business@tribunemedia.net
FRIDAY, DECEMBER 6, 2019
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Unions told: ‘Be bigger than this’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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HE Chamber of Commerce’s top labour specialist yesterday urged Bahamian trade unions to “get bigger than this” and place “saving the country” ahead of their own interests. Peter Goudie, who is also vice-chairman of the National Tripartite Council, told Tribune Business that organised labour needed to understand there was “a limit” to what the government and private sector employers can afford given that The
“I can’t help but say my concern is that the unions are making demands when they know, especially in the public sector, which is the government, the trouble the country is in,” he told this newspaper. “There’s a positive side to this that says there’s a whole bunch of investment coming in, Disney is doing a lot of work, but these other guys have to get their act together. We’ve got to save our country instead
By YOURI KEMP Tribune Business Reporter
PETER GOUDIE
of working for every single nickel we can get out of it. “They’ve got to get bigger than this,” Mr Goudie added of the unions. “They’ve got to be partners... I’m vice-chairman of the National Tripartite Council, and the unions have got to be be partners with the other social partners [private sector and the government] as opposed to thinking about me.
SEE PAGE 6
‘Job half finished’ over Dorian zone tax breaks
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Abaco Chamber of Commerce’s president yesterday urged the government to “revisit” its decision to keep VAT on services in the Dorianhit islands, arguing it had left “the job half finished”. Ken Hutton told Tribune Business that removing VAT from the bills charged by contractors and other repair professionals would give residents and businesses in both Grand Bahama and Abaco the “little bit of breathing room” that is critical to rebuilding efforts following the category five storm. While praising the government’s economic recovery zones as “definitely on the right track” when it came to providing a post-Dorian recovery
• Abaco Chamber chief: Make services VAT-free too • Only material goods to receive 7-mo tax waiver • ‘It’s one thing to rebuild, another to earn a living’
KEN HUTTON platform, Mr Hutton said persons in both islands would still be exposed to paying the 12 percent VAT levy on the likes of insurance and medical bills. Calling for services to be treated as VAT-free for the zones’ full sevenmonth duration, the Abaco
BTC: No insurer payout for $25m Dorian damages By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas Telecommunications Company (BTC) will not receive an insurance payout to cover the $25m of network infrastructure damage inflicted by Hurricane Dorian, it has been revealed. The Bahamian carrier’s immediate parent, Cable & Wireless Communications (CWC), revealed in its 2019 third quarter results that the extent of the devastation did not exceed the deductible in its coverage policy. As a result, it confirmed that BTC will be receiving
no outside financial assistance to help cover the restoration work on Abaco and Grand Bahama, and will have to fund this from its own - and its parent’s - resources. CWC added that Dorian had potentially impacted some 30,200 homes passed by BTC’s fibre-to-the-home infrastructure, or 23.4 percent of its 128,900-strong potential customer base. On the mobile side, 40,900 subscribers or 19.5 percent nearly one in five of its total 209,300 clients - were caught in the area devastated by the category five storm.
SEE PAGE 9
Fidelity investors to gain $16.45m early xmas gift By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FIDELITY Bank (Bahamas) shareholders will next Friday receive an early Christmas present through a total $16.45m dividend payout by the BISX-listed institution. Gowon Bowe, pictured, Fidelity’s chief financial officer, confirmed that some $8.949m of the capital return is based on the commercial bank’s normal profitability, while the $7.5m balance represents the profit earned on selling its 50 percent ownership in former
merchant banking affiliate, RoyalFidelity. “We said whatever profit we made on that we would give back to the shareholders, and not deploy into other resources,” he explained, revealing that Fidelity Bank
SEE PAGE 10
chamber chief said the current set-up meant that homeowners and businesses will still be fully taxed on providers’ labour and other costs while all reconstruction materials will totally exempt. “That is something I think we need to revisit,” Mr Hutton told Tribune Business of the government’s decision not to include services in the zones’ tax breaks. “In particular, in a tourist-centred or service-centred economy like Abaco, it’s one thing to rebuild but it’s another thing to earn a living here. “Services is definitely one of the things - everything
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December 16 target for Abaco airport re-opening
• ‘Put saving nation before self’ • Labour specialist: There is a ‘limit’ • Warns Bahamas in ‘deep trouble’ Bahamas is in “deep trouble” financially following the projected $3.4bn worth of devastation inflicted by Hurricane Dorian. Arguing that rebuilding Abaco and Grand Bahama should be the national priority, rather than demonstrations and other forms of industrial action, Mr Goudie warned that the situation demanded Bahamians “stop thinking about me” and “pushing for every single nickel we can get”.
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from construction to restaurants and taxis. We need to have a little bit of breathing room for the interim; the same period of time. It’s also going to affect things like insurance bills and medical bills. “You may save VAT and duty on the construction materials, but you don’t save it on the intermediaries (labour and service providers),” Mr Hutton added. “I think it’s important. We need a little bit of breathing room to get this place back up and running. Having it solely for the materials and not the services is really job half finished.”
SEE PAGE 4
THE government’s top aviation official yesterday said it was targeting December 16 as the date when Marsh Harbour’s airport will be ready to receive international flights from the US. Algernon Cargill, director of aviation, told the Bahamas Out Islands Promotion Board’s annual general meeting that his department was now waiting on the Transportation Security Administration (TSA) to visit the Leonard A Thompson International Airport and give it regulatory clearance to begin accepting airlift. “We have a meeting scheduled next Friday with the TSA,” he said. “This is the first public statement we are making about this. So TSA is coming to Abaco on next Friday, and we have gone through a litany of items they have asked us to correct in their initial visit. The plan is to have that airport reopened to international flights as of December 16. “We don’t expect any hiccups in the TSA visit. While the other international airlines fly at their discretion, we don’t control that. But we know that we have created a market for Bahamasair, and starting by December 16 we will have international flights from Marsh Harbour to the United States. “I think that is certainly worth implementing, particularly with overarching challenges with the relief volunteers having to fly into Nassau and then on to Abaco.” Tracey Cooper, Bahamasair’s managing director, said in response to Mr Cargill’s remarks: “We will be looked at by the TSA, and by the Bahamas Civil Aviation Authority, as a staging point for making sure that the airports in Marsh Harbour and Freeport are given the okay for international flights.” The TSA is also due to visit Freeport on Wednesday
ALGERNON CARGILL for a similar inspection of Grand Bahama International Airport. The prospects for reopening both airports to international flights will be keenly anticipated by residents and businesses on both Dorian-ravaged islands since re-establishing such connectivity is seen as vital to bolstering recovery and relief efforts, as well as restarting the tourism industry and other aspects of their economies. Mr Cargill, meanwhile, said the Treasure Cay airport will not receive any reconstruction monies from the government on the basis it makes no business sense to have two airports in the Marsh Harbour area some 45 minutes or less travel time between each another. He said: “The Treasure Cay airport in Marsh Harbour, we have no recommendations to rebuild that airport. We recommended that the airport we have be converted to an FBO (fixed based operator). There really is not a business need to have an airport at Treasure Cay. “Certainly to have two airports, each $30m plus, within half-an-hour or 45 minutes between each other makes no sense. So we recommended, and we had quite a few interests, to turn the airport into an FBO.” Mr Cargill said flights will still access a rebuilt Treasure Cay airport, but the government will not be responsible for the facility any longer. He argued that changing it to an FBO model works best as the airport will be turned over to a private operator.
PAGE 2, Friday, December 6, 2019
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LOBAL workforce data suggests that remote work has increased since the turn of the century. The infusion of technology into almost everything we do has created a platform for work outside the traditional “four walls” of the office. It would be easy to assume that many employees love the opportunity to work from home or a location of their choice, reporting only periodically to head office. The obvious fear for the employer is decreased productivity, as the numerous potential distractions at home might take the worker’s mind offtask and result in little to no company work being done. Many employers who allow staff to work remotely are granting these workers true autonomy and flexibility, rather than trying
THE TRIBUNE
Employee home work must have set targets to micromanage them. This style of leadership delegation has proven (with the right kind of employee and the appropriate type of work) to be immensely beneficial. Here are just a few of the benefits that hopefully will convince employers to consider establishing targets and
monitor employees from their personal home offices. 1. Staff are more productive. One of the key reasons entrepreneurs switch to remote work is to gain more productivity from their workforce. The drive to and from the office is eliminated, the environment is usually more comfortable and
conducive and, if the home distractions can be minimised, the peace and quiet will lend itself to increased efficiency. 2. Remote work improves morale and happiness. Productivity is rooted in personal well-being. A happier, fulfilled person is more likely to put in additional effort for your company but fulfillment is not always related to pay or promotion. Giving staff the opportunity to work flexibly equates to a better work/life balance, more time with the family and less commuting, which saves your employees time and money. 3. It is cheaper. A remote work policy does not just save on commuting costs; it also reduces business overheads. Fewer people in the workplace means less office space, which cuts lease costs along with heating and cooling rates, lighting
and other expenditures. 4. It enhances talent recruitment and retention. Millennials and the upand-coming “Generation Z” value flexibility in the workplace. Companies that embrace remote working are seen as in touch with their employees’ needs, and are more likely to attract skilled workers from further afield given the reduction in travel time. 5. Flexible working reduces attrition. In addition to employee retention, flexible work is known to help reduce attrition in the workforce. Sick employees can work from home when they are deemed remote, have deliverables and are paid to deliver on those deadlines. • NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities.
IAN FERGUSON BY
He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.
THE TRIBUNE
Friday, December 6, 2019, PAGE 3
DORIAN: ABACO HOTEL LOSING $30K MONTHLY
By YOURI KEMP Tribune Business Reporter A GREEN Turtle Cay hotel operator yesterday said the property is losing $30,000 in room revenue per month after Hurricane Dorian’s devastation forced its likely closure until late summer 2020. Molly McIntosh, general manager of the Bluff House Beach Hotel, told Tribune Business: “I don’t have any water and any power, but Bahamas Power and Light (BPL) has made some progress and there is some power on the island but it has not gotten by me as yet. They have power in town, but only for a few homes. I am guessing late
summer we will be open.” She added that the hotel was losing “in room revenue about $30,000 a month, and that is not including our restaurant or our marina”, as a result of its Dorianenforced shuttering. “The people of Green Turtle Cay are really working together, and I think the Green Turtle Club will be open on March 1. That will be great for the whole island,” Ms McIntosh said. “Bluff House will be back; we just got a lot more damage.” Speaking to the property’s insurance claim, she said: “The owners are negotiating with the insurance companies, but when they are done with the
negotiations we will be able to rebuild our marina.” “Our people come from South Florida. At least 70 percent of our visitors are from South Florida who want to get away from the heat and come to our marina to relax and cool off. But our heavy season starts February, March, April and then June and July it gets very busy; you can’t find a room or golf cart or boat or anything.” Dr Larry Carroll, managing director of south Abaco’s Sandpiper Inn at Schooner Bay, told Tribune Business: “We’re doing well. Things have finally settled down with Bahamas Power & Light. They have gotten their functioning
right. The power cuts have gone from seven a day to maybe one every three or four days, and the last one I experienced was only a half an hour.” While he has not tried to forecast what the Christmas season will look like, he added: “We’re just looking to see if we can get bookings every week or so. The restaurant is now open, and people that have second homes there and have come down from the north, they are now starting to come back and have lunch and dinner as they used to.” Expressing optimism over the short-term outlook, Dr Carroll said: “We are also getting travellers who are home
Out Island resorts see 55% website visit rise
By YOURI KEMP Tribune Business Reporter FAMILY Island resorts this year enjoyed a 55 percent increase in visitors driven to their websites by the Ministry of Tourism’s “My Out Islands” site, it was revealed yesterday. Kristel Garnier, lead account executive for the hotel marketing agency, Tambourine, told the Bahamas Out Islands Promotion Board’s annual general meeting: “We had five percent fewer site visitors this year than we did last year, but this actually resulted in a 55 percent increase in how many ‘goal completes’ we got on the website. “Yet again ‘goal completes’ are the amount of people that are leaving the ‘my out islands’ website and going to your website, or they are going into your booking mention.” Ms Garnier said
so-called “goal completes” totalled 40,680 in 2019, and their “conversion rate” rose 6.5 percent compared to 2018. She added: “Last year, for the exact same time period, we had only 26,00 ‘goal completes’ so that is a very large chunk, and we also increased our conversion rates for the people who were visiting the website.” The Family Islands data mirrors what is happening in Nassau. Fred Lounsberry, president of the Nassau/ Paradise Island Promotion Board, told Tribune Business last month that The Bahamas was closing the 11 percent booking gap as a result of Dorian with his organisation enjoying a 24 percent rise in website conversions. He said at the time: “We look at the previous week year-over-year, and the previous four weeks yearon-year, and what we have
been seeing is that from the United States we are up eight percent over the same week last year, and the previous four weeks were up 14 percent over last year, bearing in mind last year was a stellar year for tourism.” Ms Garnier, meanwhile, said Tambourine had expanded its digital operations by adding banner advertisements and images that connect straight to individual hotel websites. This had increased the flow of tourist leads going directly to the hotels. Focusing on the individuality of different Family Island resorts, she encouraged hoteliers to send pictures of their employees so they can upload it to the website for added marketing value. Ms Garnier said Tambourine is also pushing new e-mail offers for the Family Islands, featuring a different every month.
“The email at the top describes the island and showcases the offer, and we will also have an island ‘bucket list’ of what users really want to do and a map of where to go on the island,” she added, with Bimini and Acklins set to be the pilots.
customers still coming down and wanting to go fishing, so we are getting bookings from them. Hopefully as we go into December we will start seeing more.” The Sandpiper Inn is marketing more than in the past, he added, while saying: “I’m concerned that Bahamians, for whatever reason; we have been advertising for years that Bahamians can come to the Out Islands, stay in our hotels and get us to pay for their airfare. “But the average Bahamian, if you ask them about the ‘two fly free’ programme, they don’t have a clue. Maybe as a result of the storm more of us became exposed that
maybe they can decide to come to Abaco or go wherever. The foreign tourists know about us because we are on Expedia and Tripadvisor and Google travel, but the locals don’t have a clue.”
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NOTICE NOTICE OF PUBLIC AUCTION THE PUBLIC IS HEREBY NOTIFIED that on, Saturday, 14th December, 2019 at 11 a.m. at the foreground of the Supreme Court situate on Bank Lane, Nassau, The Bahamas (“the Auction Site”), the Deputy Provost Marshal acting pursuant to 2 Writs of Fieri Facias filed in the Registry of the Supreme Court on 18th February, 2019 in Judicial Review Proceedings No. 12 of 2013 for the enforcement of 2 Cost Orders in favour of the COALITION TO PROTECT CLIFTON BAY, the 1st Applicant therein, against KEOD SMITH the 6th Respondent therein, SHALL OFFER FOR SALE AT PUBLIC AUCTION (with a reserve price) a black 2010 Jeep Wrangler (“the Vehicle”). The Vehicle, described is in mint condition, will be sold as is and will be available for inspection at 10:00 a.m. at the Auction Site on Saturday, 14th December, 2019.
PAGE 4, Friday, December 6, 2019
THE TRIBUNE
‘Job half finished’ over Dorian zone tax breaks FROM PAGE ONE
K Peter Turnquest, deputy prime minister, in unveiling the Order that gives effect to the recovery zones, confirmed that services “are not included” among the items that will receive waivers from VAT and other taxes over the seven-month period that ends on June 30, 2020. While the tax breaks will only apply to physical goods, he conceded that “not every single product is on the list of approved items”. Mr
Turnquest said so-called “sin” goods, such as alcohol and tobacco, together with luxuries such as chocolate and candy, have not been deemed fit for inclusion. “Indeed, not every single product sold by specialty businesses will be covered under the order, plus services are not included under the order,” he confirmed. “However, the list is very expansive and was created to take care of the immediate and urgent needs of the people affected by the storm to rebuild their
homes and restore normalcy to their lives. “The expansive list includes building supplies, hardware supplies, household furniture, furnishings and appliances, beds and bedding material, air conditioning units, plumbing and electrical fixtures. The list also includes clothing, personal hygiene products, unprepared food, medical supplies and cleaning supplies.” Mr Hutton said there was “no doubt” that the recovery zones’ order represented
much-needed financial relief for those struggling to rebuild in Dorian’s wake, and he voiced optimism that the newly-created Disaster Reconstruction Authority that took effect on December 1 will help “eliminate red tape” that has impeded reconstruction efforts. “There’s definitely been progress, but there are a lot of people going on three months that are not seeing it, and it could have been a lot further along,” he added. “We need a further shot in the arm. I’m hoping the elimination of red tape and getting things going will be that further shot in the arm.” Asked to identify the major bureaucratic obstacles hindering the recovery effort, Mr
Hutton replied: “It has a lot to do with VAT; who has been charging it and who has not been charging it. I will give Customs a lot of kudos for helping to streamline the process of getting materials in. “A lot of homeowners have questioned as to whether they qualify [for the tax relief], and a lot of that has been clarified today. Our priority has to be getting that airport open to international flights so second homeowners have an easy way to get back here and stimulate their part of the economy. “There’s a tremendous amount to be done,” he added. “It seems like a long time, three months, when you’re here, but in the major scheme of things three
This is to advise the general public that
Brian Smith
is no longer employed at Bahamas Waste Limited and is not authorized to conduct any business on our behalf. Signed: Management
months is not that long. We need to get that investment back or get those donated funds back on the table so they can be accessed by the Disaster Reconstruction Authority. “We understand funding from the central government is going to be a challenge, and we have to be looking at getting other sources of funding in here internationally, and through charities, nongovernmental organisations (NGOs) and other sources.” Mr Hutton added that Customs and the Immigration Department had “done a very good job of being able to control who comes in and what’s coming into the zones, at least in Abaco. We’re just waiting for this Disaster Reconstruction Authority to cut its teeth and see what happens”. The Minnis administration has teamed with United Nations Development Programme (UNDP), and the US and UK governments, to stage a pledge conference on January 13, 2020, in Nassau to mobilise private sector financial and technical support for recovery efforts following Hurricane Dorian. The conference is intended to galvanise support from the private sector, high-networth individuals, other governments and donors who have expressed interest in assisting with the rebuilding process. And it is also a sign that the government cannot finance everything by itself, especially since this nation’s categorisation as a high income country denies it access to grant funding. Denise Antonio, the UNDP resident representative to The Bahamas, explained: “The high-income classification for the Bahamas means that the government will have to mobilise private sector or other donor financing to pay for its short and mediumterm recovery needs.” She added that this was necessary because The Bahamas has limited access to overseas development assistance and concessional financing.
THE TRIBUNE
Friday, December 6, 2019, PAGE 5
RBC UNVEILS FIRST ‘BRANCH OF FUTURE’ THE Royal Bank of Canada (RBC) has unveiled its first “digitally-enabled branch of the future” at Old Fort Bay. The new branch incorporates the designs being implemented across RBC’s personal and commercial banking network. This includes an interactive “Discovery Zone”, where clients can get hands-on demonstrations of RBC’s product offerings through its digital and mobile platforms. Advisors can also meet with clients one-on-one in more comfortable, casual meeting spaces to help with more complex financial needs such as buying a home, purchasing a car, or planning for retirement. “The design here is different from traditional branches,” said LaSonya Missick, RBC’s Bahamas managing director and head of personal banking. “This branch represents our banking experience reimagined. At this location we will provide multi-channel transactional service options through a fully digital banking experience. In other words, old and new come together here in Old Fort Bay.” The branch was officially
STAFF show RBC’s digital platforms in the new Disovery Zone.
K PETER TURNQUEST, deputy prime minister and minister of finance, and LaSonya Missick, RBC Bahamas managing director, are joined by RBC executives as they officially cut the ribbon to open the bank’s digitally-enabled branch at Old Fort Bay. From left: Glen Dormody, RBC’s regional vice-president for its specialised sales force in the Caribbean; Liacarla Adderley, vice-president of business banking in The Bahamas & Turks and Caicos; Ericka Rolle, managing director, RBC FINCO; LaSonya Missick, managing director, RBC Royal Bank (Bahamas); K Peter Turnquest, deputy prime minister; Derek Sturrup, branch manager, Old Fort Bay; Joe Olivier, regional vice-president for high net worth clients in the Caribbean; and Scott Estabrooks, regional vice-president and head of private banking for the Caribbean. opened by K Peter Turnquest, deputy prime minister, together with Ms Missick and other executives from RBC’s Caribbean team. In a speech to gathered clients and employees, Ms Missick said: “Making this branch a reality required
a significant investment – an investment that created opportunities for businesses, the construction sector, importers and other service providers, contributing directly to the overall economy. “We are here today because RBC is confident in
the sustainable and impactful long-term growth of The Bahamas. Our decision to reimagine our bank and invest heavily in our infrastructure – digital and physical – is a sign of our commitment to the economic and financial growth of The Bahamas.”
RBC clients enter the redesigned branch after ribbon-cutting. “Technology is transforming nearly every industry; banking is no exception,” added Ms Missick. “It’s fundamentally reshaping our businesses, our communities and our lives. I know our future success, as a company and as a society, will depend on how we prepare for - and engage
with - this new digital age. “Old Fort Bay bridges the gap between traditional banking services, personal client relationships and new digital channels. The result is a new branch model which sets the standard for modern banking in The Bahamas and across the Caribbean.”
PAGE 6, Friday, December 6, 2019
Unions told: ‘Be bigger than this’ FROM PAGE ONE “We’ve all got to do this. We’ve got to fix our country, and we’ve got a long way to go. We can’t just think about me; we have to think about country.” Mr Goudie, the Chamber of Commerce director responsible for labour issues, spoke out amid an increasingly volatile industrial relations climate that has seen demonstrations in recent days by both private and public sector
unions in a bid to flex their muscles over higher salary and benefit demands. Besides the Union of Public Officers (UPO) protests outside the National Insurance Board (NIB) as their negotiations over a new industrial deal reach a critical stage, Atlantis was last week disrupted by Bahamas Hotel, Catering and Allied Workers (BHCAWU) members picketing the Coral Towers entrance on Thanksgiving Day.
THE TRIBUNE Mr Goudie agreed that the Atlantis protest, in particular, was spectacularly ill-timed given that it coincided with the US holiday that marks the start of the peak winter tourist season when both hotels and their staff make the majority of their annual earnings. It also occurred as The Bahamas seeks to rebuild its tourism business in Hurricane Dorian’s aftermath, and coincided with the internationally-televised “Battle 4 Atlantis” tournament and efforts by Atlantis’ owner, Brookfield Asset Management, to sell the property. Mr Goudie also questioned the value of the hotel union’s efforts given that the picketing happened on the same day its leadership
was supposed to meet with Bahamas Hotel and Restaurant Employers Association (BHREA) representatives to sign-off on 75 percent, some 36 of 48, clauses that had been agreed in the first industrial agreement between the parties for almost seven years. “I can’t help but say that I was very disappointed that the hotel union had a demonstration at Atlantis on Thanksgiving Day,” Mr Goudie added. “I thought: ‘Can we get bigger than this?’ It’s really unfortunate. “We’re desperate for income in this country, and desperate for investment, and then we go and demonstrate on a day when there was about 100 percent occupancy. It’s bad, and on that very same day you’re going to be signing off on 36 of 48 clauses in the industrial agreement? Why would you do that? It’s just beyond me. “As for the government side, I think a lot of this is rolled over from the previous administration. At the end of the day, the government doesn’t have the money, we’re in desperate trouble and the unions are doing demonstrations
when we’re desperate for business.” Mr Goudie said he had been interviewing persons from Abaco for jobs on that island on behalf of a client he declined to name. Most of the interviewees, he said, had either located to New Providence or were living in their damaged, leaking homes. “We’ve got to get jobs back in Abaco,” the labour specialist added, “but we have people demonstrating in New Providence. You have to wonder where our priorities are. They should be rebuilding east end Grand Bahama and Abaco. We’ve got to stop blocking investment in our country. “We’re going to have to do the best we can to make people understand there’s a limit to what we can do when the country is in deep trouble. We all know we’ve had the second-worst hurricane in the Atlantic’s history ever. Let’s remember where we are. We have an urgent need to fix Abaco and Grand Bahama, and it’s not going to happen with the unions demanding more money. “It’s just not going to happen. Every person and
NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act (as amended), NOTICE is hereby given that Buenos Aires Limited has been dissolved and has been struck from the Register with effect from 19th day of November, 2019. Lynn Kelly and Tonya Sweeting LIQUIDATOR c/o EFG Bank & Trust (Bahamas) Ltd Goodman’s Bay Corporate Centre, 3rd Floor West Bay Street and Sea View Drive P.O. Box CB 10956 Nassau, Bahamas
company has been asked to give money to help Abaco and Grand Bahama. But then we have others saying: ‘Give me more’. You can’t have money for everything.” The Prime Minister seemingly recognised the dangers posed by the increasingly unstable labour relations climate in the country by inviting a number of union leaders to a meeting earlier this week. However, Paul Maynard, the Bahamas Electrical Workers Union’s (BEWU) president, confirmed to Tribune Business later that the meeting never took place due to the Prime Minister suffering ill-health. This year has seen multiple protests and demonstrations by a host of public sector unions, including the Bahamas Public Services Union (BPSU), Bahamas Doctors Union (BDU), Bahamas Nurses Union and the NIB union. Others, such as the Water & Sewerage Corporation’s management union, have found themselves in court battles with the government. The recent industrial tensions also likely reflect The Bahamas’ economic stagnation over the past two decades, with salaries and other forms of income failing to keep pace with an ever-increasing cost of living that was exacerbated by value-added tax’s (VAT) introduction in 2015 and the subsequent hike to 12 percent. Diminishing living standards and reduced disposable incomes, which have also been impacted by issues such as sky-high energy costs, have resulted in pressures for higher wages and benefits that the cashstrapped government is finding increasingly difficult to meet. The result has been a pressure-cooker atmosphere where something will have to break. The NIB negotiations are a prime example of this, where unions are pushing for more despite multiple actuarial reports showing that the national social security system’s $1.6bn reserve fund will be exhausted by 2029-2030 unless drastic reform action is taken. NIB, in its release earlier this week, said benefit payouts are already exceeding contribution income, meaning it is paying out more to claimants than it is taking in - the start of what all actuarial reports have warned about. This, it added, has been exacerbated by Hurricane Dorian and the surge in unemployment benefit claims and payments that has resulted. Yet it has already agreed “to monetary increases in almost every category of staff benefits, including monthly mileage allowances, acting and responsibility allowances, and the introduction of new financial benefits” in the proposed industrial agreement with the union.
PAGE 8, Friday, December 6, 2019
THE TRIBUNE
NOTICE
NOTICE
NOTICE is hereby given that IESHA ROBIN SADE DELANCY of P.O. Box SS-5660, Pinewood Gardens, Nassau, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 29th day of November, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that HARRIOT JOSEPH JR. of Albert Street, Hatchet Bay Eleuthera, 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 5th day of December 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
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52WK LOW 3.35 20.91 4.90 4.46 1.01 0.22 2.00 9.30 5.60 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 3.37 17.43 6.00 6.10 2.46 1.80 4.20 11.06 6.16 4.15 8.06 3.29 3.96 10.04 7.60 16.90 9.33 3.20 13.90
CLOSE 3.37 17.43 6.00 6.10 2.46 1.80 4.20 11.06 6.16 4.15 8.06 3.31 3.96 10.14 7.60 16.90 9.33 3.20 13.90
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.10 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
400
400
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
P/E 14.1 18.7 N/M 16.5 N/M N/M -9.6 15.3 13.7 22.6 57.6 32.5 8.5 15.7 10.4 20.7 9.9 15.8 22.0
0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0
YIELD 5.04% 7.23% 0.00% 4.26% 0.00% 1.11% 0.00% 6.51% 3.57% 2.89% 0.00% 13.11% 1.52% 3.23% 3.16% 3.20% 2.14% 3.75% 4.39% 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
LEGAL NOTICE
N O T I C E KERZNER INTERNATIONAL DEVELOPMENT (MOROCCO) LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) KERZNER INTERNATIONAL DEVELOPMENT (MOROCCO) LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 3rd day of December 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Kirvy Ferguson of 253 Shirley Street, Nassau, Bahamas Dated the 5th day of December, 2019 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company LEGAL NOTICE
N O T I C E KERZNER INTERNATIONAL DEVELOPMENT (MOROCCO) LIMITED Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 19th day of December, A.D., 2019. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator. Dated the 5th day of December, A.D., 2019. Kirvy Ferguson Liquidator 253 Shirley Street, Nassau Bahamas
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
THE TRIBUNE
Friday, December 6, 2019, PAGE 9
BTC: No insurer payout for $25m Dorian damages FROM PAGE ONE “We currently estimate up to $25m of property and equipment additions will be required to restore the damaged networks in The Bahamas, of which approximately $5m has been incurred as of September 30, 2019,” CWC said in its regulatory filings. “We expect our restoration work to continue into 2020.” Turning to BTC’s insurance situation, it added: “The amounts payable under our weather derivative did not exceed the deductible threshold. As such, we will not receive a third-party payment to cover this damage. “While our assessment of the losses attributable to Hurricane Dorian is ongoing, our preliminary evaluation has resulted in a $14m impairment of fully damaged or destroyed assets, primarily property and equipment. During the three and nine months ended September 30, 2019, the effects of Hurricane Dorian negatively impacted
our revenue and operating cash flow by an estimated $5m and $8m, respectively. “Although these negative impacts will decline as the networks are restored and customers are reconnected, we expect that the adverse impacts of Hurricane Dorian on our revenue and operating cash flow will continue through the remainder of 2019 and beyond.” CWC said BTC’s numbers for subscribers and homes impacted were based on data it possessed at August 31, 2019, just as Dorian struck the northern Bahamas. “We are still in the process of assessing the impact of the hurricane on our networks and subscriber counts,” CWC added. “The impacted areas in The Bahamas include approximately 30,200 homes passed; 7,700 telephony RGUs (revenue generating units); 3,800 Internet RGUs; 900 video RGUs, 4,400 postpaid mobile subscribers and 36,500 prepaid mobile subscribers.” Balan Nair, chief
BTC HEADQUARTERS executive of Liberty Latin America (LiLAC), CWC’s parent and BTC’s ultimate controlling 49 percent owner, previously said Abaco had suffered “a huge humanitarian disaster” as a result of the category five storm. While Abaco was “not one of our bigger revenue stream islands”, Mr Nair
said it would likely take BTC and its parents into 2020 to completely restore communications services. “On Hurricane Dorian, we think some time next year we’ll get back to prehurricane levels,” Mr Nair said. “There is two parts to the story. First, Grand Bahama island, where we are focused, where we
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, TELIA SHEARER of Charles Saunders Highway, P.O.Box EE17365 Bahamas, Mother of LUKAS TRACY BENTLEY KNOWLES intend to change my child’s name from LUKAS TRACY BENTLEY KNOWLES to LUKAS ARNAV ARMBRISTER. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
are completely rebuilding there, and getting there. “A lot of our B2B (business) customers have come
back, our fixed networks are being built and our mobile network is being stood up. Then there’s the other island, Abaco, where it’s really a huge humanitarian disaster there. “There’s hardly any commercial activity but that will come back. That may take a little bit longer but it was not one of our bigger revenue stream islands anyway. But we are focused on bringing some new technology there that we can use to reduce construction costs; a lot more fixed wireless. I feel good about The Bahamas; I feel really good about my team as well and how we responded to that.”
NOTICE NOTICE is hereby given that WESLEY CALIX of Ross Corner, Nassau, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 29th day of November, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Notice is hereby given that, in accordance with Section 138(4) of the International Business Companies Act 2000 the above-named Company is in dissolution, which commenced on the 20th, day of November 2019. The Liquidator is Dillon R. Dean of Nassau Bahamas
PAGE 10, Friday, December 6, 2019
Fidelity investors to gain $16.45m early xmas gift FROM PAGE ONE (Bahamas) typically tries to return 70 percent of its annual net income to shareholders in the form of dividends. That ratio will this year be boosted by the longpromised proceeds from the RoyalFidelity disposal. While the majority, some 75 percent, will be claimed by the commercial bank’s ultimate parent, Fidelity Bank & Trust International, the retail investors and institutions
that make up the 25 percent minority will at least have more than $4.11m to cheer about. Both the 31 cents per share regular dividend, and 26 cents per share extraordinary dividend, are due to be paid out on December 13 to shareholders of record as at Wednesday, December 11. Thus the total payout will be equivalent to 57 cents per share. Mr Bowe revealed that Fidelity Bank (Bahamas) is “tracking” for a full-year
THE TRIBUNE 2019 profit, meaning that ordinary capital returns to shareholders will be around $17.5m in total. Adding in the RoyalFidelity dividend takes that to near $25m. “I think what we are mindful of certainly is there’s a balance between returning capital to be deployed and returning capital to shareholders,” the Fidelity Bank (Bahamas) chief financial officer explained. “The lending market is not expanding, and there are a number of headwinds facing the industry. We didn’t have fantastic lending conditions before the hurricane, and subsequently knew there would be some challenging events even though I don’t believe the economy’s prospects are as dim as people project. “Holding that $7.5m in extra equity, we don’t have useful resources to deploy it into. If you’re not expanding the loan portfolio it has to be held in cash deposits that are paying little to no interest or invested in fixed income securities which are not our primary business.” Mr Bowe argued that the wisest “investment decision” was thus to return the full $7.5m to shareholders as a reward for the risk taken. He added that, even after the dividends were paid, Fidelity Bank (Bahamas) will have a risk-weighted capital ratio of more than 21 percent well ahead of the 17 percent minimum set by the Central Bank. “There’s no need to retain any more capital,” he said. “We have significant headroom to sustain any unforeseen circumstances that reduce profitability or cause unforeseen circumstances for the institution.” Mr Bowe added that the BISX-listed bank always deployed capital in a manner to keep it within its 20-25 percent return on shareholders’ equity target range. “That means we have to balance between ensuring we’re not over-capitalised as it then becomes difficult to earn a return,” he explained. “We remain true to our underlying principles, and ensure the return is commensurate with the risk taken, and that is between a 20-25 percent return on equity.”