02262018 business

business@tribunemedia.net

MONDAY, FEBRUARY 26, 2018

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Moody’s predicts deficit ‘overshoot’ above $350m

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

M

oody’s has forecast that the 2017-2018 deficit will overshoot the Government’s $323 million target due to the “overhang” from the Christie administration’s unpaid bills.

The international credit rating agency, in an update to the global markets following last week’s mid-year Budget, said the figures “do not fully reflect” the spending commitments entered into by the former government prior to the May 10 general election.

* Blames it on Christie Gov’ts unpaid bills * GDP revision ‘flatters’, ‘overstates’ strength * Wait on job cut benefit; Rosewood open June 1 As a result, Moody’s is predicting that the Minnis administration’s will exceed last year’s $350 million cash-based deficit during its first full year in office, as it continues to pick up the ‘blank cheques’ inherited from its predecessor.

Referring to the mid-year Budget figures, Moody’s February 22 update said: “We consider that this data does not yet fully reflect

BPL ‘nowhere close on any of the islands’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMAS Power & Light (BPL) is “nowhere close to where we want to be on any island”, its chief executive has admitted, as it seeks to avoid a repeat of last summer’s outages in Nassau and three other markets.

Whitney Heastie told Tribune Business that BPL has three to four

months to accomplish numerous upgrades, and get itself “in a lot better shape” for summer 2018, on New Providence, Abaco, Exuma and Bimini.

He explained that, together with chief operating officer Christina Alston, he had been targeting “some of the low hanging fruit” in a bid to improve BPL customer experience and win back customer

SEE PAGE 6

GB Power invests $8m in solar battery storage

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net GRAND Bahama Power Company is investing $8 million in constructing a battery storage facility before year-end, as it moves to introduce utility-scale solar and other renewable energies.

The utility monopoly, in response to Tribune Business’s questions, said construction of the facility - capable of storing up

to 8 Mega Watts (MW) of energy - would begin this summer at its Peel Street headquarters.

While GB Power’s current 98 MW generation capacity exceeds the island’s peak night-time demand of 60-69 MW, it plans to use the battery storage facility to “stabilise frequency variations” caused by fluctuating loads as well as inconsistent solar provision.

“The battery storage will be

SEE PAGE 7

Bran: ‘Horse already bolted’ on Oban deal

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government must “move forward post haste” with the Oban Energies refinery if it concludes the Bahamas will benefit, the DNA’s former leader arguing: “The horse has already bolted.”

Branville McCartney told Tribune Business that the $5.5 billion oil refinery/storage terminal’s chief promoter, Peter Krieger,

* EX-DNA LEADER: APPROVE IF GOOD FOR BAHAMAS * CHIEF PROMOTER ‘CAN’T BE HELD GUILTY FOREVER’ * $5.5BN PROJECT ‘DESPERATELY NEEDED’ BY GB SEE PAGE 8

the outstanding arrears from fiscal year 2016-2017, which would lead the fiscal year 2017-2018 deficit to expand and come to a level higher than that recorded in the last fiscal year (on a cash basis).”

The ‘cash basis’ rider is important, given that the Government itself last week pegged the 2016-2017 fiscal deficit at $676 million.

This, read together with

the Moody’s report, could be wrongly interpreted as an indication that the ‘red ink’ for this fiscal year will exceed that latter figure.

The difference between the two - the Government’s $676 million figure, and Moody’s reference to $350 million - stems from the fact that the two are derived from different accounting

SEE PAGE 11

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BTC loses 60,000 mobile subscribers

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas Telecommunications Company (BTC) has lost over 60,000 mobile customers, almost 20 per cent of its market, in just over one year as a result of competition.

Data released by BTC’s ultimate parent, Liberty Latin America (LiLAC), reveals that at end-2017 its Bahamian subsidiary had 228,100 pre-paid subscribers and 26,800 post-paid customers, giving it a total

* SHEDS ALMOST 20% OF MARKET IN ONE YEAR * PARENT CONFIRMS 11,000 LOST IN 2017 Q4 * STRUGGLING FOR GROWTH IN OTHER SEGMENTS base of 254,900 persons.

This compared to the

SEE PAGE 10

PAGE 2, Monday, February 26, 2018

THE TRIBUNE

Abaco shows what Bahamas can be

By RODERICK A. SIMMS II, CHAMBER DIRECTOR Family ISLAND DIVISION CHAIRPERSON RASII@ME.com

WHEN people think of the Bahamas they tend to have this idea of enjoying warm weather accompanied by a great cocktail, and a place to stay where the beach becomes their backyard. While this is all true and available, Abaco offers a more unique product that caters to the hospitality and industrial potential of the Bahamas. Abaco is comprised of two parts: Great Abaco and Little Abaco, along with a myriad of

smaller cays that capture 130 square miles of Bahamian waters. Opportunity presents itself in the form of eco-tourism, agriculture, manufacturing, hospitality and boating.

Abacao has paved the way for many things in the Bahamas, and is rich in history. The island is home to the candy-striped Elbow Reef Lighthouse in Hope Town, which is one of the few remaining manuallyoperated lighthouses in the world. It is also pivotal in the production and export of local carpentry products via its timber logging industry. Abaco also has the infrastructure for further

potential developments, such as a solar energy plant or becoming a mass agriculture and livestock exporting hub. That is why it is important to see this island for more than just its pristine beaches and cays, and other eco-tourism activities. It is time to look at alternative revenue-generating streams that can put Abaco on the map as perhaps the industrial capital of the Bahamas.

Forestry One of the difficulties that all developing nations face is being able to tap into their natural resources and exploit them. It requires capital, infrastructure,

human resources and innovation. Fortunately, Abaco has all the necessary ingredients to further expand its pine forest industry. While forest projects require great attention to the protection and preservation of the environment, once careful assessments are performed there are huge economic opportunities for local and foreign investors.

The commercial prosperity of this sector has yet to be completely unlocked, although it has the potential to greatly reduce the country’s import bill. In 2013, Lindar Industries was granted a logging concession to cut pine trees on Abaco for commercial and residential development. If more opportunities like this are presented, then Abaconians can see a boost in employment, economic activity and opportunities for small to medium-sized enterprises (SMEs).

It is, however, easier said than done. These types of projects require political will, and a significant and efficient source of capital. If not, residents will be left staring at abandoned machines and a damaged landscape. Abaco is no stranger to the forestry industry, and its history dates to as early as the 1940s and 1960s. The late 1950s was a learning period for future investors, especially when the Abaco Lumber Company moved to Grand Bahama in 1944 after the supply of useful pine in Abaco had been drained.

The lumber company was originally known as the Bahamas Timber Company, and was purchased

by Wallace Groves in 1946.

The island still has room for more businesses in the industry. After all, everyone needs a little competition.

Hotels and Resorts In there was ever a doubt about Abaco’s potential in tourism, think again.

This island has some of the most picturesque boutique hotels and resorts in the Bahamas. Words can only do a little justice in describing the Abaco Beach Resort, Green Turtle Club Resort & Marina, Treasure Cay Beach Marina & Gold Resort and the Delphi Club Bonefish Lodge. Notice that each of these resorts offer more than just a bed and fine dining.

Hotels and resorts in Abaco can easily combine hospitality offerings with other attractions, such as eco-tourism and fishing activities. The island also leads the way in room availability among the Family Islands and, as of 2016, there were 1,195 hotel rooms on Abaco. One of the most recent developments was Southworth Development’s acquisition of 100 per cent ownership in the Abaco Club on Winding Bay. The company plans to pump a further $10 million into the property and, in the future, develop a marina and boat slips along with

expanded food and beverage offerings.

However, there is a growing concern for Abaco’s hotel sector due to the rise in vacation rental homes.

While this is not a situation unique to Abaco, it still has a tremendous impact for the island that has the largest amount of hotel rooms outside of Nassau/Paradise Island and Grand Bahama.

With platforms such as AirBnB gaining more popularity, hoteliers now have the additional stress of competing with vacation home owners and others.

In the free market, competition sounds great and is a relatively healthy way to boost consumer confidence.

But for an island that has four ports of entry (Marsh Harbour, Treasure Cay, Spanish Cay and Walker’s Cay) and just under 1,200 rooms, the competition gets a bit stiff when even more inventory is being added.

On the demand side, consumers enjoy lower prices and more options, but on the supply side owners must find ways to maximise/ maintain profit. There will always be a group of visitors that prefer to stay in a luxurious high-end resort.

However, for a family of five on a budget, $200 for three days versus $200 per night may be the better deal.

Therefore, there is a need to expand product offerings among hoteliers and resort owners to remain competitive. This can be a simple task, and many owners have mastered this by adding activities such as boating/ marina, tours and sports tourism. The key word here is consistency.

Marina Life Marinas and boating is a way of life in Abaco. There are just under 35 marinas and boating/yachts slips in total on the island. Statistics show that Abaco attracted 9,332 marina boaters in 2016. That number outpaced New Providence, and was the third highest when compared to Bimini and Grand Bahama. The island’s proximity to South Florida makes it an ideal spot for boaters.There is a market here to be further tapped into, and potential investors looking to develop property should not second guess the need to build an accommodating marina.

Agriculture Locals have coined the phrase ‘Buy Bahamian’ because it is both a sentimental and economic form of encouragement for those doing business in the Bahamas. But can we meet local demand? Let’s take baby steps here. Abaco has the potential to supply food stores throughout the Bahamas with items such as fruits, vegetables, sisal products and livestock.

It could also improve food security in the Bahamas with the availability of 11,737 acres of agricultural land under the Ministry of Agriculture and Marine

ISLAND

InsightS

By RODERICK A SIMMS II

Resources that can be used for a period of up to 21 years. Only a fraction of this is being used.

In 2015, the Bahamas Agricultural and Industrial Corporation (BAIC) launched the Abaco Agricultural Project. Hopefully, more initiatives like this will come on board to help develop the agriculture sector.

Energy The Wilson City power plant was a controversial issue when plans to build the site were first disclosed.

Residents at the time were concerned about the emissions plaguing the area and the original plan to use Bunker C fuel.

The $105 million plant now uses diesel, but changes are still being talked about at Bahamas Electricity Corporation (BEC), now Bahamas Power and Light (BPL).

Several power outages occurred across Abaco in late July and early August 2017 because of a “series of tests” at the Wilson City power station, according to a BPL representative. That event had an adverse impact on hotel and business owners. But the power company subsequently said it is eying Wilson City’s conversion to a liquefied natural gas (LNG) facility, instead of diesel fuel. Although the plant has already been designed for use as an LNG facility, it will still take some time to put everything into operation. Here we see that Abaco could potentially become the first island to ever employ LNG at a power plant in the Bahamas. The efficient production of energy is key to economic prosperity for any country, island or state.

Moving Forward Abaco hits the spot for investors that are looking to do more than develop villas and hotels. While it offers luxury real estate and more, Abaco has tremendous potential in the industrial sector much like Grand Bahama. But there is still a lot of work needed in terms of government and private sector support to help launch the further development of initiatives such as livestock farming, boating and forestry. There are millions of dollars being missed out on.

If Abaco is already known as the sailing capital of the world, then who is to say that it cannot be a leader in other industries. If you ever lost hope in what the Bahamas can truly become, then a trip to Abaco will surely erase any sense of loss.

THE TRIBUNE

Monday, February 26, 2018, PAGE 3

$1.6m maritime broker launches in Freeport

By DENISE MAYCOCK Tribune Freeport Reporter dmaycock@tribunemedia.net

A $1.6 million customs broker and port agent opened in Grand Bahama on Saturday, employing 16 Bahamians.

Kwasi Thompson, minister of state for Grand Bahama, congratulated the owners of Fowlco Marine and Logistical Management

company, Curtis Fowler, founder, and his wife, Glenette Fowler, managing director, on the ‘soft opening’ of their business. It will providing customs brokerage, port agency and husbandry, dry dock logistics and facilitation of special project services “I wish to commend Fowlco because, in addition to these services, one of the company’s major goals is to develop and facilitate a

training model and institute that will allow Bahamians to engage in certified training and decrease the skills gap that currently exists in the industry,” Mr Thompson said.

“This is an issue that the Government has prioritised as we seek to facilitate more technical training to ensure Bahamians are skilled, and are equipped to pursue long-term employment opportunities,

especially considering several new businesses are slated to be birthed in GB this year and in the coming few years.”

Mr Thompson said the company’s launch showed rising investor confidence among Bahamians in Grand Bahama.

He added that other projects underway in Grand Bahama include Blue Marlin Cove, Seaward Fishing Village, the

‘SMART CITY’ MUST SUPPORT TECH HUB

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

GRAND Bahama cannot become a technology hub without a ‘smart city’ to support it, a Bahamas Telecommunications Company (BTC) executive has argued, while stressing the need to develop local expertise.

Andre Knowles, BTC’s chief commercial officer, told the Grand Bahama Business Outlook: “In order to have a smart city we must do something with our educational system.

That’s going to be even more apparent when we start talking about a technology hub. “Not only do we need to get people here; we need to have a pool of

resources that are highly educated as well. It’s important that we have a local pool of human resources to tap into. We don’t want to bring in 100 per cent foreigners. We want them to be able to train our kids.

A ‘smart city’, though it uses technology, if it is not going to work for the citizens it makes no sense.

That’s what it revolves around.”

The Minnis administration has outlined its intention to make Grand Bahama a ‘technology hub’, having touted the success of last November’s tech conference on the island. The Prime Minister has asked minister of state for Grand Bahama, Kwasi Thompson, to assemble a steering committee, which will take the best ideas from the summit

and transform them into immediate strategic plans for developing a technology industry on Grand Bahama.

“We need to make sure we attract the expertise to come here and give them a great place to reside,” Mr Knowles added.

“We won’t get them to come here if we don’t give them a nice place to live.

I contend that there is no tech hub without a smart city behind it.

“You just can’t invite people to come here and expect them to build a tech hub if we don’t have the ancillary services, and the attractiveness of the location and things that go with it. The people they’re trying to invite are very tech savvy, and if they come to Grand Bahama and they don’t have access to the

things they are used to it’s going to be a waste.

“I contend that perhaps you start with a ‘smart city’ and move to a tech hub. We have to ensure that we utilise the whole ‘smart city’ concept, if not first in conjunction with the tech hub concept.”

Mr Knowles said BTC was doing its part to promote the ‘smart city’ concept, and added: “I’m not convinced that bringing a Microsoft or Google will do much for us if we don’t have some of the underlying infrastructure in place already; that when they come here they can enjoy themselves.

“I find that the opportunity is great for Grand Bahama to get some of the ‘smart city’ concepts up and running.”

Ex-minister: Foreign investment ‘as often as we can get it’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net GRAND Bahama needs

an influx of foreign investors and international residents to generate economic prosperity, a former Cabinet Minister has argued.

Zhivargo Laing, former minister of state for finance under the last Ingraham administration, told the Grand Bahamas Business Outlook conference that foreign investment offers the quickest path to economic prosperity.

“If Grand Bahama does not have an influx of foreign investors and international residents it cannot see prosperity,” he said. “We have to have thousands over the next 10 years come and make Grand Bahama home. When they come they bring their money.

“The absence of that circulation is why this island’s lifeblood is being squeezed to death. You and I have no new money to pump into the economy. I make no apologies for it; foreign investment now, foreign investment later, foreign investment as often as we can get it because we need it. When they come here we have to treat them right just as we treat ourselves right.”

Mr Laing said he believes the Bahamian economy is ‘picking up’, but he did not

agree with the International Monetary Fund’s (IMF) projection that this nation’s real gross domestic product (GDP) will grow by 2.5 per cent this year.

“I believe that a 2.5 per cent projection of growth for the Bahamas is overly ambitious. The IMF has that but I don’t believe that we will achieve that. I believe that we will achieve something in the order of 2.1 per cent because the economy of the Bahamas is picking up,” Mr Laing added.

“My own observation and research tells me that something is percolating on this island, and if some of the things come through it will be a better year than last year. We are on the way up in Grand Bahama but it’s going to take some patience.”

multi-million dollar expansion at Pharmachem and repair works at Statoil.

In East End, a new government housing subdivision, inclusive of new water infrastructure and a new cemetery, is underway.

Mr Thompson stated Grand Bahama is expecting a second new vessel, the Grand Classica in April, to bring overnight guests. It is operated by Bahamas Paradise Cruises, operators of the Grand Celebration.

In light manufacturing, Mr Thompson said Wind

River Tobacco company had recently hired about 15 employees.

“We should soon see the opening of another light manufacturing company who has been approved, and property under contract and hiring employees,” the minister added.

Mr Thompson also indicated there is high interest in medical tourism and education tourism, with a medical school seeking space, and a new technology company seeking property and looking to hire employees.

NOTICE

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

regarding your former employment.

Call Shannon Pinder at 393-3795

PAGE 4, Monday, February 26, 2018

THE TRIBUNE

PICTURED L to R: Faye Cash, general manager – airlift, Ministry of Tourism; Christopher de Man, senior schedule planning manager – North America, Air Canada; Tyrone Sawyer, senior director – airlift, Ministry of Tourism; Filip Rotaru, manager – network planning and scheduling, Air Canada; Jan Knowles, vicepresident – marketing, Nassau Airport Development Company (NAD); Fred Lounsberry, chief executive, Nassau/Paradise Island Promotion Board

Bahamas seeks increase in airlift BAHAMIAN officials recently attended the annual Routes Americas conference in a bid to lure increased airlift to the Bahamas.

The event, held in Quito, Ecuador, attracted 650 delegates, 70 airlines and 150 airport representatives.

It pairs tourism officials and potential partners in face-to-face meetings, in the hope of generating new relationships and strengthening existing ones.

Tyrone Sawyer, senior director of airlift development at the Ministry of Tourism and Aviation, who led the Bahamas delegation, said: “You never know what to expect, but

we come prepared. “We know that Routes is always efficient because it provides a forum for us to meet and review plans with the existing airline partners, and with airlines that do not presently serve the islands of the Bahamas. We feel good about what we accomplished.”

Bahamasair’s managing director, Tracy Cooper, also attended Routes Americas 2018 with the hope of elevating the national flag carrier’s role in tourism development.

Mr Sawyer said there were a number of significant meetings that resulted in the possibility of new airlift. He added that the

preparation of route analysis, negotiations and designs of robust destination branding campaigns are already underway.

The Bahamian team also met with several longtime airline partners, and explained that plans are being laid to revive Grand Bahama as a prime tourism destination. “It was also very exciting to hear airline partners report about the how surge in consumer demand to Abaco, Eleuthera, Exuma, Nassau and Paradise Island and San Salvador is causing their load factor and yield performance to track in a positive direction,” Mr Sawyer said of airline feedback.

THE TRIBUNE

Monday, February 26, 2018, PAGE 5

NOTICE

NOTICE is hereby given that ROBINS TELUSMA of Marsh Harbour, 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 26th day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

DAIRY Queen (DQ) Seagrapes is the brand’s fifth location in New Providence. DQ’s executive team, pictured L to R, are: Crystal Campbell, Darnell Osborne, Celine Osborne, Derek Osborne and Brandon Gerstner, international DQ representative.

Hundreds of DQ fans visited the new Seagrapes Plaza location on opening day. DQ has been serving up smiles in New Providence since 2007.

Notice to:

BREDLEY SWAIN Please contact MITRE COURT LAW FIRM

Suite 227, Island Lane Building, Olde Towne, Sandyport

Nassau, The Bahamas 242-327-4150 Contact: Atty C. Hepburn

Dairy Queen opens fifth Nassau outlet

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net DAIRY Queen (DQ) has expanded its presence in New Providence with the official opening of its fifth location in the Seagrapes Shopping Plaza on February 9.

The location, on Prince Charles Drive, became the fifth DQ location in New Providence, joining outlets in the Harbour Bay Shopping Plaza, Mall at Marathon, West Bay Shopping Centre and Southwest Plaza.

The 1,000 square foot DQ Treats restaurant seats 12 and features a fresh Bistro design concept that

incorporates images from the brand’s 77-year history.

The franchise has hired eight extra staff, and the Seagrapes Shopping Plaza location will be open seven days a week from 12 noon to 10pm.

“We are extremely excited to expand the DQ brand in New Providence and further our mission to create positive memories for all who touch DQ,” said principal, Derek Osborne.

DQ, which celebrated its 10th anniversary in the Bahamas last year, is giving customers 25 per cent off cakes during the month of February at the Seagrapes Shopping Plaza location only.

PAGE 6, Monday, February 26, 2018

BPL

FROM PAGE 1 confidence that it can deliver reliable electricity supply. Mr Heastie, though, conceded that BPL was “not out of the woods yet” on Abaco despite restoring the island’s power last Tuesday

morning following a four-day period where residents were subjected to a rolling series of ‘load shedding’.

While the main Wilson City power plant was again operational, the BPL chief executive said it was “not in a great situation” as one of the two water pumps flown in to address the initial problem

Legal Notice NOTICE

STARGATE GLOBAL LTD. NOTICE IS HEREBY GIVEN as follows: (a) STARGATE GLOBAL LTD., is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 23rd February, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Dated this 26th day of February, A.D. 2018 Shareece E. Scott Liquidator

THE TRIBUNE with the cooling system was not working.

This meant the plant is again running without a back-up pump, the same situation that contributed to the four-day shut down, with BPL technicians working to identify and solve the second unit’s issues.

A message purporting to come from BPL, addressed to Abaco residents, had warned: “As the electricity was fully restored after the installment of the new part, we are sorry to let you all know that we are now facing more difficulties which are much more serious than the one before.

“More outages will occur for the span of a few weeks as we will be trying our best to deal with the problems. We are asking for your patience and co-operation for the time being. Thank you.”

This was circulated across social media platforms, but Mr Heastie said it was never issued by BPL and was untrue. “That’s not authentic.

I just learned of that notice,” he told Tribune Business.

“We did have some issues a week ago last Friday, when the cooling system went down, but the pump was brought in Monday and we restored power to all residents by Tuesday morning.

Rhone is a Swiss company established in 1982 with offices in Geneva, The Bahamas and Singapore. It advises clients on estate planning and the administration of legal entities.

To bolster its Bahamas-based Administration team, Rhone is seeking

MESSENGER/ADMINISTRATIVE ASSISTANT

MISSION To act as the Rhone Bahamas Company Messenger and also to provide general office administrative support.

RESPONSIBILITIES Messenger: o Delivering and picking up packages and other items to specific locations Administrative Assistant: o Filing, scanning, archiving o Assisting with the preparation of all documents with respect to creation, control and filing of new mandates and database maintenance o Sorting and delivering mail, maintaining supplies, scheduling appointments o Maintaining and assisting with the use of office equipment o Assisting with in-house deliveries o Any other miscellaneous duties assigned by Office Manager PROFILE o Clean driver’s license and police record o Must have own reliable transportation o High school diploma or higher o Proficient in Microsoft Office o Excellent command of English, oral and written o Minimum of 1 year experience in a professional office environment No telephone calls accepted.

Resumes should be delivered BY HAND and addressed to: Rhone Trustees (Bahamas) Ltd. Building No. 1, Bayside Executive Park West Bay St. P.O. Box SP-63131 Nassau, Bahamas ATTN: OFFICE MANAGER Deadline for submission is February 28, 2018

“Subsequent to that, Thursday morning we had further complications with the pump we brought in.

The fault was traced to the electrical cable to the motor of those pumps. The cable was replaced and the pumps started back-up that night, and we were fully restored as of 1am [Friday].”

Mr Heastie then revealed that BPL’s immediate difficulties on Abaco are not over, given that one of the two pumps flown into the island last Monday is not operational. “We’re not out of the woods yet,” he said.

“We had two pumps flown in last Monday night, and only one of the pumps was found to be good. We’re still having issues with that second pump.

“Right now, we’re managing with no back-up, which is not a good situation to be in.

We’re still trouble-shooting and diagnosing it.”

Abaco’s woes are typical of the problems increasingly encountered across BPL’s network, which has been starved of capital investment and upgrades due to the utility’s persistent financial problems, which have often resulted in annual losses exceeding $20 million or more.

Mr Heastie said Abaco, together with New Providence, Bimini and Exuma, should fare much better in terms of reliability this summer when compared to 2017 provided BPL accomplishes everything set out in its summer readiness programme.

“What I would like to think is we will be a whole lot better than we were in 2017 on those four islands,” the BPL chief executive told Tribune Business. “We recognise that we’re not close to where we want to be on any

island. “Given the short time Christina and I have been in the chair, we wanted to get some of the low hanging fruit behind us. We’re consistently working on mitigating system problems to get us to worldclass standards of reliability.

“If we get all these things identified done in the next three-four months, we’ll be in a whole lot better shape than last year.”

Mr Heastie said none of the four islands targeted by BPL for its summer programme were suffering from the same problem, with the issues either relating to generation, transmission and distribution (T&D) or a combination of the two.

He added that Abaco was “top of the list” because of the issues it had experienced last summer, coupled with the island being BPL’s largest Family Island market with around 8,000 customers. BPL executives met with James Albury, the south and central Abaco MP, and parliamentary secretary in the Prime Minister’s Office, to go through their plans several weeks ago.

Mr Heastie said BPL had “ample generation capacity” to serve mainland Abaco and the cays, and was able to produce 60 Mega Watts (MW) compared to a summer peak of around 26 MW. Instead, the problems lay on the transmission and distribution (T&D) side.

He added that foreign consultants had conducted studies over the past four to five months to identify “soft spots” in BPL’s systems, and the utility was now forming teams and “fully fleshing out work plans” to implement their recommendations before end-June. As for Bimini, Mr Heastie said BPL has “some challenges” on

both generation and T&D. “We know we’re short on generation,” he told Tribune Business. “We don’t have sufficient capacity to carry the summer peak, so we’re bringing in temporary generation to shore up the assets we have on the ground.”

The BPL chief said the submarine cable supplying the Bimini Bay resort “has been compromised a number of times”, so the utility was looking at upgrading its overhead power lines connecting the resort’s southern end to its generating plant.

Mr Heastie said New Providence’s 400 MW of generating capacity far exceeded the summer peak demand of 250 MW, so BPL had been focusing on maintenance over the last several months to ensure all engines at its Clifton Pier and Blue Hills plans would be available.

He added that not all the capital’s power problems were related to generation, suggesting they lay more on the T&D side through a failure to upgrade system circuits to take care of an increased load demand as communities expanded.

Mr Heastie said BPL needed to better-protect its circuits, and ensure that a car taking out an electricity pole did not “take out the entire island” by improving system resiliency.

Exuma’s problems, meanwhile, related solely to generation through a lack of maintenance. Mr Heastie said three of the island’s four engines had been overhauled, and Exuma “should be good” when the last one is completed. The BPL chief said Abaco’s upgrades would cost $5 million alone, while the numbers for the other three islands are still being worked up.

THE TRIBUNE

Monday, February 26, 2018, PAGE 7

GB Power invests $8m in solar battery storage FROM PAGE 1 located at our Peel Street generation facility,” GB Power told this newspaper via e-mail. “Initially we will install a system that can store 8 MW hours of electricity. The total cost of the project is $8 million.

“GB Power’s nighttime peak ranges from 60 to 69 MW for a threehour period. Currently, GB Power has a generating capacity of 98 MW. Construction is slated to begin in the summer with the project being completed by the end of the year.

“Whilst the battery system can help with nighttime load, we will also use it to help stabilise frequency variations caused both by intermittent solar generation and fluctuating loads already on the island.”

GB Power’s move to lay the foundation for utilityscale solar power and other renewable energies, and their introduction into the island’s electricity grid, coincides with the arrival of Dave McGregor as its new president and chief executive.

Mr McGregor, mostrecently vice-president of asset management for Emera Caribbean, GB Power’s parent, he oversaw generation and transmission and distribution (T&D) investments in Barbados, Dominica and Grand Bahama.

During four years with the Emera-owned Barbados Light and Power, Mr McGregor led the design, construction and commissioning of a 10 MW Solar photovoltaic (PV) plant, a 5 MW Tesla battery storage system, and supported the planning and permitting for a 10 MW wind project that will start construction this year.

GB Power declined to say how much of its generation needs can be met through renewable energies, but added: “GB Power commissioned a renewable energy study to assess how much renewable energy could be safely and reliably be integrated on to GB Power’s grid.

“General Electric, who completed the study in late 2017, will be on island to discuss the findings with GB Power in mid-March, and we look forward to sharing

NOTICE

NOTICE is hereby given that LENLINE MICHEL of Spring City, 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 twentyeight days from the 26th day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

LIQUIDATOR’S NOTICE PURSUANT TO SECTION 138 (6) OF THE INTERNATIONAL BUSINESS COMPANIES ACT We, Sterling (Bahamas) Limited, Liquidator of WORLDWIDE INVESTMENT FUND LTD, hereby certify that the winding up and dissolution of WORLDWIDE INVESTMENT FUND LTD, has been completed in accordance with the Articles of Dissolution.

Dated the 13th day of February 2018 Sterling (Bahamas) Limited Liquidator

LIQUIDATOR’S NOTICE PURSUANT TO SECTION 138 (6) OF THE INTERNATIONAL BUSINESS COMPANIES ACT We, Sterling (Bahamas) Limited, Liquidator of DIVERSIFIED HOLDINGS FUND LTD, hereby certify that the winding up and dissolution of DIVERSIFIED HOLDINGS FUND LTD, has been completed in accordance with the Articles of Dissolution.

Dated the 13th day of February 2018 Sterling (Bahamas) Limited Liquidator

LIQUIDATOR’S NOTICE PURSUANT TO SECTION 138 (6) OF THE INTERNATIONAL BUSINESS COMPANIES ACT We, Sterling (Bahamas) Limited, Liquidator of ARAMATIC LIMITED, hereby certify that the winding up and dissolution of ARAMATIC LIMITED, has been completed in accordance with the Articles of Dissolution.

Dated the 13th day of February 2018 Sterling (Bahamas) Limited Liquidator

the scope of the renewable energy future for the island shortly thereafter.

“Based on studies todate, solar and wind are the most viable options of renewable that can be integrated to GB Power’s grid.

We await the recommendations of the study to confirm the amount of penetration for each.”

GB Power is also moving to introduce solar power on a smaller, less-than-islandwide scale, with plans to launch the island’s first microgrid on Water Cay - a venture that could become the model, or prototype, for

providing power to outlying cays and small, far-flung communities in rural Grand Bahama.

With around 12 homes served on Water Cay, GB Power said: “We are considering this model for other outlying cays and other small communities. One of the advantages of a microgrid concept such as this is the ability to get smaller pockets of customers energised following a major storm like Matthew.

“Solar microgrids are valuable depending on the profile of the community.

As Grand Bahama peaks

between 8pm-10pm there would be a need for a supporting battery solution that can store the energy generated by the solar panels for use at night. We are currently reviewing opportunities in the East End.” GB Power added that it had no current plans to revisit the importation of compressed natural gas (CNG) or liquefied natural gas (LNG) into its fuel supply mix, emphasising that the economics did not make sense with global oil prices where they are.

“While the approval remains in place, the use of CNG, or indeed LNG, for Grand Bahama Power makes the most sense when it can undercut the cost of oil that we use for generating electricity. That is currently not the case,” it explained.

ADVERTISE TODAY IN THE TRIBUNE, CALL 502-2394

PAGE 8, Monday, February 26, 2018

OBAN DEAL

FROM PAGE 1 “cannot be held guilty all his life” for past indiscretions, and the project should be allowed to proceed if it satisfies the Government’s due diligence checks.

He said it was “desperately needed” by a Grand Bahama economy that was on “life support”, adding that the island needed “everything possible” to reduce unemployment as shown by the large attendance at the Department of Labour’s recent ‘Labour on the Blocks’ recruitment drive.

Mr McCartney suggested the Minnis administration may have been “over-zealous” in its desire to revive Grand Bahama, which was a key election campaign pledge, and thus paid too little attention to the background of some Oban Energies’ principals before last week’s Heads of Agreement signing.

But, should the developer produce proof of financing and the project’s viability, and satisfy all environmental concerns and planning permits, the former Democratic National Alliance (DNA) leader said he saw “no reason” why Oban Energies cannot be allowed to proceed.

“It’s a difficult question,” Mr McCartney said of recent revelations

concerning Mr Krieger and other Oban principals.

“I think the Government is trying to get the economy going in Grand Bahama.

They could have been a bit zealous in trying to do that and, as a result, you have this situation with people having done something in their past.

“I tend to agree with Brave Davis: I don’t want to hold a man guilty all his life if he’s addressed that concern and paid debt. If this person, and this company, are able to benefit the country at the end of the day, him having paid his due to society I see no reason why once all checks and balances are done, and environmental standards complied with - I see no reason not to move forward.”

The Tribune and other media last week revealed that Mr Krieger, Oban Energies non-executive chairman, was previously named as a defendant in two US lawsuits alleging that he misappropriated investor monies.

Mr Krieger, who has acted as the developer’s chief spokesperson and ‘point person’, signing the project’s Heads of Agreement with Prime Minister Dr Hubert Minnis last Monday, settled a Securities & Exchange Commission (SEC) lawsuit by paying a $110,000 civil penalty in 2008 and agreeing to be bound from committing securities laws violations.

THE TRIBUNE The US federal capital markets regulator had alleged that Mr Krieger, together with his father and another defendant, “misappropriated more than $3.7 million of investor funds” from a “defunct hedge fund” they ran, called the KFSI Equity Fund.

The Oban Energies nonexecutive chairman also pled guilty in November 2006 to a criminal case brought against him by the state of Florida involving the same fund. He was barred from acting as a broker/dealer investment adviser for seven years and, together with his father, ordered to pay a $1.292 million fine.

The Tribune then revealed that Mr Krieger was sued by the Bahamas-based judicial manager for British American Insurance Company (BAICO), who accused him of misappropriating $8.7 million of the collapsed insurer’s funds for his own personal use. That case was dismissed on a legal technicality.

This newspaper’s revelations about Mr Krieger, and the backgrounds and seemingly ‘overstated’ qualifications of other Oban principals, raised serious questions about the level of government due diligence conducted on the Oban Energies project before the Heads of Agreement signing.

Queries were also raised over whether Mr Krieger

was a ‘fit and proper person’ to be leading such a major investment in the Bahamas, although he told this newspaper his role was “more of an ambassador” and he was not a shareholder in Oban Energies.

Tribune Business sources, speaking on condition of anonymity, subsequently suggested to this newspaper that there was another layer of beneficial ownership at Oban Energies standing behind Mr Krieger and the other named principals.

As much has been said

by Candia Ferguson, the Bahamas Investment Authority’s (BIA) director of investments and other government sources, although the identities of these ‘beneficial owners’ have yet to be revealed.

The Prime Minister and others have sought to reassure by promising that the Heads of Agreement for the $5.5 billion project would reveal all once it is tabled in the House of Assembly, which is supposed to happen this Thursday. It is unclear, though, why the Government has decided to wait until then given the ongoing controversy.

Mr McCartney, though, said the potential benefits to the country and Bahamian people from the Oban Energies project should be uppermost in the Government’s minds, especially since it had already signed the Heads of Agreement.

“The fact is the horse is already out the gate,” he told Tribune Business.

“They’ve signed the Heads of Agreement, so I think it’s a situation now that, for the benefit of the country, we’d want it to be successful; we’d want it to work.

“I think the intention of the Government was to get some stimulus in that economy. Things are bad in Grand Bahama, and the Government is anxious to stimulate it and get people back to work.

“At the end of the day, they have to do the checks and balances, do the due diligence in terms of the company and its viability, see if it’s able to finance the project and, of course, address the environmental concerns. That’s critical.”

Mr McCartney’s comments reflect the growing ‘nothing ventured, nothing gained’ view, which believes the Bahamas’ - and especially Grand Bahama’s - dire need for economic activity and jobs makes it imperative that the Oban Energies project be allowed to proceed if it can provide proof of financing and satisfy all other concerns.

Questions over whether it had the necessary financing are understood to have held the project back under the previous two administrations, but Mr Krieger has repeatedly pledged that proof of funding has been presented

to the Government with more documentation soon forthcoming.

Oban Energies’ financing partners are Stifel, Nicolaus & Company, the St Louisbased investment bank, and Drexel Hamilton, another finance house, according to the developer’s website. A Drexel Hamilton representative was at Monday’s Heads of Agreement signing.

“The ultimate concern should be the benefit of the country”, Mr McCartney said, echoing arguments advanced by K P Turnquest, the Deputy Prime Minister, and others.

“If, having done its due diligence - the Government, that is - and checks and balances; if it comes up in favour of the country I suggest they move forward post haste. It’s [Oban] desperately needed. Grand Bahama’s economy is on life support. It needs everything possible to build it up and get people back to work and, by extension, the Bahamas.”

Mr McCartney said “the biggest task” facing the Minnis administration was to get unemployed Bahamians back to work, “so they have money in their pockets and can put bread on the table”. He argued that Grand Bahama’s economy was “in a depression”, while the Bahamas as a whole had yet to fully recover from the depths of the 2008-2009 recession.

EMPLOYMENT OPPORTUNITY Director of Production General Description Summary: The Director of Production, is a leadership role reporting directly to our General Manager. This role will be accountable for the effective leadership and management of the bakery’s production business with a focus of growing our product line and minimizing production errors.

ESSENTIAL DUTIES AND RESPONSIBILITIES INCLUDE: OPERATION  Directs the operation of shift production, including checking formulas, assigning work tasks to manager and staff.  Monitoring procedures and schedule to ensure adherence to standards.  Ensures that production staff is properly instructed in the care and safe operations of equipment.

Through enforcement of safety policies and procedures, including inspections and periodic safety meetings, etc.  Review records and procedures to ensure proper use of time and materials.  Perform continuous inspection of the product to ensure quality standards are met.  Make recommendations on disciplinary actions and otherwise participates in the disciplinary action process as necessary.  Leads production with a focus upon efficiency, and downtime to ensure order demand and production quality needs are met.  Direct production employees to achieve scheduled production rates and efficiencies, quality standards, safe work practices, and sanitation objectives.  Develop and implement strategic plans and forecasts to achieve corporate objectives for products.  Work closely with management in an effort to develop new products or product improvements Desired Experience  Requires the ability to incorporate creative and innovative approaches to various projects.  Excellent written and verbal communication skills required.  Able to work a flexible schedule and meet the demands of a 24 hour a day operation.

Desired Education  Degree in Culinary/ related field or equivalence.  Completion of AIB course or equivalence a plus  Completion of formal management skills training program.

Remuneration: A Great place to work! We offer an exciting work environment with the opportunity for growth and development. We also offer a competitive compensation package, reflecting the successful applicant’s experience and qualifications and a proven record of performance etc.

If you’re interested in this opportunity, apply in confidence to our HR Manager. Resume and cover letter outlining your suability.

Applications by email to: hr.employ2017@gmail.com “Sincere thanks all applicants for their interest in becoming a part of our team, however, only those applications being considered will be contacted."

PAGE 10, Monday, February 26, 2018

THE TRIBUNE

BTC loses 60,000 mobile subscribers FROM PAGE 1 282,000 pre-paid and 33,000 post-paid subscribers that Liberty’s 2016 accounts showed it as possessing one year earlier, which was just after BTC’s first-ever mobile rival launched in November 2016.

The data gives some idea of the inroads made by Aliv into BTC’s long-standing mobile monopoly in the 13 months since it began operations, at least from a market share perspective.

The upstart entrant, in the private placement offering document for its recent $15 million preference share issue, pegged its subscriber numbers and market share as significantly higher than the numbers provided

by LiLAC.

“As at December 2017, Aliv had achieved a customer base of over 97,000 on a 30-day basis or 106,000 on a 60-day basis. Our market share is estimated at 29 per cent,” Aliv said.

It added that the ‘60-day’ reporting schedule was equivalent to the methods used by BTC to measure subscriber retention.

The discrepancy between Aliv’s and BTC/LiLAC’s figures likely result from differences in how they measure and account for such customer ‘churn’, and the timing of recording subscriber losses/gains.

Still, both sides’ data provides evidence of the significant inroads that Aliv has made into BTC’s customer base, a development that has increasing significance for the latter and its financial performance.

Prior to mobile market liberalisation, and Aliv’s entry, BTC was becoming ever-more reliant on its long-standing mobile monopoly, which had grown from two-thirds of annual revenues to approaching three-quarters or 75 per cent. Thus Aliv’s seizure of growing market share is squeezing, and shrinking, BTC’s most valuable revenue source.

The year-end accounts for BTC’s immediate parent, Cable & Wireless Communications (CWC), which is now a LiLAC subsidiary, confirmed that the Bahamas accounted for almost 25 per cent of its network-wide 42,000 mobile subscriber decline in the 2017 fourth quarter.

“Continued growth in Jamaica (23,000 additions) was more than offset by

declines in Panama (61,000 decline) and the Bahamas (11,000 decline),” CWC said. “The Panama decline reflects our ongoing focus on higher ARPU (revenue per subscriber) customers and competitive intensity in the market, while increased competition continued to impact the Bahamas.”

LiLAC, in its February 15, 2018, full-year results presentation to market analysts, noted the same competitive pressures being imposed by Aliv. It added that the Bahamas accounts for 7 per cent of its $3.6 billion annual revenue, placing BTC’s top-line at around $252 million.

LILAC’s filings with the US Securities & Exchange Commission (SEC) also showed declines or minimal growth in BTC’s other key business lines. While video

wa n t e d

NOTICE

SaleS RepReSentative Looking to work in the world of sales within the shipping industry? Are you able to prospect new business through phone calls, courtesy calls for growing sales, provide quotes and close the sale? If you have the below qualifications, this may be an opportunity for you!

A majority shareholder in a land holding company wishes to joint venture with a suitably qualified construction company, or individuals, to develop 200 acres of property on North Long Island Bahamas.

Qualifications • 3 + years sales experience • Outstanding customer service and relationship-building skills • Communication skills that are effective, persuasive, and convincing • Self-motivated and self-disciplined • Energetic and positive attitude • Negotiation skills • Valid driver’s license and reliable transportation Compensation • Base salary commensurate with

experience plus commission.

Position is based in Nassau.

Contact us at

rahming361@gmail.com for further information.

Send resume to hrmgr.bahamas@gmail.com by March 2, 2018.

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

BISX ALL SHARE INDEX: CLOSE 2,050.90 | CHG 0.84 | %CHG 0.04 | YTD -12.67 | YTD% -0.61 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.76 1.64 0.18 4.60 8.70 6.30 5.30 11.87 2.59 1.56 9.70 6.10 10.55 10.90 4.50 12.51 11.00

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

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

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

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

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

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

E J K L M N

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

52WK LOW 100.00 100.00

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

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

SYMBOL FBB18 FBB22

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

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

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

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

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

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

LAST CLOSE 3.90 17.43 9.09 3.34 1.00 0.18 3.60 8.70 6.10 4.74 9.87 2.59 1.50 7.92 6.10 10.10 6.24 4.47 12.51 10.00

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

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.17 0.00 0.00 0.06 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

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

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

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

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

0.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

109.39 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

2,840

900

15,247 1,000

VOLUME

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

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

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

P/E 8.2 18.7 N/M 6.2 N/M N/M -2.5 13.6 10.5 27.7 15.6 25.4 4.5 12.1 5.4 13.9 13.0 15.0 23.0 0.0

YIELD 2.05% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.68% 3.61% 2.53% 6.99% 2.32% 3.33% 1.74% 4.92% 4.95% 2.38% 2.68% 4.56% 0.00%

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

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

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

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

INTEREST 6.00% Prime + 1.75%

MATURITY 31-May-2018 19-Oct-2022

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

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

YTD% 12 MTH% 4.00% 4.39% 5.57% 5.69% 2.14% 2.44% 4.66% 3.89% 5.58% 6.65% 0.36% 4.29% -0.15% 3.50% 0.23% 3.89% -0.34% 4.66% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

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

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

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

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

network and, of course, excellent service”.

Its internal financial projections forecast that subscriber numbers will increase from 108,000 at end-March 2018 to 144,000

by June 30, 2019, the month when its financial year ends.

This represents an increase of 33.3 per cent.

“As at December 31, 2017, we estimate that the company has achieved just under 30 per cent of what we have determined to be the total cellular market in the Bahamas,” Aliv’s offering document added.

“We have achieved industry record adoption of our services and porting results.... We continue to see improvement in our average revenue per user (ARPU) results as customers take advantage of the ability to switch to our network while keeping their existing phone numbers.

“Since Mobile Number Portability (MNP) was implemented on April 28, 2017, we have seen porting customers grow exponentially month-over-month with currently 25,000 active ports inclusive of both prepaid and post pay.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, JEROME JOMAR ADDERLEY of Theodore Lane, New Providence, Bahamas, intend to change my name to JEROME JOMAR SWAN.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 DELTENNE DELVA of P.O. Box CB-11022, Pinedale, Eight Mile Rock, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 26th day of February, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N-7147, Freeport, Bahamas.

NOTICE

MARKET REPORT FRIDAY, 23 FEBRUARY 2018

(TV) subscribers almost quadrupled from 1,600 to 6,200 year-over-year, it has a long way to go to match Cable Bahamas, Aliv’s controlling shareholder, on its home turf.

BTC’s Internet subscriber numbers rose by just 200 year-over-year, from 26,400 to 26,600, again indicating the struggle it is having to build market share in another segment dominated by Cable Bahamas.

And its fixed-line telephone subscriber numbers dropped from 55,100 in 2016 to 47,400 this time around. Homes passed

by BTC’s infrastructure also ‘fell’ from 155,000 to 128,900, while ‘customer relationships’ and ‘revenue generating units’ dropped from 55,200 and 162,500, respectively, to 47,400 and 80,200 - the latter a decline of over 50 per cent, which was not explained by the filings.

Aliv’s preference share offering documents, meanwhile, reveal that it “is still targeting at least 47 per cent of [mobile] market share over the next two years that will be driven by increased demand for data, better

NOTICE is hereby given that JACKSON WILFRED DALAS of Marsh Harbour, 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 26th day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ANTHANIQUE RECKLEY of #7 Pinta Avenue, P.O. Box F-60479, Freeport, Bahamas, intend to change my child’s name from KYLAN AUSTIN KYLE SAUNDERS to KYLAN AUSTIN KYLE WILLIAMS. 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 F-43536, Grand Bahama, no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that OBINSON CLECIDOR of Johnson Road, Fox Hill, P.O.Box FH14412, 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 19th 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 CISELLE JEAN PIERRE of Cowpen Road, P.O.Box SS6156, 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 26th day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

ADVERTISE TODAY IN THE TRIBUNE, CALL 502-2394

THE TRIBUNE

MOODY’S FROM PAGE 1

methods.

The Government’s figures were reached using accrual-based accounting, which incorporates spending commitments made but for which funds have yet to be released.

Moody’s figures, on the other hand, are derived from the Government’s traditional cash-based accounting methods, which placed the 2016-2017 deficit at around $350 million. Last week’s assessment from the rating agency suggests that the current year’s deficit will exceed that number, and the Government’s own $323 million target, using this method.

This situation again highlights the need for clarity and consistency in the Government’s accounting, with the Minnis administration having pledged to switch to the accrual-based method - the one seen as providing the most accurate read of its financial position - by 20212022 at latest.

In the meantime, it is left exposed to claims from the Opposition that it switched to accrual-based accounting temporarily so it could ‘back load’ spending commitments into the 2016-2017 deficit, thereby making the Christie administration ‘look bad’ by deviating from the Government’s traditional accounting norms.

K P Turnquest, Deputy Prime Minister and minister of finance, could not be reached for comment by Tribune Business, but in unveiling the midyear Budget he blamed recently-discovered spending commitments inherited from the Christie administration for the Government’s non-debt recurrent spending exceeding that of its predecessor.

Stripping out debt principal repayments, Mr Turnquest said fixed-cost spending for the six months to end-December 2017 was slightly ahead of the prior year’s $994 million, coming in at $1.003 billion.

He said: “The outturn this year was negatively impacted by the overhang commitments of the previous administration that have had to be met during the current fiscal year.

“To date, Mr Speaker, we have had to make provisions to settle more than $30 million in verified payment arrears over and above what was known during the Budget exercise last May. There are tens of millions of dollars in remaining commitments from prior years.”

Mr Turnquest promised to detail these outstanding obligations once the mid-year Budget debate begins this week, with the half-year deficit of $198 million already equivalent to 61 per cent of the full-year forecast.

Moody’s, meanwhile, warned that the recent upward revisions to Bahamian GDP data by the Department of Statistics “flatter” the Government’s debt levels and related trends, and “overstate” the strength of its financial position.

“We have set the Bahamas’s fiscal strength score at ‘Low’, which is below the indicative score of ‘Low (+)’, to reflect the fact that recently-rebased

Monday, February 26, 2018, PAGE 11 GDP figures flatter both debt levels and the fiveyear debt trend, overstating the strength of the Government’s fiscal position,” the rating agency argued.

It added that details of the Christie administration’s unpaid bills - together with fiscal consolidation targets for its 2018-2019 Budget - will be key to assessing the Bahamas’ progress and whether it has done enough to escape another downgrade to ‘junk’ status in the short-term.

“We expect to get more information about how the fiscal accounts are evolving with the inclusion of the arrears over the coming months, as well as the measures that the Government plans to implement to continue its medium-term fiscal consolidation plan in the fiscal year 2018-2019 Budget,” it added.

Moody’s still has the Bahamas ‘on probation’, warning: “Moody’s would downgrade the rating if, over the next 12-18 months, we observe that fiscal consolidation efforts are unlikely to reduce deficits to levels that would reverse the trend of rising debt ratios and lead to a stabilisation of government debt metrics.

“Downward ratings pressure would also emerge if economic growth were to underperform relative to government expectations, negatively impacting revenues and overall fiscal metrics. We would also consider a downgrade if contingent liabilities stemming from Bank of the Bahamas – or other state-owned enterprises – materialise on to the sovereign’s balance sheet, leading to a material worsening of government debt metrics.”

The rating agency said the savings from the Government’s public sector downsizings, including the decision not to renew the contracts of many short-term, temporary workers would take time to materialise.

Noting the 6.3 per cent reduction in the public sector workforces size, from 40,990 to 38,435, as captured in November’s Labour Force survey, Moody’s said: “The decrease in public sector employment is consistent with the Government’s pledge to reduce current expenditures – here, by reducing the public sector payroll and, in turn, payroll outlays – in support of fiscal consolidation objectives, although we think that the effects of these measures will become more apparent over time.”

This is consistent with the mid-year Budget, which revealed the Government’s wage bill - consisting of salaries and benefits - actually increased by $15 million year-over-year to $373 million for the six months to end-December 2017 despite the downsizing. This was blamed on a combination of an “industrial agreementrelated lump sum payment”, worth $7.7 million, and $6 million in outstanding overtime payments to police officers. Severance payments to laid-off public sector workers, though, are likely to have been a further contributing factor.

Mid-year Budget data, though, indicates that the Government expects savings from the recent downsizings to come

through in the 2017-2018 second half. It is now projecting an $8.282 million reduction in its emoluments (wages and benefits) bill to $733.477 million for the full year, implying that a $23 million-plus savings will be realised in the six

months to end-June 2017.

Moody’s, though, was more optimistic on the Bahamas’ foreign direct investment (FDI) prospects, even though it pushed Baha Mar’s completion - and the Rosewood’s opening - back to June 1 instead

of the repeatedly-touted March/April timeline. The $5.5 billion Oban Energies project also factored into this upbeat assessment.

The rating agency’s GDP growth estimates were more subdued than the Government’s, as it pegged 2017

GDP expansion at just 0.5 per cent compared to the Deputy Prime Minister’s 1.7 per cent forecast from last week. Moody’s 2018 estimate is for 2.2 per cent GDP growth, again slightly below the 2.5 per cent forecast by the Government and IMF.