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TUESDAY, JUNE 25, 2019

$4.55 Bahamians told: Don’t view WTO as ‘destination’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIANS must not view World Trade Organisation (WTO) membership as the “end destination” but rather “one tool” for achieving essential reforms, Chamber of Commerce executives are urging. Jeffrey Beckles, the Chamber’s chief executive, and Darron Pickstock, who heads its trade and investment division, told Tribune Business that the WTO debate must take place in the “broader context” of reforms this nation must make regardless of whether or not it joins world trade’s oversight body. Speaking exclusively to Tribune Business, the duo said Bahamians were in danger of becoming too caught up in the pro- and anti-WTO arguments to the exclusion of all other issues, including the “serious” economic and social challenges facing this nation that are becoming ever more pressing. They argued that reforms to improve The Bahamas’ ease and cost of doing business were critical to its economic competitiveness and living standards whether the WTO existed or not, advocating that this nation needed to proceed with changes such as the elimination of bureaucracy and red tape, reduced energy prices and easier credit access for its own benefit - not anyone else’s. “It’s important to view this whole debate around WTO in the broader context of these economic and structural reforms, and address the social challenges of The Bahamas,” Mr Pickstock told Tribune Business. “The focus should be on what we need to reform the economy structurally. The focus should not be on WTO; it’s one potential tool in the armour to help us achieve structural reform. We therefore urge the government to really look at addressing these structural challenges we have, and to also look at the social challenges. “It’s not a panacea; it’s just one tool. WTO by itself will not solve the economic and structural change issues that we face. It is in that vein that we need to be looking at these things.” Mr Beckles, backing his chamber colleague, said simply: “WTO cannot be a destination, but most people see it as

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$4.59

Power crisis for $42m Superplex halts show T

HE $42m Fusion Superplex complex yesterday said it has suffered a “significant blow” from constant power woes that have left it without a back-up generator to cope with BPL’s latest outages. The IMAX-centred entertainment destination said that having to use its generator every single night since it opened last year had resulted in its failure on Sunday, leaving the company and its 400 employees at the mercy of Bahamas Power & Light’s (BPL) current round of load shedding. Nikolette Elden, the Fusion Superplex’s chief marketing officer, told Tribune Business that the company’s nine-cinema complex had been forced to cancel all its shows last night due to a power crisis stemming from a regularlyoccurring “serious surge” that had forced it to over-use its generator. Dr Donovan Moxey, BPL’s chairman, could not be contacted before press time. However, Paul Maynard, the Bahamas Electrical Workers Union’s (BEWU) president, blamed the issue on BPL’s need to increase the power

• Cancels last night’s showing after generator fails • Supply shortage leaves it at BPL shedding mercy • Losses ‘very unfair’ for employer of 400

THE ENTRANCE to Fusion Superplex on Gladstone Road. supply to the Fusion Superplex complex that sits at the junction of JFK Drive and Gladstone Road. He said: “We are trying to aggressively deal with the issue. They aren’t getting enough power there. We need to run a bigger cable.

We are definitely dealing with that.” Ms Eldon, meanwhile, told this newspaper: “We were significantly impacted by BPL on Sunday. It was crazy what we went through. When people came seeking refuge [from the latest outages] we

CONSTRUCTION industry executives yesterday hailed the government’s ambition to slash by 75 percent the “exorbitant” time taken to obtain building permits as “a win-win for everybody”. Robert Myers, principal of the Caribbean Group and multiple constructionrelated businesses, told Tribune Business there was “a tremendous amount of upside across the board” for both industry and government if the time taken to obtain building permits was reduced from the present 120-plus days to just 30. The Prime Minister’s Office’s Delivery Unit is seeking to achieve this ambitious goal within three years to coincide with the “significant improvement” that The Bahamas is targeting in the World Bank’s

had to turn them away.” The Fusion Superplex, in a notice on its Facebook page on Sunday, advised customers that it was not closed but had been forced to cancel a number of show times. It

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Govt is urged: ‘Knock out low hanging fruit’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government’s 14-day target for completing property registration would represent “a tremendous improvement”, an attorney yesterday urging: “It’s time to knock out the low hanging fruit.” Darron Pickstock, who heads the Chamber of Commerce’s trade and investment division, told Tribune Business that the Minnis administration’s drive to slash the property registration turnaround time by at least 50 percent would create “peace of mind” for all parties involved in real estate deals. Describing the 14-day timeframe to register property purchases with the Registrar General’s Department as “very achievable”, Mr Pickstock said the process should not take the four weeks - and “sometimes longer” - that is

$4.59

JEFFREY BECKLES

‘No more taxation pins and needles’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

• Fourteen-day property registration target hailed • Chamber executive calls for focus on ‘easy wins’ • Goal will create real estate deal ‘peace of mind’

DARRON PICKSTOCK currently required. He added that achieving the government’s target will “bode well” for the drive to improve the “ease of doing business” in The Bahamas, describing it as an “easy win” that will bring this nation into line with the time required to complete similar processes in

other jurisdictions. Mr Pickstock, an attorney with Glinton, Sweeting & O’Brien, spoke out after the annual report produced by the Prime Minister’s Office’s Delivery Unit identified cutting the property registration timeline to 14 days as one of its key “ease of doing business” priorities. It is aiming to achieve the 50 percent turnaround time reduction by 2021, coinciding with when it hopes to “significantly improve” upon The Bahamas’ current 118th position in the World Bank’s annual “ease of doing business” rankings. The Delivery Unit says the improvement will be achieved by placing greater reliance on technology “to further streamline

Building permit delay slash ‘win-win for all’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.56

• Contractors hail 75% cut to ‘exorbitant’ issuance • But only achieved with web-based system • Ex-BCA chief says project ‘dragging, dragging...’

ROBERT MYERS

STEPHEN WRINKLE

“ease of doing business” rankings by 2021, and Mr Myers described the target as “very attainable”. He added, though, that the key to realising the government’s goal is to implement an internet-based document

management system accessible to both the Ministry of Works and its agencies as well as the private sector. This, Mr Myers explained, would hold the public sector accountable for delivering timely approvals while allowing

all private sector parties to a construction project contractor, architects and engineers - to monitor the progress of the permitting process and react quickly if drawings or other documents were required by the government’s various planning departments. The Delivery Unit’s annual report, released last week, said it had already slashed the time taken to issue construction permits by an average 12 percent, the process having taken around 160 days in April 2018 according to the data presented. It now plans to achieve

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and digitise the process of registering property conveyances” and associated instruments such as mortgages, although no specific details are provided. Efforts will also be made to boost “operational efficiency” at the Registrar General’s Department, which oversees and maintains the Registry of Records, through the addition of more staff and document scanners to improve document turnaround. A public “feedback and complaint” mechanism will also be created. Mr Pickstock, identifying speedier property registration as one of the simpler, quicker reforms to improve

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CHAMBER of Commerce executives have called for “substantive dialogue” with the government on the future of Bahamian taxation to avoid companies being left “sitting on pins and needles”. Jeffrey Beckles, the chamber’s chief executive, told Tribune Business that it was unfair for the business community - the government’s largest taxpayers and collectors - to be left “waiting for the hammer to fall” in the run-up to the annual budget. While acknowledging that the Ministry of Finance cannot reveal its full fiscal hand publicly prior to the budget’s unveiling, he added that the manner in which the 12 percent VAT hike was sprung on consumers and businesses at end-May 2018 had resulted in many drawing back ahead of this year’s announcement. Warning that “shocks don’t help anyone”, Mr Beckles said the private sector did not understand why the government has yet to embrace it in talks about how The Bahamas’ future tax regime may look - especially given the external pressures from the likes of the European Union (EU) and Organisation for Economic Co-Operation and Development (OECD). “For the private sector, would it not be great if there was dialogue on the new tax regime?” Mr Beckles asked. “It cannot be a great surprise. We fully respect what the government does and that it cannot conduct its business in public, but businesses are key tax contributors and contribute the lion’s share. “It’s not fair if your contributors aren’t involved in

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PAGE 2, Tuesday, June 25, 2019

THE TRIBUNE

BPL to launch bid Agricultural revival process for Bimini in three-phase plan By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net BAHAMAS Power & Light (BPL) yesterday said it plans to launch a bidding process within the next two weeks to seek permanent replacements for its fire-devastated Bimini generation units. Ian Pratt, BPL’s acting chief operating officer, said: “There is going to be an RFP (request for proposal) released with respect to Bimini very shortly; both for the removal of the existing infrastructure by fire as well as for new infrastructure to go into North Bimini.” A fire at BPL’s Bimini power station last month destroyed almost nine megawatts (MW) of generation capacity. “Just before the

event happened we were going into the Memorial Day weekend, which is one of the highest load periods for Bimini, and in preparation for that we would have moved in a few rental trailers in order to make sure we were in a comfortable position,” Mr Pratt said. “That is one of the reasons we were able to restore power so quickly after the fire. Following the fire we deployed some additional rental units and those are in service in Bimini now. We would like as quickly as possible to move away from rental generation. We will be releasing the RFP in the next two weeks to get replacement permanent generation.” BPL’s chairman, Dr Donovan Moxey, yesterday said the utility has also selected

GOVT IS URGED: ‘KNOCK OUT LOW HANGING FRUIT’ FROM PAGE ONE

The Bahamas’ ease and cost of doing business, told Tribune Business: “I think that 14-day timeframe to be able to register your conveyance is very achievable. “The process is, once you take that conveyance down to the Treasury to pay the stamp duty, you would then send that conveyance to the Registrar General’s Department to be recorded in the public registry. At that point, there is no need to do anything complicated other than making sure the documents are properly scanned and registered. “It shouldn’t take the amount of time it takes now, and sometimes over that. Generally speaking, it’s about a month. Taking 14 days is very achievable. The

system should be such that it does not take four weeks, and it used to take much longer than four weeks,” Mr Pickstock added. “I would like to commend the government for cutting the timeframe down from months to four weeks, and then seeking to cut it from four weeks to 14 days is a tremendous improvement. Knock those low-hanging fruit out - real property tax registration, property registration - and get it sorted out because it’s an easy win.” In contrast, Mr Pickstock said it had taken his law firm “a matter of hours” to obtain documents required for a commercial transaction from the Cayman Islands’ corporate registry. “I know it’s not the same, but with the position we’re trying to reach there is no reason for

the vendor to introduce its smart metering system. “We haven’t made an official announcement as yet,” he said, “but we’re looking to begin that implementation very shortly. In fact, we will do some pilot programmes very shortly. We are looking to get that rolled-out as soon as possible.” Dr Moxey did not identify the vendor, but added: “We wanted to let the public know that when you are looking to implement something like that in a country as vast as we are in terms of our geographic make-up in terms of being an archipelago, that is probably going to be a 15-18 month process. We are going to do it as quickly as we can in order to give Bahamians much better control over how they consume electricity.” registration to take four-plus weeks,” he added. “Fourteen days is very achievable and bodes well for the ease of doing business and the areas in need of improvement..... This is one area of low hanging fruit the government can make strides on very quickly. The other low hanging fruit is the registration of real property tax. “You do these things quickly, and these are the steps to achieving your intended goal, which is to make it easier to do business for locals and non-locals.” Mr Pickstock last week revealed that it sometimes takes new owners between six to eight months to register their properties with the Real Property Tax Department. Besides the aggravation for clients, this also makes it harder for the government to collect due revenues from a tax where there is already a $480m arrears mountain. He added though, that

A CABINET minister is aiming to implement a three-phased strategy to revive a Bahamian agriculture sector he says is at a crossroads. Michael Pintard, minister of agriculture and marine resources, during his contribution to the 2019-2020 budget debate said his ministry will embark on an industry strengthening exercise featuring three distinct phases - institutional, operational and training. He explained that the institutional phase is designed to align agriculture with ongoing efforts to develop the National Statistics System (NSS), an initiative led by the Department of Statistics. The strategy for the development of agricultural statistics was presented at the National Strategy for just improving the registration process at the Registrar General’s Department will have “a significant impact” for real estate buyers and purchasers, as well as all professionals - realtors and attorneys - involved in facilitating these transactions. “Buyers, particularly when they are non-Bahamians, when you tell them it will take a month to register their property, the first question they ask is: ‘Why does it take so long?’” Mr Pickstock said. “For them, they need certainty and want to feel comfortable that everything is as it should be. When it takes long to do these simple things, it means they can’t get the documents back until four weeks later. It eases their mind if they get the documents back in a short period of time.” A 14-day property registration turnaround time “makes the entire process smoother and easier” for the likes of attorneys and banks, Mr Pickstock added, with the latter especially eager to perfect their mortgage loan security through its proper recording at the registry. “They want to know their security is secured, that it is registered, takes first priority and that no one has re-registered that property,” he said. “They don’t want to risk something happening to the registration process, something unscrupulous happening, and the property being sold and registered two times. “Once the mortgage is taken out the bank is the legal owner of the property until it is paid off. It gives them piece of mind that the property is secured.”

MICHAEL PINTARD the Development of Statistics (NSDS) workshop held in February 2019. Agriculture and marine resources have also participated in the economic and environmental sector specific committees, and the technical working committee, to ensure there is coordination with the NSDS. The operational phase of

Mr Pintard’s plan aims to address the lack of current information on agriculture by deepening - and increasing - the collection and compilation of data and improving methodologies. Efforts are being made to link farmer registration with data collection systems. This initiative is intended to result in a survey of key agricultural producers during July/ August of this year to project crop production volumes for the upcoming season. Running alongside the institutional and operational phases, there will be a training phase that aims to strengthen the capacities, abilities and professional skills of human resources in the production of agricultural statistics based on core statistical values.

Power crisis for $42m Superplex halts show FROM PAGE ONE added that due to the numerous power outages it was “unable to operate at maximum capacity”. Ms Eldon told Tribune Business yesterday: “We cancelled all of our shows for Monday night. There is a serious surge in this area, and every single night since we have opened we have had to switch to our generator. It wasn’t designed to run constantly, and on Sunday it failed. Our back-up is now gone and we we have been told there are more scheduled power cuts.” She added that efforts to reach out to BPL and the government to address the issue have yet to prove successful, and said: “We have 400 Bahamians employed. We have nine theatres. We’re losing revenue because of this. “This is very unfair to suffer this kind of loss and

now we have to send people home. This is a very big operation. This is no rinky dink operation. We are going to have to secure a rental generator until we can get ours repaired. This is really a significant blow.” The $42m entertainment facility, which opened last fall, was developed by the Atavus Group. Its executives include chief operating officer, Dominic Richards; Carlos Foulkes, chief executive; Tecoyo Bridgewater, director and in-house legal counsel; and Demarco Gibson, chief of security, facilities and maintenance. Targeted at all age ranges and tastes, the Fusion Superplex includes two restaurants; nine cinemas, including IMAX, 4DX, XS3 and PURE VIP theatre; an indoor supervised children’s play zone; a two-level arcade; a Starbucks coffee lounge; and Sub-Zero ice cream that is made from liquid nitrogen.

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MINISTER TOUTS OTHER TECH HUB INVESTORS By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A GOVERNMENT minister yesterday replied to concerns raised by the original Grand Bahama technology hub investor by pointing to other companies attracted to the island. Senator Kwasi Thompson, minister of state for Grand Bahama, used his 2019-2020 budget debate presentation to highlight two other technology companies that are in the process of setting up operations following last week’s criticisms from GIBC Digital’s principal, Greg Wood. The two companies named by Mr Thompson, DevDigital Bahamas and Skyward Techno, were unveiled as incoming investments last year, raising questions as to whether the government is seeking to distract attention from Mr Wood’s comments. The GIBC Digital chief, the original investor in the much-touted Grand Bahama “technology hub” concept, last week questioned the government’s “commitment” to continue pursuing the initiative given the seeming absence of 2019-2020 budget funding. Mr Wood, in an interview with Tribune Business, said the company “can’t do it alone” while admitting it had cut staffing levels by 90 percent - dropping from 30 employees to three - due to challenges with developing its business model in The Bahamas. However, Mr Thompson yesterday sought to focus on the positives. He said DevDigital, a company based in Nashville, Tennessee, and Baroda, India, “currently employs 130-plus persons... Dev Digital is a full software developer that also offers SEO, learning management systems, and hosting”. The minister described Skyward Techno as a company providing customer relationship management (CRM), enterprise resource planning (ERP), human resources management, project management

Tuesday, June 25, 2019, PAGE 3 systems, and business intelligence software. The company operates in New Jersey and Ahmedabad, India. Reaffirming the government’s commitment to building the technology sector as the third pillar of the Bahamian economy, Mr Thompson said: “This commitment to diversifying the economy by embracing technology is a core component of the government’s mandate to create additional opportunities for Bahamians, and allow for participation in a sector that traditionally sparks innovation and is responsible for the creation of the majority of new global wealth. “One of the key pieces of legislation that has been passed to support the growth of the technology industry is the Commercial Enterprises Act of 2017 (CEA). The CEA is designed to encourage both Bahamians and international investors and entrepreneurs to invest in the technology sector in The Bahamas. We should also look at this to improve and shape even more incentives for technology companies locally and international.” Mr Thompson said the Government had allocated $1.5m for the Grand Bahama technology hub initiative in the 2019-2020 budget, adding: “This line item (now listed as other dervices) represents the previous item referred to in the 2018-2019 budget as Grand Bahama technology hub initiative. “The item has been increased to accommodate the annual Grand Bahama Technology Summit as well as a cybersecurity conference, various ICT training programmes, marketing and promotion of the Grand Bahama Tech Hub and the BH1B visa programme.” Mr Thompson added: “Freeport, Grand Bahama, has already begun to be branded as a tech hub, becoming known as silicon island, digital paradise, largely in part to the Grand Bahama Technology Summit, which was held for the past two years in November. “We estimate that the Grand Bahama Technology Summit has added over a half a million dollars to the Grand Bahama economy. We anticipate that the third GB Tech Summit slated for this year will build on this foundation and be even more impactful.”

BPL power outages ‘totally unacceptable’ By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A CHAMBER of Commerce executive yesterday slammed the power outages affecting New Providence as “totally unacceptable”, blaming them on “bad planning” by Bahamas Power & Light (BPL). Debby Deal, head of the Chamber’s energy and environment division, told Tribune Business: “This is totally unacceptable. When you run a business you have to be prepared for the worst case scenario. BPL needs to be prepared. They know the generation challenges they have. “They know that we are going into the hot summer months when energy usage tends to spike, yet every summer we are facing these same issues. We have been dealing with this for decades. We are not just talking about an outage here or there; we’re talking all across New Providence, all throughout the day and, for some residents, four to five times a day. “That is not OK. That’s bad planning. It’s bad business. I feel for them [BPL] and the challenges that they have, but consumers - most of whom don’t have generators - are definitely feeling it.” Dr Donovan Moxey, BPL’s chairman, yesterday apologised to the utility monopoly’s 100,000-plus New Providence customers for what he admitted were “unacceptable power conditions” over the weekend. He acknowledged the “gross inconvenience” due to widespread and extended power outages, but asserted that what occurred over the “unexpected difficult weekend” was an “anomaly”. Dr Moxey added that rental generation units supplied by Aggreko, which have been installed at the Blue Hills power station over the past three weeks, are expected to come online

DR DONOVAN MOXEY by the end of this week to alleviate some of the pressure on BPL’s generation capacity that has resulted from the loss of several engines. Load shedding, though, will likely continue as BPL’s generation capacity - even with the additional rental units - struggles to meet the increased consumer demand sparked by the hot summer months. Dr Moxey had earlier this year promised there would be no load shedding by BPL over the summer months, but that pledge has started to become increasingly hollow for thousands of New Providence residents following recent events. He was also contradicted by BPL chief executive Whitney Heastie, who indicated to Tribune Business that Nassau and the wider island may have to brace for a long, hot summer until

the 132 megawatts (MW) of new generation capacity acquired from Wartsila was installed and operational. This is expected to happen by October/November - far too late for the summer peak. BPL, in a statement on Sunday, confirmed that the temporary failure of two of its generating assets over the weekend “exacerbated” the load shedding already underway on New Providence, extending the times and multiplying the number of outages experienced across the island. The utility said one of the generation units that failed was returned to service by Sunday afternoon, with work proceeding to bring the other back online as quickly as possible. “Load shedding in New Providence began on Wednesday, June 19, as a result of problems experienced with its

generating assets at the Blue Hills Power Station,” BPL said. “Simultaneously, and as a result of increasing temperatures, customer demand on the network in New Providence spiked over the preceding days. The loss of generation coupled with the increase in demand resulted in a shortfall of generation and the need for load shedding.” “Further, BPL wishes to advise that the installation of additional rental generation at the Blue Hills station is nearing completion. It is expected that this additional power will be available by the week ending June 30, 2019. This additional rental will bolster BPL’s available generation and put us in a better position to meet the increasing customer demand during this summer period.”

THE COMPANIES ACT, CH. 308 AND THE COMPANIES (WINDING UP AMENDMENT) ACT 2011 NOTICE OF VOLUNTARY WINDING UP NORTH ABACO POWER & ELECTRIC COMPANY LIMITED (In Voluntary Liquidation) Registration No. 37320 TAKE NOTICE that the above-named Company was put into liquidation on the 20th day of June,2019 by a resolution of members passed on the 20th day of June, 2019. AND FURTHER TAKE NOTICE THAT James J. Veneruso, of 35 East Grassy Sprain Road, Suite 400, Yonkers, New York 10710, Email JVeneruso@vcsclaw.com has been appointed Liquidator of the Company AND FURTHER TAKE NOTICE that the Creditors of the abovenamed Company are required, on or before the 20th day of July, 2019 to send their names and addresses, with particulars of their debts or claims, to the Liquidator, James J. Veneruso, c/o FT Consultants Ltd., P.O. Box N-3932, Nassau, Bahamas or c/o email address atreco@ftconsultants.net. Dated this 20th day of June, A.D,, 2019 James J. Veneruso Liquidator

PAGE 4, Tuesday, June 25, 2019

THE TRIBUNE

Building permit delay slash ‘win-win for all’ FROM PAGE ONE a further 75 percent reduction through the purchase and installation of a system that will allow the Ministry of Works and its agencies to review and inspect building plans submitted to them electronically, thus boosting efficiency and reducing the “mounds” of paper documents they currently have to handle. Desmond Bannister, minister of works, has previously told Tribune Business that the government is moving on such an initiative, and Mr Myers yesterday said the 30-day turnaround and issuance timeframe was within its ability to deliver provided it introduced a “web-based management system” for building permits and occupancy certificates. “It’’s very, very attainable if they employ that type of system. It will not only be attainable but far more beneficial for the private sector,” he told this newspaper. “We sit here saying it’s not been approved yet, not been approved yet, and telling the client this and getting frustrated just like lawyers with work permits and realtors with transactions.

DESMOND BANNISTER “The part that’s frustrating for us, whether dealing with permits at the beginning or occupancy certificates at the end, is understanding what needs to be completed or is outstanding.” Mr Myers explaining that construction permits and approvals could be held up by missing drawings or the government’s need for more information, yet contractors and other professionals involved on the projects in question were frequently left in the dark and had to discover for themselves the reason for the hold-up. “My advice would be to employ that web-based interactive document management system,” he added, “which will give accountability in the ministry

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and track that data flow between ministry and private sector. That will make 30 days very attainable. “It’s highly attainable if we’re smart about it. It will have a considerable impact on the private sector if we can get construction starts done more quickly. We spend an exorbitant amount of time chasing permits and occupancy certificates as opposed to doing our day job. “If that improves then what happens is obviously construction starts that much quicker and that’s good for everybody as it improves revenue in the private sector and the government, including VAT revenues,” Mr Myers continued. “It improves the

communication between the private sector and the Ministry of Works, and it improves the confidence that foreign and local investors have in the country because it’s more efficient. That’s a win-win for everybody. There’s a tremendous amount of upside if we get this thing done, and it’s good across the board. “I have never had a situation where an owner or client says ‘Forget it, I’m not going to build because of the delays, but it has been a consistent complaint with construction that the process takes so long and so much is unknown about why. If we jump on that and get the information management system in place, we will wipe that.” Stephen Wrinkle, a former Bahamian Contractors Association (BCA) president, yesterday told Tribune Business that besides its digitisation focus the government should also concentrate on expediting planning and construction permits for non-complex projects complying with zoning regulations and overseen by registered architects, engineers and other professionals. “It’s just that we’ve got such a bureaucracy that’s ingrained in this society and

FROM PAGE ONE

a destination. Bahamians need to understand that very, very clearly. These reforms we’re speaking to are good for The Bahamas. Period. “When it comes to the WTO, it will only allow us to better use the tools. They’re absolutely necessary

and critical to the country’s health.” The reforms identified by the private sector and the likes of the government’s own “ease of doing business” committee will involve a combination of process reforms, legislative and regulatory changes, and their execution/implementation

Only shortlisted candidates will be contacted.

NOTICE

____________________________________________

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 3rd day of June 2019.

of that, the way the system works, drawings are handled by so many hands. I’ve got one application that’s been in there a month and can’t find out anything on it. “There’s a myriad of circumstances that tend to slow down our processes. The low hanging fruit is where to start. At any given time there’s a tremendous amount of drawings and plans in the ministry for approval. I have a project in there at the moment, and if given the green light will hire people to work tomorrow. There’s all sorts of things that get caught in the ministry’s bottleneck.” Mr Wrinkle acknowledged the need for regulators to ensure all construction complies with The Bahamas Building Code, given this nation’s location in the hurricane zone, but added that getting projects moving was critical to the employment of both skilled and unskilled Bahamians. “Ninety percent of contractors here have 90 percent Bahamian staff,” he added. “It’s an enormous component of the Bahamian economy. When you think of the cash pay injected into the Bahamian economy every Friday, it’s tremendously important.”

Bahamians told: Don’t view WTO as ‘destination’

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EXXONMOBIL EXPLORATION AND PRODUCITON LIBERIA (HOLDING) LIMITED

it’s difficult to change anything,” he said. “I applaud the effort. Certainly, the inclusion of electronic processing is important, but you’re still handling paper drawings. There’s mounds and mounds of paper involved in every job. “Instead of focusing on electronic, consideration should be given to expediting the paper trail, particularly with standard projects. That’s low hanging fruit.” The Ministry of Works has explored such initiatives in the past, but Mr Wrinkle acknowledged that they had been complicated by the failure to properly enforce zoning/planning laws and regulations in the past. Backing the government’s 30-day construction permit turnaround target, he told Tribune Business: “If they could achieve that we would be on a par with some other communities. It’s hard to understand why a building permit for a normal construction project takes six months here. “Yes, it does. I’m involved in one project now that’s dragging, dragging, dragging. It seems that there’s so many steps and stages it has to go through it becomes cumbersome by its own design. Because

NOTICE

on the ground. One view is that acceding to full WTO membership will force The Bahamas to modernise its economy, and enact such reforms for its own benefit. Without such external pressure, the fear is that the country will retreat from much-needed change and the status quo will persist, leading ultimately to economic stagnation and a lack of diversification. Mr Beckles added that the chamber and private sector, will back any government decision to join or reject the WTO so long as it resulted in a strengthening of the Bahamian economy. He said The Bahamas’ economic challenges cannot be divorced from the country’s numerous social issues, with structural reforms that lead to GDP growth and job

creation a critical component in addressing problems elsewhere in society. “We’re wrestling with lots of social ills,” the chamber chief told Tribune Business. “While we’re throwing money at these ills, you cannot have social success without economic success and vice versa. “Many of the social ills can be addressed by identifying an economic plan, development plan for the country. That would give people hope at the social level. They can attach themselves to some of the plans to move the needle, and be less reckless than we see in many aspects of our social life. “We can’t keep throwing tax dollars at social ills. We have to address the cause, not keep throwing money at it.”

NOTICE

M. Pedercini Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION LIBERIA (HOLDING) LIMITED

NOTICE is hereby given that KENTON LEOH RADEMARI of Malcolm Allotment, P.O.Box CB-12242 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 18th day of June, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that AKEEM AKANDE SANUSI of #14 Canterbury Sub Division Bernard Road,P.O.Box CB-13814 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 twentyeight days from the 18th day of June, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

LEGAL NOTICE

ESSO NIGERIA HOLDING TWO (OFFSHORE) LIMITED

ESSO NIGERIA HOLDING ONE (OFFSHORE) LIMITED

Dated the 25th day of June A.D., 2019.

____________________________________________

Dated the 25th day of June A.D., 2019.

M. Pedercini Liquidator of ESSO NIGERIA HOLDING TWO (OFFSHORE) LIMITED

M. Pedercini Liquidator of ESSO NIGERIA HOLDING ONE (OFFSHORE) LIMITED

NOTICE International Business Companies Act (No.45 of 2000) In Voluntary Liquidation Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), PTC GROUP LIMITED (the “Company”) is in dissolution. The date of commencement of the dissolution is June 20, 2019. Steven William Bowen is he Liquidator and can be contacted at 28 Esplanade, St Helier, Jersey JE1 8SB. All persons having claims against the above-named Company are required to send their names, address and particulars of their debts or claims to the Liquidator before July 22, 2019.

THE TRIBUNE

Tuesday, June 25, 2019, PAGE 5

‘No more taxation pins and needles’ FROM PAGE ONE the dialogue. And it can’t be a trite dialogue. It has to be a substantive dialogue, and that’s one of the issues we at the Chamber of Commerce feel very strongly is critical for the business community. “When the business community is sitting on pins and needles, waiting for the hammer to fall, companies are less likely to spend on capital projects, are less likely to hire and undertake expansion activities,” the chamber chief added. “We fully understand that the government needs its revenues; we get that. What we don’t get is that the lion’s share of the contributors cannot participate in the discussion from the genesis of it. Shocks don’t help anyone. Planning is more of a boost.” Mr Beckles’ comments echo those of chamber chairman, Michael Maura, who recently told Tribune Business that Bahamian businesses are “anxious and uneasy” over the lack of a “clearly defined tax strategy” from the government. He said that while the private sector had been able to “take a breath” due to the absence of new or increased taxes in the 2019-2020 budget, many companies are “still unsettled” due to concerns over “what the future has in store”. Mr Maura added that the chamber had also wanted to “see more” reforms targeting the ease and cost of doing business in last week’s budget, particularly when it came to the domestic economy, and called for further improvements in this area to be “a precursor” to any future taxation increases.

Blurred lines: Trump’s UN choice and her coal magnate spouse WASHINGTON Associated Press THE email went out from senior Environmental Protection Agency officials to Kelly Craft, the US ambassador to Canada, responding to questions she had about a funding matter. But the acknowledgment email the EPA got back a few hours later wasn’t from the ambassador. It was from her husband, coal magnate Joseph Craft, a wealthy GOP donor who had been taking part in a months-long press by the coal industry for access and regulatory relief from the EPA and the Trump administration in general. The blurring of roles — and email accounts — by the Crafts this time and others since she began representing the US is raising questions as senators consider her nomination by President Donald Trump to be US ambassador to the United Nations. That post would give her a prime seat at international talks to fight climate change, in part by encouraging limits on the burning of coal, with its heattrapping emissions. “Thanks!!” the coal baron replied to the December 2017 email from EPA officials, which had been addressed to “Ambassador Craft”. The agency was following up on a briefing she had gotten from then-EPA head Scott Pruitt on federal funding for cleaning up the Great Lakes, an issue of great interest to Canada. Joseph Craft sent the acknowledgment on his work email for his Tulsa, Oklahoma-based coal company,

agreement as ambassador to Canada, the statement said. EPA spokesman Michael Abboud noted that Kelly Craft separately responded to the email, a few hours after her husband. The Sierra Club obtained

the emails under the federal Freedom of Information Act and provided them to The Associated Press. Virginia Canter, chief ethics counsel at the nonprofit watchdog Citizens for Responsibility and Ethics in

Washington, reacted strongly when told Joseph Craft responded to a government email sent to his wife in her capacity as US ambassador. “That’s highly unusual. I’ve never heard of that,” Canter said.

KELLY KNIGHT CRAFT, US Ambassador to Canada, speaks about NAFTA and Canada-US relations at an Empire Club meeting in Toronto. Craft is President Donald Trump’s nominee to be the next US envoy to the United Nations. Alliance Resource Partners LP. His response ended with the breezy auto-tag from his cellphone: “Sent from my iPhone powered by coal!” In a statement Monday, the State Department said Joseph Craft had been copied in on the EPA response to his ambassador wife after her Great Lakes discussion with Pruitt because he “had played a role in facilitating the exchange”. The statement did not elaborate, or say why his help was needed arranging a discussion between two government officials. “However, he does not play a role in official US government business,” the State Department said. Kelly Craft has fully complied with her ethics

THE COMPANIES ACT, CH. 308 AND THE COMPANIES (WINDING UP AMENDMENT) ACT 2011 NOTICE OF VOLUNTARY WINDING UP WALKERS CAY CLUB LIMITED (In Voluntary Liquidation) Registration No. 541 TAKE NOTICE that the above-named Company was put into liquidation on the 20th day of June,2019 by a resolution of members passed on the 20th day of June, 2019. AND FURTHER TAKE NOTICE THAT James J. Veneruso, of 35 East Grassy Sprain Road, Suite 400, Yonkers, New York 10710, Email JVeneruso@vcsclaw.com has been appointed Liquidator of the Company AND FURTHER TAKE NOTICE that the Creditors of the abovenamed Company are required, on or before the 20th day of July, 2019 to send their names and addresses, with particulars of their debts or claims, to the Liquidator, James J. Veneruso, c/o FT Consultants Ltd., P.O. Box N-3932, Nassau, Bahamas or c/o email address atreco@ftconsultants.net. Dated this 20th day of June, A.D,, 2019 James J. Veneruso Liquidator

COMMONWEALTH OF THE BAHAMAS

2019/CLE/QUI/00101

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

2019/CLE/QUI/00101

IN THE SUPREME COURT Equity Division COMMONWEALTH OF THE BAHAMAS 2019/CLE/QUI/00101 COMMONWEALTH OF THE BAHAMAS 2019/CLE/QUI/00101 Equity Division COMMONWEALTH OF THE BAHAMAS IN THE MATTER of all that tract of land2019/CLE/QUI/00101 comprising Three Hundred IN THE SUPREME COURT COMMONWEALTH OF THE BAHAMAS 2019/CLE/QUI/00101 IN THE SUPREME COURT and Forty (340) acres situated in the settlement of Rock Sound, Eleuthera IN THECOURT MATTER of all that tract of land comprising Three Hundred IN THE SUPREME and BOUNDED on the NORTH by land owned by Eleuthera Land Equity Division IN THE SUPREME COURT and Forty (340) acres situated in the settlement of Rock Sound, Eleuthera Equity Division Company Limited on the EAST by the Atlantic Ocean on the SOUTH Equity Division and BOUNDED on the NORTH by land owned by Eleuthera Land IN Commonage THE MATTER all on that of land comprising Hundred by Landofand thetract WEST by land of EnochThree Horton which Equity Division Company Limited on thethat EAST byofthe Atlantic OceanThree on theHundred SOUTH IN THE MATTER of all tract land comprising and Forty in the of settlement of Rock Sound, Eleuthera said lot MATTER of(340) landacres has such positions shape marks shown onHundred the plan IN of situated all that tract land Three byTHE Commonage Land and oninthe by comprising land of Enoch Horton which and Forty (340) acres situated theWEST settlement of Rock Sound, Eleuthera and BOUNDED on the NORTH by land owned by Eleuthera Land recorded as CROWN Grant G-35 at the Department of Lands and IN THE MATTER of all that tract of land comprising Three Hundred and Forty (340) acres situated in the settlement of Rock Sound, Eleuthera saidBOUNDED lot of land on hasthe such positions shape marks by shown on theLand plan and NORTH bythe land owned Eleuthera Surveys to Tabitha Sands. Company Limited on the EAST by Atlantic Ocean on the SOUTH and Forty (340) acres in the settlement of Rock Eleuthera BOUNDED on situated the Grant NORTH by atland bySound, Eleuthera Land recorded as CROWN G-35 the owned Department and Company Limited on the EAST the Atlantic on of theLands SOUTH by Commonage Land andNORTH on theby WEST by owned landOcean of Enoch Horton which and BOUNDED on the by land by Eleuthera Land Company Limited on the EAST by the Atlantic Ocean on the SOUTH Surveys to Tabitha Sands. bysaid Commonage Land and on positions the WESTshape by land of Enoch Horton which lot of land has such marks shown onSOUTH the plan Company Limited on and the EAST by the Atlantic Ocean onHorton the by Commonage Land on the WEST by land of Enoch which said lot of land has such positions shape marks shown on the plan recorded as CROWN Grant G-35 at the Department of Lands and AND by Commonage Land and on the WEST by land of Enoch Horton which said lot ofas land has such positions marks shownofon the plan recorded CROWN Grant G-35 atshape the Department Lands and Surveys to Tabitha Sands. said lot ofas land has such positions marks shownofon the plan recorded CROWN Grant G-35 atshape the Department Lands and AND Surveys toTHE Tabitha Sands. IN MATTER OF THE TITLES ACT 1959 and recorded CROWN Grant G-35QUIETING at the Department of Lands Surveys toasTabitha Sands.

SurveysIN toTHE Tabitha Sands. OF THE QUIETING TITLES ACT 1959 MATTER AND AND AND AND AND ININ THE MATTER OFOF THE PETITION OF TITLES ANTHONY THE MATTER THE QUIETING ACTSANDS 1959 AND IN THE MATTER OF THE QUIETING TITLES ACT 1959 IN OF ANTHONY SANDS INTHE THEMATTER MATTEROF OFTHE THEPETITION QUIETING TITLES ACT 1959 AND IN THE MATTER OF THEAND QUIETING TITLES ACT 1959 NOTICEAND OF PETITION IN THE MATTER OF THE AND PETITION OF ANTHONY SANDS IN THE THE PETITION OFofPETITION Anthony SandsMATTER claims to OF beNOTICE the owner the OF fee ANTHONY simple estateSANDS by being in IN THE MATTER OF THE PETITION OF ANTHONY SANDS exclusive possession of the said land free from encumbrances for over 40 years. IN THE PETITION Anthony SandsMATTER claims toOF be THE the owner of the OF fee ANTHONY simple estateSANDS by being in exclusive possession of the said land free from encumbrances for over 40 years. NOTICE OF PETITION AND THE Petitioner has made application to the Supreme Court of the NOTICE OF PETITION Commonwealth of the Bahamas under section 3 of the Quieting Titles Act 1959 to NOTICE OF PETITION AND THE Petitioner has made application tofeethe Supreme Court of the Anthony Sands claims to be the owner ofthe thenature simple estate by being in have his title to the said land investigated and and the extent thereof NOTICE OFencumbrances PETITION Anthony Sands claims to be the owner of the fee simple estate by being in Commonwealth of the Bahamas under section 3 of the Quieting Titles Act 1959 to exclusive possession of the said land free from for over 40 years. determined andSands declared in to a Certificate of Title to besimple granted by the Courtinin claims be free the from owner of the estate by being exclusive ofprovision the said over 40extent years. have Anthony hispossession title to the the said landland and the fee natureforand the thereof accordance with ofinvestigated thefree saidfrom Act.encumbrances Anthony Sands claims to be the owner of the fee simple estate by being inin exclusive possession of the said land encumbrances for over 40 years. determined declared in ahas Certificate of Title totobethegranted by the Court ANDand THE Petitioner made application Supreme Court of the exclusive possession of the said land free from encumbrances for over 40 years. AND THE Petitioner has made application to Supreme theto accordance with provision ofmay the said Act. Commonwealth of the Bahamas under section thethe Quieting Act of 1959 A copy of the the filed plan be inspected at:persons NOTICE is hereby given that any person3orof havingTitles anCourt adverse claim AND THE Petitioner hasinvestigated made application tonature the Supreme Court of the Commonwealth of the Bahamas under section 3 of the Quieting Titles Act 1959 to th land have his title to the said and the and the extent thereof shall on or before the Bahamas 7 August 2019section file in 3the Supreme Court andCourt serve onthe the AND THE Petitioner has made application to the Supreme of Commonwealth of the under of the Quieting Titles Act 1959 to have his title to the said land investigated and the nature and the extent thereof NOTICE is hereby given that person oranpersons having an adverse claim determined declared in aa Certificate of Title toAffidavit be granted byfiled the therewith Court in 1.of The Registry of theany Supreme Court Ansbacher Building, Bank Petitioner orand the undersigned form verified bythe toTitles be Commonwealth the Bahamas under section 3 of the Quieting Act 1959 to have his title to the said land investigated and nature and the extent thereof th determined and declared inAugust a or Certificate of7in to be granted by Court in thTitle shall onoforany before the 7 Nassau, 2019 file the Supreme Courtoperate andtheserve on the accordance with the provision of the saidthe Act. Failure such claim on before August 2019 shall as a bar to Lane Bahamas have his title to the said land andtothe thereof determined and declared in aofinvestigated Certificate ofand Title tonature be granted by the Court in accordance the provision saidverified Act. Petitioner or the undersigned athe form bythean Affidavit be extent filed therewith such claim.with determined and declared in a Certificate of granted by the Court into accordance with the provision of the said Act. thTitle to be A copy of the filed plan may be inspected at: FailureNOTICE of any 2. such claim on or before the 7 August 2019 shall operate as a bar isThe hereby given that any person or persons having an adverse claim Administrator’s Office in Rock Sound Eleuthera, Bahamas accordance withof the provision of may the said Act. A copy plan be inspected NOTICE isthe hereby that any person or at: persons adverse such shall claim. on or before thefiled 7thgiven August 2019 file in the Supremehaving Courtan and serve claim on the hereby given any person orSupreme persons having an claim 1. 7thThe Registry ofverified the Supreme Court Ansbacher Building, Bank shall onNOTICE or before August 2019 file in the Court serve on the Petitioner or theis the undersigned athat form by an Affidavit to and be adverse filed therewith th 3. Raymond A. Rolle & Co. No. 39 Kemp Building, East Street NOTICE is hereby given that any person or persons having an adverse claim shall on or before the 7 August 2019 file in Supreme Court and serve on the ththe Petitioner or the undersigned a form verified by an Affidavit to be filed therewith 1. The Registry of the Supreme Court Ansbacher Building, Bank Lane Failure of any such claim onNassau, or beforeBahamas the 7 August 2019 shall operate as a bar to th the North, Nassau Bahamas shall the 7th August 2019 file 7in Supreme Court and serve Petitioner orbefore the undersigned a before form verified by an Affidavit to operate be filed August 2019 shall astherewith a on barthe to Failure oforany such claim on or the suchon claim. Lane Nassau, Bahamas th Petitioner or the undersigned a form verified by an Affidavit to be filed therewith August 2019 shall operate as a bar to Failure of any such claim on or before the 7 such claim. 2. The Administrator’sthOffice in Rock Sound Eleuthera, Bahamas Failure of any such claim on or before the 7 August 2019 shall operate as a bar to such claim. 2. The Administrator’s Office in Rock Sound Eleuthera, Bahamas DATED 14th June A.D., 2019 such claim. 3. Raymond A. Rolle & Co. No. 39 Kemp Building, East Street North,A. Nassau Bahamas 3. Raymond Rolle & Co. No. 39 Kemp Building, East Street North, Nassau Bahamas

DATED 14th June A.D., 2019 DATED 14th June A.D., 2019 Raymond A. Rolle & Co. Chambers No. 39 Kemp Building East Street Nassau, Bahamas Raymond A. Rolle & Co. Chambers Raymond A. Rolle & Co. Attorneys the Petitioner No. 39for Kemp Building Chambers StreetBuilding No. East 39 Kemp EastNassau, Street Bahamas

PAGE 6, Tuesday, June 25, 2019

THE TRIBUNE

WHITE House adviser Jared Kushner listens during a proclamation signing with President Donald Trump and Israeli Prime Minister Benjamin Netanyahu in the Diplomatic Reception Room at the White House in Washington. Kushner will present the economic portion of his Mideast peace plan on June 25 in Bahrain, with some key players missing. Photo: Susan Walsh/AP

US PUSHES PALESTINIAN ECONOMIC PLAN AMID DOUBTS, HOSTILITY MANAMA, BAHRAIN Associated Press DESPITE withering criticism, charges of hypocrisy and outright rejection from the intended beneficiaries, the Trump administration is plowing ahead with a $50bn economic proposal to aid the Palestinians and hopes it will drive a much-anticipated but unseen Mideast peace plan. The United States has attracted only lukewarm support from its traditional partners in Middle East peacemaking and is convening the “Peace to Prosperity” workshop this week in the tiny Gulf kingdom of Bahrain under the shadow of rising tensions with Iran that could ignite regional conflict. The twoday conference that begins today in Manama has drawn governmental and private sector participants from dozens of countries, but lacks official Israeli or Palestinian delegations. The event includes presentations from President Donald Trump’s son-in-law and senior adviser Jared Kushner, US Treasury

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

MONDAY, 24 JUNE 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,157.92 | CHG: 0.32 | %CHG: 0.01 | YTD: 48.47 | YTD%: 2.30 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.50 2.60 2.00 3.10 11.05 6.17 4.64 12.50 2.74 2.00 9.51 7.01 15.60 7.75 3.75 14.00

52WK LOW 3.50 19.17 4.90 4.02 1.00 0.19 2.00 8.98 6.13 3.54 9.00 2.35 1.70 7.50 6.10 11.00 6.20 3.01 12.51

PREFERENCE SHARES 1000.00 1000.00 1000.00 1000.00

1.00 103.00 100.00 100.00 105.00 103.00 100.00 10.00 1.01

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

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 Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ

E J K L M N

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 4.18 17.43 6.00 5.40 2.51 1.95 2.13 11.05 6.16 4.50 9.02 2.80 2.00 10.05 7.00 14.45 7.65 3.41 14.00

CLOSE 4.24 17.43 6.00 5.40 2.51 1.95 2.13 11.05 6.16 4.50 9.02 2.82 2.00 10.10 7.00 14.45 7.65 3.41 14.00

CHANGE 0.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.05 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

LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME 1,731 115

10,000

VOLUME

EPS$ 0.167 0.932 1.760 0.323 0.098 0.000 -0.438 0.708 0.480 0.184 0.627 0.102 0.209 0.000 0.611 0.743 0.939 0.205 0.631

DIV$ 0.160 1.260 0.000 0.250 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.068 0.060 0.328 0.240 0.540 0.200 0.120 0.600

P/E 25.4 18.7 N/M 16.7 N/M N/M -4.9 15.6 12.8 24.5 14.4 27.6 9.6 N/M 11.5 19.4 8.1 16.6 22.2

YIELD 3.77% 7.23% 0.00% 4.63% 0.00% 1.03% 0.00% 6.52% 3.57% 2.67% 0.00% 2.41% 3.00% 3.25% 3.43% 3.74% 2.61% 3.52% 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

0.0 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%

MATURITY 19-Oct-2022

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%

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

YTD%12 MTH% 1.22% 3.96% 0.74% 3.42% 0.97% 2.67% 2.06% 4.97% 4.52% 0.96% 1.57% 4.58% 0.99% 4.25% 1.32% 4.12% 3.22% 5.64% -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% 7.40% 2.70% 10.20% 1.30%

NAV Date 30-Apr-2019 30-Apr-2019 26-Apr-2019 31-Mar-2019 31-Mar-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Mar-2019 30-Mar-2019 30-Mar-2019

MUTUAL FUNDS 52WK HI 2.23 4.27 2.05 188.32 158.55 1.62 1.76 1.70 1.15 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 1.56 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 2.23 4.27 2.05 188.32 154.49 1.62 1.76 1.70 1.15 7.66 8.94 6.71 11.25 11.94 10.59 9.92 8.68 11.38

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

Secretary Steven Mnuchin and the heads of the International Monetary Fund and World Bank. But the seven-page program for the workshop contains no discussion of how to resolve the political disputes at the core of the long-running conflict. The administration acknowledges that its ambitious economic proposals are contingent on acceptance of a political plan, which will not come out until the fall. “How anything could come out of that agenda is hard to know,” said Shibley Telhami, a Mideast scholar and the Anwar Sadat professor for peace and development at the University of Maryland. The programme does not mention Israel or Palestine and refers to Palestinians by name only four times. One of those references is in the description of the sole Palestinian participant with a speaking role at the meeting, a West Bank businessman who works with Israeli settlers and is viewed with deep suspicion by his many fellow Palestinians. The administration has refused to endorse a “twostate solution”, a goal long viewed by many as the only viable way to secure lasting peace, and the 40-page proposal and its longer annex do not use the phrase. Nor do the documents offer any hint as to who will pay for the programmes, which include health, education and public works projects in the West Bank, Gaza and for Palestinian communities in Egypt, Jordan and Lebanon. Lebanon is boycotting the conference. Egypt and Jordan, the only two Arab nations with peace treaties with Israel, are sending only midlevel officials. Their acceptances of invitations to Bahrain, similar to those of other Arab states, include the caveat that they will not support a peace deal that the Palestinians won’t accept. Egypt’s foreign minister, Sameh Shoukry, said yesterday that his country is participating to listen to the proposal. “We have the right to evaluate and review it,” he said in an interview with Russia Today. But, he added, “the final decision is for the Palestinian Authority.” The Palestinian president, Mahmoud Abbas, is having none of it. “The workshop was meant to address the economic problems, but the real problem is the political one,” he said on Sunday. “The Palestinians are seeking an entity, statehood, and after that we look at the economy.” Hundreds of Palestinians on Monday protested against the conference, pouring into the streets of West Bank cities, from Hebron to Nablus; many burned effigies of Trump and Bahrain’s king. Protesters in Ramallah, the seat of the Palestinian Authority, carried a giant coffin labeled “Bahrain workshop,” and signs that said “The Deal of the Century is doomed.” Israel’s prime minister, Benjamin Netanyahu, said his government would listen but he offered no guarantee he would endorse the plan. He said security, which must be addressed in political negotiations, will always

be the paramount issue for Israel. “We will hear the American proposition, hear it fairly and with openness, and I cannot understand how the Palestinians before they even heard the plan reject it outright. That’s not the way to proceed. We believe that peace is coupled and dependent on security,” he said. Many former US officials who participated in earlier rounds of failed diplomacy have criticised the proposal on similar grounds. Without any insight into the administration’s ideas on specific security and territorial intentions, they say the economic proposal is unrealistic. Dave Harden, a former mission director for the West Bank and Gaza for the US Agency for International Development, noted that the types of projects listed in the plan have around for years. “I don’t think that they’re being realistic about how hard it is,” he said. “Even if you have the money, implementation can be an immense challenge.” Harden said a road project in the West Bank and a 150-yard water line near the Gaza border took years to win Israeli approval. Defenders of the plan say it should be given a chance. “Administration critics adopt the odd view that, although all past efforts have failed, we must never deviate from them. They are offended by alterations to old formulas, when the old formulas achieved no peace,” Jon Lerner, who served as deputy US ambassador to the United Nations under now-ex Ambassador Nikki Haley, wrote in an opinion piece distributed by the White House. Critics point to the fact that many of the projects in the economic plan have been proposed before and came to nothing because donors did not come up with the promised money and address Israel’s security concerns, and there were breakdowns in political negotiations. “Pledges are free and people often don’t follow through,” Telhami said. “They are cheap ways to score political points and if you look back there is a history to this. It has been tried before with little result.” Still, Lerner and other supporters of the administration’s approach argue that critics ignore Gulf Arab enthusiasm for resolving the Israeli-Palestinian conflict so that they can concentrate on larger issues such as their own economic transformations and threats from Iran. This, they say, is underscored by Qatar’s participation in the conference despite a dispute with Saudi Arabia, the Emirates and Bahrain that has paralysed the Gulf Cooperation Council for nearly two years. “Now you see the Gulf as an active participant in the process and that is unprecedented,” said Rabbi Marc Schneier, a longtime proponent of closer Israel-Arab ties and adviser to Bahrain’s king. “The regional dynamic is very different than before,” said Schneier, who is attending the workshop as a member of the Bahraini delegation.