02272019 BUSINESS

business@tribunemedia.net

WEDNESDAY, FEBRUARY 27, 2019

$4.15 Ex-Mandela aide ‘amazed’ at local WTO opposition

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A FORMER adviser to late South African president, Nelson Mandela, yesterday said he was “amazed” by the extent of Bahamian opposition to joining the World Trade Organisation (WTO).

Ian Goldin, the Oxford University professor of globalisation and development, told the Royal Fidelity Bahamas Economic Outlook that smaller countries such as The Bahamas needed the protection afforded by such rulesbased trading regimes to survive in the global marketplace.

“You need rules of game that are international, which are respected, where small players can take on the bullies in a court of law or public opinion,” he argued. “You don’t want a world of where you’re fighting for survival with the big guys dominating.

“That’s how it used to be.

Rules matter. I’m amazed at how many people don’t like the WTO in The Bahamas.

That’s a rules-based system like so many others where there is real potential.”

Professor Goldin’s comments are likely to prompt much debate and controversy, especially among Bahamians opposed to this nation becoming a full WTO member and those who believe such protections are over-rated.

The certainty, predictability and potential redress offered by the WTO and its rules-based system have long been cited as one of the major benefits of The Bahamas becoming a full member. This nation’s goods exports would be protected from the arbitrary imposition of tariffs and other trade barriers that threaten to make them uncompetitive and exclude them from overseas markets, as happened to Polymers International’s bid to enter Mexico.

Bahamian and foreign investors would also know “the rules of the game”, while also having access to the WTO’s dispute resolutions mechanism. However, many observers have questioned how useful that system is for small nations, especially when they are pitted against larger rivals.

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

“It is something we seriously have to consider as we move forward in this accession process. How does WTO handle disputes? We know that the WTO has the embarrassing case, in my view, of Antigua and Barbuda,” Dr Maynard said. “They (Antigua and

SEE PAGE 4

$4.20

$4.19

Port to be Bahamas’ ‘Sydney Opera House’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE winning Nassau cruise port bidder yesterday said it aims to increase passenger spending by more than 100 percent and transform the entire city into a “worldwide brand”.

Mehmet Kutman, Global Ports Holding’s chairman, told Tribune Business the company planned to act as a “facilitator” by enabling Bahamians to transform Prince George Wharf and the wider downtown area into “a national monument” that will mirror the “landmark” effect the Sydney Opera House has had for Australia.

He described the Nassau cruise port’s transformation as “the most important and difficult” project that Global Ports Holding has taken on because its impact extends beyond the port’s

THE winning Nassau cruise port bidder yesterday said it plans to make The Bahamas its regional headquarters for the Americas and invest $10m before sealing the deal with the government.

Mehmet Kutman, Global Ports Holding’s chairman, told Tribune Business that its Bahamian office would likely generate 20-25 jobs beyond the port as it bids to swiftly complete negotiations with the Minnis administration and start work on Prince George Wharf’s transformation.

since many of the terms were set out in the original Request for Proposal (RFP) bid document.

That timeline is 50-75 percent shorter than the government’s own conservative 60-120 day projections, but the Global Ports Holding chief expressed optimism that no major issues should arise during the two sides’ discussions.

He suggested that the biggest factor would be the potential environmental

nmckenzie@tribunemedia.net

SEE PAGE 5

SEE PAGE 4

• Global Ports to invest $10m before deal sealed • Targeting construction start by September • Will ensure ‘absolutely no’ environment harm He voiced hope that the UK-listed port operator would obtain the necessary construction and environmental permits in time to begin construction work in September 2019, enabling it to hit its target completion date of September-October 2021.

Mr Kutman said all commercial and other details for the management and redevelopment of Nassau’s cruise port should be worked out in 30 days “in an ideal world”, especially

Tribune Business Reporter

SEE PAGE 5

And, while the company largely met the retail “product mix” already in place at ports such as Barcelona and Valletta, Mr Kutman suggested there needed to be

Bahamas regional HQ for cruise port winner

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NATARIO MCKENZIE

impact from the cruise port’s transformation and expansion, emphasising that the preferred bidder and its team will “work very hard at that and ensure there is absolutely no harm”.

For this reason, Mr Kutman said Global Ports Holding was especially keen to begin the necessary environmental and geotechnical studies prior to concluding the agreement with the government, as this

ARTIST rendering of Global Ports Holding’s vision for Nassau Cruise Port. and Far East, the success or failure of Nassau’s cruise facility has a much wider economic effect - not least because New Providence’s 270,000 population is dwarfed by the current 3.6m cruise visitors it attracts.

Bahamas ‘won’t concede’ over financial services

THE deputy prime minister yesterday pledged that The Bahamas will “not give up any ground” to global regulatory initiatives in its fight to remain a leading international financial centre (IFC) K Peter Turnquest, suggesting that “the playing field will never be level” for IFCs given that they lack “the political clout” to take on larger developed states, questioned where such initiatives will stop given the ever-changing standards being imposed on The Bahamas.

He told the Royal Fidelity Bahamas Economic Outlook conference “In a competitive commercial environment, where geopolitics is constantly at play, it seems as though the playing field will never be level for small territories like The Bahamas.

“We are participants in a global economic system, where the principle of sovereign equals is not always respected when you don’t have the political clout to enforce it. We are seeing a lot of turmoil in the financial services sector today on account of these factors, but we can hardly call it new.

“The goalpost has constantly been shifting when it comes to assessing territories like The Bahamas, and there seems to be no end in sight. No matter how cooperative or how compliant we are as a nation, larger countries exercise their liberty to create new rules at will, with an expectation for everyone to immediately fall in line, no matter the resources we need to marshal or the investments we need to make.”

Mr Turnquest argued that various jurisdictions introducing their own set of rules appears “antithetical” to the notion of having a global standard. “The United States has one set of rules. The European Union

• Winner aims to make Nassau ‘global brand’ • Targets over 100% rise in passenger spend • Says transformation its ‘most difficult project’

boundaries in acting as a key catalyst to stimulate Bay Street and downtown Nassau’s revival.

The Global Ports Holding chief explained that, unlike its 16 other ports in Havana, the Mediterranean

$4.24

DPM: ‘Public outrage’ to block fiscal recklessness

By NEIL HARTNELL and NATARIO McKENZIE Tribune Business Reporters

THE deputy prime minister has voiced optimism that “public outrage” will prevent future governments from abandoning the checks put in place to prevent reckless fiscal policies.

KP Turnquest told Tribune Business that the increased transparency created by the Fiscal Responsibility Act, and quarterly fiscal reporting, would “hold governments to account” if they departed from such safeguards through uncontrolled spending and borrowing.

“Hopefully it will be difficult for future

• Transparency will hold govts ‘to account’ • Says ‘chasing the ratings’ led to trouble • Moody’s position ‘consistent’ with govt

KP TURNQUEST

administrations to depart from the framework we’re putting in place without the public being outraged and holding them to account,” he said, suggesting that the deficit and debt targets set by the Act - combined with the extra light shone on the government’s fiscal management by the quarterly reporting - should prove a sufficient deterrent.

Mr Turnquest added that the government’s mediumterm fiscal consolidation plan, featuring tax rises

and spending restraints in a bid to pay off $360m in unfunded arrears over a three-year period, was in The Bahamas’ best interests and not designed merely to appease the credit rating agencies.

“We don’t do what we’re doing for the ratings,” he told Tribune Business. “We do it because it’s the right thing to do. It’s based on experience and what we know, and we are acting in best interests and long-term

stability of the Bahamian people.

“We can’t chase the ratings. It’s partly why we got where we are, being less than transparent in trying to protect the rating. That’s never a wise game. The chickens have come home to roost. Transparency is the only way to ensure stability in the ratings and fiscal balance.”

Mr Turnquest continued: “We’ve put out our midterm consolidation plan.

That has a very clear outline of what we’re trying to achieve and bring us down to a sustainable debt-to-GDP ratio of 50 percent, and bring the

SEE PAGE 6

PAGE 2, Wednesday, February 27, 2019

THE TRIBUNE

Bank’s 2018 dividend pay-outs to hit $35m MEMBERS of The Bahamas Insurance Association.

Insurers use month to embrace change THE Bahamas Insurance Association (BIA) has this February been celebrating ‘Insurance Month’ under the theme, Embracing Change.

Its members began the

month of activities with a church service at Christ Church Cathedral. Pictured are attending members with new BIA chairman, Warren Rolle; deputy chairs, Anton Sealey and Tina Cambridge; and Rhonda S ChipmanJohnson, BIA co-ordinator.

The BIA will finish Insurance Month with its annual awards ceremony and reception tomorrow at the British Colonial Hilton.

Photo: Ronnie Archer

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net COMMONWEALTH Bank will tomorrow pay a two cents per share extraordinary dividend to shareholders of record at February 18, taking 2018’s total investor pay-out to more than $35m.

The payment represents the second extraordinary and final dividend based on 2018 earnings of around

WILLIAM B SANDS $50m, and brings total 2018 payments to 12 cents per share. Commonwealth Bank’s dividend payments, both regular and extraordinary, reflect its philosophy of sharing its success

with its shareholders.

“By maintaining these levels of dividends that are supported by the bank’s profitability, we have been able to demonstrate the value we place on our shareholders and reward them accordingly,” said William B Sands, the BISX-listed bank’s executive chairman.

“The bank has a very healthy capital position with more than double the capitalisation required by the Central Bank, and our earnings position remains strong. Sharing with those who bank with us and believe in Commonwealth

Bank as a valuable investment is part of our core commitment.”

With more than $1.7bn in assets, Commonwealth Bank’s draft unaudited earnings for 2018 are around $50m. Audited results for 2018 are expected to be released shortly.

Commonwealth Bank has eight branches in New Providence, full service branches in Abaco, Grand Bahama and Spanish Wells, and numerous off-site automated banking machines (ABMs) for 24/7 banking available to customers.

Bahamian realtor named as auction house adviser A BAHAMIAN has been named among this year’s ten-strong agent advisory board for an auctioneer specialising in luxury real estate.

John Christie, HG Christie’s president and managing broker of HG Christie Ltd, has been included in a group that will provide advice to Concierge Auctions on the state of the global real estate market.

Their first meeting took place earlier this year at the Montage Los Cabos in Cabos San Lucas, Mexico.

“Together, these ten individuals garnered over $3bn in luxury real estate sales in 2018, with several of these agents and brokers setting records in their states,” said Concierge Auctions founder and president, Laura Brady.

“Of note, Paul Benson of Engel & Völkers sold the most expensive property in Utah, and Matt Beall’s

THE AGENT advisory board for Concierge Auctions.

Hawaii Life Real Estate Brokers broke a record for the highest priced sale ever in Hawaii. Tapping the collective knowledge of such an esteemed group of individuals is a true honour. In our business, information and relationships are everything, and each of these agents and brokers represent the best of the best in not only their marketplaces, but also around the world.

All those selected work with high-end clients and have “a proven track record of success” with Concierge Auctions. “Partnering with Concierge Auctions brings a non-traditional way to unlock liquidity from trophy real estate assets with transparency, efficiency and world-class results,” said advisory board member Billy Nash, founder of Nash Luxury at The Keyes Company.

THE TRIBUNE

Wednesday, February 27, 2019, PAGE 3

DPM: GOVT ‘LOCKED IN’ ON OIL EXPLORATION

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE deputy prime minister yesterday said the government has been “locked into” various oil exploration obligations by its predecessor as he acknowledged environmentalists’ concerns.

Speaking at the Royal Fidelity Bahamas Economic Outlook, KP Turnquest said: “There are obligations that the previous administration has locked us into. We understand the concerns of the environmentalists. We will do all that we can to ensure that we put in place

the protective mechanisms if, in fact, they [Bahamas Petroleum Company] do drill.”

Mr Turnquest did not specify which “obligations” he was referring to, although the former Christie administration had deferred staging a voter referendum on whether to permit oil drilling activities within Bahamian waters until it was determined whether commercial quantities - which are extractable - actually exist.

The deputy prime minister’s comments came after Sam Duncombe, reEarth’s president, recently accused the government of being

“duplicitous” for extending oil exploration licences at the same time it is promoting renewable energy use.

She told Tribune Business she was “more than irritated” after the Minnis administration extended Bahamas Petroleum Company’s (BPC) four oil exploration licences until year-end 2020. She urged the government to “get serious” about the environment and renewable energy, and said: “It was a bit of a shock to see that in the papers to be quite honest. We had been told that there would be absolutely no oil drilling.”

The extension confirmation effectively gives

BPC a clear two-year window in which to complete everything required for the drilling of a first exploratory well in waters south-west of Andros, near the maritime border with Cuba.

It provides BPC and any joint venture partner - especially in a business reliant on government regulation and approvals - with the certainty and clarity they crave to proceed with their plans, knowing that the “rules of the game” have now been set.

BPC and the government must also work together to develop a twoyear “road map”, or work schedule, setting out how

all technical and environmental issues likely to be encountered on the way to that first exploratory well will be dealt with.

This includes BPC obtaining all required “environmental authorisations”. And both parties must also work together to “reconcile” the licence fees paid by BPC todate, including during the “period of disruption”, with those sums that will be owing to the government during the upcoming period to end-2020.

The “period of disruption” refers to the time when BPC’s progress was essentially halted as it waited for

the former Christie administration to pass legislation to strengthen the regulatory and environmental protection regimes for oil exploration - an objective that was eventually accomplished.

BPC is now working on two parallel tracks and objectives - securing a joint venture partner to share the financial and technical burden of that first exploratory well, while also obtaining all the necessary environmental approvals from the government under a process it triggered last April. The licence extension now gives it a clear timeframe in which to complete these goals.

Cruise port bid process ‘incredibly transparent’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE minister of tourism yesterday defended the Nassau cruise port bidding process, and selection of Global Ports Holding, as “incredibly transparent”.

Dionisio D’Aguilar said: “Obviously I think we have been incredibly transparent. We had an RFP process, a proposal was put forth, we had an evaluation committee, they evaluated the process and then they made their presentation to Cabinet.

“We’ve sort of made the decision that Global Ports is the one we think is the best partner to partner with. Now, we enter into negotiations. We haven’t created any concrete deal yet, but we have selected them as the ones with which we are going to negotiate.

We think their proposal was by far the best, and the most transformative and iconic.”

The minister continued: “I want to emphasise we

DIONISIO D’AGUILAR are not selling the Prince George Dock. We are entering into an agreement where a substantial amount of investment is going to be made into the Prince George Dock and, in return, the organisation that will make this investment will operate and manage it for a 25-year period.

“We would love that the Bahamian people could write a cheque for $250m and bring about this

transformation, which we all agree needs to be done.

We don’t have $250m, and the only way we can get $250m is either to borrow it, which is a big ‘no-no’, or to increase taxes, which is another big ‘no-no’.

We are taking what we think is the best approach; to approach the private sector, Bahamians, for the entity to be majority Bahamian-owned.”

Mr D’Aguilar suggested there was probably $7bn to $10bn “sitting in banks getting zero percent”. “We can say: Are you prepared to invest in a transaction with a credible port operator? They operate 16 ports around the world, and come together to bring about a transformation and to provide our foreign visitors with a far better experience than they are having now.

To me, that sounds like a good deal.”

As to when the Nassau cruise port’s overhaul will be finished, Mr D’Aguilar said: “We will enter into negotiations, and then once the negotiations are concluded - I don’t how long these negotiations will take - but hopefully in a very short period we will bring about a substantial investment.

“They’re telling us 24 to 30 months. You’ve got to do environmental impact studies. I know you all like dates and you’ll like timelines, but these projects have lots of twists and turns. It takes as long as it takes.”

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PAGE 4, Wednesday, February 27, 2019

THE TRIBUNE

Port to be Bahamas’ ‘Sydney Opera House’

Ex-Mandela aide ‘amazed’ at local WTO opposition

FROM PAGE ONE

FROM PAGE ONE

a “mentality change” in Nassau towards selling authentic Bahamian products as opposed to those that were foreign-produced.

Pledging to invest in education and training to assist such a switch, he added that $28m in “cashflow” would be unleashed on the first day after Global Ports Holding concluded an agreement with the government for Prince George Wharf’s operation and transformation.

Around $18m of this, Mr Kutman said, would flow into the $10m loan facility that will enable Bahamians to acquire an ownership interest in the Nassau cruise port; the $5m that will be made available to Bahamian entrepreneurs and small businesses; and the $3m initial grant to the YES Foundation that will be established to finance youth, educational and sporting activities.

The Global Ports Holding chairman added that he wanted as many as 100,000 Bahamians to acquire shares in The Bahamas Investment Fund which, under the current ownership model, will be created to hold a combined 49 percent equity stake in the Nassau cruise port on their behalf.

With the fund’s administrators, CFAL, already fielding calls from Bahamians interested in acquiring shares, Mr Kutman promised that a website will be set-up within the next two weeks to provide details

on this and other aspects of Global Ports Holding’s plans.

He revealed that Global Ports Holding’s involvement with downtown Nassau’s revival may even extend beyond the cruise port, disclosing that it had already held “preliminary” talks with some of the area’s property owners on real estate development possibilities.

And Mr Kutman said he and Global Ports Holding were prepared to act as unofficial “ambassadors” to promote The Bahamas to markets beyond the US, which accounts for around 85 percent of visitors, adding that he was “99 percent confident” he could help bring “one or two high-end hotel brands” to New Providence.

Describing Nassau as the “biggest destination” in the Caribbean in terms of passenger volumes, he told Tribune Business: “It’s very important for the industry, very important for us but, I think, more important than that is the transformation that it’s going to bring to the whole area - not just downtown Nassau, the whole of Nassau. It’s going to change the whole process, and what people perceive of Nassau.”

Mr Kutman, recalling a recent visit to New Providence where he met with residents of high-end communities such as Lyford Cay, added: “They said they don’t go there [downtown Nassau]; don’t drive through there. There’s a perception, and I think that perception’s wrong,

even as is. By the time we get through they will come two to three times’ a week.”

The Global Ports Holding echoed the findings of previous studies on downtown Nassau’s revival, which said it was vital to attract Bahamians back to live in the city if the area is to become an attractive, vibrant 24/7 destination.

“We are talking to a couple of landowners there to see if we can develop something together to bring more life to downtown,” he told Tribune Business. “You can’t have it open at 8-9am and at 5pm its shuts down.

“You need to have people living there. It’s very preliminary at this stage. If there’s any type of development we’d certainly consider it. We have a real estate arm, which my sister leads, and has done quite a bit of residential and shopping malls. We need to support people and, if they ask for it, we are open to it to develop the whole area. It has to live for 24 hours.”

While the Nassau cruise port’s transformation may not be the biggest project undertaken by Global Ports Holding in terms of size and investment value, Mr Kutman said it was “the most important and difficult one”.

“In most of the ports we do we don’t touch upon the whole neighbourhood,” he explained. “That’s why it’s difficult: the incorporation of the downtown area...

Here’s it’s a bit more difficult in the sense that we

need to develop a product, a product mix.

“In Europe the entire product mix from the shop owners is there. We also need to touch 270,000 people, the population.

We never have to touch in other ports everybody.” As a result, Global Ports Holding’s impact in enhancing Nassau’s cruise port will be magnified to a far greater extent than any of the other ports it currently operates in the Mediterranean and Far East.

Mr Kutman described Nassau as “the most important emotionally” for him of all the company’s locations, given that his mother had praised it as “the most beautiful place she had ever seen” when visiting The Bahamas on a cruise in the early 1980s.

Determined to restore Nassau to those former glories, he added: “I promised to bring her here when we’re done. She’s 95, and I promised here she could come to the ribbon-cutting ceremony before she dies.

“Right now the passenger spend is around $60-$65 [per head]. There’s been some reports that its in the $100s, but I’m not comfortable with that. If we can get that number to $150... and I’m confident we can get there. It’s not going to be immediate, it’s going to take some time.”

Outlining his vision for a revitalised cruise port, Mr Kutman told Tribune Business: “This is not our project. It’s really a Bahamian project. We’re a facilitator. We plan to achieve something that is

done by Bahamians, created by Bahamians, but is a world monument.

Sydney Opera House is not Australia but is a world monument. I want to achieve that there.

“Very few ports around the world will carry the flag to lead the industry.

Nassau should be the one carrying that flag. Not just the number of passengers but across the board; guest satisfaction, retailers, everybody. The whole neighbourhood, from the port running east and west, if that can be revitalised and downtown become a lively neighbourhood we will have achieved our goal.

‘The port is step number one,” Mr Kutman continued. “We have a bunch of other things. Every city is renowned for something around the world. Today, I can’t think of anything that Nassau is renowned for internationally.

“The other important thing we need to create is brand awareness; the Nassau brand around the world. The Bahamas is a brand, Nassau not. We need to brand Nassau worldwide. Nassau needs to be right there.”

The Global Ports Holding chairman added that its plans for Prince George Wharf will “complement” rather than compete with Atlantis and Baha Mar, adding that its night-time “entertainment” offering - featuring laser lights and live events - would provide a point of differentiation and lure stopover visitors from the hotels.

Barbuda) won a case in the WTO and can’t get compensation. That is something we have to look at.”

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

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

Antigua and Barbuda won the right to suspend its obligations to the US in respect of intellectual property rights to recover $2m annually, but reportedly has not acted on that authorisation in the hopes of reaching a fair settlement.

The Minnis Cabinet is pushing for The Bahamas to become a full WTO member by mid-2020, although this nation’s lead negotiator, Zhivargo Laing, has repeatedly asserted that this is no done deal. He recently said around eight countries have expressed interest in The Bahamas’ initial goods and services offers.

Mr Goldin, meanwhile, said of the financial services sector: “Financials services, I believe, is in for a big shock.”

He added that the emergence of financial technology (FinTech) and the changing regulatory environment will continue to have a significant impact on the sector, adding that the OECD’s Base Erosion and Profit Shifting (BEPS) initiative will continue to gather strength.

THE TRIBUNE

Wednesday, February 27, 2019, PAGE 5

Bahamas regional HQ for curise port winner FROM PAGE ONE would give it a headstart on obtaining the permits vital to ensuring it met its construction start date.

Besides its selection as Nassau’s preferred bidder, Global Ports Holding has also secured deals to run the cruise ports in Havana and Antigua & Barbuda as part of its strategy to expand into the Caribbean and beyond its traditional Mediterranean and Far East footprint.

To oversee this growth, Mr Kutman revealed that the ports operator has selected The Bahamas as its regional headquarters for the Americas in what will likely be a further boost to the government and its Commercial Enterprises Act legislation.

The Global Ports Holding chairman, confirming that The Bahamas office will cover “from Alaska going all the way to Argentina”, said: “We are already incorporated. We need to

Bahamas ‘won’t concede’ over financial services FROM PAGE ONE has another. And then the OECD and the EU together have another set of rules,” he said.

“The latest move by the Netherlands is clearly an indication that individual countries within the EU

find head office space and human resources.

“We have decided to start the work, whether it’s an environmental study or geotechnical study, and start looking for office space and doing the human resources space.”

Mr Kutman added that such activity would likely require a $10m investment without the certainty of a completed deal with the government a risk Global Ports Holding is prepared to take.

Enticing Global Ports Holding to join Shell’s regional operations and others in establishing headquarters-type operations in The Bahamas is a key element in the government’s strategy to reposition the economy and revive its growth. The Commercial Enterprises Act, which provides more certainty around the country’s Immigration regime, was designed to attract such businesses.

The move also ties into the recently-enacted legislation requiring Bahamas-domiciled businesses, including head offices, to

establish a physical presence in this nation and conduct real business from it, with management and control also based here.

Mr Kutman, meanwhile, said he saw no major impediments to quickly sealing the agreement with the government to allow Global Ports Holding to move into the redevelopment phase.

“I would like to start the construction as soon as we have the permits,” he said.

“To be able to deliver it in September/October 2021 we need to start in September this year at the latest.

That’s why we will start the drawings as well in two to three weeks. It’s a big team; 50 people will work on it.”

Dionisio D’Aguilar, minister of tourism, declined to estimate when the Government and Global Ports Holding will finalise their Nassau cruise port agreement in announcing the latter’s selection as the preferred bidder on Sunday.

But Mr Kutman said: “In principle we shouldn’t have any issues. In an ideal

world... it shouldn’t take longer than 30 days. We’re not drafting a constitution.

It should be a relatively easy and quick process.

“The longest time will be the environmental impact.

We really need to work very hard at that and ensure absolutely no harm... After the [downtown Nassau] stakeholders, the most important thing is the environment. I’m very sensitive about these things” Describing the waters around Prince George Wharf as being good enough to swim in, Mr Kutman said “The Bahamas deserves much more” when it comes to environmental safeguards and protections. Pointing to the “pristine waters”, he added: “We have to be very careful, very sensitive about the environment, whether in the water, on the water or the superstructure.”

Colin Murphy, Global Ports Holding’s head of business development for the Americas region, confirmed to Tribune Business that the Junkanoo

Museum proposed for the revamped Prince George Wharf will be Bahamian owned and operated.

He added that all existing cruise port vendors will be given “first right of refusal” to become tenants at the transformed facility, while most of the construction work will be sub-contracted to Bahamian companies.

“We’ve been talking to the art galleries, investigating the cultural scene here, the impact of Junkanoo, and are looking to add elements to reinforce that sense if place; that we know it’s in The Bahamas, not somewhere else,” Mr Murphy said of the company’s plans to create a distinct Bahamian identity for Nassau’s cruise port.

Global Ports Holding is proposing to add two new berths to accommodate the world’s largest cruise ships, while also filling in the space between the harbourfront and existing first cruise berth to create land for its amphitheatre events destination.

An “open air amphitheatre” will feature local and international concerts, shows and special events, which will “create an incentive” for cruise ships to stop in port. Laser-light shows will be one feature at night, while taxi drivers and tour operators will have better access to passengers.

The government is currently eyeing a 25-year lease of Prince George Dock to Global Ports Holding, although this has to be settled in negotiations. The latter is planning to create Nassau Cruise Port Ltd as a special purpose vehicle (SPV) to manage the port, and possess 49 percent of its equity under the current model.

A further 49 percent will be owned by the Bahamas Investment Fund, a vehicle that will pool investments from thousands of Bahamians, with the remaining two percent controlled by the YES Foundation that will be established to fund youth, educational and sporting activities.

now want to have their own individual standards to export to the entire industry too. When does it stop?... There are questions as to whether the standards are being applied fairly and transparently. If we are really working towards the same goals, is this even the best way?”

Pledging that The Bahamas will always comply with global standards and best practices in the fight against financial crime, he added: “The process of unilaterally

setting rules and exporting them to other territories under threat of sanction is counter to the spirit of international co-operation in the first instance...

“We have no intention of giving up any of the ground we occupy as a premier international financial centre. We are adapting to the change environment and encouraging the industry to innovate and develop new competitive products to meet the demands of the market. Investors can be

assured The Bahamas will continue to be a reliable provider of sophisticated, high quality financial services products that meet their needs.”

However, arguing that The Bahamas should not fear uncertainty, Mr Turnquest added: “In the face of dynamic change, we have a choice: Sink or swim? In this respect, we are in the same boat as everyone else.

We can choose to run away and isolate ourselves or embrace change, with all of

the turmoil it brings and the opportunity it creates.

“In The Bahamas we don’t run away. We adapt.

We innovate. We grow.

We expand... As not to get lost in the ups and downs, we need to remember as a country, and as businesses, who we are, what we stand for and what we want to achieve.

“We are seizing the moment to reorient our workforce away from a traditional jobs mindset to an ownership mindset, so that

entrepreneurship and small business can continue to be drivers of job creation and economic growth, so that there are no limits on the way of work, which can now be done from home or anywhere around the world.”

To advertise in The Tribune, contact 502-2394

PAGE 6, Wednesday, February 27, 2019

THE TRIBUNE

DPM: ‘Public outrage’ to block fiscal recklessness FROM PAGE ONE deficit-to-GDP ratio to 0.5 percent. That means we still have a lot of work to do to rationalise expenditure, rationalise the programmes we’re involved with.”

Tribune Business revealed yesterday how Moody’s, the international credit rating agency, had cast doubt on the government’s ability to hit the 1.8 percent deficit-to-GDP target mandated by the Fiscal Responsibility Act

for the current 2018-2019 fiscal year.

While agreeing that the government’s goal is still “attainable”, it added that spending curbs will likely be needed to hit it, and projected that the deficit will instead come in slightly

COMMONWEALTH OF THE BAHAMAS

2018

IN THE SUPREME COURT

FAM/gua/00650

Family Division IN THE MATTER of the Child Protection Act, Chapter 132 IN THE MATTER of AMBREON CHRISTIAN FORD, An Infant BETWEEN

GARVIN CAREY and PATRICE CAREY Applicants AND DELVON WARDRICK FORD Respondent

ADVERTISEMENT To: Delvon Wardrick Ford - Respondent TAKE NOTICE that by Order of Justice G. Diane Stewart, Justice of the Supreme Court, dated the 22nd day of January, A.D., 2019 personal service upon you of the Notice of Trial of this Action which is scheduled to be heard before the said Justice on Friday March 15, A.D., 2019 at 11 o’clock in the fore-noon be dispensed with; and it was ordered that publication once in The Nassau Guardian and The Tribune of the said Notice of Trial and of the reciting Order, should be deemed good and sufficient service upon you.

AND TAKE FURTHER NOTICE that should you fail to appear on the hearing at the time and place stated above, the Court may make such Order and such judgment against you as the Court deems just.

Dated the 19th day of February A.D., 2019 MUNROE & ASSOCIATES Attorneys for the Applicants

higher at between two to 2.5 percent of GDP - especially given that The Bahamas has a poor history of meeting its fiscal forecasts.

Mr Turnquest, in response, said Moody’s position was “consistent” with that taken by the Ministry of Finance.

He acknowledged that the rating agency’s scepticism over the 2018-2019 target was justified, given that previous administrations had not established a good “track record” in meeting projections.

“We’ve been saying all along that while we’re making progress we have to maintain our fiscal discipline and spending prudence,” the deputy prime minister told Tribune Business. “Their comments are not out of line at all. In fact, they’re consistent with the statements we’re making.

“We’ve had relative success in containing expenditure and the like to meet targets, and we have to continue to do that as well as collect revenue that comes in this quarter.” The current quarter of the fiscal year is traditionally when the government earns the bulk of its revenues, and Mr Turnquest said the government was “meeting our expectations at the moment”.

He added: “The fact that we don’t have a track record, that’s a true statement. We just passed the Act. We do have a track record of meeting projected targets, and it’s not a good one. We are working diligently to achieve the deficit targets set out in the Fiscal Responsibility Act, and believe we are on course for doing that.”

Moody’s, in an update that accompanied its upgrading of The Bahamas’ outlook from “negative” to “stable” last week, warned that the government’s $237m deficit objective was still “attainable” but would likely require further spending curbs between now and end-June to hit target.

“I wouldn’t characterise it as a warning. I think they are making an observation, and it’s an observation that we have consistently been putting forward as we look at these reviews and mark our progress throughout the rest of the year,” said Mr Turnquest yesterday.

“We have been making some significant gains, resulting in the upgrade in the outlook from ‘negative’ to ‘stable’. We recognise that there is still a lot of work to be done. We did not get where we are overnight, and this is going to take a long time to get out of it.

NOTICE NOTICE is hereby given that JULIE YOUTE of Golden Isle, Carmichael 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 20th day of February 2019 to the Minister Responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

“It is going to take discipline, creativity and a responsible approach to our spending patterns. We recognise that in order to lock in the gains that we have achieved, we have to be responsible with our spending throughout the rest of the year. We have the threeyear consolidation plan with a projected surplus in year four,” he continued.

“In order to achieve that we have to invest in infrastructure and growthenhancing programmes to ensure that we expand the revenue base while, at the same time, providing an opportunity for Bahamians.” Mr Turnquest is expected to deliver the midyear performance review today in Parliament.

Moody’s had last week indicated that passage of the Fiscal Responsibility Act, combined with the introduction of quarterly fiscal reports and a reduced deficit for 2017-2018 compared to the prior year’s $661m, had restored some of The Bahamas’ policy-making credibility and prompted the improved “outlook”.

However, the “credit opinion” obtained by Tribune Business indicates it now wants to see The Bahamas deliver by translating all this into results featuring a much-reduced annual fiscal deficit.

“We are certainly aligned in the thinking that we have to maintain our spending patterns to ensure that we do meet our objectives. This is not unusual.

We are at this stage living up to our commitment. We are generally in line with where we though we would be at this stage,” said Mr Turnquest.

“Our revenue is behind, and we have spoken as to why that is; the change in gaming tax and the transition we gave in respect to the increase in value added tax (VAT).”

THE TRIBUNE

Wednesday, February 27, 2019, PAGE 7

Legal experts: Musk conduct unlikely to bring harsh penalty DETROIT Associated Press FOR about four months, Elon Musk behaved, adhering to the terms of a court settlement that required his prolific posts on Twitter to be approved by a lawyer if there were a chance they could mislead investors.

Then came 13 words on Feb 19 saying that Tesla would produce around 500,000 vehicles this year — a tweet that wasn’t blessed by the person in charge of baby-sitting Musk’s Twitter account.

US stock market regulators noticed the inaccurate post, and discovered that Tesla’s “disclosure counsel” summoned Musk to the company’s California factory to help write a correction four hours later.

The company would make vehicles at a rate of 500,000 per year, but it wouldn’t produce a half-million in 2019.

On Monday, the Securities and Exchange Commission filed a motion asking that Musk be held in contempt of court for tweeting without approval.

Now, the Tesla CEO and his lawyers have some explaining to do. A federal judge in New York has ordered Musk to file a legal brief by March 11 explaining why he isn’t in contempt for violating the court-approved settlement in the tweet to his 25 million followers.

TESLA CEO ELON MUSK

Experts who follow the SEC say there’s little doubt that Musk violated the terms, approved Oct 16

by District Judge Alison Nathan in New York. She’ll decide if Musk disobeyed the judgment and if he should be punished further. Musk and Tesla each paid $20m in fines for previous tweets about taking the company private when Musk didn’t have the funding locked up to do it.

Legal experts who follow the SEC say it’s unlikely that Musk will be punished severely, even though he antagonised the agency in tweets on Monday night and lastnight that have since been deleted.

“Something is broken with SEC oversight,” one of the deleted tweets said.

Still, the SEC, according to experts, merely wants to get on the court record that Musk violated the terms and prepare for future violations.

“They’re looking at this as strike two,” said Peter Henning, a law professor at Wayne State University in Detroit and a former SEC lawyer. “If he were to do it again, then they would go after him much more strongly,” possibly by seeking to bar him from being CEO and a company officer, Henning said.

Although it’s up to the judge, jail time for civil

contempt isn’t likely, but Musk could be fined again, the experts said. But the SEC likely doesn’t expect anything other than a “humiliating hearing and a scolding,” said James Cox, a professor of corporate and securities law at Duke University. “My guess is the judge is not going to throw the book at him, but she’s certainly going to throw a lot of heavy words at him.”

The errant Feb 19 tweet isn’t egregious enough to bring severe punishment, and it’s clear the SEC isn’t seeking a huge penalty because it didn’t seek to void the agreement and prosecute Musk, said Jay Dubow, a partner with

Pepper Hamilton LLP and co-chair of the law firm’s financial services enforcement group.

“At this point they’re only asking for a finding of contempt,” he said.

Before the SEC filed its motion, Musk’s New York attorneys sent a letter to the SEC denying that Musk violated the agreement.

Musk believed his tweet said the same thing as subject matter approved by the lawyer for Tesla’s Jan 30 earnings release, the lawyers wrote. Plus, the Feb 19 tweet was posted at 7.15pm eastern time and corrected later, all when markets were closed, they wrote.

But the SEC motion said Tesla’s lawyers confirmed that the tweet had not been pre-approved. Moreover, Tesla’s policies require Musk to re-confirm any approval for communications that take place more than two days after the initial blessing. Musk’s Feb. 19 tweet came 20 days after the lawyer approved the company’s earnings release.

“Musk’s admission that he failed to seek or obtain pre-approval is clear and convincing evidence of the violation,” the SEC lawyers wrote.

While the tweet was posted and corrected after US markets closed, regulators won’t care much because stocks are traded nearly around the clock these days, Cox said. Tesla’s stock rose by just $1.10, or

less than one percent, the next day.

The contempt proceedings are a possible explanation of why Tesla’s top lawyer left the company the day after the Feb 19 tweet and after only two months on the job, Cox said. General Counsel Dane Butswinkas returned to a Washington, DC, law firm, another in a long string of executive departures from the company. Tesla and Butswinkas declined comment yesterday.

Experts say Musk is within his First Amendment rights to criticise the SEC, as long as his tweets don’t influence the stock price.

It’s clear, though, that the SEC notices Musk’s comments. It included in the contempt filing that Musk showed disdain for the agency in a Dec 9 interview with CBS’ “60 Minutes”.

The SEC pointed out that during interview, Musk declared: “I want to be clear. I do not respect the SEC”, although he did say he would obey the settlement out of respect for the justice system.

Musk’s behaviour is an indicator that he’ll likely run afoul of the SEC again, regardless of any finding

by Judge Nathan, said Erik Gordon, a law and business professor at the University of Michigan. “Musk just will not constrain himself,” Gordon said.

PAGE 8, Wednesday, February 27, 2019

THE TRIBUNE

Fed’s Powell predicts solid but slower growth in 2019 WASHINGTON Associated Press FEDERAL Reserve Chairman Jerome Powell, pictured, told Congress yesterday the US economy should keep expanding at a solid, though somewhat slower pace this year. But he warned of growing risks, including a global slowdown, volatile financial markets and uncertainty about US trade policy.

In delivering the Fed’s semiannual monetary report to Congress, Powell said the Fed will be “patient” in determining when to boost

its benchmark policy rate in light of the various “crosscurrents and conflicting signals”.

“When I say that we are going to be patient, what that really means is that we are in no rush to make a judgment

NOTICE NOTICE is hereby given that MARCIAN KENNETH GEFFRARD of Fox Hill, 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 20th day of February 2019 to the Minister Responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PLATINGS ENTERPRISES S.A. Company No. 1511572 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that PLATINGS ENTERPRISES S.A. is in voluntary liquidation. The voluntary liquidation commenced on 18th February, 2019 and Querube C. De Nuñez of MMG Trust, Ave. Paseo del Mar, Costa del Este, Panama City, Rep. of Panama, has been appointed as the Sole Liquidator.

Dated this 18th day of February, 2019 Sgd. Querube C. De Nuñez Voluntary Liquidator

about changes in policy,” Powell said in response to questions from lawmakers on the Senate Banking Committee. “We are going to be patient. We are going to allow the situation to evolve ... and allow the data to come in. And I think we are in a good place to do that.”

The Fed in December indicated it could hike rates two times this year. But many private economists believe the Fed will keep rates unchanged until late this year and may not hike at all.

Andrew Hunter, senior US economist at Capital Economics, said he believes a slowing economy will prompt the Fed to leave rates unchanged this year and to start cutting them next year.

“We think the Fed is already done hiking rates,”

he said. “We expect a further slowdown over the course of this year to convince the Fed to begin cutting rates by early 2020.”

In his report to Congress, Powell repeated assurances the Fed has been making since January that it plans to be patient in deciding the next moves on interest rates.

Financial markets had little reaction to Powell’s congressional testimony. The Dow Jones Industrial Average ended the day down 33 points.

In his testimony, Powell said that the economy grew at a strong pace last year, with employment and inflation remaining close to the Fed’s goals. He said it appeared that overall growth was slightly below three percent in 2018. The Fed

NOTICE NOTICE is hereby given that MELLE TIBE of GENERAL DELIVERY, PALMETTO POINT, ELEUTHERA, 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 20th day of February 2019 to the Minister Responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE NOTICE is hereby given that Sandra jarrett of Sunshine Park, 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 20th day of February 2019 to the Minister Responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

MARKET REPORT TUESDAY, 26 FEBRUARY 2019

expects 2019 growth to slow somewhat.

He said that while the 35-day partial government shutdown “created significant hardship for government workers and many others, the negative effects on the economy are expected to be fairly modest and to largely unwind over the next several months”.

Powell cited a number of factors that could slow growth have emerged in recent months.

“Financial markets became more volatile toward year-end, and financial conditions are now less supportive of growth than they were earlier last year,” Powell said.

He noted that growth has slowed in major foreign economies, including China and Europe, and “uncertainty is elevated” around major policy issues such as Brexit, Britain’s proposed exit from the European Union, and ongoing US trade negotiations with various countries.

Amid the risks, Powell said that the solid increase in the past year in the proportion

of Americans working or looking for work was very encouraging. Despite the progress, the labor force participation rate remains lower in the United States than most other wealthy nations, he said.

Powell blamed a lack of job skills and education for the discrepancy in the US participation rates compared to other countries. But Massachusetts Sen Elizabeth Warren, who is running for the Democratic presidential nomination, called out “child care”, a reference to economic research that suggests many women have dropped out of the workforce because of the high cost of child care.

Powell’s Senate testimony will be followed by an appearance today before the House Financial Services Committee.

At its last meeting in January, the Fed left rates unchanged at a level of 2.25 percent to 2.5 percent and signaled a major pivot away from steadily raising rates by declaring that it intended to be “patient” in determining when to move rates again.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, CRYSTAL ALEXANDER of #109 Jumbay St., Kennedy Subdivision, New Providence Bahamas, mother of JOHNATHAN JEREMIAH Z’MIR ALEXANDER UDDIN intend to change his name to JOHNATHAN UDDIN ALEXANDER. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE NOTICE is hereby given that CHENET CALIXTE of Fox Hill, 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 20th day of February 2019 to the Minister Responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

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

BISX ALL SHARE INDEX: CLOSE 2,057.93 | CHG -8.02 | %CHG -0.39 | YTD -51.52 | YTD% -2.44 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 5.50 1.77 0.80 3.68 10.20 6.60 4.74 12.50 2.74 1.81 8.50 6.40 14.10 6.99 4.47 13.85

52WK LOW 3.50 19.17 4.90 3.34 1.00 0.19 2.10 8.70 6.10 3.54 9.01 2.30 1.50 7.25 6.10 10.10 5.85 3.01 12.51

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 100.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

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

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

MUTUAL FUNDS 52WK HI 2.20 4.24 2.03 184.51 158.55 1.60 1.74 1.69 1.12 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.54 1.68 1.63 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

LAST CLOSE 4.37 17.43 7.00 5.39 1.77 0.80 2.28 9.85 6.16 4.30 10.99 2.62 1.78 8.60 6.40 14.10 6.98 3.20 13.85

CLOSE 4.37 17.43 7.00 5.39 1.77 0.80 2.28 9.85 6.16 4.29 10.99 2.62 1.78 8.63 6.40 14.10 6.98 3.05 13.85

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 0.00 0.00 0.03 0.00 0.00 0.00 -0.15 0.00

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

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

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

CLOSE 100.00

CHANGE 0.00

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

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

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

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

VOLUME

15,000

369

12,000

VOLUME

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

DIV$ 0.120 1.260 0.000 0.240 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.240 0.500 0.150 0.090 0.600

P/E 29.7 18.7 N/M 16.7 N/M N/M -4.4 14.1 12.8 27.9 17.5 25.7 8.5 N/M 13.3 18.5 12.1 11.0 21.9

YIELD 2.75% 7.23% 0.00% 4.45% 0.00% 2.50% 0.00% 7.21% 3.57% 2.80% 5.64% 2.29% 3.37% 0.97% 3.75% 3.55% 2.15% 2.95% 4.33%

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

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

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

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

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

NAV 2.20 4.24 2.03 184.51 147.81 1.60 1.74 1.69 1.12 7.47 8.64 6.60 10.37 11.69 10.38 9.92 8.69 11.79

YTD% 12 MTH% 3.97% 3.97% 2.49% 2.49% 2.43% 2.43% 3.26% 3.26% -3.65% -3.65% 0.47% 4.42% -0.04% 2.71% 0.27% 3.85% 0.75% 2.58% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88

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

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

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

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 IN THE ESTATE OF DOREEN ROSE SMITH, late of 440 Independence Parkway, in the City of Plano, Collin County, in the State of Texas, one of the United States of America, Deceased IT IS HEREBY NOTIFIED, for the information of those it may concern, that all persons having claim or demand against the said Estate are required to send the same to the undersigned on or before the 14th day of March A.D. 2019 and if so required by notice in writing from the undersigned to come in and prove such demand or claim or in default thereof be excluded from the benefit or any distribution made before such debts are proved; AND NOTICE is hereby given that all person indebted to the said Estate are requested to settle their respective debts at the Chambers of the undersigned on or before the date hereinbefore mentioned.

Dated the 13th day of February, A.D. 2019 CALLENDERS & CO. CHAMBERS, One Millars Court, P.O. Box N-7117, Nassau, The Bahamas Attorneys for the Personal Representative

PAGE 12, Wednesday, February 27, 2019

THE TRIBUNE

AT&T’s Time Warner takeover has already reshaped media world NEW YORK Associated Press

government and its future implications:

A FEDERAL appeals court yesterday upheld AT&T’s $81 n takeover of Time Warner, approving one of the biggest media deals on record in the face of opposition from the Trump administration.

The combination of one of the country’s largest wireless carriers and TV providers with a major TV and movie company has already reshaped the media landscape.

A look back at the deal, the pushback from the

WHAT PROMPTED THE DEAL? Traditional, live TV is shrinking in importance.

Streaming video like Netflix has exploded in popularity.

And AT&T, which has its cellphone business and also owns DirecTV, wanted to marry popular video with its ability to deliver to homes and phones.

Time Warner, now known as WarnerMedia, owns popular channels including HBO, CNN, TNT and TBS, plus Warner Bros movies

such as the Harry Potter and DC Comics superhero franchises.

WHY DID THE GOVERNMENT SUE? The Justice Department said the combined company would mean higher TV bills for consumers and higher costs for AT&T’s cable rivals.

A district court judge and the appeals court, however, said they didn’t make their case. A Justice Department spokesman said yesterday that the government planned no further appeals.

The government’s objections to the deal surprised

many on Wall Street because AT&T and Time Warner were not direct competitors. It was the first time in decades that the government had sued to block such a “vertical merger” — and AT&T’s rival Comcast, a cable company, had gotten the government’s blessing in 2011 to buy NBCUniversal, which makes TV shows and movies.

The government’s opposition also attracted attention because Donald Trump, as a presidential candidate in October 2016, had promised to kill the deal “because it’s too much concentration of

power in the hands of too few”.

Trump has publicly feuded with Time Warner’s CNN, calling it “failing” and a purveyor of “fake news”. The president’s statements didn’t come up during the trial in district court, and the Justice Department’s antitrust chief, Makan Delrahim, said the president did not tell him what to do.

HOW HAS THE DEAL AFFECTED THE MEDIA WORLD? AT&T has steadily followed consumers into internet-delivered TV. It started a streaming service that replicates cable, DirecTV Now, about a month after announcing the Time Warner takeover. It launched a cheaper, smaller live TV offering called WatchTV soon after the deal closed. It’s planning another

streaming service, “WarnerMedia”, for later this year to showcase its own films and HBO shows.

AT&T has used discounts and bundling to win customers. It had special DirecTV Now promotions and now throws in WatchTV free for some of its wireless customers. It also doesn’t count DirecTV Now streaming against data caps on AT&T cellphone plans. Some netneutrality advocates say the data-cap exemption shows favoritism by AT&T. The company says the practice is good for consumers.

AT&T has been managing the Turner networks as a distinct business unit. Now it can be involved in Turner’s deals with cable companies, which include the prices paid for networks like TBS and CNN. It can also change Turner’s employee headcount and compensation.