business@tribunemedia.net
FRIDAY, APRIL 28, 2017
$4.20
$4.30
$4.30
$4.28
RoyalStar: 15% of profits from ‘bad mortgage’ link By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
RoyalStar is aiming to “diversify” by building a closer relationship with its mortgage restructuring affiliate, its top executive yesterday revealing this will generate 10-15 per cent of its profits within the next three years. Anton Saunders, the property and casualty insurer’s managing director, told Tribune Business that its investment in Gateway Financial was set “to become very important to us in the short-term”. “We have diversified a little bit away from insurance and continue to develop the relationship with the Ascendancy group,” Mr Saunders said, referring to the Mexican entity that its main shareholder had initially sought to partner with on the ‘bad mortgage’ venture. Sir Franklyn Wilson, the Sunshine Holdings’ group’s chairman, subsequently created Gateway Financial as a venture owned by is group, with Sunshine Finance and RoyalStar as the “two equity partners”. Mr Saunders yesterday
Insurer aims to diversify via Gateway affiliate
The Bahamas’ new mobile operator believes yesterday’s number portability launch is “as momentous a milestone” as its creation, given that it can now target an extra 100,000 subscribers. Damian Blackburn, Aliv’s top executive, told Tribune Business that the ability for consumers to retain their existing number when switching provider would “liberate” one-third of the Bahamian mobile market. Disclosing that Aliv’s total subscriber base now stands at 60,000, close to 20 per cent of the total, Mr Blackburn said mobile number portability represented the true introduction of competition for Bahamians. He added that Aliv’s retail stores were braced to deal with increased business volumes that “could be as busy as Christmas” See pg b7
Bahamian industry now paid out ‘around $500m’ told Tribune Business that the Gateway Financial investment will become increasingly valuable for RoyalStar Assurance, given the competitive insurance markets in the Caribbean territories it operates in. “It’s going to become very important to us in the short-term as we look at what can help them out, and how they can help us out,” he said. “Over the next two-three years, we expect it will give an income stream that will be 10-15 per cent of the bottom line.” Mr Saunders said this income stream would be generated from Gateway See pg b5
‘Liberates’ 100k subscribers for new operator Customer base now 60k; closing on 20% market share Expecting customer rush ‘as busy as Christmas’
Damian Blackburn, chief Aliv officer
Landfill bid opening delayed until today By NATARIO McKENZIE
Tribune Business Reporter
and NEIL HARTNELL Tribune Business Editor
The opening of bids for the New Providence landfill’s management and remediation contract has been delayed by 24 hours until this morning, Tribune Business can reveal. The Government’s Tenders Board was supposed to meet yesterday at 10am to open the offers in the presence of all bidders. However, Kenred Dorsett, minister of the environment and housing, confirmed to Tribune Business that the bid opening had been pushed back until 10am today. Mr Dorsett said: “I just got a notice from the Ministry of Finance that the
‘Disconnect’ over NHI doctor sign-up
Matthew: Over 1/3 of home owners underinsured
Portability launch ‘as big as coming Aliv’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Dr Sy Pierre
Tenders Board will meet tomorrow to open the bids. Tomorrow, my team will meet with the Tenders Board and we will find out how many bids were actually submitted.” No explanation has been given for the 24-hour delay, with interested parties said to have “burned the midnight oil” to meet the Government’s tight bid deadline and submit satisfactory offers. Private sector groups had been given eight days to submit bids to takeover the New Providence landfill’s management and remediation. Mr Dorsett revealed to Tribune Business late last month that the Government was planning to issue a structured tender “as soon as possible”. The tight timeline for See pg b6
MAB seeks clarity on who are registered providers
Branville McCartney, leader of the Democratic National Alliance (DNA) addresses a press conference while Chris Mortimer, deputy leader of the DNA looks on. Photo: Shawn Hanna
Low growth causes ‘major brain drain’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Bahamian economy’s inability to grow over the last four years is exacerbating the “brain drain” of this nation’s brightest minds and talents, the Democratic National Alliance’s (DNA) leader warned yesterday. Branville McCartney told Tribune Business that increasing numbers of Bahamians studying abroad were choosing to remain overseas after graduating, due to a lack of opportunities at home and quality of life issues. Linking the lack of job and entrepreneurial opportunities directly to the Bahamas’ low to no GDP
Bran: Best minds ‘have no choice’ but to stay abroad ‘Drastic change’ needed to attract them home Blames ‘no growth’ four years for growing woes growth, the DNA leader said gifted Bahamians “have no choice” but to stay abroad “unless things change drastically”. Mr McCartney told Tribune Business: “I was talking to my daughter this morning. More and
more students are staying abroad, and have made their minds up not to come home unless things change drastically. “This is because of lack of opportunity and they feel unsafe. How can they have these opportunities if there’s no economic growth in four years? Four years! “It’s causing a significant brain drain. They have no choice but to stay elsewhere. It’s not happening in the Bahamas. That’s the reality.” Mr McCartney’s comments highlight another dimension to the Bahamas’ GDP growth crisis, namely the disincentives provided for many of its most talented products to See pg b6
President fears ‘misrepresentation’ occurring Says contacted by doctors on list who never agreed By NEIL HAR TNELL Tribune Business Ed itor nhartnell@tribunemedia.net The Medical Association of the Bahamas (MAB) was yesterday seeking to clarify which doctors have signed on for the National Health Insurance (NHI) scheme, its president saying “some type of misrepresentation is going on”. Dr Sy Pierre told Tribune Business the MAB had issued an e-mail, asking physicians to confirm whether they have agreed to become NHI care providers, after being contacted by doctors who said their names were on the list without their consent. The e-mail, obtained by Tribune Business, tells See pg b4