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TUESDAY, SEPTEMBER 24, 2019
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Red tape fear on Recovery Zones By YOURI KEMP THE government must eliminate bureaucracy and “red tape” if its post-Dorian Economic Recovery Zones are to work, an Abaco-based poultry farmer warned yesterday. “Economic concessions won’t help if the amount of red tape we’ve been dealing with is still going to be a problem,” said Lance Pinder from Abaco Big Bird Poultry. “We’re still in a day-to-day survival mode in Abaco, and we have not had a chance to really appreciate what was said by the prime minister with regard to the Economic Recovery Zone initiative. But, on the face of it, some of the stuff that will be made duty-free will definitely be needed. It will take years to build up Central Abaco again.” Dr Hubert Minnis on Sunday said the combined tax breaks and incentives package to stimulate recovery in the areas hardest hit by Dorian largely mirrors that employed for his Overthe-Hill revival initiative. The government is establishing a $10m loan guarantee and equity financing facility that is targeted at micro, small and mediumsized (MSME) enterprises to either help them re-open or create new businesses. An applicant will be able to secure a maximum of $500,000. Dr Minnis also foreshadowed the creation of a “one stop shop” for business assistance for Abaco and Grand Bahama, which will be charged with ending the bureaucracy and red tape facing businesses. It will be staffed by personnel from the Small Business Development Centre (SBDC), Bahamas Investment Authority, Ministry of Finance, Department of Inland Revenue, The Department of Environmental Health Services (DEHS) and Building Permits Unit. Otherwise, the tax break and incentive package was largely predictable. It features duty-free and VAT ‘border’ free purchasing of all materials, fixtures and furniture, plus vehicles and equipment required for all business and residential reconstruction. It also extends to all domestic purchases of qualified items so
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Bahamas leads region on ‘convenience bribes’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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HE Bahamas leads the Latin American and Caribbean region for paying “bribes of convenience” to public officials so that “things are done more quickly or better”, it was revealed yesterday. Transparency International’s Global Corruption Barometer study of the region provided a damning indictment of the civil service by disclosing that 41 percent of Bahamians surveyed admitted to making such under-the-table payments to ensure they could access public services. Lemarque Campbell, a Bahamian attorney and anti-corruption activist, told Tribune Business that Transparency International’s latest research showed that the Bahamian people were rapidly “losing faith” in the Minnis administration’s pre-election pledge to combat and root out corruption. Noting that 65 percent of Bahamians surveyed last year had expressed optimism that the government was delivering on
• 41% pay public officials for access to services • Public ‘losing faith’ in govt anti-corrupt pledges • Number paying bribes doubles in one year • Nation second in hemisphere for ‘sextortion’
LEMARQUE CAMPBELL its crackdown and “doing well”, Mr Campbell said this position had now been reversed with 52 percent of respondents to this year’s report saying it was “doing
badly” in the battle against corruption and graft. He added that the latest Transparency International survey also highlighted that Bahamians were “losing trust” in governance and the integrity of their public institutions, a dangerous development for any democracy, with many of the government’s anti-corruption legislative initiatives having seemingly stalled since it took office in May 2017. While Bahamians last year identified “rent seeking” as occurring most often in their dealings with the police, the latest survey now placed MPs and government officials at the top when persons were asked whether “most or all people in these institutions are corrupt”. Mr Campbell added that the results, obtained from 1,007 telephone interviews with Bahamians conducted by the Public Domain polling firm earlier this year, also revealed that the
A BAHAMIAN financial services provider yesterday said it aims to fill “a big hole in the market” through this week’s launch of its ArawakX crowdfunding platform. D’Arcy Rahming Jr, MDollaz Technology’s chief executive, told Tribune Business that the company had spoken to more than 30 businesses and entrepreneurs about using its initiative to raise equity capital from Bahamian investors to finance their ambitions. Revealing that the response had been positive, with an entity called Bahamas Olympic Museum set to be the first to list on ArawakX and pitch to potential investors, Mr Rahming said The Bahamas had to-date lacked a formal,
proportion of Bahamians paying a bribe within the past 12 months had doubled compared to Transparency International’s survey of The Bahamas last year. While the 2018 survey found that one in ten Bahamians, or ten percent, admitted to paying a bribe during the prior year, that percentage rose to 20 percent - one in five - for the 2019 survey, indicating that the graft culture is getting worse rather than improving. And The Bahamas was also ranked second in the Latin American and Caribbean region for “sextortion”, with 24 percent of Bahamians revealing they had personally been - or knew someone who had been asked for sexual favours in return for receiving public services including health and education. Only Barbados, at 30 percent, achieved a worse ranking.
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Freeport ‘desperately needs’ govts $10m By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
SEVERAL hundred Freeport businesses ravaged by Hurricane Dorian were yesterday said to “desperately need” the Government to extend its $10m financing facility to the city. Carey Leonard, the former Grand Bahama Port Authority in-house counsel, told Tribune Business that this was one incentive provided under the Government’s three-year Economic Recovery Zones initiative that needed to cover areas outside east Grand Bahama and Abaco and its cays. Backing the package of tax breaks and incentives being offered to revive the areas hardest hit by Dorian, Mr Leonard said he understood the Government’s decision not to include Freeport in the zones because it already possesses
• ‘Several hundred’ MSMEs can benefit from capital • Concern FPO homeowners neglected on rebuild • Call to escrow Carnival sales proceeds for airport
CAREY LEONARD many of these benefits via the Hawksbill Creek Agreement. However, he argued that aspects of the Government’s relief plan should be extended to Freeport’s micro, small and medium-sized enterprises (MSMEs) that have been “wiped out” by the Category Five storm and have
no capital of their own to finance recovery. “The only thing he [Dr Hubert Minnis] perhaps may want to consider, and I haven’t looked at it, but there are a number of small Bahamian businesses that could do with a guaranteed loan to get up and running,” Mr Leonard, now a Callenders & Co attorney, told this newspaper. “There are a number of Freeport businesses that desperately need the ability to access that. It may be intended that they can access that; I don’t know, because there are a number of small Bahamian businesses where everything was flooded out completely. “There are huge sums of money they have to find. They have to replace
Crowdfunding platform to ‘fill big market hole’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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• Bahamian provider to launch ArawakX this week • Spoken to 30 potential capital raisers already • Working ‘hand in hand’ with Commission
D’ARCY RAHMING JR transparent mechanism to “link up” the two sides and create a winning situation for both. He added that MDollaz Technology and ArawakX were working “hand in hand” with the Securities Commission on the initiative to ensure that the
platform complied with the regulator’s proposed crowdfunding rules, which were first unveiled in 2017 but have not been brought into effect. Mr Rahming explained that ArawakX would behave as a regulated exchange in full compliance with the Securities Commission’s existing rules so that it could “transition” over smoothly once they were brought into effect. “We’re going to launch within this week. Our first project is being launched on it this week,” he told Tribune Business, describing MDollaz Technology as ArawakX’s parent company. “We view this as a big hole in the market that
we’re trying to solve; solving problems through the use of technology. It’s exciting and new. “We have all of this money sitting in our banks not being worked properly. You have investors wanting a better rate of return, and have all these potential entrepreneurs to grow that money into something else. There’s no way of the two linking up, and that’s the hole we’re trying to fill. “We believe there’s at least an $180m financing gap [for entrepreneurs and small businesses], but probably even larger as a large portion of it is underground. We want to bring all that up so
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inventory, and there are a number who weren’t insured. They should have been and have lost everything, but that’s not because they’re not good entrepreneurs.” Mr Leonard argued that no one could have predicted the extent of flooding in downtown Freeport and how badly the city’s business community would be hit by Dorian’s storm surge. He added that even companies which built their premises six feet above ground level suffered water intrusion up to three to four feet inside. “This was something that was not foreseen and could not have been foreseen,” he told Tribune Business.
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$4.54 Realtors: Dorian tax breaks ‘plus’ as vultures hover
MIKE LIGHTBOURNE By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN realtors yesterday hailed the government’s post-Dorian Economic Recovery Zone incentives as a “big plus” but warned other measures were required to kickstart the rebuild. Mike Lightbourn, Coldwell Banker Lightbourn Realty’s president, told Tribune Business that utilities infrastructure and living accommodation for the thousands of construction workers required to rebuild Abaco and east Grand Bahama were priorities just as urgent. He confirmed that himself and other realtors at his firm were also fielding inquiries from “vultures” eager to snap up Abaco real estate at bargain prices following the deadliest storm likely to have ever struck The Bahamas. “It’s great. It’ll be a big plus,” Mr Lightbourn said of the incentives. “But we need to put some infrastructure in place before people rebuild. That’ll also encourage the vultures even more. We’ve had several vultures looking for real estate bargains and making it very clear they’re interested in any bargains in Abaco or Grand Bahama. “One guy was quite polite about it and said it may be inappropriate at this time, and apologised for making that request. He said that if it was going to cause problems making this request at this time, he would communicate with me at a later date. The next day we had more vultures e-mailing us looking for deals.” The prime minister on Sunday said the combined tax breaks and incentives package to stimulate recovery in the areas hardest hit by Dorian largely mirrors that employed for his overthe-hill revival initiative, although it goes beyond that in a bid to revive the real estate market so vital to Abaco’s economy. A VAT credit of up to 50 percent upon the sale of all property in the Economic Recovery Zones will be permitted - a benefit that
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GB POWER: OVER 90% OF NON-FLOODED ARE RESTORED GRAND Bahama Power Company says it has restored power to more than 90 percent of customers with dry homes in non-flooded areas following Hurricane Dorian’s passage. Giving an update on restoration efforts, the island’s monopoly utility provider said it had come a long way in the two to three weeks since the category five storm flooded its Peel
Street generation plant and downtown substations. Much of GB Power’s 90-vehicle fleet was also written-off in the flooding and storm surge, with its workforce also suffering their own losses in Dorian’s wake. However, the utility said its first customers were safely re-energised within five days of the storm’s passage. “To date, power is restored to over
90 percent of our customers with dry homes in non-flooded areas,” the utility said in a statement. “Our restoration efforts expanded recently to flood areas due to the unwavering support from those of our Emera affiliates (TECO & PIKE), the industrial community right here in Freeport, and the Grand Bahama Port Authority building and development services team
who is working closely with our team to inspect homes in areas that experienced flood damage to their electrical systems.” GB Power added that restoration crews have been deployed to eastern Grand Bahama, the area hardest hit by Dorian, to assess its infrastructure and source clean energy solutions for the remaining residents there as the stretch between “over the
bridge” through to Sweetings Cay recovers. “We know that customers are anxious to be connected, and our crews continue to work in the remaining areas to ready those areas to be energised,” GB Power said. “Experience tells us that our system reliability will be plagued by small outages over the days and weeks to come, due to the beating that both our
electrical system and our customers’ electrical systems took from Dorian. “We continue to work feverishly to ready the headquarters building, as well as offer a point of reference for customers who may have queries following the storm. Our mobile unit officially launched on Wednesday, September 18t, to address customer queries from 9am to 3pm at the headquarters site.”
BAHAMAS ‘PAINTS’ TIES WITH KEY TRAVEL AGENTS THE Bahamas recently teamed with American Airlines to host a “Sip and Paint” networking opportunity for some of the carrier’s top travel professionals in the Miami area. Tina Lee, the Ministry of Tourism and Aviation’s district marketing manager, said: “We (The Bahamas) have been severely impacted by the hurricane (Dorian), but it’s important for us to do these industry events, as well as consumer events, to get the message out there that although two of our islands are down, we still want you to travel to The Bahamas.” She emphasised: “Now, our other Islands need your support more than ever. Nassau and Exuma are great options on American Airlines. We have 14 Islands still open for business and you can really help us by sharing this information on your social media channels and sending it out to your clients.” Juan Rodriguez, American Airlines’ sales manager for the south-east and northeast US, said the “Sip and Paint” was a fun opportunity to engage with travel agents, and establish and/or deepen relationships with them. “Events like these are crucial,” Mr Rodriguez added. “They provide an opportunity to speak with the agents one-on-one, and you get to
HURRICANE RELIEF – Robert Cox, Bank of The Bahamas’ corporate manager, for business development, presents a cheque to Terez Curry, president, Bahamas Red Cross Society, to assist persons impacted by Hurricane Dorian.
know them in a way that you would not in a dinner presentation or at a trade show.” Travel agents described the gathering as interactive and different. They expressed gratitude for receiving an update on The Bahamas in the wake of Hurricane Dorian. Luisa Yu, of Westchester Travel in Miami, said: “When people hear about the devastation in The Bahamas they think everything is destroyed but, as we were told earlier, there are 14 other islands. “I feel so bad because the Bahama islands are all
so beautiful. I will tell my clients that only two islands were affected so you can still go. I will encourage them to go to The Bahamas. I love The Bahamas.” The painting event was organised with a twist. Although it included wine and instructions for individual masterpieces, a special Bahamian lunch was provided. The subject selected for the painting activity was a photo of a conch shell on the beach, and lunch included the special Bahamian delicacy of ‘cracked’ (battered and fried) conch. Besides conch, the event’s
taste of The Bahamas featured Bahamian fruit punch and desserts, including coconut and pineapple tarts, as well as miniature guava duff. Songs from The Bahamas and the Caribbean dating back to the 1960s and early 1970s comprised the background to the event. The Team from the Bahamas Tourist Office (BTO) at the event included Ms Lee; Adrian Kemp and Phyla Shivers, senior marketing representatives; Elke Pettiford, marketing co-ordinator and Jeannie Gibson, manager, global communications.
BANK OF THE BAHAMAS GIVES TO DORIAN RELIEF BANK of The Bahamas has donated $25,000 to the Bahamas Red Cross in support of Hurricane Dorian relief efforts. Robert Cox, the bank’s corporate manager for business development, presented the cheque to Terez Curry, president of the Bahamas Red Cross Society. Mr Cox said: “Hurricane Dorian has brought great devastation to our northern islands, and our hearts go out to our brothers and sisters in the north. When families are hurting because
of a major catastrophe, there is a great need for help. “Therefore, Bank of The Bahamas is pleased to make a contribution to the Hurricane Dorian relief efforts and we thank the Red Cross for the great work they are doing.” Accepting the cheque, Mrs Curry thanked the bank for “a generous donation” and said the funds will go a long way in providing relief and supplies to persons affected by Hurricane Dorian.
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Tuesday, September 24, 2019, PAGE 3
Freeport firms ‘100% disagree’ with Recovery Zone exclusion By YOURI KEMP FREEPORT-BASED businesses yesterday “100 percent disagreed” with the government’s decision not to designate Grand Bahama’s commercial hub a Dorian “Economic Recovery Zone”. Others told Tribune Business that they felt the tax breaks and incentives package fell short when it came to providing financial assistance to homeowners as opposed to businesses. Brent Collins, chief executive of Freeport-based
Power Equipment Ltd, said: “I totally 100 percent disagree with the Economic Recovery Zone initiative announced by the Prime Minister being only for East Grand Bahama. “If the businesses that are going to be able to help with the revitalisation of Grand Bahama are in downtown Freeport and central Grand Bahama, then I don’t see how these companies can be left out of anything?” Mr Collins added: “AID is out of supplies on any given day due to the high demand for batteries and
basic items for survival. Dolly Madison is still not up and running yet, and Kelly’s is not up and ready to go. “So unless they plan to bring in foreign companies to help the people in east Grand Bahama, I don’t see how you can leave Freeport businesses out of the Economic Recovery Zone initiative when it’s the businesses in Freeport who have to do most of the heavy lifting with regard to recovery and restoration.” When asked by Tribune Business about what the Grand Bahama Port
Authority (GBPA) is doing for businesses with regard to incentives and support, Mr Collins said from what he has seen Freeport’s governing authority has been helping with supplies, bringing in water and attempting to restore power. Godfrey Waugh, principal of Waugh Construction, said he felt the Economic Recovery Zone package fell a little short for private homeowners - especially those that have lost all their vehicles. Arguing that Freeport was hit just as hard as east
Grand Bahama, he told Tribune Business: “Our business was essentially wiped out. We were totally destroyed. “As a business we will still be able to take advantage of our duty-free status under the Hawksbill Creek Agreement and the Grand Bahama Port Authority, but persons with private homes would have to strip their houses and rebuild altogether. In addition to that, West End needs to be able to benefit.” Mr Waugh continued: “As for now we’ve been
contracted by a non-governmental organisation out of the United States, CORE, and we’re doing clean-up in McClean’s Town especially with regard to helping provide road access and taking away what homeowners are putting out front for us. Then the next step is cleaning up the home rubble.” When asked about what the GBPA was doing for businesses in Freeport, Mr Waugh said it has been instrumental in bringing in aid and relief for Grand Bahama.
CUSTOMS DELAYS NASSAU PORT ROLL-OUT TO OCTOBER 1 THE implementation of Customs’ electronic single window (ESW) for 80 percent of goods entering this country has been delayed by one month to October 1, it was announced yesterday. The Ministry of Finance said the roll-out of the fully electronic process, known as Click2Clear, for clearing goods imported via the Nassau Container Port has been pushed back from the initial September 1 target although no explanation was given for this. Instead, the Customs legacy system, commonly referred to as Ecas, will no longer be the primary system used for Customs processing as of October 1. The Ministry of Finance added that the Arawak Cay-based container port handles 80 percent of imported physical goods cargo coming into The Bahamas, making it the key addition to the Click2Clear system. Tyrone Sands, superintendent of Bahamas Customs and spokesperson, said that last year the agency successfully brought businesses that are involved in air cargo, such as DHL, FedEX, Sonic Express, Blue
Postal and ZipEx on to the system. “The Comptroller of Customs has committed herself to ensuring that all business persons receive training free of charge. We have already trained hundreds of customs brokers. Since August 2018, approximately 65,600 declarations submitted by air cargo operations have been processed through Click2Clear,” said Mr Sands. The Click2Clear portal is designed to level the playing field for all imports as well as assist Customs with becoming more transparent, efficient and accountable. It will eventually move Customs to a cashless operation, thus reducing revenue leakages. It will also provide the government with more accurate statistical information. Marlon Johnson, acting financial secretary, said of the customs modernisation: “The objective of this project is to create a digital platform that will revolutionise the approach to customs clearance, and it is also consistent with the government’s mandate for digitisation. This platform will modernise the
antiquated process that is presently conducted manually.” When totally implemented, Click2Clear will encourage a greater level of compliance as it will incorporate Artificial Intelligence. It has the capability to easily track trends and detect any vendor or invoice anomalies or inconsistencies. Further, Mr Johnson said that he was fully cognizant of the learning curve involved in the usage of the new online platform. “There has been a ramp up in training as the system went live on several islands,” Mr Johnson said in late August. “Abaco represented the largest island to go live to-date. The experience with Abaco’s onboarding process has been a teachable one. “However, officials from Bahamas Customs and Ministry of Finance successfully met with stakeholders from the wholesale industry on Abaco to appraise them of what was happening and to receive feedback from them, which was essential to refining the system.” Mr Johnson reiterated that Click2Clear is being
NIB CONFIRMS GB RESTORATION
Grand Bahama. It said its office in Eight Mile Rock is now fully functional, while the office located in Freeport is partially functional in order to issue benefit payment cheques, perform verifications, receive claim
applications and contribution payments. NIB is also stationed in the Emergency Operations Centre (EOC) in the C A Smith building to allow customers to submit benefit claims and conduct verifications.
THE National Insurance Board (NIB) yesterday confirmed the restoration of services in
Crowdfunding platform to ‘fill big market hole’ FROM PAGE ONE people do more with their money.” Mr Rahming’s father is former BISX chief operating officer, D’Arcy Rahming, who chairs MDollaz Technology. Other directors include ex-Securities Commission chief, Hillary Deveaux; Open Systems Technology chief executive, Peter Bridgewater; and Doug Kryzan, a US technology entrepreneur, who is vice-chairman. Mr Rahming Jr said MDollaz Technology had been careful to “work hand in hand” with the Securities Commission on its plans, explaining: “What we decided to do is work with them and act as if there are regulations because at some point they will be our regulator... “In the draft rules there’s something called “in transition”, so when they pass their rules we’ll be called to transition into them. They’ve [the Securities Commission] written that in because they realise companies like ourselves are trying to move and help wider society.” Crowdfunding involves financing a project or business venture by raising small amounts of money from a large number of people, typically via the Internet. It pools money from friends, family and investors. Bahamian entrepreneurs and small and medium-sized
enterprises are especially familiar with this, as it is typically the mechanism they have employed to raise startup and expansion capital. Crowdfunders take equity stakes in the businesses they finance, appointing directors to the board to safeguard their interests, rather than offering debt financing. Besides crowdfunders earning a higher return on their investment, via dividends and share price appreciation if the business prospers, this financing method also enables start-ups and entrepreneurs having to take on a heavy debt financing burden than can often cause their idea to fail. Mr Rahming Jr said ArawakX will be totally Internet-based, with a physical location for participants to co-pay. Revealing that the platform has taken three years to develop, he added that inspiration for its creation dates to his time studying robotics as an electrical engineer at Northwestern University in the US. After graduating seven years ago, he recalled how many of his fellow former students became entrepreneurs and raised capital for their ideas via crowdfunding. After returning to The Bahamas to be an entrepreneur, he said: “I attempted several businesses but always seemed to be capital constrained. “It was then I noticed that
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implemented in phases. Passengers traveling with accompanying baggage do not need to be registered at this particular time to clear Customs. This phase of registration is only mandatory for persons importing items, whether through a
broker or shipper. Jeffrey Beckles, the Bahamas Chamber of Commerce’s chief executive, added: “Another great feature is the system’s ability to collect data, which will lead to strategic conversations with policymakers,
because now we can do more analytical assessments in terms of how to prepare for the future, how to engage with government on various policy decisions that need to be taken in order to help the economy to continue to grow.”
Minimum of 3 years’ experience as a Legal Secretary;
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Bahamas leads region on ‘convenience bribes’ FROM PAGE ONE
The prime minister himself previously estimated that corruption costs The Bahamas around $200m per year, although he has provided no empirical evidence to support this, and Mr Campbell yesterday argued that Hurricane Dorian’s devastation has left the government with “no option” but to seriously tackle corruption as a means to mitigate the massive financial blow to the nation. Describing the latest Transparency International findings as “a good report
card” to measure The Bahamas’ progress in combating corruption-related crime, Mr Campbell suggested the results appeared “a bit mixed”. “It gives a really good indication of how the Minnis administration is performing in delivering upon their anti-corruption promises since being elected two years ago,” he told Tribune Business. “There are definitely some highlights and problem areas where The Bahamas was the leader - not just in the Caribbean, but the whole of Latin America.” The Transparency
International report covers 18 nations, including corruption-riddled states such as Venezuela and five Caribbean countries, which includes Jamaica, Barbados, Trinidad & Tobago and Guyana. Among the most troubling findings was that The Bahamas ranks ahead of crisis-torn Venezuela for paying “bribes of convenience”, with 41 percent of Bahamians admitting to this compared to the 21 percent Latin American and Caribbean average. Such bribes were described as payments “to get things done more
quickly or better”, meaning that they were intended to facilitate “queue jumping” at Bahamian government agencies and/or to obtain permits, approvals and documents (passports, driver’s licences, Immigration cards) when applicants did not have all the supporting paperwork required or are here illegally. “Interestingly, only 33 percent of bribe payers report having been asked to pay, while 20 percent say that although not explicitly asked, they knew that an informal payment is expected,” Transparency International said of its regional findings. The results provide an insight into how every day, low-level forms of corruption have seemingly become routine and ingrained in Bahamian culture. These include the practices of “buying public officials lunch” to ensure they perform functions they are already paid to do, plus more lavish gifts and payments depending on what is being sought and the associated difficulty, Mr Campbell said that besides ensuring proper monitoring mechanisms were in place, The Bahamas also needed to “enforce legislation” already on the books to combat such corruption and send a signal to both perpetrator and public official that they will be properly punished if found guilty. “Our biggest downfall is we don’t enforce any infractions against corruption as much as we should be doing,” he told Tribune Business. “It goes to the inefficiency of the public service sector where that’s just the way it is, and where people feel they have to pay to get these basic public services. “Those services should be guaranteed to any citizen or any resident that’s here in The Bahamas. It’s frustrating. It’s frustrating for the citizens who just want to get basic services and for the big corporate person who
wants to get services done on behalf of his company. That says a lot when you think about certain countries like Venezuela, where corruption is rampant, and we are higher.” Mr Campbell described the 80 percent of Bahamians who believe corruption is a major problem in this country as another “key finding”. He added: “That goes back to another result, where 52 percent of people think the government is doing a bad job in tackling corruption. “Last year 65 percent were more optimistic and felt that they were doing well in fighting corruption, but now we see that reversed. The honeymoon period is over, people are losing faith in the election promise of corruption mitigation.” Mr Campbell said fighting corruption “goes hand in hand” with the government’s stated objective of improving the “ease of doing business”, but while there was heavy focus on the latter goal there was little talk about the former. He added that MPs and government officials were the institutions perceived by Bahamians where “most or all people are corrupt”, and said: “The policymakers need to wake up and see what the people are facing and experiencing, because 2022 is around the corner and campaign season.” The Transparency International survey also disclosed that 17 percent of Bahamians reported being offered bribes in exchange for their vote at general elections, and Mr Campbell continued: “Over the last four terms of government promises have been made but there has been a lack of delivery on those promises to carry the government forward. “It goes back to people losing trust in government; that’s the biggest downfall. We have solutions that have been repeated ad nauseum.” While praising the government for passing the
Fiscal Responsibility Act and moving to implement electronic procurement for public sector contracts, Mr Campbell said there was a host of other legislation that needed attention. Besides the Freedom of Information Act’s reform and enactment, he identified campaign finance reform, the Integrity Commission Bill and protection of whistleblowers, and reform of the Public Disclosures Act as key areas in need of attention. “Everyone knows what needs to be done but we’re not seeing any action to implement these policies,” Mr Campbell told Tribune Business. “Even last week I went to government publications to ask for a summary of the latest disclosures under the Public Disclosures Act. The last ones they have are for 2011.” These disclosures deal with every MP’s financial viability, including their income and a summary of assets and liabilities. They are required by law to be filed every year and published via the government Gazzette, but this has not been done for eight years. “The government really doesn’t have an option any more as to whether or not to tackle corruption issues, especially in the wake of Hurricane Dorian,” Mr Campbell added. “Given the drastic shortfall in government revenue to come as a result of the hurricane, the government must definitely mitigate the bleeding of public funds spurred by corrupt acts. “Also, in the same vein, as the government continues to receive considerable funds through international aid for the restoration process, the government has a duty to make sure that the proper anti-corruption policies are developed and enforced, most importantly, to ensure that the funds from aid are going to where they were intended.”
Crowdfunding platform to ‘fill big market hole’ FROM PAGE THREE several of my contemporaries with brilliant ideas and good work ethic were either underemployed or had never returned to The Bahamas because of the lack of capital to develop their ideas.” While initial crowdfund investors will be restricted to Bahamians-only, Mr Rahming Jr said his ambition was to eventually broaden it to international businesses as regulations allowed. He added that the primary ambition with ArawakX is to create a transparent, regulated environment for capital raising.
D’Archy Rahming Jr during a presentation at a local school. “It’s only in the sunshine that people will be able to trust each other,” Mr Rahming Jnr told Tribune Business. “We’ve had conversations and personally spoken to 30 [potential entrepreneurs seeking finance] since April. There’s a lot of meat out there. We look at it as something people need, and from everybody we’ve talked to in business and finance this is exciting.” He added that work had
already taken place to educate businesspersons on how equity crowdfunding works, and how to prepare their firms. Financial seminars for investors have also been held at the University of The Bahamas, and private and public schools, for potential investors and several hundred persons and firms have been registered. ArawakX is short for Arawak Exchange. Its offices are located at 107 SandyPort.
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Tuesday, September 24, 2019, PAGE 5
Freeport ‘desperately needs’ govts $10m
FROM PAGE ONE “These companies desperately need some help, and need it from the government. I would think there’s a couple hundred businesses that could benefit. “A number of larger businesses are on their feet, but there are a lot of smaller ‘Mom and Pop’ shops and entrepreneurs that just started, and this has wiped them out completely. They have no capital, having invested it already, and are in areas that flooded out. It would be very wise, and I hope the government will extend the guarantee to them as well.” The prime minister, in unveiling the combination of tax breaks and incentives on offer in the Economic Recovery Zones, revealed that one measure will involve a $10m loan guarantee and equity financing facility that is targeted at MSME enterprises to either help them re-open or create
Red tape fear on Recovery Zones FROM PAGE ONE that Bahamian wholesalers and distributors benefit, too. Business license fees will be waived within the zones, while the availability of provisional business licences will enable entrepreneurs to start their operations within two business days. Businesses and companies taking advantage of these concessions will have to register with the government as a means to prevent fraud, tax evasion and other abuses. However, Mr Pinder said: “The whole area of commercial activity in Marsh Harbour is destroyed. A lot of the stuff sounds good, but if the red tape that goes with it is so heavy and the people can’t access the concessions, then it won’t be any good. “We were supposed to get duty-free even before the storm, but even that could take us from two and sometimes three months before we can get approval for our duty free. We’re even thinking about not rebuilding this farm. It’s so bad, and working with the government to do business in the first place before the storm wasn’t that encouraging to begin with.” Mr Pinder continued: “At Big Bird we’re lucky enough to get a bond from Customs, but a small farmer may not have that bond, so I can imagine how difficult it would be for them dealing with the red tape and backlog it creates for business. If we have the same problems with getting our duty-free then I don’t see how it will help.” “Even before the storm sometimes I would get stuff released under the bond, but I can’t process the rest of the Customs paperwork until I get that approval for the duty-free goods back from the government. As a result, I don’t have the figures to put into the VAT filing paperwork, then I run into problems with the Inland Revenue Department for not filing my paperwork on time. “In addition to that the Customs Department likes that paperwork to be cleared up in a timely manner as well, so at the end of the day while I’m waiting for my duty-free approvals I’m not compliant with two government agencies, which runs me into other administrative and business problems.” Mr Pinder added that Customs’ new Electronic Single Window (ESW) system had “not been that friendly or business sensitive for us” prior to Dorian. He explained: “For example, there was a glitch in the system where the tariff code for farm supplies would not deduct the duties off of a particular item, so I have been back and forth with agents from Customs in trying to get that sorted out. “It’s been a pain, but their representatives have been working hand in hand with us through the glitches and problems. But with all of that I don’t see how my VAT filing would be ready for the due date for the end of October.” “A lot of the older businessmen just want to collect their insurance money and move on. A lot of them have been saying that we don’t want the stress and strain of dealing with the government on anything,” Mr Pinder said.
new businesses. An applicant will be able to secure a maximum of $500,000. While wishing for this aspect to be extended to Freeport, Mr Leonard suggested the reason why the government did not include the city in its threeyear Economic Recovery Zone was due to the fact it already enjoys many of the post-Dorian tax breaks and incentives due to the Hawksbill Creek Agreement. He added that the Recovery Zones will seemingly function in a similar manner to Freeport, with businesses able to bring in goods “bonded” or duty-free before selling them to other companies or residents of the disaster-hit areas to facilitate recovery efforts. “I think that’s great,” Mr Leonard said of the Prime Minister’s proposed Recovery Zones. “I’m delighted he’s doing it. There are certain aspects that wouldn’t work in the long-term, but in the short-term he’s
Realtors: Dorian tax breaks ‘plus’ as vultures hover FROM PAGE ONE
could be worth several million dollars to buyers and sellers of high-end property in Abaco and its cays. To qualify for this credit, the sale must immediately be followed by substantial construction or enhancement to the property, or its use for significant commercial activity. The qualifying activity must begin within 75 days of the sale closing, be followed through the scheduled completion otherwise the full VAT sum becomes payable. Elsewhere, real property tax will not be payable on all eligible properties that are reconstructed, restored or otherwise inhabitable by October 2020. The government, however, recognised that any real property tax breaks would solely apply to foreign real estate owners, as Bahamian-owned property in the Family Islands is not subject to this tax. Rather than a blanket exemption, the prime minister announced in foreign land holders in Abaco, the Abaco cays and east Grand Bahama “may” be able to benefit from real property
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absolutely right. I agree with what he’s doing, and believe he didn’t include the Port area because it has the Hawksbill Creek Agreement.” However, Tribune Business sources last night questioned why Bahamian and expatriate homeowner residents of Freeport were not being given any tax breaks or incentives to aid their rebuilding efforts as a result of being excluded from the Economic Recovery Zones. The benefits of Freeport’s ‘bonded goods’ regime are only targeted at businesses within the Port area, and are not available - or cannot be accessed - by residents for use outside a business. As a result, some suggested Freeport homeowners are being discriminated against in comparison to their counterparts in east Grand Bahama and Abaco. One source, speaking on condition of anonymity, told Tribune Business:
MARIO CAREY tax breaks only if their developed properties are up to standard or they are taking steps to getting them back up to standard. While this is designed to aid the second home and vacation rental market, undeveloped properties owned by foreigners in the Economic Recovery Zones will not benefit from the real property tax exemption. Mr Lightbourn added that while the initiatives “sound great, our biggest problem right now, certainly in Abaco, is bringing in construction workers”. He had no objection to the real property tax breaks as “we need foreigners to come here to boost the economy”.
“Interesting that the government has completely omitted the people of Freeport. Businesses have the Hawksbill Creek Agreement with pretty much all the concessions given, but families/homes of individuals do not. So the 60 percent-plus of flooded Freeport homes are irrelevant?” He was backed by another well-known Freeport businessman, also speaking on condition of anonymity, who told Tribune Business that the city is facing a looming housing crisis because “4,000 middle class homes in the middle of the city are unlivable”. Given Freeport’s status as The Bahamas’ second city and a major commercial hub, they argued that it made more sense to focus on its revival by including it in the Economic Recovery Zones. “Four weeks ago you had 1,000 persons living in east Grand Bahama. Now there’s
500, and there are no businesses out there. What the hell are you giving them exemptions for?” the businessman asked. “It’s totally ridiculous. It’s going to take a Marshall Plan here.” While the tax breaks and incentives granted to east Grand Bahama and the Abacos were “wonderful”, the businessman added: “If you’re talking about places that support real numbers of people, you’re talking about Freeport. “Abaco, as a bedroom community (vacation rentals and second homes), will come back over time, but a commercial centre like Freeport will not come back over time. It needs a serious effort to rebuild. We’ve probably got 100 businesses that have been wiped out and destroyed. There are no businesses in east Grand Bahama.” They expressed particular concern over the fate of Grand Bahama International Airport, which was
heavily damaged by Dorian. A critical component of Freeport’s economy and tourism sector, the businessman expressed serious doubts as to whether its ownership would be committed to a quick rebuild. The airport is owned 50/50 by Hutchison Whampoa and the Grand Bahama Port Authority’s (GBPA) Port Group Ltd affiliate, with the former having management control. Hutchison Whampoa did little to revive the Grand Lucayan in the wake of Hurricane Matthew, and the businessman fears a repeat could be on the cards with the airport. They suggested that some of the funds the GBPA’s shareholding families, the Haywards and St George’s, are due to receive from the sale of their real estate to facilitate Carnival’s $100m cruise port should be held in escrow and used to finance the airport’s rebuilding.
He was echoed by Mario Carey, founder of Better Homes and Gardens Real Estate MCR Bahamas Group, who said of the real estate incentives: “I think it’s
all good. I hope it’s a work in progress and that they can make amendments as the process evolves. I hope there’s an ability to change things as you’re going to
need to add to that.” Mr Carey also identified the provision of worker housing as a key issue in the rebuilding process post-Dorian.
PAGE 6, Tuesday, September 24, 2019
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THE TRIBUNE
Hundreds of thousands affected as British travel firm fails LONDON Associated Press FAMILIES stranded, honeymoons and vacations canceled, thousands of workers laid off: The sudden collapse of British tour company Thomas Cook and its network of airlines and hotels sowed chaos for hundreds of thousands of travelers and businesses around the world yesterday. Brought down by a variety of factors, including crushing debts and online competition, the 178-yearold travel agency that helped pioneer the package tour ceased operating in the middle of the night. Its four airlines stopped carrying customers, and its 21,000 employees in 16 countries lost their jobs. The company’s failure rippled across the tourism industry, particularly around the Mediterranean, with travellers uncertain how they would get home, hotels worried they wouldn’t get paid, guests afraid they wouldn’t be allowed to check out without settling their bills, and resorts hit with cancellations. Overall, about 600,000 people were traveling with Thomas Cook as of Sunday, though it was unclear how many would be left stranded, as some regional subsidiaries were in talks with local authorities to continue operating. The British government swung into action, lining up flights to bring an estimated 150,000 Britain-based customers back home from vacation spots around the globe in what was called the biggest peacetime repatriation effort in the country’s history. Some 50,000 Thomas Cook travellers were reported stranded in Greece, up to 30,000 in Spain’s Canary Islands, 21,000 in Turkey and 15,000 in Cyprus. Travellers lined up at airports, looking for other ways to get home. James Egerton-Stanbridge and his wife, Kim, were set to fly from London’s Gatwick Airport to Egypt to celebrate her 60th birthday when flights were grounded. “Kim was crying this morning. We’re devastated,” he said. Long lines of British tourists snaked through the terminal in the Mexican resort of Cancun as travelers waited to find out when they could return home, and some discovered they would be taken to cities hours from their homes. Katie Cowdrey, her husband and 6-year-old son had been scheduled to end their two-week vacation yesterday anyway, but instead of flying home to London, they were told a plane would take them to Manchester. “There’s chaos as you can see. No one knows what’s going on,” Cowdrey said. “We only found out from the news. We weren’t told any other way. The hotel didn’t know what was going on.” Others took the news in stride. Sweden’s Bengt Olsson, who was traveling in Cyprus, said there were worse places to be stranded: “It’s nice to stay here. It’s warm.” The reality was far harsher for the Thomas Cook employees who lost their jobs overnight. “The staff have been stabbed in the back without a second’s thought,” said Brian Strutton, head of the British Airline Pilots’ Association. An estimated one million customers also found their bookings for upcoming trips cancelled. Many of them are likely to receive refunds under travel insurance plans but had no idea when they would get their money back. Thomas Cook said it served
22 million customers a year. The company, which began in 1841 with one-day train excursions in England, grew to have travel operations around the world but has been struggling for years because of competition from budget airlines and low-cost online booking sites. In contrast to internet sites, Thomas Cook had high fixed costs: It operated a fleet of 105 jets and owned about 550 travel agencies on major streets across Britain as well as 200 hotels in sundrenched countries. “The growing popularity of the pick-and-mix type of travel that allows consumers to book their holiday packages separately, as well as new kids on the block like Airbnb, has seen the travel industry change beyond all recognition in the past decade, as consumers book travel, accommodation, and car hire independently,” said Michael Hewson, chief market analyst at CMC Markets. Business was also hurt in recent years by terror attacks in the Middle East and heat waves in Northern Europe that led people to stay home. Things got worse this year, with the company blaming a slowdown in bookings on uncertainty over Britain’s impending departure from the European Union. A drop in the pound also made it more expensive for Britons to travel abroad. While many of these factors also affected rival companies, Thomas Cook was also burdened by $2bn in debt. It was seeking 200 million pounds ($250m) to avoid going bust and held talks over the weekend with shareholders and creditors. CEO Peter Fankhauser stood outside the company’s offices before dawn and announced that the effort to stave off collapse had failed. “I know that this outcome will be devastating to many people and will cause a lot of anxiety, stress and disruption,” he said. British authorities chartered dozens of aircraft to fly customers home free of charge over the next two weeks, but warned of delays and urged patience. British Prime Minister Boris Johnson, who was travelling to New York for a meeting at the United Nations, said the government was right not to bail out the company, arguing that doing so could have led other businesses to expect the same treatment. Most of Thomas Cook’s customers from Britain are protected by the government-run travel insurance program, which makes sure vacationers can get home if a British-based tour operator fails while they are abroad. In Germany, the government was considering a request for a bridge loan from Thomas Cook’s unit there, the airline Condor. The subsidiary was still flying but stopped carrying Thomas Cook customers. Thomas Cook’s collapse is also a blow to the many companies in resort areas that have long relied on it for business, including some 3,150 hotels. In Spain’s Canary Islands, a favored year-round destination for Europeans, the association of hotels said it feared an economic hit. The Spanish government held meetings with regional authorities to assess the damage. In Tunisia, the TAP news agency said the tourism minister intervened after reports that some Thomas Cook tourists in Hammamet were locked into a hotel and “being held hostage” as hotel staff demanded they pay extra. The government said the situation was resolved and the guests would not be prevented from leaving the country.
THE TRIBUNE
Tuesday, September 24, 2019, PAGE 7
Late burst of selling leaves US stock indexes little changed By ALEX VEIGA Associated Press A LISTLESS day on Wall Street ended yesterday with major indexes closing little changed as modest gains from earlier in the afternoon faded in the final minutes of trading. The S&P 500 index slipped less than 0.1%, while the Nasdaq inched 0.1% lower. The Dow Jones Industrial Average notched a 0.1% gain. The stock indexes spent most of the afternoon holding on to slight gains following a wobbly morning in the market as investors digested some weak economic figures out of Germany. Losses in the health care, communication services and industrial sectors outweighed gains in technology stocks, consumer-centric companies and banks. Bond yields declined, a sign that investors were seeking to avoid some risk. Even so, yesterday was a relatively quiet day for stocks after last week, when the Federal Reserve lowered interest rates again and fresh jitters over the next round of negotiations in the trade conflict between the US and China helped give the S&P 500 its first week of losses following three straight gains. “It’s a bit of calm after the storm,” said Craig Birk, chief investment officer at Personal Capital. “Last week there was a lot going on with geopolitical events and trade developments and central banks. This week, so far, there’s nothing so dramatic.” The S&P 500 inched 0.29 points lower, or less than 0.1%, to 2,991.78. The Dow gained 14.92 points, or 0.1%, to 26,949.99. The Nasdaq fell 5.21 points, or 0.1%, to 8,112.46. The Russell 2000 index of smaller companies lost 1.52 points, or 0.1%, to 1,558.25. The major indexes are each up modestly for the month and the quarter. The benchmark S&P 500 index remains close to its all-time high set in late July. Bond prices rose, pulling down the yield on 10-year Treasury notes to 1.72% from 1.75% late on Friday. Markets have rallied this month as investors welcomed steps by Washington and Beijing to ease tensions
in advance of their next round of talks next month. That’s fuelled speculation among investors that the two countries may at least reach an interim deal on trade. But prospects for a trade war resolution appeared to cool once again late last week following comments by President Donald Trump that he doesn’t necessarily need to make a deal before the next US elections in 2020. Chinese officials canceled a planned trip to farms in Montana and Nebraska, an action that raised concerns of yet another halt in trade negotiations. The Fed cut interest rates for the second time this year last week in another bid to shore up economic growth amid the lingering trade war and weak economic growth overseas. The central bank left open the possibility of additional rate cuts if the economy weakens. Several companies could provide a clearer picture this week of the impact that the costly trade dispute is having on their business. Nike, which could be a gauge of the trade war’s effect on shoemakers and retailers, will report fiscal first quarter results today. Technology company Micron will report its fiscal fourth quarter results on Thursday. “This quarter will be somewhat interesting in that tariffs have been around for a while now and the whole trade conflict is almost two years old,” Birk said. “We’ll start to see more this quarter if tariffs are truly having an impact, how well companies are able to navigate that or how much it’s just an excuse.” Meanwhile, oil prices and the energy sector could experience more volatility this week as Trump takes seeks a coalition to confront Iran, which the US blames for last week’s strike on a Saudi Arabian oil facility. Health care stocks were the biggest laggards Monday. UnitedHealth Group slid 1.8% and Medical supply company McKesson dropped 2.6%. Netflix was among the big decliners in the communication services sector. The stock fell 1.8%. Chipmakers were big winners in tech stocks. Nvidia rose 1.2% and Qualcomm gained 1%. Traders also bid
FAA CHIEF SEEKS SUPPORT FOR AGENCY’S REVIEW OF BOEING JET By DAVID KOENIG Associated Press
THE head of the Federal Aviation Administration is defending his agency’s approval of a troubled Boeing plane while leaving open the possibility of changing how the agency certifies aircraft. Stephen Dickson made the comments yesterday in Montreal, where he and other top FAA officials briefed aviation regulators from around the world on the agency’s review of changes that Boeing is making to the 737 Max. The FAA said a senior Boeing official also gave a technical briefing. Dickson, who was sworn in last month, said again that the FAA has no timetable for considering Boeing’s changes to the Max. The grounding of the plane has increased scrutiny around the FAA’s oversight of companies it regulates, Dickson said. He said FAA took the same thorough approach that has consistently produced safe planes. But, he added, the process and regulations that FAA uses “are continuously evolving”. He invited other regulators to make suggestions on FAA’s review of the Max and its certification system. The plane has been grounded since March after the second of two accidents that killed 346 people in Indonesia and
Ethiopia. Chicago-based Boeing is nearing completion of its changes to the plane, including an update to an automated flight-control system implicated in both crashes. The FAA was the last regulator to ground the plane and is likely to be the first to let it fly again. However, the likelihood of a long gap between FAA action and approval by other regulators seems to be easing, which would be a victory for Dickson and the FAA. Patrick Ky, head of the European Union Aviation Safety Agency, told a French aviation publication that a European decision could follow within a few days of an FAA approval and under the same conditions. Just a few weeks ago, the European agency was suggesting that it might make demands on Boeing beyond what the company is planning, including requiring additional sensors, which could delay the plane’s return in Europe. The Wall Street Journal reported that in a draft report, Indonesian authorities investigating the Oct 29 crash of a Lion Air Max off the coast of Java have homed in on design and oversight failures. The newspaper, citing anonymous sources, said investigators are also pointing out pilot errors and faulty maintenance as factors. Boeing declined to comment.
up shares in several retailers and restaurant chains. Target climbed 2% and McDonald’s rose 1%. Utilities showed small gains. Investors typically shift to that sector and bonds when they are seeking safer places to put their money amid worries about economic growth. E-commerce company Overstock.com slumped 25.3% after the company cut its financial forecast partly because tariffs have increased the costs of goods from China. It also named Jonathan Johnson as its new CEO. He has been acting CEO since August when Patrick Byrne resigned. Benchmark crude oil rose 55 cents to settle at $58.64 a barrel. Brent crude oil, the international standard, gained 49 cents to close at $64.77 a barrel. Wholesale gasoline was unchanged at $1.68 per gallon. Heating oil climbed one cent to $2.00 per gallon. Natural gas was unchanged at $2.53 per 1,000 cubic feet. Gold rose $16.40 to $1,523.70 per ounce, silver rose 86 cents to $18.60 per ounce and copper was unchanged at $2.59 per pound. The dollar fell to 107.45 Japanese yen from 107.67 yen on Friday. The euro strengthened to $1.0995 from $1.1015. Major stock indexes in Europe closed broadly lower as a gauge of Germany’s private sector activity
contracted for the first time in nearly seven years, according to IHS Markit. Germany is Europe’s largest economy and
often acts as an indicator for the continent’s overall economic health. The latest data adds to worries that Europe is facing a
slowdown. The European Central Bank is urging governments to spend more on stimulus as economic growth stalls.
PAGE 8, Tuesday, September 24, 2019
THE TRIBUNE
Honest Co’s CFO shares lessons learned and his vision ahead NEW YORK Associated Press THE Honest Company, known for its eco-friendly diapers, wipes and cleaning products, is back on the upswing after a series of stumbling blocks. The digital native company was founded by actress Jessica Alba in 2012. It attained unicorn status — when a privately held startup attains valuation of more than $1bn — three years later. Its formula? Honest successfully built an online community of young parents looking for safe, affordable products for their children. It initially started out with diapers and wipes along with household cleaning products and then expanded into beauty and other items. But the Playa Vista, California-based company struggled with a series of setbacks over the next two years ranging from a voluntary recall of baby wipes to a class action lawsuit over ingredients used in some
products. In response, Honest hired a new CEO, cut back on some product lines, and brought research and development in-house. Honest, infused with a $200m investment last year from private equity firm L Catterton, is expanding its presence in stores. And this past summer, it moved beyond North America for the first time, taking its beauty business to Western Europe with an exclusive deal with German retail chain Douglas. This month, Honest Beauty will launch in the United Kingdom with beauty and health chain Boots. Honest declined to reveal annual sales, but half of its total revenue is generated from stores, and 45% comes from diapers. The Associated Press recently interviewed Honest Co Chief Financial Officer Muhammad Shahzad, a former investment banker who joined the company in 2014, on stage in Boston at an online industry conference called eTail. During the
LEGAL NOTICE
NOTICE MAE-J PROPERTIES LTD. NOTICE is hereby given as follows: (a)
Mae-J Properties Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000.
(b)
The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas.
(c)
interview, he shared his thoughts about the company’s instant success, lessons learned and his vision for growth. The conversation has been edited for clarity and length. Q. Why such instant success? A. Our mission has always been to empower people to live healthy and happy lives. Jessica herself and the founding team had a relentless focus on the consumer and ultimately created a brand that resonated with our community of parents. They tend to be millennial and much focused on clean, better for you products. We always understood and had a pulse on the consumer in a way that perhaps some of the larger (consumer product) companies haven’t or couldn’t because of not having a direct relationship.... And of course, there is a macro (trend): health and wellness is here to stay. Q. Your brand isn’t just for higher-income shoppers. A. The idea and vision from Jessica was always to create these clean, safe, effective products and make them accessible to everybody. Q. You had a series of stumbling blocks. What
MUHAMMAD SHAHZAD were the lessons learned? A. To me, the challenges can’t define you. You learn from them and you grow.
NOTICE
NOTICE is hereby given that BRIAN SAINT-LOUIS of Bed Rock, Off Bacardi, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 24thday of September, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
The Liquidator of the said Company is Gregory A. Mogab of Woodland Hills, California, USA
Dated 18th day of September, 2019.
Beatus Limited Liquidator
MARKET REPORT
One of the earlier mistakes we made was not focusing on quality control and R&D. It was too many things, too fast. We’ve redone 95% of the products over the last two and a half years. We have a lot of momentum. Q. What are your plans
Legal Notice
NOTICE TODDI INVESTMENTS LIMITED NOTICEIS HEREBY GIVEN as follows: (a)
TODDI INVESTMENTS LIMITED is in voluntary
(b)
The dissolution of the said Company commenced on the 23rd August, 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General.
(c)
The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.
www.bisxbahamas.com
(242) 323-2330
FRIDAY, 20 SEPTEMBER 2019
(242) 323-2320
for expanding your presence in physical stores? A. Domestically, the business keeps growing at Target, Costco, Whole Foods, among many others where we’ve been for a few years. Amazon has been an amazing ride for us. We just announced an entry into Europe. Our goal is to follow the consumer where she wants to transact. Q. How do you view competition? A. I have all the respect for the large companies who have been doing this for decades and decades. You have to also remember the categories we operate in are $50 (bn), $60bn of addressable market. There’s space for big. There’s space for medium. There’s space for small. A lot of categories needed reinvention. We are humbled to be part of it. Q. It’s been widely reported that a sale to Unilever fell through two years ago. Is there another acquisition on the table? A. Our hope and aspiration is to build an iconic global brand that is around for decades after most of us (are) around. And if you do that, then good things just happen. So whether it is a public financing event, or some sort of M&A (merger and/or acquisition), we are not focusing on that other than building a powerful brand.
dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
Dated this 24th day of September, A.D. 2019
ALL SHARE INDEX: CLOSE: 2,184.55 | CHG: 18.27 | %CHG: 0.84 | YTD: 75.10 | YTD%: 3.56 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 3.19 10.00 7.35 16.50 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 1.76 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 4.80 11.06 6.16 4.06 7.20 3.08 3.19 10.51 7.00 16.50 9.25 3.20 14.20
CLOSE 4.10 17.43 6.00 5.92 2.46 1.80 4.80 11.06 6.16 4.12 7.20 3.13 3.19 10.64 7.00 16.50 9.30 3.41 14.20
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.06 0.00 0.05 0.00 0.13 0.00 0.00 0.05 0.21 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
7,650
2,000 1,385
VOLUME
NAV 2.25 4.31 2.06 191.61 158.33 1.63 1.77 1.71 1.17 8.01 9.60 6.83 11.30 12.30 10.68 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 -11.0 15.3 13.7 22.4 51.4 30.7 6.8 N/M 9.6 20.2 9.9 16.8 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% 2.91% 0.00% 2.17% 1.88% 3.08% 3.43% 3.27% 2.15% 3.52% 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-Aug-2019 31-Aug-2019 31-Aug-2019 31-Aug-2019 31-Aug-2019 31-Aug-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
Shareece E. Scott Liquidator Legal Notice
NOTICE TEEOFF INVESTMENTS LIMITED NOTICEIS HEREBY GIVEN as follows: (a)
TEEOFF INVESTMENTS LIMITED is in voluntary
(b)
The dissolution of the said Company commenced on the 23rd August, 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General.
(c)
The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.
dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
Dated this 24th day of September, A.D. 2019
Shareece E. Scott Liquidator Legal Notice
NOTICE JANCO LTD. NOTICEIS HEREBY GIVEN as follows: (a)
JANCO LTD .,is in voluntary dissolution under the
(b)
The dissolution of the said Company commenced on the 23rd August, 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General.
(c)
The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.
provisions of Section 138 (4) of the International Business Companies Act 2000.
Dated this 24th day of September, A.D. 2019
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
Shareece E. Scott Liquidator