TUESDAY, OCTOBER 18, 2016
business@tribunemedia.net
$3.78 Labourers few for landscaper’s 25% business increase By NEIL HARTNELL Business Editor nhartnell@tribunemedia.net A NEW Providencebased landscaping firm has increased staffing levels by almost 60 per cent to cope with post-Hurricane Matthew demands, its principal yesterday estimating business levels were 20-25 per cent higher than normal. But Robert Myers, head of Caribbean Landscape, lamented that too few Bahamians were taking advantage of the unexpected
* COMPANY EXPANDS STAFF 60% TO COPE POST-MATTHEW * BUT MANY NEW HIRES TAKE ONE PAY CHEQUE AND WALK * CHAMBER CHIEF EXPECTS 30% BUSINESS RISE FOR SOME employment opportunities offered by his company and others in the storm’s wake. He told Tribune Busi-
SEE PAGE 5
$3.98
$4.02
$4.04
Gov’t ‘strongly warned’ against storm relief tax By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
T
he Government was yesterday “warned very strongly” against implementing new or increased taxes to fund Hurricane Matthew relief, the Chamber arguing such a move will be “counter-productive” to the Bahamas’ recovery. Gowon Bowe, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman, told Tribune Business that it had informed the Ministry of Finance that such a move would be “a poor decision” - especially given the timing.
* CHAMBER: ‘COUNTER PRODUCTIVE’ TO ECONOMY REBOUND * ‘VERY DAMAGING’ TO THOSE NEEDING RELIEF THE MOST * ‘WON’T YIELD’ MAJOR INCREASE IN REVENUES Apart from further depressing the economy just when many businesses are struggling mightily to recover from Matthew’s impact, Mr Bowe said new or increased taxes would hurt most the very people the Government wants to help - ordinary Bahamians. The Prime Minister yesterday floated the idea that the Government could impose a new, or ‘special’, tax to help finance storm-related repairs, restoration and relief, suggesting any
such move would have “minimal impact on people”. “I think the Ministry of Finance has raised that as a potential option to the Prime Minister in his role as Minister of Finance,” Mr Bowe told Tribune Business. “We certainly, from the business community perspective, have cautioned very strongly against that,
SEE PAGE 5
Matthew ‘another PM tells Sarkis: ‘We won’t help’ over Baha Mar nail in coffin’ for * TELLS ORIGINAL DEVELOPER: ‘ENGAGE’ WITH CHINA * SLAMS HIS ‘EXTRAORDINARY STATEMENTS’ IN OFFER LETTER new auto dealers * AGAIN HINTS AT ‘BETRAYAL’ FEELINGS ON CHAPTER 11 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Bahamas Motor Dealers Association’s (BMDA) president yesterday expressed fears that Hurricane Matthew will be “another nail in the coffin for new car sales”, with its impact carrying through into the 2017 New Year. Fred Albury told Tribune Business that the storm’s impact on consumers, and their disposable incomes, was likely to make an already-bad situation “horrible” for struggling new car
* STORM’S CONSUMER IMPACT TO EXACERBATE SALES DROP-OFF * BMDA CHIEF FEARS BAD WILL BE ‘HORRIBLE’ INTO 2017 * SEEKS HELP FROM POLITICIANS WITH ‘BIG CAHUNAS’
dealerships. The Auto Mall’s principal said that with most Bahamians focusing on home repairs and restoration in
SEE PAGE 4
Chamber chair: $150m bond ‘very ‘difficult’ at once By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE proposed $150 million Hurricane Reconstruction Bond is likely to be “multi-tiered” to appeal to different investor groupings, the Chamber’s chairman said yesterday, expressing concern over whether the target sum could be raised in one shot. Gowon Bowe told Tribune Business that the bond issue was likely to be divided into tranches, each with its own interest rate coupon and maturity date, in a bid
* ‘GIANT EFFORT’ MIGHT REQUIRE SPREADING OUT * HURRICANE DEBT OFFERING PROBABLY ‘MULTI-TIERED’ * BANKS SAID READY TO COMMIT $80-$90M IF TERMS RIGHT to satisfy the different requirements of commercial banks and insurance companies. He explained that while the banks would likely seek a shorter maturity (the time
SEE PAGE 2
PRIME Minister Perry Christie’s office last night effectively told Sarkis Izmirlian he was ‘on his own’ in seeking to reacquire Baha Mar, as it hit out at the “extraordinary statements” attached to his latest offer. Mr Christie’s office, in a statement, said it felt “compelled” to mount another defence of how the Government had handled the dispute surrounding the $3.5 billion development, and efforts to remobilise the project. The statement made clear that the Christie administration will not intervene on Mr Izmirlian’s behalf with the China Export-Import Bank, Baha Mar’s secured creditor, and encourage it to listen to his latest offer. “If, as he states, Mr Izmirlian is in a position to, and wishes to work with, China Export-Import Bank to deliver Baha Mar for the Bahamian people, then he should engage seriously with Perfect Luck and its advisors,” the Prime Minister’s Office said. “If he is in a position to make a credible proposal to acquire Baha Mar from Perfect Luck, then he is free to do so.” Perfect Luck Holdings is the special
PM CHRISTIE
IZMIRLIAN
purpose vehicle (SPV) created by the China Export-Import Bank to purchase Baha Mar’s real estate assets out of receivership, which is the first step towards completing the project’s physical construction prior to its sale to the ‘ultimate buyer’. Meanwhile, the original Baha Mar companies have been placed into full liquidation under the supervision of
the Supreme Court and the former provisional liquidators, Bahamian accountant Ed Rahming and his UK colleagues. Combined, these two developments threaten to cost Mr Izmirlian and his family their total $800-$900 million equity investment in building up the Baha Mar project over the past 13 years. The Prime Minister’s Office, making clear it was responding to Mr Izmirlian’s decision to ‘go public’ with his latest acquisition offer, said the original developer’s letter/press release “contain some extraordinary statements”. Although it did not specify what the administration found “extraordinary”, last night’s statement said: “Normally the Government would not respond to such a letter and statement, but so far as it impacts on what the Government has achieved, which is well documented, in ensuring that
SEE PAGE 4
PAGE 2, Tuesday, October 18, 2016
THE TRIBUNE
Chamber chair: Matthew impacts ‘one $150m bond ‘very third’ of fish grounds ‘difficult’ at once FROM PAGE 1
that elapses until their principal is returned), Bahamian insurance companies would want a longer period to better match any investment with long-term policy liabilities. “There’s been a term sheet floated among the financial institutions, and they’re now in the process of getting feedback on it,” Mr Bowe told Tribune Business of the Government’s progress in structuring the bond with private sector assistance. “That is a balancing act, with some institutions concerned on liquidity and capital requirements, and ensuring they have cash on hand.” The Chamber chairman explained that the commercial banks would likely look for short-term debt, as opposed to the insurance industry preference for a long term investment, thereby requiring that the Hurricane Restoration Bond be broken up into tranches catering to each. Mr Bowe told Tribune Business that the bond will likely have “multiple tiers, at different rates and terms, which effectively cater to different industries and maximise the takeup”. Splitting government debt securities offerings into different slices, each with their own interest yields and maturities, is nothing new for the Bahamian capital markets. RoyalFidelity Merchant Bank & Trust did this frequently when it was placing Bahamas Government Stock (BGS) bond issues for the Christie administration in 2014 and 2015. Tribune Business previously revealed that the Government’s initial pro-
posal was for a bond that would carry a 10-year maturity, and pay investors an interest coupon of between 1.5-3 per cent. However, banking industry sources felt the interest rate was too low and unattractive. It was far below what is offered on typical Bahamas Government Registered Stock (BGRS) issues, and a $50 million bond, carrying a 5.4 per cent interest coupon and 20-year maturity, was fully placed by the Central Bank just before Matthew’s arrival. Tribune Business was yesterday told by banking sources that the industry and the Government were nearing agreement over the Hurricane Restoration Bond, with the banks ready to commit $80-$90 million provided they received the required interest yield and maturity. This newspaper was told that the banks are seeking a 4-4.5 per cent yield, with maturity of between three to five, terms significantly different from those initially proposed by the Christie administration. Mr Bowe, meanwhile, suggested the Government may be trying to bite off more than it can chew by seeking to raise the $150 million in one go. “Trying to raise $150 million all at once might be a giant effort, and very difficult,” he told Tribune Business. Given the relatively small size of the Bahamian capital markets, and significant exposure that many of the commercial banks already have to the Government, he suggested a better option would be to match investor ‘financing calls’ with drawdown and expenditure demands. “It’s still being dis-
cussed among the clearing banks,” Mr Bowe added of the bond. “There are still discussions over the rate, timeframe and how it’s viewed by the Central Bank as it relates to capital adequacy and liquidity requirements. All of these elements have not been settled as far as I’m aware.” Edison Sumner, the Chamber’s chief executive, confirmed that talks between the Ministry of Finance and the commercial banks, especially the Canadian-owned ones, were ongoing. “We do support the idea of having these funds made available,” he said of the bond, “but our only concern is how it is being structured, and hoping the rates, maturity and yield are attractive enough for the banks and others to want to invest in it.” Mr Sumner said the Chamber was equally concerned that the bond’s terms were good enough to warrant the Government issuing it. He added: “We expect in the not too distant future for the Government to finalise the draft and say they want to float the bond, and then we will see active participation from the investment community to buy into it.” Mr Sumner confirmed that a portion of the $150 million raised was intended for small and mediumsized enterprises (SMEs), who might otherwise be unable to access the capital necessary to finance postMatthew recovery, and would have to close their doors otherwise. However, he conceded that the final amount destined for the private sector, and Bahamian economic recovery, had yet to be determined.
By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net
WHILE the fishing fleet appears to have survived Hurricane Matthew largely unscathed, a Bahamas Commercial Fishers Alliance (BCFA) executive estimated that “at least a third” of its fishing grounds have been impacted. Keith Carroll, the BCFA’s vice-president, said areas such as the Little Bahama Bank, the Gingerbread Grounds and the Columbus
Bank had been affected by Hurricane Matthew, although it was difficult to say at this stage what impact the storm will have on what began as a promising 20162017 crawfish season. “The fishing grounds would have certainly been affected but the boats are OK. At least probably a third of the fishing grounds would have been affected by this storm; a third of them would have been damaged,” said Mr Carroll. “When the fishermen go out next month, probably end of this month and come back end of Novem-
ber, we will know for sure what we’re dealing with,” He added: “The majority of the boats are OK, for sure. That’s all the boats in Spanish Wells, Long Island and Nassau, but a lot of the fishing grounds would have been affected.” Back in August, Mr Carroll told Tribune Business that early indications suggested “things were looking promising”, for the 20162017 crawfish season, with the year shaping up to be better than last due in large part to Defence Force patrols during the offseason.
Hotel union still determining the members’ status By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE hotel union is still trying to determine the status of many resort properties in the aftermath of Hurricane Matthew, so it can assess how best to assist its members. Darren Woods, the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU) secretary-general, said: “We haven’t been in communication with many of them. We have spoken to Atlantis. They have just kind of reclassified everybody for the time being in terms of one of the towers. “We are still trying to get some information on most of them. There is no power, no communication and so we are still trying
to find out exactly what’s going on. This week we should be able to say what’s going on and pretty much chart the way forward as to what is going to happen.” Mr Woods said that, traditionally, this is a slow period for the hotel industry, which has helped to minimise Matthew’s impact on tourism. “Things begin to pick up around Thanksgiving and again in December. This is traditionally the slow period, but you still have quite a bit of persons working this time of the year,” he added. “The Industrial Agreement says what is supposed to happen once there is an ‘act of God’, where the work week is suspended. What happens after that is persons are often asked to do work outside their category of work, and so you will find
that a house keeper may be asked to help with cleanup and paid at a rate higher than they would normally receive. “That is kind of the thing that we have in the interim, and if there is severe damage the parties have to come together and decide what, if anything else, is going to happen for them.” Mr Woods said that at this point the union was hoping to get power restored to its own offices. “We don’t have any power to date. Within the next week hopefully we will. The immediate thing is that once the hotels have indicated that they are undergoing repairs, then another gear kicks in where, if they ask employees who want to assist, then we negotiate a rate of pay for them,” he said.
THE TRIBUNE
Tuesday, October 18, 2016, PAGE 3
Brewery: Sufficient Kalik stock for now By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A Commonwealth Brewery executive yesterday said it had sufficient stock to supply beer lovers with Kalik and other favourite brands, and expressed hope supplies will last until its storm-ravaged production plant is back in full operation. “The restoration is coming on really well. We have had insurers there and contractors to do an assessment of the damages, and we are waiting on that report,” Dennis Hanna, Commonwealth Brewery’s corporate relations director, told Tribune Business yesterday.
* CONCERNED IF INVENTORY CAN HOLD UP DURING REPAIRS “We have already started to repair the roof. The facility isn’t operational but the repairs are coming along. We are just awaiting the assessment to see how extensive the damages are and what the cost would be.” The production of Kalik, Guinness and Heineken hascome to a temporary halt as a result of the damage Commonwealth Brewery’s Clifton plant sustained during Hurricane Matthew. The plant employs some 60 persons. “We are not out of stock. That is not the case,” Mr Hanna said. “Our concern is that the stocks that we
have will hold until we have the brewery up and running again. “We have stock and customers are getting their product. We just have to be mindful of what we have in stock and how long the repairs take. Presently we have sufficient stock to supply the market.” As to when the Cliftonbased brewery will be back to full operation, Mr Hanna said: “We can’t tell right now because we haven’t gotten a full assessment. We have had extensive damage to the roof and we can’t operate until the roof is repaired.
“All the utilities are up and running but the roof is a concern right now. There is damage to the brewery. We’re definitely working to get it repaired.” Liquor merchants again expressed hope that there would be no supply interruption or beer shortages until Commonwealth Brewery completes repairs. John Nutt, of Island Wines and Spirits, told Tribune Business: “I’m sure it’s going to affect everyone who sells their product - Kalik Guinness and Heineken that’s made here. “I’m pretty much out of Kalik Light cans, and al-
most out of Kalik cans, and I’m not sure what the status is if I’m going to be able to get any.
“If not we are going to have to push the other brands, the beers that are available.”
Striping group suffers ‘six-figure’ storm hit By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamas Striping Group of Companies yesterday estimated it will take a “six-figure sum” to repair Hurricane Matthewrelated damages to its Abundant Life Road facilities, telling Trib-
une Business it is currently running a “skeleton operation”. Allen Albury, the group’s managing director, said it was working “feverishly” to get an assessment and cost estimate to repair the damages. “A portion of the roof was breached and we had some wind damage and flooding throughout the main side of the building,” he explained.
“We had water damage to the furnitures, the ceilings, the electrical and some of the equipment as well.” As to an assessment of restoration costs, Mr Albury said: “We are feverishly working on that. We have had the contractors in to take a look, and should have some numbers by the end of the day. “Just from our experience with
A VIEW of the RIU on Paradise Island, Nassau.
RIU’s PI resort in full operation By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE RIU Paradise Island was yesterday said to be operational and offering its full all-inclusive service to guests, having suffered only “cosmetic damage”during Hurricane Matthew. RIU Hotels & Resorts, in a statement, said: “After the passage of Hurricane Matthew, which lashed the island of Nassau as it passed through the Bahamas on 6 October, RIU Hotels & Resorts can announce that the Hotel Riu Palace Paradise Island is operational and offering its full all-inclusive, 24hour service to its guests.” It added: “The Riu Palace Paradise Island suffered some damage during the storm, but fortunately the RIU engineers and lo-
cal authorities were able to confirm that this was cosmetic damage, and neither the structure nor the basic services were affected. “Repairs and cleaning began immediately, and service in its five restaurants, four bars, swimming pool and day and night entertainment programmes are fully operational.” New Providence-based properties reported some damage to roof structures, more significant damage to landscaping and, in certain cases, issues with water intrusion. Apart from the RIU, Atlantis reported that it had only sustained “minimal” damage from Hurricane Matthew, with all guests able to return to their rooms on Friday, October 7, following an inspection of the property. The resort subsequently welcomed over 3,000
group attendees this week. Jermaine Wright, general manager at Comfort Suites on Paradise Island, told Tribune Business last week: “We incurred no major damage due to the passage of Hurricane Matthew. We have returned to normal hotel operational mode and have launched post-hurricane clean-up and restoration activities.” Warwick Hotels & Resorts executives told Tribune Business that they were working feverishly to have the new Paradise Island resort open for business by the end of October, revealing that Hurricane Matthew “could not have come at a worse time”. One &Only Ocean Club recently announced that it has closed temporarily to “repair damage” caused by Hurricane Matthew and to begin an extensive clean up process.
the building, we would say the damages, inclusive of the office furniture and equipment, are probably going to be six figures”. The Bahamas Striping Group of Companies moved into their new $2 million facilities back in mid-2014, after breaking ground on property leased from the Bahamas Agricultural and Industrial Corporation (BAIC). Mr Albury told Tribune Busi-
ness yesterday: “We have scaled back. “Persons that were due for vacation are out on vacation, and we are running a skeleton operation at the moment just to maintain continuity for our clients and some of the active projects that we had, and were in the process of negotiating, but we are on a scaled down staffing operation at the moment.”
PAGE 4, Tuesday, October 18, 2016
THE TRIBUNE
PM tells Sarkis: ‘We won’t help’ over Baha Mar FROM PAGE 1 the Baha Mar development is finished and Bahamian creditors paid, the Government is compelled to” respond. The Prime Minister’s Office, which again tried to hint at doubts that Mr Izmirlian has the financing to make a credible offer, confirmed that the China Export-Import Bank’s SPV had acquired Baha Mar’s remaining assets. This will allow Perfect Luck to sell the project “to whomever it wishes”, provided they are “acceptable” to the Government and obtain all the necessary permits and approvals. Given that the Government has the power to reject any selected purchaser, it does possess the necessary leverage to force the China Export-Import Bank to deal with Mr Izmirlian if it so chooses. However, the Prime Minister’s Office made clear that the Government has no intention of using this leverage, and therefore Mr
Izmirlian’s latest offer - as with those previously - appears to be doomed from the outset. Tribune Business sources last night said Mr Izmirlian had yet to receive a reply from the China ExportImport Bank or the Bahamian government to his letter, which was addressed to both the former’s vicechairman, Liu Lange, and Mr Christie. Some observers are likely to question why the Government is not at least encouraging the China Export-Import Bank to speak to Mr Izmirlian, given that he has promised to beat all rival bids on the Baha Mar acquisition price. The original developer has also gone beyond the creditor payout compensation offered by the China Export-Import Bank and Perfect Luck by pledging to make all verified Bahamian and expatriate claims against Baha Mar ‘whole’. However, as Tribune Business previously reported, the Beijing government, and its two entities at
the centre of the Baha Mar saga, the bank and China Construction America (CCA), the project’s general contractor, have no wish to deal with Mr Izmirlian and are determined to oust him as the developer. Any deal with Mr Izmirlian would likely require CCA to be removed from the project, a demand that has always been a ‘no go’ for the Chinese, with protection of the contractor’s interests seemingly paramount throughout the past 18-month saga. The Christie administration, too, will probably be reluctant to entertain Mr Izmirlian, both because Baha Mar’s fate is largely out of their hands and the project appears to be progressing to remobilisation and construction completion. The Prime Minister’s Office last night again suggested that Mr Izmirlian had, in effect, betrayed Mr Christie and his government by ‘going behind their back’ over the Chapter 11 bankruptcy protection filing while ne-
gotiations were ongoing to save the troubled $3.5 billion project. “At each stage of the process (which commenced when Baha Mar’s developer, Sarkis Izmirlian, without any prior notice, arranged for the Baha Mar companies to file Chapter 11 bankruptcy proceedings in the United States), Mr Izmirlian has had the opportunity to participate in discussions and the process surrounding the future of the resort,” the statement said. However, the Prime Minister’s Office made no mention of the fact that the ‘proposed purchaser’ came from outside the sales process run by Baha Mar’s Deloitte & Touche receivers. The latter were unable to agree satisfactory terms with the ‘preferred bidder’ found by their process, which led Mr Izmirlian to complain in his latest offer about being treated with ‘double standards’. The original developer said he had been informed “multiple” times that his
offers would only be entertained if submitted through the receivers’ process, yet the China Export-Import Bank and receivers had gone outside this to find the purchaser. Mr Izmirlian had also complained that the sales process structure was designed to prevent him from bidding, as it sought to impose impossible restrictions on speaking to former Baha Mar executives, and could have compromised the $192 million legal claim against the project’s contractor. The Prime Minister’s Office last night ignored much of this, instead patting itself on the back. “After much hard work, the project is back on track,” it said. “Re-mobilisation has commenced and, through high level, good faith negotiations, a substantial fund has been established by China Export-Import Bank for the payment of creditors’ claims, and former Baha Mar Bahamian employees are already being paid. “Those were two of the
Prime Minister’s three stated primary objectives, and they have been achieved. The third objective is to ensure that Baha Mar is sold to a world class hotel and casino operator. The Government of the Bahamas will continue to work tirelessly to ensure that this objective is fulfilled, in the very best interest of the economy and the people of the Bahamas,” the Prime Minister’s Office added. “Real progress is being made and that progress must continue through to the completion and successful operation of the resort by a world class casino and hotel operator.” Baha Mar has likely been reserved for a Chinese group or consortium to purchase, and the Government will likely press for at least part of the $3.5 billion project - probably the casino and casino hotel, plus the convention centre, Hyatt and the golf course - to be completed and open in time for both the end-winter season and 2017 general election.
Matthew ‘another nail in coffin’ for new auto dealers FROM PAGE 1 the
Category
Three
storm’s aftermath, the consistent decline in new auto sales post-VAT implemen-
tation was likely to be exacerbated. “It is a concern,” he told Tribune Business. “Right now, everybody is in recovery mode. There are some situations, like in Freeport, because cars were damaged up there, where we had a couple of buyers come in and purchase vehicles already. “But people are going to be more concerned with putting a roof over their head than buying a new car. It’s going to be another nail in the coffin for new car dealers for the time being. “It was bad before. Now I think it’s going to be horrible. I think this will carry on in the New Year.” Tribune Business revealed back in July how new car sales for the 2016 first half were down by 8 per cent year-over-year, a decline that followed a 38 per cent drop-off in 2015. The plunge is even more stark when the raw num-
bers are compared to pre2008 recession levels. Some 4,200 new vehicles were sold in 2007, compared to the 1,564 that BMDA members moved in 2015 - a decline of 66.8 per cent or two-thirds in nine years. Mr Albury told Tribune Business that it was in the Government’s own interests to help counteract the decline in new car sales, given the impact on its import duty and VAT revenue earnings. He pointed out that the Public Treasury’s yield per vehicle had drastically declined as consumers showed an ever-increasing preference for used auto imports, which generated lower tax revenues because of their cheaper prices. The BMDA president again urged the Christie administration to clamp down on the numerous roadside auto vendors that have sprung up throughout New Providence, arguing that
MARKET REPORT THURSDAY,18 AUGUST 2016
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,973.88 | CHG 5.50 | %CHG 0.28 | YTD 149.93 | YTD% 8.22 BISX LISTED & TRADED SECURITIES 52WK HI 4.05 17.43 9.09 3.50 4.70 0.18 8.34 8.50 6.10 10.60 15.50 2.72 1.60 5.80 8.76 11.00 8.11 6.90 12.25 11.00
52WK LOW 2.25 17.43 9.09 3.15 4.70 0.12 6.09 7.25 5.50 7.00 13.99 2.25 1.27 5.51 6.00 9.85 6.12 5.55 11.75 10.00
PREFERENCE SHARES 1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
1.00 105.50 100.00 100.00 100.00 105.00 100.00 10.00 1.01
1.00 105.50 100.00 100.00 100.00 100.00 100.00 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 4.05 15.85 9.09 3.50 5.22 0.12 6.50 8.40 5.83 10.59 14.00 2.41 1.55 5.80 8.76 10.95 8.10 6.40 11.93 10.00
CLOSE 4.05 15.85 9.09 3.50 5.22 0.12 6.49 8.50 5.83 10.60 13.99 2.41 1.55 5.80 8.76 10.95 8.11 6.40 11.93 10.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.10 0.00 0.01 -0.01 0.00 0.00 0.00 0.00 0.00 0.01 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 1.00 100.00 100.00 100.00 100.00 100.00 100.00 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
115.45 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
115.47 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.02 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 6,491
24,331 4,961 6,894 4,029 17,985 20,202 10,638 6,355
16 52
70
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 13.3 11.7 8.4 15.9 N/M N/M 35.1 15.4 11.5 19.6 26.5 25.6 9.3 11.4 14.3 11.4 12.5 9.1 15.8 0.0
YIELD 2.22% 6.31% 0.00% 4.57% 0.00% 0.00% 2.88% 3.06% 3.43% 3.40% 4.36% 2.49% 2.58% 4.14% 3.14% 0.00% 3.45% 1.88% 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 1.44 1.67 1.55 1.06 6.67 8.16 5.81 10.66 10.12
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.38 1.53 1.47 1.03 6.11 6.93 5.55 10.37 8.65
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 Bah Int'l Investment Fund Principal Protected TIGRS, Series 5 Royal Fidelity Int'l Fund - Equities Sub Fund
NAV 1.99 3.90 1.92 167.58 136.68 1.44 1.67 1.55 1.06 6.67 8.01 5.81 10.66 8.65
YTD% 12 MTH% 2.33% 4.05% 3.34% 6.09% 1.63% 2.99% 3.41% 5.18% 2.95% -0.58% 1.89% 3.91% 2.32% 8.70% 1.68% 5.28% 2.77% 1.26% -0.14% 9.15% -1.87% 15.62% 0.83% 4.82% 70.00% 2.80% -6.29% -13.65%
NAV Date 31-Jul-2016 31-Jul-2016 27-Jul-2016 30-Jun-2016 30-Jun-2016 30-Jun-2016 30-Jun-2016 30-Jun-2016 30-Jun-2016 29-Feb-2016 29-Feb-2016 29-Feb-2016 29-Feb-2016 29-Feb-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
they enjoyed a competitive advantage over established dealerships by paying little to no taxes, while also incurring minimal overheads. “There’s no control on the new car imports coming in by the individuals set up alongside the road,” Mr Albury told Tribune Business. “I can’t compete with that out there. “Hopefully, with a midyear Budget coming in January, they will take another look at that situation. I’m sure the drop-off in new car imports has got to be impacting their revenue considerably.” He added that the solution to New Providence’s “saturation” with used vehicle imports was “not rocket science”, but required a Government “with cahunas” to implement it. Mr Albury again urged the Bahamas to follow the lead established by the likes of Jamaica, Barbados, Trinidad and other Caribbean nations that had been “flooded with used cars”, and “tighten up on the age restriction” for vehicle imports. The Bahamas has already placed a 10-year age limit on vehicle imports, but Mr Albury again called for the Government to reduce this further to five years, in line with the region. “As politicians are more
concerned with votes than revenue at times, it’s going to take someone with cahunas to get the job done,” he told Tribune Business. “But that is the way to deal with it.” Mr Albury acknowledged that many Bahamians might oppose a fiveyear age limit, fearing they would be unable to afford auto purchases, but he argued there was sufficient supply of five-year old vehicles to keep prices keen. And he suggested that the benefits from such a move would outweigh the negatives, in terms of ensuring automobiles on Bahamian roads were more efficient, reliable and environmentally friendly. “The outcry might be that consumers can’t get cheap used cars, but that’s not the case,” Mr Albury explained. “The market’s saturated with five year-old vehicles. “It’s the initial point of entry where you enhance the value, and the newer the car is, the more efficient and environmentally friendly the vehicle is as well. “For the first five years, the vehicle holds a good value, but in its sixth and seventh years, the value drops drastically. The Japanese look for markets like ours that have no controls in place.”
THE TRIBUNE
Tuesday, October 18, 2016, PAGE 5
Gov’t ‘strongly warned’ against storm relief tax FROM PAGE 1
primarily because increasing taxes at this point in time is going to be counter to efforts to restore and build the economic recovery quickly. “The increase in taxation will also be very damaging to the persons it intends to benefit, as most taxes are borne by consumers. If you’re trying to raise funds to help consumers restore their lives to normal, increases in taxation are going to be counter-productive to that initiative/effort.” Mr Christie, speaking to the media during a tour of the New Providence communities hardest hit by Matthew, said the Government needed to examine “a more effective way of financing the loss that the country has experienced”. With the Government still paying to repair the damage inflicted by Hurricane Joaquin in the southern Bahamas last year, and now having to content with Matthew’s much larger multi-million dollar bill, Mr Christie said it may have to
“tax some item of minimal impact to people”. He suggested Cabinet might consider the proposal today. This idea, as Mr Bowe indicated, is likely to meet with fierce resistance from most Bahamians, and not just businesses. The economy has had to absorb significant tax and cost of living increases in recent years, not least the 7.5 per cent Value-Added Tax (VAT) that was imposed last year. Together with high utility and other costs, taxation and bureaucratic impediments to the ‘ease of doing business’ and commerce, most in the private sector will argue that the Bahamian economy cannot take any new or increased taxes for the time being. Another concern would be that the prospect of new or increased taxation deters businesses, which have been forced to close their doors by Matthew and/or its aftermath, from ever opening again. Employment levels would be further hit. “Following such a devas-
tating creature of nature,” Mr Bowe said of Matthew, “we certainly need to be mindful that, just like with an economic recession, that we don’t try to lift ourselves out by increasing taxation, which is counter-intuitive. “While the Prime Minister is probably floating the proposal to see what takers we have, I would hope [they note] our communication back to himself and the Ministry of Finance; that at this point in time it would be a poor decision, as it will not yield a great increase in tax revenue, and would cause great damage to the end-consumer who they want to benefit from the restoration effort.” Mr Christie’s comments, though, could be interpreted as an indication of the damage Matthew has inflicted on both government infrastructure and buildings, plus the scale of the restoration efforts needed on North Andros and Grand Bahama. They also possibly give an insight into just how difficult it will be for the
Government to obtain the necessary monies, given its already-strained fiscal position and potential pressures from the credit rating agencies. Mr Bowe, though, told Tribune Business that the private sector had emphasised the key aspect with any restoration borrowing/ expenditure was how the Government intended to pay for it. Acknowledging that borrowings, such as the proposed $150 million Hurricane Restoration Bond, were “a balancing act” given the Government’s fiscal position, the Chamber chairman said they needed to be “managed appropriately”. The interest rate (debt servicing costs) and maturity period, he argued, were critical, but if structured correctly, then the Government could see a “payback period over time”. Mr Bowe also warned Bahamians against expecting a ‘quick fix’ of all Matthewrelated damages, drawing a distinction between the
Labourers few for landscaper’s 25 per cent business increase FROM PAGE 1 ness that too many of his company’s extra, temporary hires would fail to report back to work after receiving their first pay cheque, illustrating the private sector’s ongoing challenges in finding the workforce it needs. “We’ve probably taken on about an extra 75 guys above and beyond our normal staff,” Mr Myers said of Matthew’s impact on his business. “The problem we’re having is that after they get the first pay cheque, they don’t come back to work. We’re having difficulties getting consistent people, and people willing to work in the field. We’re going through a lot of people. It’s challenging. You wouldn’t know there was an unemployment problem in the country by this.” Mr Myers, whose business is based at the Airport Industrial Park, said demands for clean-up work, yard maintenance and replanting/landscaping had dramatically increased in western New Providence as a result of Matthew’s pas-
sage. “It’s probably a good 2025 per cent above what it would be, I think,” he told Tribune Business of current business levels. “We got pretty beat up out in the west. A lot of clients have a lot of problems, and we’ve been working long hours, seven days a week to get it all tidied up. It’s going to be a long road to recovery. “Every landscaper imaginable is out here doing work for clients. I would absolutely think this will go right through Christmas. We’ll be doing stuff through into January; we’re not going to get finished between now and December.” Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive, also acknowledged yesterday that businesses providing hurricane recovery-related services would be in high demand for the next several months. Agreeing that there would be “opportunities” for several industries, Mr Sumner said the Chamber expected to see “a spike” in construction, environmental and clean-up related ac-
tivity over the remainder of 2016. Maintenance and janitorial companies will also likely receive a boost, and Mr Sumner told Tribune Business: “In some instances, we might see as much as a 30 per cent spike in activity in these sectors in the coming months. “Even here at the Chamber we had to hire ourselves companies in the areas of construction, janitorial services, landscaping, maintenance and clean up crews. We know there’s going to be a level of activity we will see.” Trucking services will also be in demand, and Mr Sumner added: “This is not to take advantage of people, but we see this tragedy as creating opportunities for other sectors, and keeping money circulating in the economy as we go through this process of restoration. The rest of the economy will suffer a blow.” Mr Myers, meanwhile, said that despite the increase in business for his firm and other landscaping firms, he “never welcomes these things”. “As I said to someone in the financial services in-
dustry, this is like a global recession happening to you and your clients, and you all being in the worst position from day one,” he recounted of a recent post-Matthew conversation. “You can’t manage; you can’t deal with this. There’s nothing you can do to design a means to deal with this problem. It’s a catastrophic disaster. “I would prefer it did not happen,” Mr Myers added of Matthew. “We had a really good business before. Now, it’s a fire drill. We’ve just to keep our heads down, put one foot in front of the other, and eventually we’ll get through. Our core, full-time 130 guys are doing a phenomenal job.” He also expressed concern over whether Caribbean Landscape would receive a refund on Customs duty it paid on a consignment of chain saws brought in the day after Matthew, as need meant the shipment could not wait for the exigency Order. “It’s very painful and challenging from a cash flow perspective,” Mr Myers said of the full duty payment. “I don’t know if we will get a full payment.”
provision of immediate life-saving supplies, such as food and water, and longer term repairs to physical infrastructure. “If there’s one theme to remember, Rome wasn’t built in a day,” he told Tribune Business. “While persons are looking for imme-
diate relief and restoration efforts, this may require strategic and prudent decision-making.” He emphasised that returning devastated communities to normal could take months, even years, and would not produce immediate results.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, Jhanae Bernadette Gould of #24 Golden Meadows Subdivision, P.O.Box N10683, Nassau, Bahamas intend to change my name to Jhanae Philliese Winter. 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.
Legal Notice
NOTICE OMI HOLDINGS CORPORATION In Voluntary liquidation “Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), OMI HOLDINGS CORPORATION is in Dissolution.” The date of commencement of dissolution is the 12th day of October, 2016.
Mr. Joel Le Rouge P.O. Box 390, Bulle 1630 Fribourg, Switzerland Liquidator
Legal Notice
NOTICE UNITED COMMERCIAL INDUSTRIAL CORPORATION In Voluntary liquidation “Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000) UNITED COMMERCIAL INDUSTRIAL CORPORATION is in Dissolution.” The date of commencement of dissolution is the 12th day of October, 2016.
ROCKWELL LTD. 25 Mason Complex Stoney Ground The Valley, British Anguilla Liquidator
Legal Notice
NOTICE AVIATION INVESTMENT GUIDANCE LTD. In Voluntary liquidation “Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000) AVIATION INVESTMENT GUIDANCE LTD. is in Dissolution.” The date of commencement of dissolution is the 12th day of October, 2016.
ROCKWELL LTD. 25 Mason Complex Stoney Ground The Valley, British Anguilla Liquidator
Legal Notice
NOTICE NORTHCOTE HOLDINGS LIMITED In Voluntary liquidation “Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), NORTHCOTE HOLDINGS LIMITED is in Dissolution.” The date of commencement of dissolution is the 17th day of October, 2017.
Mr. Paul Healey 17 Birchleigh Close Onchan, Isle of Man IM3 4EX Liquidator
PAGE 6, Tuesday, October 18, 2016
THE TRIBUNE
THE TRIBUNE
Tuesday, October 18, 2016, PAGE 7
b o dy a n d m i n d
Mother-of-two’s war against breast cancer By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net Had not been for a routine checkup last year, Kaffieanne Duncombe may not have been here today to share her story of waging battle against breast cancer. Mrs Duncombe was diagnosed with the disease on April 17, 2015 at the age of 44. Since then, her life has undergone drastic changes. As can be expected when suddenly confronted with such a dire prognosis, Mrs Duncombe was overwhelmed with feelings of fear and worry. She had to rely heavily on the moral support of her husband, children, relatives and friends to make it through the day. “My whole life changed that instant. I said, ‘What am I going to do? Who do I need to call? I have got to pray’,” she told Tribune Kaffieanne and Marvin Duncombe’s children, Geneal and Kendyll. Woman. “I was afraid. I was dis- a routine checkup. Right who stood along with me. couraged and felt worried. away she recommended a Shona Knowles, Pastors There were so many emo- mammogram and an ul- Ericka and Mario Moxey of tions going on and I was trasound. When she called Bahamas Harvest Church. so afraid. ‘I am not going and wanted to see me right My doctors in Tampa, Dr to make it’, was just one of away, I knew something Dandamudi at the Florida the thoughts that was on my was wrong. She was gentle Cancer Specialist, Dr Effie in her approach and offered Politis and RN Lorie Sanmind.” But through all her wor- any assistance. She faxed tiago from Florida Hospital ries, the determination all my records to Tampa North Pinellas,” she said. Mrs Duncombe said havto fight the disease shone and the journey began. The ing the support she did becancer was initially detectthrough. “You can’t imagine the ed through a routine mam- came even more significant when she underwent her fight that went on in my mogram,” she said. Mrs Duncombe has a his- treatment process. The promind and the battle for peace. The diagnosis of tory of cancer in her family. cess began with undergoing breast cancer will affect our She lost her father, Hilbert a double mastectomy and whole family. My husband Ferguson, to prostate can- a reconstruction surgery Marvin and my children cer in August 2012, and her thereafter at Tampa GenKendyll and Geneal were mother, Pearline Ferguson, eral Hospital. “The process after the a part of our decision-mak- to breast cancer in Decemsurgery was very difficult. ber 2014. ing process and we devised “I watched both my par- My husband brought me a plan together as a family. We went into fighting mode. ents suffer. It was really back home to Nassau where We started our own war hard to see them go through the doctors told me to take that. It was just sad,” she some time to heal. At about room,” she said. four weeks after the surgery After being diagnosed said. we travelled back to Tampa What helped her be brave with stage 2 breast cancer, Mrs Duncombe made con- enough to face fighting the to have the surgery to put tact with Tampa General disease was knowing she the port in and to have the had a very strong support first round of chemotheraHospital. py. “There, I spoke to the system behind her. “We travelled to Tampa “I had and still have a doctors who advised me to every 21 days for six months. very strong support syssend all of the findings to them. We spoke to my pri- tem. In the person of my My last chemotherapy was mary care physician here in husband, Minister Marvin September 22, 2015. The Nassau, Dr Pamela Carroll Duncombe, and my chil- care and the treatment I refrom Health Care Centre dren, my sisters Florence, ceived in Tampa was excelFor Women. Dr Carroll Tasha Kim and Kelly, and lent. I had no worries about was very caring and she my one brother, Phillip, also my medications and docalso stood by side. She dis- give support. I also have tors. The nurses were procovered the lump during some very close friends fessional and very caring. I
Kaffieanne DuncombE says determination to fight the disease shone through. received a shot of Neulasta after every chemo session. This shot was essential and decreased the chances of getting an infection by 99 per cent. I am still being watched closely by the doctors in Tampa by sending blood work up every three months and having a physical check up every six months. My next visit is December 4, 2016, “ she told
“You can’t imagine the fight that went on in my mind and the battle for peace. The diagnosis of breast cancer will affect our whole family. My husband Marvin and my children Kendyll and Geneal were a part of our decision-making process and we devised a plan together as a family. We went into fighting mode. We started our own war room.” Tribune Health. Cancer classes Mrs Duncombe received at the Cancer Specialist in Florida also helped to prepare her for chemotherapy. “They told us how to prepare our foods, what to
use to clean your tongue to avoid sores. Generally, how to take care of ourselves while on treatment. One thing that stood out to me is the fact that they told us to take charge of our sickness. They reminded me that we are in control of our mind, bodies and soul,” she said. “Well, to take charge of my sickness I made the decision to cut and shave my hair before it fell off. Watching it all fall of would have been too painful for me. My family and I came together while we were in Tampa and played music, laughed and cried. It was a moment I will never forget. The diagnosis of cancer is not a death sentence; people can survive. Early detection saves lives. At the Cancer Specialist there were programmes in place to encourage the patients to remain strong in the journey to become healthy. They also had a programme where you can choose wigs and use makeup just to cheer us up on the days we got low.” Despite the preparatory classes, the journey was still not without its challenges. As the treatment she received was very strong, Mrs Duncombe said she often felt weak and tired. “I was unable to go out. Most of my time was spent resting and trying to regain my strength. I got tired quickly. It made sense to stay home and rest. But after a while you get to
learn your body and each treatment got better. I experienced really bad bone pain. It was too difficult to explain; the pain was really bad. When I got the bone pain the doctor told me to take Claritin and Tylenol for the pain. That helped tremendously. My feet were swollen as well. Resting my body was the best thing I could do going through that chemotherapy,” she said. Mrs Duncombe said she wants women and men to know that they should not underestimate the power of early detection as it saved her life. She wants to encourage others to get routines check-ups even if they have no history of cancer in their family. “God in his infinite mercies has extended tremendous grace to me and my family. He is indeed a wonderful counsellor, mighty, everlasting father and the prince of peace. He promised never to leave me and He has kept his word. The scripture verse that kept me throughout this ordeal was from Isaiah 43:2: ‘When you go through the waters, I will be with you. When you go through the floods, it will not overflow you. And when you go through the fire, you shall not be burned, neither shall the flames kindle upon thee.’ God has been faithful. He is indeed a healer. He is my glory and the lifter of my head. The joy of the Lord is my strength,” she said.
Why tomatoes lose flavour in fridge: their genes chill out
A variety of miniature tomatoes and other summer garden vegetables. (AP Photo/J. Scott Applewhite)
NEW YORK (AP) — Why can tomatoes lose flavour in the fridge? A new study says it’s because some of their genes are chilling out. And that discovery might help scientists solve the problem. Cooling tomatoes can stop them from making substances that contribute to their taste. Researchers say that robs the fruit of flavour, whether it happens in a home refrigerator or in cold storage before the produce reaches the grocery shelf. The study into genetic mechanisms for the taste loss was released Monday by the Proceedings of the National Academy of Sciences. The researchers are already thinking about breeding tomatoes that resist that problem.
PAGE 8, Tuesday, October 18, 2016
Strengthening your core By RAY FERGUSON WHENEVER someone in the gym says they have a strong core, many people believes this signifies they are sporting chiselled sixpack abs. But your core is more than just your abdominal muscles; it is the powerhouse of your body. The core is incorporated in almost every facet of movement throughout the human body. Your core is a complex series of muscles that includes everything besides your arms and legs. So that means not just your anterior abdominal muscles but also the posterior muscles of your lower back and glutes. Everyday activities from bending to put on your shoes and picking up a package off the floor, to turning to look behind you, sitting in a chair, or simply standing still are just a few of the many ordinary actions that rely on your core, and that you might not notice until they become difficult or painful. Or maybe they already have? So the difference between a fragile and painriddled body versus a robust and pain-free body can come down to whether or not your core muscles are weak or strong. Here are some tell-tale signs to let
THE TRIBUNE
2
1
RAY FERGUSON, a certified personal trainer at Club One Fitness. you know if your core muscles are up to par, and if not a suggestion on how to correct them: Poor posture is often an indication of a weak core. The muscles of the core, which include your abdomen and lower back, help to stabilise your pelvis and spine, keeping your upper back and shoulders in a neutral position. If these muscles lack strength, especially when it comes to your erector spinae – a group of muscles that straighten and rotate the back – you are more apt to slouch. Lower back pain is another good indicator of weakness in your core
ARE YOU READY FOR FLU SEASON? HELP PROTECT YOU AND YOUR LOVED ONES BY GETTING VACCINATED (BPT) - Fever, chills, fatigue, body aches, sore throat and headache - these are just a few of the common symptoms of seasonal influenza, also known as the flu. While you may think you can weather the storm, the flu can be a major health concern for you and your family, especially for children and the elderly. The flu is a highly contagious infectious disease caused by influenza viruses that attack the nose, throat and lungs. Unlike many other viral respiratory infections, such as the common cold, flu symptoms vary from mild respiratory illness to severe complications, hospitalisation and in some cases death. To reduce illness and potential death resulting from the flu, the US Centres for Disease Control and Prevention (CDC) encourages annual vaccination for everyone aged six months and older. “Despite strong recommendations for everyone in the US six months of age and older to be vaccinated against the flu every year, fewer than half of eligible people did so in the 2014-2015 season. This includes children, the group with the highest incidence during community outbreaks,” said Kim Tran, MS, PharmD, pharmacist, PillPack, Inc. “Even healthy people are at risk – they should be vaccinated to help protect themselves and to prevent transmission to others.” Due to the variety of factors that can determine a person’s suitability for a vaccine, including age, health and allergies, different flu vaccines are approved for use in different populations of people. In particular, quadrivalent vaccines, which help protect against four strains of the flu, approved for both children and adults aim to broaden flu coverage. The traditional seasonal influenza vaccine is a trivalent formula consisting of two strains of influenza A viruses and a single strain of influenza B virus. Although there are two very different lineages of B viruses that both circulate during most seasons, experts are limited to choosing only one of the B virus strains for inclusion in the trivalent vaccine. The use of a quadrivalent influenza vaccine may now provide protection against both B lineages, which may provide broader protection against circulating flu viruses. In addition, studies have shown that seasonal flu vaccines made to protect against four flu viruses have a safety profile similar to vaccines made to protect against three viruses. Most healthy adults may be able to infect other people with the flu beginning one day before symptoms develop and up to seven days after becoming sick. Some people can even be infected with the flu and spread the virus to others without having any symptoms. While the best way to help prevent the flu is to get a flu shot every year, you should also take everyday precautions against the spread of germs. Wash your hands often with soap and water, cover your nose and mouth with a tissue when you cough or sneeze and try to avoid close contact with sick people. You could protect yourself and your family against the inconvenient and potentially life-threatening complications of the flu by simply getting vaccinated. For additional resources regarding what is best suited for you, please visit www. whatsyourfluplan.com.
GLUTE bridges (1, 2) and plank exercises (3) can be done in any setting and are highly effective in strengthening the core. muscles. When your core is not as strong or as balanced as it should be, the curvature of your lower spine can change. And it is this change that can place undue pressure on the vertebrae and discs that make up your spine, as well as the muscles, tendons and ligaments that surround it, increasing the likelihood of injury. However, through corestrengthening exercises we can reduce the occurrence of such injuries Core exercises improve your balance and stability, they train the muscles of your pelvis, lower back,
hips and abdomen to work in harmony. This leads to better balance and stability, whether on the playing field or in life’s daily activities. In fact, most sports and other daily physical activities depend on stable core muscles. Any exercise that involves using your abdominal and back muscles in coordination qualifies as a core exercise. And many such movements do not require you to acquire or maintain a gym membership. Classic core exercises include planks and glute bridges, both of which can be performed in the com-
3
fort and privacy of your home. • Ray Ferguson is a certified personal trainer at Club One Fitness. His motto is: “If it does
not challenge the body, it does not change the body.” He is also certified as a strength and conditioning specialist, in Tabata training, Ashtanga Vinyasa Yoga and in TRX training.
A ‘CHAMPAGNE TOAST TO THE TA-TAS’ WHEN women come together to share a life-saving experience while celebrating each other, it makes for a bubbly exchange of laughter, stories and memorable moments. Last Friday afternoon was a day for more than 20 women to hang out with each other as they all underwent mammograms during a special ‘Champagne Toast to the Ta-Tas’ event. Since October is Breast Cancer Awareness Month, Dr Tracy Roberts-Halkitis, a medical oncologist, decided to host a “Champagne Mammoparty” with friends and colleagues at Dr Elizabeth Darville’s Fourth Terrace Diagnostic Centre. Dr Roberts-Halkitis said she initiated the idea because she wanted to “dispel myths, fears and misconceptions about mammograms and continue to save lives.” As a huge advocate of being proactive about breast cancer and women’s health in general, Dr Roberts-Halkitis said she feels that “many of us wait before taking the precautions of checking our breasts by having a mammogram.” She wants to ensure women take action sooner rather than later as breast cancer is so prevalent in the Bahamas.
MORE than 20 women took part in the recent “Champagne Mammoparty” at the Fourth Terrace Diagnostic Centre. For some of the women who at- knew someone – either a fam- ance answered: “It’s because we tended it was the first time under- ily member, friend or colleague all have something we can share going a mammogram. – who had been diagnosed with and something we can learn from The fear and discomfort re- breast cancer. every experience.” garding the procedure makes Dr Darville and her staff said The staff witnessed the camaramany women delay having it done. they were thrilled with the event’s derie between the women as they Having a group of positive, turnout. shared life experiences and exlike-minded women do it together A staff member asked: “Wow, changed ideas with one another. was an encouraging experience, how do you all know each other The champagne flowed all afsaid Dr Roberts-Halkitis. and how can you be so relaxed ternoon and the guests nibbled It also made them realise that and open about so many things?” on a variety of finger foods sponmany of the women, if not all, One of the women in attend- sored by Roche Pharmaceuticals.
LOCAL NURSES START SPECIALISED PAEDIATRIC TRAINING
THE 2016 UWI paediatric haematology oncology nursing cohort.
FEATURED speakers with the 2016 nursing cohort.
NURSES from the Bahamas are part of a corps from the Caribbean who will soon be more skilled at providing care for children afflicted with blood disorders and cancers. Drawn from Barbados, the Bahamas, Jamaica, St Lucia and St Vincent and the Grenadines, the nurses recently enrolled in a specialised one-year Nursing Training Programme at the University of the West Indies (UWI) School of Nursing in El Dorado, Trinidad and Tobago. The training is part of a partnership with SickKids Caribbean and is being funded by the FirstCaribbean International Comtrust Foundation, the charitable arm of regional bank, CIBC FirstCaribbean. The nurses, many of whom specialise in caring for children suffering with various forms of paediatric cancer and blood disorders, will form the first cohort in this segment of the training. CIBC FirstCaribbean’s partnership with SickKids Foundation began with the signing of a Memorandum of Understanding in Barbados in 2013, when the bank pledged to provide $1 million over a seven-year period to train medical professionals specialising in the care of paediatric patients affected by cancer or blood disorders such as sickle cell disease. The partnership is being undertaken in collaboration with the UWI. SickKids Foundation is a charity registered in the Caribbean, to, among other things, fund training for Caribbean medical professionals as part of the SickKids-Caribbean Initiative (SCI) through the Centre for Global Child Health at the Hospital for Sick Children (SickKids) in Toronto, Canada. “Childhood cancer, affecting our most vulnerable citizens, is particularly heart-breaking,” said Trevor Torzsas, the bank’s Managing Director, Customer Relationship Management and Strategy and a Trustee of the FirstCaribbean International Comtrust Foundation. “Unfortunately, some of the children of our employees have been touched by diseases like cancer and sickle cell anaemia. For us, therefore, this programme to provide improved care for our region’s children is personal,” he added. In addition to enhancing knowledge and skills in safely caring for patients with cancer and blood disorders, the training also focuses on caring for the whole family, by recognising that family is the constant in every child’s life. In addition, the moral distress nurses experience in caring for these patients will be addressed by teaching them coping strategies. The overall objective of the initiative is to enhance the care for children in the region who are affected by cancer and blood disorders, and ultimately increase the survival rates. The five-year plan that was developed by SickKids in association with their Caribbean partners, addresses the region’s gaps in capacity to advance diagnosis and the treatment of paediatric cancer and blood disorders.
THE TRIBUNE
Tuesday, October 18, 2016, PAGE 9
Bun In The Oven
Bianca Carter • Bianca Carter is a certified lactation counsellor (CLC) and founder of Bun in the Oven. For more information, e-mail her at info@babybunintheoven.com. Follow BITO on Facebook at babybunintheoven, and check out the BITO Blog every Monday and Thursday at http:// babybunintheoven.com.
Are you OK? FOR a couple weeks now I have used and heard these three words over and over, “Are you OK?” I started many conversations with these words. It’s true that when times of trouble and turmoil come, most humans feel the yearning to help and console each other. Doesn’t it sometimes feel that we are our highest and best selves when all we have to rely on is each other? In the aftermath of Hurricane Matthew and the destruction it left behind, so many families are trying to put the pieces back together. It’s been almost two weeks and many families in New Providence are desperately waiting for their power to be restored. There’s been crippling devastation not only in Nassau, but in our Family Islands, in Haiti, Cuba and the United States. It’s heartbreaking to watch such tragedy, and yet in our country, despite the horrific damage, we thankfully lost no lives. Although “things aren’t things”, as Bahamian’s would say, we must remember how resilient we are and how blessed we are despite our surroundings. Things take time, and sometimes things don’t
go as planned. Occasionally things take longer than expected to sort through, but in the end humans can overcome. No one really knows why these things happen. There really doesn’t seem to be an appropriate or acceptable reason for these occurrences, and not in a meteorological sense, but rather in the more spiritual sense. But what I can say is that witnessing acts of kindness, love and support when these things happen show me that when human beings are stripped down to their core, to the roots and bareness of their inner selves, there is no place for selfishness and ego, the only things that usually come through are love and humility. It’s a shame that we all have to go through trials and tribulations in our lives to understand what life is meant to be like. What’s important and what matters most in life has nothing to do with selfishness, material things and accolades, but rather it’s about love and helping others. It’s in our nature to help each other. Could it be that somewhere along the way we’ve distracted ourselves from our natural truth? Love and hugs!
A STOP sign lays in a flooded street after the passing of Hurricane Matthew in the Pinewood Gardens subdivision. (AP Photo/Tim Aylen)
Live an ordered life As a life coach and therapist I find that the greatest struggle many clients bring to a session is not having an answer to the question of what they really want. In many instances they find themselves either looking backwards or living with agreements that they are no longer in agreement with. Whether those agreements are about romantic relationships, work/career choices, roles in business or church, it doesn’t matter. Life is about order. When we live our personal lives in disorder, disorder flourishes. The choice to live an orderly life is yours for the taking. Living orderly is not only about following law and order but more about your personal sense of order in the way you live. This means really living the life you want now. Consider the many agreements that you’ve signed with others. What do you do when you have outgrown or have changed your mind about one such agreement; what if it is no longer what you
want now? Here is where many succumb to the paralysis of analysis. They are numb as to what to do, and as such most do nothing. Powerless to renegotiate, they learn to grin and bear it; living with agreements that they are no longer emotionally, mentally or even physically agree with. This is what I call living incongruent with your truth, which amounts to living a lie. What you really want is a life that belongs to you; not those around you. To live for others is akin to gaining the whole world and losing your soul. When you live a lie you’re not really living; you’re just existing. You go through the motions but are not really engaged. This just existing lifestyle is the essence of the status quo. Yet deep inside there is a call, a yearning for something more meaningful. This call is often drowned out because of fear. Have you ever asked yourself why so many keep this lie going? Why
do they keep on marching on to music that is not their own? The reason again lies in fear. Fear of breaking those agreements in and of itself amounts to failure. This, for many is just too much to bear. Rather than choose the truth, they opt to upkeep the lie and live life as a masquerade. Even so, there is a price to pay for living outside of your truth. The price comes in the form of a storm; it brews from within. It is called the storm of self-conflict. This conflicted self is in an internal battle of emotional pain that erupts from living against oneself. The more you practice self-neglect, self-denial, the more intense the storm. Unable to ride out this storm alone, they turn to something to numb the pain. Some become busy bees, involving themselves in everything to avoid facing the mirror, others reach for some substance – alcohol, sex, drugs etcetera. To avoid pain or pursue pleasure is the default human emo-
tions. There is no greater pain than to live a life that is not your own. You suffer in silence. No doubt, the words here are not easy for many to accept or even come to terms with. The good thing though is you can change your life anytime. It is entirely up to you to choose what you want now. The mask you chose to hide behind doesn’t matter. Regardless of where you choose to run or for how long, you will never outrun yourself. Wherever you go there you are, and you deserve to live your truth. This is your life, only you can live it truthfully. You can continue masking or you can make some real changes now. Don’t continue to live today according to yesterday. Today is a new day, a new opportunity to make new agreements, congruent with your truth. Leader to leader, reassess what you really want now. Commit to making new agreements and find the audacity to live a life that reflects your truth. Living in order to your truth and your own sense of
Michelle Miller Motivationals
Michelle M Miller purpose is living a life that is truly yours. This becomes the solid foundation to live an empowered life. Yes, you can do it! What do you think? Please send your comments to coaching242@yahoo.comor call 429-6770. • Michelle M Miller is a certified life coach, communication and leadership expert. Visit www. michellemmiller.com; mail can be sent to PO Box CB-13060.
SECTION B
TUESDAY, OCTOBER 18, 2016
Stylist seeks to create The
‘Modern Woman’ with new lookbook By ALESHA CADET Tribune Features Reporter acadet@tribunemedia.net ALINE CHARLES is more than just a hairstylist, she is a transformer of women. Sometimes, she said, all it takes are three sessions to see one of her clients emerge as a completely new woman from her stylist’s chair. She recalled the words of praise from her employer at Waves Hair Studio: “I love the way you transform these women. Do you understand what you’re doing to them? They don’t even walk out the same way they walk in. They walk out in confidence.” Coming to the realisation that she was indeed giving her clients a whole new image, Aline took it one step further and founded an initiative called “The Modern Woman”. This project includes a lookbook and guide with different styles for the everyday woman to transform herself into whomever she wants to be. “ ‘The Modern Woman’ is not just a project. I would like to think of it as a movement, only because we are forever changing and growing, but because I want to leave room for endless possibilities. With the help of an amazing team – a model, makeup artist, photographer and videographer – I was able to bring to life an image of who I encounter everyday in my chair,” said Aline. As a licenced cosmetologist for the past 10 years, she said she has subconsciously been thinking to herself, “I am styling the average woman as the CEO of a multi-million dollar firm.” As for ‘The Modern Woman’ lookbook, Aline said it offers five distinct styles to choose from. “We are now in fall, soon it’ll be winter, and with the holidays fast approaching it can feel like a lot to deal with our hair. The majority of women in the Bahamas tend to wear extensions be-
cause of how hectic that time of the year can be, so here’s a guide that can help you keep up with the day-to-day tasks during the holidays and still keep you looking fabulous. I wanted this one to be as simple as possible,” she said. She said the styles from the lookbook can be done at home and in between salon visits. Aline describes the looks as a bit messy but chic at the same time. “In the Bahamas we don’t have typical cool, chilly weather every day during the winter, so it is almost impossible to live a frizz-free day. And if the hair is frizzed, so what? You can still be fabulous. The outfits worn by our model were fitting for our Bahamian winter weather and we also used designs by one of my favourite Bahamian jewellery designers and Bahama Hand Prints designed garments...just some of the things I like in fashion basically. Simple, elegant and comfortable. You can be the multi-million dollar woman that I haven’t styled yet, so here’s a guide to you and I hope you like it,” said Aline. The Nassau native said the field of styling is immense and a person can never get bored working in it, as it allows you to use your creativity and demonstrate who you really are. She looks at a person’s hair as an expression of beauty, “a crown you never take off”. “I think all women can agree that we love hair. Whether it’s pixie short, long, chemically processed or natural. But unfortunately, not all of us take care of our hair the way we should, which often results in premature hair loss or the hair being severely damaged. Now, when such a person comes to me or any professional stylist it is not a casual meet and greet. It’s more like, ‘Can you give me
back my confidence? I need my identity back.’ And with the client’s dedication and the stylist’s passion, it is often achieved. Some women can now walk in confidence, feeling worthy and fearless. This is what this profession is all about,” said Aline. Her overall goal for ‘The Modern Woman’ movement is to help put women more at ease when it comes to styling their own hair and encourage them to not automatically reach for the extensions. “Bear in mind, it is absolutely OK to wear extensions. It is OK to explore and have fun expressing yourself. Just don’t let it define who you are,” she said. Aline said she can definitely see this project going places. “I’ve always enjoyed
writing, even at a younger age, and I can definitely see myself writing the untold stories about ‘The Modern Woman’,” she said. ‘The Modern Woman’ style guide will be available online at no cost. For updates follow @alinecassandra on Instagram, or Hair & Now Bahamas and WavesHairStudio on Facebook.
STYLES from the ‘The Modern Woman’ lookbook by Aline Charles (Photos/ Shawn Hanna)
INTERNATIONAL WOMEN’S EMPOWERMENT SUMMIT POSTPONED
DUE to the impact of Hurricane Matthew on some areas of the Bahamas, the highly anticipated International Women’s Empowerment Summit (IWES), initially scheduled for October 21 – 22, has been postponed until the first half of 2017. Director General at the Bahamas Ministry of Tourism Joy Jibrilu noted that the damage caused by the hurricane on the islands of Grand Bahama and Andros, and in some areas of
New Providence, has changed the country’s focus to reconstruction. “The impact of the hurricane on the country, especially our most affected islands, has resulted in catastrophic damage, with severe devastation and losses even among our own staff. “As a result, we are in disaster recovery mode and all efforts are centred on rebuilding. Therefore, the Bahamas Ministry of Tourism has taken the dif-
ficult decision to postpone the event,” said Mrs Jibrilu. Current registrants will be given the option to receive a refund or to have their registration rolled over to the new date, which will be communicated shortly. Guests that were scheduled to attend included Africa’s second richest woman, the daughter of TD Jakes, and some of the Bahamas’ most successful businesswomen.
Mrs Jibrilu said she hopes for understanding as the Bahamas Ministry of Tourism shifts its focus to relief and rebuilding efforts. “We hope that all those persons from around the world who were looking forward to IWES understand the situation that we are facing, and are willing and able to attend in 2017. IWES will return, with many exciting speakers on the line-up,” she said.
The IWES is a forum for women professionals and entrepreneurs from around the world and the Caribbean to meet, inspire and learn from each other. Persons interested in attending the rescheduled IWES can visit www.bahamasiwesummit. com to stay updated. For further information on our disaster relief efforts, or to make a contribution, please visit www.bahamas.com/relief.