business@tribunemedia.net
TUESDAY, MARCH 12, 2019
$4.40
$4.28
$4.42
$4.45
New car dealers: Lucayan managers told: Recovery, but ‘There’s no more money’ not like ‘06-07 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
G
RAND Lucayan managers were yesterday bluntly warned “there’s no more money” after they rejected the government’s $3.1m payout offer and took their grievances to the Industrial Tribunal. Michael Scott, chairman of the government-owned vehicle that owns the resort, told Tribune Business that its Board and the government had no option but “to draw a line in the sand” to protect the financial interests of Bahamian taxpayer amid ongoing efforts to sell the property. Disclosing that the government and the Bahamas Hotel Managerial Association (BHMA), which represents the resort’s 114 managers, were still $2.4m apart on their valuations of the voluntary separation packages (VSEPs) that should be offered to those wanting to leave, Mr Scott suggested the Grand Lucayan Board would now seek to cut Mr Ferguson out of the discussions. He indicated that it would deal directly with the 90 managers wanting to leave if the terms were right, with
• Union rejects latest $3.1m payout offer • Takes battle back to Industrial Tribunal • Board: ‘We’ve drawn a line in the sand’
MICHAEL SCOTT
OBIE FERGUSON
the board and government adopting a “take it or leave it” position where those who opted not to take the VSEP will be expected to continue reporting to work. Mr Scott described the worker payouts as a “sideshow” and distraction from the board’s main work, which is to focus on selling the Grand Lucayan to the buyer best able to transform the resort and surrounding area into a true destination, thereby reviving Freeport’s and the wider Grand Bahama tourism product.
The Grand Lucayan Renewal Holdings chairman revealed that the Board and its adviser, Canadian-headquartered real estate firm, Colliers, had narrowed the 60 bids to acquire the resort down to “three or four finalists” and will soon be in a position to make its recommendation on the winner to the government. Mr Scott spoke out after Obie Ferguson, president and attorney for the BHMA, yesterday brought the VSEP battle before the Industrial Tribunal in Freeport,
after the Grand Lucayan’s managers last week “overwhelmingly” rejected the government’s February 27, 2019, offer to them. Mr Ferguson told Tribune Business that offer, submitted by Dionisio D’Aguilar, minister of tourism and aviation, was virtually identical to the last proposal by the Grand Lucayan Renewal Holdings Board. He added that it even represented “a slight step back”, as the total payout value had been reduced from the board’s previous $3.2m to $3.1m. Mr Ferguson confirmed that the BHMA felt the total due to its members was $5.5$5.6m, a figure that includes the annuity retirement fund set up by the resort’s previous owner, Hutchison Whampoa. Describing the situation as “terrible” and “ridiculous”, the Trades Union Congress (TUC) chief and veteran labour advocate accused the government and resort’s board of “failing to
SEE PAGE 4
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Bahamian new car industry is “at the initial stages of recovery”, a leading dealer said yesterday, with the sector hoping this can be spread more equitably via the upcoming budget. Fred Albury, the Bahamas Motor Dealers Association’s (BMDA) president, told Tribune Business while the outlook for the industry “looks a little brighter” following 12 successive years of decline its rebound had not been spread unevenly. While Tribune Business understands that industry-wide new auto sales are ahead of last year’s comparisons for the first two months of 2019, Mr Albury said the improvement had largely been driven by dealers with vehicles whose engine size is 1.5 litres or less. While they are able to enjoy the benefits from the last budget’s tax cuts, which reduced Excise Tax rates on such vehicles from 65 percent to 25 percent, those solely with inventory above this engine size are facing higher rates that make them price uncompetitive. With the industry having “made the case” for the
reduced tax rates to apply to more vehicles, Mr Albury said the BMDA and its members were hopeful further reforms could be introduced with the upcoming 2019-2020 budget after the recent mid-year statement passed without incident. He admitted that the new car industry was unlikely to again experience the heady days of 2006-2007, when new auto sales peaked prerecession, but said there was “some optimism” among dealers that the market had bottomed out and is slowly starting to revive. “There has been a bit of an uptick where the duty cuts applied, but it’s only shifted the focus to the 1.5cc category at the expense of those that don’t have them,” Mr Albury, who heads Auto Mall, told Tribune Business yesterday. “What has happened is that some of the dealers have been left out in the cold not having product in these engine sizes. “It makes it a bit lopsided; some are in and some are out. We have requested that they [the government] look at raising the bar, or creating another category, to accommodate vehicles over 1.5cc
SEE PAGE 5
Chamber chief: Full Bahamas ‘not in clear’ as blacklist escape signalled • Media reports say nation to avoid EU tax list disclosure on Disney deal By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net THE Eleuthera Chamber of Commerce’s president yesterday called for the Heads of Agreement (HOA) for Disney’s $250-$400m Lighthouse Point project, and the development “strategy”, to be made public. Thomas Sands told Tribune Business he attended an Eleuthera Town Hall meeting on Saturday night where Dr Hubert Minnis spoke on the project and confirmed the agreement’s signing. “I commended the prime minister for coming to visit the people and communities to share information and stay in touch. I did, however, have a few concerns,” he revealed. “I think first of all we were told that a Heads of Agreement was signed, and there
THOMAS SANDS was an overview of some of the points. I wanted to know when the official document would be shared so we can see the details. The PM provided some headline details but I think it would be wise if we could dive into the details. “I also did not hear at that particular meeting a strategy to ensure the execution of that agreement; a strategy of the Bahamas government to ensure the local community takes advantage of the
SEE PAGE 4
THE Bahamas was yesterday warned “it is not in the clear” despite international media reports suggesting it has escaped the European Union (EU) tax “blacklist” due to be announced today. Branville McCartney, the former Democratic National Alliance (DNA) leader, cautioned against any premature celebration over such an outcome - both because it has yet to be officially confirmed and the fact that avoiding it has resulted in “the ruining of our financial sector”. A Cabinet minister under the last Ingraham administration, he added that even if The Bahamas was not listed “you can bet your bottom dollar” the EU and other multinational agencies will find different means to attack this nation again given that their ultimate
• Bran: Escape caused ‘ruining’ of industry • ‘Bet your bottom dollar’ on further threats
BRANVILLE MCCARTNEY goal is to drive it out of the financial services business. Mr McCartney was speaking after multiple reports coming out of the EU’s Brussels headquarters yesterday suggested that The Bahamas will not be included on its “blacklist” of countries deemed
“uncooperative” in the war against global tax evasion and avoidance. A report from Politico quoted Pierre Moscovici, the EU’s commissioner for tax, economic and financial affairs, as identifying the ten countries that should be added to the 28-nation bloc’s “blacklist” today - and The Bahamas is not among them. Seven of these nations are alleged to have failed to live up to commitments previously given to the EU to bring their laws and regulations into line with its demands. “These are Aruba, Belize, Bermuda, Fiji, Oman, Vanuatu and Dominica,” Moscovici told Politico. The other three nations’
tax transparency regimes are deemed by EU officials to have worsened over the past months. Moscovici identified them as Barbados, the United Arab Emirates (UAE) and the Marshall Islands. Together, these ten nations will join the five already on the “blacklist” - American Samoa, Guam, Samoa, Trinidad and Tobago, and the US Virgin Islands. There were signs, though, that the tax “blacklist”, which has to be approved and ratified by the EU’s finance ministers, was running into political headwinds with Italy pressing the case for the UAE not to be included.
SEE PAGE 5
Bahamian broker left at SEC mercy By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN broker/ dealer and its staff remain at the mercy of US regulators after a federal court found its principal had failed to justify the imposition of an emergency restraining order. Chief district judge Jose Linares, sitting in the New Jersey federal court, ruled on Friday that Guy Gentile had not proven that he and his Bay Street-based broker/dealer, MintBroker International, would suffer “irreparable harm” if the Securities & Exchange Commission (SEC) continued its nine-year probe into their activities. Mr Gentile had argued that himself and MintBroker, previously called SwissAmerica Securities, had seen six financial
• US judge rejects Gentile injunction bid • Fails to prove ‘irreparable harm’ for MintBroker • US regulator free to continue investigation institutions including banks and clearing houses sever business and account relationships as a result of SEC subpoenas requesting information on them. Fearing more subpoenas, and the loss of more such relationships, Mr Gentile applied to the New Jersey court for a temporary injunction to halt the SEC’s probe until his full case demanding that it cease and desist can be heard. In particular, Mr Gentile warned that the future of MintBroker International and its 60 Bahamian jobs was under threat unless the US federal regulator was restrained, but his argument
appeared to carry little weight with Judge Linares. Pointing out that temporary injunctions were “extraordinary remedies that are not routinely granted”, the US judge found Mr Gentile “has failed to demonstrate a ‘clear showing of immediate irreparable injury’ in the absence of” its imposition a fatal flaw to his case. While several financial institutions had severed their relationships with himself and his Bahamian broker/dealer, Judge Linares said this was “past harm” that - if Mr Gentile won his case - wad best dealt with via a damages award rather than an injunction
that merely preserved the “status quo”. The New Jersey court also ruled that Mr Gentile’s fear of future harm from more SEC subpoenas was “speculative”, as he did not produce proof showing any were imminent or had been issued. “Furthermore, plaintiff has failed to demonstrate that any future harm would not be adequately addressed by an award of monetary damages,” Judge Linares wrote. “Because plaintiff has failed to meet his burden of demonstrating immediate, irreparable harm in the absence of a
SEE PAGE 5
PAGE 2, Tuesday, March 12, 2019
THE TRIBUNE
Disney project hailed as ‘start of new era’
PHOTO of Lighthouse Point in Eleuthera. Activists have concern over ‘secretive’ deal taking place. By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net DISNEY’S $250-$400m Lighthouse Point project was yesterday hailed as the “beginning of a new era” by South Eleuthera’s MP despite activists’ concerns over a “secretive” deal. Hank Johnson, who had been one of the cruise line’s most prominent backers, said its development represents “a new beginning” for an area that has long been economically depressed. “The project is now moving ahead with the developer. As far as what it means for Eleuthera, it’s the beginning of a new era,” the MP said. “Over the years, 35-40 years, South Eleuthera has had no growth whatsoever. We have fallen through the cracks. Life was really difficult for many of our residents. Many of them have migrated to others places. “Everything has declined, and the economy was in bad shape. All of this has also had an impact on families, with persons having to leave home and go abroad to look for work. We were losing families. We are also losing our younger generation. “That has changed the life here on the island. With Disney coming in now it’s a new beginning. There is light at the end of the tunnel.
I’m quite certain that the people and residents of South Eleuthera are grateful because we are now beginning to see the economy transform.” The government and Disney Island Development Ltd last week signed a Heads of Agreement for the construction of a cruise port and entertainment facility at Lighthouse Point on Eleuthera’s southernmost tip. The deal, announced by the prime minister during a recent town hall meeting on the island, calls for 190 acres of land at the property’s southernmost point - worth $6.29m - to be transferred to the government for the creation of a national park. In a subsequent statement, the Office of the Prime Minister (OPM) noted Disney’s “completed acquisition” of the 700-acre property from a “private seller” - previously revealed by Tribune Business to be The Related Group and Meritage Hospitality. Jeff Vahle, president of Disney Cruise Line, said yesterday: “We are pleased to have finalised an agreement with the Government of The Bahamas that will enable us to create new and sustainable economic opportunities for the people of Eleuthera while celebrating the natural beauty and culture of this
special place with our guests. “Over the past few months, we’ve spent time in Eleuthera exploring its unique sites and culture, continuing to build relationships with current and future business owners who have an interest in working with us, and supporting philanthropic initiatives that benefit children and families. “We have also been focused on the field work necessary for completing a comprehensive environmental impact assessment (EIA) and management plan. We expect to complete this work over the next few months in close consultation with government.” The project, though, continued to come under intense scrutiny from environmentalists. Sam Duncombe, reEarth’s president, said yesterday: “We are a little bit concerned that a project they’re saying is so great was signed off on in such a secretive way. “Why wasn’t this made known until now, and why was the press not invited to ask questions? We trust that the EIA will be up to international standards and be subject to review from all those concerned. I think the public has a right to know what the Heads of Agreement says. That could be a bombshell in and of itself.”
THE TRIBUNE
Tuesday, March 12, 2019, PAGE 3
Financial services looking past challenges to future THE Bahamas Financial Services Board’s (BFSB) annual International Business & Finance Summit (IBFS) explored both potential growth possibilities and the impact of regulatory changes. Held at the Hilton Resorts World Bimini from February 28 to March 2, under the theme Balancing Change with Continuity, the conference sought to balance giving attendees insight into the current regulatory environment and key international initiatives with a focus on opportunities to expand the Bahamian financial services industry. Those present were encouraged to leverage the key elements of the Bahamas’ “value proposition”, namely its location, innovation and expertise, as the financial services industry balances changes in the operating and regulatory environment with the need to remain sustainable. Antoinette Russell, BFSB’s chairman, said: “We meet at a crucial juncture for our industry. The forces of change currently in play causes many to question our prospects for the future. In this context, we determined that it was important that we use this opportunity to do some introspection and look at the role of IFCs (international financial centres) such as ours in the global economy moving forward. “With this backdrop we will then consider the most recent changes impacting the way that we do business. It is anticipated that we will then engage in a full and frank discussion on how we should balance these forces of change, repositioning of our core attributes whilst leveraging opportunities for innovation.” Challenging attendees to see opportunity in The Bahamas’ present situation, Brent Symonette, minister of financial services, trade and industry and Immigration, said: “A challenge can often be viewed as an opportunity. A downturn can be a chance to streamline a business. And a changing regulatory environment can be seen as an opportunity for The Bahamas to demonstrate its professional skills and high standards. “I believe we are in a good position to use the shifting landscape of global regulatory standards to attract more business to our country. In short, I see the challenges facing The Bahamas now as opportunities. These opportunities must be the focus that will enable us to fortify them into reality.” The Summit opened with a panel comprised of John Delaney, former attorney general and senior partner
HIGHLIGHTS from the BFSB Business & Finance Summit 2019.
at Delaney Partners; and Diego Zuluago, policy analyst at The Cato Institute in Washington DC; and James Smith, former governor of the Central Bank of The Bahamas. The panel focused on The future of international financial centres. The industry’s evolution was outlined by Mr Smith, while Mr Delaney focused on the opportunities that exist for the sector’s sustained growth if there is a focus on creating real substance for both individuals and entities. Mr Zuluaga, a sought-after international speaker, highlighted the importance of international financial centres such as The Bahamas in the global economy. K Peter Turnquest, deputy prime minister, outlined the government’s initiatives to enhance the economy with an emphasis on the financial services sector. The Ministers’ Roundtable participants included Mr Turnquest, Mr Symonette and Ellsworth Johnson, minister of state for legal affairs. Attendees engaged in a full and frank discussion as to the future of the financial services industry. Some of the themes covered included: 1. Outcomes of recent dialogue with European Union
Central Bank to host blockchain seminar THE Central Bank of The Bahamas will next Monday host its second Blockchain seminar as part of its continuing drive to modernise The Bahamas’ payments system. The event, Blockchain and The Bahamas: Raising the Bar, will give an update on The Bahamas’ digital currency project, entitled Project Sand Dollar. The conference will also highlight broader domestic reforms that the Central Bank is targeting for the payments system, and highlight its efforts to promote greater financial inclusion while reducing the economy’s reliance on cash transactions. Senator J Kwasi Thompson, minister of state in the Office of the Prime Minister, will speak on The Bahamas’ e-government initiative. This is expected to provide a public sector infrastructure that also supports the mobile, digital financial services space. The seminar will provide an update on
international regulatory developments affecting blockchain applications of financial technology, or Fintech solutions. Joel Telpner, a leading international expert, will participate in a chat on this topic. A panel of firms from the public and private sector has also been assembled to focus on ways in which Fintech innovations could apply to the delivery of Bahamian financial services, the importance of telecommunications infrastructure, cyber security matters and public education. Invited panellists include the Bahamas Telecommunications Company (BTC), Cable Bahamas and the University of The Bahamas alongside financial services entities, Cash N’ Go and Fidelity Bank. Seminar attendees will include a cross-section of invited stakeholders from the public and private sectors, along with key participants in the Bahamian payments system.
(EU) and Financial Action Task Force (FATF) officials 2. Removal of preferential tax regimes 3. Beneficial Owner registers 4. Mitigating de-risking 5. Immigration Process/ Policy 6. Impact of WTO on the financial services sector 7. Controlled liberalisation of the Bahamas Bar 8. The Role of the private sector in educating the public on the issues impacting financial services Other topics and speakers over the two-day Summit included: 1. Michael Paton, partner, Lennox Paton, who gave an in-depth update on International initiatives and The Bahamas’ response 2. Michael Halkitis, consultant, FxPro/Morgan and
Drake, who presented on The Death of Privacy? 3. Linda D’Aguilar, partner at Glinton, Sweeting and O’Brien, examined Global tax enforcement measuresa case study 4. Christina Rolle, executive director of The Securities Commission of The Bahamas, presented on Fintech: Balancing innovation and regulation 5. Michael Allen, partner at Higgs & Johnson, and LLewelyn Boyer-Cartwright, partner at Callendars & Co, led a panel on Aviation and financial services: Creating linkages 6. Hal Webb, partner at Bilzin Sumberg Baena Price & Axelrod LLP, presented on Advising the Latin American client 7. Alyia Allen, partner at Graham Thompson, spoke on Professional expertise, substantial presence: Keys to Continuity
8. Michelle Thompson, country manager for EY, and Valdez Russell, chief executive of VKR Insights, who facilitated a vision board experience where delegates discussed, What do we want the financial services industry to look like? Tanya McCartney, the BFSB’s chief executive and executive director, said: “Despite the numerous policy and international initiatives which threaten to overtake us, we must continue to focus on business development.” She added that BFSB members continue to focus on Latin America as a target market, whilst also looking at opportunities for new product development. She outlined that BFSB intends to host promotional events in New York, Miami, Brazil, Mexico City and Dubai in 2019.
PAGE 4, Tuesday, March 12, 2019
Lucayan managers told: ‘There’s no more money’ Chamber chief: Full FROM PAGE ONE negotiate in good fait” and show they wanted an “amicable resolution”. He said the Grand Lucayan’s managers - now effectively government employees - were questioning why they were not being offered similar VSEP terms to past Hotel Corporation workers, or fellow public sector employees at the likes of Bahamas Power & Light (BPL) and the Bahamas Telecommunications Company (BTC). Mr Ferguson said acting Industrial Tribunal vice-president, Helen Jones, yesterday “required” the two sides to explain how the two sides arrived at their respective payout figures, and set a March 20 date for them to reappear before her. However, Mr Scott argued that the BHMA’s recourse to the Industrial Tribunal was “disingenuous” and had “no basis” because its industrial agreement with the Grand Lucayan expired in 2014 and no replacement had been agreed. This, though, was disputed by Mr Ferguson, who argued that normal protocol was for the terms of an expired industrial agreement to remain in place and be honoured until a new deal was negotiated. He said Mr Scott had agreed to this when the BHMA first brought the Grand Lucayan VSEP issue before the Industrial Tribunal on November 1 last year, adding that the chairman “gave a written position in his defence to the Tribunal that he and Grand Lucayan Renewal
Holdings will honour this agreement and settle all matters”. “While they were there they agreed an attempt would be made to settle the matter outside the Tribunal,” Mr Ferguson continued. “Obviously there’s been no progress made with the matter in terms of a reasonable settlement. “We’ve had three meetings with him. We went from $2.7m to $3.2m, and the proposal that was sent on February 27 was reduced to $3.1m - a slight step back. That’s why the workers rejected it overwhelmingly; everyone.” But Mr Scott, who sent “a team” and attorneys to the Industrial Tribunal yesterday when he learned of the BHMA’s move, told Tribune Business: “I’ve been a nice guy long enough.” “That’s a joke,” he said of the union’s action. “They don’t have the basis to be before the Industrial Tribunal because they have no management agreement. There was a meeting before the Tribunal but it was improperly convened. “This is a voluntary separation agreement. There is no valid management agreement between the union and the hotel. That’s my position and I’m sticking to it.” Mr Scott then indicated the government and Lucayan Renewal Holdings Board will deal direct with all managerial staff who want to leave in a bid to resolve a long-running matter, suggesting they may cut out Mr Ferguson and the union. “My position is he is superfluous to this whole arrangement,” he added
NOTICE WORLD STRATEGIES HOLDING LTD (In Voluntary Liquidation) Notice is hereby given that the dissolution of the above-named Company commenced on the 6th day of March, 2019. The Liquidator is Thomas D. Knowles of Ridgeway Drive, Nassau, Bahamas.
THOMAS D. KNOWLES Liquidator
of the TUC president. “I intend, in conjunction with the board, to deal directly with individual members of staff. “The government’s position in the same position we had before. There was an initial offer to them [the managers] of $2.64m, I persuaded the government to increase that by $500,000 so it was $3.1m. They wanted $5.5m, and never the twain shall meet. “It won’t happen; that won’t happen. It is what it is. This whole thing is a PR stunt managed by him [Mr Ferguson] and I’m not getting sucked into that vortex,” Mr Scott continued. “As far as I am concerned the board, myself and the management team’s position is resolute. Have a nice day. There is no more money. That’s it. We’re drawing a line in the sand.” He added that the Lucayan Renewal Holdings Board was now more focused on the resort’s sale than the manager payouts, and had succeeded with its advisers in whittling the 60-strong bidder field down to the best and most serious offers. “We’re still in negotiations and at a very sensitive stage,” Mr Scott told Tribune Business. “The position is that with Colliers we’ve narrowed down the list of prospective bidders to tree or four finalists in terms of suitability of offer, quality of offer and character of the offer. “Colliers will make their recommendation to us, we’ll consider it as a board and make our recommendation to Cabinet, and they’ll make the final selection.” The front-runner is thought to be the bid from Royal Caribbean in partnership with Mexican cruise port developer, ITM Group, which proposes to redevelop both the Grand Lucayan and Freeport Harbour via water-based adventure theme parks. However, Mr Scott’s and Mr Ferguson’s respective comments indicate the two sides remain as far apart as ever on the managerial payouts. The former has previously argued that comparisons with previous public sector VSEPs, both at the Hotel Corporation and public utilities, are inappropriate and akin to matching “apples and oranges” because they were all operating businesses in the process of being sold while the Grand Lucayan was not. Yet Mr Ferguson said yesterday: “We’re really
being consistent with what happened in the past. We’re not asking for anything out of the ordinary. We’re asking for the same system used in the past, but they seem to have a problem following it and are not giving us a reason why. “You can’t reduce 21 years of service to 12 without giving us some explanation as to why. The workers are very concerned. The atmosphere is ridiculous; it’s very, very bad. I’m very discouraged and the workers are very discouraged. “They were shown a copy of the VSEPs offer to the hotel and other workers at BTC, BPL and Water & Sewerage, and they are wondering what is wrong with them. Why shouldn’t they be treated the same,” Mr Ferguson wanted to know. “But here we have a situation where the chairman said: ‘Take it or leave it’. That’s not a way to negotiate a a VSEP.” Mr Ferguson confirmed that the union had valued the total payout due to BHMA members at $5.5m, inclusive of the retirement annuity, although it dropped this sum to $4.1m at an earlier point in negotiations. The Lucayan Renewal Holdings Board’s position, though, is that the union should be pursuing Hutchison Whampoa - not the government - over the retirement annuity. It is also basing the VSEP offers on the Employment Act, which caps payouts at 12 years of service, even though the union argues that applies to redundancy/terminations not voluntary departures. Mr Ferguson confirmed that Mr D’Aguilar had sought a meeting with him yesterday, but he was unable to attend as the times clashed with his appearance before the Industrial Tribunal. He added that he had written to the minister seeking an alternative date in a bid to “put this matter behind us”. “We’re trying to find a way to find some resolution, but they’re not prepared to get to an amicable conclusion,” Mr Ferguson argued of the board. “They should come to us with something reasonable but they haven’t. That can’t be negotiating in good faith. I would expect the minister of tourism to get involved at some stage so we can put this behind us.” Mr Ferguson briefed BHMA members on the Industrial Tribunal hearing’s outcome yesterday afternoon.
THE TRIBUNE
disclosure on Disney deal
FROM PAGE ONE opportunity, and a specific strategy that points to not just employment alone but also the entrepreneurial opportunities. I wanted to hear the strategy.” The Prime Minister’s Office, in a bid to quell rising claims that the deal signed with Disney last week was “secretive” and lacked transparency, especially since the media was not present, last night issued a statement pledging that the Heads of Agreement will be tabled at the House of Assembly’s next meeting on Wednesday, March 20. The government and Disney Island Development Ltd last week signed the formal agreement to develop a cruise port and entertainment facility at Lighthouse Point, the southernmost tip of Eleuthera. The deal calls for the conveyance of 190 acres of land at the southernmost point of the 700-acre property - worth $6.29m - to the government for creation of a national park. In a subsequent statement, the Office of the Prime Minister (OPM) also noted Disney’s “completed acquisition” of the highly sought after property from a “private seller” - The Related Group and Meritage Hospitality. Core elements of the proposed project, according to the Prime Minister’s Office, include low density development and sustainable design, public access and economic opportunities for Bahamians. Disney has pledged that a minimum of 120 Bahamians will be employed directly during the construction of the project, with an overall ratio of 80 percent Bahamian workers to 20 percent foreign during this phase. However, the statement said this element would be “subject to qualified labour being available, and the need to ensure the highest level of technical compliance with international standards. DCL (Disney Cruise Lines) will also create as many as 150 permanent, sustainable jobs with health benefits in a
range of positions for Bahamians once construction is completed”. Mr Sands, meanwhile, reiterated that there must be a strategy to ensure both sides’ obligations under the Heads of Agreement are fulfilled. “I think that in a lot of the documents we hear ideas and principles, but we don’t see a strategy to ensure the Heads of Agreement is fulfilled and, at the same time, locals and entrepreneurs can really take full advance of the opportunity,” he added. “I also did not hear about infrastructure. Under the scenario, what is proposed is a significant investment and strain on an infrastructure that is outdated and inadequate. I did not hear a strategy and a plan to address things such as water supply, electricity, docks, airports, schools, policing, health care, utilities and technology.” Mr Sands continued: “Due to the fact that South Eleuthera has been in recession for such an extended period, all of those things are crumbling. I also didn’t hear a timeline. Maybe these are pending things, but in terms of persons who want to work and prepare their business, there has to be a strategy or timeline. I think this development creates a lot of opportunity if we manage it well. All of us in this community have to come together to ensure its success.” The Prime Minister’s Office added: “The development will provide a variety of entrepreneurial opportunities for residents of Eleuthera and Bahamians in general. DCL will partner with agencies to develop training and professional development programmes, including the LJM Maritime Academy, Access Accelerator (Small Business Development Centre) and the Hospitality Institute of the University of the Bahamas. “Space must be provided for Bahamian vendors on the property for the sale of authentic, high-quality Bahamian retail goods, services, souvenirs, arts and crafts, Bahamian T-shirts and other merchandise.”
To advertise in The Tribune, contact 502-2394 Legal Notice
NOTICE
ZAITZ LIMITED NOTICE IS HEREBY GIVEN as follows:
(a) ZAITZ LIMITED 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 on the 8th March, 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas. Dated this 12th day of March A.D. 2019. Shareece E. Scott Liquidator
Legal Notice
NOTICE
ARLO ASSET MANAGEMENT LTD. NOTICE IS HEREBY GIVEN as follows:
(a) ARLO ASSET MANAGEMENT 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 on the 8th March, 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas. Dated this 12th day of March A.D. 2019. Shareece E. Scott Liquidator
THE TRIBUNE
Tuesday, March 12, 2019, PAGE 5
Bahamas ‘not in clear’ as blacklist escape signalled FROM PAGE ONE This mirrors what happened with the earlier of two EU listings which The Bahamas faced, and was included on. The dealt with anti-money laundering/ counter terror financing, and this country was included among 23 states deemed to pose a “high risk” of facilitating financial crime due to deficiencies in their regulatory regimes. The Bahamas, which was seemingly included solely because it is being monitored by the Financial Action Task Force (FATF), the global anti-money laundering standard setter, subsequently received a “reprieve” after EU member states rejected the list as arbitrary and failing to follow proper procedure, thereby leaving the bloc exposed to potential legal action. Today’s “blacklist”, which is separate and apart from that initiative, deals with tax transparency, and especially efforts to crack down on evasion and avoidance by multinational companies that deprive nations of much-needed tax revenues. Politico’s report, which was backed by similar articles from Reuters, indicates that the government’s work in collaboration with the Bahamian financial
services in drafting - then passing - multiple pieces of legislation to overhaul this nation’s business and regulatory regime may have paid dividends. Final confirmation, though, will only come today. KP Turnquest, deputy prime minister, described the reports as “interesting” but declined to comment further so as to not raise expectations unnecessarily. He reaffirmed, though, that the government “believes” that The Bahamas has done everything necessary to comply with the EU’s demands and escape the “blacklist”. “We need to wait,” Mr Turnquest told Tribune Business yesterday. “We’ve had expectations in the past, and I’d rather ensure we don’t find ourselves commenting on it and have to eat our words.” Mr McCartney, echoing Mr Turnquest, said that while confirmation was needed it could only be “good” for The Bahamas to avoid a “blacklist” that appears to have snared a rival international financial centre (IFC) in Bermuda and multiple other Caribbean states. The ex-DNA leader, though, argued that The Bahamas “should not have been on the edge” of being “blacklisted” to begin with
given the efforts of successive administrations to ensure it complied with the “rules and regulations” demanded by the EU and others. “We should not have been up for consideration, quite frankly, in terms of being placed on that ‘blacklist’,” he told Tribune Business. “All that has been happening is that The Bahamas has put in place the ruining of our financial sector. “If we’re not on the ‘blacklist’ that’s good, that’s fine. But knowing these entities and what their goal is, they’ll come up with something in short order to list us again. Being off the ‘blacklist’ doesn’t put us in the clear... “It’s a measure, at the end of the day, to really wipe out our financial services industry. They’re doing a damn good job of it. The bottom line is I find it difficult to see persons looking to come to The Bahamas to invest and do business financially because they [the EU] don’t want them putting money in other jurisdictions and retain all the tax money there. It’s going to be very difficult for us to fight against.” Even the International Monetary Fund (IMF), in a paper on corporate taxation, conceded that there were difficulties with the EU’s anti-tax evasion drive.
It said: “It can be difficult for non-EU members to accept, for instance, an EU listing process that imposes EU and OECD standards on non-EU members that were not involved in setting them.” Mr MrCartney said that while it was beneficial to escape “blacklists” because of the potential adverse consequences that flow from them, he did not take any comfort “because you can bet your bottom dollar they’ll come up with something shortly to have us teetering on the edge again”. “They have an agenda,” he added. “We want to comply but, at the end of the day, know there’s going to be a roadblock and it’s going to come to a stop. Let’s not hold our breath. “What they’ve required this country to go through trickles down to local businesses like myself, and really puts a complete strain on doing business and, in many instances, an onerous strain in connection with their compliance demands. “It’s bordering on the ridiculous, quite frankly, what they’re asking for. I was in a meeting with managers at my office today to deal with all these [compliance] issues. It’s bordering on the ridiculous.” The Bahamas last year passed multiple laws that
Bahamian broker left at SEC mercy FROM PAGE ONE temporary restraining order, his application for a temporary restraining order must be denied.” The verdict is a fresh blow for Mr Gentile in his long-running battle with the SEC, and exposed MintBroker International to further investigations and regulatory pressure until his full lawsuit demanding a complete - not temporary - halt to the probe is heard. Tribune Business reported last week how Mr Gentile had alleged in court documents that the US regulator’s “neverending investigation” of his Bahamian business was endangering both its continued operation and his career. He claimed that his broker/dealer, which has been renamed from Swiss America Securities to MintBroker International, had been “stigmatised” by the US capital markets regulator’s nine-year probe to the extent that six separate financial institutions had
severed relationships with it. Arguing that the SEC was becoming more bold and “audacious”, and persisting with an “unending and retaliatory” investigation that was starting to cripple MintBroker’s operations, Mr Gentile denied he or his company had ever acted as an unregistered broker/dealer that openly solicited US investors and clients. That claim represents the foundation of the SEC’s case, but Mr Gentile alleged in an affidavit obtained by Tribune Business that MintBroker has taken elaborate precautions to ensure it can never be accused of marketing its products and services directly to Americans. “I have been under investigation by the SEC for nine years now, though it has never alleged that I have taken action after 2008 (11 years ago) that could constitute a violation of US securities laws,” the MintBroker chief alleged in his March 5 affidavit. “My business in The Bahamas, where I employ
60 individuals, is highlyregulated... The SEC’s nine-year long investigation of me and my business has caused stigmatisation by inference. Its actions have real consequences. “If they continue this never-ending investigation they will eventually succeed in making it impossible for me to continue, and effectively exclude me from my chosen profession without ever asserting another claim. This conduct risks not only my livelihood, but the livelihoods of my dozens of Bahamian employees.” Revealing that MintBroker had lost customers and “client referral sources” due to the SEC investigation and associated subpoenas, he said: “SwissAmerica, and later MintBroker, a Bahamian broker/dealer, does not solicit US customers. “It maintains a website that is accessible from anywhere in the world, but no marketing efforts whatsoever are directed towards the United States. All of the company’s advertisements
New car dealers: Recovery, but not like ‘06-07 FROM PAGE ONE
(litres) up to 2cc but there was nothing in the mid-year budget. “We’re hoping that once they have a full year of sales at 1.5cc or less they can see the impact of that. We’re trying to make the case once they see the returns of dealers that do have 1.5 litres are benefiting, and those that don’t are really hurting.” Still, the BMDA president said the mood among consumers and the industry appeared to be improving in line with other parts of the economy. “It’s looking a little brighter out there, put it that way,” he said. “There’s a bit of a feeling of some optimism that things are starting to turn somewhat... I don’t think we’ll see those days of 2006 and 2007 coming back like they used to be. I would say, though, that it’s in the initial stages of a recovery. “I think the government made the right move in reducing the import tax on small vehicles that are fuel efficient and bringing the price level down to a level middle class
consumers can look at, and the banks are offering good funding programmes,” Mr Albury continued. “Dealers have been very cautious in stocking heavily on inventory because they don’t want to be paying heavy interest on it, and they’re a bit afraid there might be other changes in duty rates so they’re holding back on importing certain models. But the bond, which came into effect with the last budget, has taken away some of that fear out there.” Mr Albury said there had been a time lag between the 2018-2019 budget, and the
effects of the duty slash for 1.5 litre vehicles and under coming through, due to the six-nine month ordering cycle Bahamian dealers typically faced with their manufacturers. “It’s taking time for the different brands to shift product around and get the right product, at the right price, and move it,” he explained. “Some dealers had it at their fingertips, and other dealers had to go back to the manufacturer to make the case for it. “It’s going to take more than a year for it to turnaround 100 percent for all the brands.”
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, GEORGE JONATHAN STUART of the Southern District of the Island of New Providence, Bahamas, father of KAVIN LAWELL STUART, a minor intend to change his name to KAVIN LAWELL WILSON JR. 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 the publication of this notice.
on the Internet explicitly state that the advertisement was not intended for US persons, and the broker/ dealer’s website contains a pop-up which prevents access to anyone with a US Internet IP address unless they confirm they have not been solicited. “If a US-based investor seeks an account they cannot circumvent the pop-up and sign for one over the Internet. Instead, they must contact The Bahamas and request an access code. That code, once obtained, will allow the investor to create an online account and acts as proof that the client was not solicited by SureTrader [one of MintBroker’s trade names], but rather voluntarily took steps to find the website and open an account. “I understand that the securities laws to not preclude unregistered broker/ dealers from serving United States customers, and that the prohibition is on soliciting them - something SureTrader takes great effort to avoid doing.”
fundamentally changed the regulatory landscape and operating model for the financial services industry. The Multinational Entities Financial Reporting Act led the way to deal with the Organisation for Economic Co-Operation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) initiative that is also designed to combat tax evasion. To satisfy the EU, The Bahamas then passed the Removal of Preferential Exemptions Act to eliminate the tax breaks enjoyed by foreign investors and nonresident entities that were not available to the domestic economy. Prominent among these incentives was the 20-year Stamp Duty exemption for International Business Companies (IBCs), the premature end to which could spark investor lawsuits, and the flat $300 business licence fee. The Bahamas also passed the Commercial Entities (Substance Requirements) Act to address the EU’s demand for all nations to impose “economic substance” regimes that effectively require companies to prove they have a physical presence - and are doing “real business” - in a jurisdiction. It wants corporate profits,
revenues and assets to be taxed in the jurisdictions where they are generated. They are thus aiming to prevent companies, especially multinational corporations, from exploiting gaps in tax types, rates and rules to artificially shift profits from jurisdictions where they are generated to low or ‘no tax’ jurisdictions, thus lowering their tax bill. The Bahamian law requires entities operating in this nation to show they have a physical presence by conducting income-generating activities here. Management and control must also reside in this country. Headquarters operations, together with banking, insurance, fund management, financing and leasing, shipping, distribution or service center operations, and holding companies, are the business activities under the Act that must have a “substantial presence” in The Bahamas through offices and employees and be conducting “real business” activities. While some believe these changes are another step in the slow decline of Bahamian financial services, others see the challenge as presenting an opportunity to restructure the sector to generate increased business growth and job creation.
CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY
T
he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned. YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides. Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property. This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home. We look forward to your continued support in this worthwhile endeavour.
MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100
CIRCLE of FRIENDS Silver: $1,500 - $2,499 Gold: $2,500 - $4,999 Platinum: $5,000 plus
OPPORTUNITIES • • • •
Invitations to Ranfurly events Assist with fundraising events Involvement with special activities Adults are eligible to join the Board after three months • Stay in touch with Ranfurly through website and newsletters
BENEFITS
• Personal fulfillment in knowing you are impacting lives • Ranfurly children’s appreciation and positive response • Continued support provides stability and constant care
For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115
PAGE 6, Tuesday, March 12, 2019
THE TRIBUNE
Musk’s lawyers say tweet complied with SEC fraud settlement DETROIT Associated Press TESLA CEO Elon Musk should not be found in contempt of court because he has complied with the terms of a securities fraud settlement, his attorneys wrote in documents filed lastnight with the US District Court in Manhattan. Musk’s lawyers wrote that a Feb 19 tweet merely restated prior disclosures on electric car production volumes. They wrote that the tweet after the markets closed did not reveal material information, nor did it alter the mix of data available to investors. The lawyers also accused the Securities and Exchange Commission of censorship and of violating Musk’s First Amendment rights. US District Judge Alison Nathan ordered Musk to respond to a motion for contempt filed by the SEC. The agency alleges the Feb 19 tweet was inaccurate and violated a requirement for tweets that could influence
TESLA CEO ELON MUSK
Tesla’s stock price to be approved by a company lawyer. Musk’s 13-word Feb 19 tweet said that Tesla would produce around 500,000 vehicles this year, but it
Sections Editor A daily newspaper is seeking a sections editor to design news pages and write eye-catching headlines. Solid journalistic credentials are essential including, a keen news sense, excellent text-editing ability and an aptitude for supervising staff. Experience using InDesign, Quark Xpress and Photoshop is essential. Send a covering letter, your resume and examples of your work to: Sections Editor DA115350 P.O. Box N-3207 Nassau, Bahamas
wasn’t approved by the company’s disclosure counsel, the SEC said in court records. The lawyer quickly realised it and summoned Musk to the company’s Fremont, California, factory to help write a correction four hours later. The company would make vehicles at a rate of 500,000 per year, but it wouldn’t produce a halfmillion in 2019.
The response by lead Musk attorney John C Hueston of Newport Beach, California, also said that the settlement allows Musk “reasonable discretion” to determine if his communications would require the lawyer’s approval. In the case of the Feb 19 tweet, Musk determined that it did not. Musk, the document stated, has diligently
NOTICE
NOTICE is hereby given that PALILA JOSEPH of Farm Road, 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 and signed statement of the facts within twenty-eight days from the 5th day of March, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
MARKET REPORT MONDAY, 11 MARCH 2019
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 2,113.51 | CHG 20.31 | %CHG 0.97 | YTD 49.94 | YTD% 2.42 52WK LOW 3.50 19.17 4.90 3.34 1.00 0.19 2.10 8.70 6.10 3.54 9.75 2.30 1.50 7.25 6.10 10.10 5.85 3.01 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 1.69 1.12 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 1.63 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 6.49 5.39 1.85 0.80 2.28 9.85 6.16 4.35 10.65 2.59 1.79 8.71 6.40 15.60 6.98 3.34 13.85
CLOSE 4.37 17.43 6.49 5.39 1.95 0.80 2.28 9.85 6.16 4.50 10.65 2.65 1.79 8.73 6.40 15.60 6.98 3.34 13.85
CHANGE 0.00 0.00 0.00 0.00 0.10 0.00 0.00 0.00 0.00 0.15 0.00 0.06 0.00 0.02 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 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
3,251
11,237
VOLUME
EPS$ 0.147 0.932 -0.306 0.323 0.104 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 29.2 17.0 26.0 8.6 N/M 13.3 20.5 12.1 12.1 21.9
YIELD 2.75% 7.23% 0.00% 4.45% 0.00% 2.50% 0.00% 7.21% 3.57% 2.67% 5.82% 2.26% 3.35% 0.96% 3.75% 3.21% 2.15% 2.69% 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 1.69 1.12 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% 0.47% 4.42% -0.04% 2.71% 0.27% 3.85% 0.75% 2.58% -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-Jan-2019 31-Jan-2019 31-Jan-2019 31-Jan-2019 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
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 5.50 1.95 0.80 3.68 10.20 6.60 4.64 12.50 2.74 1.81 8.50 6.40 15.60 6.99 4.47 13.85
complied with the courtapproved settlement, dramatically reducing his activity on Twitter. Even though in his view there was no need to do it, Musk posted a clarification to the tweet after speaking with the Twitter baby-sitter, called the “disclosure counsel,” the paperwork said. The SEC’s interpretation of the order also raises serious First Amendment issues “effectively requiring Musk to seek pre-approval of any tweet that relates to Tesla”, according to the documents. The lawyers also wrote that the SEC is seeking enforcement authority that is far broader and less clearly defined than it was granted by Congress. The contempt motion, which came after Musk criticised the agency in an interview on CBS’ “60 Minutes”, shows “concerning and unprecedented overreach on the part of the SEC”, the lawyers wrote.
Musk said during the interview that he didn’t respect the SEC, but he would obey the settlement out of respect for the justice system. The SEC cited the interview in its contempt motion, which “smacks of retaliation and censorship”, Musk’s lawyers wrote. Messages were left after business hours yesterday seeking comment from the SEC. It was unclear lastnight when Judge Nathan would rule on the SEC’s contempt motion, which was filed on Feb 25. The October settlement stemmed from tweets by Musk in August about having the money to take the company private at $420 per share. The funding was far from secured. The settlement specified governance changes, including Musk’s ouster as board chairman, as well approval of Musk’s tweets. Musk and Tesla each paid $20m fines for the August tweets, which Musk made from his car on the way to the airport. At 7.15pm Feb 19, Musk tweeted “Tesla made 0 cars in 2011, but will make around 500k in 2019”. That turned out to be in error, and it wasn’t consistent with prior company disclosures. In its fourth-quarter earnings release on Jan 30, Tesla said it was targeting annualized Model 3 output “in excess of 500,000 units” sometime between the fourth quarter of this year and second quarter of 2020. Musk did say on a conference call that day that the company this year would make maybe 350,000 to 500,000 Model 3s, its lowest-priced car. Legal experts say it’s unlikely that Musk will be punished severely, but the commission wants to get on the record that Musk violated the terms, to prepare for any future violations.
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
The Public is hereby advised that I, DEBRA MAE YVONNE CHRISTIE of #26 Canary Terrace, Monastery Park, P.O. Box CR-56325, Nassau, Bahamas, intend to change my name to DEBORAH YVONNE CHRISTIE. 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 the publication of this notice.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, JONATHAN QUENTIN THEOPHILUS SMITH of #9 Adderley Street, Fox Hill, P.O. Box CR-54430, Nassau, Bahamas, intend to change my name to JONATHAN QUENTIN THEOPHILUS DAXON. 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 the publication of this notice.
NOTICE
NOTICE is hereby given that DR. ALPHAEUS MICHAEL ALLICK JR. of Marshall Road, P.O. Box N-8592, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 5th day of March, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that LEROY FORBES JR. of Murphy Town Blvd., Murphy Town, Abaco, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 5th day of March, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.