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TUESDAY, DECEMBER 4, 2018
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Legal battle to restart on web shop taxation By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
T
HE Government and web shops will resolve their dispute over the industry’s “sliding scale” tax structure in the courts, it was revealed yesterday, despite making progress on the “patron tax”. Wayne Munroe QC, who represents the Island Game and Paradise Games chains, told Tribune Business that both sides “identified one area where we have to go to court” when they met yesterday in a bid to narrow differences over the industry’s new taxation structure. He identified this “area” as the “sliding scale” taxation structure imposed on web shop operators in the 2018-2019 budget, where they are to be taxed at a progressively higher rate the more “taxable revenue” they earn.
* Parties ‘limiting’ fight to ‘sliding scale’ * QC: Clients believe no taxes owed * But ‘progress’ made on patron tax
WAYNE MUNROE QC Mr Munroe’s account was backed by Carl Bethel QC, the attorney general, who told this newspaper that it was “unlikely” that the Government and web shops would be able to completely avoid the resumption of their legal battle.
CARL BETHEL QC He added that yesterday’s discussions had focused on trying to “limit” the areas in dispute while ensuring that the Government still received due tax revenues from the sector pending the Supreme Court’s verdict in the litigation.
Mr Munroe, though, revealed that his web shop clients believe no taxes are currently owed by any operator. He based this on a combination of the Government repealing the old tax structure in the budget, but then failing to properly replace it because it used incorrect language to describe the basis for the “sliding scale” taxation. While the Government has subsequently corrected this by tabling amendments to the Gaming Act’s regulations in the House of Assembly and Senate, these have not been given effect through an appearance in the Government’s Gazette. Mr Munroe also pointed
SEE PAGE 5
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Give Bahamians ‘first rights’ over BTC outsourcing By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE prime minister was yesterday urged to ensure Bahamians “have first rights” on all outsourcing opportunities at the Bahamas Telecommunications Company (BTC) if downsizing continues. Dino Rolle, pictured, the Bahamas Communications and Public Officers Union’s (BCPOU) president, told Tribune Business he also requested that the Government use its 49 percent equity stake and three BTC board seats to improve any future voluntary separation packages that may be offered to the carrier’s staff. Mr Rolle said he made his requests at the side of yesterday’s meeting between the prime minister and multiple trade union leaders, as he warned that the BCPOU will “not sit on our hands for ever” if its grievances
are not resolved. He reiterated that BTC and its chief executive, Garfield “Garry” Sinclair, appear “not to be interested” in addressing union calls to negotiate new industrial agreements along with concerns over job losses stemming from the possible outsourcing of the country’s call centre to other nations. “One of the things we expressed to the prime minister was that if the company wishes to continue its downsizing they have to revisit the formula of the old VSEPs (voluntary separation packages) since much has changed in the country since they were first implemented in 2011,” Mr Rolle told Tribune Business, “and Bahamians should have first rights to any outsourcing.” He added that the BCPOU’s efforts to “get
SEE PAGE 5
Airbnb’s October Unions give PM month to avoid ‘national strike’ bookings up 50% By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net STOPOVER tourist visitors to The Bahamas increased by 7.4 percent over the first three quarters of 2018 with the Central Bank forecasting “continued economic strengthening” through year-end. The regulator, unveiling October’s monthly economic developments report, said Baha Mar’s full opening and improved economic performance/ confidence in key tourism source markets was fuelling
expansion in The Bahamas’ largest industry. Despite a firming in inflation to 1.75 percent for the year to August, due to a combination of VAT rate hike and spiking global oil prices that were felt in higher energy and gasoline prices, the Central Bank said external factors continued to maintain the economy’s momentum/ In particular, The Bahamas saw a 50.5 percent year-over-year growth in short-term vacation rental bookings via Airbnb compared to 2017, although
SEE PAGE 4
By NATARIO MCKENZIE and NEIL HARTNELL Tribune Business Reporters TRADE union leaders yesterday warned the prime minister he has a month to resolve multiple labour disputes otherwise “he’s going to have a national strike on his hands”. Paul Maynard, the Bahamas Electrical Workers Union’s (BEWU) president, told Tribune Business that he was “just dumbfounded” by the magnitude of the problems exposed by other public sector union leaders during their morning meeting with Dr Hubert Minnis. Suggesting that “threequarters of the problem” stemmed from “a lack of respect” shown to trade unions by various government agencies, Mr Maynard
* 80% of unions have filed trade disputes * Slam ‘lack of respect’ by govt agencies * Call on Minnis to ‘read the riot act’
PAUL MAYNARD urged the prime minister to summon the relevant chairmen and vice-chairmen and “read them the riot act”. He was backed by Bernard Evans, the National Congress of Trade Unions
BERNARD EVANS (NCTU) president, who yesterday said 80 percent of trade unions have current trade disputes that have yet to be resolved. With Bahamian industrial relations “in terrible shape”,
the BEWU president said Dr Minnis yesterday realised for the first time the extent of the “devastating situation” confronting his administration unless immediate action was taken. He added that while damaging industrial action, including strikes and labour withdrawals, can still be avoided, the Ministry of Labour has “got work to do” within a very limited period of time. “Really and truly the kind of problems other unions in this country have is just
SEE PAGE 6
Hotel union: We ‘won’t talk much longer’ with Atlantis
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE hotel union will “not talk for much longer” in seeking a resolution to its dispute with Atlantis, its president yesterday pledging: “We won’t allow them to dictate to us.” Darrin Woods, pictured, the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU) chief, told Tribune Business that an “emergency meeting with shop stewards” will be called after the two sides made little progress in narrowing their differences during yesterday’s meeting at the Department of Labour. He revealed that John Pinder, director of labour, had asked Atlantis to reverse implementation of its new “12 point” disciplinary system - one of the two issues that sparked the dispute. Resort executives,
* Calls ‘emergency meeting’ with shop stewards * And warns that ‘go slow’ next possible step * Says little progress in yesterday’s talks
ATLANTIS PARADISE ISLAND
though, said they needed more time to assess the request and “asked for an extension until Friday”. Mr Woods, arguing that Atlantis stuck to the position it adopted at last Thursday’s meeting, said the resort wanted to
effectively “have its cake and eat it” by seeking to introduce the new disciplinary system without first negotiating with the union to have it incorporated into their industrial agreement. The union’s 5,000 members are already on a “work-to-rule” at Atlantis and other major New
Providence hotels, and Mr Woods warned that “a go slow” will be the next step should leadership and members decide further action is necessary. He promised that the union will “exercise its rights under the Industrial Relations Act” while talks are ongoing, and said it was “not going to rule out” further industrial action - including a strike/withdrawal of labour - if efforts to resolve the dispute with Atlantis prove unsuccessful. While those comments may send a chill throughout the resort/tourism industry ahead of the upcoming key Christmas season, Mr Woods reiterated that the
SEE PAGE 7
PAGE 2, Tuesday, December 4, 2018
THE TRIBUNE
CIBC named top Bahamas bank
BANK of the Year Bahamas Award 2018 - Marie Rodland-Allen, CIBC FirstCaribbean’s managing director for The Bahamas and Turks & Caicos, centre, accepted the Bank of the Year award at the 19th annual Bracken Bank of the Year awards in London. CIBC FirstCaribbean has been named The Bahamas’ Bank of the Year for the third straight year. The honour was presented by financial magazine, The Banker, during its 19th annual Bracken Bank of the Year awards held in London on November 29. Marie Rodland-Allen, CIBC FirstCaribbean’s managing director for The Bahamas and Turks & Caicos Islands, accepted the award on the bank’s behalf. The Bank of the Year awards recognise the best in banking globally, judging over 1,000 applications from 120 countries. Winning banks are selected based on “performance, innovation, adding customer value, and leadership in society”. Mrs Rodland-Allen said CIBC FirstCaribbean employees were the backbone of the bank’s success, and added: “Proud is an understatement. Here at CIBC FirstCaribbean we cannot overlook the role our employees play in our success. “In each of the branches
and units I see camaraderie; I see commitment; I see staff putting their best foot forward every day to provide excellent customer service, and I can confidently say that it’s our commitment to clients as well as each other that gives way to our continual flourishing. “We’re thankful to The Banker for recognising our success, but we’re more thankful to our employees who make that success possible year after year.” The recognition is the latest in a series of honours received by the bank this year. CIBC FirstCaribbean was also named Most Innovate Bank in the Caribbean 2018, as well as Best Wealth Management
Provider in The Bahamas 2018 by World Finance Magazine. “This is a testament to our commitment to deliver on our brand promise to provide personalised, responsive and easy service,” Mrs Rodland-Allen said. “I would like to thank our shareholders, clients and employees for their loyalty and continuing support.” The Banker is a subsidiary of The Financial Times newspaper, and has been the world’s leading monthly journal for the banking industry for the past 92 years. CIBC FirstCaribbean has been crowned Bank of the Year for The Bahamas eight times in the past 12 years.
THE TRIBUNE
Tuesday, December 4, 2018, PAGE 3
DEVELOPERS PLAN ‘STAND OUT’ JACK’S BAY PROJECT a member of the Jack’s Bay development group, said construction plans were recently adjusted after an environmental impact assessment (EIA) revealed the presence of a turtle sanctuary on property. “We believe that the property that God gave us is one of the nicest in The Bahamas, and it is incumbent upon us, as good
stewards, not to mess it up,” said Mr Turnquest. “We’ve been very deliberate in not just trying to sell the land to turn over cash, but to make sure that our development is sustainable and done in the right way. At the end of the day, Bahamians - and more particularly, persons in Eleuthera - would be pleased with the end product.”
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Tribune Business Reporter
nmckenzie@tribunemedia.net DEVELOPERS behind the mixed-use Jack’s Bay resort community in Rock Sound, Eleuthera, believe it will “stand out” in the marketplace similar to an Albany or Baker’s Bay. “Just as Atlantis had to happen for Baha Mar to exist, we really needed Baker’s Bay and Albany to happen for Jack’s Bay to be seen in the light it could be seen today,” said Jack’s Bay developer, Sir Franklyn Wilson, at a recent reception. He said the new mixeduse resort was one of only five world-class properties in The Bahamas with a golf element, which places it in the company of the Lyford Cay Club, Albany, Ocean Club Estates and Bakers Bay Golf & Ocean Club. “Out of those five communities, we have this combination of leadership with proven capacity in the global arena. But we also have a board of directors comprising leading business people in the country. Our stockholder base is impressive by any concept in The Bahamas,” said Sir Franklyn. He added that a team of local and foreign professionals, featuring Michael Abbott of Beacon Land Development; architect Bob Colman of Colman Design Group; and TGR Design by Tiger Woods, made Jack’s Bay a competitive island offering. “So I believe, through that combination of proven global expertise, we have positioned Jack’s Bay to provide the best Bahamian experience,” Sir Franklyn said. Jack’s Bay will comprise three subdivisions of residential lots and a five-star rated, 52-room lodge. Lots in two subdivisions have already been sold, and some buyers expect to begin
SIR FRANKLYN WILSON construction of their homes by the end of January 2019. Other key amenities include the Salt Spray restaurant. The development will also feature water sports, a lagoon and a farm, along with a 10-hole, par-3 golf course designed by Tiger Woods and dubbed his “playground”. Jim Goodman, Jack’s Bay’s chief executive, said this shorter 10-hole golf course will attract players of
TOMMY TURNQUEST all kinds. “For years we’ve been trying to figure out how to get more people into the game and how to take advantage of our biggest obstacle in golf, which is time,” he added. “But I think the short course is a wonderful alternative. The diehard players can be shooting for the pins and trying to make birdies, and the kids can be putting from tee to green and
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enjoying the game. It’s a great family component.” The Jack’s Bay developers recently partnered with Cat5 Building Systems, a US-based company, to bring innovative and sustainable construction to the project. CaT5 specialises in materials such as fibre glass solar panels that withstand intense hurricane winds; a block system that takes less time to construct than the typical concrete masonry unit system; and basalt rebar, a rust-resistant substitute for the steel rebar commonly used in construction. Tommy Turnquest,
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PAGE 4, Tuesday, December 4, 2018
THE TRIBUNE
Bahamas Property Fund Limited
(Incorporated under the laws of the Commonwealth of The Bahamas) Consolidated Statement of Financial Position (Unaudited) As of 30 September 2018 (Expressed in Bahamian dollars) 30 September 2018 $
31 December 2017 $
28,500,000
28,500,000
3,042,763 2,697,578 459,766
3,863,254 433,382 421,774
6,200,107
4,718,410
34,700,107
33,218,410
311,410
265,108
311,410
265,108
2,534,170 110,358 10,192,973
479,270 10,730,912
12,837,501
11,210,182
Total liabilities
13,148,911
11,475,290
EQUITY Capital – ordinary shares Retained earnings
12,035,000 9,516,196
12,035,000 9,708,120
Total equity
21,551,196
21,743,120
Total liabilities and equity
34,700,107
33,218,410
ASSETS Non-current assets Investment property Current assets Cash at banks Trade receivables Other assets
Total assets LIABILITIES Non-current liabilities Security deposits from tenants
Current liabilities Accrued expenses and other liabilities Unearned rental income Borrowings
Consolidated Statement of Comprehensive Income (Unaudited) For the Nine Months Ended 30 September 2018 (Expressed in Bahamian dollars) 9 Months Ended 30 September 30 September 2018 2017 $ $ [Restated Note 1]
3 Months Ended 30 September 2018 $ INCOME Rental and parking revenue Net fair value loss on investment property
EXPENSES Maintenance cost of vacant rental space Parking maintenance Management fee Business licence fees Professional fees Directors’ fees Other
672,209 -
2,384,983 -
2,718,753 (1,387,500 )
672,209
2,384,983
1,331,253
603,272 63,622 35,259 20,580 4,000 61,739
1,702,369 227,726 104,741 24,633 41,451 12,000 122,817
821,148 211,840 65,887 30,328 40,526 15,000 94,256
788,472
2,235,737
1,278,985
Operating profit/(loss)
(116,263 )
149,246
52,268
Interest income Interest expense and related charges
(119,457 )
(341,170 )
(384,729 )
Net loss and total comprehensive loss
(235,720 )
(191,924 )
(332,461 )
Weighted average number of ordinary shares outstanding
2,407,000
2,407,000 (0.10 )
Loss per share
2,407,000
(0.08 )
(0.14 )
Capital – Ordinary Shares $
Retained Earnings $
Total $
12,035,000
9,708,120
21,743,120
Consolidated Statement of Changes in Equity (Unaudited) For the Nine Months Ended 30 September 2018 (Expressed in Bahamian dollars)
As of 1 January 2018 Total comprehensive loss
-
As of 30 September 2018
12,035,000
Dividends per share
-
As of 1 January 2017
12,035,000
Total comprehensive loss
-
As of 31 December 2017
12,035,000
Dividends per share
(191,924 )
(191,924 )
9,516,196
21,551,196
10,407,504
22,442,504
(699,384 ) 9,708,120
(699,384) 21,743,120
-
Notes to the Consolidated Financial Statements (Unaudited) For the Nine Months Ended 30 September 2018 (Expressed in Bahamian dollars) 1.
Prior Period Adjustment The fair values of investment properties recognised in prior years were misstated as a result of discounted cash flow projections omitting cash outflows in relation to maintenance cost of vacant rental space. Accordingly, the consolidated statements of financial position as of 31 December 2016 and 2015 have been restated for the revised fair values of investment properties, and the consolidated statement of comprehensive income for the nine (9) months ended 30 September 2017 has been restated to recognise the appropriate change in fair values of investment properties. The table below discloses the specific adjustments to the corresponding figures presented in the consolidated financial statements for the nine (9) months ended 30 September 2018:
As of 1 January 2017 Retained earnings Total equity
Originally Reported $
Adjustment $
Restated Value $
20,099,504 32,134,504
(9,692,000 ) (9,692,000 )
10,407,504 22,442,504
(2,205,750 ) (136,830 ) (836,925 ) (1,221,654 )
818,250 70,943 889,193 889,193
(1,387,500 ) (65,887 ) 52,268 (332,461 )
For the nine months ended 30 September 2017 Net fair value loss on investment property Management fee Operating profit/(loss) Net loss and total comprehensive loss
Airbnb’s October bookings up 50% BAHA MAR
FROM PAGE ONE average daily rates declined slightly. “Tourism performance indicators suggest that the recent expansion in highend room capacity in New Providence, coupled with sustained improvements in key source markets, contributed to the ongoing gains within the sector,” the Central Bank said. “Preliminary data from the Ministry of Tourism for the first nine months of 2018 showed a 7.4 percent expansion in stopover visitor arrivals, compared to a 6.8 percent decrease in the same period of 2017. A breakdown by island revealed that the most significant gains occurred in New Providence, by 13.7 percent relative to a falloff of 4.3 percent in the prior year, reflecting in part increased visitor volumes
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following the completion of the phased opening of the Baha Mar development. “Despite the ongoing challenges in room capacity after the closure of several hotels due to hurricane damage, stopover visitors to Grand Bahama firmed by 3.5 percent on a year-to-date basis, a reversal from the prior period’s 39.5 percent plunge. In contrast, visitors to the Family Islands - which firmed by 11.6 percent in 2017 - contracted by 6.9 percent.” Breaking it down by market, the Central Bank added: “Visitors from the US, which comprised the bulk of arrivals (80 percent) - firmed by 7.1 percent to 980,464. “In addition, the stopover markets of Canada (7.6 percent), Europe (7.4 percent) and Latin America (2.2 percent) increased by 11.2 percent to 92,597, 6.1 percent to 90,205, and 5.5 percent to 27,090, respectively, while the remainder increased by 10.1 percent to 35,374.” This, the Central Bank added, was reflected in departure data compiled by the Nassau Airport
Development Company (NAD), which showed a 19.1 percent increase in passenger traffic through Lynden Pindling International Airport (LPIA) compared to a 16.1 percent expansion in 2017. “In line with the increase in stopover activity, data from AirDNA revealed a 50.5 percent expansion in total bookings in the short-term rental market in October, relative to the same period of 2017,” the regulator said. “An analysis of the major markets revealed that bookings in Grand Bahama firmed by 44.2 percent, amid gains in both the entire home and hotel comparable listings. Significant improvements in bookings were also noted for New Providence (42.6 percent), Exuma (40.7 percent) and Abaco (33.3 percent). “During the period, the average daily room rates (ADRs) - which are generally more comparable across periods - declined by 2.3 percent and 3.4 percent to $284.20 and $128.86 per night for entire home and hotel comparable listings, respectively.”
THE TRIBUNE
Tuesday, December 4, 2018, PAGE 5
LEGAL BATTLE TO RESTART ON WEB SHOP TAXATION FROM PAGE ONE pointed out that taxes cannot be made retroactive to cover the five months already missed. Still, the well-known QC described yesterday’s meeting between Mr Bethel and his officials and the web shops’ legal representatives as “surprisingly more productive than we thought” when it came to addressing the industry’s concerns over the five percent “patron tax”. This stamp duty levy, which will be applied to deposits on customer accounts and over-thecounter ticket sales, falls on patrons as opposed to the web shops. Mr Munroe said the Government had pledged to address industry concerns over “rounding”, which could result in web shops levying more than the due five percent rate thereby exposing them to patron lawsuits. “Basically the attorney general put the Government’s position on the table, which was to move forward with the legislation and rules presented in Parliament,” he added of the meeting. “We put our position, and we identified one area where we will have to go to court. We have tentatively agreed a protocol for a way forward for us in having the matter determined by the court in the most efficient way.” Mr Munroe confirmed this “area” was the “sliding scale” tax structure, where web shops pay on each portion of their revenue: • Up to $20m in revenue, a rate of 20 percent. • Between $20m and $40m, a rate of 25 percent. • Between $40m and $60m, a rate of 30 percent. • Between $60m and $80m, a rate of 35 percent. • Between $80m and $100m, a rate of 40 percent. • Over $100m, a rate of 50 percent. Five out of seven web shop operators fell solely in the lowest 20 percent category, while for a sixth, only a small portion of its revenue fell into the 25 percent category. Only Island Luck, the market leader, whose revenues will attract all tax rates. “The major issue with the correctness of the tax, and taxing on that basis, is something the court will have to determine,” Mr Munroe told Tribune Business of the “sliding scale” structure. “We haven’t made sufficient progress to say we agree it between ourselves. That’s the operator tax.” Government missteps delayed the “sliding scale’s” implementation prior to the web shop industry launching its court challenge. The amendments which
introduced it with May’s budget used “the wrong terminology” to describe what should be used as the basis for calculating the amount web shops must pay. The definition originally employed could have been interpreted as meaning that the different sliding scale rates, from 20 percent up to 50 percent, should be applied to “all the money” that patrons pay. It is supposed be based on that sum minus the winnings paid out by web shops, so the Government has now removed the term “revenue collected” from Regulation 57 and replaced it with “all taxable revenue”. While amendments giving effect to these changes have now been tabled in both houses of Parliament, Mr Munroe yesterday argued that it “has not been effectively put in place” because they have yet to be Gazetted. And with the previous structure, which required web shops to pay the greater of 11 percent of taxable revenue or 25 percent of earnings before interest, taxation, depreciation and amortisation (EBITDA), having been repealed with the budget, Mr Munroe argued that no taxes are currently due or owing by the sector. “That’s our position. I think the attorney general may dispute that, but that’s our position and that may or may not be something that goes to court,” he said. Mr Bethel, confirming that the Government and web shops will probably resume their court battle at least in part, told Tribune Business: “It’s unlikely we’re going to avoid litigation entirely, but what we’re trying to do is limit the areas where we differ while, at the same time, ensuring there is revenue coming into the Government pending that.” The dispute has already resulted in the Government missing its budgeted revenue projections from the gaming industry, with the loss pegged at between $8-$12m for the 2018-2019 fiscal year’s first quarter. This could now increase if a prolonged court battle results. Mr Munroe, however, said yesterday’s meeting made “encouraging progress” in narrowing the two sides’ differences over the five percent “patron tax”. He added: “They now understand our position with regard to rounding. “Their position is that they will address this in the primary legislation by an Act of Parliament. Our position was that you couldn’t address it in the rules as that might be inconsistent with the legislation, so they are going to it in the legislation itself.”
GIVE BAHAMIANS ‘FIRST RIGHTS’ OVER BTC OUTSOURCING FROM PAGE ONE back to the table” with BTC over its industrial agreement concerns, following their recent demonstration, had yet to generate the response the union and its members were seeking from the company. “We are extremely disappointed,” Mr Rolle said. “Since our frustration and agitation, we have sent two e-mails to Mr Sinclair asking him to come back to the table, and Mr Sinclair’s response as always since the day he came here was: ‘I will come back to you in the shortest possible time’. “That kind of vagueness and no actual date was what caused us frustration in the first place. After we took off our tennis [shoes] and got back to the table, Mr Sinclair seems not to be interested in resolving these outstanding issues. “He has yet to make an initial reach out to the union. The communication has always been from the union, ourselves in the BCPOU and the BCPMU, to Mr Sinclair, and not a reach out from the management to the union to say come to the table and
let’s see how we can move this thing forward down the road.” Mr Rolle said the union would give Dr Minnis a chance to speak with Dion Foulkes, minister of labour, and address its concerns, but warned: “We don’t intend to sit on our hands for ever.” He added that yesterday’s meeting with the prime minister “wasn’t properly structured”, and there were too many competing voices in the room from multiple trade unions each with different grievances demanding resolution. The BCPOU chief said he was able to brief Dr Minnis directly on the union’s BTC issues on the side, and added: “He said he would instruct the Minister of Labour to meet with us to resolve our issues. That’s the meeting I’m looking forward to. “He [the prime minister] wanted to hear what the concerns were about given this uprising among unions. What we were asking for is a smaller meeting, smaller groups, so we can put our concerns to government with a view to resolution.”
Mr Munroe said an “understanding” was also reached on the need for web shops to be given time to adjust, and re-certify, their gaming systems to account for the “patron tax”, and the procedures for doing so although the Government and industry differed over how long was required.
“They’re going to send us a summary,” he added of the two sides’ next step, “and once we get that we’ll be able to take instructions from our clients on certain items we have to get back to them on.” And Mr Bethel told Tribune Business: “We’re seeking to arrive at a consensus, and are supposed to
send a follow-up note, but we’re not there yet. We’ll see whether we arrive at an agreement in terms of the follow-up note and where we go. “Right now, nothing is settled or finally settled. We’re moving towards some understanding but have not reached there yet. We’re working towards that.”
Declining to provide details because the issue remained “sensitive”, Mr Bethel added: “Nothing is finalised, and there’s still some work to be done before we can say we’ve arrived.” Alfred Sears QC, who represents the Island Luck web shop chain, declined to comment when contacted by Tribune Business.
PAGE 6, Tuesday, December 4, 2018
UNIONS GIVE PM MONTH TO AVOID ‘NATIONAL STRIKE’ FROM PAGE ONE ridiculous,” Mr Maynard told Tribune Business following yesterday’s meeting with Dr Minnis. “I was just dumbfounded. “It’s just ridiculous what’s going on in these government agencies; the Public Hospitals Authority (PHA), and what’s going on at the airport with Nassau Flight Services (NFS). It’s
unbelievable. I was sitting in the meeting and it was just a barrage of problems; all kinds of nonsense. “At BPL, one thing they do is respect the unions. But it appears there’s a lack of respect at other government agencies for unions,” the BEWU chief continued. “You can’t get anywhere doing that, and that is threequarters of the problem. “A lot of it can be solved if he [Dr Minnis] calls in the
THE TRIBUNE chairmen and vice-chairmen of these boards and reads them the riot act. A lot of it could be solved. I was just shocked and flabbergasted at the problems these agencies have. It doesn’t have to be this way.” Multiple labour disputes have erupted throughout The Bahamas in the past several weeks, covering virtually the entire nation from Inagua in the south to New Providence and all islands beyond. Trade unions, especially in the public sector, have begun to flex their industrial muscles and put the Minnis administration - which is
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Broadcast IP Video Specialist Cable Bahamas Limited is seeking to employ an experienced Broadcast IP Video Specialist. The successful candidate must be a highly motivated person, organized and detailed oriented. SUMMARY The position of Broadcast IP Video Engineer will be responsible for the installation and maintenance of all video equipment within the Headend and at field locations. This position is responsible for troubleshooting activities for outages in conjunction with the technical teams, and ensuring acquisition routing and quality control of incoming and outgoing video feeds. The position also requires occasional extended work in and around a typical data center, telecommunications facility, and/or Central Office. These environments may include loud machinery/fan noise, chilled temperatures and wind, and lowered humidity working with and around highamperage AC and DC power. JOB DESCRIPTION • Configuration, installation and management of Core Video Multiplexers, Edge Video Switches, Routers, IP Video Modulators; • Configuration and Management of IPTV, OTT, ATSC and all IP related video equipment. • Ensure the integrity of video and encoding hardware and software; • Perform analysis, diagnosis and troubleshoot root cause of issues/ outages related to IP video content; • Assessing the impact of content issues that arise as part of daily operations; • Review current IP video environment, product requirements, and determine gaps; • Liaise with new equipment vendors and middleware service providers; • IP Video Headend system monitoring and management; • Troubleshooting of all alarms in relation to IP video broadcast generated from the Headend monitoring systems; • Work closely with IP Engineers and Headend Technicians to identify and resolve issues that impact the IP video network; • Development of MOPs, Testing Procedures, Labs with ticket creation; • Meticulous documentation of video network infrastructure; • Liaising with internal and external clients to deliver new products and initiatives; • Working within a team with a focus on delivering the company’s yearly objectives; • Help facilitate new network projects ensuring minimal disruption to live services; • Ensuring the video network infrastructure is fit for effective and efficient service delivery and aligned with the company’s objectives; • Assisting in the maintenance and tracking of hardware and software owned by the company; • Perform all other Headend related duties as determined and assigned by management. SKILLS & QUALIFICATIONS REQUIRED • A bachelor’s degree in Computer Science/Engineering, Electrical Engineering or equivalent; • Two or more years of strong understanding and experience working with MPEG-2 and MPEG-4 (H.264) compression, MCPC and IPTV platforms, video transmission/reception equipment, video monitoring equipment and ancillary video equipment; • Two or more years of strong experience working with multicast and next-generation Video delivery technologies (IPTV, ABR HLS, Smooth Streaming, etc.); • Two or more years exposure with various test equipment, including: MPEG analyzers, optical power meters, RF signal level meters, RF spectrum analyzers; • Must have knowledge of and experience with a wide range of technologies including routers, multiplexers, switches, RF uplink and downlink hardware, and associated redundancy hardware; • A fundamental understanding of Linux command line; • Comprehensive understanding of IP Video Technologies and Network Environments; • Networking and IP multicast routing; • CCNA/CCNP, Comp TIA Network +; • IP transport of MPEG-TS over UDP/RTP multicast; • Strong understanding and experience working with TCP/IP technologies desired, including IPv4, addressing/subnetting, IP unicast routing and IP Multicast routing and associate technologies; • Able to Diagnose Network Connectivity Issues; • An understanding of digital modulation technologies (QPSK – 256 QAM) is desirable; • Working knowledge of RF systems, including: general understanding of the EIA spectrum, general understanding of RF performance requirements in a QAM environment, basic RF troubleshooting techniques, Working knowledge of the OSI model, specifically layers 1, 2 & 3; • Knowledge of multi-vendor middle-ware software such as Imagine, Arris, Builtwrite, Minerva, Anevia and TiVO/ROVI; • Ability to effectively use engineering NMS tools such as Solarwinds, Wireshark etc.; • Experience with MS Office and MS Visio; • Ability to isolate problems and troubleshoot issues down to the hardware level. PERSONAL COMPETENCIES • Ability to exercise judgement within broadly defined practices and select methods and techniques for obtaining solutions; • Excellent attention to detail and methodical approach; • Ability to self-motivate and work independently; • Strong decision-making & analytical skills; • Customer service orientated approach; • Strong oral & written communication skills; • Ability to manage multiple tasks and priority levels; • Proactive approach to changing technologies; • Be able to work outside normal work hours; • Be able to travel periodically to perform work/maintenance at all digital Headend sites in The Bahamas and United States; • This position requires on call support (Tier 2/3) and off-hours maintenance activities (weekends, weeknights and/or Holidays); • Possess personal traits: Friendly, mature, factual, honest, meticulous, self-starter. Qualified applicants should submit Resumes on or before Tuesday, December 11, 2018, to the Director of Human Resources, PO BOX CB-13050, Nassau, Bahamas or send electronically with Ref: Broadcast IP Video Specialist to humanresources@cablebahamas.com.
grappling with an ongoing fiscal crisis and cash flow issues - to the test with increased salary and benefits demands. While the Government has argued that its strained financial position gives it little to no flexibility in meeting these requests, with public sector unions effectively squeezing a dry carcass, the latter will likely retort that it has been able to find money for other priorities such as the $65m Grand Lucayan purchase. While progress was yesterday said to have been made in addressing the grievances of the Consultant Physicians Staff Association (CPSA), which represents the senior doctors at Princess Margaret Hospital (PMH) and in the public sector, the healthcare system faces further pressures from both the junior doctors and nurses union. Strike votes, labour disputes and other tensions have also erupted in the private sector, most notably in the hotel industry - The Bahamas’ largest employer besides the Government. Individual businesses impacted include the Bahamas Telecommunications Company (BTC) and Morton Salt. The overriding concern, especially among businesses and the private sector as well as the Government, will be to avoid any disruption to the economy that may result from the heated union environment. Mr Maynard, meanwhile, told Tribune Business that he felt “drained” following yesterday’s meeting with Dr Minnis, who faces “an uphill battle” to head off widespread action by disgruntled unionists who feel their concerns are not being taken seriously. Asked to assess the state
of industrial relations in The Bahamas, he responded: “After listening today it’s in terrible shape. I think the prime minister is now realising the devastation of the situation. “It seems like he’s got a real uphill battle on his hands. I don’t know how he’s going to deal with it and tackle it, but it is what it is. The Ministry of Labour is going to have to do some serious work. “Otherwise a strike is going to come, and he’s going to have a national strike on his hands. He has a month at the most. It’s doable, but they’ve got to work at it. They’ve got work to do.” Backing up his assertions that government agencies were showing trade unions “a lack of respect”, Mr Maynard cited the Central Bank and its desire to introduce a new staff pension plan as an example. He argued that it was talking directly to employees, rather than the union, which was “a violation of the union contract”. And, turning to the hotel industry, the BEWU president suggested many of the troubles related to the fact investors were not informed that The Bahamas is a unionised workforce prior to making their investments. “This is a unionised environment,” Mr Maynard told Tribune Business. “Investors have to understand that. A lot of the problems in the hotel industry are because they stopped telling investors it’s a unionised environment.” The NCTU’s Mr Evans, meanwhile, said lack of “respect” for industrial agreements and established precedents was the “overwhelming cry” of Bahamian trade unions. Following yesterday’s meeting, he said: “Most of the issues we had were
legacy issues that were not addressed since we last met in either April or May of this year. All of the affiliates from the various unions had an opportunity to raise new issues. “The overwhelming cry seemed to be the lack of respect for already-established industrial agreements; a lack of respect towards continuing negotiations; and a lack of respect from government-appointed boards. That seemed to be the clarion call; that workers feel there is no respect either for established agreements or precedents.” Mr Evans continued: “The prime minister sort of gave the Minister of Labour [Dion Foulkes] a charge to try and meet with all of the union affiliates. Obviously he couldn’t address all of those issues right then and there, but to kind of set up timetables to meet with all of the unions. “Maybe the minister of labour would be able to bring in the respective minister responsible, for instance, if it’s a Bahamas Union of Teachers (BUT) issue then Minister Lloyd could be there. That could be a way forward. As to the outcome of the meeting, the PM said he would get back to us pretty much.” Mr Evans said Bahamian trade unions are right now “ready for action”, but will give the prime minister an opportunity to address their concerns. “The temperature right now is that at least 80 per cent of the unions have all filed trade disputes. A number of them have filed for strike votes, and some of them have strike vote certificates. They are ready for action but they will give the prime minister an opportunity I guess to address their concerns,” he added.
THE TRIBUNE
Tuesday, December 4, 2018, PAGE 7
Hotel union: We ‘won’t talk much longer’ with Atlantis FROM PAGE ONE union will “act in the best interests” of the industry as a whole. However, amid reports of continued “double digit” growth in The Bahamas’ stopover visitor numbers, the BHCAWU president said that needed to also “translate into more benefits” for hotel workers who had not seen a collective pay rise since 2012. “We’re going to have an emergency meeting with the shop stewards and plan our next course of action,” Mr Woods told Tribune Business last night, following yesterday’s meeting. “We said that we’ve done a number of things, but you’ve [Atlantis] done nothing to show good faith; nothing. “I’m still optimistic we will come to a resolution. The thing with negotiations is that negotiations take time. Management came with the same position, but if the shoe was on the other foot and the union had people out, they would have said they will not go back and talk to us.” Mr Woods said the union had on Saturday complied with the Director of Labour’s request to speak to its members over the new housekeeping shift system that Atlantis had wanted to introduce from yesterday, and which represents the other issue dividing the two sides. The union president said he had gone personally “to make sure the message was clear and not distorted”, so that those workers interested in accepting the system could be accompanied by shop stewards in discussions with Atlantis management. “The director [Mr Pinder] asked them to reverse the implementation of the 12-point disciplinary programme,” Mr Woods added of yesterday’s meeting. “They came back and said they needed more time. They want to use the industrial agreement and the 12-point, but the only way that can happen is to
come to the negotiating table. You have to negotiate it in.” He said Atlantis had yet to “provide us with statistical data to back up what they’re saying” about the need for the new housekeeping shift system and “12-point” disciplinary structure, arguing that it would be impossible for anyone to simply agree to these terms without being presented with supporting evidence. “We’re not going to allow them to dictate to the union,” Mr Woods told Tribune Business. “We’re pretty much at the same place we were Thursday. We’ll meet with the shop stewards and chart the way forward for what we’re going to do. “We’re on a work-torule, and the next step is a ‘go slow’. We want to be guided. We did say to the management and the director that while we’re having these discussions the union is going to exercise its rights under the law. “What the Industrial Relations Act provides for, we’ll make sure we exercise our rights under the law. We can’t keep talking and talking, and going over the same thing over and over again. Based on their [Atlantis executives] demeanour, deportment and discussion, they seem to want to keep talking, talking, talking.” Mr Woods said the union feared the resort has “no incentive to remove” the new disciplinary system since it is already in place, and has what it wants, and is merely using negotiations to drag the situation out. Asked whether the BHCAWU would ultimately resort to industrial action, he replied: “We’re not going to rule it out unless we’re able to get a resolution. We probably have to communicate in a way they [Atlantis] understand. “I’m not sure how much longer we’ll be able to talk. We’ll talk, but not for much longer. It has to show some fruit.” Mr Woods’ comments
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will likely unnerve some resort executives, and generate concerns that the key Christmas and New Year season - along with the visitor experience for thousands of guests - could be disrupted by industrial action. The current “work to rule”, which means hotel union members will stick rigidly to their job descriptions and “not go beyond the call of duty”, extends beyond Atlantis to all Bahamas Hotel and Restaurant Employers Association (BHREA) member properties. These include the Four Seasons Ocean Club;
the British Colonial Hilton; Melia Nassau Beach; and Lyford Cay Club, although Baha Mar’s new resorts are not impacted because it is non-unionised. The dispute has already prompted pleas, led by Dionisio D’Aguilar, minister of tourism, for the hotel union and its members not to engage in industrial action that could disrupt the sector’s projected “double digit” growth through the Christmas period and into the New Year. He previously urged union leaders to “remain level headed” as The Bahamas “doesn’t need to
jeopardise a very good thing right now” with the country’s largest industry set for “a very healthy Christmas” based on forward booking and air arrivals (stopover visitor) data. The minister also called on hotel workers not to “impair” the quality of visitor experiences by delivering “sub-standard service” through a “workto-rule” or any form of industrial unrest, hinting that doing so would effectively undermine their own best interests. Mr Woods, though, yesterday reiterated that the union will act “in the best
interests of members and the industry as a whole” while calling for workers to receive more rewards from The Bahamas’ improved tourism performance. “Based on all the glowing reports that the tourism industry is doing well, that needs to translate into more benefits for the workers as well,” Mr Woods told Tribune Business. “We’re still at 2012 salaries. All these things have happened, and if the industry has bloomed it should translate into more benefits for our members.” Atlantis executives could not be reached for comment.
PAGE 8, Tuesday, December 4, 2018
THE TRIBUNE
FED CHAIRMAN POWELL SAYS ECONOMIC CHALLENGES REMAIN WASHINGTON Associated Press
FEDERAL Reserve Chairman Jerome Powell said yesterday that despite solid economic progress, the country still faces a number of challenges ranging from slow wage-growth for lower-income workers to sluggish productivity and
an aging population. Powell said in remarks at a Fed award ceremony that these challenges remain even though unemployment is near five-decade low and the financial system has been bolstered since the 2008 financial crisis. While there have been recent gains in wage growth, Powell said that wages for lower-income workers have
grown quite slowly over the past few decades. He also noted that a decadeslong decline in economic mobility has made it more difficult for lowerincome Americans to move up the economic ladder. In his remarks, Powell praised the work of the Fed’s community development staff and former Fed Chair Janet Yellen, who put
a special emphasis on efforts to help disadvantaged communities during her 16 years at the Fed, including the last four as Fed chair. Powell did not discuss the Fed’s current interest-rate policies in his appearance. The central bank has raised rates three times this year and is expected to boost rates for a fourth time at its Dec 18-19. Powell sent
the stock market surging last week when he signaled that the Fed may decide to slow the pace of rate hikes next year. Investors had been hoping to learn more about Powell’s current thinking in testimony he was scheduled to deliver tomorrow before the congressional Joint
Economic Committee. However, that appearance was cancelled because of the government closure for the funeral of former President George HW Bush. Both Powell and Fed board member Lael Brainard praised the work that Yellen did to help disadvantaged communities.
LEGAL NOTICE A.J.K. CORPORATE SERVICES (BAHAMAS) LIMITED (In Voluntary Liquidation) NOTICE is hereby given in pursuance of Section 222(2) of the Companies (Winding Up Amendment) Act, 2011, that all persons having claims against the above-named Company are requested to attend an Extraordinary General Meeting of the Members of the above-named company on the 9th day of January 2019 at 11:00 o’clock in the forenoon in the Offices of Ronald Atkinson & Co., Chartered Accountants, Marron House, Virginia and Augusta Streets, Nassau, Bahamas, for the purpose of having an account laid before the Members showing the manner in which the windingup has been conducted, the property of the Company disposed of, hearing any explanations that may be given by the Liquidator and determining, by Extraordinary Resolution, the manner in which the books, accounts and documents of both the Company and the Liquidator shall be disposed of. Dated the 4th day of December 2018.
Bennet R. Atkinson Liquidator
NOTICE
NOTICE Aqua Corp LTD. In Voluntary Liquidation
NOTICE Ana Cristina Guillen Chico Foundation In Voluntary Liquidation Notice is hereby given that in accordance with Section 52(2) (b) of the Foundation Act, 2004 Ana Cristina Guillen Chico Foundation is in liquidation as of November 29th, 2018.
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Aqua Corp LTD., is in dissolution as of November 29th, 2018. International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.
Saxon Investment & Trust AG is the Liquidator. LIQUIDATOR ______________________
LIQUIDATOR ______________________
MARKET REPORT MONDAY, 3 DECEMBER 2018
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 2,027.67 | CHG 0.78 | %CHG 0.04 | YTD -35.90 | YTD% -1.74 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 4.90 1.20 0.52 3.92 9.30 6.60 4.93 12.50 2.74 1.78 8.21 6.30 13.20 6.98 4.49 13.50
52WK LOW 3.50 19.17 7.00 3.32 0.90 0.16 2.25 8.60 6.10 3.54 9.00 2.30 1.50 7.25 6.00 10.10 5.67 3.25 12.50
1050.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01
1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson
Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00
52WK LOW 100.00
SYMBOL LAST CLOSE AML 4.45 APD 17.43 BPF 7.00 BWL 4.90 BOB 1.10 BBL 0.52 CAB 2.30 CIB 9.30 CHL 6.16 CBL 4.14 CBB 12.42 CWCB 2.48 DHS 1.78 EMAB 8.20 FAM 6.30 FBB 12.85 FIN 6.75 FCL 3.62 JSJ 13.01 CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 22 (Series B) +
SYMBOL FBB22
Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
MUTUAL FUNDS 52WK HI 2.18 4.16 2.02 182.41 158.55 1.59 1.71 1.67 1.10 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.52 1.68 1.61 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00 LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.45 17.43 7.00 4.90 1.20 0.52 2.30 9.30 6.16 4.14 12.42 2.51 1.78 8.27 6.30 12.85 6.75 3.62 13.01
CHANGE 0.00 0.00 0.00 0.00 0.10 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.00 0.07 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00
CHANGE 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
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
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
VOLUME
1,000
VOLUME
EPS$ 0.214 0.932 -0.306 0.317 0.059 0.000 -0.588 0.700 0.441 0.154 0.627 0.102 0.209 0.000 0.670 0.701 0.578 0.277 0.631
DIV$ 0.100 1.260 0.000 0.240 0.000 0.010 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.280 0.500 0.150 0.130 0.600
P/E 20.8 18.7 N/M 15.5 N/M N/M -3.9 13.3 14.0 26.9 19.8 24.6 8.5 N/M 9.4 18.3 11.7 13.1 20.6
YIELD 2.25% 7.23% 0.00% 4.90% 0.00% 1.92% 0.00% 7.63% 3.57% 2.90% 4.99% 2.39% 3.37% 1.02% 4.44% 3.89% 2.22% 3.59% 4.61%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
NAV 2.18 4.16 2.02 182.41 158.55 1.59 1.71 1.67 1.09 7.41 8.57 6.55 10.68 11.65 10.62 9.92 8.69 11.79
YTD% 12 MTH% 2.90% 4.07% 0.44% 4.38% 1.70% 2.35% 2.08% 3.47% 3.35% 5.94% 3.67% 4.43% 0.73% 0.96% 2.88% 3.53% -0.53% 0.27% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88
MATURITY 19-Oct-2022 20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022 NAV Date 30-Sep-2018 30-Sep-2018 28-Sep-2018 30-Sep-2018 30-Sep-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
Notice is hereby given that WILLY MASENA of Lipilli Road, Farrington Road New Providence, The Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 4th December, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.
NOTICE Notice is hereby given that OMAR ROBERT BRYAN of Hamster Road, P.O. Box AP59223,New Providence, The Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 22nd November, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.
NOTICE Francisco Vicente Guillen Chico Foundation In Voluntary Liquidation Notice is hereby given that in accordance with Section 52(2) (b) of the Foundation Act, 2004 Francisco Vicente Guillen Chico Foundation is in liquidation as of November 29th, 2018. Saxon Investment & Trust AG is the Liquidator.
LIQUIDATOR ______________________ NOTICE Francisco Guillen Lopez Foundation In Voluntary Liquidation Notice is hereby given that in accordance with Section 52(2) (b) of the Foundation Act, 2004 Francisco Guillen Lopez Foundation is in liquidation as of November 29th, 2018. Saxon Investment & Trust AG is the Liquidator. LIQUIDATOR ______________________