 30 per cent.
Commonwealth Building Supplies (CBS) Bahamas, another retailer which participated in the Black Friday promotion, also saw an increase in business. “It’s been going great. The customers have really been coming in. It’s been pretty good this year,” said manager Carl Thompson. Black Friday, the day following Thanksgiving in the US, traditionally marks the beginning of the Christmas shopping season, and has become known as a time when retailers offer significantly low prices on items. While many Bahamians travel to the US every year for Black Friday sales, Bahamian retailers have in recent years been using the shopping tradition to generate more business for themselves ahead of the Christmas shopping period.
BFSB honours top performers The Bahamas Financial Services Board (BFSB) has honoured its top performers at its annual Financial Services Industry Excellence Awards. This awards programme was introduced in 2001 as part of its Financial Centre Focus (FCF) initiative, a key part of which is the profiling of quality talent within the sector. The persons receiving top honours were: Yves Lourdin, former president at Pictet Bank & Trust - Lifetime Achievement Award Linda D’Aguilar, partner, Glinton, Sweeting, O’Brien - The Minister’s Award
Ian Jennings, president, Commonwealth Bank - Executive of the Year Lynden Smith, Commonwealth Bank Mentor of the Year Cindy Tinker, J.S. Johnson - Professional
of the Year Wendy Sands, Delaney Partners - Achiever of the Year Crajia Sears, COB Graduate - Student of the Year Bachelors Banking & Finance
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PAGE 4, Monday, November 28, 2016
Bahamian banks groom next worker generation Seven College of the Bahamas (COB) students were this summer given an opportunity to gain industry experience and professional skills through paid internships with members of the Association of International Banks and Trust Companies (AIBT) in Nassau. They also received a Spanish immersion pro-
gramme in Mexico. The annual four to six week internships are part of AIBT’s mandate to provide professional development opportunities for current and future leaders of the financial services industry. This is done through the annual Nassau Conference and associated initiatives.
Five students from this year’s intern class spent the summer working across various departments at the participating firms, which included Andbank (Bahamas), Credit Suisse, The Winterbotham Trust Company and UBS (Bahamas). Two students spent six weeks in the Spanish Language and Culture Im-
mersion programme at the Universidad Internacional in Mexico, deepening their language skills and fluency. In addition to the summer internships and Spanish immersion programme, this year also saw the introduction of a half-day Financial Services Bootcamp to the annual Nassau Conference, designed to provide a refresher course for current industry professionals. The interns were selected from a group of exceptional COB students who attended last year’s Nassau Conference. AIBT Executives recently presented certificates of participation to the interns. Shown with four of the students are AIBT director Bernard Sechaud (second from left); current AIBT co-chair Bruno Roberts (fourth from left); past chair Antoinette Russell (fifth from left); and AIBT treasurer Jean-Marc Fellay (third from right).
Inagua targeted on bird tourism From pg B2 Bahamas,” he said. Mr Thompson added that this initiative will diversify the tourism offering, and ensure that the Family Islands are being recognised individually. Some 15 residents signed up for the ‘People to People’ programme. Bernadette Bastian, Ministry of Tourism manager in the programme, spoke to residents of the initiative’s importance and how it can benefit the island. ‘People to People’ is a year-round Ministry of Tourism programme intended to give visitors a genuine and informal view of Bahamian hospitality and culture. The programme pairs visitors with Bahamians to give guests a taste of local life in a convenient and personal way. Ms Bastian explained that the Inagua Light Station, one of the three lighthouses built in the Bahamas by the British, can serve as an excellent location for the ‘People to People’ tea party. Darcia Arnett, who signed up, said she joined
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THE TRIBUNE because she “loves meeting people”. “I think this is good opportunity,” Ms Arnett said. “I think something like that can flourish here because Bahamians are naturally friendly.” BNT executive director Eric Carey, who spoke during the meeting, said Inagua has incredible wildlife, and eco-tourism has great potential. “Working with the Ministry of Tourism and the BNT and the National Audubon Society with funding from the IDB, we’ve funded over the past 18 months a bird guide training programme and we’ve trained 70 people,” Mr Carey said. “We’ve brought on this island three people to advanced stage, and on Andros we also have six or seven guides to advanced stage to deliver a worldclass tourism experience.” Mr Carey said there are some birds that can only be found in Inagua. “We have a hummingbird here, the Inagua Woodstar, which is found nowhere else in the world,” he said. “If you want to see that bird you have to come to Inagua.” Known as the birdwatching capital of the Bahamas, Inagua is home to more than 140 species of native and migratory birds, including over 80,000 flamingos. Vivian Moultrie, one of the three advanced bird guides, said he was not interested in the bird guide training programme at first. “I had an argument with one of my friends who was going to take the course,” he said. “I told him it was going to be a waste of time. “He left me arguing and went to the very first session. I followed him late and that was it. Once I got in it was done.” Mr Moultrie said the island is an “incredible place”. “It is never sold as a tourism destination,” he said. “In terms of its tourism potential, whether its ecotourism, fishing, or other nature-based tourism, I think it has one of the greatest potentials in the Bahamas.”
THE TRIBUNE
Monday, November 28, 2016, PAGE 5
‘Minimal’ local benefits from Abaco Club marina From pg B1 RDA added: “It is said that there are economic benefits to the development. The economic benefits are shared in this way. “The benefit to the local community is that, once the development is built and has come into operation, it will employ ‘a maximum of two people’. The benefit to the Abaco Club is that it proposes to sell each slip for up to $125,000.” The RDA action is the latest development-related Judicial Review case to be launched against the Government and its regulatory agencies on the basis that they have either failed to follow their own permitting/approval processes as set out in law, or and/or not properly consulted affected parties on the actions they propose to take. “There is no good reason why the respondents [government agencies] should refuse to engage with the applicant,” RDA alleged. “It appears to be simply a co-ordinated attempt to avoid proper scrutiny of governmental decisionmaking. “The respondents have already gone down the wrong path in respect of their duty to consult. Their failure to confirm that they will carry out proper consultation, their failure to provide relevant information, and their refusal to engage with the applicants means that it is to be inferred that, without an Order from this court, consultation is likely to be non-existent or, at best, fundamentally flawed.” Fred Smith QC, the Callenders & Co attorney and partner acting for RDA, told Tribune Business yesterday that the law had developed such that failing to properly consult and/or provide information on development projects to interested parties was subject to Judicial Review. “This case is an evolution of the law, the jurisprudence from Guana Cay, so that conducting affairs in secret, simply stonewalling interested parties, refusing to answer correspondence and inquiries, is no longer an option,” he said. “The law has developed such that decisions to keep everything secret, and not to consult with interested parties; all those are Judicially Review-able.
“That is how environmentalists and Family Islanders who are affected by secretive activities, frequently imposed on them overnight, will be able to challenge them, as in the Little Harbour case.” RDA’s Judicial Review challenge to the Abaco Club’s Little Harbour project was due to be heard in the Freeport Supreme Court starting today, some three days having been set down for the case. However, Mr Smith yesterday accused the Government of “ambushing” RDA with an $150,000 ‘security for costs’ demand that was made last Thursday. It also wants the Supreme Court to striking out of some of the nine government respondents, and for the trial to be adjourned. The Government has typically sought the payment of a bond or ‘security’ to cover its legal costs as a first attempt to ‘knock out’ such Judicial Reviews, believing that environmental activist groups lack the funding to meet such demands. Ashley Sturrup, an assistant attorney in the Attorney General’s Office, alleged in a November 23, 2016, affidavit that a review of RDA’s incorporation documents and Judicial Review application showed it was “a nominal claimant with no private interests of its own to pursue”. She also suggested that RDA was acting as a ‘vehicle’ to promote the vested interests of individuals, pointing to admissions by David Pitcairn, its vicepresident, that he owned a residential adjacent to the Little Harbour project site. “It seems clear that the applicant [RDA] is being used as a corporate vehicle to shield its members from any exposure to costs,” Ms Sturrup alleged. Estimating the Government’s likely legal costs at $250,000, she said it was requesting that RDA provide security for at least $150,000. The Government’s demands were conveyed to RDA and Mr Smith by Antoinette Bonamy, the director of legal affairs, on November 22. Ms Bonamy expressed doubts that RDA would be able to pay the Government’s legal costs, if its action was unsuccessful, based
on its “shoestring method of funding”. “Further, the respondents have serious concerns about the merits of this action, having regard to the multiple government respondents which have been named (unnecessarily and improperly, it is contended), and the fact that the main decision under challenge (lack of consultation) may be premature,” she added. The Government’s position is that while applications for the necessary permits have been made by the Abaco Club, no permits or decisions have yet been rendered. The nine government respondents to the Judicial Review include Prime Minister Perry Christie; Deputy Prime Minister Philip Davis; Glenys Hanna Martin, minister of transport and aviation; Kenred Dorsett, minister of the environment; the Town Planning Committee; South Abaco District Council; Richard Hardy, acting director of Lands and Surveys; and Marques Williams, Abaco’s port administrator. The Government wants the four Cabinet ministers, plus Mr Hardy, to be struck out as defendants by the Supreme Court. The Abaco Club, which is owned by a combination of US-based Southworth Development and a group of its homeowners, is proposing to remove some existing moorings and demolish an existing dock to make way for its 44-slip facility. This will extend some 270 feet into Little Harbour and measure 320 feet across, with supporting facilities such as a restaurant, supplies store, car park, desalination and wastewater treatment plants also set to be built. “The fact that not one of the nine respondents has responded to requests for information for (what is now) approaching a year leads to a powerful inference that a decision has been taken at a high level that this information should be withheld,” RDA alleged. “This cannot merely be a question of oversight. “This refusal to engage with the applicant also lends considerable force to the further inference that the respondents intend to grant the various permits sought without proper consultation and then, once work has begun, argue that the development is a fait accompli.”
Insurance agency in 50th birthday N.U.A Insurance Agents and Brokers, the whollyowned agent subsidiary of Bahamas First, has celebrated its 50th anniversary. Company executives, along with current and former staff members and invited guests, marked the occasion with a cocktail reception at Luciano’s of Chicago on November 17th. Warren Rolle, N.U.A.’s president and managing director, said the company was celebrating five decades in existence at a time when many of its customers suffered loss during the most devastating and expensive hurricane in Bahamian history. Hurricane Matthew’s
projected insured losses have been pegged at $400 million, and Mr Rolle said: “If ever there was a time that our customers need us, that time is now. “We will not wilt in the face of this difficult challenge, but demonstrate to our loyal customers why N.U.A is the agency of choice by the personalized service that we provide.” Ian Fair, Bahamas First’s chairman, added: “Over the years, N.U.A grew through acquisitions and mergers and has expanded its distribution network, now having six locations – three in New Providence and the remaining three in Abaco, Eleuthera and Freeport.
“N.U.A is also supported by a number of independent representatives throughout our country. Through the various mergers and acquisitions, N.U.A insures property values of circa $3 billion.” Former managing directors, Quentin Chisnall and John Dunkley, were also recognised and awarded for their years of leadership and service to the company. Mr Chisnall spent 23 years at the helm, while Mr. Dunkley served for 13 years. The agency first opened its doors in 1966, initially as Nassau Underwriters Agency.
www.ub.edu.bs
STAFF VACANCIES Applications are invited from suitably qualified candidates for the following positions:-
Clinical Supervisor The University of The Bahamas’ Nursing Department at the Grosvenor Close Campus is seeking to hire individuals committed to serve as role models and mentors for nursing students. The Clinical Supervisor is responsible for liaising with faculty and clinical staff to evaluate students’ performance of clinical skills and procedures; demonstrate proper technique in the performance of clinical skills and procedures; provide ongoing constructive feedback to students; ensure that students document their clinical experiences according to established protocols; monitor students’ attitudes as well as adherence to established nursing policies, protocols and codes of conduct; and assist in preparing students for the Nursing Council Clinical Assessments. Application Information Interested candidates should submit the following items: • A letter of interest (highlighting work experience and accomplishments relevant to the position); • An up-to-date curriculum vitae or resume; • Registration License; • Copies of Certificates; • Unofficial transcripts (official transcripts needed for employment); and • At least three confidential, professional references. to the Office of the Provost on or before November 30th, 2016, addressed as follows: Dr. Maria Oriakhi The Office of the Provost University of The Bahamas OR submit electronically to hrapply@cob.edu.bs
Administrative Assistant – Intercollegiate Athletics The role of the professionals in Intercollegiate Athletics, therefore, is to assist with the development of the University of The Bahamas’ athletic platform as it transitions to the National Association of Intercollegiate Athletics (NAIA). The Administrative Assistant in Intercollegiate Athletics is responsible for assisting in developing, maintaining and implementing a highly efficient, organized and professional department. As the department’s first contact, a welcoming customer service attitude is paramount as well as good communications with athletics administrator, coaches, students, faculty, alumni, boosters, families, and the wider community.
Human Resources (HR) Assistant I – Training & Development The Human Resources Assistant – Training & Development will assist with all related administrative duties relating to the Training and Development Unit. These functions include administrative duties related to Staff Development Committee Meetings, Staff Conference Leave and Tuition Waiver. In addition, he/ she will be required to Email/circulate all training initiatives and be responsible for handling the scheduling and organizing meetings. The HR Assistant should be able to work independently and will report to the Assistant Director, Training & Development.
Plumber I The position of Plumber I is required to perform a variety of tasks including but not limited to conducting daily checks of campus buildings plumbing facilities; carry out repairs to all plumbing work, drains, guttering, downspouts, pumps and pool areas; assist we matters related to the maintenance of all college buildings; prepare written monthly reports and liaise with Plumbing Supervisor on a daily basis as well as inspect the condition of all equipment. Application Information Interested candidates should submit the following items: • A letter of interest (highlighting work experience and accomplishments relevant to the position); • An up-to-date curriculum vitae or resume; • A completed Employment Application Form; • Copies of Certificates/Qualifications; • Copies of Birth Certificate/Information pages of Current passport; • Unofficial transcripts (official transcripts needed for employment); and • At least three written confidential/professional references. to the Human Resources Department on or before November 30th, 2016, addressed as follows: Dr. Mychal Coleman The University of The Bahamas Chief Human Resources Officer Oakes Field Campus OR submit electronically to hrapply@uob.edu.bs
PAGE 6, Monday, November 28, 2016
NGO targeting Crown Land legal challenge From pg B1 of economic development in the Bahamas”. The need to reform the Crown Land allocation process, and to make it more transparent in particular, was acknowledged last week by Prime Minister Perry Christie in his efforts to appease the organisers of the ‘We March’ protest. However, Mr Smith told Tribune Business that this was too little, too late as far as many Bahamians were concerned, and without any
sign of concrete action and reform was to be treated as more talk and empty promises. “This is the same old, same old,” he said. “On the eve of another election, the Prime Minister is promising what should have been done decades and decades ago by both political parties.” Mr Smith said Crown Land was held on trust for the benefit of all Bahamians, meaning that the minister responsible - the Prime Minister/Minister of Fi-
nance - had a fiduciary duty to the whole population in how this asset was used and managed. “Simple law of trust means that it is not to be held to his political benefit or to dispense political favours to stay in power,” he added. “There should be a process of complete transparency, a process of registering applicants, that is not dependent on political favouritism, cronyism and corruption.” Mr Smith told Tribune Business that Crown Land for Bahamians had been established to confront these issues, and its website and
Facebook page had been “getting hundreds of hits a day - up to 400-500 hits in one day”. He added: “It’s received thousands of likes and shares, and 200 people have registered to give the position of their applications. “Registration forms are on the site, on which people have documented what applications have been made, the land involved, when it was made, if they’ve received a response, and if they’re Bahamian or foreign. “We hope this registry can form the basis of a class action against the Minister of Finance responsible for Crown Lands under any government,” Mr Smith continued. “This is nothing to do with the PLP or FNM. It will be a class action by way of Judicial Review, challenging the methods and failure to respond to Crown Land applicants. As Bahamians we have a right to our Crown Land; it does not belong to the politicians, PLP or FNM.” Crown Land is a key tool for empowering Bahamians and increasing their ownership of economic development, but its allocation has frequently been mired in controversy. Tex Turnquest, the former director of lands and surveys, was forced to resign from his post by ex-Prime Minister Hubert Ingraham when it was revealed that five parcels of Crown Land in Forbes Hill, Exuma, had
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been granted to his friends and family. Shortly after being granted, they were ‘flipped’ to foreign buyers for significant profits. Tribune Business also previously revealed how the first Christie administration granted well-known Bahamian contractor and PLP supporter, Edward Penn, some 7.366 acres of prime commercial land on Gladstone Road for $221,000 in 2006. Yet the same property was turned into mortgage security for a $7 million loan within three months. Crown Land was also at the centre of the recent controversy that erupted over the $2.1 billion Chinese agriculture/fisheries proposal, which suggested that up to 20,000 acres in Andros could be granted to the 100 companies involved. Mr Ingraham, when in office in 2009, admitted that the awarding of Crown Land had been plagued by “irregularities, misapplication of policies and incidences of preferential treatment for family, friends and social acquaintances”. He also placed the importance of Crown Land in context, noting that of the 3.45 million acres of available land in the Bahamas, around 2.5 million acres some 72.5 per cent - belongs to the Crown Land. Of that latter figure, some 900,000 acres is wetland, leaving 1.6 million acres of dry Crown Land. Prime Minister Perry Christie, too, last week admitted that there was “an urgent need” to resolve land-related issues. “My government recognises that land for Bahamians is essential for economic development and social progress, and that there is an urgent need to resolve land issues in the country,” the Prime Minister wrote to the ‘We March’ organisers. He said the National Development Plan, which is being crafted with input from the private sector and civil society, had made recommendations on how to resolve land ownership disputes, particularly those
THE TRIBUNE impacting commonage or generational properties. “It also makes recommendations for improving the allocation of Crown Land to deserving Bahamians who have a serious and viable plan for putting the land to productive use,” Mr Christie said. “We also need to improve the transparency of all Crown Land matters, and we are determined to do so.” Mr Smith, meanwhile, described Crown Land as the Bahamas’ “raw material” for economic and social development, pointing out that its importance was highlighted by the eagerness of foreign developers to access it. “The litmus test for how important Crown Land is, is reflected in the fact that every foreign developer that comes here seeks out and obtains thousands of acres of Crown Land at a time,” he told Tribune Business. “It is obvious that Crown Land is at the epicentre of opportunities for growth and development in the Bahamas. But the Bahamian public is asking why is it that only foreigners get Crown Land at drastic discounts, such as #$1 a beach acre at Guana Cay. “Land is the foundation of economic development in any nation such as the Bahamas. We don’t have raw materials. This is our raw material.” Land, Mr Smith explained, formed the bedrock for all forms of real estate and economic development, including tourism, commercial, industrial and residential usage. He added that a transparent process for awarding Crown Land, coupled with an efficient, non-partisan financing mechanism, would enable Bahamians to “do many of these developments you see foreigners doing” or at least pave the way for their participation in joint ventures.
THE TRIBUNE
Monday, November 28, 2016, PAGE 7
‘Political mismanagement’ undermining Bahamas economic sustainability From pg B1 Responsible Governance (ORG) civil society grouping, told Tribune Business that Friday’s ‘We March’ protest - which he attended - showed many Bahamians were tired of the status quo and unfulfilled promises from politicians. “They need to do more action and less talk,” Mr Myers said of politicians in general, and government in particular. “The proof of the pudding is in the eating.” Prime Minister Perry Christie made a last-ditch effort to stave off the ‘We March’ protest by inviting the organisers to attend a presentation of the National Development Plan, and making multiple promises on the problems his government plans to address. “I think that he’s completely misread the people, and it’s too little, too late,” Mr Myers said in response to the publication of Mr Christie’s five-page letter to the ‘We March ‘ organisers. “It’s too little, too late. He’s reacting to what’s going on, as opposed to being collaborative, inclusive, transparent and accountable. “If he meant what he said, why’s he not acting on issues like public disclosure, Freedom of Information Act, transparency and accountability, and Fiscal Responsibility. “He’s had ample time to address these issues of significance, that’s why people are upset. It’s all talk, no action.” Mr Myers added that “the same thing applies to the previous administration” headed by Hubert Ingraham, which rushed a Freedom of Information Act through at the last minute, and failed to address similar concerns. “It’s doubly disappointing,” he added of both governments, “and their mismanagement is significantly affecting a wide range of Bahamian opportunities and economic sustainability. “The time has long passed. We need governance, no matter by which party, that is open, accountable, responsible and collaborative. We need a new form of governance. “We don’t want to be
Robert Myers told. We want to inform and be part of the solution. Many people want to do that, but in some cases they feel shut out or even victimised by government; not just this one. “Governments, if they don’t like what you’re talking about, try and smack you down by victimisation or bad mouthing you. It’s vicious and has got to stop. We need more mature and responsible governance, with the understanding that we need to be collaborative and inclusive.” Mr Myers acknowledged that changing the culture of Bahamian governance would be difficult, especially for those in high office in both the public sector and the political parties. “It’s particularly difficult when you’ve come up on a political party system where you’ve had to fight for the top post, and then get into government where you have to fight for the top post again,” he added. “You’ve got all these party constitutions and political conventions and, for the most part, they’ve got all their political appointees in place and it’s very hard to get it changed. “We’ve got to figure out how to fix this, and that means a shake up at all levels. We’ve seen today that the people are showing they’re fed up with this,” Mr Myers said. “Hopefully, the politicians will take note and start real change - working on a Freedom of Information Act, deficit control, the inequitable enforcement of the rule of law. These are critical issues for the improvement of your economy.”
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PAGE 8, Monday, November 28, 2016
Chamber chief denies ‘capitulating’ to Govt From pg B1
sector advocate was being misunderstood, and just because it was “not bashing” the Government did not mean it was not holding it accountable. Acknowledging that he was responding to criticisms
that had surfaced on social media and other forums, Mr Sumner said it was necessary for the Chamber to have “a very intimate” relationship with the Government if it was to influence policy to the private sector’s
benefit. “I would like to say this very clearly,” he told Tribune Business. “In order for the Chamber of Commerce to affect the changes were looking for; to have the impact on policy and influence how business ought to be done in this country, to raise issues and concerns that we have as private sector organisations and business people, it is necessary for the Chamber to have a very intimate and extensive dialogue with the Government. “That does not mean that the Chamber is ever capitulating to the Government. What it does mean is that we have the opportunity that many people in the country do not have, and that is to provide advocacy for them at the very highest levels.” Mr Sumner added: “Because we are not out bashing the Government does not mean the Chamber is not holding the Government to account for what it is doing. “Those in government will tell you the Chamber is not taking it easy on the Government because we have a strong relationship with them. “Where we find impediments, vulnerabilities and unintended consequences in the fiscal set up of the country, the Chamber has as part of our mandate to address these issues. The business community will feel the impact and affect of the work of the Chamber.” Disquiet over the Chamber’s apparent ‘closeness’ to the Christie administration has come to the fore in the last several weeks, with most of the concerns centred around the private sector’s failure to obtain any meaningful concessions or benefits from the Government in return for accepting Value-Added Tax’s (VAT) implementation. Several members of the business community have become increasingly disillusioned by the still-growing $6.695 billion national debt and persistent - although reduced - deficits despite the $852 million VAT ‘windfall’ during the new tax’s first 18 months.
They believe the private sector should have ‘leveraged’ the Government’s need for co-operation on VAT to at least gain a firm commitment, and timeline, on introducing a Fiscal Responsibility Act, which many wanted before the new tax’s implementation. These sentiments were echoed by Nassau Institute executive, Rick Lowe, in a letter to the editor last week, in which he said: “It is cause for concern when the Bahamas Chamber of Commerce gives up on sound fiscal principles in order to go along to get along with the party in power.” He was referring to comments in a newspaper article that interviewed Gowon Bowe, the Chamber’s chairman, in which he apparently praised the Government’s recently-announced tax crackdown for “assisting in increasing annual revenue, decreasing annual deficits and generating annual surpluses”. Although this was not a direct quote attributed to Mr Bowe, Mr Lowe described his comments as “specious based on the Government’s fiscal track record. “The trend line of the debt and deficits over 40 years - which includes many tax increases along the way - casts a long shadow of doubt on this reasoning,” he added. “There is also no guarantee that increasing taxes will increase revenue in a declining economy. Higher taxes might slow economic growth even more. Yes, we’ve seen this movie before, and the outcome is not very pleasant so far.” Pointing out that similar arguments were made when the private sector agreed to VAT, Mr Lowe said: “A year-and-a-half in, VAT has hampered economic growth and many believe it has exacerbated the wasteful spending by a government that now appears even more cash strapped than before VAT was introduced. “This points to the core issue with the country’s fiscal problems: Spending, waste, ‘leakage’ (read theft of tax dollars) and an ever growing monolith of power
THE TRIBUNE and regulations. “No obvious steps have been taken by the government to hold the line on spending since VAT was introduced. Instead they argue that controlling their inflated budgets (note this is not even suggesting a 5 per cent decrease in spending) to compensate for slower economic growth would be detrimental. Presumably they think the burgeoning deficits and debt are not harmful.” Similar sentiments were also expressed in a letter sent to the Nassau Guardian, in which the Chamber was described as “the Chamber of government”. The anonymous writer claimed the Chamber was “working for the Government”, rather than working with it on the private sector’s behalf. Mr Sumner, though, told Tribune Business that the Chamber’s role was being misunderstood, and that the Bahamas would be weaker today were it not for its advocacy. “It’s important for those in the country to understand the role the Chamber plays,” he said. “It’s not a political or social organisation, it’s a business organisation representing the private sector and private sector employers.” Calling on critics to suggest how the Chamber could be improved, Mr Sumner added: “The Chamber of Commerce is an extremely necessary organisation in this country. “If the Chamber did not engage in dialogue and discussion, not only with the Government but international bodies like the rating agencies, the Bahamas would not be as strong as it appears to be. “It’s because of the involvement of the Chamber and the private sector that we’re able to effect changes to policy and practice, and to hold the Government to account on fiscal matters, transparency and the health of the economy of the country. “The Chamber has a role to play, I believe we’re doing that, and affecting changes in policy in the way we need to.”
GN-1822
GOVERNMENT NOTICE MINISTRY OF WORKS & URBAN DEVELOPMENT DEPARTMENT OF PHYSICAL PLANNING The public is hereby notified that a Site Plan Application (SPA/1/2016) on behalf of Paris Estates Inc. is presently being reviewed by the Department of Physical Planning for presentation to the Town Planning Committee.
mation on file and provide written comments to the Acting Director of Physical Planning within twenty-one (21) days of the date of this notice. Submissions should be made via P.O.Box N -1611 Nassau, The Bahamas or fax (242) 328-3206. Further inquiries should be made to the Acting Director via Tel: (242)322-7550/2 or (242)328The subject site is listed as Lot #9 in Block #1 of Lyford Cay Estates 3202 or CHARLESZONICLE@BAHAMAS.GOV.BS and is situated on the northern side of E.P. Taylor Drive. Eight (8) villa residences are proposed for the 2.304-acre lot which has an ex- Signed isting pavilion near the coastline. Charles B. Zonicle Interested persons and organisations are invited to review the infor- Acting Director of Physical Planning
THE TRIBUNE
Monday, November 28, 2016, PAGE 9
Web shop: GBPA ‘cannot carve out’ Port zone powers From pg B1 gaming laws will be “frustrated and defeated” if the Supreme Court finds the GBPA has the power to licence web shop operators in the city. Jarol’s case against the GBPA, set to be heard on Thursday, is set to finally determine who the gaming industry regulator for Freeport is - the Gaming Board in Nassau, or the Port Authority. The gaming house and its attorney, Carlson Shurland, are arguing that there is nothing in the Gaming Act 2014 or the Hawksbill Creek Agreement to underpin the GBPA’s claim to have the ability to licence Freeport-based web shop operators. In their written submissions to the Supreme Court, they argue that the new legislation gave the power to invite, review and grant gaming licence applications to the Gaming Board only. Pointing out that the 2014 Act was intended to apply throughout the Bahamas, including in Freeport, Mr Shurland and Jarol allege that it must “trump” any rival provisions in the Hawksbill Creek Agreement. Referring to the GBPA and its president, Ian Rolle, the web shop chain alleges: “It is submitted that the first and second defendants cannot lawfully carve out, as it were, a special place in Freeport and claim to be entitled to grant gaming licences, the grant of which is, by law, in the exclusive preserve of the third and fifth defendants [the Gaming Board and minister responsible for gaming]. “There is no warrant or basis for this in the Hawksbill Creek Agreement. It would be impermissibly extending the meaning and effect of the Hawksbill Creek Agreement to found such a power in the [GBPA].” Warning of the potential consequences should the Supreme Court find otherwise, Jarol added: “It is submitted that properly construed, the licensing provisions of the Hawksbill Creek Agreement, such as they are, cannot and should not be allowed to entitle the [GBPA] to claim the power of issuing gaming licences. “To do otherwise would clearly frustrate and defeat the legislative purpose behind the legislation designed to modernise the gaming regulatory regime in the country, the continuation of the Gaming Board and the licensing and regulating of the gaming industry in the country. “A body may not use a power, especially as tenuous as the licensing provisions of the Hawksbill Creek Agreement are, to usurp or frustrate the clear legislative purpose of the gaming legislation.” The outcome of Jarol’s case against the GBPA is likely to arouse wider interest, and this will not be confined just to rival web shop operators with interests in Freeport. For the issue of who has regulatory responsibility in Freeport, the GBPA or a national regulator created by statutory legislation, has
generated frequent conflicts and court battles in recent years. This has particularly reared its head in the context of the Utilities Regulation and Competition Authority (URCA), and whether it - not the GBPA should be the licensing and regulatory authority for utilities in Freeport. Cable Bahamas has successfully challenged the ability of URCA to levy Internet fees on its subsidiary, Cable Freeport, while the Grand Bahama Power Company (GBPC) is currently contesting the regulator’s ability to oversee it. Some observers are likely to view Freeport’s founding agreement, the Hawksbill Creek Agreement, as outdated and inconsistent with global trends favouring the creation of national regulators. The Jarol Investments case will especially irk the Christie administration, given that a key element of its recent Memorandum of Understanding (MoU) with the GBPA was designed to address the issue of regulatory conflicts in Freeport. The MoU’s clause 1.18 commits the GBPA to ensuring its regulatory and quasi-governmental powers are ‘harmonised’ with national laws and government policies/regulations. And the ‘harmonisation’ is supposed to occur via “existing independent regulators” such as the Utilities Regulation and Competition Authority (URCA) and the Gaming Board. Jarol/Chances Games, meanwhile, is also alleging that in ordering it to apply for a gaming licence, the GBPA tried to impose a fee increase “that was vastly and disproportionately in excess” of what it paid previously - a greater than 500 per cent rise. It claimed that the GBPA fee increase was “introduced arbitrarily without consultation with all the relevant stakeholders”, with the web shop chain branding the increase as “grossly disproportionate, discriminatory, borderline extortionate and unreasonable”. Its core argument is that the GBPA was never mentioned in the Gaming Act and accompanying rules and regulations, showing that there was no intention for it to play any role in licensing or regulating the web shop industry. And Jarol and Mr Shurland are also arguing that the Hawksbill Creek Agreement provides the GBPA with no licensing power but, rather, exemptions for itself and its licensees from the need to obtain government permits and approvals if their activities are not governed by statute law. The web shop operator instead alleges that “the only power” the GBPA possesses to issue licences stems from its ownership of the Port area, meaning there is no basis for it to license and regulate gaming. Jarol, in its written submissions, acknowledged that “it was felt in some quarters” that web shops did not operate “properly within the law” prior to the
call 502-2394 to advertise today! NOTICE
NOTICE is hereby given that Phillip Bastien of John Chipman Street, P.O.Box SP-60557, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 28th day of November, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that Carline Compere of Carmichael Road, P.O.Box SP-61368, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 28th day of November, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
2014 Gaming Act’s passage. However, it had been licensed annually by the GBPA from 2005 to “provide Internet access to members of the public for the purpose of providing interactive gaming on its computer terminals”. Following the Government’s move to legalise, regulate and tax the web shop industry, Jarol said it had paid the necessary penalties, fines and taxes to obtain first a transitional licence, then a full licence, from the Gaming Board. It was then hit by the GBPA’s January 25, 2016, demand that it apply for a provisional gaming licence as per the new Gaming Act, and pay a huge increase in fees. The GBPA and its attorney, Fred Smith QC, the Callenders & Co attorney and partner, ultimately withdrew the assertion that the Gaming Act provided the basis for the new licence/increased fees demand. They instead justified this on the basis of the Hawksbill Creek Agreement, but Mr Shurland and Jarol are arguing that the issue is “not moot” as the GBPA has not formally withdrawn the demand based on the Gaming Act. The web shop chain and its attorney are also arguing that the Gaming Board and responsible minister cannot delegate their licensing powers enshrined in law to the GBPA. As a result, they are claiming that the GBPA’s position is “not simply a case of ‘double licensing’ or taxation of the plaintiff, but a plain and clear usurpation of the statutory powers and functions of the [the Gaming Board and minister responsible for gaming]”. Jarol/Chances and Mr Shurland alleged in their written submissions: “It was only after the legitimisation of the ‘numbers game’ by Parliament by the Gaming Act 2014 that the GBPA sought to piggy-back, as it were, on this legislation to claim first that it was entitled to license the plaintiff’s activities pursuant to it; then it shifted its position to now claim to be entitled to do so by virtue of the provisions of the Hawksbill Creek Agreement.”
MARKET REPORT t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,563.85 | CHG -0.06 | %CHG 0.00 | YTD 95.63| YTD % 6.51 BISX LISTED & TRADED SECURITIES AS OF FRIDAY, 12 SEPTEMBER 2014 52WK HI 2.10 15.35 9.34 3.50 5.23 0.18 12.00 8.76 3.70 1.00 6.95 11.55 2.65 1.58 5.30 4.65 10.00 11.35 6.50 1.01 6.00 11.55 11.00
52WK LOW 1.64 11.02 8.40 2.34 4.70 0.12 10.80 7.24 2.42 1.00 6.00 10.48 2.00 1.30 5.00 2.65 10.00 7.10 5.90 1.01 4.50 11.00 10.00
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Colina Holdings Class A Preference Commonwealth Bank (S1) Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Fidelity Bank Class A Preference Finco Focol (S) Focol Class B Preference ICD Utilities J. S. Johnson Premier Real Estate
52WK HI 114.75 100.00 100.00 100.00 100.00
52WK LOW 107.00 100.00 100.00 100.00 100.00
SECURITY Bahamas Note 6.95 (2029) Fidelity Bank Note 15 (Series D) + Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +
52WK HI 0.55
52WK LOW 0.40
52WK HI 41.00 0.55 52WK HI 1.84 3.41 1.80 5.77 6.20 5.36 148.63 140.19 1.33 1.41 1.39 0.99 14.86 10.41 9.51 10.16 9.89
Previous Close
1.74 15.29 9.24 3.14 5.22 0.12 11.50 8.05 3.69 1.00 6.73 11.55 2.54 1.45 5.00 4.25 10.00 11.15 5.97 1.01 5.10 11.50 10.00
Today's Close
1.74 15.29 9.24 3.14 5.22 0.12 11.50 8.05 3.69 1.00 6.73 11.55 2.48 1.45 5.00 4.25 10.00 11.15 5.97 1.01 5.10 11.50 10.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
DAILY VOL.
300 700
100 1,000
BISX LISTED DEBT SECURITIES - (bonds trade on a percentage pricing basis)
EPS $ 0.100 0.210 0.386 0.055 -0.811 0.000 0.937 -0.199 0.501 0.000 0.473 0.638 0.000 -0.124 0.552 0.351 0.000 0.976 0.426 0.000 0.617 0.683 0.000
DIV$ 0.040 0.260 0.000 0.150 0.000 0.000 0.440 0.260 0.200 0.000 0.240 0.640 0.060 0.060 0.240 0.170 0.000 0.200 0.220 0.000 0.120 0.640 0.000
P/E 17.4 72.8 23.9 57.1 65.1 N/M 12.3 -40.5 7.4 N/M 14.2 18.1 19.5 -11.7 9.1 12.1 0.0 11.4 14.0 N/M 8.3 16.8 0.0
YIELD 2.30% 1.70% 0.00% 4.78% 0.00% 0.00% 3.83% 3.23% 5.42% 0.00% 3.57% 5.54% 2.42% 4.14% 4.80% 4.00% 0.00% 1.79% 3.69% 0.00% 2.35% 5.57% 0.00%
SYMBOL BAH29 FBB15 FBB17 FBB18 FBB22
LAST SALE 114.50 100.00 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00 0.00 0.00
DAILY VOL.
INTEREST 6.95% Prime + 1.75% 7% 6% Prime + 1.75%
SECURITY Colina Real Estate Fund Ltd.
BID$ 0.35
ASK$ 0.40
LAST PRICE 0.55
DAILY VOL.
EPS$ 0.001
DIV$ 0.000
P/E 256.6
YIELD 0.00%
52WK LOW 29.00 0.40
SECURITY ABDAB Colina Real Estate Fund Ltd.
BID$ 30.13 0.65
ASK$ 31.59 0.75
LAST PRICE 29.00 0.40
DAILY VOL.
EPS$ 4.540 0.029
DIV$ 0.000 0.000
P/E 9.03 24.13
YIELD 0.00% 0.00%
52WK LOW 1.67 3.04 1.68 5.27 5.47 5.19 132.28 116.70 1.00 1.00 1.00 0.96 12.39 9.47 9.05 9.72 8.82
FUND NAME CFAL Bond Fund CFAL Balanced Fund CFAL Money Market 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 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 Bah Int'l Investment Fund Principal Protected TIGRS, Series 2 Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 3 Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 4 Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 5 Royal Fidelity Int'l Fund - Equities Sub Fund
ROYAL FIDELITY MERCHANT BANK & TRUST LTD. (over-the-counter securities) CFAL SECURITIES LTD. (over-the-counter securities)
BISX LISTED MUTUAL FUNDS
NAV 1.84 3.41 1.80 5.71 6.20 5.36 148.63 140.19 1.33 1.41 1.39 0.99 14.86 9.82 9.51 10.25 9.89
YTD% 12 MTH% 2.80% 4.92% 3.64% 6.65% 2.00% 3.62% 4.17% 8.87% 6.03% 13.89% 1.91% 4.53% 4.42% 3.73% 6.21% 12.20% 1.89% 4.10% 2.43% 9.15% 2.24% 5.81% 2.57% N/A 2.52% 19.82% 2.65% 4.42% 2.17% 4.66% 2.84% 5.70% 2.34% 9.65%
MATURITY 20 November 2029 29 May 2015 19 October 2017 31 May 2018 19 October 2022
NAV Date 31-Jul-14 31-Jul-14 25-Jul-14 30-Jun-14 30-Jun-14 31-May-14 30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14 31-Jul-14 31-Jul-14 31-Jul-14 31-May-14
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 (S) - 4-for-1 Stock Split - Effective Date 8/8/2007
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 FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100 (S1) - 3-for-1 Stock Split - Effective Date 7/11/2007
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
THE TRIBUNE
Monday, November 28, 2016, PAGE 11
‘Cons outweighed pros’ on local NHI insurer bid From pg B3 firms would have conducted a cost benefit analysis considering the cost of putting a viable proposal together within the limited timeframe, the potential impact on their operations, the amount of proprietary information demanded, and the probability of being successful in winning the bid against the financial gains in potential fees in order to arrive at a decision on whether or not to submit a proposal.” Mr Komolafe did not identify these ‘restrictions’, but the Bahama Care management services Request for Proposal (RFP) stipulated that the public insurer will not be able to provide products known as ‘supplemental’ or ‘top up’ insurance policies. These offer greater benefits and coverage than NHI, and are seen by the private sector as potentially providing a key earnings stream beyond the proposed government-run scheme. And, while the public insurer is restricted solely to offering NHI benefits packages to the Bahamian public, the selected manage-
to advertise today in the tribune call @ 502-2394
ment/operating partner is also barred from providing these policies separately via its existing network. “Based on feedback received from BIA members, it was very clear that there was interest in exploring the opportunity to manage the public RHA (registered health administrator) in an effective and efficient manner,” Mr Komolafe told Tribune Business. “In the end, it is apparent based on the number of local bids or proposals, that the cons outweighed the pros for majority of our members.” He added: “Another important point of considera-
tion would have been the level of uncertainty and number of unknowns regarding the roles of the Government as owner of the public RHA, and the role of the private company engaged to manage the proposed Public RHA. This made it difficult to assess the inherent risks associated with the proposed management or administration contract.” Mr Komolafe said the BIA remained committed to a Universal Health Coverage (UHC) model for the Bahamas, and “an affordable, sustainable, modern and accessible healthcare system”. The only difference is on the best model and method for getting there. “We had advocated for robust legislation and reg-
LEGAL NOTICE NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) In Voluntary Liquidation Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), Thai Riveria Investment Fund Limited (the “Company”) is in dissolution. The date of commencement of the dissolution is November 24, 2016. Edmo Batista Das Chagas is the Liquidator and can be contacted at Alameda Tiete 59, Apt. 12, 01417 -020, São Paulo – SP, Brazil. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before December 28, 2016. Edmo Batista Das Chagas Liquidator