01282020 BUSINESS

business@tribunemedia.net

TUESDAY, JANUARY 28, 2020

$4.62 BPL targets fall 2021 for rental generation end

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMAS Power & Light (BPL) last night confirmed it aims to end its reliance on rental generation by fall 2021 in a move that would save long-suffering consumers $2m-plus per month.

The state-owned utility monopoly, confirming its objective to stand on its own generation feet, said it had already reduced its dependency on Aggreko’s rental generation fleet by ten megawatts (MW) - a move it said would save customers around $400,000 per month.

With 105 MW of rental generation remaining, and accounting for a stillsignificant percentage of New Providence’s generation capacity, BPL said it is opening the bidding to other suppliers given that the Aggreko deal expires in June 2020.

The new tender, it added, will secure “a maximum 40 MW of rental generation” to ensure that BPL has adequate capacity to meet summer 2020’s peak demand and prevent a repeat of last year’s daily load shedding that impacted most Bahamians for three successive hours or more.

However, BPL said its reliance on rental generation will only be ended when the last 90 MW of permanent, multi-fuel generation capacity are installed at Clifton Pier’s “Station D” by summer 2021. That station, an investment of $70m, will be constructed by BPL but is ultimately supposed to be sold to Shell North America - along with the 132 MW “Station A” - as part of the latter’s 222 MW power plant.

“We have already done away with ten MW of rentals, bringing our complement of rental generators down from 115 MW, at a cost of close to $2m, to 105 MW, at about $1.6m,” BPL said in explaining why it has issued a Request for Proposal (RFP) for more rental generation.”

SEE PAGE 5

$4.67

Auto ‘shot in arm’ via 31% sales rise

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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UTO dealers received a “badly needed shot in the arm” from 2019’s 31.18 percent sales increase, it was revealed yesterday, marking the industry’s best performance since VAT’s arrival.

Fred Albury, the Bahamas Motor Dealers Association’s (BMDA) president, told Tribune Business the sector will gain more “breathing space” if 2020 holds at last year’s total following a 430 year-over-year increase in new auto sales for that 12-month period.

Acknowledging that 2019’s surge will be difficult to match, especially given that post-Dorian vehicle

• Dealers enjoy best year since VAT’s arrival • Up 430 vehicles to produce five-year peak • Hope 2020 matches for more ‘breathing space’

replacement is likely to “taper off”, Mr Albury said he was working to the assumption that 2020 sales will be flat to slightly up following the industry’s best showing in the five years since 2014.

Besides the sector’s reduced excise tax rates, government fleet deals and the storm’s impact, the BMDA chief also attributed the improvement to “stronger consumer confidence” and a Bahamian economy that seemed to be “holding its own” despite the destruction inflicted upon Grand Bahama and Abaco.

Mr Albury spoke out after BMDA figures showed total industry-wide sales were ahead of 2018 sales by double digit percentages in three of 20-19’s four quarters. He added that if the new car industry was performing well it often suggested that the overall economy was doing likewise, as its products are typically seen as a high-end luxury good susceptible to changes in consumer demand.

New auto sales dropped by 1.25 percent between March 1 to June 30 last year, but that proved a temporary fall following a 26 percent

THE Inter-American Development Bank (IDB) has warned many Abaco residents will be without power “for a year or longer”, as it called for a “unified” grid to eliminate the four voltages used pre-Dorian.

The multilateral lender, in documents accompanying the $170m project to expand renewable energy penetration and rebuild critical infrastructure postDorian, revealed that the pre-storm reliability of Abaco’s power grid had been compromised because Bahamas Power & Light (BPL) used no fewer than four voltage transmission frequencies.

These ranged from 4.16 kilovolts (kV) to 13.2 kV, and the IDB reports urged that BPL’s transmission and distribution (T&D) infrastructure be rebuilt to condense these into one

first quarter increase. They soared to a 68 percent yearover-year increase during the 2019 third quarter, and rose by 39.5 percent during the year’s final period.

Total sales for those 12 months stood at 1,809, a 430 unit increase from the prior year’s 1,379, with one industry source saying of the growth: “That’s nothing to sneeze at. I think the drop in duty [excise tax] has really helped everybody. I think that’s been the main driver.

“Generally speaking, all dealers are up slightly. Most

SEE PAGE 4

Financial firms in ‘strategic alliance’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A WELL-KNOWN Bahamian accounting firm has teamed with a local investment house in a “strategic alliance” that has seen the latter taking over its back office and registered agent functions.

Senior executives at FT Consultants and Providence Advisors confirmed the tie-up to Tribune Business after this newspaper was alerted to the move, with the two companies now sharing the same office space at the investment house’s Goodman’s Bay Corporate Centre headquarters.

Kenwood Kerr, Providence Advisors’ chief executive, responded “that’s correct” when contacted by Tribune Business about the

• FT Consultants teams with Providence Advisors • Latter takes over accountant’s ‘back office’ function • Two companies sharing office at Goodman’s Bay

KENWOOD KERR

MARIA FERERE

partnership. “It’s a business alliance,” he confirmed.

“What is happening is we took over their registered office, their registered agent and back office services.

They’re still going to be

doing insolvencies but using Providence Advisors’ back office.”

Mr Kerr spoke only briefly, and could not be reached for further comment yesterday. A written

‘Unify’ Abaco’s power grid to eliminate four voltages

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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• IDB urges better reliability post-Dorian • Warns some without power ‘for year or more’ • Fears rebuild speed may cost better resilience uniform frequency islandwide. Besides improving grid reliability, it argued that such a strategy would also improve the availability of spare parts as BPL would no longer have to source equipment for four different frequencies.

“A key activity is the voltage unification across the island,” documents seen by Tribune Business argue. “Rebuilding most of the Abaco distribution grid is an opportunity to unify distribution voltages, from presently four levels in service (4.16 kV, 7.2 kV, 12.5 kV and 13.2 kV) to a single level.

This will significantly improve uniformity and availability of spare parts, while improving grid reliability.

“Operating Abaco’s grid with multiple voltage levels causes issues with spare parts and system maintainability, and it is recommended to unify distribution levels as part of reconstruction efforts. The likely single voltage level that may be adapted is 12.7 kV, which is becoming industry standard in the Caribbean, but since this particular voltage level is not presently used on Abaco, consideration can also be given to 13.2 kV as that voltage represent a significant percentage of Abaco’s distribution grid.”

The IDB paper added, though, that even nondamaged equipment such as transformers and distribution lines will have to be

replaced if this objective is to be achieved and Abaco’s energy infrastructure made more resilient, thereby increasing restoration costs.

“There are some challenges associated with this effort,” it admitted.

“Grid reconfiguration will require replacement of the equipment which is not necessarily damaged beyond repair. Specifically, many distribution transformers on Abaco, either pole of pad mounted, would have to be replaced or adapted for the selected single distribution voltage.

“As for distribution lines, those which operate at 4.16 kV and 7.2 kV will have

SEE PAGE 4

statement that he said was going to be produced also did not materialise. However, Maria Ferere, FT Consultants’ president and managing director, confirmed the details to Tribune Business last night.

“We’ve formed a strategic alliance,” she disclosed. “We are sharing office space, and will be looking at doing something a little more detailed, but cannot speak to that now as we are still awaiting regulatory approval for it.

“We’ve gotten out of all the other registered agent,

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$4.63

Odyssey confirms overflight fees bid

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net ODYSSEY Aviation, the fixed base operator (FBO) with a presence in Nassau, yesterday confirmed it was among the rejected bidders who sought to operate The Bahamas’ overflight fee regime.

Steven Kelly, its chief executive, told Tribune Business: “We were told by the Ministry that the bids have been thrown out. The tenders committee looked at them and neither of the RFPs (requests for proposals) was accepted. That’s all the knowledge I have with them.

I have had no further communication since then. They were both evaluated and they decided they needed to do other things first.”

Dionisio D’Aguilar, minister of tourism and aviation, yesterday said the development of an overflight regime - which would effectively monetise The Bahamas’ sir space by levying a fee on all aircraft that fly through it - remains a “work in progress”.

Speaking at the signing of an air transport agreement between the US and The Bahamas, he said: “We are negotiating, and when that process is completed we will return to the Bahamian people with an update, but it is moving quite smartly along.”

Mr D’Aguilar earlier this year said the process had stalled, and been set back by six months, after the evaluation committee rejected all bids submitted to manage/ administer the overflight fee regime on the government’s behalf.

Pressed on both the Odyssey proposal and the project’s status, the minister said yesterday: “The government hasn’t come up with a structure on how it wants to collect the overflight fees.

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PAGE 2, Tuesday, January 28, 2020

THE TRIBUNE

PROTECTED AREAS FUND IN $1.1M GERMAN GRANT THE Bahamas Protected Areas Fund (BPAF) will receive $1.1m from the German government to aid with post-Hurricane Dorian recovery and environmental damage assessments.

The Bahamas is normally disqualified by its relatively high per capita income from receiving overseas development assistance from Germany. However, that country’s Federal Ministry of Economic Cooperation and Development made an exception due to the severity of Dorian’s destruction.

The funds will be administered by the Caribbean Biodiversity Fund (CBF), which is partly capitalised by the German Development Bank-KfW. The CBF, together with eight national

KELLEY BOSTWICK-TOOTE country trust funds, including BPAF, comprise the Caribbean Sustainable Finance Architecture, which is battling biodiversity loss and climate threats across The Caribbean.

The CBF has also pledged an additional $150,000 from its own $70m endowment fund to support post-Dorian assessments and recovery.

The BPAF said it immediately began to source funding in Dorian’s aftermath. “We met with a number of environmental groups, saw the overwhelming need, and were determined to support their assessments and recovery,” said Kelley Bostwick-Toote, Board chairman. “We are very grateful that Germany and the Caribbean Biodiversity Fund have so willingly provided this generous assistance.”

Other trust funds within the Sustainable Finance Architecture have also supported post-Dorian recovery, including the St Lucia National Conservation Fund and the St Vincent and the Grenadines Conservation Fund.

Monies received will be

provided as grants. The BPAF said it is encouraging protected area managers and other relevant, legallyincorporated organisations to apply for critical funding to support their post-Dorian activities.

It added that emphasis will be placed on management effectiveness and threats to ecosystem health in affected areas throughout Abaco and Grand Bahama. This may include coral and mangrove assessments and restoration, species and habitat assessments (marine and terrestrial), ecosystem monitoring, and damaged infrastructure as well as some other enabling activities.

Karen Panton, the BPAF’s executive

FURNITURE STORE GROWS INTO ITS THIRD LOCATION A BAHAMIAN-owned outdoor furniture store is expanding to its third location less than three years after opening its Sandyport outlet.

Oasis Furniture has extended its footprint to Eleuthera by collaborating with Governor’s Harbourbased Bahama Hand Prints. The move came just months after Jennifer Treco joined Oasis as an in-house designer.

“When Alannah (van Onselen) and her husband, David, and their three children moved back to her home in The Bahamas in 2018 after ten years in David’s native South Africa, they purchased Bahama Hand Prints. Alannah immediately threw herself into building on the legacy that had made the screen print fabric famous and recognisable around the world for more than half a century,” said Brooke Phillips Pyfrom, Oasis’ principal.

“We love her energy and drive, and where she

BROOKE PHILLIPS PYFROM, Oasis founder, left, and Jennifer Treco, in-house designer, have expanded its furniture and home décor footprint to Bahamas Hand Prints in Governor’s Harbour, Eleuthera. taking the line, so when she approached us about opening a division of Oasis in

her shop in Eleuthera, we felt truly honoured.” Ms Pyfrom and Ms Treco agree

the tie-up works for both businesses.

“Alannah produces the placemats and napkins, and we supply the napkin rings to tie it all together,” says Ms Treco. “She produces the throw pillows and we supply a wicker daybed to showcase the pillows. We think of it as expanding our footprint with Bahama Hand Prints. Eleuthera is getting hotter by the minute, so we are really pleased to be in on the ground floor of this beautiful store.”

Oasis in Eleuthera opened this month and carries home décor items sourced from around the world. They include candles and candle holders, throw pillows, rugs, lamps and some furniture.

“Bahama Hand Prints was created in 1966 by two women artists, both now deceased, Berta Sands and Helen Astarita,” said Ms Pyfrom. “I grew up almost next door to Mrs Astarita and was always fascinated by her art work even as a young child.

“I felt privileged to know this incredible woman who could build equipment yet paint a delicate Easter egg so beautifully it should have been preserved as art. I just wish she could see us now helping Alannah carry on the business she and Mrs Sands created.”

Bahama Hand Prints opened in Governor’s Harbour in 2019, and is its third location. The company also has a store at The Island House in western New Providence, along with its plant and show room off Mackey Street where much of the original fabric printing machine designed by Mrs Astarita is still printing new and fresh designs.

Eleuthera is also Oasis’ third location. Its original outdoor furniture showroom remains where Ms Pyfrom started out repaying a college debt to family, on East Shirley Street at Phillips Sailmakers & Awning Manufacturers.

director, said: “Since Dorian we have accelerated our grant-making facility so funds received in its wake can be directed on the ground with transparency and speed. Once the formalities are completed, we will immediately open the call for proposals.”

The BPAF was established in 2014 by the Bahamian government through an Act of Parliament. The fund’s purpose is to “ensure sustainable financing into perpetuity” for scientific and policy research, education, conservation and management of protected areas, including national parks.

It is also mandated to support areas established for biodiversity conservation; the protection of carbon

sinks; water resources; wetlands and blue holes; degraded or threatened ecosystems; and areas established for adapting to and mitigating against climate change.

The Act permits the fund to extend grants to various protected area managers including the Bahamas Natural Trust; the Forestry Unit of the Ministry of Environment; the Department of Marine Resources; Clifton Heritage Authority; other government agencies and ministries; academic and research institutions and other non-governmental organisations (NGOs) whose grant requirements align with the Act, and BPAF’s strategic plan and grants priorities.

Customs has ‘weathered many storms’, says DPM

THE 31ST International Customs Day celebration and long service award ceremony at Government House. Honorees are pictured with the governor general, Cornelius A Smith, seated centre; K Peter Turnquest, deputy prime minister and minister of finance, seated left; and Dr Geannine Moss, comptroller of Customs.

Photo: Derek Smith/BIS THE deputy prime minister has praised the Customs Department for “weathering many storms” such as the criticism it faced over its electronic Click2Clear goods clearance system.

K Peter Turnquest, speaking at its awards ceremony, also reminded the Department it serves as the commercial “gateway to the nation” in addition to its revenue collection responsibilities.

“Often times we get so caught up in the fact that Customs is a revenue collection agency that we lose sight of the other functions it serves,” Mr Turnquest said. “The vision for the World Customs Organisation (WCO) encapsulates it perfectly. ‘Borders divide.

Customs Connects’.

“Our Customs Department is uniquely positioned at the gateway to our nation, connecting The Bahamas to the world and the world to The Bahamas.”

He added that Customs had been a leader among government agencies when it came to modernising through the use of technology.

“Customs is to be commended for investing in its people, and in its institutional systems and processes, in ways that are delivering technological advancement, greater efficiency, more security and transparency and higher standards of performance all around,” Mr Turnquest said.

“From Click2Clear, The Bahamas Electronic Single Window, to the Customs Management optimisation project, just to name a few, Customs has stayed focused and steadfast even as it has weathered many storms and faced much criticism.”

Mr Turnquest spoke as he and Cornelius A. Smith, the governor general, joined the Customs and Excise Department in its 31st International Customs Day celebration and Long Service Award Ceremony at Government House. This year, three persons were honoured for 20 years of service, another three for 30 years, and 12 for 40 years of service.

There were also 12 persons honoured with the Certificate of Merit, which is issued by the World Customs Organisation (WCO) secretary-general upon the recommendation of the Customs Comptroller to staff who demonstrate their commitment to the WCO’s theme.

Mr Turnquest said: “International Customs Day for 2020 is being celebrated worldwide under the theme, Customs fostering sustainability for people, prosperity and the planet. This theme recognises the many ways Customs administrations contribute to the social, economic, health and environmental needs of nations.

It recognises the contribution of Customs towards our sustainable futures.”

THE TRIBUNE

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TOP US official yesterday hailed the signing of an air transport agreement with The Bahamas as a “win-win” situation that paves the way for increased airlift and economic growth in both countries.

David Short, the US Department of Transportation’s deputy assistant secretary, said at the signing ceremony that The Bahamas had joined 125 other countries in securing a “liberalised” aviation agreement of this nature.

Dionisio D’Aguilar, minister of tourism and aviation, said the deal’s signing will make travel between The Bahamas and US easier by establishing a more transparent, less bureaucratic approval process that airlines must navigate in seeking to establish service between the two nations.

Noting that the agreement’s signing comes as The Bahamas is celebrating record-breaking US visitor arrivals of 1.45m in 2019, he added: “What this is going to do is to put in place a regime that facilitates Bahamian aircraft being able to fly into the US, and American aircraft being able to fly into The Bahamas.

“A lot of it is already in place, but the purpose of this agreement really is to formalise that arrangement and to document it ,and to lay out a fairly prescriptive process for airlines that want to do service from The Bahamas to the US or the US to The Bahamas.

Mr D’Aguilar added:

Tuesday, January 28, 2020, PAGE 3

US hails Bahamas air agreement as ‘win-win’

BY YOURI KEMP TRIBUNE BUSINESS REPORTER YKEMP@TRIBUNEMEDIA.NET “We hope to increase airlift, and therefore drive additional foreign visitors into the country, and to provide economic opportunities for our aviation sector - for our local operators to provide service into the US. “Most of the business is from the US to here. We are a country of 400,000, and they are a country of 300m, so obviously most of the commerce will flow from the US to The Bahamas. We thought it was important that we have this agreement with the country with which we conduct the most commerce.

“We have signed 27 agreements prior to this, and it seemed odd to us that the country with which we conduct the most commerce, we did not have an agreement in place. So that

why it was important to get this done,” he continued.

“Airlines in the respective countries that were intimidated and overwhelmed by a perceived bureaucratic process to establish air service between the US and The Bahamas can now be assured that, with the signing of this agreement, the process is clearer and far more manageable and far more transparent than it once was.

“Airlines that will be designated by both the US and The Bahamas are all able to benefit from this agreement. These negotiations took almost four years from commencement to today, but it was a priority of this government that the agreement be concluded as quickly as possible given the close economic ties

between our respective countries.”

The air transport agreement effectively secures market access to the US for Bahamas-owned and based airlines, creating opportunities for industry growth and to expand the market. It does not permit “cabotage”, which would have given US airlines the right to operate domestic flights in this nation - something that is off-limits as far as local players are concerned.

Julia Brathwaite-Rolle, the Bahamas Civil Aviation Authority’s manager of safety oversight, said: “With the signing of this agreement, companies now seeking DOT (US department of transport) approvals and regulatory approvals to operate within the United Sates are able to do so...

“So it’s a win on both sides as well, as it allows for co-share agreements to be established and gives opportunities to local carriers. If you are a company that’s operating into The Bahamas with a particular type aircraft that can’t go into the Family Islands, they can partner with our local carriers and transport. So it’s a win-win.”

Mr D’Aguilar said The Bahamas has now completed 23 air services agreements, and is waiting to sign another 28 once the other countries have completed their own legislative and regulatory approvals processes.

“These air service agreements provide financial incentives and

internationally agreed rules and regulations, which govern how a foreign carrier from a specific country can provide service to The Bahamas, either directly or via a code share arrangement,” he said.

“As a result, when a foreign carrier expresses an interest in commencing air service to The Bahamas, the regulatory regime is already in place and service can commence expeditiously, without undue bureaucratic delays.

“It also provides the same opportunity to our Bahamian-designated airlines to operate under this agreement into the US and any other country with which these agreements have been executed.”

Stephanie Bowers, charge d’affaires at the US Embassy in Nassau, said: “This new, revitalised air transport agreement will help create more affordable and more convenient aviation routes between our two countries.

“It will facilitate additional flights directly from the US to the Family Islands, giving international visitors and the Bahamian diaspora more opportunities to explore the vibrant culture and pristine waters of the entire archipelago.”

Highlighting the recordbreaking 7.2m total tourist arrivals to The Bahamas last year, Ms Bowers added: “Over the past two years we have celebrated with you as the number of stopover visitors to The Bahamas increased at record setting rates. Each additional day

these visitors spend in your beautiful country helps fortify the Bahamian economy.

“However, more than just simple economics, stopover tourism allows visitors, the vast majority of whom are US citizens, to deepen the understanding of The Bahamas. It is my firm belief that this deeper understanding will lead to stronger, more enduring ties, including exciting new opportunities for both our countries throughout the Family Islands.”

Manisha Singh, the US assistant secretary of state for the bureau of economic and business affairs, added: “We think that this air transport agreement will signify to American tourists, to the American traveller, that not only should they come here but that it will be easy for them to come here, that it will be a pleasant journey, a pleasant stay.

“It benefits our trade and our commerce… the travel and the tourism benefits really are going to [boost] the economic relationship overall.”

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Minister ‘apologises’ for abaco omission

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE tourism minister yesterday apologised for his ministry’s decision to remove the Abacos from its marketing platforms, and vowed to switch to more “specific” messaging about the islands.

Dionisio D’Aguilar, minister of tourism and aviation, conceded that it “probably didn’t react quickly enough” to change the narrative as Abaco’s tourist-related businesses, destinations and attractions began to rebuild and re-open five months after Hurricane Dorian’s passage.

Responding to outrage from Abaco residents over the Ministry of Tourism’s decision to “scrub” Abaco from its website, he said: “What happened was that, after Hurricane Dorian,

the Ministry of Tourism divided the country into 16 different destinations.

“To get the message out that the country was open for business, it identified Abaco and Grand Bahama.... probably from right after the storm, that those two destinations were impacted by the storm and so really shouldn’t be considered as islands to visit immediately after the storm.”

Mr D’Aguilar added: “So here we are five months on, and it’s time to reconsider that. I think the Ministry of Tourism probably didn’t react quickly enough to begin to change the narrative coming out of Abaco.

So Abaco is obviously a destination back on the mend.

“The question is, and it always a balancing act, is when to say don’t visit it, because it is impacted and it’s destroyed. It

has no power, it has no water. There is a lot of destruction and devastation around, so we don’t really want you to go there, to, OK, I think it is time to begin to reconsider a vacation to Abaco.

“I think the Abaco residents, justifiably, got very annoyed that we weren’t being aggressive enough in beginning to get the message out that there are properties that are coming back on stream and that they are beginning to reopen. So I apologise for that.”

Mr D’Aguilar said the Ministry of Tourism’s team “has completely been remobilised now to reconsider that; to update all of our information, to let the travelling public know what’s open, what’s not open. But, as I say, it’s a balancing act, because some journalists went down there the other day who

have been there before, and they wished they hadn’t gone.”

Warning that The Bahamas must manage visitor expectations of what they will find in Abaco, and prevent any negative fallout, Mr D’Aguilar added: “You don’t want the word to get out that they went to Abaco on holiday, and were shocked and appalled at the state of destruction.

“So, as I say, it’s a balancing act. As properties come back on stream, we will do our level best to get that message out. And obviously there were parts of Abaco that were not impacted that are wondering: Hey, what about us?

“So we have to fine-tune

our messaging, and I agree completely this is what your population advises your government. The question is: Does the Government react to it, and I want to let the residents of Abaco know, message received, message heard, and we are adjusting all of our information to incorporate the developments that are ongoing on Abaco.”

Mr D’Aguilar said the removal of Abaco from the Ministry of Tourism’s website, Bahamas.com, was the “first thing” to change.

“The residents of Abaco noticed that Abaco had been completely removed from the list of possible places to visit, which was our reaction right after the

storm, and probably was the thing to do right after the storm,” he added.

“But five months on we need to start to become a lot more specific on what is up and what is not up, and start to give the traveling public a little bit more specific information. Abaco residents are providing us with a lots of information. There are blogs to say what’s open and what isn’t, so we’re piggybacking off of that information.

“So, yes, the Ministry of Tourism will become a lot more specific in how it reports developments on Abaco as opposed to saying the whole island is shut down.”

PAGE 4, Tuesday, January 28, 2020

THE TRIBUNE

‘Unify’ Abaco’s power grid to eliminate four voltages

Auto ‘shot in arm’ via 31% sales rise FROM PAGE ONE people are up. Nobody is really down per se. It’s been significant, all things considered, when you look at the overall picture. It [the Excise Tax cut for certain models] takes a while to flow through, but it’s finally catching up.”

Mr Albury said no auto dealer or BMDA member wished to be a beneficiary of Hurricane Dorian, but added that the need for Abaco and Grand Bahama businesses/residents to replace written-off or damaged vehicles had undoubtedly aided 2019 fourth quarter sales.

“I think a lot of what happened, and I hate to put it this way, is as a result of the hurricane there were clients in the last quarter of the year replacing vehicles, especially trucks, for the Abacos,” he explained.

“A lot of businesses took advantage of the VAT-free and duty-free situation to replace their trucks.”

The BMDA chief, though, agreed that the major force driving increased new auto sales over the course of 2019 had been the reduced Excise Tax rates implemented by the Minnis administration the year before.

“The change in the duty structure has had a very positive impact on the new car business,” Mr Albury confirmed, “among vehicles that fall into the categories where their engine size is 1.5 litres or less and

two litres or less.

“It took dealers a bit of time to source the right product from the factories, negotiating and changing inventories around. Now everyone has something to bring to the table. The increase has resulted from that and, in my opinion, it should have some sort of positive effect on government revenues.

“I know for us, with the Toyota brand, we have an SUV at 1.5 litres and that’s where a lot of the sales are directed. It’s a seven-seater SUV, and that’s in heavy demand. The other dealers, Ford and some of the others, are moving in that direction at 1.5 litres or less. Consumers are going to have a lot more choice.”

The government slashed the excise tax rate for new autos with an engine size of 1.5 litres or less by 40 percentage points in the 2018-2019 budget, dropping the levy from 65 percent to 25 percent. Besides aiding the sector and individual dealers, it was intended to encourage consumers to switch to smaller, more fuel efficient and environmentally friendly autos.

Then, following industry representations on behalf of dealers who had no inventory in that category, the Minnis administration enacted further reforms to “level the playing field” between dealers by cutting the Excise Tax rate for vehicles with engine sizes between 1.5 and two litres to 45 percent.

FROM PAGE ONE

And it has also enabled Bahamian auto dealers to defer excise tax and VAT normally payable at the border on imported vehicles until such time as they are sold through the use of socalled “bonded” facilities in a bid to improve cash flow.

The auto industry had for years argued that the government had made itself, and the dealerships, a victim of the “law of diminishing returns” whereby sales and tax revenues were both reduced because the high excise/duty rates had pushed vehicle prices beyond the reach of most Bahamian consumers.

The Minnis administration ultimately enacted a series of industry-friendly policies, and Mr Albury yesterday voiced optimism that both sides will reap the rewards. “I think the government was good enough to look at what was happening,” he added. “We made the case, they studied it and, at the end of the day, it will be positive for all - them and us, and consumers.”

He told Tribune Business of the 2019 sales figures: “It was badly needed. It was a shot in the arm for the new car, auto industry and, where the numbers are at, if they can stay there it will give everyone some breathing space.

“The numbers this year should be similar to what we saw in 2019. I think it will be the same as last year.

The hurricane demand, especially for us and our Freeport and Abaco

operations, that is going to taper. That is my gut feeling, and the numbers I am going to be working with. The first two quarters of 2020 will give a good indication of where we’re at.

“All in all it’s positive and I think it’s a combination of different things that have brought us to these kinds of numbers. Consumer confidence seems to be strong, and the economy has been holding its own considering the hurricane situation.

I think the big change is the tax structure; that has probably been the most positive side of the scenario, and more dealers having more product in those categories has helped to boost up new car sales.”

Mr Albury said the only “downside” of the reduced tax rates had been the consumer shift from higher margin, higher-priced models to those that are less expensive. “We don’t make as much margin on the lower end cars,” he added.

“It’s more volume compared to the higher end, higher priced product but consumers have downsized.”

Nevertheless, arguing that the auto industry is a key benchmark of the Bahamian economy’s health, the BMDA chief said his Auto Mall group contributes between $100,000-$150,000 in VAT receipts monthly and employs 100 persons.

“If the new car industry is doing reasonably OK, it tends to suggest the economy is doing reasonably OK,” Mr Albury said.

LEGAL NOTICE

NOTICE GRITSTONE INVESTMENTS LTD.

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Gritstone Investments Ltd.,has been completed and the company has been struck from the Register on the 31st day of December, 2019.

DELCO INVESTMENTS LIMITED Liquidator LEGAL NOTICE

LEGAL NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

SALENTO GROUP INC.

DEERPARK PROPERTIES LIMITED

In Voluntary liquidation

In Voluntary liquidation

to be uprated even if they did not sustain any damage during the storm. Also, a significant upfront engineering effort is required to redesign existing systems to operate at the common voltage, which may impact the effort to rebuild the lines and restore power supply as soon as possible.”

The IDB was also somewhat pessimistic on the timeline for electricity services restoration, warning: “Due to severe destruction and limited rebuilding resources, many Abaco residents will be without power for a year or longer. It is therefore important to improve grid resilience along with rebuilding the grid to minimise impact in case of future high intensity storms.

“More than 75 percent of all dwellings on the island were somehow affected by Dorian, and approximately 57 percent of the houses were severely damaged. Most of the electricity transmission and distribution infrastructure in those areas needs to be rebuilt, and BPL estimates that a total of about 1,000 transmission or distribution poles and more than 90 percent of the transformers in these areas were destroyed or damaged.

“However, the bulk of the power generation capacity on the island based in Wilson City is still available and in good condition as the plant was not directly hit by Hurricane Dorian.” The IDB’s pessimism stands in contrast to that of Dr Donovan Moxey, BPL’s chairman, who told the recent Bahamas Business Outlook conference that “all of Abaco should have power back up by BPL at the end of March”.

Still, the IDB study said one of the two 20-kilometre transmission lines running from the Wilson City power plant to Marsh Harbour had been completely destroyed in Dorian, with another suffering 70 percent damage. While designed to take 69 volts, they had been operating at just 34.5 kV. The northern transmission line, which branches off to Treasure Cay, also requires a “complete rebuild”, while the IDB said BPL had informed it that “at least six of the 13 substations and switching stations were damaged beyond repair and will require total replacement”.

As for the submarine cable network serving Abaco’s cays from the mainland, the report added: “As per BPL Abaco office staff, all submarine cables have been tested and 80 percent of them are found to be damaged.

“No further information

was provided on the extent of the damage, but it is reasonable to assume that not all submarine cables will have to be replaced as some are likely repairable. Most of the transition structures on shores, which transition from overhead lines to submarine cables and include necessary switching and protection equipment have also been damaged beyond repair.”

Describing the rebuilding of Abaco’s electricity infrastructure from Wilson City to Crown Haven as requiring “a massive level of effort, and specific logistics and planning”, the IDB said BPL’s own estimates pegged the cost at $83m.

The majority of this sum, some $80.285m, is required for the transmission and distribution (T&D) system. Of this, substation repairs and replacement is estimated at $34.56m, while restoring the transmission line from the Wilson City power plant to Crown Haven is pegged at $26.274.

The IDB report also warned that developing a more hurricane-resilient energy infrastructure could be sacrificed by the need to rapidly restore power so that businesses and homeowners can proceed with their reconstruction and recovery efforts.

“For Abaco, significant additional challenges arise in the planning and co-ordination of grid improvements in conjunction with present ongoing work by BPL. Efforts to fast track restoration of power supply to residential and commercial customers is a top priority at this point in time,” it said.

“Presently ongoing efforts are concentrated on rebuilding the grid in mostly a ‘like for like’ approach as it minimises engineering and procurement efforts, and increases the speed in which they can rebuild.

“Introducing new approaches to distribution will add resiliency to the system but will require front-end design and system integration and constructability efforts, and additional time for procurement and implementation.”

To harden Abaco’s energy grid, the IDB report recommended burying critical overhead lines underground to reduce their vulnerability in major storms, while also providing redundant capabilities to ensure power is not distributed from a single source.

“Almost all potential improvements listed above will depend on BPL’s plans, methodology, progress and pace of ongoing reconstruction, as well as a decision to unify or not distribution voltage on the island,” the report warned.

LEGAL NOTICE

NOTICE International Business Companies Act No.45 of 2000 PARKGATE CAPITAL CORP. (the “Company”)

“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000).

“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000).

SALENTO GROUP INC., is in Dissolution.”

DEERPARK PROPERTIES LIMITED, is in Dissolution.”

The date of commencement of dissolution is the 24th day of January, 2020.

The date of commencement of dissolution is the 24th day of January, 2020.

Richard L. Broughton, No. 6 Bosham Close, Camperdown Heights P.O. Box SP 63810, Nassau, Bahamas Liquidator

Richard L. Broughton, No. 6 Bosham Close, Camperdown Heights P.O. Box SP 63810, Nassau, Bahamas Liquidator

LEGAL NOTICE

LEGAL NOTICE

NOTICE DISCOVERY DIGITAL PLATFORM LTD.

NOTICE

LEGAL NOTICE

BRIGHTTON INC.

International Business Companies Act (No. 45 of 2000)

Notice is given hereby in accordance with Section 138(8) of the International Business Companies Act, 2000, the dissolution of BRIGHTTON INC. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Registrar.

BALF Investment Ltd (the “Company”)

Notice is given hereby in accordance with Section 138(8) of the International Business Companies Act, 2000, the dissolution of

DISCOVERY DIGITAL PLATFORM LTD.. has been completed, a Certificate of

Dissolution has been issued and the Company has therefore been struck off the Registrar.

Aegis Corporate Services Limited Offices at Old Fort, Building Four, Western Road, P.O. Box SP-63771 Nassau, Bahamas Liquidator

Aegis Corporate Services Limited Offices at Old Fort, Building Four, Western Road, P.O. Box SP-63771 Nassau, Bahamas Liquidator

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of PARKGATE CAPITAL CORP., has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 31st day of December, 2019.

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of BALF Investment Ltd has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the Dissolution was the 31st day of December, 2019.

Luciane Ribeiro Moreno Liquidator

THE TRIBUNE

Odyssey confirms overflight fees bid FROM PAGE ONE We haven’t gotten to the stage yet where we know what is going to be the structure under which we charge, how we charge, the rate at which we charge. So we wanted to get some advice on how we do that before we engaged in any proposal from any company; from anybody.

“So we sort of stepped back from it and said how are we going to do this, and let’s get some advice rather than go into the market and let someone tell us what they’re going to do, which

Tuesday, January 28, 2020, PAGE 5 may not be in the best interests of the jurisdiction. It may be in the best interests of that particular entity.

“So we wanted to get independent advice on how best to structure it, how to collect it, how to bill it, and what’s the best way forward before we re-enter the marketplace for possible providers of this service.”

Discussions surrounding the management of Bahamian sovereign airspace have been in play for the last 25 years. Since 1952, some 75 percent of the air traffic through Bahamian airspace has been managed by the US Federal Aviation Administration (FAA), with Cuba handling the other 25 percent.

Air traffic within 60 nautical miles of the Lynden Pindling International Airport and up to 12,000 feet has been managed by Bahamian air traffic controllers, but the FAA has been the one collecting the overflight fees involving Bahamian air space.

The potential revenues involved if The Bahamas was

to take back the collection of such fees are uncertain, but would likely be in the millions of dollars and represent a significant financial windfall for the cash-strapped Public Treasury - a sum that could at least finance this nation’s civil aviation regulatory regime.

In January 2017, the Christie administration hailed as a “landmark accomplishment” its agreement with the FAA to exempt Bahamian aircraft operators from the payment of over flight fees for domestic flights in their own airspace.

At the time, then-Prime Minister Perry Christie said the deal, which was seen as a possible first step in the Bahamas regaining control of its own air space above 6,000 feet, would save the national flag carrier, Bahamasair, around $1m over a three-year period.

The FAA’s administration of Bahamian air space has meant Bahamasair and other Bahamian-owned carriers have had to pay the US for the privilege of flying over their own country.

BPL targets fall 2021 for rental generation end

BPL’s Clifton Pier station during a past fire.

FROM PAGE ONE “The contract between BPL and Aggreko for 105 MW will fully expire in June 2020. The new contract will be for no more than 40 MW. Once again, we will be stepping down our rental generation significantly as we move to transition completely out of rental generation in the fall of 2021. The reduction will lead to a drastic drop in our outlay for rentals.”

The utility added: “BPL has determined that securing a maximum of 40MW of rental generation is prudent in order to ensure that we are able to have available backup generation for summer 2020.

Per our procurement policy, BPL is required to send the need for new rental generation out to tender. We will continue to require rental generation until Station D (90 MW) comes online at the end of summer 2021. As previously

noted, BPL intends to be completely free from rental generation in the fall of 2021.”

BPL’s statement came after Desmond Bannister, minister for works with responsibility for the utility, said it would need rental generation for a “good part of the summer”. He added: “What’s happening is that BPL’s rental general contracts have expired. They expired this month.”

He added that BPL has “a procurement process, so they can put it out there.

They just can’t put it out there without trying to get the best price for the Bahamian consumer. They are going to need rental generation for the good part of the summer. Until Station D comes on they still don’t have the fuel mix they want to have.”

Besides the $2m monthly rental cost paid to Aggreko, BPL’s reliance on temporary generation has also hurt Bahamian consumers in other ways. The rental

units all run off the most expensive fuel, automated diesel oil (ADO), meaning that BPL’s dependency on them for a major percentage of its generation capacity has increased the fuel charge component of consumer bills.

Paul Maynard, the Bahamas Electrical Workers Union’s president, told Tribune Business of the move to end rental generation reliance: “I keep telling you they can’t do that until they have all of their ducks lined up. Their ducks aren’t lined up yet.

“They have to use rental generation until they can get their own system stabilised. That will not really be a thing until 2021, when they get their next 90 MW in place. Then they can do that.”

“The thing is Aggreko, they are paying them $25mplus a year so they have to get rid of that. So that’s why I believe they are going to retake it out and get somebody else.”

To advertise in The Tribune, contact 502-2394

Financial firms in ‘strategic alliance’ FROM PAGE ONE

registered office stuff, and they’ll [Providence Advisors] be doing that.” Ms Ferere added that FT Consultants will continue to focus on its core restructuring and insolvency business, and said the partnership with Mr Kerr’s company did not imply that the company is gradually winding down its affairs - as some in the industry are speculating.

FT Consultants began operations on January 3, 2006, after being formed

by Ms Ferere and her fellow accountant, Alison Treco. Focused on providing accounting and

financial advice to local and international clients, it specialised in corporate recovery, corporate finance, internal audit and company administration.

The business was initially based at One Montague Place in eastern New Providence, overlooking Montague Beach. Ms Ferere was a former senior accountant and partner at Ernst & Young Bahamas (EY), where she spent 26 years, while Ms Treco, FT Consultants’ vice-president and director, spent 20 years with KPMG Bahamas in similar positions until 2004.

Providence Advisors was formed just six months after FT Consultants when

Mr Kerr created it from S G Hambros Bank & Trust’s domestic financial services operations on June 30, 2006. Its major clients, then and now, include the Bahamian hotel industry pension funds.

Mr Kerr and Providence Advisors also teamed with a consortium of Bahamian waste services providers to successfully win the bidding contest to take over and manage the New Providence landfall. They are seeking to ultimately transform it into an entity called the New Providence Ecology Park, and solve the site’s decades-long environmental and health hazards.

CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY

T

he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned.

YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides.

Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property.

This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home.

We look forward to your continued support in this worthwhile endeavour.

MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100

CIRCLE of FRIENDS Silver: $1,500 - $2,499 Gold: $2,500 - $4,999 Platinum: $5,000 plus

OPPORTUNITIES • • • •

Invitations to Ranfurly events Assist with fundraising events Involvement with special activities Adults are eligible to join the Board after three months • Stay in touch with Ranfurly through website and newsletters

BENEFITS

• Personal fulfillment in knowing you are impacting lives • Ranfurly children’s appreciation and positive response • Continued support provides stability and constant care

For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115

PAGE 6, Tuesday, January 28, 2020

THE TRIBUNE

MEXICO ANTI-OBESITY ACTIVISTS WIN FIGHT FOR FOOD WARNINGS MEXICO CITY Associated Press

AFTER a decade of fighting for stronger food labeling standards in one of the most obese countries in

the world, Mexican activists celebrated yesterday over a new rule that will require warning labels on high-calorie products.

The new rules will require black octagonal stop signs

to be printed on the front of packages reading “high in calories”, “excessive salt” or “high in saturated fat”, among other things.

In a country where 75.2% percent of people over 20

are either obese or overweight, current labeling rules require only a back-ofpackage listing of how much a product contains of daily recommended intake of key ingredients.

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

FRIDAY, 24 JANUARY 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,238.53 | CHG: 5.35 | %CHG: 0.24 | YTD: 6.93 | YTD%: 0.31 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.70 2.60 2.00 5.47 12.00 6.17 4.50 11.01 2.81 5.06 10.57 7.90 16.99 9.40 3.80 15.20

52WK LOW 3.35 20.91 5.50 5.38 1.60 0.67 2.00 9.50 5.60 3.95 6.45 2.35 1.76 8.00 6.30 12.38 6.80 3.01 13.50

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

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

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

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

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

1.00 10.00 1.00

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

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

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

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)

LAST CLOSE 3.35 17.43 6.00 6.68 2.30 1.62 3.51 11.61 6.00 4.45 6.49 3.58 4.60 11.20 7.60 15.05 9.33 3.80 15.20

CLOSE 3.35 17.43 6.00 6.68 2.30 1.62 3.80 11.61 6.00 4.45 6.49 3.58 4.60 11.25 7.60 15.05 9.33 3.80 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.29 0.00 0.00 0.00 0.00 0.00 0.00 0.05 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

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

VOLUME

1,315

4,565 430

VOLUME

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

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

P/E 14.0 18.7 N/M 18.1 N/M N/M -8.7 16.1 13.4 24.2 46.4 35.1 9.9 17.4 10.4 18.4 9.9 18.7 24.1

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

YIELD 5.07% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.20% 3.67% 2.70% 0.00% 12.12% 1.30% 2.92% 3.16% 3.59% 2.14% 3.16% 4.01% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

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

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

YTD% 12 MTH% 3.06% 3.81% 1.91% 3.39% 2.23% 2.75% 4.99% 6.20% 7.18% -0.08% 3.93% 3.93% 6.38% 6.38% 4.50% 4.50% 7.96% 7.96% 11.57% 11.57% 18.35% 18.35% 5.17% 5.17% 15.86% 15.86% 5.67% 5.67% 3.40% 3.40% N/A N/A 10.80% 2.60% 10.40% -4.00%

NAV Date 31-Oct-2019 31-Oct-2019 25-Oct-2019 30-Sep-2019 30-Sep-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019

MUTUAL FUNDS 52WK HI 2.27 4.32 2.08 194.86 158.57 1.66 1.85 1.76 1.20 8.34 10.26 6.94 12.01 12.35 10.74 10.00 8.98 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.60 1.74 1.69 1.12 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

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

NAV 2.27 4.32 2.08 193.72 158.42 1.66 1.85 1.76 1.20 8.34 10.23 6.94 12.01 12.35 10.73 N/A 8.98 11.40

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

30-Sep-2019 30-Sep-2019 30-Sep-2019

Consumer activist Alejandro Calvillo said current labeling rules were so unintelligible — each company lists “portion sizes” as it sees fit — that in one study, only 3% of university nutrition students could correctly interpret the labels. For example, some products use 30 grams as a standard comparison, some 100 grams.

The new label standards were approved by health authorities and announced over the weekend.

Special warning strips will be included for ingredients like caffeine and trans-fats, stating “not recommended for children”.

“This recognises the right of consumers to have at least a minimal amount of information in the face of a health problem, a health catastrophe,” Calvillo said. “This is an issue where Mexico has to take the lead, because it has a very serious problem.

A recent study by the Organization for Economic Cooperation and Development shows Mexico stands

to lose the greatest amount of life expectancy — an average of at least four years — due to obesity-related problems. In coming years, the country could lose over 5% of its GDP to obesityrelated problems, including lost work hours and health costs.

Health authorities say about 39% of Mexicans are overweight and 36% obese.

About 10% of Mexicans have some form of diabetes.

Authorities have not yet said when the new rules will go into effect, and Calvillo said food companies are expected to file court appeals against the new rules, as they have in the past.

Mexico’s Consumer Products Industry Council, a trade group, did not immediately respond to requests for comment.

The new rules represent a rare victory for Mexico’s civic and non-governmental groups, which have had a testy relationship with President Andrés Manuel López Obrador.

NOTICE NOTICE is hereby given that SHOURN ASHLEIGH ALPHONSE of Carmichael Road, 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 28th day of January 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ROYAN ALEXANDER SANDS of #5 Tuckaway P.O.Box N-1720New Providence, Bahamas, intend to change my name from ROYAN ALEXANDER SANDS to GARTH ANTHONIO. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE NOTICE is hereby given that NICHOLAS CHERILUS of Coconut Grove Avenue, 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 January 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PAGE 8, Tuesday, January 28, 2020

THE TRIBUNE

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