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Appeal president renews driver protection fund plea By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

he Court of Appeal’s president yesterday renewed her call for a fund to compensate victims of uninsured and ‘hit and run’ drivers, after rejecting a $654,000 claim against Bahamas First. Dame Anita Allen, in overturning a previous Supreme Court verdict, said she “reiterates my commendation” for the Government to create a protection fund that would make payouts to injured drivers and other road users unable to claim against the perpetrator’s insurance. Yesterday’s judgment, which ruled that Eleuthera residents, Monica and Betty Thompson, were unable to claim against Bahamas First, recalled Dame Anita’s call - made some four-and-a-half years earlier over a similar case - for this country to establish a fund similar to the UK’s Motor Insurers Bureau. Founded in 1946, the Bureau provides compensation to UK victims of accidents caused by

* Overturns $654k claim against Bahamas First * Eleuthera residents hit by ‘unauthorised’ driver * Yet to gain single cent for 14 year-old injuries uninsured and untraced drivers, and Justice Allen said in June 2013 that a similar entity would mitigate “the injustice of innocent, uncompensated third parties” in the Bahamas. There has been no move by the Government, though, to act on her suggestion, even though Dame Anita’s comments are likely to strike a chord with many Bahamians who have either been a victim themselves or seen family and friends suffer - as a result of being unable to claim against the culprit’s insurance. Apart from the large number of uninsured drivers on Bahamian roads, which the insurance industry estimates at 20-25 per cent or between one in four and one in five of all road users, motorists also have to contend with ‘unauthorised’ drivers. These are persons who are not named among a

DAME ANITA ALLEN, president of the Court of Appeal. vehicle’s ‘authorised drivers’ on its insurance policy. Bahamian property and casualty insurers typically use this clause as a way to minimise their risk, meaning they are not liable for claims payouts if an ‘unauthorised’ driver is responsible for an accident. This was the case with the Thompsons, who were badly injured in an accident that occurred almost

14 years ago. They were in a vehicle hit on February 27, 2004, by a 1998 Dodge Ram owned by an Annette Young. She had given the Dodge Ram to Samuel Bethel, a mechanic, to make repairs, and it was he who was “on a test drive” when the collision with the Thompsons happened. The Supreme Court, on April 8, 2005, ruled that Young and Bethel

were liable to pay damages worth $391,647 to Monica Thompson and $262,497 to Betty Thompson. The Thompsons then sought to enforce that judgment by bringing a Supreme Court action against Bahamas First, which had insured Young and Bethel under different policies. Justice Milton Evans, in a February 27, 2014, verdict found in favour of the Thompsons and ordered that the insurance underwriter pay the $654,000 damages award. Bahamas First immediately appealed, arguing that the policies issued to both Young and Bethel were “not capable of providing indemnity” for the judgement award in 2005. Dame Anita, writing the Court of Appeal’s verdict, said Young’s policy permitted only herself and Scott

SEE PAGE 4

Central Bank admits Bahamas ‘must have’ ‘poor resource use’ gradual liberalisation on exchange control of exchange controls By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Central Bank yesterday pledged it was moving to eliminate “frustrations” surrounding exchange control approvals, revealing it has committed to a five-to-seven working day turnaround. Tiffany Carter, deputy general manager for the exchange control department, said the Central Bank had realised it was taking up to 10 pieces of correspondence to process a single application, branding this a “poor use of resources”. The five-to-seven day turnaround time will apply to ‘completed’ nonurgent applications, with up to two

* PLEDGES TO END APPROVAL ‘FRUSTRATIONS’ * UP TO 10 CORRESPONDENCES NEEDED * SETS 5-7 DAY PROCESS TIME, 2 DAYS FOR ‘URGENT’ days or “as soon as possible” processing for urgent exchange control submissions. Ms Carter, speaking during a half-day seminar hosted by the Central Bank, said the regulator was in the process of updating its exchange control web page in

SEE PAGE 5

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamas “must have” a gradual approach to exchange control liberalisation, an Argentine economist said yesterday, adding that it was “critical” to have a well-developed economic framework in place. Miguel Kiguel, speaking via Skype at a half-day seminar hosted by the Central Bank on exchange control relaxation, said there are considerable benefits but also risks to the liberalisation path the Bahamas is pursuing. “Most countries that have liberalised their capital

* ARGENTINE ECONOMIST WARNS ON CURRENCY MISMATCH * FRAMEWORK TO ADDRESS FOREIGN BORROWING ‘CRITICAL’ * ‘REALISTIC’ EXCHANGE RATE ALSO IMPORTANT accounts have done it because they think they can increase the pool of financing,” said Mr Kiguel. “It tends to reduce the cost of financing because in

SEE PAGE 5

$4.48 ‘INSATIABLE DESIRE’ FOR BENEFITS LARGE FISCAL REFORM BAR * DPM: ‘CULTURE’ CHANGE BIGGER THAN POLICY * ‘COST’ OF GOV’T SPENDING NOT RECOGNISED * FISCAL HAWK: TURNAROUND TO TAKE DECADE By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamian people’s “insatiable desire” for government benefits is a bigger obstacle to reforming the public finances than economic policy, the Deputy Prime Minister is arguing. K P Turnquest, in an interview with Tribune Business, suggested that changing the culture and thought-process - both among the civil service bureaucracy and wider public - was critical if the Bahamas is to eliminate its $300 million-plus fiscal deficits and halt its increasing national debt. He added that the demands for ever-increasing government spending failed to recognise the “costs” this imposed on Bahamian taxpayers to finance it through new and/or higher taxes, burdening the private sector and reducing consumer spending. “It has more to do with mindset than it has to do with economic policy,” Mr Turnquest replied, when asked by Tribune Business how the Government planned to eliminate its fiscal deficits and reduce the $7.5 billion national debt. “We still have an insatiable desire for spending, and the public has an insatiable desire for benefits irrespective of the cost and what it means.” Mr Turnquest, who is also minister of finance, declined to elaborate further, suggesting that to do so would make it harder for himself and the Government to achieve their fiscal consolidation objectives. His comments, though, reflect what a senior attorney once told Tribune Business: “The Bahamian

SEE PAGE 6

GB Power buy-out approval in face of fight ‘regrettable’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A well-known QC has slammed the Government’s “regrettable” decision to proceed with approving the GB Power buy-out despite knowing his legal challenge was already filed. Fred Smith, the Callenders & Co attorney and partner, expressed his displeasure to the Attorney General and other Cabinet ministers and regulators in a February 1, 2018, letter and demanded that the final approval and supporting rationale be released for his Judicial Review. He also told Tribune Business that the Minnis administration’s approval for Emera’s buy-out of all

* QC: GOV’T KNEW JUDICIAL REVIEW FILED * WARNS INVESTOR CONFIDENCE UNDERMINED * GOVERNANCE MUST RESPECT ‘RULE OF LAW’ Bahamian shareholders, despite knowing his Judicial Review was pending, would undermine both local and foreign investor confidence in this nation. Mr Smith told Carl Bethel QC, the Attorney General: “It is apparent that on or about 2 January, 2018, whilst the court was considering my client’s application for leave, which had been filed prior to that date and which had been before the court (as you were aware from publications in the newspapers) the Government published” a release giving its final approval for the deal.

“It is regrettable that the Government of the Bahamas saw fit to grant this final approval notwithstanding that it was aware that my client’s application for leave to apply for Judicial Review was pending before the courts, and without consulting my client,” the letter added. Mr Smith subsequently told this newspaper that the Government’s decision to forge ahead and grant Emera final approval showed a lack of respect for the Bahamian judicial system and its processes. Arguing that negative consequences may result,

FRED SMITH Mr Smith told Tribune Business: “I am very disappointed that they [the Government] have such little respect for the judicial process. “If they wish to inspire business confidence, both

SEE PAGE 8

PAGE 2, Tuesday, February 6, 2018

THE TRIBUNE

Early training start right on the money Of all the things parents decide to have a serious conversation with their children about, money rarely makes the list. That is understandable but unfortunate. Understandable because of the significant negative consequences associated with many of the other topics discussed, and unfortunate because understanding the role of money in society is critical to everyday life. Your children will learn about money. That is inescapable. The question is not whether or not to teach them about it. Rather, the question for every parent is how they want their child to learn about it. I do not believe any parent would actively choose to have their child learn about something important through a series of random lessons, and with random content at random intervals. If you thought it was worth the time to teach your children to do something as basic and fundamental as crossing the street, it is worth spending the time to teach them how to navigate money matters well before they find themselves standing at a financial crossroads. Prudent use of money is a critical skill with long-term repercussions for both their lives and yours. Start the conversation with a simple question, such as: “What do you know about money?” and proceed from there. Make your topics of conversation, and answers to their questions, simple and concrete. Explain to them as much as they are able to understand, and use examples from their experiences that will be immediately relevant. Remember that with teenagers, as much as with younger children, teaching requires patience and persistence. Clear up their misconceptions with facts, but also give them the opportunity

to learn through trial and error. Repeat lessons often because you never know which conversation will be the one that changes their perspective or be remembered decades later. That way, with your guidance, they can improve their financial knowledge and skills in a low-risk environment. Discuss the thought processes that go into making family financial decisions, and involve them in financial choices that will affect them directly. Give them enough to make them financially aware, but not so much as to cause financial concern (that responsibility is all yours). Also, gift your offspring the tremendous benefit of your experience by being honest and open about the mistakes you have made with money. Real world examples, involving someone they know and care about, are likely to have even more impact. A coin jar is a simple start. Having your kids save money in it, and asking to take money out, will increase their mental awareness and appreciation for money. The process of opening and maintaining a bank account with a teenager is another way to promote awareness and responsibility. To internalise the concept of wages and work, you could pay your children a nominal fee for doing chores around the house. This might also be an opportune time to explain the importance of - and difference between - helping for free (volunteering) and working for a fee (earning). If you are morally opposed to paying for routine chores, you could devise other ways for your children to earn money, such as painting the house, cleaning the garage or simply giving them an allowance to manage. Alternatively, you could help your teenager

MONEY

MATTERS find a part-time job as long as it does not interfere with their academics. In any case, have your children go through the exercise of setting a goal for how much they want to save for themselves or a future purchase. If your teenager has a part-time job, introduce him or her to the discipline of saving by requiring they set aside at least 10 per cent of their earnings. The time it takes for any of your children to accumulate savings before they reach those goals will demonstrate the concept of delayed gratification. Also, since the amount of money your child can save is limited, it presents an opportunity for him or her to think about trade-offs. Let your child figure out how to choose or prioritise among the multiple things he or she will likely want to buy. If the child insists on buying more than can be afforded, that might be the perfect time to teach about borrowing by lending them money and charging them for it (i.e., an interest rate). For the net savers or those needing a little more encouragement to do so, you could teach your child about savings rates by giving him or her a little extra for spending less and keeping more. Learning exercises are great, but children are always watching even when

SEE PAGE 7

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Tuesday, February 6, 2018, PAGE 3

Central Bank handles 24k approval papers annually By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net EQUITY investments in international financial institutions and investment companies are among the most common areas where Bahamians have invested abroad, the Central Bank’s Governor said yesterday. John Rolle, giving a presentation at a half-day Central Bank seminar on exchange control relaxation, said: “The area where Bahamians have made investments most commonly abroad is in owning equity in international banks and trust companies or international investment companies. Those aren’t the only areas where persons can elect to make investments abroad.” Mr Rolle said the Central Bank handles around 24,000 correspondences a year for various approvals. “It

* Foreign currency sectors ‘must carry their weight’ used to be more than that. We’re trying to reduce it even more so we can focus more on areas that matter for investments,” he added. The Central Bank governor said the regulator was committed to liberalising the exchange control regime gradually, adding that stability and sustainability were common themes at yesterday’s seminar. “Sustainability means that the sectors that get the capital have to carry their weight, and earn the revenue and the currencies that they are capitalised in so they can repay those loans,” Mr Rolle said.

“That’s basically what the commercial banks are required to do on a daily basis in a very liberal setting, and they are required to do it for good business sense and regulatory reasons. Those aspects of the equation should not vary in the case of the Bahamas.” The Central Bank recently introduced a further relaxation of exchange control arrangements that took effect on February 1. Those arrangements cover both current account transactions and certain capital controls on private sector investment and financial flows.

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The buying and selling rates for the investment currency market have been reduced from 12.5 per cent and 10 per cent, respectively, to 5 per cent and 2.5 per cent. Residents are

now able to fund investments at a lower rate of $1.05 Bahamian dollars to $1 dollar US, and to repatriate investment currency proceeds to the Bahamas at a rate of $1.025 to $1 US.

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PAGE 4, Tuesday, February 6, 2018

THE TRIBUNE

Appeal president renews driver protection fund plea FROM PAGE 1 Young to drive the Dodge Ram as ‘authorised’ drivers. And it explicitly stated that Bahamas First would not be liable for a claim payout if the vehicle was “being driven by any person other than an authorised driver”. Given that Bethel was not listed as an ‘authorised’

driver of the vehicle, Dame Anita found: “In my opinion, the contemplated liability capable of existing under the Young policy could only arise through the authorised drivers. “As such, liability under the policy is specifically excluded where the driver of the vehicle is not one authorised to drive. This must necessarily be true, as to hold otherwise would render the ‘person

or classes of persons entitled to drive’ provision in the certificate of insurance meaningless. “Further, it would prevent an insurance company from being able to assess and determine the extent of the liability which the policy covers.” The Thompsons and their attorney, Lady Sharon Wilson, argued that Bahamas First was liable to payout based on the

requirement for Young to maintain the vehicle, which she was doing by giving it to the mechanic for repairs. However, Dame Anita rejected this on the basis that having a vehicle repaired by a mechanic “does not.... translate into expanded liability of the insurance policy”. She added: “Some further step must be taken to facilitate such an expansion by, for example, the mechanic undertaking business insurance or Young naming Bethel as an authorised driver under her policy. “Therefore, in my view, the learned judge erred by equating Young’s duty to maintain the vehicle with the imposition of liability on the appellant company [Bahamas First], and this ground of appeal succeeds.” Turning to the Thompsons’ efforts to enforce the 2005 judgment against Bethel’s Bahamas First coverage, Dame Anita said the mechanic’s insurance policies only applied to two vehicles he owned. Given that neither vehicle was involved in the accident, she found it was impossible to enforce the 2005 judgment by claiming against their respective insurance coverage. “I find that the learned judge [Milton Evans] erred by determining that Bethel’s policies were capable of providing an indemnity for

the respondents’ claim,” Dame Anita found. “I readily accept that Young is not to be faulted for engaging the services of a mechanic. However, I maintain that Bethel ought to have insured against the possibility of this eventuality.” Dame Anita described the case as “unfortunate”, given that not a cent in compensation has been paid to the Thompsons, whose 2005 judgment remains “wholly unsatisfied”. She recalled her previous ruling, and that of the Privy Council, in the case involving Eric Antonio, who was “tragically blinded” in a 2004 accident with a jitney. The Privy Council, the highest court in the Bahamian judicial system, found that Mr Antonio was unable to enforce a $521,943 damages judgment against the jitney’s insurer, Insurance Company of the Bahamas (ICB), because the driver was not among those ‘authorised’ to operate the vehicle. It ruled that the courts are unable to impose liabilities excluded from policy coverage, as Bahamian property and casualty underwriters use the ‘restricted driver’ clause to limit their payout exposure only to accidents involving drivers named on a policy. “Insurance is based on an assessment of the risks undertaken, and of the premiums appropriate to cover

such risks,” the Privy Council said in its December 2015 ruling on the Antonio case. “Named driver policies are a means by which insureds and insurers identify the cover required, and define and limit the premiums payable......To impose on insurers liability for accidents caused by other drivers not named on the relevant policy is to expand the risks and to undermine the purpose of named driver cover...” Both Dame Anita yesterday, and the Privy Council in its ruling, called on the Government and Parliament to address situations such as those of Antonio and the Thompsons through legislation and the creation of a fund to protect innocent road accident victims. Lord Mance, the UK law lord who wrote the Privy Council judgment, suggested the Bahamas follow the lead established by the UK and European Union (EU), and set-up a fund financed by the insurance industry. However, Bahamian insurance industry executives have warned that such a fund could be prohibitively expensive given the number of uninsured drivers on this country’s roads. They suggested that increased insurance premiums could be required to finance it.

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Our lending institution is looking for a Delinquent Officer. You will collect on designated delinquent accounts while maintaining good customer relations with borrowers and effectively solving problems to resolve account delinquency and prevent losses. Delinquent Officer Responsibilities: ➢ Compile information needed to collect delinquent accounts; ➢ Independently evaluate delinquent accounts and initiate action within prescribed guidelines; ➢ Prepare reports and/or make phone calls to customers whose accounts are delinquent; ➢ Negotiate payment arrangements with customers who have delinquent loans within the Company’s guidelines; ➢ Recommend and initiate legal proceedings on enforcement actions; ➢ Understand and explain pertinent laws and procedures concerning collections and the seizure and sale of personal property; ➢ Gather and present information in legal proceedings to procure legal judgments; ➢ Make field collections. Skills, Experience & Qualification Required: ➢ Degree in Finance/Law or related field ➢ 3+ years’ experience in a direct customer contact and collections environment ➢ Excellent written and verbal communications skills ➢ Excellent negotiation skills ➢ Excellent interpersonal skills ➢ Proficient computer skills Interested persons must submit a current resume and photograph to hremploymentnow@gmail.com no later than 16th February 2018.

THE TRIBUNE

Tuesday, February 6, 2018, PAGE 5

Bahamas ‘must have’ gradual liberalisation of exchange controls FROM PAGE 1 emerging markets, capital is a scare resource, and countries think that if we can get access to international financing they can can get more financing, cheaper financing and more long-term financing.” Mr Kiguel acknowledged the potential risks flowing from exchange control liberalisation, saying: “You need to have a very well developed regulatory environment. The first risk is at the financial level with banks and financial institutions. “Because borrowing is cheap, many institutions borrow abroad in foreign currency and lend domestically at the higher interest rate. Those who do that have their liabilities in foreign currency and their

assets in domestic currency. That generates, essentially, a currency mismatch. ‘The risk is that at some point there could be a change in the exchange rate, and devaluation is most likely to happen. Those institutions that borrowed in foreign currency and lent in local currency can find themselves, all of a sudden, with solvency issues because their liabilities have gone up, their assets are in local currency and they would have a lot of problems paying the borrowing abroad.” Mr Kiguel said that having a “macro-prudential” framework which addresses - and seeks to prevent - problems stemming from borrowing abroad is “critical”. “There must be good regulations and supervision

in the banking system,” he added. Mr Kiguel said the removal of exchange controls has often resulted in crisis, referring to the economic crisis of 2001/2002 in his Argentine homeland, which led to a drop in gross domestic product (GDP) of around 20 per cent over two years. “The removal of controls has a lot of benefit for an economy, improves competitiveness, access to lines of credit, but experience shows you have to do it gradually,” he explained. “You want to do it step by step, ensuring that all the pieces in the regulatory framework are in place. “You want to make sure that when you go through this process you have a realistic exchange rate, not an overvalued currency or

undervalued currency. A pre-condition, I would say, for successful liberalisation of the capital account is to have a reasonable macroframework, a fiscal deficit which is financeable and sustainable, a monetary policy that can be sustained over time and a financial sector that that is strong, well capitalised and liquid but with good supervision and regulation.”

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on exchange control FROM PAGE 1 response to complaints over the unavailability of clear application requirements. She added that the upgrade is expected to be completed by March 1, and will provide a ‘checklist’ of clear and concise information on the

various exchange control requirements. “By seven working days you should have a response, whether it is an approval, a request for additional information based on your completed submission...... For urgent matters we undertake to do it in two days or as soon as possible,” said Ms Carter. “In analysing our process we realised it took us

sometimes three, four, five or 10 pieces of correspondence in order to process a single application. That is a poor use of our resources and is very frustrating for you and for us. “We will only entertain complete submissions. The upgrade of the website is to facilitate that. Ultimately we hope to have everything as an online application; that’s the end goal.” Ms Carter said the Central Bank will continue to review the exchange control requirements and further streamline where possible.

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PAGE 6, Tuesday, February 6, 2018

THE TRIBUNE

‘Insatiable desire’ for benefits large fiscal reform bar FROM PAGE 1 people want big government, but they don’t want to pay for it.” This effectively means that while many enjoy receiving the Government’s largesse, they are reluctant to finance this themselves via tax

payments, instead preferring that large deficits be run and paid for by greater borrowing - all of which has led to the Bahamas’ current fiscal predicament. It has also resulted in the Government’s recurrent (fixed cost) spending on wages, rents and suchlike ballooning to a record

$2.7 billion for the 20172018 fiscal year, forcing the Minnis administration into measures including a 10 per cent across-the-board spending cut in a bid to rationalise the public sector. Central Bank data for the five months to endNovember 2017 showed that the fiscal deficit fell by

almost 34 per cent, or $85.8 million, year-over-year to $168.1 million, although the decline was largely due to unfavourable prior year comparatives as a result of Hurricane Matthew. Mr Turnquest said it was “so far, so good” when it came to the Minnis administration’s fiscal objectives, but warned that it had “to continue to hold the line” and preserve “discipline” to maintain the improvement seen to-date. “We continue to make small steps,” he told Tribune Business. “There are any number of issues that exist which can derail us. “In that vein we’re still moving in the right direction, but we have to continue to hold the line and be disciplined in what we do in order to maintain these gains.” Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, yesterday warned against becoming excited over “short-term blips” such as the near-$86 million deficit fall, adding that it would likely take a sustained decade-long effort before the Bahamas could feel comfortable that its fiscal position is on the right path. A noted ‘fiscal hawk’, he told Tribune Business: “This is a long-distance race. This is not a sprint. We’ve got to do the right thing over the long haul. Short-term blips are nothing to get excited about because this is a marathon. “Being first around one corner doesn’t mean we’re a winner because there are 1,000 corners to be first

around to win the marathon. This is about making the right decision and getting the balance right in the long haul. “It took 40 years to get the country in the state it’s in, and we’ll not get out of it in five years. It’s going to take us at least 10 years to improve to the position where we can feel really strong about our fiscal condition.” Mr Myers added that this required the next administration, from whichever party, to be “financially prudent” and follow the same course as the Minnis administration appears to be setting if the Bahamas is to consolidate any fiscal gains. “We’re changing a culture, a mindset within government and governance,” he said, echoing Mr Turnquest. “We can no longer afford this irresponsible and wasteful form of governance. Everybody just needs to keep their heads down, know the objective and go for the long haul. “It’s going to take everybody to make that happen, because the public has to become aware and sensitised to the fact that the current leadership has a great challenge. Their greatest challenge is their own institutions by far.” A government’s ability to implement its political agenda, especially widereaching reform and change, depends on its ability to make the civil service bureaucracy ‘dance to its tune’. This can often be difficult in the UK system of government which the Bahamas has, given that senior civil servants often

have their own ‘territory’ to protect. Mr Myers, meanwhile, backed the Government’s objective of fostering greater private sector growth to absorb some of the jobs lost as it moves to reduce the public sector’s size to a level that taxpayers can better sustain. “We’ve got to get the inefficiency out of the public sector, and that’s critical for any Fiscal Responsibility plan to work,” he told Tribune Business. “The recurrent expenditure and inefficiency is what’s killing us. The Government is living well beyond its means. “The delicate balance is increasing GDP and decreasing government expenditure. Stimulate the private sector to expand GDP and cut back on inefficiency in the public sector. Then you have spending and revenues going in the right way because, as you increase GDP, you’re going to increase revenues. “The growth of GDP is going to increase growth in government revenues, so it will narrow the deficit and debt, which puts the Government and country in a much better fiscal condition.”

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Tuesday, February 6, 2018, PAGE 7

Early training start right on the money FROM PAGE 2

you think they are not, so use your actions as a means to teach them as well. Spending money looks easy to children because they do not see the manoeuvering and calculations going on behind the scenes. Pay bills with your teenager present so they understand living expenses versus leisure spending. Talk to your

children about cost comparison and budgeting in preparation for a trip to the food store. Show them the loan schedule for how much the family pays every month, and how much a lender wants back in total for the car they ride around in every day or the roof they sleep under every night. Whether you show them, tell them, or teach them, your

children will inevitably make mistakes along the way. Sometimes they might spend all their savings on some trendy style choice, regret an impulsive purchase after the fact, lose their allowance at school, or lend money to the wrong friend. Do not step in and rescue them all the time. Actions without consequences are not instructive. It is better they learn

hard lessons with some guidance from you at a young age than as an adult in the real world where nobody cares and no one explains. If you want your children to grow up to be financially responsible adults, it is up to you to describe the rules of the game so they know in advance how it works before they play. Start early. Start now.

NB: Ramon Simms is a management professional with more than 10 years’ experience in finance, operations and technology. He holds a BA in Financial Economics and an MBA in Entrepreneurship. He is a managing director at IFF Ltd (www.iffpros. com), Bahamas and you can reach him at ramon@iffpros.com

PAGE 8, Tuesday, February 6, 2018

THE TRIBUNE

GB Power buy-out approval in face of fight ‘regrettable’ FROM PAGE 1 domestic and international, they ought to demonstrate how respectful they are of the judicial process so people can have confidence in doing business in the Bahamas. “Their continued sidestepping of the courts to achieve a momentary advantage will only cause

investors to be afraid of doing business in the Bahamas because they must have faith in governance that is bound by the rule of law, not political oneupmanship. That’s how I feel.” Mr Smith’s Judicial Review, filed on behalf of SeSaChe Ltd, holder of $300,000 worth of shares in ICD Utilities, the former holding vehicle for a 50 per

cent equity stake in GB Power, seeks to overturn the approvals for the nowcompleted buy-out. ICD Utilities’ equity stake has been assumed by Emera, with the Canadian utility giant now GB Power’s 100 per cent owner, although 50 per cent of former Bahamian shareholders have retained an interest via the

latter’s Depository Receipts (DRs). The Callenders & Co attorney and partner, though, is persisting with a challenge that argues the Bahamas Investment Authority (BIA) and Central Bank approvals are “ultra vires, irrational and procedurally unfair”. It is also arguing that since the BIA is not created

by law it has “no authority over the personal shares owned by Bahamian citizens”, and thus had “no power” to approve Emera’s purchase of SeSaChe’s shares. Mr Smith’s February 1 letter reminds the Government that the Supreme Court Order, accompanying the permission granted for the Judicial Review to proceed, requires it to produce both the BIA and Central Bank approvals by February 12. And he warned that the scope of discovery will now be expanded to include the final government approval that was issued on January 2, 2018. “That is going to be very important if, in fact, there has been a legitimate approval by the relevant legal authorities,” Mr Smith said of that final approval. “Once again, this is mired in secrecy. Neither Emera nor the Government have seen fit to publish the approval documents. Once again, the public is being held hostage by this secrecy.”

He suggested that obtaining copies of the final approval would pose no problem despite not being included in the Supreme Court’s initial Order, as Judicial Review actions obligated the Government to provide full disclosure. “We’d like to understand it,” Mr Smith said of the early January approval, “because the court is going to have to decide whether these approvals are rationale given the Government’s commitment to Bahamian ownership in the energy sector and the comments by the Attorney General and Deputy Prime Minister in the newspapers saying they’re considering this. “They ought to have at least consulted with businesses such as my client’s. When we got leave, by the time this January approval was published by the Government, the court was already considering our application. This is something that happened afterwards, and why we’re now asking for this information.”

NOTICE

NOTICE is hereby given that YOUSELINE BELLEVUE of Jackfish Drive, Carmichael Rd., New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 6th day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

NOTICE

NOTICE is hereby given that ZEKI ANTONESE KERSAINT of Farm Road, Treasure Cay, P.O. Box General Delivery, 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 6th day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

NOTICE

MARKET REPORT MONFSY, 5 FEBRUARY 2018

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

BISX ALL SHARE INDEX: CLOSE 2,039.27 | CHG -0.19 | %CHG -0.01 | YTD -24.30 | YTD% -1.18 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.76 1.64 0.18 4.60 8.70 6.30 5.30 11.93 2.59 1.56 9.70 6.01 10.55 10.95 4.50 12.51 11.00

52WK LOW 3.50 17.43 8.19 3.32 0.90 0.12 3.50 8.40 5.83 3.15 9.00 2.18 1.40 8.76 5.82 8.78 5.67 3.35 12.01 10.00

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

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

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

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

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

E J K L M N

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

52WK LOW 100.00 100.00

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

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

SYMBOL FBB18 FBB22

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

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

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

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

MUTUAL FUNDS 52WK HI 2.12 4.14 1.98 178.69 153.40 1.53 1.70 1.62 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.47 1.62 1.56 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 3.90 17.43 9.09 3.34 1.00 0.18 3.68 8.70 6.10 4.70 9.01 2.55 1.50 8.66 6.00 10.45 6.24 4.47 12.51 10.00

CLOSE 3.90 17.43 9.09 3.34 1.00 0.18 3.68 8.70 6.10 4.70 9.01 2.44 1.50 8.55 6.00 10.45 6.24 4.47 12.51 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.11 0.00 -0.11 0.00 0.00 0.00 0.00 0.00 0.00

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

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

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

110.43 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.02 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

110.45 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

VOLUME

319 300

VOLUME

NAV 2.12 4.14 1.98 178.69 153.40 1.53 1.70 1.62 1.10 7.16 8.40 6.29 11.28 11.60 10.21

EPS$ 0.475 0.932 -0.508 0.540 -1.220 0.000 -1.462 0.638 0.583 0.171 0.631 0.102 0.330 2.670 1.129 0.729 0.484 0.298 0.543 0.000

DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.300 0.220 0.120 0.690 0.060 0.050 0.565 0.290 0.500 0.150 0.120 0.580 0.000

P/E 8.2 18.7 N/M 6.2 N/M N/M -2.5 13.6 10.5 27.5 14.3 23.9 4.5 3.2 5.3 14.3 12.9 15.0 23.0 0.0

YIELD 2.05% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.45% 3.61% 2.55% 7.66% 2.46% 3.33% 6.61% 4.83% 4.78% 2.40% 2.68% 4.64% 0.00%

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

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

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

INTEREST 6.00% Prime + 1.75%

MATURITY 31-May-2018 19-Oct-2022

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

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

YTD% 12 MTH% 4.00% 4.39% 5.57% 5.69% 2.14% 2.44% 4.66% 3.89% 5.58% 6.65% 4.34% 4.34% 1.83% 1.83% 3.30% 3.30% 4.03% 4.03% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

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

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

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

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

NOTICE is hereby given that MONIQUE JEAN-ST.LOUIS of #126 Churchil Ave., P.O. Box 4530, 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 30th day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, DENISE LEWIS, of #14B Pintree Close, Freeport, Grand Bahama, mother of FA’ BREA KRISTEN ALEXANDRIA LEWIS intend to change my child’s name to FA’ BREA KRISTEN ALEXANDRIA BAIN. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.

NOTICE

NOTICE is hereby given that TAQUILA SHERONDA FIEUREUS of Pineyard Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 30th day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

PUBLIC NOTICE

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

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, STEPHEN MOSES KAHSHIED ROLLE of Chapel Drive, Blue Hill Estates, New Providence, Bahamas intend to change my name to STEPHEN MOSES BLAIR. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.