Issuu

business@tribunemedia.net

TUESDAY, FEBRUARY 12, 2019

$4.15 Central Bank: No money laundering sign ‘on any scale’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Central Bank says “there is nothing” to suggest money laundering occurs “on any scale” in The Bahamas based on its analysis of currency circulation trends. The regulator, in research on both Bahamian and US dollar denominated currency, said it was highly unlikely that the former will be used in cross-border money laundering schemes and other illicit financial activities because of its lack of convertability due to exchange control restrictions. “The Central Bank does not observe any pattern here that would suggest large scale money laundering using Bahamian currency,” it said of its findings. “Due to exchange control restrictions, Bahamian Dollar notes are most unlikely to serve as a material vehicle for crossborder money laundering, particularly given the ready international availability of freely convertible US dollar notes.” That finding is likely to be seized upon by advocates calling for a “lighter touch” regulatory approach to Bahamian dollardenominated transactions and accounts - something that they argue is justified because the local currency’s usefulness for financial criminals is limited. The Central Bank’s analysis, published as part of The Bahamas’ first-ever annual report on its efforts to combat money laundering and terror financing, said national currencies employed for money laundering “will tend to be biased towards large denomination notes. “Furthermore, these large denomination notes are likely to turn over less frequently than smaller denomination notes,” it added. The Central Bank said such “bias” was not apparent with the local currency given that $100 Bahamian bills, as a proportion of the total value of currency in circulation, had remained constant for seven years - never varying beyond the 40-42 percent range. “Just over half the value in Bahamian notes are represented by $50 and $100 denominations, while over half the number of notes are represented by the $1 denomination,” the study

SEE PAGE 3

$4.20

$130m landfill deal ‘in the last 50 yards’ FILE photo of the New Providence landfill on fire. By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMIAN consortium yesterday said it is “in the last 50 yards of the journey” to take over management of New Providence’s landfill, and pledged: “We will not, and must not, fail.” Henry Dean, head of the Waste Resources Development Group (WRDG), told Tribune Business that “all the major issues” had now been agreed with the government, and the two sides were just “cleaning up the language” and addressing “the formalities” of their contractual relationship. Suggesting that an announcement on the deal

• Bidder: ‘All major issues sorted’ with govt • Pledges: ‘We will not, and must not, fail’ • Group a trailblazer for other local PPPs may come as early as the end of this week, Mr Dean said the consortium planned to “make The Bahamas proud” despite acknowledging the “huge challenge” it faces on remediating a major environmental and health hazard for New Providence residents. He added that WRDG, a consortium of local waste services providers, hoped to act as trailblazers by paving the way for other, “younger” Bahamian groups to benefit from future private-public partnership (PPP) opportunities with the government - especially if it was successful. WRDG, which has partnered with Providence Advisors, the Bahamian investment house headed by Kenwood Kerr, was selected

as the preferred bidder to take over the landfill’s operations - and effect a $130m transformation of the site in late August 2018. Both the government and winning bidder voiced optimism that contract negotiations would be concluded within 30 days, meaning that a deal would be sealed by end-September/early October 2018. However, the talks have dragged on for a further four-and-a-half months, but Mr Dean yesterday said there were no remaining obstacles and suggested a conclusion was imminent. “There are no problems,” he told Tribune Business. “There are no problems with the government, no problems with us. We’re at the stage of tidying up the

PHILIP GALANIS the “duplicity, hypocrisy and nonsense” of those Bahamian commercial banks who still refuse to accept web shop deposits - even though they permit payments from the sector to service providers who have accounts at these institutions. Arguing that such acceptance implied web shop

KP TURNQUEST By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

It was a big concern for some inside and outside the industry. It’s very good news for the industry, and I’m happy the report came to those findings.” Mr Galanis said part of his firm’s audit procedures involve a review of the web shop’s internal procedures, and the work of their compliance officers, “to ensure they weed out these persons”. While no financial institution’s defences were totally foolproof, his firm’s audits had revealed web shops have the necessary measures in place - as required by Bahamian law and international best practices - to guard against money laundering and terror financing. Mr Galanis spoke out after Crystal Knowles,

SEE PAGE 6

SEE PAGE 4

language, crossing the ‘t’s’ and dotting the ‘i’s’, and we expect that in a couple of days we will have it all sorted out. “We are just outside the door. We are in the last 50 yards of the journey. It’s going to happen very, very soon. We’re just making sure all the things are in place so that when we execute there will be no problems, no push back.” Mr Dean said all key issues involving Providence/ WRDG’s obligations, the commercial terms, what is expected of them, and the relationship with the government had been resolved, paving the way for both sides to seal a deal that he expects to happen imminently.

SEE PAGE 7

• Auditor: Regulator’s study should end stigma • But slams banks’ ‘duplicity, hypocrisy and nonsense’ • Sector ‘elated’ as regulator ‘reinforces’ its stance monies were clean, Mr Galanis urged all banks apart from Bank of The Bahamas - the one institution to currently accept the sector’s deposits - to join it and “go the whole distance”. Describing the Gaming Board’s findings as “pretty good news”, he said: “I spoke to one of my clients this morning, who was elated about it. I do hope this report puts to rest once and for all the whole discussion about money laundering and web shops being used to facilitate money laundering. “I know that with these companies I audit, the compliance officer is extremely diligent in ferreting out questionable persons who wish to open accounts. I’m glad they’ve [the Gaming Board] come up with that.

DPM: Insurers will receive due VAT refunds

THE deputy prime minister has pledged that VAT refunds will not be unduly “withheld” from the insurance industry, voicing hope the two sides will resolve their differences “in the near future”. KP Turnquest, emphasising that the government “wants the industry to be successful”, said it nevertheless had an obligation to the Bahamian people to collect all revenues due to the Public Treasury and “do what is right” in complying with the law. Speaking after the Bahamas Insurance Association (BIA) warned that the sector was “at loggerheads” with the government over VAT refunds, including the Department of Inland Revenue’s (DIR) interpretation of the Act, Mr Turnquest added that the two sides will “work through” the dispute to come to a shared understanding of what the law says. “The BIA knows what our position is at the moment,” he told Tribune Business. “It’s an ongoing dialogue. We’ll work through the issues, and hopefully come to a shared understanding in the near future and what the law says it is. “It is not our intention to withhold any refund or revenue due to the insurance industry. We are partners in this arrangement, and want them to be successful. Our intention is to comply with the law and, if there are revenue refunds due to them, we want to discharge that obligation. But we have a duty to the Bahamian public to do what is right, and what is seen to be right according to the law.” Warren Rolle, the BIA’s newly-elected chairman, recently branded the VAT refund situation as “untenable” given the threat it posed to insurers’ cash flows and solvency margins. Describing the impasse as a “major disruptor” for the Bahamian insurance

Web shops financial crime fear ‘put to rest’ By NATARIO MCKENZIE and NEIL HARTNELL Tribune Business Reporters THE Gaming Board has “put to rest once and for all” fears that web shops pose a risk to the Bahamian financial system’s integrity, a prominent accountant argued yesterday. Philip Galanis, principal of HLB Galanis, told Tribune Business the regulator’s finding that patron transactions and account balances are too small to present a “material money laundering risk” should eliminate a stigma that has clouded the domestic gaming sector since its 2014 legalisation. The former MP, who audits several web shops, said his clients were “elated” that the Gaming Board had seen fit to publish the results of its research - and give the sector a clean bill of health - in The Bahamas’ first-ever annual report on its efforts to combat financial crime and terror financing. However, he slammed

$4.14

NHI’s $130m price tag ‘just govts exposure’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Minister of Health has confirmed that the much-touted $100m-$130m price tag for National Health Insurance (NHI) only covers “the government’s exposure” to the scheme. Dr Duane Sands, while disclosing this figure did not include the contributions that employers and employees will pay to finance NHI coverage for 206,000 workers, denied there had been any change to the initiative’s pricing. “There’s been no change in the costing, other than going from $100m to $130m,” he told Tribune Business. “It hasn’t changed from day one. But that assumption did not include who paid for what. That is the government’s exposure.” Dr Sands said a recent

• Minister: Employer mandate not included • But denies that scheme’s ‘costing’ altered

DR DUANE SANDS release from the NHI Authority, distinguishing between the revised $130m that the government will pay to finance healthcare for 160,000 to 170,000 Bahamians not included under the “employer mandate”, and the contributions paid for

workers covered by this, was the first time this distinction had been revealed. Reiterating that there has been no change in costing, he directed Tribune Business to speak with Graham Whitmarsh, NHI’s managing director, adding that it was

“very important this doesn’t take on a life of its own” with Bahamians already talking about huge cost hikes on social media. Despite multiple phone calls, and the sending of text messages, Mr Whitmarsh has not responded to this newspaper’s request for further explanation on NHI’s costs and financing. Dr Sands’ comments, though, confirm that Tribune Business’s interpretation of the NHI Authority’s statement last week was wholly correct - and that the scheme’s true cost, when adding the “employer mandate” contributions to the government’s payment, was closer to a

SEE PAGE 5

PAGE 2, Tuesday, February 12, 2019

THE TRIBUNE equitybankbahamas.com

Private banking in The Bahamas just got better. For over 30 years, Equity has offered a higher standard of private banking and investment services to its global clientele. Now, we bring that same professional expertise and investment knowledge to Bahamians for custody, brokerage and asset management services. We’ll even facilitate the Central Bank’s approval process for Exchange Control requirements. It’s all part of Equity’s ﬁerce commitment to your success. Contact us anytime to see how this ﬁerce commitment can work for you.

T/ 242. 676. 8188 F/ 242. 676. 8199 E/ info@equitybahamas.com

BAMSI eyes partners to help model revamp

BAMSI President Tennyson Wells. BAMSI hosted a tour of its North Andros facilities in a bid to secure industry partners. THE Bahamas Agriculture and Marine Science Institute (BAMSI) last week took potential industry partners to its North Andros facilities as part of efforts to revamp its business model. Representatives from major hotels, large retail grocery stores, restaurant chains and wholesalers were brought in to see first-hand how BAMSI is run, what farm practices are in place, and to assess the quality of produce and whether the forecasted yields were accurate. The group toured the research and tutorial farm, the livestock division, the aquaponics centre, packing house and Morgan’s Bluff docking facility. “Our new focus will be on forming relationships with the wholesale sector and industry stakeholders, such as large hotels

To advertise in The Tribune, contact 502-2394

and restaurants,” Tennyson Wells, BAMSI’s president, said. “The purpose of this tour is to offer potential partners and stakeholders a first-hand view of BAMSI’s facilities. Our hope is that this trip will reinforce our ability and commitment to selling select, quality items on a scheduled basis.” BAMSI’s new business model calls for potential buyers to contract for certain produce based on the institute’s ability to offer forecasted yields, and also ensure the quality and quantity of produce are in line with industry standards. At present, the institute brings to market approximately a dozen individual crops, ranging from the “Bahamian Trio” of tomato, sweet pepper and onions to broccoli, cauliflower, okra, pumpkin and zucchini. BAMSI, in its bid to become sustainable and deliver positive, stable growth, is focusing on adopting industry best practices, employing technological innovations and a fully-trained staff, and improving its fiscal responsibility. It has also

developed a new marketing platform. Mr Wells said farm staff were working with an agricultural consultant to research a number of variables that could positively impact sales, including a new grading system and identifying the true cost of production. BAMSI’s farm co-ordinator, Stephen Adderley, said: “We are currently looking at the cost of production for crops so that we can determine the feasibility of growing that crop because, at the end of day, it’s about the dollars. Crops that have a problem making a profit, we can either change our growing practices, utilise new technology that would change the production cost or eliminate that crop from rotation entirely.” Mr Adderley added that many countries import food items that are too costly to produce. He pointed to Canada as an example, saying it imports a lot of its onions - particularly during the winter season - because the crop is just too expensive to produce during that time. The imported crops are simply stored until they are sold to the consumer.

THE TRIBUNE

Tuesday, February 12, 2019, PAGE 3

Downtown group hopes cruise ports ‘benefit all’ By NATARIO MCKENZIE

proposals before the government, represents a potential threat to Nassau’s status with the industry. Dionisio D’Aguilar, minister of tourism and aviation, told this newspaper this week that Nassau has “nothing to be afraid of” from Freeport’s two mega cruise ports, while admitting both projects have added “fresh” urgency to the capital’s revival. Rejecting fears that the major cruise lines will have little reason to call on Nassau if their Freeport projects come to fruition, he told Tribune Business

that the industry’s rapid growth meant The Bahamas needed to make “more of our country available to them”. With 90 cruise ships under construction, and worldwide demand for cruise vacations growing rapidly, he said The Bahamas needed to maintain its competitiveness by providing new destinations that exploit this nation’s proximity to the industry’s largest home ports. Warning that The Bahamas cannot afford to “remain static” in an important element of

its tourism product, Mr D’Aguilar nevertheless conceded that the proposed Freeport ports had further exposed why it was “so critical” to upgrade Nassau - both the port and downtown area - as a destination. He also rejected suggestions that the Freeport cruise port proposals, and respective involvement of Carnival and Royal Caribbean in them, would have any influence on the government’s decision over who is chosen to manage/operate Nassau’s cruise port. Both cruise lines and the Mexican port developer, ITM Group, which is partnering with Royal Caribbean to acquire the Grand Lucayan and develop a proposed waterbased, adventure-type theme park at both the resort and Freeport Harbour, are involved in the same bid to take over Prince George Wharf. Carnival Cruise Line,

The value of outstanding Bahamian dollar bills rose steadily over the period between 2012 to mid-2018, the Central Bank added, growing from $324.812m to peak at $411.038m in 2017 - a growth of 26.5 percent. As for US currency circulating in The Bahamas, the Central Bank said the data suggested flows through this nation’s financial system were driven by tourist spending rather than money laundering. It added that the amount of local spending financed by US dollars was likely underestimated given that merchants often issued change in the same currency. “The median note in number, and dominant note by value, is the $20

denomination, which is consistent with travelers making withdrawals in this denomination from ATMs before arriving in The Bahamas,” the Central Bank said. “The value of the average note purchased is about the same as for Bahamian currency, from $10 to $11. $100 denomination notes make up only one percent of total notes presented, whereas $1 notes make up about 40 percent of notes presented.” It added: “As a point of comparison, about 80 percent of the value of US dollar currency outstanding globally is in the $100 denomination, which has more notes on issue than the $1 denomination. The Bahamian pattern shows ten percent of value

in the $100 denomination, and 40 times’ the number of $1 notes compared to $100 notes. “The data suggest the flow of US dollar denominated notes through the Bahamian financial system looks very much like tourist expenditure, and very little like money laundering.” Acknowledging that it had more work to do in assessing the link between circulating currency and money laundering, the Central Bank concluded: “There is nothing in the US dollar data to suggest Bahamian money laundering on any scale, [and] there is little in the Bahamian dollar data to suggest material money laundering domestically.”

NASSAU Cruise Port.

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Downtown Nassau Partnership (DNP) yesterday said it hopes that the cruise port developments eyed for both Nassau and Freeport will benefit “all stakeholders”. Ed Fields, the DNP’s managing director, told Tribune Business: “While the matter is now under consideration by the government, we would prefer to remain silent. Of course we are hopeful that, whatever the outcome, negotiations are based on changing circumstances so that any investment is viable and has the capacity to have an acceptable level of return for all stakeholders.” His comments came amid concerns that Freeport’s potential emergence as a mega cruise port hub, with two separate

Central Bank: No money laundering sign ‘on any scale’ FROM PAGE ONE found. “The Bahamian note composition has been stable in recent years, with the median note by value the $50 denomination, and the average note value around $10. “The value of notes per capita has increased slightly in recent years, from around $800 to around $1,000. The value of notes as a proportion of GDP has also increased slightly, from three percent in 2012 to around 3.8 percent currently.”

meanwhile, is set to develop a $100m cruise port investment on a 320acre site at Sharp Rock, close to the University of The Bahamas campus.

Mr D’Aguilar recently told this newspaper that the government’s evaluation committee has reached a “consensus” on the three Nassau cruise port bids.

We celebrate our Common Final Exam (CFE) passers in the Caribbean

Maya Albury

Bijorn Bullock

KPMG

Akila Craig

Jorge Da Silva

Pricewaterhouse Coopers (PwC)

Star Garage Ltd

Kiera De Freitas

Gabrielle Goodman

Krystal Shorey

Ernst & Young (EY)

Pricewaterhouse Coopers (PwC)

Shanice Williams

Mylz Williams

Kristopher Ying

Deloitte & Touche

KPMG

Ernst & Young (EY)

For more inFormation on the CFe and to beCome a Canadian CPa, visit:

international.cpacanada.ca 19-0723A

PAGE 4, Tuesday, February 12, 2019

THE TRIBUNE

DPM: Insurers will recieve due VAT refunds FROM PAGE ONE industry, he explained: “When VAT was implemented in 2015,

representations were made by government officials - and details shared in guidance notes by the

The Board of Directors of FamGuard Corporation Limited is pleased to advise that the fourth quarterly dividend for 2018 of 8 cents per share has been declared to be paid on February 27, 2019 to Shareholders of record as at February 20, 2019 FAMGUARD CORPORATION LIMITED The parent holding company of Family Guardian Insurance Company Limited FG Insurance Agents & Brokers Limited FG Capital Markets Limited FG Financial Limited

Department of Inland Revenue - indicating that general insurance claim settlements were deemed to be VAT inclusive. “Therefore, insurers were allowed these input tax deductions to be offset against VAT collected and payable to the government. It is noteworthy that insurers advised the government of the day that it was reasonably foreseeable that following a major catastrophic event, significant credits would be owed to insurers following settlement of claims. Nonetheless, the government maintained its position and the industry proceeded with its remittance to the government on the aforementioned basis.” Mr Rolle added that when Hurricane Matthew struck in 2016 it created insured losses in excess of $400m. “Based on the established VAT treatment that had been accepted by the DIR, the event resulted in substantial credits being owed to insurers. Some insurers continued to offset the input tax deductions while others sought refunds from the government,” he said. “General insurers have recently received assessments from the DIR indicating that a substantial portion of the input tax deduction, retroactive to 2015, is now disallowed as they were claimed on

WARREN ROLLE

non-VAT registrants. This is a fundamental departure from the policy communicated to the industry and the practice that has persisted for several years, resulting in significant sums being allegedly owed to the government. “It would seem a stretch that all general insurers misinterpreted what was communicated with respect to the treatment of input tax deduction at the inception of the policy. Further, it is curious that this only became an issue after insurers offset the significant credits owed to them by government,

or sought credit refunds, following the passage of Hurricane Matthew.” Mr Rolle further warned: “It has major implications on cash flows for general insurers, and will affect the solvency margins which our regulator pays keen attention to. “We appreciate that the government requires revenue to meet its fiscal objectives, but it cannot do so to the detriment of an industry that has provided a sustained and consistent source of employment for hundreds of Bahamians. The insurance industry has consistently paid its share

of taxes, and has paid hundreds of millions of dollars over many years to assist in restoring the lives of ordinary citizens and businesses following catastrophic and other events. “The government’s position as communicated by the DIR is one that the insurance industry cannot willingly embrace. Government is continuous, and a new administration cannot simply disregard or dismiss policy decisions and obligations of its predecessors. We have been in dialogue with the DIR but are at loggerheads.”

NOTICE

Request for Proposals Internal Audit Services The Utilities Regulation and Competition Authority (URCA) was established on 1 August 2009, as a corporate body, under the Utilities Regulation and Competition Authority Act, 2009. As the independent regulator, URCA’s regulatory remit of the Electronic Communications Sector (ECS) covers radio and television broadcasting, radio spectrum, internet and data, pay-TV and voice telephony; and oversight of Electricity (ES) Sector which includes entities or persons who generate, transmit, distribute or supply electricity throughout The Bahamas. URCA wishes to advise that a Request for Proposals (RFP) for the provision of Internal Audit Services has been uploaded to our website at www.urcabahamas.bs . Interested parties should submit responses to the RFP by 4:00 pm on 28 February 2019.

YOUR

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

THE TRIBUNE

Tuesday, February 12, 2019, PAGE 5

NHI’s $130m price tag ‘just govts exposure’ FROM PAGE ONE range between $200m to $236m. Healthcare for the 206,000 covered by the employer mandate will be financed through their annual $1,000 Standard Health Benefit (SHB) premium, NHI’s minimum level of care, which is to come from a combination of 1.5 percent of their annual gross salary and employer contributions. This cost is separate, and on top of, the $130m that will be incurred by the government (Bahamian taxpayer) in financing NHI coverage for the 160,000 persons not covered by the employer mandate. “Here are the facts about how much this programme will cost,” the NHI Authority statement said. “First, for businesses required to provide health insurance to their employees under the new employer mandate, the NHI programme will cost $1,000 per employee per year or about $84 per month. ‘“These businesses will be permitted to recoup up to 1.5 percent of an employee’s full wages (inclusive of gratuities, overtime and bonuses) to share in the cost of the premium. This means for an employee earning over $66,667, they will pay 100 percent of the premium.” The statement then asserted that “this is not a tax” on the basis that the premium will be “paid to private insurers, not the government”, although many observers will likely disagree given the similarities to the payroll tax that finances National Insurance Board (NIB) contributions. “In return, employees will receive private health insurance with minimum benefits prescribed by the Standard Health Benefit (SHB) under NHI. It is estimated

that the employer mandate will cover approximately 206,000 people, a portion of which are already covered under some form of insurance by their employers,” the NHI Authority continued. Then, turning to those Bahamians who are not working, the statement said: “Second, for everyone else not covered by the employer mandate, which includes senior citizens, children, indigent, unemployed or employees of exempted businesses (businesses with less than $250,000 in annual turnover), they will be able to receive the SHB coverage

from NHI at no cost. “When launched on July 1, 2020, it is estimated this segment will consist of between 160,000 to 170,000 people. In order to provide these benefits for these individuals, we estimate it will cost approximately $130m for the fiscal year starting July 1, 2020. This is completely separate from the employer mandate, which is covered by private insurers.” Mr Whitmarsh said initial estimates were that the “employer mandate” would cost around $106m. He split this into $53m contributed by employers; a further $33m from employees; and a $20m balance from the government to cover civil servants and public sector workers currently privately insured. The latest revisions are said to have reduced the burden on both employer

and employee, and increased the Government’s contribution to $22m,. The NHI Authority statement said the $130m cost for persons outside the “employer mandate” will be financed via “a diverse mix of revenue sources”, one of which is NHI’s “existing budget allocation” that stands at $20m. That leaves a further $110m to be located, but the NHI Authority said it would come from VAT paid on private health insurance premiums; a “reallocation” of resources from the Public Hospitals Authority’s (PHA) existing $216m budget to cover services

NHI will now provide; the $8-$10m that a “sugary drinks tax” may raise; and the scheme’s own “risk equalisation” method. However, neither the “sugary drinks tax” or the reallocation of VAT on health insurance premiums has been legislated or approved. And some 80-90 percent of the PHA’s budget goes on staff costs, with the Princess Margaret Hospital operator also consistently facing an annual $30-$40m funding shortfall. For some employers and employees, especially those whose group medical plans already include the benefits covered by the SHB,

there will be relatively little change under NHI. Those whose insurance does not include all the SHB’s benefits will have to adjust their coverage to ensure it does so, potentially increasing premium costs. However, data unearthed by previous NHI-related research found that around 110,000-120,000 Bahamians are currently covered by private health insurance. Based on 206,000 persons being covered by the employer mandate, this suggests the employers of some 80,000-90,000 working Bahamians will now have to part-finance health coverage on their behalf.

PAGE 6, Tuesday, February 12, 2019

Web shops financial crime fear ‘put to rest’ FROM PAGE ONE the Gaming Board’s chief counsel, said research showed that the average patron transaction of $60 and account balance of just $5 - were “far too small” to suggest the sector was being exploited for illicit financial activities. Describing longstanding fears that the domestic gaming industry could be open to such abuses as “unfounded”, she wrote: “Prior to regularisation, it was feared that the then-unregulated ‘web shops’ were conduits for money laundering and terrorist financing. “Despite the promulgation of the new legislation and the strides that have been made over the past three-and-a-half years to enforce the same, discussions in both domestic and international circles still focus on those previous fears. “However, these discussions have proven to be largely unfounded, particularly following a study that was recently conducted by the board. The main focus of the study was to examine the financial data of the board’s licensees, over a one-month period, in order

to determine the range of patron account balances and the volume of transactions that flow through the said patron accounts. “The findings do not support any assertion that gaming houses are conduits for material money laundering. The average patron account balance was $5 and the average transaction amount was $60. These sums are far too small to support any pattern of substantial money laundering.” Mr Galanis yesterday urged Bahamian commercial banks to lose their fear of accepting web shop deposits, arguing that the Gaming Board’s study provided further evidence that such concerns were unwarranted. He acknowledged that such a stance was often driven by “forces outside The Bahamas’ - a nod to the global policies of the Canadian-owned banks, which prevent them from accepting monies related to gaming activities. The HLB Galanis principal, though, argued that it was hypocritical for the banks to accept payments by web shops to the accounts of their service providers but not deal directly with the sector. “I wish they would go the whole distance and accept

monies directly from the web shops,” Mr Galanis told Tribune Business. “If an accountant or attorney provides professional services to the web shops, and if they have a commercial account in a bank other than Bank of The Bahamas, these payments to them are accepted. “If the banks are concerned about the source of these monies, why accept such payments? It’s really duplicitous for them to accept one and not the other. Like so many things it’s driven by forces outside The Bahamas. I wish the banks would take a more common sense approach in their head offices and look at things independently, rather than lump everything into one basket.” Mr Galanis said the commercial banking industry’s attitude to the web shop industry ran counter to Bahamian law, especially since the sector had been legalised, regulated and taxed from 2014 onwards the present dispute with the government excepted. “It’s unfortunate because the laws of the country; how could a bank not comply with the laws of the country?” he asked. “If these are legal entities, how can the banks unilaterally decide not to accept their monies?

“It’s hypocritical, it’s nonsensical, and it’s duplicitous. I understand the banks doing that in an unregulated environment, but they have no issues to stand on other than to say this is the policy in Canada. It’s going to take much moral suasion by the government to make the banks change.” One of the major drivers for the web shop industry’s legalisation, regulation and taxation by the Christie administration was the need to bring the multimillion dollar sums it generates - estimated to be $500m annually by Dionisio D’Aguilar, minister of tourism and aviation - out of the informal economy and into the banking system to ensure it did not attract further international regulatory scrutiny of The Bahamas. Previously, web shop bosses had invested their profits into sectors such as real estate and construction. However, the efforts to integrate web shop money into the formal banking system have so far met with limited success because only Bank of The Bahamas, which is more than 80 percent government-owned, has agreed to accept web shop deposits. Not surprisingly, the Bahamas Gaming House Operators Association

(BGOA), the industry body that represents the web shops, hailed the Gaming Board’s findings for “reinforcing” its own position that fears the sector is vulnerable to financial crimes are invalid. It said in a statement yesterday: “The Bahamas Gaming Operators Association (BGOA) applauds the regulator for its recent antimoney laundering/counter terror financing findings. The Bahamas Gaming Operators Association (BGOA) wishes to publicly applaud the Gaming Board of The Bahamas... for the comprehensive report of its findings in the recently released report published on the website of the Central Bank of The Bahamas. “The BGOA was particularly encouraged by the section of the report, headed Money laundering myths debunked, which stated that “at the outset, it is important to note that gaming houses cannot be used to facilitate international transfers. There are no funds flowing from outside The Bahamas into patron accounts, neither are there any funds flowing from patron accounts outside The Bahamas.” Gershan Major, the BGOA’s chief executive, said: “As the industry

THE TRIBUNE continues to evolve and innovate, it is ever minded of its regulatory and legal responsibility to ensure that it always adheres to international best practices and to the rule of law. “The findings of the report further reinforce the BGOA’s long-standing position that, as a highlyregulated industry, it takes very seriously the execution of its corporate governance policies and procedures as part of the financial services sector.” As predicted by Tribune Business, web shop operators have seized upon the Gaming Board’s report as a vindication of their arguments that the industry is among the most heavily regulated sectors in Bahamian financial services. However, some observers - especially those long opposed to domestic gaming and its operators - are likely to question whether the Gaming Board can draw such conclusions on the basis of just a one-month study that only focused on transaction volumes and account balances. The Gaming Board is now moving to ensure only the beneficial/registered owner of patron accounts can conduct transactions, following behind existing regulations that ban the use of anonymous patron accounts and fictitious names, and limit players to one account.

THE TRIBUNE

$130m landfill deal ‘in the last 50 yards’ FROM PAGE ONE “We’ve done everything we have to do on our side,” added the United Sanitation principal. “It’s just the formalities, cleaning up the language. All the major issues have been decided and agreed. By the end of the week we should be able to make an announcement. It’ll provide the timing for the takeover and everything else. “It’s right there. We are extremely elated and pleased with the government for affording us this opportunity to take over such a huge challenge. We will do all that we can... to satisfy our obligations and make the country proud of what we do. “We believe that if we are to be successful it will speak well to the possibility, and probability, of other groups of Bahamians - more so younger Bahamians - being given these kinds if chances.” Mr Dean said the Bahamian members of the WRDG group had been waiting for their landfill opportunity “for almost 20 years”, adding that “it will certainly be a celebration for us” when talks with the government conclude and the handover date is set. “We must give the Minnis administration huge compliments for what they are doing,” he told Tribune Business. “We will not fail at this task. We will not, and must not, fail at this task. Tribune Business understands that representatives for the Providence/WRDG group met with government officials, and members of its negotiating committee, last Thursday to iron out and

settle any outstanding issues with the proposed landfill contract. This is thought to have largely been accomplished, finally opening the way - as suggested by Mr Dean - for the Tonique Williams Highway site’s management and control to be transferred to an operator that is 100 percent Bahamian owned. Tribune Business understands that establishing the correct site boundaries for the landfill was one issue that took some time to complete. This newspaper has also reported that the landfill’s “pre-existing liabilities”, which stem from its poor management under successive administrations over the past 40 years, had caused further complications. The government had initially sought to “transfer” these liabilities to the winning bidder - something that Providence/WRDG viewed as unreasonable, and imposing and unwarranted cost/ exposure, before it even got started. This issue, though, is understood to have subsequently been resolved. However, Romauld Ferreira, minister of housing and the environment, has not returned multiple Tribune Business calls and messages for several days seeking comment on the status of landfill negotiations. Sources familiar with developments, speaking on condition of anonymity, said that the lengthier-thanexpected negotiations had caused some anxiety for the Providence/WRDG team as it had to incur additional, unplanned expenses. Closing the financing for its $130m

NOTICE

CALLENDER AVIATION LTD. (In Voluntary Liquidation)

NOTICE is hereby given in pursuance of Section 222 (2) of the Companies Act, 1992 as amended by the Companies (Winding-up Rules Amendment) Act, 2011 that an Extraordinary General Meeting of the Members of the above-named Company will be held at the Offices of GSO CORPORATE SERVICES LTD., the 12th day of March, 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. DATED this 12th day of February, A.D., 2019.

GSO CORPORATE SERVICES LTD. Liquidator

NOTICE

EGBADO INVEST LTD. NOTICE is hereby given as follows: (a) Egbado Invest Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000. (b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas. (c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas. Dated 12th day of February, 2019. Beatus Limited Liquidator

Tuesday, February 12, 2019, PAGE 7 plan will also likely depend on completing talks, and obtaining a binding deal, with the government. Besides having to pay to keep its team of consultants and specialists together, the consortium is also understood to have conducted extra engineering and other studies at the landfill site, and financed sample testing, while waiting to finalise the deal. “They’ve very anxious over this holding pattern because it’s causing extra expense,” one source told Tribune Business. “They’re having to pay people to wait so they do not go elsewhere.” Providence/WRDG is also thought to be especially eager to complete the PPP arrangement now because the time when the

worst landfill fires traditionally occur is rapidly nearing. These blazes typically erupt between spring and early summer, exploiting the dry conditions at the site and rising temperatures. The resulting health and environmental issues, which impact residents in Jubilee Gardens and other nearby communities, also pose a risk to The Bahamas’ highend tourism product as the winds frequently blow the smoke and fumes towards resorts such as Baha Mar, Albany, SuperClubs Breezes and Sandals. Among the issues the government and Providence/ WRDG will have to agree are the length of the latter’s landfill lease, with the group preferring a long-term arrangement to enable it to

hit its return on investment (ROI) targets and “recoup invested capital”. Fees, charges and commercial terms will also have been determined, along with the date the Department of Environmental Health Services (DEHS) will handover/ turnover the landfill to the consortium. The transfer of any employees will also be worked out, along with issues such as reporting and accounting mechanisms; equipment; security; and costs. Providence Advisors/ WRDG has previously described the landfill’s transformation as “one of the largest public-private partnership (PPP) infrastructure projects to-date” in The Bahamas, with its $130m proposal featuring a combination

of recycling, renewable energy and improved management as the solution to Nassau’s waste woe. The consortium intends to recycle and reuse “50 percent or more” of the landfill’s incoming waste streams, while 30 megawatts (MW) of renewable energy - split evenly between solar and biomass - will be sold to Bahamas Power & Light (BPL) through a power purchase agreement (PPA). The renewable energy and recycling initiatives are designed to extend the landfill’s life by a further 34 years to 2052, as they will consume large quantities of incoming waste, while also providing the necessary breathing room to deal with the site’s present mountains of garbage.

PAGE 8, Tuesday, February 12, 2019

THE TRIBUNE

NYC mayor defends Amazon deal at state budget hearing

Reputable and Media Company, accepting resumes for

Product/Project Manager

ALBANY Associated Press

Essential Duties & Functions: (Includes but not limited to)

• DĂŶĂŐĞ ĚĂǇ ƚŽ ĚĂǇ ŽƉĞƌĂƚŝŽŶƐ ŽĨ DĞĚŝĂ ǀĞƌƚŝĐĂů͕ ŵŽŶŝƚŽƌŝŶŐ ƉĞƌĨŽƌŵĂŶĐĞ͕ ƉƌŽǀŝĚŝŶŐ ŝŶƐŝŐŚƚƐ ĂŶĚ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ĨŽƌ ŝŵƉƌŽǀĞŵĞŶƚ ĂĐƌŽƐƐ dĞĐŚŶŽůŽŐǇͬhy ĂŶĚ DĂƌŬĞƚŝŶŐ͘ • DĂŶĂŐĞ ĂŶĚ ĂůŝŐŶ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ƌŽĂĚŵĂƉ ǁŝƚŚ ƚŚĞ ŚŝŐŚ ůĞǀĞů ƐƚƌĂƚĞŐǇ͕ ǁŽƌŬŝŶŐ ǁŝƚŚ ŝŶƚĞƌŶĂů ĂŶĚ ĞǆƚĞƌŶĂů ƐƚĂŬĞŚŽůĚĞƌƐ͕ ŝŶĐůƵĚŝŶŐ ^ĞŶŝŽƌ DĂŶĂŐĞŵĞŶƚ͕ dĞĐŚŶŽůŽŐǇͬ/d͕ DĂƌŬĞƚŝŶŐ ĂŶĚ KƉĞƌĂƚŝŽŶƐ͘ • >ĞĂĚ ƚŚĞ ĚĞůŝǀĞƌǇ ŽĨ ŶĞǁ ƉƌŽĚƵĐƚƐ ĨƌŽŵ ĐŽŶĐĞƉƚ ĂŶĚ ĚŝƐĐŽǀĞƌǇ ƚŚƌŽƵŐŚ ƚŽ ůĂƵŶĐŚ͘ • WƌŽǀŝĚĞ ĚĞǀĞůŽƉŵĞŶƚ ƌĞƐŽƵƌĐĞƐ ǁŝƚŚ h/ͬhy ŵŽĐŬƵƉƐ͕ ĨůŽǁĐŚĂƌƚƐ ĂŶĚ ƵƐĞƌ ƐƚŽƌŝĞƐ ĨŽƌ Ăůů ŶĞǁ ĨĞĂƚƵƌĞƐ͘ • &Ƶůů ůŝĨĞĐǇĐůĞ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ƐƉĞĐŝĨŝĐ ƉƌŽĚƵĐƚƐ ĂŶĚ ĨĞĂƚƵƌĞƐ ǁŽƌŬŝŶŐ ĐůŽƐĞůǇ ǁŝƚŚ hyͬh/ ĚĞǀĞůŽƉŵĞŶƚ ƌĞƐŽƵƌĐĞƐ ƚŽ ĞŶƐƵƌĞ ǇŽƵ ĚĞůŝǀĞƌ ĞŶŐĂŐŝŶŐ ĞǆƉĞƌŝĞŶĐĞƐ ĨŽƌ ŽƵƌ ĐƵƐƚŽŵĞƌƐ͘ • >ĞĂĚ Ă ƉƌŽĚƵĐƚ ĚĞǀĞůŽƉŵĞŶƚ ƚĞĂŵ ƚŽ ƐĞƚ ƚŚĞ ƌŽĂĚŵĂƉ͕ ĂůŝŐŶŝŶŐ ĞǀĞƌǇŽŶĞ ďĞŚŝŶĚ Ă ĐŽŵŵŽŶ ŐŽĂů͘ • ŶĂůǇƐŝƐ ŽĨ ĞǆŝƐƚŝŶŐ ŽƉĞƌĂƚŝŽŶĂů ĂŶĚ ĐŽŵŵĞƌĐŝĂů ĚĂƚĂ ƚŽ ĚŝƐĐŽǀĞƌ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ĨŽƌ ŝŵƉƌŽǀĞŵĞŶƚ ŝŶ ĞǆŝƐƚŝŶŐ ƉƌŽĚƵĐƚƐ ĂŶĚ ŝŶƉƵƚ ŝŶƚŽ ŵĂƌŬĞƚŝŶŐ ƐƚƌĂƚĞŐǇ͘ • tŽƌŬ ǁŝƚŚ ϯƌĚ ƉĂƌƚǇ ƐƵƉƉůŝĞƌƐ ŽŶ ĂŶǇ ƐƵƉƉŽƌƚ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ • WƌŽĚƵĐĞ ǁĞĞŬůǇ ĐŽŵŵĞƌĐŝĂů ƌĞƉŽƌƚƐ ŽŶ ĂƌĞĂƐ ŽĨ ƌĞƐƉŽŶƐŝďŝůŝƚǇ͘ • WƌŽǀŝĚĞ WƌŽĚƵĐƚ dƌĂŝŶŝŶŐ ƚŽ KƉĞƌĂƚŝŽŶƐͬ ƵƐƚŽŵĞƌ ^ƵƉƉŽƌƚ ĂŶĚ DĂƌŬĞƚŝŶŐ ƚĞĂŵƐ͘

IT WAS “mission critical” for New York City to land one of Amazon’s second headquarters and the tens of thousands of jobs

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, GEOFFREY ROLLE of Mahogany Street, Pinewood Gardens, New Providence, Bahamas, intend to change my name to JEFFREY WHITFIELD SIMON. 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, Bahamas no later than thirty (30) days after the date of publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that we, SHENIQUE ANGELA FERGUSON and JAMAAL COREY TOMEL MAJOR of Alocasia Road, Garden Hills #2, New Providence, Bahamas, parents of SHAQUON DALMA BIENAIME intend to change Our child’s name to SHAQUON COREY TOMEL MAJOR. 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, Bahamas no later than thirty (30) days after the date of publication of this notice.

Interested candidates are required to possess the following managerial skills and qualifications: • WƌŽĚƵĐƚ DĂŶĂŐĞŵĞŶƚ ĞǆƉĞƌŝĞŶĐĞ ǁŝƚŚŝŶ Ă ůĞĂŶͬĂŐŝůĞ ĚĞǀĞůŽƉŵĞŶƚ ŵĞƚŚŽĚŽůŽŐǇ ǁŝƚŚŝŶ ƚŚĞ DĞĚŝĂ ŝŶĚƵƐƚƌǇ ŝĚĞĂůůǇ ǁŝƚŚ ĞǆƉŽƐƵƌĞ ƚŽ ƚŚĞ Ϯ ǁŽƌůĚ͘ • ďŝůŝƚǇ ƚŽ ǁŽƌŬ ǁŝƚŚ ƚĞĐŚŶŝĐĂů ƚĞĂŵ ƚŽ ĚĞǀĞůŽƉ ƵƐĞƌ ƐƚŽƌŝĞƐ ĂŶĚ ĚĞƚĂŝůĞĚ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ • hŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ĐƵƐƚŽŵĞƌ ŝŶƚĞƌĂĐƚŝŽŶƐ ĂŶĚ ƵƐĞƌ ũŽƵƌŶĞǇƐ ŽŶ ĚĞƐŬƚŽƉ ĂŶĚ ŵŽďŝůĞ ƉƌŽĚƵĐƚƐ ĂŶĚ ĚĞŵŽŶƐƚƌĂƚŝŶŐ Ă ƉĂƐƐŝŽŶ ĨŽƌ ĐŽŶƚŝŶƵĂůůǇ ŝŵƉƌŽǀŝŶŐ ĐƵƐƚŽŵĞƌ ĞǆƉĞƌŝĞŶĐĞ͘ • ƐŽůŝĚ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ƚĞĐŚŶŝĐĂů ƐǇƐƚĞŵƐ ĂƌĐŚŝƚĞĐƚƵƌĞ͘ • Ŷ ĂŶĂůǇƚŝĐĂů ĂŶĚ ŝŶƋƵŝƐŝƚŝǀĞ ŵŝŶĚͲƐĞƚ ǁŝƚŚ ƚŚĞ ĂďŝůŝƚǇ ƚŽ ƚƌĂŶƐůĂƚĞ ďƵƐŝŶĞƐƐ ĐĂƐĞƐ ĂŶĚ ĂŶĂůǇƐŝƐ ŝŶƚŽ ƚĂŶŐŝďůĞ ŽƵƚĐŽŵĞƐ͘ • ǆĐĞůůĞŶƚ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ƐŬŝůůƐ͕ ďŽƚŚ ǀĞƌďĂů ĂŶĚ ǁƌŝƚƚĞŶ ĂŶĚ ĐŽŵĨŽƌƚĂďůĞ ŽƉĞƌĂƚŝŶŐ Ăƚ Ăůů ůĞǀĞůƐ͘ • ,ŝŐŚ ƉƌŽĨŝĐŝĞŶĐǇ ŝŶ ƵƐĞ ŽĨ D^ ǆĐĞů ĂŶĚ KĨĨŝĐĞ ƐƵŝƚĞ ŝŶ ŐĞŶĞƌĂů͘ • WŚŽƚŽƐŚŽƉ͕ ƐĂŶĂͬ:ŝƌĂͬD^ WƌŽũĞĐƚ ĞǆƉĞƌŝĞŶĐĞ ĂĚǀĂŶƚĂŐĞŽƵƐ͘ • ďŝůŝƚǇ ƚŽ ďĞ ƉƌŽĂĐƚŝǀĞ ĂŶĚ ǁŽƌŬ ǁŝƚŚ ŵŝŶŝŵĂů ƐƵƉĞƌǀŝƐŝŽŶ͘ • ĞŐƌĞĞ ŝŶ DĂƌŬĞƚŝŶŐ͕ ƵƐŝŶĞƐƐͬ ĐŽŶŽŵŝĐƐ Žƌ ŽŵƉƵƚĞƌ ^ĐŝĞŶĐĞ ĂĚǀĂŶƚĂŐĞŽƵƐ͘

Interested qualified candidates may submit their resume via email to info@242careers.com. Deadline for submissions – February 15th, 2019 Only successful candidates will be contacted.

NOTICE

MARKET REPORT MONDAY, 11 FEBRUARY 2018

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

BISX ALL SHARE INDEX: CLOSE 2,064.60 | CHG -0.95 | %CHG -0.05 | YTD -44.85 | YTD% -2.13 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 5.50 1.60 0.56 3.68 10.20 6.60 4.85 12.50 2.74 1.78 8.21 6.30 14.10 6.99 4.47 13.50

52WK LOW 3.50 19.17 4.90 3.34 1.00 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

1.00 103.00 100.00 100.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

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

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

SYMBOL 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) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.20 4.24 2.03 184.51 158.55 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

LAST CLOSE 4.42 17.43 7.00 5.39 1.60 0.56 2.28 9.50 6.16 4.32 10.99 2.54 1.78 8.56 6.30 14.10 6.98 3.62 13.50

CLOSE 4.42 17.43 7.00 5.39 1.60 0.56 2.28 9.50 6.16 4.32 10.99 2.54 1.78 8.56 6.30 14.10 6.98 3.60 13.50

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 0.00 0.00 0.00 0.00 -0.02 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 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

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

the company promises to create, Mayor Bill de Blasio, pictured, said yesterday, just days after a report said the company was having second thoughts because of opposition from some influential local politicians. De Blasio, a Democrat, told lawmakers at a state budget hearing on local government funding that the type of high-paying jobs the Amazon deal could bring to Queens are the kind the city needs to expand its technology sector. Amazon has said it would bring at least 25,000 and as many as 40,000 jobs to the Long Island City neighbourhood over ten to 15 years. “We never had a single plan, a single agreement that brought us that many jobs,” de Blasio said during his 2½ hours of testimony. The mayor and Democratic Gov Andrew Cuomo last year brokered the deal with Amazon, offering some $2.8bn in city and state tax incentives and subsidies. De Blasio told lawmakers that the city expects its income tax revenues to drop $1bn this year due to several factors, including December’s stock market volatility. Last week, Cuomo said overall state revenues are down more than $2m for many of the same reasons. “We need those jobs,” de Blasio said at the hearing. “We need that revenue.” But the Amazon deal is facing staunch opposition from some fellow Democrats in the New York City Council and the state Senate, who say too much was given away to one of the world’s richest companies. Sen Michael Gianaris, the number two lawmaker in the Democrat-controlled Senate, is one of the leading opponents of the Amazon deal. Gianaris, whose Queens district includes Long Island City, has said the city and state incentives could have been spent on local programmes such as public transit and housing.

VOLUME 115 200 786

1,790 1,000

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 28.1 17.5 24.9 8.5 N/M 13.1 18.5 12.1 13.0 21.4

YIELD 2.71% 7.23% 0.00% 4.45% 0.00% 3.57% 0.00% 7.47% 3.57% 2.78% 5.64% 2.36% 3.37% 0.98% 4.44% 3.55% 2.15% 3.61% 4.44%

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

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

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

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

NAV 2.20 4.24 2.03 184.51 147.81 1.60 1.74 1.68 1.11 7.47 8.64 6.60 10.37 11.69 10.38 9.92 8.69 11.79

YTD% 12 MTH% 3.97% 3.97% 2.49% 2.49% 2.43% 2.43% 3.26% 3.26% -3.65% -3.65% 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

MATURITY 19-Oct-2022 20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022 NAV Date 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018

Notice is hereby given that JASMINE CELINE FERTILIEN of Greenwiched Lane, Fort Fincastle, 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 12th February, 2019 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

NOTICE Notice is hereby given that BIANCA McINTOSH of Marsh Harbour, Abaco, 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 5th February, 2019 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act (as amended), NOTICE is hereby given that FAF Limited has been dissolved and has been struck from the Register with effect from 21st December 2018.

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

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

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

Lorna Kemp and Magdaline Carey LIQUIDATORS c/o Clairmont Trust Company Limited Pineapple Grove #5 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas