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WEDNESDAY, MARCH 20, 2019
$4.40 Promoter of $5m crypto exchange backs regulation By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN entrepreneur seeking to raise $5m to finance a crypto currency asset exchange has backed the deputy prime minister’s call for regulation of this space. Ricardo McHardy, principal of Blue Cay Capital, told Tribune Business he agreed with KP Turnquest’s call for The Bahamas to impose proper supervision in a bid to prevent “disastrous situations” occurring in this sector. Mr McHardy, whose background is in e-commerce and digital marketing, unveiled plans to launch the capital raising for a Bahamas-based crypto asset exchange - focused on the Latin American and Caribbean market - “before the start of the new fiscal year” on July 1. He said he aims to raise the financing from crowdfunding, and pledged that only sophisticated investors “who know what they’re doing” will be targeted with all participants “white listed”. “This is my thing to raise money and see if we can get something going in The Bahamas and grow the company from there,” Mr McHardy explained. “It [the exchange] will function on the blockchain, doing spot trading, futures trading, contracts trading. “We want to aim to provide as much liquidity as possible, especially regarding crypto assets. They’re so volatile that if you make a profit you want to get it out. We’re targeting Latin America and the Caribbean, and crypto users that want to operate a second account. It will be foreign exchange and whatever they want to trade - futures, oil, gold.” Mr McHardy said he was “not striking while the iron’s hot, but it’s out there and I see an opportunity to do it”. While the crypto space is currently unregulated, he added that “we’d be prepared when the time comes” for it. “We’re not concerned about the crypto winter,” Mr McHardy continued, referring to the so-called “bear market” faced currently by much of the sector. “If you ask me it’s mainly do to with ‘big money activity’ from some of the the major Wall Street banks; the creation of futures to short Bitcoin, in particular, creating market panic which brought about mass digital financial asset selling. “It’s all about sentiment. When financial market speculators and investors alike are confident, they will buy and hold, but when the media goes into a frenzy for some agenda, people get worried and want to liquidate their position. It’s no different than the current US bond market yield curve starting to retract and eventually invert...”
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Freeport revival ‘as real as it’s been for 20 years’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
F
REEPORT realtors yesterday revealed “a 360 degree turn” in buyer activity in recent weeks due to the prospect of an economic revival that is “as real as it’s been for 20 years”. James Sarles, principal at Coldwell Banker James Sarles Realty, told Tribune Business his realtors are “going back and forth wheeling and dealing” due to renewed interest in the city’s residential and commercial offerings as a result of imminent foreign direct investment (FDI) projects. He said Carnival’s planned $100m cruise port, its largest-ever investment in such a destination, coupled with Royal Caribbean’s involvement in a bid to purchase Freeport’s largest
of foreign investors, Canadian and American, looking for opportunities here also,” Ms Laing-Jones said. “We have persons looking for beachfront property, looking to see what openings are here. It’s both residential and commercial. With the expected influx associated with what Carnival is bringing here, we’re going to be short of rental properties. “Carnival made their announcement that evening, and I was out the next morning with a Nassauvian looking at properties in Barbary Beach. We have double and triple offers on lots here at Barbary Beach, and those prices over the
THE Chamber of Commerce’s top executive yesterday said it was “critical” to get National Health Insurance (NHI) right first time, adding: “We’re going where no man’s gone before.” Jeffrey Beckles, backing the Minnis Cabinet’s decision to send NHI’s financial model back for further study, told Tribune Business that such “fine tuning” was vital given that the “credibility” of all parties involved - the government, NHI Authority, the private sector - “is on the line with this project”. The NHI Authority, which will oversee the proposed universal health coverage (UHC) financing
JEFFREY BECKLES mechanism, failed to win Cabinet approval for its model at the first attempt. It is now working with the Ministry of Finance to validate the assumptions and numbers underpinning the scheme’s pricing and costing - something Mr
Tribune Business Reporter
nmckenzie@tribunemedia.net
SEE PAGE 4
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• Chamber chief backs financial model review • ‘Fine tuning’ critical to ‘get it right first time’ • Warns all sides’ ‘credibility on the line’ Beckles believes will “give us the best chance to be successful”. “It becomes extremely important that it’s fine tuned, particularly since the timeframe for implementation is much shorter than it was a year ago,” the chamber chief executive said. “That’s a good thing. “It is critically important we get it right for the simple reason that we’re going where no man has gone before. What’s best for us is if we have a sound, tested model, it should give us the best chance of being successful. “If the model is wrong
By NATARIO MCKENZIE
and we don’t get it right it becomes problematic, not only to roll-out but execute. I think they’re [the government] doing the right thing. As in the old Chinese proverb, it says measure twice, cut once. If we’re able to do that it’s a giant step in the right direction.” Mr Beckles spoke out after Dr Duane Sands, minister of health, revealed to Tribune Business last week that the NHI Authority will have to “give it another go” in after failing to win Cabinet approval for the scheme at the first try.
bridge are going to sky rocket,” she continued. “People are looking for open space where they can build a mall, shopping centre and office spaces.” While the spike in inquiries has still to translate into actual sales, Ms Laing-Jones said business and investor confidence in Freeport had reached its highest level in two decades. “Oh my God, it’s like a 360 degree turn,” she told Tribune Business. “It’s crazy. People are calling from everywhere. I have old clients coming back, and when I send them the announcement [of the
NHI: ‘We’re going where no man has gone before’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Ragged Island renewables as high as 95% RAGGED Island’s renewable energy penetration will be as high as 95 percent through a solar plant that will be be owned by Bahamas Power & Light (BPL), it was revealed yesterday. Christopher Burgess, director of projects for the Islands Energy Programme at the Rocky Mountain Institute – Carbon War Room (RMI-CWR), said other Family Islands offer attractive opportunities for independent power producers (IPP). He told the Bahamas Chamber of Commerce & Employers Confederation’s (BCCEC) Energy Security Forum: “The Ragged Island project is the second phase of procurement. That would be a solar and storage installation, somewhere around 300 kilowatts (kW), with firm battery storage that would take that island to about 95 percent solar and storage. “They were paying about 75 cents to generate so it was an easy economic decision to take Ragged Island to that high penetration of renewables. That will be owned by BPL. We don’t think a one-off system that small, and that far down the archipelago, would be attractive to an IPP. Large systems - Eleuthera, Abaco and Bimini - would be more attractive to an IPP or in a structure for procurement in the future to reflect that commercial case.” Mr Burgess continued: “The Family Islands are where we see a lot of solar and storage growth just because the SSRG (small scale renewable generation) programme is here.” He added that until grid stability is obtained there will not be many opportunities for independent power producers on New Providence.
• Realtors: ‘360 degree turn’ in activity • Projects create ‘new hope and belief’ • ‘Not boom time yet’; sales now awaited resort property, the Grand Lucayan, had “created new hope and confidence” that was driving the sudden uptick in real estate inquiries. Donna Laing-Jones, a broker at Keys Bahamas Realty, told this newspaper that “people are calling from everywhere” to express interest in Freeport real estate. She said her simple message was that “if you have an interest in a property you’d better secure it now”. “What we have seen recently is not surprising, but a lot of our buyers are coming out of Nassau looking for opportunities in Freeport, and we have a lot
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GB energy theft ‘may become much larger’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A FREEPORT-based advocacy group plans to meet with the Grand Bahama Power Company’s (GBPC) regulator next week over the “really terrible” way the utility has handled claims of electricity theft. Pastor Eddie Victor, president of the Coalition of Concerned Citizens (CCC), told Tribune Business it had “requested a meeting” with the Grand Bahama Port Authority (GBPA) to address concerns over the continued disconnection of the Cooper family’s seven fast food franchise outlets which - up to press
• Govt minister gives ominous warning • Advocacy group seeks GBPA meeting • Blasts utility’s approach as ‘really terrible’
KWASI THOMPSON
PASTOR EDDIE VICTOR
time last night - still had not been restored to the grid. Ominously, Senator
Kwasi Thompson, minister of state for Grand Bahama, last night warned that GB
Power’s electricity theft allegations “may become a much larger situation” - indicating there are multiple homes and businesses that may face similar claims. “The government is obviously very concerned for the businesses that have been impacted by the situation, their employees, customers, the Grand Bahama Power Company and the wider community,” he said in a statement. “We are at a very early stage of what may become a much larger situation.
However, the government has encouraged all parties, particularly those businesses impacted and the power company, to seek a fair resolution, and has encouraged the power company to continue the dialogue started today with the impacted businesses and the wider community. “The government will do what it can to assist and is hopeful that a resolution is in sight.” Questioning why GB Power had moved straight to disconnection and filing a police complaint, instead of first raising the matter with the operators of three three Burger King, three KFC, and one Pollo
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THE TRIBUNE
BAMSI teams with tourism Workshop focuses on for Andros Harvest Festival enhanced construction THE Ministry of Tourism has teamed with the Bahamas Agriculture & Marine Science Institute (BAMSI) to host the first annual Harvest Festival in Morgan’s Bluff, North Andros, on March 30. The festival is designed to celebrate the abundant harvest of farm produce and marine resources produced by Andros’s rich agricultural land and marine ecosystems. It will also commemorates the area’s agricultural legacy that dates back to the early 1900s, when its industry began supplying the rest of The Bahamas and niche markets in North America. The event will take place at Morgan’s Bluff Regatta Site next to the harbour and beach, two miles northeast of Nicholl’s Town. It will feature food and craft vendors, plus live entertainment by popular Androsian and Bahamian artists. A culinary pavilion will host live cooking demonstrations using native produce, and the final ceremony will celebrate Bahamian farmers and their contribution to agriculture and commerce. Frequent bus tours will run from the festival site to BAMSI’s headquarters further south. As well as promoting Andros’ farm and marine produce, the event will help to establish a scholarship fund. The Ministry of Tourism’s manager for Andros, Peter Douglas, encouraged Bahamians and the country’s hotels, restaurants and food suppliers to visit and support several vital causes at the same time. “Our farmers, fishermen and BAMSI students would love to see you here,” he said. “The country needs to support this critical sector. Think about the vital causes Harvest Fest supports: Food security, sustainable agriculture and fisheries, fresh local produce, jobs, education
SCENES of the Andros Harvest Festival Site
and training. It goes as deep as economic diversification and cutting our balance of payments.” Mr Douglas added: “People don’t know how much fresh produce we can farm here and we’re only 35 miles from Nassau & Paradise Island - just a quick hop. If we want a better future, this is where our hope lies. “Andros, with its rich resources and land mass, is our biggest potential producer. Along with its importance to Andros’ local and the Bahamian economy, Harvest Fest will be inspiring and lots of fun. “Private and visiting boaters are most welcome. They’ll experience some
wonderful Bahamian hospitality, culture and music, enjoy our delicious food and drinks, and learn a lot, too.” Morgan’s Bluff can accommodate more than 40 boats. The area is serviced by San Andros airport some 11 miles to the south, and the festival site is home to the annual Andros and Berry Islands Regatta. “We’ve been planning Harvest Fest a long time,” said Mr Douglas. “It deserves support from businesses and the people from all over the islands. We’re hoping for a good turn out. Fly or catch the North Andros mailboat from Nassau. Make an effort to come. You’ll have a great time.”
LEFT: IRAM LEWIS, parliamentary secretary, is pictured at the National Contractor’s Workshop - a collaboration between the Ministry of Public Works and the Caribbean Development Bank. RIGHT: Selena Curry, senior building inspector, speaks to participants at the Contractor’s Workshop. Photos: Patrick Hanna/BIS CONTRACTORS and construction practices, and Mr Lewis said housother construction industry touched on topics includ- ing is among the sectors most players were yesterday armed ing bracing methods, how severely affected by natural with knowledge on how to address properties with disasters due to the havoc, to build homes that can cavities, site inspections, safe and mental and economical withstand up to category 5 construction, building stand- trauma, that is caused. hurricanes. ards and more. “This is due in part to the The Ministry of Public Melanie Roach, direclarge percentage of houses Works (MOPW), in con- tor of public works, said the junction with the Caribbean workshop was necessary due in the Caribbean that are Development Bank, hosted to the need to safeguard, constructed by the informal a one-day workshop to edu- maintain and protect The building sector, which opercate, train and develop small Bahamas’ environment and ates outside of the formal construction industry and is contractors, artisans and assets moving forward. building inspectors on tech“We know that when loosely regulated by the planniques, best practices and we have attended to those ning authorities,” he added. products that will ensure the things the possibilities can “This segment as we know improved construction of be limited: We can address is occupied by artisans and houses. and mitigate against unprec- small contractors who conThe theme for the work- edented weather systems as struct houses that are not shop, held through the a result of climate change in keeping with the buildCaribbean Technological because we will be faced with ing codes, mainly due to Consultancy Services Net- the capabilities and comtheir lack of knowledge and work, was Partnering to petencies by virtue of this absence of government comprovide hurricane resilient training,” she added. housing throughout The Iram Lewis, parliamen- pliance requirements.” Mr Lewis said the Ministry Bahamas. It comprised three tary secretary in the ministry sessions that were led by of public works, said The of Works is aware that many Selena Curry, senior building Bahamas is increasingly contractors have become inspector at the Ministry of experiencing stronger hurri- negligent in supervising and Works, and Timothy John- cane force winds, sea surges adhering to best construction son, acting chief architect. and tornados that have practices, resulting in the failThe duo last year attended the capacity to cause major ure to visit the proposed a regional train-the-trainer damage to homes, especially building site to determine the workshop in Barbados, those not built to Building proper construction procewhich focused on improved Code standards. dures required in instances of practices for home con“It is also important that unlevel terrain, cavities and struction. It was designed you understand that this high soil density areas; laying for participants to facilitate workshop training is not national workshops in their intended to replace our out the foundation without respective countries, and building code standards, but establishing proper boundary share the knowledge gained to enhance awareness and markers; overlooking high with others. improve areas where we have water prone areas; building Ms Curry and Mr John- become complacent and without a permit; or using son yesterday exposed often-times take short cuts,” an invalid building permit participants to important he explained. number to appease the client.
THE TRIBUNE
Wednesday, March 20, 2019, PAGE 3
Regulator admits renewable energy roll-out ‘relatively slow’ By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net ENERGY regulators yesterday revealed there has been a “relatively slow” take-up of small-scale renewable generation with just 2.1 megawatts (MW) installed to-date. Stephen Bereaux, the Utilities Regulation & Competition Authority’s (URCA) chief executive, said it had approved the installation of double that amount “in principle” under the small-scale
STEPHEN BEREAUX residential generation (SSRG) programme. Addressing the Bahamas Chamber of Commerce
and Employers Confederation’s (BCCEC) Energy Security Forum, he added that the regulator expects to have Bahamas Power & Light’s (BPL) renewable energy plan delivered its final form by August. That plan, Mr Bereaux said, will help to determine “where and when” larger scale renewables are added to the grid. Referring to the SSRG initiative, the URCA chief said: “We have seen a relatively small take up of the programme because of a number of reasons. So
far, to-date about 2.1 MW of installed online capacity through that programme, and something like 4.2 MW approved in principle that URCA has given.” Mr Bereaux said utilising renewable energy in The Bahamas was not without its challenges. “We have found over the years that the process of engaging in renewables has some bottlenecks, and is perhaps a little more complicated than it should be,” he added. “One of the things we want to do this year is
clearly outline it so that people understand what the process should be, and cut out any unnecessary red tape that might be in the process.” Mr Bereaux said homeowners also need to be educated on what size solar system fits their home. “Ensuring people buy the right system for their property is essential to making the SSRG system work effectively,” he said Mr Bereaux, adding that URCA will look to assist with energy audits. He said the regulator
has not been able to take the necessary control over the SSRG initiative so that it can really take off. Mr Bereaux added that prior to its launch there had already been a significant number of solar installations. Mr Bereaux said URCA will seek to promote greater take-up of the SSRG programme, as well as the registration of installations prior to its introduction, “without prejudice or penalty”. He added that URCA also has plans to install its own solar car park.
LOCAL PROVIDER SLAMS EIGHT MONTH SOLAR APPROVAL WAIT By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net A BAHAMIAN solar energy provider yesterday branded “gird-interactive” systems as ideal for The Bahamas while bemoaning the eight-month wait for solar installations to be approved. Philip Holdom, president of Alternative Power Supply (APS), told the Bahamas Chamber of Commerce & Employers Confederation’s Energy Security Forum: “As a nation we need to have
PHILIP HOLDOM
battery-based systems. We cannot do pure grid-tie. We need containerised battery solutions. Everyone who knows about solar would know the advantages. “We have done the economies of scale on it, and it’s economically feasible. The most common system we have installed and recommended for The Bahamas is a grid interactive system; it has batteries and, also if the grid browns out, it can switch over to batteries and can also sell power.” Mr Holdom continued: “If regulators and legislators would listen we can do
Chamber director hits ‘sloth-like governance’ By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net A CHAMBER of Commerce executive yesterday said the “sloth-like pace of governance” has delayed The Bahamas’ embrace of renewable energy and other progressive economic policies. Debby Deal, head of its energy and environment committee, told the Chamber’s Energy Security Forum that the private sector needed to play an even greater role in pushing for change in areas that complement renewable energy. “We should continue to lobby for proper procurement laws to ensure our utility companies and government are abiding by them; ensure that building codes line up with climate
change and energy efficiency,” she said. “The past has shown that the sloth-like pace of governance, and the chance of change of political parties every five years, has taken its toll on the business community, foreign investment and the citizens of our country.” Ms Deal continued: “We all know the situation with our energy company [BPL]; huge debt, emergency systems on our grid not maintained, and historical environmental issues. These and many others issues make the process of change slow to a halt.” She added that the Bahamian private sector can advocate for greater renewable energy penetration and energy efficiency. “We can insist that our architects design smaller, efficient and sustainable homes,” Ms Deal explained.
Morton Salt asserts ‘good faith’ stance By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net MORTON Salt yesterday asserted that it has been negotiating “in good faith” with the trade union acting for over 100 line staff amid growing industrial tensions on Inagua. The salt harvester’s spokesman, Paul Jackiewicz, released a statement from the company which said: “At Morton Bahamas we’re committed to maintaining productive working relationships with our employees and partners. “For the past year we’ve negotiated in good faith with union representatives in an effort to reach a new labour agreement. We’ve also worked together with a conciliator to help drive toward resolution.
Unfortunately, the parties have not yet reached an agreement.” The company continued: “Until we do, we encourage our employees to continue working safely and diligently during ongoing contract negotiations.” Jennifer Brown, president of the Bahamas Industrial, Manufacturers & Allied Workers Union (BIMAWU), on Sunday told Tribune Business that the union was disappointed over the company’s recent decision to employ part-time workers on the weekend shift. The threat of industrial unrest has loomed over Morton Salt’s Inagua operations since late last year, with the union saying it was “insulted” by the company’s original industrial agreement offer.
MOUNDS of salt at the Morton Salt factory in Great Inagua.
“We can insist that all new construction must have solar. We can insist that renovations include insulated windows, icynene into our roofs, use Bahama shutters for shade and hurricane protections. Stop cutting down all the trees to build. Plant trees for shade and oxygen, and the list goes on.”
great things in this country. We pushed for the SSRG (Small Scale Residential Generation) programme, and we’re glad it’s here. Unfortunately, when government takes over things they can be the 900-pound elephant. They have created a process that is six steps long. “The average time to get a solar system passed is eight months. We will install a system in between 24 hours and three days. You have a solar system sitting on your roof, and you have to wait eight months. If you turn it on before they
give you the new meter you could be in trouble because our meters are so old. If you spin the meter back your bill could actually go up.” According to Mr Holdom, the typical rate of return on a small scale, grid-tied solar system is 18-20 percent. “If you introduce batteries there is an eight to ten percent return. What you get in addition to that is clean power all the time,” he added. Mr Holdom said one of the challenges facing The Bahamas is that many homes are extremely energy inefficient. “It makes no
sense putting solar on a home that is energy inefficient,” he added. “You might as well take money and burn it.” Mr Holdom also noted there was no certification for solar installations in The Bahamas, although renewable energy providers were trying to create that process.
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PAGE 4, Wednesday, March 20, 2019
THE TRIBUNE
Freeport revival ‘as real as it’s been for 20 years’ FROM PAGE ONE Carnival port and other projects] I say you’d better move quickly. If there’s a property you have an interest in, you’d better secure it now. “I had someone come into my office today and say: ‘You have your hands on the trigger. Is this [the ITM/ Royal Caribbean project for the Grand Lucayan] going to happen?’ When you turn around, everyone is really excited. When you look at the attorneys, talk to Terry Gape, when you hear him talking how something real is coming for this island, that is about as real as it’s been for 20 years. Easily.” Freeport’s economy, and society, has been mired in depression since 2004 when the Royal Oasis closed in the aftermath of Hurricane Frances, taking with it some 1,300 jobs that have never
returned. The closure led to the demise of the International Bazaar, while another storm - Hurricane Matthew in 2016 - effectively polished off the rest of the city’s mega resort product at the Grand Lucayan. While the industrial sector has kept Freeport’s economy from sinking, few to no new businesses and major investments have been attracted to the city for the past two decades, which also witnessed infighting among the Grand Bahama Port Authority’s (GBPA) two shareholding families from 2006 to 2010. Ms Laing-Jones, meanwhile, said she was urging property owners in areas such as Port Lucaya, Barbary Beach and near the proposed Carnival cruise port to hold on to them if they can afford to do so as buyer interest was likely to drive prices up. With prices having
stabilised, she added that Carnival’s plans would provide opportunities for small businesses and entrepreneurs to develop businesses in the port area, especially since “they don’t want any franchises”. “When you talk to business persons on the island, and even vendors in Port Lucaya, when they hear about it there’s just a boost of confidence,” she said of the cruise line’s plans. Mr Sarles expressed similar sentiments, telling Tribune Business of the various project announcements: “It’s created some new hope and confidence in the marketplace. “There’s a new story of hope owing to the Carnival port, Royal Caribbean and ITM proposing to buy the Grand Lucayan, the medical school... There’s going to be jobs, prosperity and a trickle down effect. “People have been on the
edge, wondering whether it’s a good time to buy. They’re quite active now. There’s real confidence. Developers have been calling me over beachfront property opportunities. It’s across the board instead of: Is this place going to make it?” he continued. “This has always been a diamond in the rough. We’ve always had the infrastructure, the beaches, the waterways and great proximity. I wouldn’t say it’s boom time, but from no activity to lots of activity creates momentum. Everybody in town, if you ask them: ‘How are things?’ they say it seems like they’re getting better. “That’s contagious. Foreigners coming here hear that, and that creates positivity. It’s a good mental frame of reference. Everybody’s feeling positive.” Mr Sarles is doing his bit to drive confidence, telling clients in his e-mails: “There
is exciting news in Freeport with Carnival Cruise Lines building their largest cruise port in the Caribbean, ITM/ Royal Caribbean Cruise Lines potentially purchasing the Grand Lucayan, and Western Atlantic Medical School setting up operation on the island. “Freeport’s economy won’t look back if everything moves ahead. The tide is changing and all eyes are on Grand Bahama as the island could finally reach its potential.” Mr Sarles agreed that the spike in interest has yet to translate into sales closings, but said the real estate market had sufficient momentum to translate into such an outcome. “I’m definitely feeling more positive than I have for the last few years,” he told Tribune Business yesterday. “As realtors we’re always active. There’s a lot of momentum and all
my realtors are busy going back and forth, wheeling and dealing with offers and counter-offers. The phones are ringing; people are interested. “With a little activity and hope in the air, and momentum, Grand Bahama has a lot to offer and now’s our opportunity to make it happen. Spruce up and improve properties.” The government unveiled its intent to focus on Grand Bahama’s economic revival from the moment it took office, unveiling initiatives to transform it into a “technology hub” and other plans in a bid to shift its momentum. While there are some positive signs, it now has to follow through and execute to ensure the Grand Lucayan sale and other projects come to fruition if sustainable, long-lasting recovery is to be realised.
NHI: ‘We’re going where no man has gone before’ FROM PAGE ONE He disclosed to this newspaper that the government wants answers to multiple questions raised during its first presentation to Cabinet on the reformed health care financing plan. Graham Whitmarsh, the
NHI Authority’s managing director, subsequently conceded that the scheme administrator has “work to do” to convince the government that its financial assumptions, modelling and pricing calculations are accurate enough to ensure NHI does not suffer multimillion dollar financial
shortfalls or over-burden the economy. Mr Beckles emphasised that the Minnis administration had not rejected NHI as a healthcare financing concept, but rather “wants to be sure the financial model is in line with its objectives”. “There’s been a tremendous amount of work done by the NHI Authority, and we give them all the credit,” he added, “but the Cabinet has said go back and run some more
scenarios, and when you come back we need to be satisfied that it’s something we can all get behind and push. It should be a model that all of us can get behind and support.” The chamber chief executive described NHI’s implementation as “a fluid exercise” and “not written in stone to the point” where all stakeholders know what the scheme will look like in six months, two or even three years. “Everyone involved has
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said this transition, this execution, is going to be an evolutionary process over a period of time until we get it fine tuned,” Mr Beckles explained. “It’s good seeing Cabinet saying: ‘Let’s do our best to get the model right at the start’. “If it’s a fluid situation and there are going to be changes, if we enter with the best possible scenario it gives us the chance to be successful... We support the idea of re-hashing it and thrashing it out a bit more to make sure we have the best possible scenario. “At the end of the day, it’s a long-term partnership we’re engaging in for the betterment of the country. We fully support the effort and idea to ensure the finer details are fleshed out to give us the best product we can execute, bearing in mind we’ll be called on to make adjustments in the transition [to NHI]. Better to make any adjustments from a position of strength rather than weakness, and sooner rather than later.” One of the major queries raised by both healthcare providers and employers is how the NHI Authority has been able to price the scheme, and cost the SHB’s annual premium at $1,000 - split between employers and employees - when it has yet to agree a fee schedule with both doctors and medical facilities, the
basic determinant of how much healthcare will cost. The greatest fear raised by the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) and others in the private sector is that if the NHI Authority gets its calculations wrong, and the $1,000 SHB premium severely undervalues the scheme’s price tag, businesses and their employees could be burdened with ever-increasing levies to finance its escalating costs and cover any shortfall. Mr Beckles told Tribune Business that all parties were reliant, to different extents, on NHI achieving its objectives. “One of the things we must always remember is our credibility as a chamber, private sector, NHI Authority and the government is all on the line with this project,” he said. “People have placed a lot of confidence in our capacity to get it right and, based on that, we must make sure our collective effort ensures we have the best possible product to put on the table.” Tribune Business revealed last month that NHI’s true cost was closer to a range between $200m to $236m, with the muchtouted $100m-$130m price tag only covering “the government’s exposure” to the scheme. Healthcare for the 206,000 persons covered by the employer mandate will be financed through their annual $1,000 Standard Health Benefit (SHB) premium, NHI’s minimum level of care, which is to come from a combination of 1.5 percent of their annual gross salary and employer contributions. This cost is separate, and on top of, the $130m that will be incurred by the government (Bahamian taxpayer) in financing NHI coverage for the 160,000 persons not covered by the employer mandate. The NHI Authority has said the $130m cost for persons outside the “employer mandate” will be financed via “a diverse mix of revenue sources”, one of which is NHI’s “existing budget allocation” that stands at $20m. That leaves a further $110m to be located, but the NHI Authority said it would come from VAT paid on private health insurance premiums; a “reallocation” of resources from the Public Hospitals Authority’s (PHA) existing $216m budget to cover services NHI will now provide; the $8m-$10m that a “sugary drinks tax” may raise; and the scheme’s own “risk equalisation” method. However, neither the “sugary drinks tax” or the reallocation of VAT on health insurance premiums has been legislated or approved. And some 80-90 percent of the PHA’s budget goes on staff costs, with the Princess Margaret Hospital operator also consistently facing an annual $30-$40m funding shortfall.
THE TRIBUNE
Wednesday, March 20, 2019, PAGE 5
GB energy theft ‘may become much larger’
FROM PAGE ONE Tropical outlet, Pastor Victor said the Coalition will “intensify efforts” to prevent further business shut-offs given the negative impact for Freeport’s economy and employment. He added, though, that the advocacy group - a longtime critic of GB Power and its “high rates” - was still investigating the energysaving device at the centre of the dispute to determine whether its use was legal or not. Pastor Victor said it was common knowledge that this equipment had been “installed all over Grand Bahama and Nassau” in both residences and businesses in a bid to reduce energy costs that, for some Bahamians, have become akin to “a second mortgage” that depresses corporate profits and disposable income. “We have requested a meeting with the regulator and will be meeting with them next week to discuss this whole matter,” he told
Tribune Business. “Our efforts have to intensify. These are prominent businesses, and they could do this to someone else. “We don’t want to see this happen to any other business or residential customer. Why couldn’t they have communicated with the customer, and told them to come in and let’s work this out. We have high electricity costs and people are taking measures to save money, especially businesses, because businesses are paying absolutely ridiculous prices for electricity. “It shouldn’t have happened. The way people are in this country, there should have been a proper dialogue to solve this problem. One of these businesses has been in existence for 50 years. You have a 50-year customer and shut down the power in the middle of their operations.” Pastor Victor said his wife was in one of the Burger King outlets involved when GB Power disconnected it from the grid, but the Cooper family have “categorically and
emphatically” denied the claims that their businesses were involved in electricity theft or any form of wrongdoing. GB Power, though, would argue that it had little choice but to go straight to the disconnection option to preserve the integrity of its system, and that it needs to take all measures necessary to protect the financial and operational viability of its business model. The utility, now 100 percent owned by Canadian-based Emera, has not commented beyond confirming the disconnections and its ongoing investigation - coupled with complaint made to the Royal Bahamas Police Force (RBPF) - as it waits for its probe to reach a conclusion. Tribune Business understands that GB Power’s concerns relate to both the “energy saving” device that was employed and how it was wired/configured. Multiple sources, with extensive experience in the energy field, said such equipment had been promoted to
Promoter of $5m crypto exchange backs regulation FROM PAGE ONE “Ultimately, good products and companies withstand the turmoil and that’s what we want to be; a good company with a good product doing business the right way.” Mr McHardy said he would be interested in partnering with the Caribbean Blockchain Alliance and other groups, adding that his proposed exchange will be scaleable and able to support large operations as well as provide data security. Mr Turnquest last week confirmed that legislation to regulate the crypto space was being drafted through the Securities Commission, with crypto currency exchanges and companies operating
already expressing interest in setting up operations in The Bahamas. And the Central Bank of The Bahamas, responding to a rash of companies promoting initial coin offerings (ICOs) and crypto/ blockchain solutions, last year moved to warn Bahamians of the risk involved in investing in a still-evolving industry. “The Central Bank of The Bahamas wishes to advise the public that no licence has been granted to cryptocurrency operators by the bank or any other financial regulator to offer digital currency, or to provide such services such as cryptocurrency exchanges, crypto loans or crypto and fiat processing in or from within The Bahamas,” the Central Bank warned.
Ragged Island renewables as high as 95% FROM PAGE ONE “We don’t see a lot of IPP opportunities on New Providence until the natural gas does whatever that’s going to do. As soon as that is in place, you can understand your load, you projections where you need to fill in
the gaps,” Mr Burgess explained. Dr Hubert Minnis last year said techno-economic modelling for Ragged Island’s electrical grid had been completed by the Rocky Mountain Institute. Ragged Island was decimated by Hurricane Irma in 2017.
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“Persons investing in such products and services do so at their own risk.” The Central Bank added that crypto/digital currencies were not legal tender in The Bahamas, are not issued or backed by it, and are not legal foreign currency either. “The Central Bank does not regulate or supervise virtual currencies, nor has the bank authorised any entity to operate a virtual currency platform,” the Central Bank reiterated. “The public is further advised to seek professional advice with respect to matters regarding savings and investments from legitimate and licensed financial institutions.”
Bahamian businesses and homeowners as helping to produce a significant reduction electricity bills once it was installed. This, though, is not what it is designed to produce. Some contacts described the device involved as a capacitor bank, which is designed to enable motors and electrical equipment to run more smoothly and efficiently. However, it does not cut the amount of energy consumed. Tribune Business sources suggested that, in order to produce the promised savings, some installers had wired the devices such that they bypassed a “leg” of the electricity meter box. This, they explained, meant that not all energy consumption by a home or business was recorded by the utility - resulting in underbillings and losses to it. The use of such devices is understood to be widespread throughout The Bahamas, extending well beyond Freeport. One
contact, speaking on condition of anonymity, said GB Power was preparing to “saturate” the island as part of its ongoing meter reading exercise, which is paving the way for the installation of new smart meters, to uncover similar situations. While acknowledging GB Power’s right to protect its business and network infrastructure, they expressed concern that the utility was effectively acting as “judge, jury and executioner” in how it was tackling the matter in the absence of any response or pronouncement by its regulator, the GBPA. They added that the information vacuum that has developed, in the absence of further explanation by GB Power, had resulted in many persons turning against the utility on social media. Pastor Victor yesterday said many Bahamians used such energy-saving devices to “stabilise and clean-up” their power supply due to
the “unstable delivery” they were faced with from the grid. Expressing concern about the threat to 500 jobs as a result of the fast food franchise disconnections, he told Tribune Business that GB Power’s actions had created a climate “of intimidation and fear for residents and businesses that is disruptive to the continuity of Grand Bahama’s economy”. “We have to deal with the manner in which prominent businessmen are being dealt with,” Pastor Victor blasted. “These are companies helping our economy, providing a vital service for many people. “The Power Company is disrupting the economic operation of businesses in an economy that is already challenged. The atmosphere of high electricity rates on this island has caused people to be more proactive in taking conservation measures.”
PAGE 6, Wednesday, March 20, 2019
THE TRIBUNE
US stocks give up an early rally, ending winning streak By DAMIAN J TROISE and ALEX VEIGA Associated Press US stock indexes closed mostly lower yesterday after a late-afternoon splash of selling erased early gains, ending a weeklong rally. Banks accounted for much of the decline, along with utilities and industrial companies. Those losses offset gains in health care, technology and consumer products stocks. The benchmark S&P 500 ended barely lower, its second loss over the past seven trading days. It’s still up 13 percent so far in 2019. Investors were looking ahead to what the Federal Reserve will say today following a two-day meeting of policymakers. The central bank has signaled that it will be “patient” in raising interest rates. Investors seem reassured that the Fed will continue to hold off on raising rates, and that’s given them more confidence to push the
market higher this year. “Typically, markets tend to be flat in front of the Fed, usually we’re in a waitand-see mode,” said Kate Warne, investment strategist at Edward Jones. The S&P 500 index slipped 0.37 points, or 0.01 percent, to 2,832.57. The Dow Jones Industrial Average dropped 26.72 points, or 0.1 percent, to 25,887.38. The Nasdaq composite gained 9.47 points, or 0.1 percent, to 7,723.95. The Russell 2000 index of smaller-company stocks gave up 8.95 points, or 0.6 percent, to 1,554.99. More stocks fell than rose on the New York Stock Exchange. Major indexes in Europe finished higher. The broader market broke out of a short slump last week and has been gaining since then. It marks a turnaround from a terrifying drop in December, and now every major US index is up more than ten percent for the year. What the Fed does next
will surely have an impact on the market’s trajectory. The central bank is expected to leave its key short-term interest rate unchanged today and to stress its new watchword — “patient”— in conveying its intention to leave rates alone for the foreseeable future. The Fed has made clear that with a dimmer economic picture in both the United States and globally, it no longer sees the need to keep raising rates as it did four times in 2018. Among the key factors, besides slower growth, are President Donald Trump’s trade war with China, continually low inflation levels and Prime Minister Theresa May’s struggle to execute Britain’s exit from the European Union. Signs of a modest economic slowdown, such as a weak factory orders report yesterday, may help keep the Fed patient and on hold for a longer amount of time, said Warne.
“It’s a slightly bad-newsis-good-news situation,” she said. There has also been an absence of sharp bad news surprises, she said, which has given investors confidence that there is less volatility than previously feared. Financial, utilities and industrial stocks weighed the most on the market yesterday. Fifth Third Bancorp dropped 3.3 percent, FirstEnergy slid two percent and railroad operator Union Pacific lost 3.3 percent. Companies that reported disappointing quarterly results also fell. DSW dropped 12.9 percent after the footwear retailer surprised investors with a loss during the fourth quarter. The company swung to a loss of seven cents per share, while Wall Street anticipated four cents per share in profit. Expenses jumped during the quarter and DSW had to deal with a hefty charge. Tilray slid 3.4 percent
after the medical cannabis company reported a wider loss for the fourth-quarter than Wall Street analysts expected. Health care stocks, technology companies and retailers notched some of the biggest gains yesterday. DaVita led the health sector higher, climbing 3.5 percent. Cigna added 3.4 percent. Chipmakers also posted solid gains. Advanced Micro Devices vaulted 11.8 percent and Nvidia climbed four percent. Retailer L Brands added 2.7 percent. Traders bid up shares in Michaels, rewarding a better-than-expected fourth quarter and overlooking a weak forecast. The arts and crafts retailer has been reassessing its operations, moving to expand its children’s offerings and shuttering its Pat Catan craft stores. The company also changed leadership earlier this month, with CEO Chuck Rubin stepping
down and longtime retail executive Mark Cosby taking over as interim CEO. The stock jumped ten percent. Bond prices fell. The yield on the ten-year Treasury rose to 2.62 percent from 2.60 late on Monday. The dollar held steady at 111.41 Japanese yen. The euro strengthened to $1.1352 from $1.1338 on Monday. Benchmark US crude oil slipped 0.1 percent to settle at $59.03 a barrel, while Brent crude gained 0.1 percent to close at $67.61 a barrel. Wholesale gasoline climbed 0.5 percent to $1.89 a gallon, heating oil added 1.1 percent to $1.99 a gallon and natural gas picked up 0.8 percent to $2.87 per 1,000 cubic feet. Gold rose 0.4 percent to $1,306.50 an ounce, silver added 0.3 percent to $15.37 an ounce and copper picked up 0.5 percent to $2.92 a pound.
Lyft opens its IPO road show, to offer more than 30M shares NEW YORK Associated Press LYFT officially kicked off the road show for its initial public offering, saying Monday it plans to put more than 30 million shares up for sale with an anticipated price of between $62 and $68 per share. That would raise more than $2bn for the San Francisco ride-hailing company, pegging its market value at $20bn to $25bn, even though it hasn’t been able to turn a profit yet. It’s the first time that Lyft has revealed how much money it hopes to raise in the IPO, and how much it believes it’s worth. Those financial targets could still change as Lyft’s investment bankers gauge
THE ANGLICAN DIOCESE OF THE BAHAMAS AND THE TURKS AND CAICOS ISLANDS
(Incorporated Trustees Of The ChurchOF OfTHE England In The Bahamas) THE ANGLICAN DIOCESE BAHAMAS
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AND THE TURKS AND CAICOS ISLANDS
(Incorporated Trustees Of The Church Of England In The Bahamas)
FINANCIAL COMPTROLLER FINANCIAL COMPTROLLER
iocese of The Bahamas and The Turks and Caicos Islands is seeking a The Dioceseindividual of The Bahamas andthe Theposition Turks andof Caicos Islands is seeking a ly qualified to fill Financial Comptroller. This suitably qualified individual to fill the position of Financial Comptroller. This r isofficer the chief functionary theDiocesan Diocesan Office. is thefinancial chief financial functionary for for the Office.
Duties include, butnot are limited, not limited,to: to: s include, but are • Managing the efficient operation of the Accounts Departments of the
Managing the efficient of the Accounts Diocesan Office andoperation the four schools of the Anglican Departments Central Educationof the Diocesan Office(ACEA), and theensuring four schools Anglican Central Education Authority adherenceoftothe policies and procedures. • Having control of the finances of the Diocese and the keeping of proper Authority (ACEA), ensuring adherence to policies and procedures. records of financial transactions. Having control of the finances of the Diocese and the keeping of proper • Preparing monthly reports on the financial position of the Diocese to the records Bishop, of financial transactions. The Synod, The Diocesan Council, The Diocesan Finance Committee, The Anglican Education position Authority, of Thethe Diocesan Preparing monthly reports onCentral the financial Diocese to the Pension Board and The Property Committee. Bishop, The Synod, The Diocesan Council, The Diocesan Finance • Preparing all financial statements for the Diocese in accordance with Committee, The Anglican Central Standards. Education Authority, The Diocesan International Financial Reporting Pension Boardas and Theperson Property Committee. • Acting a contact and liaise with external auditors, bankers and government agencies. Preparing all financial statements for the Diocese in accordance with • Assisting with the preparation of the Diocesan budget. International Financial Reporting Standards. • Supervising the maintenance and repairs of non-parochial Diocesan Acting as a contact personinand withwith external auditors, buildings and grounds Newliaise Providence, the exception of thebankers schools. and government agencies. • Traveling to Family Islands as required. • Performing duties as requested the Bishop, the Bishop-in-Council Assisting with theother preparation of the by Diocesan budget. or Diocesan Administrator. Supervising the maintenance and repairs of non-parochial Diocesan buildings and grounds in New Providence, with the exception of the schools. The successful candidate should possess: • A Bachelor’s Degree in Accounting Traveling to Family Islands as required. • CPA, ACCA or equivalent desired by the Bishop, the Bishop-in-Council Performing other duties as requested • At least 10 years’ relevant experience or Diocesan Administrator.
• Up to date knowledge of accounting regulations. • A strong proficiency in Microsoft Office and Peachtree Programs. uccessful candidate • Strong writtenshould and oralpossess: communication skills. A Bachelor’s Degree in Accounting • Excellent leadership and management skills, with hands on approach. Good organizational skills and a commitment to timely and accurate CPA,•ACCA or equivalent desired reporting.
At least 10 years’ relevant experience
Applications must contain a cover letter and CV and may be submitted via email to hr@bahamasanglican.org or dropped off at the Diocesan Office, Sands Road no later than Wednesday March 27, 2019 at 5p.m.
demand for the company’s stock leading up to the IPO pricing, which is expected to happen next week. Lyft and Uber have raced to be first with an IPO, and Lyft’s rival is expected to offer shares in the coming weeks. Uber is hoping its larger ride-hailing service will justify a market value as high as $120bn after its IPO is completed later this spring, according to the Wall Street Journal. Lyft released financial details about the company for the first time this month, reporting $2.2bn in revenue last year, more than double its $1.1bn in revenue in 2017, but also $911m in losses. Lyft has lost nearly $3bn since 2012, but has brought in more than $5bn in venture capital. The company’s executives warned that the company could struggle to turn a profit, despite a rapidly growing market share. The company’s share of the US ride-hailing market was 39 percent in December 2018, up from 22
percent in December 2016, according to its filing. The $2.2bn in revenue for 2018 was about double what it brought in the previous year. Bookings, which represent Lyft’s fares after subtracting taxes, tolls and tips, have been rising dramatically — a trend that the company intends to highlight to potential investors. Lyft’s bookings surpassed $8bn last year, 76 percent more than in 2017 and more than four times the number from 2016. Lyft’s recent marketshare gains came as Uber was dogged by reports that drivers accosted passengers and that the company tolerated rampant sexual harassment internally. Those problems ultimately led its co-founder Travis Kalanick to resign. Uber has been working to repair its image under CEO Dara Khosrowshahi. Lyft said it would offer 30,770,000 shares of its common stock to the public and give underwriters the option to buy up to 4,615,500 more shares.
THE TRIBUNE
Wednesday, March 20, 2019, PAGE 7
In end of 20th Century Fox, a new era dawns for Hollywood NEW YORK Associated Press THE Fox Studio backlot, first built in 1926 on a Culver City ranch in Los Angeles, was enormous. Before much of it was sold off in the 1960s, it was four times the size of its current, and still huge, 53 acres. Shirley Temple’s bungalow still sits on the lot, as does the piano where John Williams composed, among other things, the score to “Star Wars”. A waiter in the commissary might tell you where Marilyn Monroe once regularly sat. When the Walt Disney Co’s $71.3bn acquisition of Fox is completed at 12.02 am today, the storied lot — the birthplace of CinemaScope, “The Sound of Music” and “Titanic” — will no longer house one of the six major studios. It will become the headquarters for Rupert Murdoch’s new Fox Corp, (he is keeping Fox News and Fox Broadcasting) and Fox’s film operations, now a Disney label, will stay on for now as renters under a seven-year lease agreement. The history of Hollywood is littered with changes of studio ownership; even Fox Film Corporation founder William Fox, amid the Depression, lost control of the studio that still bears his name. But the demise of 20th Century Fox as a standalone studio is an epochal event in Hollywood, one
that casts long shadows over a movie industry grappling with new digital competitors from Silicon Valley and facing the possibility of further contraction. After more than eight decades of supremacy, the Big Six are down one. “It’s a sad day for students of film history and I think it’s potentially a sad day for audiences too,” said Tom Rothman, former chairman of Fox and the current chief of Sony Pictures. “There will just be less diversity in the marketplace.” Disney’s acquisition has endless repercussions but it’s predicated largely on positioning Disney — already the market-leader in Hollywood — for the future. Disney, girding for battle with Netflix, Apple and Amazon, needs more content for its coming streaming platform, Disney+, and it wants control of its content across platforms. “The pace of disruption has only hastened,” Disney chief Robert A Iger said when the deal was first announced. “This will allow us to greatly accelerate our director-to-consumer strategy.” The Magic Kingdom will add 20th Century Fox alongside labels like Marvel, Pixar and Lucasfilm. But film production at Fox, which has in recent years released 12-17 films a year, is expected to wane. Due to duplication with Disney staff, layoffs will be in the thousands.
THE FOX Studios sign is pictured at the entrance to the lot yesterday in Los Angeles. Disney’s $71.3bn acquisition of Fox’s entertainment assets is set to close around 12 am EDT today. Photo: Chris Pizzello/AP
Disney will also take over FX, NatGeo and a controlling stake in Hulu, which has more than 20 million customers. It will gain control of some of the largest franchises in movies, including “Avatar”, ‘’Alien” and “The Planet of the Apes”. Fox’s television studios also net Disney the likes of “Modern Family”, ‘’This Is Us” and “The Simpsons”. Homer, meet Mickey. Some parts of Fox, like the John Landgraf-led FX and Fox Searchlight, the specialty label overseen by Stephen Gilula and Nancy Utley, are expected to be kept largely intact. Searchlight, the regular Oscar contender behind films such as “12 Years a Slave”, ‘’The Shape of Water” and “The Favourite”, could yield Disney something it’s never had before: a best picture winner at the Academy Awards. Nowhere is the culture clash between the companies more apparent than in “Deadpool”, Fox’s gleefully profane R-rated superhero. While SpiderMan still resides with Sony, Disney now adds Deadpool, the X-Men and the Fantastic Four to its bench of Marvel characters. How they will all fit with Disney’s PG-13 mission remains to be seen, though Iger last month suggested in a conference call with investors that there may be room for an R-rated Marvel brand as long as audiences
know what’s coming. The question of how or if Disney will inherit Fox’s edginess matters because Fox has long built itself on big bets and technological gambits. It was the first studio built for sound. It was nearly bankrupted by the big-budget Elizabeth Taylor epic “Cleopatra”. It backed Cameron’s seemingly-illfated “Titanic”, as well as Ang Lee’s “The Life of Pi” and the Oscar-winning hit “Bohemian Rhapsody”. “We were a studio of risk and innovation,” says Rothman, who also founded Fox Searchlight. “It was a very daring place, creatively. That’s what the movies should be.” But will the more button-down Disney have the stomach for such movies? “Deadpool” creator Robert Liefeld, for example, has said Fox’s plans for an X-Force movie have been tabled, a “victim of the merger”. Some were surprised regulators gave the deal relatively quick approval.
The Department of Justice approved the acquisition in about six months, about four times less than the time it took investigating AT&T’s acquisition of Time Warner. The New York Times editorial page suggested the deal benefited from President Trump’s relationship with Murdoch. “Disney will have probably north of 40 percent market share in the US. That’s one area where a deal does suggest that the market influence is going to be outsized,” says Tuna Amobi, a media and entertainment analyst with investment firm CFRA. “Having one studio control that much is unprecedented. And it could increase from there given the pipeline that we see.” Disney is about to have more influence on the movies Americans and the rest of the world see than any company ever has. Last year, it had 26 percent of the US market with just ten movies which together grossed more than $3bn domestically and
$7.3bn worldwide. Fox usually counts for about 12 percent of market share. Fewer studios could potentially mean fewer movies. That’s a concern for both consumers and theater owners, many of whom already rely heavily on Disney blockbusters to sell tickets and popcorn. “Certainly, consolidation poses a challenge in some respects to the supply of movies,” says John Fithian, president and chief executive of the National Organization of Theater Owners. “The fewer suppliers you have, the chances are we’re going to get fewer movies from those suppliers.” But Fithian believes other companies are stepping into the breach, and he holds out hope that Netflix might eventually embrace more robust theatrical release. More importantly, Fox was bought by a company in Disney that is, as Fithian said, “the biggest supporter of the theatrical window.”
LYNDEN PINDLING INTERNATIONAL P.O. BOX AP-59222 NASSAU, BAHAMAS
The Airport Authority is seeking to recruit suitably qualified Bahamians to fill the following position:
SURVEILLANCE OPERATOR Applicants must possess an Associates Degree in Business Administration from an accredited educational institution. Or the applicant must have a minimum three (3) years’ experience in the related field. The applicant must exercise the utmost degree of confidentiality. The applicant should be self-motivated and be able to work in a high demand environment. The successful applicant will report to the Surveillance Manager and Surveillance Supervisors. The salary for the position is commensurate with qualification and experience. Qualified applicants must submit their resumé and copies of academic certificates along with three letters of reference no later than Friday, March 22nd, 2019. Sealed envelopes should be addressed as follows: ATTENTION: SURVEILLANCE POSITION Manager, Human Resources The Airport Authority Lynden Pindling International Airport P.O. Box AP-59222 Nassau, Bahamas
PAGE 8, Wednesday, March 20, 2019
THE TRIBUNE
Facebook to overhaul ad targeting to prevent discrimination SAN FRANCISCO Associated Press FACEBOOK will overhaul its ad-targeting systems to prevent discrimination in housing, credit and employment ads as part of a legal settlement. For the social network, that’s one major legal problem down, several to go, including government investigations in the US and Europe over its data and privacy practices. The changes to Facebook’s advertising methods — which generate most of the company’s enormous profits — are unprecedented. The social network says it will no longer allow housing, employment or credit ads that target people by age, gender or zip code. Facebook will also limit other targeting options so these ads don’t exclude people on the basis of race, ethnicity and other legally protected categories in the US, including national origin and sexual orientation. The social media company is also paying about $5m to cover plaintiffs’ legal fees and other costs. Facebook and the plaintiffs — a group including the American Civil Liberties Union, the National Fair Housing Alliance and others
FACEBOOK CEO Mark Zuckerberg adjusts his tie as he arrives to testify before a joint hearing of the Commerce and Judiciary Committees on Capitol Hill in Washington last year. Earlier this month Zuckerberg announced a new “privacy-focused vision” for the company to focus on messaging instead of more public sharing, but he stayed mum on overhauling Facebook’s privacy practices in its core business. Photo: Carolyn Kaster/AP — called the settlement “historic”. It took 18 months to hammer out. The company still faces an administrative complaint filed by US Department of Housing and Urban Development in August over the housing ads issue. What’s not yet clear is how well the safeguards will work. Facebook has been working to address a slew of social consequences related
NOTICE
NOTICE is hereby given that CLIFFORD SAINT VAL of Golden Gates, Sisal Road, Nassau, 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 20th day of March, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
to its platform, with varying degrees of success. Last week, it scrambled to remove graphic video filmed by a gunman in the New Zealand mosque shootings, but the footage remained available for hours on its site and elsewhere on social media. Earlier in March, CEO Mark Zuckerberg announced a new “privacy-focused vision” for the company to focus on
messaging instead of more public sharing — but he stayed mum on overhauling Facebook’s privacy practices in its core business. Galen Sherwin, senior staff attorney at the ACLU and the group’s lead attorney on its suit, praised the settlement as “sweeping” and said she expects it to have ripple effects through the tech industry. Facebook agreed to let the
NOTICE
NOTICE is hereby given that JOANNE ASHLEY PETITHOMME of Take Me Corner, Eight Mile Rock, Grand Bahama, 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 13th day of March, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
MARKET REPORT TUESDAY, 19 MARCH 2019
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
groups test its ad systems to ensure they don’t enable discrimination. The company also agreed to meet with the groups every six months for the next three years, and is building a tool to let anyone search housing-related ads in the US targeted to different areas across the country. Discrimination hasn’t been Facebook’s only problem with ad targeting. It’s taken fire for allowing advertisers to target groups of people identified as “Jew-haters” and Nazi sympathisers. It’s also still dealing with fallout from the 2016 election, when, among other things, Facebook allowed fake
LEGAL NOTICE
NOTICE Seascape Developments Inc. NOTICE IS HEREBY GIVEN as follows: (a)
Seascape Developments Inc. is in dissolution under the provisions of the International Business Companies Act 2000.
(b)
The dissolution of the said Company commenced on the 18th day of March, 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General.
(c)
The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas
BISX ALL SHARE INDEX: CLOSE 2,113.88 | CHG -0.05 | %CHG 0.00 | YTD 50.31 | YTD% 2.44
H & J CORPORATE SERVICES LTD.
BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 5.50 1.96 1.15 3.68 10.20 6.60 4.64 12.50 2.74 1.81 9.02 6.40 15.60 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 6.49 5.39 1.96 1.15 2.22 9.85 6.16 4.50 10.65 2.71 1.79 8.94 6.40 15.60 6.98 3.35 13.85
CLOSE 4.37 17.43 6.49 5.39 1.96 1.15 2.22 9.85 6.16 4.50 10.65 2.60 1.79 9.00 6.40 15.60 6.98 3.35 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 -0.11 0.00 0.06 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 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 50
VOLUME
10
50 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
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$ 0.130 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 0.200 0.090 0.600
P/E 29.7 18.7 N/M 16.7 N/M N/M -4.2 14.1 12.8 29.2 17.0 25.5 8.6 N/M 13.3 20.5 12.1 12.1 21.9
YIELD 2.97% 7.23% 0.00% 4.45% 0.00% 1.74% 0.00% 7.21% 3.57% 2.67% 5.82% 2.31% 3.35% 0.93% 3.75% 3.21% 2.87% 2.69% 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% 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
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
Russian accounts to buy ads targeting US users to stir up political divisions. One of the complaints said that Facebook violated the Fair Housing Act because its targeting systems allow advertisers to exclude certain audiences, such as families with young children or disabled people, from seeing housing ads. Others alleged job discrimination, with ads being shown to men but not women in traditionally maledominated fields, or only to younger users. As part of the changes, advertisers who want to run housing, employment or credit ads will no longer be allowed to target people by age, gender or zip code. Facebook will also limit the targeting categories available for such ads. For example, such advertisers wouldn’t be able to exclude groups such as “soccer moms” or people who joined a group on black hair care. Endlessly customisable ad targeting is Facebook’s bread and butter. The ads users see can be tailored down to the most granular details — not just where people live and what websites they visited recently, but whether they’ve gotten engaged in the past six months or share characteristics with people who have recently bought a BMW, even if they have never expressed interest in doing so themselves. It’s how they company made $56bn in revenue last year.
Registered Agent for the above-named Company LEGAL NOTICE
NOTICE Derovision Limited NOTICE IS HEREBY GIVEN as follows: (a)
Derovision Limited is in dissolution under the provisions of the International Business Companies Act 2000.
(b)
The dissolution of the said Company commenced on the 18th day of March, 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General.
(c)
The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company LEGAL NOTICE
NOTICE
International Business Companies Act (No. 46 of 2000)
Tavistock Ventures Inc. (the “Company”)
Registration Number: 1399 B (In Voluntary Liquidation) Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 46 of 2000) Tavistock Ventures Inc., commenced voluntary liquidation on 18th day of March, 2019. Any person having any claim against Tavistock Ventures Inc., is required on or before the 8th day of April, 2019 to send their name, address and particulars of the debt or claim to the Liquidator of the company, or in default thereof they may have excluded from the benefit of any distribution made before such claim is approved. GSO Corporate Services Ltd., of 303 Shirley Street, Nassau, The Bahamas is the Liquidator of Tavistock Ventures Inc.
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
GSO Corporate Services Ltd. Liquidator