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business@tribunemedia.net

WEDNESDAY, FEBRUARY 28, 2018

$4.45

Life, health insurers in 80% year’s ‘grace’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net LIFE and health insurers were last night said to have retained the one-year “grace period” to bring 75-80 per cent of their clients under the new antifinancial crime regime. Carl Bethel QC, the Attorney General, told Tribune Business that while there had been no change to the Government’s agreement with the industry over the Financial Transactions Reporting Bill, those insurers must “start from day one” to bring all their customers into compliance. And he warned that the one-year ‘grace period’, plus the removal of property and casualty insurers

SEE PAGE 8

* BUT AG WARNS THAT ‘NOT SET IN STONE’ * SEEKING CFATF ADVICE ON INSURANCE KYC * AND INDUSTRY MUST ‘START ‘FROM DAY ONE’

CARL BETHEL

$4.59

$4.63

Ex-BREA chief: 85% of home deals sink By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

he Government’s housing initiative will fail unless it tackles mortgage financing, a former BREA president yesterday revealing such woes typically sink 85 per cent of his potential deals. Pat Strachan, a two-time Bahamas Real Estate Association (BREA) chief, told Tribune Business that the Minnis administration’s bid to make home ownership more affordable for Bahamians was only focusing on one side of the market - the supply of low cost, serviced

* Blames failures on financing demands * Warns Gov’t initiative will suffer same fate * Unless 2.5% rates, down payment allowed land. He argued that the Government’s goal of reviving the middle and low income housing market will not be achieved unless it addresses the availability of mortgage financing, and the down payments and closing costs demanded by commercial banks and other lenders. Central Bank data recently showed that banks are approving just 43 per cent - less than in

two - mortgage applications, and Mr Strachan said demands for down payments as high as 25 per cent of the purchase price were placing home ownership beyond the reach of many ordinary Bahamians. He added that closing costs, where realtors and attorney fees were typically 6 per cent and 2.5 per cent of the purchase price, respectively, only added to the financial hurdles facing

potential buyers, meaning the Government needs to “get creative” if it truly wishes to unlock the home ownership and the housing market. Mr Strachan suggested that the Minnis administration could look to the Bahamas Mortgage Corporation (BMC) to emulate Freddie Mac in the US, and expand the mortgage

SEE PAGE 6

BPL TO ASSESS ABACO LEADERSHIP ‘ADEQUACY’ ALIV ADDS WESTERN By NEIL HARTNELL Tribune Business Editor and NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A CABINET Minister yesterday said Bahamas Power & Light (BPL) will have to assess the “adequacy” of its Abaco leadership, admitting the island’s power supply is in a “precarious situation”. Desmond Bannister, minister of works, told Tribune Business that the energy monopoly was currently assessing whether any of its New Providence-based cooling system pumps can be “retrofitted” for the Wilson City power plant so

* Minister admits island in ‘precarious situation’ * Has ‘lot more confidence’ in utility for summer that Abaco has one spare part. He added that BPL would “have to look at leadership in Abaco” following a near-two week period in which the island’s residents, businesses and visitors have suffered frequent outages as a result of problems related to its cooling system pumps. Abaco endured a fourday period of blackouts and rolling load shedding the weekend before last, after the final cooling pump fell into disrepair just days

TOURISM UPSWING VIA 8% RISE IN FOREIGN LPIA EXITS By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FOREIGN departures from Lynden Pindling International Airport (LPIA) increased by 8 per cent year-over-year for January 2018, indicating an upswing in tourism activity. The Central Bank, in its first monthly economic developments report for

* CENTRAL BANK SEES POTENTIAL OIL PRICE HEADWIND the year, revealed: “Data from the Nassau Airport Development Company (NAD) showed gains in passenger traffic in January, with total departures - net

SEE PAGE 3

before its replacement was due to be delivered from an Arizona-based manufacturer. Two pumps arrived on Abaco last Monday, and power was restored early the following morning, only for a fault in the electrical cable for one of the devices to cause another system shut-down last Thursday. This was again repaired by the following day, only for a fault to be discovered with the second of the two delivered pumps - meaning Abaco is once again reliant

on a single pump to maintain its energy supply. “I’m very concerned,” Mr Bannister told Tribune Business. “They’re getting someone in from the manufacturer to look at the one that is not working. They’re [BPL] also looking to see whether any of the pumps they have in New Providence can be retrofitted for Abaco. “Abaco is on a tenuous line with one pump for the cooling system, and that

SEE PAGE 4

UNION TO ITS STORES By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ALIV has partnered with a local Western Union franchisee to introduce money transmission services into “most, if not all” of its 13-strong branded store network. Damian Blackburn, the mobile operator’s top executive, told Tribune Business it had teamed with Carlos Mackey’s Infincol (Bahamas) Ltd, trading as Money Maxx, on an initiative intended to drive increased consumer traffic to its stores. “Some of them, if not all, will offer Western

* TEAMS WITH LOCAL FRANCHISEE TO OFFER MONEY TRANSFER * PLANS TO OPEN ‘FLAGSHIP’ CABLE BEACH LOCATION * ‘EVOLVING TO 5G’ WITHIN 15 MONTHS OF LAUNCH Union. It’s already started,” Mr Blackburn said. “They are rolling out in our stores at the moment the ability for customers to use Western Union.”

SEE PAGE 7

PAGE 2, Wednesday, February 28, 2018

THE Minister of Tourism and Aviation, Dionisio D’Aguilar and director-general, Joy Jibrilu, give Canadian attendees a detailed overview of recent tourism developments.

THE TRIBUNE

CANADIAN tour operators pose with the Bahamas Tourist Office (BTO) Canada team and deputy director-general at the Ministry of Tourism and Aviation, Ellison ‘Tommy’ Thompson.

‘HOT’ BAHAMAS IN 24% CANADA BOOKINGS RISE THE Ministry of Tourism updated 100 Canadian travel partners, tour operators and media on the Bahamas 2018 outlook and recent developments in tourism. Dionisio D’Aguilar, minister of tourism and aviation, and Joy Jibrilu, the Ministry’s director-general, gave attendees with an overview of new, updated and upcoming product for this year. “The Bahamas is expecting a very robust 2018,” said Mr D’Aguilar. “In short, the Bahamas is hot right now. The numbers will reflect that after a slow three-quarters of 2017, we ended the year on a high December air arrivals from Canada were up a whopping 24.7 per cent.” Air arrivals from Canada are also trending upward for 2018 and, according to forecasts, bookings are ahead about 24 per cent for the first seven months of the year. “We all know that the Bahamas is a warm weather destination, but with the introduction of new brands in Nassau, and new developments on tap for several of the islands, the travelling public can refocus on the Bahamas with renewed

DIONISIO D’AGUILAR, minister of tourism and aviation, shares good news with Canadian media and tour operators. interest,” Mr D’Aguilar said. The Ministry of Tourism and Aviation’s Canadian team is working on a marketing plan to further increase the number of travellers from that country. “We have some exciting initiatives planned for television, radio and print in Toronto, Calgary and Montreal,” said Mrs Jibrilu. “We are also working closely with our partners, the tour operators, to attract new visitors to our various islands. With direct service into Nassau, Exuma and Grand Bahama, we are an attractive destination for Canadian travellers.” The Bahamas Tourist Office (BTO) in Canada ensured that Bahama

Mamas; Junkanoo models; gift bags with authentically Bahamian goodies; video of the destination; and Rake N Scrape music playing in the background were present at the luncheon. “The response has been phenomenal,” said the BTO’s senior director for Canada, Paul Strachan. “Canada is buzzing about the Bahamas thanks to this event. We had more media in attendance than any of our previous events. “The media placement over the past few days has been priceless, and the attendees were blown away by the interactive format we used this year. The interest in the Islands of the Bahamas here in Canada is high.”

THE TRIBUNE

Wednesday, February 28, 2018, PAGE 3

Minister reassures farmers on Haiti trade arrangement By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A CABINET minister yesterday moved to reassure Bahamian farmers and fishermen that they will not be “disenfranchised” as the Government moves to solidify direct trade with Haiti. Renward Wells, minister of agriculture and marine resources, who was part of a delegation accompanying Prime Minister Dr Hubert Minnis to CARICOM’s Heads of Government meeting in Haiti, said the Government was simply implementing the trade, agriculture and shipping agreement signed with Haiti by the Christie administration in 2014. “I have heard the backdoor chatter, especially from the Bahamian

TOURISM FROM PAGE 1

of the domestic segment - firming by 8 per cent, following a marginal 0.1 per cent increase in the previous year. “In the underlying developments, the non-US international component rose by 11.8 per cent, a turnaround from a 6 per cent reduction in the previous period, while US departures firmed by 7.2 per cent, outpacing the year earlier 1.5 per cent uptick.” This followed a 2017 in which tourism figures were undermined by a 26.6 per cent visitor decrease to Grand Bahama as a result of the Grand Lucayan’s continued closure and loss of room inventory. Still, the Central Bank said the near five-fold percentage increase in departures to the US, the Bahamas’ most important tourism market, and almost doubling of other foreign departures, indicated that the Bahamian economy “sustained its modest improvement in January”. “More comprehensive data from the Ministry of Tourism revealed that the sector was buffeted by some headwinds in 2017, including a significant reduction in hotel capacity in the country’s second largest market,” the Central Bank said. “Total visitor arrivals fell by 2.1 per cent during

farmers, who are concerned that perhaps our opening up the country to Haitian imports could be to the detriment of them,” Mr Wells said. “I want the farmers and the fishermen of this country to know that we are their servants. I hear them, and I also want them to know that we are not going to do anything that is going to cause them to not be able to enjoy the fruits of their labour in this country. “All we are saying to the Haitian government is that we purchase directly from Haiti the produce and products that Haiti currently exports to the US, which we purchase from the US - mangos, coffee and others things.” Mr Wells added: “We’re saying rather than dealing with the ‘middle man’ we can have direct trade with Haiti, which is the desire

of the Haitian government, farmers and Haitian people. We are not going to be importing any more than we already import. “On top of that it is not the Government of the Bahamas that is going to be importing but it will be the current distributors and wholesalers who will make contact with the relevant groups in Haiti.” Still, Mr Wells said certain phytosanitary (health and safety, product quality) and shipping rules must be met before such an arrangement with Haiti can materialise. “We have certain phytosanitary rules, certain shipping rules that Haiti has to meet,” he explained. “They have to have containerised shipping, which they currently do not have, to the Bahamas and their phytosanitary requirements need to be increased. The

Haitian government has committed to raising their standards so that they can meet our requirements, and Bahamian business persons can trade directly with Haiti.” Mr Wells pointed to the recent ban on green pepper and tomato imports as one initiative to support Bahamian farmers, and an indication it would not let them be undermined by trade with Haiti. “I’m an ardent nationalist and nothing has changed. I want the Bahamian farms and fishermen to know that sky is the limit, and they ought not to feel disenfranchised. “Right now we only produce 8 per cent of what we eat,” said Mr Wells. He added that the Government has been “aggressively” seeking to market access for locallygrown produce.

the year, vis-à-vis a gain of 2.5 per cent in the prior period. “By port of entry, both sea and air arrivals decreased by 1.5 per cent and 4 per cent respectively, compared to gains of 3.2 per cent and 0.1 per cent in 2016. A breakdown by market showed that visitors to Grand Bahama decreased by 26.6 per cent, following a 13.2 per cent fall-off in the previous year, as the declines in air and sea arrivals were extended to 43.8 per cent and 23.5 per cent from 21.3 per cent and 11.6 per cent, respectively. “Further, the growth in visitors to the main New Providence market slowed significantly to 1.2 per cent from 9.8 per cent in the prior year, as the air component declined by 3.6 per cent vis-à-vis a 0.8 per cent expansion in 2016,” it added. “Similarly, gains in sea arrivals narrowed to 3.2 per cent from 13.7 per cent a year earlier. In a slight offset, visitors to the Family Islands firmed by 2.6 per cent vis-à-vis a 2 per cent fall-off in the prior period, as the growth in the air segment quickened to 14.3 per cent from 11.8 per cent, while the main sea component expanded by 0.8 per cent, a reversal from a 3.9 per cent contraction in the prior period.” The only ‘headwind’ identified by the Central

Bank was the continued steady rise in global oil prices, which impacts and feeds through into every sector of the Bahamian economy - especially in energy and transportation costs - given this nation’s 100 per cent dependence on imported fossil fuels to meet its entire energy needs. The report revealed that gasoline and diesel prices had increased by almost 12 per cent year-over-year in December 2017, and added: “In line with the rise in international oil prices, domestic fuel costs firmed during December. “Specifically, on a monthly basis the average prices for gasoline and diesel rose by 1.8 per cent and 1 per cent to $4.42 and $4.05 per gallon, respectively, with both also higher by 11.3 per cent and 11.6 per cent when compared to the prior year. “The All-Bahamas Retail Price Index rose by 1.5 per cent during 2017, a turnaround from a 0.4 per cent decrease a year earlier. Following respective declines of 1.1 per cent, 4 per cent and 1.3 per cent in 2016, the average costs for housing related items, transport, and restaurant & hotels increased by 3.7 per cent, 2 per cent and 2.3 per cent, respectively.” Expressing confidence that sustained economic improvements will occur in 2018, the Central Bank

added: “Expectations are that the domestic economy will expand at a modest pace in 2018, reflecting improvements in the tourism sector and foreign investment-related construction activity. “In particular, tourist arrival growth should be supported by ongoing improvements in key source markets and an increase in hotel capacity. Against this backdrop, and with some support from public sector initiatives, labour market conditions are likely to improve gradually. Inflationary pressures should remain subdued, although the recent rise in global oil prices may lead to further gains in domestic fuel costs. “Conditions also remain favourable for further, moderate private sector net contribution to external reserve growth during the year.”

Security Full-time female security officer position available at the mall at marathon. Prior security experience required, and must be in good physical shape. Good pay and benefits. Apply in person, at the mall management office, weekdays 8am to noon. No phone calls please.

“I met with all the distributors in the country who buy for the major food stores to ensure that, at end of day, whatever the Bahamian farmers have in the field, I purchase it from those farmers, I give it to the requisite distributors so that they can put it in the requisite stores,” Mr Wells said. Mr Wells added that an audit of the Bahamas

Agriculture and Marine Science Institute (BAMSI) is still ongoing, with the Government expected to give an update during the Budget debate in June. He said that while $8 million had been budgeted for BAMSI for 2016-2017 under the previous administration, the Minnis administration has yet decided how much will be budgeted for 2018-2019.

NOTICE

Carven Evans and Brent Knowles Please contact Pinder’s Customs Brokerage Ltd.

regarding your former employment.

Call Shannon Pinder at 393-3795

PAGE 4, Wednesday, February 28, 2018

THE TRIBUNE

Bahamas Power and Light to assess Abaco leadership ‘adequacy’ FROM PAGE 1 concerns all of us. It’s a precarious situation, and we’re going to give the public full disclosure and try to improve it.’ Mr Bannister suggested blame could lie with BPL’s Abaco management, rather than its Nassau-based Board and executives, and suggested this would be examined once the crisis was over. “The fact is they’re doing the best they can in the circumstances, and the management is being

proactive nationally,” he told Tribune Business. “We’re going to have to look at the leadership in Abaco at BPL, and make a determination as to the adequacy of the leadership. “In this modern world, Mr Hartnell, you and I are accustomed to certain things. It’s [electricity] no longer a luxury for us; it’s a necessity. We’re very concerned.” Abaco is one of four islands targeted by BPL for short-term upgrades to improve summer reliability,

and Mr Bannister expressed confidence that BPL’s Board and management will achieve these goals. “BPL is a critical priority,” he said. “I will tell you that when I spoke in Parliament last summer I didn’t have any confidence in BPL. I have a lot more confidence this summer. Every summer has to continue to get better. That’s our goal.” Mr Bannister acknowledged that despite the improvements the utility still has “a long way to go”. Speaking to

the media outside Cabinet yesterday, he said: “We have Bahamian management, Bahamian CEO, Bahamian COO, who are highly capable and, from everything I have seen at BPL, there have been amazing changes. “The Bahamianisation of management, the recruiting of Bahamian professionals, the procurement process and reforms that we are conducting are all so that we can all be proud, but BPL has a long way to go.”

NOTICE SUNSET SHIPPING COMPANY LIMITED ________________

NOTICE BARBUSH DEVELOPMENT CORP. ________________

Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the abovenamed Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 14th day of February, 2018.

Hubertus P.M. Martens Liquidator of SUNSET SHIPPING COMPANY LIMITED

Barbara Howland Liquidator of BARBUSH DEVELOPMENT CORP.

Legal Notice NOTICE ORFEX TECHNOLOGIES INC.

Legal Notice NOTICE CAMBELTON BAY INVESTMENTS LTD.

NOTICE IS HEREBY GIVEN as follows:

(a) ORFEX TECHNOLOGIES INC., is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) CAMBELTON BAY INVESTMENTS LTD., 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 27th February, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Dated this 28th day of February, A.D. 2018

Shareece E. Scott Liquidator

BPL unveiled a new chief executive and chief operating officer last October as it began the process of transitioning to an all-Bahamian management team following the termination of PowerSecure’s five-year operating partner contract. Acknowledging the utility’s ongoing challenges, Mr Bannister said: “There are critical issues at Clifton that we have to address we, critical issues at Abaco as you have seen, and a number of Family Islands. In fact, we are removing some

generators from others areas to go into Abaco now to be able to ensure we meet the needs of Abaco for the summer. “We are looking at solar power in a number of number of Family Islands. These are not overnight fixes. These are problems that have been there for decades, and we are not gong to fix them overnight, but we are determined to make the best of it and we are going to provide reliable power throughout the islands.”

NOTICE

BLOBBAGMME INC. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, BLOBBAGMME INC. is in dissolution as of February 6, 2018 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR ______________________

Shareece E. Scott Liquidator LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

Targfort Investment Funds Ltd. (the “Company”)

In Voluntary Liquidation Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), that Targfort Investment Funds Ltd. (IBC no. 172183 B) is in dissolution. The date of commencement of the dissolution is the 23rd February, 2018. The Liquidator of the Fund is Aligned Investment Partners Ltd. and can be contacted at Winterbotham Place, Marlborough & Queen Streets, P.O. Box N-3026, Nassau, Bahamas. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before the 26st March, 2018.

Aligned Investment Partners Ltd. Liquidator

PAGE 6, Wednesday, February 28, 2018

EX-BREA CHIEF

FROM PAGE 1 market by offering reduced down payments and below-market interest rates to buyers over a 15-year period. While some observers will question the wisdom, and Mortgage Corporation’s ability, to do that given a near-40 per cent non-performing loan ratio and a multi-million dollar deficit in the ‘sinking fund’

THE TRIBUNE

that will soon have to repay over $100 million in debt, Mr Strachan said this was merely returning the Government-owned entity to its intended role. “I believe that if the Bahamas Mortgage Corporation reduces their interest rates to 2.5-3 per cent, as opposed to competing with the commercial banks at 7.75 per cent, that will enable middle and lower income persons to afford the monthly repayments,” he told Tribune Business.

NOTICE IN THE ESTATE OF PANDORA ELIZABETH CHARLTON a.k.a PANDORA CHARLTON late of Lumumba Lane, Kool Acres in the Eastern District of the Island of New Providence, The Bahamas, deceased. Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of said demands or claims duly certified in writing to the undersigned on or before the 30th day of March, A.D., 2018, and if required, to prove such debts or claims or in default, be excluded from any distribution having regard only to the proved debts or claims of which the Administrators shall then have notice.

Mr Strachan also called for the Bahamas Mortgage Corporation (BMC) to lower down payment requirements to 2.5 per cent of the purchase price, as opposed to the 15-20 per cent - and even 25 per cent - now demanded by riskaverse commercial bank lenders. “I would say almost 85 per cent of my deals have been cancelled because the prospect cannot qualify,” he disclosed to this newspaper. “There are numerous people out there able to qualify to buy these homes, but they’re not walking around with $30,000-$40,000 in their pocket. “Government homes are currently priced at $140,000 to $145,000 in the inventory they have now. The challenge for the prospective buyer today is coming up with these large down payments. They just don’t have it. “Prospects I’ve shown homes to, they want to purchase but don’t have the down payment and closing fees. Closing fees can run you into 8 per cent of the transaction.” Mr Strachan said buyers also had to contend with the 10 per cent Stamp Tax applied to most real estate deals, although this was typically split 50/50 with the seller.

Besides adopting a ‘Freddie Mac’ approach with the Bahamas Mortgage Corporation, Mr Strachan said the Government could also use it to offer mortgage terms of up to 50 years, with loan repayment obligations passing from one generation to the next. Admitting that this “may sound strange”, Mr Strachan said countries such as Japan offered such lending, and he added: “The Government needs to be creative in its desire to improve the housing market. “The Mortgage Corporation should not be competing with the commercial banks. The Mortgage Corporation was formed to help the lower income and middle class person who wants to own a home. “I can almost guarantee you that if the Government implemented the low interest rate and low down payment, the inventory they have on hand would be sold in 90 days.” Mr Strachan said he had been informed there was a 7,000-strong list of persons waiting for homes at the Bahamas Mortgage Corporation, a number he admitted he was unable to verify. Even if just 25 per cent were able to qualify, the

NOTICE

NOTICE is hereby given that ERICA PIERRE of #4 Adena Court, Forbisher Drive, Freeport, Grand Bahama Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 21st day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the above mentioned date.

NOTICE

PYFROM FARRINGTON CHAMBERS Attorney for the Administrator

Grosvenor Professional Park & Medical Centre

NOTICE is hereby given that ODRICK LOUIS of Poitier Avenue of Boyd Subdivision in Greater Chippingham, P.O. Box GT2785, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 28th day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

Suite #6, Shirley Street Nassau, Bahamas Phone: (242) 323-3228

MARKET REPORT MONDAY, 26 FEBRUARY 2018

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

BISX ALL SHARE INDEX: CLOSE 2,050.92 | CHG 0.02 | %CHG 0.00 | YTD -12.65 | YTD% -0.61 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.76 1.64 0.18 4.60 8.70 6.30 5.30 11.87 2.59 1.56 9.70 6.10 10.55 10.90 4.50 12.51 11.00

52WK LOW 3.50 17.43 8.19 3.32 0.90 0.12 3.50 8.40 5.83 3.15 9.00 2.18 1.40 7.75 5.83 8.78 5.67 3.35 12.01 10.00

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Premier Real Estate

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

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

E J K L M N

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

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

SECURITY Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB18 FBB22

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

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

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

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

MUTUAL FUNDS 52WK HI 2.12 4.14 1.98 178.69 153.40 1.54 1.70 1.62 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.48 1.62 1.57 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 3.90 17.43 9.09 3.34 1.00 0.18 3.60 8.70 6.10 4.74 9.87 2.59 1.50 8.09 6.10 10.10 6.30 4.47 12.51 10.00

CLOSE 3.90 17.43 9.09 3.34 1.00 0.18 3.60 8.70 6.10 4.74 9.87 2.62 1.50 8.08 6.10 10.10 6.30 4.47 12.51 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.00 -0.01 0.00 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

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

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

109.49 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.03 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

109.46 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

VOLUME

400,100

1,125

VOLUME

NAV 2.12 4.14 1.98 178.69 153.40 1.54 1.69 1.62 1.09 7.16 8.40 6.29 11.28 11.60 10.21

EPS$ 0.475 0.932 -0.508 0.540 -1.220 0.000 -1.462 0.638 0.583 0.171 0.631 0.102 0.330 0.668 1.129 0.729 0.484 0.298 0.543 0.000

DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.320 0.220 0.120 0.690 0.060 0.050 0.141 0.300 0.500 0.150 0.120 0.570 0.000

P/E 8.2 18.7 N/M 6.2 N/M N/M -2.5 13.6 10.5 27.7 15.6 25.7 4.5 12.1 5.4 13.9 13.0 15.0 23.0 0.0

YIELD 2.05% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.68% 3.61% 2.53% 6.99% 2.29% 3.33% 1.75% 4.92% 4.95% 2.38% 2.68% 4.56% 0.00%

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 6.00% Prime + 1.75%

MATURITY 31-May-2018 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% 4.00% 4.39% 5.57% 5.69% 2.14% 2.44% 4.66% 3.89% 5.58% 6.65% 0.36% 4.29% -0.15% 3.50% 0.23% 3.89% -0.34% 4.66% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

NAV Date 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Jan-2018 31-Jan-2018 31-Jan-2018 31-Jan-2018 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

former BREA president said the Government would be able to sell 2,000-3,000 of its housing units within two years if it implemented his ‘low interest rate’, ‘low down payment’ strategy. The Prime Minister, in his recent national address, unveiled a plan to make low-cost serviced lots - complete with utilities and the necessary infrastructure available at a price of less than $30,000 to first-time Bahamian home buyers. While purchasers would then be responsible for their own homes, Dr Minnis said they would also access Customs duty exemptions on imported construction materials and equipment if their homes were built within two years. Emphasising that the Government’s primary goal was to expand affordable home ownership among young Bahamians, Dr Minnis said “the average home” today costs $180,000 and upwards - a price tag that he argued was out of reach for many. “Remember, the average lot today may cost $100,000 or more, so that’s automatically a $70,000 savings,” the Prime Minister said last week. “When you are constructing your home, you paying duty; you talking about 30 to 50 per cent duty on various things. “If that’s at least another $60,000 to $80,000 savings, you’re talking about $70,000 savings, another $60,000 to $80,000 savings, you’re talking about the average Bahamian being allowed to save at least a minimum of $120,000 when you remove all those extra taxes.” But Mr Strachan, pointing to the numerous homes on New Providence that

stand empty and are deteriorating, recalled the era when banks allowed mortgage applicants to pay down payments and closing costs in instalments via savings accounts with them. Now, with lenders requiring everything up-front before they will instruct attorneys to conduct title searches, the ex-BREA chief said buyers were frequently asked to come up with $70,000 for a $250,000 home. “That is what is killing the housing market, the middle and lower income housing market,” he told Tribune Business. “The Government needs to put creative financing in place to get the market moving. “The prospective buyer has to be properly qualified and politics kept out of it. Once the Government has identified a financier, and the financier is the Mortgage Corporation, that programme if done properly can work. The Minnis-led government can succeed in this programme to get the housing market moving, but they have to be creative.” Mr Strachan, whose business focuses on the market segments targeted by the Government, urged it to involve realtors and other housing market professionals in its plans, arguing this would increase its chances of success. He added that voters were starting to get impatient with the Government over economic progress, and said: “The Government needs to get the voting public that put them there looking at them in a positive light again. ‘“To do that, one has to get persons owning a piece of the rock.”

NOTICE

NOTICE is hereby given that ADILIA ALDINOR MANGURA of Augusta Street, P.O.Box N1020, 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 21st day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

NOTICE

NOTICE is hereby given that JUNIOR JEAN-LOUIS of Gambier Drive, Whenchester Circle, Freeport, Grand Bahama Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 21st day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

NOTICE

NOTICE is hereby given that RODNY MACON of Malcolm Rd., 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 21st day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

NOTICE

NOTICE is hereby given that FRITZ ALDINOR of Augusta Street, P.O.Box N1020, 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 21st day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

NOTICE

NOTICE is hereby given that CARLESA JENNY MATHIEW of Silver Coin Lane, South Bahamia, 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 28th day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

NOTICE

NOTICE is hereby given that PHILDENO ALBURY of Windsor Place, Crystal Way, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 28th day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

THE TRIBUNE

ALIV ADDS WESTERN FROM PAGE 1

The move is intended to drive greater business for both parties through enhancing customer convenience, enabling persons to send and receive money while purchasing Alive plans and/or handsets at one location. It also highlights the rapid proliferation of money transmission businesses throughout the Bahamas, but especially on New Providence, as Western Union seeks to make a big impact upon its return by effectively ‘flooding’ the market through three franchisees. Mr Blackburn, meanwhile, said Aliv was focused on further expanding its branded store network into locations that will aid its drive for greater revenue per subscriber (ARPU) margins by targeting higher spending customers. The mobile operator’s latest outlet has just opened in the Harbour Bay Shopping Centre, and it is now focusing on Cable Beach for another location. “We will be opening a store in Cable Beach; we’re just finalising where,” Mr Blackburn said, declining to put a timeline on the opening. “We are in Old Fort Bay but there was no suitable location in Cable Beach. “It’s quite hard to get retail space in Cable Beach. We want that to be our flagship property or principal location. We wanted to make sure we have that right, and don’t want to rush it.” Aliv currently has 13 branded stores, seven of which are in New Providence, with Cable Beach set to take that number to 14. Around eight are franchises, with the mobile operator’s retail network also extending to Grand Bahama, Abaco, Eleuthera, Exuma and Andros. Long Island is the next Family Island target. The Aliv chief also revealed that the mobile operator was “on the evolution to 5G (fifth generation) technology within

Wednesday, February 28, 2018, PAGE 7 15 months of its November 2016 launch, having deployed carrier aggregate software to enhance data speeds to up to 100 megabytes (MB) per second. This software, Mr Blackburn explained, has already been installed on Paradise Island and at the Mall at Marathon, and will be expanded to other locations where high-spending customers live as part of its bid to get revenue per subscriber margins back on track. “In Paradise Island and some other places, Mall at Marathon is one, we have deployed carrier aggregate software,” he told Tribune Business, explaining that Aliv was effectively using two Long Term Evolution (LTE) networks that “split” the usage/delivery of data to ensure faster customer speeds. “It’s really 4.5 LTE evolving into 5G,” Mr Blackburn added. “It makes the use of the combined software four times’ more efficient. When you’re getting 20 MB speeds now, you will be getting 80-100 MB with this. We have the speed now, and will be looking to roll this out in places where higher spending customers live. “It’s a software upgrade.... We are on the evolution to 5G within 15 months of being here. We’re starting now, not living a dream.” Mr Blackburn estimated that Aliv had seized 10 per cent mobile market share on Exuma within a week of its launch, and argued that the company’s service and network quality were giving Bahamians confidence to switch to its products. “All of the things that annoyed them before; dropped calls, data quality, they have never had that problem with Aliv,” he told Tribune Business, revealing that the company was only suffering an average of three dropped calls per 10,000. Mr Blackburn added that Aliv had “regionalised our management structure” in recent months, with general managers appointed for specific regions of the Bahamas “to make sure we have experienced telecommunications professionals

located in Family Island communities”. The Bahamas Telecommunications Company’s (BTC) first mobile competitor has named Richard Stanton as its general manager for the northern Bahamas, covering Grand Bahama, Abaco, Bimini and the Berry Islands, with Exuma-based Carl Momplaisir taking the same role for the central and southern Bahamas. “We’re investing in personnel and building local teams,” Mr Blackburn said, adding that Aliv has also appointed Kevin Pinder as its north Eleuthera general manager to deal with the specific demands of communities such as Spanish Wells and Harbour Island. The company also plans to appoint a New Providence general manager. Mr Blackburn acknowledged that Aliv was “behind” on some of its network roll-out targets, as stipulated by its licence and the Utilities Regulation and Competition Authority (URCA), but said there had been no complaints todate from the latter. The mobile operator has to complete its nationwide infrastructure build-out within two years of its licence issue, meaning by end-June 2018, and the Aliv chief said it was still on course to meet this ultimate goal despite delays on facilities sharing and subsea call/data traffic transmission with BTC. “We’ve completed phase two - Bimini, Andros and Exuma - and have, bizarrely, completed some of phase five, the Exuma Cays, early which is the last one of them,” Mr Blackburn said. “Some of the targets we’re behind on because of co-ordination with BTC, and are liaising closely with URCA and providing regular updates to the regulator. The intent of the company is to get there as quick as possible. “Particularly with the equipment installed, it’s just a case of hooking them up. Our engineers are out there now with the BTC guys starting with the next part of the agenda.”

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PAGE 8, Wednesday, February 28, 2018

INSURERS FROM PAGE 1

from the Bill’s list of ‘financial institutions’, was not ‘set in stone’ and could be changed depending on the advice the Government receives this week from the Caribbean Financial Action Task Force (CFATF). It was the CFATF’s July 2017 report, revealing weaknesses where the Bahamas had regressed in its anti-money laundering and counter-terror financing regime, that triggered the Government’s dash to address these deficiencies before this nation is placed on any ‘grey’ list and subjected to financial sanctions. But Mr Bethel yesterday revealed that the CFATF is assisting the Bahamas on the ‘enhanced review process’ that will determine whether it escapes such measures, and will now be consulted by the Government on whether this nation is “putting our best foot forward” in its treatment of the insurance industry. “As of now, there’s no change. Whatever we agreed, we agreed,” the Attorney General said of the one-year ‘grace period’ for life, health and investment-related insurance. “Notwithstanding any shift for general insurance, we have not made any change to what we agreed on the life and health side. We’re not going to be removing the grace period for life and health insurance.” The Bahamas Insurance Association (BIA), and industry executives, pressed the Government for an extra year in which to bring all life, health and investment-related insurance policies into compliance with the law’s Know Your Customer (KYC) due diligence processes. They argued that this was necessary to cope with the huge workload imposed by the introduction of the Financial Transactions Reporting Bill’s risk-based approach to customer due diligence, which meant life and health insurers would have to go back and apply enhanced KYC to threequarters of their existing client portfolio.

For the legal changes remove the previous $2,500 annual combined premium threshold above which such measures were applied. The switch to the risk-based approach means that KYC will now apply to all life, health and investmentrelated policies, including the 75-80 per cent that were previously exempt because they fell below the $2,500 benchmark. Acknowledging this concern, Mr Bethel told Tribune Business: “It was pointed out that in the life, health and investments sectors they were required to do customer due diligence on a dollar basis, based on a threshold of $2,500. “Eighty per cent of their business was below that level. We agreed to extend the time, a one-year period, for them to implement riskbased assessments on those persons.” He added that this was intended to strike a balance between meeting international regulatory standards, and giving Bahamian insurers “time and flexibility” to ensure their businesses were not unduly hindered. “That was something they requested just a few days ago,” the Attorney General added. “We’re trying to be as reasonable as we can to accommodate the reasonable needs of the industry as it goes through a transition phase, and we need to be open and have dialogue with them. “Nobody is seeking to legislate in a way that is going to cause irreparable harm or loss to business.” However, Mr Bethel warned all Bahamian insurance industry participants to implement the Bill’s KYC procedures “forthwith from day one”. He added that the Bill required “all forms of insurance”, regardless of which sector they were in, to implement the legislation’s customer due diligence requirements on investment-related products. “I would advise all the insurers, in respect of all their clients, to implement forthwith a system of customer due diligence,” he told Tribune Business. “They need to have customer due diligence and apply the risk-based

THE TRIBUNE framework to investment activities no matter what side of the insurance market they fall on.” Calling on the insurance industry to “get their act together”, Mr Bethel said the life and health sector’s one-year ‘grace period’ did not mean it could enjoy a year of KYC inactivity. And he reiterated that the sector’s interests could not be placed ahead of the wider Bahamas when it came to avoiding sanctions following the post-CFATF ‘enhanced review’. “There’s no one entity going to hold up this country,” he told Tribune Business. “It’s not going to happen. The law requires them [insurers] to begin to apply the risk-based assessment for all life and health products forthwith. “They are given some time to get their house in order, but must commence forthwith. That’s the reality. The Bills are going to be passed, and passed as they are, and implemented as they are.” Mr Bethel then indicated that the one-year ‘grace period’, plus the removal of property and casualty insurer’s from the Bill’s list of ‘financial institutions’, were not ‘set in stone’ and could be subject to change depending on advice likely to be received this week from the CFATF. The CFATF’s 2017 Mutual Evaluation Report (MER) found the Bahamas only ‘partially compliant’ on 21 - more than 50 per cent - of 40 ‘technical’ standards issued by its parent, the Paris-based Financial Action Task Force (FATF), the global standard-setter in fighting financial crime. While the Bahamas was deemed ‘non-compliant’ with just one standard, and found ‘compliant’ and ‘largely compliant’ on eight and 10, respectively, the CFATF report also rated this nation as in either ‘moderate’ or ‘low’ compliance with its 11 ‘effectiveness’ ratings. The Bahamas only has until June to address these regulatory deficiencies before it is subjected to an ‘enhanced review process’ that will be directed by the FATF, the body that

‘blacklisted’ this nation in 2000. The review’s outcome will determine whether the Bahamas is once again hit with potential financial sanctions. Mr Bethel told Tribune Business he and the Government had decided to “lay all the cards on the table and receive advice from those close to judging us”, namely the CFATF. He added that the Caribbean regional body was “giving us guidance on

transitioning out” or escaping the ‘enhanced review’, and the Government would consult it on whether it was “putting our best foot forward” in relation to the insurance industry. “I am having the whole matter reviewed, putting it on the table and hearing their views,” Mr Bethel said, adding that the CFATF recommendations would likely be received this week. “The entire proposed structure before the

legislature, with the view of taking general insurance out and giving a grace period of one-year, they must start from day one. I’m putting that before the CFATF for their views on how that affects the whole presentation of the Bahamas; whether we fail to comply with any particular recommendation of the FATF, or it puts us in jeopardy with respect to any recommendation. We’re trying to get the best advice on that.”