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Super Value chief eyes 2/3 VAT collection slash

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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

UPER Value’s owner yesterday predicted that the supermarket chain’s VAT take will be slashed by two-thirds once the “breadbasket” food exemptions take effect on August 1. Rupert Roberts, pictured, told Tribune Business that the government will have to earn its forecast $400m increase in VAT revenues from industries other than food retail, suggesting it was unaware just how much of the sector’s inventory fell into the soon-to-be

* Predicts VAT-free breadbasket to boost sales * Tax take falls 28% in first week post-rate rise * But warns breadbasket line-up ‘oversaturated’ “zero rated” breadbasket category. He revealed that at least 50 percent of Super Value’s

product range VAT-free, and this could apply cent of “Mom

would be suggested to 100 perand Pop”

food stores’ inventory, given that they typically sold only “breadbasket” items. Mr Roberts said his

business had experienced a top-line decline similar to that of rival AML Foods, with Super Value’s groupwide sales dropping by 5.7 percent in the week immediately following the 12 percent VAT’s introduction. This resulted in a 28 percent week-over-week

decline in VAT collected on the government’s behalf, but Mr Roberts told this newspaper he expected the supermarket chain’s sales to increase - rather than decrease - once the “breadbasket” zero rating kicked

SEE PAGE 4

Attorney considers Privy DPM’s ‘social unrest’ fear appeal on $120k verdict over govt spending cuts By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN attorney yesterday said he plans a Privy Council appeal, costs permitting, over a verdict reaffirming that he must pay $120,000 to a pair of foreign investors. Andrew Allen, son of former finance minister Sir William Allen, told Tribune Business he is “sticking” to his position that he was due 20 percent of the appraised value of an Abaco land parcel despite contrary findings by both the Supreme Court and Court of Appeal. A prolific letter writer to the Bahamian media, Mr Allen told Tribune Business

* EX-MINISTER’S SON ‘STICKING’ TO 20% DEAL * APPEAL COURT FINDS ARGUMENT ‘RED HERRING’ * NEITHER SIDE WINS ON ABACO LAND DISPUTE that his potential appeal to the judicial system’s highest court now depends on how the Court of Appeal awards costs between himself and US investors, James Fogle and James Powell. He spoke out after this week’s Court of Appeal verdict gave neither party

Govt mulling over adding property tax on light bills By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE government is forecasting a three percent inflation increase this year as a result of the VAT rate hike, and examining whether to collect real property tax by adding it to light bills. KP Turnquest, the deputy prime minister, in an address to the Rotary Club of Old Fort on Wednesday night, said: “In our modelling, we anticipate about a three percent increase in inflation in the first year, levelling back down to about one percent in the years after, which was the

same exact result from the introduction of VAT. Those people who are preaching doom and gloom, again the empirical data doesn’t support that.” He conceded that the administration and collection of real property tax needed to be modernised, with the government exploring creative ways to simplify the process - such as adding the tax on to taxpayers’ light bills. Acknowledging the significant real property tax arrears, which some estimates leg at $500-$600m, Mr Turnquest said: “We

SEE PAGE 4

Bahamas trade deficit over $3bn By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas’ annual trade deficit expanded by 19 percent to over $3bn in 2017, as this nation’s merchandise import bill expanded by more than $500m. The Annual Foreign Trade Report, released this week by the Department of Statistics, revealed that imports continued to expand at a faster rate than The Bahamas’ goods exports. Imports jumped by 18.6

percent, compared to 2016, rising from $2.932bn to $3.478bn, while exports expanded by 17.5 percent - albeit from a much lower starting point - rising from $402.715m to $473.335m. “Data on merchandise trade for the year 2017 shows that the value of commodities imported into The Bahamas totalled $3.5bn, resulting in an increase of 18.6 percent between 2016 and 2017,” the report found, noting that imports increased by $475.4m. “The balance of

SEE PAGE 5

a complete victory. While the US investors’ attorney, Damian Gomez QC, conceded that a previous $274,000 award against Mr Allen over another land parcel could not stand because of an earlier settlement, the three judges unanimously upheld a verdict requiring the latter to pay the lesser $120,000 sum. Sir Michael Barnett, acting appeal judge, in delivering the verdict said it related to a “somewhat complicated”, messy real estate deal involving three tracts of land on Abaco’s No Man Cay - a cay near Treasure Cay that features swimming pigs.

SEE PAGE 6

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE government will spark “social unrest” if it cuts public spending too rapidly and deeply, the deputy prime minister has warned, as he attacked “ridiculous” pre-election job contracts. K Peter Turnquest, addressing the Rotary Club of Old Fort on Wednesday evening, conceded that the government was stuck with an “inflated” civil service wage bill in the short-term given that extensive cuts would lead to massive unemployment and a “tremendous economic shock”. With the civil service wage bill at around $750m,

* CAN’T SLASH SERVICES, BENEFITS ‘OVERNIGHT’ * WOULD CAUSE ‘MAJOR ECONOMIC SHOCK’ * SLAMS ‘RIDICULOUS’ PRE-ELECTION JOB DEALS and health insurance and pension contributions adding a further $65m and $100m, respectively, the public sector’s human resources presently cost taxpayers over $900m. Mr Turnquest conceded there was “more we need to do”, and that the cost of

K PETER TURNQUEST government is “too high” and must be brought down to a sustainable level. He said much of that cost revolves around various fixed commitments such as rent and the public sector wage bill.

SEE PAGE 3

PAGE 2, Friday, July 20, 2018

THE TRIBUNE

EY SELECTS TWO LOCAL SCHOLARSHIP RECIPIENTS ERNST & Young (EY) yesterday announced that Diajha Cox and Derica Ferguson have been chosen as recipients of this year’s Jamaine McFall Bahamas Scholarships. Ms Cox is completing her integrated bachelor’s and master’s degree in accounting at the University of Arkansas. She is expected to complete her studies in May 2019. Ms Ferguson is doing her first year of internship with EY, and is pursuing her bachelor’s degree in accounting with a minor in Hispanic studies at the College of Saint Benedict. “It’s an honour to award this year’s scholarships to two very deserving and high achieving students,” said Tiffany Norris-Pilcher, partner at Ernst & Young Bahamas. “Diajha and Derica have bright futures ahead of them. We look forward to supporting and guiding them on their journey to complete their studies and qualify as

FROM left: Tiffany Norris-Pilcher (Ernst & Young Bahamas partner); Derica Ferguson (2018 scholarship recipient); Yvonne McFall (Jamaine McFall’s mother); Diajha Cox (2018 scholarship recipient); Michele Thompson (Ernst & Young Bahamas managing partner). CPAs.” The EY Bahamas scholarship has this year been renamed the Jamaine

McFall Bahamas Scholarship. “The Jamaine McFall Bahamas scholarship has been named in honour of

COMMONWEALTH OF THE BAHAMAS

1967

IN THE SUPREME COURT

No.61

Equity Side IN THE MATTER of ALL THAT tract of land containing 3.618 Acres square feet situate on the Northwestern side of Fox Hill Road and approximately 595 ft Northeasterly of the Fox Hill Road, Prince Charles Avenue Junction in the Eastern District of the Island of New Providence one of the Islands of the Commonwealth of the Bahamas bounded NORTHWARDLY by land now or formerly the property of Thomas Knowles and running thereon Six hundred and Twenty-three point fortytwo (623.42) feet EASTWARDLY by Public Road called and known as Fox Hill Road and running thereon Two hundred and Twenty-three point ninety-four (223.94) feet SOUTHWARDLY by land now or formerly the property of Prince Bodie and running thereon Six hundred and Fiftyfour point ninety-six (654.96) feet and WESTWARDLY by land now or formerly the property of Eastern Close Subdivision and running thereon Two hundred and Fifty-seven point eighty (257.80) feet which said tract of land has such position, boundaries, shape, marks and dimensions as are more particularly delineated on the subdivision plan filed with the Department of Lands and Surveys being Plan No.2641 N.P. and the plan filed in this action. AND IN THE MATTER of The Quieting Titles Act, 1959 AND IN THE MATTER of the Petition of Building Heritage Limited.

our friend and colleague, who recently passed,” said Michele Thompson, country managing partner

for EY Bahamas. “Jamaine was a big supporter of developing young talent, and we are pleased

we can honour his legacy in this most fitting way. In memoriam of Jamaine, his mother Mrs McFall joined us to recognise the first recipients of the Jamaine McFall Bahamas Scholarship.” Ernst & Young has this year awarded two scholarships totaling $60,000. Each scholarship is valued at up to $30,000 per year for a maximum of five years until the recipient has completed the minimum educational requirement to qualify as a CPA. It provides students who have shown academic excellence the opportunity to achieve their educational objectives and build careers in the professional services industries. The scholarship also includes an eight to ten week summer internship to gain practical experience, and an offer of full-time employment at EY upon successful completion of study.

BAMSI hosts 50 teens on summer programme THE BAHAMAS Agriculture and Marine Science Institute (BAMSI) hosted almost 50 teenagers as part of its annual Summer Education Enhancement Discovery Series (SEEDS). The campers learnt about various food sources grown and harvested in The

Bahamas. For the second year, members of BAMSI’s faculty and staff hosted the five-day summer camp for high school students. The programme attracted students from New Providence, Eleuthera, Long Island and Andros. The summer programme

is designed to expose students to the BAMSI college, its various programmes, and familiarise them with the scope of farm operations. The sessions are comprised of mini-lecturers, labs and field exercises in agriculture and marine science.

DR DELEVEAUX demonstrating how to secure a hook on a line.

NOTICE OF PETITION NOTICE is hereby given that BUILDING HERITAGE LIMITED of the Southern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas (hereinafter called “the Petitioner”) claims to be the owner of the unencumbered fee simple in possession of the land hereinafter described, that is to say: ALL THAT tract of land containing 3.618 Acres square feet situate on the Northwestern side of Fox Hill Road and approximately 595 ft Northeasterly of the Fox Hill Road, Prince Charles Avenue Junction in the Eastern District of the Island of New Providence one of the Islands of the Commonwealth of the Bahamas and has made application to the Supreme Court in the Commonwealth of The Bahamas aforesaid under Section Three (3) of the Quieting Titles Act, 1959 to have its title to the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. A Plan of the said land may be inspected during normal office hours in the following places:(a) The Registry of the Supreme Court, Marlborough House, Marlborough Street North, Nassau, The Bahamas; (b) Shadrach A. Morris, Jr. & Co., Chambers, ShaRon House, 235 Baillou Hill Road, New Providence, The Bahamas. NOTICE is hereby given that any person having dower or rights of dower or an adverse claim or a claim not recognized in the Petition shall on or before the expiration of Thirty (30) days of the last publication file in the Supreme Court and serve on the Petitioner and the undersigned a statement of his or her claim in the prescribed form, verified by an affidavit to be filed therewith. Failure of any such person to file and serve a statement of his or her claim on or before the Thirty (30) days after the last publication will operate as a bar to such claim.

HAPPY campers in Morgan’s Bluff, Andros with BAMSI.

CROPS session with Dr J Linday

DATED the 21st day of June A.D., 2018

SHADRACH A. MORRIS, JR. & CO.,

Chambers, ShaRon House, 235 Baillou Hill Road, P.O. Box N-4421 N.P., The Bahamas, Attorneys for Building Heritage Limited, the Petitioner herein

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THE TRIBUNE

Friday, July 20, 2018, PAGE 3

Land ownership woes exacerbating poverty By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net LAND ownership challenges are exacerbating poverty in a country where one in six Bahamians are thought to suffer from “chronic hunger”, the government’s report to the United Nations (UN) reveals. The just-published report measuring The Bahamas’ progress in meeting the UN’s sustainable development goals, with the release timed to coincide with the prime minister’s New York visit, confirms that challenges in establishing good title and secure land ownership is stunting the economic prospects for many - especially in the out islands. “The challenges with land tenure security also impact poverty,” the report concedes. “These challenges include: The lack of a parcel based cadastral map, uncertainty regarding ownership of land resulting from overlapping land claims, and the existence of generational and commonage land.” To combat these woes, the government said it was dusting-off, revising and reviewing a package of 2010 bills that were intended to foster development of a system of registered land in The Bahamas. “The government is in the process of reviewing previously drafted legislation which includes the Land Adjudication Bill 2010, the Law of Property Bill 2010 and the Registered Land Bill 2010,” the report to the UN said. “These are aimed

* REPORT TO UN: ONE IN SIX HUNGRY * GOVT CONSIDERING SUGARY DRINK TAX at modernising property laws and addressing the challenges of generational land. “The Land Adjudication Bill 2010 offers legal protection to generational land owners by providing a legal framework which enables families who have been in possession of a parcel of land (less than one acre) for 12 years or more to claim ownership of such land and, if successful, to be granted a certificate of title. “The grant of a certificate is important because it makes title to the land marketable. The Registered Land Bill 2010 makes provisions to reform the land registration system, and the Law of Property Bill 2010 provides for the consolidation and reform of the laws relating to property and conveyance,” it continued. “The government of The Bahamas has further committed to offering concessionary rates for regularising long-term occupation of crown land developed or cultivated by Bahamians.” Giving a further insight into prevailing poverty levels, the government’s report drew on a Hands for Hunger estimate that one in six Bahamians suffers “from chronic hunger”. And with a $1bn annual food import bill, accounting for 90 percent of consumption, the

report made clear The Bahamas has still made little progress on food security and being able to feed itself. Outlining the Ministry of Health’s agenda for the 2018-2019 budget year, the report said it is proposing a “tax on sugar sweetened beverages to decrease consumption and improve revenue to support healthy lifestyle initiatives”. “A national campaign will be geared towards equipping Bahamians with practical tips to turn forgotten foods such as beans, pumpkin and cassava into viable delicious meal options, and to reinvent some of our familiar staples,” the report added. While education was identified as the largest item (bar debt servicing) in the budget, accounting for 13 percent of total spending, and with its allocation set to increase from $205.6m this year to $247.4m by 20202021, this outlay is slightly lower than the world average as a percentage of GDP. “Enrolment by Bahamians in tertiary educational institutions has increased steadily, with 20 percent of the population over age 15 now participating,” the report said. “This is, however, below that of other high-income, non-OECD countries as well as other Caribbean competitors with university campuses. “It has also been noted that many students educated in universities in OECD countries stay on in those countries, permanently or for some period after completing university.” And it continued:

“Although children generally have equitable access to a quality education, the education system grapples with low levels of student attainment. Only 50 percent of graduating high school students actually achieve a diploma in any given year. The other half are awarded a ‘certificate of attendance’; that is, although they attended classes they did not achieve the standard required for graduation. “Additionally, there are significant concerns that the education system is not producing graduates with the skills required by the business sector, and that there is a significant gap in terms of the identification of key skills needed and a process to ensure that the education system delivers them. “Many of these young people join the labour force but do not have the skills necessary for employment – both soft skills such as coming to work on time, or hard skills such as the appropriate level of literacy and numeracy. “The inadequacy of the education of the workforce was seen as the single largest obstacle to doing business in The Bahamas. The mismatch is seen in all sectors and sizes of business.”

DPM’s ‘social unrest’ fear over govt spending cuts FROM PAGE ONE “We have to bring that down, but how do you do that without causing significant dislocation, hardship, political crisis and all the rest of it?” he asked. “We implemented a hiring freeze last year - except for essential hiring - which helped but we still have a long ways to go. “We terminated some of the ridiculous employment contracts that had been put in place just prior to the elections, but it’s still not enough. There is more that we need to do. Again, it is impossible to do that in the short-term. “We are stuck basically in the short-term with this inflated wage bill that we hope to bring down over time by getting people off the government pay roll through natural attrition and creative processes by empowering them through training.” The deputy prime minister said during his 2018-2019 budget communication that the government’s wage bill had expanded by some $226m since the 2011-2012 budget year, representing an unsustainable drain on the Bahamian taxpayer. Mr Turnquest added on Wednesday night: “We got it down as far as we could without drastic cuts in the civil service, without causing

tremendous economic shock and disrupting services to the public. “There are other things we can do, but it’s difficult to do them in the short-term because Bahamians have become accustomed to those things, and if we yank them away overnight it’s going to cause social unrest.” Mr Turnquest said a “mind shift” among Bahamians is needed for government to make the changes necessary, a likely reference to the need to reduce dependency on government. Many have got used to cut-price public services offered “below cost”, and other social and welfare benefits without having to worry about paying for them. The IMF has urged the government to slash the civil service wage bill by almost $70m. In its full Article IV report on The Bahamas, it revealed that the government could save taxpayers more than $200m annually through a combination of public service downsizing and pension reform, plus reduced subsidies to stateowned corporations. It recommended reducing the civil service wage bill to 2015-2016 levels “at most”, arguing that this would result in savings equivalent to 0.8 percent of Bahamian gross domestic product (GDP).

Port enables better employee feedback THE Grand Bahama Port Authority (GBPA) has introduced software that allows employees to provide anonymous feedback on ways to improve the business and its work environment. TinyPulse sends one question per week by email to be answered at any time over the seven days. The feedback will be visible to Ian Rolle, the GBPA’s president, and his management team, and will be reviewed and shared to make any adjustments to accommodate employees. Mr Rolle said: “I believe that this is an excellent way for the company to communicate more efficiently and will allow myself, along with the other managers,

to create initiatives and changes to create the best possible work environment.” He added that since all replies are anonymous, employees should feel free to be open and candid so that GBPA management can receive the most accurate and beneficial

information possible. TINYpulse Software allows Grand Bahama Port Authority (GBPA) workers to answer survey questions anonymously, and leave feedback to assist management in creating a more positive and conducive work environment.

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 Direct responsibility for bank and investment reconciliations  Data preparation, input maintenance and upkeep of the general ledgers of client companies, trusts and other structures, including preparation of related yearly financial statements and periodic cash flow analyses  Assist the Manager, as required with the preparation of monthly and quarterly financial statements of the Bank

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Salary and benefits will commensurate with qualifications and experience. Suitable candidates should submit resumes to: Human Resources - Accountant c/o The Tribune Nassau, Bahamas

resort manaGer At least 10 years experience in 4 or 5 star properties, with extensive knowledge of fine dining assistant food & BeveraGe manaGer 5/10 Years off experience with extensive knowledge of dining and guest services director of enGineerinG 10 Years of experience with knowledge of plumbing, electrical preserve osmosis, solar, hVAC and civil engineering experience Bar manaGer 5 Years experience must be able to mix drinks and be flexible with event planning and knowledge of training sous chef 6 Years experience in fine dining and great work ethics spa therapist 5 Years must be base in hospitality industry executive chef 6 Years experience, great work ethics, experience in other luxury or five star resort a must food and BeveraGe manaGer 5 Years experience must be able to be flexible in all areas of dining room and kitchen ,hospitality ethic with event planning and knowledge of training. Experience in other luxury or five star resort a must sous chef 6 Years experience in fine dining. Experience in other luxury or five star resort is a must. The ability to teach abs train others Living accomodations, three meals per day, free wifi, and an attractive compensation package is available to the suitable candidates. Please contact the human resources department at telephone number 242-335-5141-3, or send resume to email address: rdean@thecoveeleuthera.com.

PAGE 4, Friday, July 20, 2018

THE TRIBUNE

Govt mulling over adding

Super Value chief eyes 2/3 VAT collection slash property tax on light bills FROM PAGE ONE in some 12 days from now. He added that few consumers seemed to realise the magnitude of these potential savings, and suggested that the government should have better protected its revenue base by not including so many “fancy” varieties within the 25 “breadbasket” categories. Mr Roberts said “a couple of thousand items” will be VAT “zero-rated” come August 1, including expensive varieties of cheese, rice and cooking oil, which he suggested did not merit inclusion. Analysing the VAT change’s immediate impact on Super Value’s operations, Mr Roberts said some stores saw up to a 45 percent sales spike the day before the new rate’s introduction, but this amounted to only an eight percent increase for the full week. “That week we took in $67,000 from VAT. That was the last week at 7.5 percent,” he told Tribune Business. “The first week of 12 percent we took in $48,000 for VAT. I estimate that on the first week of the VAT exemptions, we’ll take in $24,000 from VAT. “We’re only going to take in one-third of what we took in [monthly] years ago. I hope they’re [the government] making that up somewhere else. It’s not going to come from the food retail industry.” The 2018-2019 budget “zero rated” so-called “breadbasket” food items as one of the protections designed to insulate lower income Bahamians from the

VAT increase’s impact. This benefits both food stores and retailers, as neither will have to pay the new 12 percent rate - the latter now being exempt from paying VAT on their input costs in proportion to the amount of inventory accounted for by “breadbasket” items. Mr Roberts, meanwhile, said Super Value’s sales in the immediate aftermath of the VAT hike were “running” in line with AML Foods, having fallen almost six percent in the first week of July. He, however, argued that this is unlikely to represent a long-term trend, with Super Value expecting sales to increase - not decrease - once consumers became alive to, and were able to access, the “breadbasket” tax relief. “I don’t expect that to hold,” he told Tribune Business of the first week post-VAT rise decline. “I expect that when the nonVATable items kick in there will be more sales. I don’t expect a drop-off in sales. I expect sales to increase now that we’re going to offer lower-cost food. I don’t see why people people are going to hesitate to buy. “On half of what we sell we’re cutting the price by 7.5 percent, or 12 percent from this month. That’s half of what we sell. The other half only goes up by 4.5 percentage points. The cost of living for the middle class and the masses has just gone down.” Mr Roberts continued: “It’s really the people’s time. The government didn’t sell it that way, and I don’t know if they see it that way, because they don’t realise the magnitude of ‘breadbasket’ items.

They might have thought it was five to six percent, and don’t know it’s going to be 50 percent. All the ‘Mom and Pops’, all they sell is ‘breadbasket’ items so they won’t bring in any VAT. “If the government intended to give people lower prices they’ve done it. If they intended to raise more revenue they’re going to have to find it somewhere else.” Mr Roberts expressed doubt, though, that increased grocery sales would result in a matching rise in the sector’s VAT contribution to the government given the “breadbasket” zero ratings. “I don’t know if selling it cheap we’re going to get enough volume to get back up to what we were paying the government at 7.5 percent,” he added. “I hope so, but don’t see it unless the economy picks up. “There’s really going to be a big drop in the cost of living on food come August 1. I don’t think the public understand it. I never did understand the uproar, as the government is giving this to all. “I haven’t heard a single person complain about 12 percent VAT, although breadbasket items have gone up 4.5 percentage points. No complaints. Consumers are bearing with it until August 1.” Mr Roberts said Super Value was planning to adjust to the “breadbasket” VAT zero ratings by introducing two symbols on its scanners and computers; “F” for VAT-free foods, and “TF” standing for “taxed food”. “I think we’re going to have to start with half of the

tape being ‘F’,” he added. “That is not our biggest problem. There are about 25 categories that are bread basket commodities representing a couple thousand items.” Mr Roberts suggested there were too many product varieties, including specialist and “fancy” lines, included in the “breadbasket” definition. He cited peanut and almond oil, as opposed to standard cooking oil, as products that should not be categorised as such. The same applied to grated and block cheese, and “fancy rice”, all of which are now VAT-free. “The ‘breadbasket’ item list is just oversaturated with fancy items in these commodities,” he told Tribune Business. “Asking the government, they said it was tied into these new customs codes and they can’t do anything about it until next year. “I’m sure if the government had realised they were there, they would have eliminated them and taken them out. I don’t think wild rice should be a ‘breadbasket’ item, but they’re all there, and that’s where they’re not going to collect VAT on.” Mr Roberts said computer technicians working for Super Value and other foods store chains now have “the tedious job” of inputting these several thousand “breadbasket” items so that the overnight transition from 12 percent to VAT-free is seamless. He urged the government to show leniency to retailers if there were any glitches come August 1.

FROM PAGE ONE need some modernisation in the whole tax process in how we administer and collect the tax. “We need to make it easier by spreading it across the year. We haven’t decided anything, but we might decide to tack a figure on to your light bill so you pay $20 a month toward your real property tax to make it easier to meet your commitments. We’re looking at that.” Mr Turnquest said the government was also looking at creative ways

YOUR

to enhance Customs revenue performance. “We are doing some very innovative and creative things with Customs,” he added. “You are going to see some very innovative solutions which have been designed by Bahamians, which will make it much more efficient for persons to declare their goods and for us to ensure compliance.” Mr Turnquest said the Minnis administration believes that through real property tax and Customs enhancements, the government could realise another $80m in revenue during the 2018-2019 budget year.

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THE TRIBUNE

Friday, July 20, 2018, PAGE 5

Bahamas trade deficit over $3bn FROM PAGE ONE trade (total exports minus total imports) continued to result in a deficit. The trade deficit increased by 18.8 percent between 2016 and 2017, resulting in a negative balance of $3bn.” The report highlights

The Bahamas’ dependence on imports for virtually everything it consumes, along with its relatively thin export base that is largely dominated by Polymers International, the rest of Freeport’s industrial economy and the seafood/ crawfish industry. Some observers are

likely to seize on the data as evidence that raises serious questions as to the benefits of full World Trade Organisation (WTO) membership, which the government is aiming to achieve by end-2019, given that The Bahamas exports comparatively little in the way of goods. The government, though, will likely retort that WTO membership is going to increase merchandise exports for both existing and new industries, given that it will help guarantee

access to overseas markets by removing barriers to trade and setting “the rules of the game”. Export industries also generate valuable foreign exchange, and the Annual Foreign Trade Report only deals with the merchandise or physical goods side of The Bahamas’ balance of payments. It neither accounts for the positive capital account balance, generated by tourism and foreign direct investment (FDI) inflows, nor the services industries that

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NOTICE

NOTICE is hereby given that RANDAISHA SHAQUA DAVERMAN of Jones Town, Eight Mile Rock, 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 20th day of July, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that RENALD CHANAN of Ceiling Drive, South Beach, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 13th day of July, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

account for the vast majority of Bahamian GDP and could equally benefit from guaranteed market access under the WTO. With The Bahamas’ goods import bill at its highest level since 2014, the report said machinery and transport equipment accounted for the greatest share of 22.3 percent at $775m, up from $669m in 2017. The next greatest share was fuel-related products, at $554m or 15.9 percent, with food and live animals worth $533.6m generating a further 15.3 percent share. “In 2017, total exports (domestic and re-exports) totaled $473.3m, showing an increase of 17.5 percent from 2016,” the report found. “The major contributor to the increase was the category of ‘Mineral fuels’ ($72.7m), which showed an increase of 59.7 percent from 2016’s total of $45.5m. “The category of ‘Machinery and Transport Equipment’ also showed a significant increase from 2016’s total of $97.5m compared to $115.6m for 2017. Domestic exports ($228.8m) accounted for 48.3 percent of total exports. The main contributors to domestic exports were the categories of ‘chemicals’, totalling $131.9m (57.6 percent of

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total domestic exports); ‘Food and Live Animals’ totalling $84.1m (36.7 percent of total domestic exports); and ‘Crude Minerals’ totalling $11.5m (five percent of total domestic exports). “Included in the Food and Live Animals categories were conch, salt and beer. Three commodities, ‘expansible polystyrene’ valued at $92.6m; ‘spiny lobster tails frozen’ at 78.1m; ‘other compounds containing a pyrimidine or piperazine ring’ at $36.8m, totalling $207.5m accounted for some 90.7 percent of total domestic exports.” The US remained The Bahamas’ major trading partner, supplying $2.18bn in imports and purchasing the majority - some $375.507m worth - of this nation’s exports for a total trade deficit of $2.442bn. “While the US ($2.8bn) maintained its position as The Bahamas’ main trading partner, representing 81 percent of total imports, there was a significant amount of trade as it relates to imports between The Bahamas and Puerto Rico ($62.2m), which showed a substantial increase over 2016’s $48.9m,” the report found. “In terms of exports the US ($375.5m), France ($31.1m), Turks & Caicos ($11.5m) and United Kingdom ($9.4m) were among the top partner countries, representing 79.3 percent, 6.6 percent, 2.4 percent and two percent of total exports, respectively.”

PAGE 6, Friday, July 20, 2018

THE TRIBUNE

Attorney considers Privy appeal on $120k verdict FROM PAGE ONE Mr Allen was retained by the late Arthur Havelock Lowe to quiet the title to the three plots, known as parcels 131, 145 and 117, and handle conveyances relating to these properties. Mr Lowe lacked “sufficient funds” to to finance this process, so he agreed to act “on a contingency basis”. “At that time, Mr Lowe agreed to pay the appellant ten percent of the appraised value of any property quieted as his legal fees for the quieting proceedings,” Sir

Michael wrote. “As there was no certainty when, or indeed if, Mr Lowe would be able to secure sales of the properties once quieted, it was further agreed that [Mr Allen’s] fees would become payable immediately upon securing title.” Mr Lowe sought financial assistance from Messrs Fogle and Powell, who agreed to fund the title searches and surveys needed to “quiet” the three parcels and obtain good title to them. The trio incorporated P & F Bahama Properties as a holding company for the three parcels,

NOTICE In the Estate of NEVILLE COURTNEY MAJOR late of No. 11 Bay Berry Drive, Imperial Park, in the Eastern District of the Island of New Providence one of the Islands of The Commonwealth of The Bahamas, deceased. NOTICE is hereby given that all persons having any claim or demand against the above Estate are required to send the same duly certified in writing to the undersigned on or before the 24th day of August, 2018, after which date the Executor will proceed to distribute the assets having regard only to the claims of which he shall then have had notice. AND NOTICE is hereby also given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned. HIGGS & JOHNSON Chambers Ocean Centre Montagu Foreshore East Bay Street P. O. Box N-3247 Nassau, Bahamas. Attorneys for the Estate of Neil Courtney Major NOTICE YELLOW PALMERTON LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) YELLOW PALMERTON LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 17th July, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 19th day of July, A. D. 2018 _________________________________ Bukit Merah Limited Liquidator

with Mr Lowe and his wife owning a 48 percent share, and the others having a combined majority 52 percent stake. Mr Allen began work to “quiet” the three properties in 2006 but, just as parcel 131 neared completion, Messrs Fogle and Powell withdrew all their financial support. “Following a meeting with Mr Lowe, the appellant [Mr Allen] agreed that he would advance certain funds to permit the quieting to be completed, and that these sums would be repaid upon the closing of any conveyances of the properties,” Sir Michael wrote. “As consideration for his agreement to advance these funds, the appellant alleges that it was further agreed that he would be paid a legal fee of 20 percent of the appraised value of any additional properties quieted with the exception of parcel 131. “Over the period May 2007 to January 2008, the appellant paid significant expenses in relation to completing the quieting of 131 and 145. These expenses included survey fees and legal fees arising out of related litigation that directly impacted the title of the property in issue.” The Supreme Court issued a Certificate of Title for parcels 131 and 145 on October 9, 2007, and the former was sold in January 2008 for $820,000. Mr Allen received the proceeds as the seller’s attorney and, after settling outstanding bills, forwarded some $361,000 to Mr Lowe. Messrs Fogle and Powell then launched litigation

against Mr Lowe and Mr Allen in both The Bahamas and the US, claiming the repayment of their funds and their share of profits arising from the land sales. They accused Mr Allen of “breach of trust and/or fiduciary duty”, but all parties sought to settle their differences in July 2008. A settlement was executed that month, but Messrs Fogle and Powell then accused Mr Allen and his client of failing to comply with its terms and demanded an accounting of the sales proceeds. This resulted in a May 6, 2010, settlement between Mr Lowe and the US duo, but the latter continued their legal action against Mr Allen. This resulted in a November 12, 2014, ruling by Supreme Court justice Rhonda Bain, in which she ordered that the sales proceeds for parcel 117 had to be accounted for. Following an accounting exercise that was completed by Craig “Tony” Gomez, the Baker Tilly Gomez accountant and partner, Justice Bain ruled in September 2016 that Messrs Fogle and Powell be paid a collective $274,000 from the sales proceeds for parcel 131. And Mr Allen was to pay them $119,600, with five percent interest running from March 31, 2009, for their interest in parcel 117. Mr Allen appealed both Orders, with Mr Gomez conceding that the $274,000 payable on parcel 131 “could not stand” as the Supreme Court had ruled the sales proceeds distribution could not be challenged because this was done

before the parties’ settlement agreement. Setting aside that Order, Sir Michael then branded Mr Allen’s challenge to the second payment as “simply unsustainable”, with his arguments branded “a red herring”. “The appellant [Mr Allen] challenges that Order on the ground that it is an improper reduction of his agreed fee with Mr Lowe, which the respondents had no legal basis to challenge,” Sir Michael wrote. “The appellant asserts that it is contrary to the agreement made by him and Mr Lowe that he should be paid 20 percent of the appraised value of lot 117. The appraised value was $1.7m, and that therefore the agreed fee was $340,000.” Sir Michael noted the Supreme Court’s finding that no such agreement existed, and that Mr Allen allegedly said in crossexamination that $200,000 of the bill related to work on parcel 145 - not parcel 117. The Supreme Court also found there were “many discrepancies” in Mr Allen’s evidence and documents accounting for the sales proceeds. The Appeal Court rejected Mr Allen’s argument, arguing that it was being requested to overturn factual findings, and said: “The judge’s finding was not unreasonable, particularly as the appellant conceded in cross examination that the $340,000 included work done on the quieting of parcel 145. “If that were so it should not have been included in

the $340,000 for fees in the quieting and sale of parcel 117, and would be inconsistent with an agreement of 20 percent as alleged.” Mr Allen also argued that neither the court, nor Messrs Fogle and Powell, had the right to challenge or interfere with his agreement with Mr Lowe. Sir Michael, though, described this as “a red herring” and said: “The appellant has to satisfy the court of the existence of that agreement between him and Mr Lowe. He did not satisfy the court as to the existence of that agreement. “In this he can fault nobody but himself in failing to have a memorandum signed by his client as to the terms and conditions of his being retained.” Mr Allen, in response, suggested he would appeal to the Privy Council if Messrs Fogle and Powell did not, although he conceded this would depend on whether the Court of Appeal awards costs in his favour. “My position is we did not concede that, and never conceded that. It was 20 percent, and I guarantee that in cross-examination Arthur confirmed that,” Mr Allen told Tribune Business, adding that transcripts of the Supreme Court trial cannot be located. “We’re going to fight on the costs issue, and if it favours us we will appeal to the Privy Council. We’re sticking to the theme that never in cross-examination did I make that admission, and transcripts are missing. It was a confusing ruling [in the Supreme Court] in many ways.”

NOTICE

Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act, 2000, (As Amended) NOTICE is hereby given that Penn Partners has been dissolved and that the name has been struck from the Register of Companies with effect from the 04 day of June, 2018.

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), INVERSIONES SANTA ELA INTERNATIONAL LIMITED, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 11th day of June, 2018.

ENERVO ADMINISTRATION LIMITED LIQUIDATOR MONTAGUE STERLING CENTRE EAST BAY STREET NASSAU, THE BAHAMAS

NOTICE

ROCKWELL LTD., of #25 Mason Complex, Stoney Ground P.O. Box 193, The Valley, British Anguilla Liquidator NOTICE

VALAMONT INVESTMENTS LIMITED

PURPLE SUDBURY LIMITED

N O T I C E IS HEREBY GIVEN as follows:

(a) VALAMONT INVESTMENTS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) PURPLE SUDBURY LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 17th July, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 19th day of July, A. D. 2018

_________________________________ Bukit Merah Limited Liquidator

NOTICE

PEACEFUL HARMONY HOLDINGS LIMITED

WHITE SASKATOON LIMITED

GREY LORELAY LIMITED

N O T I C E IS HEREBY GIVEN as follows:

(a) PEACEFUL HARMONY HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) WHITE SASKATOON LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) GREY LORELAY LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 17th July, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 19th day of July, A. D. 2018

_________________________________ Bukit Merah Limited Liquidator

THE TRIBUNE

Friday, July 20, 2018, PAGE 7

Disney streaming could get boost as Comcast drops Fox bid NEW YORK Associated Press COMCAST is dropping its bid for Fox’s entertainment businesses, paving the way for Disney to boost its upcoming streaming service by buying the studios behind “The Simpsons” and X-Men. Getting Fox would help the House of Mouse compete with technology companies such as Amazon and Netflix for viewers’ attention — and dollars. Disney needs compelling TV shows and movies to persuade viewers to sign up and pay for yet another streaming service. It already has classic Disney cartoons,

“Star Wars,” Pixar, the Muppets and some of the Marvel characters. With Fox, Disney could add Marvel’s X-Men and Deadpool, along with programs shown on such Fox channels as FX Networks and National Geographic. Fox’s productions also include “The Americans”, “This Is Us” and “Modern Family”. The deal would help Disney further control TV shows and movies from start to finish — from creating the programmes to distributing them though television channels, movie theaters, streaming services and other ways people watch entertainment. Disney would get valuable data on customers and their

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entertainment-viewing habits, which it can then use to sell advertising. For Comcast, dropping the pursuit of Fox lets it focus on getting European pay-TV operator Sky, a deal that would help the Philadelphia-based cable and media company expand beyond the US. Fox shareholders are to vote on the Disney deal on July 27. Cable and telecom companies have been buying the companies that make TV shows and movies to compete in a changing media landscape. Although internet providers like AT&T and Comcast directly control their customers’ access to the internet in a way that Amazon, YouTube and Netflix do not, they still face threats as those streaming services gain in popularity. AT&T bought Time Warner last month for $81bn and has already launched its own streaming service, Watch TV, with

Time Warner channels such as TBS and TNT, among other networks, for $15 a month. Expect something similar from Disney after the deal closes. In addition to boosting the Disney streaming service, expected to debut next year, the deal paves the way for Marvel’s X-Men and the Avengers to reunite in future movies. Though Disney owns Marvel Studios, some characters including the X-Men had already been licensed to Fox. Disney would also get a controlling stake in the existing streaming service Hulu. Separately, Disney said it will release new episodes of the “Star Wars” animated series “The Clone Wars” on its upcoming streaming service. The original “Clone Wars” series ran for six seasons, with the final one as a Netflix exclusive. Comcast said yesterday that it would not raise its

$66bn offer for Fox. The Walt Disney Co had topped Comcast’s bid by offering $71bn. The US Department of Justice has approved Disney’s bid as long as Disney, which owns the national sports network ESPN, sells Fox’s 22 regional sports networks. Disney may still need regulatory approvals outside the US. Disney CEO Bob Iger said he was “extremely pleased” with Comcast’s announcement. “Our focus now is on completing the regulatory process and ultimately moving toward integrating our businesses,” he said in a statement. GBH Insights analyst Daniel Ives called Comcast’s move “the final chapter in this soap opera”. He said Comcast’s focus now is on getting Sky “to build a strong beachhead content strategy in Europe.” Sky operates in Austria, Germany, Ireland, Italy

and the UK. It has 22.5 million customers, attracted by offerings such as English Premier League soccer and “Game of Thrones”. Fox has been trying to buy the 61 percent of Sky it doesn’t already own. The idea was to sell Sky to Disney as part of the broader deal. Last week, Comcast made a bid that values Sky at $34bn, compared with $32.5bn in Fox’s offer. Disney said in a regulatory filing last week that Fox might not raise its bid to compete with Comcast’s offer, meaning Comcast is likely to end up with Sky and Disney the rest of Fox that’s up for sale. That includes other international properties, including the Star India satellite service. Some Fox businesses, including Fox News Channel and the Fox television network, will remain with media mogul Rupert Murdoch and his family.

PAGE 8, Friday, July 20, 2018

THE TRIBUNE

MARKET REPORT THURSDAY, 19 JULY 2018

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

BISX ALL SHARE INDEX: CLOSE 1,984.05 | CHG 0.11 | %CHG 0.01 | YTD -71.52 | YTD% -3.85 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 19.17 7.50 4.00 1.48 0.19 4.00 9.16 6.60 5.30 11.93 2.71 1.77 8.21 6.21 11.50 7.29 13.67 13.00

52WK LOW 3.50 17.43 7.50 3.32 0.90 0.12 3.00 8.50 6.00 3.15 9.00 2.30 1.40 7.25 6.00 9.50 5.67 3.25 12.50

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

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

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

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

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

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

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

MUTUAL FUNDS 52WK HI 2.15 4.16 2.00 179.39 157.58 1.55 1.70 1.64 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.49 1.62 1.58 1.07 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.45 17.43 9.09 4.00 1.01 0.18 3.00 9.13 6.14 4.09 11.40 2.87 1.75 7.80 6.10 11.25 6.32 3.65 13.00

CLOSE 4.45 17.43 9.09 4.00 1.01 0.18 3.00 9.13 6.14 4.09 11.40 2.94 1.75 7.86 6.10 11.25 6.32 3.65 13.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.07 0.00 0.06 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 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

LAST SALE 100.00

CLOSE 100.00

CHANGE 0.00

108.52 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.01 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

108.53 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund

VOLUME

150

VOLUME

EPS$ 0.361 0.932 -0.306 0.283 -0.973 0.000 -0.996 0.638 0.573 0.171 0.627 0.102 0.231 0.000 0.545 0.679 0.610 0.277 0.631

DIV$ 0.100 1.130 0.000 0.230 0.000 0.010 0.000 0.320 0.220 0.120 0.620 0.060 0.070 0.084 0.320 0.500 0.200 0.120 0.580

P/E 12.3 18.7 N/M 14.1 N/M N/M -3.0 14.3 10.7 23.9 18.2 28.8 7.6 N/M 11.2 16.6 10.4 13.2 20.6

YIELD 2.25% 6.48% 0.00% 5.75% 0.00% 5.56% 0.00% 3.50% 3.58% 2.93% 5.44% 2.04% 4.00% 1.07% 5.25% 4.44% 3.16% 3.29% 4.46%

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

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

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

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

NAV 2.15 4.12 2.00 179.39 153.02 1.55 1.69 1.64 1.09 7.24 8.28 6.46 11.16 11.65 10.26

YTD% 12 MTH% 1.55% 4.09% -0.45% 4.34% 0.84% 2.31% 0.39% 5.05% -0.25% 4.57% 1.29% 4.18% -0.61% 2.84% 1.02% 3.84% -0.87% 1.82% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

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

Auto industry urges US to hit brakes on proposed car tariffs WASHINGTON Associated Press THE US Commerce Department sought feedback on President Donald Trump’s plans to consider taxing auto imports. It got an earful at an all-day hearing on yesterday. Critics lined up to urge the administration to reject auto tariffs. They argued that the taxes would raise car prices, squeeze automakers by increasing the cost of imported components and invite retaliation from US trading partners — and allies — like the European Union and Canada. Jennifer Thomas of the Alliance of Auto Manufacturers registered her organisation’s opposition to levies on car, truck and auto parts imports. She noted that “our view is shared by over 2,200 comments that were filed before this hearing. In fact, we were only able to find three organisations” in favour of pursuing the tariffs. Trump has ordered Commerce to investigate whether auto imports pose a threat to US national security that would justify tariffs or other trade restrictions. Earlier this year, he used national security as a justification for taxing imported steel and aluminum. Auto tariffs would escalate global trade tension dramatically: The US last year imported $192bn in vehicles and $143bn in auto parts — figures that dwarf last year’s $29bn in steel and $23bn in aluminum imports. Not to mention the $34bn in Chinese goods the administration has so far hit with tariffs in yet another dispute over the predatory

practices China deploys in a push to challenge US high-tech dominance. Nearly 98 percent of the cars and trucks that would be hit by the tariffs are imported from US allies: the EU, Canada, Japan, Mexico and South Korea, according to the Peterson Institute for International Economics. David O’Sullivan, the EU’s ambassador to Washington, said it was “absurd” to think that imports from staunch allies undermine America’s national defense. In a study out yesterday, the Center for Automotive Research found that a 25 percent tariff on autos and parts would cut US auto sales by two million and wipe out 714,700 jobs. It would also raise the price of the typical new car sold in the United States (now about $35,000) by $4,400 — $2,270 for US-built cars and $6,875 for imported cars and trucks. “New tariffs or quotas would also reduce competition and consumer choice; increase the cost of used vehicles; and raise the cost of getting vehicles serviced and repaired,” said Peter Welch, president of the National Automobile Dealers Association, which commissioned the study. Welch said the tariffs would push the average new-car payment to $611 a month from $533 a month (over 69 months on average). John Hall, a maintenance worker at the Hyundai Motor Manufacturing plant in Montgomery, Alabama, testified that auto imports pose no threat to US national security. “In fact, it’s just the opposite,” he said. Hyundai imports parts that go into its Alabama-built cars.