business@tribunemedia.net
THURSDAY, NOVEMBER 28, 2019
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RENEWABLES STUNNED OVER PAYING BPL FEE By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net RENEWABLE energy providers yesterday warned it was “imperative” that the government clarify its plan to make users pay the debt servicing fee for Bahamas Power & Light’s (BPL) mega $650m refinance. The industry reacted with surprise to Desmond Bannister, minister of works, informing the House of Assembly that persons with self-generating renewable energy systems or seeking total disconnection from the BPL grid must contribute to the state-owned utility’s financial rescue. The minister, detailing changes to the legislation that will underpin the $650m National Utility Investment Bond issue, said “clarity” was needed over “the BPL customers who will be responsible for paying the rate reduction bond fee to provide investors with comfort regarding the adequacy of the revenue stream to satisfy interest and principal payments”. Mr Bannister conceded that the government itself was of “particular” concern, given that itself and its agencies “today do not make regular payments to BPL” despite being among SEE PAGE SIX
ENERGY sector regulators last night revealed they have fined Bahamas Power & Light (BPL) some $229,535 for failing to cooperate with investigations into its summer blackouts and Clifton Pier fires. The Utilities Regulation and Competition Authority (URCA), in a statement issued last night, said it had found the state-owned
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A BAHAMIAN accounting firm was struck by a suspicious fire just as it began an internal probe that led to an employee pleading guilty to defrauding the Government’s housing initiative of $283,264. Philip Galanis, principal of HLB Galanis & Company, told Tribune Business yesterday the night-time blaze occurred the very same day that the suspect was informed auditors were due to inspect records relating to the firm’s role as administrator for $10m in funding provided by the National Insurance Board (NIB). These funds were employed by the former Christie administration to kick-start the government’s housing programme, which may have lost more than $400,000 based on an Auditor General’s report that was tabled in the House of Assembly yesterday. Besides the $283,264 involved in the fraud, the report said a further
utility monopoly in breach of its Public Electricity License and the Electricity Act for failing to act on the supervisory body’s request to supply information on these incidents. URCA said it regarded BPL’s actions as “repeated and continuing breaches” of both the law and its licence that were “sufficiently serious to warrant the imposition” of the fine which must be paid within SEE PAGE FIVE
NO WEB SHOP PATRON WINNING TAX UNTIL 2020 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE new web shop patron “winnings” tax is unlikely to come into effect until the New Year, the industry association’s chief executive confirmed last night. Gershan Major, head of The Bahamas Gaming Operators Association, told Tribune Business that the tax’s implementation remains dependent on international testing laboratories certifying that the games offered by web shops
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URCA FINES BPL $230K OVER FIRES, BLACKOUT STALLING By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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deliver what they promise to customers after being adjusted for the new levy. “The implementation of the patron tax is still dependent on all the operator moderations being completed and certified by the international testing laboratories,” he explained. “Once that is done, and it is approved by the Gaming Board, that will happen.” Asked when the patron “winnings” levy will take effect, Mr Major replied: “I suspect some time in 2020.” The new winnings tax, SEE PAGE SEVEN
PHILIP GALANIS $140,404 had been identified as “possible duplicate payments” to contractors working on the programme, meaning some may have been paid double for the same work. It added that the person involved was the HLG Galanis & Company staff member “primarily responsible” for the accounting firm’s role as watchdog to protect all sides’ interests and oversee how the $10m NIB loan was spent. The Tribune reported in February 2018 how Shukuanya Thompson, a corporate services supervisor at HLB
Galanis & Company, was charged with 18 counts of falsifying accounting records between May and December 2016. The entries enabled five people to receive a collective $283,264 in fraudulent payments. However, it was never disclosed at the time that these funds belonged to the Bahamian people as NIB’s beneficiaries, or that these actions had deprived the Government’s housing programme - and potential homeowners - of muchneeded funding. Mr Galanis, responding to the Auditor General’s report, told this newspaper that it was himself and his firm that initially detected the disappearance of monies. “We discovered the fraud, and notified the person that the auditors were coming in, and the fire happened that night,” he revealed. The former PLP MP and Senator added that “based on the evidence” the police suspected the blaze was set to destroy any incriminating evidence, as “the fire jumped from the filing cabinets to the server room”
- exactly where all critical documents were stored. “It was clearly an attempt to destroy the records, and as a result of us preparing to do the audit,” Mr Galanis added. The Auditor General’s report said the blaze had prevented HLB Galanis & Company from providing key information to its own inquiries as key documents were destroyed in the blaze. “During a follow-up meeting with the administrator [HLB Galanis & Company], we were advised that there was a fire at the offices of the administrator at the beginning of 2018 during which several documents were destroyed,” the Auditor General’s report said. “In addition, prior to the fire, there was a discovery of a fraud committed by a former employee of the administrator [Ms Thompson] who was primarily responsible for the administration of the housing programme..... Our analysis of reports provided by the administrator indicated a number of payments that appeared to be duplicate SEE PAGE FOUR
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‘PAYING THE PRICE’ FOR BPL’S FAILINGS By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET minister yesterday warned that all Bahamians must now “pay the price” for Bahamas Power & Light’s (BPL) failings even as his House of Assembly address left more unanswered questions. Desmond Bannister, minister of works, said the mammoth $650m bond issue to refinance the stateowned utility monopoly would only cause a “temporary ten-month increase” of between $20 to $30 for the average household’s light bill immediately after the securities are placed with investors next year. “Unfortunately this is the price that we all will have to pay because of the proven incompetence of the former PLP administration,” the minister said, switching temporarily into political mode. “The good news is that this will be a short term increase that will be wiped out in 2021 when the cost of generation will decrease drastically due to the completed installation of the second station consisting of even more new fuel efficient engines, better operation performance, and SEE PAGE FIVE
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First international flight post-Dorian reaches GB GRAND Bahama on Tuesday welcomed its first international flight since the passing of Hurricane Dorian to the island’s Fixed Based Operator (FBO) at Grand Bahama International Airport. Representatives from the Ministry of Tourism and Aviation, Grand Bahama Island Tourism Board, Grand Bahama Airport Company, Bahamas Customs and Immigration and the Royal Bahamas Police Force all welcomed the inbound Bahamasair Boeing 737 Jet, pictured. The sold-out flight departed Tri-Cities Regional Airport in Tennessee with 138 passengers, all of whom are visiting Grand Bahama for the 21st Annual Tabernacle Falcons
Thanksgiving Basketball Classic. The girls’ and boys’ high school basketball teams,
THE Bahamas had a strong presence at a Dubai conference that attracted wealth managers and estate planners from the world’s
leading financial services jurisdictions. The Bahamas Financial Services Board (BFSB) and Ministry of
along with their coaches and chaperones, each received a personal greeting from Bahamian officials
before being treated to Junkanoo music provided by The Platinum Knights. Steven Johnson, the Ministry of Tourism’s general manager Grand Bahama, said: “It was important for us to welcome this first commercial international flight since Hurricane Dorian. Every opportunity to put heads in beds in Grand Bahama is more important now than ever. “Also, we didn’t want to disappoint the students and families who look forward to competing in The Bahamas every year, and we felt that this year was particularly important for the local students and families.” The delegation featured four out of the five visiting teams competing in Tabernacle Baptist
Christian Academy’s fourday tournament this week. The final team was expected to arrive yesterday aboard Bahamas Paradise Cruise Lines’ Grand Celebration. The teams usually arrive via chartered flight to the island, but this year marks the first time The Bahamas’ national flag carrier, Bahamasair, has provided this service. The flight was made possible, in large part, through the efforts of Tabernacle Baptist Christian Academy principal, Norris Bain, who reached out to various government officials to assist with securing travel arrangements for the visiting teams. “As a Grand Bahamian I feel really, really proud to have been a part of the first
international flight to hit the island since Dorian. That really gave me a great sense of pride,” Mr Bain said. He added that, as a result of the tournament, some 200 guests will be on island to make a positive impact on the local economy. “There’s so much more we can do on this island,” Mr Bain said. “I’m not going to be one of those on the side complaining. I’m going to try to partner with the Ministry of Tourism, if they’ll let me, and try to bring more events to our island and try to see if this will be the first of many flights to come to Grand Bahama.” The teams will stay at the Island Seas Resort and enjoy a number of cultural outings and excursions.
17, on board the Queen Elizabeth 2 vessel that is permanently moored in Port Rashid, Dubai. The conference was attended by more than 135 registered trust and estate practitioners from Guernsey, Isle of Man, Jersey, Switzerland, the UK, Singapore and the Netherlands, as well as STEP members resident in the United Arab Emirates (UAE). This was the first time that BFSB has sponsored this event, which was attended by Elsworth Johnson, minister of financial services, trade and Industry, and Immigration. The Bahamian private sector
provided Antoinette Russell, BFSB chairman; Tanya McCartney, BFSB chief executive and executive director, Ambassador Tony Joudi and other Bahamian financial services providers. The objective of the STEP Arabia conference was to provide delegates with the latest regional legacy planning developments and practical examples from professionals in the field of trust and estate planning. Ms McCartney said: “Today, Bahamian firms are already providing sharia compliant trust and corporate structures. There is an opportunity for us to familiarise the Middle
Eastern and Northern Africa (MENA) region with the offerings of The Bahamas. “We see participation in this event as a first step in our focus on this market. While in Dubai we also had the opportunity to meet with the executive committee of STEP Arabia, who outlined the needs and solutions that would be best suited for MENA clients.” The BFSB’s sponsorship and attendance at the STEP Arabia Conference was designed to show The Bahamas is open for business, while committed to international best practices and compliance standards.
BAHAMAS TARGETS MIDDLE EAST ON FINANCIAL SERVICES Financial Services teamed up for the Society of Trust & Estate Practitioners (STEP) summit that was held on Sunday, November
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Thursday, November 28, 2019, PAGE 3
BPL bond issue giving $71m to local investors By YOURI KEMP Tribune Business Reporter SOME $70.7m of Bahamas Power & Light’s (BPL) mammoth $650m refinancing will be placed with major investors in the Bahamian capital markets, a Cabinet minister confirmed yesterday. Desmond Bannister, minister of works, in unveiling proposed changes to the legislation underpinning the bond issue that is designed to place BPL’s finances back on a stable footing, said around 10.8 percent will be placed with Bahamian institutional investors. Referring to the special
purpose vehicle (SPV) that will issue the bonds, he added: “The Bahamas Rate Reduction Bond Ltd intends to offer the majority of the bonds in the US capital markets because the amount of funding for BPL available from global capital markets is larger than that available in local markets. Approximately $70.7m will be offered in the Bahamian capital markets.” This is slightly less than the sum that the former Christie administration planned to make available to Bahamian investors, with Mr Bannister yesterday recalling: “They said that they were going to offer $500m in the US
markets and $100m to our markets.” Mr Bannister indicated to Tribune Business that the bonds were likely to be issued via a private placement to select institutional investors, saying: “From what I understand they are looking at pension funds and some other institutions. When I have more information I will share it with you.” The minister’s comments further eliminate previous confusion and uncertainty in the Bahamian capital markets over whether local investors would be able to participate in the BPL refinancing. # Several institutional investors, speaking to
Tribune Business on condition of anonymity, had earlier voiced suspicions that Citibank, the BPL offering’s main advisor and placement agent, was seeking to place the entire $650m with the international capital markets in US dollars and not allocate any portion locally. Mr Bannister, meanwhile, justifying the bond issue as BPL’s preferred form of refinancing, said: “The proposed rate reduction bond will be longer (20 years) than what is available to BPL in commercial banking markets (typically less than five years). “This means the cost of debt service is spread out over time and is eventually
outweighed by operational cost savings from the capital expenditure that is funded by the rate reduction bond. This minimises the cost impact on customers, and indeed allows customer tariffs to be reduced over time.” Mr Bannister added that the National Utility Investment Bond was seeking a credit rating equal to that of The Bahamas’ sovereign credit rating. Standard & Poor’s (S&P) currently has The Bahamas at so-called “junk” status, while Moody’s has placed the nation one notch above this - barely hanging on to investment grade. “From all indications
COLINA ‘PROUD’ OVER BALANCE SHEET PRAISE COLINA Insurance Company yesterday said it was “particularly proud” that the industry’s top rating agency had praised its strong balance sheet in the aftermath of Hurricane Dorian. Catherine Williams, finance vice-president for the life and health insurer whose parent is listed on BISX, said: “AM Best provides us with a benchmark comparing Colina to our local and international peers. “We are particularly proud that AM Best has categorised Colina’s balance sheet strength as very strong, which confirms that we are suitably positioned to meet our contractual promises.” She spoke after AM Best removed Colina Insurance Company and its main competitor, Family Guardian, from the “review” they had been subjected to following the Category Five storm despite both suffering increased claims and policyholder lapses. Following Hurricane
Dorian’s passage, AM Best placed the Credit Ratings of all the major property/ casualty and life/health insurance companies domiciled in The Bahamas “under review with developing implications”. A comprehensive analysis of Colina’s financial strength and the storm’s impact to the company has resulted in removal of the rating. Colina Insurance Company and its listed parent, Colina Holdings (Bahamas), have thus maintained their A- (Excellent) financial strength rating and long-term issuer credit rating of ‘a-’. It has also kept its “stable” outlook. AM Best said less than 20 percent of Colina’s policyholders were based in the Dorian-ravaged islands. “The ratings reflect Colina’s balance sheet strength, which A. M. Best categorises as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM),” the rating agency said.
“These rating actions follow the company’s comprehensive assessments of the financial impact to Colina following Hurricane Dorian. Immediately following the storm there was disruption to the company’s distribution systems in the affected islands of Grand Bahama and Abaco. “The company also experienced a number of claims attributable to the hurricane, as well as a small increase in policy lapses from policyholders resident in the affected islands. However, the overall financial impact was limited,” the rating agency continued. “The storm’s most severe devastation occurred in the northern islands of Abaco and Grand Bahama where less than 20 percent of the company’s policyholders are located. The island of New Providence, where most of the country’s population and businesses are located, was largely spared.” Turning to Colina’s balance sheet, AM Best said this demonstrated
$3.6M PMH UPGRADE KICKS OFF IMMEDIATELY THE $3.6m redevelopment of Princess Margaret Hospital’s (PMH) emergency department, and orthopedic and wound care areas, has begun less than one week after the contract’s signing. Inline Project Company began works at the emergency department’s entrance on Tuesday. The project includes a new area for orthopedics and wound care, a revamped entrance to the hospital’s emergency department, and civil works inclusive of site excavation, driveways and
primary storm and sewer infrastructure. These works, which also include the construction of a new ambulance bay and emergency department canopy, represent the first of two phases for the comprehensive redevelopment of PMH’s emergency department in tandem with the urgent and emergency care project launched by the Ministry of Health in 2018. The construction of a new patient registration area located at the hospital’s main entrance, as well as improvement works
undertaken in decanted spaces formerly occupied by the medical/surgical supplies department (MSSD) and central sterile supplies department (CSSD), are designed to facilitate the expansion and upgrading of PMH’s emergency department. Hospital executives have pledged to take all necessary measures to minimise the impact of infrastructure works to patients and visitors alike. The project has a 40 week timeline with the first phase earmarked for completion early next year.
“the strongest level of risk-adjusted capital, the absence of leverage and good liquidity, which is partly offset by the company’s limited investment options and high concentration of sovereign debt holdings”. The rating agency added: “The company’s mortgage loan portfolio sustained very limited impact due to the low number of loans in the hardest hit areas and property insurance coverage requirements. Operating performance remains strong with minimal impact to operating earnings resulting from the storm. “AM Best expects consistent positive net earnings to continue supporting capital growth in the near term. The business profile assessment
considers Colina’s position as a market leader in The Bahamas and creditworthy product offerings offset by its geographic
that we are getting it is clear that the debt issued will be of the best possible credit quality outside a transaction secured by an outright government guarantee,” the minister said. “The rate reduction bonds issued by Bahamas Rate Reduction Bond Ltd will seek to attain a credit rating equal to the sovereign credit rating of The Bahamas. “Non-government guaranteed commercial borrowing by BPL cannot achieve this level of credit quality, and the cost of alternative commercial borrowing would therefore be higher with a larger impact on customer tariffs.”
concentration in The Bahamas. The company’s ERM framework and governance structure are appropriate for its risk profile.”
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Blaze ‘cover up’ over $400k loss
from page one
payments made to contractors. “The administrator advised that these two events may have
contributed to the apparent ‘duplicate payments’ on the reports submitted and the now-inability of the administrator to provide original documents that were destroyed in the fire” Crediting the probe
carried out by Mr Galanis’s accounting firm, the Auditor General’s report said: “HLB Galanis conducted a separate internal investigation and have identified some $140,404 as possible duplicate payments and some $283,264
PUBLIC NOTICE Extension
PUBLIC CONSULTATION-Renewable Energy Self Generation (RESG) Projects Proposed Guidelines The Utilities Regulation and Competition Authority (URCA), advises the public that the deadline to submit responses to URCA’s Renewable Energy Self Generation, RESG Projects Proposed Guidelines, Consultation Document, ES 05/2019, has been EXTENDED to November 30, 2019. URCA reminds the public that responses to the said Consultation Document can be sent via email to info@urcabamas.bs, faxed to (242) 393-0237/393-0153, mailed to P.O. Box N-4860 or hand delivered to the URCA office situated at Frederick House, Frederick Street, New Providence to the attention of the Director of Utilities and Energy. URCA issues this Notice in accordance with section 41(4) of the Utilities Regulation and Competition Authority Act, 2009.
as fraudulent payments. “HLG Galanis referred the fraud matters to the police, and a former employee has since pleaded guilty to the fraud charges.” Mr Galanis yesterday said: “I accept the Auditor General’s report because we’ve co-operated with them on it. “The only thing I can say without reservation is all the expenditures made were with the authorisation of the Ministry of Housing. I think it’s under control and ended in a way that everybody recognises what went wrong.” The Auditor General’s investigation into the tie-up between the Ministry of the Environment and Housing and NIB criticised both entities for failings in an arrangement that it branded “inefficient”. It found that homes had not been built in the designated “locations”, while some had been constructed as single homes rather than duplexes without prior approval from the housing programme’s management committee. NIB also came under fire for advancing $800,000 more to HLB Galanis & Company than required under the loan contract, with the Auditor General finding it “did not properly track the status of amounts advanced under the facility”. The report also revealed that changes were made to HLB Galanis & Company’s “terms of operations” without the Memorandum
of Understanding (MoU) with NIB being changed accordingly. As a result, the Auditor General, the Government’s main internal financial watchdog, found that the requirements to make regular financial reports, monthly bank reconciliations of construction payments, prevent “double payments” and ensure an annual audit “were not complied with”. “Having regard to the resources available at the Ministry of the Environment and Housing, we have been unable to satisfy ourselves that the chosen structure for the administering of the arrangement was efficient,” the report said. “Homes have been built in locations not previously agreed upon, and the styles of select homes have changed - from duplex to single homes - without formal prior approval of the housing programme management committee. “NB did not properly track the status of amounts advanced under the facility, resulting in excess payments to the administrator of $800,000.” This meant $10.8m in total was received from NIB, and the Auditor General’s report said some $10.43m had been spent to-date with another $2.96m required to complete the remaining homes. It was also seeking to reconcile the $10.7m that HLB Galanis & Company’s
records show as having been paid. The Auditor General’s report concluded by urging the Government to put in place “an updated loan agreement” to cover the excess $800,000 advanced by NIB and the changes made to building designs and locations. The Christie administration turned to NIB, the nation’s social security system with a $1.6bn reserve fund, after the cash-strapped, debt-laden Bahamas Mortgage Corporation was unable to play its traditional lead financier role for the Government’s housing programme. The initial plan involved the Ministry of the Environment and Housing, via the Mortgage Corporation, obtaining $60m from NIB in three equal $20m instalments spread over 48 months. This was changed in February 2013 to a total $10m, split into four $2.5m slices, to be extended in the first year. The funding was earmarked to construct a total of 73 homes in the Fire Trail Subdivision, Strachan’s Hill and Bahamia West. However, the initiative came under fire last year from current minister of the environment and housing, Romauld Ferreira, who said around 55 - some two-thirds - were completed. And, of those, just 31 were ultimately occupied.
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Thursday, November 28, 2019, PAGE 5
‘Paying the price’ for BPL’s failings from page one lower fuel costs brought on by the utilisation of Shell’s internationally-respected hedging expertise.” However, Mr Bannister’s presentation raised several new issues that Tribune Business details here: • Given that the National Utility Investment Bond has yet to be priced (given an interest rate) or obtain a credit rating from the major international rating agencies, it is unclear how the minister could determine there will be a $20-$30 increase in monthly light bills for the average household and that this will only last 10 months. What about the likely increase for the average business, already reeling from high energy costs and persistent power outages? Mr Bannister’s address indicates that the $650m bond issue will be placed with international and local investors in early 2020, given his reference to “ten months” next year. However, financial analysts spoken to by Tribune Business have questioned whether BPL and the Government will be able to obtain the credit rating - so vital to determining pricing, the willingness of investors to buy-in and the debt servicing costs that Bahamian consumers will pay - in time to meet this schedule. The minister said the bond is seeking “the best possible credit quality outside a transaction secured by a
government guarantee”, and a credit rating “equal” to The Bahamas’ sovereign creditworthiness. Standard & Poor’s (S&P) currently has the Government’s finances at so-called “junk” status, while Moody’s rates it at investment grade - but barely. The Bahamian government pays a six percent interest rate on its last $750m foreign currency bond. Given that the BPL bond is seeking an “equal” credit rating, it is reasonable to assume it will be priced in this area. If it does attract 6 percent, and ignoring that it will be subject to at least semi-annual adjustments, this would translate into a total $39m debt servicing cost BPL’s customers would have to pay annually. • Leading on from this, Mr Bannister’s address also failed to clarify whether the debt servicing fee will be a flat levy or a percentage of consumer bills. From an equity perspective, and to ensure larger electricity users pay more than those consuming $60 per month, a percentage would seem the likely choice. • The minister’s presentation shows that $70m of the $650m to be raised through the bond has been earmarked for the Phase II expansion of Clifton Pier’s “Station A” with the purchase of more generation engines from Wartsila. This 90 Mega Watts (MW) of additional capacity, when combined with the existing 132 MW set to come online in mid-December,
URCA FINES BPL $230,000 OVER FIRES, BLACKOUT STALLING from page one 30 days. “On March 8, 2019, and July 16, 2019, URCA gave notice by letter to BPL that URCA had initiated two investigations,” the regulator explained. “The first was in reference to a significant fire at BPL’s Clifton Pier Power station on September 7, 2018. The fire caused widespread outages on New Providence and resulted in the loss of significant generation capacity. “The second investigation concerns BPL’s announced ‘load shedding’ during summer 2019. As a result of the ‘load shedding’, BPL’s system was impacted by frequent outages in the supply of electricity to customers which has had a serious adverse impact on the public.” It continued: “URCA, in exercise of its obligations as regulator and in accordance with section 74 of the Electricity Act, requested information from BPL to inform its deliberations. In each case BPL either failed and/or refused to provide the information requested. BPL’s failure and/or refusal has had, and continues to have, an adverse impact on URCA’s ability to carry out its regulatory functions under the Act.” URCA added that it made its initial decision and draft Order on the matter on September 13, 2019, with the final determination taking place on Tuesday. Dr Donovan Moxey, BPL’s chairman, last night expressed surprise that URCA had released its decision and action publicly. “I don’t have any comment, I really don’t,” he told this newspaper. “I’m not going to give any comment on that at all.” URCA’s disclosure comes at a sensitive time for BPL as it prepares for the mammoth $650m bond issue that will refinance its legacy liabilities and enable it to undertake some $222m in critical infrastructure investments that have been oft-delayed due to its financial woes. While the fine is effectively ‘small change’ for BPL given its nine-figure revenues, the episode again highlights the difficulties of bringing powerful state-owned monopolies to heel under an independent regulator following the transition from an environment where the utility (and the Government) were previously owner, operator and regulator. Tribune Business revealed in August that URCA had initiated an investigation into load shedding at BPL, which admitted it was “walking
a tightrope” every day to keep the power on. Stephen Bereaux, its chief executive, told Tribune Business it had begun its probe in the middle of that month following weeks where New Providence was subjected to rolling blackouts every day because BPL did not have sufficient generation capacity to meet demand. Disclosing that the energy sector regulator was still in “the information gathering stage”, Mr Bereaux said then that URCA was focusing on whether BPL’s inability to deliver a consistent, reliable power supply had put it in violation of both its licence terms and obligations under the Electricity Act. Acknowledging that URCA was concerned “like everyone else in the country” over the frequency and duration of BPL’s outages, he declined to be drawn on what measures the regulator will take if it finds the state-owned utility monopoly has violated its licence and legal commitments. “We are investigating the outages,” Mr Bereaux confirmed, “and have initiated an investigation. We started the investigation about two weeks ago after the first round of load shedding. “The process involves collecting a lot of information, and we’re still in the information collection stage. Based on the information we receive we may end up collecting more, and then we will issue our preliminary determination. “We’re trying to determine if BPL’s conduct is consistent with the provisions of their licence and obligations under the Electricity Act.” Mr Bereaux said URCA would “issue a determination” on its findings “as and when appropriate”, and declined to comment on both the likely investigation timeline and potential punishments - such as fines - that would result if the outcome proved adverse to BPL. “There’s nothing pejorative at this stage,” he explained. “We would have, like everyone else in the country, concern with the frequency and duration of outages. It’s our role to ensure they [BPL] operate as required by the Electricity Act and licence granted by URCA. “URCA’s job is to put rules and regulations in place, and ensure BPL complies with those. Our role as regulator is to ensure they stay consistent with the rules placed on them.” URCA took over energy sector regulation in 2016 following passage of the Electricity Act.
will provide 222 MW in new generation - exactly what Shell North America is supposed to provide with its new-multi fuel power plant. Yet there was no mention of Shell yesterday, only Wartsila, even though it is supposed to be the financing and ownership lead. Chester Cooper, the Opposition’s deputy leader and finance spokesman, told the House of Assembly: “Today, I don’t know if he [Mr Bannister] said Shell once. The Memorandum of Understanding was signed with Shell in December 2018. Now, the Bahamian people must pay without any mention of Shell.” Shell recently told Tribune Business it was exploring the possibility of an initial public offering (IPO) to Bahamian investors of shares in the company that will be created to own the liquefied natural gas (LNG) regasification plant and
associated infrastructure that will supply fuel to the new Clifton Pier, indicating it remains committed to the power plant deal despite suggestions talks have become bogged down. One well-placed source, speaking on condition of anonymity, told Tribune Business: “I don’t understand why they’re [BPL] funding this when Shell is supposed to be doing it. And how can you give Wartsila a contract for that amount of money when it has not gone out to tender.” Both Dr Donovan Moxey, BPL’s chairman, and Whitney Heastie, its chief executive, declined to address these questions when contacted by Tribune Business, instead referring the issues raised back to Mr Bannister. The minister, who spent most of his day in the House of Assembly, also could not be reached for further comment. However, Tribune Business was told that Shell
remains “an integral part” of BPL’s plans to exit the power generation business on New Providence, with the multinational energy giant both owning and operating the proposed multi-fuel plant at Clifton Pier that is targeted for completion by end-2021. This newspaper was informed that BPL is doing everything it can to minimise the impact of its refinancing on consumers, with the utility, the Government and its legal and financial advisers - Higgs & Johnson, Lennox Paton, Citibank and EY (Ernst & Young) - running through numerous financial models to produce a range of where the debt servicing costs will likely end up. The utility’s strategy is that the refinancing will enable it to invest in more efficient generation capacity that requires less fuel, enabling it to lower such costs for the Bahamian consumer and thereby more
than offset the impact of the bond’s debt servicing costs to produce a net gain. Tribune Business was told that BPL’s current inefficient generation plant is using between 11,000-12,000 thermal units (BTUs) to produce electricity, requiring it to burn much more fuel to generate the same amount of electricity than the new 132 MW from Wartsila that consume just 7,200 BTUs. The theory is that once these engines come online on mid-December 2019 they will help lower BPL’s fuel costs sufficiently to offset the bond’s debt servicing charges. And they will also enable BPL to stop using the Blue Hills power plant, which relies on more expensive ADO diesel fuel, as its main generation facility and switch back to heavy fuel oil (HFO) - a move that could cut fuel costs by between 30-40 percent.
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Renewables stunned over paying BPL fee
from page one its largest customers and greatest energy consumers. “Investors may be concerned that one of the largest consumers are not, in practice, required to pay monthly,” he added, while warning that a cultural change will also be needed among regular
consumers when it comes to paying BPL bills in full and on time. Mr Bannister said BPL’s planned $30m investment in smart meters will enable it to disconnect delinquent payers remotely at the flick of a switch. However, the minister said renewable energy use was another concern for potential BPL
bond investors. “Rating agencies and investors also becoming increasingly concerned about net metering and similar arrangements, and about battery storage which would result in disconnection from the grid because of the potential impacts on cost recovery,” he confirmed. BPL, the bond issuing
vehicle and the government see the attainment of a credit rating for the $650m capital raise as critical to its pricing and structuring, which will also have implications for Bahamian consumers in terms of how much they pay to service this debt. Mr Bannister said existing Electricity Rate Reduction Bond Bill’s existing language on which consumers will be responsible for servicing the debt was “inconsistent, and in some cases ambiguous”, and therefore needed to be tidied up. The solution, he added, was to “add language to make clear that any person connected to the transmission distribution system of BPL, including the following, will be responsible for payment of the rate reduction bond fee. “The government, selfgenerating customers who may be required to pay a rate reduction bond fee with respect to the electricity that they generate, if so provided in the Financing Order, and customers who request disconnection from the grid, and who may be required to pay a rate reduction bond fee as a condition of disconnection.” Guilden Gilbert, vicepresident of Alternative Power Sources (APS) Bahamas, told Tribune Business in response: “It’s imperative we get further clarification on this before they implement. It’s only fair to power users. “How is the government proposing to charge a fee, for want of a better word, to a customer that
has a system that doesn’t draw power from the utility? How is the government going to charge a person for not using power? That doesn’t make sense to me. We need clarification on that.” He added: “As to the comment on the rating agencies having concerns with net metering and battery storage, I have to disagree with that. I’m not sure of any rating agency that has issues with batteries because batteries do not compromise anything with the utility. “Batteries allow consumers to self-generate 24 hours a day. The guys we work with have done over 500 Mega Watts (MW) of solar and I’m not aware of any rating agency expressing concerns with a batterybased system. The rating agencies rate the utility and its performance and creditworthiness, not the make-up of the energy mix in the country.” Philip Holdom, president of Alternative Power Supply (APS), told Tribune Business that the plans to levy the BPL debt servicing charge on renewable energy users was “quite incredible”. He blasted: “Taxing offgrid systems is ludicrous considering they are not connected to the grid and don’t use any of the infrastructure. “They also seem to imply that if you chose to go off grid they would tax you anyway. So how is that being pro-renewable energy?.. We don’t think it is right that the public who had no say in the management
of BEC for decades should have to pay back the debt incurred by irresponsibility.” Mr Holdom instead urged the government to properly “deregulate” the Bahamian energy industry, arguing that the proposed $650m bond issue will only “prop up a failed model” that has been “flawed for many years”. He likened the capital raise to “betting on a dead horse”. His comments were echoed by the Sustainable Energy Association of The Bahamas (SEAB), which called for an “urgent restructuring” of the energy sector. “We demand a fundamentally new, 21st century regulatory model, built on distributed renewable generation, and based on Bahamian investments which the entire population can be part of,” it said. “There is enough real estate and Bahamian capital to generate 80 percent of our energy nationally from renewable resources within five years. The total cost would be way less than paying off debt for 20 years and would create thousands of jobs.” It proposed that the government “create the Bahamas Power Exchange (BAPEX), together with the Utilities Collection Agency as a digital clearing facility to manage transactions between consumers and energy providers”.
To advertise in The Tribune, contact 502-2394
THE TRIBUNE
Thursday, November 28, 2019, PAGE 7
DIONISIO D’AGUILAR MP
NO WEB SHOP PATRON WINNING TAX UNTIL 2020 from page one when it eventually comes into effect, will see five percent paid on winnings up to $1,000 and 7.5 percent on anything greater than $1,000. Dionisio D’Aguilar, minister of tourism and aviation, told the House of Assembly earlier this year that just 45 percent of web shop gaming activities will attract the new patron “winnings” tax with online casino spins remaining untouched “for now”. He added that the Government had decided to focus this levy solely on lottery/numbers operations because it was too “complicated” to calculate the winnings from online casino spinning. Mr D’Aguilar said this “small tax on winnings” was projected to yield between $10m-$15m annually for the Public Treasury and help take the government closer to the $50m total web shop revenue target it had envisioned under the initial tax structure for the industry. He indicated that Bahamian gamblers had got off relatively lightly, as the comparable winnings tax rates in Jamaica and Barbados are 15 percent and 20
percent, respectively. In the US, he added that the federal tax rate was 25 percent, with state and local taxes on top of that. Sebas Bastian, Island Luck’s principal, previously told Tribune Business that the patron “winnings” tax was “a wild card” for the Bahamian web shop industry given that it was difficult to predict how customers will react to the levy. “The patron lotto winning tax is going to be a wild card, though such a tax exists in many other regulated gaming jurisdictions,” the Island Luck chief said. “This winning tax is new to this gaming culture, so we can predict if player payout is less, that player has less to re-bet with. At the end of the day the new Bill’s changes seem to correct some errors that were made in the previous tax methodology and assumptions.” Mr Major last night confirmed that the revised taxation structure to be paid by web shop operators has gone into effect. All licensed gaming operators pay 15 percent on their first $0 to $24m of revenue, and operators earning anything greater than $24m will pay 17.5 percent on sums above that threshold.
OPENING DECEMBER 2019 www.moltobeneprego.com NOW HIRING THE FOLLOWING POSITIONS FOR IMMEDIATE START: We are seeking skilled and energetic individuals with previous restaurant experience. Candidates must be exceptional team players and have strong organizational and communication skills. The ideal candidate is customer service oriented and able to perform job functions with speed and accuracy and multi-task in a fast-paced environment. For culinary positions, technical skills include knowledge of international culinary standards, knowledge of Italian cuisine is a plus. If you are passionate about a career in food and beverage, this is an exciting opportunity to be a part of the opening team. Detailed job description and responsibilities to be discussed at the time of interview. • SOUS CHEF • COOK • BARTENDER
• SERVER • BUSSER • PIZZAIOLO (Pizza Cook)
Candidates may send resumes* to the following email: ciao@moltobeneprego.com *Resume must include a headshot. Failure to do so will result in automatic removal of the candidate’s name from the list of qualified applicants. www.moltobeneprego.com | Old Fort Bay Towne Centre
PAGE 8, Thursday, November 28, 2019
THE TRIBUNE
A WORKER climbs a ladder as cranes work the construction site for the new corporate headquarters of Norfolk Southern in Atlanta. Photo: David Goldman/AP
Fed survey finds US economy expanding despite trade fallout WASHINGTON Associated Press THE Federal Reserve said yesterday that the US economy was expanding at a modest pace in October and early November, supported by growing consumer spending. In its latest assessment of business conditions nationwide, the Fed struck a more upbeat tone than it had in its previous report when it had worried more about trade tensions and slower global growth. However, it still noted that the majority of the Fed’s 12 districts were not experiencing growth in manufacturing, which has been hurt by a widening trade war with China. The Fed report, known as the beige book, will be used when Fed officials meet in mid-December to set
interest rate policies. The wide expectation is that the central bank will leave its benchmark rate unchanged after cutting it at its three previous meetings. Those rate cuts, which followed four rate hikes last year, have given a boost to interest-rate sensitive sectors of the economy such as housing and auto sales. There are hopes that the United States and China will soon reach agreement on a so-called Phase 1 trade agreement that will keep President Donald Trump from imposing a new round of tariffs on Chinese goods. The US tariffs have provoked retaliation from China which has hurt American manufacturers and farmers, who have seen their markets in China disappear. The beige book said that more districts than in the previous report said that manufacturing was expanding again, although that number still remained below half of all districts. Among the responses, the Richmond Fed district said that manufacturers in its region “saw a pickup in shipments and new orders but continued to face constraints from tariffs and trade uncertainties”. The report found that agricultural conditions in many districts were under strain from adverse weather and low crop prices which in some cases reflected the loss of Chinese markets for such crops as soybeans.
“More poor weather added to crop farmers’ difficulties,” the Chicago Fed reported. The St Louis district said its business contacts continued to experience a “heightened sense of economic uncertainty,” while the Philadelphia district said business contacts there were expressing “cautious optimism but continued uncertainty.” The report found that employment continued to rise with several districts reporting relatively strong job gains in professional and technical services as well as health care. Employment in manufacturing was mixed with some districts reporting rising employment in manufacturing while others reported stable headcounts and others reported manufacturing layoffs. But outside of manufacturing, the majority of districts noted tight labor markets with the shortage of qualified applicants spanning most industries. Despite the tight labor markets, overall wage growth continued to be moderate across most districts although the report said wage pressures had intensified for low-skilled positions. The report found prices were still rising at a modest pace although some retailers reported higher costs that they blamed in part on the tariffs that have been imposed in the trade war.
MANAGERS NEEDED for Warehouse, Grocery and Sales. 2 years minimum experience in management required. Send resume to
resume@acgbahamas.com
THE TRIBUNE
Thursday, November 28, 2019, PAGE 9
Not all balloons may soar at Macy’s Parade NEW YORK Associated Press SMOKEY Bear might feel like he’s battling Santa Ana winds — if he even gets a chance to fly. New York City’s big Macy’s Thanksgiving Day Parade will take place Thursday amid strong winds that could potentially ground the giant character balloons, which have caused mishaps and injuries in the past when gusts have blown them off course. The New York City Police Department is monitoring wind gauges along the 2½ mile parade route and will order the 16 helium-filled balloons to a lower altitude
or have them removed entirely if wind speeds reach dangerous levels. That’s only happened once, in 1971. The National Weather Service is projecting sustained winds of up to 24mph with gusts to 40mph during the parade. The iconic characters that soar between Manhattan skyscrapers will be grounded if sustained winds exceed 23mph and gusts exceed 34mph under city rules implemented after wind blew a “Cat in the Hat” balloon into a lamp post near Central Park in 1997, critically injuring a woman. “It’ll be a game-day
decision on what we’re going to do with the balloons,” Chief of Department Terence Monahan said at a Wednesday briefing on the police department’s parade safety measures. If they’re allowed to fly this year, the intensity of the wind will determine how high they soar. Each balloon has a distinct risk profile, which factors in its size and weight and details the optimal altitude for a given wind speed. The character balloons can go as high as 55 feet off the ground and as low as ten feet, said Chief of Patrol Rodney Harrison, who has the final say on whether the balloons fly.
PAGE 12, Thursday, November 28, 2019
THE TRIBUNE
AMAZON HIRING 200,000 WORKERS FOR HOLIDAY SEASON NEW YORK Associated Press
AMAZON plans to hire 200,000 people for the busy holiday shopping season, double the number of workers it hired a year ago. The hiring spree is a sign of how quickly the online shopping giant is growing.
To keep up with online orders, Amazon has been opening more warehouses, package sortation hubs and delivery stations. It’s also working to speed up delivery for its Prime members to one day from two. Other retailers plan to hire in smaller numbers.
Target said it would hire 130,000 this year, up 4% from a year. And Kohl’s planned to hire 90,000, about the same from 2018. In the past year, Amazon said it has promoted about 19,000 workers who packed and shipped orders to manager or supervisor roles.
AMAZON recruiter Perry Chang speaks with a prospective employee at a job fair hosted by the company. Photo: Elaine Thompson/AP
THE TRIBUNE
Thursday, November 28, 2019, PAGE 13
MODEST GAINS DRIVE US STOCK INDEXES TO MORE RECORD HIGHS INVESTORS capped a day of light trading on Wall Street ahead of the Thanksgiving holiday by serving up another set of stock market record highs. The S&P 500, Dow Jones Industrial Average and Nasdaq composite closed at all-time highs for the third straight day yesterday. And the Russell 2000 index of smaller companies hit its highest level in a year. A batch of positive US economic data helped spur the broad rally, extending the market’s recent string of gains. Stock indexes have been breaking records in recent weeks as the US and China have signaled that negotiations aimed at resolving their costly trade war are going well. The latest economic data helped keep investors in a buying mood. The Commerce Department said Wednesday that the economy grew at a 2.1% rate last quarter, outpacing forecasts. The government also reported a surprisingly good increase in orders to US factories and a pickup in consumer spending. “This is an environment where we continue an economic expansion, albeit at
a somewhat slower rate,” said Bill Northey, senior investment director at US Bank Wealth Management. “There is a very positive sentiment around US equity markets.” The S&P 500 index rose 13.11 points, or 0.4%, to 3,153.63. The benchmark index is on a four-day winning streak. The Dow gained 42.32 points, or 0.2%, to 28,164. The Nasdaq climbed 57.24 points, or 0.7%, to 8,705.18. The Russell 2000 added 9.87 points, or 0.6%, to 1,634.10. Stocks have regained their footing after stumbling last week. The S&P 500 index is on track for a 1.4% weekly gain as it continues setting records. The Nasdaq is up 2.2% for the week, which would mark its strongest gain since the end of summer. The stock market has been notching gains steadily since October, shaking off recession fears that helped knock stocks into a skid in August. Surprisingly good corporate earnings, solid economic data and interest-rate cuts by the Federal Reserve have
helped set the stage for the market’s fall rally. Investors have also grown more optimistic about the prospects for a US-China trade deal. Traders continue to wait for developments in the latest round of negotiations between the world’s largest economies. The key question is whether both sides will be able to reach a deal before December 15, when new tariffs are set to kick in on many Chinese-made items, including smartphones and laptops. Pressure is building on both sides to complete a limited “phase one” deal before the deadline, though the Trump administration could end up postponing it, as it did in October, to allow more time for talks. Investors hope that negotiations can progress enough to at least help suspend the scheduled escalation. “There is a ticking clock,” Northey said, referring to the tariffs scheduled to go into effect next month. “But at the margin right now we do seem to have progress, rather than slipping backward with respect to the ‘phase one’ trade deal.”
EMPLOYMENT OPPORTUNITIES SR. RELATIONSHIP MANAGER
FOR EXTERNAL ASSET MANAGER DESK (“EAM”) A boutique International Private Bank headquartered in Switzerland is looking for a Sr. Relationship Manager focus on Business Development. The duties include the management of an existing book of clients as well as developing incremental business with new and existing EAMs. We are seeking a candidate fluent in either French, Spanish or Portuguese, has a pro-active, enthusiastic and highly motivated professional attitude together with a superior understanding of international / cross-border business and macro-economics, especially of Europe and Latin America. The responsibility of the candidate is to develop the EAM book and provide support in maintaining and servicing existing clients’ request for asset management while delivering best service in keeping with the Bank’s policies & procedures, regulatory and legislative framework. The candidate should possess a strong working knowledge of different financial markets and investment products, transactional operation and risk mitigation controls. The Candidate should be a qualified professional having a minimum Bachelor’s Degree in Business Administration/ Finance or relevant area of study and must possess experience at a senior level position for at least ten (10) years. Selected candidate shall be offered benefits commensurate with qualification and experience. Interested candidates shall submit a CV copy to
contact@bankgonet.com by 10 December, 2019.
An established company in The Bahamas is presently considering applications for an Assistant Office Manager and a Project Manager. The positions are opened to candidates with the following qualifications: ASSISTANT OFFICE MANAGER Qualifications Highly detail-oriented Able to work independently and multi-task, Excellent verbal and written communication skills A Bachelor’s Degree or equivalent Must have a minimum of ten (10) years of experience relevant to the responsibilities and computer literate Accounting experience a plus PROJECT MANAGER Bachelors Degree in Engineering, Certified Project Manager, Construction Management or related studies. Minimum of 10 years professional experience. Must have some project management experience. Proficient in Microsoft Word, Excel, Project and AutoCAD. PERSONAL ATTRIBUTES Must be able to lead in planning and implementation of projects Must be able to perform engineering duties Must be able to oversee construction and maintenance of building structures and facilities Must ensure that construction standards are met. Must be a “problem solver” with an eye for detail Must have ability to identify priorities, meet deadlines in a timely manner Provide direction and support to project team Must possess good communication skills Must be able to multi-task.
All interested applicants should email to nassaurecruitment@gmail.com
PAGE 14, Thursday, November 28, 2019
THE TRIBUNE
BAN ON TOBACCO VAPING AND MENTHOL CIGARETTES BOSTON Associated Press
MASSACHUSETTS became the first state to ban flavored tobacco and nicotine vaping products, including menthol cigarettes, after Republican Gov Charlie Baker signed into law yesterday a bill that’s meant to reduce the appeal of the products to young people amid a rash
of illnesses and deaths linked to vaping. Anti-smoking groups hailed the ban, which restricts sale and consumption of flavored vaping products immediately and does the same for menthol cigarettes starting June 1, 2020. “The Massachusetts law is a major milestone in the fight to reverse the worsening e-cigarette epidemic
and stop tobacco companies from targeting and addicting kids with flavored products,” said Matthew Myers, president of the Campaign for TobaccoFree Kids. But the New England Convenience Store and Energy Marketers Association, which opposed the legislation, said it’s exploring challenging the new law in court, or
seeking other ways to change it. “Public health and safety has been dealt a blow by anti-tobacco crusaders exploiting a youth vaping crisis, and by lawmakers bypassing prudent policymaking,” the group said in a statement. In recent months, Massachusetts and other states, including Michigan, Montana, New York, Oregon,
MARKET REPORT www.bisxbahamas.com
(242) 323-2330
WEDNESDAY, 27 NOVEMBER 2019
(242) 323-2320
ALL SHARE INDEX: CLOSE: 2,201.25 | CHG: 0.02 | %CHG: 0.00 | YTD: 91.80 | YTD%: 4.35 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.10 2.60 2.00 5.47 11.75 6.17 4.64 11.25 2.81 3.96 10.21 7.60 16.90 9.40 3.63 14.20
52WK LOW 3.52 20.91 4.90 4.46 1.01 0.22 2.00 9.30 6.15 3.95 6.75 2.35 1.76 8.00 6.10 12.10 6.41 3.01 13.01
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
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ
1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Class A Focol Class B
CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB
PREFERENCE SHARES
1.00 10.00 1.00
1.00 10.00 1.00
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00
52WK LOW 100.00
115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
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
52WK HI 2.27 4.32 2.08 194.86 158.57 1.65 1.82 1.74 1.21 8.23 10.10 6.85 11.45 12.32 10.74 10.00 8.69 11.79
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.58 1.69 1.66 1.09 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
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)
MUTUAL FUNDS
MARKET TERMS
LAST CLOSE 3.64 17.43 6.00 6.10 2.46 1.80 4.36 11.06 6.16 4.11 8.06 3.27 3.96 10.07 7.60 16.90 9.33 3.51 14.00
CLOSE 3.64 17.43 6.00 6.10 2.46 1.80 4.36 11.06 6.16 4.11 8.06 3.27 3.96 10.10 7.60 16.90 9.33 3.51 14.00
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 0.00 0.03 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
LAST SALE 100.00
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
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
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno 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
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
VOLUME
24,982
VOLUME
NAV 2.27 4.32 2.08 193.72 158.42 1.65 1.82 1.74 1.19 8.31 10.26 6.88 11.45 12.32 10.70 9.92 8.68 11.38
EPS$ 0.239 0.932 1.760 0.369 0.070 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.646 0.728 0.816 0.939 0.203 0.631
DIV$ 0.170 1.260 0.000 0.260 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.434 0.060 0.328 0.240 0.540 0.200 0.120 0.610
0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000
P/E 15.2 18.7 N/M 16.5 N/M N/M -10.0 15.3 13.7 22.3 57.6 32.1 8.5 15.6 10.4 20.7 9.9 17.3 22.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0
YIELD 4.67% 7.23% 0.00% 4.26% 0.00% 1.11% 0.00% 6.51% 3.57% 2.92% 0.00% 13.27% 1.52% 3.25% 3.16% 3.20% 2.14% 3.42% 4.36% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75%
MATURITY 19-Oct-2022
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%
20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022
YTD% 12 MTH% 3.06% 3.81% 1.91% 3.39% 2.23% 2.75% 4.99% 6.20% 7.18% -0.08% 2.88% 3.80% 4.56% 6.50% 3.35% 4.17% 5.77% 7.89% 11.19% 12.08% 18.66% 19.64% 4.33% 5.06% 10.43% 7.24% 5.42% 5.77% 3.11% 0.77% -0.71% 0.16% 7.40% 2.70% 10.20% 1.30%
NAV Date 31-Oct-2019 31-Oct-2019 25-Oct-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 31-Oct-2019 31-Oct-2019 31-Oct-2019 31-Oct-2019 31-Oct-2019 31-Oct-2019 30-Mar-2019 30-Mar-2019 30-Mar-2019
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 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
Rhode Island, Utah and Washington, have temporarily banned or restricted the sale of vaping products. But Massachusetts is now the first with a broad, permanent ban in place on all flavored tobacco or nicotine vaping products, anti-smoking groups say. The new law specifically restricts sale of the products to licensed smoking
bars, where they’ll only be allowed to be consumed onsite. The restriction extends to menthol cigarettes and flavored e-cigarettes, cigars, pipe tobacco and chewing tobacco. It also places a 75% excise tax on nicotine vaping products and gives public health officials new authority to regulate the products.
THE TRIBUNE
Thursday, November 28, 2019, PAGE 19
THE WEATHER REPORT
5-Day Forecast
TODAY
FRIDAY
SATURDAY
SUNDAY
MONDAY
Partly sunny
Partly cloudy
Sunny to partly cloudy and breezy
Sunny to partly cloudy
Mostly sunny and nice
A t‑storm possible; winds subsiding
High: 81°
Low: 70°
High: 79° Low: 68°
High: 79° Low: 68°
High: 80° Low: 69°
High: 82° Low: 64°
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
84° F
67° F
79°-66° F
79°-68° F
84°-68° F
83°-59° F
ORLANDO
High: 80° F/27° C Low: 56° F/13° C
TAMPA
High: 79° F/26° C Low: 55° F/13° C
The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.
N
almanac
E
W
ABACO
S
N
High: 78° F/26° C Low: 71° F/22° C
7‑14 knots
S
High: 81° F/27° C Low: 65° F/18° C
6‑12 knots
FT. LAUDERDALE
FREEPORT
High: 82° F/28° C Low: 67° F/19° C
N E S
E
W
WEST PALM BEACH
W
uV inDex toDay
TONIGHT
High: 81° F/27° C Low: 67° F/19° C
MIAMI
High: 84° F/29° C Low: 66° F/19° C
6‑12 knots
KEY WEST
High: 80° F/27° C Low: 71° F/22° C
ELEUTHERA
NASSAU
High: 81° F/28° C Low: 70° F/21° C
Forecasts and graphics provided by AccuWeather, Inc. ©2019
High: 79° F/26° C Low: 73° F/23° C
N
tiDes For nassau High
Ht.(ft.) Low
Ht.(ft.)
Today
8:42 a.m. 9:03 p.m.
3.4 2.6
2:20 a.m. ‑0.4 3:12 p.m. ‑0.2
Friday
9:29 a.m. 9:51 p.m.
3.3 2.4
3:06 a.m. ‑0.2 4:00 p.m. ‑0.1
Saturday
10:16 a.m. 10:41 p.m.
3.1 2.3
3:53 a.m. 0.0 4:49 p.m. 0.1
Sunday
11:03 a.m. 11:33 p.m.
2.9 2.2
4:41 a.m. 0.2 5:38 p.m. 0.3
Monday
11:53 a.m. 2.7 ‑‑‑‑‑ ‑‑‑‑‑
5:33 a.m. 0.5 6:28 p.m. 0.4
Tuesday
12:27 a.m. 12:44 p.m.
2.2 2.5
6:28 a.m. 0.7 7:19 p.m. 0.5
Wednesday 1:24 a.m. 1:37 p.m.
2.2 2.4
7:26 a.m. 0.8 8:09 p.m. 0.5
sun anD moon Sunrise Sunset
6:35 a.m. Moonrise 5:20 p.m. Moonset
8:28 a.m. 7:21 p.m.
First
Full
Last
New
Dec. 4
Dec. 11
Dec. 18
Dec. 25
CAT ISLAND
E
W
High: 80° F/27° C Low: 73° F/23° C
N
S
E
W
7‑14 knots
S
7‑14 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 79° F/26° C Low .................................................... 67° F/19° C Normal high ....................................... 80° F/27° C Normal low ........................................ 69° F/20° C Last year’s high ................................. 87° F/31° C Last year’s low ................................... 70° F/21° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ............................................... 46.43” Normal year to date ................................... 38.21”
The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.
ANDROS
SAN SALVADOR
GREAT EXUMA
High: 80° F/27° C Low: 74° F/23° C
High: 80° F/27° C Low: 75° F/24° C
N
High: 80° F/27° C Low: 73° F/23° C
E
W S
LONG ISLAND
tracking map
High: 80° F/27° C Low: 75° F/24° C
7‑14 knots
MAYAGUANA High: 82° F/28° C Low: 75° F/24° C
Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 81° F/27° C Low: 76° F/24° C
High: 81° F/27° C Low: 76° F/24° C
GREAT INAGUA High: 84° F/29° C Low: 75° F/24° C
N
E
W
E
W
N
S
S
8‑16 knots
8‑16 knots
marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR
THROUGH RAIN AND SURGE
HURRICANES TORNADOES & SEVERE Wx WE’LL BE THERE BY YOUR SIDE
Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:
WINDS NW at 6‑12 Knots NNE at 8‑16 Knots NE at 7‑14 Knots NNE at 8‑16 Knots N at 7‑14 Knots NNE at 8‑16 Knots NE at 8‑16 Knots N at 8‑16 Knots N at 6‑12 Knots NNE at 8‑16 Knots N at 6‑12 Knots NE at 8‑16 Knots NE at 7‑14 Knots NNE at 8‑16 Knots NE at 8‑16 Knots N at 8‑16 Knots NNE at 8‑16 Knots N at 8‑16 Knots NNE at 7‑14 Knots N at 8‑16 Knots N at 4‑8 Knots NNE at 7‑14 Knots NE at 8‑16 Knots N at 8‑16 Knots N at 7‑14 Knots NNE at 8‑16 Knots
WAVES 1‑3 Feet 4‑8 Feet 1‑2 Feet 1‑3 Feet 1‑3 Feet 3‑6 Feet 2‑4 Feet 2‑4 Feet 1‑3 Feet 3‑6 Feet 1‑2 Feet 3‑5 Feet 1‑2 Feet 1‑3 Feet 2‑4 Feet 2‑4 Feet 1‑3 Feet 1‑3 Feet 3‑5 Feet 3‑5 Feet 1‑2 Feet 1‑3 Feet 2‑4 Feet 1‑3 Feet 1‑3 Feet 2‑4 Feet
VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 8 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles
WATER TEMPS. 77° F 76° F 79° F 78° F 80° F 80° F 83° F 83° F 77° F 77° F 77° F 77° F 81° F 80° F 82° F 82° F 82° F 82° F 83° F 83° F 78° F 79° F 81° F 81° F 79° F 78° F