business@tribunemedia.net
WEDNESDAY, APRIL 17, 2019
$4.70
Realtors: IMF’s price index will ‘require work’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net REALTORS yesterday backed the IMF’s call for the creation of a Bahamian real estate price index but warned it “will take a lot of work” to obtain the necessary information. John Christie, HG Christie’s president, told Tribune Business that while the International Monetary Fund’s (IMF) idea had merit implementation would be tough due to the lack of computerised systems and the fact that the required data was scattered rather than located in one spot. “We sort of have it with the Multiple Listing System (MLS); that’s the closest thing to it,” he said. “It would be a little harder than it would be in the US because all sales are negotiated differently; some are gross sales, some are net sales. “Conveyances do not say the price, so it’s kind of hard as we don’t have all the details. We need a lot of updating of systems to make that happen. It’s [real estate price index] not a bad idea, but implementation of it would be hard. “The US have a lot of information; huge systems. I think it could be a good point to go for, something to try and achieve as the country develops to get something in place. That would be good, but it will take a lot of work.” The IMF’s main motivation for creating a real estate price index appears to be that it would enable Bahamian banks and other lenders to better price distressed properties in line with what the market is willing to pay, thereby allowing them to address their decade-long non-performing loan overhang more quickly and efficiently, and resume lending activities. “Further progress in supervision of credit underwriting and timely resolution of non-performing loans (NPLs) remain key objectives,” the IMF said in a summary of its recent visit to Nassau for the annual Article IV consultation. “A local real estate price index should be introduced to increase visibility into the residential housing market and improve NPL valuations. The credit bureau, once operational, should strengthen the quality and pace of credit activity and improve assessment of lending standards.” A real estate price index would operate in similar fashion to The Bahamas’ existing consumer price index, measuring movements in property prices up and down, and giving all market players - buyers, sellers, realtors, attorneys, financiers and the government - increased transparency and a better idea of a particular property’s true worth according
SEE PAGE 5
$4.79
$4.86
Near miss ‘wake up’ for aviation safety By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
T
HE recent near mid-air collision at Nassau’s airport must serve as “a wake-up call” for the aviation industry to ensure all regulations are being enforced, a leading operator warned yesterday. Captain Randy Butler, Sky Bahamas president and chief executive, told Tribune Business that the investigation into September’s close miss involving a private aircraft and Western Air plane carrying 25 passengers exposed the potential dangers from failing to follow the “checks and balances” set out in industry processes. Calling for the focus to be placed on systems, “not the individuals”, in the aftermath of the report, Captain Butler said the findings
• Probe exposes ‘checks and balances’ failure • Sky chief: Systemic, not individual, woe exposed • Says industry ‘safe’ but improvement needed
CAPT RANDY BUTLER showed why the authorities must ensure all pilots and air traffic controllers possess the necessary licences, qualifications and certifications - including passing all
required medical tests. Arguing that the Bahamian civil aviation industry is “safe”, the Sky Bahamas chief said that while hundreds of planes took-off and landed daily at Lynden Pindling International Airport (LPIA) without incident the sector needed to continually focus on making improvements where necessary. “It’s a system check and a wake-up call,” he told Tribune Business of the report by the Air Accident Investigation Department (AAID). “I wouldn’t say aviation is unsafe; look at the planes coming in and out of here daily. It’s safe, but anything we can do to improve and keep our hands
on the wheel we must do. “The aviation industry is safe. These things happen. It’s the human part of the system. You have software, hardware and interaction with the environment. When you don’t have the proper checks and balances in place these things happen. “We have to keep looking at the system. Who’s driving at the wheel? The good thing about the harmonisation of the rules is they cannot be different from anywhere else. We have to be compliant with ICAO (the International Civil Aviation Organisation), and
THE principal of a Bay Street-based broker/ dealer says he and his 60 Bahamian staff have “a complete defence” to the allegations levied against them by US federal regulators. Guy Gentile, in legal filings submitted to the New Jersey district court this week, argued that he and MintBroker International (the former Swiss America Securities) had already been cleared by a major US securities watchdog of the purported conduct now
approvals - the very behaviour the Miami division is now probing. Disclosing that MintBroker had hired “no fewer than five attorneys” to ensure it could never be accused of directly targeting US clients for business via its website, Mr Gentile’s latest filings took comfort from the fact he had been previously cleared of such claims by the US self-regulatory body that oversees securities dealers.
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
He added that the Financial Industry Regulatory Authority (FINRA), together with the Internal Revenue Service (IRS), had also approved of another action complained of by the SEC - that of transferring customer funds to an account in the US. Mr Gentile and, by extension, MintBroker, are seeking to obtain a court-ordered temporary
SEE PAGE 4
SEE PAGE 5
SEE PAGE 4
• Gentile: Watchdog already cleared me • Hired five lawyers to prevent concerns • Says regulator contradicting itself being investigated by the Securities & Exchange Commission’s (SEC) Miami office. He and his attorney, in effect, are arguing that the SEC’s right hand does not know what the left is doing, since the US capital markets regulator’s New Jersey office previously told the federal courts it had no evidence to show he and his Bahamian broker/dealer were soliciting American clients without the required
Bahamians ‘heed call’ as over 1,000 airbags replaced AIRBAGS were replaced on more than 1,000 vehicles during last week’s free Honda/Acura recall, a senior executive saying yesterday: “A lot of Bahamians heeded the call.” Rick Lowe, a director and operations manager at Nassau Motor Company (NMC), the brands’ Bahamian dealer, told Tribune Business that of the 2,553 vehicles that attended the five-day recall some 1,064 or 41.7 percent - had airbag inflators replaced. With both driver and front-seat passenger airbags replaced on some, Mr Lowe revealed that NMC and overseas Honda technicians ended up installing a total of 1,439 inflators - a figure just shy of their 1,600 target. Some 26 vehicles did not receive replacements as their airbags had already been deployed and used. “We were hoping to replace some 1,600 inflators,” Mr Lowe told this newspaper. “That was the high estimate. We can’t complain at 1,439, and 1,463 cars were not affected. We’re pleased, I think the customers were pleased. Our staff and the 14 temporary people we hired came through like champions.” The new airbag inflators were installed as a precaution to safeguard Bahamian consumers from defects that have claimed 23 lives worldwide. Takata, manufacturer of the potentially
Bahamian broker’s chief has ‘total SEC defence’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
$4.75
‘Ball’s rolling’ on new multi-billion industry By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas could unlock a potential “multibillion dollar industry” if it gets its planned aircraft registry right, an aviation legal specialist said yesterday, adding: “We have great momentum.” Llewellyn BoyerCartwright, pictured, the Callenders & Co attorney who has been a long-time advocate for the registry’s transformation, told Tribune Business that the greatest economic benefits lay with the spin-off opportunities it can create for financial services and jobs “in fields that do not yet exist here”. He hailed the government’s recent signing of a Memorandum of
• Attorney: ‘Great momentum’ on aircraft registry • Draft legislation already sent to AG’s Office • MoU puts effort in ‘totally different position’
Understanding (MoU) with Aviation Registry Group (ARG), the entity responsible for creating Aruba and San Marino’s
aircraft registries, for further getting “the ball rolling in the right direction” on a value-added initiative likely to prove attractive to the high-net worth clients The Bahamas is seeking to attract. Mr Boyer-Cartwright, voicing optimism that the MoU could be firmed into a binding agreement with ARG relatively quickly, said the establishment of an overhauled aircraft registry could be achieved within 12-14 months of that being concluded. He acknowledged, though, that reforms to existing aviation laws and
regulations were required to facilitate the transformation. The Callenders & Co attorney revealed that the aircraft registry working group, of which he is part, had in late 2018 submitted draft legislation to the Attorney General’s Office that will enable The Bahamas to sign on to the Cape Town Convention. That treaty gives aircraft financiers and leasing companies confidence that their liens, charges and other security over planes - and plane parts - will be recognised and secure whatever jurisdiction the craft is in. It provides a
vital underpinning to any nation’s efforts - including those of The Bahamas - to establish an aircraft registry. Eager that The Bahamas move quickly to build on the Aviation Registry Group MoU, Mr BoyerCartwright said the deal - and company’s selection stemmed from 14 months of work by the working group in partnership with the government and Bahamas Civil Aviation Authority (BCAA). “I think it gives it great momentum,” he told Tribune Business of the Aviation Registry Group deal. “I’m quite positive that the ball is rolling in the right direction. This puts us in a completely different position than we were in six months to a year ago. It’s
SEE PAGE 5
PAGE 2, Wednesday, April 17, 2019
THE TRIBUNE
SPONGE EXPORT Maritime Authority FIRST DEPARTS FOR EUROPE confirms top official
THE BAHAMAS Maritime Authority (BMA) has appointed Captain Dwain E Hutchinson as its new managing director and chief executive. Pictured from left: Cardi Cox, Board member/BMA; Cora Bain-Colebrooke, permanent secretary, Ministry of Transport and Local Government; Renward Wells, minister of transport and local government; Vernita Denise Lewis Johnson, chairperson/BMA; Captain Dwain E Hutchinson, newly-appointed managing director/chief executive/BMA; and Dr Shawn Thurston, director/BMA. Photos: Kristaan Ingraham/BIS THE Bahamas Maritime Authority (BMA) has confirmed Captain Dwain E Hutchinson’s appointment as its new managing director and chief executive. The announcement, made on April 11, sees Captain Hutchinson succeed Commodore Davy F Rolle, who stepped down as managing director last year. Renward Wells, minister of transport and local government, said: “International maritime administration is a field in which The Bahamas
continues to excel on a global scale. The appointment of Captain Dwain Hutchinson as the managing director and chief executive of the BMA is another milestone in maritime excellence for The Bahamas.” Mr Wells said Captain Hutchinson brings to the post an unusually “broad and deep” list of qualifications and accomplishments. “He has now assumed a key leadership position in the international maritime regulatory field,”
he added. “I congratulate him, and the entire BMA team, on behalf of the Government of The Bahamas.” The minister said the BMA administers one of the world’s major ship registries, overseeing numerous high profile vessels. “The maritime sector is a major contributor to the economy of The Bahamas and plays a major role in our expansive vision and plan for The Bahamas’ Blue Economy growth,” Mr Wells said. He added that the BMA was partnering
To advertise in The Tribune, contact 502-2394
with voluntary initiatives by ship owners to help create on-going job opportunities for Bahamians on board their vessels globally. Mr Wells said the BMA is engaged in the international regulation of ship-based ballast-water treatment systems, and air emissions from ships, while also working on a new Merchant Shipping Act. Captain Hutchinson completed his maritime studies at Glasgow College of Nautical Studies in Scotland, where he attained his UK Master Mariner (Unlimited) STCW certificate. He served at sea for 14 years as a deck officer on a variety of ships before joining the BMA in l996. At the BMA, he has served in various senior executive capacities.
THE first shipment of Bahamas-harvested sponges produced under an Inter-American Development Bank (IDB)-financed project left Andros on Monday bound for Europe. The export consignment is among the first tangible signs that efforts to revive the industry are having an effect. The project is being managed by the Bahamas Agricultural & Industrial Corporation (BAIC) with support from the IICA (Inter-American Institute for Cooperation on Agriculture), the Bahamas National Trust (BNT), Department of Marine Resources and Bahamas Commercial Sponge Association (BCSA) board members. Randy Thompson, the Association’s president, said the sale to Europe had encouraged Mangrove Cay residents as it indicated their hard work is starting to pay off. Mangrove Cay spongers have transitioned from manual to mechanised systems via a 1,700 square
foot sponge processing centre, which is key to meeting international standards, reducing labour costs and improving productivity. It will also help them move up the industry’s value chain. One of the project’s key aims is to empower local spongers through training, teaching sustainable harvesting practices as well as providing access to higher-value markets and increasing the value of their product. BAIC officials said there had also been an increase in sponging on the islands of Long Island, Abaco and Acklins specifically. Bahamians were not aware that sponging was a viable industry in the country and the project has been able to encourage persons who may have lost interest in the industry to return. From all reports, there are indications that persons are returning, to their islands to involve themselves in sponging; this Is good for the expansion of the industry.
THE TRIBUNE
Wednesday, April 17, 2019, PAGE 3
60% BOATING GROWTH OPENS JOB PROSPECTS By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net BAHAMIANS were yesterday urged to pursue jobs in a rapidly-growing marina industry that has witnessed a more than 60 percent increase in visiting boaters over the past three years. Peter Maury, president
of the Marina Operators of The Bahamas, told Tribune Business there has “definitely been an increase” in boating guests with The Bahamas remaining a destination of interest at numerous boat shows. “Chartering and cruising in The Bahamas is becoming very popular, especially as the Caribbean becomes busier. As far as the boating goes, with the economy
doing better there is definitely an increase in business,” Mr Maury said. “More boats are being bought, rebuilt and that sort of thing. We’ve been working with Customs and the Ministry of Finance to try and advance our online cruising permit and registration platform where boats can come into the country, get all their paperwork and pay all of their
fees in advance which saves them time. “It would also allow us to track the data as to the level of spend and that sort of thing. We have asked the government to try and assist us with getting the word out to young Bahamians about this industry for vocational jobs,” he added. “Whether it’s a yacht agent, a mechanic, a
technician, there are numerous opportunities available in this industry. Not a lot of people are well versed in this industry. It would be good for Bahamians that are coming out of school and thinking of going to college, but may lean toward kind of a technical background, to seriously look at this industry. That’s our big push. We want to make it easier
for boaters coming to The Bahamas and we want to raise awareness about the opportunities available in this industry.” The Bahamas has seen a more than 60 percent increase in boating visitors over the past three years, with tourism director-general, Joy Jibrilu, describing the growth as “just the beginning or tip of the iceberg”.
the trend continues straight into the summer months. “Events such as the global wedding summit,
Engage!, and the Baha Mar showdown in June are adding additional layers of brand awareness and exposure on an international level and contribute to a promising outlook for the remainder of the year.” The Nassau Airport Development Company (NAD) said earlier this week that passenger estimates are projected to exceed Easter 2017 and 2018, with airport officials encouraging the travelling public to allow for sufficient processing times on travel days and to stay tuned to NAD’s social media channels and communicate directly with airlines for important travel updates.
BAHA MAR EYES 90% EASTER OCCUPANCIES
By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net BAHA MAR yesterday said bookings across its three properties continue to “exceed our expectations”, as it heads into the Easter holiday weekend with occupancies in the “90 percent range”. The multi-billion dollar resort development is set to celebrate its second anniversary on April 21, and a spokesman said: “The
Easter Holidays are fast approaching and bookings continue to exceed our expectations across all three properties. “As our hotel brands greatly differ in size and appeal to a variety of travellers, we are fortunate to report occupancy in the 90 percent range for SLS, Grand Hyatt and Rosewood.” They added: “Baha Mar is about to celebrate its second anniversary on April 21, and we are
BAHA MAR RESORT thrilled about the exceptional response received from international guests as well as the local community.
The festive season of 2018, as well as the first quarter of 2019, have been extremely successful for the resort and
Insurers give back to the community THE Bahamas Insurance Association (BIA) hosted a Food Drive during Insurance Month, with its members donating multiple non-perishable food items. The proceeds were donated to several community organisations including Great Commission Ministries, The Elizabeth Estates Children’s Home and Eljhay’s Hilltop Cottage Ministry. Warren Rolle, the BIA’s chairman, explained: “We recognise our responsibility to give back to our community and are grateful for our members and customers for supporting this year’s food drive in such a generous way. We applaud these outstanding community partners for the invaluable service they provide to our country.”
THE BAHAMAS Insurance Asssociation (BIA) made food donations to several organisations, including Great Commission Ministries, The Elizabeth Estates Children’s Home and Eljhay’s Hilltop Cottage Ministry. Pictured ABOVE: From left are Shanay Hamilton, New Providence Life; Warren Rolle, BIA chairman; Minalee Hanchell, Great Commission Ministries; Rhonda Chipman-Johnson, co-ordinator, BIA; Marsha Bullard-Cooper, JS Johnson.
To advertise in The Tribune, contact 502-2394
PAGE 4, Wednesday, April 17, 2019
THE TRIBUNE
Near miss ‘wake up’ for aviation safety FROM PAGE ONE that’s the kind of thing we need to ensure is happening.” The AAID report revealed that the two planes, the Western Air turbo prop and the privately-owned C6-JEF Piper Aztec, took off at the same time from different ends of the same runway. This occurred at 7am on September 22 last year, with the commercial flight not realising another plane was flying towards it directly in its path until it passed overhead. The investigation found that the chief cause of the near-collision was the Piper Aztec pilot’s failure to follow air traffic control’s instructions, which resulted in his craft taking off from the wrong runway. However, the AAID also found that pilot and air traffic control licensing, training and qualifications were “noteworthy” issues
A WESTERN AIR FLIGHT IN MID-AIR. that contributed to the near-miss. The report said the Western Air flight crew likely failed to notice the aircraft at the opposite end of the runway because they were completing pre-flight checks. The air traffic controller who oversaw the incident had an expired medical certificate and no licence, while the Piper Aztec pilot’s licence was subsequently suspended due to medical concerns.
Zeroing in on the licensing, training and medical certification weaknesses exposed by the near-miss, Captain Butler said they highlighted systemic - rather than individual - failings by questioning whether proper personnel oversight was taking place in critical sectors of the aviation industry. “I know one of the challenges they have there,” he told Tribune Business. “Air traffic controllers are supposed to be licensed, and
the reason to have a licence is you go through training, demonstrate competency, and then go through retraining to demonstrate competency. But system checks aren’t happening. “I look at the system. Why is this happening? One of the things that caught my attention in the report is the pilots were completing their pre-take off checks. They should not be doing that on the runway. All that stuff has to be done, and they should have systems to warn them of planes nearby.” “There’s a system we need to look at, not the individuals,” Captain Butler continued. “Look at the law, the regulations. Do we have the qualified people in place? Are we going out and doing inspections and, when things like this happen, what is being done to avoid it happening again? “Do air traffic controllers have the licences? Are we making sure they have
them? If they’re required to go for specialist medicals to be checked out, are they going? Are we going to make sure before they sit at the desk that they are qualified for their assignment? The same thing on the other side. If the pilot had medical problems how does he get in the cockpit before it’s checked?” The AAID report found that the Bahamas Air Navigation Services Division (BANSD), which oversees air traffic control, lacked a documented process to track the medical status of air traffic controllers. No personnel had the required licences, while several were operating without the required current medical certificates. A three-member BANSD internal review board, formed on October 8, 2018, to respond to the incident drafted 14 recommendations to address “systemic internal
deficiencies” within the air traffic system, but these sensitive recommendations were not included in the AAID report. The AAID recommended that controllers face more frequent and structured refresher classes, noting the controller involved in the incident had attended no such course since 2007. The controller was subsequently removed from active duty and underwent re-qualification training. He was then subjected to a period of supervised oversight. The AAID recommended that BANSD address its manpower shortage issues but, by the time the investigation was finalised, it had still not ensured air traffic controllers had the required licences. Nor was there any process of record keeping or tracking provided to address identified shortcomings.
Bahamian broker’s chief has ‘total SEC defence’ FROM PAGE ONE injunction to halt the SEC Miami office’s probe while they battle to get it blocked permanently. The US federal regulator is alleging that the Bahamian broker/ dealer violated US law by soliciting business from American clients without possessing the proper registration. However, Mr Gentile said they had successfully fought-off similar claims from FINRA that were brought in 2013. This occurred at a time when he was still co-operating with the SEC and US criminal authorities as an undercover informant, helping them to catch multiple international securities fraudsters. “Under the terms of
his co-operation agreement, both the Department of Justice and SEC were immediately informed of FINRA’s formal inquiry, which raised the prospect of Gentile violating the securities laws during his co-operation,” his attorneys revealed in Monday’s legal filings. “Both the Department of Justice and SEC asked Gentile numerous questions on this very topic and satisfied themselves that SureTrader (a division of MintBroker) and Gentile were in full compliance with all securities laws.” Mr Gentile, in his reply to FINRA’s complaint, revealed that the Bahamian broker/dealer’s website employed a variety of measures such as pop-up blockers, warnings and revised account opening
forms to ensure it did not actively solicit US clients. Any Americans wishing to do business were required to affirm that they were the ones reaching out to MintBroker. Pointing out that there was nothing to stop unregistered brokers doing business with American clients if the latter reached out to them, rather than the other way around, Mr Gentile alleged: “These... measures were designed and implemented with the assistance of no fewer than five lawyers. “Again, both the Department of Justice and SEC were informed of the steps SureTrader took to ensure it could not be accused of soliciting US customers. These facts are a complete defence to any allegation that SureTrader
violated (or is currently violating) [US law]. FINRA agreed, and on April 14, 2015, FINRA enforcement staff sent Gentile a letter” discontinuing its complaint. Yet while the SEC had told the New Jersey federal court “as late as last year” that Mr Gentile had violated no US securities laws, the MintBroker principal is arguing that its Miami office is telling a completely “different story” before the Florida courts. “Immediately after Gentile notified the government that FINRA had determined there was insufficient evidence to warrant an enforcement action alleging SureTrader was soliciting US customers, the Commission’s Miami office began issuing subpoenas to investigate the question of whether Gentile or SureTrader were
soliciting US customers,” Monday’s flings alleged. “Meanwhile, as this court is aware, the Commission has been simultaneously telling this court that it is not in possession of any information suggesting Gentile has engaged in any alleged violation of the securities laws.” Mr Gentile has enjoyed a somewhat colourful career in the Bahamas, with Tribune Business reporting in 2016 how he and his broker/ dealer were allegedly used as “bait” by the Federal Bureau of Investigations (FBI) to help snare numerous international securities fraudsters. He claimed that he and his Bahamian businesses, including the now-closed Sur Club Sushi Bar, were “forced” to play key roles in undercover “sting”
operations targeting criminals earning millions of dollars from market manipulation scams. Their participation even extended to the “bugging”, both by video and sound, of Swiss-America’s Bahamian head office in a successful bid to gain evidence against a Canadian fraudster who subsequently pleaded guilty to the charges against him. Mr Gentile also attracted international media coverage more recently after his Russian-born, model girlfriend, Kristina Kuchma, 24, in a fit of rage drove his Mercedes S400 hybrid into the pool at his Ocean Club home after he ended their 18-month relationship by text and allegedly reneged on a promise to provide $50,000 for one of her business ventures.
THE TRIBUNE
Wednesday, April 17, 2019, PAGE 5
Realtors: IMF’s price index will ‘require work’ FROM PAGE ONE to data. Currently, it can be argued that many appraisal values are subjective, with different appraisers giving different prices for the same real estate parcel or property. This has complicated lenders’ efforts to offload distressed properties, especially since prices have dropped compared to pre-recession values. However, much of the information needed to compile a real estate price index is not readily available. Not all conveyances are
Bahamians ‘heed call’ as over 1,000 airbags replaced FROM PAGE ONE
faulty airbag inflators installed in Honda and Acura models, has
lodged with the Registry of Records, and even then they do not contain prices. And not all properties are recorded for sale on the Bahamas Real Estate Association’s (BREA) MLS listing system. Mario Carey, founder of Better Homes and Gardens Real Estate MCR Bahamas Group, yesterday told Tribune Business that it was possible to pull the information required for a real estate price index together from multiple sources such as the Department of Inland Revenue. “I guess the index would be a useful tool if we can
collect the data,” he told this newspaper. “I don’t think it would be difficult if we have a proper registry, but how are we going to acquire the data and who’s going to manage it? It shouldn’t be a government entity.” Mr Carey suggested that attorneys be mandated to lodge all conveyances and purchase prices with an agency charged with establishing the real estate price index. “The lawyers touch every deal and they can be funnelled into a database,” he added.
discovered that the chemical that triggered their expansion had been exposed to moisture. This had ground down the pellets inside the inflators into powder, making it “so powerful that it ruptures the inflator and turns it into shrapnel”. The worldwide airbag inflator recall and replacement was impacting all Honda and Acura makes, including both left and right-hand drives and US and Japanese-produced autos. Some 19 different manufacturers have been affected to-date, with the replacement effort starting in 2009. “It’s a real safety issue and Honda is taking it very
seriously,” Mr Lowe told Tribune Business. “It’s better to be safe than sorry. A lot of Bahamians heeded the call. It’s a potential problem; it’s not necessarily that every one has to be replaced and they will explode, but the potential exists for that. We’re really pleased with what took place.” The airbag inflator replacement for Honda and Acura-manufactured vehicles dated between 2001 and 2016 took place at the former City Markets location on the Wulff and Village Road junction. Some 16 technicians came in from the US to assist their local counterparts.
‘Ball’s rolling’ on new multi-billion industry FROM PAGE ONE been a long road.” Besides advising the Government “on the various intricate aspects of the registry, what it entails and how we’d like to see it structured”, Mr Boyer-Cartwright said the working group had received multiple proposals in a structured Request for Proposal (RFP) exercise before deciding that Aviation Registry Group was “the best fit” for The Bahamas. He added that Dionisio D’Aguilar, minister of tourism and aviation, and the wider Minnis administration had seen value in moving the aircraft registry plan forward within months of taking office following the May 2017 general election. “He [Mr D’Aguilar] is confident, as we are, that it will only be a benefit to the country and the economy. Tourism and aviation are so closely linked that what is good for the goose is good for the gander,” Mr Boyer-Cartwright said. “In the latter part of 2018, we got draft legislation to the Attorney General’s Office to accede to the Cape Town Convention. “This initiative will not only boost the public sector but also the private sector, particularly the financial services sector with respect to the financing and leasing of aircraft, and structuring the ownership of aircraft whether it is a corporate entity, trust structure or any other type. “It’s a multi-million
dollar industry. If we take it a step further with the financial services industry, you’re dealing with a multibillion dollar industry. As I’ve told the minister, aviation is no longer a service industry. It’s also a business that offers lots of opportunities and benefits. Other jurisdictions would not be doing it if it was not at least financially viable.” Besides the financial services industry spin-offs and increased aircraft registration fees/revenues for the BCAA, Mr Boyer-Cartwright added: “It’s also envisioned there will be a creation of jobs and, down the line, jobs that are not yet existing in the field here. “It opens, offers a plethora of opportunities. Let’s go to the basics. There will be an influx of aviation traffic, increased revenue at the FBOs (Fixed Based Operators such as Odyssey), increases in the maintenance and fuel, and parking and landing fees. “With maintenance is the creation of maintenance, overhaul and repair facilities. We know this won’t be overnight, but long-term there are so many opportunities that can unfold...The aircraft registry, if we get it right - and we plan to get it right - we can be just as competitive as the existing aircraft registries around the world.” Suggesting that an aircraft registry can do for aviation what the shipping registry has been for the Bahamian maritime sector, Mr BoyerCartwright said Aviation Registry Group brought “a wealth of experience” to
help make The Bahamas’ vision a reality. He added that the San Marino registry, whose creation it oversaw, was “doing extremely well” despite having been “started from scratch” just a few years ago. Yet The Bahamas already has “a platform on which we can build” and is “not starting from the bottom”. “We have a good infrastructure, good relationship with ICAO,” Mr BoyerCartwright told Tribune Business. “There’s no reason why we can’t do this. One might say we need a little help doing this, and that’s what Aviation Registry Group brings to the table; their expertise and competence from an administrative and technical aspect.” He added that there were “still a few hurdles we have to overcome” in creating a new Bahamian aircraft registry, such as legal and regulatory reforms, and said: “It’s the little things that have to be dealt with, but we do have a good idea of what’s in front of us before we can actually launch the registry. “I honestly believe that once we get the agreement signed with Aviation Registry Group, and I’m hoping that will not be too far off, we can keep this momentum going. If all goes well, once the agreement’s signed, we’d like to see it [the registry] happen anywhere from 12 to 14 months. Earlier than that would be good as well.”
NOTICE IS HEREBY GIVEN TO BAHAMAS YACHT AND SAILING
(owner of the 47’ Sail/Catamaran known as “Morning Glory”)
Your account with Bayshore Marina with respect to the abovenamed vessel is overdue in the amount of $43581.78 as at 28th February, 2019 and if the account is not paid in full and your vessel, the “Morning Glory”, removed from the property of Bayshore Marina Limited, East Bay Street, Nassau, Bahamas on or before Thursday, 2nd April, 2019 then the said vessel will be sold, without further notice to you, to defray the charges and expenses including the costs of sale and you will remain liable for any shortfall. Payment is to be made at the address below. WHITE LAW CHAMBERS Palm Tree Cottage The Islands Club West Bay St (North) Nassau, Bahamas
JOB VACANCY A family office located in western New Providence seeks to fill the position of
Accounts Clerk Duties and Responsibilities We are looking for a skilled Accounts Clerk to perform a variety of accounting, bookkeeping and financial tasks, including: • Processing accounting transactions (i.e. accounts payable and receivable, disbursements and receipts) in a timely manner • Preparation of accounting reports (i.e. expense and payable listings) • Reconciliation of bank accounts • Disbursement and replenishment of petty cash • Prepare and maintain accounting documents and records • Data entry of financial transactions in accounting database • Provide accounting and clerical support to the accounting department • Function in accordance with established standards, procedures and applicable laws Requirements and Skills • • • • • • • • • • •
Accounting experience, preferably as an accounts payable clerk Familiarity with bookkeeping and basic accounting procedures Experience working with accounting software (preferably Quick Books) Hands-on experience with spreadsheets and financial reports Ability to perform filing and record keeping tasks Data entry and word processing skills Accuracy and attention to detail with an aptitude for numbers Well organized and able to work independently Excellent communication skills and team-oriented High standards of ethics and confidentiality to handle sensitive information Bachelor or Associates degree in business administration or accounting Interested persons should submit their resumes via e-mail to: vacancybahamasoffice@gmail.com Please reference ‘Accounts Clerk’ as the subject of your email. All resumes must be received by April 30th.
PAGE 6, Wednesday, April 17, 2019
THE TRIBUNE
NOTRE DAME FIRE SHOWS THE POWER OF MONUMENTS TO THE FRENCH STRASBOURG Associated Press
MONUMENTS are the emotional backbone of France. That accounts for the despair over a blaze that killed no one, yet seared the collective soul. It is the power Notre Dame had — still has, despite the charred scars on its Gothic walls. It is not only the unique beauty of the Eiffel Tower in Paris, the palaces of Versailles or Mont Saint-Michel proudly facing the sea that make monuments the epitome of France — it is also the sense of nationhood they represent. “It is the epicenter of our lives,” French President Emmanuel Macron said of the 12th-Century Cathedral. “It is what we are,” added
FIREFIGHTERS tackle the blaze as flames and smoke rise from Notre Dame cathedral as it burns in Paris on Monday. Massive plumes of yellow brown smoke is filling the air above Notre Dame Cathedral and ash is falling on tourists and others around the island that marks the centre of Paris. Photo: Michel Euler/AP
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, KEITH RIVERS of #21 Marlon Drive-Highland Park, New Providence, Bahamas intend to change my name to KEITH LEON RIVERS. 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.
historian Camille Pascal on CNews. When one such monument goes up in flames, the country weeps — literally in the case of another historian on national radio, even before the full extent of the damage became clear. Across the nation, the pain was equally felt, especially because just about every region has a similar treasure to cherish.
In the eastern city of Strasbourg, which has an equally stunning cathedral made of red stone reminiscent of the glow the fire reflected on the towers of Notre Dame in Monday’s twilight, solidarity was immediate. “All our heart is with Paris and Notre Dame,” the city said in a statement. Several European Union leaders were in town,
LEGAL NOTICE
LEGAL NOTICE
NOTICE
NOTICE
CRIONNA LIMITED
GLANDUFF HOLDINGS LTD.
NOTICE IS HEREBY GIVEN as follows:
NOTICE IS HEREBY GIVEN as follows:
gathering to address their legislature and discuss treaties, laws and regulations. “The burning of the Notre Dame Cathedral has again made us aware that we are bound by something more important and more profound than treaties,” said EU Council President Donald Tusk early yesterday. For all, it was clear the monument transcended its religious meaning and instead was a symbol of European civilisation. For President Macron too, such is the aura of national monuments that his whole agenda was turned upside down in minutes. After months of violent protests by the yellow vest movement, on Monday evening he was finally to make a solemn televised statement from
the Elysee on how to fix the nation’s social fabric. No sooner had news of the fire spread than Macron canceled all plans for the TV address and he was heading over to the burning cathedral a few miles up the Seine river that slices Paris in two. The nation fully understood. Instead of addressing social inequality he was announcing an immediate national fundraising campaign to restore the building. “I tell you solemnly tonight: This cathedral, we will rebuild it, all together,” Macron said in front of the smoldering church. “Without a doubt it is a part of our French destiny.” Since the church has become such a symbol of European culture, Tusk said the whole EU should help. “I call on all 28 member states to take part in this task. I know that France could do it alone, but at stake here is something more than just material help,” he said. France has had to come to the aid of its monuments before. With many churches and monuments ravaged by the 1789 revolution, Eugene Viollet-le-Duc inspired a restoration drive during the 19th century that left monuments from Notre Dame to Mont St Michel and the walled medieval city of Carcassonne the envy of the world. And at the same time, beyond providing national pride, he helped France become of the top tourist nations in the world, which now adds some 200 billion euros annually to the nation’s GDP.
(a)
CRIONNA LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.
(a)
GLANDUFF HOLDINGS LTD. is in dissolution under the provisions of the International Business Companies Act 2000.
(b)
The dissolution of the said Company commenced on the 15th day of April, 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General.
(b)
The dissolution of the said Company commenced on the 15th day of April, 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General.
NOTICE
(c)
The Liquidator of the said Company is Mr. Brendan Hynes of Edifico Imataca, Av. El Milagro, La Lago, Maracaibo, Edo Zulia, Venezuela.
(c)
The Liquidator of the said Company is Mr. Brendan Hynes of Edifico Imataca, Av. El Milagro, La Lago, Maracaibo, Edo Zulia, Venezuela.
NOTICE is hereby given that ANDREA McKENZIE of Gamble Heights, off Blue Hill Road, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 10th day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
H & J CORPORATE SERVICES LTD.
H & J CORPORATE SERVICES LTD.
Registered Agent for the above-named Company
Registered Agent for the above-named Company
MARKET REPORT TUESDAY, 16 APRIL 2019
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 2,148.45 | CHG -0.07 | %CHG 0.00 | YTD 39.00 | YTD% 1.85 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.50 2.35 1.60 3.35 10.60 6.60 4.64 12.50 2.74 1.81 9.02 6.63 15.60 7.25 4.30 14.00
52WK LOW 3.50 19.17 4.90 3.34 1.00 0.19 2.10 8.80 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
115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 ##########
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
SYMBOL LAST CLOSE AML 4.25 APD 17.43 BPF 6.00 BWL 5.39 BOB 2.35 BBL 1.60 CAB 2.15 CIB 10.50 CHL 6.16 CBL 4.42 CBB 10.64 CWCB 2.52 DHS 1.79 EMAB 9.48 FAM 6.60 FBB 15.57 FIN 7.25 FCL 3.50 JSJ 14.00 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)
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 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
CLOSE 4.25 17.43 6.00 5.39 2.35 1.60 2.15 10.50 6.16 4.42 10.64 2.52 1.79 9.38 6.60 15.57 7.25 3.50 14.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.10 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
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
VOLUME
700
350
VOLUME
EPS$ 0.167 0.932 -0.306 0.323 0.098 0.000 -0.431 0.708 0.480 0.154 0.627 0.102 0.209 0.000 0.481 0.834 0.578 0.205 0.631
DIV$ 0.130 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 0.200 0.090 0.600
P/E 25.4 18.7 N/M 16.7 N/M N/M -5.0 14.8 12.8 28.7 17.0 24.7 8.6 N/M 13.7 18.7 12.5 17.1 22.2
YIELD 3.06% 7.23% 0.00% 4.45% 0.00% 1.25% 0.00% 6.76% 3.57% 2.71% 5.83% 2.38% 3.35% 0.90% 3.64% 3.21% 2.76% 2.57% 4.29%
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%
MATURITY 19-Oct-2022 ############### 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022
MUTUAL FUNDS 52WK HI 2.20 4.24 2.04 184.51 158.55 1.61 1.75 1.70 1.14 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 1.55 1.68 1.64 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
NAV 2.22 4.22 2.04 184.51 147.81 1.61 1.75 1.70 1.14 7.54 8.73 6.65 10.66 11.79 10.48 9.92 8.69 11.79
YTD% 12 MTH% 0.58% 3.94% -0.39% 1.53% 0.43% 2.52% 3.26% 3.26% -3.65% -3.65% 1.15% 4.41% 0.59% 4.31% 0.92% 4.16% 2.79% 4.80% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88
NAV Date 28-Feb-2019 28-Feb-2019 22-Feb-2019 31-Dec-2018 31-Dec-2018 31-Mar-2019 31-Mar-2019 31-Mar-2019 31-Mar-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 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
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
NOTICE
NOTICE is hereby given that LUBINS CHARLES of #142 Magellan Crescent, Freeport, Grand Bahama, 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 17th day of April, 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 MARIO CAMPBELL of Bellot Road, P.O. Box SB-52524, 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 10th day of April, 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 EVELYNE YVROSE DALCE THEOPHILE of Lifebouy St. off East St., P.O. Box N-7060, 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 10th day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
THE TRIBUNE
Wednesday, April 17, 2019, PAGE 7
Independent auditors’ report To the shareholders of Banca del Sempione (Overseas) Limited
Report on the audit of the financial information Our opinion
In our opinion, the financial information of Banca del Sempione (Overseas) Limited (the Bank) as at 31 December 2018, is prepared, in all material respects, in accordance with the basis of preparation as set out in Note 1 to the financial information. What we have audited The Bank’s financial information comprises:
VENEZUELA’s President Nicolas Maduro on March 23 addressing supporters at an anti-imperialist rally, left, and self-proclaimed interim president of the country, Juan Guaidó, speaking to his supporters on Feb 12 at a demonstration against Maduro’s government, both in Caracas, Venezuela. Normalcy elsewhere in the world doesn’t fit Venezuela, where two men say they are president.
AFTER YEARS OF CRISIS, VENEZUELANS WONDER WHAT IS ‘NORMAL’ VENEZUELA Associated Press
A NORMAL country? At first glance, the graffiti reading “Un pais normal?” seems ambiguous in Venezuela’s frayed capital, where the government brandishes slogans like clenched fists and the opposition lobs insults at President Nicolás Maduro. Actually, the message on a Caracas wall is a tart comment in a place where talk of what is normal, or should be normal, has become common and touches nerves. Normalcy elsewhere in the world doesn’t fit Venezuela, where extremes are the norm. Two men say they are president. The worst nationwide blackouts last month played havoc with millions of people. Hyperinflation has slashed many monthly salaries to the equivalent of a few dollars. One-tenth of the population — over three million and growing — has fled, causing Latin America’s biggest migration crisis. Don’t think of Venezuela’s chaos as the new normal, warns opposition
leader Juan Guaidó. “There can’t be normality when we Venezuelans can’t even communicate with our family members and some have to look for water in the Guaire (river) to slake the thirst of their children,” Guaidó tweeted during electricity outages in March. Guaidó’s supporters worry that anger over the country’s escalating problems will fade and therefore extend the rule of Maduro, whose re-election last year was denounced as illegitimate by Guaidó as well as the United States and about 50 other nations. “It’s not normal,” read a cardboard poster at an opposition rally in Caracas this month. It listed miserable conditions now synonymous with Venezuela: a lack of water and light, commuter trains that resemble saunas (when they work), hospitals without enough medication, and self-exile as a way to survive. Maduro, meanwhile, tries to project reassurance, saying the water supply is “normalising” and announcing an electricity rationing plan as the
grid stabilises, for now, in Caracas and other politically key areas. But he also stokes an idea of crisis with references to a “permanent battle” against the United States and other perceived enemies allegedly bent on unraveling Venezuela’s “Bolivarian Revolution” and its socialist system. Maduro’s government has described migration from Venezuela as “normal” and denied there is a humanitarian crisis, despite considerable evidence that there is. In tacit recognition that it can’t cope on its own, the government has agreed to allow the International Federation of Red Cross and Red Crescent Societies to begin delivering medical aid this month. While a Peruvian foreign minister once described Maduro as “not a normal person”, the Venezuelan leader can dish it out as well. Last week, he said US Vice President Mike Pence’s behaviour was “abnormal” because he so frequently — obsessively, in Maduro’s view — criticises the Venezuelan government.
the balance sheet of the Bank as of 31 December 2018.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial information section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Bank in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code). We have fulfilled our other ethical responsibilities in accordance with the IESBA Code.
Emphasis of Matter – Basis of preparation and restriction on use
We draw attention to Note 1 to the financial information, which describes the basis of preparation. The financial information is prepared to comply with the requirements of the Central Bank of The Bahamas (the Regulator). As a result, the financial information may not be suitable for another purpose. Our report is intended solely for the Bank and the Regulator and should not be used by parties other than the Bank. Our opinion is not modified in respect of this matter. The financial information does not comprise a full set of financial statements prepared in accordance with International Financial Reporting Standards.
Responsibilities of management for the financial information
Management is responsible for the preparation of the financial information in accordance with the basis of preparation as set out in Note 1 to the financial information, and for such internal control as management determines is necessary to enable the preparation of the financial information that is free from material misstatement, whether due to fraud or error. In preparing the financial information, management is responsible for assessing the Bank’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Bank or to cease operations, or has no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial information
Our objectives are to obtain reasonable assurance about whether the financial information as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial information.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial information, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
PricewaterhouseCoopers, Obtain an understanding of internal control the & audit inRoad, orderP.O. to design auditNassau, procedures 2 Bayside Executive Park, relevant West Bayto Street Blake Box N-3910, that are in the but not for the purpose expressing an opinion on the Bahamas T: appropriate + 1 242 302-5300, F:circumstances, + 1 242 302-5350, www.pwc.com/bs, Email:ofpwcbs@bs.pwc.com effectiveness of the Bank’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Bank’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the financial statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Bank to cease to continue as a going concern.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Bank to express an opinion on the financial information. We are responsible for the direction, supervision and performance of the Bank audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Other Matter
The Bank has prepared a separate set of financial statements for the year ended 31 December 2018 in accordance with International Financial Reporting Standards, on which we issued a separate auditors’ report to the shareholders of the Bank dated 9 April 2019. This report, including the opinion, has been prepared for and only for the shareholders of the Bank, in accordance with the terms of the engagement letter and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
Chartered Accountants Nassau, Bahamas 9 April 2019
Banca del Sempione (Overseas) Limited
(Incorporated under the laws of the Commonwealth of The Bahamas) Balance Sheet As of 31 December 2018 (Expressed in thousands of Swiss Francs) 2018 SFr
2017 SFr
21,660 38,240 10,277 287 3,028 688 34
16,444 239 37,168 12,439 284 3,578 1,362 44
276 399 74,889
201 191 71,950
LIABILITIES AND EQUITY Liabilities Customers’ deposits: Demand deposits Time deposits Derivative financial instruments Management and distribution fees payable Accrued expenses and other liabilities Total liabilities
55,556 1,173 95 81 187 57,092
53,799 88 152 265 54,304
Equity Share capital Authorised, issued and fully paid 5,000,000 shares of SFr 1 each General reserve Retained earnings Total equity
5,000 11,900 897 17,797
5,000 11,900 746 17,646
TOTAL LIABILITIES AND EQUITY
74,889
71,950
ASSETS Due from banks: Demand and call deposits Precious metal currency accounts Time deposits Loans and advances to customers Derivative financial instruments Investments at fair value through profit or loss Investments at amortised cost Property and equipment Intangible asset (net of accumulated amortisation SFr 1,041k) (2017: SFr 950k) Accrued income and other assets TOTAL ASSETS
APPROVED AND SIGNED ON BEHALF OF THE BOARD:
4 April 2019 Date
1.
Basis of preparation The accompanying financial information is an extract from the financial statements of Banca del Sempione (Overseas) Limited’s as of 31 December 2018 and for the year then ended, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board and is used to submit to The Central Bank of The Bahamas. The auditors’ report included herewith should be read in conjunction with the full set of financial statements, which can be obtained at Banca del Sempione (Overseas) Limited’s office located at George House, George Street, Nassau, The Bahamas.
PAGE 8, Wednesday, April 17, 2019
THE TRIBUNE
Banks lead US stocks to slight gains amid mixed earnings By ALEX VEIGA Associated Press STOCKS closed slightly higher on Wall Street yesterday, erasing the market’s modest losses from a day earlier. The gains, which followed a rally in overseas stock indexes, came as investors sized up the latest batch of company earnings reports. Financial stocks led the way higher as bond yields rose, which drives interest rates higher, enabling banks to make more money on loans. BlackRock and Progressive led the sector after each company reported solid quarterly results. Qualcomm powered technology sector stocks higher, notching its best day in 20 years, on news the chipmaker and Apple settled their bitter legal dispute. Investors are looking to the latest wave of corporate earnings reports over the next few weeks for clues about the health of the global economy and the prospects for company profits this year. Analysts expect the firstquarter results for S&P 500 companies overall to be the weakest in nearly three years. “The markets are prepared for this year-over-year decline that everyone is expecting in earnings,” said Erik Davidson, chief investment officer at Wells Fargo Private Bank. “Unless we have some significant misses, we should be doing OK.” The S&P 500 rose 1.48 points, or 0.1%, to 2,907.06. The Dow Jones Industrial Average gained 67.89 points, or 0.3%, to 26,452.66. The Nasdaq composite added 24.21 points, or 0.3%, to 8,000.23. The
TRADER Andrew Silverman, centre, works on the floor of the New York Stock Exchange. index had not closed above 8,000 points since October. The Russell 2000 index of small-cap stocks picked up 3.62 points, or 0.2%, to 1,582.79. Overseas stock indexes rallied on upbeat economic data from China and Germany. Markets in Asia and Europe finished higher. US stocks have had a torrid start to the year after the Federal Reserve said it may not raise interest rates at all in 2019. The benchmark S&P 500 remains within 0.8% of its most recent all-time high on September 20. “Investors should take some comfort, because we have over those six months seen some pretty significant earnings growth and we’re likely to continue to see it.” Davidson said. What investors take away from the slew of company earnings reports over the
next few weeks will likely be a key driver of the market’s move from here. Analysts expect companies in the S&P 500 to report a 2.9% drop in earnings per share for the first quarter versus a year earlier, which would be the first decline since the spring of 2016. The expected decline is due almost entirely to weaker profit margins. Banks kicked off the latest quarterly reporting season last week with mixed results. Analysts expect the first-quarter results for S&P 500 companies overall to be the weakest in nearly three years. Companies that posted encouraging results helped put traders in a buying mood yesterday. Progressive jumped 6.9% after the insurer’s latest quarterly results topped analysts’ forecasts. BlackRock gained 3.2% after the
investment firm reported first quarter profit that surged past Wall Street forecasts as a rebounding market helped to increase assets. Bank of America inched 0.1% higher after the nation’s second-largest bank reported strong earnings growth, but gave a weak forecast for net interest income, a key performance metric for banks. UnitedHealth Group, the nation’s largest health insurance company, reported first-quarter results that exceeded analysts’ expectations and raised its estimates for the full year. But cautious comments from management during a conference call with analysts weighed on the stock, which slumped 4%, giving up an early gain. Other health insurers also fell. HCA Health care slumped 10%. Cigna slid
7.8% and Anthem lost 6.8%. Johnson & Johnson bucked the broader declines in the health care sector. Shares in the world’s biggest maker of health care products rose 1.1% after the company’s first-quarter results topped Wall Street’s forecasts, even after its profit slumped 14% following a decline in sales overseas and higher costs for research and litigation. JB Hunt Transport Services fell 4.9% after the trucking and logistics company’s first quarter profit and revenue fell short of analysts’ expectations. Qualcomm shares surged 23.2% after the chipmaker and Apple settled their bitter financial dispute centred on some of the technology that enables iPhones to connect to the internet. The deal requires Apple to pay Qualcomm an
undisclosed amount. It also includes a six-year licensing agreement that likely involves recurring payments to the mobile chip maker. The surprise truce announced late yesterday afternoon came just as the former allies turned antagonists were facing off in a federal court trial that was supposed to unfold over the next month in San Diego. The resolution abruptly ended that trial, which also involved Apple’s key iPhone suppliers. Scientific Games climbed 8% on news that the maker of betting machines and technology is partnering with Wynn Resorts to help develop digital sports betting and gambling. Wynn added 2.%. The yield on the ten year Treasury note rose to 2.59% from 2.55% late on Monday. The ten year Treasury yield has been climbing since late last month, when it fell to 2.37% amid a crescendo of worries that global economic growth was slowing. Energy futures finished mostly higher. Benchmark US crude oil rose 1% to settle at $64.05 per barrel. Brent crude, the international standard, added 0.8% to close at $71.72 per barrel. Wholesale gasoline gained 1% to $2.03 per gallon, while heating oil picked up 1% to $2.08 per gallon. Natural gas slipped 0.7% to $2.57 per 1,000 cubic feet. Gold fell 1.1% to $1,277.20 per ounce, silver dropped 0.4% to $14.92 per ounce and copper slipped 0.2% to $2.93 per pound. The dollar fell to 111.99 Japanese yen from 112.03 yen late on Monday. The euro weakened to $1.1288 from $1.1304.