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Bahamas Ferries: No more defiance of PM By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

AHAMAS Ferries was yesterday said to have pledged it will not continue using Marsh Harbour’s public dock in defiance of orders issued by its third largest shareholder - the prime minister. James Albury, the Abaco parliamentary secretary in the Prime Minister’s Office, told Tribune Business that the inter-island transportation provider had promised not to persist in using Union Jack Dock to fulfill its contract for transporting Baker’s Bay employees and construction workers to the multi-million dollar Great Guana Cay development. While suggesting that the controversy had arisen from “miscommunication and misunderstanding”, Mr Albury said Bahamas Ferries’ pledge was merely the “first step” in addressing the wider concerns of Marsh Harbour residents.

• Pledge public dock not ‘long-term’ answer • Baker’s Bay contract causes concerns • Claim parking lot built without permits

He confirmed that Dr Hubert Minnis had given “a directive” that Bahamas Ferries was not to use Union Jack Dock, a public dock, for the embarkation/unloading of Baker’s Bay personnel or the berthing of its vessels given that this would involve using the facility for a commercial purpose. However, multiple photos and social media postings sent to Tribune Business confirmed that Bahamas Ferries used the dock for exactly this purpose on Friday - the very day it took over the Baker’s Bay contract from previous provider, Albury’s Ferry. This meant the company defied a directive from its third largest shareholder. Dr Minnis, who will have taken no part in the company’s affairs since becoming prime minister, is listed in Bahamas

DPM: PLP will take us ‘back to fiscal future’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE deputy prime minister says “every Bahamian should be worried” that the PLP will take the country “back to the future” by overturning recently-enacted fiscal disciplinary measures. KP Turnquest, pictured, told Tribune Business that recent “rhetoric” from the opposition’s leading members suggested that “the future stability of the country” could be threatened if they were returned to office at the next general election.

In particular, he expressed concern that a PLP government would instantly seek to reform, and weaken, the Fiscal Responsibility Act’s safeguards against uncontrolled spending, and soaring deficits and debt, to enable it

SEE PAGE 4

Cruise crime video is ‘patently untrue’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET minster last night said he was “not particularly bothered” by a widely-circulated video labelling The Bahamas’ the world’s most unsafe cruise destination because it was “patently untrue”. Dionisio D’Aguilar, minister of tourism, told Tribune Business his ministry had decided to respond to the video - which branded this nation as more unsafe than crime-ridden

nations such as Venezuela and Guatemala - because it was “causing consternation among Bahamians”. He added that the video lacked credibility, and the ministry’s New York-based public relations firm had confirmed it was “receiving very little play” internationally - resulting in his lack of concern. Pointing out that cruise lines will never take passengers to unsafe destinations, Mr D’Aguilar said they brought some 3.6m visitors

SEE PAGE 7

Ferries’ 2017 annual returns - widely circulated on social media - as owning 305 of the company’s 5,015 ordinary shares - or just six percent. The government’s political opponents have already sought to cause controversy around the prime minister’s Bahamas Ferries shareholding, but the use of Union Jack Dock is just one of several concerns surrounding its Baker’s Bay contract. Apart from fears surrounding increased traffic and parking congestion in Marsh Harbour, there are allegations that Bahamas Ferries proceeded to develop a paved parking lot adjacent to Union Jack Dock without the necessary construction/planning approvals from local government. Roscoe Thompson, head of the Marsh Harbour/

Spring City township, and a member of the local district council, told Tribune Business that a “stop work” order will be issued if Bahamas Ferries and its contractors placed fill on the land in preparation for tarring. He added that Bahamas Ferries had also attempted to do an “end-run” around Abaco’s Port Department by applying in Nassau for the necessary ferry licence and other permits required for the boat it wants to operate the Baker’s Bay contract. Mr Thompson said he attended the Nassau meeting to voice his objections, resulting in Bahamas Ferries being told it needed to make the necessary applications in Abaco first. It would only come to Nassau if that

SEE PAGE 5

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$70m funding gap in ‘worst case’ on NHI By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net EMPLOYERS may have to fill a $70m funding gap if the “worst case scenario” for National Health Insurance (NHI) becomes reality, the Chamber of Commerce’s top executive revealed yesterday. Jeffrey Beckles told Tribune Business that the private sector’s “biggest fear” remains that it will be used as a financial lifeline, or bail-out option of last resort, if the NHI Authority gets its sums wrong and the scheme requires more financing than initially thought. While NHI Authority executives last week pegged the total cost at around $130m when the scheme “matures”, Mr Beckles revealed that the Chamber had been told this figure could soar to at least $200m at the top end. Should that occur, he argued that the government/NHI Authority were almost guaranteed to turn to the private sector for extra funding given that increasing the burden on individual employees was unlikely to play well in a general election.

JEFFREY BECKLES The chamber chief executive said concerns over ever-increasing taxation, in a sluggish economy that has already had to absorb VAT increases and other rate rises in recent years, were beginning to impact business confidence and undermine potential jobcreating investments. While praising the NHI Authority for making “some key adjustments” to its initial proposal, Mr Beckles told this newspaper: “Nevertheless, there are still some fears from the private sector. “The additional burden of the cost is still a huge, huge issue. The private sector is going to be bearing quite a bit more of an expense burden once this programme is rolled out.”

SEE PAGE 6

PAGE 2, Monday, February 4, 2019

THE TRIBUNE

INVESTOR HATCHES 30,000 CHICKEN SUPPLY STRATEGY chickens per week. Dr Allen Albury, the Bahamas Striping Group of Companies (BSGC) managing director, said it plans to rely on automation and generate 30 percent of its

energy needs from renewable sources to ensure its project is cost competitive with foreign rivals. Despite 150 million pound annual demand for white meat, he added: “The Bahamas produces less than two percent of the chicken it consumes annually. At the most basic level our proposed broiler business is about profit, but equally important is the goal of helping to feed our nation, reducing our dependence on food imports. It is very much about food security and becoming agriculturally selfsufficient as a nation.” The Bahamas Striping Group of Companies proposes to establish its BSGC Broilers Production Farm via operations in Andros and Eleuthera, with a distribution depot in New Providence. It is aiming to process 30,000 whole, fresh chicken each week, grown in eight poultry houses for 35 to 42 days with weights ranging from 3.5 to 4.5 pounds. The company has spent much time hatching its plans, performing market research, evaluating local growers’ strengths and weaknesses and calculating risks. “Bahamians are becoming more conscious about what they consume in terms of food quality. The timing is right for a new entrant into

DR ALLEN ALBURY the market that can deliver quality, fresh, healthier poultry products,” said Dr Albury. “We believe we can establish a sustainable commercial enterprise; one that produces to scale. We intend to incorporate an integrated energy approach, one that draws at least 30 percent of its energy usage from renewables.” He added: “We have already been in talks with qualified Bahamians working in the poultry industry abroad who are eager to return home. Furthermore, we intend to increase efficiency and reduce unnecessary labour costs through automated processes.” Bahamas Striping is already in talks about sourcing equipment and poultry farming inputs – chicklets, feed and the like – although it has yet to make any sizeable investment in what

is projected to be a $10m enterprise. “There are several things we require from the government to shore up our investment. Currently, we have a legislative regime that does not favourably lend itself to local producers,” Dr Albury said. “From the health standpoint we want to ensure that the standards for fresh poultry and frozen poultry are established according to international best practices, and that it is also being controlled at the border, ensuring that imports really are safe for consumption. We want bio-security measures to be standardised and we want every player to be held to the same standard.” Bahamas Striping has held discussions with the government on the issue, and is pushing for the appointment of a chief veterinarian official to work with the Bahamas

Bureau of Standards. The prime minister, in his national address last week, unveiled plans to promote Family Island and rural development through “key” agriculture investment projects on several islands, particularly Andros, Eleuthera and Grand Bahama. He added that the government is set to invest in strengthening agricultural infrastructure, facilitate farms’ access to power, water and cost-effective inter-island transportation inclusive of refrigeration. “As a matter of urgency, we will increase access to credit and additional funding to Bahamians in this sector, while increasing the access of producers to local and international markets,” the prime minister pledged. A Bahamas Striping team is expected to survey potential sites in Andros within weeks to identify a suitable base for its operations. “We believe we can produce a fresher, healthier choice, steroid free, antibiotic free, no growth hormones,” said Dr Albury. “Even if we are slightly more per pound, we believe Bahamians will choose our fresh chicken versus chicken shipped into the country with an ambiguous kill date.”

A $10M POULTRY investor is aiming to grow domestic producers’ market share beyond the present “less than two percent” through supplying Bahamians with 30,000 fresh

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THE TRIBUNE

Monday, February 4, 2019, PAGE 3

TAXI DRIVERS MOVING TO SHED ‘SCAVENGER’ IMAGE By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Bahamas Taxicab Union’s (BTU) president says he remains resolute on rebranding the industry and shedding the negative reputation of cab drivers as a group of “scavengers”. Following what he described as a “cordial” and “very productive” meeting with Prime Minister Dr Hubert Minnis

on Friday, Wesley Ferguson argued: “We have to be seen as business operators instead of scavengers”. He added that himself and his executive team were now drafting a proposal to solve their concerns, and said: “We had a very powerful meeting with the prime minister. It basically was a unilateral meeting with the minister of transport, the minister of tourism, his permanent

secretary, the port director along with myself and two members of my executive team. “It was a 45-minute meeting where I articulated the concerns of the taxi cab drivers, from the airport to Baha Mar, to the dock to Paradise Island. I’m supposed to be contacted on Tuesday. We are now in the process of suggesting solutions to the issues. “We are in the process of

now getting together with our executive team. A soon as we hear from the prime minister on Tuesday we will move in that direction with the executive team and start the solution process.” Taxi drivers staged a demonstration in Rawson Square last Wednesday to highlight their concerns. The move was triggered by the the Ministry of Tourism’s decision to take disciplinary action against

taxi drivers at Prince George Wharf, a move he slammed as “unlawful”. Dionisio D’Aguilar, minister of tourism, said ministry personnel were simply trying to protect The Bahamas’ brand and improve the overall visitor experience. “We are going to start the rebranding of the taxi industry because that is one of the things that I went into my campaign with. As taxi

drivers we have to change the way we do business. We have to be seen as business operators instead of scavengers,” said Mr Ferguson. “People get a perception of who you are by your action. Taxi drivers have a bad reputation out there. I’m not oblivious to that fact. We have to take the bull by the horns. You can’t just give a guy a fish; you have to teach him how to fish.”

CRUISE LINE RESTARTS CALLS TO DAMAGED CAY TODAY By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net PRINCESS Cruises will resume calls to its Eleuthera private island today, almost a week after a fire damaged several buildings at the property.

The cruise line, in a statement to Tribune Business, said: “Princess Cruises will resume calls to its private

island, Princess Cays, in Eleuthera, Bahamas, with the first scheduled call by a Princess vessel on February 4. No Princess Cruises itineraries were impacted by this incident.” The company added: “A fire on January 28 damaged several operations buildings

Palm Cay 70% sold on One Marina first phase PALM Cay says phase one of its $100m One Marina condominium project is 70 percent sold less than three months after it broke ground on its “most ambitious project to date”. Rob Batchelor, Palm Cay’s chief executive, revealing that just three units remain unsold, said: “The response to the offering has been phenomenal. With an expected completion date of February of next year, we are 70 percent sold out with only one two-bedroom unit and two, three-bedroom residences, remaining. Those are positive results by any standard and I think it speaks equally to the continuing desirability of The Bahamas and to the lifestyle offered at Palm Cay.” Most interest in One Marina, Mr Batchelor said, is from Europe, Canada and the US. Another of Palm Cay’s offerings, The Anchorage, has maintained its appeal to Bahamians with half of the latest phase sold and construction running ahead of schedule. Phase 4 is slated for completion by the end of 2019. Of the units remaining in the One Marina complex, the 1,700 square foot twobedroom is offered at $800,000. The 3-bedroom, 3.5-bath, 3,700 square foot residence is available for $1.6m, while the two-storey

PHASE one of Palm Cay’s One Marina luxury waterfront condo development, which broke ground in November, is 70 percent sold with only three units remaining.

penthouse with a view of beach, ocean and docks is priced at $1.8m. Located on New Providence’s south-eastern shore, Palm Cay is a nearly 70-acre development featuring single-family residences, condominiums, town homes, vacation rentals, clubhouse, pools, restaurants, beachfront bar and grille, 1,200 feet of white sand beach, and fitness centre. Its 194-slip marina has been voted the best in The Bahamas by Active Captain,

the TripAdvisor-like review site for mariners, for five consecutive years. And its members’ club offers a full slate of activities for families, including movie nights and fishing tournaments. It is located close to schools, churches and shopping. Designed by local architect Winston Jones, One Marina and The Anchorage have generated jobs, and delivered numerous contracts for local suppliers and businesses.

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on the south side of the island, but no guest-facing facilities were impacted except one of several available public restrooms. “All guest facilities have been inspected, and reported safe and operational. In the staff-only operations areas, work is

already underway to restore the affected buildings and equipment. There were no guests at Princess Cays at the time of the fire, and no injuries were reported. The cause of the fire is currently under investigation. Stephen “Hank” Johnson, the MP for central and

south Eleuthera, had previously expressed serious concern that any prolonged shutdown of Princess Cay could adversely impact the South Eleuthera community and the 101 employees working at the private island.

PAGE 4, Monday, February 4, 2019

THE TRIBUNE

DPM: PLP will take us ‘back to fiscal future’ FROM PAGE ONE to fulfill costly campaign promises. “That is one of the concerns that we should all have as citizens because when you listen to the rhetoric from the other side it appears they do not recognise the need for fiscal conservancy and responsible, realistic targets is important to the future of the country and future stability of the country,” Mr Turnquest told Tribune Business. “The statements with respect to spending, every Bahamian should be concerned. We’re not in a period where we have the liberty of spending and worrying about the future later. We have to be creative and consider not only domestic circumstances but the international realities we face and where the global economy is. “There are risks out there to be concerned about,” the deputy prime minister added. “It’s fair to say every Bahamian should be

concerned about the rhetoric from the other side. That’s basically taking us back to the future. That’s what they did for their last five years in office and have few results to show for it.” It is unclear what “rhetoric” Mr Turnquest was referring to. But Obie Roberts, the PLP’s vice-chairman, recently described Opposition leader, Philip Davis, as referring to “mega public projects” as part of an economic growth strategy during a recent party meeting. No details were provided on these projects, but senior party members, such as chairman Fred Mitchell, have recently suggested that incurring some debt is acceptable for the government - even though this is now at more than $8bn and counting. The Fiscal Responsibility Act, which aims to bring accountability and transparency to management of the government’s financial affairs, sets annual deficit targets and spending limits, while also laying out a path

to reduce The Bahamas’ debt-to-GDP ratio to 50 percent. The Act requires the government to slash the fiscal deficit to 0.5 percent from 2020-2021 onwards, slashing it from a sum equivalent to 5.8 percent of GDP in the 2016-2017 budget year. This means reducing it from near $700m to around $54m. Its “first schedule” sets out a “glide path” or “road map” for achieving this, acknowledging - as the IMF stated - that “significant fiscal adjustments” are needed over the next two budget years to hit this objective. To enable the public sector and wider Bahamian economy “to achieve the fiscal objective in an orderly manner”, and avoid unnecessary shocks, the bill calls for 2018-2019 and 20192020 deficits that “shall not exceed” 1.8 percent and one percent of GDP, respectively. The bill also sets out a “long-term” target of reducing the government’s direct debt-to-GDP ratio from the current 58 percent to “no

more than 50 percent”. The year by which this target is to be achieved has to be set out in the government’s “fiscal strategy report”, which must be submitted to Parliament no later than the third week of November each year. Mr Turnquest spoke out as he described as “entirely premature” concerns that the government will not hit its 2018-2019 fiscal targets, given that it had used up almost three-quarters of its full-year deficit in the first six months of the year and collected just 38.1 percent of its $2.651bn revenue target. While it now has to collect more than $1.6bn in revenue during the second half of the year to hit its full-year goal, the first-half collection percentage goal is not wildly out of line with previous years. Research by Tribune Business, using official government data, shows that first half revenue collections equalled 39.3 percent and 40.9 percent of the fullyear targets for 2016-2017 and 2017-2018, respectively. And it was ahead of the 36.7 percent at the half-way

point for 2014-2015. Describing the January to March quarter as the “revenue rich” portion of the government’s financial year, Mr Turnquest said this period coincided with the peak winter tourism season, business licence fee collection, the bulk of real property tax payments, and commercial vehicle licensing month. “It is entirely premature for anyone to take the first half as an indicator of where we will end up,” he told Tribune Business. “I know we’re up in VAT receipts. Obviously we are cautious but, by the same token, not concerned at this point.” Mr Turnquest, though, admitted that the government was “slightly behind where we want to be” on 2018-2019 revenue collections when measured against projections, “but nothing that causes us any great concern at the moment”. He added that the inability to realise $25m in projected revenues from the new web shop industry taxation structure was “holding

us back from our spending plans a little bit”, but the government had managed to pay down some $65m in previously unfunded arrears and “anticipated a favourable outcome” in talks with the gaming sector. “I think we are down on our spending; we are holding more or less where we want to be and, when we take out the arrears, we’re doing OK,” Mr Turnquest said. “But we still have to continue to be cautious, again, having regard to the revenue and traditional ramp in expenditure that happens in the second half of the year, particularly on capital works. “You always have some pent-up expenditure that happens in the second half so you have to be prepared for that. I’m still very optimistic that we’re going to make our targets and, managing our expenditure and cash flow, that we’ll come in within that target or as close as possible without incurring additional arrears.”

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BAHAMAS AIR NAVIGATION SERVICES DIVISION JOB VACANCY NOTICE The Bahamas Air Navigation Services Division (BANSD) is the service provider of the aviation sector of The Bahamas responsible for air traffic services, aviation advisory/alerting services and aeronautical information services. We are recruiting a self-motivated professional to perform the job function of an Electronic Technician (Marsh Harbour, Abaco). Position Summary The Electronic Technician is responsible for the daily functions of the department; inclusive of the maintenance and installations of radar, communication systems, and navigation equipment at the Leonard M. Thompson International Airport, Marsh Harbour. Duties 1. Maintain the electronic equipment at the control tower facility in Marsh Harbour - Aeronautical VHF transmitters and receivers, an air-traffic audio recording system, a Voice Control Communication Switch (VCCS)VOR/ DME navigation aid equipment and auxiliary equipment. 2. Operate hand and small power tools and understand their use and function; 3. Equipment preventive maintenance and visit all remote sites to report any abnormality in equipment status; 4. Test to ensure proper operation per established test criteria; 5. Respond to requests from departments utilizing the equipment; and 6. Effectively perform other relevant duties that may be assigned. Minimum requirements: • Successfully passed five (5) BGCSE with ‘C’ or above; • A degree in electronics or computer science, from an accredited institution or similar related field would be a plus; • A minimum of one (1) year of relevant work experience; and • Must be prepared to work on a shift basis. Resumes should be submitted via email to the attention of the HR Manager at hrbansd@gmail.com on or before Wednesday February 8, 2019.

THE TRIBUNE

Monday, February 4, 2019, PAGE 5

GB SMALL BUSINESS LAUNCH DRAWS 450 SOME 450 persons attended Thursday’s Grand Bahama launch of the Small Business Development Centre’s (SBDC) Access Accelerator initiative. K Peter Turnquest, deputy prime minister, told attendees that the government hopes to foster a culture of entrepreneurship through its partnership with the “Access Accelerator” programme. He said: “The SBDC is the centre stone of the government’s campaign to stimulate Bahamian ownership, to invest in entrepreneurs and to provide micro, small and medium-sized businesses the incentives and assistance needed to survive and thrive. This is a core part of our recipe to grow the economy and thereby create jobs and wealth.” Acknowledging the weariness with which the Bahamian people receive new government programmes, Mr Turnquest argued that the “Access Accelerator” was very different from anything offered by previous governments. “This programme is very unique because it takes entrepreneurs from inception to financing, and it provides mentorship and hand-holding even after new businesses have started operating,” he added. “In the past, we’ve had programmes that provided entrepreneurship training, but access to capital for new businesses was nearly impossible to secure. There have been programmes that offered financing, but the mentorship was non-existent. The SBDC takes a holistic approach that considers the full range of needs that entrepreneurs have.” To emphasise his point, Mr Turnquest introduced five Grand Bahamians who have been recipients of SBDC training and advisory services since the “Access Accelerator” began its work nationally in September 2018. These participants have advanced to the financing stage.

K PETER TURNQUEST, deputy prime minister, centre, with event panelists and those recommended for training and funding.

ATTENDEES had the opportunity to ask questions. • Petula Henfield, of Better Days Pizzeria, owns a pizza and delivery company that has been operating since October 2017, servicing the Eight Mile Rock settlement of Grand Bahama. • Nicole Johnson, of Le Pavillion, provides private internment and related services to the Grand Bahama community. • Sherril Bethel, of Lost at Sea Jewelry, is a designer and manufacturer of unique sea glass jewellery. • Moses Pitter, of Radiant Technologies, is a full-service solar energy product manufacturer, with a sales and repair business opening in Freeport, Grand Bahama. • Kenroy Harris, of Perfect Water Refill Depot Station, established his company to produce fresh drinking water and ice for individual purchases, as well as for businesses and households in west Grand Bahama. These individuals, together with all future entrepreneurs who are successful in the programme, will have access to government guaranteed loans; business grants; and equity financing.

Bahamas Ferries: No more defiance of PM FROM PAGE ONE decision made an appeal necessary. Meanwhile, Mr Albury confirmed that Bahamas Ferries had effectively ignored the prime minister’s wishes through its actions on Friday in a message to Abaco residents, which was obtained by Tribune Business: “Good morning all,” he wrote. “This morning I understand Bahamas Fast Ferries docked and transported employees from the Union Jack dock. This was against the desires of the township, myself, and the prime minister. The prime minister himself had previously issued a directive that they would not be permitted to use said dock. “Upon becoming aware of the events I immediately contacted the prime minister and we are working together to address and remedy the situation. Please be assured the situation is not being ignored. I will update as we move forward.” Speaking to Tribune Business yesterday, Mr Albury said he had received a written communication from Bahamas Ferries’ principals who had “committed to not continuing” the use of Union Jack Dock for the Baker’s Bay contract. “That was the biggest issue short-term, but that’s just the first step,” he told this newspaper. “The situation, for want of a better word, is in flux. There seems to have been some miscommunication and misunderstanding, I’m willing to believe that, but that doesn’t change the fact we need to get it sorted out. “The situation is still developing but the key thing I wanted to have established by the end of that day [Friday], I’m happy with that. I got something in writing. Essentially they committed that it was not a long-term solution berthing there and, even if they didn’t have a solution worked out, they recognised what the major concerns are and are willing to work on them.” Mr Albury promised to arrange meetings between Bahamas Ferries and all relevant stakeholders this week to address the issue, which could ultimately involve a

meeting with the township with the Prime Minister present. However, there was little secret about Bahamas Ferries’ intentions. A note from Baker’s Bay management to their employees, circulated in January, revealed the plans to use Union Jack Dock and build a paved parking lot for employee and construction workers’ cars. “On Friday, February 1, Baker’s Bay Golf & Ocean Club and Starfish Construction will be initiating service with Bahamas Ferries for employee ferry transportation,” the note said. “The award of the contract to Bahamas Ferries comes after a comprehensive RFP (request for proposal) process, whereby proposal submissions by multiple vendors were reviewed. “We sincerely appreciate the time and effort of all those firms that submitted bids. Additionally, we acknowledge the efforts that the incumbent provider has put in over the years to provide safe and reliable transportation.” It then added: “The new embarkation/disembarkation point on Abaco will be at the Union Jack dock and schedules will be published shortly. The nature of the ferry experience will be changing in a manner that we believe will enhance the comfort of employees. “The vessels will be fully enclosed air conditioned (when appropriate), equipped with restrooms and initially will seat up to 300 passengers each. Additionally, parking with 24 hour on-site security will be provided adjacent to the Union Jack dock.” Mr Thompson said Bahamas Ferries was informed of the prime minister’s wishes by Montez Williams, deputy parliamentary secretary for Abaco, when it attempted to present its plans to the township. “We had a big objection to them coming and clearing a large property with no permits and permissions granted,” he told Tribune Business. “That was our question. They didn’t have a permit and went straight to drilling wells and improving the land.”

Davinia Blair, the SBDC’s executive director, said: “When we began we knew we wanted to transform the nation through small business. The nation includes our Family Islands. We are so serious about our impact in Grand Bahama that tonight we also announced our SDBC director of the Northern Bahamas, Yvette O’conno, a native of Grand Bahama. We trust that under her guidance the programme, which has already graduated its first cohort for funding, will continue to thrive.” The SBDC is a three-way partnership between the Government, University of The Bahamas (UB) and the Bahamas Chamber of Commerce and Employers Confederation (BCCEC). The Centre will work to guide the development, funding, growth and evolution of micro, small and mediumsized enterprises (“MSMEs”) in The Bahamas. Among those attending the Grand Bahama launch were Geoff Andrews, chairman of the Access Accelerator; Davinia Blair, Access Accelerator executive

director; Ian Strachan, vicepresident of University of the Bahamas northern campus; Greg LaRoda, president of the Grand Bahama Chamber of Commerce; Kevin Darling, head of Royal Bank of Canada (RBC) for the Caribbean , Michaela Cunningham, chairman of the Bahamas Entrepreneurial Venture Fund; and Dave Smith, managing director of the Bahamas Development Bank.

PAGE 6, Monday, February 4, 2019

THE TRIBUNE

$70m funding gap in ‘worst case’ on NHI FROM PAGE ONE

Graham Whitmarsh, the NHI Authority’s managing director, last week said the Minnis administration’s initial proposal had been priced at $106m. This was split where 50 percent, some $53m, would have been generated by employer contributions; another $33m was to come from the employee “payroll tax”; and the $20m balance from government. While the revised proposal was set to increase the government’s contribution slightly to $22m, Mr Whitmarsh said the overall burden on employers and employees would decrease. He added that NHI’s total cost was estimated to eventually grow to around $130m, a similar price tag to that suggested by the former Christie administration. “We estimate that our programme, it’ll grow overtime. It won’t actually have a cost

but the kind of mature programme that we’re looking at here with the amended policy, we think it’s around $130m, but we’ll refine that as we go forward,” the NHI Authority chief said. However, Mr Beckles revealed: “It’s wise to promote the $130m low side. We asked them what the worse case scenario was, and they said: $200m. That is a big gap. By default, the only people who can reasonably make this up is the employer, as they will not go back to the employee. “The biggest fear right now is another tax, another tax. How much more can we take? The fear of that is growing. By default, if there is any shortfall, they are coming to me as an employer.” Mr Beckles even suggested that between $200m-$300m “has to come from the private sector” to meet NHI’s financing needs. “If you look at our business

environment, even on the low end $200m is still a bit much to exact from employers,” he added. “That came from their comments It will probably cost another $200m-$300m in total from the employer to manage the system. “It’s not as if many companies are bragging about double digit revenue increases over the past few years; they’re trying to stay afloat. It’s a little rough. We’ll see where we go. The greatest concern is whether the private sector is going to be used as a funding gap. Who is going to fill that gap?” With medical costs increasing every year globally, and the government having previously admitted that $100m of its annual healthcare budget is lost to waste and mismanagement, the private sector has long-feared that NHI - the chosen method for financing universal health coverage

(UHC) in The Bahamas will become an ever-growing financial drain they must finance. While the NHI Authority has long argued that Bahamian worker productivity will improve through the better healthcare access provided under the scheme, Mr Beckles said employers cannot “hang their hats” on this offsetting the increased taxation burden. Pointing out that there was no data to support the case for improved productivity, he added: “If their argument is you’re going to get a better performing employee, that’s nice to say but it’s never been proven in the Bahamian workforce. “While we believe generally that a healthier workforce will end up being more productive, there’s no data to say that as an employer you can hand your hat on there being a net gain. There is nothing to promise that.”

The reforms unveiled by the NHI Authority last week aimed to make the tax/ contribution structure more progressive, with higherearning workers funding as much as 100 percent of their monthly premiums for the $1,000 per year Standard Health Benefit (SHB) - NHI’s minimum level of care - depending on which income bracket they fall. Only senior management and other executives earning more than $66,667 per year will have to finance their premiums solely from their own salary, as the NHI Authority seeks to link contributions to ability to pay. However, all Bahamians and legal residents earning $35,000 per annum and upwards will now have to pay more to NHI than under the first proposal. The changes, which shift the tax/contribution burden from low income workers and small businesses to higher salaried employees and larger companies, result from a removal of the $500 “cap” on annual worker payments together with a reduction in the contribution rate from two percent of wages to 1.5 percent. The initial NHI contribution structure would have seen workers earning $25,000 and up paying 50 percent of their monthly premium - a figure of $41.67 per month, which would have been matched by their employer. The revised structure, which will be presented to Cabinet for its approval, tears that plan up. Employees earning $35,000 annually will now have to pay $43.75, or 52.5 percent, of their monthly SHB premium with the employer contributing the minority balance. Workers earning $45,000, $55,000 and $65,000 annually will have to pay 67.5 percent, 82.5 percent and 97.5 percent of their NHI health insurance costs, respectively. In contrast, employers will have to pay 92.5 percent of the premium cost for workers earning less than $5,000 per annum. Employer contributions will also increase for workers earning $10,000, $15,000, $20,000 and $25,000 per annum when set against

the initially proposed fee schedule. For these income categories, companies will be contributing between 85 percent and 62.5 percent of the premium cost. The NHI Authority’s reforms will increase labour costs associated with lower and middle income workers, which may discourage firms from hiring them and/or result in lay-offs and reduced work weeks at businesses struggling to survive. Mr Beckles said companies were especially concerned that employees earning $66,667 and over will “feel like they are being penalised because are going to pay an inordinate number, 100 percent” of their premium”. However, such high-earners were likely to use NHI the least, whereas the biggest “consumers” would probably be lower and middle income workers. The Chamber chief executive also warned that middle class Bahamians, especially those earning between $35,000 to $65,000 annually, were now being required to pay more - and finance the majority of their NHI premium - despite being the segment most affected by the economy’s stagnation and recent tax rises. “You’re making them take more of the burden, and that group is the hardest hit with all the taxes in recent years,” Mr Beckles told Tribune Business. “There’s been a concern over the last ten, 15, 20 years about the obliteration of the middle class. “That goes right to them. If we’re going to preserve and strengthen the middle class, we have to be reminded there is a real risk of putting any more burden on those middle class employees right now.” Mr Beckles said most chamber members understood the importance of health insurance and universal coverage, and knew The Bahamas had to “start somewhere”. Yet many felt a better, more “holistic” solution that addresses health concerns from all angles can be developed, and are hoping that talks with the NHI Authority and government can continue.

FOR IMMEDIATE EMPLOYMENT: The beautiful luxury 5 star cove resort in gregory town eleuthera is presently looking for a boat captain to commence work immediately. Requirements • 5 – 10 Years experience working in the tourist related field. • Valid class “a” license. • Knowledge of and the ability to trouble shoot and repair gasoline boat engines. • Great command of the english language. • Ability to negotiate and sell tours. • Extensive knowledge of eleuthera fishing grounds. Living accomodations, three meals per day, free wifi, and an attractive compensation package is available to off island candidate. Please contact the human resources department at telephone number 242-335-5141-3, or send resume to email address: amunroe@thecoveeleuthera.Com.

THE TRIBUNE

Cruise crime video is ‘patently untrue’ FROM PAGE ONE to Nassau annually, and the level of crime they experienced was “negligible, minimal”. He added that the video’s ranking of The Bahamas as the most unsafe destination, based on alleged “pick pocketing, muggings and robberies”, paled into insignificance when set against the armed robberies of cruise passengers in St Lucia and “armed gangs” in Mexico and Guatemala. All were cited in the same video, and the minister also dismissed speculation that it may be an attempt to exert further leverage over The Bahamas by the cruise lines. “It’s getting more traction here than elsewhere,” Mr D’Aguilar told Tribune Business. “It’s causing consternation among Bahamians because it’s so patently untrue. We wanted to put something out to say we’re aware of it, we don’t agree with it, and it was put out by somebody who doesn’t have any credibility. “We thought we’d nip it in the bud. I’m not particularly bothered. I don’t know if people are forwarding it for the sake of have you seen this, have you seen this. Our New York PR agency said it’s getting very little play.” The Ministry of Tourism, in its statement, said: “While there is speculation that this video may be a leverage tactic, we have no evidence that this video was influenced by anyone other than its creator. “The Ministry of Tourism maintains active dialogue with the cruise lines, as both parties look to navigate a mutually beneficial relationship. In this regard,

DIONISIO D’AGUILAR it is important to both The Bahamas and to the cruise lines that our destination remains desirable.” It continued: “Private islands have been a feature of cruise itineraries for some years now and are not a replacement for Nassau. Our negotiations and work with cruise lines on myriad issues are part of an ongoing process to balance the needs and priorities of The Bahamas with theirs. “We are very actively engaged in protecting the reputation of The Bahamas by aggressively telling our stories through our advertising, content and also through bringing reputable journalists to experience our hospitality. This work

is a strong counter to incidents like this. We are close to deciding which plan for our next generation cruise port will move forward, and that will be a key product improvement that will add to the Nassau experience and our reputation. “The assertions made that Nassau is the most dangerous destination is refuted emphatically. We take the issue of visitor safety very seriously. The continuing efforts of our police to combat crime and create a safer destination for our residents and our visitors is the most effective statement on behalf of our port, and the Ministry of Tourism applauds the progress made in this area.”

Monday, February 4, 2019, PAGE 7

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PAGE 8, Monday, February 4, 2019

THE TRIBUNE

Pass It On: Work-life advice from Twitter curation director NEW YORK Associated Press JOANNA Geary started off as a journalist in the UK and now lives in New York, where she is currently Twitter’s director of curation. In that role, she’s in charge of showing users everything from the day’s biggest news events to quirky trends. Geary, 38, spoke with The Associated Press recently about managing people in different time zones and managing a work-life balance. Questions and answers have been edited for brevity and clarity. Q: What does your dayto-day work look like? A: I have direct reports in London, in Toronto, in New York, in San Francisco,

TWITTER’s director of curation Joanna Geary. in Tokyo and in Sydney (and indirect reports) in Mexico and Brazil. When you’re working away from people, it’s really important

to have structured time to see people. So that means that my days get quite elongated. Q: What have you

learned about problemsolving over the years? A: The greater the diversity of skills, background and personalities in the room, the more likely it is you’ll come up with the best solution and the best way to implement it. Q: How much do you pay attention to your competition? A: I keep pretty well informed about what’s going on in our industry, but I try not to focus too much on competitor watching. I’ve been in that position before and it can be all too easy to turn yourself into a hostage to other people’s strategies rather than doubling down on understanding your unique value and trying to enhance that. Q: What advice would

you give your younger self about managing people? A: You are never, ever going to have all the answers. Most answers are going to come from your team, and your job is to try and create an environment where they are recognised and rewarded for putting them forward. Also, however hard you try, you will mess up. The most important thing is how you deal with that. Q: What advice do you have on how small business owners and others can use Twitter? A: Start small and follow people that you know or are just one or two people removed from people you know. Learn to connect and have conversations with them. A lot of value can often be obtained from

expanding your network even by just a little. Q: What do you do for work-life balance? A: I enjoy the time I spend with my husband, family and close friends. Moving to another country has made me value the time I get to spend with them much, much more. I’m also a massive podcast fan, so will often use my commute home as time to listen and decompress. But you’re also talking to someone who back in the UK used her free time to start London’s biggest monthly meetup of technologists and journalists. Technology and journalism have always been an interest beyond a job, so I wholly admit the line can be blurred.

BILL CALLS FOR LIFTING CAP ON NEW MEXICO’S FILM INCENTIVES ALBUQUERQUE Associated Press INCENTIVES aimed at attracting more filmmakers to New Mexico would get a boost under legislation supported by Gov Michelle Lujan Grisham as neighbouring Texas and other states contemplate similar proposals to sweeten the draw for production companies. Lujan Grisham was flanked by fellow Democrats and representatives of the film industry as she unveiled the legislation during a news conference on Friday at the state capitol. The governor gave a nod to work done over the years to build up the state’s television and film industry. “Now we will help that viable industry transform

into something greater. This legislation represents a return to the right kind of attitude about New Mexico’s film and television industry,” she said. The measure would eliminate the state’s cap on rebate payouts for the industry and make other changes that supporters say would result in more productions coming to the state. Lujan Grisham’s predecessor, Republican Susana Martinez, had signed legislation in 2011 imposing a $50m annual limit as a way to provide budget certainty and protect state finances while New Mexico struggled through the economic downturn. The state followed up in 2013 with the “Breaking Bad bill”, named after the Emmy-winning TV drama

that filmed primarily in Albuquerque during its five seasons. The goal was to enhance incentives for television productions. Lujan Grisham said on Friday the state’s cap on incentives artificially shackled the industry and it was time for it to go. The battle among states to woo the movie business began decades ago, after Canada took advantage of currency exchange rates and government-sponsored tax breaks to lure production from California. Louisiana responded, becoming the first to adopt tax incentives in 1992. After a surge in competition among the states, things have since waned with some states cancelling their incentive programmes and others paring back their offerings.

THE TRIBUNE

Monday, February 4, 2019, PAGE 9

AMAZON SAYS NEW NYC HOME WON’T TAP OPPORTUNITY ZONE BREAK Amazon’s top site negotiator Holly Sullivan responded, “I can’t talk to the designation of the Opportunity Zone ... but we will not be using the Opportunity Zone on this project.” The designations of zones were left up to the

states, with final approval from the US Treasury Department. The Opportunity Zone programme allows investors and developers to delay paying federal taxes on capital gains from other older investments for up to seven years if they plow

that money into projects and businesses in the designated areas. And taxes when they do pay are significantly reduced. In addition, any gains from the new zone projects or business after seven years will not face federal capital gains taxes at all.

NEW residential apartment buildings, left, and an old warehouse, right, border the Anable Basin in Long Island City, in the Queens borough of New York. Amazon will not take advantage of a federal programme offering massive tax breaks when it builds headquarters in New York City. The internet shopping giant told the New York City Council this week that it had no plans to directly benefit from the Opportunity Zone programme offering cuts on federal capital gains taxes as a way to spur development in downtrodden areas. NEW YORK Associated Press AMAZON will not take advantage of a federal program offering massive tax breaks when it builds headquarters in New York City. The internet shopping giant told the New York City Council this week that it had no plans to directly benefit from the Opportunity Zone programme offering cuts on federal capital gains taxes as a way to spur development in downtrodden areas. Parts of the Long

Island City neighbourhood, including the site of Amazon planned offices, were designated as one of 8,700 high-unemployment, low-income zones around the country that qualify for the new tax incentives under the 2017 federal tax overhaul. While Amazon doesn’t intend to tap the tax breaks, developers and investment funds associated with headquarters could still do so. Some critics say the Opportunity Zone programme is badly designed because Long Island City

and many other zones are already gentrifying and would have attracted private investment without the breaks. At Wednesday’s City Council hearing, Councilman Jimmy Van Bramer said he didn’t think Long Island City needed the tax incentives, then asked an Amazon official there whether it was a coincidence that the neighbourhood was designated an Opportunity Zone around the time the company was considering the area for its headquarters.

bealiv.com

Aliv General Manager, South Central Bahamas This position is responsible for offering quality support to internal and external customers by troubleshooting software and hardware issues with Aliv’s network. +

Essential Functions

• Identify potential customers and business opportunities and take an active lead to create awareness of products and solutions. • Strategic planning with customer, providing guidance based on the telecommunication industry direction • Assist customer with development of business cases for various solutions by providing related information and case study information based on global experience. • Provide business development for the sector by marketing and selling established and new products from products portfolio. • Develop and implement tactical approaches to breakthrough and maintain presence in the client major markets. • Act as the owner of Projects and establish a full customer relationship with customer groups or a supporting customer relationship with the customer groups • Be responsible for achieving sales, collection, and market goals and enhancing customer relationships • Conduct competition management of customer • Have a good customer

relationship and maintain a good understanding of clients and their business strategies. • Ensuring all systems are kept at full optimization as per Aliv’s standards +

Skills & Qualifications Required

• Bachelor’s degree or higher level in Telecommunications, Computer Science or other relevant disciplines, MBA is a plus • Related Telecommunication Industry experience, no less than 10 years • Thorough knowledge of Huawei equipment • Strong team player with the ability to interact with all levels of staff in the organization • Strong ability to create systems for operational efficiency

Qualified applicants should submit Resumes on or before, February 4, 2019 electronically to the following email address: careers@bealiv.com with subject: Aliv General Manager, South Central Bahamas.

PAGE 10, Monday, February 4, 2019

THE TRIBUNE

Tech companies, states spar with govt over net neutrality

WASHINGTON Associated Press TECH companies and nearly two dozen US states

clashed with the government in federal court on Friday over the repeal of net neutrality, a set of Obama-era rules aimed at

NOTICE TRITONSGATE TRUST COMPANY LTD. In Voluntary Liquidation Notice is hereby given that, in pursuance of Section 222 of the Companies (Winding Up Amendment) Act, 2011 that an Extraordinary General Meeting of the Members of the above-named Company will be held at the Offices of Aegis Corporate Services Limited, Offices at Old Fort, Building 4, Western Rd, Nassau, The Bahamas on the 25th day of February, 2019 at 10:00 o’clock in the morning for the purposes of (i) having an account laid before them showing the manner in which the winding up has been conducted, the property of the Company disposed of and hearing any explanation that may be given by the Liquidator, (ii) the approval of the Liquidator’s remuneration and (iii) determining by Extraordinary Resolution the manner in which the books, accounts and documents of the Company, and of the Liquidator, shall be disposed of. All persons having claims against the above-named Company are required to submit claims on or before the 25th day of February, 2019 to the Liquidator of the Company or, in default thereof, they will be excluded from the benefit of any distribution made by the Liquidator. DATED this 4th day of February, A.D., 2019 Aegis Corporate Services Limited Liquidator

preventing big internet providers from discriminating against certain technology and services. Judges challenged arguments made by both sides in the faceoff in an appeals court in Washington. Lawyers for the states and the companies tried to persuade the three-judge panel to restore the net neutrality regime, set in 2015 during the Obama administration and repealed in December 2017 at the direction of a regulator appointed by President Donald Trump. The companies challenging the FCC action include Mozilla, developer of the Firefox web browser, and Vimeo, a video-sharing site. The net neutrality rules had banned cable, wireless and other broadband providers from blocking or slowing down websites and apps of their choosing, or charging Netflix and other video services extra to reach viewers faster. The practice of slowing down transmission is

known as “throttling”. The action by the Federal Communications Commission rolling back the neutrality rules “is a stab in the heart of the Communications Act”, said attorney Pantelis Michalopoulos, referring to the Depressionera law that established the FCC. The FCC wrongly classified the internet as an information service rather than a telecoms service, using that as a rationale for not cracking down on misconduct by big internet providers, Michalopoulos said, who represents Mozilla and the other companies in the case. Government lawyers, as well as big internet providers such as AT&T, Verizon and Comcast, argued to keep net neutrality repealed. Thomas Johnson, the FCC’s general counsel, said the agency’s “light-touch” regulatory scheme, requiring the internet providers to disclose their practices

NOTICE PERINA INVESTMENTS LTD. (In Voluntary Liquidation) Notice is hereby given that the above-named Company is in dissolution, commencing on the 30th day of January, 2019. Articles of Dissolution have been duly registered by the Registrar. The liquidator is Amicorp Bahamas Management Limited of Nassau Bahamas. Dated this 4th day of February, 2019

INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, NORVEUS WILSON of Bowe Avenue, Montell Heights, New Providence, The Bahamas, intend to change my name to NELSON WILSON. If there are any objections to the change of name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of the publication of this notice.

LIQUIDATOR

MARKET REPORT t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

BISX ALL SHARE INDEX: CLOSE 2,058.99 | CHG -36.92 | %CHG -1.76 | YTD -50.46 | YTD% -2.39 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 5.39 1.60 0.56 3.68 10.20 6.60 4.85 12.50 2.74 1.78 8.21 6.30 13.20 6.99 4.47 13.50

52WK LOW 3.50 19.17 4.90 3.34 0.90 0.18 2.10 8.70 6.10 3.54 9.01 2.30 1.50 7.25 6.10 10.10 5.85 3.25 12.51

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

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 ##########

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

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 4.43 17.43 7.00 5.39 1.60 0.56 2.29 10.20 6.16 4.40 11.00 2.56 1.78 8.75 6.30 12.85 6.98 3.62 13.01

CLOSE 4.43 17.43 7.00 5.39 1.60 0.56 2.29 9.50 6.16 4.40 11.00 2.61 1.78 8.72 6.30 12.85 6.98 3.62 13.01

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.70 0.00 0.00 0.00 0.05 0.00 -0.03 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00

CHANGE 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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 100

2,000

3,000

VOLUME

EPS$ 0.147 0.932 -0.306 0.323 0.085 0.000 -0.523 0.700 0.480 0.154 0.627 0.102 0.209 0.000 0.481 0.762 0.578 0.277 0.631

DIV$ 0.120 1.260 0.000 0.240 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.280 0.500 0.150 0.130 0.600

P/E 30.1 18.7 N/M 16.7 N/M N/M -4.4 13.6 12.8 28.6 17.5 25.6 8.5 N/M 13.1 16.9 12.1 13.1 20.6

YIELD 2.71% 7.23% 0.00% 4.45% 0.00% 3.57% 0.00% 7.47% 3.57% 2.73% 5.64% 2.30% 3.37% 0.96% 4.44% 3.89% 2.15% 3.59% 4.61%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

MATURITY 19-Oct-2022 ############### 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

MUTUAL FUNDS 52WK HI 2.20 4.21 2.03 182.41 158.55 1.60 1.74 1.68 1.11 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.54 1.68 1.62 1.08 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 FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

NAV 2.20 4.21 2.03 182.41 158.55 1.60 1.74 1.68 1.11 7.43 8.57 6.57 10.37 11.68 10.32 9.92 8.69 11.79

YTD% 12 MTH% 3.57% 4.03% 1.65% 1.76% 2.18% 2.45% 2.08% 3.47% 3.35% 5.94% 4.30% 4.30% 2.60% 2.60% 3.40% 3.40% 1.46% 1.46% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88

NAV Date 30-Nov-2018 30-Nov-2018 30-Nov-2018 30-Sep-2018 30-Sep-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 30-Nov-2018 30-Nov-2018 30-Nov-2018 30-Nov-2018 30-Nov-2018 30-Nov-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

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net neutrality in federal law, though Trump likely would veto any such attempts. At the hearing in the US Appeals Court for the District of Columbia, Judge Stephen Williams questioned Michalopoulos’s assertions on the FCC wrongly classifying the internet as an information service. Telephone services, too, offer an array of customer products, he said. On the question of broadband providers charging premiums for faster service, Williams said a large majority of consumers prefer cheaper, lower-speed options, citing polls. The judges are weighing whether the FCC had the authority to nix the 2015 rules and get out of the business of enforcing net neutrality. It appeared that Williams was sympathetic to the FCC’s arguments, while Judge Patricia Millett raised possible legal avenues for the companies and states suing the agency, and Judge Robert Wilkins was the swing vote, said Doug Brake, director of broadband and spectrum policy for the Information Technology and Innovation Foundation, a Washington think tank. The judges could decide to can the repeal or send it back to the FCC for a redo if they have specific objections. “Today we fought for an open and free internet that puts consumers first,” Mozilla Chief Operating Officer Denelle Dixon said after the hearing. “We believe the FCC needs to follow the rules like everyone else.”

PUBLIC NOTICE

AMICORP BAHAMAS MANAGEMENT LIMITED

THURSDAY, 31 JANUARY 2018

and operations, provides adequate safeguards. The internet — used more extensively to transmit information — is different both in nature and function from phone service, Johnson maintained. It therefore should be regulated as an information service and not subject to the utility-style oversight of phone companies, he said. The politically charged issue has emerged from its origins as an engineering challenge to become an anti-monopoly rallying point and even a focus for “resistance” to the Trump administration. Once Trump took office, net neutrality became one of his first targets as part of broader government deregulation. The FCC chairman he appointed, Ajit Pai, made rolling back net neutrality a top priority. On the other side, support for net neutrality comes from many of the same people who also are critical of the data-vacuuming tech giants that benefit from it. Politicians have glommed on to the cause to appear consumer-friendly. The Democratic takeover of the House in November’s midterm elections could revive efforts to enshrine

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

NOTICE Notice is hereby given that JEANNE RONISE BRISSON of Balfour Ave., West New Providence, Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 4th February, 2019 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

NOTICE Notice is hereby given that FRESNOL CHARLES of Kisskadee Drive, Tropical Gardens, P.O. Box N-10584, New Providence, Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 4th February, 2019 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

NOTICE NOTICE is hereby given that FRANLINE AUGUSTIN of Strachans Alley, P.O. Box N-8914 of Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 28th day of January, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Povidence, The Bahamas.