business@tribunemedia.net
TUESDAY, DECEMBER 17, 2019
$4.56 Society’s poorest 60% consume less than wealthiest 10% By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN per capita income has taken a decade to recover to pre-recession levels of 2007, with a justreleased report arguing this masks “significant income inequality”. An Inter-American Development Bank (IDB) on proposed welfare system reforms that were halted following the 2017 general election lays bare the wealth fault-lines in Bahamian society by revealing that the richest ten percent in this nation consume more than the poorest 60 percent. Explaining why social security reforms were essential, the IDB report said the last nationwide survey conducted in 2013 revealed that “one out of eight” Bahamas residents was living in poverty - a ratio that has potentially increased in Hurricane Dorian’s aftermath. With poverty levels in double digits, the document added that The Bahamas’ relatively good social indicators often masked low school attendance, poor academic achievement and health problems that are exacerbated by a “fragmented, non-contributory” social security system that has remained “unchanged” in the 15 years since the reforms were first conceived. While The Bahamas’ average per capita income struck $30,000 in 2017, the IDB said this merely revealed a lost decade of “catching up” as such a level had already been reached 10 years before prior to the 2008-2009 recession. “Figures on income levels can mask significant income inequality,” the IDB report said of The Bahamas. “Consumption of the richest decile is equivalent to more than the poorest six deciles put together. “The global economic crisis that began in 2008 led to historically high levels of crime and violence, and has resulted in higher fiscal deficits and rising debt. With
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ABACO’S Chamber of Commerce president yesterday renewed his plea for the government to eliminate VAT on services in the Dorian-hit islands amid fears the tax will “just delay the rebuilding process”. Ken Hutton told Tribune Business that including services among the post-storm tax breaks was “critical” to the speed with which homeowners and businesses are able to restore their properties following the devastating category five storm. Revealing that he disagreed with the decision by K Peter Turnquest, deputy prime minister, to maintain VAT on services in the just-declared Economic Recovery Zones, Mr Hutton added that Abaconians “don’t want anything from the government apart from a chance to rebuild as
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Retailers in ‘three-fold’ eggs mark-up increase
National debt strikes $8.3bn By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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OOD retailers are seeking “at least” a three-fold increase in the mark-up permitted on eggs by price control, with their association chief renewing calls for such regulations to be abolished. Philip Beneby, head of the Retail Grocers Association, confirmed to Tribune Business that the group and its members have written to the government’s Price Control department to arrange a meeting over their calls for the mark-up to be increased from ten percent to around 35-40 percent. Revealing that this has been a long-standing “issue”, Mr Beneby said the fragile nature of eggs meant Bahamian food stores frequently lost product to damage and spoilage before they reached supermarket shelves.
• Food stores seek rise from 10% to 35-40% • Association asks for Price Control meeting • Principal says ‘no need’ for restrictions With the associated refrigeration demands adding to retailers’ already sky-high electricity bills, he explained that the current mark-up means they suffer significant losses on “a staple” for many Bahamian families because they are unable to cover their costs. Confirming that eggs are effectively a “loss leader” for the Bahamian grocery industry, Mr Beneby said the sector was also exposed to sudden global market price swings as this nation is no longer a producer. “Eggs have been an issue with price control for a very long time,” he told Tribune Business. “The price of eggs fluctuates; we don’t produce eggs here, and it changes from time to time
and place to place. “We are only allowed a ten percent gross mark-up. We would be seeking a higher mark-up on egg prices. Eggs are very delicate, and we’re having losses on them while having to keep them under refrigeration and all the other issues with it. “The mark-up that’s being looked at is at least a 35-40 percent gross mark-up. At ten percent, eggs are not a profitable item. It’s an item that we carry in store as a necessity item customers require but it’s not a profitable item. It is a staple, a Bahamian staple.” Mr Beneby said the association, which counts the likes of Super Value and BISX-listed AML Foods, the Solomon’s and Cost
Right operator, among its members, has written to the Price Control department seeking a meeting on egg mark-ups. “A meeting was requested,” he added, “but nothing has been arranged along those lines yet. We’re waiting to confirm a meeting with them.” Mr Beneby, who revealed that between 70-75 percent of the inventory sold by his company, Carmichael Road-based Courtesy Supermarket, is price controlled, again reiterated that such regulations were unnecessary in the modern Bahamas and failing to fulfill their objective. “There’s no need for price control,” he told Tribune
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Media regulator unveils gaming ad crackdown By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net REGULATORS yesterday unveiled a proposed crackdown on gaming advertising carried by Bahamian TV and radio stations in a bid to protect “vulnerable” children and young adults from harm. The Utilities Regulation and Competition Authority (URCA), unveiling proposed reforms to the “code of practice” that governs content provided by local broadcasters, revealed it plans to implement “a watershed period” when no gaming-related advertising can be shown or broadcast in The Bahamas. Its consultation document did not specify how
• URCA eyes ‘watershed period’ prohibition • Acting to protect ‘vulnerable’, kids, young people • Regulation needed as gaming ‘more prevalent’ much of the 24-hour day this “period” will cover, and Stephen Bereaux, URCA’s chief executive, could not be reached for comment before press time despite Tribune Business leaving a message with his office. However, an insight into URCA’s thinking can likely be obtained by its reference to the examples of Australia and Kenya, which have barred gambling advertisements between 5am and 8.30pm and 5am and 10pm, respectively. In the case of Australia, the ban covers free-to-air and
pay-TV services as well as radio, and applies to live sporting events. The proposal also refers to the UK, which has “restricted” gambling promotions on channels and programming that is specifically targeted at children and young people. URCA, noting that the “code of practice” needs to be changed to account for web shop gaming’s legalisation in 2014, said the changes would bring the treatment of gambling “in line” with “other comparable activities such as the use
VAT services relief ‘vital’ to Dorian revival speed By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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• Abaco ‘doesn’t want anything from govt’ • Apart from chance to rebuild affordably • Chamber chief: Tax breaks aren’t ‘in stone’
KEN HUTTON quickly as possible”. Emphasising that no one expected the tax relief to last indefinitely, he added that maintaining VAT on contractor and construction labour costs would make it less affordable for some to rebuild while also delaying the resumption of tax-generating economic activity that
would restore the government’s revenues and enable it to end the exemptions. “It’s important services are included for the initial phases, and are considered VAT-free, certainly if they affect construction and equipment rental,” Mr Hutton told this newspaper. “It’s important these things are exempt from VAT. I think it’s critical.” He conceded that the VAT and other tax breaks announced by the government for the Recovery Zones, which are currently due to expire in 2020, could not last forever but disagreed with the rationale advanced by Mr Turnquest for why services had not been included in the relief package unveiled earlier this
month (see other article on Page 3B). The deputy prime minister last week argued that applying VAT zero-rated treatment to services would be difficult to police and too costly, while granting tax breaks to companies that do not need them. He added that the government would be giving up too much revenue, having lost $236m this fiscal year alone to Dorian, when it still had essential public services to run. However, Mr Hutton argued that the priority should be to assist Abaconians who “had everything taken from them” with rebuilding their homes and
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of alcohol and tobacco”. However, the regulator then goes a step further by saying that the growing “prevalence” of gaming in Bahamian society requires it to impose regulations that ensure industry advertising does “not target or unduly influence” children, young people and the vulnerable. “It is widely acknowledged that the media has a powerful effect on the behaviours and attitudes of persons, and that the objective of any advertisement is
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THE Bahamas’ national debt hit $8.313bn at endSeptember 2019 with the full fiscal impact of Hurricane Dorian yet to be felt, the Central Bank’s 2019 third quarterly review has revealed. Unveiled yesterday, the report indicates that with some $508m of unanticipated borrowing due to be incurred by the government this fiscal year alone to finance Dorian-related rebuilding and recovery, the national debt will close 20192020 close to $9bn at around the $8.8bn mark. Still, the Minnis administration’s consolidation/ austerity measures contained the national debt’s growth to just $49.3m during the three months to end-September, and to $161.7m or a two percent increase over the preceding 12 months. “As a ratio to GDP, the direct charge increased by an estimated 50 basis points on a yearly basis to 59.9 percent at end- September,” the Central Bank said. “However, the national debt-to-GDP ratio stabilised at an estimated 65.6 percent vis-à-vis the same period last year.” This, though, is before the full brunt of Hurricane Dorian’s financial and other impacts will be felt. The Central Bank added that indicators for the construction industry were “mixed” pre-storm with future mortgage commitments up 43.6 percent in value despite current loan disbursements falling 12.9 percent year-over-year. “Total mortgage disbursements for new construction and repairs - as reported by banks, insurance companies and the Bahamas Mortgage Corporation - decreased by 12.9 percent to $26.6m, a turnaround from the prior year’s growth of seven percent,” it said. “The dominant residential component contracted by 16.5 percent to $24.1m. Conversely, commercial disbursements grew by $0.8m to $2.5m.” The Central Bank then
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SUNWING RETURN ‘MAJOR STEP FOR REVIVAL OF GB’ CABINET ministers have hailed Saturday’s return of airlift by Sunwing Airlines as “a major step in the revival” of Grand Bahama’s economy following Hurricane Dorian. K Peter Turnquest, deputy prime minister; Senator Kwasi Thompson, minister of state for Grand Bahama; Michael Pintard, minister of agriculture and marine resources; Iram Lewis, minister of state for disaster preparedness,
management and reconstruction; and Stephen Johnson, newly-appointed tourism general manager for Grand Bahama, all met the Sunwing flight into Freeport from Canada. “This is an exciting day for Grand Bahama,” said Mr Thompson. “This is a major step in the revival of this island’s economy.” Some 189 passengers from Montreal and Toronto were ushered into the refurbished FBO (fixed base operator) building that will
temporarily operate as the hub for international flights at Grand Bahama International Airport. “After what Grand Bahama has been through in the past few months, this is a welcomed moment,” said Mr Turnquest. “Hopefully this is the re-start of the island’s international flight agenda.” Sunwing will provide two flights to Freeport each Saturday for the first month, from Montreal and Toronto, before adding
more frequent flights to the island on other days. That calculates to about 400 visitors now coming to Freeport each Saturday. Mr Thompson said: “There was a lot of work to be done in terms of getting the airport ready, organising the groups and many other things. We also understand that Club Fortuna has undergone renovations, and so this has come in time to accommodate these guests. There will be regular flights from Sunwing that will continue to come in, so we are very pleased to see them return.” Mr Thompson added that Bahamasair was to restart international flights yesterday via an inaugural flight from Freeport to Fort Lauderdale, while American Airlines and other international carriers are also expected to return to Freeport. “This is all another major step as a part of the recovery of Grand Bahama,” added Mr Thompson. “Bringing back international flights was vital for Grand Bahama to recover. We’ve seen international flights come back and we anticipate that this trend will continue.” Mr Johnson said: “Each week we will have close to 200 passengers come in from Toronto and the same amount coming in from Montreal. These visitors
A NUMBER of government officials were at the Grand Bahama International Airport to welcome the return of Sunwing Airlines to the island. On hand for the event were, from left: Senator Kwasi Thompson, minister of state for Grand Bahama; Iram Lewis, minister of state for disaster preparedness, management and reconstruction; K Peter Turnquest, deputy prime minister; and Michael Pintard, minister of agriculture and marine resources. Photo: BIS will have an opportunity to ride around Grand Bahama, go to the fish fry, visit the beaches, take in some shopping and experience dining in Freeport. “I would like to see tourism in Grand Bahama continue to grow. I would like to see more flights come in from Canada, the United States and from around the world, where people can see the beauty of this island. Grand Bahama is a special product for us, and we want to see more visitors come out to see what we have to offer.” Christine Culmer and Veronica Cuccurullo,
Sunwing representatives in Freeport, said: “This partnership is great for all of us. We have a great island here, and a lot to offer, and this is a start to what can become a major airlift boost for Grand Bahama. So it is also great for the local economy. This is a start of hopefully bringing more airlift into the island. “It has been so important to Sunwing to get this back up and running. It was very important for them to see that the financial status of this island gets uplifted again by employing locals, and they’re doing it.”
RETIRED JUDGE IN STEP ADDRESS A RETIRED Caribbean Court of Justice judge gave a presentation to the Society of Trust & Estate Practitioners (STEP) Bahamas branch during its recently
monthly luncheon. David Hayton, now a consultant to the Lennox Paton law firm, spoke on exoneration clauses, “dishonest” assistance and “equitable compensation”.
Pictured from left: Sirhan Johnson; Lillian Russell; Joanne Pyfrom, STEP chair; David Hayton; Shivron Gay; Portia Smith; Taryn Turnquest-Gordon; and Ronique Bastian.
TOURISM THRILLED AT DENVER AIRLIFT THE minister of tourism is “thrilled” that United Airlines will open more US markets for The Bahamas when it begins service from Denver on March 7, 2020. “We are thrilled that our partners at United Airlines are increasing service, giving Denver and surrounding-area residents a more accessible way of travelling to our beautiful country,” said Dionisio D’Aguilar. The service will also
provide connectivity to The Bahamas for residents of nearby cities and states in the US West Coast and north-west region, including Los Angeles, San Francisco, Portland, Boise, Idaho and Seattle, Washington. United Airlines will launch a Saturday-only non-stop service between Denver International Airport (DEN) and Lynden Pindling International Airport (LPIA). The new service, operated by a Boeing 737-800, will add 166 seats each week to Nassau’s airlift capacity with the following flight times: • Departing Denver at
DIONISIO D’AGUILAR 9.56am and arriving into Nassau at 4pm • Departing Nassau at 11.37am and arriving into Denver at 2.43pm The service will be suspended during the off-peak travel season beginning in August 2020, and will restart on October 21, 2020, on an annual basis.
WAREHOUSE DONATED TO DORIAN RELIEF EFFORT OLD Save-A-Lot facility donated by Chad Sawyer for relief efforts. A BUSINESSMAN has donated a Marsh Harbour warehouse to the Bahamas Disaster Reconstruction Authority for use as the main storage facility for Dorian-related relief and reconstruction materials. Chad Sawyer said he provided the former SaveA-Lot facility to the authority for a period to help the reconstruction effort. “This is my home. I have to do what I can to help it come back,” he said. “All lost some. Some lost all. I know there is a need for it. Rather than let it sit there unoccupied, I chose to do that to help the island and country.” Clean-up is underway at the 30,000 square foot facility at Don McKay Boulevard. It is scheduled to be ready for use at the
beginning of 2020. Katherine Forbes-Smith, the Authority’s managing director, said: “Hurricane Dorian caused extraordinary damage on mainland Abaco, its cays and Grand Bahama. “The government is leading a multi-faceted response to this disaster with the private sector, and local and international nongovernmental organisations (NGOs). Mr Sawyer’s donation will help organise storage and distribution of the large amount of goods, material and equipment that are part of this relief and reconstruction effort.” The Bahamas Disaster Reconstruction Authority was established by Parliament to spearhead the response to Hurricane Dorian in Grand Bahama and Abaco.
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Tuesday, December 17, 2019, PAGE 3
DPM CHALLENGES COOPER ON VAT RELIEF FOR SERVICES
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
how to make up the tremendous loss in revenue for the government as a result of the storm, considering that services have to continue?” Mr Turnquest asked. “Then I would be more than happy to do it. Anybody can say anything, but when it gets to the point where you have to pay the bills then things change.” Asked whether the government may make services in the zones VAT-free in future, he replied: “I can’t speak to that at the moment. But I can only say that at the moment we don’t have any such plans. But that does not mean that things can’t change in the future. But, at the
moment, the order is clear and that’s what we follow.” Mr Turnquest previously said eliminating VAT on services in the Dorian-hit islands would be difficult to police and too costly, while granting tax breaks to companies that do not need them. Explaining the government’s rationale for maintaining VAT on services in its newlyestablished Economic Recovery Zones, he told Tribune Business last week that “we’d love to do more” but there is still a public sector with multibillion funding needs. Singling out construction labour, in particular, as an area where the government
would have liked to provide concessions, Mr Turnquest said it needed to “be reasonable” because the Public Treasury stands to lose “significant” revenues through the tax breaks already granted. Confirming that the Minnis administration is trying to achieve a delicate balance between facilitating post-Dorian recovery and The Bahamas’ fiscal health, he added that the government was hoping to beat its revised $677.5m deficit target and ensure public spending “doesn’t get out of control” such that it stores up even greater long-term problems for the country. “One, because it is
US ENVIRONMENTAL FIRM’S CUSTOMS CLASH ‘RESOLVED’
equipment and go as it was full of cargo. “Customs did not have the wherewithal to do their job, and they were embarrassed they did not have the paperwork done. It’s Customs’ fault. They’re [Ceres] not leaving. They almost left. It’s one of those situations that had to go up to the Prime Minister’s Office. The organisation is not there to take care of this thing. There’s no local administration.” The source added that it was essential that The Bahamas permit firms such as Ceres to enter the country to assist with post-Dorian debris removal, remediation and restoration as this nation simply lacked the manpower, resources and expertise necessary to cope with the scale of devastation. However, the Ceres incident reinforced for some the impression that reconstruction is being hindered by a slow and meddling government bureaucracy. The Department of Inland Revenue’s website says that under the Exigency Order put in place after Hurricane Dorian on October 3, hurricane relief supplies could be imported into The Bahamas duty-free and VAT-free based on the conditions outlined in the order. Importers must complete a simple, one-page application form to benefit from these tax breaks.
‘Constructive’ feedback on procurement reform
THE deputy prime minister yesterday challenged his opposition counterpart to explain how he would make-up “the tremendous revenue loss” if services were made VAT-free in the Dorian-hit islands. Confirming that the government has no plans to remove VAT from services in Abaco and Grand Bahama’s Economic Recovery Zones, K Peter Turnquest said it was easy for Chester Cooper to call for this as he was not responsible for ensuring the government can pay its bills. “Can he explain to me
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A US-based environmental firm is “still working” on postDorian clean-up in Abaco after achieving “resolution” to its previous dispute with Customs, it was confirmed yesterday. Ken Hutton, Abaco’s Chamber president, said the clash that forced Ceres Environmental Services to temporarily halt their work had enjoyed “a resolution of sorts. They are still on the island, and they are still working in a private capacity”. Karl Dix, Ceres’ representative on Abaco, told Tribune Business: “Yes. We have been working with Customs over the last two or three weeks to make sure everyone has a full understanding of what we have done to-date and how do we stay in compliance.” As to the company’s expected departure from Abaco, he added: “Right now it’s kind of up in the air; we have only been focusing on private work. The North Abaco Rebuild Initiative (NARI) has been our primary partner. “One of the second
homeowners on Abaco has put in a lot of funds for the rebuild initiative, and has made it only available to local Abaco homeowners. The fund is also being made available for debris removal on Treasure Cay and the surrounding areas.” One source, familiar with the situation but speaking on condition of anonymity, previously blamed the clash on post-Dorian disarray at Bahamas Customs. They revealed that Ceres had obtained the necessary approvals to come in with its equipment, and also obtained work permits and a business licence. “Customs is all screwed up in Abaco,” the source said. “This [Ceres] is a group that goes all over the world doing this work and they were hired by a group of Abaco homeowners from Treasure Cay to get the job done. I think they’re going to be alright but it’s created a big ‘hoo-ha’. “Customs, when they realised they’d made a mistake and not done their job in getting a Form B, tried to cover their ‘you know what’. Customs is a mess. The port was so crowded that they told people to take their
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Ministry of Finance’s top official yesterday said it had received “constructive” feedback on legislative reforms intended to transform the Government’s procurement processes. Marlon Johnson, the acting financial secretary, told Tribune Business: “We are still going through them (consultation comments and feedback). We have gotten feedback from a few individuals and a few entities, and we are compiling them now and then we are going to put it back to the policymakers.” The draft Public Procurement Bill 2019 seeks to complete the Government’s national procurement system, and establish a Public Procurement Department, with the ultimate objective of overhauling how the government conducts bidding for the provision of goods and services. It is designed to make the system more
difficult to control,” Mr Turnquest told Tribune Business of the government’s thinking in declining to provide the Bahamian economy’s dominant services sector with a VAT break. “Second, if we do that, we would be giving wide-ranging concessions to businesses that don’t really need it; hotels, Freeport’s industrial sector, and all those various entities that provide services. Remember, the concessions are intended to help with the reconstruction effort. We are giving concessions on items people have to replace. “In addition, this is a significant cost to the government, and we still have a government to run which has
transparent and accountable, and deliver better value for money for Bahamian taxpayers. Declining to provide details on the feedback received, Mr Johnson said: “They have been constructive. We got some feedback from some very conscientious observations. So it has gone as well as you would have expected in the consultations, with people giving feedback, and now we’re looking through it to see how we can refine it, take it on board and ensure that the policymakers can have the benefit all of the recommendations put forward.” He added that efforts to create a National Statistical Office, together with the planned public procurement reforms, are part of the wider Public Financial Management and Performance Monitoring Reform project that is being financed by the Inter-American Development Bank (IDB). “Again that is one of the draft legislations we are working through presently that hasn’t gone out
K PETER TURNQUEST to be funded,” the deputy prime minister continued. ‘We’ve done the best we can. We’d love to do more, particularly as it relates to construction labour. “We’d love to do more, but we have to be reasonable. It is significant, that’s all I’m prepared to say at the moment. It’s very significant.”
to consultation yet,” Mr Johnson said of the Statistical Office. “We are finalising the first initial draft, and that would happen within the next month or so. Then we would put that up for policy consideration, and then for public consultations. Moving ahead, it is satisfactory the speed we are making here. “Some elements are going to be wrapped up in the next year or so, related to things like the Statistical Bill, and the procurement side will be substantively complete within a year to 18 months, and some of the other elements around the modernising of the accounting system as well as the underlying hardware and software, so there is varying timelines for completion. “We are working assiduously to get it done, and I think the government has articulated its commitment to financial and fiscal reform, so a lot of these components are critical to making that happen and we are working hard to fulfil the government’s policy objectives.”
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REGULATOR LAUNCHES ITS FINANCIAL TECHNOLOGY HUB THE Securities Commission’s Board has approved the launch of a financial technology (FinTech) Hub that will enable industry players to launch compliant products and services K. Peter Turnquest, deputy prime minister, said of the SCB FITLink hub: “The Commission’s establishment of SCB FITLink is a proactive and clear signal that The Bahamas recognises the importance of FinTech and innovation in the financial services industry, and is willing to collaborate with market participants to ensure a robust and appropriately regulated securities and capital markets sector.” The regulator, in a statement, said SCB FITLink will serve as the central point of contact for the Commission’s engagement with the public on issues such as the virtual assets business, crowdfunding, distributed ledger technology, artificial intelligence and virtual initial offerings. It added that SCB FITLink will help FinTech innovators navigate the Bahamian securities regulatory landscape; research, establish and create
Retailers in ‘three-fold’ eggs mark-up increase FROM PAGE ONE
policy, rules and guidelines for FinTech-related products and services; and educate the Securities Commission’s staff about emerging FinTech trends, opportunities and risks. The SCB FITLink hub will also provide a website for both industry and the public to discuss FinTech developments with Securities Commission staff; promote investor education and other conditions that facilitate innovation and the development of the virtual assets business within The Bahamas; and consult with domestic and overseas regulatory authorities regarding
innovative technologies. Christina Rolle, pictured, the Securities Commission’s executive director, said: “The Commission is pleased to announce the establishment of SCB FITLink. This initiative demonstrates our commitment to facilitating the development of new FinTech products in The Bahamas. “Specific Commission staff will provide guidance on FinTech issues as well as the commission’s upcoming Securities Industry (Business Capital) Rules 2020, which will regulate crowdfunding activities, and the Digital Asset and Registered Exchanges Bill 2020, which will regulate the digital asset space.” SCB FITLink will be led by Christian Adderley, manager of policy and research within the Commission’s Office of The Executive Director. He said: “The commission has researched and endeavoured to understand innovative financial technologies with a view to protecting investors, ensuring market integrity, mitigating systemic risk, and facilitating market development and financial innovation in The Bahamas. “By creating SCB FITLink, the commission provides an invaluable opportunity for FinTech innovators and incumbents to network with us to ease the process of developing products and accessing markets in a manner consistent with the commission’s regulatory concerns.”
Business. “That’s not my call; that’s my opinion. There is no need for price control. The market is a competitive market, and therefore competition will drive it and prices. There’s no real need for price control, but who am I? The government introduced it. “Everybody is trying to hold the line on prices as best we can. The inventory on price control is anywhere from 70 percent to 75 percent of the total. About 70 percent of items are price controlled, at least in my store. I can only speak for my store.” The debate over whether price controls have outlived whatever use they had, and should therefore be abolished, or if they remain a vital tool in ensuring lower income Bahamians can afford to purchase basic food items, has reared up at frequent intervals in recent years - especially when Dr Duane Sands, minister of health, unveiled the proposed reforms to the price-controlled
“breadbasket” food line-up. Food retailers, gas stations and other industries subject to price controls, such as auto dealerships, argue that they are outdated, antiquated and ineffective, and are a sign of how inefficient and bureaucratic the Bahamian economy remains by forcing them to sell a substantial portion of their inventory below cost or at a loss. Such industries suggest price controls are no longer fit for purpose, are failing in their alleged role to protect consumers, and cause unintended consequences for the Bahamian public. In the case of the food industry, selling price-controlled items at a loss forces them to hike the price of other products higher than they would to compensate, disadvantaging consumers. In countries such as Venezuela, loss-causing price controls have caused companies to stop or restrict the supply of such products, resulting in shortages and price hikes that place them beyond affordability for many consumers. Price controls were first
imposed under the Pindling government in a bid to ensure Bahamians were able to afford a reasonable standard of living, and advocates argue that they remain fit for purpose by ensuring those on low incomes can afford staple food items and are not exploited by unscrupulous merchants seeking to extract every cent in profits. Successive administrations have declined to address the issue, with many suspecting they are eager to avoid any negative political fall-out from abolishing or easing price controls and subsequently being accused of being against the “small man”. However, these regulations are viewed by many as ill-suited for market economies, especially since they have failed to keep up with ever-increasing expenses. Many observers believe the Bahamian food retail and wholesale industry is sufficiently competitive to ensure prices remain keen, thereby achieving the same effect as government regulations.
Media regulator unveils gaming ad crackdown FROM PAGE ONE to capture consumers’ attention and encourage the adoption of the message being broadcast,” the consultation paper states. “URCA is of the view that gaming advertisements have the potential to be harmful to vulnerable members of the public, such as children and young persons. For this reason, URCA intends to introduce a watershed period within... the code which will have the effect of limiting the exposure of gaming to children and young persons during periods when they are most likely to be part of the audience. “While URCA acknowledges that gaming licensees are required to implement responsible gaming programmes, URCA notes that the broadcast of gambling and gaming advertisements should not appear in any programming or other broadcast content that is commissioned for - or principally directed at - children and young people, or likely to appeal particularly to them.” The broadcaster likely
to be most impacted by URCA’s proposal is ILTV, or Island Luck TV, which shares similar ownership with the web shop chain of the same name. Its TV channel, number 224 on Cable Bahamas’ REV TV service, relies heavily on gamingrelated advertising and promotes an hourly lotterytype draw known as Quik Draw. The station, which is based by the roundabout at the John F Kennedy (JFK) Drive and Thompson Boulevard junction, is used heavily as a marketing tool to promote the Island Luck web shop chain on a 24-hour, seven days per week, basis. It is also affiliated with The Beat 103.5 FM radio station, which shares the same building as ILTV. Sebas Bastian, principal of Island Luck and ILTV, said he was unaware of the proposed URCA reforms when contacted by Tribune Business for comment yesterday. “I haven’t seen it yet. I can’t comment on it until I’ve read it. I’ll definitely look at it further,” he said. URCA, meanwhile, said the implementation of a “watershed period”
is “applied as a means to protect vulnerable individuals from the effects of gambling”. It added: “As gambling is becoming more prevalent within the Bahamian society, there is a need to ensure that there are regulations which make certain that gambling advertisements do not target or unduly influence children and young persons. “URCA views the watershed period as an appropriate preventative measure that will avert gambling advertisements from being broadcast during any television and radio timeslot primarily viewed or listened to by children or young persons.” The URCA consultation paper asks respondents to state whether they agree with the introduction of a “watershed period” to “as a safeguard for children and young persons”, and to give reasons for their views. And it also asks whether the “code of practice” should include a provision that “ensures that the marketing and advertising of gambling is socially responsible and not directed at persons under the age of 18”.
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Tuesday, December 17, 2019, PAGE 5
VAT services relief ‘vital’ to Dorian revival speed FROM PAGE ONE businesses. The quicker this was done, he added, the faster the government would see its own revenues recover at the back end together with Marsh Harbour and the rest of the island’s economy. “It should be an ongoing negotiation, and obviously not be written in stone,” Mr Hutton said of VAT relief. “As conditions improve, things can be added and taken away from the VAT exemptions. “The government hasn’t given up anything. Most of the people in Abaco have given up or had everything taken from them. It’s not a matter of the government giving anything up. It’s what percentage of our income should we be allowed to keep. It should not be a decision of the government. “We are desperately looking to rebuild Abaco, and get government back their money that they need to operate,” he continued. “They’re not going to get it back right away. The government is not giving us anything, and we don’t want them to give us anything apart from the chance to rebuild as quickly as possible. “That’s not going to happen if 12 percent of the costs of rebuilding, in terms of contractor costs, are added to it. The sooner we get back online, the sooner the government can reimpose VAT and get their
funds back. It’s currently just going to add delay to the whole process.” The government has currently eliminated all import taxes and VAT on construction materials and related products, such as furnitures and fixtures. These tax breaks are intended to provide some financial relief to property owners as they rebuild in Dorian’s wake, but only cover physical goods that are imported at the border. As a result, some - including Mr Hutton - are arguing that the failure to include services in the package of Dorian relief measures threatens to leave the recovery framework “half finished”. However, the Abaco Chamber president said the Recovery Zone structures and mechanisms implemented to-date “do seem to be working”. “it is up and running. It’s a great start,” he added. “It’s still early days. There are certainly things that need to be adjusted and added. I think the whole structure of the thing is being put together and finalised.” Mr Hutton praised the government for creating the Disaster Reconstruction Authority, chaired by JohnMichael Clarke, with Kay Forbes-Smith as managing director, and voiced optimism that its impact would start to be felt in early 2020. “There’s been a couple of meetings so far with that,” he said. “It’s everybody getting together, meeting with the local groups to find out
what their priorities and needs are, and putting in strategies to deal with them as efficiently and quickly as possible. That’s going to be the key: Dealing with them as fast as possible. “In terms of what’s happening, I’m encouraged. I’m glad the government has formed the authority, and done what they have. The ball is in the authority’s court, and we should see some progress starting in 2020.” Meanwhile, Mr Hutton promised that the Abaco Chamber’s Project Resurrect initiative will “make its presence felt” early in 2020 after completing its “tax exempt” structure with other legal formalities in the process of being finalised. “It’s no use launching anything right now as everybody is shutting down for Christmas,” he told Tribune Business, “but early in the New Year we’re going to make our presence felt. There’s the United Nationsorganised donor conference in January, and Resurrect will definitely have a presence there. “I think it’s going to have a significant role because it’s going to be transparent private sector donations and money coming into this.” Tribune Business previously reported that the Abaco Chamber had obtained the joint support of the Bahamas Chamber of Commerce and Marsh Harbour/Spring City district council for Project Resurrect, which is focused
on rebuilding the business community in Marsh Harbour and the wider island. It will seek a combination of charitable donations and private sector funding to help Abaco businesses restart following the devastation inflicted by Hurricane Dorian. “This seeks to provide a means for helping a new Abaco by tapping into capital, both intellectual and financial, to study and recommend to the Government of The Bahamas the best, most modern restoration of Abaco and, where appropriate, fund that restoration,” the September letter announcing Project Resurrection’s creation stated. “Additionally, the initiative will seek to put in place the necessary infrastructure from the beginning that will allow Abaco to flourish into the future. This includes everything from civil planning to construction, temporary housing for workers to providing startup capital and training, to qualifying Bahamian small business enterprises.”
To advertise in The Tribune, contact 502-2394 EXPRESSION OF INTEREST (EOI) FOR THE OF PROVISION OF PRIME CONTRACTOR SERVICES EXPRESSION INTEREST (EOI) ATTHE THE EMERGENCY DEPARTMENT – PART B FOR PROVISION OF PRIME CONTRACTOR SERVICES AT PRINCESS THE EMERGENCY DEPARTMENT – PART B MARGARET HOSPITAL, NASSAU, BAHAMAS PRINCESS MARGARET HOSPITAL, NASSAU, BAHAMAS
The Public Hospitals Authority is seeking an Expression of Interest Proposal from quali
The Public Hospitals Authorityservices is seeking CONTRACTORS to provide for:an Expression of Interest Proposal from qualified PRIME CONTRACTORS to provide services for:
Product Description: Redevelopment of the Emergency Department Part B at the
Product Description: Redevelopment of the Emergency Department Part B at the Princess Margaret Hospital Princess Margaret Hospital
Project Area: Project Area:
6,0106,010 Sq.ft.Sq.ft.
Project Location: Project Location:
Emergency Department, PrincessPrincess MargaretMargaret Hospital, Elizabeth Avenue, Emergency Department, Hospital, Elizabeth Aven Nassau, Bahamas Nassau, Bahamas
Scope Work: Scopeofof Work:
WorkWork is to isinclude the Renovation of the existing to include the Renovation of theEmergency existing Department Emergency D inclusive of revisions to the existing Waiting areas, Examination rooms, inclusive of revisions to the existing Waiting areas, Examinati Registration Department, Trauma, Chest Pain Unit, Step Down Unit and proposed Registration Department, Trauma, Chest Pain Unit, Step Down Unit an observation and Pediatric Emergency Department.
observation and Pediatric Emergency Department.
You are invited to submit your proposal for Prime Contracting and related services for the above project.
You are invited to submit your proposal for Prime Contracting and related services for the abo
Instructions for EOI: Interested persons Instructions for are EOI:to submit the following information to the Public Hospitals Authority’s Corporate Office, Building B, Thirdare & West Terraces, Centerville, Bahamastointhe duplicate, a sealed envelope Interested persons to submit the followingNassau, information Public in Hospitals Authority’s addressed to: Office, Building B, Third & West Terraces, Centerville, Nassau, Bahamas in duplicate, in a seale
addressed to:
The Public Hospitals Authority, Corporate Office, P.O.The BoxPublic N-8200Hospitals Authority, Corporate Third and West Office, Terraces P.O. Box N-8200 Centerville Nassau, ThirdBahamas and West Terraces Attn: Chairman of the Tender Committee Centerville
Nassau, Bahamas
The document should be delivered by hand, later than 4:30pm, 30th January, 2020 Attn: Chairman of thenoTender Committee Requirements for EOI:
The document should be delivered by hand, no later than 4:30pm, 30th January, 2020
1. Name of Business 2. Contact Information Requirements for EOI: a. P.O. Box b. Business Telephone No. 1. Name of Business c. Mobile No. 2. Contact Information d. a.Email Address P.O. Box 3. Website (if any) b. Business Telephone No. 4. Experience in projects of similar type and scope c. Mobile No. 5. 10% Performance Bond d. Email Address 6. Bid Bond on submission of Tender 3. Website (if any) 7. Portfolio of Work indicating Description of Work, Value of Contract, Client/Owner of the Project, Duration of Project a. Note whether the project was completed or is in progress b. Photographs c. Date of Completion 8. Certificate of Incorporation (Note: Beneficial Owners) 9. Valid Business License 10. Tax Compliance Certificate 11. NIB Letter of Good Standing 12. Three (3) Written References from owners/Client Representative of Projects noted at related Portfolio 13. Preferred Subcontractors to the following Areas: a. HVAC b. Medical Gas c. Plumbing d. Electrical e. IT/Low Voltage Disclaimer: The PUBLIC HOSPITALS AUTHORITY reserves the right to accept or reject all Expressions of Interest (EOI) should the minimum requirements not be met. Note: 1. The project will follow GOVERNMENT OF THE COMMONWEALTH OF THE BAHAMAS, MINISTRY OF WORKS Standards Form of Agreement between Authority and Contractor adapted for use by the Public Hospitals Authority. 2. The Expression of Interest shall be evaluated based on the qualifications and relevant experience of the firm and the results will be used to prepare a short list of no more than Six (6) Prime Contracting Firms. 3. Those included in the shortlist shall subsequently be invited to participate in a tendering process. 4. Notice of Selection: Short listed Contractors shall be notified via Written Notification from the Capital Development Unit inclusive of a Formal Request for Proposal (RFP). 5. There shall be no written notification of non-short-listed applicants.
PAGE 6, Tuesday, December 17, 2019
THE TRIBUNE
Society’s poorest 60% consume less than wealthiest 10%
National debt strikes $8.3bn
FROM PAGE ONE
added: “Compared to the same period in 2018, mortgage commitments for new buildings and repairs - a forward-looking indicator - increased in number by four to 115, while the corresponding value rose by 43.6 percent to $18.1m during the third quarter. “An analysis by loan category revealed that the number of undisbursed approvals for the dominant residential component edged up by one to 111, with the associated value higher by 34.8 percent ($4.4m) at $17m. In addition, four commercial commitments were
350,000 inhabitants, the internal market of this archipelagic nation is small, the production base is narrow, and it relies almost entirely on one trading partner.” Noting that the national poverty rate had increased by more than three percentage points to 12.5 percent in 2013, the last time the Household Expenditure Survey was conducted, the report added: “In other words, one out of eight residents was living in poverty in 2013... “Education outcomes and poverty are closely linked in The Bahamas. For poor children, the pattern is one of low pre-school enrollment and poor performance during high school in terms of grades and attendance
(both required for graduation). At three years of age, about 34 percent of poor children are enrolled in preschool compared to 75 percent of non-poor children. “While enrollment rates are high and similar among the poor and the non-poor at all grades, important gaps remain. For instance, the percentage of people older than 15 who completed school decreases by almost 20 percentage points for the poorest income quintile.” With public high school graduation rates pegged at 48 percent, the IDB said the figures were “likely to be even lower for children from disadvantaged families”. There were also indications that women of “lower economic status” in The Bahamas, and with less than a tertiary education,
are more vulnerable to obesity. “There are problems in attendance or attrition at the high school level that are linked to perceived low relevance of education and low academic expectations, as well as increasing opportunity costs,” the IDB report added. “Sixteen and 17year-olds earn an average yearly income of US$4,661, or 1.3 times the poverty line.” Suggesting that the Bahamian welfare system was inadequate to address such challenges, the report added: “The Bahamas had a fragmented, non-contributory, social protection system at the time of the design of this project and, to a large extent, the situation remains unchanged. “The Ministry of Social Services and Urban
Development (MOSS) manages ten cash and in-kind targeted transfer programmes. These programmes include food assistance (permanent, temporary and emergency modalities), financial assistance (rent, water, electricity, gas, clothing, building repairs, burial assistance and others), school uniform and footwear, the National Lunch Program, disability allowance, and medical care assistance. “These are administered by different divisions in the Ministry. In addition, the National Insurance Board (NIB) provides means tested non-contributory pensions, as well as disability and survivor benefits targeted to the elderly poor who do not meet the requirements for a contributory pension or other contributory benefits.”
FROM PAGE ONE
approved, valued at $1.2m, compared to one, valued at an estimated $0.04m, last year.” Elsewhere, inflation firmed to 2.8 percent over the 12 months to September 2019 compared to the same period the year before due to the prior year’s VAT rate hike to 12 percent and increases in global oil prices. “This also exceeded an average annual rise of 1.5 percent over the fiveyear period through 2019,” the Central Bank said. “During the third quarter, domestic consumer price inflation - as measured by changes in the average Retail Price Index (RPI) for The Bahamas - slowed to 0.4 percent from 2.4 percent in the comparative period of 2018, when the VAT rate was raised.”
To advertise in The Tribune, contact 502-2394
NOTICE NOTICE is hereby given that LOUISDOR LUNAI of Carmichael Road, 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 17th day of December 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
MARKET REPORT www.bisxbahamas.com
(242) 323-2330
MONDAY, 16 DECEMBER 2019
NOTICE
(242) 323-2320
ALL SHARE INDEX: CLOSE: 2,213.09 | CHG: 4.13 | %CHG: 0.19 | YTD: 103.64 | YTD%: 4.91 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.10 2.60 2.00 5.47 11.75 6.17 4.61 11.01 2.81 4.35 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 9.50 5.60 3.95 6.75 2.35 1.76 8.00 6.10 12.15 6.80 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 4.40 11.06 6.16 4.17 8.01 3.27 4.35 10.18 7.60 16.75 9.33 3.50 14.00
CLOSE 3.70 17.43 6.00 6.10 2.46 1.80 4.40 11.06 6.16 4.20 8.01 3.28 4.35 10.35 7.60 16.75 9.33 3.50 14.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.00 0.01 0.00 0.17 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
1,800 30,000
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
0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000
P/E 15.5 18.7 N/M 16.5 N/M N/M -10.0 15.3 13.7 22.8 57.2 32.2 9.3 16.0 10.4 20.5 9.9 17.2 22.2 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% 2.86% 0.00% 13.23% 1.38% 3.17% 3.16% 3.22% 2.14% 3.43% 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
NOTICE is hereby given that WISLY LAZARD of Gamble Heights P.O.Box 6156 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 17th day of December 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE NOTICE is hereby given that KEVEN DIEGUE of Harbour Island, 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 17th day of December 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE NOTICE is hereby given that DOREEN DEAL of Thompson Avenue, Stapleton Gardens 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 17th day of December 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.