02212019 BUSINESS

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THURSDAY, FEBRUARY 21, 2019

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LESLIE MILLER

Ex-BEC chair: ‘Have a heart’ for Out Islands By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A FORMER Bahamas Electricity Corporation (BEC) chairman yesterday slammed plans for a mass disconnection of delinquent Family Island customers, and urged: “Have a heart”. Leslie Miller, the outspoken former MP and Cabinet minister, hit out against Bahamas Power & Light’s (BPL) strategy to begin cutting off nonpayers in remote islands by mid-March, and called on the state-owned utility to “have some compassion”. Challenging how BPL is being run, Mr Miller queried why BPL’s fuel charge did not reflect the recent significant drop in global

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Dolphin injury cover-up costs Atlantis worker By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FAILING to record a bad “dolphin encounter”, and then trying to cover it up, cost an Atlantis middle manager his job - with the resort’s decision backed by two Bahamian courts. The Court of Appeal, in a unanimous verdict this week, rejected Eden Butler’s attempt to overturn an earlier rejection of his unfair/wrongful dismissal claim on the basis that it saw no reason to interfere with the Supreme Court’s finding that the episode represented “a fundamental breach” of his employment contract.

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BTC ‘bottoming out’ as mobile losses cut 2/3 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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HE Bahamas Telecommunications Company (BTC) last night showed signs of “bottoming out” in its battle with Aliv after its mobile subscriber loss rate was cut by twothirds in late 2018. Liberty Latin America (LiLAC), its ultimate parent, unveiled 2018 full-year and final quarter results showing that BTC lost just 4,000 mobile customers during the three months to end-December - a major reduction compared to previous quarters. While BTC’s mobile customer base still shrank to

• Loses just 4,000 subscribers in Q4 • ‘Value propositions’ to spark upturn • But still lost 1,100 fixed-line clients

BTC HEADQUARTERS 224,300 subscribers at yearend, the 2018 fourth quarter reduction stood up favourably against the 10,400 and 12,400 customers that it

lost in the second and third quarters, respectively. The figures showed that BTC’s subscriber loss rate, known as “attrition”, fell

GOVERNANCE reformers yesterday warned Bahamians that their tolerance of low-level graft creates a breeding ground for multimillion dollar corruption which ultimately hurts them. Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, told Tribune Business that corruption and its related costs “hits the poorest” in Bahamian society hardest “in a variety of ways” - whether it be through increased taxes or low-quality public services. Speaking as ORG prepares to partner with government, non-profit and other civil society groups on the launch of its National Integrity Campaign “in the next couple of weeks”, Mr Aubry said it was vital that The Bahamas stop “repeating the same mistakes” in trying to fight corruption. ORG last week renewed

its calls for the government to bring both the Integrity Commission and Ombudsman Bills to Parliament in the wake of the controversy surrounding the handling of recent politically-related corruption cases - one of which had resulted in former Public Hospitals Authority chairman, Frank Smith, being completely cleared of all accusations and having

“no case” to answer. Mr Aubry, though, said the passage of such legislation was only “the first step”, adding that it was vital for the Bahamian people to push for their enforcement otherwise essential changes in culture and behaviour will not happen. “It’s really to raise the level of discussion around the issue of integrity,” he

Hotels eliminate ‘cannibalisation’ fears in 2018 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

told Tribune Business of the ORG-led campaign, “and our culture of corruption, and realise we can do something as individuals to address this issue and reduce the incidences and cost of corruption by choosing to incorporate these ideas into our efforts and every day lives.”

THE Bahamian hotel industry’s strong 2018 performance has eliminated “genuine fears” that Baha Mar’s full opening would “cannibalise” the market, a Cabinet minister argued yesterday. Dionisio D’Aguilar, pictured, minister of tourism and aviation, told Tribune Business that the acrossthe-board improvements in revenue and occupancy indicators showed that concerns Baha Mar would split the high-end visitor market with Atlantis had proven to be unfounded. He argued that this development was “more important” to the hotel and tourism industry’s future prospects than last year’s increase in stopover visitor numbers and spending, since it indicated The Bahamas’ two mega resort casinos could co-exist without sparking a “race to the bottom” on room rates in a bid to seize market share. With the Nassau/Paradise Island hotel industry figures backing the “build

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by more than two-thirds quarter-over-quarter during the final period of 2018, with LiLAC attributing the improvement to “new value propositions” that will better enable the carrier to withstand Aliv’s competitive threat. BTC’s fourth quarter performance also backs recent optimism from its chief executive, Garfield “Garry” Sinclair, who told Tribune Business last month that

SEE PAGE 4

Bahamians told: Corruption war begins with you By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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THE TRIBUNE

Govt: $2.2m in solar kits imported tax free THE government yesterday sprang to the defence of its renewable energy taxation policies by revealing that $2.21m worth of solar systems had entered The Bahamas duty-free since July. The Ministry of Finance, confirming that complete systems, otherwise known as “solar kits”, can be imported tax-free once it approves the application, said some 50 requests had been given the go-ahead since the exemption was introduced in the 2018-2019 budget. “Since coming into effect in July 2018, the Ministry has so far approved 50 applications for duty free importation of $2.2m worth of solar installation items,” the ministry’s statement said. “While solar

kits are duty free, individual and universal parts, such as electrical wire or circuit breakers, which are used inside and outside of the renewal energy sector, attract the ordinary duty rates when imported separately.” Marlon Johnson, the Ministry’s acting financial secretary, added: “Although businesses do have to apply for the exemption we have made the application process as simple as an e-mail. The only accompanying documents are copies of the invoices and a valid business licence. “So far we have had a smooth process for moving these applications through. While we cannot grant exemptions on individual parts – many of which can be used for non-solar

related provisions - we have been approving exemptions on all solar kits in keeping with the policy put in place by the government.” The ministry’s statement appears to have been issued in response to yesterday’s Tribune Business article, in which solar energy providers urged the government to clarify “random and inconsistent” tax policies that were threatening “to kill an infant industry before it gets a foothold”. Philip Holdom, president of Alternative Power Supply (APS), told Tribune Business it was “giving with the right hand and taking away with the left hand” despite the “solar kits” exemption by taxing individual system components - a policy confirmed by Mr Johnson. Arguing that it was impossible for solar providers and installers to conduct business in such an arbitrary tax environment, he further revealed that replacement parts imported under a warranty were being subjected to a 45 percent duty rate plus ten percent stamp tax and 12 percent VAT. Branding this “excessive taxation” and “a detriment to the ease of doing business”, the Alternative Power Supply president warned that the government was threatening to undermine its own policy drive - much touted by the prime minister - of encouraging Bahamians to pursue renewable energy solutions to both lower their power bills and benefit the environment. The Ministry of Finance, though, yesterday said duty rates on solar system parts have been reduced. Panels are duty-free for some time, with solar batteries taxed at ten percent. In the past, it added that duty on these parts has been as high as 60 percent.

THE TRIBUNE

Thursday, February 21, 2019, PAGE 3

No ‘sleeping on the Data upgrades key to dock’ for taxi drivers national development By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Bahamas Taxi Cab Union’s (BTU) president yesterday said that changing the “system” at Prince George Wharf is the “first step” towards revamping the industry’s image. Wesley Ferguson told Tribune Business the union was still working with the government to resolve several outstanding issues, saying: “We are in consultation. They are working with us to resolve some issues, and there are some things that we as taxi drivers have to work on. “One of the first things we are doing is changing

the systems at the dock to prevent drivers from sleeping out there. The dock is a pressing issue for us. That area is about to undergo a transformation, and so we need to ensure that we are conducting our affairs properly. “We need to present ourselves as legitimate business persons so that when everything comes on stream we can demand what is rightfully ours and not be left behind. We need to demonstrate that we have done our part.” Mr Ferguson said the union was committed to working in partnership with the ministries of tourism and transport. “We want to move ahead to revamp and

revitalise the industry. We didn’t get here in a day, and it’s going to take more than a day to get out of where we are,” he added. The union met with the Prime Minister in late January after staging a protest in Rawson Square to highlight their concerns. The move had been triggered by the the Ministry of Tourism’s decision to take disciplinary action against drivers at Prince George Wharf, a move he slammed as “unlawful”. Dionisio D’Aguilar, minister of tourism, said at the time that ministry personnel were simply trying to protect The Bahamas’ brand and improve the overall visitor experience.

PM: Freeport ‘threat’ to Nassau unfounded

FROM left: Deputy Prime Minister K Peter Turnquest; Lynda Gibson, executive vice-president/general manager, Atlantic Medical Insurance; Dr E Grant Gibbons, chairman, Colonial Group International; Dr Minnis; David Gibbons, vice-chairman, Colonial Group International; and Naz Farrow, chief executive, Colonial Group International. Photo: Erica Cox/OPM THE prime minister yesterday said fears that Freeport’s two mega cruise ports pose a threat to Nassau “make absolutely no economic sense” and are “devoid of facts”. Dr Hubert Minnis, speaking at the groundbreaking for Colonial Group International’s new Freeport headquarters, said the cruise industry’s rapid growth meant there was sufficient business for both cities and they would each benefit from new ports. “Both cities will also benefit from related facilities, amenities and experiences which help to boost revenue from cruise ship passengers,” he said. “The cruise lines and international investors recognise the great potential for both New Providence and Grand Bahama, which is why companies are willing to invest in The Bahamas in tourism, technology and other sectors.” Tourism industry sources had previously questioned why the cruise lines would continue to call on Nassau with their present frequency if they were developing their own ports on Grand Bahama. Besides Carnival’s $100m port, which is billed as its largest wholly-owned

facility in the world and is expected to create 1,000 jobs, Tribune Business exclusively revealed that the Mexican cruise port developer, ITM Group, is proposing a second Freeport-based destination that will also include the acquisition of the Grand Lucayan resort. ITM Group is understood to have partnered with Royal Caribbean to develop four new cruise berths in Freeport Harbour, tripling its current capacity, Dr Minnis, meanwhile, said Colonial Group was the latest Bahamian and international investor to show confidence in Grand Bahama’s prospects of an economic revival. “This is the very same confidence that we are seeing in the bids to purchase the Grand Lucayan, the temporary purchase of which by the Government of The Bahamas was absolutely necessary,” said the prime minister. “Today’s groundbreaking is a bellwether of things to come. After so many long decades of downturn and economic stagnation, the revival of Grand Bahama has begun.” The Bermuda-headquartered financial services group’s new Freeport office

will service Grand Bahama and Abaco. It “provides group employee benefits to more than 60,000 individuals and dependents in Bermuda and the Caribbean”. Colonial Group, which will keep its Bahamian head office in Nassau, owns and operates Atlantic Medical Insurance, Colonial Pensions, Security & General Insurance, and Nassau Insurance Brokers Agents. Its 12,000 square foot Freeport office has a modern design and will be located on a 1.5-acre site on The Mall. The building, which represents a $4m investment, will employ green technology with an emphasis on energy conservation and water consumption. “Many people promised plenty times to do plenty things for this island,” said the prime minister. “It was all talk that came to nothing.” Dr Minnis will return to Grand Bahama on Friday for a groundbreaking ceremony for Grand Bahama Power Company’s solar plant. This will be the “first utility scale solar plant” ever built in The Bahamas.

A SENIOR Ministry of Finance official yesterday said modernising the government’s use of data is critical to ensuring The Bahamas meets its national development goals. Athena Marche, the Ministry of Finance’s deputy financial secretary, said the government had recognised the need to modernise the mechanisms by which it collects, stores and disseminates data. Addressing a Diagnosis of the National Statistical System (NSS) workshop, she said: “This workshop is a key step in this effort, and we hope that from it we will be that much closer to the National Strategy for the Development of Statistics that establishes the National Statistical System which will, in turn, provide timely, reliable data to decision makers across the country. “Doing so will ensure that we are using quantifiable evidence to select projects, develop human resource capacity and ultimately meet developmental goals. National statistical reform is a key step towards the modernisation of the information infrastructure in the Commonwealth of The Bahamas.” The deputy financial secretary said the Ministry of Finance’s modernisation agenda was driven by multiple factors.

ATHENA MARCHE, deputy financial secretary, Ministry of Finance. She said it must be recognised that no modern government can function without reliable, relevant and timely statistical information. Such data was needed to design and monitor development policies and strategies at a national level. Ms Marche added that, without accurate statistics, the government would also be operating without feedback on the effectiveness of its decision-making or spending. “Not only will the NSS change the way that government operates, it will provide a vehicle for the public to hold the government to greater accountability,” she said. “National statistics are an objective measure of government’s performance and, as the democracy in The Bahamas matures, the government welcomes increased participation from all sectors of the public.” Ms Marche added that it was difficult, if not impossible, to overstate the role of statistics in national

financial and development planning. “Statistical information should be used to make decisions on a wide range of issues, including housing and land use planning; health care planning; the provision of educational facilities, national strategies for investment,” she said. “By providing insight into these and other areas, the NSS will improve the Ministry of Finance’s ability to estimate expected revenue and expenditure across the public service and assist in identifying areas where spending should be increased or decreased.” Ms Marche added that a National Statistical System will improve the government’s ability to make evidence-based decisions about the allocation and management of scarce financial resources, which links to the goals of public financial management reform. “Quality national statistics will improve the ease of doing business by making it easier to conduct market research, for example, and by providing companies with the information resources that they need in order to make decisions about the future,” the deputy financial secretary said. “We intend to develop world-class learning institutions, which will require national statistics for academia and research.”

PAGE 4, Thursday, February 21, 2019

THE TRIBUNE

BTC ‘bottoming out’ as mobile losses cut 2/3 FROM PAGE ONE “Black Friday” last year marked the point where it “drew the line” on further mobile subscriber churn and losses. “Mobile subscribers declined by 18,000 in the fourth quarter, which was our best performance since the first quarter of 2017,” LiLAC said of the groupwide performance by Cable & Wireless Communications (CWC), the subsidiary that holds the controlling BTC interest.

“Jamaica added 17,000 subscribers, but this was more than offset by subscriber losses in Panama and The Bahamas of 31,000 and 4,000, respectively. In both of these markets we launched our ‘Moments that Move Us’ campaigns and new value propositions towards the end of 2018, which led to better year-over-year results for the fourth quarter and which we believe will drive improved performance over time.” BTC’s and Panama’s showing resulted in a ten

percent mobile revenue decline for CWC in the 2018 fourth quarter. “The decrease in mobile revenue was primarily attributable to lower subscription revenue in Panama and The Bahamas,” LiLAC said, “where continued competition drove decreases in the average number of subscribers and ARPU (revenue) per subscriber.” Figures revealed by LILAC showed that BTC lost 3,000 pre-paid and 1,000 post-paid mobile customers during the final period of 2018, taking total

subscriber numbers in both categories to 200,000 and 24,300, respectively. While BTC and its parent companies will likely be encouraged by the signs that mobile subscriber churn, and defections to Aliv, are starting to bottom out, there is still minimal indication that the carrier is making inroads into Cable Bahamas’ TV and Internet market dominance to compensate for loss of its mobile monopoly. BTC lost another 1,100 fixed-line customers, described as “revenue generating units”, during the three months to end-December 2018. Its acquisition of 100 new TV customers, and 200 additional Internet subscribers, only offset a small proportion of the 1,400 fixed-line phone clients that elected to stop using its services. Mr Sinclair, in a recent interview with Tribune Business, conceded that BTC could not allow its mobile customer base to erode forever. He added that it had to “create some type of inflexion point” this year where it first stopped, then reversed, the bleeding. Disclosing that he was “seeing some green shoots”, and signs that BTC was making progress in achieving this goal, he revealed that “Black Friday” in late November 2018 had seemingly marked the start of its fightback. BTC has lost around onethird of the mobile market since its monopoly ended in November 2016, and Mr Sinclair told Tribune Business: “We’ve got to bottom that out this year. We’ve got to create that key inflexion point in the business; we

can’t continue to lose lose subscribers. We have to draw a line in the sand.” Suggesting that the “Black Friday” shopping weekend may have marked this point, he said this was when BTC “stopped losing subscribers” and seemingly flipped the “churn” experienced over the past two-plus years. “We’ve been net growing and net adding subscribers ever since,” Mr Sinclair added. “Sunday was the only day when we suffered a net churn of subscribers, and we got them all back on the Monday. “That’s the kind of KPI (key performance indicator) and top target that we’re going to focus on to reassert our market leadership again. A competitive environment is not a bad thing; we just have to do it a bit more effectively than we have been.” Mr Sinclair told Tribune Business that BTC, having long grown accustomed to having the mobile market “all to itself”, had immediately become unnerved when Aliv immediately started to eat into its market share - something that has happened to such monopolies all over the world. He also pledged to “radically attack” Cable Bahamas’ internet and TV dominance, having slashed new subscriber waiting time by 80 percent, while admitting that BTC “does not have the luxury of time” in its bid to seize market share and do to its BISX-listed rival what its Aliv affiliate has achieved in the mobile sector. “We’ve got to start attacking Cable Bahamas on the fixed-line side,” Mr

Sinclair told Tribune Business, “which is all about quality of service... We have ten percent share of TV, 30 percent share of broadband. We’re going to have to radically change the market share story there quickly.” Acknowledging that BTC’s previous copper-based network infrastructure was “not fit for purpose”, he added that the carrier was now moving to generate a return on its multi-million dollar investment in FTTH technology that is being rolled out through New Providence. “We’re going to be executing on our go-to-market strategy in earnest,” Mr Sinclair told this newspaper. “Again, we don’t have the luxury of time. We have to start monetising that huge investment we’ve made in FTTH technology now. “We’re ramping up sales now. We’re on pace to install revenue generating units (RGUs), fixed-line, data and video, at 200 a day. We’re there. When I first got here it took 500 hours to install a customer’s service on average. It’s down to 100 hours, and in less than four months, the goal is to get it to 48 hours and best in class. “We’re now attacking on the fixed side by going after 40,000 homes passed in eastern New Providence and Lucaya. We’re going after them with a robust triple play bundling service, giving them the benefit of top rates by bundling fixedline, fixed data and video with quality that can’t be surpassed by competitors.”

Ex-BEC chair: ‘Have a heart’ for Out Islands

employment,” said Mr Miller. “They need to show some conscience with this proposed disconnection exercise. I see that Water & Sewerage is doing the same thing. They need to have heart. I mean, how much money could they collect on the islands? “You’re going to do something like this just because you have the power at the expense of depriving people of a basic necessity. You have people in Nassau who are working and struggling to pay their light bill. It’s really rough out there.” BPL customers in the Family Islands could be left in darkness for failing to adequately pay their bills from March 15. BPL chairman, Dr Donovan Moxey, confirmed the disconnections will start in a little under a month for accounts 60 days in arrears and owing $300 or more.

The company has undertaken a full-scale media campaign to advise customers that mass disconnections are coming. Some of the constituencies to be targeted include Exuma and Ragged Island and MICAL. “We don’t want to use the term mass disconnection exercise,” Dr Moxey said. “Where we are right now is this: At BPL, from a policy standpoint, everybody has been informed that any account that’s 60 days or more past due with a balance of $300 or more is subject to disconnection. “Now one of the issues that we face as BPL is sometimes we have situations where customers have been allowed to continue on for months and months and months without making payment. That’s detrimental to BPL as well as to the customer. Mr Miller yesterday

FROM PAGE ONE

oil prices along with the length of time to investigate last summer’s fire at Clifton Pier. He argued that BPL’s Family Island disconnection would produce little financial benefit for the energy provider because many Family Island residents “simply don’t have the money”. “In dealing with the Family Islanders, one of the things we did, for instance, was we looked at the elderly customers and put them in a special category. You have to appreciate that on many of the Family Islands so few people have gainful

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Duties include: 1. Assist visiting vessels with berthing, check in, check out and utilities connections 2. Maintain cleanliness and safety of Dock Office, walkways and nearby pedestrian areas. 3. Assist guests with directions, knowledge of the area and supplemental information regarding the resort and its amenities. Qualifications: 1. Willing and able to work in all weather conditions 2. Ability to left around 50lbs 3. Knowledgeable about fishing and boating (a plus)

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Duties include: 1. Maintain table settings and mis en place 2. Answer questions regarding menu items and ingredients 3. Serve orders by picking up and delivering patrons’ choices from bar and kitchen Qualifications: 1. Valid food handlers’ certificate 2. At least 2 years in a similar position 3. Friendly with great communication skills Transportation, housing and meals included. Compensation includes base hourly rate plus tips. Applicants may be considered for future long-term employment in some areas. Please email: careers@chubcay.com.

THE TRIBUNE

Thursday, February 21, 2019, PAGE 5

Hotels eliminate ‘cannibalisation’ fears in 2018

ATLANTIS PARADISE ISLAND FROM PAGE ONE it and they will come” mantra, Mr D’Aguilar said he had to believe the increased visitor numbers and spending was “spilling through” to tourism industry employees and the wider economy despite November’s 60 basis points increase in the national unemployment rate to 10.7 percent. “What was wonderful about 2018 was not only that the number of stopover visitors was up, but what was more important was there was no cannibalisation of our two major hotels,” he told Tribune Business. “That was a concern for us, but there was no significant diminishing of room rates. Hotel revenues are essentially a function of room rates multiplied by occupancy. What we noted was occupancies were where we expected them to be, as legacy hotels maintained their occupancies and rates by and large. “With the coming on stream of the 2,300 rooms at Baha Mar, there was a concern there would be cannibalisation with people

shifting from one hotel to the other, but hotels were largely able to maintain their occupancy and rates, which was why we had the significant increase in revenues.” Tribune Business reported on Wednesday how Ministry of Tourism data showed that the average daily room rates (ADRs) and revenue per available room (RevPAR) data for Nassau/Paradise Island hotels finished ahead of 2017 comparatives in eight and seven months, respectively, of 2018. Average ADR closed at $250.57 for 2018, as opposed to $239.26 the year before. Average daily room rates were higher for the entire first quarter winter season and Christmas period in 2018, and only slipped behind 2017 comparatives in the weaker summer months. Similarly, revenue per available room (RevPAR), which is a key indicator of hotel performance, stood at a $154.60 average for the full year as compared to $145.34 in 2017. While its performance was slightly more uneven, it finished ahead of prior year comparatives for most of 2018.

BAHA MAR Nassau/Paradise Island hotel industry occupancies were slightly ahead of 2017, closing last year at 61.7 percent compared to 60.7 percent the prior. That was achieved despite the full availability of Baha Mar’s extra rooms, but was also sided by the US economy’s strong growth and rise in consumer confidence coupled with the continued recovery of rival storm-ravaged Caribbean destinations. “There were fears revenue would not increase, but clearly that wasn’t the case,” Mr D’Aguilar told Tribune Business. “There was a genuine fear there would be cannibalisation, and Atlantis did an excellent job. It maintained occupancies, and any change in rate was negligible. “That demonstrates the robustness of the tourism industry in 2018, and it looks like it’s carrying over into 2019. Room rates were virtually the same as 2017. The major difference was the addition of 2,300 rooms. If we maintain the same rates, but have a significant increase in supply and occupancies associated with that

supply, you have an increase in revenue - which is what we saw.” Fears of potential “cannibalisation” date back to when the Baha Mar project was first conceived by original developer Sarkis Izmirlian, with observers expressing concerns that the two mega resorts would split - rather than grow - the market for high-end visitors that this nation’s tourism and hotel sector largely rely upon. There were fears that this would spark a chain reaction of heavy room rate discounting, as both Baha Mar and Atlantis fought for market share, plunging both properties into a loss-making position that would harm The Bahamas’ tourism performance and market positioning. But the Nassau/Paradise Island hotel industry’s 2018 performance suggests such concerns may be unfounded, and that there is sufficient demand - especially from The Bahamas’ core US eastern seaboard markets - to sustain both, at least for the short-term. “It lends credence to the adage build it and they will

come,” Mr D’Aguilar said of the 34 percent year-overyear room rise for the sector. “There was a real fear that as Baha Mar began to ramp up and come on stream that there would not be sufficient demand for the destination. “It bodes well for the destination that when these new facilities come on stream it doesn’t negatively affect it in a meaningful way, as visitors are still going to the other hotel. Baha Mar is generating new customers.” Despite a banner 2018, which veteran hoteliers described as bringing “gains not seen for ten years”, many Bahamians have yet to feel and see the benefits coming through to them through increased employment, incomes and living standards. The Bahamas’ national unemployment rate rose to 10.7 percent last November, a slight uptick on the 10.1 percent recorded in May 2018, indicating that the economy is still not growing fast enough to provide jobs for all seeking work despite the strong showing by the country’s largest industry. “I’ve got to believe it is spilling through,” Mr

D’Aguilar told Tribune Business of the tourism growth. “Obviously you’ve got the employment increase associated with the number of visitors coming to the country. “They have to be catered to and then, obviously, you have the gratuities and pay accruing to those individuals who are servicing these visitors. You also have the suppliers to the hotels. Can we generate more from tourism? Absolutely. Probably the greatest area of growth is tours and fun things to do.” Mr D’Aguilar said growth in the Airbnb-led vacation rental market was helping to supplement the hotel industry’s performance, and spread the sector’s financial benefits more widely. He added that tourism’s expansion was “not limited to Nassau”, with islands such as Abaco, Eleuthera, Exuma, Bimini and San Salvador all performing well. “This growth is being felt throughout the length and breadth of the country with one or two exceptions,” Mr D’Aguilar told Tribune Business.

Bahamians told: Corruption war begins with you FROM PAGE ONE Mr Aubry said simple, everyday practices that have almost become culturally ingrained - and are largely tolerated by many Bahamians - end up rebounding on citizens in the form of higher costs and inefficient services, ultimately hitting them in their wallets and bank accounts. Citing several examples, he pointed to the hiring of public officials based solely on their name (nepotism) or political leanings, rather than ability; “not paying Customs duty at the airport by shoving items to the bottom of the bag”; and paying a civil servant - who they either know or are related to - to “jump the queue” at the Road Traffic Department or another government agency. “This contributes to an environment that supports high-level corruption,” Mr

Aubry told Tribune Business. “If we don’t tolerate low-level corruption it helps us to fight high-level corruption. “Everybody who isn’t paying VAT, isn’t paying real property tax, isn’t paying Customs duty is contributing to an inefficient and ineffective system. When people are hired for their name and political leanings, you’re paying for their salary and pensions. “When the business is forced to pay more to get items through, they’re causing that cost to increase for the consumer. Corruption, and the cost of corruption, hits those with the least amount of money in a variety of ways.” Many Bahamians, especially politicians, often hit back at claims of corruption by arguing that there is no widespread evidence of it occurring. While it is true that there have been relatively few prosecutions,

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many observers believe this is due to fear of witness retribution and victimisation, combined with a cultural acceptance of such practices and that fact multiple persons benefit. Transparency International’s Global Corruption Barometer survey of The Bahamas last year asserted that corruption is “rooted in the fabric of Bahamian society”, revealing that zero action was taken over the 6 per cent of bribery demands reported to authorities. It found that despite “one in ten Bahamians” disclosing they had paid a bribe within the past year to obtain public services, few reported this corruption to law enforcement. The findings, based on a survey of 1,000 Bahamians conducted in October 2017 by the Public Domain research firm, found that almost half were too scared of the consequences - such as potential retaliation and

victimisation - to report allegations of ‘rent seeking’ by public officials. This was despite 52 percent of respondents deeming it “socially acceptable” to report corruption to the authorities, with the findings suggesting “fear” is a major obstacle to stamping out a problem that the prime minister, Dr Hubert Minnis, previously estimated costs the Bahamian economy some $200m per year. The results showed that one in eight Bahamians, some 13 percent, who had contact with the police in the year prior to October 2017 “had paid a bribe in order to get the services they need”. While “rent seeking” was most prevalent in the public’s dealings with the police, the Transparency International report found that illicit payments to agencies such as Immigration (work permits, residency permits),

the Road Traffic Department (driver’s licences) and Passport Office, plus publicly-owned utilities, were not far behind. The findings indicated how corruption was seemingly undermining the “rule of law” and public safety, plus The Bahamas’ ability to police its borders and determine who can reside in the country. Mr Aubry indicated that the Bahamas Bar Association, Citizens for a Better Bahamas, the Ministry of National Security, Bahamas Press Club and National Art Gallery of The Bahamas were among the organisations either partnering with ORG, or supporting it, in its National Integrity Campaign. He said the initiative will carry an anti-corruption message about “the importance of doing the right thing even when no one is watching”, adding that the fight against graft went

beyond merely passing laws. “If we think about enacting laws like the Ombudsman Bill and Integrity Commission Bill, that is the first step,” Mr Aubry told Tribune Business. “But we need to ensure there’s a public will there to call for enforcement of these laws and the use of technology to mitigate the opportunity for corruption. “Things like e-procurement laws and regulations are important, but if the public doesn’t have find the will - and doesn’t feel it’s worthwhile to advocate for them - then these changes won’t happen.” Acknowledging fears of “political retribution” if persons spoke out, Mr Aubry added: “What we need to do is stop repeating the same mistakes, and put in place the laws, the technology, that stops us making these same mistakes, and focus on more efficient and accountable government.”

PAGE 6, Thursday, February 21, 2019

Ex-BEC chair: ‘Have a heart’ for Out Islands

FROM PAGE FOUR

questioned why BPL’s fuel charge has not reflected the decline in global oil prices, saying “I don’t understand why the fuel charge is so high. Oil is cheaper right now than it has been over the last seven years. “What kind of contract did they sign? Why are they not trying to hedge a fuel contract below $40 per barrel. To say that we have to deal with this cost for the foreseeable future is unacceptable. It’s really unacceptable that the Bahamian people will have to shoulder this type of burden.” Dr Moxey explained earlier this week that the fuel charge has remained at a capped rate of 19.15 cents per kilowatt hour, but said the true cost is 22 cents.

Consumers do not pay the latter rate right now due to a decision to finance the difference in cost, cushioning the blow. However, Dr Moxey said the Utilities Regulation and Competition Authority (URCA) has said all costs have to be absorbed by the consumer. He added that BPL was working on putting together a process where, as the cost of electricity goes down, those costs that were financed by BPL will be passed on to the customer. Mr Miller also questioned why the investigation into fires which occurred at BPL’s Clifton power station last September was taking so long. “Why is that taking so long, it’s ridiculous? The insurance is investigating forever, it seems, because no one wants to pay,” he added.

THE TRIBUNE

Dolphin injury cover-up costs Atlantis worker FROM PAGE ONE Acting Justice Milton Evans, in a written ruling, noted that the dispute stemmed from Mr Butler’s failure to follow established Atlantis procedures and record any “behavioural incidents” involving the resort’s dolphins and their interaction with guests. Mr Butler was director of pool one at Atlantis’ Dolphin Cay, part of the resort’s marine park, when a baby dolphin called Paulo injured a female guest on August 20, 2012. His superior, Teri Corbett, vice-president of marine mammal operations, was unaware this occurred until she was contacted by Atlantis’ insurance claims department on January 7, 2013, over four months later. “As a result of the

inquiry by the Insurers, Ms Corbett commenced an investigation which disclosed that a young dolphin, Paulo, had injured a guest, but no Behavioural Occurrence Log (BOL) was in the shared database concerning the incident. She was also able to ascertain that no hard copy of the BOL was in any of the folders that were utilised prior to the introduction of the new procedure.” Dolphin behaviour incidents were supposed to be recorded in the BOLs. On September 16, 2012, the procedure for dealing with them abandoned the need to complete a written form and switched to just entering the reports in a shared electronic database. “On January 11, 2013, after first causing the removal of all the BOLs from the folders and transferring the electronic filings to a secure data base, Ms Corbett confronted the appellant [Mr Butler] and inquired whether he knew of the incident and why a BOL could not be found,” the Court of Appeal ruling said. “As the appellant was unable to produce a BOL, Ms Corbett issued to him a written warning for failure to carry out a control procedure. She also instructed him to give a written warning to Shikera Isaacs, who was the marine mammal specialist on duty at the time of the incident.”

Mr Butler later met Ms Corbett the same day to report that the relevant BPL had been misfiled in the log for Paulo’s mother, and had now been found. He also showed the electronic version to her on the computer. “Ms Corbett became suspicious as she doubted that this could be the case, as she had made a thorough check of the electronic logs and had also had all of the 2012 hard copy BOLs removed from the binders,” the Court of Appeal found. “As a result, on January 12, 2013, the appellant was suspended for four days pending investigation. After the appellant’s suspension, Ms Corbett found a hard copy of the BOL in [the mother’s] binder which was signed by the appellant and dated August 21, 2012. “Ms Corbett subsequently had [Atlantis] IT personnel interrogate the system, and they confirmed, as she had suspected, that the BOL had been created at 2.51 pm on 11 January, 2013, and modified at 3.09 pm.” Mr Butler was dismissed for “gross misconduct/ misrepresentations” some three days later, having “falsified records” such that Atlantis had lost trust in his ability to faithfully execute his duties. He, though, initiated a legal action for wrongful dismissal, alleging he had been terminated without cause and a full,

independent investigation. The Court of Appeal, though, backed the findings of Supreme Court justice Deborah Fraser, who preferred the evidence of Atlantis and its witnesses. She found that Bernard Collie, one of Mr Butler’s witnesses, had confirmed the latter asked him to create the electronic BOL on January 11, 2013 - fourand-a-half months after the incident with the guest happened. “This evidence... is sufficient to have raised reasonable suspicion by the employer of misrepresentation and dishonesty on the part of the plaintiff. That single act by the plaintiff is sufficient to erode the confidence and trust which the employer placed in him, and amounts to a fundamental breach of the employment contract,” Justice Fraser found. “On advising Teri Corbett that he had located the document, a further investigation was conducted to confirm this. The results of that investigation would have been sufficient for the employer to have lost confidence in the leadership of the plaintiff. Prior to termination the plaintiff was granted a hearing and the opportunity of a review process. I am satisfied that the termination of the plaintiff’s employment was fair in the circumstances.”

General Manager – The Bahamas As the General Manager in The Bahamas you will be responsible for designing and implementing the strategy for pest control, fumigation & hygiene growth in the business. As a hands on, customer facing leader you will be responsible for driving revenue, innovation, profit, service quality and cash with the support of 45 colleagues. You will also work closely with the Area Director and central Caribbean support team (marketing & communications, human resources, sales capability and IT) based at our regional head office in Trinidad.

Do you have what it takes?

If you want to be considered for this role you will need: • Minimum of 5 years’ experience working in the pest control & hygiene industry at a managerial level • In depth knowledge of running a fumigation business; technical hands on experience in the field • Strong passion and focus for delivering world class customer service • Proven track record of strong commercial acumen; able to demonstrate revenue & profit growth in previous roles • Experience establishing & maintaining relationships with individuals at all levels of the organization • Excellent communication & presentation skills • Strong financial acumen; including excellent understanding of a profit & loss account • Degree qualification preferred • Pest control technical training certification preferred • Safety Health & Environment qualification preferred • Fumigation certification preferred If you are interested please send your resume to

stephen.frost@rentokil-initial.com

THE TRIBUNE

Thursday, February 21, 2019, PAGE 7

French court hits Swiss bank UBS with $5.1bn penalty settlement instead of facing a trial. The verdict comes as France is trying to attract financial business from London, with Britain facing a likely chaotic departure from the EU at the end of next month. Advocacy groups that had fought for more

bank transparency since the global financial crisis a decade ago cheered yesterday’s decision. UBS agreed to pay $780m in a 2009 deal with US authorities over American tax cheats, part of a broader probe that targeted more than a dozen Swiss banks.

FORMER CEO of Global Wealth Management and Business Banking at UBS AG Raoul Weil leaves the Paris courthouse in Paris, France, yesterday. A Paris court has ordered Swiss bank UBS to pay 3.7 billion euros ($4.2bn) in fines for helping wealthy French clients evade tax authorities. Photo: Michel Euler/AP PARIS Associated Press A FRENCH court ordered Switzerland’s largest bank, UBS, to pay 4.5 billion euros ($5.1bn) in fines and damages for helping wealthy French clients evade tax authorities, sending a stern warning to tax dodgers and the banks that aid them. The Paris court convicted Zurich-based UBS AG yesterday of aggravated money laundering of the proceeds of tax fraud and illegal bank soliciting, issuing what French media called a record fine. UBS, one of the world’s largest wealth management banks, slammed the ruling and vowed to appeal. It denied criminal wrongdoing, saying in a statement

that the conviction was based on “unfounded allegations of former employees”. UBS suggested the ruling was based on prejudices in France — which is known for its high taxes — against Swiss tax practices. It insisted that the bank was only offering “legitimate and standard services under Swiss law that are also common in other jurisdictions”. The Paris court disagreed, and ordered exceptional criminal fines of 3.7 billion euros ($4.2bn) for UBS’ Swiss head office and 15 million euros ($17m) for its French subsidiary, and civil damages of 800 million euros ($907m). Five former UBS executives were also given fines and suspended prison sentences.

Investigators say the Swiss bank sent employees to solicit business from wealthy executives or athletes during sports or music events in France, urging them to place their money in Switzerland. The assets illegally concealed by French clients in Switzerland in 20042012 allegedly amounted to some ten billion euros ($10.75bn). French government attorney Xavier Normand Bodard called yesterday’s verdict a “very important” ruling and suggested it could set a legal precedent for cases involving the laundering of proceeds of tax fraud. “The court wanted to underscore ... the gravity of this case,” he told reporters. French national financial prosecutors and UBS

representatives initially sought a plea bargain, but UBS rejected the out-of-court settlement — reportedly 1.1 billion euros — as too pricey. UBS said at the time it disagreed with “the allegations, assumptions and legal interpretations being made”. French financial prosecutors succeeded in striking a similar deal in 2017 with Swiss-based HSBC Private Bank, which agreed to pay 300 million euros ($352m) to France to close a tax fraud case, a first in the country. The UBS case was among the first tackled by the French national financial prosecutor’s office, created in 2013. The ruling is viewed as a harbinger for similar French cases still underway, and may encourage other banks to reach a

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THE TRIBUNE

TRUMP SAYS EU TRADE TALKS KEY TO OUTCOME ON AUTO TARIFFS WASHINGTON Associated Press PRESIDENT Donald Trump said yesterday that tariffs on autos imported from Europe are something “we certainly think about” as the White House reviews a Commerce Department report on whether imported vehicles and parts pose a threat to US national security. Trump made it clear that any final decision on the matter hinges on trade negotiations between the United States and the European Union. In public hearings last year, the idea of imposing import taxes on autos drew almost no support, even from the US

PRESIDENT DONALD TRUMP, right, listens as Austrian Chancellor Sebastian Kurz, left, speaks during their meeting in the Oval Office of the White House in Washington, yesterday. Photo: Susan Walsh/AP

Job Vacancy Internal audItor

A vacancy exists in a local financial institution for an Internal Auditor.

JoB SuMMarY

The Internal Auditor will ensure that the organization is compliant with all internal policies, applicable laws, regulations by performing the prescribed duties. SPECIFIC RESPONSIBILITIES INCLUDE: • Ensures the application and compliance with established operating policies and procedures, applicable laws and regulations • Creates Internal Audit plans and programmes • Performs audits of internal controls, systems, transactions,documents, reports, forms, products, procedures, policies and methods. • Develops and executes external Internal Control audits for member organizations

auto industry. “If we don’t do the deal, we’ll do the tariffs,” Trump told reporters before a meeting with Austrian Chancellor Sebastian Kurz. US automakers ostensibly would benefit from a tax on their foreign competitors. But many US automakers depend on imported parts that could be subject to Trump’s tariffs and could become more expensive. They also could be subject to retaliatory tariffs, as occurred when Trump last

year imposed a 25 percent tariff on imported steel and a ten percent tariff on imported aluminum in the name of national security. Trump described the US and Austria as having a “great trade relationship”. But he complained about the US running a trade deficit with the EU that he estimated at about $151bn annually. Trump said the EU is “very tough to make a deal with”. The Commerce Department has been investigating whether imported vehicles and parts pose a threat to national security. The president could impose tariffs if the department concludes they are a threat. Trump was asked whether the department’s report had changed his mind on imposing tariffs. He described the Commerce Department report as a “study that’s underway”, but the “bottom-line result is whether or not we can make a deal with the EU”. In addition to imposing tariffs on steel and aluminum, Trump has imposed tariffs on dishwashers, solar panels and hundreds of Chinese products. Targeting autos would further raise the stakes. The United States imported $340bn in cars, trucks and auto parts in 2017.

QUALIFICATIONS • Bachelor of Science in Accounting, Business or other relevant discipline • Two to five years of work experience as an auditor • CPA or CIA designation preferred • Experience with various PC software (i.e Microsoft office )and financial institutions’ mainframe operating systems Interested candidates should forward a copy of their resume to P.o. Box SS-6314, nassau, the Bahamas, attn: Human resources or email SMissick@bclibl.com by February 20th, 2019.

UK’S MAY, EU CHIEF CALL LATEST BREXIT TALKS ‘CONSTRUCTIVE’ BRUSSELS Associated Press AFTER the resignations of three of her party’s lawmakers over Brexit, British Prime Minister Theresa May came away from more talks on preventing the UK from crashing out of the European Union with both she and the EU’s chief deeming their meeting “constructive” yesterday. No breakthrough was announced from the dinner meeting at EU headquarters in Brussels between May and European Commission President Jean-Claude Juncker. But a joint communique from the two promised their respective negotiating teams “would continue to explore the options in a positive spirit”. Since Juncker had said ahead of time he expected little to come from the meeting, their second this month, the characterisation of it turning out to be constructive could be considered a decent outcome. “We’ve made progress,” said May. She and Juncker agreed to have another meeting before the end of the month. It could come as soon as an EU-Arab League summit in Egypt starting Sunday. May has been trying to persuade the EU to revise the draft agreement on Britain’s withdrawal because lawmakers in Parliament have refused to approve it. But the EU has steadfastly refused to reopen the 585-page legal text. The statement from Juncker and May said they discussed possible “alternative arrangements” and changes to an accompanying political declaration as potential options. Brexit is currently set to take place on March 29. The joint statement said negotiators from the two sides “will review progress again in the coming days, seized of the tight timescale and the historic significance of setting the EU and the UK on a path to a deep and unique future partnership”. At home in London, May took big hit. She lost three Tory legislators earlier in the day over her handling of the Brexit negotiations. They resigned to join a new centrist group.

CHUB CAY RESORT AND MARINA Is seeking full-time candidates for the following roles

Food and Beverage Supervisor Duties include: 1. Manage food and beverage areas to ensure set-up of tables, chairs, linens etc. 2. Conduct daily pre-shift meetings with all necessary staff 3. Execute monthly beverage inventories and prepare orders for supplies that are low 4. Supervise customer’s grievances in systematic way. 5. Assist with other food and beverage positions during peak periods or when short staffed Qualifications: 1. Minimum 10 years of experience in food and beverage industry required (preferably in hospitality industry) 2. Minimum of 5 years experience of personnel management 3. Proficient in computer software including Microsoft Word and Excel 4. Ability to prioritize, anticipate situations, and take quick action 5. Great people skills and excellent communication

Front Desk Agent

Duties include: 1. Book reservations for individuals, families and groups as required 2. Greet walk-in guests and guests with reservations when they arrive 3. Up-sell guest accommodations and promote resort facilities when possible 4. Input cash and credit card payments in the POS system 5. Complete night audit Qualifications: 1. At least two years previous experience as a Front Desk Agent. 2. Proficient in computer software including Microsoft Word and Excel 3. Great people skills and excellent communication Transportation, housing and meals included. Email resume to careers@chubcay.com

THE TRIBUNE

Thursday, February 21, 2019, PAGE 9

Brazil’s president: Workers must put in more years to retire RIO DE JANEIRO Associated Press PRESIDENT Jair Bolsonaro yesterday proposed making Brazilians work longer before they can receive a pension, a signature campaign promise aimed at rescuing a troubled retirement system and giving a boost to Latin America’s largest economy. Bolsonaro gave House Speaker Rodrigo Maia the proposal to increase the retirement age to 65 for men and 62 for women. “I was wrong in the past and we have the unique opportunity to really guarantee to future generations a pension that everyone can benefit from,” Bolsonaro said yesterday, referring to his previous opposition to such reform.

BRAZIL’s President Jair Bolsonaro, centre, arrives at the National Congress to deliver a proposal to overhaul Brazil’s pension system, in Brasilia, Brazil, yesterday. Lawmakers received this week an anti-crime bill and a proposal to overhaul Brazil’s pension system, the government’s flagship reform. Photo: Lucio Tavora/AP Under the current system, male and female workers can claim pension benefits after 30-to-35 years of contributions, respectively, meaning many can retire as early as 50 or 55. In 2018, the federal

pension system for private sector workers had a deficit of nearly $55bn, up 170 percent over ten years, according to Marcel Balassiano, an economist at the university and business-focused think tank

Fundacao Getulio Vargas. Officials said the changes, which would be phased in, would save more than $310bn over the next tenyears. However, if the current system remains unchanged, studies show Brazil’s social security could collapse within two-to-three years. The reform also aims to end the large divide between public and private sector employees. Federal public workers currently can receive well over $5,000 per month once they retire, while the majority of Brazilians, in the general social security regime, have a maximum pension of $1,479 a month, Balassiano’s studies show. The most populous nation in Latin America, has long been known for relatively generous pension benefits. Many economists argue the system isn’t sustainable because people are living much longer after retirement. The number of people in Brazil aged 65 and older is

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.

it will likely receive stiff opposition. Several attempts in recent years to curtail benefits have failed, often leading to nation-wide protests. This week, Vice President Hamilton Mourao told reporters he believed the government was still missing 60 to 70 votes to get the 308 votes needed to enact the reform. Retirement benefits are enshrined in the constitution, meaning any reform requires at least three-fifths of both chambers of Congress. Backers of the proposal warned against passing a watered-down version. Opponents of the pension reform argue that the proposal will hurt poor, older people the most. “There is not a line in the proposal about collecting outstanding payments from debtors, banks and state-owned companies,” said lawmaker Jose Guimaraes of the left-wing Workers’ Party.

NOTICE The Following Pensioners/Beneficaries

NOTICE

Request for Proposals Internal Audit Services

expected to more than triple in the next 40 years, and will account for nearly 40 percent of the population by 2050, according to a 2017 report from the Organization for Economic Co-operation and Development. In comparison, men in OECD member countries require 44 years of contributions on average before they can get full benefits. Women require an average of 43 years of contributions. Experts praised the government’s proposal, a central campaign promise by Bolsonaro and his University of Chicago-educated economy minister, Paulo Guedes. Alberto Ramos, head of the Latin America economic research team at Goldman Sachs, said in a statement yesterday the “robust and comprehensive” social security bill reduced some of the current system’s “glaring inequities among different regimes.” The proposal will now have to pass Congress, where

are asked to please contact the

Bahamas Hotel & Allied Industries Pension Fund at (242) 322-5123 or (242) 328-2045/44

FIRST NAME

LAST NAME

FIRST NAME

LAST NAME

Deandre Richard Jr. Ethelyn Paulette Tiffany Margaret O’Mando Lillian Melvese Stephen Errol Dorothy Lisa Mary Petra Katis Shirley Leoma Sylvia Arimintha Arthur Eudean Judy Ryan Marie Althea Orlean Harrison Deborah Geoffrey Naomi Una Viola Willamae Anita Verneta Marva Carol Malrie Conrad Jonathan Sheila Myrtle Daphine Jean Lyndera Christeana Isaac Jack Juliean Miriam Rudolph Terecita Gerlene Leeandra Bloneva Helen Lorenzo Donna Annabelle Marie Kathleen Gleadena Berel Joycelyn Annie Carra mae Mavis Mary Kevon Carlton Rhona Paula Levern Deanne

Adderley Albury Anthony Aranha Archer Armbrister Bastian Bethel Bethel Bethel Bodie Bowe Bowe Bowe Brice Brown Brown Burke Butler Cambridge Cambridge Carlton Carter Cartwright Charlow Clarke Clarke Coakley Collie-Hanna Cooper Cooper Cooper Cooper Cooper Curry Curry Curtis-Sands Dames Darling Darville Davis Demeritte Deveaux Deveaux Dorvil Duncanson Edgecombe Ferguson Ferguson Ferguson Ferguson Ferguson Ferguson Ferguson Finlayson Flowers Forbes Forbes Francis-Ferguson Gibson Gibson Grant Green Green Greene Hall Hamilton Hanna Hepburn Higgs Higgs Hinzie Hunt-Saunders Johnson Jones

Angela Irene Lorna Shirley Gregory Marion Cleveland John Anthony Anthony Mavis Theresa Rozena Agnes Cecelia John Clyde Melbourne Vernell Jessica Coramae Spurgeon Mazie Ebinique Sylvia Wayde Randollian Lasheika Anna-Belle Dominique Sandra Karen Annette Herman Ezra Queen a.k.a Maxine Audley Carnisha John Julie Sydnease Leona Irene Daniel Mavis Monica Ricardo Zananthonia Patsy Capiocene Etheleen Rosemae Roland Delores Alice Esther Tessie Vanis Eureka Isadora Valarie Alice Arabelle Kevin Coral Janet Domico Sitirah Lauretta Jamaal Sheva Benjamin Corine Molly Adelaide

King King Knowles Knowles Laing Lewis Lightbourne Lightbourne Lord Major Major Major McKenzie McPhee McPhee McPhee Miller Miller Miller Missick Morley Moss Moss Munroe Munroe Munroe Newry Newton-Horton Noel Noel Robins Robinson Roker Roker Rolle Rolle Rolle Rolle Rolle Rolle Rolle Rolle-Bodie Rolle-Storr Russell Sands Saunders Saunders Saunders Sherman Smith Smith Smith Solomon Stewart Stuart Stuart Stubbs Stubbs Swain Symonette Taylor Thompson-Higgs Tinker Toote Turnquest Turnquest Tynes Tynes Watson Whyms Whymss-Johnson Williams Williams Williams Woodside

PAGE 12, Thursday, February 21, 2019

THE TRIBUNE

Southwest grapples with new labour and revenue problems DALLAS Associated Press SOUTHWEST Airlines is lashing out at the union representing its mechanics, suggesting that they may be grounding planes to gain leverage in stalled contract negotiations. Separately, Southwest said yesterday that the partial shutdown of the federal government will cost it $60m in lost revenue during the first quarter — far more than the airline’s previous estimate of a $10m to $15m. Southwest said it has continued to see softer bookings that it blames on the shutdown, which ended officially on Jan 25. The earlier estimate covered the period through Jan 23.

A SOUTHWEST Airlines jet moves on the runway as a person eats at a terminal restaurant at LaGuardia Airport in New York. Southwest Airlines is lashing out at the union representing its mechanics and suggesting that workers are purposely grounding planes to gain leverage in negotiations over a new contract. Southwest had cancelled more than 400 flights, ten percent of its schedule, by midmorning yesterday. Photo: Julio Cortez/AP Delta Air Lines stood by a January estimate that it figures to lose $25m in revenue from the shutdown. Other carriers have not provided estimates. Southwest shares tumbled $3.26, or 5.7 percent, to close at $54.41. Shares of American, United and Delta dipped about one percent. On the labour front, Southwest is fighting the Aircraft Mechanics Fraternal Association, which represents nearly 2,400 Southwest mechanics. Chief Operating Officer Mike Van de Ven said Southwest saw an increase in aircraft being declared out of service on Feb 12, “just days after our last negotiations session with AMFA”. The surge, concentrated at a few bases, occurred even though

there were no changes in the maintenance programmes, he said. The airline issued an emergency order last Friday that requires mechanics to get a doctor’s note if they call in sick and gives Southwest the power to impose mandatory overtime. Mechanics who don’t comply could be fired. The memo went initially to mechanics in Phoenix, Las Vegas, Houston and Orlando, Florida, and this week to those in Dallas. Still, delays and cancellations have persisted. Southwest cancelled about 440 flights — 11 percent of its schedule — by mid-afternoon yesterday, according to FlightAware. A spokeswoman said the majority were due to bad weather — a storm disrupted air travel in the East — but there were still “a high number” of aircraft sidelined for mechanical issues. Southwest canceled about 200 flights on Tuesday, when weather was not a major factor. Van de Ven said “AMFA has a history of work disruptions” — Southwest has two pending lawsuits against the union — and the airline will investigate the latest incident. He said Southwest was giving as much work as possible to third-party maintenance providers so Southwest mechanics can focus on issues that they have identified. The union countered that Southwest is “scapegoating” mechanics, and it warned that the conflict “does not bode well” for safety at one of the nation’s biggest airlines.

“For Southwest’s leadership to connect the airline’s self-declared ‘operational emergency’ to collective bargaining negotiations is simply an attempt to divert attention away from the airline’s safety issues,” the union said in an unsigned statement. AMFA accuses Southwest of pressuring mechanics to approve planes for service too quickly because planes that are grounded do not make money for the airline. “That should be alarming to everybody, including management,” Bret Oestreich, the union’s national director, told The Associated Press recently. Southwest and AMFA have been in contract negotiations for more than six years. Mechanics rejected a tentative agreement last fall, and union officials say the two sides remain far apart on pay and Southwest’s desire to keep performing some maintenance work in El Salvador. The union says Southwest has fewer mechanics per plane than other airlines, so its workers deserve to be paid more. While Southwest spars with the mechanics’ union, it is also contending with a yearlong investigation by the Federal Aviation Administration into how crews calculate the weight of checked bags and make sure loads are properly balanced in the cargo hold. Southwest said it reported the problem voluntarily and has made improvements.

THE TRIBUNE

Reddit co-founder pushes hard for paternity leave

NEW YORK Associated Press

ALEXIS Ohanian wants other guys to be jealous of him. Not because he’s a multimillionaire venture capitalist. Or because he’s married to tennis pro Serena Williams. The Reddit co-founder wants men to covet the time he gets to spend with his one-year-old daughter, Olympia. The pair is all over Instagram cheering for mom at her tennis matches, make silly faces with Mickey Mouse ears and toting around favourite doll Qai Qai, who has her own Instagram account with 114,000 followers. It’s all part of his advocacy for making paid paternity leave the new normal in America. When Olympia was born on Sept 1, 2017, Ohanian was very public about taking the full 16 weeks of paid leave available to him at Initialized Capital, the venture capital firm he co-founded and now runs. He wants all men in the US to have that option, especially those without his privileges and resources. That includes advocating both for companies to adopt more generous family leave policies and encouraging men to take time off without fear of being stigmatised as uncommitted to their work. “After coming back, I started hearing from Silicon Valley founders, from employees, who all said the same thing, which was that they appreciated this kind of air cover,” Ohanian said in interview with The Associated Press. “Because it meant that there was clear sign from someone who was very ambitious, very career-driven, very goal oriented, and yet I made this a priority.” Ohanian, 35, was in New York this week to launch a two-pronged Dove Men+Care initiative to champion paternity leave. The Unilever-owned brand started a $1m fund for fathers with no access to paid leave through their

employers. Employees who only get unpaid leave, freelancers and self-employed men are encouraged to apply for a $5,000 grant. The other initiative is a “Pledge for Paternity Leave”, asking men to commit to taking their full leave and share their experience. It asks business leaders to pledge to enact paid paternity leave policies. The US is the only industrialised country that does not federally mandate paid parental leave. Under the Family and Medical Leave Act, many, but not all, employees are entitled to 12 weeks of unpaid leave following the birth or adoption of a child without penalty of losing their positions. It is up to employers whether to offer paid leave. But it’s a good time to be fighting for paid leave in the US. High-profile companies, fighting for talent in a tight job market, are trying to outdo each other in expanding leave for mothers and non-birth parents, with some throwing in unique perks. Amazon, for instance, pays for the spouses of employees to take time off. Global tech company Cisco System offers three days of paid time off for grandparents. Netflix allows parents to take off as much time as they want during the baby’s first year. Overall, the prevalence of employers offering paid parental leave rose to 29 percent in 2018 from 21 percent two years earlier, according to a report by the Society for Human Resources Management, which polled a randomly selected sample of its 285,000 HR professional members. There is also increasing bi-partisan momentum for a federal paid leave mandate. Democratic Sen. Kirsten Gillibrand, who is running for president, has introduced a plan to provide workers with 12 weeks of family leave at partial pay. President Donald Trump proposed a plan in

NOTICE NOTICE is hereby given that MARTHE ROSE ALEXIS of Olde Corner off East Street, 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 and signed statement of the facts within twenty-eight days from the 21st day of February 2019 to the Minister Responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

his budget this year for six weeks of paid leave. Still, there is lingering stigma over taking leave for both women and men. A 2016 survey by consulting firm Deloitte found that 57 percent of men and 51 percent of women feared their employers would think them uncommitted if they took parental leave. Ohanian said he cannot imagine how new parents cope without paid time off. Williams faced complications that left her bedridden after Olympia was born and Ohanian was able to shoulder a lot of the work because of his leave. “With all the advantages we had, it was still a really stressful period,” Ohanian said. “I could not have showed up at work a week later, or two weeks later, knowing that my wife literally could not get herself out of bed with a two-week old at home. They would have had to fire me.” Now that Olympia is a chubby-cheeked toddler and Williams is back competing for Grand Slam titles, Ohanian emphasises the delights of fatherhood. He hopes more and more dads will do the same, saying it could almost be a good thing if fatherhood becomes an object of social media “fomo” (fear of missing out). “Let’s be real. We are not posting photos of the 2am blow out. We are still posting those idyllic, polished moments but if we are going to use social to create ‘fomo,’ let it be for showing up for your kid,” Ohanian said.

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Thursday, February 21, 2019, PAGE 13

ALEXIS OHANIAN

PAGE 14, Thursday, February 21, 2019

THE TRIBUNE

Aid wars: US-Russia vie to ease Venezuelan crisis MOSCOW Associated Press CALL it the aid wars. The Trump administration is accusing President Nicolas Maduro of starving Venezuelans by blocking tons of American-supplied humanitarian aid stored next door in Colombia. In Russia, the Kremlin sees the opposition’s plan to ram the aid across the border as a reckless pretext for ordering a US military intervention. As tensions in Venezuela

mount ahead of a Saturday showdown over humanitarian aid, both sides are digging in, highlighting how the South American nation’s crisis has become the latest fault line in a battle for global influence by the former Cold War adversaries. At stake is the future of Venezuela, a once oil-rich country gripped by hyperinflation and widespread shortages of food and medicine. Opposition leader Juan Guaido last month declared himself the country’s rightful president, a

NOTICE Notice is hereby given that SAMUEL JEAN-BAPTISTE of Kennedy Subdivision off Solider Road, 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 14th February, 2019 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

VENEZUELAN President Nicolas Maduro, left, and Russian President Vladimir Putin greet each other outside the Novo-Ogaryovo residence in Moscow, Russia. Russia is an ally of the Venezuelan president, who is under challenge from opposition leader Juan Guaido in a resurgence of the country’s political crisis after declaring presidential authority and vowing to oust the socialist leader. claim backed by the US and dozens of other nations that argue Maduro’s re-election

last year was fraudulent because several opposition candidates were

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, D’ANDREA McCLURE of New Haven Road P.O. N4388, New Providence, Bahamas, mother of D’ANDRE SMITH intend to change his name to D’ANDRE ROMERO McCLURE. 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.

NOTICE DISTECNA TECHNOLOGY CORP. (In Voluntary Liquidation)

NOTICE DTECH TECHNOLOGY CORP. (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 19th day of February, 2019. Articles of Dissolution have been duly registered by the Registrar. The liquidator is (Amicorp Bahamas Management Limited, whose address is Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, P.O. Box N-4865, Nassau, Bahamas).

Notice is hereby given that the above-named Company is in dissolution, commencing on the 19th day of February, 2019. Articles of Dissolution have been duly registered by the Registrar. The liquidator is (Amicorp Bahamas Management Limited, whose address is Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, P.O. Box N-4865, Nassau, Bahamas).

barred from running. Russia, long a staunch Maduro ally, has remained firmly behind the socialist leader. Russian state news agencies said yesterday that a Russian shipment of medicine and medical equipment had arrived in Venezuela. The reports did not give the size of the shipment or say what it contained, though they cited a diplomatic source as saying the delivery was made under the aegis of the World Health Organization. Hours earlier Maduro had said 300 tons of medicine and other aid was on its way from Russia. Carlos Romero, an international affairs professor at the Central University of Venezuela, said that Russia’s support for Maduro is more symbolic than consequential when compared to the intense pressure against the government being exerted by the US in what he called “Washington’s backyard”. Still, he said the two global powers were on a collision course in Venezuela, making it harder to negotiate a de-escalation of tensions. “The fate of Venezuela is in the hands of outsiders,” said Romero, who has advised Venezuela’s opposition in the past. “It’s like two trains heading toward one another on the same track and every day that passes they gain speed.” Guaido has called for “caravans” of tens of thousands of Venezuelans to join forces Saturday to carry the US aid from Colombia into Venezuela, despite Maduro’s objections and the

barricading of a key bridge linking Venezuela and the Colombian border city of Cucuta, where the aid is stored. Yesterday, Puerto Rico also announced it had dispatched a boat carrying 250 tons of aid earmarked for Venezuela, while Brazil’s far-right government said it would send supplies to the jungled northern state of Roraima on Saturday as well. Neither said how it expected to deliver the aid into Venezuela. The Kremlin has compared the move to the deadly unrest movement in the Ukraine in 2013 that pushed out a pro-Russian president. “If the organisers really want to just deliver some kind of humanitarian aid to the needy, why not use the specialised UN agencies that have extensive and invaluable experience in carrying out such operations?” Foreign Ministry spokeswoman Maria Zakharova said in a statement. Foreign Minister Sergey Lavrov reaffirmed strong criticism of Washington’s policy on Venezuela, saying yesterday that calls this week by President Donald Trump on the Venezuelan military to drop support for Maduro represent a flagrant violation of international law. “This is undoubtedly a direct violation of the UN Charter and a direct intervention into the domestic affairs of an independent country,” Lavrov said. “When you listen to some representatives of the US administration, it seems that diplomacy is simply ignored.”

Dated this 19th day of February, 2019

Dated this 19th day of February, 2019

(AMICORP BAHAMAS MANAGEMENT LIMITED) LIQUIDATOR

(AMICORP BAHAMAS MANAGEMENT LIMITED) LIQUIDATOR

MARKET REPORT WEDNESDAY, 20 FEBRUARY 2019

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

BISX ALL SHARE INDEX: CLOSE 2,067.73 | CHG 19.37 | %CHG 0.95 | YTD -41.72 | YTD% -1.98 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 5.50 1.77 0.80 3.68 10.20 6.60 4.74 12.50 2.74 1.81 8.50 6.40 14.10 6.99 4.47 13.85

52WK LOW 3.50 19.17 4.90 3.34 1.00 0.19 2.10 8.70 6.10 3.54 9.01 2.30 1.50 7.25 6.10 10.10 5.85 3.24 12.51

1000.00 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 4.37 17.43 7.00 5.39 1.77 0.67 2.28 9.50 6.16 4.30 10.99 2.62 1.78 8.54 6.30 14.10 6.98 3.24 13.85

CLOSE 4.37 17.43 7.00 5.39 1.77 0.80 2.28 9.85 6.16 4.30 10.99 2.61 1.78 8.61 6.40 14.10 6.98 3.24 13.85

CHANGE 0.00 0.00 0.00 0.00 0.00 0.13 0.00 0.35 0.00 0.00 0.00 -0.01 0.00 0.07 0.10 0.00 0.00 0.00 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

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

VOLUME 100

1,000 1,000 11,000 1,000 1,000 2,660 5,000

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 0.240 0.500 0.150 0.090 0.600

P/E 29.7 18.7 N/M 16.7 N/M N/M -4.4 14.1 12.8 27.9 17.5 25.6 8.5 N/M 13.3 18.5 12.1 11.7 21.9

YIELD 2.75% 7.23% 0.00% 4.45% 0.00% 2.50% 0.00% 7.21% 3.57% 2.79% 5.64% 2.30% 3.37% 0.98% 3.75% 3.55% 2.15% 2.78% 4.33%

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

0.000 0.000 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

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

NOTICE

NIEBE INVEST S.A (Voluntary Liquidation)

Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the abovenamed Company is in dissolution, which commenced on the 8thday of January, 2019. The Liquidator is Kim Thompson of Nassau Bahamas.

Kim Thompson (Liquidator)

NOTICE

SORINO INVEST S.A (Voluntary Liquidation)

Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the abovenamed Company is in dissolution, which commenced on the 8thday of January, 2019. The Liquidator is Kim Thompson of Nassau Bahamas.

Kim Thompson (Liquidator) 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