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TUESDAY, DECEMBER 10, 2019
$4.56 Govt urged: ‘Set tone’ on private minimum wage By YOURI KEMP Tribune Business Reporter TRADE union leaders yesterday urged the government to “set the tone” for a private sector minimum wage hike of between 19-66.7 percent via the prime minister’s planned increase for the public sector. Obie Ferguson, the Trade Union Congress (TUC) president, told Tribune Business: “As I have maintained, the objective here should be not the minimum wage but a livable wage. When they amended the Minimum Wage Act previously, I suggested to them then that the range should be $250 to $350.” “As you know, since then things have changed and the cost of living has gone up in every sense of the word. I think this is an appropriate time to see if we can consider increasing the minimum wage to what I consider to be a livable wage.” “The minimum wage now is $210, but the minimum, I think, should be $250. It should range, in my humble opinion, to $250 to $350 considering all of what is taking place in the country today.” The minimum wage was last increased by 40 percent in 2015 by the former Christie administration, which took it from $150 per week to $210 per week in the wake of value-added tax’s (VAT) introduction. Now, in what many observers perceive as a volatile industrial relations climate, the Prime Minister on Friday gave a vague confirmation that the government is seeking to increase the public sector minimum wage although he seemingly ruled out doing similar for their private sector counterparts. No details were provided, although John Pinder, director of labour, yesterday suggested the government has been discussing an increase to between $300 to $350 per week for the public sector - well within the range suggested by Mr Ferguson. Granting a public sector minimum wage increase will almost inevitably spark pressures for similar in the private sector, and Mr Ferguson yesterday dismissed suggestions that such a rise will increase hiring and other business costs. “When you look at the productivity aspect, which is a very important
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Tourism ‘aggressive’ on high single digit drop-off By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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HE Ministry of Tourism will be “more aggressive” in countering the “high single digit softness” in 2020 first quarter bookings after it received a $500,000 boost to its marketing war chest. Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business yesterday that he had approved a reallocation of funding from within the ministry’s 2019-2020 budget to intensify promotional efforts designed to counter negative publicity related to Hurricane Dorian. He added that some of the repurposed monies will be used to support new airlift to The Bahamas, with United Airlines’ service from Denver to Nassau, and an additional nonstop route from Boston, set to open further tourism markets this winter. Predicting that peak winter tourism stopover numbers will be “flat, if not a little down” against strong comparisons from 2019, Mr D’Aguilar said the falloff in the highest-spending
• Gets extra $500k for marketing offensive • Minister: Peak winter ‘softness’ in key markets • 11.4% cruise increase helps reduce impact
DIONISIO D’AGUILAR category had been partially offset by the rapid rebound in cruise passengers. He revealed that total cruise arrivals for October, just one month after Dorian’s passage, were up 11.4 percent year-over-year driven primarily by Royal Caribbean’s “incredibly successful” $250m Perfect Day expansion on its Coco Cay private destination in the Berry Islands. Mr D’Aguilar, disclosing that visitors to Coco Cay were up more than 100 percent against 2018 comparatives, added that
the strong cruise industry performance had ensured total visitor arrivals to The Bahamas for October - air and sea combined - finished ahead of the prior year by some 31,000 or 6.5 percent. And he voiced optimism that the Ministry of Tourism’s experiment with Bahamian Customs and Immigration pre-clearance facilities at Florida airports will ultimately make this nation “much more attractive” to private pilots and “improve the country’s ease of doing business” - provided the proposal gains Cabinet support for a full roll-out. Acknowledging continued post-Dorian “weakness” in some of The Bahamas’ key US source markets, Mr D’Aguilar told this newspaper: “The Ministry of Tourism is dedicating additional resources to advertising and marketing. “I just authorised a reallocation of funds, about $500,000, in the Ministry of Tourism’s budget to free-up
THE government must not cause businesses “to retreat” by rushing into a public sector minimum wage increase that fuels salary pressures throughout the economy, a top executive warned last night. Gowon Bowe, Fidelity Bank (Bahamas) chief financial officer, told Tribune Business that such a move could not be implemented “in a vacuum” and required extensive consultation between the government, private sector and the trade unions at the National Tripartite Council (NTC). Pointing out that a “consensus” among all Council members was reached prior to the private sector minimum wage’s sole increase in 2015, Mr Bowe reiterated that Hurricane Dorian’s $3.4bn blow to the Bahamian economy had made it
some additional monies for key destinations in the US. It’s obviously a market that provides in excess of 82 percent of our foreign visitors. We spent a week in Canada, our second largest market, two weeks ago and are beginning to dedicate resources and focus to key areas in the US.” Florida and the north-east corridor, centred around major cities such as New York, Washington DC, Boston and Philadelphia, provide the bulk of The Bahamas’ higher-yielding stopover visitors but Mr D’Aguilar declined to identify which were driving the first quarter booking weakness. “What the Ministry of Tourism is doing is reallocating priorities from this budget to take into consideration that we are encountering some softness in our first quarter bookings,” he told Tribune Business. “We’ve identified
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Union chief warns over general strike By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A TRADE union leader yesterday warned The Bahamas is headed for a general strike unless industrial relations undergo a fundamental reset, saying: “This is the worst I’ve seen it in 35 years.” Obie Ferguson, the Trades Union Congress (TUC) president, told Tribune Business that “the once-cherished relationship” between employers, trade unions and the Department of Labour had “disappeared” and was leading to growing workplace disharmony. Slamming what he described as “a complete disregard” for industrial agreements, Mr Ferguson argued that long-standing conventions and norms governing how employer and union behaved once such deals expired were no longer being followed. Instead of behaving as
• ‘It’s the worst I’ve seen it in 35 years’ • TUC boss blames ‘lack of respect’ • Rails against ‘total disregard’ for deals
OBIE FERGUSON if the expired agreement’s terms and conditions remain in effect until a new deal is negotiated, the TUC chief said both government agencies and the private sector were increasingly refusing “to come to the table” and enter discussions with workers/unions. Suggesting that this was causing increasing frustration among union members,
Mr Ferguson warned that unless pressures eased - and tensions cooled - then The Bahamas could be faced with a collective withdrawal of labour or industrial action in the form of a general strike. Reiterating that “no union leader wants that”, given the damage it would inflict on an already-weakened Bahamian economy post-Dorian, the TUC chief called on all sides to move back from the brink via “a change in attitude” and reversal of the “paradigm shift” in approach to negotiating new, registered industrial agreements. The Prime Minister, seemingly recognising the increasingly volatile state of Bahamian industrial relations, last week indicated that the government is mulling an
Don’t cause ‘business retreat’ through minimum wage hike By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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• Increase cannot be done ‘in vacuum’ • Top executive calls for ‘buy-in’ by all • Urges use of bi-annual review mechanism
GOWON BOWE even more vital that all sides are on “the same page”. He also urged the government, and other Tripartite Council members, to activate the mechanism put in place in 2015 whereby the minimum wage was to be reviewed every two years to determine whether it was adequately providing
sufficient income when measured against cost of living increases. Two such reviews should have occurred by now, and Mr Bowe said he “fully trusts” that Dr Hubert Minnis and his administration will not seek to increase the minimum wage - public sector, private sector or both - without conducting the necessary economic impact studies and stakeholder consultations. “I believe that, ultimately, this is not a decision to be taken in a vacuum,” he told Tribune Business. “We have the National Tripartite Council, and I fully trust he [Dr Minnis] will be using that mechanism to take a fully holistic look with empirical analyses.”
Mr Bowe added that the 2015 minimum wage increase, implemented under the former Christie administration, had “buyin with all three parties in agreement” and a consensus was reached despite their different perspectives. “Given the impact of Hurricane Dorian and the state of the economy, we don’t want businesses to be retreating; we want them to continue to be investing,” the Fidelity executive urged. “I fully trust the prime minister’s statement will not be taken in a vacuum and will be fully discussed with members of the National Tripartite Council. “It would not be wise at
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increase in the public sector’s minimum wage. However, this will only benefit 2,000 members of the Bahamas Public Service Union (BPSU) at a time when several labour issues continue to simmer in both the public and private sectors. “I think the major problem we are having, speaking for the labour movement, is that there seems to be a shift,” Mr Ferguson told Tribune Business. “By that I mean the once-cherished relationship that existed between the Department of Labour, the trade unions and the employer has disappeared. There’s no respect between the parties. “There is a complete
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$4.65 Cabinet gets ‘options’ over Nassau Flight By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Minnis administration has been sent “recommendations” on how to proceed with the proposed privatisation of Nassau Flight Services (NFS), a Cabinet minister has confirmed. Dionisio D’Aguilar, minister of tourism and aviation, declined to divulge which of the two final groups had been selected as the preferred bidder, or if the government-appointed evaluation committee had deemed neither offer satisfactory and called for the process to be annulled. “It’s on its way to Cabinet for their consideration,” Mr D’Aguilar said of the committee’s work. “The evaluation committee has reviewed the proposals that were submitted. They have a number of recommendations, and have sent them up to Cabinet for consideration. “They gave the Cabinet some options. I wouldn’t confirm or deny whether they’ve selected one bid or the other. These things have to be carefully considered, evaluated, and when Cabinet feels comfortable they’ll make their decision.” Tribune Business previously reported that Colin Ingraham and Robert Pantry, the former Royal Bank of Canada (RBC) and Scotiabank banker, are the principals involved in one of the two remaining bidders. They are thought to be supported by RoyalFidelity Merchant Bank & Trust, which will raise the necessary financing. Besides Algernon Cargill, director of aviation, the evaluation committee also included former Central Bank governor, Wendy Craigg, who now chairs the Bahamas Civil Aviation Authority (BCAA) Board; Walter Wells; accountant Philip Stubbs; and Ryan Sands, an attorney with the Attorney General’s Office. Nassau Flight Services’ annual $8m revenues place it well within the range of the Bahamian investor groups targeted by the government. The Minnis administration has long made clear that it views the company as “low hanging fruit” when it comes to privatisation, outsourcing and getting the government “out of business”. It also sees the privatisation as part of its drive to
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THE TRIBUNE
HOTEL INDUSTRY’S EYE ON OUTLOOK FOR 2020 TOURISM HITS RADIO THE prime minister was the main speaker for the Bahamas Hotel and Tourism Association’s (BHTA) 67th annual general meeting, which was held last Friday at Atlantis. Dr Hubert Minnis addressed more than 100 tourism industry stakeholders, including BHTA president, Carlton Russell; Robert Sands, senior vice-president; Stuart Bowe, immediate past president; and Jamal Glover, BHTA treasurer. Joy Jibrilu, the Ministry of Tourism’s director-general; Fred Lounsberry, chief executive of the Nassau/ Paradise Island Promotion Board (NPIPB); Ian Rolle, acting chairman of the Grand Bahama Island Tourism Board; Kerry Fountain, executive director of the Bahama Out Islands Promotion Board (BOIPB); Basil Smith, executive director of the Association of Bahamas Marinas (ABM); and
AIRWAVES IN FLORIDA
PICTURED from left: Ellison “Tommy” Thompson, MOTA; Jamal Glover, treasurer, BHTA; Stuart Bowe, immediate past president, BHTA; Joy Jibrilu, director-general, MOTA; Carlton Russell, president, BHTA; Dr Hubert Minnis, prime minister; Frankie A Campbell, minister of social services and urban development; Robert Sands, senior vice-president, BHTA; Dean Spychalla, vice-president for the Out Islands, BHTA. Vernice Walkine, the Nassau to the hurricane, while product will continue to add Airport Development Com- acknowledging a cross- value to the entire industry pany’s (NAD) president and sector downturn in the and assist in the economy’s chief executive, presented economy in its wake. full recovery. on recent developments Tourism executives were Attendees praised the and the outlook for their cautiously optimistic for the strong and swift rebound respective industries and New Year, with performance of Grand Bahama, and companies. indicators beginning to show applauded those in Abaco who Senior hotel operators signs of a sustained rebound. were rebuilding and restorreported on their properties’ Many properties spoke of ing their businesses. There, performance pre and post- the projects planned for two properties - the Abaco Hurricane Dorian, and their their respective resorts, Club and Sandpiper Inn forecast for 2020. Most indi- and hoped investment and have opened their doors for cated a strong year prior improvement in the tourism business.
FROM left: Tina Lee; Melissa Anderson, sales consultant, Atlantis; Earnestine Moxyz and Betty Bethel-Moss, Bahamas Tourist Office; Viktoria Riley, director of marketing, Ocean Club, a Four Seasons resort. THE Bahamas Tour- developments, trends and ist Office in Florida has tourism activities occurring teamed with its media in this nation. partners to stage three speThe 30-minute radio cial shows promoting this show, which airs on Saturnation as “open for busi- day at 11am on WFTL 850 ness” following Hurricane AM in West Palm Beach, is Dorian. heard throughout the Dade, The shows will be Broward and Palm Beach held through the Hubbard Counties in the south and Radio Alpha Media Net- as far away as Tampa to the work in West Palm Beach, north. and are designed to further The show is created, proheighten The Bahamas’ duced and hosted by the tourism brand, engage loyal Ministry of Tourism and listeners and increase visi- Aviation’s communications tor interest and bookings, and sales veterans, Earneswhile promoting the latest tine Moxyz and Tina Lee.
THE TRIBUNE
Tuesday, December 10, 2019, PAGE 3
$14M PROJECT ENJOYS STRONG RESERVATIONS By YOURI KEMP Tribune Business Reporter THE developer behind a newly-launched $14m real estate project said 65 percent of phase one units had already been reserved prior to yesterday’s ground breaking. Villanova Bahamas, a gated community to be constructed off West Bay Street, is targeting the “affordable luxury” market with all units priced below the $400,000 to place them within range of middle class Bahamian buyers. Randy Hart, its president, who is also vice-president of the GoldWynn residences
project opposite the Prime Minister’s Office on West Bay Street, told Tribune Business: “In January we will be continuing with the sale agreements. At this point, at phase one, 65 percent of the units have been reserved and that’s within the first few short months/. “As we have now started construction of the building, we are progressing quickly, so we are anticipating that the sales velocity will accelerate significantly once under way.” Mr Hart said his vision is to develop an “affordable” luxury development, with the minimum price for a studio starting at $195,000
and then scaling upwards to $380,000 for a three-bedroom unit. With a total construction value of around $14m, Villanova will feature amenities such as security, a swimming pool and fitness centre, and a landscaped central courtyard in addition to back-up power generation. With “the first phase well under way now”, Mr Hart said the developer plans to “start phase two within a three-month progression”. He added that the total build-out is scheduled to take from 24 to 36 months with an all-Bahamian workforce. “We were offered a
couple of work permits but we said ‘no thank you’,” said Mr Hart. While the approvals process was somewhat burdensome, Mr Hart added: “There has been a higher degree of scrutiny of new projects, and we went through the new process with the Town Hall forum. Ultimately, I think that was beneficial because it brought the community together to better understand what our vision was. “Once the residents of the community appreciated the vision for the project, everybody came on board and they are now excited. I think they are appreciative
that it is good news for property values in the area. Since we have started, some of the other neighbouring properties have started to move and we are seeing green shoots in different directions now in terms of improvements in the area. “We are also working with the Ministry of Works on some of the perennial issues in this area in terms of some of the drainage issues, but we would also like to see the road improved and some of the drainage in the surrounding areas improved. “ Promising that Villanova will be the catalyst for further infrastructure
developments in the West Bay Street/Ferguson Road area, Mr Hart said this now depended on “dialogue with the government on what needs to be done for area improvement and development.” Mark Humes, the local MP, who was also present at the groundbreaking, said: “Coming in as a member of parliament for Fort Charlotte, one of the goals that I had was to transform the area and make it better for the residents that are currently here. So it is a pleasure to have Villanova and, hopefully, it will be the impetus to get these redevelopment projects going again in Fort Charlotte.”
ALIV SPONSORS BAHAMAS’ DUBAI EXPO 2020 OFFER SOCIAL MEDIA ‘UNTRUTHS’ IMPACT BID TO JOIN WTO
ALIV has become the title sponsor for the Bahamas Pavilion at Expo 2020 Dubai, which is expected to attract attendees from 192 countries between October 20, 2020, to April 10, 2021. Damian Blackburn, Aliv’s top executive, said of the sponsorship deal: “As a company that stands on pillars that heavily focus on quality service - a quality network, exceptional customer service and, in this respect, most importantly, innovation, we could not have been more eager to stand in the gap. “Innovation across all sectors - be it technology, finance, health or education - remains at the forefront of everything we do locally. We always seek to highlight Bahamian innovators and welcome any opportunity we see as a step up or a door open for Bahamian innovation to the world. “Aliv see this as more
than just another Expo, but rather an important cultural milestone that simultaneously allows us to support the work of a pioneering group of individuals. Aliv also hopes to use this occasion to further show how we as a growing telecommunications provider can use telecoms and technology to highlight the best of The Bahamas on a global scale.” Two Bahamian delegations visited Dubai between November 15-21, 2019, and November 22 to December 1, for a series of meetings that focused on financial services and business opportunities as well as this nation’s presence at the upcoming Expo. The first half delegation was led by Elsworth Johnson, minister of financial services, trade and industry and Immigration, and included members of the Bahamas Financial Services
Board (BFSB), Bahamas Chamber of Commerce and Employers Confederation (BCCEC), Gonet Bank and Trust and representatives from Ansbacher, Leno Bahamas and Credit Suisse Trust. They attended the BFSB’s Landfall breakfast briefing, STEP Arabia 2019 and meetings with the Dubai Chamber of Commerce, Dubai Financial Market and a visit to the Expo 2020 site. The second delegation included Tony Joudi, The Bahamas’ non-resident ambassador to the United Arab Emirates (UAE) and the state of Qatar; Dr Tyrone McKenzie, Bahamas Pavilion consultant; and Michael Diggiss, Bahamas Pavilion senior project manager. They attended the final international participant meeting (IPM 2019) before Expo 2020.
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THE Bahamas’ bid to attain full World Trade Organisation (WTO) membership has been made harder by the spread of untruths on social media, the Government’s top negotiator has argued. Zhivargo Laing, an exCabinet minister, told a Bahamas Bureau for Standards and Quality (BBSQ) trade seminar that Bahamians had been turned against WTO membership through the circulation of misinformation, half-truths and falsehoods via the Internet and social media. “It’s been more difficult because of the social media opportunities people have use of—those broad and powerful platforms to spread things that are not true. That makes it more difficult than anything else,” Mr Laing said. He confirmed that The Bahamas is on the verge of setting a world record for the longest-ever WTO accession process, which is now in its 19th year after starting in 2001. To date, the process has passed through five different government administrations and only completed two out of the seven steps required. “The average time for
FROM left: Hema Menon, Trade Training Officer, Export Quality Management, International Trade Centre; Zhivargo Laing, Chief Negotiator for The Bahamas Accession to the Word Trade Organization; Dr Renae Bufford, Executive Director of the The Bureau of Standards and Quality (BBSQ); Lauro Locks, Counsellor (Legal), TBT Unit, Trade and Environment Division, World Trade Organization (WTO) and Gergana Kishinova, Project Officer, Trade and Environment Division, World Trade Organization (WTO). acceding to the WTO is about nine-and-a-half years,” he said. “The time taken by us so far means that we are nearing record setting,” Mr Laing said. He added that the Seychelles was currently the record holder at 20 years. “The shortest was three years by Kyrgyz Republic. It was the Government’s aim to conclude the WTO accessions by the next ministerial conference of the WTO in June of next year. That will not now happen,” Mr Laing said. “Any fair reading of our present circumstances would suggest that we are looking at probably a minimum of five additional years.” Dr Renae Bufford,
director of The Bahamas Bureau of Standards and Quality, said in her remarks: “Knowing that standards will play a significant role in The Bahamas’ drive towards accession to membership in WTO, it was only natural that BBSQ should conceive of and host this forum. It seeks to inform on and clarify some key issues on the accession process. “Technical aspects of the day will focus on non-tariff measures (NTMs) and technical barriers to trade (TBT), which are particularly important to a nation such as The Bahamas that relies heavily on imports.”
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Tourism ‘aggressive’ on high single digit drop-off FROM PAGE ONE the markets where the softness exists, and are diligently trying to reverse that phenomenon.” Asked by how much peak winter season bookings were likely off compared to this year, Mr D’Aguilar replied: “It’s in the high single digits so we are mobilising resources to counter that. We are expecting the numbers to be flat, if not a down a little bit, because we’ve lost the key markets of Abaco and Grand Bahama. “It’s very hard to replace those markets in their entirety with increases in arrivals to other destinations in the country. We expect to close that gap as Grand Bahama and Abaco come back on stream, but it’s going to take time to recover from the negative public relations wrought on the destination by the international media in the aftermath of the hurricane. We’re going to become that much more aggressive in countering this. “We are countering that with the resources we have in the best possible way, and are also investing in markets where we have new nonstop flights coming out of Denver and Boston. Where
we’re getting those extra non-stop flights we have to put additional marketing to make sure they’re supported. You can never spend enough money.” Mr D’Aguilar, though, said the decline in stopover arrivals numbers - if not the per capita spending yields - was being more than offset by a buoyant cruise industry that has just added another Bahamian private island destination through the opening of Mediterranean Shipping Company’s (MSC) Ocean Cay project. “Cruise arrivals for the month of October are up 11.4 percent,” he revealed, “primarily because of the massive increase in the amount of cruise passengers coming into Coco Cay. That’s proven to be incredibly successful. It’s up over 100 percent. “This is while stopover visitors are down probably ten percent in October because of Abaco and Grand Bahama. That has been countered by the increase in cruise arrivals. The number of air and sea arrivals coming to The Bahamas in October was up 6.5 percent; from 453,000 to 482,000. “Obviously one is worth a lot more than the other, but The Bahamas is still a very attractive destination.
We expect that [cruise] to continue to grow very robustly because MSC’s Ocean Cay is just coming on stream.” Mr D’Aguilar confirmed that the next phase of The Bahamas’ post-Dorian marketing efforts, branded Still Rockin, is due to launch in January “in most key markets”. And he added that the placement of Customs and Immigration officers at Florida Fixed Base Operators (FBOs), so that private pilots could be pre-cleared before coming to The Bahamas, should help diversify the tourism product. “We consider the preclearance feature to be very innovative and will facilitate a greater diversity of access to a number of islands,” the minister told Tribune Business, explaining that it would eliminate the need for pilots to first visit a “port of entry” to be cleared before flying on to their intended destination. “It greatly reduces the cost and time of going to a port of entry to clear, and then taking off again to your destination island,” Mr D’Aguilar explained. ‘“I think that makes The Bahamas that much more attractive, not only for foreign visitors but those seeking to assist the islands in need, and improves the ease of doing business in the country. It’s a feature we’re looking at.”
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Union chief warns over general strike FROM PAGE ONE disregard for what we all know as the industrial agreement. Whether it is valid or not, it is not recognised by employer or government agencies... Once the agreement expires, the employer now takes the view there’s no need to sit down with you and negotiate a new industrial agreement. That was never the case in the evolution of industrial relations in The Bahamas. “There was no pressure put on the union and the employer, and they both in good faith traditionally honour the expired old agreement until the new one was completed, executed and registered. That does not exist any more in The Bahamas,” the TUC leader continued. “There was never a need to go to the Labour Board or file a trade dispute for the purposes of taking a strike vote or taking a strike. What we now have, in order for the unions to move the negotiations, is they have to file a trade dispute, take a strike vote and, in some cases, go on strike to get the employer to negotiate.” Both the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU) and Water & Sewerage Corporation line staff union took strike votes earlier this year in a bid to gain leverage
in industrial negotiations, marking what Mr Ferguson described as a major shift from days when the union and company’s human resources manager could resolve disputes without needing attorneys. Calling for all parties to assess their “contribution” to what he described as “this unsettled position in the labour movement”, the TUC leader said: “If it continues my prognosis is we can possibly see a collaborative effort by all the unions taking general industrial action.” Asked whether he meant a general strike, Mr Ferguson replied: “In effect, in effect.” While the unions knew this was “not the best route to go having regard to the economy”, he argued there came a point when both leaders and members could take no more if their questions were not being answered. Comparing the current industrial environment to an “agitated cat”, which eventually lashes out if provoked too far, Mr Ferguson added: “I’m unhappy. As one of the leaders of the labour movement in the country I’m not happy with labour in The Bahamas.” Pointing to the unrest at the National Insurance Board (NIB) over a new industrial agreement, and the wait among the Water & Sewerage Corporation’s management union and Customs and Immigration
union for deals to be signedoff, Mr Ferguson added: “I understand the concerns of employers but they must take some responsibility for what is happening.” He argued that workers should not be forced to take the government to court to obtain the necessary holiday pay specified in law, and called on it to “come with open hands” and be transparent if it was unable to pay all that is due to a union’s members under an industrial agreement due to its ongoing fiscal difficulties. Arguing that unions would be understanding in such circumstances, Mr Ferguson said: “No one wants to put The Bahamas in a state where we have a serious situation in our country. No union leader wants that... But I have never seen it at this point. I have never experienced it like this.” Railing against the disrespect he says is being shown to organised labour, the TUC chief added: “Now the attitude is take it or leave it, and that’s not good for good industrial relations. Unless there’s a change in attitude and move back from the paradigm shift, I think the future is very dim in terms of not avoiding, in my humble opinion, a general strike. “This is the worst I’ve seen it in union-worker-employer relations for about 35 years. I’ve never seen it like this.”
GOVT URGED: ‘SET TONE’ ON PRIVATE MINIMUM WAGE FROM PAGE ONE
This is to advise the general public that
Brian Smith
is no longer employed at Bahamas Waste Limited and is not authorized to conduct any business on our behalf. Signed: Management
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component of cost, when you look that the cost that I am talking about is minuscule,” Mr Ferguson said. “Production increases revenue and it increases efficiency, and it also increases the way the clients or customers look at the business. “So the whole question of the overall profitability of the company is more likely. So I don’t see it being used as a cost factor to discourage people from continuing employment or reducing employment.” Responding to concerns that only the public sector will enjoy a minimum wage increase, Mr Ferguson said: “In most countries the government sets the tone for everything. If the
government says the minimum wage is $210, then that’s the minimum wage. “Of course, certain individuals can go up if they want, but certainly if the law is the minimum wage is $210 you can’t take someone to court if they decide to pay $210. So it has no impact. I think our objective here should be a living wage.” Darrin Woods, president of The Bahamas Hotel, Catering and Allied Workers Union (BHCAWU), said the minimum wage rise for the public sector “is welcomed news. But I don’t know how far that private sector is going. They aren’t moving”. As to whether the public sector minimum wage rise will push private sector employers to do the
same, he added: “Yes, it’s going to push it, but you know every time they start talking about minimum wage increase the private sector starts talking about lay-offs. “Because we are in contract negotiations, which is different, the government can’t really speak for the private sector. The only thing the government would do is probably try to set the tone, and the private sector would probably follow at some point. Because they kind of piggyback off of most things the government would do. “You find government does a particular thing, then they do it. So if the government increases their minimum wage they probably won’t do it right away, but I am sure the government can find ways to get them to do something in the way of incentives and what they do for investors and such. So we’ll just watch and see what happens.”
Cabinet gets ‘options’ over Nassau Flight FROM PAGE ONE create more Bahamian entrepreneurs, diversify the economy and spread the wealth, hence its insistence that foreign bidders need not apply given that Nassau Flight Services’ size makes it a prime candidate to remain in local hands. The ground handling services provider currently requires annual taxpayer subsidies of $2m, while the privatisation tender document laid out relatively modest growth prospects. Revenues from its main ground handling business projected to grow at two percent per annum over the next decade. And a downsizing of Nassau Flight Services’ 244strong workforce, featuring 166 full-time workers and 78 temporary staff, is almost inevitable given the need to better align costs with income. This, though, will not be easy given the presence of trade unions via the Airline, Airport and Allied Workers Union and an existing industrial agreement. Nassau Flight Services’ client base comprises British Airways, Air Canada, West Jet, Sunwing Airlines, InterCaribbean Airlines, Caribbean Airlines, COPA Airlines and Cubana Airlines at LPIA’s international terminal, and Jet Blue, Southwest Airlines, United Airlines and Silver Airlines at the US terminal.
THE TRIBUNE
Tuesday, December 10, 2019, PAGE 5
Don’t cause ‘business retreat’ through minimum wage hike FROM PAGE ONE this point in time if it was a unilateral decision. It has to be a collective decision with businesses in the impacted islands, and businesses in the unimpacted islands that are trying to pick up the slack. “It’s important we’re all on the same page and that businesses are not retreating and continuing to invest.” Many observers have interpreted Dr Minnis’s vague remarks of a public sector minimum wage increase as an attempt to appease trade unions who have become increasingly vociferous in their demands for increased salaries and benefits to match cost of living increases. No details have been provided, and other Cabinet ministers referred The Tribune amongst each other when specifics were sought. The issue has also yet to be discussed at the National Tripartite Council, this newspaper understands, which is the body created to address all labour-related matters in The Bahamas. However, John Pinder, director of labour, yesterday said internal discussions had focused on increasing the public sector minimum wage from the present $210 per week to between $300 to $350 - in increase of between 42.9 percent and 66.7 percent. This is similar to what Obie Ferguson, the Trades Union Congress (TUC) leader, demanded earlier this year. Taking the lower $300 threshold, and Mr Pinder’s estimation that 2,000 or 10 percent of the Bahamas Public Services Union’s (BPSU) 20,000 members will benefit, this translates into an annual $4,680 increase for every minimum wage worker and adds around $9.36m to the government’s yearly payroll. However, Mr Pinder said any minimum wage increase in the public sector was designed to force the private sector to follow suit. Should the government do it for one group, the pressure from other public sector unions and private sector employees to follow suit is almost guaranteed even though the prime minister said there are no moves afoot to
raise the private sector minimum wage. Mr Bowe, meanwhile, urged the government to use the mechanism put in place in 2015 where future minimum wage increases were indexed to a twice-yearly review that benchmarked this against cost of living increases. He called on all parties to abide by this agreement, adding: “While not at the forefront of all sides’ minds, it’s certainly not something to turn away from.” The first, and last, increase in the private sector minimum wage occurred in mid-2015 in a bid to cushion the impact of value-added tax’s (VAT) introduction - and associated cost of living increases - on low income earners. The 40 percent rise from $150 to $210 per week was the first such occurrence since the minimum wage was introduced by law in The Bahamas in 2002. Pressure for further increases has come at regular intervals due to The Bahamas’ economic difficulties over the past decade, especially when factors such as the VAT rate rise to 12 percent reduce household purchasing power. Many Bahamians argue that $210 per week, or $840 per month, is not a “liveable” wage and it is impossible to make ends meet with such an income - especially if the worker has a family to support - given the constant rise in the cost of living. However, minimum wage increases come with other consequences. They inevitably increase employer costs, especially marginal labour expenses, which can result in companies laying-off staff or becoming reluctant to take on new hires. Given that those earning minimum wage salaries tend to be young workers, such as school leavers, just entering the workforce, any reluctance by employers to hire at an increased salary could create barriers to entering the world of work. There is also a social cost to this, as young, unskilled minimum wage earners are often those responsible for the current level of crime.
PAGE 6, Tuesday, December 10, 2019
THE TRIBUNE
TCI chairman Reuben Hall speaks with Gaming Board chairman Kenyatta Gibson at the board’s office on Collins Avenue.
Gaming Board hosts TCI commission THE Gaming Board for The Bahamas hosted a delegation from the Turks and Caicos Island (TCI) Gaming Commission last week for discussions on best practices and to offer guidance. Board chairman Kenyatta Gibson welcomed the commission as the two regulatory bodies discussed a range of issues including commercial and domestic gaming,
YOUR
CHOICE FOR THE FAMILY
enforcement, taxes, technical standards, licensing, responsible gaming, illegal gambling operators and anti-money laundering policy. The group toured both the Atlantis and Baha Mar casinos in addition to visiting the Gaming Board’s office in Grand Bahama. TCI chairman Reuben Hall thanked Mr Gibson and the Gaming Board’s secretary, Ian Tynes,
for their hospitality and assistance. Secretary Tynes said: “It is always great to meet with our counterparts from the region and get a chance to exchange and discuss best practices. Along with the close working relationships that we have, we can also see new and emerging trends in the gaming industry and learn from each other as regulators in our respective jurisdictions.”
Citigroup chief meets with Prime Minister
WWW.FACEBOOK.COM/JOYFM1019
Michael L Corbat, Citigroup’s chief executive, centre left, and Donna Corbat, right, accompanied by Citi country officer, Margaret Butler, paid a courtesy call on Prime Minister Dr Hubert Minnis last Friday at the Office of the Prime Minister. Photo: Yontalay Bowe/BIS
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THE TRIBUNE
Tuesday, December 10, 2019, PAGE 7
STOCKS CLOSE BROADLY LOWER ON WALL STREET; TRADE IN FOCUS
By ALEX VEIGA Associated Press
STOCKS closed modestly lower on Wall Street yesterday as losses in technology, health care and financial companies outweighed gains elsewhere in the market. The selling snapped a three-day winning streak for the S&P 500 and wiped out the index’s 0.2% gain last week. Trading was mostly muted as investors looked ahead to a busy week of economic reports and an interest rate policy update from the Federal Reserve. The market also remained focused on developments in the trade negotiations between the US and China. Both sides have been working toward a limited “phase 1” deal that investors hope can at least avert new US tariffs from kicking in on $160bn of Chinese imports on Sunday. That would raise prices on key products, including cell phones and laptops, and threaten to affect consumers. “With the deadline being Sunday, most people don’t
think that new tariffs will be put in place, but they also don’t expect a phase 1 (deal) to be signed this week,” said Sam Stovall, chief investment strategist at CFRA. The S&P 500 index lost 9.95 points, or 0.3%, to 3,135.96. The Dow Jones Industrial Average fell 105.46 points, or 0.4%, to 27,909.60. The Nasdaq dropped 34.70 points, or 0.4%, to 8,621.83. The Russell 2000 index of smaller company stocks gave up 4.22 points, or 0.3%, to 1,629.62. Major stock indexes in Europe also closed broadly lower. Bond prices rose. The yield on the ten-year Treasury fell to 1.82% from 1.84% late Friday. After strong gains in November, US stock indexes have mostly pulled back this month ahead of the scheduled rollout of new US tariffs on Chinese goods this weekend. A Chinese official said yesterday that the nation wants a prompt settlement, but gave no details on progress toward a potential deal. China made a conciliatory gesture last week when
it said it would waive tariffs on American soybeans and pork. Technology sector stocks, which have been particularly sensitive to developments on trade because many of the companies rely on China for sales and supply chains, helped drag the market lower yesterday. Apple fell 1.4% and chipmaker Micron Technology slid 3.1%. Industrial stocks also fell. United Airlines dropped 1.1% and General Electric dropped 1%. Abiomed led the slide in health care stocks, falling 4%. Banks fell as bond yields declined. Goldman Sachs dropped 1.2%. Several retailers helped lift the consumer discretionary stocks sector. Home Depot gained 1.1% and rival Lowe’s rose 1.4%. Target picked up 1.1%. Traders also weighed several big health care sector deals. Shares in ArQule more than doubled on news that Merck agreed to buy the small biotechnology company for $2.7bn. ArQule is in the early stages of studying potential treatments for
Families of crash passengers want wider review of Boeing Max By DAVID KOENIG Associated Press THE head of the Federal Aviation Administration will face questions about whether the agency is too cozy with Boeing when he testifies this week before a congressional panel. The chairman of the House Transportation Committee says he plans to ask FAA Administrator Stephen Dickson about Boeing’s influence over the FAA’s Seattle office and incidents in which FAA managers vetoed the concerns of the agency’s own safety experts. “We are having a hard time piercing the veil of how consistently and repeatedly Boeing is managing to pressure and overcome the objectives of the safety specialists,” committee Chairman Peter DeFazio, D-Ore, said yesterday in an interview. Dickson is scheduled to testify at a hearing tomorrow, just as the FAA gears up to review changes Boeing is making in its 737 Max jet. The Max remains grounded after two deadly crashes. Investigations into the crashes in Indonesia and Ethiopia point to a flightcontrol system called MCAS that automatically pushed the noses of the planes down in response to faulty readings from a sensor. Boeing is making MCAS less powerful and tying it to a second sensor. It is also proposing
material for training pilots about MCAS, and fixing a separate issue around flightcontrol computers. The company hopes airlines can resume using the Max early next year. Relatives of passengers who died in the second crash say FAA is focusing too narrowly on Boeing’s revamp of a flight-control system implicated in both accidents. They want a nose-to-tail review of every key system on the plane before the grounded planes can fly again. “That’s a tombstone
mentality” to focus only on MCAS, said Nadia Milleron, whose daughter died in the March 10 crash of an Ethiopian Airlines Max. “You don’t just wait until people die to address (other) systems.” Chris Moore, whose daughter died in the Ethiopian crash, sent a list of questions that he hopes lawmakers will ask Dickson, including why the FAA didn’t ground the Max after the first crash, when a Lion Air Max plunged into the sea off the coast of Indonesia in October 2018.
conditions including leukemia. Merck inched 0.1% higher. Sanofi made a similar play, spending $2.5bn for Synthorx, which is also in the earlier stages of testing cancer treatments. Sanofi fell 1.6% and Synthorx jumped more than threefold. In other deal news, health insurer United HealthGroup said it is buying Diplomat Pharmacy to help bolster its pharmacy benefits unit, OptimRx. The deal is being made at a steep discount, which sent Diplomat’s stock plunging 32.7%. UnitedHealth dropped 0.9%. PG&E vaulted 15.9% following late Friday’s news that the California utility has reached a tentative $13.5bn settlement that resolves all major claims related to the deadly, devastating Northern California wildfires of 2017-2018. The blazes were blamed on PG&E’s outdated equipment and negligence. The deal, which still requires court approval, represents a key step in PG&E’s exit from Chapter 11 bankruptcy. Wall Street is in for a busy
week of economic reports culminating in a key update on whether Americans are still spending at a healthy pace. Investors will get a revised report on worker productivity for the JulySeptember quarter today. Data released in November showed a decline for the first time since late 2015. Tomorrow the government will release its November report for consumer prices, which have been rising at a modest rate this year. A gauge on producer prices will be released on Thursday. The Commerce Department’s report on retail sales coming up Friday is possibly the most important update this week. The economy has been propped up in part by solid spending and job growth. Meanwhile, the Federal Reserve is scheduled to deliver its latest economic and interest rate policy update tomorrow after a two-day meeting of its policymakers. The central bank is widely expected hold off on making any changes to interest rates. “The market does not
expect a rate cut in December, but is probably still holding out for one or two in 2020,” Stovall said. “We think the Fed is going to sit pat and not really do anything.” The Fed cut interest rates three times this year in a bid to buttress economic growth. That nearly reversed four rate hikes in 2018. The Fed has signaled that it will hold off on any additional rate cuts while the economy remains healthy. Benchmark crude oil fell 18 cents to settle at $59.02 a barrel. Brent crude oil, the international standard, dropped 14 cents to close at $64.25 a barrel. Wholesale gasoline was little changed at $1.65 per gallon. Heating oil slipped a penny to $1.94 per gallon. Natural gas fell ten cents to $2.23 per 1,000 cubic feet. Gold fell 20 cents to $1,464.90 per ounce, silver gained five cents to $16.53 per ounce and copper rose three cents to $2.75 per pound. The dollar rose to 108.62 Japanese yen from 108.55 yen on Friday. The euro strengthened to $1.1064 from $1.1056.
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2019
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT
CLE/qui/00618
Common Law and Equity Division IN THE MATTER of the Quieting Titles Act, 1959. AND IN THE MATTER OF ALL THAT piece parcel or lot of land containing Nine thousand Five hundred and Four (9,504) square feet at the Southwest junction of East Lake Road and Pilot Drive being Lot No. 15 in the Coral Heights East Subdivision situate in the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas AND IN THE MATTER OF ALL THAT piece parcel or lot of land containing Eight thousand Eight hundred (8,800) square feet at Pilot drive being Lot No. 16 in the Coral Heights East Subdivision situate in the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas AND IN THE MATTER of the Petition of KRYSTYN DEVEAUX and KIM MONIQUE DEVEAUX ____________________________ NOTICE OF PETITION ____________________________ The Petition of KRYSTYN DEVEAUX and KIM MONIQUE DEVEAUX both of the Western District of the Island of New Providence one of the Islands in the Commonwealth of The Bahamas (hereinafter called “the Petitioners) in respect of:a) ALL THAT piece parcel or lot of land containing Nine thousand Five hundred and Four (9,504) square feet at the Southwest junction of East Lake Road and Pilot Drive being Lot No. 15 in the Coral Heights East Subdivision situate in the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas which said piece parcel or lot of land is bounded NORTHWARDLY by Pilot Drive and running thereon Fifty-seven and Ninety-six hundredths (57.96) feet NORTHEASTWARDLY by Pilot Drive and East Lake Road and running thereon along a line Thirty-five and Eighty-seven hundredths (35.87) feet in an arch EASTWARDLY by East Lake Road and running thereon Eighty-nine and Twenty-one hundredths (89.21) feet SOUTHWWARDLY by Lot No. 14 and a portion of Lot No.13 and running thereon Ninety-four and Eighty hundredths (94.80) feet and WESTWARDLY by Lot No. 16 and running thereon One hundred and Ten (110.00) feet which said piece or parcel of land has such position boundaries shape marks and dimensions as are shown on the diagram or plan filed herein and marked “5936NP”and is delineated on that part which is coloured “Pink”. b) AND ALL THAT piece parcel or lot of land containing Eight thousand Eight hundred (8,800) square feet at Pilot Drive being Lot No. 16 in the Coral Heights East Subdivision situate in the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas which said piece parcel or lot of land is bounded NORTHWARDLY by Pilot Drive and running thereon Eighty (80.00) feet EASTWARDLY by Lot No. 15 and running thereon One hundred and Ten (110.00) feet SOUTHWWARDLY by a portion of Lot No. 13 and a portion of Lot No.12 and running thereon Eighty (80.00) feet and WESTWARDLY by Lot No. 17 and running thereon One hundred and Ten (110.00) feet which said piece or parcel of land has such position boundaries shape marks and dimensions as are shown on the diagram or plan filed herein and marked “5936NP”and is delineated on that part which is coloured “Pink”. TAKE NOTICE that by Petition filed in the Supreme Court of The Bahamas on the 9th day of May, A.D., 2019 the Petitioners claim to be the owners in fee simple in possession of all those pieces parcels or lots of land hereinbefore described and have made an application to the Supreme Court of the Commonwealth of The Bahamas under Section 3 of the Quieting Titles Act 1959 to have their title to the said pieces parcels or lots of land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. Copies of the Plan of the said land may be inspected during normal office hours in the following places: 1. The Registry of the Supreme Court of the Bahamas, Ansbacher House Building, East Street; and 2. The Chambers of Ferreira & Company, situate in the Kemp Building, No. 39 East Street North, Nassau, The Bahamas. TAKE NOTICE that any person having dower or right of dower or any adverse claim or a claim not recognized in the Petition must on or before the expiry of Thirty (30) days following final publication of this Notice file in the Supreme Court and serve on the Petitioner or the undersigned a Statement of his/her claim in the prescribed form, verified by an Affidavit to be filed therewith. Failure of any such person to file and serve a Statement of his/her claim on or before the Thirtieth (30) day following final publication of this notice will operate as a bar to such claim. FERREIRA & COMPANY Chambers Kemp Building No. 39 East Street North. Nassau, The Bahamas Attorneys for the Petitioner
PAGE 8, Tuesday, December 10, 2019
THE TRIBUNE
World trade without rules? US shuts down WTO appeals court GENEVA Associated Press GLOBAL commerce will lose its ultimate umpire today, leaving countries unable to reach a final resolution of disputes at the World Trade Organization and instead facing what critics call “the law of the jungle’’. The United States, under a president who favors a go-it-alone approach to economics and diplomacy, appears to prefer it that way. The terms of two of the last three judges on the WTO’s appellate body neared their end at midnight yesterday. Their departure will deprive the de facto Supreme Court of world trade of its ability to issue rulings. Among the disputes left in limbo are seven cases that have been brought against Trump’s decision last year to declare foreign steel and aluminum a threat
DENNIS SHEA, US Ambassador to the WTO, arrives for the opening of the General Council, at the headquarters of the World Trade Organization, WTO, in Geneva, Switzerland yesterday. Photo: Salvatore Di Nolfi/AP to US national security and But its decisions will go WTO, countries could use to hit them with import nowhere if the loser appeals tariffs and other sanctions to a higher court that is no to limit imports. Such rising taxes. protectionism could create The WTO’s lower court longer functioning. Without having to worry uncertainty and discourage — its dispute settlement body — can hear cases. about rebukes from the trade.
MARKET REPORT www.bisxbahamas.com
(242) 323-2330
MONDAY, 9 DECEMBER 2019
(242) 323-2320
ALL SHARE INDEX: CLOSE: 2,190.45 | CHG: -0.66 | %CHG: -0.03 | YTD: 81.00 | YTD%: 3.84 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.10 2.60 2.00 5.47 11.75 6.17 4.64 11.01 2.81 4.01 10.21 7.60 16.99 9.40 3.63 14.20
52WK LOW 3.35 20.91 4.90 4.46 1.35 0.22 2.00 9.30 5.60 3.95 6.75 2.35 1.76 8.00 6.10 12.15 6.41 3.01 13.01
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital 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
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)
LAST CLOSE 3.70 17.43 6.00 6.10 2.46 1.80 4.20 11.06 6.16 4.15 8.06 3.32 3.96 10.20 7.60 16.99 9.33 3.20 14.00
CLOSE 3.70 17.43 6.00 6.10 2.46 1.80 4.20 11.06 6.16 4.15 8.01 3.31 3.96 10.22 7.60 16.99 9.33 3.20 14.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.05 -0.01 0.00 0.02 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
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
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
VOLUME 400 50
20,000 3,975
VOLUME
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 0.646 0.728 0.816 0.939 0.203 0.631
DIV$ 0.170 1.260 0.000 0.260 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.434 0.060 0.328 0.240 0.540 0.200 0.120 0.610
P/E 15.5 18.7 N/M 16.5 N/M N/M -9.6 15.3 13.7 22.6 57.2 32.5 8.5 15.8 10.4 20.8 9.9 15.8 22.2
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
YIELD 4.59% 7.23% 0.00% 4.26% 0.00% 1.11% 0.00% 6.51% 3.57% 2.89% 0.00% 13.11% 1.52% 3.21% 3.16% 3.18% 2.14% 3.75% 4.36% 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% 3.06% 3.81% 1.91% 3.39% 2.23% 2.75% 4.99% 6.20% 7.18% -0.08% 2.88% 3.80% 4.56% 6.50% 3.35% 4.17% 5.77% 7.89% 11.19% 12.08% 18.66% 19.64% 4.33% 5.06% 10.43% 7.24% 5.42% 5.77% 3.11% 0.77% -0.71% 0.16% 7.40% 2.70% 10.20% 1.30%
NAV Date 31-Oct-2019 31-Oct-2019 25-Oct-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 31-Oct-2019 31-Oct-2019 31-Oct-2019 31-Oct-2019 31-Oct-2019 31-Oct-2019
MUTUAL FUNDS 52WK HI 2.27 4.32 2.08 194.86 158.57 1.65 1.82 1.74 1.21 8.23 10.10 6.85 11.45 12.32 10.74 10.00 8.69 11.79
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.58 1.69 1.66 1.09 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno 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
NAV 2.27 4.32 2.08 193.72 158.42 1.65 1.82 1.74 1.19 8.31 10.26 6.88 11.45 12.32 10.70 9.92 8.68 11.38
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 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
30-Mar-2019 30-Mar-2019 30-Mar-2019
“We are in a crisis moment for our global trading system,’’ said US Rep Stephanie Murphy, D-Fla, who sits on the House Ways and Means subcommittee on trade. “As of tomorrow, the court will cease to exist.’’ The loss of a global trade court of final appeals, Murphy said, is “really dangerous for American businesses’’. The panel is supposed to have seven judges. But their ranks have dwindled because the United States — under Presidents George W Bush, Barack Obama and Trump — has blocked new appointments to protest the way the WTO does business. Trump and his top trade negotiator, Robert Lighthizer, are especially vociferous critics of the WTO. They argue that the trade organisation constrains America’s ability to counter unfair trading practices by China and other countries. Even other countries have complained about the WTO’s system for settling trade disputes. Critics say that cases take too long to resolve, that the panel often overreaches in its rulings and that the Geneva-based agency is ill-equipped to deal with the challenge posed by the Chinese economy’s unconventional blend of capitalism and state control. Getting the WTO to reform is difficult because it requires consensus from its 164 member countries. Trump is willing to use America’s economic and political clout to shake things up in a way that smaller countries couldn’t. “Where the United States is completely alone is the approach they’ve taken, (which) is to say: ‘We’re just going to blow this thing up,’” said Bernard Hoekman, an economist at the European University Institute. The impending shutdown was met with dismay by several WTO member countries. Zhang Xiangchen, China’s ambassador to the WTO, said in a statement that he was marking the occasion by wearing the black tie his wife had given him for funerals. Letting the “lights go out’’ at the appellate body, at least temporarily, Zhang said, is delivering what is “no doubt the most severe blow to the multilateral trading system
since its establishment.’’ The EU’s WTO ambassador, Joao Aguiar Machado, said in a statement, “The very idea of a rules based multilateral trading system is at stake.’’ The EU, he said, “will not support, and will not condone, a system slipping into power-based economic relationships.’’ The EU and other countries have been working to set up an ersatz appellate body — including some former members of the existing appeals panel — to arbitrate future trade disputes. But that’s just a stopgap. And it is uncertain how many countries might join in. The WTO was set up in 1995 to write and regulate the rules of global trade. Earlier, countries had complained that the United States was using its clout as the world’s number one economy to unilaterally impose trade sanctions and to strong-arm other countries into limiting exports to America. (During the Reagan administration, Lighthizer was involved in arranging such “voluntary export restraints”.) For its part, the United States wanted more access to foreign markets. The WTO’s dispute settlement process, including the Appellate Body, was meant to establish that written rules, not arbitrary power, governed global trade. But the process has proved cumbersome. The appellate panel is notorious for missing deadlines, a problem that worsened as it lost judges. It is supposed to rule within 90 days but last year needed an average of 395 days to issue decisions. Since 1995, 592 cases have been brought to the WTO (124 by the United States, the number one complainant); the appellate body has issued 120 rulings, covering 162 of those cases. Most of the rest were dropped or resolved outside the WTO process. Still, a former WTO appellate judge, Peter Van den Bossche, now a professor at Switzerland’s University of Bern, last week called the WTO’s dispute settlement process “a glorious experiment with the rule of law in international relations’’. Its shutdown, he said, would leave countries and companies contending with “the law of the jungle ... the law of the strongest ... and that will hurt us all’’.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, CYRIL SAMUEL KING and AZRAH TAMIKA BRICE of New Providence, Bahamas, Parents of CHYANCE SEHAN BRICE intend to change my child’s name from CHYANCE SEHAN BRICE to CHYANCE SEHAN KING. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, PHILIP SEARS of Forbes Hill Exuma P.O.Box N-7781 Nassau, The Bahamas, intend to change my name to PHILIP LIVINGSTONE SEARS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, N.P., Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE NOTICE is hereby given that RICARDO MATHIEU, of Fowler Street, Market Street Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 3rd day of December 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.