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MONDAY, JANUARY 14, 2019
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Junkanoo Beach’s upgrade in ‘millions’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Minnis Cabinet will “certainly” receive a recommendation in the 2019 first quarter on which of three bids is best-suited to take over Junkanoo Beach and invest “millions” in its upgrade. Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that the outsourcing of the West Bay Street location’s management to the private sector was “still very much front and centre” for his ministry as it continued efforts to identify a preferred bidder. Describing the area as “kind of run down and tacky” in comparison to other elements of The Bahamas’ tourism product, Mr D’Aguilar argued that this nation had failed to maximise the potential economic benefits from Junkanoo Beach’s location near the heart of downtown
SEE PAGE 5
Tribune Business Reporter
nmckenzie@tribunemedia.net CUSTOMS’ roll-out of its new electronic platform has exposed several “rogue operators” in the courier sector, its top official saying: “The time has come to separate the sheep from the goats.” Dr Geannine Moss, the Customs comptroller, told Tribune Business that the full roll-out of its electronic single window (ESW) last week had revealed that “a lot of couriers may have been operating under the radar”. She added that they had either failed to renew their licences and/or were using legitimate firms to “front” for them and clear imported goods on their behalf - a practice Customs was determined to eliminate. The situation came to light after courier companies complained that they were caught unawares by the ESW’s full launch. Many were under the impression it was due to go live in March and, as a result, a fourday backlog resulted over the clearance of imported goods. However, justifying Customs’ stance, Dr Moss explained: “All of their [courier companies’] licenses would have expired on December 31. We have an issue where they have not renewed their business licences and they have not renewed their authorised courier licences.
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‘Phenomenal’ 16% air arrivals surge for Q1 Farmer
TENNYSON WELLS
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
B
AHAMIAN entrepreneurs have been urged to seize the moment and “grab a greater piece of the tourism pie” with projected air arrivals up 16 percent for three of 2019’s first four months. Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that advance stopover visitor projections suggested The Bahamas was “maintaining the phenomenal growth rate” enjoyed in 2018 through the upcoming peak winter season. Branding the outlook as “incredible”, Mr D’Aguilar said the forecast indicated that the Ministry of Tourism’s “formula” of focusing marketing efforts on online and social media channels was “bearing fruit”. And he revealed that growth in available airline seats on incoming flights to The
Customs splitting ‘sheep from goats’ in courier industry By NATARIO MCKENZIE
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“We are moving fully now into the electronic single window, which is a higher step in automating the submission of entries. We are now finding that a lot of couriers may have been operating under the radar or were rogue operators. What is required is that they submit all of their relevant documentation to us so that we may register them in the system.” She continued: “We are finding out that a lot of them didn’t have licences, and they would get a legitimate company to bring goods in for them in their name. The time has now come to separate the sheep from the goats. “We have companies who have complied and they are getting their goods. We are still running our regular system concurrent with the introduction of the automated system. We began the roll-out in October with DHL and Fedex, and they are on the system.” Couriers, though, blamed the ESW roll-out for delays in customers receiving their packages. Michael Cooper, a manager at Go Postal, told Tribune Business the launch had been far from smooth. “Customs rolled-out a new system at the airport where basically everything has to run through one window,” he said. “To my knowledge it was supposed to be rolled out in March,
SEE PAGE 7
• Minister: Double digit growth ‘incredible’ • Winter airline seat capacity up 15-20% • Bahamians told: Time to get bigger share
DIONISIO D’AGUILAR Bahamas “slightly exceeds” the rise in passenger numbers, with year-over-year increases of 15-20 percent forecast for each month during the 2019 first quarter. The extra capacity will reduce pressure for airline ticket price increases, Mr D’Aguilar said, alleviating a long-standing hotel industry concern about the costs their guests pay to
access this destination. He moved quickly, though, to argue that the $4.2bn Baha Mar project’s completion and opening was not the sole factor driving the increase in higher-spending stopover visitors. Pointing out that several Family Islands were also enjoying “double digit” growth, Mr D’Aguilar asserted that The Bahamas
“is a hot destination”. As a result, he argued that there was no better time for Bahamian entrepreneurs to invest in launching “new and creative” products targeted at visiting tourists and capitalise on this expansion, as he warned that it would be impossible to maintain such growth indefinitely. “We’re still experiencing this incredible growth,” Mr D’Aguilar told Tribune Business, referring to the advance booking data captured by ForwardKeys, the travel trends intelligence provider. “Initial indications are that air arrivals for the month of January, air arrivals are projected up by 15.6 percent. February will be up 16.3 percent, and March down by 2.8 percent. April is forecast to be up by 16.8
crisis over BAMSI retail exit
By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net BAMSI’s chairman has recommended that it should exit the retail business - despite one Bahamian farmer warning he will have to axe staff if this decision is executed now. Lance Pinder, operations manager at Abaco Big Bird, told Tribune Business his company had been placed in “a serious financial situation” after the Bahamas Agricultural and Marine Science (BAMSI) store on Bay Street suddenly stopped purchasing
SEE PAGE 6
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PAGE 2, Monday, January 14, 2019
THE TRIBUNE
GOVT: WE’LL STILL COLLECT EVERY WEB SHOP PENNY By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net THE Government still believes it will collect “every penny” in taxes owed by the web shops despite the two sides’ legal impasse depriving it of between $24-$30m to-date.
K Peter Turnquest, the deputy prime minister, conceded that the failure to collect the 2018-2019 budget’s “sliding scale” operator levy and five percent stamp tax on patron deposits was having “some effect” on government revenue. Speaking at a recent leadership symposium hosted
by the Public Treasury, Mr Turnquest said: “I expect to collect the Government’s revenue. I am disappointed that the industry has taken the stance it has. “Nonetheless we remain consistent in our resolve to try and have a constructive dialogue with industry and come to an understanding
as to why the Government has taken the position that it has. “At the end of the day we expect that the Government’s revenue will be collected. There is no way you can have a hold of $24$30m and that not affect something. It is having some effect. We will work our
way through it but we do anticipate collecting every penny of the Government’s revenue.” Mr Turnquest added of the impact: “I don’t think there has been any degradation in the services that government provides. Government continues to operate. I don’t think this is
K PETER TURNQUEST having any material effect on that, but it is affecting our ability to be as progressive and efficient as we would like in terms of liquidating some of these past arrears in particular.” The Government and web shop industry have been in negotiations, led by the attorney general, to see if they can resolve the differences that led the industry to launch a Supreme Court challenge to the new tax structure. While they have made some progress in narrowing the areas likely subject to litigation, there has been no major breakthrough yet. Mr Turnquest, meanwhile, said the Minnis administration continues to tackle arrears - spending commitments for which no funding has been allocated - which he said continues to “throw us off balance”. “Our revenues are trending a little bit below where we anticipated them to be at this point, but we do see convergence towards our projections with the issue of VAT implementation starting to settle. We’re very positive about the rest of the year and still anticipate coming in on our projections this year and for the three-year plan,” said Mr Turnquest. “We inherited quite a backlog of outstanding payments, and some of them go back years, which is an incredible situation to find yourself in. We have to continue to handle those arrears while remaining current with our current bills. Every now and then something pops up, but we try to deal with those expeditiously with the resources that we have.” Mr Turnquest further stressed: “We have put in place a deliberate strategy to try and get our fiscal house in order. If we do not have our fiscal house in order it is very difficult to negotiate from positions of strength with respect to the international agreements we need. Our objective is to put this nation on a strong fiscal path, and put us in a situation where we can fully drive the bus.”
TAXI DRIVERS START INDUSTRIAL ACTION
By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net TAXI drivers launched their long-threatened industrial action on Friday with a series of “sit-outs” at taxi stands in New Providence, telling Tribune Business: “It’s time for action.” Wesley Ferguson, president of the Bahamas Taxicab Union (BTU), said that despite efforts by John Pinder, the labour director, to mediate over their ongoing concerns, drivers began withdrawing their services on Friday. “I’ve been in a series of meetings so far, but the whole point is they’re just talking. It seems to be that they feel that if they just talk we’ll go away. We want action. We’re tired of the talk. We’re going to be initiating a series of withdrawals at different taxi stands at different times,” said Mr Ferguson. He told Tribune Business that some 200 taxi drivers operate at Lynden Pindling International Airport (LPIA). He said the BTU will initiate a series of actions until they ultimately have a total withdrawal of service. Speaking to the issues at LPIA, Mr Ferguson said: “There are SUVs and town cars taking taxi fares. That is in direct contravention of the law. Persons without a taxi plate cannot have a call-up system. The Government claims they are trying to provide a professional and unique service at the airport and all ports. They know that this is a volatile situation. This type of thing has been going on for 20 years now.”
THE TRIBUNE
Monday, January 14, 2019, PAGE 3
NO ‘IMMINENT’ PRE-CLEARANCE DANGER FROM US SHUTDOWN By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A CABINET minister last night expressed relief that there was no likelihood of “any imminent degradation” to The Bahamas’ pre-clearance facilities despite the US government shutdown. Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business he had been reassured by the US’ top Nassaubased diplomat that “a great feature” of The Bahamas’ tourism product was unlikely to be impacted in the near-term. However, he conceded that the longer the so-called US government shutdown
DONALD TRUMP went on, the more uncertain the effects on the Nassau and Freeport pre-clearance facilities became. Speaking after he met with the US charge d’affaires at the Nassau embassy, Stephanie Bowers, Mr D’Aguilar said: “In conversation with the charge d’affaires, I asked her point blank whether we could
expect some degradation in the level of service provided by US Customs and Border Protection (CBP) at Lynden Pindling International Airport (LPIA) as a result of the government shutdown “She informed me that service was continuing, and that she certainly didn’t expect there to be any immediate degradation in the level of service. Everyone continues to perform their functions.” The Bahamas is one of only six countries, the others being Ireland, Aruba, Bermuda, Canada and the United Arab Emirates (UAE), that possess preclearance facilities allowing US-bound passengers to pass through immigration and customs procedures
in those states rather than state-side. This feature is widely viewed as enhancing the visitor experience by allowing The Bahamas’ stopover visitors to complete these formalities before they board their flights rather than undergo the hassle of doing so when they get back to the US. It thus provides The Bahamas with a potential competitive advantage on the visitor departure experience. However, Mr D’Aguilar said the US charge d’affaires gave no indication of how the US shutdown may impact The Bahamas’ pre-clearance facilities if the shutdown continued into the medium and long-term. “No one can project how
long this shutdown is going to continue and, as a result, no one can project whether the level of normal service will continue indefinitely if persons are not getting paid,” the minister said. “Right now, the normal level of service continues. “The pre-clearance feature of our tourism product is an extremely important one, and greatly facilitates the return of US visitors to their home country seamlessly. We certainly wouldn’t want there to be any interruption in that service. “The fact a lot of persons come to The Bahamas and make their connection without the hassle of clearing US customs and immigration at home is a great feature of the tourism product and
we’d like to continue that.” The partial US government shutdown, which has now lasted for 23 days, shows no sign of ending with both president Donald Trump and his Democratic opponents digging themselves into increasingly uncompromising, hardline positions over the former’s demand that Congress approve $5.7bn in funding for a wall on the US-Mexico border. Mr Trump is refusing to sign-off on any legislation to fund the US government without this funding, and the Democrats are refusing to provide any monies. Some 800,000 US federal employees remain at home without pay and no sign of any end to the impasse.
Union seeks urgent meeting PM TO MEET EU OVER ANTI-TAX EVASION DRIVE over Club Land’Or job fears By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE hotel union yesterday said it was seeking to meet with Club Land’Or “as quickly as possible” amid fears of further job losses at the troubled Paradise Island resort. Darrin Woods, the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU) president, told Tribune Business that it was moving urgently after receiving a letter from hotel executives on Friday over the closure of the property’s restaurant. “We got a letter the day after the holiday,” Mr Woods confirmed. “We’re supposed to go in and have a meeting to find out exactly what’s going on. The second vice-president will be dealing with that. “It sounds as if the restaurant is closing, based on what they kind of referenced. They’re trying to find a buyer for the hotel; it’s been on the market for some time. Once we get together with them we’ll find out how many people will be affected. We don’t know exactly how many at the moment.” Mr Woods said Club Land’Or’s letter was specific to the restaurant, adding that around 30 union members were employed at
the the resort which borders the Atlantis marina and is immediately opposite the Paradise Island ‘on’ bridge. There have been suggestions that as many as 12 persons could lose their jobs. “There is some concern as it relates to that property,” he added. “It’s a small property, and has been challenged for quite some time. We’re trying to meet with them as early as this week. We just got the letter, so we’re trying to arrange that as quickly as possible. “There’s never a good time for lay-offs, but particularly coming off the Christmas holiday and starting the New Year... At the end of the day we’re trying to resolve all the issues relating to that property once and for all. We’ll find out whether they’ve found a buyer and if this is just the first phase of a transition to that. “We’ll watch it carefully and make sure, whatever happens, whoever is affected is dealt with fairly and gets what they are entitled to.” Mr Woods said Club Land’Or’s size meant that any employees affected by the restaurant closure could not be redeployed elsewhere in the operation. The Paradise Island resort has been a troubled property for many years, with its difficulties making headlines several times. In 2012,
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it managed to head-off a Supreme Court application by creditors to place it into receivership. Club Land’Or has also been actively marketed for sale, its price dropping from $43m to $38m during the two years it was formally “on the market”. Atlantis was said to be among previously interested purchasers but no deal has ever materialised to-date. Dion Foulkes, minister of labour, last year confirmed he had launched a probe into claims by Club Land’Or staff that they were not being paid. Some claimed to be owed 49 weeks’ pay, with similar allegations having been made the year before.
THE prime minister will this morning head to Brussels for meetings with top European Union (EU) officials in a bid to convince them The Bahamas has met its anti-tax evasion demands. A government statement issues last night said Dr Hubert Minnis’ talks with European Commission officials will focus on The Bahamas meeting its commitments to the EU, and how these will be implemented by this nation’s financial services industry. The prime minister’s visit comes with the EU expected this month to unveil its “blacklist” of nations it deems uncooperative in the fight against global tax evasion. It is unclear if this visit is a last-ditch bid to keep The Bahamas off that list,
and why Dr Minnis is going instead of KP Turnquest, deputy prime minister and minister of finance, who has led The Bahamas’ response. “The prime minister will outline recently-passed legislation and a new framework aimed at strengthening industry regulations and protecting the financial services’ competitive edge as a leading international
financial centre (IFC),” the Government statement said. It quoted Dr Minnis thus: “The Government is working diligently and in cooperation with industry stakeholders to do everything possible, in keeping with our national interests, to protect the financial services sector, while adhering to global standards.”
PAGE 4, Monday, January 14, 2019
THE TRIBUNE
REALTOR EXPANDS INTO PROPERTY MANAGEMENT A BAHAMIAN real estate firm has expanded into luxury property management to meet the demand from wealthy second homeowners for oversight of property upgrades. “Whether its remodelling, maintenance or hurricane preparedness, luxury home buyers want customised, worry-free, time-saving solutions,” said Lamond Davis, president of Sterling Bahamas Realty.
His business model grew from high-end sales and rentals to include property management after closing multi-million dollar sales in Ocean Club Estates on Paradise Island. “Luxury property management is a new market for the firm. It came on to my radar after a few homeowners approached me to manage the remodelling of real estate purchases my company facilitated,” said Mr Davis, who launched his
firm four years ago with his wife, Robyn. “To remodel a high-end home can be a very involved process,” he added. “Once you’ve established trust with home buyers in finding them the home of their dreams, they have confidence in your ability to transform that home to suit their unique tastes.” Mrs Davis, Sterling Bahamas Realty’s vice-president, said high-end real estate buyers look to purchase, renovate and/or customise a
STERLING Bahamas Realty’s owners, Robyn and Lamond Davis, say more second homeowners are turning to their realtors for guidance when it comes to supervising remodelling projects associated with new home purchases. second home in an efficient and cost-effective manner. “Second homeowners want an experiential return on their investment. They want a convenient retreat which brings peace of mind and pleasure, not an onerous obligation,” she said.
“Through our luxury project management service, we lighten the load associated with ownership.” Mr Davis said Sterling Bahamas Realty’s property management side has provided work for dozens of Bahamian vendors
employing nearly 100 persons over the last two years. Sterling has overseen and coordinated truckers, carpenters, electricians, plumbers, tilers, window experts, landscape artists, pool companies, cleaners and others – all in a bid to provide a service tailored to meet the needs of the individual property and its owners. “We know the economy is still sluggish, so it’s important for us to spread the work around to as many vendors as possible,” said Mr Davis. “From the highly-skilled, home-based, sole proprietor to mid-size brick and mortar companies with dozens of workers, we believe in giving everyone a chance once their work is first-rate. On our high-end remodelling projects, we draw exclusively on local talent. It brings such a satisfying feeling knowing we are keeping many young men gainfully employed.”
Farmer crisis over BAMSI retail exit FROM PAGE ONE products from himself and other farmers. Describing it as “a major outlet” for Abaco Big Bird’s avocado, lime and chicken products, Mr Pinder said the change in policy could force him to lay-off four to five workers and cancel one new hiring as a result. “The BAMSI store on Bay Street has suddenly been denied approval to buy products from third party farmers,” he revealed to this newspaper. “I understand the building has been condemned for many years now, but it is unclear if the store will open in another location. “Needless to say, over the past year this outlet has become a major outlet for our avocados and chicken in Nassau. This unannounced change in policy and closure of the store has put our farm in a serious financial situation. “We have invested heavily in our lime and avocado orchards based on the sales history of this store. Right now is our peak avocado harvest, and our biggest customer is no longer able to purchase. We are looking
at minimally laying off four to five persons, cancelling a new hire and suffering serious financial harm due to this.” But BAMSI’s president and chairman, Tennyson Wells, told Tribune Business he had recommended to the Government that BAMSI get out of the retail business. He explained: “That is not something that BAMSI should be involved in. That is something that BAIC should handle. They may decide to operate it, but I want BAMSI out of it. “BAMSI shouldn’t be involved in retail like that. BAMSI should be trying to educate people about agriculture, the science of it and that sort of thing, and show that it can be a viable business. I had spoken to the minister about it and told them they should close that down.” Mr Pinder, meanwhile, said Abaco Big Bird would be unlikely to withstand any additional pressure from World Trade Organisation-related tariff cuts, telling this newspaper: “We’re struggling to survive right now.” He added: “A lot of the imported chicken right now
comes from the United States. Do they really need to cut into that million or two million pounds that we produce? We purchase a tremendous amount of supplies from the US already, so what they don’t get on the import side they get from us in terms of supplies. “We never want to hear about any more pressure on the business. We’re struggling to survive right now. It’s a rough time for business. Hopefully in these WTO negotiations the Government doesn’t give away too much leverage.” Mr Pinder’s comments came after it was revealed that Bahamian poultry producers are already facing WTO-related tariff cut pressures. Zhivargo Laing, The Bahamas’ chief negotiator in the bid for full WTO membership, revealed that poultry was one area where foreign countries were interested in seeing tariff reductions beyond what this nation has offered to-date. “Some countries have asked us to lower duties further in areas in which they have an export interest; poultry is one of those areas,” Mr Laing said.
THE TRIBUNE
Monday, January 14, 2019, PAGE 5
Junkanoo Beach’s upgrade in ‘millions’ FROM PAGE ONE Nassau and its cruise port. He said a private sector operator, working with existing vendors and businesses to enhance standards and develop new attractions, would be better-placed than the Ministry of Tourism to extract greater spending by the thousands of cruise passengers and stopover visitors that already visit the area. Praising the “incredible ideas” submitted by the three bidders, who he described as “all-Bahamian” but declined to identify, Mr D’Aguilar pointed to the quality of both Baha Mar and Atlantis’s Marina Village as examples of what the Government has in mind, adding: “Why can’t we do that at Junkanoo Beach?” He promised, though, that any changes would not dislocate or disrupt any existing vendors there, adding that the Government and any preferred bidder would work in partnership with them to upgrade their products and services. Little has been heard about the Junkanoo Beach outsourcing since the Ministry of Tourism advertised in early summer 2018 for Expressions of Interest (EoI) from private sector participants interested in taking over Junkanoo Beach’s management. However, confirming that the Government’s strategy has changed little, Mr D’Aguilar told Tribune Business: “We’ve considered all the proposals, and are still contemplating which one we prefer. We haven’t come to that conclusion yet. “It’s still being deliberated in the Ministry of Tourism. I think it was three proposals we received, and it’s still very much front and centre. We are contemplating which one we are prepared to
forward on to Cabinet for consideration. We’re not there yet, but will be certainly by the first quarter. This is something the Cabinet will debate and come to a decision on.” Tribune Business reported last year that should a management deal be sealed, said the successful bidder will be responsible for billing and collecting rent from beach vendors, plus “enforcing the rules” and maintaining standards in a bid to improve the visitor experience at a destination that draws a significant number of cruise ship passengers and other visitors. With this goal still uppermost in the Government’s mind, Mr D’Aguilar said: “Junkanoo Beach and the Western Esplanade are currently visited by a considerable number of foreign visitors, mostly cruise passengers, and the current offering and current conditions and current infrastructure on that beach need refreshing. “The beach has deteriorated, the toilet block is unsightly and needs relocating, and we need management to improve the quality and direction of the offering to foreign visitors. I don’t think that is really something that should fall under the purview of the Government. “It’s better left for business people and entrepreneurs to create an environment where Bahamians offer services to people who use that beach. It’s kind of run down, kind of tacky, and given that many of our foreign visitors end up on that beach we can offer something better and more spectacular. I just don’t think we’re doing that with the current construct.” Junkanoo Beach’s potential management outsourcing thus falls within the Minnis administration’s twin aims of getting the Government “out of business” and
creating opportunities for small Bahamian businesses and entrepreneurs. It also ties directly to the Government’s efforts to revitalise the Bay Street/ downtown Nassau area, and improve the tourism product offering. Its location, adjacent to the British Colonial Hilton and $200m Pointe development, and a key link between downtown and the Arawak Cay Fish Fry, means any upgrade will link into Nassau cruise port’s potential outsourcing and the harbourfront boardwalk. “This is an attempt to uplift the quality and variety of the offering on that beach,” Mr D’Aguilar said of his ministry’s Junkanoo Beach focus, pledging that existing vendors would not be pushed out regardless of the decision taken. “We’re not trying to take bread out of the mouths of the vendors down there,” he reaffirmed. “We’re trying to improve the overall experience. The current management structure is not ideal to bring about this rebirth and regeneration, and bring about a spectacular offering and really manage the relationship with Bahamian vendors and businesses down there. “It currently comes under the Ministry of Tourism. We’re like park wardens, making sure it’s tidied up and there’s some security, but we’re not down there constantly and creating an environment that brings about a spectacular offering to the many tens of thousands of people that go down there on an annual basis. “It needs some investment down there to improve the product offering, to set standards, to make sure it’s surrounded by businesses that are wellkept, fresh, innovative and make it an area of excellence in what is offered to foreign visitors. We want as many Bahamians as possible to create successful
businesses for themselves and be held to a certain standard.” Mr D’Aguilar said there was currently “no comparison” between Junkanoo Beach’s offering and those at the likes of Atlantis, Baha Mar and the cruise ships - and the management outsourcing was intended to bridge that gap. Asked how much investment would be required from the winning bidder to
bring Junkanoo Beach up to standard, he added that “it’ll be in the millions for sure” - suggesting it was likely to involve a sevenfigure sum. “There’s a lot of room for improvement,” Mr D’Aguilar told Tribune Business. “We have to be constantly thinking about these things. We can’t put people there and forget about it. “When these proposals
came forward, it was incredible the ideas these groups had to improve that beach; a lovely promenade, place for cultural and musical events to occur, an area for beach, retail and entertainment activities.” He added that the beach itself also needed renourishing and replenishing, given that there was little sand left - especially at its western end.
PAGE 6, Monday, January 14, 2019
THE TRIBUNE
‘Phenomenal’ 16% air arrivals surge for Q1 FROM PAGE ONE percent.” Mr D’Aguilar explained that the year-over-year forward bookings comparison for March was down due to the timing of Easter. Whereas that peak travel
period fell at the end of March in 2018, the holiday this year occurs further into April. He added that the ForwardKeys data, while representing “arrivals on the books in The Bahamas”, did not cover the entire market and only
accounted for several key tourist feeder markets for this nation - meaning that stopover arrival numbers could ultimately turn out to be even greater than these forecasts. “The average over the first three months is up 10.1 percent” compared to 2018
figures, Mr D’Aguilar said of air arrival forecasts, “and the average over the first six months we’re projecting up 10.8 percent.” He added that the Forward Keys’ data was less certain the further out in time it went, with the “99 percent” confidence rating ascribed to January’s figures dropping to 63 percent for February and 39 percent for March, respectively. Still, the minister said: “I’m extremely excited that we continued to generate phenomenal growth. I’m incredibly encouraged that we are maintaining these phenomenal growth rates on our air arrivals. “To come off 2018 and get fantastic numbers between 14, 15 and 16 percent; to sustain that, though not quite as much, through the first quarter of next year is incredible. It’s very encouraging for The Bahamas. It means our formula is working - our focus on online marketing, on advertising through Google online and booking engines is bearing fruit. “Couple that with a strong US economy and many of our island are enjoying this double digit growth. It’s impressive to see that continuing, even though we know it’s [current growth levels] not sustainable” over the long-term. Stopover arrivals are the key driver for the Bahamian tourism industry and wider economy because of their much greater spending
in comparison to cruise passengers. They typically spend around $1,500 per head on a Bahamas vacation, whereas cruise visitor outlay is traditionally in the $70-$80 range. Recent industry studies suggested the latter figure has grown to $132. The timing of the continued air arrivals surge will provide a further boost for the hotel industry and other tourism operators, given that it coincides with the peak winter season from January to April. This is when hotels, in particular, generate the bulk of their annual profits, which helps to carry them through the slower periods of the year. Mr D’Aguilar, meanwhile, said The Bahamas could draw further encouragement from the growth in airlift capacity to this nation - something long considered essential to tourism’s prospects given that Baha Mar’s extra 2,000-plus room inventory requires an extra 400,000 aircraft seats annually to fill it. “Our airlift capacity, through available seats, continues to grow from these key markets,” he told Tribune Business. “In January, our overall capacity is up 20 percent from last year. February is up 20.3 percent, and March by 14.5 percent. “Certainly for the first quarter our growth in capacity is slightly exceeding the growth in numbers. One of the issues the hotels were worried about was
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increasing airline ticket prices to The Bahamas. When you increase supply it helps to keep the cost of travelling to these markets reasonable and diminishes the rate of growth in ticket prices.” Mr D’Aguilar pointed to 20 percent-plus growth in Eleuthera’s 2018 air arrivals, and increases in Abaco, Andros and the Berry Islands, to back his argument that Baha Mar was not the only factor driving The Bahamas’ largest industry. “The destination is hot, The Bahamas is hot,” he told Tribune Business. “A number of Family Islands are definitely feeling this as well.” He added that there was “more to come” on new tourism marketing initiatives for 2019, but declined to reveal details on the grounds this will be divulged during the first week of February. With all these positives currently aligned in The Bahamas’ favour, Mr D’Aguilar called on Bahamian entrepreneurs and investors to take advantage of the opportunity and not allow it to bypass them. “I just think that this is the time for Bahamian entrepreneurs to consider investing in creating new, different and enhanced tourism industry offerings to our foreign visitors because they are clearly coming, and Bahamians need to ensure that while tourism is hot they’re getting a greater piece of the pie,” he said. “They need to participate in this growth and not just stand on the sidelines and let it go by them. I encourage those in the tourism industry that maybe this is the time to expand, and for those considering it this may be the time to start.” Asked whether enough Bahamians were feeling the benefits of this tourism industry growth in their incomes and pocket books, Mr D’Aguilar conceded that “there are pockets of the economy that are not doing well”. He added, though, that the stopover visitor increase was so significant that hotel workers and those in other tourism-related businesses were bound to be seeing the impact from “the increase in drop to the destination”.
THE TRIBUNE
Monday, January 14, 2019, PAGE 7
Customs splitting ‘sheep from goats’ in courier industry FROM PAGE ONE but they decided to roll it out anyway and a lot of couriers were not prepared. “A lot of us did not know how to use the system properly, and that caused a back-up for about four days with people unable to get their stuff. It was not a smooth roll-out. A lot of couriers had to call Customs IT Department for a walk through.” Go Postal, in a note sent to its customers last week, said: “I want to thank you all for your patience and understanding. The Bahamas Customs Department introduced a new system on January 7, 2019, that has affected a large amount of couriers in the country. There are certain changes that took place which caused the delay in you receiving your packages. “We have now completed the necessary requirements related to the change, and should be back to normal
YOUR
business operations within one to three business days.” Dr Moss, meanwhile, told Tribune Business: “We are now moving to the smaller couriers. All licences expired December 31, and in order to get into the system they are required to register. The airlines, the freight carriers, they have registered and have submitted their manifests for documentation through the ESW. “The couriers who would need to access those manifests in order to submit the entries for their customers, they would also need to be registered in order to access the system. That is where those who are non-compliant are having an issue.” She added: “It’s a compliance issue and everyone just needs to get on board. The couriers are allowed, once they put up a bond, to take the goods away and pay the duty in a certain number of days. “That facility is available but they have to post the bond for that to happen. We
have put on extra officers to assist not only the cargo carriers but any courier who would need to come in and familiarise themselves with how the system works.” The ESW launch is not the first time where Customs and the courier industry have been at odds. One of Dr Moss’ predecessors as comptroller, Charles Turner, told Tribune Business in 2016 that the Department was having “challenges” in keeping pace with the fast-growing courier sector, and the surge in imports generated by Bahamians switching to online purchasing. He said the “tremendous volume increase”, caused by the shift to e-commerce and online ordering, had caused difficulties in ensuring due import duties were paid on every shipment. Legislative changes requiring courier companies and freight forwarders to obtain customs broker licences were designed to give Customs
CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019
“greater control” over this emerging sector. And Simon Wilson, the Ministry of Finance’s then-financial secretary, in early 2017 accused courier companies of “stealing” from the Public Treasury with three having agreed to pay a collective $7m
in outstanding taxes. He added that the Department of Inland Revenue was now “targeting” 35 other Bahamas-based couriers, based on the results produced by its initial audits of sector participants. The ESW is a major part of The Bahamas’
Trade Sector Support Programme, which falls under an Inter-American Development Bank (IDB) loan programme signed in 2012 to modernise Customs enforcement. A soft roll-out began last fall, with the fullroll-out beginning this past week.
PAGE 8, Monday, January 14, 2019
THE TRIBUNE
Democrats roll out big health care proposals in the states SEATTLE Associated Press RIDING the momentum from November’s elections, Democratic leaders in the states are wasting no time delivering on their biggest campaign promise — to expand access to health care and make it more affordable. The first full week of state legislative sessions and swearings-in for governors saw a flurry of proposals. In his initial actions, newly elected California Gov Gavin Newsom announced plans to expand Medicaid to those in the country illegally up to age 26, implement a mandate that everyone buy insurance or face a fine, and consolidate the state’s prescription drug purchases in the hope that it will dramatically lower costs. Washington Gov Jay Inslee proposed a public health insurance option for people who are not covered by Medicaid or private
COLORADO Governor elect Jared Polis, centre, jokes with members of the state house and senate before his inauguration at the Colorado State Capitol in Denver. Health care proposals are among the first actions for some new Democratic governors and Democratically controlled legislatures. Expanding access to care was a rallying point for the party in the 2018 elections. employers and have trouble affording policies on the private market.
Democrats in several states where they now control the legislature and governor’s office, including New
Mexico, are considering ways that people who are uninsured but make too much to qualify for Medicaid or other
NOTICE NOTICE is hereby given that CHARLEMOND LOUIS of #25 Ludlow Street West off Mount Royal Avenue, New Providence, 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 twentyeight days from the 14th day of January, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Povidence, The Bahamas.
NOTICE Notice is hereby given that KELRESE BAIN of East Street South, New Providence, Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 7th January, 2019 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.
SAVIOLA GROUP LTD. Company No. 498569 (In Voluntary Liquidation)
NOTICE IN THE ESTATE of GEORGE WASHINGTON ROLLE Late of the Settlement of James Cistern in the Island of Eleuthera one of the Islands of the Commonwealth of The Bahamas, deceased. NOTICE IS HEREBY GIVEN that all persons having any claim against the above named Estate are required on or before the 31st day of January, 2019 to send their names and addresses and particulars of their debts or claims to the undersigned and if so required by notice in writing from the undersigned to come in and prove such debts and claims or in default thereof they will be excluded from the benefits of any distributions made before such debts are proved AND all persons indebted to the said Estate are asked to pay their respective debts to the undersigned. HAILSHAMS LEGAL ASSOCIATES Counsel and Attorneys at Law RENALDO HOUSE 10 Queen’s Highway Palmetto Point, Eleuthera, Bahamas P. O. Box SS 5062, Nassau, Bahamas Attorneys for the Administratrix of the above Estate
NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that SAVIOLA GROUP LTD. is in voluntary liquidation. The voluntary liquidation commenced on 8th January, 2019 and Nina Racciatti of Talstrasse 83, 8001 Zürich, Switzerland, has been appointed as the Sole Liquidator. Dated this 9th day of January, 2019 Sgd. Nina Racciatti Voluntary Liquidator NOTICE IN THE ESTATE OF SIMEON HEZEKIAH SMITH late of No.75 Hopkins Drive in Coral Harbour Subdivision in the South Western District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas. Deceased. NOTICE is hereby given that all persons having any claims against the above-named Estate are required, on or before the 12th day of February, A.D. 2019 to send their names and addresses, and particulars of their debts or claims, to the undersigned, and if so required by notice in writing from the undersigned, to come in and prove such debts or claims, or in default thereof they will be excluded from the benefit of any distribution AND all persons indebted to the said Estate are asked to pay their respective debts to the undersigned at once. AND NOTICE is hereby also given that at the expiration of the mentioned above, the assets of the late SIMEON HEZEKIAH SMITH will be distributed among the persons entitled thereto having regard only to the claims of which the Administrator shall then have had notice. AND NOTICE is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned. Dated this 9th day of January, A.D., 2019. c/o PYFROM & CO Attorneys for the Administrator, No.58 Shirley Street, P.O. Box N 8958, Nassau, N.P., Bahamas.
subsidised coverage can buy Medicaid policies. And in the nation’s most populous city, New York Mayor Bill de Blasio announced a publicly run plan to link the uninsured, who already receive treatment in city hospitals, with primary care. It’s all in keeping with the main theme Democratic candidates promoted on the campaign trail in 2018. They touted the benefits of former President Barack Obama’s health overhaul — such as protections for people with pre-existing conditions, allowing young adults to remain on their parents’ health insurance policies and expanded coverage options for lower-income Americans. At the same time, they painted Republicans as seeking to eliminate or greatly reduce health care options and protections. “Once you give something to somebody, it’s pretty hard to take it away, and I think we see that with how the support for the (Affordable Care Act) has grown over the last two years,” said Washington House Rep Eileen Cody, who is leading the state’s public option proposal. The actions also represent a pushback to steps taken by the Trump administration and congressional Republicans to undermine the Affordable Care Act. The GOP tax law stripped away the individual mandate, which was intended to stabilize insurance markets by encouraging younger and healthier people to buy policies. And last summer, the Trump administration said it would freeze payments under an “Obamacare” programme that protects insurers with sicker patients from financial losses. That move is expected to contribute to higher premiums.
The Democratic proposals fall short of providing universal health care, a goal of many Democrats but also an elusive one because of its cost. In recent years, California, Colorado and Vermont have all considered and then abandoned attempts to create state-run health care systems. Still, many Democrats are eager to take steps that get them closer to that. “This is not just a moral right,” Inslee said in announcing his public option proposal this past week. “It is an economic wisdom, and this is very possible.” Some lawmakers in Colorado, where Democrats now control the legislature and the governor’s office, are proposing a state-run health insurance plan similar to that announced by Inlsee. It would reach those who don’t qualify for federal assistance or who live in rural areas with few health care choices. Both states plan to rely on their agencies that administer Medicaid, the state-federal programme that provides health coverage for roughly one-in-five Americans. Republicans are skeptical about whether the states can afford it, since they already pick up a portion of Medicaid costs. “This is about having the government competing in the private market. Medicarefor-all will be priced out,” Washington state Rep Joe Schmick said. Taking incremental steps to increase coverage options and make health care more affordable may be a smarter strategy than pursuing a costly and complicated allor-nothing proposal for universal coverage, said Katherine Hempstead, senior policy adviser at the Robert Wood Johnson Foundation. “Everybody wants to pay less for health care,” she said.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that we, RICARDO GEORGE LOCKHART,SR. & VALENCIA DIMETRA RIGBYLOCKHART of The Southern District, P.O. Box CR-55903, parents of RASHON ISREAL LOCKHART, a minor, intends to change his name to RASHON ISRAEL LOCKHART. 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.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SAMANTHA STRACHAN of #15 Smith’s Cove, P.O. Box SS-5791, mother of LORENZO ROCKWELL CLEARE JR., a minor, intends to change his name to SAMARYI SAMANO STRACHAN. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas, no later than thirty (30) days after the date of publication of this notice.
NOTICE NOTICE is hereby given that BELONY Robinson Road, JACKSON of Ridgeland P.O. Box N-1048, Nassau, New Providence, 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 14th day of January, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Povidence, The Bahamas.
NOTICE Notice is hereby given that MOURICE KENDRICK FERGUSON of Pompono Court, Carmichael Road, P.O Box CR56210, New Providence, Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 7th January, 2019 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147
THE TRIBUNE
Monday, January 14, 2019, PAGE 9
UK’s May warns Brexit deal rejection would be ‘catastrophic’
LONDON Associated Press BRITISH Prime Minister Theresa May warned yesterday that lawmakers risk undermining the public’s faith in democracy if they reject her divorce deal with the European Union in a vote set for Tuesday. May said some members of Parliament were playing political games with the Brexit debate. Lawmakers, she said, should respect the results of the 2016 referendum in which 52 percent of voters backed leaving the EU. Failing to do so “would be a catastrophic and unforgivable breach of trust in our democracy,” she wrote in a commentary published by the Sunday Express. “So my message to Parliament this weekend is simple: it is time to forget the games and do what is right for our country.” The government also tried to pressure resistant lawmakers by saying their refusal to fall in line could result in Britain remaining a member of the EU. Brexit Secretary Steve Barclay warned yesterday of the growing risk that Parliament could block Brexit altogether. The prime minister’s office
BRITISH Prime Minister Theresa May. also said it was “extremely concerned” about reports that some members of Parliament would try to seize control of Brexit negotiations if the agreement May’s government reached with the EU is defeated. The Sunday Times newspaper reported that senior lawmakers intend to try to change the rules of the House of Commons so they can wrest control of the legislative agenda from the government. The prime minister faces widespread opposition to the existing agreement, primarily because of language designed to prevent the reintroduction of physical border controls between Northern Ireland, which is part of the UK, and the Republic of Ireland, a
member of the EU. Lawmakers on all sides of the Brexit debate fear the so-called Northern Ireland backstop could leave Britain tied to the EU indefinitely. May postponed a vote on the deal in mid-December when a resounding defeat was clear. She now is urging Parliament to support it so Britain doesn’t leave the EU on March 29 without a deal, which would threaten trade, jobs and economic growth. While a majority of the 650-seat House of Commons appears to oppose leaving the EU with no deal, there is no agreement on what alternative to pursue. Straw polls show more than 200 lawmakers back May’s deal, while about 100 support a no-deal Brexit and other factions advocate
a “soft Brexit” that keeps Britain close to the EU or a second referendum. The BBC estimates that May’s deal is likely to be supported by about 240 lawmakers, far short of the number needed for passage. As evidence for the claim that lawmakers might block Brexit, Barclay cited a parliamentary vote last week that will push the government to come up with a Plan B within three working days if May’s deal fails. That’s much sooner than would have otherwise
been the case. “Uncertainty in terms of what will happen in the House has increased,” Barclay told the BBC. “So those on the Brexiteer side seeking ideological purity with a deal are risking Brexit, because there is a growing risk that events could unfold in ways that (mean) they are leaving the door ajar to ways that increase the risk to Brexit.” At the very least, there is a growing chance Parliament may seek to postpone Britain’s departure date
while politicians work on a new plan. Michael Roth, a German deputy foreign minister, was quoted yesterday as telling the Frankfurter Allgemeine Sonntagszeitung newspaper that if the British government asked for an extension to Britain’s withdrawal date, “we will treat it very responsibly”. But he added that it would pose “quite complicated questions, such as Britain’s participation in the European election.”
SOLAR TECHNICIAN The successful candidate will be required to assemble, install, and or service/ maintain solar photovoltaic (PV) systems. Additionally, he/she must perform site assessments and properly size solutions for efficient functioning. To complete assigned task the technician must, among other things, be able to setup mechanical equipment, connect wires and other conduits and work with different modes of power including alternative and direct current. These assignments may be indoors and or outdoors. Qualifications/Requirements: • Phase One Electrical Certification • 1 Year Solar Installation experience a must • Associates Degree in Engineering or related field preferred • Ability to read projects blueprints and schematics and electrical codes • Know the NEC/CEC standards and recommended practices • Must possess problem-solving skills and the ability to make sound decisions • Possess good interpersonal and leadership skills, as well as excellent organization, written and oral communication skills Qualified candidates are to send their cover letter and resumes to talentseekers242@gmail.com Submission deadline is: January 18th 2019 Only successful candidates who are shortlisted will be contacted.
PAGE 10, Monday, January 14, 2019
THE TRIBUNE
TRADE WAR’S WOUNDED: COMPANIES IMPROVISE TO DODGE COST HIKES WASHINGTON Associated Press IN ROCHESTER, New York, a maker of furnaces for semiconductor and solar companies is moving its research and development to China to dodge President Donald Trump’s import taxes — a move that threatens a handful of its 26 US jobs. In California’s San Joaquin Valley, the CEO of a company that makes precision parts for the biomedical and chip making fields jokes bitterly that he’s running “a nonprofit” and might have to cut jobs. And west of Detroit, a metal stamping company that supplies the auto industry is losing business to foreign rivals because Trump’s steel tariffs have raised metals prices in the United States. Trump frequently boasts that the taxes he’s imposed on imports — steel and aluminum and nearly half of all goods from China — have showered the US Treasury with newfound revenue. “We are right now taking in $billions in Tariffs,” he tweeted last month. “MAKE AMERICA RICH AGAIN.”
Yet tariffs like Trump’s account for barely one percent of federal revenue. It’s actually companies like Linton Crystal Technologies in Rochester, Accu-Swiss Inc in Oakdale, California, and Clips & Clamps Industries in Plymouth, Michigan, that are paying the price for his trade wars. Tariffs tend to swell the cost of these companies’ materials and leave them at a competitive disadvantage to foreign rivals unburdened by import taxes. And their exports can be taxed when other countries retaliate with their own tariffs. “Wars are messy,” said Todd Barnum, chief operating officer at Linton Crystal Technologies. “All the troops get hurt.” Back in December 2017, Trump gave those companies and others a gift when he signed a measure that slashed the corporate tax rate from 35 percent to 21 percent. The next month, though, he started slapping tariffs on imports — beginning with solar panels and dishwashers, before moving on to steel and aluminum and then hitting $250bn in Chinese goods. “Thank you for the tax cut,” said Jeff Aznavorian, president of Clips & Clamps. “However, I’m not going
to be benefiting because I’m not going to have any profits to pay tax on.” For his company, “tariffs have completely undermined everything good that those tax cuts brought”. The higher costs resulting from Trump’s tariffs have yet to inflict much overall damage to a still-robust American economy, which is less reliant on international trade than most other countries are. Fueled by lower taxes, the economy grew at an impressive 3.4 percent annual rate from July through September after having surged 4.2 percent in the previous quarter. And employers added 2.6 million jobs last year, the most since 2015. And while numerous companies are hurting from the president’s confrontational trade stance, some are benefiting from it. An aluminum smelter in Missouri reopened under new ownership this year, for instance, and credited the aluminum tariffs for reducing foreign competition and bringing 450 jobs to New Madrid County. But for many businesses, the tariffs are escalating costs, creating hardships and magnifying uncertainty. The Institute for Supply Management’s manufacturing
index plunged last month to its lowest point in more than two years partly because of the tariffs. And the Federal Reserve appears increasingly worried that damage from the trade war will undercut the economy. The potential costs of Trump’s tariff campaign become clear early this month when Apple warned that trade hostilities with Beijing were hurting its business in China — a key reason why its first-quarter revenue would fall below expectations. “It’s not going to be just Apple,” Kevin Hassett, chairman of the White Council of Economic Advisers, acknowledged to CNN. Companies with significant sales in China will “be watching their earnings downgraded next year until we get a deal with China”. Trump’s tariffs are, in theory, supposed to help US producers by raising the prices of goods their foreign competitors ship from abroad. But tariffs, a tax paid by importers, can backfire. They tend to hurt American companies that buy foreign goods for resale or for use as components in US-made products. Many US importers face a wrenching choice: They can pass their higher costs on
MARKET REPORT TUESDAY, 8 JANUARY 2018
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 2,106.54 | CHG 0.14 | %CHG 0.01 | YTD -2.91 | YTD% -0.14 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 4.90 1.48 0.56 3.92 10.20 6.60 4.92 12.50 2.74 1.78 8.21 6.30 13.20 6.98 4.48 13.50
52WK LOW 3.50 19.17 4.90 3.32 0.90 0.18 2.10 8.70 6.10 3.54 9.00 2.30 1.50 7.25 6.00 10.10 5.85 3.25 12.51
1050.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01
1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson
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
52WK LOW 100.00
SYMBOL LAST CLOSE AML 4.43 APD 17.43 BPF 7.00 BWL 4.90 BOB 1.46 BBL 0.56 CAB 2.30 CIB 10.20 CHL 6.15 CBL 4.50 CBB 11.01 CWCB 2.29 DHS 1.78 EMAB 7.96 FAM 6.30 FBB 12.85 FIN 6.98 FCL 3.62 JSJ 13.01 CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 22 (Series B) +
SYMBOL FBB22
Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
MUTUAL FUNDS 52WK HI 2.19 4.18 2.02 182.41 158.55 1.59 1.71 1.67 1.10 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.52 1.68 1.61 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00 LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.43 17.43 7.00 4.90 1.46 0.56 2.30 10.20 6.15 4.50 11.01 2.32 1.78 8.11 6.30 12.85 6.98 3.62 13.01
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.00 0.15 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00
CHANGE 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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 Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
VOLUME
91
VOLUME
EPS$ 0.147 0.932 -0.306 0.323 0.085 0.000 -0.523 0.700 0.480 0.154 0.627 0.102 0.209 0.000 0.481 0.762 0.578 0.277 0.631
DIV$ 0.120 1.260 0.000 0.240 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.280 0.500 0.150 0.130 0.600
P/E 30.1 18.7 N/M 15.2 N/M N/M -4.4 14.6 12.8 29.2 17.6 22.7 8.5 N/M 13.1 16.9 12.1 13.1 20.6
YIELD 2.71% 7.23% 0.00% 4.90% 0.00% 3.57% 0.00% 6.96% 3.58% 2.67% 5.63% 2.59% 3.37% 1.04% 4.44% 3.89% 2.15% 3.59% 4.61%
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 Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
NAV 2.19 4.18 2.02 182.41 158.55 1.59 1.71 1.67 1.09 7.43 8.57 6.57 10.37 11.68 10.32 9.92 8.69 11.79
YTD% 12 MTH% 3.23% 4.04% 1.03% 1.38% 1.92% 2.39% 2.08% 3.47% 3.35% 5.94% 3.67% 4.43% 0.73% 0.96% 2.88% 3.53% -0.53% 0.27% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88
MATURITY 19-Oct-2022 20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022 NAV Date 31-Oct-2018 31-Oct-2018 26-Oct-2018 30-Sep-2018 30-Sep-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 30-Nov-2018 30-Nov-2018 30-Nov-2018 30-Nov-2018 30-Nov-2018 30-Nov-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018
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
to their customers and risk losing business. Or they can absorb the extra costs themselves and sacrifice profits. And tariffs, of course, invite retaliation. The European Union, Canada, Mexico and others have retaliated against US products as payback for Trump’s steel and aluminum tariffs. China has imposed tariffs on $110bn in American goods. Among the products on Beijing’s hit list are American soybeans, an important export among Trump supporters in the US heartland. To ease the pain, the administration last year handed farmers relief worth $11bn — money that reduces the trade war’s contribution to the Treasury. Peter Meyer, head of grain and oilseed analytics at S&P Global Platts, said the payments allowed soybean farmers to recoup their losses from the trade war. But the damage could prove longer-lasting. Before the trade hostilities erupted, China bought 60 percent of US soybean exports. Now, it’s turning to Brazil and other countries for soybeans. “It takes you months to years to cultivate a client and only weeks to piss them off,” Meyer said. “The concern now is that we’ve pissed of the Chinese and they’re going to go away.” Linton Crystal Technologies is being walloped by tariffs both coming and going. The components it sends to an assembly plant in Dalian, China, are subject to import taxes when they arrive in China. And the assembled furnaces it ships back to Rochester for sale are hit with Trump’s tariffs at the US border.
The US import tax on a $2m furnace amounts to $500,000. So, in desperation, the company has decided to move operations to China to avoid the tariffs. And it plans to lay off four or five American workers. “It just doesn’t make any sense for me to ship it back here so I can be penalized half a million dollars,” Barnum said. In the meantime, the higher costs are hurting Linton’s business. It expects revenue to drop 25 percent in 2019. Accu-Swiss, which buys imported stainless steel on the tariff list, is negotiating with customers to split the higher costs. It’s also trying to make its operations leaner. It has, for example, reengineered its California factory so production can continue at night when the lights are off and employees are gone. Still, it, too, expects a 25 percent drop in revenue this year. “I’m just hoping against hope that this thing will go away,” said CEO Sohel Sareshwala. “I’m just sustaining myself, almost becoming a nonprofit organisation.” Clips & Clamps, the Michigan auto supplier, buys steel from US producers that don’t have to pay the tariffs. But domestic steel suppliers have been able to sharply raise their prices because Trump’s tariffs have priced out foreign competition. “I am losing business to competitors outside the United States,” Aznavorian said, “and I am losing it due to raw materials pricing.”
THE TRIBUNE
Monday, January 14, 2019, PAGE 11
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KHALID AL-FALIH, Saudi energy and oil minister. Al-Falih said yesterday, at the Atlantic Council’s Global Energy Forum in Abu Dhabi that he’s not happy with the “range of volatility” seen over the past two to three years. Cautious not to set a price target or range for oil, he explained there are consequences when energy prices dip too low or rise too high. Photo: Kamran Jebreili/AP
Saudi energy minister concerned about oil price volatility ABU DHABI Associated Press SAUDI Arabia’s energy minister said yesterday that major oil producers need to do better to narrow swings in prices that dip below $60 a barrel and rise above $86. “I think what we need to do is narrow the range ... of volatility,” Khalid al-Falih said. “We need to do better and the more producers that work with us, the better we’re able” to do so, he told the Atlantic Council’s Global Energy Forum in Abu Dhabi. Cautious not to set a price target or range, he explained there are consequences when oil prices dip too low or rise too high. Last month, OPEC countries, including Saudi Arabia, and other major oil producers agreed to
cut production by 1.2 million barrels a day to reduce oversupply and boost prices for the first six months of 2019. Oil producers are under pressure to reduce production following a sharp fall in oil prices in recent months because major producers — including the United States — are pumping oil at high rates. Brent crude, the international standard, traded at $60.48 a barrel in London on Friday. Benchmark US crude stood at $51.59 a barrel in New York. Analysts say the kingdom needs oil between $75 and $80 a barrel to balance its budget, with spending for this year to reach a record high of $295bn. Speaking to reporters on the sidelines of the forum, al-Falih said that despite continued concerns over the volatility in price seen
in the fourth quarter of 2018, he is hopeful it can be brought under control. “I think early signs this year are positive,” he said. Last week, Saudi Arabia announced it has 268.5 billion barrels of proven crude oil reserves, a figure 2.2 billion barrels higher than previously known. The kingdom’s Energy Ministry also revised upward the country’s gas reserves by around ten percent, to 325.1 trillion standard cubic feet as of the end of 2017. The kingdom’s oil reserves are among the cheapest in the world to recover at around $4 per barrel. Al-Falih said the revision, conducted as an independent audit by consultants DeGolyer and MacNaughton, points to why the kingdom believes state-owned oil giant Saudi Aramco “is indeed the world’s most valuable company”. He said plans for an initial public offering of shares in Aramco in 2021 remain on track.