business@tribunemedia.net
FRIDAY, APRIL 28, 2017
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RoyalStar: 15% of profits from ‘bad mortgage’ link By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
RoyalStar is aiming to “diversify” by building a closer relationship with its mortgage restructuring affiliate, its top executive yesterday revealing this will generate 10-15 per cent of its profits within the next three years. Anton Saunders, the property and casualty insurer’s managing director, told Tribune Business that its investment in Gateway Financial was set “to become very important to us in the short-term”. “We have diversified a little bit away from insurance and continue to develop the relationship with the Ascendancy group,” Mr Saunders said, referring to the Mexican entity that its main shareholder had initially sought to partner with on the ‘bad mortgage’ venture. Sir Franklyn Wilson, the Sunshine Holdings’ group’s chairman, subsequently created Gateway Financial as a venture owned by is group, with Sunshine Finance and RoyalStar as the “two equity partners”. Mr Saunders yesterday
Insurer aims to diversify via Gateway affiliate
The Bahamas’ new mobile operator believes yesterday’s number portability launch is “as momentous a milestone” as its creation, given that it can now target an extra 100,000 subscribers. Damian Blackburn, Aliv’s top executive, told Tribune Business that the ability for consumers to retain their existing number when switching provider would “liberate” one-third of the Bahamian mobile market. Disclosing that Aliv’s total subscriber base now stands at 60,000, close to 20 per cent of the total, Mr Blackburn said mobile number portability represented the true introduction of competition for Bahamians. He added that Aliv’s retail stores were braced to deal with increased business volumes that “could be as busy as Christmas” See pg b7
Bahamian industry now paid out ‘around $500m’ told Tribune Business that the Gateway Financial investment will become increasingly valuable for RoyalStar Assurance, given the competitive insurance markets in the Caribbean territories it operates in. “It’s going to become very important to us in the short-term as we look at what can help them out, and how they can help us out,” he said. “Over the next two-three years, we expect it will give an income stream that will be 10-15 per cent of the bottom line.” Mr Saunders said this income stream would be generated from Gateway See pg b5
‘Liberates’ 100k subscribers for new operator Customer base now 60k; closing on 20% market share Expecting customer rush ‘as busy as Christmas’
Damian Blackburn, chief Aliv officer
Landfill bid opening delayed until today By NATARIO McKENZIE
Tribune Business Reporter
and NEIL HARTNELL Tribune Business Editor
The opening of bids for the New Providence landfill’s management and remediation contract has been delayed by 24 hours until this morning, Tribune Business can reveal. The Government’s Tenders Board was supposed to meet yesterday at 10am to open the offers in the presence of all bidders. However, Kenred Dorsett, minister of the environment and housing, confirmed to Tribune Business that the bid opening had been pushed back until 10am today. Mr Dorsett said: “I just got a notice from the Ministry of Finance that the
‘Disconnect’ over NHI doctor sign-up
Matthew: Over 1/3 of home owners underinsured
Portability launch ‘as big as coming Aliv’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Dr Sy Pierre
Tenders Board will meet tomorrow to open the bids. Tomorrow, my team will meet with the Tenders Board and we will find out how many bids were actually submitted.” No explanation has been given for the 24-hour delay, with interested parties said to have “burned the midnight oil” to meet the Government’s tight bid deadline and submit satisfactory offers. Private sector groups had been given eight days to submit bids to takeover the New Providence landfill’s management and remediation. Mr Dorsett revealed to Tribune Business late last month that the Government was planning to issue a structured tender “as soon as possible”. The tight timeline for See pg b6
MAB seeks clarity on who are registered providers
Branville McCartney, leader of the Democratic National Alliance (DNA) addresses a press conference while Chris Mortimer, deputy leader of the DNA looks on. Photo: Shawn Hanna
Low growth causes ‘major brain drain’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Bahamian economy’s inability to grow over the last four years is exacerbating the “brain drain” of this nation’s brightest minds and talents, the Democratic National Alliance’s (DNA) leader warned yesterday. Branville McCartney told Tribune Business that increasing numbers of Bahamians studying abroad were choosing to remain overseas after graduating, due to a lack of opportunities at home and quality of life issues. Linking the lack of job and entrepreneurial opportunities directly to the Bahamas’ low to no GDP
Bran: Best minds ‘have no choice’ but to stay abroad ‘Drastic change’ needed to attract them home Blames ‘no growth’ four years for growing woes growth, the DNA leader said gifted Bahamians “have no choice” but to stay abroad “unless things change drastically”. Mr McCartney told Tribune Business: “I was talking to my daughter this morning. More and
more students are staying abroad, and have made their minds up not to come home unless things change drastically. “This is because of lack of opportunity and they feel unsafe. How can they have these opportunities if there’s no economic growth in four years? Four years! “It’s causing a significant brain drain. They have no choice but to stay elsewhere. It’s not happening in the Bahamas. That’s the reality.” Mr McCartney’s comments highlight another dimension to the Bahamas’ GDP growth crisis, namely the disincentives provided for many of its most talented products to See pg b6
President fears ‘misrepresentation’ occurring Says contacted by doctors on list who never agreed By NEIL HAR TNELL Tribune Business Ed itor nhartnell@tribunemedia.net The Medical Association of the Bahamas (MAB) was yesterday seeking to clarify which doctors have signed on for the National Health Insurance (NHI) scheme, its president saying “some type of misrepresentation is going on”. Dr Sy Pierre told Tribune Business the MAB had issued an e-mail, asking physicians to confirm whether they have agreed to become NHI care providers, after being contacted by doctors who said their names were on the list without their consent. The e-mail, obtained by Tribune Business, tells See pg b4
PAGE 2, Friday, April 28, 2017
THE TRIBUNE
OECD meets financial sector on tax exchange Representatives of the Organisation for Economic Cooperation and Development (OECD) this week met with Bahamian financial services executives to discuss automatic tax information exchange implementation. They engaged in talks with the chief executive and directors of the Bahamas Financial Services Board (BFSB), as well as the Association of International Banks and Trust Companies (AIBT). Monica Bhatia, who heads the OECD’s Global Forum secretariat, gave an overview of its work and what is being done globally to implement the Common Reporting Standard (CRS) - the standard for automatic tax information exchange. She was accompanied by Radhanath Housden, head of the automatic exchange
of information (AEOI) unit in the OECD’s Global Forum. The courtesy call followed an industry briefing on April 26, which reviewed the process for automatic exchange of information and discussed steps being taken by the Bahamas to implement the CRS. Tanya McCartney, the BFSB’s chief executive and executive director, welcomed Ms Bhatia and Mr Housden on behalf of the Board. She thanked them for outlining the Bahamas’ obligations under the CRS, as well as explaining the provisions of the Multilateral Convention. Ms McCartney said: “The briefing session was very successful. Industry has a better understanding of the objectives of the Global Forum. Further, we obtained greater insight
into what our obligations under the Standard are. “The Bahamas is committed to continuing to be a jurisdiction that meets international standards. Industry and government will continue to collaborate to ensure that we effectively implement the Common Reporting Standard”. The Global Forum is the continuation of an initiative created in the early 2000s, as part of the OECD’s work to address the risks to tax compliance posed by noncooperative jurisdictions. The Global Forum, of which The Bahamas is a member, now has 139 members and is the premier international body for ensuring the implementation of internationally-agreed standards of transparency and exchange of information in the tax area.
Hillary Deveaux, consultant, Ministry of Financial Services; Radhanath Housden, OECD Global Forum’s automatic exchange of tax information (AEOI) unit; Monica Bhatia, OECD Global Forum secretariat; Adrianna Knowles-Rahming, Ministry of Finance; Paul Davis, Higgs & Johnson; Darnell Osborne, Bahamas Institute of Chartered Accountants (BICA); Latonia Symonette-Tinker, consultant, Ministry of Financial Services; Ivan Hooper, Association of International Banks & Trust Companies (AIBT); Yolande Julien, Glinton, Sweeting & O’Brien; Myles Culmer, BDO Advisory Services; Shameka Fernander, Old Fort Financial; Laverne Thompson, MMG Bank & Trust; Tanya McCartney, Bahamas Financial Services Board (BFSB); Cecil Ferguson, Society of Trust and Estate Practitioners (STEP); Keva Ingraham-McPhee, SIS Solutions; Brian Jones, Deltec Fund Services.
BAMSI signs first organic farm deal
The Bahamas Agriculture and Marine Science Institute (BAMSI) has signed a contract with Errington Thompson, proprietor of Rosa Organic Farms, to make his business the first organic operation to join its Associated Farmers Programme (AFP). “This signing today lends itself perfectly to our mandate,” said Dr Jason Sands, the Gladstone Road Agricultural Centre’s (GRAC) chief operating officer. “Not only are we increasing the availability of fresh Bahamian agricultural produce but, through Rosa Organic Farms, we are increasing that availability in a healthy and sustainable way… this is a very important milestone in agricultural production in the Bahamas.” Alaais Braynen, BAMSI’s chief executive, welcomed the relationship with Rosa Organic Farms, as the AFP - a critical arm of BAMSI - has been expanded. He praised Mr Thompson for joining the AFP, and said: “BAMSI continues to open the door to entrepre-
Seated from left are Errington Thompson, proprietor of Rosa Organic Farms, and the Bahamas Agriculture and Marine Science Institute’s (BAMSI) chief executive, Alaasis Braynen. Standing is Dr Jason Sands, chief operating officer of the Gladstone Road Agricultural Centre. neurial opportunities.” Mr Thompson expressed excitement about the partnership with BAMSI, and said the contract signing was something he had been seeking for a long time. A key objective of BAMSI’s AFP is to identify qualified farmers who are eager to adopt and apply modern methods in commercial agricultural production. Mr Thompson said his organic produce will be free of
the typical chemicals used in traditional farming, while his farm will combat pests with organic fertilisers and pest controls that can be ingested. In traditional farming, chemical insecticides, pesticides and herbicides are used to eliminate pests that attack the food - necessitating a cleansing and washing of produce before it is market-ready.
THE TRIBUNE
Friday, April 28, 2017, PAGE 3
Mobile portability’s launch ‘promising’ By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The first day of mobile number portability was described as “promising” by the Bahamas’ two providers, with each reporting strong customer interest. Number portability, a process that will give the country’s 315,000-plus mobile subscribers the ability to change service providers without having to change their telephone number, launched yesterday. The Bahamas Telecommunications Company’s (BTC) chief executive, Leon Williams, said: “Number portability is not new
to the telecommunications space. About four years ago, LNP was introduced for fixed-line customers. Since then, BTC still owns the largest customer base with over 100,000 fixed line customers. “Mobile number portability was introduced and, on day one, it has been promising. We welcomed our first mobile customer back home as soon as our store opened. Throughout the day, customers have been coming in to inquire about our upgraded postpaid plans in particular. All post-paid plans will be upgraded automatically, with up to three times more value, at no additional cost.”
Mr Williams added: “Customers are enamoured by the fact that with our top tier post-paid plan they have access to unlimited data, unlimited calls and unlimited roaming to the United States and Canada. “We are living up to the requests or our customers, and we gladly welcome customers from other network providers back home to the bigger, better network that reaches from Grand Bahama in the north to Inagua in the south. This is BTC country.” Damian Blackburn, Aliv’s top executive, told Tribune Business that yesterday was a “big day” for mobile consumers.
He added that the company has seen thousands of persons pre-register to switch to the company’s network. “It looks quite promising. We have been building a big pipeline. We have seen many persons express interest in switching to Aliv and we certainly had a very busy day today,” Mr Blackburn said. The Bahamas has benefitted from number portability in respect to fixed telephone numbers since December 2013. Mobile number portability was supposed to launch on February 14, 2017, but this was pushed back to March and then April.
Leon Williams, BTC CEO giving remarks in a press conference with a partner of each one of the five Bahamas Junkanoo Carnival groups whom they sponsored 800k to for the advancement of culture through entrepreneurship. Photo/Shawn Hanna
Bahamian publisher stages local Expo A Bahamian publisher yesterday launched a publisher’s expo in conjunction with Thomson-Shore, one of the world’s largest book manufacturers and distributors. Albert Cox, Jr, chief executive of Scholar Books, told Tribune Business that the two-hour conference/ symposium was held at the British Colonial Hilton. It featured the chief executive of Thomson-Shore, Kevin Spall, and Jerry Friends, the company’s director of distribution and sales. A publisher’s expo is set for Saturday. “The Global Publishers Expo is centred around the partnership between Scholar Books and ThomsonShore. The partnership establishes the first traditional book company in Bahamian history,” Mr Cox said. “It also centres around articulating to the Bahamian public accessibility of what they have at hand. This is something that they never actually had. We have versions of self-publishing companies here but they are not traditional book publishing companies, whereas authors and writers have the ability
to articulate their ideas to a publisher. “The publisher would then propose a contractual agreement and then it goes from there. That would encompass distribution on a global market, and not just to the confines of Amazon, but literally in 20,000 bookstores across the world.” Last August, Mr Cox, the first Bahamian scholar to have his scientific research documenting the origins
of the universe accepted, announced the creation of one of the largest book publication companies via a partnership with Michiganbased Thomson-Shore. Thomson-Shore has been in existence for over 40 years and is one of the industry’s leaders in book manufacturing and distribution. It has also been named in Book Business as one of the top 20 companies in book manufacturing globally.
WHERE HIT MUSIC LIVES W W W .
1 0 0 J A M Z
. C O M
@100JAMZ242
RHONE TRUSTEES (BAHAMAS) LTD. Invites qualified applicants for the following position:
Organized, Self-Motivated, Results Driven, Excellent Communicator. If you have it, we want you.
SENIOR TRUST OFFICER DUTIES INCLUDE: Administration of various complex fiduciary structures. Completion of annual trust reviews & review of client accounts. Direct liaison with internal and external clients. Ensure the implementation of administrative procedures and other internal Directives. EDUCATION AND EXPERIENCE: Law Degree, STEP Certification or equivalent relevant professional qualification. Strong trust and company administration skills plus a sound knowledge of drafting relevant documents, reporting and accounting. Excellent written and verbal communication skills. A minimum of eight years’ experience in trust and fiduciary services. General knowledge of banking and investment services. Proficiency in relevant computer applications. ABSOLUTELY NO TELEPHONE CALLS WILL BE ACCEPTED. Qualified applicants should deliver their Resume BY HAND no later than 9th May 2017 to: Director – Trust Services Rhone Trustees (Bahamas) Ltd. Building 1, Bayside Executive Park West Bay Street & Blake Rd. Nassau, Bahamas
Royal Fidelity invites applications for the position of:
CLIENT SERVICES REPRESENTATIVE Job Summary This role performs administrative and clerical support functions, including answering of incoming calls, receiving/directing clients, providing information regarding the Bank’s products and services, etc. This role is also responsible for the preparation of accounting entries and the processing of account opening documents. As the first point of contact with customers, the Client Services Representative is expected to be courteous, helpful, articulate and professionally dressed at all times.
Requirements/ Qualifications: • Bachelor’s Degree in related field • Minimum of 2 years’ administrative experience • Excellent interpersonal and effective communication skills (verbal and written) • Proficient in Microsoft Office Suite programs • Ability to work in a self-motivated environment with little supervision • Ability to manage the administration of multiple tasks • Polished physical appearance
PLEASE SUBMIT BEFORE May 5th, 2017
HUMAN RESOURCES Re: Client Services Representative careers@fidelitybahamas.com
ABSOLUTELY NO PHONE CALLS
A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.
PAGE 4, Friday, April 28, 2017
‘Disconnect’ over NHI doctor sign-up From pg B1 MAB members and doctors: “With regards to NHI physician and specialty registration, there seems to be a disconnect between what
the NHI Secretariat is reporting and what the physicians are reporting. “That is, the NHI Secretariat has put out a list of physicians that have pur-
portedly signed up as providers. However, a number of physicians and physician groups have contacted the Medical Association and emphatically stated that the NHI Secretariat’s claim is false. “The MAB would like confirmation of this list. For ease of reference we are
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT
2014 CLE/GEN/1856
Common Law and Equity Division IN THE MATTER of an Indenture of Mortgage made the 26th day of September, A.D., 2003 between Sean D’Arrington Knowles and Gina Shavon Knowles and Finance Corporation of Bahamas Limited.
asking the physicians that have signed up as primary care providers with NHI to confirm via e-mail that they have.” Explaining why he issued the e-mail, Dr Pierre told this newspaper: “A few doctors spoke to us and said there were a lot of people’s names on that list who have not signed up. “A lot of physicians called me and asked me to send it out to see who signed up. It means NHI put a lot of physicians on the list that have not signed up.” Dr Pierre said he was unsure how many doctors were complaining they had been included on the NHI provider list without consent, but the MAB’s email was seeking to find out and uncover who put them there. “It’s clear there are a lot of doctors on the list that have not signed up,” he told Tribune Business. “They don’t want their names to be on the list if they’re not signed up.....There seems to be some type of misrepresentation going on. Everyone is looking for answers right now.” Dr Pierre said he was also contacted yesterday by Dr Macumba Miller, acting president of the Bahamas Doctors Union (BDU), the junior doctors’ organisation, who told him they had never seen the list. When they finally obtained a copy, Dr Pierre said Dr Miller told him that “a lot” of the doctors named “have not signed up”. Healthcare industry sources, speaking on condition of anonymity, said several doctors have already contacted Dr Delon Brennen, the NHI project manager, asking for their names to be removed from the care provider list. This newspaper was told
to advertise today in the tribune call @ 502-2394
that Dr Brennen had requested written confirmation from the doctors or their legal representatives, with some providing such yesterday. It is unclear yet whether their names have been removed, and Dr Brennen could not be reached for comment before press deadline last night. The NHI Secretariat, in closing the first round of doctor registration, said around 60 private sector physicians had signed on for the scheme out of 306 registered primary care providers. While this represented less than 20 per cent of the private sector physician population, the NHI Secretariat said it had sufficient numbers to launch the $100 million primary care phase, and they would be supplemented by doctors from the public sector. Dr Pierre’s comments and e-mail, though, raise fresh questions about how many private doctors have actually signed on for NHI, and whether there are enough to provide quality care for the number of Bahamians anticipated to enrol as patients. The MAB president and others suggested that many doctors at the public clinics were named as NHI providers without their knowledge merely because they worked within the Government healthcare system. The actual NHI provider list as at April 26, which has been obtained by Tribune Business, shows numerous public sector doctors listed under the various clinics they provide services at. “There’s a few junior doctors that have been put on there, put down as providers, without their knowledge,” one doctor, speaking on condition of anonymity, told Tribune Business. “They’ve listed a bunch of doctors in the public clinics who were unaware they had been signed up.” Another doctor, also speaking on condition of anonymity, added: “I know of a couple of people on that list who are not interested in being part of NHI. The Government took it upon
THE TRIBUNE themselves to sign them up unbeknownst to them. “This is how the Government is flamming the Bahamian people to make them think they have physicians signed up..... “I’m getting calls left, right and centre, like many other healthcare providers, saying: ‘Why are you not on the list? I thought this was a private-public partnership where I could choose my physician’.” The doctor added: “Now, they’re learning that most of the physicians have not signed on. But all have been very supportive of the decision we’ve made with regard to NHI. “People know it’s a joke, and the Government wants to take over the whole scenario of providing healthcare for our country. They’ll never have the level of resources, financing and infrastructure to provide that level of service.” Several private doctors yesterday suggested that the confusion and uncertainty over the NHI provider list, and rushed nature of doctor and patient enrolment, provided further evidence that the scheme was being used as a pre-election votecatching ploy by the Christie administration. Tribune Business’s attention was drawn specifically to Abaco, where three doctors - Dr George Charite, Dr Norman Gay, the former minister of health, and Dr Marc Bernard - are listed as the island’s only NHI primary care providers. Abaco-based sources, speaking on condition of anonymity, said Dr Bernard lived off-island and only returns once a month. Dr Gay, too, was said to be based on New Providence, with no set schedule for being on Abaco. Tribune Business was also told that doctors on the NHI list have yet to sign contracts to be providers, with compensation methods, rates and who will be paying physicians all unanswered questions.
AND IN THE MATTER of the Mortgages Act, Chapter 156 of the Revised Laws BETWEEN FINANCE CORPORATION OF BAHAMAS LIMITED AND SEAN D’ARRINGTON KNOWLES
Plaintiff
First Defendant AND MONA KNOWLES THE PERSONAL RESPRESETATIVE OF THE ESTATE OF GINA SHAVON KNOWLES (DECEASED) Second Defendant To: Sean Knowles and Mona Knowles the Personal Representative of the Estate of Gina Knowles TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of The Bahamas by Finance Corporation of Bahamas Limited, Robinson Road Branch, Robinson Road and Key West Street, Nassau, New Providence, Bahamas, in which the Plaintiff ’s claim is set out in the Originating Summons filed in this action on the 18th day of May, A.D., 2016, seeking an Order to direct you to deliver up possession of the Mortgaged Property being ALL THAT piece of land situated in the Subdivision called and known as “Eastern Estates” in the Eastern District of the Island of New Providence on of the Islands of the Commonwealth of The Bahamas being Lot Numbered Ten (10) in Block Numbered Four (4) which said piece parcel or lot of land is bounded NORTHWARDLY by Lot Numbered Eleven (11) and running thereon Ninety-one and Thirty-nine hundredths (91.39) feet EASTWARDLY by a Road Reservation in the said Subdivision and running thereon Forty-five (45) feet SOUTHEASTWARDLY by the junction of two Road Reservations in the said Subdivision and running thereon Twenty-one and Twenty-one hundredths (21.21) feet SOUTHWARDLY by another Road Reservation in the said Subdivision and running thereon Seventy-six and Thirty-nine hundredths (76.39) feet and WESTWARDLY by Lot Numbered Nine (9) in Block Numbered Four (4) and running thereon Sixty (60) feet to Finance Corporation of Bahamas Limited within Twenty-eight (28) days of the Order and Judgment for the sum outstanding under the Indenture of Mortgage dated the 26th day of September, A.D., 2003 and that it has been ordered that the publication of a notice of the entry of the said Originating Summons filed on the 6th day of November, A.D., 2014, the amended Originating Summons filed on the 18th day of May, A.D., 2016, Notice of Appointment to Hear the Originating Summons filed on the 8th day of June, A.D., 2015, Affidavit in Support of application filed on the 8th day of June, A.D., 2015, Ex Parte Summons filed on the 5th day of January, A.D., 2017, Affidavit in Support of Ex Parte Summons filed on the 12th day of January, A.D., 2017 and Order dated the 1st February, A.D., 2017 in the Nassau Guardian and The Tribune Newspaper shall be deemed to be good and sufficient service of the said documents upon you. The Originating Summons will be heard before the Honourable Mr. Justice Gregory Hilton of the Supreme Court at The Judicial Complex, East Street, Nassau, New Providence, Bahamas on Wednesday, the 17th day of May, A.D., 2017 at 9:30 o’clock in the forenoon, on which day you are to appear, and if you do not appear either in person or by your Attorney at the time and place abovementioned, such Order will be made as the Court thinks just. A copy of the said Originating Summons, Notice of Appointment to Hear the Originating Summons, Ex Parte Summons, Affidavit in Support of Ex Parte Summons and Order may be obtained from the Supreme Court Registry, Judicial Complex, East Street North, Nassau, Bahamas, or from the Attorneys for the Plaintiff below mentioned. AND further take notice that you must within fourteen (14) days from the publication of this advertisement, inclusive of the day of such publication, enter an appearance in person or by an attorney either (i) by handing in the appropriate forms duly completed, at the Registry of the Registry of the Supreme Court, Ansbacher House, East Street, Nassau, New Providence, Bahamas, or (ii) by sending them to that office by post, otherwise Judgment may be entered against you without notice Dated the 26th day of April, A.D., 2017 HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, Bahamas Attorneys for the Plaintiff
Dependable, Highly Organized, Multi-Tasker, Attention To Detail. If you possess these qualities, we invite you to apply for the position of:
Customer Service Representative Job Summary Fidelity Bank (Bahamas) Limited, is seeking proficient service-oriented Customer Service Representatives (Tellers) to join our team on a one year contract. This position requires a great attitude, professional out-going personality, with a high degree of precision and competence in performing banking transactions for our customers. The ideal candidate must be someone who can multi-task while maintaining a high level of accuracy. Practice good communication skills including speaking clearly, succinctly, and accurately while using a pleasant tone and common conversational courtesies. Have the ability to cross-sell Fidelity’s products and services. Ability to work shifts and weekends as needed.
Requirements / Qualifications: • High school diploma or equivalent vocational training • Minimum 2 years’ experience in the Financial Services or Hospitality Industry • Cash handling experience • Ability to accurately maintain and balance a cash drawer • Ability to navigate multiple applications and computer systems • Proficient in Microsoft Office Suite
PLEASE SUBMIT BEFORE May 5th, 2017 to:
HUMAN RESOURCES Re: Customer Service Representative careers@fidelitybahamas.com
ABSOLUTELY NO PHONE CALLS
A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.
THE TRIBUNE
Friday, April 28, 2017, PAGE 5
RoyalStar: 15% of profits from ‘bad mortgage’ link From pg B1 Financial’s core mortgage restructuring business, plus “the borrowed interest we get from them”. RoyalStar likely views its Gateway Financial investment as a counterweight to the intense competition in the Bahamian insurance market and other Caribbean nations, which is making organic growth difficult. The Bahamas accounted for 74 per cent of its insurance business in 2016, down from 78 per cent a year earlier, with Mr Saunders disclosing that RoyalStar did more business in Turks & Caicos last year. “We moved some of our aggregates around to get the best margins,” he explained. “Cayman is also very important, but we took some of the aggregates there and shifted it to the Turks & Caicos. Cayman is more competitive than the Bahamas.” Tribune Business reported earlier this week that RoyalStar had invested $5.25 million in Gateway Financial’s capitalisation in 2016. The insurance underwriter invested $2.75 million into a Gateway Financial bond issue paying 6.75 per cent interest, and maturing in 2019. A further $2.5 million was injected into another bond tranche, this one paying 6.5 per cent and maturing in 2020. RoyalStar’s financial statements show a $3.45 million investment, made in Ascendancy Bahamas in 2015, was no longer carried on its books at year-end 2016. It is unclear whether this money was ‘re-purposed’ into Gateway Financial, which appears to be a ‘successor entity’ to Ascendance Bahamas in the mortgage restructuring business. Gateway Financial has already acquired a portfolio of non-performing mortgages from Scotiabank (Bahamas) at a price believed to be around 25 cents on the dollar, and started restruc-
turing/work out efforts with the borrowers involved. Mr Saunders, meanwhile, said Hurricane Matthew exposed the fact that more than one-third of residential homeowners making claims were “underinsured”. He added that many policyholders had failed to revalue their homes when making additions and improvement, “and never change the insurance coverage to reflect the current value of their home”. “We saw, especially on the homeowners side, about 35 per cent of the people are underinsured,” Mr Saunders said. “The expectations then become a challenge for claims and adjusters.” Underinsurance exposes homeowners to significant financial loss, and having to fund the rebuilding of their property from their own pocket, as their policy only covers a percentage of the costs. Mr Saunders said RoyalStar was now focusing on educating clients over both underinsurance and the impact of deductibles on their policies and payouts, in a bid to manage expectations ahead of the next hurricane. He added that Bahamian property and casualty underwriters, including RoyalStar, have now paid out “about $500 million” in collective Hurricane Matthew claims, the bulk of this figure coming from foreign reinsurers. RoyalStar itself received about 2,000 claims, and its gross payouts were “somewhere in the region of $260 million” when its network partners were included. The Bahamian insurer’s share of this is much smaller, with its 2016 financial statements showing net claims incurred totalled $9.71 million, RoyalStar Assurance saw its 2016 profits decline by 72.8 per cent year-over-year due to Hurricane Matthew, dropping from $3.712 million to $1.009 million, as net claims jumped 80.8 per cent to $9.71 million.
Asked whether the company was happy just to make a profit after having to deal with the largest single catastrophic event loss in Bahamian history, Mr Saunders replied: “We are in the business of risk, and the fundamental risk that we have in this part of the Caribbean is hurricanes. “The satisfaction is not the results, but our ability to meet the claims of clients and ensure 95 per cent of claims have been paid out. “The remaining 5 per cent are more challenging claims. Some are going to take a while. Hopefully, in the next six months everyone will be satisfied with the procedures and payments being offered.” Mr Saunders added that RoyalStar and others had been forced to increase property and casualty premium rates “by a small percentage” in a bid to recover Matthew-related losses, but the rise was something the market can bear. “The reality is that these hurricanes are becoming more frequent, and reinsurance and other costs are going up, and we have to claw a little more back,” he explained. “The real lesson from Matthew for us was that we learned the fundamentals of our company are strong. Our model and approach are strong. “We can do a little better in the initial stages to arrange adjusters and get more boots on the ground as quickly as possible. We’ll have learned the lesson to improve our service.” Mr Saunders added that the Bahamian insurance industry was still working with the Government to ensure both “are on the same page” when it comes to Value-Added Tax (VAT) reporting and filing requirements. Forecasting RoyalStar’s likely 2017 performance, he added: “If the wind blows, the results will mirror 2016. If they don’t, we’ll claw back some of the losses.”
Very organized, attentive to detail, ability to multi-task, excellent communication skills.
If you possess these qualities, we invite you to apply for the position of:
Administrative Assistant – Records Management Job Summary The Administrative Assistant – Records Management is responsible for ensuring an effective and accurate records and archiving system for Royal Fidelity. This individual will also provide general administrative support to the business.
Requirements / Qualifications: • Bachelor’s Degree in a related field • Records Management certification preferred • Minimum of 2 years’ administrative experience • Excellent communication skills (verbal & written) • Proficient at Microsoft Office Suite programs • Ability to work in a self-motivated environment with little supervision • Ability to multi-task • Polished physical appearance
PLEASE SUBMIT BEFORE May 5th, 2017
HUMAN RESOURCES Re: Administrative Assistant – Records Management
ABSOLUTELY NO PHONE CALLS
careers@fidelitybahamas.com
A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.
Passionate about customer service, Keen attention to detail, Ability to multi-task, Excellent communication skills If you possess these qualities, we invite you to apply for the position of:
Teller Supervisor JOB SUMMARY: Fidelity Bank (Bahamas) Limited is currently seeking qualified candidates to fill the role of Teller Supervisor. This position is responsible for providing teller services while meeting Teller Performance Standards.
Main Duties and Responsibilities: • Training, coaching, and supporting staff • Researching/resolving teller differences and client concerns • Assure operational integrity and risk management by ensuring that procedural requirements and processes are known and utilized • Oversees the staffing and performance management of all tellers • Participate in the daily teller activities needed to meet the demands of the Branch including processing teller transactions and performing standard teller activities • Meets established sales goals and acts as a leader in the Branch
Minimum Requirements & Qualifications: • Associate Degree from recognized tertiary institution - or a minimum High School Diploma along with three years’ experience in the Financial Services Industry • 3 years of cash handling experience • 2 years of supervisory experience in a cash handling position • General working knowledge of the Bank’s products and services • Excellent written and verbal communication skills • Demonstrated leadership skills • Professional appearance • Proficiency in Microsoft Office applications PLEASE SUBMIT BEFORE May 5th, 2017 to:
HUMAN RESOURCES Re: Teller Supervisor careers@fidelitybahamas.com
ABSOLUTELY NO PHONE CALLS
A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.
PAGE 6, Friday, April 28, 2017
Low growth causes ‘major brain drain’ From pg B1 return home after completing their studies. With college and university-educated Bahamians increasingly ‘staying away’, this nation is denied the talented managers and entrepreneurs that can drive the economy and society, exacerbating the ‘low growth’ outlook. Tribune Business revealed earlier this week how the Bahamas had just suffered its fourth consecutive year with no economic growth, the International Monetary Fund (IMF) pro-
jecting that this nation endured zero GDP expansion in 2016. While this represented an ‘improvement’ upon the prior two years of recession, the Bahamian economy having contracted by 0.5 per cent and 1.7 per cent in 2014 and 2015, respectively, the 2016 performance was still below the Government’s own 0.5 per cent growth projection. And, given that IMF data shows the Bahamas also enjoyed 0 per cent GDP growth in 2013, this nation has gone four years - most
Landfill bid opening delayed until today From pg B1 submitting bids, with interested parties effectively given six working days, was thought to favour Bahamian groups, such as the whollyBahamian Waste Resources Development Group (WRDG) consortium. The 10 Bahamian waste service provider members have partnered with Providence Advisors and its
chief executive, Kenwood Kerr, and will likely be able to draw on their previous research and proposals in forming a credible bid. However, local waste management industry sources previously complained to Tribune Business that the bid deadlines gave too little time for interested parties to conduct proper due diligence on the
NOTICE
NOTICE is hereby given that SITHA SILIEN of Marsh Harbour, Abaco, 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 21st day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
THE TRIBUNE
of the Christie administration’s term in office without positive economic growth. “The bottom line is that we need to change the way this country is governed and make sure there is fiscal responsibility, that the wastage and mismanagement in government comes to a stop,and we cut out the corruption that is costing the country millions and millions of dollars,” Mr McCartney told Tribune Business. “It’s going to take more than Baha Mar, and there’s nothing on the horizon for this economy to grow under this administration. There’s hardly any significant foreign investment. It’s rare you see local investors in-
vesting in their own economy because doing business in this country is terrible. “The bureaucracy and red tape is a deterrent, and the corruption again.... This Government has to be removed in order for us to grow, or I can see our economy continue to be downgraded.” Mr McCartney said that in sharp contrast to the Bahamas, Caribbean rivals such as the Dominican Republic, Haiti and Cuba had all produced economic growth during the 20122015 period. “It was bad under the FNM and got worse under the PLP,” Mr McCartney said of the economy, linking the lack of growth and
jobs directly to persistently high crime levels. “Perry Christie should put his head down in shame.” The IMF’s World Economic Outlook provided no explanation for the Bahamas’s failure to meet initial 2016 GDP growth projections, although this is likely to have been caused by Hurricane Matthew’s initial impact. The immediate outlook for the Bahamas, though, is brighter, with the IMF forecasting GDP growth of 1.4 per cent and 2.2 per cent for this year and 2018, respectively. The former is higher than the 1 per cent estimated by the Government in its May Budget. Much of the return to
growth is likely connected to Baha Mar’s opening, with the property’s full impact set to be felt next year when it becomes fully operational, in line with the IMF’s forecast. However, the Fund is also predicting that Bahamian GDP growth rates will slacken off following Baha Mar’s first year unless new sources of impetus are found, with this nation’s economy forecast to expand by just 1.3 per cent in 2022. Even at the Baha Mar post-opening ‘peak’, such growth rates remain woefully short of the 5.5 per cent that the Fund said was needed to both absorb all new entrants into the Bahamian workforce and cut existing jobless rates in half.
New Providence landfill following the recent blaze, especially since its remediation is one of the Government’s requirements. In its tender advertisement, the Government said:” “The Government is inviting proposals from the private sector relating to potential investment, remediation and management of operations of the Harrold Road [Tonique Williams Highway] landfill facility,” the advert states. “The Government’s longterm waste management strategies include reforms
which seek to introduce efficiencies in waste management at various facilities throughout the Commonwealth of the Bahamas.” Renew Bahamas walked away from its New Providence landfill management contract in the immediate aftermath of Hurricane Matthew, citing security and safety concerns amid the absence of electricity supply, and a spate of thefts and shootings. It had previously been seeking to renegotiate its management contract and associated financial terms
with the Christie administration, having revealed to Tribune Business it had been incurring continuous, heavy losses. The Government subsequently charged that Renew Bahamas had used Hurricane Matthew as an excuse to pull-out, having realised that its business model - which depended almost exclusively on the sale and export of materials recycled from the landfill was not viable or sustainable. The Baha Mar opening
and general election has intensified pressure on the Government to resolve the landfill’s woes, which were brought to the fore again last month when Jubilee Gardens residents were forced out of their homes after a massive fire at the landfill blanketed the community in thick smoke.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I,KANYA VIVIKA LAING of P.O.BOX F-44852 intend to change my name to KENYA VIVICA LAING. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
advertise today! call the tribune today @ 502-2394
NOTICE
Notice is hereby given that THAZIE DAURESTIL FLOREUS of P.O Box N-7954, off Young Street,Nassau,The Bahamas, is applying to the Minister responsible for Nationality and Citizenship,for Registration/Naturalization as a citizen of The Bahamas,and that any person who knows any reason why registration/naturalization should not be grated,should send a written and signed statement of the facts within twentyeight days from the 28th day of April, 2017 to the Minister responsible for Nationality and Citizenship,P.O.Box N-7147 Nassau,Bahamas
NOTICE
NOTICE is hereby given that VANESSA D’HAITI of Dundas Town, Abaco, 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 21st day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that ALFRED VIRGILE of Dover St. 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 21st day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas. NOTICE RESOURCEFUL ENTERPRISES LIMITED
NOTICE ZOOCUBE CORP. In Voluntary Liquidation
NOTICE ROBUST CHANCE LIMITED In Voluntary Liquidation
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, ZOOCUBE CORP. is in dissolution as of April 25, 2017
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, ROBUST CHANCE LIMITED is in dissolution as of April 25th, 2017.
International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.
ZHENG SHUSHAN situated at 65 Chulia Street, OCBC Centre #42-06 Singapore 049513, is the Liquidator.
H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company
LIQUIDATOR ______________________
LIQUIDATOR ______________________
GLEN MEADOW LTD. Company No. 75737 (In Voluntary Liquidation)
TETON BUSINESS COMPANY INC.
NOTICE AURIGER PLAINS INC. In Voluntary Liquidation
NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that GLEN MEADOW LTD. is in voluntary liquidation. The voluntary liquidation commenced on 21st April, 2017 and Oliver Billeter of Weingartenstrasse 7, 8805 Richterswil, Switzerland, has been appointed as the Sole Liquidator.
NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that TETON BUSINESS COMPANY INC. is in voluntary liquidation. The voluntary liquidation commenced on 20th April, 2017 and Rachel Louise Wells of Lieu-dlt La Gallerie, 31 Route de Breil, Channay Sur Lathan, France, has been appointed as the Sole Liquidator.
Dated this 24th day of April, 2017 Sgd. Oliver Billeter Voluntary Liquidator
Dated this 21st day of April, 2017 Sgd. Rachel Louise Wells Voluntary Liquidator
NOTICE IS HEREBY GIVEN as follows: (a) RESOURCEFUL ENTERPRISES LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 19th day of April, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas Dated the 19th day of April A.D., 2017.
Company No. 1477546 (In Voluntary Liquidation)
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, AURIGER PLAINS INC. is in dissolution as of April 25, 2017 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR ______________________
THE TRIBUNE
Friday, April 28, 2017, PAGE 7
Portability launch ‘as big as coming Aliv’ From pg B1 over the coming days, as customers sought to take advantage of both number portability and new plan/ product offers. “This is as big a milestone in some ways as the day Aliv was launched,” Mr Blackburn told Tribune Business of mobile number portability’s arrival, albeit more than two months late and after three delays. “It’s going to liberate a lot of people who have been tied because of their number to only one provider, but are now going to have their choice of better quality, value and service. “Now, that’s [number portability] just opened up another one-third of the market. We’ll carry on pushing hard and see what happens. We’ll continue to work very hard to retain the trust of those in the Bahamas who have joined us, and those who haven’t.” Mr Blackburn, in a previous interview, estimated
that there were around 100,000 existing mobile users who would not consider switching to Aliv unless number portability, and the ability to retain their existing cell number, was in place. The absence of number portability was also seen as complicating Aliv’s efforts to penetrate the 50,000 post-paid subscriber market, many of whom are businessmen and corporate executives. The Bahamas Telecommunications Company (BTC), the former monopoly mobile provider, gave its total subscriber numbers at 310,000-315,000 prior to liberalisation and Aliv’s operational launch in November 2016. “It’s hard to know exactly, but we’d estimate that about one-third of the market comes open to us that we were unable to target previously,” Mr Blackburn said of mobile number portability’s effects.
“Those corporate customers and consumers who have had their number a long time. Those are the customers that are going to benefit from this. Today, we are open to all.” Mr Blackburn added that Aliv’s subscriber base had now expanded to 60,000 and, based on BTC’s preliberalisation numbers, that equated to around a 20 per cent total market share. “It’s momentous. It’s probably as big a day as our launch in October, and launch of operations in November. It’s huge,” he reiterated. “We’ve been waiting for it, working hard, and have to give credit to URCA and BTC. Both worked hard to make it happen; co-operation that benefited the consumer. “It seems simple, but to make number portability happen is a very difficult project. A lot of co-operation between BTC, Aliv and URCA is required to make it happen.” Mr Blackburn said customers had been in Aliv’s retail stores to ‘port’ their existing number, and switch
Retailers and insurers get taxed more, tech less NEW YORK (AP) — To understand taxes, you have to think about geography. Don’t worry, this will make sense eventually. The U.S. has high corporate taxes compared with other developed countries. That means companies that make most of their money inside the U.S. pay more in taxes than companies that do a lot of business overseas. Retailers, utilities, health insurance companies have relatively high tax bills for those reasons, while technology companies, pharmaceuticals makers and energy companies can make a lot more money in other countries. On paper, the top federal corporate tax rate in the U.S. is 35 percent. Companies generally don’t pay that much, but they can have dramatically different tax bills depending on where they make their money. RETAILERS
Take Macy’s, Wal-Mart and Nike, all retailers. Macy’s, a department store operator, makes all of its
revenue in the U.S., according to FactSet, while WalMart gets about a quarter of its revenue outside the U.S. and Nike makes almost 60 percent of its sales in countries other than the U.S. That’s one important reason Macy’s pays higher taxes. FactSet says that over the last five years, Macy’s average effective tax rate, or the percentage of its net income that it pays in state and federal taxes, has been more than 35 percent. WalMart’s tax rate was 31.5 percent and Nike’s tax bill was around 23 percent. TECH AND DRUG COMPANIES
Alphabet, Google’s parent company, had an effective tax rate of 19 percent over that five-year period and IBM’s rate was 18 percent. Both companies get most of their revenue outside the U.S. Prescription drug distributor AmerisourceBergen is also entirely U.S.-based, and it had a tax rate that topped 50 percent over that period, but Gilead Scienc-
es, a biotech drug manufacturer that gets a lot of revenue from other countries, paid less than half that much. TAXING BY TERRITORY JPMorgan calculates that most corporations pay a rate closer to 20 percent because of a wide variety of tax credits, tax reduction strategies, and those lower taxes on earnings from outside the U.S. The Trump administration is proposing cutting the top corporate tax rate to 15 percent, and it wants a “territorial” system where only profits made in the U.S. are taxed. Because of the higher tax rates in the U.S., companies are motivated to say as much of their income is made outside the country as possible. If their products are made in another country, or assembled there, or will shipped there, or if they have a licensing deal with a non-U.S. company, the company may say that income comes from outside the U.S. so it can pay a lower tax rate.
to its services, “all day” yesterday. To do so, he explained that customers needed to bring a government-issued identification and bill with their address on from the last three months. “You then text a short-cut number with BTC to start the process, and put a SIM in your new Aliv phone or existing phone,” Mr Blackburn said. He added that Aliv’s retail stores will “manage any rush as best we can”, as customers sought to exploit both the launch of mobile number portability and new
products/services. “There’s a chance we could get as busy as Christmas,” Mr Blackburn told Tribune Business. “We did have a spike yesterday as well. “It’s probably a mixture of portability and offers to customers that are causing us to have a big amount of volumes; a busy few days.” Mobile number portability is currently available on just New Providence, Grand Bahama, Abaco and Eleuthera, but Mr Blackburn said it would roll-out nationwide as Aliv built out its network through the
Family Islands. Mobile number portability was initially supposed to launch on February 14 this year, but URCA postponed the date twice. It was then supposed to launch on April 25, but was subsequently pushed back two days to ensure the porting system was stable. Mobile number portability is vital to facilitating competition and consumer choice for Bahamians, especially businessmen wanting to retain their existing number for commercial purposes and ease of contact.
PAGE 8, Friday, April 28, 2017
THE TRIBUNE
Senate Dems block quick vote on short-term spending bill Are you highly adaptable? Competitive? Energetic? Flexible? If you have what it takes, we want you! Fidelity is looking for a passionate, sales-driven, networking professional to fill the role of:
Loans Officer JOB SUMMARY: The ideal Candidate will be a proven sales leader who is target-driven and possesses excellent communication and interpersonal skills. This role is primarily responsible for the sale of Fidelity’s loans products and services, while ensuring the successful relationship management of clients. In addition to a fixed salary, this position also earns substantial performance-based incentives.
MAIN DUTIES AND RESPONSIBILITIES: • Perform the sale of loans, credit cards and other credit products. • Meet with current and prospective clients regarding loan applications and other credit matters – utilizing effective relationship management skills. • Prepare credit applications (loans, overdrafts, credit cards) and perform credit facility renewals. • Perform collection of overdue loans/credit card payments. • Serve as a relief for other Lending roles as required.
REQUIREMENTS/QUALIFICATIONS: • • • • • • • •
High school Diploma. Minimum of 3 years’ experience in the Financial Services Industry. Must have excellent communication and interpersonal skills (verbal and written). Must be energetic, competitive and goal-oriented. Strong integrity and work ethics. Proficient at Microsoft Office Suite programs. Ability to work in a self-motivated environment with little supervision. Ability to manage the administration of multiple tasks at one time.
PLEASE SUBMIT BEFORE May 5th 2017 to:
HUMAN RESOURCES Re: Loan Officer
ABSOLUTELY NO PHONE CALLS
careers@fidelitybahamas.com
A competitive compensation package (including base salary and commissions) will be commensurate with relevant experience and qualification.
WASHINGTON (AP) — Senate Democrats late Thursday blocked a quick vote on a short-term spending bill to keep the government open, roiling Washington with brinkmanship less than 30 hours before a midnight Friday deadline for a shutdown and President Donald Trump’s 100th day in office. Majority Leader Mitch McConnell pressed for an agreement on the shortterm legislation that will carry through next week, giving lawmakers more time to complete negotiations on a $1 trillion government-wide spending bill for the remainder of the 2017 budget year. Democratic leader Chuck Schumer insisted that any vote only occur when Republicans abandon efforts to add provisions on abortion, financial regulations and the environment to the legislation. “Our position has been clear and it’s nothing news. No poison-pill riders,” Schumer said. The House is scheduled to vote on the one-week extension on Friday morning and the Senate could still vote ahead of the deadline. Sen. Rand Paul, R-Ky., said he’s “perpetually disappointed Congress does not pass individual appropriation bills,” and called the process “an abysmal failure.” In addition to the inability to come up with a spending deal that could pass ahead of Trump’s 100day mark, the House GOP looked unlikely to give Trump a victory on health care before then. A revised health care bill has won the support of the hard-right House Freedom Caucus, holdouts on an earlier version that collapsed last month, but GOP leaders were struggling to round up votes from moderate-leaning Republicans. “I don’t know if it’s bringing anyone over,” said Rep. Chris Smith, R-N.J., who
MARKET REPORT THURSDAY, 27 APRIL 2017
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,886.09 | CHG -5.25 | %CHG -0.28 | YTD -52.12 | YTD% -2.69 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.56 4.70 0.12 6.76 8.50 6.10 10.60 15.27 2.72 1.60 6.00 10.00 11.00 9.30 6.90 12.01 11.00
52WK LOW 3.20 17.43 8.19 3.50 1.64 0.12 3.80 8.15 5.56 8.50 11.00 2.18 1.31 5.80 6.90 8.56 7.11 6.35 11.92 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 2.05 3.92 1.95 169.70 141.76 1.47 1.67 1.57 1.10 6.96 8.50 6.30 9.94 11.21 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.41 1.61 1.52 1.03 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 6.00 10.48 11.50 2.31 1.55 6.00 9.33 9.00 9.30 6.90 12.01 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 108.03 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 6.00 10.48 11.50 2.31 1.55 6.00 9.33 9.00 9.30 6.90 12.01 10.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 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
108.33 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.30 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
5,550
VOLUME
NAV 2.05 3.92 1.95 168.44 141.76 1.47 1.64 1.56 1.04 6.96 8.50 6.30 9.80 11.13 9.63
EPS$ 0.029 1.002 -0.144 0.170 -0.130 0.000 -0.030 0.607 0.430 0.450 0.110 0.102 0.080 0.300 0.520 0.960 0.820 0.294 0.610 0.000
DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.490 0.060 0.060 0.240 0.400 0.000 0.330 0.140 0.640 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 0.000
P/E 151.0 15.8 N/M 20.8 N/M N/M -150.0 14.0 14.0 23.3 104.5 22.6 19.4 20.0 17.9 9.4 11.3 23.5 19.7 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 0.0
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% 0.84% 4.46% 0.01% 3.70% 0.37% 2.61% 3.95% 3.95% 6.77% 6.77% 0.40% 4.04% -1.76% 1.06% -0.34% 2.70% -0.95% 1.55% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%
NAV Date 28-Feb-2017 28-Feb-2017 24-Feb-2017 31-Dec-2016 31-Dec-2016 31-Jan-2017 31-Jan-2017 31-Jan-2017 31-Jan-2017 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-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 1.83% 6.31% 0.00% 5.93% 0.00% 0.00% 2.00% 3.53% 3.67% 3.44% 4.26% 2.60% 3.87% 4.00% 4.29% 0.00% 3.55% 2.03% 5.33% 0.00%
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
Senate Minority Leader Charles Schumer of N.Y. speaks to reporters during a news conference on Capitol Hill yesterday. (AP Photo/Manuel Balce Ceneta) said he had been lobbied by leadership but still opposed the legislation because it undoes an expansion of Medicaid under President Barack Obama’s Affordable Care Act. “There’s much of ‘Obamacare’ that has to be fixed. That part of it is critical,” Smith said. Trump himself unleashed a tweetstorm of criticism of Democrats involved in negotiations on the spending bill, accusing them of trying to close national parks and jeopardize the safety of U.S. troops. “As families prepare for summer vacations in our National Parks - Democrats threaten to close them and shut down the government. Terrible!” Trump tweeted. “Democrats jeopardizing the safety of our troops to bail out their donors from insurance companies. It is time to put #AmericaFirst,” he wrote. Democrats dismissed such accusations. “We are never going to shut government down. In fact, we don’t even have the power to do so,” said House Minority Leader Nancy Pelosi, D-Calif. Referring to Republicans, she said: “They have the majority. They have the president. They have the Senate. They have the House. Any shutting down of government, the ball is in their court.”
Nonetheless, leaders in both parties projected certainty that a deal would ultimately be reached on the spending legislation, which covers all government agencies and is leftover business from last year. “Talks on government funding legislation have continued throughout the week on a bipartisan, bicameral basis,” said McConnell, R-Ky., adding that the short-term extension will allow time for a final agreement to be completed and voted on next week. The talks involving congressional Republicans and Democrats had progressed relatively smoothly after the White House earlier this week backed off a threat to withhold payments that help lower-income Americans pay their medical bills and Trump dropped a demand for money for the border wall. After the U.S.-Mexico wall issue and the Obamacare controversy were addressed, negotiators turned to a lengthy roster of unfinished issues, many of which involve extraneous policy “riders” on the environment and financial services regulations. Negotiations continued throughout Thursday toward an agreement that might not be revealed until early next week.
NOTICE
NOTICE is hereby given that VALNER OTELLO of #22 Peardale Rd., P.O. Box SB-51910, 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 twentyeight days from the 21st day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000 Jerry Wayne Ltd. (In Voluntary Liquidation) NOTICE IS HEREBY GIVEN that in accordance with Section 138 (8) of the International Business Companies Act 2000, as amended, Jerry Wayne Ltd. has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 3rd day of February, 2017. Pamela A Miller Liquidator NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000 V.V.K. INVESTMENTS INC. (In Voluntary Liquidation) NOTICE IS HEREBY GIVEN that in accordance with Section 138 (8) of the International Business Companies Act 2000, as amended, V.V.K. INVESTMENTS INC. has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 6th day of April, 2017. Saviour Cauchi Liquidator