business@tribunemedia.net
MONDAY, JANUARY 27, 2020
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$100m tax giveback suffers Dorian blow By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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URRICANE Dorian’s financial fall-out has placed the government’s plan to return $100m to the Bahamian people through “significant tax cuts� in doubt, the deputy prime minister has revealed. K Peter Turnquest told Tribune Business that the magnitude of the category five storm’s fiscal blow meant the Minnis administration had no choice but to “reassess� the pledge it made when unveiling the 60 percent VAT rate hike during the 2018-2019 budget.
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Economy ‘running on 30% efficiency’
K PETER TURNQUEST
• Govt must ‘reassess’ pledge to Bahamian people • ‘Not off table’ but 2021 timeline likely delayed • $975m P3 offer must ‘fit’ PPP policy terms In explaining that the increased 12 percent VAT rate was necessary to payoff a $360m backlog of unfunded government bills over a three-year period, Mr Turnquest at that time voiced optimism that the government would be able to return some of this tax hike to the Bahamian people through $100m worth of Customs duties reductions from 2021-2022 onwards. However, he conceded last week that the unforeseen multi-billion dollar hole
created by Dorian meant the government has to look at its short to medium-term fiscal strategy anew. While such tax cuts, which were to take effect one year from now, are “not necessarily off the table�, the deputy prime minister signalled they may have to be delayed until there is sufficient “room� to accommodate them. With the government set to seek House of Assembly approval to borrow $508m when Parliament resumes on Wednesday, Mr
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Turnquest said Dorian had likely “set us back three to four years� on its fiscal turnaround plan and blown the consolidation strategy offcourse by five. “We set out a plan for the Bahamian people that would have seen some significant tax reductions over the next few years,� he told this newspaper. “A year from now they would have started to see some significant tax reductions, but we
SEE PAGE 7
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Bahamian economy is “running on 30 percent efficiency� because of its public education woes, a governance reformer has warned, arguing that these have placed “the entire nation in peril�. Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business that the government needed to “stop sucking as much money out of the private sector as they can without collapsing the economy� and instead start rewarding companies that established their own workforce training initiatives with tax credits. Revealing that ORG itself
ROBERT MYERS currently has a proposal before the government to establish a “vocational school in the hospitality space�, he urged the Minnis administration to address “a national crisis� in workforce productivity and training rather than keep hitting the private sector with “more taxes�. ORG had teamed with the Bahamas Technical and
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Outrage at Abaco tourism omission By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
A FURIOUS South Abaco tourism business is blasting the Ministry of Tourism for “scrubbing� the island’s portal from its website, arguing that this threatens “to tear us down even further� post-Dorian,. Michael Dillon, president of Abaco Yacht & Charter Services, in an open letter to Dionisio D’Aguilar, minister of tourism, said the decision to seemingly remove Abaco from the Ministry’s Bahamas.com
website would only cause “much confusion and damage�. He wrote: “I woke this morning only to read on social media that your ministry has not only forgotten about, but has appeared to completely scrub, the Abacos from the Ministry of Tourism website of The Bahamas. This act has, and will continue to cause, much confusion and damage to the Abacos and those that are looking to travel here.� He continued: “Two years ago Francesca and I started
SEE PAGE 6
Bahamas in Fintech ‘first for Caribbean’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
CORPORATE loan rejection rates in The Bahamas are double those in other Caribbean countries, it has been revealed, resulting in financial technology (Fintech) being deployed to boost capital access. An Inter-American Development Bank (IDB) paper on the $1.3m Accelerate Bahamas initiative, which is designed to further boost support for micro, small and medium-sized enterprises
(MSMEs), said the planned Fintech platform will enable start-ups and entrepreneurs to “engage� with potential equity and debt financing partners.  The “system algorithm� will match an investors’ risk profile/investment criteria with entrepreneurs in a “first of its kind for the Caribbean�, with all parties “vetted� by the Small Business Development Centre (SBDC) and relevant financial regulators. The former
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PAGE 2, Monday, January 27, 2020
THE TRIBUNE
BTVI chief: Skills gap has widened By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas Technical and Vocational Institute’s (BTVI) president is arguing that skills gaps within the Bahamian workforce have actually widened over the past decade based on recent survey results. Dr Robert Robertson, speaking to Tribune Business following last week’s panel discussion with private sector, training and labour executives on the results of BTVI’s workforce survey, said it was a “cause for concern” that 60 percent of employers view the labour force as uncompetitive when measured against global rivals. “So the survey, I think you may have heard, is kind of like a response to the fact that everybody quotes an IDB (Inter-American Development Bank) survey in 2012, and that’s obviously about eight years-old now,” he explained. “We needed more current information. So, in discussions with the Department of Labour and the Organisation for Responsible Governance (ORG), we put this survey together and we issued it in the late summer of 2019. We sent it out to 600 companies and we got 155 responses.”
DR ROBERT ROBERTSON “I think that’s a pretty normal response rate, as it is in the 25 percent response range. Most of them were from chief executive officers, people who knew about their companies. The responses are similar to what occurred in 2012 but I think the gap has actually widened, which isn’t a big surprise.” Dr Robertson said the findings matched similar surveys undertaken in major industrialised countries such as Canada, the US and Europe. He added that one study suggested the UK faced a “skills chasm”, which indicated that The Bahamas was not alone in facing such skills and labour shortages. Suggesting that BTVI’s
survey should be undertaken every two years, so that improvements or failures can be benchmarked and measured, the BTVI president said of the latest findings: “It’s a cause for alarm, but I think it is fairly common because over the years we have not paid a lot of attention to technical and vocational training in some respects. “The other problem is that there is an aging workforce in the US and in Canada. It’s not such a big problem in The Bahamas, but Bahamian-trained people will be pulled into Canada, they will be pulled into the US, because they will be able to make more money. “So the aging workforce
globally, although we don’t think it’s a big deal in The Bahamas because we don’t have that problem to the same extent they do in those other countries, it is a big problem because I know those other countries are out there looking for welders and electricians and those types of people. That marketplace globally will attract Bahamian to better dollars, quite frankly.” Turning to how BTVI and Bahamian education institutions are addressing the problem, Dr Robertson said: “One of the things was to add the free-tuition to both UB (University of The Bahamas) and to BTVI, so we have seen an increase in some students in some specific fields, particularly the trades, where perhaps they wouldn’t have gone before. “We have also seen that companies are increasingly coming to us and asking us to tailor a specific programme for them, particularly if it includes a City and Guilds certification. So we have agreements with specific companies like the Container Port in Freeport, the Grand Bahama Shipyard, Baha Mar, Commonwealth Brewery. A lot of companies are asking for that level of training to improve the skills of their employees, so we have been doing a lot more of that in the last two or three years.” Dr Robertson continued: “We are also doing a lot of short courses, and I think that’s one of the big things that education needs to recognise. Education needs to change to meet the demands of the employees, but also the employers. Most people who are employed may be in an entry-level job, don’t want to come back into a programme that will take them one or two years to finish - maybe six months to a year at the most - and that’s about it. “I have seen in different jurisdictions, and we are trying to do this here, that there is more of a short-term specific set of programmes. Maybe dump
the Math and the English, for example, which is also a problem for some of our students. Maybe go to a programme that’s just welding, or just carpentry, or just brick laying and make sure they are good brick layers, they’re good carpenters, you know what I mean? I think that’s the way forward. “The other thing we’ve been trying to do is reach into the schools, not only the high schools, but even the elementary schools,” Dr Robertson added. “We actually take young children on tours of the campus and we show them a carpentry lab, we show them an auto mechanics lab, we show them a welding lab and we structure so they can see it. “They can maybe touch some of the stuff. We talk to them about what’s going on and we talk to them about careers. It takes a bit of time to do that, but you catch them early and you at least get them to see the options that are available. “We also have a dual enrolment programme where we have high school students studying college credits, and we have over 600 students this term who are in high school that are taking trade-related courses, so when they finish their high school these kids have a lot of options open for them.” Don Forbes, training manager for the Grand Bahama Shipyard, who was also at last week’s panel discussion, told Tribune Business: “I think the panel discussion really highlighted the skills gap that we have in our society, the unemployment - mainly among our youth - and how do we prepare for tomorrow. There is a need for a trained workforce. “I think there is a need for the government to give more of their attention than they are giving now. There is a Skills Council for a National Apprentice Training Programme that’s coming on stream, and I’m a part of that... It is designed to take young persons who are unskilled and get
them more prepared on a national level for these companies when they come so they can find jobs.” When asked by Tribune Business about the impact skills gaps and an inadequately trained workforce are having on the economy, Mr Forbes said: “If you have an untrained workforce, you are pretty much saying the trained persons are not from here. If you don’t have a trained workforce to do these jobs that’s money that’s automatically leaving the country, so you have to have your persons skilled. “Now we can ask for them to get jobs all we want, but you have to be concerned about the companies because companies need skilled people in order for them to compete, and the only way they are going to compete is if they have a skilled workforce employees. So we have to train our youth that are unskilled up to that level, and like I said, some interest must paid to it.” Chandler Sands, vicechairman of the Maritime Skills Sector Council, who was also at last week’s panel discussion, told Tribune Business: “The only thing I want to say is that it’s a great initiative to start to address the challenges that we face with employees not being quite ready for employment. This initiative will go a long way with closing that bridge that currently exist with skills gaps.” The Ministry of Labour, in conjunction with the IDB, last year launched a $50m National Skills Building Programme, which included a Bahamas Apprenticeship programme to meet the needs of employers in high-growth sectors of the economy by providing job seekers between 16-40 years old with the necessary skills. The Bahamas Apprenticeship programme will feature structured on-the-job and off-the-job training, during which participants will learn a skilled occupation and gain an industry-recognised certification.
THE TRIBUNE
Monday, January 27, 2020, PAGE 3
DPM: CREDIT BUREAU TO CREATE ‘TRUTH IN LENDING’
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE deputy prime minister has voiced optimism that The Bahamas’ first-ever credit bureau will create “truth in lending” and help to open a “sluggish” credit market that has dampened economic growth. K Peter Turnquest, pictured, speaking at the bureau’s launch, described it as an “essential component” of The Bahamas’ financial infrastructure that will lead to “a better credit culture” by boosting transparency and responsibility around credit decisions for both borrower and lender. He added that its arrival will “deserving borrowers” will gain better access to credit at lower costs (interest rates), while loan delinquents and deadbeats will be protected from themselves - as well as lenders safeguarded - because their poor repayment histories will be flagged up before any monies are extended. Explaining that the credit bureau will enable Bahamas-based commercial banks and other lenders to better assess each individual borrower’s risk on a case-by-case basis, Mr Turnquest said its evolution would bring this nation into line with international standards and best practices while also improving credit market efficiency. “The credit bureau is the essential component for our financial system that is expected to add greater transparency to the process of providing credit to both businesses and households,” the deputy prime minister told the launch. “It will help to inform judgments about the volume and cost of credit which borrowers should be entitled to and, as a result, stimulate the expansion or granting of credit, thus empowering consumers and business entities alike. “More importantly, this is another important step in securing our financial standing as individuals and as a nation with respect to
identifying and reducing our exposure to unsustainable credit risk and unbearable financial debt,” he added, “as it gives both consumers of debt and providers of loans, the tools to be more responsible and to consider individual circumstances in granting credit. “It will encourage truth in lending and other consumer protection mechanisms aimed at protecting the most vulnerable in our society who may lack the financial literacy tools to make wise choices and, as a result, lock themselves into a never-ending cycle of debt, borrowing and financial hardship.” The creation of a Bahamian credit bureau has been a decade in the making, with the initiative first unveiled by the Central Bank in 2010. It has long been viewed as a vital ‘missing link’ in The Bahamas’ credit architecture, with its absence depriving lenders of a centralised information repository they can draw on to better understand a borrower’s credit profile and risk of non-repayment. Italian-headquartered CRIF SpA, which has a presence in providing such services in 30 countries across the Caribbean, Europe, North America, Africa and Asia, was eventually selected as the preferred bidder to operate the credit bureau in late 2018 and finally completed the Central Bank’s licensing process late last year. The CRIF-operated credit bureau will now have to gather information from lending institutions mandated to supply it with all details on existing borrowers, particularly their credit profiles and histories, by the Credit Reporting Act.
Among those required to supply information will be the commercial banks, insurance companies, credit unions, financial and corporate services providers, Bahamas Mortgage Corporation and Bahamas Development Bank. Others likely to be added in the future are the utilities, auto dealers and furniture stores that extend credit to customers, and even the government’s revenue agencies. The credit bureau will then compile and organise this information in a credit report provided to lenders, which will help them assess the risk provided by each loan applicant and reject those with poor histories. Its launch means that delinquent Bahamian borrowers are rapidly running out of time to get their affairs in order, and will no longer be able to bounce from bank to bank and obtain multiple loans through not disclosing their past. “One of the objectives of the credit bureau is to ensure that more funding flows to those most deserving borrowers in our economy,” Mr Turnquest said at the launch, “while providing more informed justification for financial institutions to limit exposures to riskier prospects. “This speaks to greater efficiency in the functioning of our credit markets, and improved financial inclusion prospects for many more persons and businesses as the access and cost of credit should reflect the degree of assessed risk.” He added: “This development will help protect the interest of borrowers as well, as it will eliminate a lot of the subjective decisions around credit approvals and pricing of financial products borrowers should be entitled to as a result of their credit scores. “It will help reduce the present high non-performing loans on the books nationally, thus strengthening the overall financial system for both financial institutions as well as retail stores who offer financing options.
“More complete disclosures around the level of debt that households and business are carrying, as well transparency around track records in honouring past obligations, is also expected to encourage a measure of increased accountability and prudence in how financial affairs are conducted. This is a good outcome, especially in an environment where, on average, families need to build up higher financial net worth.” Mr Turnquest also expressed hope that the credit bureau’s arrival will free-up a Bahamian lending market that has been clogged for more than a decade following the 20082009 recession, with banks becoming increasingly risk averse to lending as “bad” loans peaked at $1.2bn. “In recent years, the credit environment in The Bahamas has been sluggish at best in terms of growth
coupled with elevated non-performing loans,” he said. “In order that lending can resume at a less tentative pace, the information upon which lenders rely to provide credit has to improve and a reliable database reflecting relative risk of potential borrowers is an essential tool in a risk averse society.” The deputy prime minister called upon CRIF and the Central Bank to work closely in educating Bahamians on the credit bureau’s role and how it will operate, adding that they needed to “dispel any misconception that a credit bureau is aimed solely at protecting the interests of the lenders or even the government”. Pointing out that the absence of a credit bureau has frequently been cited as one reason for The Bahamas’ decline in the World Bank’s “ease of doing business” rankings, Mr Turnquest said its
creation was of “systemic importance to the Bahamian economy”. He added that sensitive consumer data handled by the credit bureau would be protected by the Data Protection Act. “The establishment of a credit bureau will be an important and integral step toward an improved credit culture in The Bahamas. In order to function in a stable and sound system, it is important that financial institutions have reliable information on which to base their lending decisions, and to safeguard the interests of depositors,” Mr Turnquest said. “I want to encourage consumers likewise to embrace this development as it will ultimately lead to personal benefit in more access to, and cheaper, financing, reliable and transparent granting of credit, and overall improvements in personal and national financial health.”
PAGE 4, Monday, January 27, 2020
THE TRIBUNE
OIL EXPLORER SEEKS APPROVAL TO OPEN TO SMALL INVESTORS A BAHAMAS-based oil explorer and its advisers last Thursday submitted a formal request for regulatory approval to open their £2m mutual fund to investments by small Bahamian retail investors. Brian Jones, managing director of Leno Corporate Services, confirmed that the application had been made to convert the Bahamas Petroleum Company (BPC) sponsored fund from a professional fund into a lower subscription standard fund. He explained that the switch would expand Bahamian investor participation in the BPC Investment Fund. Its present “professional fund” status means it can only seek investments from so-called ‘sophisticated’ investors, such as institutions and high net worth individuals, willing to commit a minimum $10,000 while excluding smaller Bahamian retail investors from any involvement. However, should the Securities Commission approve the BPC Investment Fund being reclassified as a “standard fund”, it would be open to anyone interested in investing a minimum $1,000. The BPC Investment Fund’s current offering closes on February 7, 2020, and thereafter investors can buy-in on a monthly basis at the prevailing net asset value (NAV)
REPRESENTATIVES from Bahamas-based investment firms and financial services providers attended an update by BPC chief executive, Simon Potter, and Leno Corporate Services, on the investment opportunity being made available through the firm’s mutual fund. Photo: Riel Major/ Serena Williams Media & Public Relations per share price. It will only will acquire shares in BPC resource. We therefore ini- Iraq and Iran. Which leads invest in BPC shares. at a price of £0.02 per share tiated a process via Leno us to believe that the size Mr Jones made the dis- for up to 100 million shares, Corporate Services that cre- of the anticipated resource closure as executives from which are the same pricing ated a Bahamas-domiciled would be a substantial Bahamas-based investment terms at which shares were mutual fund to provide a asset to the Government of houses and financial ser- on open offer to UK share- vehicle for investors to have The Bahamas,” Mr Potter vices providers attended holders in October 2019. the opportunity to invest in added. an invitation-only showcase Thus Bahamians are enter- BPC’s project of potentially “Even though we are a at Luciano’s of Chicago, ing the investment deal on national significance.” regarded as a small explowhere they were given pres- equal footing as the internaHe said more than $100m ration company we’ve entations by BPC chief tional investors. has been spent on geological attracted three of the world’s executive, Simon Potter, and “The Professional research to confirm the pri- leading industry partners Leno executives. Fund opened on Janu- mary targeted structure for to our project. We have an He said: “Leno estab- ary 6, 2020, and we have the exploratory well, which agreement with Seadrill for lished the investment fund now made application for is adjacent to the Cuban the provision of a drilling to provide Bahamian inves- a standard fund for inter- maritime border. The struc- rig, and the expert services tors an opportunity to ested individuals with an ture lies in the southern of renowned oil field service participate in the BPC pro- entry-level minimum initial waters of The Bahamas, is companies, Halliburton and ject. Bahamian investors investment and share price more than two times’ the Baker Hughes GE.” have equal pricing terms of $1,000.” size of New Providence, and Addressing the environwith the UK shareholdMr Potter added: “We at can potentially contain bil- mental risks, Mr Potter ers, which until now was BPC have long believed that lions of barrels of oil. said BPC had worked only available to investors Bahamians should be able to “The size of the struc- extensively with the govthrough the London Stock invest in the company and, tures and rocks involved are ernment to ensure global Exchange. in this way, have an inter- similar to those found in the standard safety procedures “The professional fund est in their own national Middle East, Saudi Arabia, are in place and regulations
met. He added that the oil explorer has spent up to $5m on researching and developing environmental sensitivity maps of coastal area habitats, fauna and flora, and sensitive receptors. “In the case of any tangible or credible threat to the environment, these maps could guide and inform anyone, including ourselves, to those sensitive areas that require immediate attention,” Mr Potter said. “In other words, it allows any responders to prioritise and maximise protection efforts in specified areas. “In April 2018, BPC submitted an Environmental Authorisation (EA) application in compliance with a new regulatory requirement. BPC’s EA application included, inter alia, an updated EIA (to that already accepted in 2012) and an Environmental Management Plan (EMP). Over and above this, the government has recently modernised and strengthened its Petroleum legislation and attendant regulations to govern oil exploration activity.” These regulations, Mr Potter said, combine best practices identified in a variety of leading jurisdictions – including new procedures and equipment requirements – to reflect the best risk management practices and mandate the use of the most up-to-date technology.
THE TRIBUNE
Monday, January 27, 2020, PAGE 5
Airport to seek extra fixed-base operator LYNDEN Pindling International Airport’s (LPIA) operator is aiming to grow its revenue streams by seeking an extra fixed-base operator (FBO) after it broke the 4m passenger mark for the first time in 2019. The Nassau Airport Development Company (NAD), in a statement issued yesterday, said it plans to expand non-aeronautical (non-aviation) revenue streams over the next five years as it bids to turn LPIA into “an economic engine” for The Bahamas. It disclosed that it will this year seek expressions of interest (EOI) in establishing an additional fixed-based operator (FBO) at LPIA - a move that responds to increased demand for airside land and the steady growth in private aircraft traffic at The Bahamas’ major aviation gateway. The FBO tender is part of NAD’s focus on growing its revenue streams. It rebranded LPIA’s concessions programme in 2019 and launched a customerfocused campaign, Your Travel, Our Pleasure, just before the holiday season. Two new duty-free retail stores opened in the US departures terminal and the domestic/international departures terminal to bolster the airport’s overall commercial portfolio. And its commercial department will also place greater focus on non-aeronautical revenue generation over the next five years. “As the aviation industry
evolves, we’re also seeking to evolve as an airport. We are considering the bigger picture looking at LPIA as an economic engine for the country,” Jan Knowles, NAD’s vice-president of marketing and commercial development said. “Top priority will be given to the creation of a landside development plan over the next two years to maximise the opportunities available in the immediate airport vicinity.” NAD confirmed that its Request for Proposal (RFP) for an airport hotel, issued last year, has yet to result in the selection of a preferred bidder despite significant interest in the project. However, it pledged to continue pursuing the possibility of having such an amenity at LPIA in the future. The airport operator did deliver on its promise to complete LPIA’s runway upgrade in time to handle the peak Christmas/New Year period’s increase in aviation traffic. NAD delivered completed major rehabilitation works on Runway 09/27 (now Runway 10/28) and Taxiway India (now Taxiway Papa). The runway was restored to service on November 29, and the taxiway on December 19, 2019. The works included a full rehabilitation of the asphalt pavement surface, extending the life of the runway, as well as installing new lighting. NAD’s progress and plans were achieved against a backdrop of 4.1m passengers
moving through its three terminals in 2019, representing an 11 percent year-over-year increase based on the calendar year. It marked the first time in its history that LPIA broke the 4m mark. The airport saw increases in all of its passenger segments, with inter-island domestic passengers up 5 percent; US passengers showing a 14 percent increase; and international non-US passengers finishing the year up 6 percent. NAD said LPIA, which remained open throughout Hurricane Dorian, accommodated some 1,155 relief flights in the storm’s aftermath and waived all landing and parking fees for those humanitarian efforts. The operator, along with manager Vantage Airport Group, and in partnership with LaGuardia Gateway Partners, created a $30,000 fund to directly support the families of NAD employees impacted by the storm. NAD also contributed $10,300 from its Give. Change. terminal collection box initiative to the Bahamas Red Cross. During the first four days of September 2019, more than 70 US and international flights were cancelled, causing an 8.7 percent decline in passenger numbers that month compared to the previous year. By October, numbers began to recover with passenger totals increasing year-over-year by 6.3 percent. Passenger numbers
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increased by 2.7 percent in November compared to 2018, and by 9.4 percent in December. Vernice Walkine, NAD’s president and chief executive, said: “For LPIA, our passenger numbers continue to recover following the disruption caused by Hurricane Dorian. Immediately after the storm, our partners at the Ministry of Tourism & Aviation, Nassau Paradise Island Promotion Board, Out Islands Promotion Board, Atlantis and Baha Mar made a comprehensive and concerted effort to market the destination to the world. “They undertook an aggressive marketing campaign to drive home the point that the country was open for business, and that the best way to support us was to continue booking vacations here.” NAD began a phased demolition of the former domestic and international terminal building in May 2019. The site will be reserved for potential future terminal expansion, and is currently wrapped in a mural hand-painted by Bahamian artist, Antonius Roberts, and his art students at the University of The Bahamas.
FROM left: Bridget Hepburn, Acting Under Secretary, Ministry of Agriculture & Marine Resources; the Hon Michael Pintard, Minister of Agriculture & Marine Resources; and British High Commissioner HE Sarah Dickson.
UK indicates support for Bahamas’ ‘Blue Economy’ THE British High Commissioner has indicated that the UK will likely support The Bahamas’ efforts to develop the so-called “Blue Economy” and greater use of technology in agriculture. Sarah Dickson shared her government’s potential backing when she paid a courtesy call on Michael Pintard, minister of agriculture and marine resources, on January 15, 2020. Mr Pintard stated his approval of a regional project that would develop a “Blue Economy” in The Bahamas, which would involve the sustainable use of ocean and marine resources to spur economic growth, job creation and improve livelihoods.
The minister also discussed the need for a marine resource strategic plan that would help the government’s objective to highlight the value of mangroves and coral reefs. Ms Dickson disclosed the UK’s interest in the work of the United Nations’ Food and Agriculture Organisation (FAO) and Inter-American Institute for Cooperation on Agriculture (IICA) in The Bahamas. She said the UK would be willing to assist The Bahamas in areas such as scholarships, long-term exchange programmes, and partnerships with scientists that would facilitate small projects and assist with technology incubator projects.
PAGE 6, Monday, January 27, 2020
Economy ‘running on 30% efficiency’ FROM PAGE ONE Vocational Institute (BTVI) for a workforce study, the results of which revealed that 60 percent of Bahamian companies view the country’s workforce as globally uncompetitive. Of the 155 companies that responded, more than 40 percent were unable to “consistently recruit local employees that meet our needs”. And another 65 percent of Bahamian businesses said finding workers equipped with the necessary literacy and numeracy skills was “a significant challenge in hiring”. Respondents said “underqualified” applicants were the main challenge they faced when trying to recruit, with a lack of soft and technical skills, plus the absence of relevant experience, also posing a major problem. And only just over ten percent of respondents viewed The Bahamas’ workforce training initiatives as a success, highlighting the disconnect between the government’s efforts and the private sector’s needs. Mr Myers told this newspaper that these results had “probably been consistent for the last 30 years”, with the public education system’s output “hitting us pretty hard” by preventing
the Bahamian economy from achieving greater gross domestic product (GDP) growth and efficiency because so many graduates lacked the basic skills - such as literacy and numeracy demanded by employers. “We have to recognise we have 7,000 young adults reaching 18 every year, and the statistics you have called off have probably been consistent for the last 30 years,” he said. “The public education system is hitting us pretty hard. It is a significant damper on GDP growth. “Until that changes, and we change the capacity of our workforce and productivity of our workforce, we’re going to see difficulties in achieving higher growth. The gross output is definitely hurt by an unproductive, untrained and unskilled workforce.” Mr Myers said too much Bahamian talent was left untapped because they were not being equipped with the tools, skills and social behaviours required to succeed in the workplace. “It’s not that our people don’t have the capacity to do it,” he told Tribune Business. “Not enough have the specific and soft skills, literacy and numeracy. The education gap correlates exactly to the gap in earnings capacity. We wonder why there’s a wealth and earnings gap. There’s a gap because the public education system is failing to provide our young talent with ability, and literacy and
THE TRIBUNE numeracy skills, to be successful in life. “Our people have all the capacity. They’re not stupid. They just haven’t been given the tools to be successful,” Mr Myers continued. “The education problem is a massive problem. It leads to problems of productivity, a lack of upward mobility in the workforce, it leads to crime and an earnings and wealth gap, and limits people’s ability to earn more. “Seventy percent of our young adults reaching the age of 18 are achieving a ‘D-’ or lower. How do you build an economy where only 30 percent of the engine is running efficiently? If you relate this to a business or machine, how do you run a business when 30 percent of the machines are running efficiently? You can’t. We’re trying to run a country on 30 percent efficiency because of decades of problems. “Let’s say the whole workforce is 200,000 people, and 70 percent of that workforce has a ‘D-’ or lower. Seventy percent of a 200,000-strong workforce are under-trained and under-educated... Successive governments have allowed our people to fall to that level, and somebody should go to jail. I think it’s despicable, it’s criminal, and extremely sad. We’ve allowed the system in its entirety to put the nation at peril, at risk.” Mr Myers said doubling the productivity of just half
Vacancy Announcement The American Embassy in Nassau is accepting applications for the following position:
Political Economic Specialist Duties: Serves as an analyst and advisor to the Section Chief on domestic and external political issues in The Bahamas. In this role, incumbent is responsible for researching and drafting reports on political issues, including trafficking in persons, human rights, religious freedom, elections and domestic politics, external relations, marginalized populations, and other issues as assigned. Incumbent is responsible for drafting the Congressionally mandated annual Human Rights, Trafficking In Persons, and Religious Freedom Reports. Incumbent has specific reporting and advocacy responsibility for socially marginalized populations. Develops and maintains an extensive range of contacts at a relatively high level in the government, political parties, private sector, media, educational institutions, and related sources. Interested candidates are required to possess the following skills and qualifications: • Education: University Degree in Political Science, Economics, Business Administration or International Law. • Experience: From five to seven years of progressively responsible experience in the fields related to political science, economics or journalism. • Language: Level 4 in English required. The complete Vacancy Announcement and Application forms are available online at: https://bs.usembassy.gov/embassy/jobs Application forms must be submitted electronically to the following email for consideration: NassauHR@state.gov. Applications will not be accepted at the Security Gate of the Embassy or by mail or other means of delivery. Deadline for applications is January 31st, 2020. Due to the high volume of applications, unsuccessful candidates will not be contacted.
of the 70 percent graduating from the public education system with “D-” or lower would produce a major boost for Bahamian GDP. He added that ORG was working on various initiatives to improve the education system in partnership with other groups and institutions, such as BTVI. While praising BTVI’s current management and vision, the ORG principal argued that it was simply unable to meet the sheer scale of The Bahamas’ vocational training needs at this time by itself. He also backed the focus by Jeff Lloyd, minister of education, on expanding preschool and early childhood education, but said more was needed. Besides introducing competition, enforcing standards and creating “partnership schools”, Mr Myers called for individual businesses and industries that provided workforce training and apprenticeship programmes to be rewarded with tax credits rather than simply hit with new and ever-increasing taxes. “Businesses should be incentivised, and not to have government wanting to such as much money out of the private sector as they can without collapsing the economy,” he told Tribune Business. “There’s no incentives, tax credits, for companies introducing training programmes for the workforce. There’s nothing.”
Outrage at Abaco tourism omission FROM PAGE ONE
a bareboat charter company in Marsh Harbour, and were excited to start our second season in business. Then, on 1 September, our lives and everyone else that lives in the Abacos were violently changed forever. “We did not ask for what came ashore on that day but we know that if we are to survive we must rebuild our homes and our businesses to do so. The resiliency and strength of the people of Abaco is unparalleled and we will prevail with or without the Ministry of Tourism. But that does not change the damage that your ministry has unnecessarily levied upon the people of our chain of islands and cays. “As I am somewhat keen on what it takes to build and maintain a web site, I know the effort it took for your people to eliminate the Abacos from all of the drop downs. The Abacos web pages are gone,” Mr Dillon added. “Mr D’Aguilar, we, the people of Abaco, are not gone. “In fact, a lot of us are here working to rebuild, and those that are not are waiting for infrastructure and our schools to be rebuilt so we can bring our families home. One must ask with trepidation if the Government of The Bahamas
is looking to shut Abaco out and tear us down even further. “Our very existence depends on tourism and second home owners, and your actions are reckless and clearly lack intelligence on the ground. There are a lot of businesses that are, in fact, open that serve our tourists and more are opening every day. “What is the plan for the Ministry of Tourism to help the Abacos come back? Do you have one? Is there a plan to assist us here or are we to make this journey on our own? I invite you to visit Abaco and to meet with the folks on the ground that are in the service and hospitality industries to learn more so you can put us back on the map that our tax dollars have already paid for.” Mr Dillon subsequently told Tribune Business: “We need to prepare a plan to illustrate the progress here, and the Ministry of Tourism needs to prepare a full-scale promotion with updates to the public on a regular basis. We are all working here focusing on next season and what we can do to look good then.” His cries were supported by James Albury, the south Abaco MP, who wrote on his Facebook page: “It’s been brought to my attention by several people that Abaco is no longer shown on the Bahamas Tourism website. I, too, agree that this is not acceptable, despite Abaco’s current state.”
THE TRIBUNE
$100m tax giveback suffers Dorian blow FROM PAGE ONE
have to reassess that now in the face of what we experienced and trying to get back on the path of fiscal consolidation as quickly as possible as required by the Fiscal Responsibility legislation. “As we said in our strategy we were looking at customs duty reductions and giving back $100m roughly in those taxes. That has to be reassessed. It doesn’t necessarily mean it’s off the table, but we have to reassess that we’re being responsible and ensure other factors are holding to give us the opportunity and room to do these kinds of things.” Acknowledging that delayed implementation of the planned tax cuts beyond 2021 is “possible”, Mr Turnquest said the government remained on target with its three-year strategy to eliminate the arrears backlog despite Dorian’s impact. His disclosure indicates that the government is conscious it needs every cent of revenue it can get in the storm’s aftermath, and will come as little surprise to many given projections of a $677.5m deficit for the current budget year along with a $1.3bn blow-out in the national debt that will take it to an all-time high of $9.5bn by the 2024-2025 fiscal period. However, it is likely to dismay many Bahamians who are likely desperate for some relief - however small from a regressive tax system that sees lower income persons bear a disproportionate share of the burden in a system that taxes the cost of living. “I think we’re actually projecting five years to get back to fiscal consolidation. It’s obviously set us back three to four years,” Mr Turnquest added of Dorian. The Government, prior to the storm, had been projecting a $137m deficit, equivalent to the one percent of GDP target set out in the Fiscal Responsibility Act, that would have kept it on the glide path towards achieving a balanced budget within the next two years. Still, Mr Turnquest revealed that the post-Dorian fiscal numbers were “tracking favourably” with the 2019-2020 deficit slightly lower than projected to-date. However, he acknowledged that this would soon come under pressure as the
Monday, January 27, 2020, PAGE 7 reconstruction pace increases and spending commitments have to be met by the government. “We are tracking favourably compared to where we anticipated to be,” the deputy prime minister told Tribune Business. “Whereas expenditure is up pretty much in line with what we were thinking, we’re tracking a bit ahead of where we anticipated to be, slightly better than projected” on the deficit. “We’re getting into the guts of the reconstruction effort, so that will require some spending,” Mr Turnquest added. “Between here and the end of the year there’s a long way to go, and a lot of commitments to meet. “We are in the people’s business. We have to ensure we maintain the basic level of service to people in terms of health, safety and security, and do those things that ensure their comfort, shelter and education as best we can. Notwithstanding those basic commitments, we’re doing our level best to control other variables.” The extra $508m borrowing authority the government will seek on Wednesday is designed to help plug the 2019-2020 deficit hole created by Dorian. Mr Turnquest, though, said the government “will evaluate” what was raised by this month’s Dorian “pledging conference” to “see what it may offset in terms of drawing down on the borrowing resolution”. He added that “the pace of reconstruction will dictate a lot” as to whether the government will need the full $508m, with the outcome of the pledging conference still to be determined and the Disaster Reconstruction Authority still assessing the needs. Mr Turnquest added that no decision had been made on whether the government would accept all or any part of the $975m offer from the US-based P3 Group, saying its proposal and associated terms needed to be better understood. The deputy prime minister explained that The P3 Group’s offer would have to “fit into those parameters” of the PPP policy unveiled by the Minnis administration last year, which set out the types of public-private partnership (PPP) projects it would entertain and the associated terms. The cost of financing, overall terms and types of projects involved, and “whether we want to utilise foreign money” were all considerations, Mr Turnquest said. “There’s a lot of work to be done to understand their offer, “ he said. “What their money is for, whether it’s debt financing, if guarantees
Request For Proposals
EXTERNAL AUDIT SERVICES YEARS ENDING 30 JUNE 2016, 2017, 2018, 2019 AND 2020
This Request for Proposal invites proposals from suitably qualified firms to conduct the annual audit of the financial statement of the Straw Market Authority (SMA) for the years ending 30 June 2016, 2017, 2018, 2019, and 2020.
are needed, and whether the funding is the best option for what we’re trying to do in terms of building back.” Some 68.7 percent of The P3 Group’s $975m proposal is devoted to entirely covering the government’s $670m post-Dorian healthcare ‘wish list’, which is broken down into $500m for a new hospital to
replace PMH; $120m for the Rand Memorial Hospital’s successor; and $50m to reconfigure Abaco’s health clinics and care system. The remaining $305m of The P3 Group’s proposal is broken down into $155m for “other essential government facilities”, such as housing schools and airports; $100m for renewable and
solar energy; and a final $50m for community-based projects. The P3 Group, a US-based commercial real estate and PPP specialist, has made it clear from the outset that its $975m “pledge” is not a donation but a loan that will have to be repaid by the government, Bahamian taxpayers and users of the new hospitals and other facilities it
would construct over time. It is really offering a traditional PPP structure whereby it would seek a return on its investment, albeit at concessionary interest rates that it says could be as low as three to four percent, although these terms would have to be negotiated should the government accept its offer.
PUBLIC HOSPITALS AUTHORITY CORPORATE OFFICE
VACANCY CHIEF INFORMATION OFFICER (CIO) The Public Hospitals Authority (PHA) invites applications from suitably qualified persons for the post of Chief Information Officer (CIO). Position Summary: The Chief Information Officer’s (CIO) role is to provide vision and leadership for developing and implementing information communication technology initiatives. The CIO directs the planning and implementation of enterprise ICT systems in support of business operations in order to improve cost effectiveness, service quality, and business development. This individual is responsible for all aspects of the organization’s information communication technology and systems. Additionally, the CIO directs and oversees the Projects Office to ensure that various programs and projects meet organization goals and requirements. In this capacity, the CIO develops and implements Project Management Office (PMO) processes and policies, directs project management staff, and works with other department leaders to define, prioritize, and develop the enterprise project portfolio. Key Accountabilities For This Role Include But Are Not Limited To The Following: • Participating in strategic and operational governance processes of the business organization as a member of the senior management team; • Leading ICT strategic and operational planning to achieve business goals by fostering innovation, prioritizing ICT initiatives, and coordinating the evaluation, deployment, and management of current and future ICT systems across the organization; • Developing and maintaining an appropriate ICT organizational structure that supports the needs of the business; • Establishing ICT departmental goals, objectives, and operating procedures. • Assessing and communicating risks associated with ICT investments; • Developing, tracking, and controlling the information technology annual operating and capital budgets; • Coordinating and facilitating consultation with stakeholders to define business and systems requirements for new technology implementations; • Reviewing hardware and software acquisition and maintenance contracts and pursue master agreements to capitalize on economies of scale; • Ensuring continuous delivery of ICT services through oversight of service level agreements with end users and monitoring of ICT systems performance; • Ensuring ICT system operation adheres to applicable laws and regulations; • Promoting and overseeing strategic relationships between internal ICT resources and external entities, including government, vendors, and partner organizations; • Supervising recruitment, development, retention, and organization of all Project Management staff in accordance with corporate budgetary objectives and personnel policies. Educational/Competency Requirements:
Prospective auditors may review the Audited Financials prior to submitting their bids. Proposals are to be submitted to the Straw Market Authority in a sealed envelope by Friday 7 FEBRUARY 2020. Proposal for Audit Services Managing Director Straw Market Authority Woods Rodgers Wharf New Providence, Bahamas
• A minimum of a Bachelor’s degree in the field of Computer Science or Business Administration; Master’s degree in one these fields preferred; • Relevant industry certification; ITIL certification preferred; • Project Management Professional (PMP) certification preferred; • Minimum of 10 years management experience at a senior level in an ICT operation and 5 years’ experience working in a healthcare or related industry preferred; • Substantial exposure to data processing, hardware platforms, enterprise software applications, and outsourced systems; • Excellent understanding of computer systems characteristics, features, and integration capabilities; • Experience with systems design and development from business requirements analysis through to day-to-day management; • In-depth knowledge of applicable laws and regulations as they relate to ICT; • Proven leadership ability; • Excellent interpersonal, written and oral communication skills; • Superior analytical, evaluative, and problem-solving abilities; • Strong negotiating skills;
Letter of application and curriculum vitae should be submitted to The Director of Human Resources, Public Hospitals Authority, Third & West Terraces, Centreville, Nassau, Bahamas or
via email: jobs@phabahamas.org no later than, Friday, February 7, 2020
PAGE 8, Monday, January 27, 2020
Climate change ‘reverse’ for real estate valuations
A BAHAMIAN realtor says climate change is reversing real estate market values “back to the era of our grandparents” with an emphasis on elevated locations away from the coast. Monica Knowles, pictured, a top producer at Bahamas
THE TRIBUNE Realty, argued that the impact of Hurricane Dorian is already changing how buyers view property. “We may be shifting back to the era in land values that our grandparents had. Rather than having low-lying beachfront properties, more people
CAREER OPPORTUNITIES Operations Manager Essential Skills • Bachelor Degree or higher in Management or relevant field. • 5+ years of management experience. • Proactively acquire data from various sources and analyze it to improve revenue, data quality and understanding for desired application and strategic direction of the business. • Be self-disciplined, organized and efficient. • Be proactive, self-sufficient and able to work with minimal supervision. • A strong work ethic with a passion for exceeding expectations. • Methodical and attentive to detail. • Good communication skills in order to deal efficiently with customer needs and to interact with management and other team members • Perform other duties as assigned.
Surveillance Manager Essential Skills • An unblemished record of high integrity with a level of trustworthiness and honesty that is suitable for both the industry and the company. • Must be able familiar with Surveillance equipment and other critical software relevant to job duties and assignments. • Must be very effective at both verbal and written communication with team members and management. • Compliance with all regulatory, governmental, and safety requirements. • Teamwork – ability to work collaboratively with other departments and leaders to complete property/corporate initiatives and effective day to day operations. • Ability to meet deadlines and effectively manage multiple priorities in a demanding work environment. • Must be computer literate with 3-5 years experience in Surveillance.
Human Resource Manager Qualifications • Minimum Bachelor Degree in Human Resource Management. • 3-5 years clerical or HR experience and/or 5+ years of management experience. • Interviewing/hiring techniques, Payroll background, Labor Relations. • Demonstrated leadership capabilities, including managing/ supervising cross-functional teams, training Team Members and Team Member relations. • Strong interpersonal skills, time management, prioritization, and multi-tasking skills required. • Basic computer knowledge (MS Word, MS Excel, MS Power Point and Email) required. Qualified individuals should submit a résumé by Friday, February 7th, 2020 to
thehires242@gmail.com
will want to build high on a hill with a view of the sea,” said Ms Knowles. “While beachfront will always be desirable for its sheer beauty, greater consideration is already being given to elevation, and it could shift even more if sea levels continue to rise and the population decides little by little to move further inland. “That could produce a major shift in values. The perfect property of the future will be ocean or water view with high elevation or a building method that involves lifting the structure to allow water to flow through.” Hurricane Dorian struck the real estate sector harder than any other when it ravaged Grand Bahama and Abaco last year, damaging nearly 9,000 homes and costing the sector more than $1bn according to an Inter-American Development Bank (IDB) report. With sea level rise projected to leave much of The Bahamas under water in the future if climate change persists, the risk to properties - especially low-lying ones - will be greater than ever. Ms Knowles advocates mapping out the physical
risks associated with properties to project potential costs and advise clients. Like buyers, she says, the best associates and brokers factor climate risk into their property portfolios. The ones who do not will be caught offguard and eventually left behind. “Identifying vulnerability is important, and there are many related to climate change that must be considered,” she said. “The value of low-lying properties is going to change slowly over a period of time as buyers become more aware of the impact of climate change.” Insurance affordability and availability will also become increasingly important in property decisions. “One thing people have to worry about is the cost of repairing and reconstructing damaged properties,” Ms Knowles added. “We all prefer to spend money improving and upgrading our houses, not restoring them to previous conditions every so often. “And with storms intensifying and happening more frequently, insurers in some
markets internationally are beginning to raise insurance premium costs. That’s a risk to people in The Bahamas as well.” The shift from coastal properties to higher ground has already began in many vulnerable areas around the world. Ms Knowles cited data from Attom Data Solutions, which showed in 2016 that US home sales in floodprone areas grew 25 percent less quickly than in counties that do not typically flood. And in 2018, she added, the First Street Foundation reported that housing values in New York, New Jersey and Connecticut dropped by $6.7bn between 2007 and 2012 because of floods and sea level rise. “This is the reality of the age we live in,” Ms Knowles said. “But with risk comes opportunity. There are mitigation strategies people can embrace to adapt. “Climate change doesn’t have to be a death sentence, but expert planning and careful consideration will be essential in preserving property values moving forward.”
THE TRIBUNE
Monday, January 27, 2020, PAGE 9
To advertise in The Tribune, contact 502-2394
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, ATTIAS SAINT REMY of Hanna Hill, Eight Mile Rock, Grand Bahama, Parent of SAINT REMY MICHEL intend to change my child’s name from SAINT REMY MICHEL to MICHEL SAINT REMY. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy 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, CORAMAE MOROLINE BUTLER of #116 India Drive, Carmichael Road, Nassau, Bahamas, intend to change my name to CORAMAE ELOISE FOX. 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, N.P., Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE NOTICE is hereby given that ROHAY LUKE ARINZE of Rosalind Street, Chippingham Nassau, 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 27th day of January 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
PUBLIC HOSPITALS AUTHORITY CORPORATE OFFICE
PUBLIC NOTICE
VACANCY
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, IAN TACOUVIE MCKINNEY of Sandy Point, P.O.Box N-10463 Abaco, Bahamas, intend to change my name from IAN TACOUVIE MCKINNEY to IAN TACOUVIE JOHNSON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
EXECUTIVE DIRECTOR FINANCE The Public Hospitals Authority (PHA) invites applications from suitably qualified individuals for the post of Executive Director Finance. Position Summary The Executive Director Finance will report directly to the Deputy Managing Director. He/she will be required to actively work with relevant executives, managers/supervisors and line staff in undertaking this job. The main objective of this role will be to strengthen the overall resource capacity and financial performance of the PHA, with a view to drive the company’s strategic financial planning and support its efforts to grow and secure new business. Key Accountabilities For This Role Include But Are Not Limited To The Following: • Provide overall strategic direction for the Finance Department of the PHA; • Monitor and direct the implementation of financial business plans; • Identify revenue opportunities and cost cutting initiatives; • Forecast staff and capital requirements; • Analyze variables and identifies areas for improvement; • A comprehensive assessment of the existing organizational structures, staffing levels, skill sets and workflows within the Finance Departments with recommendations and action plans to address deficiencies; • Review, revise and implement, as necessary, relevant policies and procedures for Revenue Cycle Management; • Reviewing and strengthening revenue and control systems throughout the PHA; • Actively participate in the implementation of the integrated Health Information Management System (iHIMS) inclusive of applications to support the Revenue Cycle (i.e. Patient Registration, Patient Accounting, Electronic Medical Records, Coding & Billing, Claims Submission & Reimbursement as well as General Financial Reporting); • Develop and implement a robust Revenue Cycle to support patient revenue generating Business Units; • Conduct Cost/Benefit Analyses for outsourcing specific services to ensure maximization of resources and efficiency; • Oversee review of all management services contracts with a view to recommend amendments as necessary; • Identify and facilitate the implementation of strategies for improving accountability, monitoring, evaluation and management reporting within the PHA, inclusive of the use of appropriate financial services performance indicators and metrics; • Develop and implement training for institutional and Agency Department Heads in the development, interpretation and use of financial reports; • Collaborate with the Chief Information Officer to promote and introduce technology based initiatives that create synergistic improvements throughout the PHA from a financial perspective. Educational/Competency Requirements: • • • •
Qualified Chartered Public Accountant (CPA) with a minimum of a Bachelor’s degree in Finance or Administration or equivalent and 10 years post qualification experience (Master’s Degree preferred); Demonstrated experience in business analysis, and implementing financial systems reforms and capacity building; and extensive experience in policy related work, planning and management; In-depth understanding of the organization and management of Public and Private organizations with a focus on Financial Service Management; Proven ability to work with team members and stakeholders from different backgrounds.
Letter of application and curriculum vitae should be submitted to The Director of Human Resources, Public Hospitals Authority, Third & West Terraces, Centreville, Nassau, Bahamas or
via email: jobs@phabahamas.org no later than, Friday, February 7, 2020
PAGE 10, Monday, January 27, 2020
THE TRIBUNE
Bahamas in Fintech ‘first for Caribbean’
FROM PAGE ONE
will also continue to work with financing recipients to ensure all obligations and financial milestones are hit. “Bahamian SMEs and start-ups will be able to engage the SBDC through the platform to connect with financial intermediaries for loans, and investors for equity funding, allowing remote interaction, thus avoiding unnecessary travel which is expensive in an island country,” the IDB paper said. “Investors who are interested in providing capital to these businesses will upload a company brief including their risk profile and investment criteria, and will be vetted and pre-approved by the SBDC and the financial regulator. “The system algorithm will match investors and entrepreneurs based on the investor’s risk appetite and investment criteria, and notifications will be triggered to both investors and businesses of a match created.” The IDB paper promised that all data on the Fintech platform, which it said promises to create an “entrepreneurial ecosystem”, would be safeguarded in line with United Nations (UN) data protection and privacy standards. “Data from SMEs and start-ups will be uploaded considering users’ privacy... as well as participating funders’ data needed on companies to screen potential investees,” it said. “For example, banks’ funding SMEs usually require a number of years in business, and certain financial ratios, which may vary for riskier sectors such as restaurants. “This Fintech platform will be the first of its kind in the Caribbean with the ability to have a closed loop of approved investors fully
MARKET REPORT www.bisxbahamas.com
(242) 323-2330
FRIDAY, 24 JANUARY 2020
(242) 323-2320
vetted by the SBDC and the financial regulator(s). This solution will assist with the visibility of loan serving as it seeks to improve the corporate governance of the businesses using the platform in their reporting requirements and business management.” The Fintech platform has been deployed in an effort to overcome the problems Bahamian SMEs frequently encounter when it comes to accessing adequate and timely financing, an issue rated second only to “an inadequately educated workforce”. “Loan application rejection rates are very high in The Bahamas – nearly 85 percent, which is much higher than in Barbados (35 percent), Belize (42 percent), or Jamaica (55 percent),” the IDB paper said. “The Bahamas financial sector’s restraint from lending to SMEs stems from two main problems, which substantiate the low risk appetite from the banks and affect the risk premium in the interest rates. One, the lack of sufficient collateral to provide coverage for a loan, and two, the lack of information provided by SMEs that is required for a loan, including appropriate accounting records, financial statements and adequate business plans, hinder a bank’s risk assessment and lead to uncertainty on the project’s expected
returns and the paying capacity of the borrower. “Commercial banks are cautious in making new loans and typically do not prioritise SMEs, preferring mortgages, consumer loans or government financing. Observing the sectoral distribution of credit in the banking system, 78 percent is categorised under personal loans, even though some of these may include those destined for small business purposes, and 12.5 percent commercial loans.” The IDB paper, adding that Accelerate Bahamas was designed to benefit 2,500 local businesses, added: “The project seeks to address the lack of access to finance by SMEs and start-ups in The Bahamas, which stems from high levels of business informality, poor record keeping, limited capacity for business management and innovation, and inadequate support provided to these businesses. “The beneficiaries of this project will be 2,500 businesses, including many companies with female participation in ownership. Most of the business that would benefit from the project will be start-ups with less than five employees and small enterprises with five to nine employees, and will include medium enterprises as well with up to 99 employees, but no large enterprises.”
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ALL SHARE INDEX: CLOSE: 2,238.53 | CHG: 5.35 | %CHG: 0.24 | YTD: 6.93 | YTD%: 0.31 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.70 2.60 2.00 5.47 12.00 6.17 4.50 11.01 2.81 5.06 10.57 7.90 16.99 9.40 3.80 15.20
52WK LOW 3.35 20.91 5.50 5.38 1.60 0.67 2.00 9.50 5.60 3.95 6.45 2.35 1.76 8.00 6.30 12.38 6.80 3.01 13.50
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
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ
1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Class A Focol Class B
CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB
PREFERENCE SHARES
1.00 10.00 1.00
1.00 10.00 1.00
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00
52WK LOW 100.00
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
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)
LAST CLOSE 3.35 17.43 6.00 6.68 2.30 1.62 3.51 11.61 6.00 4.45 6.49 3.58 4.60 11.20 7.60 15.05 9.33 3.80 15.20
CLOSE 3.35 17.43 6.00 6.68 2.30 1.62 3.80 11.61 6.00 4.45 6.49 3.58 4.60 11.25 7.60 15.05 9.33 3.80 15.20
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.29 0.00 0.00 0.00 0.00 0.00 0.00 0.05 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
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
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
VOLUME
1,315
4,565 430
VOLUME
EPS$ 0.239 0.932 1.760 0.369 0.070 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.646 0.728 0.816 0.939 0.203 0.631
DIV$ 0.170 1.260 0.000 0.260 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.434 0.060 0.328 0.240 0.540 0.200 0.120 0.610
P/E 14.0 18.7 N/M 18.1 N/M N/M -8.7 16.1 13.4 24.2 46.4 35.1 9.9 17.4 10.4 18.4 9.9 18.7 24.1
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
YIELD 5.07% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.20% 3.67% 2.70% 0.00% 12.12% 1.30% 2.92% 3.16% 3.59% 2.14% 3.16% 4.01% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75%
MATURITY 19-Oct-2022
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%
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
YTD% 12 MTH% 3.06% 3.81% 1.91% 3.39% 2.23% 2.75% 4.99% 6.20% 7.18% -0.08% 3.93% 3.93% 6.38% 6.38% 4.50% 4.50% 7.96% 7.96% 11.57% 11.57% 18.35% 18.35% 5.17% 5.17% 15.86% 15.86% 5.67% 5.67% 3.40% 3.40% N/A N/A 10.80% 2.60% 10.40% -4.00%
NAV Date 31-Oct-2019 31-Oct-2019 25-Oct-2019 30-Sep-2019 30-Sep-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019
LEGAL NOTICE
N O T I C E EXXONMOBIL RUSSIA EAST SIBERIAN SEA SERVICES LIMITED Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 18th day of December, 2019. Dated the 27th day of January, A.D., 2020. Mario Pedercini Liquidator of EXXONMOBIL RUSSIA EAST SIBERIAN SEA SERVICES LIMITED
MUTUAL FUNDS 52WK HI 2.27 4.32 2.08 194.86 158.57 1.66 1.85 1.76 1.20 8.34 10.26 6.94 12.01 12.35 10.74 10.00 8.98 11.79
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.60 1.74 1.69 1.12 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno 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
NAV 2.27 4.32 2.08 193.72 158.42 1.66 1.85 1.76 1.20 8.34 10.23 6.94 12.01 12.35 10.73 N/A 8.98 11.40
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
30-Sep-2019 30-Sep-2019 30-Sep-2019
LEGAL NOTICE
N O T I C E EXXONMOBIL RUSSIA WEST SIBERIA SERVICES LIMITED Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 18th day of December, 2019. Dated the 27th day of January, A.D., 2020. Mario Pedercini Liquidator of EXXONMOBIL RUSSIA WEST SIBERIA SERVICES LIMITED
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333