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MONDAY, SEPTEMBER 16, 2019
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$3-5bn Dorian ‘cataclysmic’ if Nassau struck By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas would have taken a “cataclysmic” hit if Hurricane Dorian struck Nassau, Moody’s Analytics believes, while still predicting the storm has cost this nation between $3bn to $5bn. Adam Kamins, senior regional economist at Moody’s Analytics, which operates independently of its credit rating agency counterpart, said initial estimates showed the vast majority of physical damage and economic loss had been inflicted upon this nation. With tourism accounting for around 50 percent of Bahamian gross domestic product (GDP), and 20 percent of this nation’s room inventory out of action due to the devastation in Abaco and Grand Bahama, Mr Kamins forecast that “ten percent of output may have been removed from the economy”. He added that if there was “a silver lining” from the storm it was the fact New Providence, home to Nassau and the majority of this nation’s economic assets,
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ZNS facing $542,000 summary judgment bid By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Z
NS is facing a $542,000 summary judgment bid over claims that it breached a satellite leasing contract with two years of the deal remaining. Attorneys for Centrex Centrex Communications Corporation, in September 12 letter to the southern New York federal court, said they believed it was “appropriate” to now file a motion for summary judgment against the Bahamian state-owned broadcaster. The letter, which has been obtained by Tribune Business, requests a conference before Judge Nelson Roman prior to the motion’s filing amid indications that Centrex has lost patience with efforts to settle the matter outside of the US court system. “The instant matter is a relatively straightforward breach of contract case,”
Abaco Chamber eyes ‘amazing opportunity’ via Project Resurrect By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Abaco Chamber of Commerce’s president yesterday hailed “an amazing opportunity to rebuild the entire island” following the “overwhelming” response to its Project Resurrect initiative. Speaking after the project’s Friday’s unveiling, Ken Hutton said the Abaco Chamber had obtained the joint support of the Bahamas Chamber of Commerce and Marsh Harbour/Spring City district council for an effort that is focused on rebuilding the business community in Marsh Harbour and the wider island. Disclosing that “incredible feedback” had already been received, Mr Hutton said Project Resurrect is seeking a combination of charitable donations and private sector funding to help Abaco businesses restart following the devastation inflicted by Hurricane Dorian. The Abaco Chamber chief, who pledged to rebuild “a New Abaco” in a letter detailing the initiative’s goals, said the organisation and its supporters aimed to “recreate a world-class destination” via a strategic approach that will first focus on rebuilding the physical and services infrastructure needed for every-day survival. Acknowledging that restoration costs would likely run into the “hundreds of millions, if not billions”, Mr Hutton said the island’s
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KEN HUTTON recovery depended on the government and private sector working together as neither could achieve this ambition on their own. While many observers have suggested it will take several years for Abaco to recover from Dorian’s wrath, he argued - describing himself as “an optimist” - that this could be reduced to one year or even “a number of months” once the private sector was “motivated” and had “direction”. Mr Hutton said a number of Abaco businesses were “never coming back” after being wiped out by Dorian, while providing others with access to capital - especially small and medium-sized businesses - was key to a swift commercial revival. He conceded that attracting a workforce back to Abaco, following the island’s post-Dorian depopulation, was also critical and required the setting out of “a vision” residents could buy into and encourage them to return and invest. Unveiling Project Resurrect, Mr Hutton and the Abaco Chamber wrote in a September 13 letter: “The storm utterly destroyed the
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BERNARD EVANS
Unions challenge Dorian advances • Satellite leasing provider petitions New York court to civil servants • Argues immediate damages move ‘appropriate’
attorney Joshua Sklarin argued on Centrex’s behalf, alleging that all the elements necessary to support its claim against ZNS and the Broadcasting Corporation of The Bahamas (BCB) were in place. “Here, Centrex and defendant, the Broadcasting Corporation of the Bahamas entered into a five-year contract for satellite services. The contract requires BCB to pay Centrex $22,600 per month ($271,200 per annum) from January 1, 2016, through December 31, 2020,” he added. “In short, in the midst of a five-year contract, BCB breached said contract by not making the required monthly payments. The last payment made by BCB was for the month of December 2018. “Due to BCB’s breach, and despite Centrex’s mitigation attempts, Centrex has been damaged in an amount
of no less than $542,400 in addition to attorneys’ fees and other costs and interest. The contract provides for 1.5 percent interest on any amount not paid calculated from the date that payment was due.” The cash-strapped Broadcasting Corporation of The Bahamas is again due to receive a near-$8m subsidy, $7.579m, in the 2019-2020 fiscal year, which means that any judgment obtained by Centrex against it will likely have to be covered by Bahamian taxpayers. Tribune Business reported earlier this year that ZNS’ US attorneys switched Centrex’s claim from the New York State Supreme Court to the southern New York federal court, filing a “notice of removal” to achieve this in early April. Little occurred in the subsequent five months until the filing of Centrex’s letter to the judge last week,
indicating that the two parties’ efforts to settle the matter out-of-court may have proven unsuccessful. Prior legal filings suggest that the state-owned broadcaster was seeking to extricate itself from a longterm deal that the Christie government effectively locked the Minnis administration into. Documents obtained by Tribune Business reveal that ZNS’ relationship with Centrex began under the last Ingraham administration when it agreed to lease satellite capacity from the US firm for transmission of its television programming. The deal, signed on ZNS’ behalf by then-general manager Edwin Lightbourn, featured a Master Service Agreement (MSA) that was accompanied by a Service Order setting out specifics of
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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
TRADE union leaders are challenging the government’s decision to offer Dorian-ravaged civil servants a two-month salary advance rather than the $800 lump sum payment agreed pre-storm. Bernard Evans, the National Congress of Trade Unions of The Bahamas (NCTUB) president, told Tribune Business he found it difficult to see how the government could afford such an advance that was likely more than the lump sum it had been struggling to pay Bahamas Public Services Union (BPSU) members. The Minnis administration’s efforts to help civil servants in Abaco and Grand Bahama were revealed in an internal government message sent by Athena Marche, the acting
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PAGE 2, Monday, September 16, 2019
THE TRIBUNE
TOURISM: WE NEED DORIAN ‘HEADWINDS’ TO DIE DOWN By YOURI KEMP
THE Bahamas must wait for the “negative headwinds” created by Hurricane Dorian to die down before it can start “remarketing” itself as a tourism destination, a Cabinet minister says. Dionisio D’Aguilar, pictured, minister of tourism and aviation, said international coverage of the
devastation inflicted by the category five storm had forced The Bahamas to “rethink” all its tourism marketing and efforts to promote other parts of the country as “open for business”. He added: “We just have to wait until the headwinds of negative international news die down in order for us to start remarketing The Bahamas as a destination still open
for business and not totally destroyed by the storm. “You can’t help but think about the devastation now when you think about The Bahamas now. This is the biggest obstacle to our marketing efforts. We just have to wait for this headwind to die down in order to get our message out there effectively.” Mr D’Aguilar continued: “We’ve had to, of course, rethink all of our marketing programmes
considering that The Bahamas is featuring daily in the major network news in a negative light. “What we’ve done is we’ve utilised our various tourism assets as much as possible in the meantime in order to educate persons looking to travel to The Bahamas that we have 16 major destinations and that 14 are still available for business. “For example, we’ve gotten Lenny Kravitz to appear on CNN to talk about how many of the other islands in The Bahamas were not hit by Dorian and to encourage persons to continue to book their vacations in The Bahamas in order to help out with the recovery efforts. “We’ve also gotten the Atlantis resorts’
world-renowned Chef (Jose) Andres, who also appeared on CNN and various other international media outlets, to let the world know that The Bahamas is still open for business tourism-wise and not all has been destroyed. What we will continue to do is sensitise those of our assets who have the greatest reach to spread our message.” Mr D’Aguilar said the only good fortune enjoyed by The Bahamas was that Hurricane Dorian struck at the slowest part of the country’s tourism season. When asked by Tribune Business how the sector has been faring, and how overall bookings have been affected by Dorian, Mr D’Aguillar said: “We can see with Expedia. com that there has been
a tremendous decrease in bookings. “Thankfully we are in the slowest period of the year in any event, and most people make their travel plans about 45 days ahead of their expected arrival date, so we’re getting prepared for the next big travel holiday for Americans, which is Thanksgiving in November.” “You have to know exactly when to pull the trigger to get the best bang for the buck. You simply can’t fight the major news networks. Luckily for us, the ministry knows the strategy and plan for hurricane events like this. They have been through this before with previous storms, so I have confidence with our team in preparation for the road ahead for the sector.”
RENEWABLE PROVIDER BLASTS 4-YEAR HOLD UP A RENEWABLE energy provider yesterday blasted the four-year delay in approving Windsor School’s solar energy system as an “absolute travesty” that has cost him thousands of dollars. Philip Holdom, president of Alternative Power Supply (APS), in a statement said September 5 had marked the fourth anniversary of his firm’s installation of an energy system that has yet to be been turned on “due to continual delays with the electrical approval process at the Ministry of Public Works”. His release, implying that the situation at Windsor School was a microcosm of why renewable energy penetration in The Bahamas has been so slow, said the Utilities Regulation and Competition Authority (URCA) had approved the solar system as part of Bahamas Power & Light’s (BPL) Small-Scale Renewable Generation (SSRG) initiative. Revealing that the system has already been inspected four times, Mr Holdom voiced his frustration with the inability of regulators and government agencies to sign-off on the final approval certificate. “In September of 2014, a state-of-the-art solar system was donated by a school patron and APS to Windsor School,” he said. “The purpose of the solar system was to power the science lab, enabling the Windsor School students to experience and interact with a renewable energy system in real time. “The solar system also included an online app so it could be viewed live and teaching could occur interactively on the school’s white board. We would then teach a class in renewable energy and related maths and science. Applied science such as photovoltaics, basic AC
and DC electricity, Ohms law, power and energy, energy efficiency and renewable energy design were part of the educational offerings.” Mr Holdom continued: “The solar system at Windsor School has been inspected a total of four times; twice by URCA and twice by the Ministry of Public Works (MOPW), and no one will complete the approval certificate for the system. “Because the installation predated the institution of the SSRG, the system has actually gone through the same inspection process twice, which in any other country would likely be considered unnecessary. It has both the URCA and BPL approvals, but is held up at the MOPW. There is no reason why the system should not have been passed many years ago... “The MOPW will simply not release the final approved inspection certificate. All requirements for a code-compliant solar system per the SSRG regulations have been met. We have been writing e-mails on a weekly, monthly and yearly basis for the past four years to the authorities that have jurisdiction (AHJs) without success”. Mr Holdom said students were being deprived of opportunities because they could not interact with a system that “has simply collected dust”. He added that two sets of batteries have
been destroyed due to not receiving a charge from the solar panels, amounting to a loss of thousands of dollars. “If the AHJs cannot perform their duties in a timely manner, and at the speed of business, then a private independent inspection body should be authorised by the government to perform such tasks,” Mr Holdom argued. “That body should perform timely, efficient inspections with integrity. This is such a critical need that APS would be willing to cease installing solar systems and develop and head the inspection body for the good of the national renewable energy integration process. What is the point in installing solar systems if the inspection process is counterproductive to business and prevents us from achieving our National Energy Policy goals? “Only two solar systems are currently being approved per year for an average solar business, which is simply unsustainable. As a result, the solar inspection process is being abandoned, ignored or otherwise bypassed by solar companies and other persons installing solar systems. When any AHJ creates a process, it must be achievable or the private sector cannot take it seriously or will follow a course that has undermined our country for decades.”
THE TRIBUNE
Monday, September 16, 2019, PAGE 3
Realtors hail ‘awesome’ exchange control relax By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net REALTORS yesterday hailed as “awesome” the Central Bank’s proposal to relax exchange controls on residential property deals involving foreign buyers and sellers with effect from October 1. The regulator, in a fourpage document outlining its liberalisation rationale, admitted that the current requirement to obtain Central Bank exchange control approval for such transactions involving expatriates had created “a very regimented process”. Under the proposed changes, foreshadowed this summer by governor John Rolle, no applications to the Central Bank for approval of “any aspect” of residential real estate deals will be required. Foreign purchasers would automatically inherit “approved investment status” on completion of such transactions, with the sale of shares in companies that hold real estate also enjoying the exemption from exchange control approvals. While foreign real estate developers will still need to obtain exchange control approvals at the initial stages of their projects, subsequent sales of subdivided units or constructed homes will also be free from such requirements. The Central Bank is planning to delegate the authority to convert Bahamian dollar proceeds from real estate sales to foreign currency, ahead of their repatriation to the foreign seller, to the Bahamian commercial banks once evidence is supplied that the vendor is non-resident. “This reform departs from current policy, which requires Central Bank approvals on any real estate transaction involving non-residents, and for the conversion out of Bahamian dollar proceeds on sales by non-resident to residents,” the Central Bank said. “It extends the process of gradual liberalisation, improve[s] administrative processes and relaxes controls in ways that still preserve the sustainability of the Bahamian dollar fixed exchange rate.” And it added: “Under the amended framework, no application would be required to the Central
Bank for any aspect of the residential real estate transaction involving a nonresident as either vendor or purchaser. Additionally, the “approved investment status” would be automatically acquired by the purchaser on the execution of the transaction.” Realtors, attorneys and other professionals involved in the Bahamian real estate industry have long called for such changes on the basis that exchange control “red tape” had dramatically slowed approvals for real estate deals involving foreigners, and was threatening to undermine investor confidence in this nation. Several realtors yesterday said they and attorneys had “caught hell” and been “cussed out” by expatriate clients, especially sellers, who had become increasingly anxious as to whether they would receive their sales proceeds due to delays associated with Central Bank exchange control approvals. Mike Lightbourn, Coldwell Banker Lightbourn Realty’s president, told Tribune Business that the Central Bank proposal “sounds wonderful” provided it translates from theory into on-ground reality. “That’s a big deal. On the surface it sounds really wonderful if red tape has been eliminated,” he said. “It sometimes takes three to four months to be able to repatriate sales proceeds, and the sellers - who live in the US or elsewhere - often feel that the lawyers are deliberately delaying the process or have stolen the money. “It’s nothing to do with the lawyers, and is not their fault. They’re simply waiting for exchange control permission. Lawyers have caught hell. I just hope they don’t find some way to frig this up with red tape. It’s long overdue; it should have been done some years ago, but better late than never.” John Christie, HG Christie’s president, was equally enthusiastic in describing the Central Bank’s move as “perfect”. He told Tribune Business yesterday: “I think that’s awesome. It’s good news. “It just cuts the bureaucracy. We’ve had red tape getting money out of the Central Bank, which has held closings up. It’s just bureaucratic people in the
Central Bank and it’s causing a lot of frustration. “We have foreign sellers who have finally sold their properties after having them on the market for a year or two, and they can’t get their money. They then get mad at the lawyers and ask why it’s taking so long. It’s frustrating. It’s just rigmarole for no reason. It holds it up for two weeks, three weeks, one month because some bureaucrat in the Central Bank is playing power games.” Mr Christie added that the Central Bank’s reforms were needed now more than ever because of Hurricane Dorian, and that they promised to “speed up” real estate transactions involving expatriate investors and make them easier “just like a real country and how any business should be done”. However, Mr Lightbourn felt the success of the Central Bank’s proposal depended on the co-operation of commercial banks when it came to processing currency conversions to repatriate proceeds to overseas sellers. “The only issue I see here is the banks,” he said. “The banks hold the key here. Maybe there are some government issues that could come into play. I don’t see that there are, but maybe I’m not thinking straight.” Tribune Business first revealed complaints in early 2018 that the requirement for a conveyance that has been lodged with the Registry of Records, and proof this has been done as confirmation of sale, was adding four to six weeks to the Central Bank approval process. And the requirement for board minutes and resolutions if companies were involved in the real estate ownership structure was also said to have been contributing to delayed approvals, with clients and attorneys viewing this as unnecessary and possibly beyond the remit of the Exchange Control Regulations Act. Mr Rolle, the Central Bank’s governor, responded then by saying it was “ceasing” its demand for proof that title has been recorded via the transaction being entered into the Registry of Records as well as the request for foreign-owned corporate entities, which
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THE TRIBUNE
CIBC UNVEILS DORIAN SOLVE DORIAN HOUSING CRISIS BY USING DISTRESSED HOMES CLIENT RELIEF MEASURES By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
CIBC FirstCaribbean has unveiled a series of measures to assist with the rebuilding process for clients impacted by Hurricane Dorian. The bank, in a statement, said it will provide special loans, deferred payments and other concessions for customers in Abaco and Grand Bahama whose lives were devastated by the category five hurricane. Colette Delaney, CIBC FirstCaribbean’s chief executive, who recently travelled to The Bahamas and saw some of the destruction caused by Dorian first-hand, said she and “all employees of the bank were shocked at the level of destruction on the Abaco islands and Grand Bahama, and were moved to help in any way we can”. She added that a similar financial relief package has already been extended to all
bank employees impacted by the hurricane. “Our commitment to our staff and clients is unwavering, and we are determined to do all that we can to facilitate them as they rebuild their lives, homes and businesses,” said the bank’s Bahamas’ managing director, Marie Rodland-Allen. She added that CIBC FirstCaribbean is offering affected eligible retail, corporate and credit card clients who were resident - or have businesses - in Abaco and Freeport: • A temporary moratorium on loan payments for up to three to six months. • Short-term financing to assist with pre-funding insurance claims for property repair and asset restoration. • Deferred payments on credit cards for up to three months. Mrs Rodland-Allen urged affected clients to contact their lending officer or visit any branch or corporate banking centre.
A WELL-KNOWN realtor is urging the government to use hundreds of repossessed New Providence homes that currently sit vacant to solve the housing crisis created by Hurricane Dorian. Mario Carey, founder of Better Homes and Gardens Real Estate MCR Bahamas Group, said the government should incentivise investors to acquire such distressed properties from the banks and other lenders, then transform them into rent-controlled affordable housing. He argued that this was the best way to accommodate the thousands of Abaco and Grand Bahama residents made homeless by Dorian, enabling them to leave their current shelters and return to some semblance of normalcy. “There are so many who lost loved ones or everything they had,” said Mr Carey. “Even as the tragedy continues to unfold, we need to develop a plan for moving forward, and that
FORECLOSED properties, such as the one pictured here, that are sitting vacant could be the perfect solution for immediate housing for persons displaced by Hurricane Dorian, according to real estate broker and entrepreneur, Mario Carey, pictured. plan has to include housing in Nassau or elsewhere as well as rebuilding in Grand Bahama and Abaco. “One of the first goals must be to find housing for the people who have been displaced, whether they are staying with those who opened their homes to them on a temporary basis or in a shelter. We need a longer-term solution, and we have that solution. We have the inventory. It is sitting in bank foreclosures; maybe as many as 5,000 properties.” Mr Carey argued that banks and financial institutions holding foreclosed properties should come together, organise a pool of properties, invite investors to “buy in bulk” and establish low rental rates that will be covered in the short-term by government subsidies. “Many foreclosed
properties need to be renovated. They need to be occupied,” Mr Carey said. “Unoccupied properties are at greatest risk for losing value, so it makes sense when we are desperate for places for people to live to place them in a property that is sitting there, unoccupied, most likely depreciating in value as time passes. “Long-term, the houses, condos and apartments that are purchased at sale value, not market value, will be a good investment for the investor or group which purchases multiple units.” To make repossessed property purchases easier, Mr Carey suggested waiving any costs or fees associated with the sale so long as the property is used for rent-controlled, affordable housing. While adequate housing inventory exists in New
Notice AML Foods Limited wishes to advise its shareholders that the Company has applied for and was granted an extension until September 30, 2019 to file its interim quarterly unaudited financial results for the quarter ended 30 July 2019. The Company has experienced a delay due to the impact of Hurricane Dorian. The Company will publish its unaudited financial results for the first quarter ended 30 July 2019 on or before 30 September 2019 in two major local newspapers and on its website. We apologize for any inconvenience caused by this delay.
Providence, Exuma and a few other islands, encouraging new building or extensive repairs in Grand Bahama and Abaco will require a serious look at how projects are approved. “Government needs to ensure that the same building codes that are in place in Nassau are equally imposed in Grand Bahama and Abaco but, once projects are proposed, they need to be reviewed, amended or approved with all due speed and efficiency, slicing through the red tape and putting out a welcome mat,” Mr Carey said. “We should still require an environmental impact assessment and an environmental management plan, but no developer who is willing to take the risk of building should have to pay any government fees.” All home improvement projects should be stamp duty exempt, Mr Carey added. Two years ago, he presented an idea for a full disaster relief plan that included making The Bahamas the disaster relief capital of the region. He called for hundreds of acres off Gladstone Road, in the heart of inland New Providence, to be dedicated to a full relief and recovery headquarters with ready-to-go housing, food pantries, medical supplies, personal goods and heavy equipment. As needs arose, supplies could be shipped from a single location with strong inventory controls or evacuees could be moved to the inland location. “Disaster relief, rebuilding and recovery have become the single largest cost that The Bahamas and other countries and island nations in the region face,” said Mr Carey. “In some places, it has been estimated that countries will have to spend up to 30 percent of their budgets rebuilding from a single natural disaster.” Those costs are expected to increase, he added, with warming waters and rising seas associated with climate change creating conditions favourable for stronger hurricanes. “Every step we take now in the recovery process following the passage of Dorian should be geared toward putting lives back on track,” said Mr Carey.
THE TRIBUNE
Monday, September 16, 2019, PAGE 5
THREE HUNDRED BAHAMIANS RETURN TO WORK AT SHIPYARD
ROYAL Caribbean executives have reaffirmed their commitment to Grand Bahama tourism following a personal visit days after the passage of Hurricane Dorian. From left: Joshua Carroll, assistant vice-president, global revenue management; Richard Fain, chairman and chief executive, Royal Caribbean Cruises; Michael Bayley, president and chief executive, Royal Caribbean International; Russell Benford, vice-president, government relations, The Americas, Royal Caribbean International; and Mark Tamis, senior vice-president, hotel operations. Photo: Tim Aylen/BVS THREE hundred Bahamian employees have returned to work after the Grand Bahama Shipyard re-opened last Wednesday, showing the island “is on a path to recovery”. “We are extremely pleased to advise that the Grand Bahama Shipyard re-opened for business on Wednesday, September 11, allowing some 300 Bahamian employees to return to work and demonstrating to the outside world that Grand Bahama is on a path to recovery,” said Michael Bayley, Royal Caribbean International’s president and chief executive. The cruise line is a 40 percent part-owner in the region’s largest ship repair facility along with Carnival Corporation, which holds a matching equity stake. The remaining 20 percent balance is owned by the Grand Bahama Port Authority (GBPA) affiliate, Port Group Ltd. Mr Bayley said Royal Caribbean wanted employees, their families, vendors, corporate colleagues and those who had booked haul and repair dates to know that, despite some infrastructural challenges,the shipyard is capable of operating at projected capacity and is fully booked through 2019 year-end. The Grand Bahama Shipyard is the only repair, refit and refurbishment facility of its kind in the Caribbean region. It is capable of handling Oasis class cruise ships such as Royal Caribbean’s Oasis of the Seas, Symphony, Mariner, Harmony and Allure, the world’s largest and longest cruise ships. Each is capable of carrying more than 5,400 guests with Symphony, the largest, topping that number by nearly 1,000.
“It is because of our dedicated team at the Shipyard that we were able to re-open less than ten days after the passage of the historic storm that pummeled the island and hovered over it for days,” said Mr Bayley. “We thank the management and every member of staff for their determination. They understood how important it was to get people back to work. While we have focused our immediate attention on providing relief, including delivering 20,000 meals a day, we know the commitment to economic recovery must be long-term. “That is why we at Royal Caribbean have re-affirmed our commitment to do our part to create a revitalised tourism mecca in Grand Bahama with the proposed purchase of the Grand Lucayan hotel and properties, and the port. We, along with our hotel component partners, ITM Holistica, are excited about the future of Grand Bahama and proud to be part of shaping that future.”
EY UNVEILS $200,000 DORIAN RELIEF DONATION ERNST & Young (EY) has pledged a $200,000 donation to Hurricane Dorian relief efforts in the Bahamas. The accounting firm’s regional leadership in The Bahamas, Bermuda, British Virgin Islands (BVI) and Cayman Islands will donate $100,000, with EY Americas matching the donation to the government’s National Emergency Management Authority (NEMA). “This is an extraordinarily difficult time for The Bahamas and, by extension, all of the countries that make up a part of this region, so it is imperative that we come together as one to help The Bahamas and its people begin to rebuild,” said Dan Scott, EY’s regional managing partner. “Our thoughts are with those who have lost loved ones, those who lost everything and are displaced by the storm. We have a deep culture of caring at EY, and we hope our donation can provide important assistance and support to begin the road to recovery.” “This storm has had an immense impact on our people, including their friends and families, and we’re absolutely devastated by what our community is experiencing,” added Michele Thompson, country managing partner for EY Bahamas. “We want to be a part of the rebuilding and recovery from Hurricane Dorian, and this donation will help with these efforts. We all have one common goal – to help those in need and rebuild our community. The Bahamian community is incredibly important to EY
PUBLIC NOTICE TO WHOM IT MAY CONCERN: This refers to Public Notice and Map seen in the Business Section of the Tribune on Monday, 19th August 2019 that concerns a conveyance dated 3rd November 1998 between ANCO Trust Corporation Ltd. of the first part, and CAPS AA. Trust Co. Ltd of the second part and Nihon Landholdings Limited of the third part, is said to be the sole owner of property formerly owned by Isiah Fisher and which is described in the said Conveyance. CONTACT OWNERS of the investment property adjoining and including portions of the property described in Grant Book B-1 on page 19. at PO. Box N115, Nassau, Bahamas for additional information.
and we are proud to help in any way we can.” Pictured from left: Dan Scott, regional managing partner; Lauren Nelson, area director of finance and operations; Anthony Caterino, EY vice-chair
and regional managing partner, Financial services organisations Americas; Michele Thompson, Bahamas country managing partner and regional assurance leader; Tiffany Norris-Pilcher, wealth and
asset management partner and regional emerging managers platform leader; David Brown, EY Bermuda senior leader and regional insurance leader; Igal Wizman, Bahamas transaction advisory services leader.
PAGE 6, Monday, September 16, 2019
ZNS facing $542,000 summary judgment bid FROM PAGE ONE the agreement such as monthly rate, satellite and transponder bandwidth, and duration. The initial deal saw ZNS
pay $30,920 per month, or close to $372,000 per annum, for a one-year deal. After the Christie government took office in May 2012, Centrex alleged that the lease agreement was
THE TRIBUNE renewed for three years at a lesser rate of $26,400 per month. ZNS then opted for a longer term five-year deal at a lower monthly rental rate, agreeing that it be retroactive to January 1, 2016, and last until December 31, 2020. The agreement was signed by Mr Lightbourn’s successor, Diana Swann. However, ZNS management, “citing budget cuts”, sought to exit the contract
on November 30, 2018, but Centrex is refusing to release the loss-making broadcaster from its alleged obligation to pay it $22,600 per month until the deal ends on December 31, 2020. “On September 3, 2018, the current general manager of the Broadcasting Corporation of The Bahamas, Kayleaser Deveaux-Isaacs, sent an e-mail to Centrex with a letter dated August 31, 2018, advising Centrex that BCB intended to end its contract for satellite services ‘effective November 30, 2018’, citing budget cuts,” Centrex’s initial claim alleges. Centrex’s lawsuit makes clear why it may be especially eager to pursue its claim. For it reveals that it is a ‘middle man’ or broker for ZNS, as it actually leases the latter’s satellite capacity on its behalf from another company, New Skies Satellites BV. Centrex itself is locked into the lease deal with New Skies until December 31, 2020, making it imperative for the New York company to obtain payment from ZNS otherwise it will be forced to cough up itself.
Realtors hail ‘awesome’ exchange control relax FROM PAGE THREE are selling/purchasing Bahamian real estate, to provide board approvals and resolutions relating to the deal. The reforms now unveiled by the Central Bank represent a further step in its phased exchange control liberalisation process, and dovetail with the government’s wider efforts to improve the “ease of doing business” and make The Bahamas more attractive to investors. The Central Bank, in its discussion paper, said the move posed no threat to The Bahamas’ balance of payments or the one:one exchange rate peg with the US dollar. “ “The potential for unmanageable capital (foreign exchange) outflows on liquidated real estate does not arise in any material sense, nor would it hamper the ultimate ability of the Central Bank to comprehensively monitor
foreign real estate transactions for statistical and policy making purposes,” it added. “It is anticipated that there will be net inflows of capital into The Bahamas, and no materially plausible scenario where resident investors could finance a large divestiture flow by non-residents.” The Central Bank added that foreign buyers and sellers will still need to obtain all other relevant government approvals, including those from the Investments Board (International Persons Landholding Act) and those stipulated by the Companies and International Business Companies (IBCs) Acts.
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THE TRIBUNE
Unions challenge Dorian advances to civil servants FROM PAGE ONE deputy financial secretary, who said such benefits were permitted under General Orders 1256 to 1260. The message, seen by Tribune Business, said: “The minister of finance [K Peter Turnquest] has approved the grant of two months’ salary advance to be repaid over a period of two years for permanent and pensionable officers affected by Hurricane Dorian in the islands of Abaco and Grand Bahama.” However, in another internal government message circulated widely on social media, and verified as authentic by Tribune Business, a senior civil servant confirmed that the government had decided to defer the $800 lump sum payment it had agreed to make to the BPSU’s estimated 20,000 members pre-storm. Donna Delancey, the Public Treasury’s deputy treasurer, wrote: “I have been directed to advise that the Cabinet Office has agreed to defer the payment of the BPSU $800 lump sum to a later date.” Kimsley Ferguson, the BPSU’s president, could not be reached for comment before press time. In normal circumstances, the government’s decision to defer the promised payment would likely reignite industrial tensions and actions. However, Hurricane Dorian and the sheer scale of its impact on Abaco and Grand Bahama means that the government has no choice but to divert every available cent to relief, recovery and restoration efforts. Any efforts by the likes of the BPSU and Bahamas Doctors Union (BDU), which had its own issues with the government and Public Hospitals Authority (PHA), to press their case would leave them open to potential charges of being selfish and unpatriotic at a time when the country is in crisis and their fellow Bahamians in great needs. As a result, such industrial differences will likely have to be put on ice for the time being, but Mr Evans questioned why the government had resorted to salary advances - which will ultimately have to be repaid - as opposed to making the $800 payments as part of its civil service hurricane relief efforts. The NCTU president, urging the government to “re-engage” its BPSU affiliate given the changed financial circumstances in Dorian’s aftermath, said the latter and its members
Monday, September 16, 2019, PAGE 7 had been promised an $800 one-time payment at endAugust and another $600 this December as part of a compromise to their payment demands. “Because of the magnitude of the losses I understand the government may be offering two months’ advance to be repaid over a two-year period,” Mr Evans said, suggesting that the average monthly civil service was $1,500. “The government also promised these people $800 at the end of last month. “If they say they’re going to offer two months’ salary to be repaid over two years’, the salary advance is more than the $800 promised... If they have difficulty now finding the $800 they owe them, I don’t see how they will find the two months’ salary advance. Why can’t they just pay them the $800 owed, or as part of this advance?” Mr Evans called on the government to re-engage with the BPSU to prevent the situation from becoming inflamed again. “I think in the Saturday meeting the government had with the unions, where they laid out the financial status of the country at the time, some promises were made to the public service. “I think the government should re-engage the BPSU and say there’s a problem in meeting some of those pledges, say this is how we have to go forward. Just sit down, re-engage and dialogue. The Bahamian people understand the magnitude of what is going on.” Marlon Johnson, the Ministry of Finance’s acting financial secretary, who confirmed the two months’ salary advance to storm-hit civil servants, told Tribune Business that this initiative should not be linked to the BPSU’s negotiations and the previously-promised lump sum. “This came about as a result of recognising that public servants in those areas may have immediate needs to address,” he explained. “Many of them have damages to homes, and some have obviously been displaced. It’s just another mechanism the government has available to avail itself of with the public service.” Mr Johnson said the government had not calculated estimates for how much it will have to advance in total, as it was unsure how many persons will take it up. He added that the net impact to the Public Treasury will be zero because the funds will ultimately have to be repaid by 2021. “We don’t know what the uptake is going to be,” the acting financial secretary said. “It’s an advance which the government will get back over time, so the net cost is zero.”
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PAGE 8, Monday, September 16, 2019
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Senior Operator and Plant Manager Needed Our organization is searching for a dynamic plant manager to take on the responsibility of managing the operations and maintenance of a small/mid-scale desalination plant in Bimini. The successful candidate will be accountable for all aspects of plant performance and maintenance. Essential duties and functions include but not limited to: • Oversee the day to day operation of the plant • Oversee and manage plant employees • Perform routine maintenance (mechanical repair, I&C trouble shooting and repair) • Plant operation optimization • The local company representative toward the client • Manage external subcontractors • Inventory management • Preparing daily, monthly, and general reports Requirements: • Electromechanical and hydraulic experience (preferably an engineering or technical degree/diploma) • Two years plant operation and maintenance experience (preferably water systems operation experience) • Microsoft Office proficient • Excellent communication skills • Ability to engage and motivate others The successful candidate will be required to reside on Bimini. This position comes with an attractive compensation and benefits package. Interested qualified candidates may submit their resume via email to
info@globalcmltd.com.
THE TRIBUNE
Abaco Chamber eyes ‘amazing opportunity’ via Project Resurrect FROM PAGE ONE main commercial centre of Marsh Harbour, leaving the city, island and surrounding cays without power, water, buildings, homes, banks, stores, food, fuel and many other basic amenities. “The town’s ability to function and support business is a critical step in the recovery process. As the hub of economic activity in Abaco, Marsh Harbour’s destruction has crippled all the surrounding settlements and cays, and it is to this end that we as a community seek to support the restart of commercial activity through ‘Project Resurrect’.” Emnphasising that The Bahamas lacked the financial means and resources to rebuild quickly, they added: “The sheer scale of Dorian’s impact could not have been predicted. As a result, the Government of The Bahamas has been overwhelmed. The country does not possess the resources or the capacity to rebuild Abaco as quickly as necessary... “So, in partnership with the Marsh Harbour local government council and The Bahamas Chamber of Commerce and Employers Confederation, the Abaco Chamber of Commerce has launched this private sector initiative to create and fund a long-term strategic plan to rebuild a New Abaco.” Project Resurrect’s main goal was described as reviving Abaco’s business community through
a combination of charitable funds, private sector contributions and speedy commercial approvals. “This seeks to provide a means for helping a new Abaco by tapping into capital, both intellectual and financial, to study and recommend to the Government of The Bahamas the best, most modern restoration of Abaco and, where appropriate, fund that restoration,” Mr Hutton and the Abaco Chamber added. “Additionally, the initiative will seek to put in place the necessary infrastructure from the beginning that will allow Abaco to flourish into the future. This includes everything from civil planning to construction, temporary housing for workers to providing start-up capital and training, to qualifying Bahamian small business enterprises.” Promising that Project Resurrect will impose no extra costs on Bahamian taxpayers, and would “work in concert” with the Government’s own efforts, Mr Hutton last night told Tribune Business that the response received to the letter in just three days had been “overwhelming”. “This is really an Expression of Interest going out to people to say: ‘If we’re doing this, is there interest in supporting this?’ We’re getting that,” he added. “There are definitely going to be a lot of meetings held in the next 48, 72 and 96 hours. Once that happens we will get the word out on bank accounts for where the funding will go.” Mr Hutton said the Abaco Chamber had yet to meet with the government on Project Resurrect due to the speed with which it had been announced, but promised to do so. Nearterm efforts are also being focused on putting in place proper governance and legal arrangements, including the creation of bank accounts and a foundation. The initiative “will be managed to international standards of accounting and transparency” to reassure donors on how their money is used, with all funds accounted for, and overseen by a Board of Directors comprised of Abaco and international business persons. A Board of Trustees will also be created. “Project Resurrect is really to give some modicum of security to people that this is a private sector-driven initiative,” Mr Hutton explained. “We will be, and have to, work with the government to do this, and have to rebuild Abaco correctly and do it right. “We’re not going to put the same stuff in place that was there three weeks’ back because it did not work...
We’ve got hundreds of businesses that were completely wiped out and do not - and cannot - have access to capital to get back into business. Some had taken out financing through mortgages on their homes which were also destroyed. “There is no access to capital. Part of this initiative is to put together funding to help small Bahamian businesses to get back into business or better through grants, loans and equity stakes. We have been in contact with the Small Business Development Centre (SBDC) to get that conversation started,” he continued. “That’s one of the things that’s critical to do. Abaco will not recover unless the business community recovers. We are going to be looking at a number of businesses we know of that are never coming back. I know of several, but Abaco is going to suffer a loss of significant players in the economy.” Mr Hutton acknowledged that the likely post-Dorian disappearance of several businesses will also “leave the door open” for new entrepreneurs, but added: “One of the other challenges is going to be attracting employees back to Abaco. That’s going to be an issue. “We need to make sure our ducks are in a row so people can see the vision, see the future, and are willing to invest time and energy in returning to Abaco. That’s one of the primary focuses of the chamber.” Asked how long Abaco’s rebuilding will likely take, Mr Hutton suggested that persons believing it may take several years could be unduly pessimistic. “People say that,” he told Tribune Business, “but then when you’re on the ground and see the difference a week makes since the storm went through, and some of the changes and the clean-up efforts... “I’m an optimist. It’s going to take time, but I don’t believe it will take years. I think you’re talking a number of months, but I don’t think years. Maybe a year before we’re up and running, or maybe even less than that. “Once the private sector is motivated to bring the assets they have, then it will move forward fast. Business knows how to maximise productivity of assets. That’s what we do. Once decisions and made, and directions given, then stuff happens and happens very quickly.” Speaking from Miami, where he was purchasing supplies ahead of returning to Abaco today to begin reconstruction of his own
SEE PAGE 9
LEGAL NOTICE
NOTICE International Business Companies Act (No. 45 of 2000)
GHM INVESTMENT LTD (the “Company”)
Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of GHM INVESTMENT LTD has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the Dissolution was the 20th day of August, 2019. Luciane Ribeiro Moreno Liquidator LEGAL NOTICE
NOTICE MY FAVOURITE THINGS CO. LIMITED (In Voluntary Liquidation)
NOTICE is hereby given in pursuance of Section 218(e) of the Companies (Winding Up Amendment) Act, 2011, that the Members of the above-named Company by Resolution passed on the 6th day of September 2019 resolved that the Company be wound up voluntarily forthwith and that the Liquidator be Mr. Bennet R. Atkinson of Ronald Atkinson & Co., Chartered Accountants, Marron House, Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas. Dated the 12th day of September 2019. Bennet R. Atkinson Liquidator
THE TRIBUNE
Abaco Chamber eyes ‘amazing opportunity’ via Project Resurrect FROM PAGE 8 businesses, Mr Hutton said: “We’re very willing to work with the government to make Abaco bigger and better than ever before. “I think you’re talking some numbers that have not been heard before. You’re talking hundreds of millions if not billions. But, at the end of it, we’ve got a real opportunity - an amazing opportunity - to rebuild an entire island. “Two weeks ago we were the second biggest economy in the country. Today, not so much, but if we do it correctly and do it together we can be right back in the driver’s seat again and give Nassau a run for its money. We’re going to try hard.”
Monday, September 16, 2019, PAGE 9
NOTICE
NOTICE is hereby given that BETTY MICHEL of Royal Palm Street Nassau ,Bahamas. is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the September 9th day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that BRIDGETTE HALL-FERGUSON of Edmond Street, P.O.Box N10053 ,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 September 9th day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
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PAGE 10, Monday, September 16, 2019
THE TRIBUNE
$3-5bn Dorian ‘cataclysmic’ if Nassau struck FROM PAGE ONE
had been spared a direct hit by the category five storm that devastated the second and third
most-populated islands. “Perhaps the silver lining is that Nassau was mostly unaffected,” said Mr Kamins in an analysis sent to Tribune Business. “As home to the
majority of The Bahamas’ residents and tourist attractions, a direct hit would have been cataclysmic for the nation. “So while the worst-case
scenario was avoided, the second worst came to fruition. The resulting scars - economic, as well as emotional and physical - could leave a
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ALL SHARE INDEX: CLOSE: 2,174.90 | CHG: 5.59 | %CHG: 0.26 | YTD: 65.45 | YTD%: 3.10 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 20.91 7.00 5.92 2.60 2.00 5.47 11.75 6.17 4.64 12.40 2.81 2.90 10.00 7.35 16.00 9.30 3.65 14.20
52WK LOW 3.50 19.17 4.90 4.46 1.00 0.19 2.00 9.17 6.15 3.60 6.75 2.35 1.75 7.51 6.10 12.10 6.20 3.01 13.00
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
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ
1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Class A Focol Class B
CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB
PREFERENCE SHARES
1.00 10.00 1.00
1.00 10.00 1.00
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00
52WK LOW 100.00
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
52WK HI 2.25 4.31 2.06 191.61 158.55 1.63 1.77 1.71 1.17 7.89 9.35 6.80 11.39 12.15 10.63 10.00 8.69 11.79
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.56 1.68 1.65 1.09 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
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)
MUTUAL FUNDS
MARKET TERMS
LAST CLOSE 4.10 17.43 6.00 5.92 2.46 1.80 4.70 11.06 6.16 4.07 7.50 3.07 2.64 10.37 7.00 15.55 9.20 3.35 14.20
CLOSE 4.10 17.43 6.00 5.92 2.46 1.80 4.70 11.06 6.16 4.06 7.50 3.04 2.90 10.37 7.00 16.00 9.20 3.35 14.20
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 -0.03 0.26 0.00 0.00 0.45 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
LAST SALE 100.00
CLOSE 100.00
CHANGE 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
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
VOLUME 75 561 3,000 27,879 600 1,000 1,000
VOLUME
NAV 2.25 4.31 2.06 191.61 158.33 1.63 1.77 1.71 1.17 7.89 9.35 6.80 11.39 12.15 10.63 9.92 8.68 11.38
EPS$ 0.239 0.932 1.760 0.369 0.070 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.000 0.728 0.816 0.939 0.203 0.631
DIV$ 0.160 1.260 0.000 0.250 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.068 0.060 0.328 0.240 0.540 0.200 0.120 0.610
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
P/E 17.2 18.7 N/M 16.0 N/M N/M -10.7 15.3 13.7 22.1 53.6 29.8 6.2 N/M 9.6 19.6 9.8 16.5 22.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0
YIELD 3.90% 7.23% 0.00% 4.22% 0.00% 1.11% 0.00% 6.51% 3.57% 2.96% 0.00% 2.24% 2.07% 3.16% 3.43% 3.38% 2.17% 3.58% 4.30% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75%
MATURITY 19-Oct-2022
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%
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
YTD%12 MTH% 2.15% 3.88% 1.61% 4.11% 1.53% 2.74% 3.85% 6.28% 7.12% 2.08% 1.91% 4.55% 1.45% 4.30% 1.67% 4.21% 4.75% 7.44% 5.53% 8.48% 8.12% 12.28% 3.03% 4.85% 9.83% 0.60% 3.92% 3.72% 2.47% 3.16% -0.71% 0.16% 7.40% 2.70% 10.20% 1.30%
NAV Date 31-Jul-2019 31-Jul-2019 26-Jul-2019 30-Jun-2019 30-Jun-2019 31-May-2019 31-May-2019 31-May-2019 31-May-2019 31-Jul-2019 31-Jul-2019 31-Jul-2019 31-Jul-2019 31-Jul-2019 31-Jul-2019 30-Mar-2019 30-Mar-2019 30-Mar-2019
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
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permanent mark on the islands’ economy.” He continued: “The devastation wrought by Hurricane Dorian in the Bahamas is still coming to light. The death toll sits at [over] 50, and is likely to increase dramatically. With tens of thousands of homeless residents, Grand Bahama and the Abaco Islands are left with a humanitarian crisis unlike anything in the nation’s history. “In the midst of this horror, the storm’s price tag is also starting to grow clearer. Based on preliminary calculations by Moody’s Analytics, Dorian will cost $3.5bn to $6.5bn, reflecting damage and lost output. The majority of this comes from The Bahamas, where the initial cost is between $3bn and $5bn.” Similar assessments have been made by other risk modelling and damage assessment agencies, with Mr Kamins branding the extent of the physical destruction and economic loss as “stunning” given the size of The Bahamas’ population and the areas that were affected. “Though this is a far smaller cost than that of other recent hurricanes,” he said of his estimates, “the amount is stunning in context of the small geographic footprint of the affected area. Only about 70,000 people live in the areas that took a direct hit from the storm while it was a major hurricane. “Comparatively, Hurricane Maria affected a population that was more than 40 times’ larger but cost only ten to 20 times more. On a per capita basis, Dorian packed a punch that may well have been unprecedented.” Mr Kamins forecast that damage to property alone would amount to $2bn in the two impacted islands. “The economic toll is driven predominantly by damage to property,” he warned. “Early estimates suggest that nearly half of the homes on Grand Bahama and the Abacos were significantly damaged. “Using data on population per household for The Bahamas, and thirdparty estimates of average house prices, the cost to the residential market is around $2bn. This accounts for both an upward adjustment to capture personal property, and a downward adjustment to reflect that lower-end homes were more likely to
be destroyed in the storm.” Mr Kamins continued: “ Of course, the housing market only tells part of the story. Much of the vehicle stock on both islands was destroyed. This not only includes cars that are inoperable because of flooding, but boats that were lost in the storm. “And, of course, infrastructure on the affected islands was devastated. Grand Bahama International Airport in Freeport will require substantial rebuilding, roads have been destroyed, and basic systems such as sewage and water are badly compromised. “The physical damage will be accompanied by a significant reduction in tourist dollars flowing into The Bahamas. The most obvious channel is a reduction in near-to-medium-term visitors, which will badly sting a nation where tourism may be responsible for as much as half of GDP. “With nearly 20 percent of the nation’s hotel rooms closed, according to data from the Ministry of Tourism, this means that ten percent of output may have been removed from the economy. Further adding to the cost is the physical damage to resorts and attractions in Grand Bahama, requiring a major rebuilding effort.” Bahamian insurers last week suggested that claims payouts from Dorian may exceed $500m, a record for a single storm impacting The Bahamas. Ex-prime minister Hubert Ingraham later placed the figure at some $600m, with both figures ignoring the properties and businesses that are either uninsured or underinsured. Separately, Tribune Business was told that Dorian’s storm surge stopped just short of the industrial park housing many of Grand Bahama’s large manufacturers such as the BORCO oil storage terminal, Pharmachem and Grand Bahama Power Company. This newspaper’s contacts suggested that the greatest challenge facing many of the island’s larger employers as they seek to re-open is the provision of electricity and water supply, which is key to a safe working environment. Water, especially, is understood to be an issue after salt water compromised the wellfields and system infrastructure.