Issuu

business@tribunemedia.net

TUESDAY, OCTOBER 2, 2018

$4.90 Bahamas forward bookings up 9.2%

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net FORWARD visitor bookings to The Bahamas having increased by 9.2 percent, a top tourism official said yesterday, following a total arrivals increase of 15 per cent. Joy Jibrilu, pictured, the Ministry of Tourism’s director-general, said The Bahamas is set to kick-off its new marketing campaign in January 2019, having taken a “strategic approach” to generating exposure for all islands. She added that while crime remains a concern, “less than half of one percent” of this nation’s 6.5 million stopover and cruise passenger visitors are likely being impacted. Mrs Jibrilu, who is also also chairwoman of the Caribbean Tourism Organisation’s (CTO) Board of Directors, was addressing the media ahead of the State of The Tourism Industry Conference (SOTIC) being held at Atlantis from October 2-5. She said: “We have an [advertising] campaign in place that will launch in January. It will be launched across all the media channels. I think that from January everyone will see what’s taking place. “In terms of the Out Islands it’s about focusing on those islands; having individual banners, creating the individual stories. We have done Nassau, Harbour Island, Eleuthera, Grand Bahama. We just completed Exuma. “We are going into every one of those islands and creating stories so people learn the names of the island, identify them and the things those islands have to offer. It will be a very strategic approach to

SEE PAGE 4

$4.93

$4.86

Bahamas needs ‘more teeth’ on vehicle titles By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

HE Bahamas needs an “ironclad” vehicle title system with “more teeth” to better protect consumers from unscrupulous second-hand auto sellers, major dealers urged yesterday. Fred Albury, the Bahamas Motor Dealers Association’s (BMDA) president, and other members told Tribune Business that a major loophole in the Road Traffic Department’s titling structure is the absence of information disclosing whether banks and other lenders hold liens/ charges over vehicles. This weakness exposes Bahamian auto buyers, especially those purchasing second-hand or used cars, to the possibility of being ripped off by sellers who fail to disclose they took out an outstanding loan that is still secured on the subject vehicle.

she paid $15,000 some 21 months earlier. Ms Isaac had been unaware that, three owners prior to her, the vehicle had been mortgaged to the bank on July 3, 2008, as security for a loan. The then-owner responsible, Jason Deveaux, breached the mortgage terms by selling the jeep in April 2010 without Scotiabank (Bahamas) permission and then, just over a year later, defaulted on the loan repayments in July 2011. This “misrepresentation and non-disclosure” was concealed from both ANCO Lands Ltd, which bought the vehicle from Mr Deveaux, and Neils Wiethuchter, who acquired it in late 2011. Ms Isaac acquired the Jeep

A BAHAMIAN Contractors Association (BCA) spokesman yesterday said its former president’s views did not necessarily represent those of members, pledging a “conciliatory approach” towards the Government. Drumeco Archer, speaking to Tribune Business in the wake of Leonard Sands’ resignation, said the Association would refrain from attacking the Government and instead deal with any issues impacting the construction industry “behind closed doors” through “amicable” negotiations.

SEE PAGE 3

SEE PAGE 4

SEE PAGE 3

* BCA ‘not attacking’ Government * Change in approach from ex-president * Spokesman: ‘Industry bigger than one man’ This represents a marked change from the approach taken by Mr Sands, who was extremely vocal publicly on matters such as the delayed implementation of legislation to regulate the industry and the level of Bahamian contractor/ worker participation at The Pointe project in downtown Nassau. Mr Sands, who on Monday blamed “sinister and unprecedented” political pressure for forcing him to resign for the BCA and industry’s greater

good, previously said the failure to appoint a board had delayed the Construction Contractors Act’s enforcement. Drumeco Archer, though, contradicted this yesterday, saying there were unspecified “infrastructural things that must take place” for the Act to be enforced. He added that the BCA, and wider construction industry, were “bigger than any one individual”, and said the BCA would work to ensure Mr Sands’ departure did not become

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

a “polarising” matter. The BCA has already moved to fill the vacancy by naming William Pratt, of HMF (Heavy Marine Foundation), as interim president in the wake of the controversy caused by the alleged manner of Mr Sands’ resignation. “The issue of the relationship between the Government and the BCA, I don’t know why that’s an issue. We have a good relationship with

Wrangler from the latter on January 23, 2014, and drove it until Scotiabank’s agents repossessed it on October 29, 2015. Acting appeal justice, Milton Evans, in a unanimous verdict, said of Ms Isaac: “According to her evidence she obtained a bill of sale for the said vehicle and followed all of the proper protocols required by the Road Traffic Act, as followed by the Road Traffic Department of the Bahamas Government. “She also conducted a CarFax search to give herself extra assurance that the vehicle was in good condition, and she submitted the vehicle to Road Traffic inspectors and Royal

Contractors: Sands not always echoed association’s view By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Vacation rental rates rise, but hotels decline ROOM rates for Bahamian vacation rentals continue to move in the opposite direction to their hotel industry counterparts, with Airbnb bookings increasing 41 percent yearover-year for August. The Central Bank of The Bahamas’ monthly report for August, released last night, said vacation rentals continued to grow in popularity among stopover visitors with average daily room rates (ADR) jumping by 1.8 percent to $319.77. Not only is the yield/margins significantly higher, but vacation rental ADRs appear to be going in the opposite directions to comparable hotel listings, which dropped by 3.1 percent to $132.19. “Indicative of the growing popularity of the short-term private rental market, data from AirDNA showed a 41.2 percent increase in booked listings via the Airbnb platform during August for all Bahamas in comparison to the same period in 2017,” the Central Bank said. “These results are also influenced by the fact that more properties are listing on the site each year. In terms of the broad trends in the major markets, the number of listings in Exuma firmed by 54.7 percent, while gains of 37.8 percent, 34.8 percent and 28 percent were noted for New Providence, the Abacos and Grand Bahama, respectively. “In terms of the key segments, the ADR for the entire place listings rose by 1.8 percent to $319.77, while that of hotel comparable listings fell by 3.1 percent to $132.19.” The vacation rental market performance was part of a continued improvement in the Bahamian tourism sector, although much of the upswing in stopover visitors, room revenue and room nights sold is likely due to the full

* Auto buyers exposed to unknown liens * Dealers: Close hole for ‘ironclad’ system * Woman loses $15k jeep over prior owner * BMDA chief: ‘I was shafted for $5-6k too’ With little to no ability to check whether such/liens charges exist, buyers face the possibility that lenders will repossess their new vehicle to recover debts owed by former owners even if those persons are several steps removed in the ownership chain. This concern has been highlighted by the Court of Appeal, which last week put Bahamian auto buyers on notice that CarFax and police checks are insufficient to determine whether a vehicle’s owner can transfer good title to them. Upholding a verdict by the Supreme Court, it ruled that Renalda Isaac had no recourse against Scotiabank (Bahamas) after it repossessed the 2005 Jeep Wrangler for which

$4.89

Freeport hopeful latest tourism blow ‘cushioned’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net GRAND Bahama was last night hoping that the blow of losing the Grand Celebration for a second consecutive year will be “cushioned” by continued service from its sister cruise ship. Government ministers and senior private sector executives said the Grand Classica’s presence should minimise the fall-out from losing the Celebration for the next two months, after it was called upon to provide housing for workers restoring gas services to thousands of homes in Massachusetts following the series of explosions and fires that erupted in September. Bahamas Paradise Cruise Line, the vessel’s owner and operator, in a statement issued yesterday

* Celebration absent again for two months * Chartered for Boston gas explosion aid * Concern over Thanksgiving impact

THE GRAND CELEBRATION SHIP said the Grand Celebration was already sailing to Boston and will “resume normal cruise operations” in December 2018. It added that the vessel’s chartering had resulted in the cancellation of “several October and November 2018 sailings”, although the

Grand Classica - which will resume its two-night cruises to Freeport from the Port of Palm Beach tomorrow - will take over the Celebration’s schedule for the next two months. The Celebration’s chartering for gas supply restoration is a repeat of

events from 2017, when the cruise ship was lost for a longer three-month period in similar circumstances. It was then requisitioned by the US government to provide accommodation for workers helping with Hurricane Irma and Maria recovery efforts in Puerto Rico and the US Virgin Islands. The cruise ship’s latest departure represents another blow for Grand Bahama’s struggling tourism economy, and is especially ill-timed given that it coincides with the Government’s efforts to seek a buyer for the Grand Lucayan - a property where

SEE PAGE 4

PAGE 2, Tuesday, October 2, 2018

THE TRIBUNE

Bahamas ‘exceeded goals’ at major airlift conference THE Bahamas “exceeded our initial goals and expectations” at the 2018 World Routes Conference in Guangzhou, China, the ministry of tourism’s airlift chief believes. “Geographically, The Bahamas is located thousands of miles away from China, but our presence at this conference, strong networks and our accessibility to these airline operators made the location of the conference itself inconsequential,” said Tyrone Sawyer, senior director of airlift development for the Ministry. The conference brought together hundreds of airline executives from the Far East, Europe, Canada and North America to meet, develop and create business opportunities with vendors from various destinations. Mr Sawyer said The Bahamas held meetings with representatives of China Southern Airlines, as well as China Eastern Airlines, on improving service connectivity between its US and Canadian alliance partners to “open the gate” for this nation to receive more Chinese stopover arrivals. Meetings were also held with The Bahamas’ longtime partner, American Airlines (AA). The carrier provides more flights, and from more gateways, to more destinations in The Bahamas than any other airline. Beginning on December 22, the carrier will add nonstop Saturday-only flights to routes including Chicago to Nassau; Charlotte to Marsh Harbour; Abaco and New York (LaGuardia) to Nassau. A second daily non-stop flight from Miami to George Town, Exuma is

TYRONE SAWYER, senior director of airlift for the ministry of tourism & aviation, is pictured at World Routes 2018 with various airline groups.

being added the same day. The ministry of tourism and aviation is also working with American Airlines on joint promotions with its European and Latin American sales and marketing team to synergise flights, and increase passenger connections, from those areas to The Bahamas through

the airline’s Miami hub. Mr Sawyer then met with The Bahamas’ long-time partner, British Airways, which provides non-stop, scheduled B-777 jet services to Nassau from London’s Heathrow airport with connections from key gateways such as Milan, Paris and Geneva.

The Bahamas has also experienced strong visitor growth from Canada, and meetings were held with Air Canada and West Jet to further build on this upward trend. Both airlines have added more seats from their respective gateways into The Bahamas. Air Canada

provides non-stop service to Nassau from Toronto and Montreal, and to San Salvador from Montreal. West Jet provides non-stop service to Nassau from both Toronto and Calgary. Mr Sawyer met with several other airline partners for The Bahamas, including JetBlue, Southwest

Airlines and Copa Airlines. The latter, which provides non-stop services into Nassau from Panama City, has experienced a sharp increase in passenger load factor as a result of its joint marketing campaign with the ministry of tourism and aviation and industry partners. Mr Sawyer briefed airline partners on the Government’s plans for the Grand Lucayan Resort and wider Grand Bahama, and sought to attract additional airlift to that destination. “We were especially excited to see the level of interest and excitement expressed by the airlines, and their desire to partner with us by adding more flights to Freeport, Grand Bahama, as consumer awareness builds in advance of the hotel’s opening,” Mr Sawyer said. “The distance to travel for this conference was indeed far, but the trip was most gratifying. We feel confident that these efforts will bear much fruit for the islands of The Bahamas.”

BAHAMAS MEETS TAX EXCHANGE DEADLINES THE ministry of finance last night said The Bahamas had met the September 30 deadline to begin automatic tax information exchange (AEOI) with some 35 partner jurisdictions. Revealing that the first such exchange with another country had already occurred, the ministry said this further demonstrated The Bahamas’ commitment to meet the benchmark established by the Organisation for Economic Co-Operation and Development’s (OECD) Common Reporting Standard (CRS). K Peter Turnquest, pictured, deputy prime minister, said: “As we look holistically at the global tax landscape, The Bahamas continues to enhance its competitiveness by implementing best practices for the promotion of transparency. This is also part of the ongoing work to safeguard the financial sector from external threats such as blacklistings. “To support this work, the Government has also undertaken an extremely aggressive legislative agenda. Just in the past year, we achieved major reforms to strengthen the Bahamian position to combat money laundering and the threat of terrorism financing. And our legislative docket is currently packed for the rest of the year with additional financial sector legislation to enhance our global positioning as a well-regulated offshore financial centre.” The Bahamas first participated in automatic tax information exchange in 2015 with the US, after the latter implemented its Foreign Account Tax Compliance Act (FATCA). FATCA also has an end-September reporting deadline, which The Bahamas has successfully

met every year. FATCA has helped The Bahamas meet the demands of the OECD’s CRS standard, which now requires it to exchange tax information automatically with multiple jurisdictions - not just the US. Some 35 jurisdictions were thus activated as The Bahamas’ automatic exchange partners on August 1, 2018. “Once again, The Bahamas has demonstrated we have the technical competencies necessary – legal, regulatory, technological – to ensure we meet our obligations under the various international frameworks for tax transparency,” Mr Turnquest said. “Meeting the September 30 deadline required many moving parts to come together with urgency, including the adoption of new technology by the entire industry.” The Bahamas earlier this year selected Vizor Software to create an integrated application to manage both FATCA and CRS – AeoI reporting. All Bahamian financial institutions (FIs) and the Competent Authority supervising the information exchange, the ministry of finance, had to adopt this new reporting platform to submit and process the tax compliance data. Mr Turnquest said: “The

transition was not without its challenges, but that was expected given all of the moving parts. The Compliance Commission organised training sessions and prepared online resource material to assist financial institutions in the changeover. We worked diligently with Visor to iron out the various challenges with the online portal. “They committed all of their resources to ensure we met the deadline, including sending technical advisors from Ireland to The Bahamas. The cooperation of all our financial institutions is also commendable; their co-operation and commitment to fulfilling their reporting obligations speaks volumes about the high standards we maintain in the jurisdiction.” To prepare for compliance with the CRS and its deadlines, The Bahamas signed the Convention on Mutual Administrative Assistance in Tax Matters (MAC) and the Multilateral Competent Authority Agreement in December 2017, enabling the exchange of financial account information on foreign-owned accounts. The September 30 reporting deadline, set out by the Convention, represents the first reporting cycle in what will now be an annual reporting obligation.

THE TRIBUNE

Tuesday, October 2, 2018, PAGE 3

Bahamas needs ‘more teeth’ on vehicle titles FROM PAGE ONE

Bahamas Police Force Central Detective Unit officers to obtain their approval that the vehicle had not been stolen. She licensed the vehicle in her name for the years 2014 and 2015.” Ms Isaac only became aware of the mortgage when Scotiabank (Bahamas) agents and the police seized the jeep in October 2015, concluding the bank’s eight-month search for the vehicle. In legal filings contesting the repossession, she argued that she had good title to the jeep and was “a bona fide purchaser for value”. The bank, though, argued that it was the only one holding valid title to the Jeep Wrangler by virtue of its mortgage security and that all other claims were “invalid”. The Court of Appeal upheld the Supreme Court’s findings on every point, ruling that “the absence of the title documents proved fatal” to Ms Isaac’s case. Appeal justice Evans wrote: “The judge was of the view that the absence of title documents for the vehicle should have put the appellant [Ms Isaac] on inquiry. “He opined that had the appellant insisted on back title documents she would have either uncovered the prior ownership of Deveaux or not followed through with the purchase. In these circumstances he was of the view that the appellant could

not properly be considered a bona fide purchaser for value without notice. “As we understood the rationale of the learned judge, he was of the view that having regard to the fact that the registry system will not easily reveal a chattel mortgage, a purchaser takes a calculated risk in purchasing a vehicle from someone who is not able to produce title documents for the vehicle,” Appeal justice Evans added. “The risk is that the car may have been stolen or, as in this case, mortgaged. We agreed. The fact that the appellant obtained a CarFax report and also obtained a report from the Central Detective Unit could only suffice to show previous damage to the vehicle and whether it was reported stolen.” The Court of Appeal said the doctrine of “caveat emptor”, or “buyer beware”, governed the case brought by Ms Isaac, and that she bore the risk of entering into the purchase. “The appellant’s misfortune, as unfortunate as it may be, did not emanate from any inaction by the respondent [Scotiabank], but from her failure to take caution in her purchase of the vehicle,” Acting appeal justice Evans wrote. “The appellant, in the circumstances of this case, had the responsibility for gathering the necessary information to make an informed purchase. This was a case where the wellknown maxim, caveat

emptor, applied.” Asked whether Ms Isaac’s experience occurred frequently, Mr Albury yesterday replied: “It does, it does.” The BMDA and Auto Mall chief said he himself had fallen victim to a “trade-in” where, despite best efforts at due diligence, a bank lien was not detected until after the seller had obtained another vehicle from him. “We had a similar situation with a lady we sold a car to - a 2002 Camry,” Mr Albury disclosed to Tribune Business. “We knew she had mortgaged it to Scotiabank, and she wanted to trade it back in six to seven years later. “We checked with Scotiabank and they said it was fine. So we sold her the new vehicle, and then Royal Bank of Canada (RBC) comes along saying they have a lien on it [the Camry]. “We did our due diligence and checked with the insurance company to see if there were any liens registered on the vehicle, as the bank would be the loss payee [for any payout,” the BMDA chief continued. “We got shafted on the deal for $5,000-$6,000. We tried to do our due diligence to ensure they have title, and checked with the insurance company to see if there was any loss payee on the insurance document. Even now the insurance company will not give that information to me. The client has to go to the insurance company to get

a letter showing that and then give it to me.” Both Mr Albury and Rick Lowe, the BMDA’s secretary, told Tribune Business that the auto industry had recommended to Road Traffic two years ago, when its system was being set-up, that banks and lenders should hold the title documents for vehicles they have a mortgage lien over. They argued that this was the only way to prevent situations such as that faced by Ms Isaac, who is faced with having to try and recover the purchase price she paid to the previous owner. “A simple way to protect the consumer is to let the bank have the title documents for any vehicle they have a lien on,” Mr Albury said, acknowledging that the current vehicle title system would not have helped Ms Isaac even had it been operating in 2014. “It needs a little more teeth with the title document for consumer protection out there. “We’d like to see it [the titling system] to the point where, like in the US, if you go to the bank and they loan you money, the bank holds the title document until you pay for the vehicle. It’s all consumer protection. “If you owe money to the bank on a car and are selling it to me, if the bank holds the title they can’t sell it. If the bank doesn’t hold the title document, and they owe money, how

can you check it? The bank should be in on thus, and we’re asking Road Traffic to do this as well.” Mr Lowe added: “We had suggested at the time that, when giving a loan for a vehicle, the banks should hold the title document as a legitimate form of security whether they register it as a chattel or not. It would be better protection for the consumer... “It’s trying to make an ironclad system to protect consumers as much as possible. I think it’s very important. It’ll hold the dealers accountable, the used car dealers accountable, the insurance companies accountable and the Government accountable. Everyone will be on the same page.” Justice Ian Winder, who ruled on Ms Isaac’s case in the Supreme Court, agreed that it was virtually impossible for Bahamians to uncover whether used autos they were buying via private, non-dealer sales had any liens secured on them unless this was disclosed by the vendor. While Scotiabank’s interest in the Jeep Wrangler had been recorded in the Registry of Records, Justice Winder wrote: “There is no register of chattel mortgages and, without specific information as to the interest of Scotiabank or Jason Deveaux, a search of the Registry of Records could not lead to a discovery of the bank’s registered chattel mortgage.” Messrs Albury and Lowe

backed Justice Winder’s assessment, the former telling Tribune Business: “The problem with the Registry of Records is they are so far behind on recording that, by the time you buy a car and pay for it, the mortgage is probably not recorded.” Mr Lowe added of the Registry: “It’s too costly, it’s too time consuming. There are a number of issues related to that, including knowing how to do that, and that it’s even a possibility [to search]. Most people are not aware of that.” Still, the BMDA secretary said Road Traffic’s vehicle title system remained a major upgrade on what was there before. Auto ownership cannot now be transferred without the vehicle title document being signed by both vendor and buyer, then presented to Road Traffic. Mr Albury, meanwhile, said the BMDA had also recommended that the title documents for vehicles badly damaged or written-off in accidents on Bahamian roads be passed to insurance companies. He argued that this would prevent their rebuilding, and the subsequent return of unsafe vehicles to the streets. “We have suggested that any insurance claim, maybe over $500, should be recorded on the title document,” Mr Lowe added, “and also if the vehicle is stolen and recovered, that should be noted.”

Contractors: Sands not always echoed association’s view FROM PAGE ONE the Government,” Drumeco Archer responded, when asked by Tribune Business whether this had been impacted. “There’s been a mutual understanding reached between the Board and Leonard Sands with respect to his resignation. Our position is we will continue to serve the best interests of members and preserve the standing of construction in the Commonwealth of The Bahamas. “The point we’re making is that this certainly doesn’t impact what our primary focus is, and that’s to serve the best interests of each and every contractor in The Bahamas. In so doing, we have to be mindful of the interests of consumers and all other stakeholders. The Government falls into that dynamic.” Mr Sands yesterday argued he had no choice but to obey the “ultimatum” given to resign by 12pm on Sunday, after the BCA was warned it faced “dire repercussions”, and exclusion from efforts to improve and regulate the industry, if he remained in his post. Describing this alleged interference with an independent industry association as “exceptional”, Mr Sands said the threats, and demands for his resignation, came from Omar Archer, the controversial

and outspoken political activist, who has recently been appointed as Contractors Registrar by the Government. While he added that “I cannot particularly point to the minister” as being behind the pressure, he found it hard to avoid this suspicion given that Omar Archer ultimately reported to Desmond Bannister, minister of works. Mr Bannister yesterday told Tribune Business he was “dumbfounded” by Mr Sands’s allegations, adding that “the FNM does not operate that way; I do not operate that way”. Omar Archer, too, denied Mr Sands’s claims of government/political interference, saying he had no influence over the BCA’s internal workings. “That’s news to me,” he said of the resignation. Drumeco Archer, newly-appoints as its communications head, yesterday said the BCA was moving to ensure that Mr Sands’ resignation, and the controversy surrounding it, would not interfere with or undermine its relationship with the Government. “What we don’t want is to make this a polarising or politically-related matter from this,” he told Tribune Business. “I believe the relationship is well intact, and we are doing a fantastic job for the Commonwealth of The Bahamas. “We wish to go on record

as saying the views of Leonard Sands are not all the views of the BCA. There are some pertinent things we want to be clear on. We’re not attacking the Bahamas government. We’re taking a conciliatory approach. Any issues will be raised behind closed doors, and negotiations done quite amicably.” This is the polar opposite of Mr Sands’ approach to advocacy, which aroused the ire of Mr Bannister in February this year after the former BCA president blamed the Government’s failure appoint the Board that will oversee the Construction Contractors Act for the delayed implementation. “I detest how certain people, every time they want something, go running to the media instead of communicating,” Mr Bannister told Tribune Business then. “There should be some trust in communication. “When I hear from the media before I actually receive correspondence, and it continues to happen, there cannot be trust in communication. I haven’t received the letter. When I do get it, it will get an appropriate response as it always does.” Mr Bannister said the BCA, rather than the Government, was to blame for the delayed implementation and enforcement of the Construction Contractors Act. “The ministry has been trying to get the Contractors

Association to recommend members to the board that they have to recommend for months now,” he added in February. “They have to come from different disciplines within the profession. They did initially send us one [list], which was restricted to a particular discipline. That must have been four to five months ago and we have not got a response from them yet. “This is one of the sad things about communicating in the media. Mr Sands can communicate with me. There is no difficulty doing that. I get amazed when people conduct themselves in this manner.” Drumeco Archer yesterday said he “cannot speak” to Mr Sands’ claims of political pressure, saying he was unaware of any being applied to the BCA or its board. He described the former president’s claims against Omar Archer as “most unfortunate”, and added: “We’re not prepared to get

into that battle. We represent a greater interest as far as we are concerned. We are more concerned about protecting the interests and integrity of an organisation that impacts upon many people. “We want it to be made very clear that in no way are we intending to cause that polarisation. On the contrary, we want to strengthen the relationship with members of the construction industry, fellow associations as well as the Government. “We don’t know why Mr Sands resigned, but when you consider the enormity of the construction industry, this industry is larger than any one individual. We have to remain focused on what the task is at hand. It’s business as usual. The BCA council is quite strong and competent, so I don’t expect any interruption in service to our members.” Drumeco Archer said the BCA had “always been very intimately involved” with the Contractors Construction Act and would

continue to be, having been a key advisor to the Government during its drafting. Arguing that the Act’s delayed implementation was not being held up by the Board’s appointment, he added: “There’s some infrastructural things that must take place. There’s been an extensive vetting exercise taking place, recommendations have been made, and we believe there will be pronouncements made in short order as to who and what the make-up of the Board will look like. “The delay can’t be attributed to the relationship between Leonard Sands and the Ministry. There’s been extensive work done behind the scenes, the Government is working diligently to get its house in order, and we will assist in that effort.” Drumeco Archer said the BCA was due to release a statement on Mr Sands’ resignation and the way forward by 5pm yesterday. However, none was received by press time last night.

PAGE 4, Tuesday, October 2, 2018

THE TRIBUNE

Freeport hopeful latest tourism blow ‘cushioned’ Bahamas forward bookings up 9.2% FROM PAGE ONE

overnighting Celebration guests often stay. Cruise passengers brought in by Bahamas Paradise Cruise Line now account for the majority of Freeport’s leisure tourists, and the Celebration’s absence also coincides with the Thanksgiving holiday in the US in late November - an occasion that typically marks the start of the winter tourism season. Kwasi Thompson, minister of state for Grand Bahama, last night said the cruise line had pledged to “do what they can to mitigate the loss” of the Celebration by accommodating already-booked passengers on its sister ship. In a statement sent to Tribune Business, he said: “The Ministry of Tourism has been informed of a change in scheduled calls for the Grand Celebration for 60 days. This Government worked extremely hard to negotiate the introduction of the second vessel, the Grand Classica, to Grand Bahama. We have seen an improvement since the introduction of the second ship. “Bahamas Paradise has stated that they will do what they can to mitigate the loss of the vessel for the 60-day period by accommodating the booked passengers on

board the Grand Classica. It bears noting that having regard to the Government’s success in negotiating with Bahamas Paradise Cruises for a second ship for the island of Grand Bahama, we will not be without at least one vessel to bring in overnight and day passengers.” Mick Holding, the Grand Bahama Chamber of Commerce’s president, also expressed hope that the Grand Celebration’s loss will this time be “cushioned” by its sister ship, which had yet to begin sailing to Freeport when last year’s hurricanerelated call came in. While the Celebration’s absence comes during the traditional low point in the tourism calendar, Mr Holding expressed concern that the cancelled sailing dates clearly showed it will not be present for Thanksgiving. “Fortunately now it’s mitigated somewhat by the fact Bahamas Paradise Cruise Line have the second ship,” he told Tribune Business. “After Irma and Maria, when the Celebration went to the southern Caribbean, we were left with nothing. “At least now they have a second vessel which will keep things moving, albeit not at the same rate as with two vessels. We were getting daily visits, so now will it be every other day.”

Mr Holding said it was too early to determine the economic impact of the Celebration’s two-month absence, as both passenger spending and numbers had not been released. While it was unclear whether both ships had been fully occupied, he added: “At least we’ve got some cushion now with the Classica. “There’s got to be some impact, but not as drastic as it was following Irma. Things are generally a bit quieter now. The schools are back and Bahamians are not travelling as much as they were. The tourists are not coming as much as well. “But there’s usually a boost at Thanksgiving, so it may impact us there. One thing that it’s going to stretch into possibly is Thanksgiving, when our numbers traditionally go up, if it’s for the whole of November - which it is from what I saw.” Bahamas Paradise Cruise Line, in its statement yesterday, said it had “chartered the Grand Celebration to assist with restoration of service to communities impacted by the Massachusetts gas incident”. “The ship will be traveling to Boston on October 1, 2018, to provide housing, if needed, for people working to restore service to thousands of homes. The Grand

Celebration will resume normal cruise operations as of December 2018,” it added. “Because of this charter, several October and November 2018 sailings have been cancelled. Individuals that are affected by these cancellations and booked directly with Bahamas Paradise Cruise Line can contact our customer service department at 800-374-4363 to review all the options that are available to guests. “Direct cruise line customers that were booked on cancelled sailings can receive a full refund or reschedule their cruise with a $100 onboard credit. Impacted guests who did not book directly with Bahamas Paradise Cruise Line should contact their travel provider.” Bahamas Paradise Cruise Line added that cancelled sailing dates covered the whole of October and November. It continued: “The Grand Classica will resume its two-night cruise schedule from the Port of Palm Beach to Grand Bahama beginning on Wednesday, October. The Grand Classica will operate on the Grand Celebration’s schedule for the months of October and November.

NOTICE

NOTICE CALDALEN LIMITED

OKAHU BAY RESOURCES LIMITED

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

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

(a) OKAHU BAY RESOURCES 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 1st October, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

(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 2nd day of October, A. D. 2018

_________________________________ Leeward Nominees Limited Liquidator

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

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

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 ##########

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

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.51 1.64 1.59 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

LAST CLOSE 3.51 17.43 9.09 4.46 1.01 0.19 2.30 9.22 6.16 3.73 12.42 2.77 1.75 7.59 6.21 13.20 6.35 3.65 13.01

CLOSE 3.51 17.43 9.09 4.46 1.01 0.19 2.30 9.22 6.16 3.60 12.42 2.74 1.75 7.64 6.21 13.20 6.35 3.65 13.01

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.13 0.00 -0.03 0.00 0.05 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 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

CLOSE 100.00

CHANGE 0.00

107.37 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-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

LAST SALE 100.00 107.38 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

VOLUME

12,000 3,650

200

VOLUME

EPS$ 0.268 0.932 -0.306 0.317 0.059 0.000 -0.996 0.700 0.441 0.154 0.627 0.102 0.231 0.000 0.670 0.701 0.719 0.277 0.631

DIV$ 0.100 1.130 0.000 0.230 0.000 0.010 0.000 0.710 0.220 0.120 0.620 0.060 0.070 0.084 0.280 0.500 0.200 0.120 0.590

P/E 13.1 18.7 N/M 14.1 N/M N/M -2.3 13.2 14.0 23.4 19.8 26.9 7.6 N/M 9.3 18.8 8.8 13.2 20.6

YIELD 2.85% 6.48% 0.00% 5.16% 0.00% 5.26% 0.00% 7.70% 3.57% 3.33% 4.99% 2.19% 4.00% 1.10% 4.51% 3.79% 3.15% 3.29% 4.53%

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

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

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

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

MATURITY 19-Oct-2022 ############### 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

NAV 2.17 4.14 2.01 180.30 155.10 1.57 1.69 1.65 1.10 7.36 8.53 6.50 11.41 11.66 10.41 9.93 8.45 11.20

YTD% 12 MTH% 2.24% 4.15% 0.03% 4.59% 1.23% 2.26% 0.90% 3.44% 1.11% 6.05% 2.88% 4.24% -0.49% 4.11% 2.09% 4.19% 0.06% 0.72% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.61% 0.75% 1.13% N/A 2.95% N/A

NAV Date 31-Jul-2018 31-Jul-2018 27-Jul-2018 30-Jun-2018 30-Jun-2018 31-Aug-2018 31-Aug-2018 31-Aug-2018 31-Aug-2018 31-Aug-2018 31-Aug-2018 31-Aug-2018 31-Aug-2018 31-Aug-2018 31-Aug-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

NOTICE PAC ASSETS LIMITED N O T I C E IS HEREBY GIVEN as follows:

Dated this 2nd day of October, A. D. 2018

MUTUAL FUNDS 52WK HI 2.17 4.16 2.01 180.30 157.58 1.57 1.70 1.65 1.10 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.45 11.20

opening of Baha Mar earlier this year. “The ongoing gains in air arrivals translated into an improvement in stopover metrics, as information from the Bahamas Hotel and Tourism Association and the Ministry of Tourism’s survey of large hotels showed that total room revenue expanded by 30 percent during the first seven months of 2018,” the Central Bank said. “This outcome was supported by a

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

BISX ALL SHARE INDEX: CLOSE 1,947.11 | CHG -16.93 | %CHG -0.86 | YTD -116.46 | YTD% -5.64 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

FROM PAGE ONE

26 percent increase in the number of room nights sold, although the growth in overall room capacity led to a 1.3 percentage point reduction in the occupancy rate to 66.9 percent, while the average daily room rate (ADR) rose by $8.75 (3.5 percent) to $255.77.” The Central Bank added that any banking industry concerns were mitigated by high levels of bank capitalisation that were double the regulatory target. “Banks’ average capital levels - estimated at 33.65 percent in August - are forecasted to remain well above the Central Bank’s target and trigger ratios of 17 percent and 14 percent, respectively, thereby mitigating any financial stability concerns,” it said.

(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

BISX LISTED & TRADED SECURITIES 52WK LOW 3.50 19.17 7.50 3.32 0.90 0.15 2.30 8.55 6.09 3.54 9.00 2.30 1.40 7.25 6.00 9.75 5.67 3.25 12.50

Vacation rental rates rise, but hotels decline

(b) The dissolution of the said company commenced on the 1st October, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General.

MARKET REPORT 52WK HI 4.50 19.17 7.50 4.46 1.26 0.19 3.92 9.22 6.60 5.30 12.50 2.71 1.77 8.21 6.21 13.20 7.00 4.50 13.50

getting all the islands in the public arena.” As for concerns over the potential threat persistent high crime levels pose to the tourist industry, Mrs Jibrilu added: “Safety and security is the number one issue for every Bahamian citizen and every visitor to the islands of The Bahamas. This is a problem that we in The Bahamas, and I think as a region, are all grappling with. We can look at the sources of what is causing it. “We work hand-in-hand with the US Embassy, as well as all the police and uniformed branches. I don’t want to say there is not an issue of crime in The Bahamas. We are watching closely and are happy

that out of 6.5 million visitors, less than one per cent - I think probably less than half of a per cent - are impacted by crime. “The concern is that the crime is taking place in the inner-city. That is related to issues the Government is dealing with on a national level, but does not impact our major thoroughfares where we do see our guests traversing.” Still, Mrs Jibrilu noted that Nassau is a city and visitors should exercise the same level of caution as they would in any other similar location. The SOTIC conference is being held under the theme “Rejuvenate. Recreate. Reconnect. New Directions for Caribbean Tourism”.

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

_________________________________ Bukit Merah Limited Liquidator

MONDAY, 1 OCTOBER 2018

FROM PAGE ONE

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

_________________________________ Bukit Merah Limited Liquidator

NOTICE PUMARK LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) PUMARK 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 1st October, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is CST Administration (Bahamas) Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas Dated this 2nd day of October, A. D. 2018 _______________________________ CST Administration (Bahamas) Limited Liquidator

EMERA INCORPORATED (“Emera”) Notice to Holders of Depositary Receipts DIVIDEND NOTICE A dividend of CAD $0.146875 per Emera depositary receipt (CAD $0.5875 per common share of Emera) will be payable on or about November 15, 2018 to depositary receipt holders of record as at November 1, 2018. Dividends will be subject to applicable withholding tax.