12242019 BUSINESS

business@tribunemedia.net

TUESDAY, DECEMBER 24, 2019

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Freeport ‘strangled’ by night flying woe

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FREEPORT stakeholders yesterday warned that the city’s economy will be “strangled” without the resumption of night flights after Sunwing’s Saturday afternoon departure was halted until the next morning.

Magnus Alnebeck, the Pelican Bay resort’s general manager, confirmed to Tribune Business that the Canadian tour operator contacted the hotel at 6pm on Saturday evening seeking rooms for its passengers after they were unable to depart the island on schedule.

He was informed that the Sunwing flight could not receive clearance for takeoff because it tried to depart after sunset from a Grand Bahama International Airport which, although now re-opened to international flights post-Dorian, does not have the necessary working lights to facilitate night flying.

“We got calls from Sunwing asking for rooms, and we accommodated 32 rooms,” Mr Alnebeck told Tribune Business. “We accommodated much more than stayed with us. I saw they were leaving early next morning [Sunday], and there was a big queue trying to get into the temporary terminal we have.”

He warned that Sunwing’s experience threatened to impact fledgling efforts to restore Grand Bahama to the tourist map following its disappearance for three-and-a-half months post-Dorian, especially since it could deter other international flights from resuming their schedules and bringing in much-needed airlift.

“In the short-term we’re not complaining because we were selling rooms,” Mr Alnebeck said. “That’s good

SEE PAGE 5

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A FORMER Immigration minister yesterday said the director of labour’s plan to link work permit approvals to the hiring of Bahamian understudies is “good in theory, but very onerous in practice”.

Branville McCartney, who held the post during the last Ingraham administration, told Tribune Business that such a policy must be looked at on an “individual case-by-case basis” depending on the company and application’s circumstances rather than applied “across the board”.

The ex-Democratic National Alliance (DNA) leader, while applauding the “intent” behind John Pinder’s proposal, warned it would be “very difficult to put that plan into practice” - especially if there were no qualified Bahamians

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QC’s ‘collapsed state’ fear if another Dorian Merchants MARLON JOHNSON

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE Bahamas “will be a collapsed state” if Nassau suffers a Dorian-type hit within the next two years, a well-known QC warned yesterday, urging: “This is not the time for half measures.”

Fred Smith QC, the Callenders & Co attorney and partner, told Tribune Business that the potential for another category five storm to hit the Bahamian capital should be a “wake-up call” for the government to “save Freeport by opening the immigration and investment doors again”.

Demanding “big strategic thinking” from the Minnis administration, Mr Smith urged it to relax the government’s grip on

• Says potential there if Nassau hit • Storm ‘wake-up call’ to save Freeport • ‘Vicious circle’ for GBPA/Hutchison

FRED SMITH QC the country’s second city and allow it to flourish as originally designed by the Hawksbill Creek Agreement’s founders.

The outspoken QC, suggesting that Dorian had reinforced the importance

of reviving a Freeport economy that was already “catatonic” pre-storm, added that The Bahamas can no longer rely on one island to generate three-quarters of its economic activity given that hurricanes and natural disasters linked to climate change could virtually wipe it out overnight.

He also argued that the reluctance of successive FNM and PLP administrations to let go had made the Grand Bahama Port Authority (GBPA) “amateurs” when it came to fulfilling its governance and development

responsibilities, and in attracting the new investment vital to Freeport’s growth and prosperity.

Mr Smith said the “red tape” and bureaucratic obstacles imposed from Nassau had also resulted in a “vicious circle” where the GBPA’s two family owners, the Haywards and St Georges, and their Hutchison Whampoa partner were constantly in “financial survival” mode and extracting any profits made via dividends - rather than reinvest in Freeport - due to the city’s inability to grow.

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMAS Power and Light’s (BPL) chairman yesterday revealed that the extra charge consumers must pay come March 2020 will likely be equivalent to 15 percent of their electricity bills.

Dr Donovan Moxey finally clarified that the National Utility Investment Bond fee, which will service BPL’s new $650m debt, will be calculated as a percentage of every business and household’s energy consumption.

He spoke after Tribune Business sought an explanation as to how much Bahamian companies will have to pay because BPL’s statements to-date have only referred to a $27 per month increase for the “average household” once the debt servicing

DR DONOVAN MOXEY charge is implemented early next year.

“We’re still in the midst of the bond, so I can’t say much beyond what we posted out there. What we have posted out there was the rate for the average consumer,” Dr Moxey said.

“That rate itself is based on a calculated, or estimated,

• Bran: ‘Good in theory, not in practice’ • Verdict on tying expat hires to understudies • Ex-minister: Can’t be applied ‘across board’

BRANVILLE MCCARTNEY available or willing to be trained as an “understudy” to expatriate labour.

Warning that it could be “very costly and onerous” for companies to hire and pay an understudy, in addition to financing the work permit and foreign worker’s salary, Mr McCartney questioned if applications would

be rejected when firms were unable to find Bahamians who could be trained up to take over.

Citing the pharmacy industry, in which his family’s Wilmac’s Pharmacy has retained a presence for many years, the former Cabinet minister said The Bahamas had suffered from a shortage of qualified local pharmacists for years.

Revealing that annual work permit fees for expatriate pharmacists had recently increased from $7,500 to 9,000, Mr McCartney argued that the government would impose “a bit of a strain” on the private sector if it forced local understudies to be recruited as well.

He confirmed that, when minister of state for Immigration, he looked at plans similar to those outlined by Mr Pinder but ultimately decided the practical implementation difficulties rendered it impossible - not least because it meant the government was potentially interfering with companies’ hiring practices.

“The intent is good,” Mr McCartney told Tribune Business of Mr Pinder’s proposal, “but in many cases these are persons who are hired in sectors where we don’t simply have the expertise, or those coming up don’t have the expertise, to be an understudy.”

SEE PAGE 3

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

the average bill that Bahamian households pay. The average bill is $180 a month.

So, just based on what I just told you, you can extrapolate some calculations there.

“Everybody is paying the same percentage on their bill, and that percentage that we gave you is an estimate because I can’t come out and tell you what it’s going to be because we’re still going through the rating agency process. That percentage will apply across the board to everybody’s bill.”

Many observers are likely to view BPL and the government as having been less than forthcoming on how much extra the private

SEE PAGE 5

SEE PAGE 6

SEE PAGE 4

• Chair confirms debt service levy • Will be calculated as bill percentage • Utility aims to offset via new engines price per kilowatt hour (KWh).

“Just look at it this way.

If you look at how that is calculated, the average Bahamian pays $180 per month, so that rate is a percentage of that $180 per month. So you can extrapolate that through to see what everybody else may pay given that estimated total.”

The $27 figure quoted in BPL’s recent advertisement therefore represents 15 percent of the $180 “average bill” referred to by Dr Moxey. “Everybody is going to pay the rate reduction bond rate,” the BPL chairman asserted.

“The calculation you saw was a percentage based on

in Xmas clearance scramble

BAHAMIAN merchants were yesterday scrambling to clear last-minute Christmas shipments due to combination of bad weather and compliance issues with Customs’ new system.

Tribune Business was told that some companies had run into the perfect storm as delays to both air and sea freight, due the unseasonal weather, were compounded by being “locked out” of the new Electronic Single Window (ESW) due to repeated attempts to take “short cuts” in the clearance process.

This newspaper understands that, in efforts to speed up the release of their goods, some merchants were constantly failing to enter all the necessary details required by the new Customs system. As a result, they were being flagged as chronic offenders and blocked from logging in to the Click2Clearbranded platform.

Marlon Johnson, the Ministry of Finance’s acting financial secretary, confirmed to Tribune Business there had been “some issues” yesterday morning with passwords being rejected and persons unable to log in to the system.

He added, though, that based on a report from Dr Geannine Moss, the Customs comptroller, the problems had been resolved within the hour and could

Consumers face 15% extra BPL bill charge

Labour chief’s permit plan ‘very costly and onerous’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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PAGE 2, Tuesday, December 24, 2019

THE TRIBUNE

PI resorts eye 90% Xmas occupancies

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net MAJOR Paradise Island resorts are eyeing 90 percent occupancy levels for the Christmas and New Year holiday, an industry executive said yesterday, with the sector closely watching March softness.

Carlton Russell, pictured, the Bahamas Hotel and Tourism Association’s (BHTA) president, told Tribune Business: “Rather than just looking at the Christmas and New Year’s period, let’s take in a big chunk. I think the proof is in the pudding, and the pudding is the year-to-date numbers.

“So, let’s just quickly go over 2018. We saw record-breaking results.

We had 6.6m tourists and, as the minister (Dionisio D’Aguilar) was hoping that we would crack the 7m limit, that would have represented a 16.9 percent increase year-over-year.

“Coming into 2019 we were on track to even surpass 2018 with a 14.1 percent increase between January and June. Of course, well, you know, Dorian came, slowed us down and it was very much expected that it would have slowed down and the end of year would have been a little sluggish.”

Mr D’Aguilar last month said the Ministry of Tourism and Aviation was working to close the 11 percent forward visitor booking gap created by Hurricane Dorian, but Mr Russell said yesterday: “I think the industry has bounced back quite well, and we are looking forward to a very successful Christmas and New Year’s.

“Since then I think Thanksgiving was quite healthy for all large and

medium-sized properties. There were one or two small properties that had some concerns, not only during Thanksgiving but also into the Christmas and the New Year’s.

But I must say occupancy is moving quite nicely. It’s increasing quite nicely for the Christmas and New Year’s.

“As a matter of fact, on Paradise Island, the bigger hotels are experiencing very close to 90 percent - or over 90 percent - occupancies during the period, and what we see this year as well is that there is a good stretch of business. We have been seeing activity as early as December 21, and it is going all the way through to about January 3 and January 4, so you are talking about ten-plus days of very solid business.”

Mr Russell continued: “That takes us into 2020, which is the first quarter.

Again, since Thanksgiving, we have been seeing the booking numbers climb.

There are one or two months that we do have some concerns and we are monitoring rather closely, particularly March. April looks good and we will continue to monitor those months.”

Asked why March is looking a little softer than April, the BHTA chief replied: “It’s just that what we are seeing, particularly over the last few months, is that business is being booked last minute. I think that is the concern with March; we are still far out in March. Obviously as we get into January and February we will start making some decisions, but I think it is going to fill up quite nicely because the momentum is there.”

Mr Russell then reiterated the hotel industry’s

long-held concerns that it is not competing on a taxation and regulatory “level playing field” with the rapidly-evolving Airbnb and vacation rental market.

“The question is second home rentals and what impact is that having,” he added. “Of course, as you know that’s always an area of concern for me for the mere reason that the playing field isn’t levelled and we need to ensure that that sector is regulated and they pay their taxes as well.

“Then, of course, there is also the qualification of those properties and what conditions are they in. Sometimes you drive down Carmichael Road, or you drive down West Bay Street, and you see some tourists coming from some really concerning areas and. It’s something we really need to be very much concerned of, because if anything happens we don’t need this industry to have a black eye for something that could have happened.”

As for expanding airlift into New Providence, Mr D’Aguilar said: “A lot of stuff is happening as it relates to airlift. Jet Blue in the first quarter of next year is adding a second daily flight from Boston to Nassau. We also have United as well adding from Denver to Nassau in March 2020.

“Silver (Airways) is adding a flight from Fort Lauderdale to Bimini, which is quite interesting, with its shared partners Jet Blue and United. Then, of course, what I really like is Air Canada. That’s a market we are very much interested in. They will increase their Montreal to Nassau non-stop flight from two to four flights per week this month, which started in December 2019. So along with the increase in airlift we do expect an increase in traffic and guests to our shores.”

THE TRIBUNE

Tuesday, December 24, 2019, PAGE 3

Businesses fret on BPL debt charge uncertainty

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BUSINESSES yesterday lamented the uncertainty over how much their electricity bills will increase due to Bahamas Power & Light’s (BPL) $650m refinancing, saying this had made it impossible to plan.

Brent Burrows, general manager of CBS Bahamas (Commonwealth Building Supplies), told Tribune Business the state-owned utility monopoly had provided no guidance as to what the private sector can expect in terms of increased energy costs.

“I have no idea on what it’s going to be,” he said. “They’re saying the average is $27 [per month] for households, but they haven’t said anything concerning businesses. But, of course, we are very concerned on any increase that we get that would increase our costs.

“It has been unbearable the last couple of years. Every time you look around there is some kind of increase. There has been no clarification to businesses as to what our increase is going to be, so we really don’t know. If it’s $27, I’ll be happy, but I’m sure it’s not going to be $27 for businesses.

PRIME Minister Dr Hubert Minnis tours BPL’s new power plant station at Clifton.

“That’s one of the problems we have in this country. They will wait until the last minute to go and tell us you have a five percent increase or whatever. So it seems as if they are doing things in hindsight, but they are not properly planning.”

Tribune Business yesterday received confirmation from Dr Donovan Moxey, BPL’s chairman, that the utility is currently estimating its refinancing will require all consumers to pay an extra charge equivalent to 15 percent of their existing light bill.

This sum, which will be called the National Utility Investment Bond fee, will repay interest and principal owed to the

international/local investors who purchase $650m in bonds to refinance a broke BPL. However, Dr Moxey conceded that the “15 percent” estimate is not set in stone, as the bonds have yet to be priced - meaning the interest rate investors will receive has not been determined. This, in turn, depends upon the strength of the credit rating that the $650m refinancing obtains from the international agencies such as Fitch and Standard & Poor’s (S&P).

No rating has yet been assigned.

David Charlton, managing director of The Prescription Parlour Pharmacy, said: “Any increase is not a good one, at the

end of the day, because it affects the bottom line and it also affects the prices you are going to pass on to the customer. Any increase in any commodity is not a good thing.

“The challenge is that government comes and government goes. It’s just that I think we need a national programme so that no matter who is in power the programme continues on. At the end of the day I think both parties are to blame for what’s going on with BPL because this problem has been festering for years. So I hope they have gotten it right, and should another party come into power I hope they continue with the plan if it is a successful one.”

Mr Charlton added: “I think the $27 rate increase is fair; at the end of the day it is marginal. It is not unfair for my company, but I can’t speak for all the other companies out there.

At the end of the day it is a drop in the bucket, but still any rate increase still resonates throughout your bottom line.”

Responding to Dr Moxey’s revelation that the bond servicing charge all consumers must pay will be equal to a “base minimum” of 15 percent of the bill, Mr Charlton said: “That’s going to be painful.

Our bill right now, because we are 24 hours and, even when we are closed we still have to maintain a certain temperature in our business because of the medication, we will feel it even when we are closed and not making any money.

“I hope they have gotten the formula right. I have travelled throughout the Caribbean and you would find that a lot of the Caribbean nations use solar heating and solar energy.

I think we are way behind when you compare to our brothers and sisters in the Caribbean when it comes to solar power.

“I think that government should mandate that every new house should have a solar water heater, because you would find this throughout the Caribbean. I don’t know why it has not been something that is mandated here in this country seeing how we have so much sun that we brag about.”

Norman Chea, general manager of John Chea’s number five supermarket, said of BPL’s additional debt servicing charge: “It’s going to be detrimental to any small business. Electricity sums up to roughly 50 percent of all of our fixed costs.

“I honestly don’t think anything is fair with the monopoly, and there is no regulatory agency as it were, and they are wholesaling it to the government.

I don’t think any monopoly is fair.”

Speaking under condition of anonymity, an operations manager for a large department store told Tribune Business: “What are we going to do?

That’s my only comment.

It’s going to be whatever they tell us. None of us are excited about an increase.

It’s kind of like VAT. The government sets the rate and that’s the rate - all increased costs gets passed on to the consumer.

“I don’t know what fair is. I don’t know if it’s fair or not. But what we are looking for is improved quality of electricity. We have gotten no correspondence from BPL on what the rate would be for businesses.”

BPL, in a recent advertisement, said the debt servicing fee will be seen in monthly customer bills from March 2020 onwards.

The utility is hoping that its new 132 megawatts (MW) of Wartsila-supplied generation capacity will ultimately offset the new fee’s impact by lowering its fuel costs and supplying energy more efficiently.

Labour chief’s permit plan ‘very costly and onerous’ FROM PAGE ONE “Where there are persons, that’s very good, but certainly - more often than not - there are Bahamians who are just not in that field or struggling in that field or not in the country. I understand it, and it’s wellintentioned by the director of labour, but I think that’s going to have to be on an individual case-by-case basis depending on the company and availability of Bahamians, and not across the board.”

Mr McCartney spoke out after Mr Pinder was quoted as saying that labour certificates, which confirm there are no qualified Bahamians willing or able to take a particular job, will only be issued to companies that provide evidence they have identified a Bahamian “understudy” who will be trained to replace the expatriate worker once their work permit has expired.

The director of labour suggested this will be a “mandatory” policy from January 2020 onwards, with companies given until the 2020 first quarter end to develop their training

programmes. He added that the Department of Labour would conduct interviews and inspections to ensure these requirements were being.

Mr Pinder also threatened that, while only a policy, it would be upgraded into statute law if there was too much resistance from Bahamian employers. However, as a concept, what he has suggested is nothing new given that the two Christie administrations also promised to introduce the same scheme only for it to fizzle out.

While the goal is to ensure that Bahamians are equipped with the skills necessary for upward mobility in the workforce, and that qualified local workers obtain jobs that match their qualifications once they become available, Mr Pinder’s comments are likely to have been received with alarm by some in the private sector.

Employers may view his plan as an unwarranted government interference in their hiring practices, and also be concerned as to whether they will still be able to hire the specialist and skilled expatriate

labour that they need for the smooth running of their operations.

“It has come up before, and I looked at it many years ago,” Mr McCartney told Tribune Business of the plan floated by Mr Pinder.

“The problem is you cannot deny a company or business because they can get the expertise elsewhere but not here.

“The reality is if a company comes for a work permit for someone who has expertise that we don’t have in The Bahamas, more often than not - but not all the time - they’re coming because we don’t have persons who are qualified or in position to fill that post.

“I think the director [Mr Pinder] will find it’s going

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to be very difficult to practically put that in place or into practice. What that means for that particular business, they have to look outside the country to fill a particular position and, at the same time, look for someone in The Bahamas to be an understudy,” he continued.

“That puts a bit of a strain on the company to hire someone to understudy a person. In theory, it’s very good. In practice, there’s going to be some challenges.

I read what the director said, but practically in the business world you have to see if it truly makes sense.

It could lead to hardship for a particular business; hiring someone, paying an extra salary to someone not

qualified and keeping them on for a period of time to understudy someone.”

Mr McCartney said such apprenticeships typically lasted for more than two years, and there was no guarantee that the Bahamian understudy would remain in place as they could move on to other jobs - something that companies have told Tribune Business happens all too frequently.

Citing an industry he is very familiar with, Mr McCartney said The Bahamas had suffered from a lack of trained local pharmacists “for some years now”. And, in addition to the lack of local talent, retail pharmacies have also been squeezed by rising work permit fees.

Questioning how Mr Pinder’s plan would treat work permit applications if no local understudies could be found, he told Tribune Business: “You need to find that Bahamian, and that Bahamian needs to be willing to work, which we have a difficulty with in this country.

“Everyone wants a job, but doesn’t want to work.

I’ve experienced that too, especially during this Christmas season. Everybody is calling in sick, can’t find a baby sitter or missed their Bahamasair flight.

That’s the excuses I got today and yesterday. More often than not they’re probably hungover or have to do last-minute Christmas shopping.”

PAGE 4, Tuesday, December 24, 2019

THE TRIBUNE

QC’s ‘collapsed state’ fear if another Dorian

FROM PAGE ONE

“Dorian should be a wake-up call for the Government,” he told Tribune Business. “It is once again the opportunity to say to the rest of The Bahamas that Freeport remains the only other viable economic area in The Bahamas, even though it was partially destroyed by Dorian.

Abaco, which is the third leg, was completely destroyed.

“We have thousands of people displaced from Freeport, hundreds of homes destroyed, thousands damaged, businesses closed and collapsed, with many others struggling to get back on their feet. This is not the time for half measures; it’s time for big strategic thinking.

“By way of strategic planning, if a hurricane of the magnitude of Dorian hit Nassau in the next couple of years The Bahamas will be a collapsed state. By way of strategic planning the government needs to take this opportunity and say the only way we’re going to resurrect Freeport is to get rid of all this red tape that never existed when Freeport was created in the first place,” Mr Smith continued.

“They need to revert to

the initial plan, co-operate with the licensees, open the doors and create so many opportunities for licensees and Bahamians. We should not be afraid of open doors policies, and allowing joint ventures with Bahamians.

We should let people in who want to invest, grow and make a future in Freeport.

“I urge the government to go back to basics with the Hawksbill Creek Agreement, open the doors and let the good times roll again in Freeport. Stop being afraid of the rest of the world.

Open the Immigration and investment doors again.

This is the only thing that will save Freeport. Otherwise this leg of the economy will be crippled like I was on a mountainside in Italy.”

Mr Smith’s call to revive Freeport’s original model as a tax-free zone, or “free port”, with minimal government controls and interference may alarm those who believe that a sovereign nation must control everything that goes on within its borders.

Yet the outspoken QC remains firm that going back to the future with The Bahamas’ second city is the only way to build a resilient national economy capable of withstanding the extreme threats this nation now faces.

While praising the Carnival cruise port and Royal Caribbean/ITM Group plans to revive the Grand Lucayan, Mr Smith told Tribune Business that these investments were “miniscule” when set alongside Freeport’s already-constructed infrastructure and “are merely scratching the surface” of the city’s economic potential.

“Regrettably, the PLP, the FNM and bureaucrats in both administrations for 50 years have been terrified of our status, and have squabbled and quarrelled with the licensees and the Port Authority, which has resulted in the catatonic state of the Freeport economy,” he said.

“Despite the flaws facing them, they refuse to take the drastic steps necessary to resurrect this phoenix from the ashes of government interference.....

Freeport licensees have just been able to survive, instead of there being co-operation with the Port Authority and the government, which would result in a hugely expanded economy.

“This requires a big wide opening of the Immigration doors, not tentative baby steps like the Commercial Enterprises Bill, and recognising that the genesis of

Freeport was an open doors Immigration and investment policy, the building of trust with investors, and letting the Port Authority do its job.”

Mr Smith called for the government to return to that position while holding the Port Authority accountable for its governance and development responsibilities. He also urged it to relax controls such as exchange control, Investment and Immigration approvals, and to stop trying to replicate Freeport and its ‘free zone’ characteristics in other parts of Grand Bahama and The Bahamas.

The Minnis administration, upon taking office in May 2017, indicated it was placing a high priority on reviving Freeport and Grand Bahama’s economy by announcing initiatives such as the “technology hub” plans for the city.

However, Mr Smith said: “This is the reality. They can talk as much as they want about resurrecting Freeport’s economy, but until they accept this is a unique business environment which has dramatic potential for becoming a Singapore in the Caribbean, this won’t work.

“Tentative baby steps, approving projects here and there, is the same

old, same old. People get frustrated, they can’t get anything done, and they throw up their hands and leave.”

Mr Smith also argued that increasing central government involvement in the city’s affairs had “resulted in the Port Authority families and Hutchison taking advantage of the government, residents, licensees and homeowners of Freeport.

“Because the government has been so constipated in its approach to investment, the Port Authority has not been able to do anything, and therefore has lapsed into financial survival and extraction mode,” he argued.

“There are hundreds of miles of paved roads, lots of subdivisions, canal systems and water and electrical infrastructure. All of it is collapsing from lack of investment and lack of use to maintain it.

“It’s a vicious circle being created. DevCo, LusCo have been unable to maintain the infrastructure because of a lack of service charges and land sales from people building homes,” Mr Smith continued. “As a result, they have been unable to invest enough money in infrastructure

that has been dilapidated and collapsing.

“While we blame the Port Authority for the collapse of infrastructure, the real blame is on the Government for failing to allow the Port Authority to do their jobs. Over the years they’ve become amateurs at doing their job because they’ve not been allowed to do it, so they take in whatever money is made for themselves and Hutchison.

“This is a vicious circle, which the government has created, which is selfperpetuating. The people suffering are the Bahamians and licensees who reside in Freeport. We are doing a disservice to Freeport.”

Mr Smith suggested incentivising “the rest of The Bahamas to go and develop Freeport”, using as an example the removal of exchange control restrictions on local investors buying shares in international companies doing business in this nation if they moved to or invested in the city.

“Nassau is quite Freeport phobic. The business community and politicians seem quite afraid of Freeport.

They don’t understand it’s the future of The Bahamas.

If only they get let it grow,” he added.

LEGAL NOTICE International Business Companies Act (No. 45 of 2000) CREDUL CONSULTING LTD. (the “Company”) Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of CREDUL CONSULTING LTD. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the Dissolution was the 9th day of December, 2019.

_____________________ Nassadmin Ltd. Liquidator LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000 TR Baha Limited Voluntary Liquidation NOTICE IS HEREBY GIVEN in accordance with Section 138 (4) of the International Business Companies Act, 2000 as follows:a)

TR Baha Limited is in dissolution under the provisions of the International Business Companies Act, 2000.

b)

The dissolution of the said Company commenced on 26th September 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General.

c)

The Liquidator of the said Company is Amicorp Bahamas Management Limited whose address is 3rd Floor, Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, The Bahamas.

Amicorp Bahamas Management Limited Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, P.O. Box N-4865, Nassau, Bahamas

LEGAL NOTICE NOTICE

LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) In Voluntary Liquidation Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000) that Archer Commodities Fund Ltd. (IBC No. 201358 B) is in dissolution. The date of commencement of the dissolution is October 22nd, 2019 Mr. Arnaldo Luiz Correa is the Liquidator and can be contacted R Dr Egidio Martins 13, Ponta Da Praia, 11030-161 Santos SP, Brazil. All persons having claims against the above-named company are required to send their names, addresses and particular of their debts or claims to the Liquidator before November 21st, 2019

_____________________ Arnaldo Luiz Correa Liquidator

FUTURE MEDIA LIMITED Voluntary Liquidation NOTICE IS HEREBY GIVEN in accordance with Section 138 (4) of the International Business Companies Act, 2000 as follows:a)

FUTURE MEDIA LIMITED is in dissolution under the provisions of the International Business Companies Act, 2000.

b)

The dissolution of the said Company commenced on 12th July 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General.

c)

The Liquidator of the said Company is Natalia Markelova whose address is A201, 51, Tzon Kenetty av, Limassol 3036, Cyprus.

Natalia Markelova Liquidator

THE TRIBUNE

Tuesday, December 24, 2019, PAGE 5

Freeport ‘strangled’ by night flying woe

FROM PAGE ONE

INSIDE BPL’s new Station A at Clifton Pier. Consumers are on edge over uncertain increase amounts in BPL new bill charge.

Consumers face 15% extra BPL bill charge FROM PAGE ONE sector, especially, and many residential consumers will now have to pay to bailout the state-owned utility monopoly from years of mismanagement, waste, inefficiency and corruption that brought it to near-collapse.

BPL’s advertisements have focused on the $27 increase that the “average household” will pay, giving some the impression that the debt servicing cost is a flat fee rather than a percentage, while ignoring how much the private sector will have to pay. It is also unclear whether the debt servicing charge will be calculated just on the consumption, or if VAT is included in the base, too.

Those with the largest monthly bills, such as

hotels, food stores and companies where electricity has to be on 24/7, could thus find themselves potentially saddled with a significant hike in their electricity bills come early 2020 as the price Bahamians must pay for paying the interest/principal due to foreign and local investors who buy into the $650m bond issue that will refinance BPL. Desmond Bannister, minister of works, previously said the hike in electricity bills would only last for ten months. BPL, and the government, are betting that the new, more efficient Wartsila generation engines will reduce the utility’s fuel and other costs enough to offset the bond servicing charge and, ultimately, lower net electricity bills although this remains

LEGAL NOTICE

NOTICE Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that MARITZA HOLDINGS LIMITED is in dissolution and the date of commencement of the dissolution is 20th day of December, 2019.

Tamicka Deal-Babb and Tami Dorsett LIQUIDATORS c/o EFG Bank & Trust (Bahamas) Ltd West Bay Street and Sea View Drive 3rd Floor, Goodman’s Bay Corporate Centre P. O. Box CB 10956 Nassau, Bahamas

to be seen.

Dr Moxey yesterday confirmed this was the plan, saying: “What everybody needs to recognise is we will offset that cost based on the fuel savings. That’s how that cost will be offset.

That savings is based on the average bill that consumers paid over the 2018-2019 year.

“So if you look at the average fuel bill, and this is very important that people understand this, the baseline that we are establishing is the average fuel bill over the last two years, 20182019. That’s what is going to go down, and that’s what the estimates are based on.

And again, they are simply estimates because we are

still in the middle of negotiating our rate reduction bond and I cant say anything else other than these are just estimates.”

This means BPL’s “15 percent” estimate is not set in stone, as the bonds have yet to be priced, and the interest rate investors will receive has not been determined. This, in turn, depends upon the strength of the credit rating that the $650m refinancing obtains from the international agencies such as Fitch and Standard & Poor’s (S&P).

No rating has yet been assigned, which means the debt servicing charge on customer bills could be below or above the 15 percent given by Dr Moxey.

for one night, but in the long-term it’s not good for the destination to have these problems. Of course things can go wrong, and we need to try and resolve it.

“We need an airport in the second biggest city in The Bahamas. I think when the airline has to pay for accommodating their guests, and the disruption to their schedule, they will say: ‘Hang on a minute’. Any airline hearing about these problems would have concerns. It becomes very expensive.”

Mr Alnebeck said that, with sunset occurring at around 5.30pm during the winter months, no further take-offs can happen at Grand Bahama International Airport until around 7m in the morning - almost 13-anda-half hours later.

“I think it’s pretty rare in the region that you have an airport, four months after a hurricane, that can’t get its lights on,” he said, adding that the concerns extended beyond those impacting the tourism industry and wider Freeport/Grand Bahama economy.

“It opens up a totally different conversation,” the Pelican Bay chief explained.

“We all know the hospital in Grand Bahama was compromised in the storm and is not working as it should be. If we have a serious accident on the island, we cannot medically evacuate as you cannot take off after dark. That’s a pretty serious concern given

that we’re the second largest city in The Bahamas.”

Dionisio D’Aguilar, minister of tourism and aviation, said he was unaware of the delayed Sunwing departure when contacted on Sunday and promised to look into it.

He could not be reached for comment yesterday.

Meanwhile Carey Leonard, the Freeport-based Callenders & Co attorney, revealed to Tribune Business that other carriers servicing Freeport have also been disrupted by the inability to fly at night. However, he pinpointed the cause as the need for more air traffic controllers rather than a lack of lighting.

“I can tell you that on Thursday night Western Air was held on the ground in Nassau for 40 minutes, and had barely taken off when they were instructed to turn around and go back to Nassau because they would not be allowed to land in Freeport,” Mr Leonard said.

“That left 50 people stranded in Nassau, and 50 people in Freeport. I’m told it’s a matter of getting another shift of air traffic controllers. We are desperate for airlift and I’m told the key is getting another shift in.

If we had that we would not have had the Sunwing disaster or the Western Air fiasco.

“Freeport needs this resolved. Not in the next month; it needs to be resolved immediately. I don’t care what it takes. There’s really no need for us not to have night flights. This is really strangling Freeport’s economy. This is no way for business to be run here. It must be done.”

Western Air representatives did not return Tribune Business calls seeking comment.

LEGAL NOTICE

LEGAL NOTICE

NOTICE

NOTICE

Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that TERRA FELICE LIMITED is in dissolution and the date of commencement of the dissolution is 20th day of December, 2019.

Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that TABATSEKA LIMITED is in dissolution and the date of commencement of the dissolution is 20th day of December, 2019.

Tamicka Deal-Babb and Tami Dorsett LIQUIDATORS c/o EFG Bank & Trust (Bahamas) Ltd West Bay Street and Sea View Drive 3rd Floor, Goodman’s Bay Corporate Centre P. O. Box CB 10956 Nassau, Bahamas

Tamicka Deal-Babb and Tami Dorsett LIQUIDATORS c/o EFG Bank & Trust (Bahamas) Ltd West Bay Street and Sea View Drive 3rd Floor, Goodman’s Bay Corporate Centre P. O. Box CB 10956 Nassau, Bahamas

PAGE 6, Tuesday, December 24, 2019

THE TRIBUNE

Merchants in Xmas clearance scramble

FROM PAGE ONE

not be attributed to any fault with the Electronic Single Window.

“This morning there was a report that some of the passwords weren’t working, and there were some log-in issues that users were having,” Mr Johnson said. “That was resolved in the hour.

“Outside of that, there are issues with boats and planes coming in late because of the inclement weather. They’ve [Customs] been working with the major suppliers to clear freight on the air and sea side, but it’s nothing out of the ordinary. It isn’t the system; it’s a stretch to conclude it’s a system issue.

We’ve had a run of bad weather.”

Tribune Business sources, speaking on condition of anonymity, confirmed that some merchants and brokers had been “locked out” of Customs’ system because they had not been consistently compliant in providing all the import shipment details now demanded.

“That was happening more frequently this week because people were taking short-cuts because of their desire to get shipments in,” one contact said. They added the traditional Christmas import volumes, together with the bad weather, had combined to create a backlog of goods waiting to clear and leave the Arawak Port.

“You had ships laying in wait. Because the weather was so bad some of these ships had to go past Nassau to find smoother waters,” one source said. “Air freight, seaside freight, everything has been an issue. Flights were delayed, cancelled.

They’re working through it. There were no technical glitches; it was compliance that was the problem.”

To advertise in The Tribune, contact 502-2394

NOTICE

NOTICE

NOTICE is hereby given that KEVEN DIEGUE of Harbour Island, 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 17th day of December 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that LOUISDOR LUNAI of Carmichael Road, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th day of December 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

MONDAY, 23 DECEMBER 2019

NOTICE

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,197.88 | CHG: -0.02 | %CHG: 0.00 | YTD: 88.43 | YTD%: 4.19 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.10 2.60 2.00 5.47 11.75 6.17 4.50 11.01 2.81 4.35 10.21 7.90 16.99 9.40 3.63 14.20

52WK LOW 3.35 20.91 4.90 4.46 1.45 0.22 2.00 9.50 5.60 3.95 6.75 2.35 1.76 8.00 6.25 12.15 6.80 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

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 3.59 17.43 6.00 6.10 2.35 1.80 4.40 11.06 6.16 4.25 8.01 3.32 4.35 10.24 7.60 15.16 9.33 3.50 14.00

CLOSE 3.59 17.43 6.00 6.10 2.35 1.80 4.40 11.06 6.16 4.25 8.01 3.28 4.35 10.25 7.60 15.16 9.33 3.50 14.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.04 0.00 0.01 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

CLOSE 100.00

CHANGE 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME

5,500

300

VOLUME

EPS$ 0.239 0.932 1.760 0.369 0.070 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.646 0.728 0.816 0.939 0.203 0.631

DIV$ 0.170 1.260 0.000 0.260 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.434 0.060 0.328 0.240 0.540 0.200 0.120 0.610

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 15.0 18.7 N/M 16.5 N/M N/M -10.0 15.3 13.7 23.1 57.2 32.2 9.3 15.9 10.4 18.6 9.9 17.2 22.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 4.74% 7.23% 0.00% 4.26% 0.00% 1.11% 0.00% 6.51% 3.57% 2.82% 0.00% 13.23% 1.38% 3.20% 3.16% 3.56% 2.14% 3.43% 4.36% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 3.06% 3.81% 1.91% 3.39% 2.23% 2.75% 4.99% 6.20% 7.18% -0.08% 2.88% 3.80% 4.56% 6.50% 3.35% 4.17% 5.77% 7.89% 10.91% 11.57% 17.57% 18.60% 4.72% 5.08% 13.44% 13.49% 5.38% 5.44% 3.28% 3.80% -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 30-Nov-2019 30-Nov-2019 30-Nov-2019 30-Nov-2019 30-Nov-2019 30-Nov-2019

MUTUAL FUNDS 52WK HI 2.27 4.32 2.08 194.86 158.57 1.65 1.82 1.74 1.21 8.31 10.26 6.91 11.76 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

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

NAV 2.27 4.32 2.08 193.72 158.42 1.65 1.82 1.74 1.19 8.29 10.16 6.91 11.76 12.32 10.72 9.92 8.68 11.38

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 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

30-Mar-2019 30-Mar-2019 30-Mar-2019

NOTICE is hereby given that WISLY LAZARD of Gamble Heights P.O.Box 6156 Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th day of December 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that DOREEN DEAL of Thompson Avenue, Stapleton Gardens Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th day of December 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that FERDINAND WALTER WINGENROTH of 20985 Main Street, P.O.Box L7K1R6 Caledon Ontario, Canada 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 24th day of December 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.