Issuu

business@tribunemedia.net

THURSDAY, JANUARY 9, 2020

$4.58

$4.59

Baha Mar sales process exposed By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

AHA Mar’s current owner leapfrogged all rival bidders in less than two weeks to become the property’s chosen buyer despite its $1.3bn offer coming from outside the formal sales process. Documents previously kept from public view reveal the breathtaking speed at which Chow Tai Fook Enterprises (CTFE) seemingly emerged from nowhere to become the Cable Beach mega resort’s purchaser following Sarkis Izmirlian’s failed Chapter 11 bankruptcy protection bid in 2015. Tribune Business can reveal that the privately-owned Hong Kong conglomerate, which is controlled by the billionaire Cheng family, had agreed a “Heads of Terms” with the former Christie

• CTFE: From nowhere to buyer in two weeks • Offer on August 2, ‘Heads’ with govt on 15th • Now-owner’s bid lower than preferred bidder’s

BAHA MAR administration less than a fortnight after its second “indicative” offer was submitted to Baha Mar’s receivers on August 2, 2016. The “Heads of Terms”, which set out the key points of the commercial agreements between CTFE and the Bahamian government, were “agreed” during the week that began on August 15, 2016, and provided investment incentives and concessions “for the proposed purchaser and only

Bahamas ‘catching up’ in Dorian’s wake

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas’ major tourism promotion board saw website conversions jump ten percent during 2020’s first week as it anticipates “record numbers” from post-Dorian marketing efforts. Fred Lounsberry, president of the Nassau/Paradise Island Promotion Board, told Tribune Business that it “feels good” about the increase given that it was up against strong comparatives from 2019. “Our last week was kind of our first week where we

were ramping up digital,” he said. “This week we are having a significant television roll-out and additional digital media roll-out. Last week we had 25,000 visitors to the website and about ten percent of those were conversions. “We ended off 2019 with 7.9m visitors to the website in total. But last week, and we felt good about this, our website visits were up 35 percent over the prior year and conversions for us were up from ten percent from last year. Conversions, for us, is that you come to our website and

SEE PAGE 8

Sarkis in $40m Rosewood ‘buy out’ proposal By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

SARKIS Izmirlian made a $40m offer to buy-out the Rosewood hotel property from the rest of Baha Mar after the property was placed into receivership in late 2015. But the mega resort’s Deloitte & Touche receivers rejected his proposal on the basis that they were trying to “dispose of the entirety” of the property even though its original developer suggested part of the deal involve himself and

SARKIS IZMIRLIAN his former Chinese partners dropping multi-million dollar legal claims against each other. Mr Izmirlian also proposed that he, and the

SEE PAGE 5

the proposed purchaser”. And this newspaper can also disclose that CTFE leapt to the front of the buyer queue despite its two offers being “lower than the value” offered by the preferred bidder to emerge from the receivers’ formal sales process, rival Hong Kong casino, leisure and entertainment conglomerate, Melco International Development. Melco, which is chaired by Lawrence Ho, submitted

a $1.45bn first-round offer before coming up with the “highest net present value” bid of between $1.474bn to $1.636bn in the second. Baha Mar’s receivers, who began negotiations for a deal with Melco on June 3, 2016, ultimately abandoned these talks on August 9 without explaining why before informing the government one day later. Yet, just five days to one week later, the Christie administration had agreed a Heads of Terms with CTFE even though its first “non-binding” offer was only submitted to the receivers on June 28, 2016 - almost two months after the first round of bids were received, and following the closure of the stage in which Melco

SEE PAGE 4

$4.66

$4.63

Financial industry hails ‘certainty’ on tax residency By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FINANCIAL services executives yesterday hailed the government’s plans to codify its tax residency initiative via legislation as providing “certainty and transparency” for both investors and global regulators. Tanya McCartney, pictured, the Bahamas Financial Services Board’s (BFSB) chief executive, told Tribune Business that the industry is awaiting implementation of an initiative designed to certify high net worth individuals’ compliance with their home country tax laws and genuine presence in this nation as their major domicile. She added that the government’s plans to place the tax residency certificate initiative into statue law, as outlined by Elsworth Johnson, minister of financial services, trade and industry and immigration, would “give it a stronger footing” that encouraged investors as well as the likes of the European Union (EU) and Organisation for Economic Co-Operation and Development (OECD). To qualify for a tax residency certificate, which gives successful applicants

the right to reside in the Bahamas for up to three years, persons must stay in this nation for a minimum 90 days per year and not spend more than 183 days in any other country annually. A “substantial presence test” will be conducted if there are suspicions that persons are abusing this criteria. Mr Johnson outlined the government’s plans in a World Finance article carrying his byline, which was published this week, and Ms McCartney said: “That’s a signalling of the direction we’ll be going in, which we would welcome. “It’s a restatement of our commitment to actually introduce the tax residency certificate, and the minister has indicated to us that this residency programme would be codified into statute... He has indicated to us the intent to legislate to give it a stronger footing,

SEE PAGE 5

PAGE 2, Thursday, January 9, 2020

THE TRIBUNE

Cloud provider agrees Accountable Caribbean e-govt deal decisions A BAHAMIAN-headquartered cloud services provider yesterday said it has signed an agreement to bring digital government to the Caribbean in partnership with an Estonian group. Cloud Carib disclosed that its partnership with Cybernetica aims to implement a secure data exchange based on the Unified eXchange Platform (UXP) for pilot projects in the Caribbean region. It added that the partnership’s main goal is to set up a fault-tolerant and secure data exchange network that will enable Caribbean governments to establish e-government solutions, such as the online renewal of driver’s licences and business registrations. Citizens in The Bahamas and elsewhere would only have to submit information once, thereby eliminating the duplication that occurs with multiple applications. “Signing this agreement is a statement of intent that we are committed to working towards making integrated regional

RENELDO RUSSELL, Cloud Carib’s client delivery executive for the public sector meets, with Arne Ansper, XRoad’s brainchild and head of development for Cybernetica in Estonia transformation happen in a very practical way through the provision of dedicated e-government solutions,” said Eamonn Sheehy, Cloud Carib’s director of public sector. “The implementation of these technologies will save governments, commercial operators and citizens time, money, and help provide businesses and citizens with better, more transparent and efficient services. These are all things that enable countries to progress, not just digitally but in many other societal facets.

“Our intent is to develop a strong foundation for local governments to establish world-class e-government environments, and improve the availability of e-services for their citizens, whether in a business or personal context”. Riho Kurg, Cybernetica’s head of data exchange technologies, added: “We began working with Cloud Carib in 2018. We’re glad to now celebrate moving on to the next step of the project phase with the integration of state registries. “Our co-operation

provides an excellent chance to build secure and transparent data exchange on the governmental levels as Cloud Carib is already involved with several governments in the Caribbean region. We are honoured to support the aspirations of regional governments towards becoming a digital transformation leader with our experience in data interoperability and e-government solutions.” Cloud Carib said the Caribbean’s more than 7,000 islands, scattered across a one million square mile area, provide “an excellent location to pilot these projects” that will be interoperable and integrate services across a challenging environment. It added that they will “lay the groundwork interconnected Caribbean”, and provide a strong foundation for e-government based on Estonian expertise and experience, adding practical solutions towards the creation of a single Caribbean information and communications technology (ICT) space.

key to 2020 fresh start

HAPPY New Year. Christmas is over and 2020 has begun. The possibility of a fresh start creates great excitement in the hearts of many. If we look back we may discover people whose lives we impacted, or those who have impacted our lives in a positive way. The past is the past, and now it is time to get up and start over. This is also the time of year where everyone talks about resolutions. But the reality is that in a few weeks most people will abandon their goals and return to business as usual. This is not a fairy tale; this is reality. We all welcome the idea of transformation, but we lack the initiative that is critical to changing the trajectory of our lives. I have learnt that a fresh start without a new strategy will only result in stagnation. The key is to take decisive action towards reachable goals. Be excited that you have an opportunity to begin again. A new beginning is meaningless unless you develop a new mindset filled with action intent. I have also learnt that excitement is not a substitute for execution. 2020 will not be different because of high hopes and great expectations. Instead, we must develop habits that produce great outcomes in our lives and those of others. I am promoting a model where we give ourselves completely to our goals if we wish to achieve the best years of our lives. Decisions Our decisions will determine our destiny. We are free to make all the declarations in the world, but these alone will not change our life. Being decisive and focused, and making better choices, will determine true productivity. If we continue to make bad choices then we face another cycle of frustration and failure. However, if we begin to make empowered decisions, we will find ourselves living a life that we never imagined possible. Do not waste time pursuing things that do not produce progress. Do not live a life to impress people. This year, make decisions that are clearly aligned with your destiny. Accountability Establish strong accountability in your life by writing down personal goals, formulating strategies and devising forward steps. It is no secret that human beings will only complete what

The Art of Graphix BY DEIDRE M BASTIAN

they commit to. Accountability breaks mediocrity. It challenges us to take actions that shift us from excuses to execution. I challenge everyone in 2020 to find responsible colleagues, give them a copy of your goals and establish a time each week where they can follow up with you. During this time you will provide an update on where you are, and also be prepared to explain why you have not made any progress. Our dreams determine the dimensions we live in. There is nothing wrong with being a dreamer, but pay attention as dreams without diligence always die. No matter what we may believe, we have the power and ability to change the circumstances of our lives. Make it a must that you take action on your dreams if you want to achieve “mouth dropping” success. Establish the disciplines that will make 2020 an extraordinary year for you, and every goal you wish to pursue. Here is to a productive year…you are on the clock. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game. NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre M. Bastian is a professionally-trained graphic designer/marketing coordinator and certified life coach with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, DAWNEA DEANDRA DUNCOMBE of Rigby Drive in the Western District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas, P.O. Box CB-13979, mother and legal guardian of DRAYCEN DECLAN DUNCOMBE intend to change my child’s name to DRAYCEN DECLAN PRATT. 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. LEGAL NOTICE

NOT IC E

OUTFALL VENTURES LTD. ___________________

Pursuant to the Provision of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the abovenamed Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 20th day of December, 2019 AMICORP BAHAMAS MANAGEMENT LIMITED LIQUIDATOR Of OUTFALL VENTURES LTD.

THE TRIBUNE

Thursday, January 9, 2020, PAGE 3

Shell still ‘major owner’ for new power facility By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A CABINET minister yesterday asserted that Shell North America “will be the major shareholder” in New Providence’s new multi-fuel power plant, and is involved in “intense talks” to finalise the deal. Desmond Bannister, minister of works, clarifying previous comments when he said “I don’t know if we are going to have a Shell power plant”, explained that he was trying to highlight that the planned 222 megawatt (MW) facility will be a Bahamian plant. “I can confirm to you that the Shell deal has not been abandoned. Shell and the Government of The Bahamas are in very intense discussions and are progressing with their agreement. Shell will be the major power plant shareholder.” Mr Bannister said he had been seeking “to emphasise that this is not a Shell North America plant, but that it is

a Bahamian plant, and not to take anything away from what Shell North America is doing with the government. This is going to be a wonderful opportunity for Bahamians to invest also.” A Shell North America spokesperson yesterday said it had “advanced the technical design” for the final 90 MW that will comprise the new Clifton Pier-based plant, as well as for the liquified natural gas (LNG) receiving and regasification plant. They added that Shell intends to acquire that 90 MW, known as “Station D”, along with “Station A” that features the 132 MW of new generation capacity recently installed by Wartsila. Together, the two facilities will form the proposed new power plant that aims to use LNG as its main fuel. The spokesperson added: “Shell and BPL continue to work together to progress the modernisation of electricity generation facilities at Clifton Pier. Our shared vision remains a stateof-the art LNG to power

GB CONTRACTORS ‘SCRAP’ FOR SKILLED LABOURERS By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net GRAND Bahama contractors are “scrapping” for skilled workers with the island’s Hurricane Dorian victims facing a potential reconstruction and home repairs backlog. Lynden Edwards, general manager of Freeport-based Edwards San Jose Construction, told Tribune Business: “The majority of the work going on in Freeport is still as a result of repairs from Hurricane Dorian. There is hardly any new construction going on. “Right now we are scrapping for qualified workers. We have lots of labourers, we have enough contractors, but as far as skilled workers we are a bit short on skilled workers. Freeport has been going through an economic crisis for a while, and a lot of our skilled labourers went elsewhere, whether it be Nassau, Abaco or the United States. “When I say skilled labourers, I mean masons and finish carpenters. But we are making it happen; it’s just that you have to schedule the work properly, and some folks are just going to have to wait their turn according to schedule. Skilled labour is really an issue. If I get four contracts, I can’t really operate on four one time because I am short on manpower,” Mr Edwards continued.

“As far as materials, there is still a rat race for materials. As soon as the local suppliers bring in the material, the material goes rapidly and then you have got to wait another period for the replacement of materials. But apart from that, construction is basically hurricane repairs now.” Godfrey Waugh, president of Waugh Construction, said: “We’re still making headway. We’re still doing clean up in High Rock and Bevans Town for the government.” When asked whether the sheer scale of Dorian repairs and reconstruction will create a contractor and labour shortage on Grand Bahama, he added: “Not from my side. We’re not really in the building side of it. We don’t build homes and stuff like that. So I wouldn’t be able to speak to that.” Jerome Knowles, president of Knowles Construction, told Tribune Business: “We construct the best buildings. All of our buildings stood up to the storm. I don’t have any work. This is the Bahamas, you know. Everybody is in cahoots with one another. “We got some little bits and pieces, but ain’t nothing to talk about. It’s just basically patch work, you know. It’s like sheet rock work and it ain’t too much construction work wise; only the people who are tearing down. A lot of the people left their homes and are gone.

complex that will deliver reliable, cleaner and affordable electricity to New Providence. “Moving to natural gasfuelled power reduces environmental impacts such as greenhouse gases and particulate matter emissions. This would be done by replacing aging infrastructure fuelled by heavy fuel oil and diesel with new, more efficient and cleaner gas-powered generators.” The spokesperson continued: “Since signing the Memorandum of Understanding with BPL in November 2018, Shell has advanced the technical design basis for the future 90MW power plant (Station D) as well as for the LNG receiving and regasification terminal. “Currently, Shell and BPL are continuing negotiations to finalise the Power Purchase Agreement and Shell’s purchase of the new power stations, including both ‘Station A’ and ‘Station D’. Shell is interested in partnering with local investors in this project.” Questions over Shell’s

continued involvement were sparked when the government recently announced that $70m of the proceeds from its upcoming $650m bond refinancing will be used to purchase the remaining 90 MW installation. Mr Bannister told Tribune Business in late November that the deal for Shell’s new power plant “is very much live” despite BPL seemingly making the investment on its behalf. “I want to make sure no matter what, in any circumstances, BPL is prepared to move ahead. I don’t want to say anything more than that,” he added. Tribune Business and others had also queried why there was little to no mention of the much-touted Shell multi-fuel power plant in his House of Assembly presentation on BPL’s $650m bond refinancing. One well-placed source, speaking on condition of anonymity, told Tribune Business: “I don’t understand why they’re [BPL] funding this when Shell is supposed to be doing

it. And how can you give Wartsila a contract for that amount of money when it has not gone out to tender.” The new power plant is seen as critical to resolving New Providence’s long-standing generation woes, providing cheaper, more reliable energy that is more environmentally-friendly. It is to be accompanied by marine infrastructure that can received LNG, involving a gas pipeline to bring gas to shore and an onshore regasification terminal that would supply the fuel to the power plant. Shell would thus act as an independent power producer (IPP), selling electricity to BPL via a power purchase agreement (PPA) over a 20-25 year period. The company previously confirmed it is willing to permit Bahamian ownership in part of its New Providence power plant project through what could be this nation’s largest-ever public share offering. A spokesperson for the global energy giant, responding to Tribune

Business inquiries, confirmed that local investors may get the chance to invest via an initial public offering (IPO) in the company that will be formed to hold the liquefied natural gas (LNG) terminal and associated infrastructure supplying fuel to the proposed new plant at Clifton Pier. “The plans are that Shell and BPL would form a JV (joint venture) for the ‘Power Company’ part of the project. The ‘Terminal Company’ would also be formed as a joint venture, with Shell as the largest shareholder and certain minority interest shareholders from The Bahamas,” they added. “We are in commercial discussions, and will share further details when we are able. In the future, there may be the opportunity for the ‘Terminal Company’ to issue shares in an IPO to Bahamians, subject to market conditions and further discussions amongst shareholders.”

Social media ‘changes game’ on storm plans

some benchmark information that will hopefully add some insight that can give assurances in some ways, but also some challenges for the destination in other ways.” Mr Comito praised the Ministry of Tourism, the Bahamian government and industry leaders for understanding “the critical,

delicate nature of the tourism industry and how readiness and response has to come into play so effectively” following natural disasters such as Hurricane Dorian. “It’s really important for the travelling public to know and understand the geography of The Bahamas,” he explained. “The Ministry

and the tourism industry do a great job with getting information out there that is accurate, that educates the public as to the geography, and the extent to which a storm or situation may affect one part of The Bahamas but doesn’t necessarily affect the rest of The Bahamas.

A VETERAN tourism executive says social media has “changed the whole game dramatically” when it comes to protecting destinations from the spread of inaccurate post-disaster information. Frank Comito, the Caribbean Hotel & Tourism Association’s (CHTA) chief executive and executive director, will provide insights from being “in the trenches” on hurricane response at the upcoming Bahamas Business Outlook next Thursday. “Fortunately or unfortunately, the Caribbean and The Bahamas has a lot of experience in dealing with crisis situations like hurricanes. And we also know that we are incredibly resilient. We tend to bounce back fairly well,” said Mr Comito. “We’ve learnt a lot over the years in the region as to how tourism and economies are impacted as a result of these kinds of situations, and what some of the factors are that help us to rebound as quickly as possible. So we will share some insights in terms of lessons learned, particularly in recent years with hurricanes Irma and Maria, look at some of the data behind all of this and give an indication of how quickly things can bounce back from a tourism point of view after Hurricane Dorian. I will present

PAGE 4, Thursday, January 9, 2020

Baha Mar sales process exposed

FROM PAGE ONE was selected as preferred bidder. The revelations are contained in an affidavit by then-Deloitte & Touche (Bahamas) managing partner, Raymond Winder, who was one of three receivers appointed by Baha Mar’s financier, the state-owned

China Export-Import Bank. The affidavit, which was sealed by the Supreme Court to “protect the integrity of the sales process” when it was filed in late August 2016, contains previously unknown details as to how that played out and the identities of all the bidders who sought to buy the mega resort following Mr Izmirlian’s ousting as its principal developer.

NOTICE

The public is hereby notified that all entrances to and exits from the Mall of Marathon which are suited on all those pieces of parcels and tracts of land situated in the Eastern districts, Island of New Providence at Northwest corner of the intersection of Marathon Road and Robinson Road shall be closed to the public from midnight (0001 hours) January 10th, 2020 in order to preserve the private properties rights and to prevent the acquisition by the public of any rights of way or other easements. Signed The Mall at Marathon Limited & Kelly’s Home Centre Limited

It was finally exposed this week in filings with the New York State Supreme Court by China Construction America (CCA), Baha Mar’s main contractor, as part of its battle with Mr Izmirlian over the latter’s $2.5bn “fraud and breach of contract” claim against it. While the disclosures will have little impact on Baha Mar’s present and future, they raise numerous questions as to how CTFE was so rapidly selected as the buyer since it never participated in the formal sales process. A Tribune Business article from April 15, 2016, quotes Mr Winder as saying the receivers cannot negotiate with Mr Izmirlian over Baha Mar’s sale because all offers have to come through that process - the very same process that CTFE was able to ignore and not participate in. And its second offer was also lower than the $1.48bn “price” at which Baha Mar’s resort, property and other fixed assets were sold out of receivership to a special purpose vehicle (SPV) owned by the China Export-Import Bank in preparation for the project’s construction completion and onward sale to CTFE. Mr Winder, detailing CTFE’s emergence, said: “On June 28, 2016, after the end of the second round of the sale process the joint receiver-managers received

THE TRIBUNE a non-binding indicative offer from Chow Tai Fook Enterprises for acquiring 100 percent equity interest in the project at a consideration of up to $1.4bn subject to due diligence results. “On August 2, 2016, Chow Tai Fook further improved its indicative offer for acquiring 90 percent equity interest in the project at a consideration of up to $1.3bn. The joint receiver-managers have evaluated the terms of the first letter and the second letter, and concluded that the non-binding indicative offers would not be selected for further discussion at this stage of the sale process as its value was lower than the value of the second offer from Melco.” That stance would soon change, and Mr Winder’s affidavit gives no explanation as to why the attitude towards CTFE’s proposals suddenly altered within a matter of weeks other than to reference discussions between the Hong Kong conglomerate and the China Export-Import Bank. “Based on the second letter, the offer proposed by the proposed purchaser [CTFE] was still lower than the proposed price at which the assets are to be transferred to the.. SPV,” the now-Commonwealth Bank president said. “We understand that further discussion is taking place between China Export-Import Bank and the proposed purchaser.” This indicates that Baha Mar’s $2.5bn financier was seeking to increase CTFE’s purchase price, given that all offers received had then been at least $1bn below its total exposure to the mega resort project. It also suggests that CTFE’s interest may have resulted from prodding by the Beijing government through the China ExportImport Bank. Mr Winder then admitted that CTFE was “not a purchaser who participated in the bidding process”, yet it had “been introduced to the Government of The Bahamas” seemingly within days of its second offer and the failed negotiations with Melco. “Following the submission of the second offer by Melco on June 3, 2016, the joint receiver-managers engaged in negotiations with Melco and their advisers, together with the representatives of China Export-Import Bank and its advisors on the terms of the transaction,” he revealed. “After several rounds of discussions between the parties, no agreement was reached on certain material terms of the proposed acquisition by Melco of the project assets.... Despite further attempts to finalise the terms of a sale, no agreement was reached. “Accordingly on August

9, 2016, the joint receivermanagers notified Melco that we would not be considering Melco’s proposal further. On 10 August, the joint receivermanagers informed the Government of the Bahamas regarding our decision on the second offer of Melco.” Enter CTFE just days later. “The proposed purchaser has been introduced to the Government of The Bahamas,” Mr Winder said. “During the week of August 15, 2016, the government of The Bahamas have agreed a Heads of Terms which in fact provides concessions for the proposed purchaser and only the proposed purchaser.” The speed with which this was done appears remarkable, especially given the amount of due diligence any buyer would wish to undertake on a resort asset as complex and sizeable of Baha Mar - which was then in receivership. CTFE also seemingly never accessed the “data room” established by the receivers for the formal sales process. To prepare for the sales process, Mr Winder said the Deloitte & Touche receivers obtained two valuation reports on Baha Mar from FTI Consulting and CBRE Hotels Valuation & Advisory Services. FTI Consulting determined that the “as is” worth of Baha Mar, as an incomplete resort project, was $503.5m as at April 1, 2016. It forecast that this would rise to $1.117bn upon completion, and hit $1.494bn at April 1, 2021. CBRE, meanwhile, pegged the development’s “as is” worth at $641.38m, and “completion” and “stabilised” values at $1.006bn and $1.111bn, respectively. Mr Winder’s affidavit identified 17 parties who signed non-disclosure agreements (NDAs) to participate in the formal sales process, and from these came five firm bids. Among those who signed NDAs but did not submit offers were Starwood Capital Group, Och-Ziff Real Estate Acquisitions, Westmont International Development, and Langham Hotels Investments. One singled out for special attention was Blackstone Real Estate Advisers, the property-focused private equity firm that acquired 22 public real estate firms for $128bn. Its portfolio also gave it experience in running hotels and resorts. While Blackstone never submitted a formal offer, it expressed an interest in talking with the receivers and continuing its due diligence. “Blackstone verbally informed the joint receiver-managers that they considered that the Bahamian tourist market would not grow easily to absorb the new 2,300 rooms to be offered by the project and

RAYMOND WINDER the new casino - especially with competition arising from Cuba and the relaxation of granting of gaming licenses in the United States,” Mr Winder said. The five first round bids came from Melco; Hong Kong HNA Holding Group; Fosun, owner of the Club Med chain; Baupost Capital; and Centerbridge Credit Advisers. Melco, a Hong Kong-listed company with operations in Macau, the Philippines, Cambodia and Russia, submitted a $1.5bn opening bid featuring a mixture of $1.3bn in cash and $150m of convertible notes to be issued to China Export-Import Bank. “Melco and its partner Zhongzbi Enterprises Group (ZEG) budgeted a further $250 million to fund pre-opening expenses and working capital for the project,” Mr Winder said. “The proposal explained that the total cash amount of $1.55bn ($1.7bn less the $150m in new convertible notes) could be fully available immediately and no outside financing would be required.” HNA Group, a Fortune 500 company featuring an aviation, tourism and hospitality group that operates 500 hotels with 90,000 rooms, teamed with Tavistock Group - the Albany developer headed by Lyford Cay-based billionaire, Joe Lewis, on a $1.2bn proposal that featured $400m on cash. The purchase price was $800m, with the remainder based on what it would take to complete Baha Mar’s construction. Fosun, meanwhile, offered $1.88bn based on Baha Mar’s completion costs, but Mr Winder said this was “not attractive” due to the low amount of cash involved and dependence on China Export-Import Bank for financing it had never agreed to provide. The offers from Baupost Capital and Centerbridge Credit Advisers, the latter of which has participated in Atlantis financings, joined Fosun in being rejected by the receivers at the end of the first bidding round. Only Melco and HNA Group/Tavistock Group qualified for the second round, during which the former was selected as preferred bidder until CTFE’s appearance.

THE TRIBUNE

Thursday, January 9, 2020, PAGE 5

Financial industry hails ‘certainty’ on tax residency FROM PAGE ONE

“We believe what is intended is competitive, and we look forward to receiving that legislation [when it is released for consultation]. The industry would be happy to see it in place and implemented. We’re happy he’s reiterated what the government indicated is its position and we’re looking forward to seeing it implemented.” The tax residency certificate initiative was developed under Mr Johnson’s ministerial predecessor, Brent Symonette, as a means for expatriate residents and investors to prove they are domiciled here and complying with both local tax laws and those of their home country. Each certificate will have its own Taxpayer Identification Number (TIN) in a bid to address concerns expressed by the likes of the OECD, which claims The Bahamas’ permanent residency product is in danger of being abused by tax evaders. It will confirm that the holder is a permanent resident of The Bahamas, and not liable to pay tax in their home countries. Ms McCartney said yesterday that the BFSB’s Immigration working group had benchmarked The Bahamas’ tax residency certificate against rival jurisdictions, finding its terms to be both competitive and consistent with what is on offer elsewhere. “Apart from competitiveness it is important for us to make very clear what tax residency means in The Bahamas. That is very

important with regard to international regulators and initiatives,” she told Tribune Business. “Where one’s taxed depends on their residency. It makes clear what the requirements are to all international bodies and defines what residency is for those investors wanting to set up tax residency in The Bahamas. “Number one, it provides clarity and certainty, and number two, by defining what tax residency means and what would be included it brings transparency. It leads to transparency for both the client and international bodies; certainty and transparency.” Ms McCartney said the tax residency certificate initiative will also encourage high net worth clients and their families to follow their assets to The Bahamas by domiciling here, and support the recent growth in family offices and more personalised services. “With the growth in the number of family offices we see here in The Bahamas, we believe our location is an allure to make people choose The Bahamas as a place to reside,” she added. “Without a doubt we are seeing that. “That is driven by proximity to the US, the political and economic stability that most countries can’t boast of, and quality of life. We have more developments that allow for business as well as residency, and that is certainly something persons from Latin America have found quite attractive.” Mr Johnson, in the World Finance article,

wrote: “Having recognised the importance of adopting a modern, progressive and development-focused Immigration framework, the Ministry of Financial Services has developed a tax residency programme that can serve as a gateway to more permanent residence for high-net-worth individuals. “This programme grants successful applicants the right to reside in The Bahamas for a period of up to three years and bestows upon them a certificate of tax residence. To maintain access to these benefits, however, investors must make The Bahamas their home (or main) residence, living in the country for at least 90 days and declaring they will spend less than 183 days in any other single country. If they fail to abide by these rules, a ‘substantial presence test’ will be conducted to ascertain whether their benefits should be withdrawn.” He added: “The ministry also recognises that the issue of residency is hugely important given global developments in tax transparency. With this in mind, the concept of residency – and, specifically, tax residency – in The Bahamas has been carefully defined. This has helped the country’s financial services sector remain progressive, while also keeping up to date with a changing global landscape. “As always, a fine balancing act must be struck. The Bahamas will continue to abide by the highest regulatory standards – both domestic and international – while delivering new products and services that maintain the archipelago as one of the world’s most respected providers of financial services.”

Sarkis in $40m Rosewood ‘buy out’ proposal FROM PAGE ONE China Export-Import Bank and China Construction America (CCA), “enter into a confidentiality agreement prohibiting future disclosures” by either party concerning their dealings prior to Baha Mar being placed into Chapter 11 bankruptcy protection in June 2015. The developer’s multiple offers to reclaim the development he and his family invested $800m, and some 13 years, into are detailed in never-before seen Supreme Court documents that were finally made public this week. An affidavit from Raymond Winder, Deloitte & Touche (Bahamas) thenmanaging partner, which was previously “sealed” from public access due to the need to “protect the integrity” of Baha Mar’s sales process, was disclosed in the New York State Supreme Court on Tuesday as part of CCA’s battle with Mr Izmirlian over his $2.5bn “fraud and breach of contract” claim against the state-owned contractor. Mr Winder, now president of BISX-listed Commonwealth Bank, alleged that Mr Izmirlian’s Rosewood offer was submitted after the

deadline for first-round bids in the formal Baha Mar sales process had passed. Referring to the May 17, 2016, proposal that was submitted through the developer’s More Development Company, he said: “The proposal was a cash offer to purchase the physical assets and property previously referred to as the ‘Rosewood at Baha Mar’ on an ‘as is’ basis for the sum of $40m cash with a contemplated 30-day closing. “Specifically, the physical assets and property which More Development proposed to acquire would include the buildings and the underlying ground, including all residences, rooms, villas and lobby, spa, restaurants and other common areas inclusive of the entry drive, porte cochere, parking, pools, tennis complex and other areas... and the Baha Mar Racquet Club.” All furniture, fixtures, equipment and operating supplies were to be included in Mr Izmirlian’s purchase, while all shared Baha Mar systems would still be accessible to the Rosewood. “The proposal stipulated that all construction to complete that property would be at the buyer’s sole expense, and that upon closing of the purchase the buyer would - and would cause its affiliates - to withdraw, release and permanently forbear from asserting all claims and actions” against its former Chinese partners,” Mr

Winder alleged. This was conditional on CCA and China ExportImport Bank ceasing all claims against Mr Izmirlian and his entities, he said, adding: “This proposal also set out that the buyer and the released parties would enter into a confidentiality agreement prohibiting future disclosures in relation to past dealings. This offer was said to be separate and independent from any offers or proposals made by any affiliate of the buyer.” Mr Winder alleged that the receivers responded eight days’ later on May 24, 2016, advising Mr Izmirlian that he had missed the bidding deadline. “The joint receivermanagers also reiterated that we were conducting a sales process with a view to disposing of the entirety of the integrated development,” he added. “Therefore More Development’s proposal to acquire the ‘Rosewood at Baha Mar’ was not accepted.” The Rosewood offer came after previous proposals by Mr Izmirlian were also rejected by the receivers appointed by China ExportImport Bank, the state-owned $2.5bn financier for the Baha Mar project. Mr Winder’s affidavit revealed how former Baha Mar executives, Thomas Dunlap and Whitney Thier, met with representatives for the China Export-Import Bank and the receivers on Mr Izmirlian’s behalf to propose how the project could be re-opened.

PAGE 8, Thursday, January 9, 2020

Bahamas ‘catching up’ in Dorian’s wake FROM PAGE ONE they connect to one of our member hotels. So that’s a big up year-over-year because we were doing real well last year.

“That ten percent conversion rate is good, even though it doesn’t sound like a lot versus last year, because we had a pretty darn good quarter last year. So I think, knock on wood,

LEGAL NOTICE

N O T I C E COSMETICS EXPORT INTERNATIONAL LIMITED Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 31st day of January, A.D., 2020. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator. Dated the 9th day of January, A.D., 2020. Christopher Vieth Liquidator 1140 Broadway, Suite 1601 New York, N.Y. U.S.A.

THE TRIBUNE we are kind of getting back close to where we were and hopefully we can surge past that,” Mr Lounsberry continued. “We had the largest website visit days historically that we have ever had last week, so I assume we are going to have record numbers as far as response to the marketing over the past several weeks. Actually we had the highest day we have ever had in the month of January, so I think that just tells

me we have good momentum going. It is continuing. January and February are such critical planning months and booking months. I think it’s a very good sign we are catching up.” Suggesting the data indicates what the entire 2020 first quarter heading into the Easter and Spring Break period would look like, Mr Lounsberry said: “What we do now really is for the whole Spring period. What’s happening now is people are

LEGAL NOTICE

N O T I C E COSMETICS EXPORT INTERNATIONAL LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) COSMETICS EXPORT INTERNATIONAL LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 6th day of January, 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Christopher Vieth, of 1140 Broadway, Suite 1601, New York, N.Y. U.S.A. Dated the 9th day of January, 2020. HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

coming, and they are looking and they are booking. “They aren’t necessarily booking for next week. Some are. There are some closed-end bookings. But these numbers really gives us a clue for the Spring Break period of March and into the entire Spring Break period. “Those numbers I gave you are more indicative of where people are planning and looking forward. But everyone I

have spoken to seems to feel their booking trends are getting back to normal and they are very happy about them. They are feeling good about them.” Mr Lounsberry added: “Don’t forget people plan six months in advance, so when you look at the website visits we have now, those are people stating to shop for summer and spring, so we just have to be out at all times.

LEGAL NOTICE

N O T I C E PXF FUNDING LIMITED Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 19th day of December, 2019. Dated the 9th day of January, A.D., 2020. Kirvy Ferguson Liquidator of PXF FUNDING LIMITED

LEGAL NOTICE

N O T I C E

KERZNER INTERNATIONAL DEVELOPMENT (MOROCCO) LIMITED

COSMETICS LIMITED

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 19th day of December, 2019.

Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 31st day of January, A.D., 2020. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

(a) COSMETICS LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.

Dated the 9th day of January, A.D., 2020.

Kirvy Ferguson Liquidator of KERZNER INTERNATIONAL DEVELOPMENT (MOROCCO) LIMITED

Christopher Vieth Liquidator 1140 Broadway, Suite 1601 New York, N.Y. U.S.A.

LEGAL NOTICE

N O T I C E COSMETICS LIMITED N O T I C E IS HEREBY GIVEN as follows:

(b) The dissolution of the said Company commenced on the 6th day of January, 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General.

Dated the 9th day of January, 2020. HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

THE TRIBUNE

Thursday, January 9, 2020, PAGE 9

To advertise in The Tribune, contact 502-2394

PAGE 10, Thursday, January 9, 2020

THE TRIBUNE

WORLD BANK SEES MODEST GLOBAL 2020 REBOUND BUT TRADE A RISK WASHINGTON Associated Press THE World Bank says the global economy should see a modest rebound in growth this year. But the 189-nation lending institution is cautioning that a number risks could upend its forecast, including the possibility of renewed trade hostilities between the world’s two biggest economies, the United States and China. In an updated economic outlook released Wednesday, the World Bank forecast the global economy will grow 2.5% this year, up only slightly from 2.4% growth in 2019. That had been the weakest

performance since the 2008 financial crisis and a significant slowdown from growth rates above 3% in 2017 and 2018. The bank’s revised outlook represents a downgrade from its last forecast in June when it had expected growth to be 0.2 percentage-points higher this year. The forecast also trimmed its expectation for global growth by 0.2 percentage points over the next two years to moderate rates of 2.6% in 2021 and 2.7% in 2022. “Downside risks persist. The recovery is fragile,” said World Bank Vice President Ceyla Pazarbasioglu. “Uncertainty has weighed on confidence,

trade and investment which are all critical for growth.”’ For the United States, the World Bank sees gross domestic product growth slowing from 2.3% in 2019 to 1.8% in 2020 and then slowing further to 1.7% in both 2021 and 2022. Those growth rates are significantly below the 3%-plus growth President Donald Trump has promised to deliver with his economic programme of tax cuts and deregulation. For Europe, the World Bank has an even gloomier outlook. Last year’s minuscule 1.1% growth is expected to be followed by further scant gains of 1% this year and 1.3% in both 2021 and 2022.

The new forecast projects China, the world’s second largest economy, will grow at steadily slower rates of 5.9% this year, 5.8% next year and 5.7% in 2022. That would mark the slowest growth period for China since the early 1990s. Economic growth in both China and the United States has been impacted by the uncertainty generated by the punitive tariffs both countries have imposed on each other’s goods. Growth for all advanced economies is expected to slip to 1.4% this year, down from 1.8% last year, reflecting continued softness in manufacturing in many parts of the world

NOTICE

NOTICE is hereby given that KATSIE PIERRE of 302 SW 15th Terrace, Delray Beach, Fl 33444 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 02nd day of January, 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that JEFFREY SAINTILUS of Spanish Wells, Eleuthera, 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 9th day of January, 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that ROMAINE GIBSON of Freeport, Grand Bahama 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 2nd day of January 2020 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

ALL SHARE INDEX: CLOSE: 2,225.74 | CHG: 0.02 | %CHG: 0.00 | YTD: -5.86 | YTD%: -0.26 52WK LOW 3.35 20.91 5.50 5.38 1.47 0.22 2.00 9.50 5.60 3.95 6.75 2.35 1.76 8.00 6.30 12.15 6.80 3.01 13.50

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

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

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 3.35 17.43 6.00 6.10 2.35 1.80 4.10 11.06 6.16 4.49 8.01 3.27 4.60 10.51 7.60 15.05 9.33 3.56 14.00

CLOSE 3.35 17.43 6.00 6.10 2.35 1.80 4.10 11.06 6.16 4.49 8.01 3.27 4.60 10.53 7.60 15.05 9.33 3.56 14.00

CHANGE 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 0.02 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

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 165

720

VOLUME

1,051

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 14.0 18.7 N/M 16.5 N/M N/M -9.4 15.3 13.7 24.4 57.2 32.1 9.9 16.3 10.4 18.4 9.9 17.5 22.2

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 5.07% 7.23% 0.00% 4.26% 0.00% 1.11% 0.00% 6.51% 3.57% 2.67% 0.00% 13.27% 1.30% 3.11% 3.16% 3.59% 2.14% 3.37% 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% 10.91% 11.57% 17.57% 18.60% 4.72% 5.08% 13.44% 13.49% 5.38% 5.44% 3.28% 3.80% N/A N/A 10.80% 2.60% 10.40% -4.00%

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 30-Nov-2019 30-Nov-2019 30-Nov-2019 30-Nov-2019 30-Nov-2019 30-Nov-2019

MUTUAL FUNDS 52WK HI 2.27 4.32 2.08 194.86 158.57 1.65 1.82 1.74 1.21 8.31 10.26 6.91 11.76 12.32 10.74 10.00 8.98 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 8.29 10.16 6.91 11.76 12.32 10.72 N/A 8.98 11.40

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

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, CHEIVARGO RONDONZE THOMPSON of #18 Tall Pines, P.O. Box SS-5760, Nassau, The Bahamas, intend to change my name to CHEVY JETRONZE THOMPSON. 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.

PUBLIC NOTICE

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

The Public is hereby advised that I, JAVANYA ANGEL AMANDA ROLLE of Flax Terrace, Malcoln Road, P.O. Box N-707, Nassau, The Bahamas, intend to change my name to JAHZMERE AVAN MANDEL TAYLOR. 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

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, LERNETT KELLY of Cowpen Road, Nassau, Bahamas, parent of LYNÉYA BARR intend to change my child’s name (a minor) to LYNÉYA JOHNSON. 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.

NOTICE

(242) 323-2320

BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.10 2.60 2.00 5.47 11.75 6.17 4.50 11.01 2.81 4.60 10.21 7.90 16.99 9.40 3.63 14.20

in the United States and many other nations. The World Bank estimated that global trade growth slowed from 4% in 2018 to just 1.4% last year, the weakest gain since the 2008 financial crisis. The World Bank, however, noted the lowering of trade tensions between the United States and China after a so-called Phase One agreement was reached between the two nations. It forecast that trade should resume growth this year, although the projected trade growth of 1.9% would still be far below the 5% average gains in recent years. Among other threats to growth, the World Bank cited weak productivity gains in many countries and a sharp rise in global debt burdens.

INTENT TO CHANGE NAME BY DEED POLL

NOTICE is hereby given that JACKY LEONALDO PHILISTIN of Major Alley, off William Lane 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 January 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

WEDNESDAY, 8 JANUARY 2020

that has caused businesses to pull back on their plans to expand and modernise production facilities. Growth in emerging economies is expected to accelerate to 4.1% this year, but the acceleration will not be broad based. A rebound is forecast for a group of larger economies — including Argentina, Brazil and India — which are expected to recover this year after a period of substantial weakness. But the forecast expects growth in about one-third of emerging market economies to slow this year due to weaker-than-expected exports and investment. Trump’s get-tough trade policies aimed at lowering America’s huge trade deficits as a way to boost US manufacturing jobs have resulted in an increase in protectionist barriers

30-Sep-2019 30-Sep-2019 30-Sep-2019

NOTICE is hereby given that DESINORD MANISHKA of Makenson Lubin, Grand Cay Abaco,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 9th day of January 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that IBENESE JUNIOR JEAN-GILLES of Windsor Lane 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 January 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that ROBERT MERTHELUS of Johnson 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 3rd day of January 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.