01292020 BUSINESS

business@tribunemedia.net

WEDNESDAY, JANUARY 29, 2020

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Bahamas races to fill aviation safety gaps

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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VIATION chiefs yesterday pledged to double The Bahamas’ compliance score after global regulators found it had implemented less than one-third of the required “safety oversight” regime.

Captain Charles Beneby, the Bahamas Civil Aviation Authority’s director-general, told Tribune Business that his agency was “working feverishly” to plug the numerous gaps identified in time for the next International Civil Aviation Organisation (ICAO) audit in early 2021.

The last ICAO report, which has been obtained by this newspaper, reveals that The Bahamas had only properly implemented 32 percent of the “critical elements of a safety oversight system” for the aviation industry with deficiencies found in all eight key areas.

The report, which effectively “downgraded” The Bahamas from 56.98 percent compliance pre-audit, found it had implemented just 2.5 percent of its aviation industry “surveillance”, and 15.97 percent of its “licensing, certification and

• Just 32% compliant with global standards • Regulator ‘working feverishly’ to double score • Next inspection pushed back to Q1 2021 authorisation”, obligations.

Similar low scores were achieved on the “resolution of safety issues”, where The Bahamas was found

by ICAO’s team to be just 11.76 percent compliant, and on “qualified technical personnel”, where it gained a 36 percent ranking.

It fared better on the quality of its aviation legislation and “state systems and functions”, which both scored in the 50 percent range, and achieved its highest compliance rating of 61.06 percent for “specific operating regulations”.

Captain Beneby said the latest report, which was published in April 2018 following an 11-day ICAO mission to The Bahamas in October-November 2017, had caught the Bahamas Civil Aviation Authority (BCAA) when it was “transitioning” from a government entity to a standalone regulator.

As a result, he argued that the BCAA “didn’t have sufficient time” to show ICAO that The Bahamas had

implemented more of the necessary safety standards than allowed for by a report that has not been publicly disclosed until now.

The BCAA chief acknowledged that it was critical for an aviationdependent economy such as The Bahamas to “meet the standard” for industry “safety and security”, otherwise tourist-related travel and commercial cargo operations could be impacted.

He revealed that the regulator had hired the Aviation Registry Group (ARG), the company also charged with developing a Bahamian aircraft registry, to work with it in identifying the shortcomings flagged by the ICAO report and correct all weaknesses.

Legislative reforms, especially a revised Civil Aviation Act, will form the “centrepiece” of efforts to tackle ICAO’s concerns with Captain Beneby promising it will focus on “making it easier for the industry to come into compliance” and thereby obtain greater private sector

buy-in to what the regulator is seeking to achieve.

Voicing optimism that The Bahamas will show major improvement by the time ICAO assessors land again in the 2021 first quarter, he added that the Bahamas Civil Aviation Authority had set an “aggressive” timeline to have all legislative and infrastructure-type upgrades in place by mid-2020 so that they had six months to bed-in before the audit.

Acknowledging that the regulator faces “a fight” to meet these deadlines, Captain Beneby said it was aiming to achieve a 65 percent “effective implementation” score at the next audit - effectively ‘doubling’ the present 31.98 percent safety oversight compliance rating.

“I’m very confident that we will certainly do better than where we are now,” he told Tribune Business of the upcoming audit. “That’s a no brainer. We have greater expectations. There’s a kind

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Aviation concern on ‘deviation from optimum safety’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net PRIVATE aviation operators yesterday warned that “any deviation from optimum safety is a concern” after it was revealed that The Bahamas was just 32 percent compliant with global standards.

Anthony K Hamilton, president of the Bahamas Association of Air Transport Operators, told Tribune Business that the numerous deficiencies in the country’s “safety oversight regime” reflected the lack of value placed on the industry’s importance to the wider economy - especially when it came to Family Island connectivity.

Reiterating calls for aviation to be part of a national development plan, Mr Hamilton said there also needed to be greater accountability within the sector and emphasis on ensuring all workers were properly qualified if it is to flourish.

Speaking out after Tribune Business exclusively obtained the latest International Civil Aviation Organisation (ICAO) report on The Bahamas’ compliance with global safety oversight standards, he conceded it “definitely is a concern” that just 32 percent

have been implemented.

“Without any question it would be a concern,” Mr Hamilton told this newspaper. “Safety is the primary concern for the industry at large, and any deviation from optimum safety is a concern. There are some challenges without a doubt; there are some serious challenges in the industry at large, and the mitigation of that lies with the authorities.

“Anybody connected to the industry ought to have that same kind of concern that we need to have these matters addressed so we can have better scores coming from it.”

Mr Hamilton suggested that The Bahamas’ low ranking (see other articles on Page 1B) stemmed partly from a culture that failed to appreciate the aviation industry’s value to the Bahamian economy and tourism product, especially among government officials.

“Oft-times from the technocrats the full value of the industry to national development has not really been appreciated,” he told Tribune Business.”I guess we need a different national perspective for this. If we take a different approach to the kind of contribution and benefits derived from this

SEE PAGE 5

Search and rescue failings exposed before pilot crash DPM urges more than 25% water bill cut for GB • Global regulators in April 2018 warning

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By YOURI KEMP and NEIL HARTNELL Tribune Business Reporters

THE Grand Bahama Utility Company yesterday defended its 25 percent water bill discount against calls from the deputy prime minister for the reduction to be greater.

The water supplier, in a statement issued to Tribune Business, said Freeport businesses and residents were currently paying just onequarter of what their New Providence counterparts typically pay Water & Sewerage as it works to restore full services post-Hurricane Dorian.

GB Utility Company responded after K Peter Turnquest argued its tariffs should be reduced by more than 25 percent due to the fact consumers are unable to use its water for drinking and cooking because of salt water intrusion from Dorian’s storm surge.

“We are sensitive, and certainly presenting the case of the residents of Grand Bahama to the Utility Company, who feel that the charge, or the utility company charging for this water that is not potable water, may be unfair,” Mr Turnquest said.

“We are certainly having that discussion, and the utility company is now giving a discount on the water, but nonetheless the residents do have a position, and rightfully so, that if they are not able to cook and drink with the water that there really ought to be a deeper discount than 25 percent.

“So we continue to have those conversations to see if we can come to a more amicable solution to that.

Nonetheless, at least we can see some positive movements in terms of trying to address the situation in a sustained way,” he continued.

“The water utility company has also indicated that they are working on dropping a few more wells in

K PETER TURNQUEST some fresh water reservoirs they have found on the island. Hopefully that will help to reduce the salinity in the water, and I think the hydrologist has indicated

by May/June we should to see a significant increase in the quality of the potable water.”

GB Utility Company, in response, said: “We have previously engaged the government regarding water utility billings and invited them to meet with us to discuss any concerns. We certainly understand the frustration of our customers.

We are working diligently to execute our strategic plan to return the water quality to pre-hurricane low salinity levels.

“For two-and-ahalf months after Hurricane Dorian, water was provided free of charge to customers. The water pressure is good and has fully returned to pre-Dorian levels, and is being pumped at 6.5m gallons per day. We understand the main impact of higher than usual salinity levels on potable (drinkable) water, but the water is being fully treated and is safe for all uses except for consumption, as we have emphasized throughout.”

The water supplier continued: “Appreciating that there are fixed costs associated with the service used by our customers, such as inherent electricity costs of pumping and distribution, we have provided a 25 percent discount on the water until potable drinking water

SEE PAGE 6

DEFICIENCIES in The Bahamas’ aviation search and rescue system were exposed by international regulators seven months before the crash involving still-missing pilot, Byron Ferguson.

The International Civil Aviation Organisation’s (ICAO) last assessment on the effectiveness of The Bahamas’ aviation “safety oversight” regime, published in April 2018, listed the creation of “a rescue co-ordination centre or rescue sub-centre” in this nation as the second “high priority” for industry regulators to address.

The subsequent Air Accident Investigation Department (AAID) report into the crash of Mr

• ‘Rescue co-ordination centre’ was ‘high priority’ • Regulator turns to US to ‘strengthen’ capacity

BYRON FERGUSON Ferguson’s plane in waters off northern New Providence, ultimately released in December 2019, said the incident had exposed the absence of a designated search and rescue entity that meets

international standards.

It called for this weakness to be addressed, but the ICAO report obtained

by Tribune Business reveals that the government and civil aviation regulatory authorities had been aware of this deficiency for some months prior to Mr Ferguson’s accident on November 8, 2018.

Captain Charles Beneby, the Bahamas Civil Aviation Authority’s (BCAA) director-general, yesterday confirmed the contents of the ICAO report and this newspaper’s reading of it as “correct”. He said the regulator was moving to

“strengthen what we have now” for search and rescue through talks with the US Coastguard.

“We have a relationship with the US Coastguard,” Captain Beneby confirmed.

“ICAO laws and rules allow the state, if they themselves are not there, they can engage other states with capacity in that regard. We are talking to the US Coastguard.”

Algernon Cargill, the director of aviation, yesterday defended the AAID branch by saying that it “scored very highly” on the ICAO safety oversight audit

SEE PAGE 5

Nassau airport targets 1,448-acre expansion

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Lynden Pindling International Airport’s (LPIA) operator has obtained 1,448 acres from the government for future runway expansion after recording its first-ever annual profit at $7.755m.

The Nassau Airport Development Company (NAD), in its 2019 annual report, revealed that the $134.7m refinancing of its participating debt in late 2018 will slash its annual interest bill by $7m as The Bahamas’ record-setting tourism arrivals performance drove its financials into the black.

The 3.9m passengers who passed through LPIA’s terminals in the 12 months to end-June 2019 drove increases in virtually every major revenue category, with NAD’s total top-line for the period increasing by 21 percent year-over-year to $108.2m compared to

• Refinancing slashes interest bill by $7m • Revenues, operating income jump 21% • Top retailer Dufry added to concessions $89.4m the year before.

The revenue increase was the major contributor to a more than-$11m bottom line swing, as a $4.371m loss for the 12 months to end-June 2018 was transformed into a $7.755m net profit - the first enjoyed by NAD since it agreed the 30-year LPIA lease with the government in 2007. Operating income was up year-over-year by 21.8 percent at $78.1m.

Walter Wells, NAD’s chairman, wrote in the annual report that the combination of increased passenger revenue and reduced debt servicing costs had given the airport operator sufficient financial headway “to undertake significant investment projects that will help improve the operational efficiency of the airport and set it up for

future growth”.

He added that the first of these projects was the $20m runway and taxiway rehabilitation that was completed in December 2019 just prior to the peak Christmas and New Year season. He was backed by Vernice Walkine, NAD’s president and chief executive, who described the airport operator as being in “an enviable position”.

“We have gone from being in profit assurance mode to now being able to invest in capital projects that will shape the future of LPIA,” she added. One of these is the ultimate addition of another runway “parallel” to the existing one that has now been facilitated by the government providing the necessary land.

“Since NAD would require additional land to

complete such a project, a request was made to the Bahamian government to grant NAD 1,448 acres of land adjacent to the airport, which was ultimately approved. This additional land will give LPIA the necessary space to grow – both now and well into the future,” the airport operator said.

NAD added that last year’s debt refinancing, at significantly lower interest rates, had helped to reduce the debt servicing costs associated with its $500m debt burden while also ensuring that the payments went to Bahamas-based investors thereby not impacting the foreign reserves.

“NAD refinanced its participating debt in December

SEE PAGE 6

PAGE 2, Wednesday, January 29, 2020

GBPA says airport talks still ‘ongoing’

THE GRAND BAHAMA INTERNATIONAL AIRPORT THE Grand Bahama Port Authority (GBPA) yesterday confirmed that discussions about the Government taking over ownership of the island’s airport remain “ongoing”.

Freeport’s quasi-governmental authority, in a statement, said “full details” would be disclosed once the Grand Bahama International Airport’s “transition”

to government control was concluded.

“At this time, discussions are still underway,” said Sarah St George, the GBPA’s acting chairman.

“Once the transition is completed, full details will be shared with all Grand Bahamians. The current facility is temporary but a commendable investment to facilitate re-opening of the

THE TRIBUNE international and domestic airport in the shortest possible timeframe.

“All parties involved will continue to act in the best long-term interest of Grand Bahama. It’s my firm belief that a new, permanent airport will be one of which the nation can be proud, and which will serve the needs of this island as we grow to the next stage of our economic development and storm-resistance.”

The airport talks with the government also involve Hutchison Port Holdings, which has management control through its 50/50 joint venture with the GBPA. Tribune Business revealed last week that a proposal has been made for the government to acquire the airport by paying its existing owners $1 each then assuming responsibility for its multimillion dollar rebuilding.

The fate of any Dorianrelated insurance claim on the airport, and whether the proceeds would go to the existing owners or the government, remains unclear.

The likely multi-million dollar payout would potentially be a key source of reconstruction funding, and is likely to be a key point in negotiations between the government and the GBPA and Hutchison Port Holdings.

Grand Bahama Airport Company is a loss-making subsidiary of the Freeport Harbour Company, also owned 50/50 by the GBPA and Hutchison, and many observers feel the Minnis administration also needs to acquire that entity too for the deal to be financially sustainable.

Another key consideration is whether Grand Bahama International Airport should be rebuilt on its existing site, or relocated, in a bid to improve its resilience to hurricanes and other natural disasters given that it has flooded three times in about seven years.

The recent decision by Grand Bahama Airport Company to lay-off 11 staff with fears of more to come was interpreted by many Freeport residents and businesses as a further signal the current owners are not prepared to make the necessary investment to restore the asset.

The GBPA and its owners, the Hayward and St George families, in particular have been criticised for failing to fulfill their development obligations as Freeport’s quasi-governmental authority by not taking the lead over the airport’s rebuilding.

However, Ms St George yesterday justified the layoffs by saying: “Given the inevitable reduction, due to the hurricane, in the number of international commercial flights into Freeport at the present time we understand the responsibility of the Grand Bahama Airport Company to balance appropriate employment level with current operations.

“It is always with deep regret that such difficult decisions are made and,

unfortunately, a number of employees were impacted, all of whom have been treated with fairness and respect.”

She added: “Let me assure you that the rebuilding of our airport remains one of the utmost priorities for the GBPA. We will move forward as expeditiously as possible, and always in the best interest of residents, businesses and the future of our beautiful island.”

The GBPA said Grand Bahamians can also look forward to the return of American Airlines and other airlines to help bring tourists, winter residents and families back to Grand Bahama.

Multiple observers have argued that Freeport’s industrial sector and whole economic model will be undermined without a restored airport. Its rebuild is also vital to the $100m Carnival cruise port, together with the $275m ITM/Royal Caribbean acquisition of the Grand Lucayan and redevelopment of Freeport Harbour.

BPL TAKES ACTION ON MAINTENANCE NEGLECT BAHAMAS Power & Light (BPL) yesterday moved to end long-running neglect of its aged New Providence generation fleet by launching its “Winter Action Plan”.

The initiative, which will start with a generator unit at Clifton Pier’s “Station B” power plant, marks the first step in a comprehensive months’ long plan to ensure BPL’s plant is properly - and regularly - taken off-line for annual servicing and maintenance.

This should extend the life of BPL’s legacy generation fleet after many maintenance needs were neglected over the past decade. This, the stateowned utility said in a statement, left aging units “teetering on the brink”, resulting in intermittent shut downs as they produced power in nearimpossible conditions, while leaving it unable to meet peak summer load demand.

“Part of our commitment to righting the ship at BPL is

implementing a comprehensive machine servicing and maintenance plan during the non-peak seasons,” said Whitney Heastie, BPL’s chief executive.

“Our goal is to make better use of those times to properly service and maintain the equipment and generation units we have on hand to ensure they are ready for the high-demand summer months. Proper procedures have been ignored and neglected for far too long, causing catastrophic system failures. We are working to make that a thing of the past by doing the necessary work to service the equipment.”

BPL’s generation unit DA13 has been targeted for the initial phase of the “Winter Action Plan”.

It has been in service at Clifton Pier since 2006, and accounts for up to 18 megawatts (MW) of power on a daily basis.

The unit will be taken off-line for a full system diagnostic along with

needed servicing before being brought back on to the grid in early March. The work schedule is designed to avoid any disruption in service for customers as the work on the machine begins.

“Much of the work we can, and should, be doing in the non-peak season better prepares us to have the necessary capacity during the high peak seasons like the summer,” Mr Heastie added. “As we have stated before, the entire team here at BPL is committed to make sure we avoid a repeat of the summer we just went through, and we know righting the ship starts with servicing and maintaining the units that we have.

“We won’t waver in that commitment to our customers. The ‘Winter Action Plan’ is another critical piece of our overall plan along with last month’s launch of the new Station A, with much more to come.”

THE TRIBUNE

Wednesday, January 29, 2020, PAGE 3

Women entrepreneurs hit by 30% income gap

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE US government has teamed with its Bahamian counterpart to launch its Academy for Women Entrepreneurs (AWE) initiative locally in a bid to narrow another element of the gender gap.

Stephanie Bowers, the US Embassy’s charge d’affaires, said The Bahamas was just one of 26 pilot countries selected for a White House-led initiative designed to empower women to achieve their full economic potential.

She added that its success would help “increase prosperity and stability for all societies around the world”, and added: “The US Embassy, working hand-inhand with the Bahamian government, prioritises economic diversification not only to ensure a stable and

prosperous Bahamas, but also to provide opportunities for people in all corners of Bahamian society.

“Harnessing the full participation of women in the Bahamian economy, and particularly women entrepreneurs, is critical to fulfilling this mission. Knowing that what women entrepreneurs need the most is advocacy, mentoring and financing, we believe the AWE curriculum will unleash the talent and creativity of women across The Bahamas and enable them to make meaningful impact on Bahamian prosperity.”

Highlighting the tie-up between the Small Business Development Centre (SBDC) and the Embassy, Ms Bowers said: “The SBDC has been a vital partner of the Embassy in working with the Women’s Investment Group, which was founded through an embassy initiative,

Vacation rentals not feeling VAT’s impact

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Ministry of Tourism’s top official yesterday said Bahamian vacation rental owners are not feeling the impact of the VAT that Airbnb has been collecting on the Government’s behalf since October.

Joy Jibrilu, director general of tourism, said the tax was being paid by the end user and not the property owner, and had helped to create a taxation “level playing field” to ease the concerns of hoteliers who had been concerned they were carrying an unequal burden.

“This has been a question I think that has come up with regards to not just Airbnb, but vacation rental homes generally,” Mrs Jibrilu said.

“Not just in The Bahamas, but globally. The mainstream hotels, at that time their concern was that they are paying their hotel tax and VAT etc, and how can they compete on a level playing field with platforms like Airbnb.

“I think for all of us the desire is to see more Bahamians become involved in the tourism sector, to benefit economically. I use the expression, not just looking from the outside in, but being a participant and all of the benefits that accrue as a result of that.

“This provides one way that Bahamians can get into

it. We have seen Bahamians be involved with Airbnb very successfully. We have seen phenomenal growth with Airbnb in The Bahamas. Bahamians generally are loving it. So that’s the first thing, you have now got a group of people, a large group of people, who are saying for the first time I am feeling an economic benefit.”

Ms Jibrilu then added: “But the second point that I would like to say is that the first MoU we signed with Airbnb was not just to regularise, but to look at how we could get whatever tax, VAT or some other form of income, that puts Airbnb rentals on a level playing field with the hotel sector in place.

“That has come to fruition, and since October of last year the legislation came into force and they have been submitting payment of taxes, which does not impact Bahamians. Bahamians always say ‘that is going to come out of the money that I’m earning’, and we always say ‘no’.

That’s a cost on to their bill that they don’t even see, just as Airbnb’s cost is on the bill and they don’t see.

“So if you’re charging $100 you will still get $100 for your room. So I think that has appeased many hoteliers, and the fact that they have seen increases in their business in 2019 and not a decrease, it speaks to the fact that we need every room that we can get.”

providing members training and assistance in writing business plans that can win financing.

“The SBDC is also a cooperative partner on AWE having provided a matching grant of $10,000 in seed money to all participants who will compete to launch or expand their businesses.”

K Peter Turnquest, deputy prime minister, said the launch supported the government’s ambition “to invest in Bahamian women, and to support our local community of entrepreneurs.

“In these two areas we share a common cause,” he added. “As a developing nation, the economic and social importance of female entrepreneurship is undeniable. Global studies show women invest up to 90 percent of their incomes back into their families, compared to just 30 or 40

percent of men.”

Davinia Grant, executive director of the SBDC, said the typical 30 percent income disparity between men and women created a further obstacle for women entrepreneurs when seeking financing for a start-up or existing business.

Revealing the attitude of many banks and other established lenders, she added: “If you’re a start up it’s almost a ‘no’, and if you are an existing business then it’s how long have you been operating, what sort of savings do you have, what’s you cash flow like, what’s the strength of your company.

“In general, banks in The Bahamas have not been funding on the strength of the business itself. They funded a lot [based on] the past, before SBDC, on the strength of the individual. So a lot of their portfolios, the credit is still assessed based on you as an

individual. With that being the premise it’s a challenge because, as you may or may not know, the income disparity between men and women in The Bahamas is about 30 percent.”

Ms Grant continued: “According to the United Nations Human Development Index, a 2018 report, men in The Bahamas earn about $31,000 on average and women earn $22,000.

So if you are being assessed for credit based on your income and the strength of your financial balance sheet; your financial statements as an individual, your net worth; if men are earning 30 percent more, naturally you can assume that men are going to get access to funding a little bit faster.

“With that said, the International Finance Corporation, a group under the World Bank, says that 70 percent of women owned SMEs, small to medium-sized enterprises in

the formal sector of developing countries, are underserved by financial institutions. That’s 70 percent in developing countries.”

Ms Grant added: “Another stat that’s very interesting: Women owned start-ups, and this one is based on a USbased start-up accelerator, Boston Consulting Group, women-owned start-ups generate ten percent more in cumulative revenue over five years. For every dollar invested in a woman-owned or co-owned start up, 78 cents is generated. The same thing for men, 31 cents is generated.

“Huge difference. This may not be Bahamas data at the moment, but based on the international stats there is evidence to show that when you invest in women, especially in developing countries or developing communities, there is a disparity between the economic impact produced between men and women.”

Bahamas takes ‘Sabbatical’ with Airbnb for visitor boost

The selection process will also take place over three weeks from February 18 to March 10. The two-month ‘Sabbatical’ experience will run from April 1 to May 29.”

Chloe Burke, Airbnb’s public policy associate for the Caribbean and Central America, said: “Since the signing of the previous MoU we have launched Airbnb Experiences, where hosts offer one-of-a kind activities for guests.

“We have collaborated with the Bahamas Out Island Promotion Board on sharing opportunities for boutique hotels, we have collaborated with the Tourism Development Corporation on a number of initiatives including our successful entrepreneurship lab, and offered on-island office hours with

the Bahamas Hotel and Tourism Association.

“This year we expect to have continued success in exploring collaboration with the Bahamas Development Bank as well as the BHTA on education initiatives, in which Airbnb will bring employees of colour to schools to share about their careers in tourism from various backgrounds, including law and engineering.”

Airbnb, in a statement accompanying the new initiative, added: “The participants will experience The Bahamas in a new way as they work alongside Bahamians to bolster once-vibrant industries and preserve natural resources to help transform a country that depends on visitors’ spending.

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE Bahamas’ latest partnership with Airbnb is designed to further boost post-Dorian tourism and encourage locals to develop sustainable cultural and environmental offerings, officials said yesterday.

Joy Jibrilu, the Ministry of Tourism’s director-general, said the tie-up with the vacation rental network’s “Global Sabbatical” campaign will offer a “once in a lifetime chance” for five international volunteers to spend two months in The Bahamas in collaboration with the National Trust.

Speaking at the signing of a Memorandum of Understanding (MoU) between the Ministry and Airbnb, Mrs Jibrilu explained: “Today we launch a brand new initiative called the Bahamas Sabbatical Experience.

“Through this uniquely designed experience, Airbnb in collaboration with the Bahamas National Trust, will officer five selected international volunteers a once in a lifetime chance to become a resident Bahamian insider and help locals create sustainable programmes rooted in island culture and environmental awareness.

“A key profile trait of the 21st century traveller is the desire for authentic, transformative experiences. In collaboration with the Bahamas National Trust, Airbnb, through the Bahamas

Sabbatical Experience, will offer the five volunteers a two-month stay in The Bahamas during which time they will participate in three volunteer activities in conjunction with locals, on designated sustainable activity, on three islands: Exuma, Andros and Eleuthera.”

Mrs Jibrilu said the five volunteers’ “three-island adventure in sustainable, community-based activities will be thoroughly covered and broadcast to travel consumers worldwide”. She added: “Applications for this experience are open for a three-week period between January 28 to February 18.

www.ub.edu.bs

CAREER OPPORTUNITIES Suitably qualified candidates are invited to apply for the following career opportunities at University of The Bahamas, Oakes Field Campus: Electrician II in the Physical Plant Department required to install, inspect, repair, control and maintain all nature of electrical components in a safe manner. Knowledge of electrical codes, standards, and practice is required as well as the ability to interpret blueprints and create and interpret sketches/wiring diagrams for work assigned. Duties and responsibilities include diagnosing and repairing malfunctioning systems, apparatus, and components using appropriate methods; inspecting/testing electrical systems, equipment, and other components to identify hazards, defects using appropriate technology and devices and constructing and fabricating parts as needed, reporting on the status to the supervisor.

Assistant Director, Utilities III in the Physical Plant Department responsible for the management, direction and coordination of the activities, operations and maintenance of utility systems at all campuses of University of The Bahamas, as well as assisting with the overall operations of the physical plant, facilities maintenance, supervision of staff and performance reviews. Duties and responsibilities include managing and project administration of minor construction/ renovation projects; planning and directing the operation and routine maintenance programme of the university’s facilities and establishing preventative, predictive and replacement maintenance measures.

Significant work in the area of energy conservation is required.

Nurse, responsible for supervising the health centre’s day-to-day service operations and staff including assisting with the development of policies, procedures and work standards for health care services; working closely with the nurse administrator in supervising support staff; monitoring compliance of school health programmes with local laws, regulations and policies and preparing health reports for the administrator and Dean of Students. Additional duties include providing first aid care and medically prescribed services; maintaining security of medical and surgical supplies; serving as a resource person on health issues; and recording immunizations, health findings and other relevant health data.

Detailed position announcements are accessible online at: http://www. ub.edu.bs/about-us/career-opportunities/.

Interested applicants should submit the following to the Human Resources Department via hrapply@ub.edu.bs (Attn: Vice President, Human Resources) by Friday, 7th February, 2020: • A cover letter of interest highlighting work experience and accomplishments relevant to the position; • Completed UB Employment Application Form (www.ub.edu.bs/wp-content/uploads/2017/01/Applicationfor-Employment-Staff.pdf) • Current curriculum vitae or resume; • Copies of relevant qualifications and certificates; • Copy of the relevant pages of a valid passport showing passport number, photo identification and expiration date; • Copy of N.I.B. Card; • Copy of valid driver’s license; • Copy of voter’s card • At least three (3) written, professional references.

PAGE 4, Wednesday, January 29, 2020

THE TRIBUNE

BISX’S SHARE INDEX DOUBLES GROWTH RATE THE Bahamas International Securities Exchange’s (BISX) All-Share Index more than-doubled its growth rate last year compared to 2018, it was confirmed yesterday.

The Index, which only measures share price movements among BISX-listed equity stocks and excludes dividend payouts to investors, closed 2019 up by 5.79 percent or 122.19 points compared to the prior year-end.

This compared to a 2.22 percent, or 45.88 point, increase during 2018, but the All-Share Index’s 2019 growth rate remained well

short of that achieved by major global stock market indices in 2019. The likes of the London Stock Exchange’s FTSE 100, which finished 2019 up 12 percent, and the MSCI Emerging Market Index, which rose 16.64 percent, enjoyed double or triple the growth rate of BISX’s index.

Still, the Bahamian stock exchange said it closed 2019 with a total market capitalisation of $5.531bn, up almost $141m yearover-year. This comprised $5.024bn worth of ordinary stocks and preference shares, which reached their

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highest-ever valuation, and a further $507m in debt securities.

“As at December 31, 2019 the market was comprised of 19 ordinary shares with a market capitalization of $4.77bn. In addition, there were seven preference shares with a market capitalisation of $244m and 12 bonds with a face value of $507m,” BISX said.

Turning to trading volumes and values, the exchange added: “Trading volume for the 12-month period January 2, 2019, to December 31, 2019, was 8.853m shares for a value of $42.746m. Trading

volume for the 12-month period January 2, 2018, to December 31, 2018, was 8.52m shares for a value of $41.833m.

“Trading volume for the three-month period October 1 to December 31, 2019, was 2.919m shares for a value of $13.818m.

By comparison, for the three-month period from October 1 to December 31, 2018, trading volume was 1.308m shares for a value of $6.352m.”

Breaking this down further, BISX added: “For the 12-month period ending December 31, 2019, the average daily trading

volume was 35,627 shares, which resulted in an average daily trading value of $172,307. By comparison for the 12-month period January 2, 2018, to December 31, 2018, the average daily trading volume was 34,150 shares for an average value of $167,596.

“During the three-month period from October 1, 2019, to December 31, 2019, the average volume per trading day was 47,091 shares for a value of $222,165. By comparison, for the three-month period from October 1, 2018, to December 29, 2018, the average volume per trading

day was 21,097 shares for an average value of $103,982.”

Commonwealth Bank was again the market leader for both trading volume and value in 2019. It accounted for 2.794m, or 31.6 percent, of the total shares traded and $12.016m, or 28.1 percent, of the value of those trades.

FOCOL Holdings and AML Foods finished second and third, respectively, for volume of shares traded, with the former also achieving second place on the value of shares traded.

Fidelity Bank (Bahamas) took third spot on the value of shares changing hands.

Bahamas races to fill aviation safety gaps FROM PAGE ONE of regional level of acceptance that we hope to achieve, and that happens at the 65 percent implementation level.

“I think we’re well on the way. I don’t want to give a number or percentage, but we are working feverishly to show we have the legislation implemented and the changes required. If the audit is taking place in the 2021 first quarter, that means we need to be ready by mid-2020 with the legislation and infrastructure items, and then go out and execute on those.”

Asked whether The Bahamas will be able to meet those timelines, Captain Beneby added: “We want to give ourselves six months [before the audit]. I think so.

It’s a fight, but I think so.”

He revealed that The Bahamas had bought itself more time to meet ICAO’s standards by successfully “rescheduling” the audit for early 2021 - a move that was supported by the global regulatory body’s head/ regional offices in Montreal and Canada.

“I can say that is true,” Captain Beneby confirmed.

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“The Bahamas government requested a reschedule of the audit, which would have been a kind of validation mission where they [ICAO] would come in to test the steps taken to address the findings of the audit.

“That has been rescheduled for the first quarter of 2021. We are very actively and aggressively working to implement a number of changes that allow us to be able to address these findings. No matter what we do, the proof of the pudding will be in the eating. They will be looking to see we have implemented the changes we have made.”

Acknowledging that the Bahamas Civil Aviation Authority functions as the “guardian” of the whole Bahamian oversight regime, Captain Beneby added that the last ICAO audit caught it just one year after it was created at a time when it was still finding its legs.

“We were established in 2016. The audit took place in 2017,” he noted. “We were still in a state of transition.

We functioned somewhat differently as a government department. This is a standalone body doing what it’s supposed to be doing.

“There are still some initiatives that have to happen but we are further down the road than we were in 2017.

What we were not able to show was the implementation that was so necessary as we simply did not have sufficient time.”

Revealing that the Authority and ARG have “done a lot of work already to address some of the issues”, Captain Beneby added: “Central to where we need to go was the decision to seek to amend, repeal and replace existing legislation.

We are working aggressively to get that done. That’s the centrepiece of what we’re trying to do. All these legislative and regulatory issues flow down.

“Where we are right now is reviewing the existing legislation and regulations, and flowing from that we will be documenting instructions to inspectors, issuing advisory circulars to to general aviation. ICAO will look to see that we have good legislation and regulations, we have trained our personnel, and can show implementation not just in the first instance but ongoing.

“Our goal is to build on what we have now to ensure we have a system that’s sustainable. It’s a process we follow. ARG are actively working in situ and away.

They are working to draft new and amended legislation that flows down to all the activities required for The Bahamas to demonstrate that we have an organised system that allows us to carry out our obligations; international obligations.”

Captain Beneby said the Civil Aviation Act will be the focus, and added: “We want to make it easier for the industry to come into compliance. That’s always a challenge. You can pass whatever legislation you want, but if it’s a burden on the industry they will not want to have it happen.

“These changes in regulations and legislation require us to interface with the industry so that we get some kind of buy-in. They need to feel it’s in their best interests as well. If they buy-in to what we’re trying to do it makes the whole job much easier.”

Captain Beneby said it

was “extremely important” that The Bahamas improved its “safety oversight” standing not just for the domestic aviation industry but its international standing, as ICAO represents 192 nations.

“It says we are a body working to ensure the security and safety of aviation activity is at an acceptable level,” he explained. “States are required to ensure they have the infrastructure that complies with that objective.

“It’s very important. If a state does not meet the standard it can have an impact on the economy of a state that is dependent and reliant on air travel such as we are.”

Emphasising that ICAO safety oversight compliance is a state responsibility, Captain Beneby said the regulator has the full support of Dionisio D’Aguilar, minister of tourism and aviation, to do what is necessary.

Agreeing that more progress should have been made before the Bahamas Civil Aviation Authority was created, he told Tribune Business: “I would hasten to say we aren’t where we are today because we woke up this morning and said we would start to do this.

“The Bahamas signed the ICAO Convention in 1975.

Then to now is 45 years.

There’s a lot of work to be done still. We can wring our hands about what should have happened or go forward. We’ve chosen to go forward.

“I want The Bahamas to advance and retain its place as an organised state, which can ensure the safety and security of the travelling public. That’s my mission and what keeps me awake at night. How do we do it?”

THE TRIBUNE

Aviation concern Search and rescue failings on ‘deviation from exposed before optimum safety’ pilot crash FROM PAGE ONE

FROM PAGE ONE obtained by Tribune Business. “There were a couple of recommendations as you noted,” he said.

“Delvin Major, the chief investigator, is working on implementing all the recommendations in that regard.

He’s implemented all bar one of them already. That’s not one of the shortcomings in the air accident review.

That’s been corrected. The AAID has done an excellent job in correcting those shortcomings, and there were only three to four.”

The House of Assembly recently debated the Aircraft Accident Authority Bill and Regulations 2019, which were specifically designed to bring the aviation accidents investigation regime up to the international standards set by ICAO. Dionisio D’Aguilar, minister of tourism and aviation, said implementation of the reforms would improve The Bahamas’ air accidents safety audit by 77 percentage points - from 19 percent to 96 percent.

However, the latest ICAO report listed several “high priority” areas that needed attention when it came to air accidents and the AAID. These included the creation of “procedures to ensure the provision of relevant and timely information on the progress of the investigation to families and accident survivors”.

“Provide the state’s accident investigation authority with all means needed to perform its duties and responsibilities,” the report demanded.

These included “a sufficient number of qualified staff, appropriate and formally approved job descriptions and qualification and experience requirements, adequate offices, effective and timely access to all documentation needed, all investigation and protective equipment needed, effective means of transportation and means to ensure the availability of adequate hangars/storage facilities as needed.”

The ICAO report also zeroed in on the need to provide air accident investigators with sufficient education “through the establishment and implementation of a comprehensive and detailed training programme” complete with periodic refresher courses and record maintenance.

Better co-ordination between the AAID and judicial authorities was also required, the ICAO report added, so that the regulator’s investigations “are not impeded by administrative or judicial investigations”.

Multiple policy, procedure, administrative and record-keeping recommendations relating to air accident investigations were also set out by the latest ICAO “safety oversight” audit report, with the department’s “effective

implementation” score a lowly 13.3 percent - the worst of the eight areas assessed by the global regulator.

Anthony K. Hamilton, president of the Bahamas Association of Air Transport Operators, told Tribune Business that Mr Ferguson’s crash was “a very unique and telling situation”. Describing search and rescue as a “critical component” of any aviation safety regime, he acknowledged that it was “a massive” financial and logistical undertaking for a country with The Bahamas’ geography.

“That’s a very critical component,” he told Tribune Business.”At the heart of that is costing. The finance necessary to have a well-oiled and efficient system of advanced rescue is a massive undertaking.

But it’s no excuse when you think of the industry at large. When you think of the benefits derived from the industry, if it’s operated in an efficient manner it can provide the resources for that.”

As a signatory to the ICAO Convention, The Bahamas is required to comply with its Annex 12 by designating an appropriate entity to perform search and rescue services, granting the Bahamas Civil Aviation Authority the power to provide oversight of that entity, and establishing a rescue coordination centre to support rescue services, according to the report.

Mr Major, the AAID’s chief investigator, said last December that The Bahamas had done none of this. “There are 12 annexes and (search and rescue) has not been given much emphasis,” he said. “There is a need for legislation and the designated body has to meet many specific requirements relating to budget, training, manpower, rescue plans and infrastructure.

“The Defence Force does not meet the requirements.

It’s difficult, therefore, to blame any one particular body for how the [Byron Ferguson] rescue was conducted because none of them are legislatively mandated to be the official search and rescue entity for The Bahamas.

“The Defence Force, BASRA, the US Coast Guard, they all assist but none are officially and legally approved to perform the function. We need to designate a body and in doing so equip them according to ICAO requirements.”

To advertise in The Tribune, contact 502-2394

LEGAL NOTICE

NOTICE

Pure Ventures Limited (Voluntary Liquidation)

Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the above-named Company is in dissolution, which commenced on the 27th day of January, 2020. The Liquidator is Kim D. Thompson of Nassau Bahamas.

Kim D. Thompson (Liquidator)

industry that will make a major difference.”

Arguing that education and enforcement were key to much-needed improvements in the Bahamian aviation sector, Mr Hamilton argued that requires a collaborative effort and involvement from all major stakeholders - passengers, operators and regulators/ the government.

“It’s a collective responsibility,” he said. “It really needs that kind of focus to be making the strides we should be making as far as

the industry is concerned.

It’s a combination of things.

I often say to people that the folks who admire the speed with which the planes take-off from the runway, the industry is the same.

“It moves very fast and has a lot of moving parts.

The most important thing is the qualifications of personnel. And if people are held accountable other things should fall into place.

There’s no one thing; it’s a combination of things.”

Calling for aviation to be part of a national development plan so that “we know where we’re heading”, Mr

Wednesday, January 29, 2020, PAGE 5 Hamilton said of the industry: “It’s not to be held in isolation. It’s a very telling, integral part of our nation.”

Algernon Cargill, the government’s director of aviation, voiced optimism that The Bahamas will “significantly improve” its safety oversight compliance score once the next ICAO audit is conducted in the 2021 first quarter.

“We are going through the process of correcting the deficiencies identified in that [2018] report with the help of international consultants we’ve engaged who are also helping us to implement the aircraft registry,” he told Tribune Business. “They are working with us to identify shortcomings in that report and to help correct them.

“We are partnering with them to address these deficiencies by the time of the next audit in 2021. We are very confident that with their support we will be able to significantly improve those scores during

the next review.”

Mr Cargill cited the restricted access to general aviation “airside aprons” as one reform that had provoked “backlash” from Bahamians, but defended this as “absolutely necessary” and something that the government was “determined to implement”.

Pledging that “best practices” will be brought to bear, he added that the current 32 percent compliance was “not a failing score; it’s not a pass or fail audit”.

PAGE 6, Wednesday, January 29, 2020

THE TRIBUNE

DPM urges more than Nassau airport targets 1,448-acre expansion 25% water bill cut for GB FROM PAGE ONE

FROM PAGE ONE is provided. To that aim, potable water is being provided, free of charge, at 44 sites island-wide, with additional sites coming on stream next week.

“We are absorbing the cost of free potable water being supplied to the island inclusive of schools, churches, hotels and outlying settlements that fall outside of the Freeport jurisdiction. This is at a trucking cost of $10,000 per week not inclusive of reverse osmosis costs by NGOs (nongovernmental organisations).

“This cost has not, and will not, be passed on to our customers. Including the discount, the current cost of water services is one-quarter of the cost per month which customers pay in New Providence. We remain open to having additional dialogue with government as we work in the best interests of our customers.”

Mr Turnquest yesterday also spoke about Grand

Bahama Power Company’s progress in re-electrifying his east Grand Bahama constituency after Dorian, saying: “The electrical company has indicated that they are now going to extend the transmission lines out as far as Equinor in the first stage and work the service back from there towards the Freeport area.

“That will give electricity to the major settlements in the East End, and then we will look at how we extend the transmission lines out to Mclean’s Town and Sweetings Cay - whether we run the lines in the interim, or whether we drop a generator in the community itself to be able to provide some temporary supply to those areas. So that is very positive news and certainly an improvement in the picture that we were faced with before the end of the year.

“That will facilitate the redevelopment and the relocation of people back to those communities, which is critically important.”

2018, securing a lower rate of 7.5 per cent (down from 13 per cent) that will allow it to reduce its annual interest costs by $7m,” the airport operator added.

“Unlike its previous debt structure, the $134.7m that NAD raised from this debt refinancing came exclusively from local institutional and individual investors, which means that all interest paid on this debt will go directly back into the Bahamian economy.”

NAD added that it had also secured a new dutyfree operator by signing a lease with Duty-Free Caribbean (Bahamas), which it described as “a partnership between the Bahamas-based Luxury Retail Group and world-renowned airport retailer Dufry”.

They will open three retail locations in LPIA, including two duty-free retail outlets and one Hudson News store.

These three stores will allow for a substantial net increase

To advertise in The Tribune, contact 502-2394

NAD-operated Lynden Pindling International Airport. in NAD’s retail revenue and provide an expanded dutyfree offering that is more in line with airports of this size,” NAD said.

Aircraft movements at LPIA also increased by 7.1 percent to 90,182 in the 12 months to end-June 2019, while NAD’s operating expenses grew by just under 20 percent - from $25.3m

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ROYAN ALEXANDER MINNIS of #5 Tuckaway P.O.Box N-1720 New Providence, Bahamas, intend to change my name to GARTH ANTHONIO SANDS. 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.

LEGAL NOTICE

CAUSEWAY MANAGEMENT LIMITED _______________________________________ NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of the Shareholders of CAUSEWAY MANAGEMENT LIMITED is hereby called to be held at the Bahamas Financial Centre, Shirley and Charlotte Streets, Nassau, Bahamas on the 19th day of February, 2020 at 11 o’clock in the forenoon. The object and purpose of said meeting is to have laid before the Shareholders of the Company the accounts of the Liquidator, Credit Suisse Trust Limited, showing the manner in which the winding up of the Company has been conducted and also to hear any explanation that may be given by said Liquidator

NOTICE NOTICE is hereby given that JOSE LUCIANO ORTEGA DIAZ of Thompson Avenue, P.O.Box FH-14603 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 29th day of January 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Dated the 29th day of January, 2020.

Credit Suisse Trust Limited LIQUIDATOR of CAUSEWAY MANAGEMENT LIMITED

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

TUESDAY, 28 JANUARY 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,231.85 | CHG: -6.71 | %CHG: -0.30 | YTD: 0.25 | YTD%: 0.01 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 3.80 11.61 6.00 4.45 6.49 3.62 4.60 11.24 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 4.40 6.49 3.56 4.60 11.21 7.60 15.05 9.33 3.80 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.05 0.00 -0.06 0.00 -0.03 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

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

500 2,000

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 23.9 46.4 34.9 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% 2.73% 0.00% 12.19% 1.30% 2.93% 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% 3.73% 3.73% 2.93% 2.93% 2.67% 2.71% 5.76% 5.76% 12.81% 12.81% 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-Dec-2019 31-Dec-2019 27-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 31-Dec-2019 31-Dec-2019 31-Dec-2019

MUTUAL FUNDS 52WK HI 2.29 4.37 2.09 195.13 166.73 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 2.29 4.37 2.09 195.13 166.73 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

in 2018 to $30m. The airport operator’s retained deficit shrunk from $60.9m to $53.1m as a result of the 2019 profit.

“Fiscal year 2019 was quite simply NAD’s best year ever,” Mr Wells wrote.

“Over 3.9m passengers travelled through the airport – an increase of 14.4 percent over last year. Revenues also rose to $108.2m with NAD finishing the year with a profit of $7.55m.

“The driver behind this breathtaking growth was undoubtedly the opening of Baha Mar and the significant marketing push that accompanied it... This impressive growth was most felt during the first quarter of 2019 with passenger volumes growing by 29 percent year-over-year in February

and 12.8 per cent in March.

“Even with this unprecedented increase in passenger traffic, NAD was still able to maintain and even improve its customer service standards – earning its highest score ever for cleanliness.”

He added: “While NAD’s success this past year is something to celebrate, it is also important to recognise that such fast-paced growth cannot go on forever. Nassau hotels are already reporting close-tocapacity occupancy rates as the additional rooms created by Baha Mar have been absorbed by the market.

“Until more hotel capacity is brought online, we should expect passenger traffic growth to slow down to a more moderate level.”

NOTICE NOTICE is hereby given that MICHAEL STEPHEN SHERRATT of Man-O-War Cay, Abaco, 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 22nd day of January 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that SULOCHNE BUDHU of Elizabeth Estates, Nassau 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 22nd day of January, 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that JIAJIE LAN of #116 Cordeaux Ave, P.O.Box N-9221 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 29th day of January 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

LEGAL NOTICE

NOTICE

International Business Companies Act

No.45 of 2000

RAPTOR HOLDING GROUP INVESTMENT FUND LTD. (the “Company”)

30-Sep-2019 30-Sep-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 RAPTOR HOLDING GROUP INVESTMENT FUND LTD. (IBCNo. 169570(B) has been completed, a Certificate of Dissolution has been issued and the Company has thereforebeen struck off the Register. The date of completion of the dissolution was the 15th day of January, 2020.

Rogerio Rodrigues Estevinha do Amaral Xavier Liquidator

THE TRIBUNE

Wednesday, January 29, 2020, PAGE 7

Stocks indexes gain on Wall Street a day after a big drop

By ALEX VEIGA Associated Press STOCKS closed broadly higher on Wall Street yesterday, reversing a big slice of the market’s losses from a sharp sell-off the day before.

The rebound ended a five-day losing streak for the Dow Jones Industrial Average fueled largely by fears that the spread of a new virus in China could hamper global economic growth.

The outbreak has killed more than 100 people, putting a chill on travel and tourism in China.

Investors placed their concerns about the virus’ potential economic impact on the back burner and snapped up stocks beaten down earlier in the week, particularly chipmakers and other technology companies. The sector notched the biggest gain yesterday and powered much of the rally.

“There are always a few bargain hunters out there who will step in and start buying almost immediately,” said Randy Frederick, vice president of trading & derivatives at Charles Schwab. “But I’m quite surprised that it’s been this quickly and that it has rebounded as much as it has.”

The S&P 500 index rose 32.61 points, or 1%, to 3,276.24. The Dow gained 187.05 points, or 0.7%, to 28,722.85. The Nasdaq climbed 130.37 points, or 1.4%, to 9,269.68. The Russell 2000 index of smaller company stocks picked up

14.18 points, or 0.9%, to 1,658.31.

Bond prices fell, sending yields higher following a significant drop a day earlier.

The yield on the ten-year Treasury climbed to 1.65% from 1.60% late Monday.

Despite the rebound, the major US indexes are still down for the week. The losses have hit smaller company stocks hardest, erasing the Russell 2000’s gains for the year.

US stocks were running at all-time highs at the start of the month. An index measuring volatility in the market was running at 12- month lows and the benchmark S&P 500 had climbed around 13% since early October after Washington and Beijing announced they would sign a preliminary trade deal.

That set the market up for a pullback, and investors’ jitters over the virus outbreak fit the bill.

“It may be symptomatic about how bullish overall people have been and how much money still sits on the sidelines,” Frederick said. “People are just looking for any opportunity to get a bargain right now, but it could ultimately end up being a little bit risky to do that.”

More than 4,500 people have been confirmed ill with the virus and 106 have died in the outbreak of a new coronavirus centered in the Chinese city of Wuhan, an industrial hub along the Yangtze river. The virus has now spread to more than a dozen countries.

Hong Kong has joined much of China in seriously restricting travel by cutting all rail links to the mainland.

China’s containment efforts began with the suspension of plane, train and bus links to Wuhan and has now expanded to 17 cities with more than 50 million people in the most far-reaching disease-control measures ever imposed.

The United States and several other nations were taking steps to airlift citizens out of a Chinese city at the center of the outbreak.

Still, US health officials said yesterday that, for now, the risks to Americans is very low.

Apple was one of the big gainers in the technology sector yesterday. The iPhone maker rose 2.8% and continued to climb in extended trading after it released quarterly results following the closing bell that topped analysts’ estimates.

Chipmakers also made solid gains. Intel added 2.5% and Nvidia rose 3.2%.

Many of those companies are affected by China’s economy because they rely heavily on that nation for sales and supply chains.

Banks and other financial companies also climbed, along with communications stocks. Utilities, real estate companies and household goods makers notched the smallest gains as investors shifted less money into safeplay sectors.

Shares in casino operators, hotel chains, cruise lines and other travelrelated companies recouped some of their losses over the past few days as worries about the virus outbreak’s impact on tourism hammered the stocks. Wynn Resorts rose 0.9% and Las Vegas Sands gained 1.8%.

Delta Air Lines added 1.1% and Carnival gained 2.7%.

Investors continued to assess company earnings reports. Pfizer slid 5% after the biggest US drugmaker reported disappointing fourth-quarter earnings.

Harley-Davidson dropped 3% after the storied motorcycle maker reported weak fourth-quarter earnings and revenue.

The company had a tough quarter for US sales, which led the overall worldwide drop.

Wall Street is in the midst of a heavy week for corporate earnings. Boeing, McDonald’s, Facebook and Microsoft will all report results today. Other big names reporting this week include Coca-Cola, Amazon, Caterpillar and Exxon Mobil.

The Federal Reserve is also set to deliver its latest interest rate and economic policy update today. The central bank lowered its key interest rate three times last year in a bid to shield the economy from slowing

global growth and the fallout from the US-China trade war.

Benchmark crude oil rose 34 cents settle at $53.48 a barrel. Brent crude oil, the international standard, gained 19 cents to close at $59.51 a barrel. Wholesale gasoline rose two cents to $1.50 per gallon. Heating oil climbed two cents to $1.72 per gallon. Natural gas rose three cents to $1.93 per 1,000 cubic feet.

Gold fell $7.60 to $1,569.80 per ounce, silver fell 60 cents to $17.46 per ounce and copper fell two cents to $2.58 per pound.

The dollar rose to 109.14 Japanese yen from 108.93

yen on Monday. The euro was unchanged at $1.1017.

Markets in Hong Kong, Taiwan and mainland China were closed yesterday for Lunar New Year holidays.

Indexes fell elsewhere, including a 3.1% tumble for South Korea’s benchmark.

European markets closed broadly higher.

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PAGE 8, Wednesday, January 29, 2020

THE TRIBUNE

Autistic futures trader who triggered crash spared prison CHICAGO Associated Press A US judge yesterday sentenced a socially awkward math whiz-turned-futures trader who earned tens of millions of dollars over several years and helped trigger a US stock market “flash crash” from his parents’ suburban London home to time served and a year’s home confinement, sparing him imprisonment after prosecutors praised his co-operation and said his crimes were entirely unmotivated by greed.

Government prosecutors and defense lawyers described the 41-year-old

Navinder Singh Sarao as autistic in memos filed before sentencing in Chicago federal court. They highlighted Sarao’s savant-ilike ability to spot numerical patterns in split seconds, saying he regarded trading as a video game in which the object was to compile points not money.

The sudden tanking of shares on May 6, 2010, earned Sarao nearly a million dollars and temporarily wiped billions of dollars off the value of publicly traded companies, denting investor confidence and leaving many wondering if the market was rigged.

Despite earning some $70m as a trader over several years, Sarao often ate at

McDonald’s using discount coupons. His priciest purchase as a multi-millionaire was a second-hand Volkswagen that cost under $10,000.

His modest lifestyle has altered little from his days as an active trader, living today on $336 in British government benefits.

Before US District Judge Virginia Kendall imposed a sentence, Sarao apologised to those he harmed with his market manipulation, and he expressed remorse for the trauma his prosecution put his family through.

“I will never do anything illegally again,” he said.

Defense attorney Roger Burlingame described his client as a “singularly sunny,

Position Available A newly formed Accounting & Audit firm is seeking the following person: Senior Accounting & Audit Manager with • College graduate, with CPA designation • Minimum of 10 years’ experience in the financial services industry • Responsible for Clients with very complex investments • Experience with Fund Accounting (NAVs) • Experience with Auditing financial services entities • Experience in reviewing NAV and Audit Files • Supervised Managers and Accountants • Possess superior Problem Solving skills • Possess excellent “People” skills • Possess Foreign Language skills - optional (Portuguese/ Spanish) Please submit resumes via email to: infohrcfsg@gmail.com

BRITISH futures trader Navinder Singh Sarao leaves after the ruling in his extradition hearing at Westminster Magistrates Court in London in 2016. A US judge yesterday sentenced Navinder Singh Sarao, a socially awkward math whiz-turned-futures trader who helped trigger a US stock market “flash crash” from his parents’ suburban London home to time served and a year’s home confinement, sparing him imprisonment after prosecutors praised his co-operation and said his crimes were unmotivated by greed.

Photo: Matt Dunham/AP childlike, guileless, trusting person who is instantly beloved by all who encounter him, including the FBI agents and prosecutors.”

“Navinder Sarao lives outside the reality those without his autism inhabit,” Burlingame added in his filing.

Before his own indictment, Sarao himself lost millions in assets to fraudsters who found him uniquely gullible and easy to cheat, his lawyer said.

Home confinement may not be much of a departure from Sarao’s typical life. He has lived in the same small room with his parents in Hounslow, United Kingdom, since childhood, rarely venturing out, in part due to his inability to complete the simplest everyday tasks, including doing laundry,

Burlingame said.

Sarao spent four months in a British prison — the time Judge Kendall referred to as served — after a grand jury indicted him in Chicago in 2015. A US judge later granted him bond, secured by his parents’ home, which allowed Sarao to return to Britain as criminal proceedings in the United States played out.

Sarao, his lawyer said, prefers the company of children and is obsessed with animals, repeatedly enlisting his lawyer’s help to convince his parents to let him keep rabbits. He fantasizes about setting up a home for unwanted pets but has no practical ability to make those plans a reality, Burlingame told the court.

After his extradition

to Illinois in 2016, Sarao promptly agreed to plead guilty to wire fraud and spoofing, which refers to bidding with the intent of quickly canceling the bid to manipulate prices. And within weeks, he returned all his illegal profits — more than $12m.

He also walked prosecutors step-by-step through how he — and others — employed lightning fast programs to buy and sell in milliseconds, scooping up quickly-accumulating profits.

His attorney said Sarao was motivated in part to begin using the techniques himself because he spotted how so many others were cheating the system.

In their sentencing memo, prosecutors agreed that imprisoning Sarao would be pointless, heralding the cooperation he pledged to provide in his plea deal, saying his “extraordinary” co-operation and insights have helped catch other market manipulators.

His lawyers said the time Sarao spent in jail in Britain was “unbearable” because of his autism, saying it amounted to “a torture of sensory stimulation, sleep deprivation and forced socialisation”, and that he became suicidal. They said they were concerned that Sarao may not be able to survive another stint behind bars.

The 2015 indictment said Sarao manipulated E-Mini S&P, which helped spark the 2010 “flash crash” when the Dow Jones Industrial Average plunged 600 points in just five minutes before rebounding. Sarao allegedly earned around $900,000 in profit on that one day, according to court documents.