FRIDAY, SEPTEMBER 30, 2016
business@tribunemedia.net
$3.78
$4.19
$4.19
$4.01
Bahamas total debt over 90% of GDP
Attorney sets out ties to high unemployment, crime
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Complete public sector liabilities some $7.6bn
Govt ‘screaming for’ accountability, transparency
Bahamas in ‘very, very dark position’
Fears ‘shell game’ over devaluation prospect
The Bahamas was yesterday said to be “in a very, very dark position” after the Central Bank revealed that total public sector debt was a mammoth $7.604 billion, a sum equivalent to more than 90 per cent of national economic output (GDP). The revelation, based on official data from the regulator and the Government’s Department of Statistics, gives a complete picture of the Bahamas’ debt crisis by including public corporation liabilities that have not been guaranteed by the central
ORG chief’s ‘empty feeling in my stomach’ government. The data is laid out in the Central Bank’s review of the 2016 second quarter, which revealed that total public sector debt increased by more than $1 See pg b6
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Central Bank of The Bahamas
Attorney: BOB debacle AML: $14m spend shows governance rule aids ‘neighbourhood enforcement ‘selective’ store’ strategy switch By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Bank of the Bahamas’ continued existence shows that the Central Bank’s application of its corporate governance guidelines is selective and “arbitrary”, a wellknown attorney said yesterday. Carey Leonard, the former Grand Bahama Port Authority (GBPA) in-house attorney, questioned why no one had been held accountable for the BISX-listed institution’s collective $120 million in losses over the past three years. Addressing a Bahamas Institute of Chartered Accountants (BICA) seminar in Freeport, Mr Leonard also queried why Bank of the Bahamas had been allowed to continue operating despite being in persistent breach of several key Central Bank capital ratios. He pointed to the Bank of the Bahamas situation as evidence of the Central Bank’s failure to enforce its
Queries why Central Bank allowing it to operate No one held accountable for $120m total losses Taxpayer loses ‘millions and millions and millions’ corporate governance guidelines, and not hold its licensee’s Board of Directors and management accountable for what led to a $100 million ‘bail out’ underwritten by the Bahamian taxpayer. Quoting from a 2012 presentation given to the Bahamas Association of Compliance Officers (BACO) by Cassandra Nottage, deputy head of supervision at the Central See pg b6
Chinese labour won’t ‘ruffle feathers’ over Baha Mar completion By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The importation of hundreds of Chinese workers to complete Baha Mar is unlikely to “ruffle anyone’s feathers”, a former Bahamian Contractors Association (BCA) president said yesterday, adding: “No point in crying over spilt milk.” Stephen Wrinkle told Tribune Business that Bahamian contractors were not “getting too worked up” about the re-hiring of China Construction America (CCA) as Baha Mar’s general contractor, with many happy to be paid the collective $74 million that the industry is owed. “I don’t think anyone is too worked up about who does the work. The major concern is to get it done and get it open,” he said. “I think that we’ll find that the scope of works is significantly more than was anticipated.” There were suggestions that CCA’s importation of Chinese labour, and the number of work permits required, was likely to cause a surprise and consternation in some quarters. However, Mr Wrinkle said no one could be shocked, given that the original Baha Mar Heads of Agreement permitted the engagement of thousands of Chinese workers. And it now ought to be common knowledge that where Chinese investment is involved, Chinese labour and materials soon follow, and are key
Ex-BCA chief: ‘Can’t cry over spilt milk’ Sarkis ally: Good luck in dealing with CCA Queries North America expertise of new owner
Stephen Wrinkle parts of the deal. “There were thousands here to begin with, so several hundred are not going to ruffle anyone’s feathers,” Mr Wrinkle told Tribune Business of the Chinese workers. “There’s no point in crying over spilt milk and looking back. If anyone got money out of CCA, it’s a blessing; it seldom happens. See pg b7
No Govt governance leaves nation facing ‘financial disaster’
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
AML Foods yesterday continued its transition away from the “mega destination store” model with the groundbreaking for its $14 million Solomon’s Yamacraw property, its chairman saying he was “very bullish” on the company’s prospects. Dionisio D’Aguilar told Tribune Business that the BISX-listed food retail and franchise group felt a “more neighbourhood store” model would “serve us better” in generating future growth. Emphasising that the group’s two New Providence-based Solomon’s Fresh Market stores, and Solomon’s Lucaya in Freeport, represented the first steps in this strategy when opened in 2011-2012, Mr D’Aguilar said they had been “the engine” for AML
BISX-listed group targets 35-40,000 sq ft sites Store ownership ‘controls our destiny’ Chairman: Consumers ‘yearning’ for better stores Foods’ consistent profitability over the past five years. As a result, the publicly listed company is moving away from the 80,000-90,000 square foot ‘destination stores’ that characterised its early years, See pg b5
The complete absence of effective corporate governance within the Government “is solely responsible for the financially disastrous situation” the Bahamas now faces, a well-known attorney charged yesterday. Carey Leonard, the former Grand Bahama Port Authority (GBPA) in-house lawyer, urged the Bahamas to immediately implement a proper corporate governance culture, and appropriate oversight mechanisms, within the public sector to prevent this country suffering further rating downgrades and a currency devaluation. Addressing a Bahamas Institute of Chartered Accountants (BICA) conference in Freeport, Mr Leonard said the nation’s high crime and unemployment Carey Leonard levels, plus low educational achievement, could be traced directly to the lack of transparency and accountability in government. Now a Callenders & Co attorney, he argued that “compliance with corporate governance is lacking in almost every area” in the Bahamas, both in theory and the practical application. “This brings me to the area that no one seems to discuss, but is now screaming for corporate governance; the area that is completely out of control because it has absolutely no corporate governance whatsoever, and is solely responsible for the financially disastrous state that this See pg b4
PAGE 2, Friday, September 30, 2016
THE TRIBUNE
Mentoring the next leader generation
Many generations have relied on the power of mentoring to develop the talent and leadership in others. Mentorship, in the most simplistic sense, is a relationship in which a more experienced and knowledgeable person helps to guide someone who is less experienced person. It is an intentional, long-term relationship in which one person imparts experience, knowledge and insight, in order to develop the capacity and skills of the other person. The mentorship process can be quite involved and intense, as it requires two willing individuals prepared to engage in this mentormentee contractual arrangement, which can be formal or informal. The growth is mutual, as
both mentor and mentee expand their knowledge, experience and skill levels; the mentor as a coach and facilitator of development, and the mentee as a learner and leader. Here is the mindset that the mentee must bring to the mentorship relationship: 1. The mentee must be an active learner who recognises the need for additional insight and counsel. ‘Know it all’ emerging leaders are the worst to work with, and do not get very far in mentoring situations. 2. The mentee must be present in the process, and take responsibility for their own growth and development. 3. The mentee makes the
effort to assess, internalise and effectively use the knowledge, skills, insights, perspectives or wisdom offered. 4. The most effective mentoring relationship is led by the mentee rather than the mentor. Every company, regardless of its size, should have some sort of mentorship programme that prepares high flyers and emerging leaders for promotion up the corporate chain. Here is a quick five-step process to get started: Step 1. Identify you’re ‘grade A’ employees. These are your absolute best employees, who have the capacity and temperament for leadership.
Step 2. Share with your senior leadership team the vision of a company where all leaders are expected to help in the growth and development of the next wave.
duration of the process, the progress of each mentormentee relationship. Do not allow anyone to slip through the cracks or resign their role as mentor/mentee.
Step 3. Carefully and strategically pair the mentors and mentees, considering job function, gender, personality traits, communication styles etc.
Many companies and leaders talk a good game, but when the ‘rubber meets the road’ most are not prepared to use proven interventions to implement the change we so desperately need. Be the change agent today in your company. Change your organisational culture, and develop a mentorship programme.
Step 4. Launch the process by outlining the expectations and measurable outcomes. Share in detail all of the expectations of both mentor and mentee in the process, and develop a system to hold everyone accountable. Step 5. Monitor, for the
• NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with
Ian ferguson regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.
Comfort Suites unveils new executive hirings New PI resort offers Comfort Suites Paradise Island has named Jermaine C. Wright as its new general manager, and promoted Shantillya Sands to the assistant general manager post. Mr Wright, a seasoned tourism and hospitality executive, has spent 23 years working with airlines, hotels and resorts. Prior to this new post, he held various positions at the British Colonial Hilton, where he worked for 15 years. During his tenure at the downtown Nassau property, Mr Wright received multiple awards for sales performance, RevPAR (revenue per aviailable room) growth and hospitality leadership. He received the Ministry of Tourism’s 2007 Cacique Award for sales executive of the year, and was a finalist for the 2013 and 2014 Bahamian Icon Awards for Tourism. Mr Wright is also a director for the Bahamas Hotel and Tourism Association (BHTA) and the Downtown Nassau Partnership
Bahamians discount
Jermaine C. Wright (DNP). He was also appointed as one of the directors on the Nassau/Paradise Island Promotion Board, and is president of Hands for Hunger. Ms Sands, meanwhile, joined Comfort Suites Paradise Island in 2011 as sales manager. Her expertise in strategic management led to increased sales, and to promotion to director of sales, where she was also responsible for overseeing
Shantillya Sands
the hotel’s marketing and advertising strategies. Ms Sands began her career in resort management at Clarion Resort South Ocean and Atlantis. She started her tenure at Atlantis in the food and beverage department, and rose to manager of The Marketplace Restaurant. Ms Sands subsequently played a key role in repositioning Comfort Suites Paradise Island’s Crusoe’s
Restaurant as a full-service dining option. “The appointments of these outstanding professionals will be instrumental in helping to position Comfort Suites Paradise Island as the premier option for discerning, valueconscious travellers visiting our destination,’’ said William Naughton, owner and managing partner of the property.
The Warwick Paradise Island resort is giving Bahamians an opportunity to experience the new adultsonly, all-inclusive resort with a special rate deal as it prepares for its October 5 soft opening. “Warwick Paradise Island Bahamas will have its soft opening on October 5, and to celebrate we are offering Bahamian residents the opportunity to stay with us at a discounted rate,” said Benjamin Davis, its general manager. “We want everyone to experience our modern resort, and look forward to welcoming our Bahamian friends for a vacation.” The Warwick is offering Bahamians special rates starting from $155 per person, per night, based on double occupancy. It added that this is a savings of almost 50 per cent off the resort’s best flexible rate, and is valid on bookings made for travel from October 6 through December 23, 2016. “The overall design of the resort has been inspired by the local Bahamian culture
Warwick to mark October 5 open after $40m upgrade and vibrant colours of Junkanoo, and provides a welcoming atmosphere reflecting the uplifting Bahamian lifestyle,” said Mr Davis. Warwick Hotels and Resorts (WHR) invested US$40 million to upgrade its Nassau Harbour-based resort. The property features 250 rooms on 12 floors, four dining options, two bars, a fully equipped fitness centre, entertainment and activities, an onsite gift shop and a tour desk offering sightseeing options. Its 10,000 square foot Warwick Sea Terrace, overlooking the harbour marinas, will be complemented by an outdoor steak and seafood restaurant opening in late fall 2016). This will be open to the public. The resort will alsofeature an onsite, full-service spa and salon to open in late fall 2016.
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THE TRIBUNE
Friday, September 30, 2016, PAGE 3
Chamber: Data breach reports ‘quite a number’ By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The Bahamas Chamber of Commerce and Employers Confederation (BCCEC) has received “quite a number” of data breach reports from local companies, its chief executive said yesterday, with most not wanting to make such information public. “We receive reports all the time of credit card hacks, credit card compro-
mises,” Edison Sumner said. “We have seen recently some reports about bank systems begin hacked, bank accounts being hacked, email accounts being hacked. “We have been seeing this. That’s one of the things that drove us to host the cyber security symposium. We have seen quite a number of breaches. A lot of companies’ systems have been compromised, but they can’t talk about it. No one wants to let the world
know that their system is vulnerable.” Mr Sumner added that data leaks and cyber attacks are ‘a real threat’, pointing to the ‘Panama Papers’ and the recent leak of 1.3 million files from the Bahamas’ corporate registry. “Given all the security breaches we have seen in recent times, not just in the global arena but locally, we thought it was the opportune time to bring companies together, and the
Government, to talk about cyber security,” he said. “It is a real threat. It’s important for us to show that we can build systems and educate those responsible for protecting the gateway to their information, as well as finding ways to mitigate against those losses.” The Chamber chief executive said businesses not only have to be concerned about cyber security, but also their own internal controls.
“A lot of these compromises may not come from the outside. We also have to have internal controls in place to protect against leakages and other data being compromised in our organisations,” Mr Sumner said. “The issue with the Panama Papers and the corporate registry leak is a serious concern, and it is important for us to find ways to reduce our exposure to such incidents.”
Edison Sumner
Chamber eyeing trade Bahamian firm teams over cyber insurance mission ‘match make’ By NATARIO McKENZIE
By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive said yesterday that it was ‘encouraged’ by the reception for this week’s joint trade mission with the Government to South Florida, and was now planning “match making” for potential partnerships with local firms. Edison Sumner told Tribune Business that there was a very good turnout by the South Florida business community for the mission. “It was a capacity crowd,” he added. “There was a lot of interest shown by people there in doing business in the Bahamas. There were people interested in trade relations, establishing new service industries in some areas, and particular interest in establishing Bahamian partnerships, and that’s been a big deal. “Everyone was asking how they could connect with a local Bahamian business. That was encouraging to us in that we think that we would be able to do a lot of match-making for potential partnerships in the Bahamas.” Mr Sumner added that
interest was expressed in a wide range of industries, including building supplies and materials, ICT infrastructure development and general merchandising. “There was someone there who said that he wanted to submit a proposal to purchase a hotel in Grand Bahama, and we had two others who wanted to develop smaller properties on the Family Islands. It was a very productive meeting,” he said. Mr Sumner added thata delegation is headed back to South Florida for the Florida International Trade and Cultural Expo from October 19-20. “I’m hoping we can take at least 20 Bahamian businesses there. It’s a large expo with over 30 countries to be represented, and over 300 international business, government leaders and civic leaders,” he added. “They are making available to us what they call a Bahamian pavilion, so all Bahamian businesses interested in exporting their products to other countries, or who want to be a distribution channel and have a partnership arrangement, all that can be arranged at that expo.”
Tribune Business Reporter
nmckenzie@tribunemedia.net
A Bahamian company has partnered with a UK-based cyber technology insurance broker to offer this product to local businesses. Cyril Peet, Star General Insurance’s business development executive, while speaking with Tribune Business yesterday at the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) cyber security symposium, said cyber attacks are a “growing concern”. “Anyone with a database is exposed to having that interrupted. If you lose something and you want to retrieve it, how do you do that?” he said. “Insurance is just about the business of transferring risk from one party to the other. As a company that assists people in doing risk assessments, and making sure they can protect their business and personal assets, this is just another way of bringing services to the people.” Mr Peet added: “We see it as a growing concern. We don’t know how widespread it is because no one is eager to talk about it. We are partnering with Safeonline, and FTI Consultants out of the US, to help us bring solutions to the market as it relates to cyber insurance.
“We want the business community to be aware that this service is now available on island.” Geoff Kinsella, a partner and chief operating officer with the Lloyds of London broker, Safeonline, which specialises in the provision of technology and cyber insurances, said employees are the biggest cause of data breaches. “That’s not because they are vicious or they are in any way corrupt, but it’s just that people are people and make mistakes,” said Mr Kinsella. “We see people leaving their iPhones on trains, leaving their laptops and going online and doing what they do at home in their company environ-
ment. The training of employees, and education of employees, is very important from a corporation’s point of view.” Speaking on the need for cyber insurance, Mr Kinsella said: “Cyber insurance also covers your business for your own first party costs, and losses if you have
an incident. “If you are relying on a network or your systems to actually do your business, and it goes down for some reason, the insurance policy will cover that down time for you - and loss of income you have - while your systems are down.”
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PAGE 4, Friday, September 30, 2016
No Govt governance leaves nation facing ‘financial disaster’ From pg B1 country finds itself in today,” Mr Leonard said. “The area of our economy that I refer to is Government.” Pointing to numerous Auditor-General’s reports, which had uncovered a litany of fraud, financial abuses and wastage in agencies such as the Post Office, Post Office Savings Bank, Road Traffic Department and the Port Department, Mr Leonard suggested it was incredible that no one had been held accountable for the damage inflicted on Bahamian taxpayers. “The entire reason this country has high unemployment and little foreign direct investment is because no one in any ministry of government is accountable,” he argued. “Over the last few years we have seen one newspaper report after another setting out details of theft, misappropriation of funds, cost overruns, construction work handed out to people who
do not meet requirements and nobody, but nobody, is made accountable.” The construction reference likely alludes to the absence of insurance for the burned down BAMSI dormitory, and Mr Leonard also pointed to admissions by the chief medical officer that 25 per cent, or $100 million, of the Government’s $400 million annual healthcare spend goes to waste, as further strengthening his case. He also suggested that governance weaknesses within Government were also responsible for the Bahamas’ constant slippage in the World Bank’s ‘ease of doing business rankings’, and the failure to introduce Fiscal Responsibility-type legislation to track government spending. “This is what happens when you have no corporate governance,” Mr Leonard argued. “In case it has escaped some people, the running of a country is a business. The more successful the business
is, the better off its people are. “Take a look at Norway and the other Scandinavian countries, for example. Yes, they have some of the highest tax rates in the world, yet their citizens are some of the most content in the world. They have a very high degree of corporate governance in the way their run their countries. They have transparency and accountability in government. “If many Bahamians want to find out why there is high unemployment, poor education and high crime, they don’t have far to look. The answer is before them every day, and it is the various ministries of government who are to blame.” Mr Leonard said tentative efforts to reform the public sector by ministers in previous administrations had been met with “fierce resistance”, and a lack of support from other Cabinet ministers, with “certain high-ranking” civil servants unwilling to change the status quo. The Bahamas, he added, was now “paying the price” because of its lack of will to reform, with the effects emerging in an “out of control” government Budget,
poor educational achievement and downgrades of the country’s creditworthiness. With the Bahamas now one notch away from being downgraded to so-called ‘junk’ status, Mr Leonard said few Bahamians understand the impact this would have on their own lives. Suggesting that Greece was a good example of the fate that will befall the Bahamas unless it changes course, he warned that a ‘junk’ downgrade could provoke both a ‘sell-off of the Government’s debt securities and raise its borrowing costs on the international markets to 9-10 per cent double the interest that the country is paying now. “Now, that may not immediately affect the man in the street, but what will certainly get his attention will be the devaluation of the Bahamian dollar,” Mr Leonard said. “Now because of the Government’s total lack of accountability and total lack of transparency, I am left to rely on what information I can get with respect to a devaluation of the Bahamian dollar, but I believe that devaluation is almost certain to occur soon after a downgrade.” John Rolle, the Central Bank governor, recently reassured that the Bahamas’ one:one peg with the US dollar was under “no imminent or medium-term threat of devaluation”, with pressures
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TEMPORARY ADMINISTRATIVE ASSOCIATE The Bahamas Country Office of the Inter-American Development Bank (IDB), wishes to contract the services of a temporary Administrative Associate. The IDB is a regional multilateral development Bank seeking to contribute to the social and economic development of 26 member countries in Latin America and the Caribbean through lending and non-reimbursable grants. The objective of the contract is to provide assistance to the Operations team in diverse corporate and operational areas, to assist with optimal resource utilization and the adaptation of administrative processes so as to meet program requirements in a highly complex working environment.
on foreign currency reserves that stood at $993 million at end-August also absent. However, Mr Leonard said he had received advice that the foreign currency reserves were “all a shell game”, given that their health was dependent on attracting sufficient tourism and foreign direct investment inflows. Should these two sources prove insufficient, he added that the Bahamas would have to borrow to both support the peg and the reserves, meaning they were propped up with funds that eventually have to be repaid in foreign currency. This, in turn, drains the reserves. Quoting what was told to himself, Mr Leonard said: “Some (internal) economists calculate that if we have a ‘Come-To-Jesus’ reckoning of the reserves and the economy, the Bahamian dollar is worth only 35 cents American.” He then told his BICA audience: “Can you imagine that second hand car that you saw in Florida for US$10,000 will cost you B$28,571.43? Inflation will become a very real problem as we import virtually everything. And there will be pressure to resist any salary increases as that would only fuel inflation further. “So it is fair to say that the implementation of corporate governance in the public sector must be done right away. Unless we want a downgrade
NOTICE is hereby given that THOMPSON ADOLPHE OF KEY WEST STREET, NASSAU, N.P., THE BAHAMAS, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd DAY of SEPTEMBER, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
Duration: Four months. Requirements: A certificate or Associates Degree in Business Administration or Management, Accounts, Human Resources, or a related field and a minimum of two years of relevant professional experience or the equivalent combination of education and experience. Knowledge of Spanish would be an asset. All candidates must be citizens of The Bahamas or of an IDB member country in possession of a valid work permit providing eligibility to work in The Bahamas. For more information about this position and to apply, please refer to the following link before October 11th, 2016: https://iadbcareers.taleo.net/careersection/jobdetail.ftl?job=1600003523&lang=en
THE TRIBUNE and the resulting disaster to our economy that will almost certainly follow, we must start the implementation right away.” Mr Leonard said the system, rather than the people in it, was to blame for the Bahamas’ predicament, and questioned why the public sector could not match the private sector’s efficiency in producing Value-Added Tax (VAT) returns within 15 days. He added that hope for reform lay in the pressure being exerted by the likes of the International Monetary Fund (IMF) and credit rating agencies, and efforts to produce a National Development Plan. “They really must be shaking their heads, as they have done everything that they can do to prevent the Bahamas from going down this road to disaster,” Mr Leonard said of the IMF and agencies. He added that the permanent secretaries, the senior civil servants who head government ministries, had to assume as much responsibility as the politicians for the governance woes. “To bring our sick and ailing economy back to health we must, must introduce best practices in all of our ministries, departments and government corporations,” Mr Leonard said. “The economic ship is leaking hundreds of millions of dollars a year. The rise of our national debt makes it clear that we are sinking. The private sector can no longer cover the burden of these ever-increasing losses. Something has to be done before the Bahamian economy finds itself in the Intensive Care Unit of the IMF and the World Bank.” He continued: “Often times a chief executive and his management have to make difficult and unpopular decisions in order to save the company. Our politicians and the permanent secretaries are at that very point. “They must act quickly or the patient will get worse, and they will force upon their fellow Bahamians hardships and suffering that could have been avoided. They can put an end to the out-of-control spending, to the various government departments of Road Traffic, Customs, Passport Office, Post Office, Public Hospitals Authority, in their respective ministries, by making those responsible for the losses publicly accountable. They can save a downgrade from occurring and a devaluation of the Bahamian dollar occurring.”
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THE TRIBUNE
Friday, September 30, 2016, PAGE 5
AML: $14m spend aids ‘neighbourhood store’ strategy switch From pg B1 such as Solomon’s SuperCentre and Cost Right, to locations such as the 38,000 square foot Solomon’s Yamacraw. Mr D’Aguilar emphasised that AML Foods was also focused on owning its own stores as opposed to leasing real estate, believing that the former option enabled it to “control our own destiny”. Speaking after the groundbreaking ceremony for a store that will create 75 full-time jobs when construction is completed in early November 2017, Mr D’Aguilar confirmed: “The company is moving from larger, mega stores to more neighbourhood stores. “That model serves us better than the big mega stores. Old Fort Bay is a neighbourhood store, Harbour Bay is a neighbourhood store and Lucaya is a neighbourhood store in Freeport. “That’s been our trend of late. The ideal size is 35,00040,000 square feet, not the 80,000-90,000 square feet. Our neighbourhood stores have been the engine of the company; they’re the ones driving the profitability of AML Foods.” The BISX-listed group acquired the five-acre Solomon’s Yamacraw site in a $3-$3.5 million deal with Luxury Homes (Bahamas), the Arawak Homes affiliate, which has retained ownership of 100 acres adjoining the property. Mr D’Aguilar suggested that AML Foods’ project will “act as the anchor, the catalyst” for Luxury Homes’ plans to develop the adjacent 100 acres, which are thought to include a shopping centre and gated residential community. The AML Foods chairman confirmed that the company’s $14 million investment was an ‘all-in’ price, including both the land acquisition and construction costs, plus those that will be involved in outfitting the store and purchasing inventory. Explaining why the group was increasingly seeking to own is stores, he told Tribune Business: “In an ideal situation, we would lease properties. Somebody builds it, and we’ll lease it. “But you have no control over your own destiny if you do that. We have begun to shift a lot of our projects to ownership as opposed to leasing, especially our newest ones. We bought [Solomon’s Fresh Market] Old Fort Bay, and we bought this.”
Both Mr D’Aguilar and Gavin Watchorn, AML Foods’ president and chief executive, indicated to Tribune Business that the group intends to seek out further ‘neighbourhood store’ opportunities. It now has eight locations, five of which are in New Providence. “It’s the next phase for us,” Mr Watchorn said of Solomon’s Yamacraw, “and we’re pretty confident it’s going to be very successful for us. “Then it’s on to the other areas that we’re not in. We do have a multi-year plan that will allow us to continue to grow in New Providence.” Mr Watchorn emphasised that, as a public company with more than 1,000 Bahamian investors, AML Foods could not afford to “sit down and just rest”, and had to continue seeking out growth opportunities that would “add value” for its shareholders. “When you sit still, people pass you by,” he added. “We’re going to continue to push forward. Our Fresh Market stores have certainly changed food retailing. We’ve done things that have not been done before. The Fresh Market concept
is new to the island, and the scale we’ve done it.” Mr D’Aguilar argued that Bahamian consumers were “yearning” for better, more modern food stores, adding that many existing locations were “old and in dire need of an upgrade”. Solomon’s Yamacraw, when it opens, will be competing ‘head-to-head’ with Rupert Roberts, who currently dominates food retailing in eastern New Providence with his SuperValue store at Winton, and Quality Supermarkets outlet at Prince Charles Drive. The remaining competition is provided by the Budget food stores and ‘Mom and Pop’ operations, and Mr Watchorn said: “It’s good for the Bahamian consumer to have choice. We’ve never been scared of the competition. “Competition makes you better, makes you smarter, and more focused on your customers.” Mr Watchorn added that AML Foods had conducted extensive market research to ensure there was a sufficient consumer population in eastern New Providence to support Solomon’s Yamacraw. “We believe there’s sufficient population out here now for us to be successful with the growth plan in this area,” he told Tribune Business. “We think this will be a
very similar situation to Old Fort Bay, where there was sufficient population to warrant our investment, and we were in position to capitalise on the area’s growth.” Solomon’s Yamacraw, which is located opposite St Andrew’s School, is in close proximity to high-end gated communities such as Palm Cay, Port New Providence and Treasure Cove, plus
middle class areas such as Winton, Twynam Heights and Nassau East. Mr D’Aguilar also emphasised how AML Foods had completed a turnaround “in the most difficult of times”, shedding an unprofitable past to deliver consistent earnings for shareholders. He added that this had been achieved “despite the dismal economy and nega-
tive GDP growth that the Bahamas has experienced for the past two years”, pointing to the 72 per cent sales growth - from $90 million to $155 million per annum - since 2010. Mr D’Aguilar also noted the 250 per cent appreciation in the company’s share price, from $1.17 to $4.05, over the same time period.
PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, VAKELLEE DORSETT of Southern District, P.O.Box N-7253, mother of MALAYAH EUNICE JOHNSON intends to change my child’s name to MALAYAH EUNICE HEPBURN. 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
BITICH INVESTMENTS LTD. Pursuant to the provision of Section 138(7) of the In-
ternational Business Companies Act 2000 (Chapter 309). Notice is hereby given that the above named
company has been dissolved and struck off the Regis-
ter of Companies and a Certificate of Dissolution has been issued by the Registrar General on 23rd. August 2016.
Jill McKenzie Brittany Investment Company Limited Liquidator
PAGE 6, Friday, September 30, 2016
Attorney: BOB debacle shows governance rule enforcement ‘selective’ From pg B1
Bank, Mr Leonard said this showed that the corporate governance guidelines were not “prescriptive” or mandatory, but intended merely to “give direction” to licensees. “The results at Bank of Bahamas, and the fact that
it still has a license, is an indication that any enforcement of these guidelines is going to be done in a very arbitrary fashion,” Mr Leonard said. He argued that the resulting absence of accountability and transparency meant that no one had been held responsible for the spectac-
Bahamas total debt over 90% of GDP From pg B1 billion in the two years to end-June 2016, “Total public sector debt, which includes both the guaranteed and non-guaranteed obligations of public enterprises, alongside the direct charge [on central government], rose by $29.3 million (0.4 per cent) during the quarter to $7.604 billion,” the Central Bank said. “For the fiscal year, the combined debt increased by $426.9 million (5.9 per cent), as compared to growth of $651.8 million (10 per cent) during fiscal year 2014-2015. “Public debt at end-June 2016 was estimated at 90.4 per cent of GDP, while the ratio for the direct charge [on government] and the national debt stood at 70.8 per cent and 79.6 per cent, respectively.” The data concerning total public sector debt, and the non-government guaranteed liabilities of public enterprises, has never been disclosed and placed in context until now.
Prior to this, the focus from the Government and the Central Bank has been on the national debt (central government debt and the borrowings it has guaranteed), plus central government’s direct charge by itself. The Christie administration, though, can point to the fact that it has brought all three ratios, which are benchmarked by GDP, down compared to where they were at the end of the 2014-2015 fiscal year. The Government’s direct charge fell from 71.8 per cent to 70.8 per cent, while the $6.695 billion national debt dropped year-overyear from 81 per cent to 79.6 per cent. The total public sector debt, too, fell from 91.3 per cent to 90.4 per cent, but none of these decreases provides the Bahamas with too much comfort since they are all above the International Monetary Fund’s (IMF) socalled 70 per cent ‘danger threshold’. Above this level, interest servicing costs can become
THE TRIBUNE
ular destruction of shareholder value at Bank of the Bahamas, which had built across successive administrations and Boards. Mr Leonard’s comments are likely to strike a chord with many of Bank of the Bahamas’ 35 per cent minority shareholders, who have been further diluted in the wake of the recent $40 million rights offering. Several have privately queried why no one has been held accountable for the dramatic decline in their investment’s value, al-
though no one has spoken ‘on the record’. Former managing director, Paul McWeeney, on whose watch the decisions leading up to the ‘bail out’ were made, is understood to have received a significant pay-off when he left. And numerous shareholders, and outside observers, have questioned whether the current Board - all government appointees - have the necessary banking expertise and skills to turn Bank of the Bahamas around.
Mr Leonard yesterday argued that the absence of accountability at Bank of the Bahamas had cost Bahamian taxpayers “millions and millions and millions of dollars”. Apart from the $100 million of government bonds injected to fill the ‘hole’ in Bank of the Bahamas’ balance sheet, the taxpayer is also on the hook for the $45.2 million worth of ‘toxic’ loans transferred from the bank and, potentially, the interest on the bonds if the loans cannot be recov-
ered. The National Insurance Board (NIB) has also suffered losses as a result of its 29 per cent Bank of the Bahamas stake, and it is likely the social security system may have to pick up most, if not all, of the recent $40 million rights offering. The Bahamian capital markets have yet to be provided with an official statement on the outcome of the rights offering more than two weeks after it was supposed to have concluded.
so severe that nations fall into an ever-increasing debt spiral, where they have to borrow to service existing debts. The reaction from private sector ‘fiscal hawks’ was swift. Rick Lowe, an executive with the Nassau Institute think-tank, told Tribune Business: “It’s a very, very dark position. “I think we’re headed to devaluation. Dionisio D’Aguilar is right, and Robert Myers. Nothing this government has promised with regard to fiscal responsibility has materialised. There’s no grain of salt in anything they said that appears to be happening with our fiscal situation. “It’s a very sad occasion,” Mr Lowe added, “and I hope people realise that when D-Day comes whose responsible for the burden that the political class have put on us. “There’s no semblance of control, no semblance of reduced spending, and the economy’s declining. There are a lot of people shell-shocked in the business community right now. Nobody knows what to do. There’s a dark cloud over this place at the moment.” Mr Lowe expressed con-
cern that if the Government failed to alter course with its fiscal policies, the Bahamas would face a creditworthiness downgrade to so-called ‘junk’ status, “with devaluation not too far behind”. “I don’t care how much the foreign currency reserves indicate,” he added. “All other indicators are equally bad.” Robert Myers, a principal with the Organisation for Responsible Governance (ORG), a newly-formed civil society group, told Tribune Business that the 90 per cent-plus total public sector debt ratio had given him “an empty feeling in my stomach”. “No one should be happy with that,” he added, “because you are getting to very dangerous levels of debt-toGDP.” Mr Myers said the total public sector debt figures appeared to be getting closer to an accrual-based, rather than cash-based, accounting of the Government’s finances where all liabilities are known. “Now we understand the real debt, inclusive of contingent and non-contingent liabilities,” he added, “and we can see how concerning that is at 90 per cent debt-
to-GDP. “We can only say that that number has to come down. It’s not an option. The Government, and any future government, if fiscal prudence is not on their agenda and manifesto, they are not the Government for the Bahamas. “And it has to be so significant and of major urgency to send the right message to the voters and to the international community that we’re serious about getting our house in order.” Mr Myers praised the Central Bank for disclosing the figures, adding: “We cannot fix this if we’re pulling the wool over our eyes. This is not a government problem, not a national problem. “We’ve got to encourage
whoever the Government is to do right by us. We’ve got to stop pointing the finger and start rolling up our sleeves and doing something about it.” The Central Bank said that Government’s direct debt decreased by $75.5 million during the 2016 second quarter, but had risen year-on-year by $315.1 million or 5.6 per cent to $5.953 billion. As for the national debt, this, too, fell by $84.3 million during the 2016 second quarter, but was up $330.7 million year-over-year to $6.695 billion. This was all despite the $600.3 million in gross Value-Added Tax (VAT) receipts generated during the 11 months to end-May 2016.
NOTICE
NOTICE is hereby given that RACHELLE SAINTILHOMME OF WASHINGTON STREET, P.O. BOX N-10326, NASSAU, N.P., THE BAHAMAS, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd DAY of SEPTEMBER, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE
NOTICE
EXXONMOBIL IRAQ (WEST QURNA DEEP) LIMITED
EXXONMOBIL EXPLORATION AND PRODUCTION INDONESIA (ARAFURA) LIMITED
EXXONMOBIL EXPLORATION AND PRODUCTION MYANMAR LIMITED
Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 21st day of September, A.D., 2016. Dated the 30th day of September, A.D., 2016.
Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 21st day of September, A.D., 2016.
Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 21st day of September, 2016
Dated the 30th day of September, A.D., 2016.
Dated the 30th day of September, A.D., 2016.
R.W. Rice Liquidator of EXXONMOBIL IRAQ (WEST QURNA DEEP) LIMITED
R.W. Rice Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION INDONESIA (ARAFURA) LIMITED
R.W. Rice Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION MYANMAR LIMITED
NOTICE
NOTICE
NOTICE
EXXONMOBIL EXPLORATION AND PRODUCTION JORDON LIMITED
EXXONMOBIL THAILAND UPSTREAM LIMITED
EXXONMOBIL EXPLORATION AND PRODUCTION NORTH AFGHANISTAN LIMITED
Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 21st day of September, A.D., 2016. Dated the 30th day of September, A.D., 2016.
Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 21st day of September, A.D., 2016. Dated the 30th day of September, A.D., 2016.
Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 21st day of September, A.D., 2016. Dated the 30th day of September, A.D., 2016.
R.W. Rice Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION JORDAN LIMITED
R.W. Rice Liquidator of EXXONMOBIL THAILAND UPSTREAM LIMITED
R.W. Rice Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION NORTH AFGHANISTAN LIMITED
NOTICE
NOTICE
NOTICE
EXXONMOBIL EXPLORATION AND PRODUCTION EAST MALAYSIA (SARAWAK) LIMITED
EXXONMOBIL EXPLORATION AND PRODUCTION (SRI LANKA) LIMITED
EXXONMOBIL EXPLORATION AND PRODUCTION INDONESIA (SUMATRA FORARC) LIMITED
Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 21st day of September, A.D., 2016. Dated the 30th day of September, A.D., 2016. R.W. Rice Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION EAST MALAYSIA (SARAWAK) LIMITED
Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 21st day of September, A.D., 2016.
Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 21st day of September, 2016
Dated the 30th day of September, A.D., 2016.
Dated the 30th day of September, A.D., 2016.
R.W. Rice Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION (SRI LANKA) LIMITED
R.W. Rice Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION INDONESIA (SUMATRA FORARC) LIMITED
THE TRIBUNE
Friday, September 30, 2016, PAGE 7
Chinese labour won’t ‘ruffle feathers’ over Baha Mar completion From pg B1 “It’s been a long haul, a slug fest. Nobody is totally happy with the result; everybody sacrificed something. The end game is to get it finished.” Meanwhile, a key ally of Baha Mar’s original developer, Sarkis Izmirlian, wished the Christie administration luck in dealing with CCA, given its previous failures to deliver the $3.5 billion project on time
and on budget. “They will see how inefficient they are, and how easy it is for them to miss deadlines” Dionisio D’Aguilar, a former Baha Mar director, said of CCA. “The Government has gone all in with CCA, who have sold them a dream. Perry Christie will pull out all the hair remaining on his head dealing with CCA. They never met a deadline when we were there. They were late by a year on the
Convention Centre, and had to put them into arbitration.” While expressing pleasure that Bahamian contractors and former Baha Mar employees were being paid what they were owed, Mr D’Aguilar said Mr Izmirlian had also promised to do this, but was ignored by both the Government and the Chinese. Suggesting that Baha Mar’s eventual buyer/owner was bound to be Chinese, and strongly connected to the Beijing government, Mr D’Aguilar questioned whether they would have the necessary experience
in dealing with the North American tourism market. “It’s going to be easier to attract someone from North America than Hong Kong or Macau,” he told Tribune Business. “No one else is going to buy that property other than the Chinese. That’s why it concerns me. I don’t know who the operators will be, and they probably have no experience operating in North America.” With a general election
coming by May 2017, Mr D’Aguilar said the Government was likely to push hard for at least part of Baha Mar to be open in time for the end of winter tourist season. With the Christie administration needing to show its Baha Mar strategy of opposing Mr Izmirlian and the Chapter 11 bid has delivered, Mr D’Aguilar added: “Even if it isn’t ready, the Government will make it ready. They’re under the
gun.” The Government has previously indicated its strategy is focused on opening the hotel/casino, hotel and convention centre, and the golf course in time for the election. However, Mr D’Aguilar questioned how the property could open without a brand, given that the Baha Mar logo is emblazoned all over the development, or whether the current name will be retained.
Stocks skid as drugmakers fall, then bank woes deepen losses NEW YORK (AP) – U.S. stocks skidded Thursday as drug companies and banks absorbed large losses. Drugmakers faced scrutiny over price increases, while banks fell as investors worried about the stability of Deutsche Bank and other financial institutions. Stocks were slightly lower in morning trading, and they fell hard at 12:30 p.m. Eastern time on renewed concerns about Germany’s largest bank. EpiPen maker Mylan fell after legislators called for an investigation of the company. The price of oil continued to rise, which sent oil drilling and equipment companies higher. Stocks gave up most of their gains from the last two days. Quincy Krosby, market strategist for Prudential Financial, said investors don’t trust Deutsche Bank’s statements about its financial health and they are worried what will happen to the bank and to the broader financial system if Deutsche Bank runs low on capital. “The market begins to worry about Deutsche Bank and then the relationships Deutsche Bank has with other banks here in the United States,” she said. The Dow Jones industrial average lost 195.79 points, or 1.1 percent, to 18,143.45. The Standard & Poor’s 500 index sank 20.24 points, or 0.9 percent, to 2,151.13. The Nasdaq composite dropped 49.39 points, or 0.9 percent,
to 5,269.15. Mylan slumped after a group of senators asked the Department of Justice to investigate whether the drugmaker broke the law when it classified its emergency allergy shot EpiPen as a generic drug, which allowed Mylan to make lower rebate payments to states. Mylan gave up $1.75, or 4.4 percent, to $38.47. The stock is down 21 percent since midAugust as the company has come under criticism for repeatedly raising EpiPen’s price over the last decade. Other drug companies traded lower as investors worry that the government will take action to rein in drug price increases. Merck fell $1.39, or 2.2 percent, to $61.91. Amgen fell $4.26, or 2.5 percent, to $165.45. Financial stocks slumped on renewed worries about Deutsche Bank. U.S. regulators are seeking $14 billion to settle legal claims over its sales of mortgage securities. It’s also unclear whether the German government would support the bank if it runs low on capital. Deutsche Bank has said it isn’t seeking government aid. Deutsche Bank’s U.S.listed shares have lost more than half their value this year. On Thursday they tumbled 82 cents, or 6.7 percent, to $11.48 in heavy trading. JPMorgan Chase slid $1.06, or 1.6 percent, to $65.65 and Goldman Sachs
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, NAKOYA CYNTRIA DEANE NEE JOHNSON of Western District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas, intend to change my name to HADASSAH ZOE JOHNSON. 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.
shed $4.50, or 2.8 percent, to $158.95. Oil prices continued to rise after a 5 percent surge the day before. Energy prices had jumped after the nations of OPEC, which collectively produce more than third of the world’s oil, agreed to a small cut in production. The decision was a surprise, but something investors had long hoped for. The deal won’t be finalized until November. U.S. crude picked up 78 cents, or 1.7 percent, to $47.83 a barrel in New York. Brent crude, the international benchmark, added 55 cents, or 1 percent, to $49.24 a barrel in London. Companies that drill for oil rose sharply as investors expected them to benefit from higher prices for crude. Devon Energy added $1.46, or 3.5 percent, to $43.04. Companies that provide rigs and other equipment to drillers also rose as investors expected that higher prices for crude will encourage more drilling. Helmerich & Payne rose $2.48, or 4 percent, to $65.26. Companies that refine oil fell on the prospect they will have to pay more money for the oil they refine. Marathon Petroleum fell $2.90, or 6.8 percent, to $39.74 and Valero Energy lost $3.40, or 6.2 percent, to $51.71.
MARKET REPORT THURSDAY, 29 SEPTEMBER 2016
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,947.86 | CHG -0.12 | %CHG -0.01 | YTD 123.91 | YTD% 6.79 BISX LISTED & TRADED SECURITIES 52WK HI 4.25 17.43 9.09 3.50 4.70 0.18 8.30 8.50 6.10 10.60 15.50 2.72 1.60 5.80 9.00 11.00 8.26 6.90 12.25 11.00
52WK LOW 2.47 17.43 9.09 3.15 1.77 0.12 6.09 7.25 5.50 7.00 13.05 2.25 1.31 5.55 6.00 9.85 6.12 6.21 11.80 10.00
PREFERENCE SHARES 1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
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
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE
LAST CLOSE 4.06 15.85 9.09 3.50 1.96 0.12 6.47 8.50 5.83 10.44 14.00 2.33 1.55 5.80 8.78 10.95 8.26 6.61 11.93 10.00
CLOSE 4.06 15.85 9.09 3.50 1.96 0.12 6.47 8.50 5.83 10.44 14.00 2.29 1.53 5.80 8.78 10.95 8.26 6.61 11.93 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 -0.04 -0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.11 100.00 100.00 100.00 10.00 1.01
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +
SYMBOL FBB17 FBB18 FBB22
LAST SALE 100.00 100.00 100.00
CLOSE 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
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
BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330
115.21 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
115.11 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-0.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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
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
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
VOLUME 400 215
150
3,500
3,033 400
6
450
VOLUME
EPS$ 0.304 1.351 1.086 0.220 -1.134 0.000 0.185 0.551 0.508 0.541 0.528 0.094 0.166 0.510 0.612 0.960 0.650 0.703 0.756 0.000
DIV$ 0.090 1.000 0.000 0.160 0.000 0.000 0.187 0.260 0.200 0.360 0.610 0.060 0.040 0.240 0.275 0.000 0.280 0.120 0.640 0.000
P/E 13.4 11.7 8.4 15.9 N/M N/M 35.0 15.4 11.5 19.3 26.5 24.4 9.2 11.4 14.3 11.4 12.7 9.4 15.8 0.0
YIELD 2.22% 6.31% 0.00% 4.57% 0.00% 0.00% 2.89% 3.06% 3.43% 3.45% 4.36% 2.62% 2.61% 4.14% 3.13% 0.00% 3.39% 1.82% 5.36% 0.00%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST 7.00% 6.00% Prime + 1.75%
MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022
6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25%
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
MUTUAL FUNDS 52WK HI 1.99 3.90 1.92 167.58 138.35 1.45 1.67 1.55 1.09 6.94 8.65 5.92 9.94 11.15 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.39 1.60 1.50 1.03 6.41 7.62 5.66 8.65 10.54 9.57
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
NAV 1.99 3.90 1.92 167.58 136.68 1.45 1.67 1.55 1.09 6.94 8.65 5.92 9.59 11.15 9.57
YTD% 12 MTH% 2.33% 4.05% 3.34% 6.09% 1.63% 2.99% 3.41% 5.18% 2.95% -0.58% 2.51% 3.84% 2.48% 4.47% 2.20% 3.79% 5.03% 3.89% 4.05% 8.28% 5.93% 13.53% 2.73% 4.73% 3.97% -3.53% 2.96% 4.33% -4.26% -6.22%
NAV Date 31-Jul-2016 31-Jul-2016 27-Jul-2016 30-Jun-2016 30-Jun-2016 31-Aug-2016 31-Aug-2016 31-Aug-2016 31-Aug-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225