business@tribunemedia.net
WEDNESDAY, MAY 3, 2017
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Central Bank intensifies ‘spending control’ calls By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
‘Sustained’ curbs needed as deficit hits $295m
The Central Bank yesterday intensified its call for “sustained controls” on government spending, after the fiscal deficit widened by a further $20 million in January to hit $295.3 million. The regulator, in its newly-released March economic developments report, said the deficit for the first seven months of the 2016-2017 fiscal year was some 41.4 per cent, or $86.2 million, higher than prior year comparatives. While it acknowledged that “the cumulative effects of Hurricane Matthew” were “partly” responsible for the Government’s increased ‘red ink’, the use of the word “sustained” sug-
gests the Central Bank is raising its language over ever-increasing public expenditure. “While the performance of VAT is expected to continue to positively impact the fiscal position, expenditure pressures are elevated from the hurricane re-
Attorney agrees better if industry regulated by GBPA Criticise ‘impotent’ rivals for lack of support
John Rolle
Gowon Bowe
building. Medium-term consolidation prospects remain contingent on sustained expenditure controls,” the Central Bank said in an analysis prepared by its research department. Its March report said an $82.7 million, or 6.6 per cent increase,
in government spending during the first seven months of the 2016-2017 fiscal year was “primarily” responsible for the expanded deficit. Revenues were down by only $3.7 million yearover-year to end-January 2017. See pg b12
Tourism ‘weakens’ as Bahamas ‘exception’ to LPIA traffic off 6.5% region’s tourism growth By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
The Central Bank believes Bahamian tourism industry performance in the 2017 first quarter “weakened” compared to last year, with passenger traffic at Lynden Pindling International Airport (LPIA) down 6.5 per cent. The regulator, in its March 2017 economic report, said the decline, which is “net of domestic departures”, was likely influenced by timing, as the Easter weekend last year fell in March. That period, which is widely regarded as the winter tourism season ‘peak’, occurred in April this year, providing a possible explanation for the drop-off in foreign passenger traffic at the Bahamas’ main gateway. Describing tourism output as “mild”, the Central Bank said: “NAD airport traffic was down over the three-month period. “Indications are that tourism sector performance weakened in the first quarter of 2017. Data from the
Easter timing blamed for 7% US passenger decline Mortgage Relief qualifiers taper off in January ‘Substantial slowdown’ in external reserves growth Nassau Airport Development Company (NAD) showed passenger traffic at Lynden Pindling International Airport contracted by 6.5 per cent - net of domestic departures - during the three months to March 2017, compared to a 4 per cent gain in the prior year.” Describing the later Easter 2017 as “a factor”, the Central Bank said returning US passenger numbers fell by 7 per cent during the three months to end-March 2017, compared to a 5.5 per cent improvement last year. Other international departures were down 3.9 per See pg b20
‘Insulting’ for Baha Mar deal to spark landfill resolution By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The FNM’s deputy leader yesterday said it is “insulting and embarrassing” that foreign investors have forced the Bahamas to finally move on resolving the New Providence landfill’s troubles. K P Turnquest told Tribune Business that the Government should have moved much earlier for the benefit of Bahamians, rather than be forced into action by Baha Mar’s new owner and other major foreign investors. The Christie administration’s April 25 Heads of Agreement with Chow Tai Fook Enterprises (CTFE) mandates that it remediate the landfill by year-end, and Mr Turnquest blasted: “I think that is just embarrassing. “We have seen the terrible state of that landfill over the last five years. It is insulting for a foreign investor to come in for us to take action.” The Baha Mar Heads of Agreement stipulates that any failure by the Government to resolve the land-
FNM deputy: Should have acted for Bahamians Nassau ‘plagued by inadequate infrastructure’
K Peter Turnquest fill’s problems by December 31, 2017, will be treated as “a force majeure” event. If that occurs, then CTFE and its Baha Marowning affiliate will be released from performing their Heads of Agreement obligations for as long as it See pg b16
Web shop slams GBPA taxation as ‘extortionate’ Chances tells Freeport regulator: ‘Cut us some slack’
‘Primary driver’ is fixed cost, PHA’s $27m NHI extra Regulator wants reduced Govt ‘money supply drain’
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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Bahamas has been branded “the no table exception” to the Caribbean’s to urism gro wth o ver the past two decades by an IMF paper, which found this nation is not among those most vulnerable to Cuba’s US opening-up. The study, entitled ‘Revisiting the Potential Impact to the rest of the Caribbean from opening US-Cuba tourism’, described tourist arrivals to the Bahamas as “mostly flat since the mid-1990s”. Its authors wrote: “It is important to note that over the last two decades the tourism sector has grown throughout the Caribbean - from 12 million arrivals in 1995 to 26 million in 2014. “The notable exception is the Bahamas, where tourist arrivals have remained mostly flat since the mid– 1990s..... Over this period Cuba’s tourist arrivals grew at an average
IMF study: Nation’s arrivals ‘flat’ for two decades Canada market share fallen from 10% to 4% But Bahamas won’t be worst hit by Cuba open-up annual rate of 7.6 per cent, Cancun’s grew at 7.5 per cent, and the Dominican Republic’s grew at 5.7 per cent, with the region as a whole growing at 4 per cent per year.” The study produced sa chart showing that expansion in Bahamian tourist arrivals, cruise and stopover combined, has been much flatter than larger Caribbean rivals, although the growth rate appears to have picked up since 2010. See pg b7
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A web shop chain yesterday blasted its rivals for remaining “impotent” in the battle over who has regulatory responsibility for the industry in Freeport, while also slamming the Grand Bahama Port Authority’s (GBPA) “extortionate taxation” demands. Raymond Culmer, principal of Chances Games, criticised the failure of other web shops to join his company in the ongoing legal fight to determine whether the GBPA or the Gaming Board should regulate their Freeport-based operations. Emphasising that neither Chances Games, nor its Freeport web shops, had closed as a result of its failure to-date to obtain an injunction against the GBPA, Mr Culmer said the quasi-governmental regulator was seeking to impose fees of $150,000 per Gaming House license, and $50,000 per Gaming Agent, on his company. When added to the taxes and fees already being paid to the Gaming Board, Mr Culmer said Chances Games and other web shop operators will have to pay “extraordinary sums of money” if the GBPA gets its way. Carlson Shurland, Chances Games’ attorney, echoed Mr Culmer’s “disappointment” at the failure of the wider web shop industry to join in, and support, his client’s action. He even agreed that it would be “more attractive” for Chances Games if the Supreme Court ruled that the GBPA, rather than the Gaming Board, was the sector’s regulator for Freeport. Mr Shurland said such a verdict would See pg b4
PAGE 2, Wednesday, May 3, 2017
How to keep your energy costs falling
Y
ou might say: “What do you mean the cost of light is falling? My light bill is going up. Aren’t BPL’s rates increasing? How can you say the cost of light is falling?” I would reply: “I’d be happy to tell you how, and how you can take advantage
of it.” That is what we will discuss today. I was reading an article from Tim Hartford of the BBC (British Broadcasting Corporation), entitled ‘Why the Falling Cost of Light Matters’. He recounted the experiments of Professor William Nordhaus in the 1990s. Professor Nordhaus was trying to tackle
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a tricky question; how do you measure the changing cost of goods and services over time? His solution was to measure them against something people have always wanted and used – light. Using a light meter to record the lumens (units of brightness), he set to work. He started with the oldest of illumination technologies, namely a wood fire. Imagine that you spent 10 hours every day, six days per week, chopping wood. Those 60 hours of work would give you about 1,000 lumen hours of light. That is the equivalent of one modern light bulb shining for just 54 minutes. Compare that to the sesame oil from lamps that would have been used in Roman and Babylonian times. Nordhaus found that a mere quarter cup of oil burned all day. Sixty hours of wages at that time would let you buy enough oil to give you about 1,400 lumen hours, and your light would be better and more controllable than the wood. Fast-forward to the 1700s. The affordable lighting technology was tallow candles; sticks of animal fat that stank when they burned. Imagine that you set aside another 60 hours to make candles, or earn income to buy them. According to Nordhaus’s research, your hard work would let you burn one candle every evening of the year for less than two-and-a half hours.
So now your 60 hours of work could give you a small amount of light year-round, and not just for a few days. A few technologies developed as we continued through history, such as improved candles and kerosene lamps. The big breakthrough, however, came with the light bulb. How much light would another 60 hours of hard labor earn you? By 1900, that would earn you enough for one of Thomas Edison’s bulbs, which gave you 10 days of reliable illumination - 100 times brighter than a candle. By 1920, that same 60 hours of work would pay for over five months of continuous light. By 1990, it was 10 years. When fluorescent bulbs came on the scene a few years later, that multiplied five times’ longer. As Hartford reported: “The labour that had once produced the equivalent of 54 minutes of quality light now produced 52 years.” That is a dramatic reduction in the cost of light. Of course, our modern LED lights give you even more light for less cost, and the LEDs themselves continue to get less and less expensive. Your light now costs 500,000 times less than it would have cost our ancestors, and the price continues to fall. I think Hartford’s article was an excellent one, but I strongly disagree with his closing thought. He wrote: “A thing that was once too precious to use is now too cheap to notice.” In the Bahamas, that simply is not true. We cannot afford to
say our light is too cheap to notice, or we will waste it. We must count the cost of burning more electricity than we have to, because the electricity price is increasing and costs do matter. So how, then, is the cost of light falling? Affordable technologies are in place today to reduce your energy needs, and to give you the same output for less input. On a small scale, consider a home I worked with that spent less than $2,000 to make upgrades which lowered their annual electricity bill by $5,000. In five years, that is $25,000 in savings. Is $25,000 “too cheap to notice”? On a larger scale, consider the results of the Caribbean Hotel Energy Efficiency and Renewable Energy Action (CHENACT) study in the Bahamas. One of the participating resorts (Paradise Island Beach Club) invested about $250,000 to upgrade to more energy efficient technologies over the past two years. As reported on February 17, it has since saved over $1 million on its electricity bills. And more savings will be added every year. One million dollars is not “too cheap to notice”. The unfortunate thing is that it is easy not to notice. We get used to just paying the utility bills every month, not realising the cost of light and energy has gone down, and if we just upgraded our technology we would pay even less. No business would pay to burn stinky candles or leaky kerosene lamps if light bulbs were available.
THE TRIBUNE
Joshua key SuperGreen Solutions
No homeowner would pay a fortune to have a servant stand beside them at all times and fan them if a real fan or air conditioning were available. The cost would not make sense. But this is precisely what we do when we use old lights instead of LED lights, or when we run low-SEER air conditioners instead of running highSEER units in homes with proper ventilation. The cost of energy is falling. Affordable technologies are available that do what you want while using less power than ever before. You just have to make the upgrade. I encourage you to seek the services of a trained energy efficiency professional to help you do it right. • NB: Joshua Key is general manager for SuperGreen Solutions Bahamas, located on Wulff Road next to FYP. SuperGreen Solutions is one of the premier advisors, suppliers and installers of domestic and commercial energy efficient solutions.
Aliv’s graduate trainee programme paying off ALIV’s graduate trainee programme is already delivering a skilled workforce, with one six-month member helping to develop the new mobile provider’s core network. After completing two Engineering degrees with a minor in Mathematics, Derick Ferguson is part of a programme designed to reach into communities across the Bahamas. The programme consists primarily of engineering graduates or graduate trainees from the University of the Bahamas. It seeks to foster early careers and high-performing talent capable of meeting the challenges facing the mobile industry. Mr Ferguson, a graduate of Minnesota State University, has degrees in electrical and computer engineering, and is responsible for implanting, operating and supporting all ALIV services, including SMS, data and voice. He said his curiosity about the inner workings of objects led him to pursue two engineering degrees, and ultimately to ALIV, where he can work on various network features. Mr Ferguson said: “I have contributed to the team in many ways - from assist-
Derick Ferguson, graduate training programme participant.
ing with network development projects to helping identify new engineers, and explaining to them how the telecom network nodes are connected amongst other things. “This programme has also aided in my personal advancement, as I have definitely improved in many areas, including my organisational skills and time management. The most valuable part of having this experience is the work atmosphere. The working environment is extremely relaxed, and it makes you feel you’re a part of a big family at work.” Aliv’s graduate trainee programme prepares participants for specific business and technical roles, such as service and appli-
cant engineers, finance, marketing and sales partners through rotational assignments, projects and intensive course and leadership training. To be eligible, the candidate must have a Bachelor of Science in Engineering or a related technical field, finance, marketing, economics or business, and at least a 3.0 GPA on a 4.0 scale or global equivalent and strong communication, interpersonal and influencing skills. Successful trainees at ALIV work in various departments including sales, marketing, engineering, information technology (IT) and finance. “ALIV is committed to the advancement of new talent,” said chairman Franklyn Butler. “We’ve worked diligently to support this mandate and have developed two programmes, one being the graduate trainee programme. This programme will enable participants to discover and explore numerous career options.” The graduates will also have an opportunity to engage in distance learning via Northeastern University in Boston, Massachusetts, and the University of Manchester in London, England.
THE TRIBUNE
Wednesday, May 3, 2017, PAGE 3
Aliv targets 35% share by year-end By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
Aliv’s top executive said yesterday that the new mobile operator is targeting a 25-35 per cent market share by year-end, when it expectd to complete its network roll-out well ahead of its schedule obligations. Damian Blackburn told Tribune Business yesterday that the company currently has more than 60,000 subscribers, figures it expects to be boosted by number portability. “We’re targeting in the range of 25-35 per cent by the end of the year. How we get on depends on market conditions,” said Mr Blackburn. “We’re over 60,000 subscribers right now. Obviously mobile number portability is going to open the
Damian Blackburn, chief Aliv officer market to a new segment. We estimate that about one-third of the market wouldn’t have joined us unless they could move their number, so now that’s open. Once things settle down in the next few days we expect to welcome a significant portion of those customers.” Mr Blackburn added:
“On the first couple of days [of number portability] we certainly had a lot of demand. There were a few glitches on Thursday and Friday, which we all worked together on. “It’s been a little bit slower than it would have been because we have been focused on ironing the processes out with BTC and URCA. We’re going now full blast, so I expect we will get a real reading in about a week as to what the real demand is. There is certainly a demand from hundreds of people so far.” Mr Blackburn said Aliv is progressing steadily with its roll-out plans. “Our aim is to be on every Family Island by the end of 2017, which is well in advance of our final roll-out obligation, which I believe is mid-2018,” he added. “We have launched in four islands. We have got
New Providence and a significant majority of Grand Bahama up in October. Despite the hurricane we got Eleuthera and Abaco on stream before Christmas. There are a few more sites we rolled out after Christmas in one or two places.
“We now have full coverage in New Providence and Eleuthera. We still have one or two cays in Abaco. We’re pleased with what we have done so far. We are gearing up for the next phase. We have a very solid plan. In 2017, our target is to roll-
out to every single Family Island.” Last month, BTC announced that it had reached a co-location agreement with Aliv, which allows the latter to position its network equipment See pg b12
Carnival organisers: Ticket sales strong By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribuneedia.net
Bahamas Junkanoo Carnival organisers yesterday said ticket sales for the Nassau event have been strong, adding that the postponement controversy had boosted awareness of the destination. Speaking with Tribune Business at a press conference on the scaled-down festival, scheduled for May 4-6, Bahamas National Festival Commission (BNFC) chief executive, Roscoe Dames, said: “It affected the public relations and the rescheduling of people who had already planned to come from outside the country. “I don’t think it had as significant an impact on locals who are already here. Having it reverted simply meant that visitors who had already planned could continue to come. Ticket sales have been reflective of
that.” Mr Dames said skybox tickets have already sold out. Tickets can be purchased online from Cash & Go, which has 14 locations. He added: “Controversy is good. No press is bad press. People who did not know anything about the Bahamas, Junkanoo or that we had a Carnival now know. “We were able to gauge how much people were emotionally vested in this. We know that we have this.” The Nassau event, scheduled for May 4-6, had initially been postponed to May 18-20 due to conflicts with the general election timetable. Following two days of widespread backlash, locally and internationally, over the last-minute delay and cancellation of the Grand Bahama event, Tourism Minister Obie Wilchcombe announced that the original dates were reinstated, along with the Freeport component.
“What we do see is that Junkanoo has an opportunity and can be marketed to the world,” Mr Dames said. “People are curious about Junkanoo because of our marketing globally. I can’t see the junkanooers saying that word isn’t out about their cultural expression. It, carnival, the Bahamas, controversy, whatever it is, the world now knows about the Bahamas, Junkanoo and Carnival.” Mr Dames said this year’s Carnival budget has been reduced by 50 per cent compared to last year. “We will be able to provide a report post the event,” he added. “We have an independent accounting team, which is part of our operations, and is overseeing the budget and our spending. We have learned some lessons over the last two years and we are encouraged to contain and sustain a reduced budget. That is important.”
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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.
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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, Wednesday, May 3, 2017
Web shop slams GBPA taxation as ‘extortionate’ From pg B1 both eliminate the taxes and licensing fees Freeportbased web shops have to pay to the Gaming Board, and require the latter to pay back monies already handed over. Messrs Culmer and Shurland, in a joint statement sent to Tribune Business, pledged that they would continue to battle in the best interests of Chances and its staff. Mr Culmer even argued that the GBPA, since Chances was a Bahamianowned company, needed to ‘cut us some slack’ rather than seek to impose further taxation, especially given Freeport’s dire economic climate.
“What Chances is seeking is a determination from the court on whether the GBPA can give us a Gaming License, and tax Chances on a level comparable to the Gaming Board and Government of the Bahamas,” he explained. “The GBPA is proposing to issue Gaming House licences at a fee of $150,000 per license, and $50,000 for each Gaming Agent license. When you couple these license fees with what we have to pay the Gaming Board and Government, it translates into an extraordinary sum of money. “Clearly, we cannot be faulted in trying to get a clear appreciation of which licensing regime governs
the gaming industry in Freeport.” Mr Culmer added that Chances Games was not immune from Freeport’s economic malaise, and said: “When we see businesses, hotels and casinos that were given major tax exemptions still closing in Freeport, and the GBPA not revitalising this economy, that ought to send a clear message that we have a high overhead and, in some cases, are working at a deficit. “Rather than try to introduce an extortionate level of taxation against a Bahamian entrepreneur, they [the GBPA] should look at ways to “cut us some slack”. Mr Shurland said Chances was asking the Bahamian judicial system to determine whether the GBPA has regulatory authority for the web shop gaming industry through clause 2 (23) (a) of the Hawksbill Creek Agree-
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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.
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ment. The GBPA believes that this clause, which gives it “exclusive licensing authority for gaming and amusements” in Freeport, includes web shop gaming. Mr Culmer, though, said Chances “core belief” is that the GBPA is trying “to usurp” the Gaming Board’s regulatory authority, and that the former has no power to issue gaming licenses in Freeport. However, he was somewhat contradicted by Mr Shurland, who said a court verdict in favour of the GBPA having regulatory authority in Freeport would be to the advantage of Chances and other web shops. Such a ruling would eliminate the need for them to be regulated by the Gaming Board, and Mr Shurland said: “Frankly, this is a more attractive position for Chances to be in as it would eliminate having to pay taxes and gaming licensing fees to the Government. “Of course, what that would also mean is that the Government would have to reimburse all webs shops that are operating in Freeport any monies paid to date.” Both men were on the same page, though, in criticising rival web shop op-
THE TRIBUNE erators for failing to join Chances in defending the industry’s interests. “Many of our colleagues, despite our requesting their assistance in this legal fight, have remained silent and impotent on this important issue, and so Chances is left fighting this legal battle solo,” Mr Culmer said. Mr Shurland added: “With such an important issue on the table that has far-reaching financial consequences, I am disappointed that the other Gaming Houses are not taking a more active role in bringing closure since they stand to benefit either way. “Mr Culmer is a maverick in the gaming industry, and believes in operating within the law, but make no mistake, he will defend his rights, and no one, not even the GBPA can take theses rights away from him.” However, Island Luck and its parent, Playtech Systems, had previously filed their own action over the GBPA’s regulatory efforts, although little has been heard of its progress. Mr Culmer emphasised that Chances was “here to stay”, and he criticised the GBPA’s attorney, Fred Smith QC, for “inflammatory rhetoric” that was undermining its Freeport earnings by driving patrons
away. “Chances employs over 400 Bahamians, and operates approximately 80 locations throughout the Bahamas,” he added. “Its contributions to the GNP of the Freeport economy is very significant. Apart from paying taxes, wages and salaries for the workers, money is also channelled to suppliers, landlords, charity and contributions to many social and civic organisations throughout Freeport and Nassau.” Mr Culmer also criticised the failure of regulators to eradicate illegal, unlicensed web shops, blasting: “Why should Chances shut down when there are still illegal and rogue gambling operators doing business with impunity, and no pressure to eradicate this form of competition by the GBPA.” Chances and its parent, Jarol Investments, had originally sought an injunction to prevent the GBPA “from interfering with and/ or cancelling” its business license, and increasing its license fee, until the Supreme Court determined the main issue between the parties who has regulatory authority for web shop gaming in Freeport. However, Justice Petra Hanna-Weekes refused to grant the injunction on the basis that Chances/Jarol had raised “no serious issue to be tried”, since the GBPA had already rescinded the letter upon which the web shop chain’s case was based. Mr Shurland confirmed that Chances had appealed her ruling, and hoped to obtain an early hearing date from the Court of Appeal, once all procedural matters were settled by May 8. “We are optimistic that the Court of Appeal will see the merits in our case and find that the judge erred in not granting the injunction. In the event they don’t, there is always Plan B,”Mr Shurland said, without detailing what this is. “Finally, you can go to bed with the sure and certain knowledge that the substantive issue will be heard, and the matter will not get struck out like Fred Smith QC is bragging about.”
THE TRIBUNE
Wednesday, May 3, 2017, PAGE 7
Bahamas ‘exception’ to region’s tourism growth From pg B1 Cruise arrivals dominate the Bahamian tourist market, and the relative lack of growth identified by the IMF paper has likely been caused by the lack of new hotel room inventory since the mid-1990s. That period saw significant resort expansions via the Atlantis Phase I and II projects, and refurbishments and upgrades at the likes of Sandals Royal Bahamian and SuperClubs Breezes. However, since then the Bahamas’ total room inventory has remained relatively flat, with properties falling out of the market - such as the Royal Oasis in 2004 as quickly as new ones are added. The newly-opened Baha Mar project, with its net new 2,331 rooms, and Grand Hyatt, Rosewood and SLS brands, is being counted on to help fix this and drive the first significant increase in stopover tourism since the mid-1990s. Once fully operational, Baha Mar’s extra rooms are projected to attract an extra 315,000 air arrivals per annum, generating a 19 per cent boost to stopover tourist figures. That is forecast to become a reality in 2018, with the SLS and Rosewood properties projected to open by December 1, 2017, and April 30, 2018, respectively.
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However, other sources of concern for the Bahamas are its declining share of the Canadian tourism market, which the IMF paper described as the fastest growing for the Caribbean as a whole. The study’s charts show the Bahamas’ share of the Canadian market has fallen from 10 per cent in 1995 to just 4 per cent in 2014, as a proportion of the Caribbean total. The IMF paper said Cancun, Cuba and the Dominican Republic were now the top Caribbean destinations for Canadians, with the first two having increased their share over those two decades to 24 per cent and 30 per cent, respectively. “The Canadian market is of particular interest because it has been the fastest growing tourism source in the Caribbean, with an average annual growth rate of 8.6 percent,” the paper said. “This has resulted in Canada’s share of tourists more than doubling, and has reduced somewhat the region’s dependence on the US tourism market.” Growth in Canadian visitors to the Bahamas was flatter than to any other Caribbean destination over the 1995-2014 period, although the rate had started to pick up again slightly since 2010. When it came to the impact of Cuba’s opening up to US visitors, the IMF paper acknowledged the Bahamas’ potential vulnerability, given that more than 75 per cent of its base came from that nation. However, it gave credit for the Bahamas’ efforts to reduce its reliance on the US market by targeting increased visitors from Canada and other nations. While the IMF paper predicted a fall-off in US arrivals as a result of Cuba’s full opening to the US travel market, it also forecast that this would be offset slightly by a rise in Canadian and UK visitors. As a result, it found that
while the Bahamas will be negatively impacted it will not be the worst off, reserving this honour for Anguilla, Belize, Saint Maarten, and the US Virgin Islands. “There are some policy recommendations that will help Caribbean tourism destinations confront the increased competition from Cuba in the US market. Despite their generality, they are worthwhile in their own right,” the IMF study said. “Our analysis shows that dependence on the US market is large, and while this dependence is understandable in terms of the proximity and size of the US market, a diversification strategy that targets other advanced economies and large emerging markets in Latin America would be beneficial. “Improving the competitiveness of the tourism sector will be crucial, and improving quality and reducing costs will help countries compete with a lowcost provider as Cuba. “Finally, thinking of regional strategies to facilitate intra-regional travel would help bring the possibility of multi–destination vacations. This would help the rest of the Caribbean to benefit from the new tourists that will start visiting the region when the US opens up free travel to Cuba.” Still, the IMF study left little doubt as to the huge debt of gratitude that the Bahamas owes to the late Fidel Castro for his 1950 revolution, which closed Cuba to US visitors and diverted them to this nation and other Caribbean destinations. “In the case of the Bahamas, despite a long history of tourism promotion that started with the Tourism Encouragement Act of 1851, it was the US embargo on Cuba that provided ‘the main stimulus to the tourism industry’ with much of the US tourists switching to the Bahamas,” the IMF paper said. “Tourist arrivals to the Bahamas went from 142,689 in 1954 to over a million in 1968.”
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.
Credit exposure is controlled by counterparty limits that are reviewed and approved by
THE TRIBUNE the risk management committee of the Parent annually. The Bank has a significant
Wednesday, May 3, 2017, PAGE 11
concentration of credit risk with its Group companies. The Bank places its deposits with high quality international banking institutions.
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The significant financial assets and liabilities of the Bank are categorized by geographical region as at December 31, based on the domicile of the counterparties as follows: Central & South America €’000
North America €’000
Cash and due from banks Other investment securities Mortgage securitization bonds Foreign currency forward contracts Loans Investments in group entities Accrued interest receivable - Group Other financial assets
5,575 -
30,077 -
Total financial assets
Europe €’000
The Bahamas €’000
Other Countries €’000
Total €’000
-
54,075 -
1,104
89,727 1,104
28
1,803 83,959 - 1,370,025 7,690 1 41 6
6,653 1,175 54 373
-
92,415 1,371,200 7,690 96 407
5,603
31,881 1,461,721
62,330
1,104
1,562,639
As at December 31, 2016
Due to group entities Subordinated debentures Foreign currency forward contracts Accrued interest payable Other liabilities
-
198 -
-
744,508 24,817
-
744,706 24,817
-
2 -
-
832 521
-
2 832 521
Total financial liabilities
-
200
-
770,678
-
770,878
1,104
791,761
Net on balance sheet exposure
5,603
31,681 1,461,721
(708,348 )
Net off balance sheet exposure
-
2,620
82,938
7,929
-
93,487
Central & South America €’000
North America €’000
Europe €’000
The Bahamas €’000
Other Countries €’000
Total €’000
Cash and due from banks Other investment securities Mortgage securitization bonds Foreign currency forward contracts Loans Investments in group entities Accrued interest receivable - Group Other financial assets
8,482 -
111,540 -
10 -
59,107 -
1,349
179,129 10 1,349
27
1,683 -
87,277 1,368,003 7,729 97 6
831,373 660 256
-
88,960 2,199,376 7,729 757 289
Total financial assets
8,509
113,223
1,463,122
891,396
1,349
2,477,599
-
-
-
1,641,592 24,030
42 -
1,641,634 24,030
-
947 -
-
16,472 791 473
-
17,419 791 473
1,683,358
The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.
As at December 31, 2015
Due to group entities Subordinated debentures Foreign currency forward contracts Accrued interest payable Other liabilities Total financial liabilities
-
947
-
42
1,684,347
Net on balance sheet exposure
8,509
112,276
1,463,122
(791,962 )
1,307
793,252
Net off balance sheet exposure
-
405
86,552
(12,710 )
-
74,247
(e) Interest rate risk Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Fair value interest rate risk is the risk that the value of a financial instrument will fluctuate because of changes in market interest rates. The Bank takes on exposure to the effects of fluctuations in the prevailing levels of market interest rates on both its fair value and cash flow risks. Interest margins may increase as a result of such changes, but may decrease or reduce losses in the event that unexpected movements arise. The Bank’s exposure to interest rate risk is monitored on a regular basis through ensuring that asset and liability transactions are contracted over similar average terms and with a spread which provides the Bank with an adequate return. The table below summarizes the Bank’s exposure to interest rate risks. It includes the Bank’s financial assets and liabilities at carrying amounts, categorized by the period from the statement of financial position date to the contractual maturity date. Up to 3 months €’000
3 to 12 months €’000
1 to 5 years €’000
Non-interest bearing €’000
Total €’000
Cash and due from banks Other investment securities Mortgage securitization bonds Foreign currency forward contracts Loans Investments in group entities Accrued interest receivable - Group Other financial assets
35,430 -
53,505 1,370,035 -
1,104 1,165 -
792 92,415 7,690 96 407
89,727 1,104 92,415 1,371,200 7,690 96 407
Total financial assets
35,430
1,423,540
2,269
101,400
1,562,639
Due to group entities Subordinated debentures Foreign currency forward contracts Accrued interest payable Other liabilities
511,633 -
227,682 -
24,817 -
5,391 2 832 521
744,706 24,817 2 832 521
Total financial liabilities
511,633
227,682
24,817
6,746
770,878
As at December 31, 2016
Net interest rate sensitivity gap
(476,203)
1,195,858
(22,548)
Cash and due from banks Other investment securities Mortgage securitization bonds Foreign currency forward contracts Loans Investment in group entities Accrued interest receivable - Group Other financial assets
71,639 197,483 -
2,001,008 -
1,349 885 -
107,490 10 88,960 7,729 757 289
179,129 10 1,349 88,960 2,199,376 7,729 757 289
Total financial assets
269,122
2,001,008
2,234
205,235
2,477,599
Due to group entities Subordinated debentures Foreign currency forward contracts Accrued interest payable Other liabilities
919,112 -
722,522 -
24,030 -
17,419 791 473
1,641,634 24,030 17,419 791 473
Total financial liabilities
919,112
722,522
24,030
18,683
1,684,347
As at December 31, 2015
Net interest rate sensitivity gap
(649,990)
1,278,486
(21,796)
Interest rate sensitivity analysis The sensitivity analysis below has been determined based on the exposure to interest rates for both derivatives and non-derivative instruments at the end of the reporting period. For floating rate liabilities, the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 100 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates.
If interest rates had been 100 basis points higher/lower and all other variables were held constant, the Bank’s: • equity would decrease/increase by €9,247,000 (2015: decrease/increase by €9,108,000).
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LEGAL NOTICES in The Tribune
Call
502-2394
The public may obtain a copy of the full set of audited financial statements from the Bank, 3rd Floor, Goodman’s Bay Corporate Centre, West Bay Street & Seaview Drive, Nassau, Bahamas.
PAGE 12, Wednesday, May 3, 2017
Aliv targets 35% share by year-end
Central Bank intensifies ‘spending control’ calls
From pg B1
From pg B1
on its cell towers. “We’re not renting their network,” Mr Blackburn emphasised. “We are effectively renting a space at their site, and the use of their towers to put our equipment on, so that when we use BTC towers we will have an Aliv-controlled and managed network. “That means we will be able to guarantee the same service quality we have done in the first four islands. We need to deploy approximately 100 sites across those remaining Family Islands. “I expect that we will use 30-40 per cent that we build ourselves, and 50-60 per
cent that we co-locate from BTC, subject to the engineers on both sides checking out BTC’s towers carefully and making sure that they are suitable for putting our equipment on, as well as their own, and make sure the networks don’t interfere with one another.” Mr Blackburn said 350 direct and indirect jobs have been created via Aliv’s entry into the mobile market. “We have created, directly from Aliv, 250 Bahamian jobs,” he added. “We have about 150 on permanent staff, and there are about 100 seasonaltype roles. We also created nearly 100 Bahamian jobs through our third party partners in the sales stores.”
CAMPBELL SHIPPING COMPANY LTD
SUMMER INTERNSHIP Campbell is a leading shipping company based in The Bahamas with a global operating footprint, and is offering opportunities for college sophomore and junior students interested in exploring the maritime sector. The internship program is designed to provide exposure to practical work environment in the maritime industry and give insight into stepping into the professional world. The applications are invited for the following disciplines:
• • •
Engineering Finance/Accounting Maritime Law
Please forward your resume along with latest college transcript to: hrgroup@campbellshipping.com by May 19, 2017. Visit Company Website: www.csship.com
The Central Bank identified government’s recurrent, or fixed cost, spending as the main culprit, noting that this had increased by $70.1 million or 6.3 per cent year-over-year to $1.178 billion. This, in turn, was driven by a $54.3 million or 10.4 per cent expansion in subsidies and transfer payments to loss-making corporations. And, in particular, the Central Bank singled out a $26.9 million, or 21.3 per cent, increase in subsidies to the Public Hospitals Authority (PHA) to enable it to prepare for the National Health Insurance (NHI) scheme. This suggests that the Christie administration has not cut back on its spending in other areas to compensate for the unexpected expenditure/borrowing incurred due to Hurricane Matthew, and is pushing ahead with new and expanded social programmes despite the strained fiscal position. Gowon Bowe, the Bahamas Chamber of Commerce and Employers Confederation’s chairman, told Tribune Business that the Central Bank was subtly signalling that the Government needed to “stop draining the money supply” with its borrowing to finance deficits. Acknowledging that continued weakness in the Government’s financial position will eventually “have a knock-on effect” on the Central Bank’s monetary policy, Mr Bowe said spending reform remains the “unseen” component for a fiscal turnaround. “It’s always been said from the Chamber and Coalition for Responsible Tax-
ation that fiscal turnaround is going to be three-fold - tax reform, expenditure reform and economic growth,” the Chamber chairman told Tribune Business. “We’ve seen the tax reform, can now see some opportunities for economic expansion, but the one we can’t see is expenditure reform.” Mr Bowe reiterated his call for the Government to adopt “programme-based spending”, rather than persist with the current system of simply allocating annual ‘block funding’ to ministries, departments, corporations and other public agencies. He argued that this would improve governance, and produce greater accountability and transparency, by clearly linking spending to targets that could be easily measured. “Until we can see either programme-based spending where the money is clearly accounted for in terms of success or failure, our position is always going to be: Are they keeping the belt as tight as possible?” Mr Bowe told Tribune Business. He added that in the absence of programme-based spending, the private sector and fiscal analysts will also be questioning if the Government is “cutting back on the things they’d like to have, as opposed to ‘must haves’”. With Bahamian households forced to make numerous sacrifices over the past decade, Mr Bowe said many felt the Government should do likewise by “foregoing things in the shortterm” to ensure fiscal sustainability in the future. Turning to the Government’s continued spending on social programmes, he reiterated: “We have to get
Stocks scuffle as slowing auto sales worry Wall Street
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.
NEW YORK (AP) — Despite strong results from industrial companies, U.S. stocks couldn’t get any momentum going Tuesday after car makers said their sales are shrinking. Engine maker Cummins sent manufacturers and other industrial companies higher after reporting solid first-quarter earnings. A late slump took the price of oil to its lowest price in almost six months. Ford, General Motors and Fiat Chrysler all fell after they said sales declined in April. Chris Zaccarelli, chief investment officer for Cornerstone Financial Partners, said auto sales have weakened because lenders are growing a bit hesitant
THE TRIBUNE
to the programme-based spending so that there are clear objectives as to what is success or failure, and what is the target. “With NHI, it’s not looking at the immediate effects but the long-term, looking at how we do all this in the future. That is the uncertainty that has left people doubtful at best on NHI. “Universal Health Coverage (UHC) is the universal goal of all nations, no pun intended, but the cost of how you implement that is the key challenge.” Mr Bowe said the Bahamas also had to assess whether it was “making the best use of resources” by continuing to finance lossmaking government entities such as ZNS and Bahamasair. For those that have private sector competitors, Mr Bowe said the Bahamas needed to determine whether the latter should take over these opportunities with Bahamasair, for example, restricted to servicing Family Island routes. He added that the Central Bank had “a very important role to play” by “setting the tone” domestically, and advising the Government on how monetary policy impacts fiscal policy. With the Central Bank responsible for monitoring the external reserves, balance of payments and interest rates, Mr Bowe said persistent fiscal weakness would ultimately impact monetary policy. “The Central Bank has a fiduciary responsibility to observe the fiscal condition of the country and make representations about what should be done to improve it,” the Chamber chairman added. “The Central Bank has started using the lever of interest rates, but in reality it doesn’t want to be the driver of economic growth. This means the Government’s drain on the money supply has to be decreased.
“The Central Bank would like to be in a situation where the money supply is not being called upon by the Government in terms of its borrowing.” Given that Prime Minister Perry Christie stated that the half-year deficit was $275 million, the Central Bank’s data shows that it expanded by another $20 million in January. Total spending stood at $1.334 billion at end-January 2017, with total revenues at $1.039 billion. “With regard to expenditure, current outlays grew by $70.1 million (6.3 per cent) to $1.178 billion, led by a $54.3 million (10.4 per cent) expansion in transfer payments to $578.9 million,” the Central Bank report said. “Specifically, subsidies and other transfers rose by $49.8 million (13.7 per cent) amid a reclassification-associated increase in transfers to public corporations, by $34.1 million (73.2 per cent), and a $26.9 million (21.3 per cent) rise in subsidies to the Public Hospital Authority for the launch of National Health Insurance (NHI).” Interest payments expanded by $4.5 million, or 2.8 per cent, due to a $4.4 million (8.9 per cent) increase in payments on the Government’s foreign loans. “In addition, consumption expenditure expanded by $15.8 million (2.7 per cent) to $598.6 million,” the Central Bank added, “as personal emoluments advanced by $16.2 million (4.2 per cent), outpacing the slight, $0.4 million (0.2 per cent) fall-off in purchases of goods and services.” The Government’s capital spending also rose, by $51.5 million or 48.9 per cent to $156.9 million, as outlays for hurricane rebuilding caused a $38.8 million (47.3 per cent) increase in infrastructure expenditure to $120.9 million.
to make loans to help people buy cars. “It’s more a story specific to the auto sector as opposed to a slowdown in consumer spending,” he said. Thanks to an upturn in the last few minutes of trading, the Standard & Poor’s 500 index rose 2.84 points, or 0.1 percent, to 2,391.17. The Dow Jones industrial average added 36.43 points, or 0.2 percent, to 20,949.89. The Nasdaq composite set another record as it picked up 3.76 points, or 0.1 percent, to 6,095.37. The Russell 2000 index of small-company stocks sank 8 points, or 0.6 percent, to 1,399.36. The six largest auto makers in the U.S. all said their sales fell in April. Vehicle sales have set records the last few years and analysts are worried the streak is ending and car companies are relying too much on discounts and incentives to keep their sales numbers high.
Ford lost 50 cents, or 4.4 percent, to $10.92 and GM gave up $1, or 2.9 percent, to $33.20 while Fiat Chrysler skidded 49 cents, or 4.3 percent, to $10.92. Car retailers, rental companies and parts suppliers slipped as well. Industrial companies made some of the biggest gains. Cummins reported a far bigger profit and better sales than analysts expected, and its stock climbed $9.23, or 6.1 percent, to $160.56. The company said demand from construction and mining sales grew compared with the same period a year ago, but truck production in North America fell. Benchmark U.S. crude lost $1.18, or 2.4 percent, to $47.66 a barrel in New York. That’s its lowest price since mid-November. Brent crude, used to price international oils, shed $1.06, or 2.1 percent, to $50.46 a barrel in London.
GN-1882
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.
Ministry of National Security Parliamentary Registration Department
PUBLIC NOTICE OBSERVERS FOR THE ADVANCED POLL - WEDNESDAY 3rd MAY, 2017 & GENERAL ELECTIONS - WEDNESDAY, 10th MAY, 2017 The general public is hereby informed that, in exercise of the powers conferred by section 104A of the Parliamentary Elections Act (Chapter 7), the Governor-General, after consultation with the Parliamentary Commissioner, has invited the persons and groups specified in the Schedule to visit The Bahamas for the purpose of observing the conduct of the Advanced Poll to be held on Wednesday the 3rd day of May, 2017 and the General Elections to be held on Wednesday the 10th day of May, 2017. SCHEDULE Caribbean Community (CARICOM) Organisation of American States The Commonwealth Embassy of The United States of America Signed: Sherlyn W. Hall Parliamentary Commissioner Date: May 1st, 2017
PAGE 16, Wednesday, May 3, 2017
‘Insulting’ for Baha Mar deal to spark landfill resolution From pg B1 takes to remediate the landfill’s problems, although the Hong Kong-based conglomerate will keep its investment incentives. The Heads of Agreement’s clause 15.2 states: “The Government acknowledges, and will undertake to ensure, that the environment for the guests of the resort is pleasant and enjoyable. “The parties recognise
that the Government shall commence and diligently purse remediation, and improve operation and management of the Harrold Road landfill.” Year-end 2017 is given as the date by which the Government must “address the foregoing concerns”. The landfill heads the Government’s ‘infrastructure improvements’ commitments to CTFE and Baha Mar, which probably
NOTICE IN THE ESTATE OF DURWARD BIRKHEAD YOUNG a.k.a. DEWEY B. YOUNG, late of 4921 Wichita Circle, El Paso, in the State of Texas one of the United States of America, Deceased
explains its haste to initiate the Request for Proposal (RFP) and give bidders just eight days to submit detailed management and remediation plans. Tribune Business understands that the Government had been coming under pressure from not just CTFE and Baha Mar, but also the Albany developers, to address the landfill’s envrionmental and health hazards, which threaten to undermine the experience for their visitors and residents. Mr Turnquest, though, said the Government should have acted earlier, and not just to benefit major developers and investors. “We’ve seen multiple fires and health hazards as a result of mismanagement,” he told Tribune Business. “It is frustrating that we prioritise others enjoying our environment and clean
IT IS HEREBY NOTIFIED, for the information of those it may concern, that all persons having any claim or demand against the said Estate are required to send the same to the undersigned on or before the 20th day of May, A.D. 2017 and if so required by notice in writing from the undersigned to come in and prove such demand or claim or in default thereof be excluded from the benefit of any distribution made before such debts are proved; AND NOTICE is hereby given that all persons indebted to the said Estate are requested to settle their respective debts at the Chambers of the undersigned on or before the date hereinbefore mentioned. Dated the 19th day of April, A.D. 2017 CALLENDERS & CO. Chambers, One Millars Court, P.O. Box N-7117, Nassau, The Bahamas Attorneys for the Personal Representative
NOTICE
NOTICE is hereby given that JOSIANE ROSE MIDGE SALOMON of Domingo Height off East Street ,New Providence, 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 3rd day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
air over us. “It shouldn’t take for them to tell us what to do. These are problems that have to be rectified, but not for the benefit of Baha Mar per se, but for the benefit of the Bahamian people. “For too long we’ve had this inadequate infrastructure plaguing Nassau, in particular, and need to do better. Hopefully we will get a true solution, and not a marginal deal that benefits those already benefiting, and creates a burden that we cannot sustain for the future.” Kenred Dorsett, minister of the environment and housing, has confirmed that two bids were submitted for the New Providence landfill’s management and remediation by the deadline. One of the bidders is the Bahamian Waste Resources Development Group (WRDG) and its partner,
PRECISE FOCUS HOLDINGS LIMITED
PRAISE GLOBAL LTD.
N O T I C E IS HEREBY GIVEN as follows:
N O T I C E IS HEREBY GIVEN as follows:
(a) PRECISE FOCUS HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(a) PRAISE GLOBAL LTD. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(b) The dissolution of the said company commenced on the 27th April, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.
(b) The dissolution of the said company commenced on the 27th April, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.
(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas.
(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas.
Dated this 3rd day of May, A. D. 2017
Dated this 3rd day of May, A. D. 2017
_________________________________ Bukit Merah Limited Liquidator
_________________________________ Bukit Merah Limited Liquidator
NOTICE
PUBLIC NOTICE
NOTICE is hereby given that SONTONAX POLYNICE of
86 Minnie St., Balfour Ave.,New Providence, 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 3rd day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,884.30 | CHG -1.77 | %CHG -0.09 | YTD -53.91 | YTD% -2.78 BISX LISTED & TRADED SECURITIES
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 2.36 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 100.00 100.00 100.00 105.57 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.40 8.50 6.00 10.48 11.50 2.37 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 -0.10 0.00 0.00 0.00 0.00 0.01 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
108.57 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
3.00 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
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
1,300
200
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 -146.7 14.0 14.0 23.3 104.5 23.2 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
YIELD 1.83% 6.31% 0.00% 5.93% 0.00% 0.00% 2.05% 3.53% 3.67% 3.44% 4.26% 2.53% 3.87% 4.00% 4.29% 0.00% 3.55% 2.03% 5.33% 0.00% 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
of the project”. This involves the installation “of all supporting infrastructure necessary to support secure and dependable electricity supplies to the project, without the need for unusual load-shedding or other interruption in electricity supply to the project”. Again, this must be completed by December 31, 2017, which could well prove a tall order for the Government and BEC/ BPL, given that both are cash-strapped, and based on the utility’s past performance. Finally, in the list of extensive infrastructure commitments that the next government will be bound by, the Christie administration has pledged to complete a waste treatment facility from the Water & Sewerage Corporation - also by December 31, 2017.
NOTICE
MONDAY, 1 MAY 2017
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
Providence Advisors chief, Kenwood Kerr. The other is understood to be foreign, and possibly originate from south Florida. Branville McCartney, the Democratic National Alliance’s (DNA) leader, also said the Government has been “pressured by a foreign entity” to resolve the landfill’s woes. “We have said over and repeatedly that any reasonable investor would not finalise a sale until that dump was fixed,” Mr McCartney added of CTFE and Baha Mar. The landfill appears to have been prioritised above Baha Mar’s energy needs, which requires the Government and Bahamas Power & Light (BPL) to “address reliable and consistent supply of electricity on the island of New Providence, which will include the ability to meet the requirements
NOTICE
MARKET REPORT 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
THE TRIBUNE
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
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, FELECIA ANSTASIA MAJOR of Bartlett Hill, Eight Mile Rock, Grand Bahama, Bahamas, intend to change my name to FELECIA ANASTACIA CAMPBELL. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE
NOTICE is hereby given that CHRISTIE ANDREA HALL of Dart View Road, Off Carmichael Road, New Providence, 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 3rd day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
PAGE 20, Wednesday, May 3, 2017
Tourism ‘weakens’ as LPIA traffic off 6.5% From pg B1 cent, following a 3.4 per cent decline a year earlier. LPIA’s second quarter departure traffic will provide a much clearer indication of the tourism industry’s performance, as it will include the peak Easter weekend. However, the Central Bank said of the figures for March alone: “Data from the Nassau Airport Development Company (NAD) showed a 10.2 per cent decline in departures, a turnaround from a 6.7 per cent uptick in March 2016. “Within this trend, US departing passengers fell by 11.6 per cent, in contrast to a 7.9 per cent increase in the prior year, when visitors from that market travelled
for the long holiday weekend. In addition, travellers returning to other countries decreased by 1.3 per cent, extending the prior year’s 0.2 per cent contraction.” Elsewhere, the Central Bank said Value-Added Tax (VAT) revenues for the first seven months of the 2016-2017 fiscal year were down by just $5.8 million or 1.5 per cent year-over-year, standing at $373.8 million. It added that the decline reflected the reduction in economic activity following Hurricane Matthew, with 80 per cent of VAT revenues coming from New Providence. Grand Bahama and Abaco generated 11 per cent and 4 per cent of VAT revenues, as measured by
the Department of Inland Revenue. Of the balance, 2 per cent was collected in Eleuthera, with Exuma and Bimini responsible for 1 per cent each. The biggest VAT-generating industries were the hotel and financial services sectors, along with the retail industry. Meanwhile, Central Bank data showed that the rate at which delinquent homeowners are qualifying for the Government’s Mortgage Relief Plan (MRP) slowed down considerably early in the New Year. The majority of the qualifying 479 borrowers were enrolled by January 2017, and numbers have flatlined since then, although there was a slight pick-up in March 2017. “Ongoing enrolment in the Relief Programme rose sharply in the first five months of the programme, and has since remained sta-
ble,” the Central Bank said. “As at March 2017, of total potential borrowers, approximately 1,478 or 88.4 per cent of eligible home owners have been contacted. Four hundred and seventy-nine homeowners, or 28.6 per cent of eligible borrowers, have been enrolled in the programme.” Still, the Central Bank said Scotiabank (Bahamas) decision to sell a portion of its delinquent mortgage portfolio to Gateway Financial had been a key factor in the near-18 per cent reduction in non-performing loans over the year to endMarch 2017. “A longer term comparison with March 2016 data showed that banks’ asset quality indicators improved significantly,” the regulator added, “supported largely by one bank’s sale of several non-performing loan tranches, sustained loan restructuring activities and,
to a lesser extent, the implementation of the Government’s Mortgage Relief Programme (MRP). “Reflecting these developments, total loan arrears fell sharply by $213.5 million (17.8 per cent) year-onyear, while the corresponding ratio of arrears to total loans narrowed by 3.4 percentage points. “By age of delinquency, the non-performing loan ratio fell by three percentage points, while the shortterm delinquency rate decreased by 36 basis points. An assessment by loan type revealed reductions in the mortgage, commercial and consumer loan arrears rates of 5.2, 1.6 and 1.5 percentage points, respectively.” On the credit front, private sector credit expanded by just $2.5 million during the 2017 first quarter, likely reflecting fragile business confidence and the tepid economic climate.
THE TRIBUNE While commercial loans expanded by $26.6 million in the three months to endMarch 2017, mortgage credit and consumer loans contracted by $13 million and $11.1 million, respectively. The Central Bank added that there had been “a substantial slowdown” in the expansion of external reserves, which grew by $23.5 million to $925.5 million at end-March, compared to the $171.1 million expansion in 2016. Last year’s reserves growth was boosted by a $100 million loan to the Government, and the Central Bank added: “At endMarch, reserves were equivalent to an estimated four months of total merchandise imports, unchanged from a year earlier. External reserves represented 70.5 per cent of demand liabilities, compared to 83.4 per cent at end March 2016.”
Government 'needs a good shutdown,' frustrated Trump tweets WASHINGTON (AP) — President Donald Trump declared Tuesday the U.S. government “needs a good shutdown” this fall to fix a “mess” in the Senate, signaling on Twitter his displeasure with a bill to keep operations running. But Republican leaders and Trump himself also praised the stopgap measure as a major accomplishment and a sign of his masterful negotiating with Democrats. On the defensive, Trump and his allies issued a flurry of contradictory statements ahead of key votes in Congress on a $1.1 trillion spending bill to keep the government at full speed through September. After advocating for a future shutdown, the president hailed the budget agreement as a boost for the military, border security and other top priorities. “This is what winning looks like,” Trump said during a ceremony honoring the Air Force Academy football team. “Our Republican team had its own victory — under the radar,” Trump said, calling the bill “a clear win for the American people.” Late in the day, the White House
said he would indeed sign the bill. Yet Trump’s morning tweets hardly signaled a win and came after Democrats gleefully claimed victory in denying him much of his wish list despite being the minority party. They sounded a note of defeat, blaming Senate rules for a budget plan that merited closing most government operations. But the White House then rallied to make the case to the public — and perhaps to a president who famously hates losing — that he actually had prevailed in the negotiations. Budget Director Mick Mulvaney briefed reporters twice within a few hours to adamantly declare the administration’s success. He was joined at his second briefing by Homeland Security Secretary John Kelly. And Trump himself used the normally non-political football ceremony to proclaim his own success. Mulvaney, criticizing Democrats for celebrating, said Trump was “frustrated with the fact that he negotiated in good faith with the Democrats and they went
Senate Majority Leader Mitch McConnell of Ky., flanked by, Sen. John Barrasso, R-Wyo., left, and Sen. John Thune, R-S.D., speaks to reporters on Capitol Hill yesterday, following a policy luncheon. (AP Photo/Pablo Martinez Monsivais)
out and tried to spike the football to make him look bad.” Asked how the president would define a “good shutdown,” Mulvaney suggested “it would be one that fixes this town.” Trump’s embrace of such a disruptive event came days after he accused Senate Democrats of seeking that
same outcome and obstructing majority Republicans during budget negotiations. Lawmakers announced Sunday they had reached an agreement to avoid a shutdown until Oct. 1 — a deal that does not include several provisions sought by Trump, including money for a border wall. It also came at the start of
a week in which the House is considering a possible vote on a health care overhaul that would repeal and replace Barack Obama’s Affordable Care Act. The spending bill is set for a House vote on Wednesday, when it’s likely to win widespread bipartisan support, though a host of GOP conservatives will oppose the
measure, calling it a missed opportunity. House Speaker Paul Ryan of Wisconsin defended the package, calling it an “important first step in the right direction” that included a “big down payment” on border security and the military. And Senate Majority Leader Mitch McConnell of Kentucky said the bill “delivers some important conservative wins.” In fact, the White House on Monday had praised the deal as a win for the nation’s military, health benefits for coal miners and other Trump priorities. But by Tuesday morning, the president sounded off on Twitter. “The reason for the plan negotiated between the Republicans and Democrats is that we need 60 votes in the Senate which are not there!” He added that we “either elect more Republican Senators in 2018 or change the rules now to 51 (percent). Our country needs a good ‘shutdown’ in September to fix mess!” That contradicted Trump’s message of less than a week ago.