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MONDAY, JANUARY 21, 2019

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JOHN DELANEY QC

Ex-AG: ‘IBCs are not dead’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A FORMER attorney general has called for an “upgrading” of the Companies Act while rejecting arguments that recent reforms meant the “death of international business companies”.

John Delaney QC, nowprincipal at the Delaney Partners law firm, told Tribune Business that the “more flexible corporate structure” of IBCs meant they retained their superiority over domestic companies despite being stripped of numerous tax advantages.

And, in similar fashion, Mr Delaney said he did “not see an end to financial services in The Bahamas at all” despite the latest round of enforced changes to meet the combined demands of the 28-nation European Union (EU) and Organisation for Economic Co-Operation and Development (OECD).

SEE PAGE 7

Web shops closer to lower tax rates

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE web shop industry’s “sliding scale” tax structure could be cut to just two bands with much lower rates under new proposals being considered by the Government.

Wayne Munroe QC, who represents three web shop operators, including Island Game and Paradise Games, revealed to Tribune Business that the latest negotiations between the two sides explored reducing the six-tier operator tax unveiled in last May’s budget to just two bands.

The tax rates faced by web shops would also be much reduced, Mr Munroe said, disclosing that his clients would face a 15 percent levy on taxable revenues under the latest proposals as opposed to 20 percent - the lowest rate under the existing structure.

Aliv targets summer 2019 for ‘break even’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ALIV is targeting summer 2019 for its operations to hit “break even” through $50-$60m in annual revenues, as it unveiled plans to “double down” on investment in its mobile network.

Damian Blackburn, the mobile operator’s top executive, told Tribune Business that it will make a further multi-million dollar spend this year to ensure its nationwide infrastructure keeps pace with the “phenomenal success” it has enjoyed in growing mobile data use.

Revealing that Aliv’s subscriber base had grown by a further 11.2 percent, from 125,000 to 139,000, during the final quarter of 2018, he said combining this with the latest data for the Bahamas Telecommunications Company (BTC) showed the new mobile entrant had gained around 38 percent market share in just over two years.

Mr Blackburn did not comment directly on assertions last week by the Bahamas Telecommunications Company’s (BTC) chief executive, Garfield “Garry” Sinclair, that the former state-owned incumbent still retained 70 percent subscriber share and 72-73 percent of the mobile sector’s value.

However, Aliv’s numbers challenge Mr Sinclair’s figures even assuming that there was no change in

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•AIMING FOR $50-$60M REVENUES •MOBILE UPSTART TAKES 38% SHARE •SAYS USERS GREW 11% IN Q4

DAMIAN BLACKBURN BTC’s 228,300 mobile subscriber base during the final three months of 2018, with Mr Blackburn expressing confidence that his company was “taking our share of revenue in line” with client numbers.

“We’ve made very good progress against our financial targets, and are in touching distance now,” the Aliv chief told Tribune Business. “We’re on target for $50-$60m in revenues in this financial year, and we’re targeting this summer for EBITDA (earnings before interest, taxation, depreciation and amortisation) break even.

“It’s not an exact science, but there are not many companies that have got to a 38 percent market share in two years. We had a 60-day base

SEE PAGE 5

WAYNE MUNROE Subsequent inquiries by Tribune Business established that the second, higher rate - which Mr Munroe indicated would only apply to Sebas Bastian’s Island Luck chain - is proposed to be a flat 17.5 percent. That amounts to an almost two-thirds reduction

Anti-WTO activist: Govt ‘sugarcoating’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

pre-consumption, which is something the web shop industry has been advocating for publicly in recent weeks.

Expressing optimism that the two sides’ dispute may be resolved within the next week, Mr Munroe said the matter was “in both parties’ court” if they were to achieve a comprehensive settlement satisfactory to all.

The web shop industry is now awaiting formal written proposals on both the patron levy and “sliding scale” tax structure, but has to get back to the Government to agree how much taxes are owed from July 1 and when these will be paid.

“We had a meeting with the attorney general and

AN ANTI-WORLD Trade Organisation (WTO) activist has accused the Government of “sugarcoating” its benefits, urging it to instead pursue a bilateral trade deal with the US. Paul Moss, a leader of Bahamians Agitating for a Referendum on Free Trade (BARF), told Tribune Business that it “doesn’t make sense” for the Government to expose “infant” Bahamian industries to a rules-based trading regime where it will be bound to the same regulations as large, developed economies.

He argued that local businesses needed more time to develop and prepare for international competition, and said opening up local industries to the physical presence of foreign firms from multiple countries would limit the “participation of Bahamians” as owners of their economy.

Rather than full WTO membership, Mr Moss called on the Minnis administration to instead secure a trade agreement with the US, which is by far The Bahamas’ largest trading partner conducting $4bn

SEE PAGE 6

SEE PAGE 7

• ‘Sliding scale’ would fall from six to two tiers • With rates down up to 2/3 against original • Focus on patron winnings tax in govt talks • QC: Dispute may be resolved within weeks compared to the maximum 50 percent levy on operator revenues above $100m as set out in the budget.

Mr Munroe described the 15 percent rate as more “palatable” for his web shop clients, labelling it “a good first tier tax”, as the industry seeks to avoid potentially lengthy and costly litigation with the Government in the courts.

The well-known QC also revealed that the Government is exploring the possibility of taxing Bahamian gaming patrons on their winnings, rather than the current five percent stamp levy on deposits and over-the-counter ticket sales.

This would switch the basis of patron taxation to post-play rather than

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PAGE 2, Monday, January 21, 2019

PLANNING A FRESH FOR A FUTURE BAHAMAS

BY RODERICK A. SIMMS II

the plan can now be used as a tool to help provide a sense of direction. For some, it may be difficult to understand how a plan can be used to bring the change this country needs in areas of economic prosperity, education, food security, healthcare, Immigration, tourism and the environment. But the NDP is more than just a plan.

It is the strengths, weaknesses, opportunities and threats (SWOT) analysis that has been long overdue. That being said, each inhabited island of The Bahamas should have a development plan that puts forth short, medium and long-term goals. A collaboration of this size takes time, money and lots of hard work, but it is doable.

In fact, it is needed to help capture what areas can be pushed, strengthened or removed in an effort to create economic growth.

Family Islands: Not to be forgotten The Bahamas currently has 14 inhabited islands, and most of the focus is

geared towards New Providence, Grand Bahama and Abaco, which combine to help contribute significantly to Bahamian GDP. This is not to say that other Family Islands do not help to contribute as well.

While their contribution may not be as large as the top three, there is the possibility for increased GDP contribution.

To achieve this, a development plan for each island would help to garner available resources and maximise them to their full potential. Such plan should identity the necessary infrastructure needed to help facilitate growth, as well as the risks associated with urban planning. The state of healthcare, social planning, road works and utilities across all Family Islands are in dire need of improvement. While foreign investments have helped to attract visitors to these islands, there is much more work to be done outside of those edifices/ attractions.

As it stands, the

economic value of each island is not being properly captured. The Government is aware of this, and decisions such as partnering with the Inter-American Development Bank (IDB) on a sustainable development plan for Andros prove there is hope for tapping into the potential these islands possess in terms of economic contribution.

There is so much ignorance surrounding the economic value in coastal and marine ecosystems, pine forests, mangroves, agricultural products, trade and interisland connectivity because these areas have yet to be thoroughly developed.

Ragged Island: A Unique Opportunity The passage of Hurricane Irma in September 2017 was a devastating experience for many of our Caribbean neighbours and those in the southern Bahamas, particularly Ragged Island.

This storm left the island in a state deemed “unlivable”. As part of the Government’s solution to rebuilding the island,

it was proposed to make this island the first “green island” of The Bahamas.

There are a few things to take in here. Firstly, a solution of this kind has to be weighed by pros and cons, mainly because the biggest “con” is funding. Another objection is that pumping funds into an island that is subject to the brunt of hurricanes, which appear to be strengthening year after year, may not be the smartest idea.

Nevertheless, if the Government does decide to go ahead with its eco-friendly option to rebuild, it should consider that Ragged Island really needs a holistic development plan that would encompass more than environmental modifications. The Government is faced with a unique opportunity because it now has the ability to start afresh and develop Ragged Island in a way that other islands can mirror. A development plan for Ragged Island can include solutions to problems that Family Islands generally are faced

with. While each island is unique, this plan can act as a foundation for how the Government should go about tackling certain issues familiar to most Out Islands.

Progress The idea of each Family Island having its own development plan has already made some headway. In fact, there are 11 pending drafts created under the Government’s national development team.

There has been no public update on the status of these drafts, although those for Andros and Eleuthera were partially privately funded. This progress indicates that the Government understands the importance of each island having its own development plan.

But one could argue if this move is entirely sensible based on the environmental risk that each island faces.

The Environmental Risk Every year, hurricanes and natural disasters

SEE PAGE 3

© 2018 EY Bahamas. All Rights Reserved. ED None.

P

LANNING is one of the most underrated features of success. In many instances, an idea -be it good or bad - should always be paired with a plan.

The same applies for countries, including The Bahamas. There have been many talks, speeches, conversations and even ad-hoc legislation created to facilitate ideas that are derived from leaders, private and public stakeholders, and other government officials.

But is there always a plan put in place behind these ideas? Sometimes, planning from a single body such a government may become overwhelming for those working behind the scenes. Therefore, the option of decentralisation is favourable for those in the Family Islands, especially for those under the impression that their contribution to the nation is as significant as those in the capital.

But decentralisation is not an overnight task, and it requires a strategy that should be developed before those in charge can have a serious discussion surrounding the idea. That is why it is important for each Family Island to have its own development plan.

The National Development Plan (NDP) Almost two years ago, the Government of The Bahamas launched the National Development Plan (NDP).

The Bahamas was playing a game of “catch up” in this field but, nevertheless,

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THE TRIBUNE

Monday, January 21, 2019, PAGE 3

Ex-Bar chief in WTO warning

Ex-Bar chief: Business ease score ‘disgraceful’

By NATARIO MCKENZIE

THE Bahamas must take “serious corrective action” to improve its “disgraceful” 118th ease of doing business ranking, a former Bar Association chief arguing that poor dispute resolution was a key factor.

Dr Peter Maynard, managing partner of Peter D Maynard Counsel & Attorneys, told Tribune Business: “One of the reasons why we’re ranked 118th is because we don’t resolve disputes effectively.

“If we’re going to move from that disgraceful status we need to take some serious corrective action. No business person wants to come to a place where things get drawn out for long periods of time and they can’t get their disputes resolved.”

The Bahamas currently ranks 118th out of 190 countries on the World Bank’s Ease of Doing Business indicator, a one-spot improvement over the prior year. This nation ranks 84th with regards to enforcing contracts, with the index “measuring the time and cost for resolving a commercial dispute through a local first-instance court, and the quality of judicial processes index, evaluating whether each economy has

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Bahamas must carefully assess whether it would benefit from the World Trade Organisation’s (WTO) much-touted dispute resolution processes, an ex-Bar Association chief is warning.

Dr Peter Maynard said the “embarrassing” case of Antigua and Barbuda, and its inability to enforce a ruling against the US over online gaming, should give The Bahamas pause for thought.

Speaking ahead of his annual arbitration and investment summit this Friday, he told Tribune Business: “It is something we seriously have to consider as we move forward in this accession process.

How does WTO handle disputes? We know that the WTO has the embarrassing case, in my view, of Antigua and Barbuda. They (Antigua and Barbuda) won a case in the WTO and can’t get compensation. That is something we have to look at. We’re going to be looking at the WTO and dispute resolution at this summit.”

DR PETER MAYNARD Critics of the WTO have often cited the 15 year-long dispute between the US and Antigua and Barbuda over internet gambling as evidence that the WTO lacks “teeth” to enforce its rulings and cannot ensure fair play for smaller nations such as The Bahamas.

The dispute between the two countries stemmed from the US government’s efforts to prohibit Americans from gambling at online sites domiciled in Antigua and Barbuda.

Antigua and Barbuda won the right to suspend its obligations to the US in respect of intellectual property rights to recover

$2m annually, but reportedly has not acted on that authorisation in the hopes of reaching a fair settlement.

“We need to look at very closely at the same questions we have been discussing since 1967 on how to diversify the economy,” Dr Maynard added. “Since then Carlton Francis was talking about infant industry and the idea that we encourage Bahamians to get involved in industry and put up walls of protection to make it happen; not to follow WTO. “It wasn’t an accident that we didn’t join the WTO because the idea then was to give everyone a chance to get into business - infant industry - but at some point they expect to wean you off. The public is taking a hit after all, and is better off if you drop all these barriers because they want to buy things cheaper. It was decided to allow Bahamians to prosper for a while. We have to look at whether we failed at the infant industry idea, or do we want to keep our options open.”

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

PLANNING A FRESH FOR A FUTURE BAHAMAS FROM PAGE TWO continue to shock governments around the Caribbean by increasing in frequency and strength.

Global warming is a real concept indeed. Therein lies the problem for those countries that are heavily exposed to this risk, particularly island states such as The Bahamas.

According to the general manager of the IDB’s country department Caribbean group, Therese TurnerJones, the financial impact of climate change on The Bahamas could reach $19bn by 2020. Another study showed that between 1980 and 2012, The Bahamas experienced 12 major storms and one flooding event, which resulted in damages equivalent to $2.5bn or 30 percent of overall gross domestic product (GDP).

These facts all lead to one question: Is it worth it to invest and develop these islands based on the possible reality that climate change could wipe out their existence in the next 20 years? It is a controversial argument, but the beauty of research and technology is that it allows for the improved mitigation

of risks including global warming. Therefore, the Government should go ahead with completing the development plans for each island notwithstanding the environmental risk, mainly because it is important to create economic stimulus among all areas of The Bahamas as a short to medium-term goal. Who is to say that research or technology cannot provide the mitigation that is needed in years to come?

Public and Private Collaboration An initiative of this size requires funding from both the Government and private stakeholders. Without this type of collaboration, it could collapse or be easily put to the side. This is not something to be taken lightly considering that The Bahamas is slowly running out of options for economic growth in the two largest pillars of the economy - tourism and financial services. These fields are becoming heavily saturated, more risky, and international measures have become more stringent, making it difficult to do business easily for foreign investors. Therefore, development plans for each island are needed

to ensure that effective decisions are made for the future of The Bahamas.

Without partnership and working together, nothing will be achieved and The Bahamas could be left behind as other island nations, such as Jamaica, continue to advance.

Conclusion As countries continue to take advantage of the modernisation in social planning concepts, The Bahamas should do the same. With developments such as blockchain technology becoming increasingly relevant, it is time to bring these innovative ideas to this country in an effort to leave future generations with more than just service-based industries. Planning is the first step to doing so. Planning allows for new ideas to be incorporated into an overall plan for economic growth.

With no plan, there is no vision. With no vision, there is no solution. The world is a much bigger place than The Bahamas and we do not want to deepen the “brain drain” by having our talented minds go elsewhere because they see no future prospects in their own country. A plan for each island will set the pace to a brighter future for The

Bahamas. It is time to get rid of old processes, red tape and antiquated laws.

Let us start afresh. Let us have a new plan.

adopted a series of good practices that promote quality and efficiency in the court system”.

Dr Maynard, who is hosting the seventh annual Arbitration & Investment Summit this Friday at the Baha Mar convention centre, said the event will explore various issues relating to the practice.

“The bottom line is how easy is it to get a project up and going and continuing. The Chartered Institute of Arbitrators have drafted a new Construction Adjudication Bill for The Bahamas,” said Dr Maynard.

The ability to resolve commercial disputes in a timely, cost-effective manner is a key factor in determining where mobile international businesses and capital decide to locate. Establishing a properly-functioning international arbitration centre in The Bahamas would thus enhance this nation’s competitiveness and attraction, given that investors would have an efficient, private resolution mechanism that avoids going through the courts.

Companies throughout the world are increasingly inserting arbitration/alternative dispute resolution (ADR) clauses in commercial contracts in a bid

to resolve disputes without resorting to expensive, time-consuming legislation.

Dr Maynard told Tribune Business he still advocates against this nation having two separate arbitration regimes. “The good news is that the International Commercial Arbitration Act has provision for a centre. I’m suggesting that the centre be at a neutral place, like the University of The Bahamas, supported by government and NGOs,” he said.

“We need to marshal the resources to do that.

There is still this question of sending resources in two different directions. My view is let’s get it right the first time, so you should amalgamate. Others take the view that something is better than nothing. I’ve never looked at it that way.

If we can do better let’s do better.”

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PAGE 4, Monday, January 21, 2019

THE TRIBUNE

‘Revolutionise Cat Island CRUISE LINES AIDS FUTURE MARINERS hospitality’ for under $6m

VIEW of a resort property on Cat Island.

A BAHAMIAN real estate firm believes the two resorts and one private island it has listed for sale for collectively less than $6m “can revolutionise the hospitality industry on Cat Island”.

Engel & Volkers, in a statement issued yesterday, said the three properties located in southern Cat Island represented a major real estate and resort development opportunity for investors.

They include Greenwood Beach Resort, which has been a family-run business for more than 25 years and gone through two generations, and the Fernandez Bay Resort. The latter was founded, and owned and operated, by the same entrepreneur for almost 50 years. Engel & Volkers said both current owners feel it is time to move on, having established a strong repeat visitor portfolio.

Hawks Nest Cay,

meanwhile, is a vacant 40-acre island with about one mile of linear waterfront. The “back yard” of the island has extensive flats and mangroves, representing one of the best fly-fishing areas on Cat Island. Both Greenwood Beach Resort and Fernandez Bay are situated on beaches and have been run profitably for decades.

Leo Huber, the listing agent for Fernandez Bay, said: “The hotel is built using locally sourced cut native stone and lumber, and sits right in the middle of the most beautiful leeward facing beach.

“Everything is so relaxed that the bar is on an honour system. It’s difficult to know or even think of what to change. Fernandez Bay is already a model of what a hotel product in the Family Islands of The Bahamas should be.”

The growth of the vacation rental industry is

among the challenges facing Bahamian hotels. Goldman Sachs recently revealed that once people have stayed in vacation rentals, the likelihood that they will stay in traditional hotels is cut in half.

Colin Lightbourn, Engel Volkers’ license partner and real estate advisor, added: “The Bahamas is perfectly positioned for the changes that are taking place internationally, and these properties on Cat Island check all the boxes, including niche market experiences; the layout of the resorts cater to both the hotel customer and the vacation rental market; the trend is larger vacation homes for families and groups of friends; and these resorts offer a ‘rent the entire property’ opportunity.

Collectively the properties can also fill a void on the island by creating new amenities and experiences for each other.”

THROUGH a partnership between the Lowell Jason Mortimer (LJM) Maritime Academy, the Caribbean Maritime University (CMU) and the American Caribbean Maritime Foundation, Royal Caribbean International presented the first two of six scholarships to graduates of the LJM Academy during a presentation aboard the Symphony of the Seas. From left: Dr Fritz Pinnock, president of the Caribbean Maritime University; Greg Purdy, senior vice-president of maritime operations, Royal Caribbean International; Dr Brendamae Cleare, president, LJM Maritime Academy, and scholarship recipients Shante Pearson and Tre’von Ferguson.

ROYAL Caribbean Cruises has given two recent graduates of the Lowell Jason Mortimer (LJM) Maritime Academy full-tuition scholarships to the Caribbean Maritime University (CMU).

“We have a real commitment to people at Royal Caribbean,” said Greg Purdy, its senior vice-president of marine operations. “With our relationship and partnership with the wider Caribbean, and specifically with The Bahamas, we see that we need to make significant investments to also make The Bahamas and Caribbean a part of that future picture.

We have a great amount of respect for maritime professionals in the company and we really want to do all we can to support maritime professionals.”

Part of the 12-student strong first graduating class of the LJM Maritime Academy, the two recipients, Shante Pearson and Tre´von Ferguson, were freshly dressed in their uniform whites as they accepted their scholarships.

The students completed a three-year diploma programme at the Academy, with one of the requirements being a year at sea. They will now attend CMU in Port Royal, Kingston, Jamaica, for another two years to complete a bachelors degree in maritime transportation.

The scholarships came from a pledge by Royal Caribbean International (RCI) and the American Caribbean

Maritime Foundation.

The American Caribbean Maritime Foundation (ACMF), headed by Dr Geneive Brown-Metzger, exists to support the work of the Caribbean Maritime University with activities focused on raising funds for scholarships, equipment, facilities and infrastructure.

The scholarship is the first two of six that will be made available by ACMF. “We couldn’t have a better partner than Royal. They get the strategic importance of educating the next generation of Caribbean mariners,” said Dr Metzger.

“This is an historic moment for The Bahamas as well as LJM Maritime Academy. We are grateful to Royal Caribbean for this opportunity for our students to pursue further studies at CMU,” said LJM Maritime Academy president, Dr Brendamae Cleare.

“Thanks also to the American Caribbean Maritime Foundation. They were the ones who actually contacted us initially to make sure that our students could do this, and we are thankful and grateful to them. Our students, although they are the first two, they are the ambassadors of LJM Maritime to CMU and we know that they will shine.”

Shante Ferguson, one of the scholarship recipients, said: “My father, he is a product of the Royal Bahamas Defence Force. I was

always on boats. From then I said that I wanted to have a career on the sea. This scholarship means a lot. It’s an opportunity for me to finish my career and make it to my ultimate goal, which is to be a captain of a cruise ship.”

Tre’von Ferguson recalled the early attraction to the sea instilled in him by his late uncle, who was a fisherman, and longingly looking out at ships pulling in and out of the Freeport Container Port whenever he would accompany his mother to her office.

Dr Fritz Pinnock, president of the Caribbean Maritime University, added: “The Caribbean host[s] almost 40 percent of the world’s cruise deployment and yet less than seven percent of employment,” he said.

“So I’m really happy for this opportunity with Royal Caribbean because it now gives an amazing opportunity for Caribbean people to be moving up to the levels of captains and chief engineers.”

“One thing we are most proud of at Royal Caribbean is our ability to award scholarships,” said Mr Purdy.

“We award scholarships to both LJM Maritime Academy and to CMU, and we’d like to thank them both for their partnership. I’m thrilled to be here again to continue supporting maritime efforts.

What we are supporting here is job growth in the Caribbean and in The Bahamas.”

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THE TRIBUNE

Monday, January 21, 2019, PAGE 5

John Watling’s in US export launch JOHN Watling’s Distillery has marked the start of 2019 by exporting its namesake rum to the US and selling it online via its website.

The Bahamian company, located at the 1789 Buena Vista Estate in downtown Nassau, has hired Park Street Imports as its US distributor while Passion Spirits will make the product available for online sales through www.johnwatlings.com.

John Watling’s, named after a 17th century buccaneer, said in a statement that its sales expansion drive began on January 2.

Its rums are named after Watling, the English

buccaneer who in the 1670s landed on San Salvador and named it after himself.

The rum are crafted from two distillates made from hand-cut sugarcane molasses that are aged in The Bahamas for one to seven years in order to

produce the Pale, Amber, Single Barrel and Buena Vista rum brands.

John Watling’s staff pass the light distillate through a filter containing charred coconut husks. This charcoal removes unwanted congeners or flavour

components that are not desired in the final product.

The barrels selected for ageing are medium toasted, made from American white oak and previously used to make Bourbon. Close to five percent of the distillate being aged is lost annually due to evaporation, and is known as the “Angel’s Share”.

Once the distillate has been aged for two to seven years, the master blender employs close to 175 years of Spanish, French and English know-how to craft each rum. After

blending, the rums are left to rest for 24 hours. During the filling process no pumps are used in order not to bruise the rum.

John Watling’s employs 20 Bahamians instead of machines to fill, cork and hand label each and every bottle.

The company’s environmental commitments require the least amount of mechanisation possible, which is why each bottle is hand-numbered and a sisal plait - hand woven by a female cooperative in Cat Island and South Andros - is carefully affixed

to the neck of each bottle.

John Watling’s says its rums are the only Bahamian spirits listed as “recommended” by the Beverage Testing Institute in Chicago, Illinois.

They have been recognised and honoured by “The Fifty Best” in New York City, New York; BarLife Magazine from the Czech Republic; Rum Bahamas in Nassau, Bahamas; Taste of the Caribbean competition in Miami, Beverage Testing Institute in Chicago, Illinois; and the Concurso de Ron in Madrid, Spain.

Aliv targets summer 2019 for ‘break even’ FROM PAGE ONE of 139,000 subscribers by the end of December.

We’ve gone from 125,000 to 139,000 in the last quarter [of 2018].

“We’re touching 38 percent, and are trying to get to 39 percent by the financial year-end in June. There are lots of different ways of calculating mobile market share, but we estimate it’s around 38-39 percent and certainly north of 35 percent.”

Mr Sinclair last week told Tribune Business that BTC needed to “create some type of inflexion point” in 2019 where it first stopped, then reversed, the erosion of its customer base caused

by Aliv stealing clients from it.

Disclosing that he was “seeing some green shoots”, and signs that BTC was making progress in achieving this goal, Mr Sinclair said BTC had enjoyed “net growth” in mobile subscribers ever since “Black Friday apart from last Sunday, when it suffered a 300 customer churn.

He added that the carrier “got them all back” on the Monday.

Mr Blackburn, though, said Aliv was continuing to experience growth in all mobile market segments, adding: “I told the Cable Bahamas annual general meeting (AGM) that we’re on course this financial year for revenues in the $50-$60m range. We’re confident we’re taking our share or revenue commensurate with our market share because we are growing fast in

all market segments.

“Over the course of just two years we’ve got a 38 percent market share, and that has been as a result of putting down fundamental pillars to underpin the infrastructure we have built, which is a world-class 4.5G network; a customer experience in all aspects of what we do that is unrivalled in The Bahamas; innovation in all we do; real service to the community in the way we go about our business; and treating employees as partners.

“Those factors are what is driving our growth over these two years... We are picking up high value customers. We’re seeing tremendous growth in all products and market segments.”

Turning to Aliv’s plans for 2019, Mr Blackburn told Tribune Business: “We’re doubling down on our network, investing more money to make sure we stay ahead of the curve on data capacity.

“We’ve been phenomenally successful in attracting high-date using subscribers, and believe we have caused a market shift in the way people are using mobile to access data. We have to continue to invest in the network to keep pace with data use.”

Mr Blackburn said Aliv had provided Family Island residents with broadband access through broadband Internet, and added that it was also “doubling down” on innovative solutions around its Aliv Creates platform.

This works in partnership with Bahamian app developers and entrepreneurs

to take their innovations to the public, and the Aliv chief promised: “You’ll see a lot more around that in the next few weeks. You’ll see things in the near-term, not 2028.

“We continue to to make sure we deliver the best value in the market in terms of the customer value proposition, making sure they have the right product offering mix of calls, data and messaging people need.

“We also continue to manage the very best and latest smart phone technology and needed accessories.

We have launched the latest line of iphones, and continue to provide an excellent customer experience in the very specific sales teams we have set up, and trained to set up certain customers, like the concierge team literally switching hundreds if customers over.”

Mr Blackburn continued: “We are doing very well in the corporate market, and continue to work hard and fight hard hard to win more business in that market.

“Hopefully we’ve delivered on the promise to bring choice. We think we have, but that’s the market’s judgment not mine.”

The National Insurance Board invites suitably qualified businesses to tender for the contract to operate the Cafeteria of the National Insurance Board’s Head Office, Clifford Darling Complex, Baillou Hill Road.

Businesses submitting tenders must be licensed with the proper licensing authorities, have met all requirements of the Ministry of Health and other relevant agencies related to food services, and able to provide food for 100 or more persons daily. Compliance with National Insurance contributions is required.

Interested persons may collect a Bid Application from the Director’s Office at the National Insurance Board’s Head Office, Clifford Darling Complex, Baillou Hill Road and submit same on or before February 1, 2019 at 3:00 p.m.

All bids must be submitted in a sealed envelope marked “Bid for Cafeteria” and addressed to: The Director The National Insurance Board Clifford Darling Complex Baillou Hill Road Nassau, Bahamas The National Insurance Board reserves the right to accept or reject any or all bids that have been submitted for consideration.

PAGE 6, Monday, January 21, 2019

THE TRIBUNE

Web shops closer to lower tax rates FROM PAGE ONE his technical team on Thursday morning,” Mr Munroe told Tribune Business. “They were going to send us something to look at for our consideration as to how a winnings tax might look as opposed to patrons being taxed on their deposits.

“They’re going to send us a proposal on that. They still have a sliding scale structure [for operators] but now it’s two bands, and they’re supposed to send us some material on that.

“To their [the government’s] credit, they appear to have taken on and considered our submissions that if patrons were taxed on their deposits it would drive many into the black market and reduce the potential spend they pay taxes on,” Mr Munroe continued.

“They seem to have given consideration to that, and also given consideration to the sliding scale. They’ve not eliminated it, but are proposing two bands - at two different levels - of tax. We’d warned 20 percent would put three people [operators] out of business. They’re proposing 15 percent to all but one person - that’s a good first tier tax.”

Tribune Business sources later confirmed that the second operator tax rate being considered by the government is 17.5 percent, which would likely apply to Island Luck as the domestic gaming market leader whose revenues dwarf all rivals.

Mr Munroe’s comments indicate that the government’s position has shifted much closer to that taken by the web shop industry in the immediate aftermath of the 2018-2019 budget’s unveiling, as the operator tax rates under discussion fall into the 15-20 percent range that the sector’s consultants argue represents the global gaming average.

Some observers, especially those opposed to the web shops, their principals and the whole concept of gaming, will likely view the revised proposals as a climbdown by the Minnis administration when set against the tax hikes and policy objectives that accompanied the budget.

The situation outlined

by Mr Munroe also stands in marked contrast to the strident position outlined by Carl Bethel QC, the attorney general, who told Tribune Business as recently as January 4 that it was “time for lawful taxes to be collected” and that the Government was “ready to go to war” with the domestic gaming houses to achieve this.

Alfred Sears QC, the attorney representing Island Luck in discussions with the Government, declined to comment when contacted by Tribune Business. Mr Bethel, who has been leading the Minnis administration’s negotiations, was equally tight-lipped, saying only: “Absolutely no comment. I wouldn’t want to prejudice any ongoing negotiations.”

The revised taxation structure outlined by Mr Munroe, while seemingly simpler to assess and collect, would - if implemented - likely produce a significant reduction in tax revenues earned from the web shop industry.

On the operator side, the simplified structure’s 15 percent and 17.5 percent rates appear to be much lower than those unveiled last May. Under that structure, web shops pay on each portion of their revenue: • Up to $20m in revenue, a rate of 20 percent.

• Between $20m and $40m, a rate of 25 percent.

• Between $40m and $60m, a rate of 30 percent.

• Between $60m and $80m, a rate of 35 percent.

• Between $80m and $100m, a rate of 40 percent.

• Over $100m, a rate of 50 percent.

Five out of seven web shop operators fell solely in the lowest 20 percent category, while for a sixth, only a small portion of its revenue fell into the 25 percent category. Only Island Luck, the market leader, will attract all tax rates.

And taxing patrons on their winnings, as opposed to the five percent levy on deposits and over-thecounter lottery ticket sales, would also be unlikely to achieve the government’s stated objectives of deterring Bahamians from reckless gambling and slowing the sector’s growth.

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT COMMON LAW & EQUITY SIDE BETWEEN

Mr Munroe, though, said “past confusion” between the two sides had resulted from “miscommunication” and “the rough and tumble of negotiation”, with the last two meetings having produced positive results.

“In my view we should be able to resolve this matter shortly,” he told Tribune Business. “I’d say we’re expecting it within the next six to seven days in terms of having the matter resolved by then.

“My guys, they’re not happy. Don’t get me wrong.

In short, they’re not happy, but at least they’re content with the prospect of not having to spend a lot of money with me. That doesn’t make me happy.”

Besides settling on the industry’s revised tax structure, Mr Munroe said both sides have to agree the taxes owed to the government from July 1, 2018, to the present date.

“That did come up,” he confirmed. “They’ve put a position to us. That’s part of what we have to get back to them on in this window of six to seven days as well.

It’s in both parties’ courts.

They’re considering their position on the sliding scale and patron tax, and the ball’s in our court on the government’s position on taxes owing from July 2018.”

The dispute has already resulted in the government missing its budgeted revenue projections from the gaming industry, with the loss pegged at between $8-$12m for the 2018-2019 fiscal year’s first quarter. KP Turnquest, deputy prime minister, recently suggested the loss for the first half may be as much as $24-$30m.

However, the government’s recent fiscal strategy report declined to adjust forecasts because its legal case is “on solid ground”.

The gaming sector - hotel casinos as well as web shops - is forecast to generate $70m in revenue for the Public Treasury this fiscal year, having exceeded 2017-2018 estimates by 35.8 percent at $37.2m compared to initial projections of $27.4m.

The increased web shop taxation is thus predicted to almost double total gaming revenues in 2018-2019, with the Ministry of Finance is

2010 CLE/qui/00521

IN THE MATTER OF THE QUIETING TITLES ACT 1958 AND IN THE MATTER of the Petition of JOHN AND GINA NIXON, both of the Island of Mars Bay, Andros, one of the Islands of the Commonwealth of The Bahamas.

AND IN THE MATTER OF ALL THAT: piece parcel or lot of land being 1.217 acres of land in the settlement of Mars Bay in the Island of Andros one of the Islands of the Commonwealth of The Bahamas, which said piece parcel or lot of land is more particularly described on the Plan filed in this action and thereon coloured Pink.

NOTICE TAKE NOTICE THAT: JOHN NIXON AND GINA NIXON, claims to be the owners in fee simple in possession of the piece parcels or lots of land hereinbefore described and have made application to the supreme Court of the Commonwealth of the Bahamas Under Section 3 of the Quieting Title Act, 1959 to have their title to the said the piece parcels or lots of land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. A copy of the plan of the said land may be inspected during normal working hours at: i. Registry of the Supreme Court, British American Building, Malborough and George Streets in the City of Nassau, New Providence The Bahamas; ii. The office of the Administrator, in The Bluff, Andros; iii. Lojay Law Chambers, Dennings Manor, Alice Street, Nassau, New Providence, the Bahamas, Attorney for the Petitioners.

NOTICE IS HEREBY GIVEN that any person or persons having any dower or right of dower or an adverse claim not recognized in the Petition shall on or before the 31st, day of March, A.D., 2019 file in the said Registry of the Supreme Court and serve on the Petitioner or the undersigned, a statement of such claim. Failure of any such to file and serve a statement of claim by the above time will operate as a bar to such claim.

Dated this 215t, day of December 2018 LOJAY LAW CHAMBERS. Dennings Manor, Alice Street Nassau, Bahamas Attorney for the Petitioner

forecasting that gaming revenues will grow steadily to $73.5m in 2019-2020, before increasing further to $76.5m in 2020-2021 and $79.1m in 2021-2022.

Mr Munroe, though, conceded that “you cannot be negotiating taxation with the government”. He added that the private sector could only submit feedback intended to ensure it acts fairly and reasonably.

“No one likes taxes, but a winning tax is more palatable than a deposit tax because at least you don’t pay tax unless you win,” he argued. “They may have realised where this deposit tax would drive people to the black market.

“If they go with a deposit tax they might not hit their revenue projections anyway as the number of people gaming in the legitimate industry would have fallen. Doing it this way [on the winnings] may yield more revenue.

“If you’d gone and taxed deposits you might have predicted revenue based on how much people played last year, but in imposing the tax you may have people gaming less and suffer a net loss,” Mr Munroe continued.

“It’s like VAT. You have a 60 percent increase in the rate, but not have an equivalent increase in revenue, as the consumption you are relying on fell away because people are not buying as much due to the increase.”

One web shop industry source, speaking on condition of anonymity, confirmed to Tribune Business that talks with the Government are “heading in the right direction”.

“The Bahamas is the only country advancing this novel concept of taxing patron deposits before there’s any consumption,” they added. “And unregulated gaming is a predicate money laundering offence which could expose The Bahamas to international scrutiny and sanctions.

“It’s coming to a more reasonable position than what was advanced by the Government without any empirical support. There has to be a comprehensive settlement.”

To advertise in The Tribune, contact 502-2394

NOTICE MAAJAUH HOLDINGS LIMITED ___________________ Pursuant to the Provision 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 28th day of December, 2019 AMICORP BAHAMAS MANAGEMENT LIMITED LIQUIDATOR Of MAAJAUH HOLDINGS LIMITED NOTICE LAHM CORP. ___________________ Pursuant to the Provision 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 7th day of December, 2019.

AMICORP BAHAMAS MANAGEMENT LIMITED LIQUIDATOR Of LAHM CORP.

NOTICE SYMBA ENTERPRISE LTD. ___________________ Pursuant to the Provision 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 28th day of December, 2019.

AMICORP BAHAMAS MANAGEMENT LIMITED LIQUIDATOR Of SYMBA ENTERPRISE LTD.

THE TRIBUNE

Anti-WTO activist: Govt ‘sugarcoating’ FROM PAGE ONE worth of combined export and import business annually with this nation.

“The Bahamas seems to have a penchant to get into trouble by signing on,” he told this newspaper. “The Government has to be careful not to put the country in the mix from which it cannot recover.

“Many people, and those promoting it, do not know what WTO is about. It will not allow The Bahamas the opportunity to develop itself. Stay out until we develop infant industries that can grow organically and compere. This only is a benefit to developed countries, not developing countries like ours trying to develop itself.”

Whether The Bahamas has already given “infant industries” sufficient time to develop at the expense of consumer seeking access to lower-priced goods, and if it is now time to reverse that situation, was a question posed recently by former Bahamas Bar Association president, Dr Peter Maynard.

Still, challenged by the Bahamas Chamber of Commerce and others to provide an alternative to WTO membership, Mr Moss argued that The Bahamas should pursue the bilateral - as opposed to multilateral - route.

“The alternative path ahead is to seek a bilateral trade agreement with the US,” he told Tribune Business. “That’s our greatest partner, neighbour and, starting out, we ought to pursue and protect that.

“It makes no sense to put The Bahamas into a big group where one size

fits all, one rule fits every country. The Bahamas is a very small nation looking to develop itself, and being subject to the same rules as the US, China and other large countries makes no sense. We have to develop this country so Bahamians have an opportunity to participate in their own economy.”

Mr Moss pointed to the concerns expressed by Abaco Big Bird, the Bahamian poultry producer, over WTO-related pressures for The Bahamas to further reduce tariffs in this area as an example of the fate that could befall other industries reliant on tariff protection to remain price competitive.

WTO opponents have already been accused of spreading misinformation about what full membership means for this nation and its impact, with suggestions that it will force the Government to privatise all public services and result in an influx of foreign workers coming to take Bahamian jobs.

Mr Moss, though, turned this in its head, telling this newspaper: “The misinformation is coming from thew Government. The Government is trying to sugarcoat this thing by saying The

Bahamas can have access to all these overseas markets if we join the WTO. “The Bahamas has access now. They’re trying to sugarcoat it and make it so glowing and inviting to our people, saying you’ll have access to 164 countries, people all over the world and can sell to them.

There are Bahamians that cannot sell things today in our market and its limited space.”

One of the touted benefits from WTO membership is that it would solidify the “rules of the game” for Bahamian exporters to access foreign markets, and vice versa for foreign and domestic investors doing business. The increased certainty and predictability, at least in theory, would boost economic activity and job creation in The Bahamas.

Meanwhile, arguing that Bahamians would be disadvantaged in a WTO environment, Mr Moss added: “There are members of the WTO that have had access to capital for many, many years. You juxtapose that against a Bahamian company that has to have everything and their grandmother to get a loan or advance from a lending institution in The Bahamas.

“It does not put them on an equal footing. Foreign companies can borrow in US dollars at lower rates; we have to borrow in Bahamian dollars and can’t compete internationally. It’s really dangerous with the Government not thinking about how to address the country’s future.

“Bahamians have been disadvantaged for so long that it will take many years to put them on a sound footing to compete with these giant multinationals.”

Monday, January 21, 2019, PAGE 7

Ex-AG: ‘IBCs are not dead’ FROM PAGE ONE He even added that there was a strong argument for “modifying” the Companies Act to ensure domestic entities were as flexible as IBCs, suggesting there was much more work to be done beyond the overhaul of its winding-up/ liquidation regime which he oversaw while holding ministerial office in 2011.

“I don’t see it as the death of IBCs,” Mr Delaney told Tribune Business of the latest legislative reforms. “‘This legislation is laser-focused on things to do with taxation.

That’s all it is. The IBC as a corporate regime has benefits beyond fiscal matters and tax efficiency.

“Generally speaking, it is a more flexible corporate structure than our Companies Act. There’s still reason enough, if you had to choose between a Companies Act vehicle and the IBC Act, one can compare and contrast these corporate regimes and see greater flexibility in IBCs compared to Companies Act companies.”

Mr Delaney argued that this meant there was still reason enough for investors to incorporate Bahamian IBCs, the “designer choice” vehicle for the financial services industry, thereby implying that suggestions of its imminent demise were exaggerated.

He acknowledged, though, that the EU-related legislation was “removing certain features that made IBCs advantageous compared to Companies Act companies, but this doesn’t mean there’s no distinction”.

In particular, the Removal of Preferential Tax Exemptions Act strips IBCs and other non-resident entities popular with foreign investors of tax benefits/advantages that counterparts operating in the domestic Bahamian economy did not have access to.

Existing IBCs will, from 2021, lose benefits such as the current 20-year stamp duty exemption and annual $300 license fee, while new ones

incorporated since that Act was passed will automatically not enjoy them. The premature end to existing IBC’s tax preferences may well result in litigation, Mr Delaney and others have pointed out.

This effectively places IBCs and other non-resident entities, such as Exempted Limited Partnerships (ELPs), Investment Condominiums (ICONs) and Executive Entities on a taxation “level playing field with domestic companies” as The Bahamas’ answer to EU demands for an end to preferential tax treatment - a practice known as “ring fencing”.

Mr Delaney, meanwhile, said there was a compelling case for further Companies Act reforms now that the legislation demanded by the EU has been enacted.

“There might be a case to make the Companies Act more flexible,” he told Tribune Business, “and that’s a legitimate argument to be had.

The Companies Act needs upgrading.

“I did the massive upgrading of the liquidation regime when I was attorney general, but that is not the end of it.

There are other aspects that can be modified.”

Mr Delaney also decried suggestions that The Bahamas’ financial services industry was “at an end” as a result of the latest enforced changes, arguing that such predictions were coming from those who could not see beyond its current structure “for it to

survive” and were ignoring its history of adaptability and evolution.

“That’s not the case at all,” he told Tribune Business. “If you look at our industry over a 60 year-period there’s been almost constant evolution.

Over the last 20 years there’s been a quicker pace in such evolution, particularly around fiscal matters.

“I don’t see it at an end at all. It’s an opportunity, not of our making, to evolve and make the most of it, competing in ways that are not built around fiscal matters. The IBC Act was not just about tax advantages; there’s an opportunity to have a modern, state-of-the-art regime not geared around tax minimisation but serving the flexible needs of business activities that are not harmful.

“We can do that because smaller jurisdictions and more agile Parliaments are able to introduce legislation to encourage it,” Mr Delaney added. “We can take advantage of the entirety of that which The Bahamas has to offer in terms of less cumbersome regulation, making it a convenient place for certain types of business activity.

“That must have been behind the Government’s thinking on the Commercial Enterprises Act. I think over time, not a long time - it should take five to ten years the impact of that legislation is going to come more and more into focus.”

NOTICE NOTICE is hereby given that BELONY Robinson Road, JACKSON of Ridgeland P.O. Box N-1048, Nassau, 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 14th day of January, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Povidence, The Bahamas.

With Trump out, Davos chief eyes fixing world architecture DAVOS, SWITZERLAND Associated Press THE founder of the World Economic Forum says US President Donald Trump would have been an “interesting discussion partner” at its annual Davos event starting this week, but acknowledges that the partial US government shutdown scuttled those plans.

Klaus Schwab says he saw Trump shortly before Christmas and heard he had been “very much looking forward to coming back”. Last year, Trump was a highlight attendee at the elite gathering in the Swiss Alps, where he dined with business executives and met foreign leaders.

Trump cancelled the US delegation’s trip to Davos this

year amid the partial government shutdown.

“He would have been an interesting discussion partner,” Schwab said. “But of course, we have understanding: We see government stand still.”

Now, the WEF chief is focusing on reshaping the

“global architecture” that has split populists and globalists and left many people feeling left out. That could be a tall order as trade forecasts predict slowdown and economic growth has eased, in part after Trump tax cuts dopedup the economy and markets last year.

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BAHAMAS AIR NAVIGATION SERVICES DIVISION

JOB VACANCY NOTICE

The Bahamas Air Navigation Services Division (BANSD) was established on October 3, 2016 as the service provider of the aviation sector, independently operating with the responsibility for air traffic services, aeronautical information services, communications, navigation and surveillance, and advisory services. In order to continue the efficient and effective operation of BANSD, we are recruiting motivated and interested persons to join the team as Air Traffic Controllers.

AIR TRAFFIC CONTROL TRAINEES Trainees will complete the Air Traffic Controller Training Program based on the International Civil Aviation Organization Standards. All Trainees are required to complete a Class III Medical and a security vetting. Successful Trainees will perform as a Flight Service Officer after certification.

Minimum Requirements: • Must be ages 18 – 26; • Successfully pass Five (5) BGCSE with “C” or above including;

English and Math; • No speech, sight or hearing impediments.

Qualified candidates should submit, in person: a resume, copies of academic qualifications, valid police record (original), valid passport, NIB smart card, three (3) recent passport size photos to the attention of the HR Manager, BANSD, JL Centre 2nd Floor at #26 Blake Road on or before Thursday, January 31st, 2019.

PAGE 8, Monday, January 21, 2019

THE TRIBUNE

May plans next move in Brexit fight as chances rise of delay LONDON Associated Press AS PRIME Minister Theresa May prepared her next move in Britain’s deadlocked Brexit battle, a senior opposition politician said yesterday that it’s unlikely the UK will leave the European Union as scheduled on March 29.

A government minister, however, warned that failure to deliver on Brexit would betray voters and unleash a “political tsunami”.

May is due to present Parliament with a revised Brexit plan today, after the divorce deal she had struck the EU was rejected by lawmakers last week. With just over two months until Britain is due to leave the bloc, some members of Parliament are pushing for the UK to delay its departure until the country’s divided politicians can agree on a way forward.

Labour Party Brexit spokesman Keir Starmer said “it’s inevitable” Britain will have to ask the EU to extend the two-year countdown to exit that ends on March 29.

“The 29th of March is 68 days away,” Starmer told the BBC. “We are absolutely not prepared for it. It would be catastrophic.”

Britain’s political impasse over Brexit is fueling concerns that the country may crash out of the EU on

BRITAIN’s Prime Minister Theresa May leaves 10 Downing Street, in London on Friday. Talks to end Britain’s Brexit stalemate appeared deadlocked on Friday, with neither Prime Minister Theresa May nor the main opposition leader shifting from their entrenched positions.

Photo: Stefan Rousseau/AP March 29 with no agreement in place to cushion the shock. That could see tariffs imposed on goods moving between Britain and the EU, sparking logjams at ports and shortages of essential supplies. Many economists expect Britain to plunge into recession if there is a “no-deal” Brexit.

May’s government is split between ministers who think a disorderly departure must be avoided at all costs, and Brexit-backers who believe it would be

preferable to delaying or reversing Brexit.

Former Brexit secretary Dominic Raab, who quit the government in opposition to May’s agreement with the EU, said a no-deal Brexit would have “shortterm risks”, but they would be “manageable”.

International Trade Secretary Liam Fox wrote in the Sunday Telegraph that “failure to deliver Brexit would produce a yawning gap between Parliament and the people,

PUBLIC NOTICE

a schism in our political system with unknowable consequences.”

He said public anger could trigger “a political tsunami”.

May has spent the days since her deal was thrown out meeting government and opposition lawmakers in an attempt to find a compromise. But the talks have produced few signs that May plans to make radical changes to her deal, or to lift her insistence that Brexit means leaving the EU’s single market and

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, D’ANGELO KENITH JOHNSON of #18 Sunshine Park Nassau, Bahamas, intend to change my name to D’ANGELO DAMIAN FERNANDER. 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.

The Public is hereby advised that I, PETRONA KAHZIA BUTLER of Wilson Track off East Street, P.O. Box N700 Nassau, Bahamas, intend to change my name to PETRONA KAHZIA ROLLE POWELL. 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.

MARKET REPORT THURSDAY, 17 JANUARY 2018

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

BISX ALL SHARE INDEX: CLOSE 2,101.00 | CHG 0.93 | %CHG 0.04 | YTD -8.45 | YTD% -0.40 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 5.39 1.60 0.56 3.68 10.20 6.60 4.85 12.50 2.74 1.78 8.21 6.30 13.20 6.98 4.48 13.50

52WK LOW 3.50 19.17 4.90 3.34 0.90 0.18 2.10 8.70 6.10 3.54 9.00 2.30 1.50 7.25 6.00 10.10 5.85 3.25 12.51

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

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

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

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

SYMBOL LAST CLOSE AML 4.43 APD 17.43 BPF 7.00 BWL 5.39 BOB 1.46 BBL 0.56 CAB 2.30 CIB 10.20 CHL 6.16 CBL 4.44 CBB 11.01 CWCB 2.52 DHS 1.78 EMAB 8.30 FAM 6.30 FBB 12.85 FIN 6.98 FCL 3.62 JSJ 13.01 CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

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

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

MUTUAL FUNDS 52WK HI 2.19 4.18 2.02 182.41 158.55 1.60 1.74 1.68 1.11 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.54 1.68 1.62 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

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

CLOSE 4.43 17.43 7.00 5.39 1.60 0.56 2.30 10.20 6.16 4.44 11.01 2.49 1.78 8.27 6.30 12.85 6.98 3.62 13.01

CHANGE 0.00 0.00 0.00 0.00 0.14 0.00 0.00 0.00 0.00 0.00 0.00 -0.03 0.00 -0.03 0.00 0.00 0.00 0.00 0.00

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

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

CLOSE 100.00

CHANGE 0.00

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

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

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

VOLUME 115 1,000 23,625 970

800

VOLUME

EPS$ 0.147 0.932 -0.306 0.323 0.085 0.000 -0.523 0.700 0.480 0.154 0.627 0.102 0.209 0.000 0.481 0.762 0.578 0.277 0.631

DIV$ 0.120 1.260 0.000 0.240 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.280 0.500 0.150 0.130 0.600

P/E 30.1 18.7 N/M 16.7 N/M N/M -4.4 14.6 12.8 28.8 17.6 24.4 8.5 N/M 13.1 16.9 12.1 13.1 20.6

YIELD 2.71% 7.23% 0.00% 4.45% 0.00% 3.57% 0.00% 6.96% 3.57% 2.70% 5.63% 2.41% 3.37% 1.02% 4.44% 3.89% 2.15% 3.59% 4.61%

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

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

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

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

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

NAV 2.19 4.18 2.02 182.41 158.55 1.60 1.74 1.68 1.11 7.43 8.57 6.57 10.37 11.68 10.32 9.92 8.69 11.79

YTD% 12 MTH% 3.23% 4.04% 1.03% 1.38% 1.92% 2.39% 2.08% 3.47% 3.35% 5.94% 4.30% 4.30% 2.60% 2.60% 3.40% 3.40% 1.46% 1.46% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88

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

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

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

customs union.

Fox said one possible solution could be to strike a deal with the Irish government guaranteeing there would be no border controls between EU member Ireland and the UK’s Northern Ireland.

He said that could ease concerns about the deal’s most contentious measure — an insurance policy known as the “backstop” that would keep Britain in an EU customs union to maintain an open Irish border after Brexit. ProBrexit lawmakers worry that Britain could be trapped indefinitely in the arrangement, bound to EU trade rules and unable to strike new deals around the world.

Irish Foreign Minister Simon Coveney, however, tweeted that the Irish government was committed to the entire withdrawal deal, “including the backstop”.

British lawmakers who

want a softer Brexit are preparing to try to amend May’s plans in a Jan 29 debate, and to use parliamentary rules to try to prevent a no-deal Brexit and take control of the exit process.

Conservative lawmaker Nicky Morgan said she and several opposition colleagues planned to introduce a bill to ensure “that if the prime minister can’t get an agreement approved by the House of Commons by the end of February”, the UK will ask the EU to postpone its departure date “so that we can build a consensus and get ourselves more prepared for Brexit.”

Delaying Brexit would require approval from the 27 other EU nations.

Starmer said there was a roadblock in the way of a solution to the Brexit crisis, “and that roadblock is the prime minister.”

“Her mind is closed,” he said.

NOTICE Notice is hereby given that CARLOS BROWN of #22 Warwick St, P.O. Box N-9948, 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 signed statement of the facts within twenty-eight days from the 21st January, 2019 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

NOTICE NOTICE is hereby given that CHARLEMOND LOUIS of #25 Ludlow Street West off Mount Royal Avenue, 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 twentyeight days from the 14th day of January, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Povidence, The Bahamas.

NOTICE IRIDESCENT COMPANY LIMITED (Voluntary Liquidation) Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the abovenamed Company is in dissolution, which commenced on the 11thday of January, 2019.

The Liquidator is Kim Thompson of Nassau Bahamas.

Kim Thompson (Liquidator) 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

THE TRIBUNE

Monday, January 21, 2019, PAGE 9

At 30-day mark, shutdown logjam remains over border funding WASHINGTON Associated Press THIRTY days into the partial government shutdown, Democrats and Republicans appeared no closer to ending the impasse yesterday than when it began, with President Donald Trump lashing out at his opponents after they dismissed a plan he’d billed as a compromise.

Trump had offered the previous day to temporarily extend protections for young immigrants brought to the country illegally as children and those fleeing disaster zones in exchange for $5.7bn for his border wall. But Democrats said the three-year proposal didn’t go nearly far enough.

Yesterday, Trump branded House Speaker Nancy Pelosi a “radical” and said she was acting “irrationally”. The president also tried to fend off criticism from the right, as conservatives accused him of embracing “amnesty” for immigrants in the country illegally.

“No, Amnesty is not a part of my offer,” Trump tweeted, noting that he’d offered temporary, threeyear extensions — not permanent relief. But he added: “Amnesty will be used only on a much bigger deal, whether on immigration or something else.”

The criticism from both sides underscored Trump’s boxed in-position as he tries to win at least some Democratic buy-in without alienating his base.

With hundreds of thousands of federal workers set to face another federal pay period without paychecks, the issue passed to the Senate, where Majority Leader Mitch McConnell has agreed to bring Trump’s proposal to the floor this week.

Democrats say there’s little chance the measure will reach the 60-vote threshold usually required to advance legislation in the Senate. Republicans have a 53-47 majority, which means they need at least some Democrats to vote in favour.

McConnell has long tried to avoid votes on legislation that is unlikely to become law. And the Kentucky Republican has said for weeks that he has no interest in “show votes” aimed only at forcing members to take sides after Trump rejected the Senate’s earlier bipartisan bill to avert the shutdown.

What’s unclear is how McConnell will bring Trump’s plan forward — or when voting will begin.

The Republican leader is a well-known architect of complicated legislative manoeuvres. One question is whether he would allow a broader immigration debate with amendments to Trump’s plan on the Senate floor.

McConnell spokesman David Popp said yesterday, “When we have (a plan) we will be sure to let everyone know.”

One key Republican, Sen James Lankford of Oklahoma, said that he and other lawmakers had been encouraging the White House to put an offer on the table — any offer — to get both sides talking.

“Get something out there the president can say, ‘I can support this,’ and it has elements from both sides, put it on the table, then open it up for debate,” Lankford said on ABC’s “This Week”.

“The vote this week in the Senate is not to pass the bill, it is to open up and say ‘Can we debate this? Can we amend it? Can we make changes?’” Lankford said.

“Let’s find a way to be able to get the government open because there are elements in this that are clearly elements that have been supported by Democrats strongly in the past.”

“The president really wants to come to an agreement here. He has put offers on the table,” said Rep Liz Cheney, R-Wyo, on NBC’s “Meet the Press”. ‘’The responsible thing for the Democrats to do is put

“If he opens the government, we’ll discuss whatever he offers, but hostage taking should not

PRESIDENT DONALD TRUMP a counteroffer on the table if you don’t like this one.”

Vice President Mike Pence said on “Fox News Sunday” that Trump had “set the table for a deal that will address the crisis on our border, secure our border and give us a pathway” to reopen the government.

Democrats, however, continue to say that they will not negotiate with Trump until he ends the shutdown, the longest in American history.

“The starting point of this negotiation ought to be reopening the government,” Sen Mark Warner, D-Va, told NBC. “We cannot reward the kind of behaviour of hostage taking.

Because if the president can arbitrarily shut down the government now, he will do it time and again.”

As news media reported the outline of Trump’s proposal ahead of his Saturday speech, Pelosi and other Democrats made clear the president’s plan was a non-starter — a quick reaction Trump took issue with yesterday.

“Nancy Pelosi and some of the Democrats turned down my offer yesterday before I even got up to

speak. They don’t see crime & drugs, they only see 2020,” he said in first of a flurry of morning tweets.

Trump also lashed out at Pelosi personally — something he had refrained from early on — and accused her, without evidence, of having “behaved so irrationally” and moving “so far to the left that she has now officially become a Radical Democrat”.

He also appeared to threaten to target millions of people living in the country illegally if he doesn’t eventually get his way, writing that “there will be no big push to remove the 11,000,000 plus people who are here illegally-but be careful Nancy!”

Pelosi responded with a tweet of her own, urging Trump to “Re-open the government, let workers get their paychecks and then we can discuss how we can come together to protect the border”.

Senate Democratic leader Chuck Schumer also dug in during an appearance in New York, where he predicted Democrats would block the president’s proposal from passing the Senate.

work,” Schumer said as he pushed legislation that would protect government workers who can’t pay their

bills because of the government shutdown. “It’s very hard to negotiate when a gun is held to your head.”