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THURSDAY, SEPTEMBER 14, 2017
$4.25 GOVT WANTS ‘ZONING’ TRIGGERS FOR REGIONAL HURRICANE PAYOUTS By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Government wants to renegotiate the way payouts from a Caribbean disaster insurance facility are triggered by dividing the Bahamas into zones, it was revealed yesterday. K Peter Turnquest, the Deputy Prime Minister, said the Government wanted to revise the payout “trigger points” with the Caribbean Catastrophe Risk Insurance Facility (CCRIF) to maximise the potential insurance payout following a major hurricane. The Bahamas is due to receive a $234,000 Hurricane Irma-related payout from CCRIF, which the Christie administration previously withdrew from. While the payment is due to be made within the next two weeks, this sum is less than 1 per cent of total Irmarelated payouts by CCRIF,
Aiming to renegotiate CCRIF policy Wants facility to divide Bahamas in three Revelation comes after just $234k recovery and represents a fraction of the multi-million dollar sum required to repair damage in Ragged Island, Inagua and Acklins. Mr Turnquest told Tribune Business yesterday: “I’m at least pleased that we are able to get something back, which will help us to carry out some of the restoration work that needs to happen. “That money will go into the NEMA account to be distributed for See PG B4
Irma hits 80% of Bahamas’ marina market By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net BAHAMIAN marinas are concerned that Hurricane Irma’s strike on Florida could impact 80 per cent of their market, although most reported no storm-related damage themselves. Stephen Kappeler, the Association of Bahamas Marinas (ABM) president, said that with most members reporting no damage from Hurricane Irene the industry was “open and ready for business”. although he admitted concern over Irma’s impact on Florida which he estimated represents 80 per
$4.29
$4.30
$4.30
Irma exposes ‘dire need to put our house in order’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net HURRICANE Irma has reinforced “the dire need” for the Bahamas to put “its fiscal and economic house in order” before a similar storm strikes, a governance reformer warned yesterday. Robert Myers, an Organisation for Responsible Governance (ORG) principal, told Tribune Business that Irma would have sent unemployment and the $7.2 billion national debt “through the roof” had it struck New Providence as a Category Five storm.
Jobless, national debt ‘through roof’ if direct hit Reformer: ‘Serious wake-up call’ for Govt Warns: ‘We don’t have luxury of time’ ROBERT MYERS Describing Irma as “a serious wake-up call” for the Government, private sector and all Bahamians, Mr Myers said this nation
was effectively out of time to strengthen its economy and public finances against the ravages of such a hurricane.
“I hope with all my heart that the Bahamas government has a serious wake-up call in the wake of Hurricane Irma,” he wrote on his Facebook page yesterday, pointing to the short and long-term devastation inflicted on many Caribbean islands. “God bless them all,” he added of those nations, “and may God guide our government to recognise the dire need to steer the Bahamas back to a position of socio-economic stability as soon as truly possible.” Expanding on his concerns in a subsequent See PG B8
‘Extreme concern’ over Grand Lucayan silence By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
CAREY LEONARD
A FREEPORT attorney yesterday said he was “extremely concerned” about the Government’s renewed silence on the Grand Lucayan, urging: “They’ve got to take the bull by the horns.” Carey Leonard, the former Grand Bahama Port Authority (GBPA)
in-house counsel, told Tribune Business he feared both government and public attention had been distracted by Hurricane Irma. Now a Callenders & Co attorney and partner, Mr Leonard said the economic impact of the resort’s prolonged closure was at least equivalent to that inflicted by Irma. He reiterated his previous call for the See PG B8
Ex-GBPA attorney fears Irma distraction Renews ‘compulsory acquisition’ call Tells Govt: ‘Take bull by the horns’
Marina chief ‘very concerned’ on Florida impact But just three of 27 marinas close from storm Two due to open by September 21 cent of this nation’s boating market. The ABM yesterday reported that only three of its 27 member marinas have reported damage that prevents them from opening for business. The Bimini See PG B5
Some ‘leading stores’ on price gouge list By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Price Control Commission’s (PCC) chairman yesterday said some “leading supermarkets” will be included in its report to the Government on preIrma ‘price gouging’. Syndia Dorsett said the Commission expects to have a comprehensive report ready today relative to complaints of ‘price gouging’ ahead of the storm. She was speaking after Prime Minister Dr Hubert Minnis, while addressing Parliament yesterday, said “several individuals and supermarkets” have been
Commission to give report today PM: Businesses referred to AG referred to the Attorney General’s Office over ‘price gouging’ allegations. When contacted by Tribune Business, Ms Dorsett said: “We are doing a comprehensive report on it as right now, and it should be ready by Thursday. We are putting everything together so that we will have a good idea as to the number of stores and what the items were involved. See PG B4
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GETTING fired was the best thing that ever happened to Marc-Arnold Christophe and Ryan Ferguson. Their terminations gave them the freedom and spark to launch their own business, True Green, a landscaping company. The 23-year-olds met in 2012, at their first job. They were hired by a landscaping company primarily servicing gated communities and up-scale properties, with the duo bringing to bear the experience of their teenage years when they worked part-time in yard maintenance for neighbours and friends. For Mr Christophe, landscaping was a hobby, enabling him to earn extra cash while he pursued his dream of joining the Royal Bahamas Police Force (RBPF) and ultimately becoming a detective. Mr Ferguson, too, wanted to join the force with the goal of saving enough funds to invest in his own landscaping business. When Mr Christophe was terminated from his job in 2016, it shocked him and prompted some soulsearching. “I felt like I did everything right and they let me go,” he said. “It hurt. That was my first job. “I had been there five years and was let go without severance pay. I thought at the time: ‘So this is what it was like working for someone after all the sweat, blood and tears you put in’.” Before seeking employment elsewhere, Mr Christophe formed True Green in February that year. He reached out to his former co-worker and friend, Mr Ferguson, to share the good news. Although he had received two promotions from the landscaping company, Mr Ferguson had left his first job for greener pastures after only a year-and-a-half.
TRUE Green owners, Marc-Arnold Christophe (l) and Ryan Ferguson (r). Chasing pay increases, he had changed jobs twice since then and was working with a company catering to a predominantly Lyford Cay clientele. “I was happy for him. I was always ready to go big. We had talked about forming a business before, but he wasn’t ready. He thought I was dreaming too big,” said Mr Ferguson. “I told him if I ever lost my job I would come and join him.” Shortly after forming True Green, Mr Christophe accepted a job with a wellestablished landscaping company, having exhausted his savings purchasing a truck, tools and equipment for the new business. He stayed with the firm for six months before resigning.
In the meantime, Mr Ferguson was thriving working with his third lawn maintenance company. By 2016, he had been promoted to foreman, having spent many hours enhancing his knowledge, studying online, and implementing what he had learnt. “My boss started to give me bigger yards. Then he took the skilled guys from me and gave me recruits,” he recalled. “So he wanted me to train guys and push out these big yards. I didn’t have a problem doing it. The problem was at the end of the day if I didn’t complete a job I was penalised, not the guys. Plus, there was no additional compensation.” See PG B5
THE TRIBUNE
Thursday, September 14, 2017, PAGE 3
optimistic ‘no Minister queries Build DPM long-term’ Irma effect Code enforcement By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net
THE Minister of Works yesterday said he will review the Building Code and its enforcement, as many Irma-demolished buildings were not built to withstand hurricane force winds. Desmond Bannister told Tribune Business that he was “very concerned” following what he had witnessed in the southeastern Bahamas. Speaking to Tribune Business on his post-Hurricane Irma assessment, Mr
Bannister said: “One of the things that I saw that concerned me is that many of those buildings had no steel in them anywhere. They had no hurricane straps; they were not built to withstand the strong winds. “The Prime Minister has indicated that he wants me to look at our Building Code, and we also have to look at enforcement. To the extent that local government officials, who are responsible for these things happening in the Family Islands have not done so, we are going to have to get together with them and ensure there is a system for approving and inspecting works so that people’s lives
are not in danger. That is absolutely critical.” Mr Bannister added: “What I saw in Ragged Island is something that I never want to see in my life. The destruction, and the manner in which the lives of our people have been so impacted, is something we have to look out for. The Prime Minister has indicated that we are going to rebuild Duncan Town as a green settlement. That is wonderfully progressive. I commend him for it. We are looking forward to that challenge.” The Minister described the level of devastation in the southeastern Bahamas
as “heartbreaking”. “It is heartbreaking to see the damage that people are dealing with,” he said. “When I left Ragged Island, I saw Salina Point. “I went home and I couldn’t sleep, and I had to think about those people who stayed there and the circumstances that they stayed under, and hope that they will change their mind and come out of that environment for a little while and refresh themselves. “Our prayers go out to them and we have to see how best we can make a difference, because it is horrifying to see what they have had to deal with.”
Bahamas improves in financial centre rankings By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas Financial Services Board (BFSB) yesterday touted this nation’s improvement in an index of global financial centres, even though it remains adrift of major Caribbean rivals. The 22nd Global Financial Centres Index (GFCI), published by Z/YEN, said the Bahamas saw a “strong rise” in its ranking, which rose by two places from 83rd to 81st. Its ‘rating’ also improved by 32 points - from 582 to 614. Tanya McCartney, the BFSB’s chief executive and executive director, said in a statement: “This is good news and serves as a reminder that we must continue to work on those areas that impact the perceived competitiveness of the Bahamas as an international financial centre. “Improving ease of doing business must continue to be a priority. Industry continues to collaborate with the Government in this regard. We also encourage policymakers to focus on policy positions that support continued growth and development of this important sector, including tax and Immigration, which impact the business environment and reputation of the Bahamas as an international financial centre (IFC).” However, the Z/YEN report showed that the Bahamas remains some way behind rivals such as Bermuda, the Cayman Islands and British Virgin Islands (BVI). Bermuda and the BVI, in particular, improved by five and 14 places, respectively, in the rankings to 29th and 37th. Cayman held its spot at 31st. They were collectively ranked as the top three financial centres in the Latin American and
But still adrift of major Caribbean rivals BFSB says ‘moving in right direction’ Tax study sent to Govt for its review Caribbean region, with Sao Paulo, Trinidad & Tobago and Mexico City pushing the Bahamas into seventh - ahead of Rio de Janeiro, Panama and Buenos Aires. Ms McCartney, in e-mailed responses to Tribune Business’s questions, said the report showed a “material improvement in the rating” with the 32 point rise. She added that the Bahamas’ was “certainly moving in the right direction”, but acknowledged this nation needed to “focus on increasing the pace of our improved competitiveness”.
TANYA MCCARTNEY The financial services industry has also submitted to the Government a ‘benchmarking study’, conducted by Deloitte UK, which compared the Bahamas’ tax structure to that of rival IFCs “The initial review phase has been completed, with an assessment of our existing tax structure and how it impacts competitiveness compared to other IFCs, being completed,” Ms McCartney said. “The aim was really to benchmark
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the Bahamas against other IFCs. “We have submitted this to the Government for their review. At this very early stage, once government has completed its review, there is an opportunity for stakeholders (public and private) to move to engaging in meaningful dialogue as to how tax policy can be leveraged to improve competitiveness and reposition the sector for long-term growth. “However, it would be premature of me to speak of conclusions without first giving the Government the opportunity to review the report and discuss it with industry stakeholders.”
By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net
THE Government has decided against emergency borrowing to finance Hurricane Irma-related repairs, the Deputy Prime Minister confirmed yesterday. K Peter Turnquest, who is also minister of finance, told Tribune Business that any repairs to homes, businesses and public infrastructure assets will be financed from contingencies and the repurposing of already-allocated Budget funds. He said: “Cabinet has decided that we are not doing any borrowing, and so we will have to pull from various contingencies that exist in various ministries. In terms of the affect it is going to have on the Budget and the economy, fortunately for us this storm did not hit the major population and business centres. I suspect that there may be a temporary blip as people readjust to the reality that we are open to business and that we are accessible.” While islands in the southeastern Bahamas were impacted by Hurricane Irma, the storm did not score a direct hit on the Bahamas’ major economic and population centres of New Providence and Freeport, unlike Hurricane Matthew in October 2016. The Christie administration was forced to raise an unanticipated $150 million in Matthew’s aftermath to finance relief efforts and repairs to public infrastructure and buildings.
DPM KP TURNQUEST Mr Turnquest said: “I think you will see business pick back up fairly quickly here. The southern islands have been devastated to various degrees, and they will have some difficulty getting back on their feet. In the Ragged Island area they are fishermen and resilient people, and they will hopefully be able to get back out to sea and do what they do. “Morton Salt in Inagua may take a bit longer because the infrastructure there was damaged. We have not gotten an assessment from them yet in terms of what was damaged and how long it will take for them to get back in operation, but we fully expect them to. “It appears that they still have some stock piles that didn’t wash away and some product, so that they can continue to be in some form of operation. Overall we don’t expect a tremendous and certainly not long-term - affect from this.”
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PAGE 4, Thursday, September 14, 2017
THE TRIBUNE
Resort boost occupancy via 40% price reduction SANDYPORT Beach Resort is using a 40 per cent room rate reduction promotion to boost occupancy during the slowest part of the Bahamian tourism season. Cheralda Arnett, its assistant manager, said the website promotional code-word ‘secret’ unlocks the reduction from regular hotel room rates, and also on their one, two and three-bedroom suites. “We have been running a ‘secret’ promotional rate for the fall season, but have
decided to extend it,” she said. “We were very lucky and are very grateful in Nassau to be mostly unaffected by Hurricane Irma. “We are, though, very aware that many people in Florida and in the southern Bahamas islands have been through a very difficult time. The sun is shining here in Nassau and the ocean blues are amazing, so we have decided to increase our secret sale to 40 per cent off, make it a bit less of a secret and
Some ‘leading stores’ on price gouge list From pg B1 We are preparing that list right now.” She added that some “leading supermarkets”, and hardware companies selling lumber and hurricane-related supplies, were included on the list. Ms Dorsett said the Commission had also paid
attention to damaged and expired goods on store shelves, and items that may have been marked-up exorbitantly even though they were not under price control. None of the companies set for inclusion on the list were named. The Government had warned ahead of Irma that
Govt wants ‘zoning’ triggers for regional hurricane payouts From pg B1 reconstruction work. There are trigger points that attach to this programme, and until you reach that level you don’t benefit from the full recovery effort.” With the Opposition likely to challenge the Government’s decision to renew the Bahamas’ policy with CCRIF, not least because the premium sum is understood to have increased from $900,000 to between $2.6$2.8 million, Mr Turnquest said it wants to reform how this nation is treated. “With insurance, you pay hoping that you never need
it. Last year, according to the CCRIF, if we had participated in the programme we would have gotten a $34 million payout,” Mr Turnquest said. “This year, fortunately for us, we didn’t get a direct hit or significant impact to our major population centres, and that lessens the payout. It’s a part of the programme and how insurance works; we understand that. At the same time we have to have the peace of mind that if there is a significant hit we are going to have some way of assisting.” Mr Turnquest said the Government has indicated
hopefully spread a little bit of happiness and joy.” Vernon Moss, Sandyport’s general manager, said the promotion was originally just for local residents. “We were promoting it as a ‘staycation’ with 40 per cent off for local residents, but then decided to expand it for a break from all the back to school and storm-related stress, or just because it’s a great rate,” he said. “I’m pleased it’s meeting a need; we’re going to keep it going until November 15.”
SANDYPORT Beach Resort pool
‘price gouging’, and similar schemes to spike prices, were considered “criminal offences”. It also advised retailers and wholesalers against “hoarding” items for “speculation” or “profiteering” and marking up. Dr Minnis had instructed the Price Control Commission to monitor the prices being charged for items such as breadbasket food, medical and prescription drug supplies, and hurricane preparedness items such as plywood and nails.
The Prime Minister and Price Control Commission’s findings contrast with the Chamber of Commerce, which said it had not received a single complaint about pre-Irma ‘price gouging’. Edison Sumner, its chief executive, told Tribune Business that in the absence of any complaints the private sector organisation could only conclude that there was “minimal, if any, price gouging” occurring pre-Irma.
“We haven’t received any complaints through the Chamber, even though we talked publicly about it,” he told Tribune Business. “We’ve not received any complaints, formally or otherwise. “I’ve not received any calls, and the Chamber has not received any calls on price gouging. We know they [the Commissions] were monitoring it, but as far as we’re concerned - and based on the information provided to the
Chamber - we had minimal, if any price gouging. “If there was, no one made any reports to the Chamber. I’m not saying it didn’t happen, but it wasn’t reported to us. I do intend to reach out to Philip Beneby, chair of the Consumer Protection Commission, and they can perhaps enlighten us further about reported price gouging and let us know who those culprits are.”
to CCRIF that it wants to renegotiate the way in which the policy is triggered. “We have indicated to the CCRIF that we want to renegotiate the way the attachment points work, because the present programme does attach at different points based on population and because of the way out country is laid out,” he explained. “Until you get into New Providence, Grand Bahama, Abaco and maybe Exuma, it’s difficult to reach those trigger points. What we want to do is see if we can create three different zones - a southern, central and northern zone - so there are different trigger points in those various zones, and that would give us more of a recovery opportunity. “They have agreed to have those conversations
with us, and whether we are successful we will see, and we will continue to negotiate on that basis.”
was wise to reverse course and renew with CCRIF. Controversy over the former administration’s decision to exit the CCRIF facility was stoked during the Budget debate, when Prime Minister Dr Hubert Minnis read out a letter from its chief executive suggesting the Bahamas had missed out on a $32 million Matthew payout. Dr Minnis told Parliament: “He (the CEO) wrote: ‘We are pleased that the Bahamas has been a member of CCRIF since its inception in 2007. We are pleased that the Government purchased tropical cyclone (hurricane) policies every year between 2007 and 2014, and also purchased policies for both tropical cyclones and excess rainfall for the 2015-2016 policy year. “However, we deeply regret that the Government decided not to renew its CCRIF policies for the 20162017 year, resulting in the Bahamas missing out on two CCRIF payouts from Tropical Cyclone Matthew.’” Dr Minnis added: “I note that the annual policy for this insurance facility was
approximately $900,000. I was shocked by what the CEO of the Caribbean Catastrophe Risk Insurance Facility went on to say in his letter. “He stated: ‘Based on the registered losses, it means that had the Government of the Bahamas renewed its tropical cyclone policy for 2016-2017, using the previous year’s policy conditions, the policy would have triggered, resulting in a payout of approximately $31.8 million, equal to the coverage limit’.” This would have been the single biggest payout, according to the Prime Minister, ever made by CCRIF to any country. The Bahamas’ excess rainfall policy would also have been triggered, resulting in a payout of $855,874. Those payouts would have been larger depending on the coverage purchased, Dr Minnis said. The Government subsequently renewed the CCRIF policy, and talked about a maximum $35 million payment that could have been triggered had Irma made a direct hit on this nation.
The former Christie administration had ceased paying an annual $900,000 premium to CCRIF after its advisers suggested that the likelihood of ever receiving a payout was “almost zero”. Following Hurricane Matthew’s passage on 2016, Michael Halkitis, then-minister of state for finance, said the Government had ceased the annual premium payments because the Bahamas would only have received compensation in the event of a Category Five hurricane. Matthew came through the Bahamas as a Category Three/Four storm, and Mr Halkitis said the Christie administration had decided to drop CCRIF participation and establish its own disaster fund as “the threshold was just too high”. The increased $2.6-$2.8 million premium, combined with the relatively low $234,000 recovery, is likely to raise questions - especially from the Opposition - as to whether the Government
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THE TRIBUNE
Thursday, September 14, 2017, PAGE 5
CIBC WORKER PASSES COMPLIANCE COURSE A CLIENT service officer at CIBC FirstCaribbean’s corporate and investment banking unit, Jensen Curry, passed the Canadian chief compliance officer qualifying exam after studying with the Nassau-based Securities Training Institute (STI). Bettina Albury, STI’s operations manager, said: “Taking the compliance course at STI allows participants to expand their knowledge of compliance requirements and regulations, and become more proficient and effective in their jobs.” Mr Curry is pictured.
Budding entrepreneurs discover fertile landscape From pg B2 Becoming increasingly frustrated, Mr Ferguson came into conflict with his superiors and was ultimately let go. The journey from terminated employees to owners has not been easy, the duo said. They have had to work out issues in their partnership, pursue selfdevelopment opportunities and exercise a willingness to make personal sacrifices for the sake of the business. Family support was crucial in those early days when Mr Christophe’s mother, or Mr Ferguson’s grandmother, would provide lunch for the pair and their helpers since money was scarce. “It has been a learning experience,” said Mr Christophe. When the pair went full-time into their business venture they would head out to look for work around 9am. “We had to learn time management,” added Mr Ferguson. “Now we leave home at 6am. “On weekends we would go to upscale communities, hand out business cards, knock on people’s doors, just be a pest, a nuisance, until people got tired and gave us a job. “People saw that we were young and wanted to work instead of being out there
doing dumb things. In the beginning, they didn’t have much work for us, but they would find things for us to do to keep us busy, to keep us encouraged, and to keep us going.” For the duo, failure was not an option. “We were just hungry,” said Mr Christophe, thinking back to the early days when the pair went to local radio stations in an attempt to ‘coldpitch’ hosts on letting them appear as guests on a show. The strategy paid off at the Broadcasting Corporation of the Bahamas (BCB) where, for two days straight, they staked out popular radio show host, Darold Miller. He expanded their idea into a show centred upon entrepreneurship. “That was the biggest come-up of our career,” said Mr Ferguson of the April 2016 appearance. Another milestone occurred that year when Mr Ferguson obtained a $10,000 grant from OWN Bahamas, an entrepreneurial initiative sponsored by Island Luck. The money was invested in tools and equipment for the business. The education and mentorship opportunities associated with the grant enabled the pair to meet with the likes of Paul Major, Ed Fields and Robert Sands. They were also able
Irma hits 80% of Bahamas’ marina market From pg B1 Big Game Club Resort & Marina, the Bimini Sands Resort and Marina and the Old Bahama Bay Resort & Yacht Harbour are currently closed due to damages and or loss of power. The ABM said it was awaiting status reports from four other member marinas, with Bimini Sands and Old Bahama Bay scheduled to re-open on September 21 and September 15, respectively. Bimini Big Game’s re-opening date is currently unknown. While Bahamian marinas had generally fared well, Mr Kappeler admitted to concerns over Irma’s impact on Florida’s marinas and boat owners, which generate 80 per cent of this nation’s trade. “There are parts of the southern Bahamas that are seriously impacted. That is all people have been been hearing for days. Cruise ships are not moving, they aren’t going to Cuba, or to places like the British Virgin Islands and the US Virgin Islands,” said Mr Kappeler. “Common sense would tell you, without trying to be insensitive to the plight of folks in those places, that we need to let the world
know that we are in fact open for boating business. “We know that most of our market is Florida and they got hit pretty hard, and the last thing on their mind right now is a vacation. I suspect it won’t be until at least the winter season before people catch on. It’s cold and they’re looking for a place to go,” With regards to Irma’s impact on Florida, Mr Kappeler added: “I think it is very concerning because probably 80 per cent of our market comes from Florida,
to participate in small business development classes offered at the University of the Bahamas (then College of The Bahamas). “Other guys are worried about cars, vanity and other expenses. We cut back on a lot of things in our dayto-day life, like partying. We don’t do that,” said Mr Ferguson. Mr Christophe echoed similar sentiments. “It’s about living within your means,” he added. “We’re not sinking profits into our pockets, or our bank accounts. We are investing it back into the business.” Aside from the owners, True Green has a workforce of two. That number swelled to 20 in the wake of Hurricane Matthew when the restoration effort in New Providence was at its peak. True Green currently has a 40-strong client base, although the business attracts new customers daily. The duo are continuing to expand, and are working to secure storage space, another truck and, ultimately, a brick and mortar storefront. “Our goal is to have dedicated crews for maintenance, landscape, irrigation and interiorscape (using plants to decorate inside a building),” said Mr Ferguson. “We believe the sky is the limit.” based on where properties are located. “That’s my best guess. There isn’t a study to tell us. The properties in the the north largely aren’t the ones that see the traffic from Florida and the cays. We do have some long-time loyal boaters that are going to visit us. No one is going to have vacation on their mind now, but it will be that much more important for us to be at the Miami show and the Fort Lauderdale show and let people know everything is well. It may present an opportunity for people that if people can’t go to the cays, they might find us as the next boating option.”
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L to R: Ministry of Labour administrative officer/scribe, Shavonne Symonette; BTVI associate vice-president of fund development, Alicia Thompson; Minister of Labour, Dion Foulkes; BTVI president, Dr Robert W. Robertson; BTVI dean of student services, Racquel Bethel; BTVI dean of construction trades and workforce development, Alexander Darville ;and Ministry of Labour assistant director, Morgan Graham. Photo: SHANTIQUE LONGLEY
MINISTER TO REVIVE BTVI PARTNERSHIP
THE Minister of Labour has pledged to revive his ministry’s partnership with the Bahamas Technical and Vocational Institute (BTVI), in a bid to improve its graduates’ employment prospects. Dion Foulkes was speaking after BTVI’s president, Dr Robert W. Robertson, and members of his senior management team paid a courtesy call on the Minister. Mr Foulkes emphasised his ministry’s drive to give qualified Bahamians first preference when employers
are seeking work permits for foreign labour. The BTVI team and the Minister discussed various investments, partnerships and the institution’s initiatives, including the goal of offering City and Guilds Level 3 certifications. These will initially target engineering, with the intention of expanding to other trade areas. Mr Foulkes was briefed on new programmes such as human resources management, entrepreneurship, natural and protective hair styling and
several information technology studies, including a fully online course. Dr Robertson expressed BTVI’s gratitude for the organisations that continue to support students with scholarship donations, in addition to the apprenticeship partnership with the Grand Bahama Shipyard. He stressed the confidence industry has in BTVI’s training to the extent that graduates are sought after by major companies seeking to hire them before they complete their studies.
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Equity Side
1985 No. 18
IN THE MATTER OF ALL THAT piece parcel or tract of land comprising 400 acres known as Dougald Forbes situate in the Island of Long Island one of the Islands of the Commonwealth of the Bahamas AND IN THE MATTER OF the Petition of DOUGALD FORBES Estates Limited The Quieting Titles Act 1959 NOTICE
THE PETITION OF DOUGALD FORBES Estates Limited in respect of:“ALL THAT tract of land containing Four Hundred and Six and Fifty-nine hundredths (406.59) acres originally granted to Dougald Forbes as Crown Grant D-11 situate at Steven’s Bluff in the Island of Long Island one of the Islands of the Commonwealth of The Bahamas bounded Northwardly partly by land granted to Diamond Crystal Salt Company partly by land granted to M.C and L.P Knowles partly by land granted to C. Laurimer partly by land granted to M.C and S.D. Knowles partly by land granted to Caesar Gibson and partly by Crown land and running thereon Six Thousand One Hundred and Ninety-nine and Ninety-five hundredths (6,199.95) feet Southwardly by land originally granted to William McCleod and running thereon Five Thousand Two hundred and Thirty-two and Thirty One hundredths (5,232.31) feet Eastwardly by land originally granted to James Stevens and running thereon Three Thousand and Thirty-six hundredths (3,036) feet and Westwardly by the Sea and running thereon Three Thousand Three Hundred and Fifty-five and Twelve hundredths (3,355.12) feet which said piece parcel or lot of land is more particularly described and delineated on Plan No. 92 LI and thereon edged in Pink. THE PETITIONER claim to be the owner of the fee simple estate in possession of the hereinbefore described free from encumbrances and have made application to the Supreme Court of the Commonwealth of The Bahamas under Section Three (3) of the Quieting Titles Act, 1959, in the above action, to have its title to the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. NOTICE is hereby given that any person having a dower or a right to dower or an Adverse Claim or a claim not recognized in the Petition shall on or before the expiration of Twenty-one (21) days after the final publication of these presents, file in the said Registry of Supreme Court and serve on the Petitioners or the undersigned a Statement of his claimed in the prescribed form verified by an Affidavit to be filed therewith. Failure of any such person to file and serve a Statement of his Claim on or before the expiration of Twenty-one (21) days after the final publication of these presents will operate as bar to such claim. Copies of the Petition and Plan of the said land may be inspected during normal office hours in the following places:- (i) the Registry of the Supreme Court, 1st Floor, British American Building, George Street, Nassau, The Bahamas (ii) the Chambers of the Petitioners’ Attorneys, Norwood A. Rolle & Co., Suite # 6, Gomez Building, Dowdeswell Street east of Christie Street in the City of Nassau, The Bahamas, and (iii) the office of the Administrator for Long Island situate at Clarence Town, Long Island, The Bahamas. NORWOOD A. ROLLE & CO. Suite #6, Gomez Building Dowdeswell Street east of Christie Street Nassau, Bahamas Attorneys for the Petitioner
PAGE 8, Thursday, September 14, 2017
Irma exposes ‘dire need to put our house in order’ From pg B1 Tribune Business interview, Mr Myers said: “What I’m saying in essence is, if Irma had had the kind of impact in Nassau that it did in St Maarten, unemployment would have gone through the roof, and the debt the nation would need to take on would be unfathomable and deadly. “This is just a wake up call as to what we had warned about four to five years ago. The country needs to build reserves to protect against massive natural disasters like this, or another global recession, which I think would be equally damaging.” With Moody’s predicting that the Bahamas’ debt-toGDP ratio is likely to peak at 80 per cent, this nation has already used up the
‘breathing room’ capacity for extra borrowing in the event an Irma-type disaster strikes its major populations centres. Hurricane Matthew, a storm of lesser magnitude, gave an idea of the type of economic damage that could be inflicted via the $600-$700 million in losses caused when it went past Nassau and Freeport in 2016. With a $7.2 billion national debt, and averaging negative -0.3 per cent GDP growth over the period 2013-2017, the Bahamas is ill-positioned to cope with what befell Barbuda, Anguilla and the Virgin Islands last week. Both this nation’s public finances and economic growth would be potentially set back for years.
‘Extreme concern’ over Grand Lucayan silence From pg B1 Government to take over the Grand Lucayan via compulsory acquisition, then offer it to the likes of Memories and Wynn at a realistic price the market can afford. “I’m extremely concerned,” Mr Leonard said, given that silence again seemed to be shrouding the resort’s fate. “Everyone is paying attention to the hurricane and its aftermath, which is important, but whether you like it or not, look at the economic impact. “The opening of the Grand Lucayan is equally important because its impact is equal to the hurricane. They’ve [the Government] got to man
up on this and deal with it, and deal with it now.” The first anniversary of the Grand Lucayan’s post-Hurricane Matthew closure is now just weeks away, having deprived Grand Bahama of 59 per cent of its room inventory and at least 1,000 jobs. Dr Hubert Minnis, in a national address, said renovations at the Grand Lucayan would likely start in August - a deadline that is now long past. Mr Leonard, who said there was “no sign” of any restoration efforts at the property, has increasingly advocated that the Minnis administration take a hard line with the Grand Lucayan’s owner, Hong Kong-based developer,
THE TRIBUNE “It just highlights the urgency with which the Government needs to act on so many of the core issues that ORG has been discussing and suggesting,” Mr Myers added, suggesting an Irma-type storm would inflict “a triple whammy” on the Bahamian economy. He explained that devastated businesses would likely have little choice but to lay-off staff while they either rebuilt or became extinct, causing a spike in unemployment. That, in turn, would cause a slump in consumer spending with the economy “grinding to a halt” apart from reconstruction activities. And, with the Government having to provide VAT and import duty concessions to aid recovery efforts, its revenue base will be negatively impacted. In turn, its own expenditure will soar as it has to finance multi-million dollar repairs to public infrastructure assets.
“Honestly, it’s mindboggling,” Mr Myers told Tribune Business of the consequences. “I shudder to even think about it; it makes me nauseous. “The question is whether God is going to give us the time to get our house in order, and fiscal house in order. We were spared, and I hope that’s not in vain. “It highlights the dire need to act, and act quickly. We don’t have five years. We have until the next event; maybe it’s a year away, maybe it’s two years away, but we know the global environmental patterns are getting worse.” This is the third consecutive year that part of the Bahamas has been struck by a hurricane, following Joaquin in October 2015 and Matthew a year later, and Mr Myers said the frequency and severity of such storms was increasing. “Time is not a luxury we can afford,” he emphasised. “Time is not on our side.
The need to act is now. We can only hope the Government, private sector and citizens of the Bahamas understand that.” ORG has frequently pushed governance and other reforms, such as Fiscal Responsibility legislation; public sector reform; a Freedom of Information Act; and education change as the answers to the Bahamas’ relatively poor economic performance. “All these things matter to get the economy moving again, and taxes and the debt-to-GDP ratio in check,” Mr Myers said,”if we’re to have any chance under normal conditions. “The fear is that we don’t know when these things are going to hit us. The likelihood is one of them will at some point in time, and I hope to God we get our house in order before that happens. It’s unnerving.” With looting occurring on several Caribbean islands following Irma’s
passage, Mr Myers suggested Nassau would have experienced similar “anarchy” and curfews had the storm scored a direct hit on New Providence. Still, he added that the Bahamas needed to look to the short-term opportunities created by the devastation wreaked on rival Caribbean tourism destinations. “We need to make sure that our customer service, product and quality is good, that our ‘ease of doing business’ is good, and that we’re offering tourists good service, good value and good quality,” Mr Myers said. “There are millions of tourists unable to benefit from a vacation in those destinations that were literally wiped out. It’s horrible to benefit from somebody else’s demise, but that is an opportunity. It’s tough, and I feel very badly for all those countries.”
Cheung Kong (CK) Property Holdings. In the absence of any realistic effort by CK Property Holdings to either re-open Freeport’s ‘anchor property’ or sell it at market price, Mr Leonard has called for the Government to use its constitutional ‘compulsory acquisition’ powers to take over the resort and ensure its rapid re-opening. “I just want the Government to get on with the job and sell it to someone else,” he argued. “It’s gone really quiet. I really believe it has to turn around to the Memories and Wynn’s of life, and say: ‘This is the price we can offer it to you at’ after doing a compulsory acquisition. They’ve got to take the bull by the horns.” The Toronto-based Wynn Group emerged as the front-runner to acquire the Grand Lucayan under
the former Christie administration. However, it was unable to close a deal with CK Property Holdings, and pulled out after the Government seemingly lost confidence in its ability to complete the purchase. The Minnis administration, which had announced it would part-nationalise the hotel by taking a temporary equity stake in its acquisition, has been trying to entice Sunwing and its Memories brand to return to the Grand Lucayan once CK Property Holdings is out of the picture. It has also been talking to the Port Lucaya Marketplace’s owner, UK developer Peter Hunt, and his partners. Mr Hunt told Tribune Business in a recent interview that his $350 million plan to redevelop the entire Lucaya area, including the resort, could be jeopardised if the Government brought in an
all-inclusive operator such as Memories. Yet with no solution achieved, the Grand Lucayan is likely to remain closed for at least the majority of the peak winter 2017-2018 tourism season - a development that could prevent Freeport from ever rebounding as a tourist destination. Reiterating that the Bahamas will be facing “an economic disaster” should an imminent Grand Lucayan resolution not be reached, Mr Leonard said the continued closure continued to take a heavy toll on jobs and businesses in the Port Lucaya Marketplace. “They’ve got to pay attention to the number of businesses closing in the Port Lucaya Marketplace,” he added. “They’re laying off staff, and a number are staying closed longer than they normally would. “One of the main restaurants, Pisces, is now closed. It was a very successful operation for 20 years, but a lot of the business came from the hotels. There will be more closures and the Government has to do something. “They will close unless they see some sort of hope, and at the moment there’s no light at the end of the tunnel.” Mr Leonard said that while the Minnis administration’s focus on Irma-related damage in
the south-eastern Bahamas and Bimini was understandable, it needed to rapidly refocus equal attention on the Grand Lucayan and Freeport. “I cannot begin to describe how quiet the Port Lucaya Marketplace looks during the day, not to mention the evening,” he told Tribune Business. “You can pass by restaurants in the day and night, and there is not a soul in them. They’re not going to stay open much longer. “A number of stores are staying open, thinking things will pick up, but there’s not a soul in their either. How long can you keep running a business without any revenue?” Suggesting that such businesses will be “haemorrhaging” money and jobs, Mr Leonard added: “There’s nothing to prevent some of these shops in Port Lucaya Marketplace from closing for a whole. “For some of them it may be their sole business, so they may have to fold it and be done with it. The unemployment aspect is quite astounding. If they don’t get a grip on it, it will grow really quickly.” Emphasising that Freeport was the Bahamas’ second largest population centre, he continued: “This is not an area that cannot be ignored, and must not be ignored.”
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THE TRIBUNE
Thursday, September 14, 2017, PAGE 9
IRMA SENDS SOUTH FLORIDA RETAIL SPENDING DOWN 72 PERCENT By ANNE D’INNOCENZIO Associated Press NEW YORK (AP) — Hurricane Irma sent retail spending in the Miami, Fort Lauderdale and West Palm Beach area down more than 72 percent over a three-day period, according to one payment technology company. First Data Corp., which tracks online and in-store payments on debit and
credit cards, said that overall spending, which includes building materials, gas, food and hotels, fell more than 57 percent in the Sept. 8-10 period, compared to a year ago. First Data’s Rishi Chhabra says the spending patterns were more magnified than with Harvey, which hit the Houston area late last month, because Irma affected more densely populated areas. Still
unclear is how much of the downturn retailers may recoup. As Irma’s path expanded, Planalytics Inc. a weather forecasting firm that works with retailers, raised its forecast late last week for losses to the retail industry to $2.75 billion. That was up from an earlier forecast of $1.45 billion. For Harvey, it continues to expect net losses for retailers of $1 billion.
Sales of building materials in the Miami, Fort Lauderdale and West Palm Beach, Florida, area surged more than 66 percent from Sept. 1 through Sept. 7 compared with the same period a year ago, but plunged 64 percent over the Friday through Sunday period, according to First Data. Sales at gas stations soared 63 percent in the days ahead of Hurricane Irma, then dropped
by nearly the same amount over the weekend. Sales at food and beverage stores rose 41 percent in the prestorm rush, and fell 66 percent over the weekend. As for Harvey, overall spending was down about 30 percent in the Houston metropolitan area for the Aug. 25 to Aug. 31 period, while total retail spending fell nearly 44 percent. Spending on food and beverage rose more than
14 percent in the days before Harvey hit, but then dropped 9 percent when the storm hit. Sales at gas stations rose 13 percent, and fell 15 percent as shoppers hunkered down. First Data didn’t break out figures for building supplies, but the surge in spending before Harvey hit was much less than what it saw for Irma.
QUARTER ENDED JULY 31, 2017
Dear Shareholder, On behalf of the Board of Directors of Doctors Hospital Health System, I report on your company’s financial results for the six months ended July 31, 2017. Consolidated net profit for the six months was 1,976,369 or $0.20 cents per share compared to $1,639,894 or $0.16 cents per share for the same period last year. Doctors Hospital (Bahamas) Limited’s profit was $2,427,251 compared with $2,292,555 and Bahamas Medical Center’s loss was $(450,882) compared with $(652,661). Consolidated net patient revenue increased $1,035,681 or 3.9%. Total inpatient days for the six months are up 7.8%. Second quarter patient days were down over last year by 1.8% compared to the first quarter which was up by 17.9%. All fluctuations are in the critical care units I would like to thank our shareholders, Associates, physicians and volunteers for their loyalty and dedication to Doctors Hospital
JOSEPH KRUKOWSKI
CHAIRMAN
August 16, 2017
DOCTORS HOSPITAL HEALTH SYSTEM LIMITED
DOCTORS HOSPITAL HEALTH SYSTEM LIMITED
July 31, 2017 with comparative figures at January 31, 2017 (Expressed in thousands of Bahamian dollars)
Six months ended July 31, 2017 with comparative figures for the six months ended July 31, 2016 (Expressed in thousands of Bahamian dollars)
Consolidated Statement of Cash Flows
Consolidated Balance Sheet
July 31, 2017
Assets
Current assets: Cash and cash equivalents Accounts receivable—patients, net (note 2) Accounts receivable—third party payors, net (note 2) Inventories Other assets
$
7,754 1,593 6,200 2,234 2,067 19,848
7,354 1,211 6,209 2,073 1,279 18,126
30 431 419 16,142 17,022
30 431 345 16,420 17,226
$
36,870
35,352
$ $
4,791 4,791
5,050 5,050
Non-current assets: Investments Goodwill, net Other intangible assets Property, plant and equipment Total assets
Liabilities and Shareholders’ Equity Current liabilities: Accounts payable and other liabilities Total liabilities
Shareholders’ equity: Share capital: Authorized 12,500,000 common shares at par value of B$0.04 each (July 31, 2017 – 12,500, 000 shares) Issued and fully paid 9,971,634 shares (July 31, 2016– 9,971,634 shares) Contributed surplus Retained earnings
July 31, 2016
1,976
1,640
Changes in operating assets and liabilities: Increase in accounts receivable Increase in inventories Increase in prepaid expenses and other assets (Decrease) Increase in accounts payable and other liabilities Cash provided by operating activities
1,439 1,081 4,496
1,396 931 3,967
(1,454) (161) (789) (259) 1,833
(1,511) (278) (193) 658 2,643
Cash flows from investing activities Purchase of property, plant and equipment Purchase of intangible assets Proceeds from disposal of property, plant and equipment Cash used in investing activities
(1,090) (144) (1,234)
(2,171) (19) (2,190)
(199) (199)
(199) (199)
Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Provision for doubtful accounts Loss on disposal of property, plant and equipment
$
Cash flows from financing activities Dividends paid to shareholders Cash used in financing activities Increase (decrease) in cash and cash equivalents
399 12,358 19,322 32,079 36,870
$
Total liabilities and shareholders’ equity
July 31, 2017
January 31, 2017
399 12,358 17,545 30,302 35,352
Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period
$
400
254
7,354 7,754
5,353 5,607
Cash and cash equivalents comprise cash at bank and in hand, short-term deposits with an original maturity of six months or less. (Unaudited)
(Unaudited)
DOCTORS HOSPITAL HEALTH SYSTEM LIMITED
DOCTORS HOSPITAL HEALTH SYSTEM LIMITED
Three months ended July 31, 2017 with comparative figures for the three months ended July 31, 2016 (Expressed in thousands of Bahamian dollars)
Six months ended July 31, 2017 with comparative figures for the six months ended July 31, 2016 (Expressed in thousands of Bahamian dollars)
Consolidated Statement of Revenue and Expenses
Consolidated Statement of Revenue and Expenses
July 31, 2017 Revenues Patient service revenue, net Other Total revenues
$
Expenses Salaries and benefits Medical supplies Medical services Depreciation and amortization Other operating Utilities Bad debt expense, net of recoveries Government taxes and fees Insurance Outside services Repairs and maintenance Rent Dietary expenses Legal expenses Total expenses
July 31, 2017
July 31, 2016
13,178 611 13,789
13,440 440 13,880
Revenues Patient service revenue, net Other Total revenues
6,061 1,933 1,619 725 741 403 603 356 195 306 229 84 162 29 13,446
5,933 1,862 1,662 659 628 361 429 348 245 291 232 80 151 35 12,916
Expenses Salaries and benefits Medical supplies Medical services Depreciation and amortization Other operating Bad debt expense, net of recoveries Utilities Government taxes and fees Insurance Outside services Repairs and maintenance Dietary expenses Rent Legal expenses Total expenses
$
July 31, 2016
27,563 1,075 28,638
26,528 920 27,448
11,890 3,949 3,279 1,439 1,588 1,081 742 730 391 599 424 320 170 60 26,662
11,637 3,809 3,380 1,396 1,249 931 658 716 519 554 456 260 163 80 25,808
Net income for the period
$
343
964
Net Loss/Income for the period
$
1,976
1,640
Earnings per common share (expressed in Bahamian dollars): Basic and fully diluted
$
.03
.10
Earnings per common share (expressed in Bahamian dollars): Basic and fully diluted
$
0.20
0.16
(Unaudited)
(Unaudited)
DOCTORS HOSPITAL HEALTH SYSTEM LIMITED
DOCTORS HOSPITAL HEALTH SYSTEM LIMITED
Six months ended July 31, 2017 (Expressed in thousands of Bahamian dollars)
Six months ended July 31, 2017
Consolidated Statement of Changes in Equity
Number of shares Balance at January 31, 2017 , Net income for the period
9,971,634
Share capital $
399
-
Notes to Interim Consolidated Financial Statements
Contributed surplus $
-
12,358
Retained earnings $
-
1,976
Dividends Balance at July 31, 2017
17,545
(199) 9,971,634
$
399
(Unaudited)
$
12,358
$
19,322
1.
Significant accounting policies These interim financial statements have been prepared in accordance with International Accounting Standard No. 34, Interim Financial Reporting, using the same accounting policies applied in the January 31, 2017 audited consolidated financial statements.
2. Accounts receivable Accounts receivable are stated net of provisions for doubtful accounts of $5.1 million.
3. Dividends Declared 4. The Board of Directors approved a dividend on March 15, 2017 for $0.2 per share for a total of $199,433 to shareholders of record March 24, 2017 and payable March 31, 2017.
PAGE 10, Thursday, September 14, 2017
THE TRIBUNE
RETAILERS AND ENERGY COMPANIES LEAD US STOCKS A BIT HIGHER By MARLEY JAY Associated Press
NEW YORK (AP) — U.S. stock indexes finished with tiny gains Wednesday as retailers jumped after a strong hiring forecast from Target and energy companies rose along with oil prices. Companies that sell everything from clothing to electronics rose after Target said it will hire 100,000 workers for the holiday season, about 30,000 more than it did a year ago. Energy companies rose after the U.S. government said oil and gasoline stockpiles shrank last week. Those gains were almost canceled out as technology and health care companies, which have led the market higher this year, slipped. With stocks at record highs, investors hunted for bargains. Retailers and energy and telecommunications companies have all struggled this year and finished higher Wednesday. One reason stocks may have held steady: the Federal Reserve will meet next week, and along with the usual questions about interest rates and the Fed’s balance sheet, investors are wondering about the central bank’s leadership. Fed Chair Janet Yellen’s four-year term will end in February and it’s not clear if President Donald Trump will reappoint her or replace her. “There are factions of the Fed, as well as potential Fed chair candidates, that are less focused on market reactions and will be more focused on the need to raise rates from their current levels to offset a future recession,” said Eric Freedman, chief investment
officer for U.S. Bank Wealth Management. Freedman said Yellen has made a priority of informing Wall Street about the Fed’s plans and taking investor reactions into account. A different Fed chair might not do that, which could lead to a bumpier ride for stocks. The Standard & Poor’s 500 index added 1.89 points, or 0.1 percent, to 2,498.37. The Dow Jones industrial average picked up 39.32 points, or 0.2 percent, to 22,158.18. The Nasdaq composite rose 5.91 points, or 0.1 percent, to 6,460.19. The Russell 2000 index of smaller-company stocks gained 3.43 points, or 0.2 percent, to 1,426.89.
Target Hires Target said it plans to hire 100,000 workers for the holidays, some 30,000 more than it hired a year ago. Its stock climbed $1.62, or 2.8 percent, to $59.51. Best Buy rose $1.81, or 3.2 percent, to $58.60 and Gap gained 61 cents, or 2.2 percent, to $28.22. Video game seller GameStop added 49 cents, or 2.5 percent, to $20.02 and Amazon.com rose $17.02, or 1.7 percent, to $999.60. Department store chain Nordstrom climbed after CNBC reported that the Nordstrom family is close to a deal to take the company private. The stock has risen over the last three months following talk that company executives and other descendants of co-founder John Nordstrom might buy the 70 percent of the company they don’t already own. The stock gained $2.69 cents, or 6 percent, to $47.74.
Hard drive maker Western Digital slumped $3.04, or 3.4 percent, to $85.74 after its partner Toshiba said it will sell its computer memory business to a consortium led by Bain Capital Private Equity. Western Digital wants to buy that business and has filed a lawsuit to stop Toshiba from selling it to anyone else. Toshiba is trying to offset losses by its Westinghouse Electric nuclear business, which filed for bankruptcy protection in March. Energy companies rose as benchmark U.S. crude rose $1.07, or 2.2 percent, to $49.30 a barrel in New York. Brent crude, used to price international oils, added 89 cents, or 1.6 percent, to $55.16 a barrel in London. Credit bureau Equifax hit an 18-month low in heavy trading. The company disclosed Thursday that personal data of about 143 million Americans was compromised in a cyberattack. Equifax has been sharply criticized by Congress, state governments and consumers. The stock dropped another $16.97, or 14.6 percent, to $98.99. It traded above $142 last week before news of the attack broke. Medicaid program administrator Centene said it will expand into New York through a $3.75 billion acquisition of Fidelis Care. Its stock jumped $7.28, or 8 percent, to $98.16. Centene has expanded into several states in the past year through the Affordable Care Act’s exchanges. Apple slipped again. Investors appeared worried about the $999 price tag of the tenth-anniversary iPhone X as well as its later launch date in early November.
A WALL Street street sign outside the New York Stock Exchange. U.S. stocks are barely lower early yesterday, as banks and technology companies give back some of their gains from earlier in the week. Apple continues to take small losses as investors contemplate its new lineup of iPhones and other products. Energy companies and retailers are trading higher. (AP Photo/Mark Lennihan, File)
Police arrest CEO of world’s largest meatpacker By SARAH DILORENZO AND PETER PRENGAMAN Associated Press SAO PAULO (AP) — Brazilian police on Wednesday arrested the CEO of the world’s largest meatpacker for allegedly using their own plea bargains to gain an advantage in financial markets. Wesley Batista was taken into custody in Sao Paulo. Batista and his brother Joesley, the former chairman of JBS, have both entered agreements with prosecutors in which they testified that JBS paid bribes to scores of politicians, including President Michel Temer. Temer denies wrongdoing. The Batistas have been at the center of Brazil’s near-operatic corruption investigation in recent weeks — a drama outlined by the plea-bargain singing of many witnesses. The sprawling probe has uncovered a scheme in which several companies paid millions of dollars in bribes to politicians.
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,867.83 | CHG 0.01 | %CHG 0.00 | YTD -70.38 | YTD% -3.63 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.70 2.41 0.15 6.47 8.60 6.30 10.60 14.49 2.52 1.60 6.00 10.00 11.00 10.25 7.25 12.51 11.00
52WK LOW 4.05 17.43 8.19 3.50 1.39 0.12 3.80 8.40 5.83 9.46 10.00 2.18 1.50 5.80 8.75 7.01 8.17 6.60 11.93 10.00
1000.00 1000.00 1000.00 1000.00
900.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 106.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01
1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.01
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 Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate 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 100.00 100.00 100.00
52WK LOW 100.00 100.00 100.00
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +
SYMBOL FBB17 FBB18 FBB22
Bahamas Note 6.95 (2029) BGS: 2014-12-3Y 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 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
MUTUAL FUNDS 52WK HI 2.08 3.96 1.96 170.77 146.34 1.50 1.67 1.58 1.10 6.99 8.54 6.15 10.52 11.46 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.44 1.63 1.55 1.04 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 4.28 17.43 9.09 3.70 1.39 0.14 3.92 8.60 6.10 10.60 10.01 2.43 1.55 6.00 9.75 7.08 10.25 7.01 12.50 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 109.34 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.28 17.43 9.09 3.70 1.39 0.14 3.92 8.60 6.10 10.60 10.01 2.44 1.55 6.00 9.75 7.08 10.25 7.01 12.50 10.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 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 1.01
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 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
109.37 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.03 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
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
VOLUME
VOLUME
NAV 2.08 3.96 1.96 174.30 146.25 1.50 1.63 1.58 1.08 6.92 8.03 6.15 10.52 11.46 10.01
EPS$ 0.467 0.932 -0.230 0.540 -0.340 0.000 -0.857 0.574 0.681 0.540 0.559 0.102 0.455 1.212 0.768 0.575 0.929 -0.602 0.697 0.000
DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.000 0.300 0.220 0.360 0.570 0.060 0.060 0.290 0.450 0.000 0.340 0.140 0.620 0.000
P/E 9.2 18.7 N/M 6.9 N/M N/M -4.6 15.0 9.0 19.6 17.9 23.9 3.4 5.0 12.7 12.3 11.0 -11.6 17.9 0.0
YIELD 1.87% 5.74% 0.00% 5.68% 0.00% 0.00% 0.00% 3.49% 3.61% 3.40% 5.69% 2.46% 3.87% 4.83% 4.62% 0.00% 3.32% 2.00% 4.96% 0.00%
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 7.00% 6.00% Prime + 1.75%
MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022
6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022
YTD% 12 MTH% 2.55% 4.51% 1.07% 1.53% 1.38% 2.48% 3.48% 4.01% 3.17% 7.00% 2.15% 4.22% -1.93% -1.89% 0.81% 2.21% 2.28% 1.30% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%
NAV Date 31-Jul-2017 31-Jul-2017 28-Jul-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 31-May-2017 30-May-2017 30-May-2017 30-May-2017 30-May-2017 30-May-2017
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
The investigation, the largest in Brazil’s history, has implicated several former presidents. Ex-President Luiz Inacio Lula da Silva, for instance, has already been convicted of corruption in one case and was set to testify in another on Wednesday. Executives from JBS have provided evidence for some of the most serious allegations, including claims that Temer arranged
to receive millions in payouts in exchange for helping the meatpacker. But in recent days, prosecutors have questioned whether Joesley Bastista and other executives may have withheld some information, violating their plea deals. Wednesday’s accusations focused on the company’s activity in the weeks before their plea deals became public.
NOTICE
MARKET REPORT WEDNESDAY, 13 SEPTEMBER 2017
A multilingual sign welcomes visitors at the meatpacking company JBS, in Lapa, in the Brazilian state of Parana. Brazilian police on Wednesday arrested the CEO of the world’s largest meatpacker for allegedly using information about plea bargains to gain advantage in financial markets. (AP Photo/Eraldo Peres, File)
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
NOTICE is hereby given that ERICKA MELINDA HENFIELD of Sea Grape, 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 14th day of September, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, FEDLYN JACQUES of Isabella Boulevard, Marathon Estates Subdivision, New Providence, Bahamas intend to change my name to SAMARI FREDLYN JACQUES. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.
NOTICE
NOTICE is hereby given that RONIEL WILNER TIBE of #32 Park Royal Drive, Freeport, 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 14th day of September, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
INTERNATIONAL BUSINESS COMPANIES ACT, 2000
GATESHEAD FUND LTD. In Voluntary Liquidation NOTICE is hereby given that in accordance with Section 138(4) of The International Business Companies Act, 2000, GATESHEAD FUND LTD. is in dissolution. The date of commencement of the dissolution was the 12th day of September, 2017. Mr. Michael C. Miller, P.O. Box EE-17971, Nassau, Bahamas is the liquidator of GATESHEAD FUND LTD. Michael C. Miller Liquidator
PAGE 12, Thursday, September 14, 2017
THE TRIBUNE
CALL 502-2394 TO ADVERTISE BAHAMAS POWER & LIGHT COMPANY LTD.
REQUEST FOR PROPOSALS (RFP) TENDER NO.: 942/17 STREET LIGHTING INSTALLATION AND MAINTENANCE SERVICES NEW PROVIDENCE Bidders are required to collect packages from Ms. Charlene Smith at BPL’s Administrative Office, Blue Hill and Tucker Roads, Nassau, Bahamas.
RFPs should be marked as follows and are to be addressed to:
TENDER No. 942/17 STREET LIGHTING INSTALLATION AND MAINTENANCE SERVICES NEW PROVIDENCE The Chief Executive Officer Bahamas Power and Light Company Ltd. Administrative Offices Peter I. Bethel Building Blue Hill and Tucker Roads Nassau, Bahamas Attention: Ms. Charlene Smith Deadline for delivery to BPL On or before 4:00 p.m. on Wednesday, September 20, 2017 For all inquiries regarding the tenders and site visits, please contact Ms. Charlene Smith at 242.302.1158 or via email address: cpsmith@bplco.com
BPL reserves the right to accept or reject any or all proposals. Bahamas Power and Light Company Ltd.
BUILDING FOR BETTER
EXCITING AND CHALLENGING OPPORTUNITY FOR YOUNG BAHAMIANS
Can you imagine a career which will take you to the world’s most fascinating ports and far flung destinations? A Maritime career could take you there. Do you have 5 BGCSE passes, including Math, Physics or Chemistry, and English Language at Grade ‘C’ or above? Have you obtained a combined SAT score of at least 1500? Are you physically fit? Are you between the age of 16 and 20 years? If you have answered YES to the above questions, then please read on. The Bahamas Maritime Authority is once again offering a scholarship to a young Bahamian, who is keen to train for an exciting and challenging career in the Maritime Industry. The scholarship is inclusive of tuition, course materials, accommodation and travel. Commencing September 2018, the successful candidate will follow a 4-year degree programme at the State University New York Maritime College, New York, USA. Upon completion of the degree, the qualified officer will be expected to serve on board a Bahamian flagged vessel for at least 2 years.
Further information and application forms can be obtained from: Mrs. Katie Clarke, Assistant Director, Bahamas Maritime Authority, Shirlaw House, #226 Shirley Street, P. O. Box N-4679, Nassau, Bahamas; Website: www.bahamasmaritime.com OR Email: scholarship@bahamasmaritime.com Tel: +1-(242)-356-5772 Fax: +1-(242)-356-5889 Completed applications must be submitted in person or by post, with copies of academic certificates/transcripts and proof of Bahamian citizenship, no later than Friday, 29th September 2017. Qualified applicants will be contacted for interviews.