business@tribunemedia.net
TUESDAY, SEPTEMBER 11, 2018
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‘Move quickly’ or lose cannabis’ medical potential By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net THE Bahamas could attract “hundreds of millions” of dollars as a medical cannabis “hub”, a Jamaican scientist said yesterday, urging the Government to “move quickly” or lose out. Dr Henry Lowe, a renowned Jamaican nutraceutical scientist and founder of Medicanja, said he was “encouraged” by the level of enthusiasm locally on the subject. One of the featured speakers at a Medical Association of The Bahamas (MAB) symposium on medical marijuana, he said: “I was encouraged before coming here because I read there was a CARICOM mission here several weeks ago. “I met and spoke to a number of persons involved, and they were all excited that The Bahamas could become the new Jamaica when you look at medical cannabis. When I got the invitation to come here I was more than excited because of the energy I felt. “Next to Jamaica, this is where I see the energy. I don’t know where your government stands but I hope that through information and education they will understand that this is the way to go. You’re not talking about recreational cannabis; you’re talking about medicines, and this is where the world is going.” Dr Lowe said that while cannabis is sometimes viewed negatively, anything that is not properly managed or abused can cause harm. “Marijuana is seen as the dangerous part of the cannabis plant, but what we need to first understand is that the cannabis or marijuana plant is a special type of plant,” he explained. “As far as I’m concerned it is the plant of plants. It is a drug plant, and anything that is a drug can be positive or negative to different people. Drugs affect different persons in different
SEE PAGE 2
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‘Marginalise unions and you finish middle class’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
T
HE Government and private sector will eliminate the middle class “bedrock of society” if they “continue to marginalise and bypass” trade unions, a senior leader warned yesterday. Bernard Evans, the National Congress of Trade Unions (NCTU) president, told Tribune Business that The Bahamas will end up with two social classes “the elites and those at the bottom” - if the Government continues to burden Bahamians with valueadded tax (VAT) increases and such like. He warned that the recent 12 percent VAT hike would be factored into upcoming industrial agreement negotiations by the “60 percent” of NCTU affiliate unions whose current deals have expired, thereby threatening to increase wage inflation and business costs. Mr Evans, though, argued that trade unions
had been unfairly “demonised” for seeking excessive pay increases, and said the NCTU and others wanted to partner with the private sector and government to “drive efficiency and productivity” and lower the cost of doing business. While acknowledging that some may view the unions’ existence as “a nuisance”, the NCTU president said the labour movement’s activist
efforts had been a key factor in developing a Bahamian middle class whose spending power was key to the fate of many businesses and the wider economy. “Almost 60 percent of our affiliates’ contracts, industrial agreements, have expired, so they’re about to go into new negotiations and will take into account the VAT increase,” Mr Evans told Tribune Business.
SEE PAGE 3
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SEE PAGE 2
* Purchase to now close September 21 * Staff ‘very anxious and concerned’ * Severance will be offered to so
THE Government is pledging a “seamless migration” in a bid to reassure 400 “very anxious and concerned” Grand Lucayan workers prior to taking over the resort’s operations today. Well-placed Tribune Business sources, speaking on condition of anonymGRAND ity, yesterday said the LUCAYAN Government-owned spe- PROPERTY cial purpose vehicle (SPV), Lucayan Renewal Holdings, now aims to close the September 21. The Minnis adminisproperty’s $65m acquisition from Hutchison Wham- tration had planned to poa’s real estate arm on complete the purchase and
OBIE FERGUSON
operational takeover at the same time on September 11, but the deal’s closing has been delayed by the
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
need to obtain a House of Assembly resolution
“What we are mindful of is the continued burden on the employees and the eroding of the middle class. If we’re not careful, we will fast become a country of two classes - the elite and those at the bottom. “The middle class drives the economy; they build houses, and pay school fees and insurance. Make no mistake, if it was not for the unions keeping salaries reasonable... If you look at all who make up the residents of new subdivisions, be it South Beach, out east or Coral Harbour, many of them are part of unions,” he continued. “We are the bedrock of society. You’re not going to get it from the bottom rung. They can’t afford it. If you marginalise unions and bypass the process of unions, you’re going to continue to
‘Seamless migration’ for Grand Lucayan
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
No bad WTO deal must be ‘order of day’ THE Government’s pledge that it will not accept a “bad WTO deal” must be “the order of the day”, the Chamber of Commerce’s top trade executive urged yesterday. Darron Pickstock, who heads the Chamber’s trade and investment division, told Tribune Business that the promise by newly-appointed chief negotiator, Zhivargo Laing, was “refreshing” since it signals The Bahamas is not prepared to accept any price for full World Trade Organisation (WTO) membership. He indicated, though, that Bahamian industries and individual businesses have no choice but “to get ready” for potential WTO impacts given the Minnis administration’s determination to “forge ahead” and complete the long-running accession process by mid2020 at latest. Brent Symonette, minister of financial services, trade and industry and immigration, told a Sunday press conference to announce Mr Laing’s appointment that The Bahamas had already submitted its goods and services “offers” to the WTO Secretariat - documents whose contents the private sector has yet to be briefed on, according to Mr Pickstock. These “offers” set out The Bahamas’ opening negotiating position on numerous issues, including market access for foreign firms and goods, plus the specific tariff lines that will be either eliminated, reduced or “exempt” from any WTO-related changes. Still, Mr Pickstock said the Chamber would remain engaged with the Government as the WTO accession process, and related negotiations, prepare to intensify as a result of the Third Working Party meeting on The Bahamas’ membership
* Bahamas will have just ‘elites and those at bottom’ * VAT factor for 60% of unions seeking new deals * Union chief: We’ve been unfairly ‘demonised’
BERNARD EVANS
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Chamber: ‘Think again’ on new BPL plant at Clifton By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMAS Power & Light (BPL) would be “well advised to consider” if Clifton Pier is suitable for both its current and proposed new power plants, the Chamber of Commerce’s chief executive urged yesterday. Edison Sumner told Tribune Business that the three weekend fires, which BPL union leaders alleged may have caused up to $150m in damages, had merely reinforced the Chamber’s concerns about the area’s continued use as the location for New Providence’s main power plant. Pointing to the significant environmental remediation and clean-up work required to deal with past oil spillages, Mr Sumner said the Chamber had expressed its concerns over Clifton Pier
* Urges reconsideration after recent blazes * Already warned on environmental issues * Utility still to deliver on its promises
EDISON SUMNER as part of a wider assessment of the recent bid process for Nassau’s new generation facility.
“We were concerned before when we got the information through the request for proposal (RFP) issued recently that there was a plan to build another facility on the Clifton site,” he told this newspaper yesterday. “We thought if that was the case, that should be reconsidered, because for a long time we’ve known of some serious environmental issues at Clifton, and the likely efforts to remediate and ensure the site is suitable for the new plant and current one that sits there now.” Mr Sumner continued: “I’m hoping that now we’ve had these two [three] unfortunate incidents at
the power station it would cause a reconsideration of the Clifton site and whether to build there, and to look at alternative plans and sites to build the new plant elsewhere or have that current site fully remediated. “Whatever needs to be done should be done posthaste to avoid these kinds of incident again. It would be something they would be well advised to consider: Whether to put more resources into that site or look at alternative locations and facilities for the new plant.” The Minnis cabinet in April selected Shell North America as the preferred
SEE PAGE 4
PAGE 2, Tuesday, September 11, 2018
THE TRIBUNE
New legislation to ‘codify’ quarterly fiscal reporting By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net THE Government’s plans to publish quarterly fiscal reports will be “codified” in new laws to overhaul the public sector’s financial management, the deputy prime minister said yesterday. K Peter Turnquest told a seminar for senior civil servants that the Government’s processes must be reformed, and made more transparent and accountable, as the current legal framework for public financial management is “outdated and inadequate” to meet the demands of good governance. Addressing a session on the draft Public Financial Management (PFM) Bill,
he said: “As the Government continues to push forward with the modernisation of the public dervice, a priority of the Ministry of Finance is shaping a new culture of transparency and accountability in public finances. “The PFM bill will do just that, along with the soon-to-be-enacted Fiscal Responsibility Bill, and proposed Public Debt Management Bill and Public Procurement Bill. These signature pieces of legislation represent key pillars in the broader public financial management reform agenda. “They will reinforce the Government’s commitment to the promotion of efficiency, effectiveness, accountability
and comprehensive financial reporting. They will also bring the country in line with international best practices governing public financial management. Pushing forward with this major legislative overhaul is, therefore, a must.” The Government is being supported by the Caribbean Regional Technical Assistance Centre (CARTAC). Mr Turnquest said that because of the need for extensive revisions, the Government decided to replace the Financial Administration and Audit Act (FAAA) with more modern and legislation. He said the PFM Bill will “align with standards such as the IMF’s Code of Fiscal Transparency, and
is supportive of the other body of legislation aimed at securing the proper management of the country’s public finances and promoting fiscal discipline”. Mr Turnquest added: “The PFM law will set new standards, and hold civic servant to a higher standard of accountability, including those elected by the people. “The Bahamian public deserves a government that understands its responsibility to be accountable. To fulfill this obligation, we need the tools to support our work, and the legislative reform is all about that. These changes will create tools for you to use, for us all to use, to serve the Bahamian people better.”
K PETER TURNQUEST
‘Move quickly’ or lose ‘Marginalise unions and you finish middle class’ cannabis’ medical potential FROM PAGE ONE
FROM PAGE ONE ways. It is a good plant, giving a variety of medical options and potential, which is what I’m about. We’re looking at the medicinal side.” Dr Lowe said the Government should “move quickly” to facilitate the establishment of a medical cannabis industry in The Bahamas. “There’s no reason to delay. Everything is there. I’m sure there are investors waiting to come to The Bahamas. I can’t see any reason why The Bahamas shouldn’t be moving ahead,” he added. “We’re looking at major
investments; hundreds of millions of dollars coming here. I don’t want to preempt anything, but I know big potential is lined up to come here and, if the Government isn’t prepared to come here, you could lose out. “ Dr Lowe added that recreational marijuana use should be separated from the discussion over medical marijuana. “We need to separate the recreational side from the medical side to give us the financial and economic push that we want, and take a position of leadership outside of tourism,” he said.
erode that bedrock of society.” Mr Evans argued that the role played by Bahamian trade unions had frequently been misunderstood, especially by the private sector, and said the labour movement wanted to partner with the business community to drive greater economic growth and prosperity for the benefit of all. “We are always demonised for trying to increase the standard of living by asking for too much in salary increases, but that’s far from the truth,” he told Tribune Business. “We want to drive efficiency and productivity,
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work hand in hand with the Chamber to improve productivity, and improve the ease of doing business in the country. We want to be a partner. “We may seem to be a nuisance but we’re good unions as we’re responsible for the kind of economy we enjoy todate, as we’re able to agitate for employees to get more of the pie. It does increase payroll somewhat, but we are responsible for the middle class and, if we’re not careful, it’s going to disappear.” Mr Evans said the trade union movement wanted current, and future, governments to justify any further increases to VAT and other taxes with empirical data so that “knee jerk reactions” were avoided in future. His counterpart at the Trades Union Congress (TUC), Obie Ferguson, told Tribune Business that the organisation’s member unions were similarly
concerned that wages were failing to keep pace with tax increases and continual rises in the cost of living, resulting in an erosion of living standards and disposable income. Describing the hike to 12 percent VAT as “a major issue” for all TUC-affiliated unions, Mr Ferguson cited several that had been unable to obtain wage/benefit increases for their members in recent years despite rising living costs. He pointed as an example to an offer from Morton Salt to the company’s line staff union, which included a pay increase of “under” 1.5 percent for the first year, 1.5 percent in the second, and 1.6 percent in the third year of a proposed industrial agreement. The TUC president then hit out at the Water & Sewerage Corporation, accusing it of demanding that its middle management union agree to remove a
clause in its industrial agreement giving it a 90-day “first right of refusal” on all outsourcing opportunities in return for receiving a $4,000 lump sum payment. Mr Ferguson also slammed “some” government corporations for failing to honour registered industrial agreements, and instead seeking to arbitrarily alter their terms and conditions without negotiating with the trade unions. “That’s becoming a very serious issue,” he told Tribune Business. “There’s no purpose negotiating industrial agreements if the parties are not prepared to honour it. You can’t dob it arbitrarily. That’s one of the major problems we have in the TUC. “The economic situation is such that there must be respect between the parties so they can iron out their differences. More often than not, they will find they have more in common than things where they differ.”
THE TRIBUNE
Tuesday, September 11, 2018, PAGE 3
GOVT URGED TO BOOST CAR RENTAL REGULATION By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net AUTO repairers yesterday urged the Government to intensify regulation of the car rental business, amid calls for the removal of alleged “foreign elements” in its ownership. Dwaine Scavella, president of the Bahamas Auto Repair Association, told
Tribune Business: “Something has to be done. You have foreigners renting cars, and you have also private citizens renting cars. This thing needs to be regulated. This is becoming an issue of concern for our members. Guys are hurting. “Competition is good for consumers, but in a market like ours it’s very difficult to survive the way things are going. There is a major
concern among the members of the car rental sector of our association. These businesses experienced great loss in revenue since the introduction of VAT, along with competing with a foreign network not just in the auto sales sector of the industry but also that of the car rental sector of the industry.” Mr Scavella added: “While we would like to
commend the Government on their efforts to satisfy a certain sector of the industry, we would like them to go even further with protecting this industry for born and unborn Bahamians by first removing the foreign elements and, secondly; sitting with those Bahamians who have invested in this industry for a living - not just to hear, but to listen and address the concerns.”
He said that among the concerns raised by Association members is the number of rental plates seemingly “up for grabs”. “Before issuing and saturating the market, which is already overcrowded, rental plates should only be given to Bahamian businesses that solely rely on this service for their business,” Mr Scavella added. “Legitimate rental
businesses should not have to compare their prices with those who only see this as a second job, and therefore bringing down costs that will affect their overhead expenses to operate and maintain their businesses. While competition may be good for consumers there must be a concern for those who are just throwing around prices that are shutting the doors for others.”
No bad WTO deal must be ‘order of day’ FROM PAGE ONE application on September 21. He added that businesses were still seeking “clarity” on numerous WTO and trade-linked issues, including how the Government plans to replace the $100$200m in customs duties forecast to be lost as a result of eliminating import tariffs that rules-based regimes consider barriers to trade. “It’s extremely important we get this right, and get the best possible deal,” Mr Pickstock told Tribune Business, emphasising that WTO membership terms will determine the Bahamian economy’s future direction. “I was encouraged to hear [Mr Laing] say yesterday that if the deal is not good they’re not going to move ahead. It was refreshing, at least, to hear that they’re
going there with an open mind to get the best possible deal and, if they can’t, there’s no deal. We hope that’s the order of the day.” Mr Pickstock confirmed that the Chamber planned to meet with the Government before its negotiating team heads to the WTO’s Geneva headquarters for the Third Working Party meeting - the stage in the accession process that is typically the most crucial, since it provides the foundation for further bilateral talks with all countries interested in trading with The Bahamas. Those countries would likely be the US, Canada, European Union (EU), China, the UK and other CARICOM countries, and Mr Pickstock said it was vital for the Government to fully brief the Chamber and business community on the Working
Party meeting’s outcome so they could properly advise its negotiators and prepare for the implications of full membership. “The Chamber wants to know the process; what’s going to happen from this point on, and we’d also want to want to know what they are going to be negotiating on our behalf,” the Chamber trade division head added. “It may not be the full details, but we’d want to know what’s going to be discussed on the private sector’s behalf, and the timelines, trigger points and trigger date just so we can bring some clarity.” Mr Pickstock, though, said the Government had “made it abundantly clear” - from the moment Mr Symonette revealed to Tribune Business in late 2017 it was aiming to complete the accession process in two
years - that it saw full WTO membership as in the Bahamas’ best interests, and a key element in its strategy to restructure and reposition the economy. “The Government has made a move to go full steam ahead,” he told Tribune Business. “We will be in constant dialogue with the ministry and, at this point, we just have to get ready given that they have forged ahead, which was always their intention. “We have to work with the Government to try and get the best possible deal given that the cart or horse is already out the gate. At this point it has to be that kind of relationship to advise the private sector and public sufficiently. We have to know what is happening, and we intend to work with them so that we are all on the same page. “The Chamber had
hoped to influence the process through all of the consultations that were had. That’s what we sought to do, but it was abundantly clear wanted to finish the WTO process.” While many industries “still have concerns” about the potential effects of WTO membership, Mr Pickstock said the Government felt it had “gathered” sufficient information from the private sector to craft the offers it has submitted. Mr Pickstock and other executives had previously warned that many Bahamian industries felt they lacked sufficient information to properly advise the Government on where it should “draw the red line” for their sectors in the WTO negotiations, meaning what this nation must not concede at all-costs. Among the numerous uncertainties, the Chamber
trade chief said yesterday, was how the Government plans to replace the tariff revenue that will be lost through the elimination of customs duties that will be mandated by the body that oversees all rulesbased trading regimes and their enforcement. “The Minister has indicated they don’t have a 100 percent handle on that, but they’re looking into it,” Mr Pickstock said, referring to Mr Symonette’s confirmation that the amount of revenue foregone will ultimately be determined in negotiations. “There’s still an issue with replacement of revenue. Even if we trade off, and duty is reduced on one product line and it stays the same on another, there’s still going to be a significant shortfall. There’s still the issue of what it’s going to be replaced with.”
‘Seamless migration’ for Grand Lucayan FROM PAGE ONE authorising the Government to guarantee repayment of the debt taken on to finance the acquisition. “Some people will take [a severance] package and some will stay on,” a government source told Tribune Business of the Grand Lucayan’s 423 staff. “There’s going to be a seamless migration, and no one will be prejudiced.” Michael Scott, chairman of both the Hotel Corporation and Lucayan Renewal Holdings, declined to comment when contacted by this newspaper last night. He had previously revealed, though, that some staff would likely be willing to accept voluntary severance (VSEP) packages if the terms were right. Grand Lucayan staff yesterday received a letter informing them that Lucayan Renewal Holdings will take over the property’s management from Hutchison Lucaya Ltd as of today, with their terms and conditions of employment - including salaries and benefits remaining unchanged. Obie Ferguson, the Trades Union Congress’s (TUC) president, told Tribune Business at the weekend that uncertainty over the Government’s plans for Freeport’s anchor property - and especially the remaining employees - had made workers “very anxious and concerned” as to their potential fate.
Two unions are present at the Grand Lucayan the Commonwealth Union of Hotel Services and Allied Workers, headed by Michelle Dorsett, which represents line staff, and the Bahamas Hotel Managerial Association (BHMA) whose members are drawn from the resort’s middle management. Both are TUC affiliates, with Mr Ferguson acting as their legal adviser, and the veteran trade unionist said they would be unable to properly advise members until they met with the Government. Mr Ferguson, who did not return Tribune Business’s message last night seeking further comment, said earlier: “The Government is proposing to take over on September 11, and what we have decided is to meet with them shortly thereafter what was the deal as it relates to the employees. “We have not yet met with them to finalise how the sale will affect the existing employees. I suspect it will be open to people to take severance.” Mr Ferguson said the Government, and Lucayan Renewal Holdings, had two options available to them when dealing with the take over of a hotel property where an industrial agreement was recognised and in effect. It could either agree to retain the workforce on the same terms and conditions as they enjoyed previously, or alternatively the old employers pays them
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due severance and a new contract is agreed with the buyer. It appears the Government has taken the former option, and Mr Ferguson added of the Grand Lucayan’s staff: “They’re very anxious because the level of certainty is not known to them at this stage. “The union cannot put forward a definite position to them until such time as it is informed by the Government’s representatives. They’re [the staff] very concerned, obviously, as to what is going to happen. “In our case, the industrial agreement is there, and we will end up working with the Government to find a resolution,” Mr Ferguson continued. “The
workers, to be perfectly honest with you, are very concerned because we are unable to tell them precisely what the situation is. “We want to make sure that when we meet with the members we give them the correct information, not what we think and believe.” Mr Scott previously revealed to Tribune Business that closing of the Government’s $65m purchase may be “slightly delayed” because the necessary resolution authorising the Government guarantee can only be effected when Parliament resumes on September 19 following the summer recess. The guarantee will
be worthless without the resolution, since this is required to bring it into compliance with the law in the form of the Financial Administration and Audit Act. The Minnis administration is thought to be financing the Grand Lucayan purchase with a combination of debt and the $25m allocated in the 2018-2019 budget to support the now-abandoned Wynn Group purchase. The deal is structured so that the Government pays a $10m deposit, which it has done, and a further $20m upon closing. This is likely to be financed largely through the Budget, with the $35m balance split into
semi-annual $5m payments spread over three-and-ahalf years. That portion will come from debt, with the funds likely to be extended by the Grand Lucayan’s departing owner, Hutchison Whampoa, as a form of vendor financing. This was proposed a year earlier, when the Minnis administration first suggested it would take an equity stake in a purchase of the resort. A mortgage, secured on the Grand Lucayan’s real estate assets, will provide security for the loan or any form of debt financing. The Government guarantee is needed to provide assurance to the lender that its monies will be repaid.
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PAGE 4, Tuesday, September 11, 2018
THE TRIBUNE
CHAMBER: ‘THINK AGAIN’ ON NEW BPL PLANT AT CLIFTON FROM PAGE ONE bidder to build, own and operate a new, 270 megawatt (MW) multi-fuel power plant that will supply the majority of New Providence’s energy needs from 2021 onwards. The plant, together with a liquefied natural gas (LNG) and bunkering facility, is to be constructed in the same Clifton Pier area as the BPL plant that repeatedly went up in flames over the weekend, resulting in a week-long “load shedding” and power outages spread across the island as a result of lost generation capacity. BPL is still tying down the terms of its commercial agreements with Shell, details of which were caught up in the recent Boardroom battle that resulted in all directors on the former board resigning or being removed. The Chamber, in a June 28, 2018, letter to ex-BPL chairman, Darnell Osborne, made clear its concerns about the continued use of Clifton Pier as a power plant location under Shell. The document, signed by Mr Sumner and Debbie Deal, head of the Chamber’s energy and environment committed, expressed concerns that bidders were not allowed to conduct site visits - as promised by the tender document - despite the “significant environmental issues that have persisted at the current energy plant facilities at Clifton Pier”. “The selection of Clifton Pier as the site for new power generation and regasification facilities raises significant concerns given the
perennial environmental issues experienced at that site,” the Chamber duo wrote. “It is reasonable to expect that such environmental issues are fully resolved prior to utilisation of that site, and the BCCEC asks that BPL confirm whether or not such resolution is a pre-condition of the site utilisation.” Mr Sumner yesterday said the prospect of power outages, “especially at this time of year”, as a result of the weekend fires was “always a concern” to the Bahamian private sector - especially those businesses that lack their own generators. He added that Bahamian businesses and residents “haven’t seen much, unfortunately” of promised improvements in BPL’s energy costs and supply reliability, despite “every management team and board that goes into BPL going in with high promises to turn things around”. BPL’s systems were likely now “more compromised” than ever as a result of the blazes, and Mr Sumner said: “The fact they’ve had three fires in four days should be of great concern, not only to consumers but BPL and their staff. It’s not just about customers and the reliability of energy; we must be concerned for the safety of workers. “One of the things we would like to see promoted more, and something the Chamber has been advocating for, is to see a greater push to renewable energy sources where business and residential customers take advantage of putting these sources on homes and businesses.”
Stocks end losing streak as industrials, retailers rise NEW YORK Associated Press US stocks broke a fourday losing streak yesterday as industrial companies and retailers rose. Technology companies recovered some of their steep losses from last week. Transportation and other industrial companies continued their recent rally and retailers like Nike, Home Depot and Walmart all climbed. While technology companies rose overall, Apple fell after saying a new round of bigger US tariffs could push it to raise prices. CBS slipped after it announced the departure of longtime CEO Les Moonves, and Alibaba skidded after the big Chinese internet retailer said co-founder Jack Ma will step down as chairman in 2019. The European Union’s chief negotiator said the bloc might be able to reach a deal with Britain by early November. The British pound jumped. Investors expect the US to put new tariffs on Chinese imports soon. The Hang Seng index in Hong Kong fell again yesterday after President Donald Trump again threatened to tax almost everything the US. imports from China. The index has tumbled almost 20 percent since late January as the dispute has escalated. Randy Frederick, vice president of trading and derivatives for Charles Schwab, said investors feel China has much more to lose in the conflict than the US does, as it exports much more to the US than it imports from it. “If Chinese businesses and Chinese consumers get uncomfortable with this whole battle, they get nervous and they get tentative,” he said. “When people do that, they stop spending.” S&P 500 index gained
5.45 points, or 0.2 percent, to 2,877.13. The Dow Jones Industrial Average lost 59.47 points, or 0.2 percent, to 25,857.07 as health insurer UnitedHealth and aerospace company Boeing traded lower. The Nasdaq composite edged up 21.62 points, or 0.3 percent, to 7,924.16. The Russell 2000 index of smaller-company stocks rose 4.29 points, or 0.3 percent, to 1,717.47. The S&P 500 fell one percent last week, its worst drop since late June. Nike rose 2.2 percent to $82.10. The stock slumped 3 percent Aug 31 as investors worried about potential backlash to an advertising campaign featuring former San Francisco 49ers quarterback Colin Kaepernick. Nike’s stock has now regained almost all the ground it lost since then. Technology companies moved higher as Microsoft picked up 1.1 percent to $109.38 and Broadcom rose 3.5 percent to $240.61. The S&P 500 technology index is coming off its largest weekly loss since March. Apple fell 1.3 percent to $218.33 after it might raise prices on some of its products, including the Apple Watch and the Mac mini, in response to the tariffs. The Trump administration could soon announce tariffs on $200bn in goods imported from China and has threatened more taxes
MARKET REPORT MONDAY, 10 SEPTEMBER 2018
52WK HI 4.50 19.17 7.50 4.46 1.26 0.19 3.92 9.17 6.60 5.30 12.50 2.71 1.77 8.21 6.21 13.00 7.00 4.50 13.50
52WK LOW 3.50 19.17 7.50 3.32 0.90 0.12 2.50 8.55 6.09 3.49 9.00 2.30 1.40 7.25 6.00 9.50 5.67 3.25 12.50
1050.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01
1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00
52WK LOW 100.00
SYMBOL LAST CLOSE AML 3.95 APD 17.43 BPF 9.09 BWL 4.45 BOB 1.01 BBL 0.18 CAB 2.50 CIB 9.17 CHL 6.15 CBL 3.65 CBB 12.40 CWCB 2.85 DHS 1.75 EMAB 7.65 FAM 6.21 FBB 13.00 FIN 6.31 FCL 3.65 JSJ 13.01 CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 22 (Series B) +
SYMBOL FBB22
Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
MUTUAL FUNDS 52WK HI 2.17 4.16 2.01 180.30 157.58 1.57 1.70 1.65 1.10 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.45 11.20
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.51 1.62 1.59 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00 LAST SALE 100.00 107.76 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 3.95 17.43 9.09 4.45 1.01 0.18 2.50 9.17 6.15 3.65 12.40 2.80 1.75 7.65 6.21 13.00 6.31 3.65 13.01
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00
CHANGE 0.00
107.63 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-0.13 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
VOLUME 230
VOLUME
EPS$ 0.268 0.932 -0.306 0.317 0.059 0.000 -0.996 0.700 0.441 0.171 0.627 0.102 0.231 0.000 0.670 0.679 0.719 0.277 0.631
DIV$ 0.100 1.130 0.000 0.230 0.000 0.010 0.000 0.710 0.220 0.120 0.620 0.060 0.070 0.084 0.280 0.500 0.200 0.120 0.590
P/E 14.7 18.7 N/M 14.0 N/M N/M -2.5 13.1 13.9 21.3 19.8 27.5 7.6 N/M 9.3 19.1 8.8 13.2 20.6
YIELD 2.53% 6.48% 0.00% 5.17% 0.00% 5.56% 0.00% 7.74% 3.58% 3.29% 5.00% 2.14% 4.00% 1.10% 4.51% 3.85% 3.17% 3.29% 4.53%
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 2.17 4.14 2.01 180.30 155.10 1.57 1.68 1.65 1.09 7.27 8.32 6.48 11.32 11.71 10.31 9.93 8.45 11.20
YTD% 12 MTH% 2.24% 4.15% 0.03% 4.59% 1.23% 2.26% 0.90% 3.44% 1.11% 6.05% 2.50% 4.38% -0.75% 3.51% 1.75% 4.07% -0.52% 1.03% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.61% 0.75% 1.13% N/A 2.95% N/A
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-Jul-2018 31-Jul-2018 27-Jul-2018 30-Jun-2018 30-Jun-2018 31-Jul-2018 31-Jul-2018 31-Jul-2018 31-Jul-2018 30-Jul-2018 30-Jul-2018 30-Jul-2018 30-Jul-2018 30-Jul-2018 30-Jul-2018 30-Jun-2018 30-Jun-2018 30-Jun-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
to $156.36. The company’s next chairman will be Daniel Zhang. Zhang replaced Ma as CEO in 2013. France’s CAC 40 added 0.3 percent and the German DAX moved up 0.2 percent. Britain’s FTSE 100 was unchanged as the pound climbed to $1.3029 from $1.2924. Benchmark US crude fell 0.3 percent to $67.54 a barrel in New York. Brent crude, used to price international oils, gained 0.7 percent to $77.37 a barrel in London. Wholesale gasoline dipped 0.5 percent to $1.96 a gallon. Heating oil stayed at $2.22 a gallon. Natural gas rose one percent to $2.80 per 1,000 cubic feet. Bond prices were little changed. The yield on the ten-year Treasury note remained at 2.94 percent. The dollar rose to 111.21 yen from 111.06 yen. The euro rose to $1.1597 from $1.1566. Gold was little changed at $1,199.80 an ounce. Silver rose 0.1 percent to $14.18 an ounce. Copper inched up 0.2 percent to $2.63 a pound. Japan’s benchmark Nikkei 225 climbed 0.3 percent after the country’s gross domestic product surpassed expectations by growing at a three percent annual rate in the second quarter.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
BISX ALL SHARE INDEX: CLOSE 1,953.67 | CHG -0.05 | %CHG 0.00 | YTD -109.90 | YTD% -5.33 BISX LISTED & TRADED SECURITIES
after that. The administration has already imposed tariffs on $50bn in Chinese products, which Beijing matched. Hong Kong’s Hang Seng index tumbled 1.3 percent. After peaking in late January, it’s close to the entering what Wall Street calls a “bear market”. The MSCI Emerging Markets stock index has already breached that mark as major indexes in Turkey and Russia have also skidded. Frederick said the gap between rising US indexes and falling emerging markets indexes is unusual and can’t last for very long: either the difficulties in emerging markets will start to affect the rest of the world economy, potentially slowing US growth, or emerging markets will start improving. CBS announced on Sunday that Moonves is stepping down after six more women accused him of sexual misconduct as well as retaliation if they resisted him. Moonves denied the charges in a pair of statements, although he said he had consensual relations with three of the women. CBS fell 1.5 percent to $55.20, and it’s fallen four percent since the allegations against Moonves surfaced in late July. Alibaba fell 3.7 percent
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, PATRICIA REZELL THOMPSON BOWE of #15E Leeward East, in the Eastern District of the Island of New Providence, The Bahamas intend to change my name to REZELL PATRICIA THOMPSON BOWE. If there are any objections to the change of name by deed poll, you may write such objections to the offices of Mortimer & Co., Post Office Box N-7535, Nassau, N. P., 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, JUDE EMMANUEL BURROWS, of New Providence Bahamas, intend to change my name to JUDE EMMANUEL ADDERLEY. 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 publication of this notice.
NOTICE Notice is hereby given that JIMMY GUERRIER of Ferguson Estates, Carmichael Road, New Providence, 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 signed statement of the facts within twenty-eight days from the 11th September, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.
NOTICE Notice is hereby given that ANTOINETTE ST. ARMAND of Wilson Tract, P.O.Box CR-54802, New Providence, 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 signed statement of the facts within twenty-eight days from the 4th September, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.