thursday, december 15, 2016
business@tribunemedia.net
$3.85 ‘Put money where mouth is’ on $70m mobile offering By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Some institutional investors are seeking extra time to make a “maximum investment” in the new mobile operator’s majority shareholder, with the process at the “put your money where your mouth is” stage. Gowon Bowe, one of the Government’s advisers on the placement of HoldingCo’s shares, told Tribune Business that potential investors were now requesting if their cash flow needs could be “accommodated”.
Investors try to match HoldingCo appetite, cash Some seeking extended period to take ‘maximum’ While willing to take up their full allocation of HoldingCo equity, Mr Bowe explained that some investors did not currently have the financial resources to do so, and See pg b11
$3.90
$3.86
$3.89
BOB ‘boggles mind’ with 46% bad loans By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
More than 46 per cent of Bank of the Bahamas’ $510 million loan portfolio is now impaired, with ‘bad’ credit extended to business customers exceeding the sum that remains current. The BISX-listed institution’s long-suffering shareholders yesterday told Tribune Business that its latest travails, disclosed in the annual results for the year to end-June 2016, “boggle the mind”. The financials, signed off by its Board of Directors
on December 13 after they obtained a three-month extension to publication from BISX and the Securities Commission, provide further insights into the depth of its woes and the extent to which the Government (via the Bahamian taxpayer) continues to prop it up and prevent its collapse. Among the highlights are: * The 10.5 per cent yearover-year decline in Bank of the Bahamas’ net loan portfolio, from $569.411 million to $509.884 million, resulted in the proportion of non-accrual loans (those that are non-performing/
impaired) jumping by almost five percentage points. Non-accrual loans rose from 41.27 per cent of the total portfolio to 46.07 per cent at end-June 2016, even though the total sum involved - $234.886 million - was largely flat with the 2015 numbers. However, the figures again show that unless more non-performing loans are removed from Bank of the Bahamas’ balance sheet, its prospects of recovery and a return to sustained profitability remain slim. Impaired commercial loans, worth $92.869 See pg b10
Business that “the most ironic part of this whole situation” affecting Freeport’s stricken hotel assets was the concessions granted to Hutchison Whampoa earlier this year by the Christie administration. The Government, as part of efforts to restructure its relationship with the Grand Bahama Port Authority (GBPA), granted the Hong Kong-based conglomerate and all its Bahamian sub-
sidiaries a ‘blanket’ 20-year extension of their real property tax, income and capital gains tax exemptions. In contrast, all Bahamian and other foreign investors in Freeport have to apply to receive the same incentives, and these are reviewable every five years as the Government seeks to tie tax breaks to ‘performance’. Hutchison Whampoa, though, has yet to See pg b6
Some $235m of $510m credit portfolio is ‘impaired’ Govt now accounts for 53%, or $404m, of deposits Central Bank in ‘supervisory interventions’ Regulator imposes capital ratio above sector norm
NHI manager: 70% of physicians Hutchison slammed for ‘pocketing tax breaks’ as Freeport hotels sink agree to scheme’s terms By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The National Health Insurance (NHI) scheme’s project manager yesterday said almost 70 per cent of physicians who attended last week’s briefing sessions had indicated they would accept its proposed fee structure and sign-up as See pg b6
Says meeting attendees ‘responded positively’ Directly contradicts doctor accounts Admits NHI can’t work without doctor buy-in
Businessman blasts web shop ‘scourge’ By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
A Long Island businessman has slammed web shops as a “scourge” that is “drying up” the island’s economy, with residents prioritising gambling above everything else. Mario Cartwright, a co-founder and past president of the Long Island See pg b13
Money sucked away ‘drying up’ Long Island Residents prioritise gaming above groceries Island in ‘state of serious decline’
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Grand Bahama’s largest investor was yesterday slammed for failing to properly kick-start repairs to the island’s storm-ravaged tourism product, despite pocketing millions of dollars in tax concessions from the Government. K P Turnquest, the FNM deputy leader, told Tribune
Grand Lucayan, Memories repairs yet to begin Resort area described as ‘ghost town’ Port Lucaya gives tenants 50% rent discount
THE TRIBUNE
Thursday, December 15, 2016, PAGE 3
No GB electricity rate rise for 5 years
Grand Bahama residents and businesses will see no increase in their electricity rates “for the next five years”, after the island’s utility agreed to absorb Hurricane Matthew’s $27.5 million restoration costs itself. The Grand Bahama Port Authority (GBPA), in a statement issued yesterday, said Grand Bahama Power Company (GBPC) had agreed with its desire not to increase consumer bills to recover Matthew restoration costs. The electricity monopoly instead submitted a fiveyear plan to absorb, then “offset”, Matthew restoration costs itself via “prudent cost management and fuel purchasing” - the latter likely a reference to its hedging strategies. Sarah St George, the GBPA’s vice-chairman, said there would be no increase to Grand Bahama residents’ electricity bills between now and 2021, based on current rates. She added that GB Power had also agreed to delay implementation of its Hurricane Self-Insurance Fund, which would have added an extra charge to customer bills, until all Matthew restoration costs had been recovered. “As promised in our briefing of November 16, there will be no increase
GB Power to ‘absorb’ $27.5m Matthew hit Will recover repair costs itself, not through consumers Hurricane Insurance Fund also delayed to customers’ rates for the next five years when compared with 2016,” Ms St George said. “In addition, GBPC has also agreed to delay the previously approved Hurricane Self-Insurance Fund until Hurricane Matthew costs are fully recouped. We wanted to announce this as soon as possible to reassure everyone of rate stability as we move towards the eve of 2017”. The plan revealed by the GBPA is the opposite of GB Power’s immediate post-Matthew intentions, which were to recover its costs from consumers - but in way that did not cause further financial and economic hardship. Emera, the Canadianheadquartered utility that is GB Power’s 80.4 per cent majority shareholder, confirmed its intention to reclaim Hurricane Mat-
thew restoration costs from Grand Bahama businesses and residents last month. Emera’s financial filings for the 2016 third quarter said then that the rebuilding of GB Power’s transmission and distribution network was estimated to cost $25 million. “The Q3 2016 results for Emera Caribbean do not include any of the approximate $25 million of restoration costs, which are expected to be capitalised and recovered from customers over time,” Emera said of GB Power. However, following meetings between the GBPA, as regulator, and GB Power executives, major revisions were agreed. GB Power executives involved in the discussions were Sarah MacDonald, a director and Emera’s Caribbean head; Archie Collins, its president and chief executive; and Tony Lopez, GB Power’s chief financial officer. They spent one week meeting with the GBPA’s external electricity regulation consultant, with the Port left “fully satisfied that the relevant costs were properly and prudently incurred”. In return, the GBPA has approved the $27.5 million “prudent costs” incurred in restoring GB Power’s “uninsurable” transmission and distribution network, which
will be recovered over a five-year period starting on New Year’s Day 2017. The Port also praised the utility for its restoration effort, which would have lasted 15 months and caused “irremediable” harm to Grand Bahama’s economy, had it not brought in foreign crews and resources from Emera’s international network. “We have verified power restoration costs quantified at $27.5 million, comprising extensive labour and materials, which were required during the island-wide hurricane restoration exercise,” the GBPA said. “The GBPC recovery operation involved local and off-island crews, without which it is estimated the restoration would have taken 60 weeks (15 months) rather than six weeks. “The adverse economic impact resulting from a slow restoration - with its extended hardship and inevitable loss of business, tourism, trade and jobs - would have implied costs many times higher for the Grand Bahama community as a whole, and possibly proved irremediable, according to studies undertaken.” The GBPA added: “The Hurricane Damage Assessment Summary provided by GBPC included: 1,362 damaged transformers, 2,025 damaged poles, 1,150
EmploymEnt opportunity
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Will Faith Bellot or anyone knowing her whereabouts please contact the firm of Wells Legal & Corporate Services as soon as possible (242) 325-4618/9 or (242) 325-4177
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damaged brackets, 6,000 damaged insulators, 3.09 million feet of downed conductor wire; and 1,000 damaged arrestors. “Technical experts, 200 additional linemen plus local linemen, worked over 95,000 hours. Other workers and 130 additional pieces of mobile equipment were brought to bear on the natural disaster.” Ms St George added: “The hurricane has been a traumatic event for us all, but the power company deserves great credit for its handling of the power restoration at every level. “The physical restora-
tion was phenomenal in scope and pace, and it is a win-win situation for the island to go forward with no increase in rates over the next five years, and with an even better storm-proofed transmission and distribution system. “As regulator, we understand the cost issues faced by the power company and the price issues faced by consumers, without losing sight of the intrinsic value of a high-quality electricity service. We are extremely pleased with this outcome, which is to everyone’s benefit and affords us a brighter future.”
Share your news The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.
DR. SPARKMAN FERGUSON DR. TAMIKA FERGUSON ANNOUNCE The relocation of OPTIMUM DENTAL CARE to VILLAGE ROAD PROFESSIONAL CENTER #61 VILLAGE ROAD BUILDING A SUITE 3 TELEPHONE: 323-2755
PAGE 4, Thursday, December 15, 2016
THE TRIBUNE
CIBC pledges to assist Govt on infrastructure A CIBC FirstCaribbean International Bank executive says it is committed to assisting Caribbean governments achieve their infrastructure development goals. according to . Berisford Grey, its managing director of corporate and investment banking, said: “What we want to do is be there as a long-term partner with governments across the region so that we can help them to be leaders in terms of banking, and to realise the goals they want to achieve when it comes to infrastructure development.” Mr Grey was speaking after CIBC FirstCaribbean hosted its third annual Caribbean Infrastructure Finance Forum (CARIF) in Nassau. Delegates who participated in CARIF, held on December 6-7 at the British
Colonial Hilton, tackled issues such as the high cost of energy, the importance of public-private partnerships (PPPs), and the need for liquefied natural gas (LNG) in the Caribbean. Mr Grey said the purpose of the annual event is to allow CIBC FirstCaribbean to have consistent dialogue with its clients, and also allow it to understand what governments in different markets are thinking, identifying the type of opportunities that exist for different bankers to work with different clients. “The conference in our view was extremely successful; we had a lot of participation, and the panels were well educated in their specific fields,” Mr Grey said. “We’ve had two previous events that CIBC FirstCaribbean hosted alone - the first one was in the Baha-
mas, and the second one was in Jamaica. “We decided to team up with New Energy Events this year, which is an industry player that has held some significant conferences such as the Caribbean Renewal Energy Forum.” Deputy Prime Minister Philip Davis gave the keynote address, highlighting the need for more emphasis to be placed on renewable energy. He said Bahamas Power and Light (BPL) wants 20 per cent of its power from renewable energy within the next five years. Mr Grey said energy reform was one of the major highlights during the conference, and CIBC FirstCaribbean was willing to help the Bahamas accomplish that goal. He added that CIBC FirstCaribbean, which is the major lender to BPL’s
parent company, the Bahamas Electricity Corporation (BEC), plans to continue working with the Government to ensure its energy infrastructure needs are met. “That is significant…that basically means we have a lot of work to do, we have a lot of opportunities to fund, and we have a lot of strategic decisions to make as a region,” Mr Grey said. “When you talk about other infrastructure needs such as the airport and the sea ports, we want to help to structure deals the right way. Some of the structuring we wish to help the Government with are structures that don’t rely on government guarantees, thereby allowing them not to increase their fiscal deficit.”
Philip Davis, Deputy Prime Minister and keynote speaker at CARIF, is greeted by (L to R) Pim van der Burg, CIBC’s managing director, vorporate and investment banking; Jerry Butler, executive director, Inter-American Development Bank (IDB); and Jon Whiteaker, editor, IJGlobal.
Berisford Grey (right), managing director, corporate and investment banking, CIBC FirstCaribbean, addressed the audience about the importance of infrastructure investment in the Caribbean region with panellist Andrew Lee, managing director, CIBC Capital Markets, at CARIF 2016.
THE TRIBUNE
Thursday, December 15, 2016, PAGE 5
Call 502-2394 to advertise Holger Amman
Livingston Brown
Tina Bain
Carey expands into commercial property A Bahamian real estate broker has expanded its property management division to now include commercial property. Mario Carey said in a statement that the move represents a four-fold expansion of his existing residential property management company, which launched in 2013 and is headed by Tina Bain. A new four-person team, backed by office support staff, includes Ms Bain as managing director, who has been managing several vacation properties; two men with property design, construction and management expertise; and an administrator who handles accounting and financial management for the new division. “This was the last piece of the real estate business puzzle,” said Mr Carey. “We had been considering it for some time, but I just wanted to wait until we could get it exactly right - and that meant assembling a strong, solid team. I believe that we now have done so.” That team includes Ms Bain, Holger Amman and Livingston Brown, in addition to administration. “Each brings a unique talent and skill, and together we are talking about more than half a century of expertise,” Ms Carey said. Mr Amman combined
a career in the hospitality industry with construction and maintenance. He has designed two commercial and two residential buildings that he owned, working with architects to draw up plans, organising building materials, and supervising construction from the ground up. After each of the buildings was leased, he continued to maintain them. Mr Brown has more than 10 years in the hospitality field, and holds CIPM (Certified International Project Manager) and CPRM (Certified Project Risk Manager) accreditation. The office administrator has been tasked with related financial and accounting processes. All team members will be responsible for negotiating the best terms for clients with sub-contractors, suppliers and vendors. “Looking toward the future, I believe professional property management with highly personalised service will be one of the most important benefits a fullservices real estate firm can provide, because the single most valuable resource in the world - the only resource that can never be renewed or replaced - is time,” Mr Carey said. “And retaining professionals to manage property relieves the homeowner or business owner of so many
burdens, freeing them to do other things. It saves time, headache, and brings knowledge and expertise to the job. In a world filled with stress, having someone else manage your property is a great anti-stress measure.” The property management division falls under the umbrella of Mr Carey’s MCR Group, which provides appraisals, residential, commercial and industrial leasing, and short-term luxury vacation rentals. Real estate listings are handled under his Better Homes & Gardens Real Estate franchise, a brand that reaches 40 million homes a week across North America. Mr Carey, who has handled nearly $2 billion in transactions in a 30-plus year career, added: “We are excited about the introduction a professional property management division. “It is important for our current and future clients to appreciate that, for their own happiness and wellbeing, someone else can look after their property so that they own their home or business premises; they do not need to let that home or business own them. We would hope that the closing of a transaction is just the start of an ongoing relationship.”
CAREER OPPORTUNITY Career opportunities are available for ambitious career-oriented individuals at a mid size hotel. We are inviting experienced persons to apply for the following position:
Housekeeping Supervisor Prime Responsibilities and Duties are: • Assist with the supervision of the Room Attendants and Housemen. • Assign team members their duties and inspect work for conformance to prescribed standards of cleanliness. • Communicate with other Departments, particularly Front Desk and Engineering, to ensure that all standards in the rooms are met before assigning them for sale. • Prepare assigned Housekeeping Reports. Qualifications & Experience Required: • Potential applicant must possess a High School Education. • Must be computer literate • Excellent written and oral skills Competitive salary and benefits package are commensurate with experience. Interested persons should submit their resumes via e-mail to recruitment.humanresources@outlook.com
www.ub.edu.bs
MANAGEMENT Suitably qualified candidates are invited to apply for the following position at University of The Bahamas: Associate Vice President, Business Enterprise Unit responsible for providing strong oversight for multiple activities across a range of business operations and opportunities at the University including retail and facilities rental. Further duties and responsibilities include working pro-actively to develop new business opportunities; developing business proposals for existing and new customers; ensuring costs are reported and monitored to determine return on investments/objectives and improve general efficiency; working with key suppliers and network/source new suppliers in order to provide the most up-to-date and cost-effective client development solutions and developing innovative strategies for revenue growth, including undertaking interviews in order to get feedback and incorporate it into the institution’s growth plan. Applicants must have a Master of Business Administration (MBA) degree, with at least 5 years’ post degree experience at the management level. Applicants should submit by Wednesday 21st December, 2016 via email to hrapply@ub.edu.bs the following documents: • A cover letter of interest highlighting work experience and accomplishments relevant to the position; • Current Curriculum Vitae or Resume; • Copies of Qualifications and Certificates; • Copy of the relevant pages of a valid passport showing passport number, photo identification and expiration date; • Copy of N.I.B. Card; • Current Police Certificate; • One recent Passport photo; • At least three (3) written professional references. For more information visit: http://www.ub.edu.bs/about-us/career-opportunities/. Hard copy submissions will not be accepted.
PAGE 6, Thursday, December 15, 2016
Hutchison slammed for ‘pocketing tax breaks’ as Freeport hotels sink From pg B1 demonstrate its gratitude by beginning essential repairs in earnest at its largest resort property, the Grand Lucayan, which is having negative knock-on consequences for Memories, the Port Lucayan Marketplace and Freeport’s cruise industry. “They were given those extensions without any guarantees of investment, and they’ve pocketed the tax breaks,” Mr Turnquest, the east Grand Bahama MP, told Tribune Business of Hutchison Whampoa, as he criticised the Government for striking a deal that had yet to benefit Freeport. “Our backs are up against the wall, and they have no solution,” he added of the Christie administration. “They’re out of time and out of ideas.
“You’re either going to give the same incentives to everybody or tie them [Hutchison] to measurable, deliverable result. The Government has no idea how to get favourable results from them for the wider economy.” Many observers, and members of Freeport’s private sector, have privately confided to Tribune Business their belief that the Government gave up all its leverage over Hutchison Whampoa in return for the cruise port waiver (to facilitate Carnival’s project) and the $300 million Phase V container port expansion. There was a widespread feeling that the imposition of real property tax would have forced the Grand Bahama Development Company (DevCo), 50 per cent owned and managed by
NHI manager: 70% of physicians agree to scheme’s terms From pg B1 care providers. Dr Delon Brennen, speaking at a press conference at the NHI Secretariat’s headquarters, said: “The physician providers who were actually in the sessions, and have been a
part of the actual discussions, have actually responded very positively. “In our exit surveys, 70 per cent of them have responded to say that not only are they accepting of the fee structure, but they re willing to sign up and be a part of NHI Bahamas as we go
Business for sale Brief Description of Business • A profitable retail store in a plaza • Same location for over 20 years • License for a Pharmacy/ Prescription area • Loyal customers near schools and Government office • Turnkey operation, great retail inventory • Purchase contact with American Distributors • A real bargain at 70K
Hutchison Whampoa, to become proactive and start developing its 70,000-80,000 acres in order to offset the new ‘carrying cost’. “They’ve business more difficult to do in Grand Bahama with no result,” Mr Turnquest said of the Government’s much-trumpeted Freeport reforms, unveiled this summer. “There’s no incentive for Hutchison and the Port Authority to develop. All they’ve done is add a bureaucratic burden on Bahamians, and create a disincentive for investors to come to Grand Bahama.” Meanwhile, Freeport’s beleaguered tourism sector continues to languish, with industry sources speaking on condition of anonymity telling Tribune Business that the situation - fast approaching the peak winter 2017 season - is getting worse by the day. With Hutchison yet to begin repairs in earnest at the Grand Lucayan, 1,000 rooms at the island’s largest hotel remain out of action. And, given that the Hong
Kong conglomerate is the landlord for Memories, that resort property also has yet to be repaired, leaving its parent and affiliates (TUI and Sunwing) unable to set a re-opening date. Obie Wilchcombe, minister of tourism, could not be contacted for comment yesterday. However, one industry source told Tribune Business: “There’s so little activity, especially at Memories. You can drive there at 6pm and there’s not a light on in the place. In the day, there are a few cars there, but no one’s doing anything at all, which leads me to believe there’s something going on between Sunwing and Hutchison as to whose responsible for the repairs, and when they will start. “It’s really awful; it’s like a ghost town. It’s somewhat shocking that the Government have been so silent. They seem to be ducking the issue.” Another source, also speaking on condition of anonymity, added: “Memo-
ries have not given any indication as to when they’re opening. “The work has not even started on Memories yet; the repair work. It’s scary. It’s really bad. This island is really hurting. There’s no tourists; absolutely none. You go to Port Lucaya on Saturday, and there’s absolutely no one there.” Tribune Business was yesterday told that Port Lucaya Marketplace’s owner, recognising the struggles, had offered tenants a 50 per cent discount on their December rents provided they paid by a certain date. Prime Minister Perry Christie said that in Hurricane Matthew’s immediate wake, he had written to Hutchison Whampoa urging it to begin effecting immediate repairs to the Grand Bahama-based assets damaged by Hurricane Matthew. Meanwhile, Tribune Business contacts suggested that Hutchison Whampoa, which has submitted a $120 million insurance claim because of Hurricane Mat-
thew, did plan to effect repairs, but progress to-date had been “painfully slow”. Mr Turnquest, meanwhile, expressed concern that with the Grand Lucayan up for sale for several months now, Grand Bahama might see a repeat of the Royal Oasis situation in 2004, when that property’s owner shuttered the resort and left with the insurance monies. “From day one, that’s been a concern,” he told Tribune Business. “The Grand Lucayan is closed and who knows when it will fully open? The casino is closed, there are lay-offs in the industrial sector. It does not bode well for the immediate future of Freeport.” Mr Turnquest also pointed to the Government’s failure to-date to pay the 100-plus employees made jobless by the Treasure Bay casino’s closure, pointing out that this was its responsibility given that it had taken over payroll for the past two years in a bid to keep the facility open.
forward.” Dr Brennen’s comments directly contradict those of physicians who attended the New Providence provider sessions on December 6-7, with two other meetings held on Grand Bahama and Abaco on December 8. Numerous doctors, speaking on condition of anonymity, told Tribune Business that the capitation fee structure unveiled by the NHI Secretariat would leave many struggling to cover their overhead expenses. And, in potentially forcing many practices into a loss-making position, and having to potentially downsize staff and cut other costs, they warned the Government’s proposals threatened to compromise healthcare quality for Bahamians. These doctors suggested the NHI architects were trying to impose a “70 per cent across-the-board” fee cut, and squeeze everything into the $100 million budget allocated by the Government. And one physician said: “No one we have spoken to has agreed to provide services at this point in time.
“No one wants to sign up for something that is not going to work. They’re hell bent on doing something that we feel as a medical group is not in the best interests of the country.” They added that the Medical Association of the Bahamas (MAB) and its members had yet to even see a proposed contract to provide services under NHI, and there was “no way to have a relationship” with the scheme. Dr Sy Pierre told Tribune Business that the NHI Secretariat had promised that doctors would be able to register online to provide care under NHI. It had also suggested that “the final proposal” for physicians would look “very different” to the one that exists now. Without the participation of private primary care doctors, NHI cannot come into being because there simply will not be enough providers to cover a 360,000-strong population and reduce the burden on the existing public healthcare system. “We know that there has to be a critical mass of providers available for us to
be able to deliver services. What we look to do now is really try as much as possible to include all providers, primary care providers, into that number,” said Dr Brennen. Therefore, obtaining the ‘buy in’ of doctors is crucial for the NHI Secretariat. There are concerns, though, that the doctors likely to sign up for NHI will be those who are less successful and have smaller patient populations, potentially compromising healthcare quality. Dr Brennen yesterday said there were more than 1,100 physicians in the country, although not all of them are primary care providers. “What we are really looking at is how many primary care providers have been exposed to this information,” he added. “We have met individually with approximately 100 of those primary care providers to give them direct information. We have made the information available to many more of them through social media outlets, e-mail and direct mailing to them. “We have a large segment of the primary care provider community that has been exposed to the information, but we invite them to either come in or have us go to them to present to them one or one in small groups to explain the model.” Dr Brennen said one option for physician reimbursement was to become a Fee-For-Service primary care provider, where doctors will be paid using a simplified fee schedule. “This fee schedule has been developed in a way to ensure that it aligns with current practice patterns among local primary care physicians, as well as leading practices in other jurisdictions with mature primary care models,” he said. “Extensive research analysis was completed to ensure the proposed fees are fair to providers, and also responsible from the perspective of the Government
that should always keep the public interest in mind.” Dr Brennen added that a second option is a capitation model, where physicians will be reimbursed a set fee for each individual who signs up to be in their patient population. “Capitation payments will allow the Bahamas to move to a value-based model, which is the leading practice across the world, and would drive health improvements by incentivising team-based care, prevention and wellness,” he said. “The capitation rate for each patient will be different based on a patient’s age, gender and location. The proposed NHI Bahamas capitation rates also includes a 25 per cent premium compared to the Fee-For Service model to incentivise primary care physician providers, and expedite our journey to a value-based health care financing model.” Dr Brennen continued: “A third option is to signup for NHI Bahamas maternity care or infant care bundles, where physicians will be reimbursed for a package of services that are determined to be essential for pregnant women and infants up to two years of age. “Primary care physician providers who are on a fee-for-service or capitation model can also receive bundle payments if patients sign up with them for the duration of the pregnancy or for their newborns. “The reimbursement model has been designed according to what the Bahamas can afford as a country, and is in alignment with international best practices.” The NHI Secretariat’s permanent secretary, Peter Deveaux-Isaacs, said 240,00 Bahamians have their NIB smart cards in preparation for the rollout of NHI services.
Notice – CAFL This communication intends to explain why the CAFL took the position not to proceed with scheduled games. As we are all aware, in the aftermath of the recent hurricane many Bahamians are preoccupied with making financial arrangements for homes and businesses repairs. Therefore to allow the fullest amount of time to be spent in such pursuits we decided to postpone our CAFL activities until January 2017.
Contact at 356-4860 for details
While we are enthusiastically looking to resume our scheduled events nothing is or should be more important to us than the overall wellbeing of our members. Commencing in January 2017 you can look forward to seeing a buzz of activities as games and off-field events resume.
POSITION AVAILABLE
All team (Warriors, Stingrays, and Pros & Jets) players and coaches are asked to attend a very important meeting on Saturday, 1:00pm, December 17th 2016 @ The D.W. Davis playing field.
A leading organization is seeking to fill the positon of Administrative Assistant. The candidate must be administratively competent, organized, possess excellent customer service and communication skills, confidential, self-motivated, and a team player.
Notice by League Executive
ADMINISTRATIVE ASSISTANT
DUTIES AND RESPONSIBILITIES • Provide administrative assistance to Manager • Conduct special projects • Coordinate Promotional and Marketing Activities • Prepare Monthly Reports • Compile and Manage Customer Base • Complete Monthly Operational Reports • • • •
QUALIFICATIONS Bachelors Degree in Management Studies, Accounting, Marketing Excellent Writing and Public Speaking Skills Computer literate (Microsoft Word, Excel, Publisher, Access) Marketing, Accounting and Secretarial skills would be an asset
Resumes can be sent to: careersbahamas@gmail.com Deadline Friday 16th December 2016
THE TRIBUNE
PUBLIC NOTICE REDEMPTION of Treasure Bay Our Lucaya chips, pursuant to Gaming Regulation 67 (5) (a) (b) (c) of the Gaming Board of The Bahamas; effective December 2, 2016. Treasure Bay Our Lucaya Casino (hereafter referred to as The Casino) operates at Royal Palm Way, Grand Bahama Island. Please be advised that all denomination of chips may be redeemed at The Casino on or before December 22, 2016. The days provided to facilitate such are Mondays, Wednesday and Fridays, between the hours of 9:00 a.m. and 2:00 p.m. each day.
PUBLIC NOTICE REDEMPTION of Treasure Bay Our Lucaya unexpired slots tickets, pursuant to Gaming Regulation 69 of the Gaming Board of The Bahamas; effective December 2, 2016. Treasure Bay Our Lucaya Casino (hereafter referred to as The Casino) operates at Royal Palm Way, Grand Bahama Island. Please be advised that all unexpired slots tickets may be redeemed at The Casino on or before December 22, 2016. The days provided to facilitate such are Mondays, Wednesday and Fridays, between the hours of 9:00 a.m. and 2:00 p.m. each day.
THE TRIBUNE
Thursday, December 15, 2016, PAGE 7
The Bahamas Cycle Company will hold it Annual General Meeting on Thursday 15th, December at 5pm at the Magnolia Building on the corner of Bay St. and Elizabeth Ave.
NOTICE
NOTICE is hereby given that SHAQUILLE SMITH of #81 Gambier Drive, Freeport, Grand Bahama, 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 8th day of December, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that SHAWN SMITH of #81 Gambier Drive, Freeport, Grand Bahama, 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 8th day of December, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
PAGE 10, Thursday, December 15, 2016
BOB ‘boggles mind’ with 46% bad loans From pg B1 million at year-end 2016, exceed $70.98 million in ‘good credit’ extended to business borrowers by almost $22 million. The annual financials also reveal that Bank of the Bahamas has “termed out” some $38 million worth of overdrafts, which means that it has capitalised these short-term debts to convert them into long-term liabilities. “During June 2016, the bank termed out certain non-performing overdrafts to non-performing mortgage, commercial or consumer loans amounting to
$38 million,” the statements said. * Deposits by the Government and its agencies accounted for 52.8 per cent, or more than half, Bank of the Bahamas’ total deposits at the June 30, 2016, yearend. The Christie administration’s deposits at the BISXlisted institution jumped by 27.6 per cent or more than $87.4 million year-overyear, hitting $403.932 million compared to $316.503 million in 2015. This provides further evidence of just how heavily the Government is prop-
ping up Bank of the Bahamas, directing its agencies to deposit monies with it, and requiring new public sector hires to open accounts there. Bank of the Bahamas’ total deposits also grew yearover-year during its 2016 financial year, expanding by $67 million or 9.6 per cent to $764.353 million (they subsequently declined after year-end). This shows that without the Government increasing its deposits, Bank of the Bahamas’ would have suffered a full-year decline in this indicator, as private clients again withdrew more than they put in. * Bank of the Bahamas was non-compliant with four of its five key regulato-
ry capital ratios at end-June 2016, the annual financials revealing that the Central Bank of the Bahamas has made “certain supervisory interventions” with it. The nature of these “interventions” was not revealed, but on September 30, 2016, the Central Bank increased one of its key regulatory capital ratios beyond the norm specifically for Bank of the Bahamas. “The Central Bank is aware of these regulatory deficiencies, and has imposed certain supervisory interventions on the bank. The bank continues to report to the Central Bank on its progress,” Bank of the Bahamas’ annual financial statements state. “Effective September 30, 2016, the Central Bank in-
MARKET REPORT WEDNESDAY, 14 DECEMBER 2016
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,928.50 | CHG 1.22 | %CHG 0.06 | YTD 104.55 | YTD% 5.73 BISX LISTED & TRADED SECURITIES 52WK HI 4.25 17.43 9.09 3.55 4.70 0.12 8.23 8.50 6.10 10.60 15.50 2.72 1.60 5.82 9.15 11.00 9.00 6.90 12.25 11.00
52WK LOW 2.50 17.43 8.19 3.50 1.77 0.12 5.50 8.05 5.50 7.66 12.59 2.18 1.31 5.60 6.60 8.56 6.12 6.35 11.81 10.00
1000.00 1000.00 1000.00 1000.00
900.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01
1.00 105.50 100.00 100.00 105.00 100.00 100.00 10.00 1.01
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 Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00 100.00
52WK LOW 100.00 100.00 100.00
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +
SYMBOL FBB17 FBB18 FBB22
Bahamas Note 6.95 (2029) BGS: 2014-12-3Y 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 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
MUTUAL FUNDS 52WK HI 2.01 3.91 1.93 169.70 140.34 1.45 1.67 1.56 1.09 6.94 8.65 5.92 9.94 11.15 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.40 1.61 1.50 1.03 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 4.06 15.85 9.09 3.52 1.77 0.12 5.60 8.50 5.83 10.29 13.23 2.09 1.60 5.82 9.15 10.95 8.74 6.75 11.93 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 109.37 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.06 15.85 9.09 3.52 1.77 0.12 5.60 8.50 5.83 10.32 13.23 2.02 1.60 5.82 9.15 10.95 8.74 6.75 11.93 10.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.00 -0.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.11 100.00 100.00 100.00 10.00 1.01
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
109.44 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.07 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
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund
VOLUME
5,150
VOLUME
NAV 2.01 3.90 1.93 169.70 140.34 1.45 1.67 1.56 1.09 6.94 8.65 5.92 9.59 11.15 9.57
EPS$ 0.304 1.351 1.086 0.220 -1.134 0.000 0.185 0.551 0.508 0.541 0.528 0.094 0.166 0.510 0.612 0.960 0.650 0.703 0.756 0.000
DIV$ 0.090 1.000 0.000 0.160 0.000 0.000 0.187 0.260 0.200 0.360 0.610 0.060 0.040 0.240 0.275 0.000 0.280 0.120 0.640 0.000
P/E 13.4 11.7 8.4 16.0 N/M N/M 30.3 15.4 11.5 19.1 25.1 21.5 9.6 11.4 15.0 11.4 13.4 9.6 15.8 0.0
YIELD 2.22% 6.31% 0.00% 4.55% 0.00% 0.00% 3.34% 3.06% 3.43% 3.49% 4.61% 2.97% 2.50% 4.12% 3.01% 0.00% 3.20% 1.78% 5.36% 0.00%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST 7.00% 6.00% Prime + 1.75%
MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022
6.95% 4.00% 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 15-Dec-2017 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% 3.11% 4.17% 3.28% 4.34% 2.07% 2.93% 4.73% 5.64% 5.70% 7.66% 2.86% 3.86% 2.64% 3.93% 2.51% 3.63% 5.44% 4.48% 4.05% 8.28% 5.93% 13.53% 2.73% 4.73% 3.97% -3.53% 2.96% 4.33% -4.26% -6.22%
NAV Date 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
THE TRIBUNE
creased the minimum capital requirement for the ratio on Total Capital to Total Risk Weighted Assets to 18 per cent for the bank. “ The standard for this ratio is 17 per cent, meaning that Bank of the Bahamas must now hit a standard that is one percentage point higher than the industry norm. Its $40 million rights issue, which was “entirely” taken up by the Public Treasury, was intended to bring all the bank’s capital ratios into line with the Central Bank’s requirements - at least for the moment. * Bank of the Bahamas’ external auditors, KPMG, in their first year on the job did not qualify their audit opinion, seemingly on the basis of the Government’s continued financial support. However, it did flag up its ‘going concern’ note and the BISX-listed institution’s problems in meeting the Central Bank’s regulatory capital requirements. “The bank has experienced continuing operating losses for the last several years, and was also noncompliant with certain of its externally imposed regulatory capital requirements as at June 30, 2016, and 2015,” KPMG noted. “Management does not expect that the continued operating losses or regulatory capital deficiencies will impact the bank’s continuing ability to operate as a going concern.” Acknowledging the bank’s $94.004 million accumulated deficit at endJune 2016, KPMG referred to both its Board-approved ‘strategic plan’ and the Government’s continued support as the basis for its ‘non-qualification’, although it appeared uncertain as to how long the latter will last. “Management has developed a strategic plan intended to improve the operations and financial viability of the bank, and does not expect that the continued operating losses or regulatory capital deficiencies will impact the bank’s continuing ability to operate as a going concern,” the annual financial statements said. “The Government, as majority shareholder, has confirmed that it remains firmly committed to supporting the continuing operations of the bank, including the implementation of the strategic plan approved by the Board to address these deficiencies, and will ensure that adequate resources are provided to enable the bank to satisfy its financial obligations and its regulatory capital requirements for at least the next twelve months and, in fact, for the foreseeable future.” Bank of the Bahamas has yet to release, or discuss, its “strategic plan” with the 3,000 minority investors
who now hold just over 20 per cent of its equity. While its $23.407 million net loss was in line with the unaudited estimate contained in its $40 million rights offering prospectus, shareholders were quick to vent their concerns yesterday. Mike Lightbourn, the outspoken president of Coldwell Banker Lightbourn Realty, told Tribune Business of the bank’s performance: “It boggles the mind. “What it is, is a farce. It’s a disgrace and a joke. Anywhere else in the world, the bloody bank would be closed.” Dionisio D’Aguilar, the FNM candidate for Montagu, told Tribune Business that the Government had “no choice” but to stand behind Bank of the Bahamas, given that the consequences for the economy and its depositor would be far worse should it fail. “It’s a government bailout to the tune of millions of dollars a year,” he told Tribune Business, adding that the 46 per cent of loans that were impaired was “a pretty poor reflection on what management did”. “Their loan policies were pretty slack,” Mr D’Aguilar added. “It would be interesting to see how many were of a political nature. It didn’t go to me. I didn’t get a penny.” The Bank of the Bahamas financial statements also disclose that the Bahamian taxpayer is now ‘on the hook’ for the $45.2 million worth of loans transferred to Bahamas Resolve, the Government’s special purpose vehicle (SPV). Should Bahamas Resolve fail to recover the loans it has received, and finance the interest payments due on the $100 million in government bonds used to fill the hole on Bank of the Bahamas’ balance sheet, the taxpayer will be called into action yet again. “As a part of the transaction, the bank received an irrevocable Letter of Support from the Government,” the annual financials said. “The Letter of Support pledged the Government’s support of the SPV to enable it to satisfy its obligations under the notes, and confirms that, in the event of default by the SPV, the bank can seek to recover outstanding balances from the Government.” An accrued interest receivable of $708,333 was owing to Bank of the Bahamas from Bahamas Resolve at end-June 2016, with the bank now having the ability to redeem all - or part - of the $100 million in bonds. The Bahamas Resolve ‘bail out’ thus represents a transfer of liabilities from Bank of the Bahamas’ shareholders to the Bahamian taxpayer.
Commonwealth Of The Bahamas IN TIIE SUPREME COURT Family Division Between:
2015/FAM/div/00148
LAKEISHA FELISHA KELLY AND LEON VINCENT KELLY
Petitioner
Respondent
NOTICE A Divorce Notice of Application for Ancillary Relief has been filed by Miriam J. Curling & Co, herein on behalf of the Petitioner, Lakeisha Felisha Kelly, seeking inter alia a decree under Section 73 (1) (b) (i) of the Matrimonial Causes Act. Leon Vincent Kelly may apply to the Registry of the Supreme Court of the Commonwealth of The Bahamas, Bank Lane, Nassau, Bahamas or to the Chambers of Miriam J. Curling & Co, The Potpourri Building, Market and King Streets, Attorneys for the Petitioner for a copy of the Notice of Ancillary Relief and Affidavit of the Petitioner filed in this matter. If within Twenty-one (21) days he has not communicated with the Registry or the said Attorneys for the Petitioner the Court may hear and determine the matter in his absence.
MIRIAM J. CURLING & CO. Attorneys for the Petitioner
THE TRIBUNE
Thursday, December 15, 2016, PAGE 11
‘Put money where mouth is’ on $70m mobile offering From pg B1 were requesting extra time to come up with the full payment. “That process has been going well,” Mr Bowe said of the Government’s efforts to divest itself of the 100 per cent equity stake in HoldingCo. “A number of investors have had Board meetings, or meetings with Boards, so we’re getting commitments back on where their investment appetite is in terms of a dollar amount. Boards have also been authorising entities to sign the necessary instruments for exchanging information.” Mr Bowe said this would allow institutional investors access to previouslyconfidential documents, including the various agreements between HoldingCo and Cable Bahamas, the company that won the bidding for the second mobile licence. This will enable potential investors to conduct in-depth due diligence, and assess the financial performance prospects for Aliv, the new mobile operator that has just launched commercial services in New Providence, Grand Bahama and Abaco. “There’s information flow, and now we’re getting down to putting your money where your mouth is,” Mr Bowe told Tribune Business of the HoldingCo share placement process. “It’s still positive, and a number of scenarios are being discussed.” HoldingCo is the 51.75 per cent majority shareholder in NewCo 2015, operating parent of Aliv, the
new mobile operator for which BISX-listed Cable Bahamas has Board and management control, along with the remaining 48.25 per cent equity interest. The Government, as was permitted by the second mobile bidding process, has temporarily taken up 100 per cent of HoldingCo’s equity as a means to ensure that the company could finance its share of Aliv’s network build-out/infrastructure costs. The Christie administration used the $62.5 million spectrum fee paid by Cable Bahamas to do this, merely ploughing it back into NewCo2015 and Aliv through HoldingCo. However, it is especially eager to reclaim that $62.5 million by selling all of HoldingCo’s share capital to private, institutional Bahamian investors, thereby exiting the company and gaining significant cash flow for the Public Treasury. Mr Bowe, who is advising the Government’s Cellular Liberalisation Task Force, the ‘point agency’ on the HoldingCo sell-off, said investors were seeking to match their investment appetite with cash flow. As a result, they were asking whether they could pay for their investment in two tranches, making one payment now and another at a later date. “They’re questioning: What if we do ‘x’ amount in January, and ‘x’ amount in July,” Mr Bowe explained to Tribune Business. “Would the Government afford us the opportunity to do two tranches from a cash flow perspective? “There’s a lot of work
going in, with persons saying they want to do a larger stake in cash, but they can’t do it all at once. “The good news is that persons want to take up the maximum offering. There’s going to be a limit [on how much one investor can subscribe for] so it’s not dominated by one shareholder,” he continued. “There’s a lot of appetite to take up the maximum, but they’re asking: Do we have a period of time to do it, and what will that period be? Would there be a subscription process that allows participants to pay over time? “This is a ‘put your money where your mouth is’; no IOUs. They’re saying: This is what we can take when we can afford it; can you accommodate us?” Mr Bowe said the situation was akin to a share issue’s underwriter retaining a portion of the stock, then selling it into the market at a later date when demand has materialised. “It’s up to the Government to decide what terms they will accept,” he added, pointing out that the Christie administration had been happy to let the Task Force and its advisers “take the lead” on the HoldingCo placement process. “The Government has not interfered in the actual exercise,” Mr Bowe said. “It’s just a matter of coming to them with a final proposal, and keeping them abreast of the nature of the
to advertise today in the tribune call @ 502-2394
talks and saying this is the way we propose to do this.” Mr Bowe also revealed that $70 million is the “ball park” figure that the Government and Task Force are seeking to raise by placing 100 per cent of HoldingCo’s share capital. He did not, though, disclose when the private
placement of HoldingCo shares is likely to be completed, given that previous timelines of August/September were missed, with Hurricane Matthew contributing to a further delay. Given the ‘start-up’ nature of HoldingCo and Aliv, the Task Force and its advisers have focused on
pitching to sophisticated, institutional investors such as pension funds, credit unions and mutual funds. This is designed to maximise the ‘spread of wealth’ and Bahamian participation, given that these investors’ members and beneficiaries represent thousands of people.
CAREER OPPORTUNITY Career opportunities are available for ambitious career-oriented individuals at a mid size hotel. We are inviting experienced persons to apply for the following positions:
Engineering Can-Fix-It
Essential Job Functions: • Repair minor electrical issues, appliances, and minor plumbing. • Must be able to repair drywall, flooring, carpentry, masonry and do remodeling jobs. • General knowledge to repair heating and cooling units, painting the exterior and pressure washing. Position Requirements: • Must have three years of hands on experience in the maintenance field. • Experience in the Hotel Industry will be a plus.
Cook
Essential • • • • •
Job Functions: Inspect food preparation and serving areas to ensure observance of safe, sanitary food-handling practices. Turn or stir foods to ensure even cooking. Prep, season and cook food according to recipes or personal judgment and experience. Observe and test foods to determine if they have been cooked sufficiently. Weigh, measure, and mix ingredients according to recipes or personal judgment, using various kitchen utensils and equipment. Prepare staff meals.
Position Requirements: • General knowledge of working in a commercial kitchen. • Knowledge and ability to use basic work tools and equipment.
Bartender Essential • • •
Job Functions: Properly stock and set up bar at the beginning of each shift. Make certain that all drinks prepared for guests are at industry standard. Ensure that the required amount of liqueurs are dispense for all drinks.
Position Requirements: • High School Diploma required. • Two years experience as a Bartender required.
Utilities
Essential Job Functions: • Perform duties to maintain kitchen work areas and restaurant equipment and utensils in clean and orderly condition. • Transfers supplies and equipment between storage and work areas by hand or by use of hand truck. • Sets up banquet tables, when required. • Keep all equipment in the food and beverage areas are in good condition. Report any breakdowns in equipment to management. Position Requirements: • High school graduate or equivalent. • Previous hotel-related experience desired.
Guest Service Representative Essential • • • •
Job Functions: Register guests and assign rooms. Assists in pre-registration and blocking of rooms for reservations. Thoroughly understands and adheres to proper credit, cheque-cashing, and cash-handling policies and procedures. Processes guest check-outs.
Position Requirements: • High school graduate or equivalent. • Must have the ability to work independently
Accounts Clerk Essential • • • • •
Job Function: Prepare all accounts receivable invoicing. Maintain and update all accounts receivable and accounts payable files. Perform all clerical work in the accounts department as assigned. Answer incoming calls and provide routine information in response to inquiries. Assist in accounts payable month/year end closing.
Position Requirements: • High school graduate with accounting background. • Knowledge of Excel and Microsoft Word. Competitive salary and benefits package are commensurate with experience. Interested persons should submit their resumes via e-mail to recruitment.
humanresources@outlook.com
PAGE 12, Thursday, December 15, 2016
THE TRIBUNE
$38m CLICO payout set for January 2017 By NATARIO McKENZIE
nmckenzie@tribunemedia.net
The final $38 million CLICO (Bahamas) payout is expected to occur in January, a Cabinet Minister said yesterday, confirming that it would take the form of bonds and not cash. Michael Halkitis, minister of state for finance, yesterday confirmed previous Tribune Business revelations that Leno Corporate Services has been hired to structure and advise on the bond placement. These notes will compensate the insolvent insurer’s former Executive Flexible Premium Annuity (EFPA) annuity clients and persons who surrendered their pension policies, and are owed more than $10,000. Mr Halkitis’s comments came as he spoke in Parliament yesterday during the second reading and committal of a Bill to amend the National Insurance Act
uating proposals from companies that have expressed interest in managing Coral and its insurance portfolio. “Once selected, the manager and the new Board of Directors, which have been selected, along with the business plan, would be presented to the Insurance Commision for approval. We expect that to be complete by January so the payout can be made,” said Mr Halkitis said. He added that Coral would not be taking on any new business. Tribune Business understands there are two contenders for the management company - BISX-listed Family Guardian, and BAF Financial. “At the end of the day, Coral will be a governmentowned entity,” one source previously told Tribune Business. “Once the company is set up, Leno will issue in Coral’s name the bonds to be distributed. They need the
the Minister said. “There were some individuals who, for several reasons, were not included in that first payout, approximately 300 of them. They might have been left out because they did not provide the necessary information at the time to enable them to be paid. “We expect the final payout to take place in January 2017 subject to the approval of the Insurance Commission, and we expect that to be in the region of approximately $38 million. This amount would be disbursed via a government bond to policyholders and not cash.” Mr Halkitis added that all active policies will be transferred into a new insurance company called Coral Insurance Company, which is a recently incorporated entity that will have to be approved by the Insurance Commission. Mr Halkitis said that Ministry of Finance is eval-
Minister: Payment to be in bonds, not cash
Tribune Business Reporter
Confirms Leno hired to place Govt paper $11m already paid to insolvent insurer’s clients and facilitate the National Health Insurance (NHI) plan’s implementation. The proposed January payout represents the second stage of the CLICO (Bahamas) process, following the cash portion payouts in March this year. That payout, according to Mr Halkitis, amounted to just over $11 million in total. “Policy payouts for each policyholder was to a maximum of $10,000, and many were far less than 5,000,”
Minister of State for Finance, Michael Halkitis company to be set up first, and Leno will do what it has to do.” The bonds will be issued in exchange for, and replace, the pledges issued to
THE WEATHER REPORT
5-Day Forecast
TODAY
FRIDAY
SATURDAY
SUNDAY
MONDAY
Partly sunny
Partly cloudy with a shower late
Partly sunny with a shower in spots
Partly sunny with a stray shower
Mostly sunny and humid
Mostly sunny and humid
High: 82°
Low: 70°
High: 81° Low: 70°
High: 82° Low: 73°
High: 84° Low: 73°
High: 84° Low: 73°
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
95° F
73° F
83°-71° F
89°-78° F
95°-79° F
95°-78° F
ORLANDO
TAMPA
High: 76° F/24° C Low: 56° 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
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ABACO
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High: 77° F/25° C Low: 70° F/21° C
8-16 knots
S
High: 79° F/26° C Low: 66° F/19° C
7-14 knots
FT. LAUDERDALE
FREEPORT
High: 81° F/27° C Low: 68° F/20° C
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WEST PALM BEACH
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uV inDex toDay
TONIGHT
High: 74° F/23° C Low: 53° F/12° C
High: 80° F/27° C Low: 66° F/19° C
MIAMI
High: 80° F/27° C Low: 67° F/19° C
6-12 knots
KEY WEST
High: 79° F/26° C Low: 71° F/22° C
ELEUTHERA
NASSAU
High: 82° F/28° C Low: 70° F/21° C
Forecasts and graphics provided by AccuWeather, Inc. ©2016
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The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.
tiDes For nassau High
Ht.(ft.)
Low
Ht.(ft.)
Today
8:26 a.m. 8:49 p.m.
3.6 2.8
2:04 a.m. -1.0 2:55 p.m. -0.8
Friday
9:18 a.m. 9:43 p.m.
3.5 2.7
2:57 a.m. -0.8 3:47 p.m. -0.7
Saturday
10:09 a.m. 10:38 p.m.
3.3 2.6
3:50 a.m. -0.6 4:39 p.m. -0.5
Sunday
11:01 a.m. 11:35 p.m.
3.0 2.5
4:45 a.m. -0.3 5:31 p.m. -0.3
Monday
11:54 a.m. -----
2.8 -----
5:41 a.m. 0.0 6:24 p.m. -0.2
Tuesday
12:32 a.m. 12:48 p.m.
2.4 2.5
6:41 a.m. 7:17 p.m.
0.3 0.0
Wednesday 1:31 a.m. 1:43 p.m.
2.4 2.3
7:42 a.m. 8:10 p.m.
0.4 0.1
sun anD moon Sunrise Sunset
6:47 a.m. 5:23 p.m.
Moonrise Moonset
7:29 p.m. 8:12 a.m.
Last
New
First
Full
Dec. 20
Dec. 29
Jan. 5
Jan. 12
CAT ISLAND
E
W
High: 80° F/27° C Low: 74° F/23° C
N
S
E
W
6-12 knots
S
4-8 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 ................................................... 84° F/29° C Low .................................................... 70° F/21° C Normal high ....................................... 79° F/26° C Normal low ........................................ 67° F/19° C Last year’s high ................................. 85° F/30° C Last year’s low ................................... 67° F/20° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ............................................... 49.61” Normal year to date ................................... 39.06”
High: 78° F/26° C Low: 74° F/23° C
former CLICO (Bahamas) clients owed more than $10,000, and who received their first cash payments in February 2016.
ANDROS
SAN SALVADOR
GREAT EXUMA
High: 80° F/27° C Low: 75° F/24° C
High: 79° F/26° C Low: 75° F/24° C
N
High: 81° F/27° C Low: 73° F/23° C
E
W S
LONG ISLAND
insurance management tracking map
High: 81° F/27° C Low: 77° F/25° C
4-8 knots
MAYAGUANA High: 83° F/28° C Low: 76° 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: 77° F/25° C
High: 82° F/28° C Low: 76° F/24° C
GREAT INAGUA High: 85° F/29° C Low: 76° F/24° C
N E
W
N E
W
S
S
6-12 knots
6-12 knots
marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR
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 7-14 Knots ENE at 8-16 Knots NW at 6-12 Knots ENE at 7-14 Knots NW at 4-8 Knots ENE at 8-16 Knots E at 6-12 Knots ENE at 8-16 Knots NW at 4-8 Knots ENE at 8-16 Knots NW at 7-14 Knots E at 8-16 Knots N at 4-8 Knots ENE at 8-16 Knots NE at 6-12 Knots NE at 8-16 Knots E at 4-8 Knots ENE at 8-16 Knots E at 4-8 Knots NE at 8-16 Knots WNW at 4-8 Knots ENE at 7-14 Knots E at 6-12 Knots ENE at 8-16 Knots NW at 4-8 Knots ENE at 8-16 Knots
WAVES 3-5 Feet 3-5 Feet 0-1 Feet 2-4 Feet 2-4 Feet 3-5 Feet 1-3 Feet 2-4 Feet 2-4 Feet 3-5 Feet 2-4 Feet 3-6 Feet 1-2 Feet 1-3 Feet 1-3 Feet 2-4 Feet 1-2 Feet 2-4 Feet 3-6 Feet 3-6 Feet 0-1 Feet 2-4 Feet 1-3 Feet 2-4 Feet 1-2 Feet 3-5 Feet
VISIBILITY 10 Miles 10 Miles 10 Miles 6 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 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles
WATER TEMPS. 75° F 75° F 80° F 80° F 79° F 80° F 81° F 81° F 77° F 77° F 78° F 78° F 79° F 79° F 82° F 82° F 82° F 82° F 81° F 81° F 80° F 80° F 80° F 80° F 79° F 79° F
THE TRIBUNE
Thursday, December 15, 2016, PAGE 13
Businessman blasts web shop ‘scourge’ From pg B1 ber of Commerce, while addressing the Long Island Business Outlook this week, said the island was “in a state of serious decline”, with the 2008-2009 recession and Hurricane Joaquin’s devastation among the major causes. “The state of business in Long Island is weak and not gaining strength,” he charged. “From a socioeconomic standpoint, Long Island is in a state of serious decline. “Entire settlements are dying; just look at Roses in the south and Clarence Town. Businesses are closing down. Sadly, the same is happening in the other islands that make up the south-eastern Bahamas.” Mr Cartwright argued that while the private sector had already been reeling from the 2008 economic recession, the arrival of web shops had created another problem. “By 2012 they were in full swing. These gambling houses eventually carved out a major portion of the local economy for themselves,” he added. “It is unfortunate that many Long Islanders are avid gamblers. Playing numbers transcends everything in their lives. Money for gambling is set aside first before consideration is given for groceries, clothing and other vital household needs; it’s a pity.” Mr Cartwright said: “Every month, tens of thousands of dollars leave Long Island via human couriers who carry the money to the numbers house bosses in Nassau. “This money never comes back. This gambling scourge has caused a severe decay in the moral fibre of the Long Island community. Parents are setting a very poor example for their children. Legitimate businesses are suffering because the numbers houses are drying up Long Island’s economy one spin at a time.” Mr Cartwright added that the introduction of ValueAdded Tax (VAT) in 2015 has also driven up the cost of living. “The added cost didn’t end there,” he said. “Government agents insisted that businesses, no matter how small, should invest in point of sales systems to maintain accounting records and to properly report VAT receipts. “Some small businesses closed down because they could not afford a point of sales system and felt it was too cumbersome to do it manually.”
Mr Cartwright said that in the aftermath of Hurricane Joaquin in 2015, most businesses who had insurance were not made whole by their insurers, and the business community has received little help from elsewhere. “There is a total lack of financing available to Long Island businesses except cash guaranteed fixed deposits, required at 100 to even 110 per cent of the requested loan amount. This is absurd,” said Mr Cartwright. He added that Long Island’s population of around 3,000 people comprised of mainly the young and the old, with middle-aged working class individuals having migrated to other places for employment. “We need to stop the population drain. We need to put in place opportunities that will entice at least of some of our children to return home,” Mr Cartwright said. “For economic reasons, more and more citizens of the southern islands are being forced to move to an already overly-congested Nassau. Government must take immediate action, otherwise we will continue to see the gradual closure of businesses and depopulation of these south eastern islands. Everything is focused on New Providence.” Mr Cartwright added that the island’s lack of infrastructure, and absence of any apparent plan to address such needs, were a major deterrent to any new investor - whether foreign or local. “Our current infrastructure is deteriorating and we hear nothing new about improvements, apart from study after study being done,” said Mr Cartwright, adding that the Deadman’s Cay airport has outlived its usefulness. He challenged the perception that Long Islanders were independent and had no need for government intervention. “Long Island needs everything, and this misconception must be changed. Successive administrations, PLP and FNM alike, must stop giving Long Island lip service and peddling false hope. Long Island needs action now,” Mr Cartwright said. He suggested that the Government look at introducing substantial tax incentives to the island, major duty reductions, discontinue VAT, slash Business License fees, subsidise utility costs and bring about needed infrastructureimprovements.
NOTICE Pursuant to the Provisions of Section 138 (2) of the International Business Companies Act, 2000, (As Amended) NOTICE is hereby given that LETOSAN LIMITED has been dissolved and that the name has been struck from the Register of Companies with effect from the 28th day of November, 2016. Jaqueline E. Sterling c/o Edward Street P.O. Box 2254 Grand Cayman, Cayman Islands, KY1-1107