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BPL executives Tourism chief targets brush off ‘game top US safety ranking plan’ challenge By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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CABINET minister yesterday pledged to put US crime warnings on “a continued downward trend of severity” that will lead to The Bahamas being rated among the world’s safest nations. Dionisio D’Aguilar, minister of tourism, told Tribune Business that the language used in the US State Department’s latest travel advisory remained “far too severe” despite giving The Bahamas credit for improvements made to visitor security. Pledging to “work harder” with the US Embassy and ensure this nation is upgraded to “Level One”, the safest designation that the State Department awards foreign countries, Mr D’Aguilar acknowledged: “We have our work cut out for us.” He admitted that he was especially concerned about the widespread media coverage that the travel advisory has received in the US, the source market for around percent of The Bahamas’ total visitors, where it has been featured on local TV stations, websites and print media. A Tampa TV station, Fox 13, even carried quotes
• D’Aguilar pledges ‘downward trend of severity’ • But admits ‘work cut out’ on US crime warning • Especially concerned at US media coverage
DIONISIO D’AGUILAR from a soon-to-be-visitor to The Bahamas on its website about how she may change her itinerary in response. While not deterred from her vacation, Terris Ross said she was “definitely going to take heed of the warning. And maybe be more aware of my surroundings”. Jet skiing, part of her original plans, was likely to be out. Mr D’Aguilar, arguing that it was impossible to measure the impact of such advisories on Americans’ willingness to come to The Bahamas and their plans once they get here, reiterated that “99.99 percent” of the six million visitors
that come to The Bahamas enjoy a crime and incidentfree vacation. Echoing Ed Fields, the Downtown Nassau Partnership (DNP) managing director and Atlantis spokesman, the minister of tourism said such travel advisories and warnings of crime needed to be set in that context and reflect the reality on the ground in The Bahamas. “Naturally it’s concerning,” Mr D’Aguilar told Tribune Business of the elevated level of US media coverage. “It’s surprising that it got as much traction as it did given that certain sections of the verbiage was
better this year than it was last year. “I contend that the verbiage is still too strong, and we’re going to work diligently in softening the verbiage... These travel advisories are very important, and show we must work harder and closer with the US Embassy to ensure that, over time, there’s a continued downward trend in the security of the warnings. “Our goal should be to go from ‘Level two’ to ‘Level one’. What do we have to do to do that, given that we have so many tourists. That’s what we will do. We have our work cut out for us, and it involves a number of ministries, not just the minister of tourism and Ministry of Tourism. “There are a number of other ministries involved in getting to this goal. I can’t wait to get back and get on with it.” So-called “Level one” nations are those where the US State Department says Americans can “exercise normal precautions” when travelling. The Bahamas, though, is currently “Level two”,
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BPL vendors ‘fall through cracks’ in payment delay By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMAS Power & Light’s (BPL) chairman yesterday admitted some vendors had suffered payment delays because they had “fallen through the cracks” with its new procurement system. Dr Donovan Moxey pledged to Tribune Business that the state-owned energy monopoly was moving “as quickly as possible” to ensure all outstanding amounts were paid, adding that BPL valued all contractor relationships. He said BPL’s $95m deal with Wartsila for 132 megawatts (MW) of new generation capacity for New Providence had no impact on BPL’s ability to meet due supplier/vendor
• Shift to new procurement system blamed • Utility’s chair confident $95m deal ‘covered’ • Load shed fear until new 132MW in place
DR DONOVAN MOXEY payments, refuting suggestions that the financial burden this has imposed on the cash-strapped utility is responsible for the payment delays. “Part of that issue with
them not being paid on time is that we’re working internally to strengthen procurement system processes, and some vendors fell through the cracks,” Dr Moxey confirmed to this newspaper. “That contributed to the delays in their being paid. “We’re working as quickly as we can to make sure they’re paid. We want to maintain vendor relationships. We’ve been putting in a brand new procurement system at BPL, a new P/O (purchase order) system, and working to get that up and running - and operational - as
quickly as possible.” Dr Moxey was responding to concerns that the financing costs associated with the $95m generation deal were responsible for delayed vendor payments, having further burdening a weakened BPL that is struggling to cope with multiple years of $20m-plus losses. One source close to BPL, speaking on condition of anonymity, had told this newspaper: “Plenty contractors are on their case. They owe a lot of small contractors who can ill-afford
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By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net BAHAMAS Power & Light (BPL) executives yesterday brushed off questions about their “game plan” as they moved to “fast track” the $95m installation of 132 megawatts (MW) in new power generation. The state-owned utility confirmed it had contracted Wärtsilä to supply and install seven new engines in an unused section of its Clifton Pier power plant in a bid to reduce energy costs, eliminate load shedding and blackouts, and boost supply security by ultimately ending reliance on rental generation. The move, though, was immediately challenged by Bahamas Electrical Workers Union (BEWU) president, Paul Maynard, who yesterday argued that there was local expertise available to install the Wartsila engines. He told Tribune Business: “We have the expertise here
that can help them put the engines together. If we’re paying for the engines they can’t tell us what we can and can’t do. Bahamians have to be able to benefit. This isn’t a freebie; we’re paying $95m that BEC can’t afford. “They haven’t even come to the unions and said what is the game plan. Who is going to operate these engines? You don’t have anyone trained to operate the engines and fix them. I’m, talking about the workers at BPL. What are they saying? Over time something goes wrong, they have to bring these people in to fix these engines, paying them more money on top of the $95m we are already paying. That’s foolishness.” Edmund Philips, Wärtsilä’s business development manager, yesterday said the engines are manufactured in Italy and expected to be shipped at the end of the month. “They will take two months to arrive. Installation will take about four
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Vacation rental bookings increase 37% for January By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas maintained its strong tourism performance through January 2019 with total air departures from Nassau and Airbnb bookings both up by “double digits” year-over-year. The Central Bank of The Bahamas, unveiling its economic developments report for that month, revealed that departures from Lynden Pindling International Airport (LPIA) were up by 22.1 percent for foreign and nonresident travellers. In addition, data from AirDNA, which analyses data from Airbnb vacation rental bookings, disclosed that there was a 37 percent advance in total listed bookings, while those for an entire home and private rooms were ahead by 35 percent and 45 percent, respectively. “More recent developments for January 2019 from the Nassau Airport Development Company
(NAD), revealed that total departures through the main airport - net of domestic passengers -firmed by 22.1 percent, outstripping the eight percent increase a year earlier,” the Central Bank found. “In particular, US departures firmed by 24.5 percent vis-à-vis a 7.2 percent advance in 2018, while non-US international departures expanded by 11.1 percent after a similar gain a year earlier.” As for vacation rentals, it added: “Preliminary indicators for the short-term rental market in January were also improved, as data from AirDNA showed a 37 percent advance in total booked listings relative to the same period in 2018, with gains in both entire place bookings (34.9 percent) and private room bookings (44.9 percent). “Meanwhile, the ADR (average daily room rate) for hotel comparable listings - which is more comparable across
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BISX-listed Fund targeting $1m Financial Centre boost By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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THE BISX-listed Bahamas Property Fund is “looking to grow again” in 2019 through potential acquisitions and rental prospects following a $1.232m “bottom line” turnaround. Michael Anderson, pictured, president of RoyalFidelity Merchant Bank and Trust, which acts as the Fund’s administrator, told Tribune Business yesterday it is targeting a $1m profit boost from leasing 20,000 square feet of space at the Bahamas Financial Centre. Besides the possibility of significantly reducing a 35 percent vacancy rate at its flagship property, Mr Anderson said the real estate investment trust (REIT) was eyeing two separate acquisitions “outside of town” in western New Providence. He added that it was also
• Property Fund aims ‘to grow again’ in 2019 • Eyes two west New Providence acquisitions • And 30-50% energy cost cut from solar plan
seeking to “become more of a green-based Property Fund” through the installation of solar panels on its properties’ rooftops, beginning with the downtown Nassau-based Financial Centre, amid advisers’ suggestions that this could slash energy costs by between 30-50 percent. The RoyalFidelity chief confirmed that the Bahamas
Property Fund also intended to “get back on” plans to develop a parking garage to relieve downtown Nassau’s chronic parking woes, and was “still in discussions” over one particular site. Describing 2018 as “more of a consolidation year” for the fund following successive years of higher vacancy rates and reduced property valuations, Mr Anderson branded the financial results for the 12 months to endDecember as “not great” despite the return to profitability. The fund, which pooled investor monies to acquire a three-strong portfolio featuring the Bahamas Financial Centre, Paradise Island’s One Marina Drive
and Providence House on East Hill Street, reversed the prior year’s $699,384 loss into a $532,781 profit. This was largely achieved through a $600,000 increase in Providence House’s value due to RoyalFidelity, its administrator, signing an agreement to become the property’s major tenant and return it to 100 percent occupancy. This compared to a $1.85m loss on the value of the Property Fund’s entire real estate holdings the year before. Still, Mr Anderson said last year had established the platform for further gains that the Property Fund plans to realise in 2019. “We
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PAGE 2, Tuesday, March 5, 2019 A FREEPORT-based processor of oil and other ships’ waste plans to quadruple its capacity after being selected for financial and technical assistance by the Inter-American Development Bank (IDB). Clean Marine Group and its patented technology, which breaks down oil and water emulsions and processes contaminated water, was among five Caribbean winners selected by the IDB as part of its the Blue Tech Challenge. “With a capacity to process in excess of 50 million gallons of waste from cruise ships and other commercial vessels every year, the facility will now be expanded to receive up to 200 million gallons per annum,” the IDB said of the forthcoming benefits to Clean Marine Group. The company is developing a “MARPOL1 Port reception facility” in Freeport, with MARPOL standing for the International Convention for the Prevention of Pollution
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Freeport firm to quadruple ships’ waste reprocessing from Ships. It describes its mission as to “protect the marine environment by collecting and processing waste oils, oily mixtures, effluent and other waste streams from the normal operation of ships”. Clean Marine Group’s website says of its project: “Clean Marine Group has secured the Grand Bahama Port Authority license to operate a MARPOL port reception Facility in Freeport Harbour. “Our plant has emissions below the world’s most stringent environmental levels, with 97 percent of the oil recovered being recycled and 100 percent of the waste water being recovered
to a potable state. “Our hydrocarbon recovery plant and tank farm will have capacity to process 120,000 tons of oily waste per annum.” Clean Marine Group says full details of its facility, which is intended to service The Bahamas, US east coast and wider Caribbean, will be published in “early 2019”. Describing how its process works, the company says all a ship’s “slops, tank washings, effluent and oily wastes” will be offloaded into a barge. From there, the waste’s composition will be tested to determine the best treatment and end usage.
“Resulting outputs are a commodity standard IFO180 oil, decanted sludge and potable water for re-use,” it added. Clean Marine Group was selected as one of five winners, the others coming from Barbados, Belize, Haiti and St Lucia, by the IDB operating through its IDB Lab, Natural Capital Lab and Sustainable Islands Platform, in alliance with the Compete Caribbean Partnership Facility. The Blue-Tech Challenge, which was launched in September 2018 and closed for applicants on November 30, aimed to identify businesses that apply new technologies or solutions
to facilitate the longterm sustainability of the ocean economy across the Caribbean. Fifty applications were submitted by persons or groups in 12 of the 14 target Caribbean countries, with proposals focusing on topics such as recycling, pollution, sargassum reuse, marine exploration, clean energy and coral restoration. The applications were evaluated by criteria such as the level of innovation; level of social and environmental impact; scalability potential; financial sustainability; and viability of execution. Due diligence on the applicants was
conducted by IDB specialists, together with members of a Blue-Tech advisory panel from the University of West Indies, Food and Agriculture Organization (FAO), MIT Media Lab, National Geographic, Surfing Tsunamis, Althelia Ocean Fund, and IDB Invest. The selected entities, including Clean Marine Group, will now initiate project design for their financing and/or technical assistance proposals. These are now part of the IDB’s network of global innovators in the region, and poised to exchange knowledge, expertise and best practices.
Contractor registrar pledges to get regulation right ‘first time’ THE government is moving swiftly to develop the regulations that will underpin the Construction Contractors Act and bring it into force, the contractors’ registrar promised yesterday. Omar Archer, in a statement, urged contractors to be patient as the government was determined “to get this right the first time”. He added that the Attorney General’s Office and Elsworth Johnson, minister of state for legal affairs, were now working with the Ministry of Works to develop the necessary regulations, and accompanying policies and procedures. The contractors’ registrar also moved to clarify that the minister of works, who has ministerial responsibility for the construction
industry, will be responsible for making regulations. Mr Archer said some members of the Bahamian Contractors Association (BCA) and Move Forward Contractors Association (MFCA), the two industry bodies, had incorrectly believed the Construction Contractors Board would fulfill this task. “I found that persons were of the opinion that, once the board is established, that the board would draft the regulations, policies and procedures,” Mr Archer said. “However, section 40 of the Act clearly states: ‘The minister, on the advice of the board, shall make regulations’.” He added that the board, which will self-regulate the construction industry, will help shape the regulations
but their ultimate crafting will be the government’s responsibility. “Once the initial draft has been completed, then that will be presented to the board and the various contractors associations along with other government entities that are directly or indirectly concerned with construction for a 30-day consultation period,” Mr Archer said of the regulations. “When the consultation period is completed, then it goes back to the Attorney General’s Office for final amendments.” Mr Archer added that he planned to consolidate the 22 groups of contractors listed by the Act into four groups - building contractors, civil works contractors, electrical
contractors and mechanical contractors. Contractors will also be placed in a tier system, from one to four. Their ranking will be decided by an accreditation committee and, through this, builders will gain experience via training seminars and trade exhibitions. They will, for the first time, be recognised locally and internationally as licensed building contractors. “The Construction Contractors Board, once established, will provide specific and expedient remedies for complaints through a disciplinary board that could suspend or revoke the license of a contractor and/or impose fines,” Mr Archer said. “On October 28, 2018, my office received a list of potential board appointees.
CONTRACTOR REGISTRAR OMAR ARCHER These are individuals who have been nominated by both the BCA and MFCA for the minister’s consideration. My office engaged in
a two-month vetting process prior to forwarding such names to the minister’s attention in early January of this year.”
FLORIDA HOSPITAL APPOINTS BAHAMAS REPRESENTATIVE CLEVELAND Clinic Florida, a leading hospital in the Miami-Fort Lauderdale area, has named Shenika Nesbitt as its representative in The Bahamas. She will be representing Cleveland Clinic’s Global Patient Services (GPS) division, and will be the point of contact for Bahamians interested in accessing the hospital system’s specialised medical services in both Florida and Ohio. Based in The Bahamas, Ms Nesbitt will also be responsible for maintaining and developing relationships with referral networks and identifying business development opportunities. “We are very pleased to announce that after decades of serving the Bahamian community with a full range of health care services, Cleveland Clinic Florida will provide another level of comfort with the addition of a trusted Bahamian professional, Shenika Nesbitt, as our global patient services representative in The Bahamas,” said Rodolfo J Blandon, president of Cleveland Clinic Florida. “For a Bahamian citizen or resident seeking medical services abroad, it helps to be able to count on a trusted, familiar face who can take care of all of the arrangements, giving them the peace of mind they need so they can focus on getting better.”
SHENIKA NESBITT Ms Nesbitt will also extend Cleveland Clinic’s reach to the medical community by providing continuing education opportunities and training to health professionals. “If I can make a patient’s medical journey smoother, and relieve that individual and his or her family
of some of the stress at a time when focus must be on wellness, I will be doing the work I was born to do,” said Ms Nesbitt. “I am very excited about the next chapter of helping fellow Bahamians who are able to receive world-class care at an amazing facility like Cleveland Clinic Florida.”
LAW FIRM SAILS OFF WITH AWARD A BAHAMIAN law firm has been honoured as 2019’s Shipping and Maritime Firm of the Year in the Lawyers World awards. Kenra Parris-Whittaker, a partner in ParrisWhittaker, a Freeport-based boutique law firm, said: “We remain
delighted that our work is recognised by international bodies. We are passionate about the development of maritime law globally, but we are delighted when we can be a part of the select few that help shape the maritime legal landscape.”
ParrisWhittaker advises clients ranging from individual crew members to major international shipping corporations. It deals with matters involving personal injury suits, vessel arrests and maritime lien disputes. The award was presented yesterday.
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Tuesday, March 5, 2019, PAGE 3
Limited payment options hit BPL Out Island clients By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net BAHAMAS Power & Light’s (BPL) chief executive yesterday conceded that limited payment options may have exacerbated unpaid customer bills in some Family Islands. Whitney Heastie, speaking as BPL unveiled its $95m deal with Wärtsilä for new generation capacity in New Providence, told Tribune Business: “I know that it’s been a challenge in the
Out Islands around BPL not having the proper outlets for payment receipt. I don’t think it’s been around customer willingness to pay. “A lot of the banks have closed on the islands and, certainly, when you get to some of the southern islands we don’t even have regular collections. We have just sort of stayed away from collections for so long that the campaign we recently did in the southern Bahamas was to really get in front of all of this and give people a ‘heads up’.”
Mr Heastie was unable to say how much BPL is owed by customers in the Family Islands. The utility has advised customers they could be left in darkness for failing to adequately pay their bills from March 15, and has undertaken a full-scale media campaign to advise that mass disconnections are coming. Some of the constituencies to be targeted include Exuma and Ragged Island and MICAL. Pedro Rolle, the Exuma Chamber of Commerce’s president, suggested in an interview with Tribune
Business on Monday that small businesses in remote Family Islands agree with BPL to pay a fixed monthly sum that is based on their historical energy usage. This, he argued, would transform electricity from a variable to a fixed, predictable cost for small businesses, start-ups and entrepreneurs, thereby preventing them from running up huge power bills they are unable to afford. Mr Rolle explained that this fixed monthly sum could be adjusted annually according to each business’
consumption patterns, with an additional charge/credit given if the prior year’s usage underestimated or exceeded what had been agreed. To this, Mr Heastie responded: “I think that what we want to be looking at is more balanced billing. I think what is catching customers sort of off-guard is when their bills go up disproportionately to what they would anticipate. That’s simply a matter of kilowatt hours consumed. “We would have to check with the regulator (URCA)
to see if we could do this. We would level off someone’s bills over 12 months and, at end of that, you have what’s called a trueup, where you make a slight adjustment up or down. “We know in summer people use more electricity and, in the winter, they burn less, so you sort of average that over a 12 month-period and that’s what they would pay. If that’s what’s being referenced then that is something we should be looking at and be talking to our regulator about.”
BPL XMAS RECONNECTION OFFER BELOW EXPECTATIONS By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net BAHAMAS Power & Light’s (BPL) chief executive yesterday said its Christmas reconnection offer had not produced the expected customer response, saying: “We’re not sure exactly why that was.” Whitney Heastie told Tribune Business: “We did not get the volumes that we would have anticipated. I can’t recall the numbers, but it certainly was not earth-shattering. We’re not sure exactly what that means; whether or not people were still not in a position to come up with the 25 percent or they simply saw the agreement as another burden. We’re not sure exactly why that was.” BPL’s Christmas reconnection offer allowed customers whose electricity supply had been disconnected to have their
power restored in time for the holidays if they paid 25 percent of their past due balance. Customers with more than 60 days in arrears were also given the opportunity to pay 25 percent of past due balances prior to December 21 to avoid disconnection before Christmas. BPL chairman, Dr Donovan Moxey, said at the time that 15,000 BPL customers will be able to benefit from the utility’s offer. He added that about 4,000 or 5,000 people were disconnected, and 7,000 to 8,000 or more were in arrears.
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PAGE 4, Tuesday, March 5, 2019
Tourism chief targets top US safety ranking FROM PAGE ONE meaning Americans should “exercise increased caution”. Mr D’Aguilar yesterday said he was particularly vexed by the “very strong words” employed in the latest advisory’s opening sentence, where it said: “Violent crime, such as burglaries, armed robberies, and sexual assault, is common, even during the day and in tourist areas.” This, he argued, created the impression that such crimes were relatively common occurrences even though evidence such as crime statistics did not bear this out. “It seems a bit harsh to me,” he told Tribune Business. “I don’t think that’s true. I’m sure there are isolated incidents, but that comment was made with such ferocity.” Mr Fields, in yesterday’s Insight column in The Tribune, said the 43 offences recorded against visitors to The Bahamas in 2018 showed there was a 0.00000717 percent chance of tourists becoming a victim of crime. Elements of the US travel advisory are outdated, as it refers to a shooting incident at the Sand Trap bar on West Bay Street in 2016, which no longer exists. And The Bahamas was given
a grudging improvement, with Americans now urged to “exercise caution” at the Arawak Cay Fish Fry and in Over-the-Hill areas “especially at night”, rather than avoid them altogether as previous advisories had recommended. However, the US travel advisories seem to set the tone for other countries and tourism industry players, with both Canada and the cruise lines seemingly basing their own warnings on the State Department’s missive. Mr D’Aguilar said the cruise industry had informed him they will no longer quote from, or refer, to the US travel advisories in its messages to passengers, and will only direct them to it if asked. “These travel advisories seem to take on a shortterm life,” he said, adding that the US embassy had blamed Bahamian media coverage for why the advisory had been picked up back home and was attracting so much attention there. Suggesting that the US state department was covering itself against the possibility Americans might blame their government for becoming victims of crime overseas if there were no advance warnings, Mr D’Aguilar added that “99.99 percent of tourists that come to The Bahamas
experience no crime and leave unscathed. “That’s not to say we can’t do better,” he said. “There are certain areas where we are weak and need to improve, but that can be said about any destination.” The Bahamas Hotel and Tourism Association (BHTA), in a statement issued to Tribune Business yesterday, said it “fully appreciates the impact a crime warning has on any jurisdiction” and will continue to work with private and public sector agencies - including the US embassy - “to address any concerns”. “The BHTA recognises the fact that our ability to provide and promote a safe, clean and enjoyable environment for visitors and locals is key to attracting guests to our destination and to delivering an ambiance where locals and visitors can fully appreciate the unique beauty, culture and history of the country, and to enjoy the genuine warmth and hospitable nature of Bahamians,” it said. “We further recognise The Bahamas is not alone in its efforts to protect its citizenry and transient guests, and that safety and security remains a high priority for all countries including, but not limited to, the United States of
America, Canada, Europe, Asia and the Caribbean. “The BHTA applauds the efforts of the private and public sector - the Royal Bahamas Police Force (RBPF); tourism businesses; and the individuals within these organisations - who work diligently to provide the best possible experience for visitors,” the BHTA continued. “We acknowledge the fact that any incident which threatens the safety of visitors and/or locals is ‘one too many’, and are pleased to see reports that incidents of serious crime, which largely impacts our local population, is on the decline, while crimes against visitors are minimal given the number of annual visitors to our islands. “We fully appreciate the impact a crime warning has on any jurisdiction, and will continue to engage with partners in both the private and public sector, the Ministry of Tourism and US officials - including the US Embassy - to address issues of concern.” The BHTA said a “collective approach to common issues”, similar to that used to deal with past hurricanes, “will see a mitigation, if not elimination, of public communications such as that which was recently released by the US Embassy”.
BISX-listed Fund targeting $1m Financial Centre boost FROM PAGE ONE have at the moment two potential tenants for the Financial Centre who collectively want about 20,000 square feet of space,” he revealed to Tribune Business. “It has about 35,000 square feet that is vacant, so to lease 20,000 square feet would be a great step. For every 10,000 square feet rented it’s about a $500,000 contribution to the bottom line. To rent out 20,000
square feet would be an additional $1m contribution to the bottom line. “That’s what we’re looking to tie down. We have offers out and just need to get them finalised. We’re in that process. It’s never cut and dried, but we have two active inquiries we’re working on. They’re fairly serious inquiries. We are seeing more interest in the Financial Centre.” The Charlotte Streetbased Financial Centre, with its back-up power and significant redundancy
capabilities, is a purposebuilt property targeted at the financial services industry and others who need such capacity. The Bahamian financial services industry’s slow decline, together with the 2008-2009 recession and subsequent weak commercial property market, dropped the Financial Centre’s occupancy rate to where it has now stabilised at roughly two-thirds. It has also been hit by increased competition from rival commercial/office building developments in western New Providence. Nevertheless, Mr Anderson said the hoped-for lease of 20,000 square feet at the Financial Centre would provide the springboard for the Property Fund’s growth rebound in 2019. “We’re in the market again,” he told Tribune Business. “There are two properties we’re looking at, and we’re looking at the downtown parking garage in terms of getting that done. We are looking at how to grow the Property
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Fund again.” The RoyalFidelity chief revealed that the BISXlisted Fund was speaking to “two potential providers” of rooftop solar panels for its properties as part of a strategy to embrace renewable energy, reduce electricity costs and “go green”. The initiative, which will likely launch in 2019’s second half, will start at the Financial Centre and determine how much rooftop space is available for generating the desired amount of solar energy. Should it prove successful, the plan will be rolled out to both Providence House and One Marina Drive. “They’ve had this idea that they can cut electricity costs between 30-50 percent if they put those panels on the roof,” Mr Anderson said of the providers. “There’s a certain cost to putting those panels in, but cost recovery will take between five to seven years.” The Property Fund’s tenants will also benefit from reduced energy costs, and Mr Anderson served notice of its intention to push forward with long-held plans to develop a downtown Nassau parking garage. “We’re still discussing the same site we have been for the last six to nine months,” he said. “We’re looking to move it. Some of the parties involved are not as easy to move as others. There’s also a timing issue. We need to get back on it.” Mr Anderson explained that much of the Property Fund’s plans depended on, and will flow from, the
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BPL executives brush off ‘game plan’ challenge FROM PAGE ONE months,” he said. Mr Philips said that while 13-15 months is the typical timeframe for such an installation, the Clifton project has been fast-tracked to nine months. “All works will be managed by Wärtsilä and we will use local staff where applicable. We will always seek local labour first,” he added. “If we can’t find local help we will bring in international help with the requisite experience to install the engines.” Mr Philips added that Wärtsilä has already begun interviewing for local professionals with the necessary skill sets. “That process has started. We have interviewed many local engineering companies. We have selected local civil engineering companies to do the civil works, but there is just no electro-mechanical skill set on the island,” he added. BPL’s chief executive, Whitney Heastie, said: “We have to keep in mind that four-strike engines are completely different from two-stroke engines. We are going to have to make sure we fully rely on the experts to do what they do best. We do not have anyone in BPL today that would understand Wärtsilä four-stroke engines. We are relying on Wärtsilä to ensure that whatever they do here matches what they do around the world.” Mr Heastie said BPL had contracted Wärtsilä to install a 132 MW of power generation at Clifton Pier. “The total cost is approximately $95m, and will be located in the existing station A building at Clifton Pier, which has recently been stripped of the four 1980 vintage two-stroke engines and auxiliary equipment that has been out of service since 2016,” he said. “Currently several engineering works and upgrades are being completed so that Station A can accommodate the new seven high efficiency Wärtsilä engines. The new plant will be tri-fuel, capable of using heavy fuel oil, diesel, and liquefied natural gas when it becomes
locally available. “This flexibility of the new plant is an important step to ensure an energy and price security for The Bahamas. When this project is completed the customer will see a substantial improvement in the power generation reliability in New Providence and a lower fuel charge on their monthly billing. The lower fuel charge will result from both the use of more efficient generation along with the ability to burn lower priced fuel.” Mr Heastie said the new generating assets will allow BPL to “close the chapter” on rental generation in New Providence, which began in 2011. “Installation will be completed by the end of summer 2019,” he added. “With this partnership BPL is confirming its commitment to install additional generating capacity as quickly as possibly in order to meet demand and, at the same time, replace existing low efficiency generating assets. We are confident that as a technology leader in energy solutions, and as an experienced engineering procurement and construction contractor, Wärtsilä will meet our expectations for this project.” Mr Heastie said that Shell North America, with which BPL has signed a Memorandum of Understanding (MoU) for a multi-fuel power plant for New Providence by 2022, was “integrally involved” in the process to select Wärtsilä . “They went out and did the tendering for us. They were the ones who recommended Wärtsilä. They have been along with us the entire way of the process,” he added. Mr Heastie further explained that the 132 MW is a part of the 220 MW that will be incorporated into Shell’s plant, and said: “There is still 90 MW that Shell committed to build.” Mr Heastie said BPL has been paying under $2m a month for rental generation units, adding that consumers have been paying significant sums on their energy bills as a result of these rental units.
potential rental of the 20,000 square feet at the Financial Centre. “What we want to do is make sure we have the cash flows coming in strongly to support any leverage we take on for the acquisitions,” he explained. “Ideally, we would get those leases sorted out and move forward with the acquisitions. It will be more the second half of 2019. The properties involved are more out west. We are starting to go outside of town. “We’re very positive about the recovery of the fund. It’s been through a rough time eve since we saw the start of the decline in 2009, particularly in the offshore banking space. We saw more and more space given up by the offshore banks in that period, but this is the first real sign of people coming back into the market.” Mr Anderson said RoyalFidelity’s rental of
Providence House, and the anticipated Financial Centre leases, would boost the Property Fund’s rental income while also reduce the Common Area Maintenance (CAM) costs it has to pick up for the vacant space across its properties. The Property Fund’s CAM costs jumped by 42.3 percent to $1.913m in 2018, but Mr Anderson said they had come down appreciably in the fourth quarter due to the agreement for Providence House to be fully leased once again being signed on November 1. While One Marina Drive remains only 50 percent occupied, the RoyalFidelity chief said its impact was minimised by its relatively small size at 25,000 square feet. “If we rent out 20,000 square feet at the Financial Centre it really offsets any negative impact from One Marina Drive almost,” he added.
GATE CLOSURE The south shore side gate on the foot path to Alpha Sierra, Frys Mangrove, Elbow Cay, Abaco WILL BE CLOSED to all traffic from Noon on March 15th to noon on March 16th each year.
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THE TRIBUNE
Tuesday, March 5, 2019, PAGE 5
BPL vendors ‘fall through cracks’... FROM PAGE ONE to be owed. They’re [BPL] taking from Peter to pay Paul. “You have contractors out there annoyed because they’re doing work and not getting paid. The only ones getting paid are the foreign contractors, Wartsila and BWSC (Burmeister)... All the contractors are having problems with the situation. They’re complaining no end to anyone who will listen to them. They need to get that under control.” Dr Moxey, meanwhile, denied that there was any connection between delayed contractor payments and the financing obligations BPL has taken on as a result of the $95m generation deal. “We’re fine with that,” he said of the arrangement with Wartsila. “We would not have taken this on if we weren’t, so we’re fine with that.” The BPL chairman, though, declined to provide details on where the $95m financing was coming from. Asked whether it was coming, wholly or in part, from the $100m short-term financing BPL took out last year; vendor financing from either Shell or Wartsila; BPL’s customers or Bahamian taxpayers, Dr Moxey replied: “I’m not going to get into the details of that. “We are covered in terms of covering those obligations we have made. We don’t want to get into the details of how we’re doing that at this time.” Whitney Heastie, BPL’s chief executive, also failed to give specifics when formally unveiling the Wartsila deal yesterday, although he said the necessary financing had been secured by reallocating funds previously earmarked for non-essential capital projects. “We were able to push aside a lot of capital projects that we decided to forego doing,” Mr Heastie said. He did not identify which works will be impacted, but said a great percentage of
the funds allocated had been directed to the Wärtsilä deal. “We had to reprioritise,” he explained. “Things that are going to negatively impact our customers we said we have to get done; things like maintenance, because we know that will come back to haunt us in summer time. “There are things that we would like to do, but not necessarily have to do, and we said we would hold off on those investments to ensure that we have the generating assets on the ground to cover what we need for the long-term.” Many observers, though, were yesterday questioning how BPL has obtained funding for such a deal given its perilous financial position. Saddled with around $350m in bank and bond debt; a $100m unfunded pension liability; and multi-million environmental clean-up costs, not to mention its regular $20m annual losses, the utility has yet to refinance these with the long-promised Rate Reduction Bond (RRB). BPL contacts, speaking on condition of anonymity, suggested yesterday that the board and management had gone “all in” on the Wartsila deal in the hope of addressing New Providence’s long-standing generation crisis which only appears to be getting worse. The state-owned utility has frequently load shed already this year, an unusual development in the winter months when energy demand is at its lowest, and a bad sign for the peak summer periods. The seven Wartsila engines, and their 132 MW capacity, will only be in operation by the “end of summer” 2019, raising questions about what will happen in the next six to seven months prior to that. “We’re putting in plans to address that,” Dr Moxey promised yesterday. “We’re doing everything we can to avoid load shedding in summer and ensure we have adequate generation supply
for our customers. We understand we’re coming into the summer time and are doing everything we can to minimise load shedding activity.” The 132 MW of new generation capacity, which will be incorporated into Shell North America’s new multi-fuel power plant for New Providence by 2022, is also intended to end New Providence’s eight-year need for temporary generation capacity. However, Tribune Business sources yesterday suggested BPL is still seeking additional rental generation units to help it get through the next few months, amid concerns that the Wartsila deal will divert much-needed funds from projects such as hurricane preparedness. “What happens when a hurricane comes?” one contact, speaking on condition of anonymity, asked. “What’s happening now is that BPL is having serious problems getting anything done. It is struggling to pay its bills. It’s having a serious cash flow problem because everything has been diverted to Clifton Pier. “The consequences are that BPL is not going to be ready for the hurricane, just to get these engines on stream, and its still going to have to load shed this summer. BPL has a serious, and absolutely critical, cash flow problem.” The Wartsila deal appears remarkably similar to a proposal that helped split the former BPL Board under ex-chairman, Darnell Osborne. Mr Heastie and Patrick Rollins, who is still BPL’s executive director, had proposed using the utility’s $100m short-term financing line to fund 100 MW of new generation capacity at Clifton Pier. This was intended to bridge the “three-year gap” to Shell North America’s new multi-fuel power plant, and give Bahamians earlier relief from cripplingly high energy bills. But the BPL Board’s finance committee - made up of Mrs Osborne and her ally, Nicola Thompson - shut the plan down on the basis that the utility had insufficient cash flow to finance construction.
Vacation rental bookings increase 37% for January FROM PAGE ONE periods - firmed by five percent to $142.40. However, the ADR for entire place listings decreased by 1.7 percent to $330.35.” The Central Bank report continued: “A breakdown of the short-term rental data revealed that the dominant New Providence market noted gains in both the entire place and private room bookings, of 23.7 percent and 25.8 percent, respectively, although increased competition contributed to the decline in the respective ADRs by 9.0 percent and 2.1 percent to $266.46 and $118.18. “Away from the capital, the majority of the listings relate to the entire place category. In Exuma, the
inventory for this segment rose by 43.8 percent, while the associated ADR firmed by 19 percent to $406. “Similarly, in Abaco and Grand Bahama, entire place listings advanced by 32.7 percent and 50 percent, respectively. Conversely, the ADR for Abaco and Grand Bahama contracted by 26.6 percent to $264.49 and by 5.8 percent to $171.01, placing them at the more affordable end of the spectrum.” Elsewhere, the Central Bank said the Bahamian tourism industry had enjoyed its strongest growth for eight years in 2018. “Total arrivals grew by 7.9 percent to 6.6m, representing the strongest growth in eight years,” it added. “This reversed a 2.1 percent reduction in 2017.
“It was supported by the highest expansion in air visitors in over a decade of 16.7% percent, with traffic to New Providence firming by 19.2 percent as the Baha Mar resort completed its phased opening, while visitors to the Family Islands and Grand Bahama also improved, by 10.6 percent and 5.4% percent, respectively. “The cruise sector grew by 5.5 percent during the year, with support from the Family Island (15.7 percent) and Grand Bahama (9.6 percent) components, although the dominant New Providence market declined by 1.5 percent as gains during the latter part of the year were negated by the weak performance earlier in 2018.”
PAGE 6, Tuesday, March 5, 2019
THE TRIBUNE
Leading minister resigns over scandal that threatens Trudeau TORONTO Associated Press A LEADING Cabinet minister in Canadian Prime Minister Justin Trudeau’s government resigned yesterday, becoming the second minister to step down over a scandal that has shaken the government in an election year. Treasury Board president Jane Philpott, considered a star minister, said in a resignation letter that it was “untenable” for her to continue in the Cabinet because she lost confidence and could not defend the government. Philpott’s friend, former Attorney General and Justice Minister Jody Wilson-Raybould, testified last week that Trudeau and senior members of his government inappropriately tried to pressure her to avoid prosecution of a major Canadian engineering company in a case involving allegations of corruption in Libya. Wilson-Raybould resigned from Cabinet last month after being demoted to veteran affairs minister the month before. The scandal has rocked Trudeau’s government. Gerald Butts, his closet adviser and best friend, also resigned last month and is scheduled to testify on Wednesday before a Parliament justice committee in Trudeau’s defense. “I know Philpott has felt this way for some time. And while I am disappointed, I understand her decision to step down. I want to thank her for her service,” Trudeau said at a campaign-style event. Trudeau said he takes the concerns very seriously and said the matter has generated an important discussion. “But at the same time, we need to keep in mind the bigger picture,” Trudeau said.
of public prosecutions to negotiate a remediation agreement with SNC-Lavalin. The agreement would have allowed the company to pay reparations but avoid a criminal trial on charges of corruption and bribery. But Wilson-Raybould said the pressure was not illegal and said she was not instructed to interfere. If convicted criminally, the Montreal-based company would be banned from receiving any federal government business for a decade. SNC-Lavalin is an economic force in Canada, with 9,000 employees in the country and about 50,000 worldwide. “This is a spectacular blow to the government” said Nelson Wiseman, a political
CANADA’s Prime Minister Justin Trudeau during a news conference at the Canadian Space Agency headquarters in St. Hubert, Quebec. Trudeau has acknowledged raising the issue with Wilson-Raybould, but has said that was appropriate. “I have concluded that I must resign as a member of Cabinet,” Philpott wrote. “Sadly, I have lost confidence in how the government has dealt with this matter and in how it has responded to the issues raised.” Philpott, a physician, is a former minister of health and minister of indigenous services and was widely viewed as of one of Trudeau’s most competent Cabinet ministers. “The evidence of efforts by politicians and/or officials to pressure the former attorney general to intervene in the criminal case involving SNC-Lavalin, and the evidence as to the content of those efforts have raised serious concerns for me,” Philpott wrote. “I must abide by my core values, my ethical responsibilities and constitutional obligations. There can be a cost to acting on one’s principles, but there is a bigger cost to abandoning them.” Philpott said she would continue as a Parliament
member for Trudeau’s Liberal Party. Wilson-Raybould said the same last week but declined to say she had confidence in Trudeau. Trudeau said earlier yesterday he was still deciding whether WilsonRaybould could remain a member of his party in Parliament. Trudeau thanked Philpott for her service in a short statement that said he would
have more to say later in Toronto. The leader of the opposition Conservative Party, Andrew Scheer, said at a news conference that Philpott’s resignation demonstrates “a government in total chaos” and called again for Trudeau to resign and for a police investigation of the affair. Wilson-Raybould testified last week she was pressured to instruct the director
NOTICE
MARKET REPORT t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 2,069.58 | CHG 12.77 | %CHG 0.62 | YTD 6.01 | YTD% 0.29 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 5.50 1.80 0.80 3.68 10.20 6.60 4.65 12.50 2.74 1.81 8.50 6.40 14.19 6.99 4.47 13.85
52WK LOW 3.50 19.17 4.90 3.34 1.00 0.19 2.10 8.70 6.10 3.54 9.75 2.30 1.50 7.25 6.10 10.10 5.85 3.01 12.51
1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 103.00 100.00 100.00 105.00 103.00 100.00 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 AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ 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 2.20 4.24 2.03 184.51 158.55 1.60 1.74 1.69 1.12 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 1.63 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
LAST CLOSE 4.37 17.43 7.00 5.39 1.78 0.80 2.28 9.85 6.16 4.28 10.99 2.75 1.78 8.64 6.40 14.10 6.98 3.05 13.85
CLOSE 4.37 17.43 7.00 5.39 1.78 0.80 2.28 9.85 6.16 4.28 10.99 2.65 1.78 8.68 6.40 14.19 6.98 3.31 13.85
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.10 0.00 0.04 0.00 0.09 0.00 0.26 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00
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
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
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
20,000 1,000
VOLUME
EPS$ 0.147 0.932 -0.306 0.323 0.104 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 0.240 0.500 0.150 0.090 0.600
P/E 29.7 18.7 N/M 16.7 N/M N/M -4.4 14.1 12.8 27.8 17.5 26.0 8.5 N/M 13.3 18.6 12.1 11.9 21.9
YIELD 2.75% 7.23% 0.00% 4.45% 0.00% 2.50% 0.00% 7.21% 3.57% 2.80% 5.64% 2.26% 3.37% 0.97% 3.75% 3.52% 2.15% 2.72% 4.33%
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 2.20 4.24 2.03 184.51 147.81 1.60 1.74 1.69 1.12 7.47 8.64 6.60 10.37 11.69 10.38 9.92 8.69 11.79
YTD% 12 MTH% 3.97% 3.97% 2.49% 2.49% 2.43% 2.43% 3.26% 3.26% -3.65% -3.65% 0.47% 4.42% -0.04% 2.71% 0.27% 3.85% 0.75% 2.58% -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-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Jan-2019 31-Jan-2019 31-Jan-2019 31-Jan-2019 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-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
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL This is a public Notice that I GAYLAIN THOMAS of Bimini, Bahamas Mother of TAHLIA DEADRA ROYALL THOMAS, a minor, intends to change her name to TAHLIA DEANDRA ROYALL WILLIAMS. If there are any objections to this name change by deed poll, you may write such objections to the chief passport officer, P.O. Box N-742, Nassau, Bahmas. No later than (30) thirty days after the date of the publication of this notice.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
NOTICE is hereby given that LEROY FORBES JR. of of Murphy Town Blvd., Murphy Town, Abaco, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 5th day of March, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Povidence, The Bahamas.
MONDAY, 4 MARCH 2019
science professor at the University of Toronto. “It has become rare that ministers resign on principle in Canada. And now we’ve had two in such a short time. It reveals deep division in the Cabinet about how to deal with Jody Wilson-Raybould.” He said he thinks that most ministers and Liberal lawmakers want to kick her out of the party and that Philpott does not agree with them. Wiseman said the last time he can recall something like this was in 1963 when three Cabinet ministers resigned over then Prime Minister John Diefenbaker’s opposition to the stationing of American nuclear weapons on Canadian soil.
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
The Public is hereby advised that I, WILNA MEHU also known as WILNA MEHU JOSEPH of Marigold Farms, New Providence, The Bahamas, intend to change my name to WILNA JOSEPH. If there are any objections to this change of name by Deed Poll, you may submit such objections to the Chief Passport Officer, P.O. Box N-742, New Providence, The Bahamas no later than Thirty (30) days after the date of the publication of this notice.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ANDRE LEON KING of Malcolm Road East, Nassau, Bahamas, intend to change my name to ANDRE LEON TAYLOR. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of the publication of this notice.
NOTICE NOTICE is hereby given that DR. ALPHAEUS MICHAEL ALLICK JR. of Marshall Road, P.O. Box N-8592, 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 5th day of March, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Povidence, The Bahamas.
NOTICE
NOTICE is hereby given that PALILA JOSEPH of Farm Road, Abaco, 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 5th day of March, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Povidence, The Bahamas.
NOTICE NOTICE is hereby given that SELVAINS JHON DALMOND of Marsh Harbour Abaco, 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 26th day of February 2019 to the Minister Responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.