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WEDNESDAY, NOVEMBER 20, 2019

$4.56 Flight Services recommendation goes to minister By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE governmentappointed evaluation committee was yesterday said to have submitted its “recommendations” on the Nassau Flight Services (NFS) privatisation to the responsible minister. Algernon Cargill, director of aviation, declined to be drawn on which of the two remaining bidders for the government-owned airport ground handling services provider had been selected as the winner, or if it had suggested neither be named as the preferred choice. “The committee has finalised its recommendation and given it to the minister,” he said. “We’ve had some discussions and made some recommendations, and I can’t comment further. We’ve given the minister the committee’s considered view of the next steps he should take.” Dionisio D’Aguilar, minister of tourism and aviation, and who has oversight of the Nassau Flight Services (NFS) privatisation, said he was travelling in Canada on a tourism promotional trip and had yet to see or read the committee’s recommendations. “I think that’s at the stage now where it can be presented to me and I can prepare it for Cabinet,” he said. “The evaluation has been done. I’ve been travelling, and notwithstanding any further hurdles I can proceed to take it to the Cabinet of The Bahamas for its consideration. “I haven’t read the report as yet. I’m sure there is one. Cabinet has yet to opine and they will probably seek additional information to get a comfort level on whether to sell, to whom, or not.” Tribune Business previously reported that Colin Ingraham and Robert Pantry, the former Royal Bank of Canada (RBC) and Scotiabank banker, are the principals involved in one of the two remaining bidders. They are thought to be supported by RoyalFidelity Merchant Bank & Trust, which will raise the necessary financing. Besides Mr Cargill, the evaluation committee also included former Central Bank governor, Wendy Craigg, who now chairs the Bahamas Civil Aviation Authority (BCAA) Board; Walter Wells; accountant Philip Stubbs; and Ryan Sands, an attorney with the Attorney General’s Office. Nassau Flight Services’ annual $8m revenues place it well within the range of the Bahamian investor groups targeted by the government. The Minnis administration has long made clear that it views the company as “low hanging fruit” when it comes to privatisation, outsourcing and getting the government “out of business”.

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Data deal critical to $88m PMH deficit By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

HE “crashed” healthcaredata contract was critical to cutting Princess Margaret Hospital’s $88m income deficit, which exists despite patient days being five times’ higher than in other Caribbean nations. Documents obtained by Tribune Business reveal that the $18m deal awarded to Allscripts, and its partner Infor Lawson, by the former Christie administration was vital to the introduction of “real time billing and revenue leakage reduction” at The Bahamas’ major public hospital. This, in turn, would have narrowed the $88m gap that exists between the $5.678m in revenues collected by Princess Margaret Hospital

DR DUANE SANDS (PMH) for treating patients and its annual $93.747m operating expenses, which are detailed in a position paper presented to the Public Hospitals Authority’s (PHA) Board of Directors.

Bahamas faces “a big step it needs to climb” in clawing back a drop-off he described as “perfectly understandable” given that Dorian had effectively taken Abaco - with its important second home and vacation rental market - offline for many months to come. Disclosing that Abaco and Grand Bahama accounted for almost 200,000 annual stopover visitors between them,

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in annual revenues, respectively, from population bases of just 64,268 and 54,878. Patient days for both stood at 97,419 for Bermuda, and just 23,702 for the Cayman Islands, with the former turning an operating profit on the healthcare it provided. Yet PMH, which dwarfed both territories with 124,828 patient days from a 248,948 Bahamian population, collected just under $6m in revenues. This was despite the report revealing that annual fees billed to patients were projected at $83.7m for the financial year ending June

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Tourism to ‘close gap’ over 11% booking fall By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas is “focused on closing the gap” created by a ten to 11 percent falloff in the forward visitor bookings pace for the key 2019-2020 winter season, a Cabinet minister revealed yesterday. Dionisio D’Aguilar, pictured, minister of tourism and aviation, told Tribune Business that the booking pace for a period in which hotels and tourism-related businesses earn the bulk of their annual profits “looks softer than usual” due to the continued fall-out from Hurricane Dorian’s

• Peak winter season ‘softer than usual’ • Bahamas has ‘big step it needs to climb’ • Canada to rebound after 5% October drop devastation of Abaco and Grand Bahama. Pledging that the Ministry of Tourism was “bringing our marketing assets” to bear on the situation, Mr D’Aguilar said he was still “very” confident that the gap between current and prior year bookings would narrow given that it was only mid-November. Suggesting that this provides sufficient time to make inroads into the decline, the minister conceded that The

Local institutions to participate in BPL bond issue By YOURI KEMP Tribune Business Reporter BAHAMAS Power & Light’s (BPL) chairman yesterday confirmed that local institutional investors will be able to participate in the utility’s upcoming mammoth $650m bond refinancing. Dr Donovan Moxey, in a brief exchange with Tribune Business, said: “What I can say is the local offering of the bond will be open to institutional investors.” His comments came after himself, together with BPL chief executive Whitney Heastie and Geoffrey Andrews, head of the vehicle that will issue the National Utility Investment Bond, were spotted going into the Cabinet Office for that body’s week;y meeting. They were followed by Dr Nicola Virgill-Rolle, the National Insurance Board’s (NIB) director, and members of her team. While she later declined to comment, Desmond Bannister, minister of works, confirmed that NIB was now mulling whether to buy into the $650m issue. He said: “NIB will review the relevant information and make their decision.” Dr Moxey’s comments clarify growing confusion and uncertainty in the Bahamian capital markets over whether local investors would be able to participate in the BPL refinancing. While this had been the original plan, with some $100m to $150m eyed for the local market, the absence of any confirmation - indeed, any information - was fuelling growing concerns this might not happen. Several institutional investors, speaking to Tribune Business on condition of anonymity, had voiced suspicions that Citibank, the BPL offering’s main advisor and placement agent, was seeking to place the entire $650m with the

• $6m revenues dwarfed by nine-figure rivals • Despite hospital’s patient days five times’ higher • ‘Crashed’ contract key to plug bill, revenue loss The paper, which was updated on April 27 this year, reveals that PMH’s income pales alongside the annual nine-figure revenues collected by the health authorities in Bermuda and the Cayman Islands. This is despite New Providence’s Bahamian population being almost four and fives times’ that of Bermuda and Cayman, with patient days at PMH more than 100,000 higher than those recorded by the latter territory’s health authorities. The report to the PHA Board discloses that Bermuda and Cayman’s health authorities generated $326.419m and $104.351m

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‘We could sign tomorrow’ with $100m airport offers By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A SENIOR official yesterday said the government “could sign tomorrow” with multiple offers as it seeks to raise $100m for the overhaul of four prominent Family Island airports. Algernon Cargill, director of aviation, told Tribune Business that financing proposals were “already on the table” from both local and international investors prior to the government formally approaching the capital markets for funds. Confirming that it had already sounded out local finance houses, RoyalFidelity Merchant Bank & Trust and CFAL, Mr Cargill said the “strong” interest shown in teaming with the government in a publicprivate partnership (PPP)

• Proposals for four-strong package ‘already on table’ • AVN chief: Shows ‘confidence’ in tourism strength

ALGERNON CARGILL to redevelop these airports represented a show of “confidence” in Bahamian tourism’s product quality post-Dorian. The four airports involved are Exuma’s (Georgetown), North Eleuthera, Deadman’s Cay in Long Island,

and the “refurbishment” of Abaco’s Leonard Thompson International Airport in Hurricane Dorian’s aftermath. Mr Cargill said the first two account for the bulk of the financing needs, with North Eleuthera likely to prove most expensive due to the need to acquire commonage land for its expansion. “We’re talking about financing the airports through private-public partnerships,” he told this newspaper, “and have multiple requests from international as well as local financiers to participate. We have offers from locals and internationally that we’re actively considering. “We’re looking at a

PPP to be able to provide financing for this purpose similar to the arrangement that exists between the government and the Nassau Airport Development Company (NAD). The actual response from the market has been very strong, and we continue to evaluate the proposals we have. “We already have financing from the Inter-American Development Bank (IDB), local finance houses that want to participate with the government, CFAL and RoyalFidelity, and there’s the international financiers that continue to approach us to provide financing and management support.” Mr Cargill said the government already possesses

$35m in IDB financing to kick-start the necessary construction works, and revealed that it is seeking a further $100m to complete the funding for the four airports selected for priority attention. “We’re looking to raise $100m to finance these airports,” he told Tribune Business. “The Exuma airport is ready for tender. That’s $40m. The North Eleuthera airport will be a duplicate of Exuma, and will be more expensive. “We have the Deadman’s Cay airport in the design phase, that’s $10m-$15m, and the refurbishment of the airport in Abaco postDorian will be between $5m-$8m.” The government leased the Lynden Pindling International Airport (LPIA) to

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THE TRIBUNE

FROM left (seated): Ursula Maxwell-Lewis, freelance writer; Ellison “Tommy” Thompson, Ministry of Tourism’s deputy-director general; Fiona Morrow, editor, MonteCristo Magazine; Dionisio D’Aguilar, minister of tourism and aviation; Biance Bujan, freelance writer; Joy Jibrilu, Ministry of Tourism’s director-general; Charnelle Brown, deputy high commissioner; Paul Strachan, Bahamas Tourist Office Canda director; Carmel Churchill, sales manager, Grand Bahama Island Tourism Board.

FROM left: Ellison “Tommy” Thompson, Ministry of Tourism’s deputy-director general; Charnelle Brown, deputy high commissioner; Dionisio D’Aguilar, minister of tourism and aviation; Joy Jibrilu, Ministry of Tourism’s director-general; Paul Strachan, Bahamas Tourist Office Canada director.

THE Ministry of Tourism has been joined by private sector partners on an “absolutely critical” tour of major Canadian cities that aims to boost visitor numbers in Hurricane Dorian’s wake. “Following Hurricane Dorian, we felt that it was absolutely critical to

of 4.3 percent. Canadian visitor arrivals to The Bahamas increased by 14 percent year-overyear in 2017-2018. And, for the first nine months of this year, Canadian arrivals were 10.5 percent ahead of the same period in 2018. “The tourism industry had an historic year in 2018, and has maintained momentum right up to Dorian’s arrival. International arrivals to the Bahamas increased by just over 13 percent in August, including 2.1 percent growth from Canada,” Dionisio D’Aguilar, minister of tourism, said. “Air capacity from Canada was up seven percent and fall bookings were looking strong. It’s not business as usual in The Bahamas - that will be years away- but this is a major step to be present in the Canadian market to regain momentum.” Private sector executives on the tour include Fred Lounsberry, chief executive, Nassau/Paradise Island Promotion Board; Karin Salinas, senior vice-president of marketing for Baha Mar; Ana Cerna, director of international marketing for Rosewood Baha Mar; Bryan Gay, senior vicepresident of sales at

TOURISM ON ‘CRITICAL’ CANADIAN MISSION come and let the Canadian market know that we are open for business and to introduce The Bahamas to new aspects of the Canadian market,” said the Ministry’s director-general, Joy Jibrilu. “As far west as Vancouver, there is huge potential to market the country.”

Canada is the second largest source market for visitor arrivals to The Bahamas next to the US. Through the first seven months of 2019 there were an estimated 3.7m Canadian arrivals to the Caribbean, Mexico and Central America, representing a year-over-year increase

Atlantis; Sydney Engel, director of public relations for Atlantis; Amy Mecl, vice-president of leisure sales for Atlantis; Franco Pill, vice-president of business development for Atlantis; Yasmine Strachan, director of sales, Comfort Suites Paradise Island; Sobieda Feliz, director of sales, Warwick Paradise Island; Phillippe Gringas, associate director of sales, Grand Hyatt Baha Mar; Lilly Carr, leisure sales manager, Rosewood Baha Mar; Cristina Diaz, leisure sales manager, Melia; James Burrows, group sales manager, SLS Baha Mar; Robert Garzaroli, principal, Graycliff Hotel & Restaurant; Elaine and Brent Carnegie, Nassau/ Paradise Island Promotion Board; Regia Knowles, director of operations, Sunrise Beach Club; Hedda Smith, sales manager, Superclub Breezes; L’Oreal Sweeting, Out Islands Promotion Board; Jeff Todd, communications manager, Grand Isle Resort & Spa; Barbara Dirnberger, national sales manager, Bahamas Paradise Cruise Lines; Carmel Churchill, sales manager, Grand Bahama Island Tourism Board; Barbara Spychalla,

operations manager, Valentines Resort & Marina; William Saunders Jnr, director, Majestic Tours Bahamas; Juan Moss, chief executive, Leisure Travel and Tours; Michael Symonette, chief executive, Bahamas Experience Tours; Juan Carlos Ruiz, sales manager, Viva Wyndham Fortuna Beach; Craig Thomas, director of sales and marketing, Margaritaville Bahamas; Donne Nixon, business development manager, Sandals Resorts; Krista Cardona, sales manager, Air Canada Vacations; Emily Spadafora, Andrei Losinski and Christopher Brothers, sales managers, WestJet Vacations; Lorraine Brisbois, corporate manager, Sunwing Vacations; and Nancy Drolet, business development manager, Caribbean Tourism Organisation. Ministry of Tourism officials are hopeful that The Bahamas’ media offensive will strengthen sales efforts and help drive Canadian tourists to visit the Bahamas. “We’ve had a record-breaking year with the Canadian market, and we are looking to continue that trend,” said Mrs Jibrilu.

MINISTER PUSHES TV MESSAGE ON TOURISM

DIONISIO D’Aguilar, minister of tourism, is continuing to push the message to Canadians that The Bahamas remains open for business following Hurricane Dorian. He was interviewed this week by Global BC’s Morning News with reporter Sonia Sunger.

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Wednesday, November 20, 2019, PAGE 3

Brewery shrugs off Dorian devastation By YOURI KEMP Tribune Business Reporter COMMONWEALTH Brewery is “cautiously optimistic” on the economy’s short-term prospects after it rebounded quickly from Dorian’s destruction of five retail outlets and a distribution centre. The BISX-listed Kalik manufacturer, unveiling its results for the 2019 third quarter and first nine months, pointed to the fact it had converted a minor loss in the three months to end-September last

year into a $1.685m profit - despite the category five storm - as reasons for its outlook. Net revenue increased by nearly three percent, or some $773,846, over the 2018 third quarter even though Dorian inflicted significant destruction on the brewery’s retail and distribution infrastructure in both Abaco and Grand Bahama. “The net revenue increase for the third quarter outpaced declines in the first half of the year, and ended slightly behind the

comparative period [for the first nine months] in 2018 by 0.5 percent despite operating interruptions due to Hurricane Dorian,” Commonwealth Brewery told shareholders. “The third quarter of 2019 yielded a continued positive trend in which net revenue grew 2.9 percent comparatively. “Hurricane Dorian destroyed one of Commonwealth Brewery’s eight retail outlets in Freeport, as well as the company’s three retail outlets and the distribution centre in Abaco. By the end of September,

however, we had reorganised our route to market and resumed distribution on both islands.” It added: “Net Income for the year to September was $4.982m compared to $5.483m in 2018, reflecting the one-off restructuring costs and stronger revenue performance since the second quarter 2019. Notably, net profit for the three-month period ended September 2019 grew to $1.685m from a loss position for the comparative period of 2018.” Commonwealth Brewery’s

retained earnings increased by 30 percent year-over-year, while total equity grew by 12 percent. Total third quarter operating expenses decreased by 3.9 percent as compared to last year, dropping from $26.991m to $25.928m - a fall of some $1.063m. “Operating expenses year-to-date from September to September reduced by 0.9 percent, supported by a continued decline of 3.9 percent during the quarter, principally driven by the cost alignment measures reported on earlier in

the year,” Commonwealth Brewery said. “Results this year are continually encouraging and, as stated in the second quarter interim accounts, indicate that our cost realignment, infrastructural and workforce improvements, together with our continued commercial focus, are producing the desired results. “We are cautiously optimistic on our short-term outlook post-Dorian and will continue to adapt our strategy to enhance value to shareholders.”

Tourism: Dorian loss is ‘unprecedented’ By YOURI KEMP Tribune Business Reporter THE Bahamas Hotel and Tourism Association (BHTA) yesterday said Hurricane Dorian had inflicted an “unprecedented economic loss” on Abaco, and the island will take time to recover. The Association, in a brief statement to Tribune Business on behalf of its president, Carlton Russell, said it was “fully aware” that reconstruction following the category five storm will be protracted with the financial “sting” felt throughout the country during September. Speaking directly to the post-Dorian impact assessment conducted by the Inter-American Development Bank (IDB) and other multilateral agencies, it said “The Bahamas Hotel and Tourism Association (BHTA) recognises the unprecedented economic loss felt by our productive sector, primarily in Abaco, due to Hurricane Dorian. “The financial reverberations within our tourism economy were not limited to the islands and cays of Abaco and Grand Bahama, as most tourism-related businesses throughout the archipelago felt the financial ‘sting’ particularly in the month of September.”

A BAHAMAS flag flies tied to a sapling, amidst the rubble left by Hurricane Dorian in Abaco in September. Photo: Ramon Espinosa/AP The joint Dorian assessment conducted by the IDB, together with the United Nations (UN) Economic Commission for Latin America and the Caribbean (ECLAC) and global health bodies, said: “Losses for the productive sector were estimated at approximately $400.3m. Abaco suffered 83.8 percent of those losses. “Tourism accounted for most of the losses at 81.2 percent and suffered the greatest effects. This sector suffered a loss of $325.2m. The productive sector suffered damage

estimated to be $620.9m, most of them in tourism at $529.6m.” Charles Johnson, a Bahamas Insurance Association (BIA) representative, last week told the Bahamas Institute of Chartered Accountants (BICA) that 86 percent of the industry’s losses were in Abaco. He addd that the Baker’s Bay Golf & Ocean Resort on Great Guana Cay, with an estimated insurance value between $800m to $1bn, potentially accounts for up to 50 percent of all damages.

The IDB report further added: “Hurricane Dorian impacted two major tourist destinations of The Bahamas, and disrupted the tourist flows for several days before and after the storm in the rest of the archipelago. “The hurricane also caused significant damage to tourism infrastructure on Abaco and in East End, Grand Bahama. In some locations the damage was catastrophic. The total

damage in the tourist sector was $530m. A large majority of the damage occurred on Abaco. “On this occasion the forecasted losses are less than the damage and amount to $325m. They are related to the disruption in the flow of tourists as result of the storm and a changed public perception due to the damaged structures. Most of the losses will be accrued in the high season of 2019 and 2020, tapering off as the recovery is expected to gain momentum.” The BHTA said yesterday: “We are fully aware Abaco will take time to recover. We commend the incredible efforts of the private and public sector to restore essential services, rebuild homes, open businesses and government offices where and when possible in both residential and highly-saturated tourism centres. “Private and public sector tourism officials and stakeholders such as the Ministry of Tourism and the varying promotion boards - Nassau/Paradise Island Promotion Board (NPIPB), Bahamas Out Island Promotion Board (BOIPB), Grand Bahama

Island Tourism Board (GBITB) - continue to espouse the attributes of The Bahamas and the fact that the areas affected are making monumental strides in a comparatively timely manner to build back better. “As a destination The Bahamas is blessed with a unique tourism product that allows us, on one hand, to welcome visitors to our shores and, with the other, help our fellow Bahamians in Abaco and Grand Bahama who were impacted by Dorian,” it continued. “One cannot happen without the other. Therefore we are most pleased with the collaborative efforts of these industry partners to continue to promote the destination and remind the world ‘The Bahamas is open for business’.”

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PAGE 4, Wednesday, November 20, 2019

THE TRIBUNE

Data deal critical to $88m PMH deficit FROM PAGE ONE

30, 2018, highlighting the “urgent need” to plug the income gaps and focus on collections. In particular, it revealed that there were “high instances” of persons receiving treatments and care before they were even registered in PMH’s computer systems. This, the report added, “results in lost revenues or, at best, a very delayed bill once such a situation is discovered. This scenario would be eliminated by a fully integrated health information system”. Such a system is exactly what Allscripts/Infor Lawson were contracted to provide in August 2016, but Dr Duane Sands, minister of health, revealed to Tribune Business earlier this week that the deal had “not just stalled, it’s crashed”, and described it as “a bust” that had wasted millions of Bahamian taxpayer dollars while delivering zero value for patients. An April 18, 2018, letter from Catherine Weech, the PHA’s managing director, to Marlon Johnson, the Ministry of Finance’s acting financial secretary, placed the integrated healthcare management system (iHMS) as the top item among

the revenue-enhancing initiatives being eyed to help close the state-owned enterprise’s (SOE) $28m annual deficit. “We project incremental revenue collection increases in the short-term, and material increases in the long-term, due to several initiatives including real-time billing and revenue leakage reduction with the implementation of the iHMS system,” Mrs Weech wrote. That never happened, and the PHA Board position paper confirms that in the absence of such a system all patient bills apart from those relating to pharmaceutical and laboratory services - have to be generated manually as opposed to taking just one day. “[The] absence of a fully integrated health information system (iHIMS) means that currently the only systems that are interfaced are inpatient drugs and laboratories,” the position paper said. “All other charges must be manually posted, which also include those in the radiology department.... “Notwithstanding the PHA’s structural deficits, infrastructure challenges and the archaic state of its 33 year old mission critical informational systems - Keane Insight Patient Information, Centricity

Pharmacy and Infor Masterpiece General Financials & Materials Management - each requiring replacement, upgrading or complete overhaul, there is an urgent need to focus on the PMH’s inability to currently issue integrated patient bills; obtain electronic reimbursements for individuals with private health insurance or Government-run health plans; bill for radiology services or charge the credits cards of the 11,000-plus tourists who require EMS, clinical, emergency or air ambulance services.” The desperate financial situation is further underscored by the fact that the PMH data does not include the 51,170 expatriates or 29,157 immigrants that it says reside in The Bahamas, meaning that the lost revenue opportunities are greater than the document allows for given that these persons will also undoubtedly use the public healthcare system. The PHA is the largest government-subsidised state-owned enterprise (SOE) in The Bahamas, consuming more than 50 percent of such allocations in the 2019-2020 budget with its $223.5m, which means that doing a better job on cost recovery will alleviate

some of the pressure on hard-pressed taxpayers. It would also give the Authority much-needed income to reinvest in the quality of its facilities and infrastructure, not to mention the care provided, thereby ensuring better treatment outcomes for Bahamians and residents. Allscripts did not respond to Tribune Business phone calls, voice messages and e-mails seeking comment yesterday. However, Dr Sands suggested that the cause of the contract’s failure may lie with too many members of the Christie administration taking responsibility for the minister of health portfolio. Asked to respond to comments by Opposition health spokesman, Dr Michael Darville, that the then-government “makes no apologies” for awarding the contract to Allscripts, Dr Sands said: “I think you understand now how this problem may have occurred. “Because I don’t believe the minister for Grand Bahama [Dr Darville] was ever the substantive minister of health. Nor was the minister of national security [the late Dr Bernard Nottage], nor was the Prime Minister, nor were a number of other people that carried the health portfolio in the previous

administration. The diffusion of attention probably led in part or in whole to this mess.” Dr Sands was alluding to the impression that his predecessor as minister of health, Dr Perry Gomez, was often sidelined by other members of the former Christie administration, as appeared to be the case when the Prime Minister’s Office and Dr Darville took control of the National Health Insurance (NHI) scheme’s roll-out. The current minister, meanwhile, yesterday affirmed to the media outside the weekly Cabinet meeting that around $7m-$8m had been paid to Allscripts/Infor Lawson and their third party vendors to-date without a single benefit accruing to the Bahamian people. “It is a matter of looking at a contract that was executed on behalf of the PHA that cost the Bahamian public many millions of dollars for which there is very little to show,” Dr Sands said. “We would have spent, I’m advised, $7m, perhaps even $8m and there is not a single line of code that has been downloaded on a PHA computer. “We don’t have an electronic medical record, and it is quite disconcerting that many years after signing this contract that there

is very little to show and we basically have to start over.” He added that the Bahamian public healthcare system had been placed “behind the eight-ball and we have to catch up” as a result of Allscripts’ failure to perform. “We have been negotiating, in the interests of the PHA and also the people of The Bahamas,” Dr Sands said. “I’m sure taxpayers will expect if millions of dollars of their money are being spent that they’ll get something for it. Having sacrificed these funds they will expect advantages and improvements in the healthcare system. That has not happened.” He added that Santa Rose Consulting was helping the PHA to move forward. He added that the Authority had also obtained support from the World Health Organisation (WHO) and its regional affiliate, and agreed to be a “pilot” for a project designed to help small countries “catapult themselves into the realm of electronic medical records”. Dr Sands said such a system would enable a patient’s medical history to follow them wherever they accessed care in the public system, thus improving the quality of services and treatments they receive.

Local institutions to participate in BPL bond issue FROM PAGE ONE international capital markets in US dollars and not allocate any portion locally. That appears to longer be the case for the National Utility Investment Bond, which is seeking to raise financing for repaying BPL’s legacy $321m debts as well as provide capital for major infrastructure upgrades. Dr Moxey and Mr Andrews previously met in New York with the credit rating agencies in a bid to obtain a credit rating for the bond issue, which they are aiming to place by the first week in January. Capital markets sources, though, have expressed scepticism about this timeline on the basis that credit ratings typically take longer to obtain than just several months. Mr Andrews, though, told Tribune Business previously: “We did have some meetings in New York, and we all felt - and our

DR DONOVAN MOXEY advisors told us - the meetings seemed to have gone well and were well received. We were meeting some of the rating agencies.” This included the likes of Fitch, Moody’s and Standard & Poor’s (S&P), as they sought to make the case as to why the National Utility Investment Bond issue should receive an “investment grade” rating indicating that the borrower is sufficiently strong with good creditworthiness. Obtaining a strong, “investment grade” type rating for the bond issue is critical for Bahamian households and businesses

LEGAL NOTICE OF DISSOLUTION International Business Companies Act (no.45 of 2000) In Voluntary Liquidation Notice is hereby given in accordance with Section 138 (8) of the International Business Companies Act, 45 of 2000, the Dissolution of GREATER WILDWOOD LIMITED has been complete, A certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 10th day of October, 2019

as this will determine the price (interest rate) that will be attached to these debt securities. Much like how the rating agencies assess The Bahamas’ sovereign creditworthiness, an ‘investment grade’ rating indicates confidence in a borrower’s ability to repay its debt and ensures access to lower-cost debt capital, whereas a socalled ‘junk’ rating - like this nation has now from S&P will result in having to pay investors higher interest rates to compensate them for the increased risk. However, if the BPL bond can only obtain a ‘junk’ rating this will increase the price demanded by investors, meaning Bahamian households and businesses will have to pay higher bond servicing fees. “It hinges on the rating we get,” Mr Andrews confirmed to Tribune Business of the bond’s pricing. NOTICE

NOTICE

International Business Companies Act (No. 46 of 2000)

LAUDANO LTD.

WOODSON INVESTMENTS LTD.

Registration Number: 147361 B (In Voluntary Liquidation)

Registration Number: 79,164 B (In Voluntary Liquidation)

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 46 of 2000) LAUDANO LTD. commenced voluntary liquidation on the 15th day of November, 2019. Any person having any claim against LAUDANO LTD. is required on or before the 19th day of December, 2019 to send their name, address and particulars of the debt or claim to the Liquidator of the company, or in default thereof they may have excluded from the benefit of any distribution made before such claim is approved. GSO Corporate Services Ltd., of 303 Shirley Street, Nassau, The Bahamas is the Liquidator of LAUDANO LTD.

GSO Corporate Services Ltd. Liquidator

LEGAL NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT, 2000

SWEET MANDARIN LTD.

CHAMS DEVELOPMENT GROUP LIMTED

NOTICE IS HEREBY GIVEN in accordance with Section 138 (4) of the International Business Companies Ac, 2000, as follows:

a) SWEET MANDARIN LTD., is in dissolution under the provisions of the International Business Companies Act 2000

b) The dissolution of the said Company commenced on 20th September, 2019

c) The Liquidator of the said Company is Amicorp Bahamas Management Limited whose address is: Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, P.O.Box N-4865, Nassau, Bahamas

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 46 of 2000) WOODSON INVESTMENTS LTD. commenced voluntary liquidation on the 15th day of November, 2019. Any person having any claim against WOODSON INVESTMENTS LTD. is required on or before the 19th day of December, 2019 to send their name, address and particulars of the debt or claim to the Liquidator of the company, or in default thereof they may have excluded from the benefit of any distribution made before such claim is approved. GSO Corporate Services Ltd., of 303 Shirley Street, Nassau, The Bahamas is the Liquidator of WOODSON INVESTMENTS LTD.

GSO Corporate Services Ltd. Liquidator LEGAL NOTICE

FINAL NOTICE Pursuant to the provisions of section 138 (8) of the International Business Companies Act 2000, notice is hereby given that:DELPHIN INVEST SA has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 25th October, 2019. Kim D. Thompson Liquidator

THE TRIBUNE

Wednesday, November 20, 2019, PAGE 5

Tourism to ‘close gap’ over 11% booking fall FROM PAGE ONE Mr D’Aguilar said it was unlikely that The Bahamas would be able to fully replace that business by attracting more tourists to the islands not impacted by Dorian. “As we enter into the New Year, and we’re still over a month away from that, the bookings are looking softer than usual,” the tourism minister admitted to Tribune Business. “We recognise that, and our bringing our marketing resources and assets to close some of the gap that has developed. “We’re not in as good a position as last year but that’s perfectly understandable because of the news coverage that The Bahamas received in September. Obviously a lot of the travelling public are in wait and see mode with respect to The Bahamas, and wanted to get the all-clear and see how things look... “We know about it now and are very much focused on closing the gap, which is around ten to 11 percent. That’s looking at it from the middle of November.” Mr D’Aguilar confirmed that these figures related to the forward bookings pace for the January-April 2020 period, which represents the peak winter tourism season that generates the income hotels and others rely on to carry them through the year. Attributing the fall-off to Abaco’s loss, as well as Dorian’s impact on Grand Bahama, Mr D’Aguilar added: “If you delve somewhat into the numbers, one naturally assumes that the islands not impacted are probably doing alright and people are planning to go to them. “But the whole of Abaco, and Grand Bahama, are not in our inventory stock any more. It’s hard to replace that. Abaco was a large second homeowner market. You’re trying to replace a very loyal customer base that goes to a special island year over year. “To replace that growth in stopover visitors, we have to attract more stopover visitors to islands that were not impacted [by Dorian]. The beautiful thing is we now know this is going to be an issue, so it gives us time to address it. Hopefully we will be successful, but it’s a big step we need to climb. It’s quite high.” Mr D’Aguilar said Abaco had generated 120,000 stopover visitors in 2018, and Grand Bahama another 75,000, meaning that they accounted for almost 200,000 of the higher-spending tourist category.

Speaking from Canada, where he and Ministry of Tourism officials have teamed with the resort and wider industry to promote The Bahamas from coast-to-coast, Mr D’Aguilar said he was anticipating “single digit” growth in Canadian stopover visitors from December onwards. This, he added, will reverse the Dorian-induced yearover-year declines suffered in September and October from a market that produces some seven percent of this nation’s annual stopover tourists. “In 2018, stopover visitors from Canada were up 14 percent,” Mr D’Aguilar told Tribune Business, “and up to the end of August they were up another ten percent. We were down 15 percent in September, and another five percent in October. Given our Forward Keys indicators from Canada we’re expecting single-digit growth from December onwards.” Apart from twice daily airlift from Toronto, the major Canadian source market for The Bahamas, via Air Canada and WestJet, this nation is also receiving four and one flights per week from Calgary and Vancouver, respectively. “The numbers [from Canada] have been growing just as quickly as from the US, which is why they’re staying at seven percent, but the number of physical visitors is constantly growing,” Mr D’Aguilar added. He said the joint public-private sector promotional effort had delivered the message ‘that close to 90 percent of our tourism infrastructure is back up and running or was never impacted”. The minister said they had also been educating the Canadian public, travel industry operators and media “about the diversity” of The Bahamas and this nation’s ability to offer experiences not affected by Dorian. “We’re really trying to put The Bahamas front and centre of those people in the travel industry who influence where persons take their vacation,” Mr D’Aguilar explained. “Everybody that attends one of our presentations emerges with a far better understanding of the state of affairs in the country, and they are very impressed with the quality of our presentation and marketing campaign.” He described the Vancouver leg of the trip as “very successful”, and both the Ministry of Tourism and private sector were now waiting to see if it translates into increased business.

GB BUSINESSES AWARDED GRANTS SEVERAL Grand Bahama businesses have received grants from the Small Business Development Centre (SBDC) and the Prime Minister’s Office. Those involved are either existing, looking to expand or start-up, and will be located across the island. The recipients were: Sunny Side Food Truck, owned by Jaimmee Gaskins, specialising in baked goods; EJ’s Café in McLean’s Town; Peaches and Cream Boutique, owned by Sally Forbes, a clothing boutique; Junkanoo Shoe Company, owned by Tamika Knowles, a local shoe manufacturer; Bahamas Disposal Waste Treatment and Supplies, owned by Mervin Dean, specialising in hazardous water removal; Yellow Tail BioFuel, owned by Phillip Kemp and specialising in renewable fuel sources; Utopia Nature Gardens, owned by Chaka Woodside, featuring organic produce; Voluptuous Beauties, owned by Beneta Pinder, a women’s clothing and accessory store; New Era Productions, owned by Quninton Gordon, a multi-media production firm; New Horizon Travel, owned by Hortense Russell, a travel agency; and Lost At Sea Jewelry, owned by Sherrill Bethel, specialising in sea glass jewelry. Three of the businesses were recipients of grants and loans from the Small Business Development Centre, while the others received grants from the Prime Minister’s Office. Senator the Hon J Kwasi Thompson, minister of state for Grand Bahama in the Office of the Prime Minister, also announced the

A NUMBER of businesses have received grants from the Small Business Development Centre (SBDC) and the Office of the Prime Minister. Shown from left seated are: Sharmine Johnson (SBDC); Evette O’Conner (SBDC); Senator J Kwasi Thompson, minister of state for Grand Bahama in the Office of the Prime Minister; and Davinia Grant, executive director, SBDC. Shown from left standing are: Mervin Dean; Hortense Russell; Sally Forbes; Quinton Gordon; Benita Pinder; Jaimmee Gaskins; Phillip Kemp; and Conrad Jones, Office of the Prime Minister. Photo: BIS Small Business Technology Upgrade Initiative. He said that in the downtown Freeport area, where a number of businesses were flooded, numerous paper records were destroyed. “We are now moving into the age of technology, and we are making that push for Grand Bahama to be the technology hub of The Bahamas,” he added. “One of the things we think about is if we are truly going to call ourselves a technology hub, then existing businesses must have the capability of using the latest technology. This is one of those things where your need meets your opportunity, and the hurricane provided the opportunity and made the need far more relevant.” Mr Thompson explained

that the Small Business Technology Upgrade Initiative “is designed specifically to create new opportunities for small businesses to access grant funding (up to $2,500) ear-marked for the introduction and/or upgrade of technology-based infrastructure within their enterprises”. Such infrastructure includes data/cyber security; cloud computing and storage; website design/ implementation and enhancement; hardware/ software (point of sale systems); mobile applications; collaboration/remote workforce systems; marketing services (social media advertising); productivity/financial management systems; and customer relationship management.

Davinia Grant, Executive Director of Small Business Development Centre, said it had currently received 200 applications from Grand Bahama. “That’s what resilience is. Despite all the opposition, you decide to push with your vision,” she said. To-date, around $185,000 in SBDC grants and small loans have been approved. “If you’re looking to rebuild your business, one of the major things that impedes a small business from being able to access credit or equity investments is the lack of records,” she added. Ms Grant said very few small businesses possess proper financial records, and this is making it difficult for them to obtain financing.

LEGAL NOTICE

N O T I C E

KERZNER INTERNATIONAL BAHAMAS (II) LIMITED

(In Voluntary Liquidation)

________________________________________________

Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned at P. O. Box N-624 on or before the 4th day of December, A.D., 2019. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator. Dated the 20th day of November, A.D., 2019

NOTICE IS HEREBY GIVEN as follows: (a) KERZNER INTERNATIONAL BAHAMAS (II) LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 19th day of November, A.D., 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Kirvy Ferguson, whose address is 2nd Floor, Shirley House, #253 Shirley Street, Nassau, Bahamas. Dated the 20th day of November, A.D., 2019.

Kirvy Ferguson Liquidator

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above named Company

PAGE 6, Wednesday, November 20, 2019

THE TRIBUNE

‘We could sign tomorrow’ US STOCK INDEXES EDGE MOSTLY with $100m airport offers LOWER AS RETAILERS SINK FROM PAGE ONE NAD and its management company, Vantage, on a long-term deal while charging it with raising the capital to finance the facility’s transformation. NAD was also given responsibility for managing its operations and ongoing maintenance, with revenues generated by passengers, airlines and retail/restaurant tenants servicing the interest on its debt. The Minnis administration has made no secret of its desire to employ a similar model for the muchneeded upgrades to the 28 Family Island airports given that the combined value of the required works likely exceeds $200m - a sum that the cash-strapped Public Treasury is unable to bear by itself. Some observers suggested to Tribune Business yesterday that investor interest was likely to be lukewarm given that many Family Island airports did not attract sufficient passenger volumes to generate the desired return on investment financiers will be seeking. They even

suggested there were doubts about whether the initial capital investment would be recovered. Mr Cargill, though, dismissed such concerns. “We actually have offers on the table that the government can sign if we wanted to. We have strong offers already and we can sign tomorrow if we want to,” he told Tribune Business. “We wanted to get the construction going and then reevaluate the offers. We’ve had IDB financing in place for quite a while so that will form a part of the preliminary support with private financing. We’re actually in discussions now. We have international as well as local interest. These are people that have approached us without us having to go to market. “We don’t see any real concern, based on the attractiveness of the Bahamian tourism product, to raise the financing to get these airports off the ground.” Mr Cargill said investor interest could be attributed, at least in part, to the strength and resilience of the Bahamian tourism

Flight Services recommendation goes to minister FROM PAGE ONE It also sees the privatisation as part of its drive to create more Bahamian entrepreneurs, diversify the economy and spread the wealth, hence its insistence that foreign bidders need not apply given that Nassau Flight Services’ size makes it a prime candidate to remain in local hands. The ground handling services provider currently requires annual taxpayer

subsidies of $2m, while the privatisation tender document laid out relatively modest growth prospects. Revenues from its main ground handling business projected to grow at two percent per annum over the next decade. And a downsizing of Nassau Flight Services’ 244strong workforce, featuring 166 full-time workers and 78 temporary staff, is almost inevitable given the need to better align costs with

industry post-Dorian. “This gives us confidence the product we’re selling is right because we continue to attract local and international interest,” he added. “We’re very excited that there’s such strong interest in The Bahamas’ tourism product and providing support for the redevelopment of our airports. It gives the country extra confidence because there’s such substantial demand for the tourism product even after Dorian.” Tribune Business sources suggested that the government is proposing to create a special financing vehicle for raising the capital for the airport redevelopments, thereby keeping any debt and associated liabilities off an already-strained balance sheet that has been further stretched by Hurricane Dorian. Mr Cargill declined to confirm this structure, merely saying: “We will work in partnership with the Ministry of Finance to determine the best way to move ahead. The department of aviation will lean on the expertise of the Ministry of Finance.” income. This, though, will not be easy given the presence of trade unions via the Airline, Airport and Allied Workers Union and an existing industrial agreement. Nassau Flight Services’ client base comprises British Airways, Air Canada, West Jet, Sunwing Airlines, InterCaribbean Airlines, Caribbean Airlines, COPA Airlines and Cubana Airlines at LPIA’s international terminal, and Jet Blue, Southwest Airlines, United Airlines and Silver Airlines at the US terminal. It also serves a host of charter and other operators, including Air France and Condor, while in Exuma it serves Air Canada and takes care of American Airlines and Air Cariabes in San Salvador.

By ALEX VEIGA Associated Press

MAJOR stock indexes ended a wobbly day of trading on Wall Street mostly lower yesterday, as losses in energy companies and department store operators edged out gains elsewhere in the market. A solid showing for technology sector stocks helped lift the Nasdaq composite to another all-time high, while the S&P 500 index finished less than two points below the record close it reached on Monday. Energy sector stocks took the heaviest losses as the price of US crude oil dropped 3.2%. Disappointing earnings from Kohl’s sent other retailer stocks into a skid. A slide in Home Depot’s stock weighed on the Dow Jones Industrial Average, which ended lower a day after inching to a record high. “It’s almost a carbon copy of yesterday,” Jeff Zipper, managing director at US Bank Private Wealth Management. “The S&P basically flat, the Nasdaq obviously up. Right now, the markets, as we go toward year end, their path of least resistance is up.” The S&P 500 index slipped 1.85 points, or less than 0.1%, to 3,120.18. The Dow fell 102.20 points, or 0.4%, to 27,934.02. The Nasdaq climbed 20.72 points, or 0.2%, to 8,570.66. Smaller company stocks fared better than the rest of the market, driving up the Russell 2000 index up 5.95 points, or 0.4%, at 1,598.29. Major stock indexes in Europe closed mostly higher. Bond prices rose, sending bond yields lower. The yield on the ten-year Treasury fell to 1.79% from 1.80% late Monday. US stocks have been steadily rising for weeks as a mix of solid economic data and corporate earnings inject confidence into the market and diminished fears that a

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

TUESDAY, 19 NOVEMBER 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,203.24 | CHG: 0.01 | %CHG: 0.00 | YTD: 93.79 | YTD%: 4.45 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.10 2.60 2.00 5.47 11.75 6.17 4.64 11.25 2.81 3.85 10.21 7.60 16.90 9.40 3.63 14.20

52WK LOW 3.52 20.91 4.90 4.46 1.01 0.22 2.00 9.30 6.15 3.95 6.75 2.35 1.76 7.51 6.10 12.10 6.41 3.01 13.01

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

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

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 Fidelity Bank Class A Focol Class B

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

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

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

52WK HI 2.27 4.31 2.07 194.86 158.57 1.65 1.82 1.74 1.21 8.01 9.60 6.83 11.39 12.30 10.68 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.58 1.69 1.66 1.09 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

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)

MUTUAL FUNDS

MARKET TERMS

LAST CLOSE 3.64 17.43 6.00 6.10 2.46 1.80 4.50 11.06 6.16 4.11 8.06 3.23 3.85 10.03 7.60 16.90 9.33 3.51 14.00

CLOSE 3.64 17.43 6.00 6.10 2.46 1.80 4.50 11.06 6.16 4.11 8.06 3.21 3.85 10.06 7.60 16.90 9.33 3.51 14.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.02 0.00 0.03 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00

CLOSE 100.00

CHANGE 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno 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

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

VOLUME

14,450

4,000

VOLUME

NAV 2.27 4.30 2.07 193.72 158.42 1.65 1.82 1.74 1.19 8.23 10.10 6.85 11.24 12.28 10.74 9.92 8.68 11.38

EPS$ 0.239 0.932 1.760 0.369 0.070 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.646 0.728 0.816 0.939 0.203 0.631

DIV$ 0.170 1.260 0.000 0.260 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.434 0.060 0.328 0.240 0.540 0.200 0.120 0.610

0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 15.2 18.7 N/M 16.5 N/M N/M -10.3 15.3 13.7 22.3 57.6 31.5 8.2 15.6 10.4 20.7 9.9 17.3 22.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 4.67% 7.23% 0.00% 4.26% 0.00% 1.11% 0.00% 6.51% 3.57% 2.92% 0.00% 13.52% 1.56% 3.26% 3.16% 3.20% 2.14% 3.42% 4.36% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 2.77% 3.84% 1.38% 3.46% 2.03% 2.76% 4.99% 6.20% 7.18% -0.08% 2.88% 3.80% 4.56% 6.50% 3.35% 4.17% 5.77% 7.89% 7.17% 8.76% 11.07% 12.58% 3.50% 4.96% 8.92% -0.97% 5.22% 5.44% 2.95% 2.64% -0.71% 0.16% 7.40% 2.70% 10.20% 1.30%

NAV Date 30-Sep-2019 30-Sep-2019 27-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Mar-2019 30-Mar-2019 30-Mar-2019

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 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

recession was imminent. Technology, by far the best-performing sector this year, has done especially well as investors have grown more hopeful that the US and China will make progress in ending their trade war. Traders hope the world’s two biggest economies can deliver on plans for a “phase one” deal before new and more damaging tariffs take effect next month. Tech stocks were among the big gainers yesterday, led by chipmakers. Advanced Micro Devices climbed 3.5% and Broadcom rose 2.1%. Health care stocks accounted for the biggest swath of gains. Pfizer rose 1.2% and Amgen gained 1.7%. Those gains were kept in check by losses elsewhere in the market. Oil producers declined as crude oil prices took another stumble. Marathon Petroleum slid 3.4% and Occidental Petroleum lost 3%. Energy, which trails all other S&P 500 sectors

with a gain of only 1% for the year, dropped 1.5% yesterday. Disappointing quarterly report cards from Home Depot and Kohl’s weighed on retail stocks. Home Depot dropped 5.4% after the home improvement company reported weak sales growth for the most recent quarter and cut its forecast for the year. Rival Lowe’s, which will report earnings today, fell 1.4%. Kohl’s plunged 19.5% after the department store operator slashed its profit forecast for the year following weak third-quarter earnings. The weak outlook prompted traders to dump other department store stocks. Macy’s sank 10.9% and Nordstrom lost 6.3%. Both report their own results tomorrow. Not all big retailers had a bad day. Shares in the TJX Cos, rose 1.8% after the parent of TJ Maxx and Marshalls reported encouraging third-quarter earnings and raised its profit forecast for the year.

NOTICE NOTICE is hereby given that QUELINE DALMOND of Cowpen Road, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of November, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SHANRESSA SMITH of Chippingham P.O.Box N-3941 intend to change my name to SHANRESSA RENITA SMITH. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE NOTICE is hereby given that BERGOMA TIDOR of Strachan’s Alley, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration/Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 13th day of November, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that VANWRIGHT JAMAL DEAN, of Hamster Road P.O.Box N8284 Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of November 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that LOVE DJYNA TANIS, of Claridge Road Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 20th day of November 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Wednesday, November 20, 2019, PAGE 7

AMAZON SAYS IT’S CONSIDERED FACE SCANNING IN RING DOORBELLS By MATT O’BRIEN Associated Press AMAZON has considered adding facial recognition technology to its Ring doorbell cameras, according to a letter to a US senator defending its video-sharing partnerships with police. The company told Sen Ed Markey that facial recognition is a “contemplated, but unreleased feature” of its home security cameras but that there are no plans to coordinate that feature with its law enforcement partnerships. Markey wrote to Amazon CEO Jeff Bezos in September raising privacy and civil liberty concerns about Ring’s video-sharing agreements with hundreds of police departments across the country. The company has invited police to tap into Ring’s Neighbors app, a forum for residents to share videos of suspicious activity captured by their home security

ERNIE Field pushes the doorbell on his Ring doorbell camera at his home in Wolcott, Conn. Amazon says it has considered adding facial recognition technology to its Ring doorbell cameras. The company said in a letter released yesterday by US Sen Ed Markey that facial recognition is a “contemplated, but unreleased feature” of its home security cameras. Photo: Jessica Hill/File/AP cameras. The Massachusetts Democrat also expressed alarm

that Ring may be pursuing face-scanning technology that could flag certain people as suspicious. Markey released Amazon’s responses yesterday. Amazon’s initial response to Markey said Ring doesn’t currently offer facial recognition. Then Markey sent another letter to Bezos asking why it’s mentioned in Ring’s privacy policy. In a Nov 1 follow-up, Amazon’s vice president of public policy, Brian Huseman, said that the company frequently innovates based on customer demand and that facial recognition is an increasingly common feature in cameras made by competitors such as Google’s Nest division. “If our customers want these features in Ring security cameras, we will only release these features with thoughtful design including privacy, security, and user control,” Huseman wrote. Markey’s questions about facial recognition were part

of broader concerns that some lawmakers and civil liberties advocates have about Ring and its police partnerships. Amazon sought to address those concerns in its letters to Markey, emphasising that camera owners have a choice about whether to share videos. The company noted that police aren’t allowed to seek recordings that are longer than 12 hours in duration or that cover a geographical area that is too specific or broad.

But Amazon also said it doesn’t require law enforcement to delete a user’s video footage after a certain period. Nor would it entertain Markey’s commitment that it never sells users’ biometric information, saying only that it doesn’t do so now. Markey said yesterday that Amazon is not doing enough to ensure that its products don’t run afoul of civil liberties. “Connected doorbells are well on their way to

becoming a mainstay of American households, and the lack of privacy and civil rights protections for innocent residents is nothing short of chilling,” he said in a statement. “If you’re an adult walking your dog or a child playing on the sidewalk, you shouldn’t have to worry that Ring’s products are amassing footage of you and that law enforcement may hold that footage indefinitely or share that footage with any third parties,” he added.