business@tribunemedia.net
FRIDAY, JANUARY 18, 2019
$4.20
MARCUS LAING
Concern on Out Island approvals for construction By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN architect yesterday expressed concern that Family Island construction projects were being approved by persons lacking the necessary expertise, with the process susceptible to corruption. Marcus Laing, of TDG Architects, speaking at a Bahamas Business Outlook panel discussion, said drawings by architects and engineers for developments in these locations were often being assessed by local government administrators, district councils and others rather than the Ministry of Works. “Most times they’re not technically trained and don’t have the expertise to approve these drawings,” he warned. “Who’s to say they’re up to code and ensure they’re done safely?” Meanwhile, Quentin Knowles, the Bahamian Society of Engineers (BSE) president, said the profession welcomed The Bahamas’ bid to accede to full World Trade Organisation (WTO) membership “to some degree” because it potentially introduced rules for the ability of foreign engineers and architects to access The Bahamas. “Speaking as engineers, right now our profession is wide open,” he said. “Pretty much anyone can do engineering work in this country but not set up shop.... At least we will have that [WTO] to fall back on.” Mr Knowles also called for a “role reversal” where
SEE PAGE 4
BTC chief: We must ‘bottom out’ in 2019 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
T
HE Bahamas Telecommunications Company’s (BTC) top executive yesterday said it needs “to act like the market leader it is”, while warning that mobile subscriber losses must “bottom out” in 2019. Garfield “Garry” Sinclair told Tribune Business that BTC was in danger of forgetting it still held 70 percent mobile market customer share, and 72-73 percent of the sector’s value, by becoming obsessed with Aliv continuing to steal subscribers from it. But, conceding that BTC could not allow its mobile customer base to erode forever, Mr Sinclair said the communications provider had to “create some type of inflexion point” this year
THE Bahamas Development Bank (BDB) was yesterday said to be “in the early days of exploring” whether private investment and public deposits are feasible alternative funding sources. Dave Smith, the BDB’s managing director, told Tribune Business it was assessing numerous options to recapitalise and expand its lending activities after non-performing loans declined from two-thirds of its total portfolio to around 54 percent. Confirming that the continued “clean up” of this high delinquency ratio was a key priority for 2019, Mr Smith said BDB’s loan book ultimately needed to expand from the current $38m to between $40-$60m to cover “ongoing expenses”. Revealing that credit portfolio growth targets also depended on determining an “acceptable” non-performing loan rate, the BDB chief said the institution was focusing on making its systems and processes “more agile” to eliminate any bureaucracy encountered by Bahamian entrepreneurs and businesses with their credit applications. He revealed that the BDB had also converted some of its existing bonds held by the National
• Carrier ‘needs to act like mobile leader it is’ • Reversed net subscriber churn since Black Friday • Refusing ‘to play Aliv’s handset subsidy game’
GARRY SINCLAIR where it first stopped, then reversed, the bleeding. Disclosing that he was “seeing some green shoots”, and signs that BTC was making progress in achieving this goal, he revealed that “Black Friday” in late November 2018 had
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas Telecommunications Company (BTC) is planning to “radically attack” Cable Bahamas’ internet and TV dominance, having slashed new subscriber waiting time by 80 percent. Garfield “Garry” Sinclair, the carrier’s chief executive, yesterday told Tribune Business it “does not have the luxury of time” in its bid to seize market share and do to its BISX-listed rival what its Aliv affiliate has achieved in the mobile sector. Admitting that BTC
•EYEING PRIVATE INVESTORS, PUBLIC DEPOSITS •LOAN PORTFOLIO NEEDS TO HIT $40-$60M •APPS, RENEWABLES NEW FUNDING AREAS Insurance Board (NIB) to a loan, which had released extra monies for lending, while talks with the Government to determine the best method for its recapitalisation were continuing. “We’re looking at alternative forms of funding, where the goal is to reduce the cost of funding which will improve the bottom line,” Mr Smith told Tribune Business. “If we can reduce the cost of funding, where we get better rates, that will help to expand the loan book. “We may look at a traditional bond issue, and we may look as well to and these are early days - whether the bank could accept private funding and take deposits from the public. It is something we are exploring.” There have been frequent calls for more private investors, and capital, to become involved in debt and equity financing for Bahamian entrepreneurs and small and medium-sized
SEE PAGE 6
Lucaya district, as the launching pad. Promising to deliver superior service, Mr Sinclair said the “bundling” of internet, fixed-line voice and TV/video into one “triple play” package will create an offering “that cannot be surpassed”. With BTC’s systems “on pace” where it can install 200 new homes per day, Mr Sinclair disclosed that the carrier had significantly improved its service game
DR HUBERT MINNIS By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
SEE PAGE 5
SEE PAGE 8
on the Monday. BTC is now focusing on customer base management, in particular its higher-yielding, higher margin postpaid and corporate clients, to ensure it retains them
SEE PAGE 7
• Customer wait time cut 80% • No ‘luxury of time’ on market share • Store network faces ‘rationalisation’ currently enjoys just 30 percent broadband internet market share, and as little as ten percent on the video/ TV side, Mr Sinclair said it had to “quickly change the story” in both segments to compensate for the end to its mobile monopoly. BTC’s upcoming offensive will use its fibre-to-the-home (FTTH) infrastructure, which now passes 40,000 homes in eastern New Providence and Freeport’s
Govt approves $3.7bn in FDI
through reducing by 80 percent the time taken to bring a customer online once an agreement is signed and deposit paid. Revealing that this had been slashed from a 500hour wait when he took the BTC chief executive post last August to 100 hours, he pledged to slash this further to just 48 hours or two days in short order.
BTC HEADQUARTERS seemingly marked the start of its fightback. Mr Sinclair said BTC had enjoyed “net growth” in mobile subscribers ever since apart from last Sunday, when it suffered a 300 customer churn, but he added that the carrier “got them all back”
$4.14
THE Government has approved some $3.7bn in foreign direct investment (FDI) projects since taking office in mid-2017, the prime minister said yesterday. Addressing the Bahamas Business Outlook conference, Dr Hubert Minnis said: “Since mid2017, our government has approved an estimated $3.7bn of foreign investment projects across the country. Many of these projects, once approved, immediately contracted Bahamian firms for legal, accounting, project management, engineering, environmental, architectural, consulting and other professional services. “This success in FDI is due in part to new, resurrected and expanded resort projects on Eleuthera, Abaco, Andros, New Providence and Grand Bahama. This success is also due in part to the increase of information communication technology (ICT) enterprises and boutique financial services investments, as companies look to make The Bahamas their regional headquarters for the Caribbean.” Dr Minnis did not identify these FDI projects or break this figure down into individual investments, but he said there was also an increase in Bahamian and foreign investor partnership agreements and large-scale Bahamian-owned resort and entertainment properties. “This includes large-scale New Providence-based, Bahamian-owned tourism projects, such as Paradise Island Lighthouse
BTC to ‘radically attack’ Cable on TV, Internet hold
Development Bank targets ‘alternative funding’ sources By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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PAGE 2, Friday, January 18, 2019
THE TRIBUNE
Positive reinforcement can go a long way
E
VERY diligent and hardworking employee deserves praise and appreciation. The more positive reinforcement that leaders and managers give to team members, the more productive they become. Today we list ten simple suggestions for rewarding high-performing employees and teams: • Dinner with the Boss Setting up a dinner with the chief executive or president for your winner can increase loyalty, give them a chance to pitch their ideas and thoughts to a top decision-maker, and make them feel noticed and recognised. As an added bonus, it also helps your boss connect with workers they might not normally be able to reach, fostering a better sense of community and culture at the company. • The Best Parking Spot A parking spot that is close to the office or in the shade shows a high level of value and accomplishment. Give it up to your winner for a week as a daily reminder of how you value them. As an added bonus, you could even get a small sign with their name printed on it to show that the space is really “theirs” for the week. • Award a Small Office Stipend Giving them a budget to upgrade or redecorate their office is a great way to create a lasting reminder that you recognise their hard work, as well as give them a space they feel good about coming into day after day. • Free Lunch for the Team Everybody loves food. But we all have personal tastes. Giving your winner the chance to order their favourite dishes, then sharing it with the team, empowers them while also providing a great perk for the entire office. If you are
IAN FERGUSON BY
bored of basic catering or a pizza party, try an office barbecue or even bringing in a private chef to cook for you on-site. • Festival or Sporting Event Tickets It is pretty much impossible to find someone who does not love either a certain kind of music or a specific sports team. Not only that, but these events are prime spots for social media posts, giving your winner a chance to show off. Find out before what sort of events are happening near you and grab a pair of great tickets as a reward. • Cruise for Two If your work is demanding, it is not only hard to find time to spend with loved ones, but that time often consists of eating or decompressing over some Netflix. Try giving your winning employee some stress-free downtime by booking a romantic dinner cruise or other date night for them to take their partner out on. • Take the Afternoon Off More than just a bit of downtime while the rest of the world is working, giving your winner a Friday afternoon off can let them get a jump start on the weekend
or plan a trip out of town with friends. Sure, the rest of the team will be jealous when they start packing up at noon, but that is the point. They earned it. • Attend a Conference of Their Choice Giving your strongest team member access to the smartest people in their career path is a great way to reward them. Find conferences nearby that line up with what your team is interested in (and what you want them to learn), and pay for the winner to go. • Lazy Monday Morning or Flex Hours Just like leaving late on a Friday, giving your winner a late start at the beginning of the week lets them make more plans for the weekend. It also recognises them for their achievement when they come into work, and can even make them happier all day long if it means an easier commute not during rush hour. • A Well-Designed and Honest Thank You Note It might seem like a cop out or a throwaway reward, but a well-designed and thoughtful “thank you” note can motivate and propel workers to keep putting in their all. The key here is to put in the effort to show how much you appreciate the worker. Ensure the note is generous, specific, prompt, succinct and personal. • NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at iferguson@bahamas.com.
THE TRIBUNE
Friday, January 18, 2019, PAGE 3
NHI’S INSTANT 170,000 EXPANISION IF GO-AHEAD By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net THE proposed National Health Insurance (NHI) scheme could rapidly expand to 160,000-170,000 beneficiaries once given the go-ahead due to technology reforms already in process. Graham Whitmarsh, the National Health Insurance Authority’s (NHIA) chief executive and managing director, yesterday said its board had already selected a vendor to implement an Electronic Health Record (EHR) system that would record - and give doctors instant access to -all patient-related data in real time. Addressing the Bahamas Business Outlook conference, Mr Whitmarsh described the EHR as “a fundamental piece of what we are doing” given its ability to improve healthcare efficiency while also cracking down on fraud and waste. Suggesting that its
implementation could be relatively seamless via NHI’s existing provider network, Mr Whitmarsh said: “Due to the fact that the physicians that work with NHI are under contract, we’re able to move forward and get an electronic record not just for the 47,000 beneficiaries that we have in today. “If the Government decides to move forward with our proposals we will have 160,000 to 170,000 beneficiaries registered with NHI, all using the same electronic health record. We have been through an RFQ (qualification) process. The board has selected a final vendor and we’re in a position, if this goes forward, to move ahead with an electronic health record in April of this year. “This is foundational to modern healthcare. Right now, healthcare is done here largely without quality programmes and without data. Getting this health record in place is the foundation to collect data that
allows us to make evidencebased decisions. THE EHR is a fundamental piece of what we’re doing.” Mr Whitmarsh said there are 80 providers serving the 47,000 beneficiaries enrolled in NHI, including physicians and laboratories in New Providence, Grand Bahama, Exuma and Abaco. He described the state of Bahamian healthcare as “troubling”, noting that the annual spend just on dialysis treatment is over $30m year for 528 patients, with non-communicable diseases the leading causes of mortality in the country. The NHI chief added that a KPMG study, examining a $100m investment in primary care, showed that it would add 4.8 percent to GDP, and $485m to the economy, by 2040. “What we are proposing is actually more comprehensive, and one would expect bigger outcomes,” said Mr Whitmarsh, noting that less than 20 percent of the initially
proposed $100m is going into the revised primary are scheme. He added that consultation on the revised NHI package had been a “predominantly positive” experience. “There were only three individual organisations that we met that I would say had very negative views,” Mr Whitmarsh said. “We heard a lot about the implementation timing, but also heard some say why wait so long? We heard a lot of discussion about who should pay. Employees felt employers should pay, employers felt employees should pay more, and everyone agreed the Government could pay more.” He added that careful thought was given to the hospitality sector over how part-time and seasonal workers should be handled. Mr Whitmarsh said the ultimate decision rests with the Government on the way forward regarding the revised NHI scheme.
PM DISMISSES PLP’S EU ‘GROVELLING’ CLAIM By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net THE PRIME Minister yesterday dismissed Opposition claims that his meetings with European Union (EU) officials made it appear as if The Bahamas was “grovelling” to their demands. Dr Hubert Minnis hit back at assertions by PLP chairman, senator Fred Mitchell, that his seemingly rushed trip to Brussels was “quite strange” and makes the country look like “grovelling mendicants”. Mr Mitchell questioned why the prime minister led the Bahamian delegation when his administration contains a finance minister, international trade minister, foreign minister and
DR HUBERT MINNIS ambassador to the EU. But Dr Minnis responded bluntly, saying of the Opposition: “I don’t worry about them. They’re looking to get my job. I don’t worry about them.” He added that the Bahamian delegation was able to “clarify a few concerns” the EU may have held about The Bahamas’ compliance with their demands. Dr Hubert Minnis said this week’s visit to
Brussels provided a “significant opportunity” to ensure the European Commission, which acts as the 28-nation bloc’s civil service, fully understands the scope of legal reforms enacted by this nation to comply with its anti-tax evasion offensive and thus avoid its upcoming “blacklist”. Addressing the Bahamas Business Outlook conference, Dr Minnis said: “The bilateral meeting was very constructive and provided The Bahamas with a significant opportunity to ensure the commission fully understands the scope of the efforts we are taking to adhere to global standards. “This includes a package of recently-passed legislation, and a new framework aimed at strengthening
industry regulations and protecting financial services’ competitive edge as a leading international financial centre. The Government is doing everything it can, in co-operation with industry stakeholders, and in keeping with our national interests, to protect this important industry.” Dr Minnis reiterated following his presentation that the talks with the EU Commission had been positive. “We had excellent discussions and interactions,” he added. “The attorney general was able to clarify a few concerns that they may have had and, all in all, they stated that these types of dialogues and communications they would hope we could have more of going forward.”
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Compensation commensurate with relevant experience and qualifications. Please apply by February 4, 2019 to careers@bahamasfirst.com
PAGE 4, Friday, January 18, 2019
THE TRIBUNE
WTO ACCESSION ‘WON’T BE AT PEOPLE’S EXPENSE’ By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net FULL membership of the World Trade Organisation (WTO) will not be achieved “at the expense of the Bahamian people”, the Government’s director of trade pledged yesterday. Dr Keva Bain told the Bahamas Business Outlook conference that this nation’s accession was designed to make the economy “more competitive”, adding that just two percent of industries were deemed “sensitive areas” when it came to tariff reductions. She also moved to dispel claims that becoming a full WTO member will lead to an unrestricted influx of foreign workers who will take Bahamian jobs, or that it will allow multinational conglomerates such as WalMart to effortlessly enter this market, branding such assertions “myths”. “WTO is about trade, free
Concern on Out Island approvals for construction
trade,” Dr Bain said. “Free trade is a misnomer. We’re not talking about everything coming in with no rules and no tariffs, anyone showing up to our border. The WTO is not about that but about creating rules which set the parameters about how the country is going to trade its goods and services.” She added: “What we are seeking to do is reduce tariffs and make the Bahamas more competitive. However, we are not going to do that at the expense of the Bahamian people. “When you look at the Bahamian economy in terms of goods and services, goods protected by tariffs are only two per cent. It’s that two per cent that we call sensitive areas that we are in consultation with stakeholders that may be impacted.” The Bahamas must lower its average tariff rate from 32 percent to 15 percent as part of the WTO accession terms, as rules-based
trading regimes frown on such border taxes as barriers to trade. This represents a potential threat to domestic water producers and other Bahamian manufacturers that have traditionally relied on high import tariffs to remain price competitive with foreign rivals. These are the “sensitive areas” that Dr Bain is referring to, but the Government is employing a strategy of seeking to maintain existing high tariffs for those vulnerable sectors while still hitting the 15 percent average. It is also looking at enhancing non-tariff protections for these industries, using methods that are WTO-compliant, but whether these outcomes are achieved depends on the skills of The Bahamas’ negotiators and the demands of its major trading partners who will negotiate the terms of this nation’s accession. Dr Bain acknowledged as
much, saying: “The negotiations are not cast in stone.... The negotiations are a live issue. We are meeting with stakeholders, are going to continue meeting with stakeholders to engage them. We will continue to educate the public on the process. “This process is not something where you just sign on the dotted line and walk away. The world no longer works like that. Yes, we are a small developing country, and there are rules that apply to us as a developing country. Unless we are part of the discussion we can’t have a say in the outcome.” She added that “The Bahamas needs to see itself as a global participant”, and that “we cannot expect to grow and think we can stand back”, pointing out that as a small, open economy this nation already depended heavily on trade. Dr Bain said tourism and financial services, “our bread and butter”,
were already open to foreign investment and trade, adding: “The standard of living we experience in this country has been made possible by international trade.” Turning to the misinformation circulating on social media about WTO membership’s impact, she added: “There are a lot of myths out there. The WTO is not about the free movement of labour. ‘Mode 4’, as it relates to services, is about the temporary presence. The Government of the Bahamas will still be in control of Immigration, citizenship and permanent residency. “The WTO is not about allowing big companies like a Wal-Mart to come in. Who you look at a company like Wal-Mart and its business plan, you look at The Bahamas, its structure and its population. Wal-Mart would not be interested in a small country like The Bahamas.”
Dr Bain cited modernisation, the reduction of high tariffs and a more transparent and predictable economy for potential investors as being among the benefits of full WTO membership. “A more competitive, transparent, predictable economy is one that potential investors who would be interested in coming to our country to invest would have confidence in. They would know that rules would not suddenly change on a whim,” she said. Zhivargo Laing, The Bahamas’ chief negotiator, released The Bahamas’ initial goods and services offer to the WTO last week. The goods offer lays out how which Customs duties will be reduced, and by how much, should The Bahamas join the WTO, while the services offer outlines what aspects of each service industry would be open or closed to trading countries.
FROM PAGE ONE
“If it’s necessary to bring in foreign expertise they can work under our licenses and guidance,” he added. Mr Laing echoed his concerns, adding that he wanted to
“see Bahamian professionals getting their just due and respect for that”. With Bahamians “not getting the lion’s share” of incoming FDI-related work, he said: “There’s no policy or regulation of projects coming in. We need to have local architects and engineers overseeing these projects, as they generate significant revenues that make a mark on the economy. “It turns out that a lot of decision-makers, policymakers, they’re not aware of the nuances that
happen outside their field like the Bahamas Investment Authority (BIA), and are not taking account of revenue losses to these professionals and loss of taxes paid.” Mr Laing said the recent Bahamas Engineers, Architects & Allied Professionals (BEAAP) conference, which was attended by Cabinet ministers and officials, “turned on a light for them. They started to recognise there were some big loopholes”. Elsewhere, Mr Knowles suggested that the Ministry
of Works employ an “expedited approval process” for drawings submitted by licensed architects, introducing a “30 days or less” turnaround time. “Why do we need to go through such a rigorous, time consuming process to get drawings approved?” he asked. “One of the biggest concerns developers have is getting drawings approved. When can I start putting concrete in the ground, put in the foundations? This long, boring process we can get reduced substantially.”
the lead architects and engineers on major foreign direct investment (FDI) projects are Bahamians.
THE TRIBUNE
Friday, January 18, 2019, PAGE 5
PM PLEDGES TO TACKLE TAXI DRIVERS’ CONCERNS
By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net THE prime minister yesterday said he had warned taxi drivers that The Bahamas “cannot afford any instability” as he pledged to address concerns that sparked recent industrial action. Speaking with reporters following his presentation at the Bahamas Business Outlook conference, Dr Hubert Minnis said he had
spoken to Bahamas Taxicab Union (BTU) president, Wesley Ferguson, prior to his Monday departure for meetings with European Union (EU) officials. “I spoke to the taxi cab drivers before I left,” he disclosed. “They were very responsive. I spoke to the president because I had heard through the rumour mill that they were taking industrial action. “I called the president, and I informed him that I
BTC to ‘radically attack’ Cable on TV, Internet hold FROM PAGE ONE Mr Sinclair also disclosed that there was likely to be a “rationalisation” of BTC’s 68-store network as not all were providing the same level of customer experience desired. But, rather than focus on financial performance, the BTC chief revealed that he is presently focused on building “a high performance culture” by year-end as part of his ambition to make the carrier “an operator second to none” in not only the Caribbean but the world. “We’ve got to start attacking Cable Bahamas on the fixed-line side,” Mr Sinclair told Tribune Business, “which is all about quality
of service... We have ten percent share of TV, 30 percent share of broadband. We’re going to have to radically change the market share story there quickly.” Acknowledging that BTC’s previous copperbased network infrastructure was “not fit for purpose”, he added that the carrier was now moving to generate a return on its multi-million dollar investment in FTTH technology that is being rolled out through New Providence. “We’re going to be executing on our go-to-market strategy in earnest,” Mr Sinclair told this newspaper. “Again, we don’t have the luxury of time. We have to start monetising that huge
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Side BETWEEN
was going off to discuss a financial matter to improve the country’s financial affairs, and that we cannot at the time have any degree of instability because it would send a very bad message. He understood that and said he totally agreed with me, and that when I returned I would commence dialogue. I have given him that commitment.” Mr Ferguson yesterday told Tribune Business that “serious” talks with the
prime minister could go “a long way” towards resolving the many issues in the taxi industry. “So far I have not heard from him yet. I’m sure that he might be a little busy having just returning from a major trip,” the Taxicab Union president said. “We’re giving him some time to get back to us. Of course, if he doesn’t then we will have to revert back to our original mode of operation. We’re giving him an opportunity to get
organised and get the information he needs from his various ministries. If nothing happens we will have to go back to our shutdown. And withdraw our services completely.” Taxi drivers began their industrial action last week at the Lynden Pindling International Airport (LPIA), where they allege that limousine drivers and tour operators have been taking their business for years. THE BTU
president said taxi drivers also have issues at Atlantis, Baha Mar and Prince George Wharf that need to be resolved. Drivers last year urged the Government to end the two-decade old moratorium on new plates during a town hall meeting with minister of transport, Renward Wells. They cited the lifting of the moratorium as a key issue, with numerous complaints being raised over the leasing of taxi plates.
investment we’ve made in FTTH technology now. “We’re ramping up sales now. We’re on pace to install revenue generating units (RGUs), fixed-line, data and video, at 200 a day. We’re there. When I first got here it took 500 hours to install a customer’s service on average. It’s down to 100 hours, and in less than four months, the goal is to get it to 48 hours and best in class. “We’re now attacking on the fixed side by going after 40,000 homes passed in eastern New Providence and Lucaya. We’re going after them with a robust triple play bundling service, giving them the benefit of top rates by bundling fixed-line, fixed data and video with quality that can’t be surpassed by competitors.” Mr Sinclair promised download speeds of 100 megabytes (MB) per second, but the current market data gives an indication of
the extent of the challenge facing BTC and the long road it may have to travel to eat into Cable Bahamas’ market share on its home ground. BTC suffered a net 200 subscriber, or revenue generating unit (RGU), loss in this area during the three months to end-September 2018. While it gained 100 TV/video subscribers it also lost 300 fixed-line phone customers. And, while BTC’s FTTH network infrastructure passed some 128,900 Bahamian homes at September 30, this has to-date translated into just 80,200 customers or RGUs outside of its mobile client base. At that date, BTC was said to have 6,800 TV/video and 26,400 Internet customers, plus a further 47,000 fixedline voice subscribers. Mr Sinclair, meanwhile, said BTC was likely to “rationalise” its 68-store
network, a mixture of owned and franchise outlets, as “not all are providing the kind of seamless customer experience” the carrier wanted. He added that BTC was also looking at equipping its outlets with in-store kiosks, where customers could pay bills and purchase SIM cards. “The executives and people that sent me here to do this job have not said: ‘Garry, you’ve got six months or a year’,” the BTC chief executive said. “They’re confident that together we will be able to push this business in the direction it needs to go. “We’re not wasting any time. We’ve established the principal tenants of the culture we want to create. I’ve made clear we want to create that in conjunction with our union partners. I’m watching less the commercial results and am more focused on creating the kind
of culture and kind of behaviour exhibited that makes it clear we’re working together to create a high performance organisation. “That’s what I’m focused on. By the end of this year we’re going to create the high performance culture I envision. The rest will take care of itself.” Mr Sinclair added that talks with BTC’s two trade unions had moved beyond the “storming” phase of several months ago, and “the entire market and public will see the benefits of that pretty soon”. Earlier, addressing the Bahamas Business Outlook conference, Mr Sinclair said he did “not see why we can’t be the best operator in the world. There’s no reason why we shouldn’t strive for that. We have to be best in class. Ultimately the place where we want to end up is not the best operator in the region but the world; an operator second to none”.
2010/CLE/gen/1276
DR. LEON HIGGS AND HILDRED ALVIRA HIGGS AND RHODA MORTIMER TO: RHODA MORTIMER
Plaintiff
Defendant
TAKE NOTICE that: An Action has been commenced against you by Dr. Leon Higgs and Hildred Alvira Higgs in the Supreme Court of the Commonwealth of The Bahamas by Originating Summons filed on the 31st day of August, A.D., 2016 being Common Law and Equity Action No. 1276 of 2010, wherein the Plaintiff ’s claim is for a Declaration that the Plaintiffs are the owners in fee simple of the eastern portion of Lot #25, Block #1, of the Churchill Subdivision situate in the Eastern District of the Island of New Providence bounded on the North by Lot #26 in Block #1 and running thereon Seventy (70) feet on the East by a reservation for a road Forty (40) feet wide and running thereon Forty (40) feet on the South by a Ten (10) foot wide access road and running thereon Seventy (70) feet and on the West by other portion of Lot #25 Block #1 and running thereon Forty (40) feet. 1. It has been ordered that service of the said Originating Summons be effected on you by virtue of this advertisement. 2. You must within Twenty- one (21) days from the publication of this advertisement inclusive of the day of such publication, acknowledge service of the said Originating Summons by filing a Memorandum of Appearance at the Registrar of the Supreme Court, in the British American Bank Building, Marlborough Street, Nassau, The Bahamas and by serving the said Memorandum of Appearance on the Attorneys whose name and address appear below, otherwise, Judgment may be entered against you. Dated the 2nd, day of January, A.D., 2019 ANTHONY THOMPSON & CO., Chambers, Second Floor, Maritime House off Bay Street Frederick Street, Nassau, Bahamas Attorneys for the Plaintiff
PAGE 6, Friday, January 18, 2019
THE TRIBUNE
Development Bank targets ‘alternative funding’ sources FROM PAGE ONE enterprises (SMEs) beyond what the Government provides through entities such as the BDB and Bahamas Entrepreneurial Venture Fund. However, few have responded in any significant public way, given that lending to start-ups is perceived as “high risk” and many local investors are averse to taking such chances. Thus the BDB may face a tough task in attracting venture capital and angel investor-type funding itself. It will also likely face an uphill struggle to obtain customer deposits from the public, given that few will want to place their money with a loss-making institution - the “red ink” was expected to reduce by 38 percent from $1.878m in 2016 to around $1.2m in 2017 - that also needs recapitalisation. Lynden Nairn, the BDB’s chairman, told this newspaper in late 2017 that the institution’s ability to meet the Government’s target for it to become self-sufficient within three years was
entirely dependent on its ability to restructure its then$64m long-term debt. Besides $21m owed to the Government, the bulk of this debt featured some $43m in bonds held mostly by NIB, with the Central Bank of The Bahamas owning the balance. Mr Smith yesterday indicated there had been progress over the debt, disclosing: “One of the things we did with the bonds was we converted the part particularly with NIB to a loan. That freed up some monies for lending. “In terms of recapitalisation of the bank, we’re in conversation with the Government but don’t foresee any immediate decision.” Confirming that the BDB’s current outstanding loans are worth a collective $38m, Mr Smith told Tribune Business: “The non-accrual loan rate has come down. It was at 64-67 percent, and now it’s at 54 percent. “We have an aggressively persistent programme where we can realise and recoup the outstanding book, and it’s something we’re going to have a major focus on for 2019.”
NOTICE
MANGO – Trade and Investments, S.A. NOTICE IS HEREBY GIVEN as follows: (a) MANGO – Trade and Investments, S.A. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 15th day of January, 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company
MARKET REPORT THURSDAY, 17 JANUARY 2018
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 2,101.00 | CHG 0.93 | %CHG 0.04 | YTD -8.45 | YTD% -0.40 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 5.39 1.60 0.56 3.68 10.20 6.60 4.85 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 3.34 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 5.39 BOB 1.46 BBL 0.56 CAB 2.30 CIB 10.20 CHL 6.16 CBL 4.44 CBB 11.01 CWCB 2.52 DHS 1.78 EMAB 8.30 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 1.60 1.74 1.68 1.11 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 1.54 1.68 1.62 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 5.39 1.60 0.56 2.30 10.20 6.16 4.44 11.01 2.49 1.78 8.27 6.30 12.85 6.98 3.62 13.01
CHANGE 0.00 0.00 0.00 0.00 0.14 0.00 0.00 0.00 0.00 0.00 0.00 -0.03 0.00 -0.03 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 115 1,000 23,625 970
800
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 16.7 N/M N/M -4.4 14.6 12.8 28.8 17.6 24.4 8.5 N/M 13.1 16.9 12.1 13.1 20.6
YIELD 2.71% 7.23% 0.00% 4.45% 0.00% 3.57% 0.00% 6.96% 3.57% 2.70% 5.63% 2.41% 3.37% 1.02% 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 1.60 1.74 1.68 1.11 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% 4.30% 4.30% 2.60% 2.60% 3.40% 3.40% 1.46% 1.46% -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-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-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
He warned delinquent BDB customers that it was “important to get that cleaned up” as much for the borrowers as the institution, revealing that it was one of those that will be supplying credit history data to the proposed credit bureau. Agreeing that its arrival “will pose a challenge for a lot of Bahamians”, Mr Smith said loan portfolio expansion still remained critical for the BDB. “In order to cover ongoing expenses, the loan book really needs to hit $40m-$60m depending on what is assessed to be an acceptable non-accrual loan rate. “If that is 25 percent, we have to hit $40m in new loans. It might not have to hit that, as we are focusing on quality and efficiency. Efficiency will play a part, and the deployment of existing personnel - moving employees from administratively burdensome activities to cognitive revenue tasks. “We’re doing a lot on the infrastructure side to make sure systems and processes are agile. No one likes delays and bureaucracy.” While a 25 percent nonperforming loan may seem high compared to the commercial banking industry average, Mr Smith said BDB’s government mandate meant its risk focus and appetite were different. Emphasising that the “development” in BDB’s name was the critical word, he added that its contribution to economic growth and diversification, plus job creation, was a more important measure of its success than profitability. “I want to see the bank as being the first port of call when the Government is seeking to do anything on any island, and in any sector, where the bank plays a significant role,” Mr Smith told Tribune Business, “bringing
the private sector together, helping to manage infrastructure activity. “The real measure for me would be from a more quantitative standpoint: How many jobs did we create, how did we impact the import values of products. That’s a measure of our contribution to the economy. My focus will not really be on the profit and loss, but more how did we contribute to the development of the economy.” Mr Smith said the BDB was also reviewing its own founding legislation, given that the Act has been in existence since 1974 with little to no change. He added that it had tended to focus almost exclusively on lending during its history, making little use of its ability to provide guarantees, take equity positions in start-ups and get involved in leasing activities. The BDB chief revealed that technology, including app development, together with renewable energy and boutique hotels had been identified as potential new areas of lending activity beyond the BDB’s traditional focus on manufacturing and agriculture. “The BDB is focusing on renewable energy and working with persons in that space to create micro grids in the Family Islands that facilitate a lower cost of energy, which is a hurdle to economic development in any country,” Mr Smith said. “We’re hoping we can have some traction on that in terms of having something substantial before the end of the year.” Mr Smith also pointed to the BDB’s involvement in trying to develop a cascarilla industry on Acklins, Crooked Island and Samana Cay, and the Grand Bahama-based apiary programme, as other initiatives beyond its traditional focus.
THE TRIBUNE
Friday, January 18, 2019, PAGE 7
BTC chief: We must ‘bottom out’ in 2019 FROM PAGE ONE through product and service value propositions that are highly competitive with its upstart rival. Mr Sinclair added, though, that BTC was “not going to play the subsidy game” with Aliv, which he said was subsidising handset costs in a bid to attract subscribers to its network. Pledging a “laser-like focus” on customer experience, he added that BTC’s well-recognised, long-standing brand identity have him a major strength on which to build. The BTC chief also suggested that the extra five-and-a-half year wait for mobile competition to kick-in following the 2011 privatisation had done BTC no favours, as the retention of a monopoly that accounted for two-thirds of its revenues meant there was little incentive for the company’s internal culture to change. And he conceded that the constant “chopping and changing” of chief executives, himself being the fourth person to hold the post since privatisation, together with frequent management and strategy overhauls at BTC’s controlling shareholder, Cable & Wireless Communications (CWC), had deprived the company of much-needed continuity. BTC has lost around onethird of the mobile market since its monopoly ended in November 2016, and Mr Sinclair told Tribune Business: “We’ve got to bottom that out this year. We’ve got to create that key inflexion point in the business; we can’t continue to lose lose subscribers. We have to draw a line in the sand.” Suggesting that the “Black Friday” shopping weekend may have marked this point, he said this was when BTC “stopped losing subscribers” and seemingly flipped the “churn” experienced over the past two-plus years. “We’ve been net growing and net adding subscribers ever since,” Mr Sinclair added. “Sunday was the only day when we
suffered a net churn of subscribers, and we got them all back on the Monday. “That’s the kind of KPI (key performance indicator) and top target that we’re going to focus on to reassert our market leadership again. A competitive environment is not a bad thing; we just have to do it a bit more effectively than we have been.” Addressing the Bahamas Business Outlook conference earlier, BTC’s chief executive said the carrier - now ultimately owned by Liberty Latin America (LiLAC) needed to develop a clear vision and restore trust with consumers, shareholders and the wider public through “over delivering” on its promises. “We need a clear vision as to where we need to be as a business,” Mr Sinclair said, “and need to execute. We need to restore the trust of the public and stakeholders by over delivering on what we promise. “We’re getting our swagger back, and acting like the market leader we are and customers expect us to be. I’m pleased to say we’re seeing some green shoots from that.” Mr Sinclair told Tribune Business that BTC, having long grown accustomed to having the mobile market “all to itself”, had immediately become unnerved when Aliv immediately started to eat into its market share - something that has happened to such monopolies all over the world. “We don’t take competition lightly, but have to get back up to acting like the market leader,” he said. “We still gave 70 percent of the market, and 72-73 percent of the value of the mobile market. “We’re still the market leader and not acting like it. We’ve got down on ourselves. You lose sight of the fact you’re the market leader and need to start acting like it. We’ve got to get everyone to recognise it. We’re still by and far the major player.” Rather than become obsessed by winning back customers who have defected
to Aliv, Mr Sinclair said BTC was “taking a very hard look” at its remaining subscriber base and segmenting it in terms of client value in an effort to ensure “no more leave”. Promising a “laser-like focus on the customer experience”, Mr Sinclair said BTC planned to “put them at the centre of every new proposition we want to create so we deliver everything they say they want” and show it is listening to their feedback. “Those who have left are largely lower value pre-paid subscribers, and the competitor continues to throw cash at the handset subsidy approach to taking customers,” he told told Tribune Business. With 8,000 mobile devices sold between BTC and Aliv every month, Mr Sinclair pledged that the carrier would still provide “the best deal” available to prevent further pre-paid subscriber defections “but are not going to play the subsidy game at the level of the competitor as they’re trying to buy subscribers to fill their customer base”. LiLAC’s latest financial results, for the three months to end-September 2018, revealed that BTC lost another 12,400 customers during that period. The rate of mobile subscriber loss, though, fell by 36.8 percent year-over-year, although it represented a 2,000 customer increase on the 10,400 subscribers who deserted
BTC during the 2018 second quarter. BTC’s 12,400 third quarter subscriber loss was driven by the departure of 11,700 pre-paid customers, although just 700 of the higher margin, higher-yielding post-paid customers departed the network. It was shown to have 228,300 total subscribers at end-September 2018, with 89 percent of 203,000 of that client base concentrated in pre-paid customers. Mr Sinclair, meanwhile, said the protracted mobile liberalisation process had exacerbated delays in BTC adjusting to a competitive environment. “I think it was a byproduct of a recently liberalised business coming out of an environment where we were a monopoly,” he added. “Customers were not exactly at the centre of what we did, both internally and externally, and a lot of the challenge is getting everybody - colleagues, union representatives, the Government, shareholders and the public at large - aware of this transformation process we’re in. It’s going to take time.” The lack of management stability had a similar effect, Mr Sinclair agreeing: “It’s tough to create that customer culture when culture is a leadership issue. It’s tough to create a winning culture, a culture of high performance, when you’re chopping and changing at the leadership level.”
NOTICE Notice is hereby given that JACKSON FRANCOIS of South Bamboo Town 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 18th January, 2019 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.
To advertise in The Tribune, contact 502-2394
NOTICE IRIDESCENT COMPANY LIMITED (Voluntary Liquidation) Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the abovenamed Company is in dissolution, which commenced on the 11thday of January, 2019. The Liquidator is Kim Thompson of Nassau Bahamas.
Kim Thompson (Liquidator)
PAGE 8, Friday, January 18, 2019
THE TRIBUNE
Govt approves $3.7bn in FDI FROM PAGE ONE and Beach Club, Athol Island entertainment facility, and the Heritage tourism project whose owners are a group of Bahamian businessmen,” he added. “Their objective is upgrading and operating several historical sites, transforming them into major attractions for Bahamians and the international tourism market. While noting that The Bahamas moved up one notch on the World Bank’s Ease of Doing Business Ranking for 2018, standing at 118 out of 190 countries, Dr Minnis said his administration was “far from satisfied”. “We must do much better, much faster. It must become faster, quicker and cheaper to do business in The Bahamas for Bahamians and international investors,” he added. “The
bottlenecks and blockages in various quarters will have to change. “We are striving to provide prompter service and less bureaucracy through some of the initiatives laid out in our most recent budget. This includes the Digital Bahamas Initiative project, which we have been working on with the IDB. This will reduce the cost of conducting business with the Government and may help to foster the country’s competitiveness.” He added that various features of the Commercial Enterprises Act also improve the ease of doing business, with nine companies approved under the legislation to establish on New Providence and Grand Bahama. “We are reviewing the details of tax reform as we address the pending requirement to implement necessary reductions in customs duties, which are
crucial in helping to bring down costs for consumers, homeowners and businesses. This may lead to higher productivity, more consumption and an overall higher standard of living,” said Dr Minnis. The prime minister hailed what he called “significant leaps” in the Government’s fiscal affairs over the last year, and said his administration was on track to achieve the Fiscal Responsibility Act goals. These seek to achieve a fiscal deficit-to-GDP ratio of 1.8 percent by the end of this fiscal year, one percent in fiscal year 2019-2020, and 0.5 percent in fiscal year 2020-2021. “This is also in line with our hopes to achieve debtto-GDP ratios of 57 percent by the end of this fiscal year, 54 percent by the end of the next fiscal year, and eventually down to 52 percent by the end of the three-year period,” Dr Minnis said.
Netflix’s solid 4Q eclipsed by projected slowing US growth SAN FRANCISCO Associated Press NETFLIX’S video streaming service added more subscribers than ever during the crucial holiday season, but the company signaled its growth is slowing in the US as it begins to roll out double-digit price increases in its biggest market. The slightly disappointing forecast issued yesterday for the opening three months of the new year overshadowed a solid earnings report covering the final quarter of last year — a key period for Netflix because subscriptions to its service are a popular holiday gift. Netflix ended December with 139.3 million paid subscribers, slightly better than analysts had anticipated, according to FactSet. Of
that total, 58.5 million were in the US, in line with what Netflix had projected. Management predicted the company will gain another 8.9 million subscribers from January to March, but only 1.6 million are expected in the US. That is down substantially from an increase of 2.3 million paid US subscribers at the same time last year. That downturn in the US raised alarms because Netflix is starting to raise its prices in the country by 13 to 18 percent this quarter, a move that the company is making to help pay for its rising programming costs as it competes for exclusive series and films against Amazon, Hulu, AT&T and Apple. By charging more, Netflix can continue “a virtuous cycle where you’ve got the more investment you’re
putting in, the more people are finding content that they love and the more they have value in the service,” said Ted Sarandos, the company’s chief content officer, during a webcast yesterday. But the higher US prices also threaten to cause some existing subscribers to cancel the service and discourage potential new customers from joining. That phenomenon could undercut the subscriber growth that propels Netflix’s stock price more than any other factor. Netflix’s shares fell nearly four percent to $340 in yesterday’s extended trading after the earnings report and forecast came out. Even so, the stock remains above its levels before the company announced the US price increase earlier this week.
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