02282019 BUSINESS

business@tribunemedia.net

THURSDAY, FEBRUARY 28, 2019

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Ex-minister fearful on $130m spending cut

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FORMER finance minister yesterday warned that the forecast $130m cut in government spending this fiscal year could undermine Bahamian economic growth and job creation.

James Smith cautioned the Minnis administration against cutting recurrent expenditure too quickly and deeply on the basis that it remains a critical component of this nation’s annual gross domestic product (GDP), accounting for almost 20 percent.

While praising the government for seemingly being on track to hit, or even better, its full-year deficit target for 2018-2019, he expressed concern that it seemed “laser focused” on fiscal goals and was in danger of neglecting the bigger economic picture.

SEE PAGE 5

Opposition: Govt all ‘head, no heart’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE opposition yesterday predicted an “even greater revenue shortfall” and missed fiscal deficit targets, arguing that the midyear budget “did nothing to inspire confidence”.

Chester Cooper, pictured, the Progressive Liberal Party’s (PLP) deputy leader and finance spokesman, accused the Minnis administration of managing The Bahamas for the International Monetary Fund

SEE PAGE 4

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Govt $185m ‘short’ but will beat deficit

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE government yesterday forecast it will narrowly beat this year’s fiscal deficit target despite a $185m revenue shortfall caused by VAT, gaming and enforcement underperformance.

KP Turnquest, pictured, unveiling the 2018-2019 mid-year budget in the House of Assembly, said the Minnis administration was on track to limit the fullyear deficit to around $230m - some $5m-$10m less than the “red ink” target set last May. The deputy prime minister said the government

• DPM eyes ‘red ink’ $5m-$10m under budget • Thanks to $130m recurrent spending cuts • VAT, gaming taxes, compliance all undershoot will be able to achieve this, and offset its revenue gap, through “significant spending restraint” that is projected to slash recurrent expenditure by five percent compared to initial forecasts.

This, based on Tribune Business’ calculations, amounts to a $130m cut to projections that it would spend some $2.589bn on its recurrent or fixedcosts - typically civil service salaries, benefits and

THE Ministry of Finance’s top official yesterday revealed collections in the current “revenue-rich” quarter were “promising”, with the government’s fiscal “game plan” firmly on target.

Marlon Johnson, the acting financial secretary, told Tribune Business that the revenue numbers for the first two months of the 2019 calendar year were “in line” with the government’s expectations.

The January-March period is typically when the government earns the bulk of its annual revenues, as it coincides with peak economic activity stemming from the winter tourism season, and is also the period when business licence fees, the bulk of real property taxes and commercial vehicle licences are paid.

MARLON JOHNSON

It represents the third quarter of the government’s fiscal year, and Mr Johnson said: “What we are seeing is the third quarter numbers so far have been promising.

It’s in line with our anticipation that revenue flows will be a little more robust in the third quarter.

“The numbers so far for almost two months of the year show some promising

ROBERT MYERS

‘Phenomenal’ if lower deficit forecast holds

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

signs. I haven’t seen anything to lead me to believe the [full-year fiscal] targets won’t be met.”

Mr Johnson was speaking after KP Turnquest, deputy prime minister, unveiled a mid-year budget in the House of Assembly in which he forecast that the 2018-2019 fiscal

GOVERNANCE reformers yesterday hailed the government’s prediction that it will shrug off a $185m revenue shortfall - and beat its full-year deficit target as “phenomenal” if it comes true.

Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business that the Minnis administration would set the Bahamian economy on course for “a massive” boost if it hits its 2018-2019 fiscal goals.

Reacting after KP Turnquest, the deputy prime minister, projected that the full-year deficit is on track to come in between $5m$10m below its $237.6m target, Mr Myers conceded it was “a big under-forecast” if revenues come in seven percent below the initial $2.649bn projection.

Mr Turnquest, though, said the revenue shortfall will be offset through “significant expenditure

SEE PAGE 9

SEE PAGE 7

rents - this fiscal year.

Mr Turnquest yesterday identified the 12 percent VAT rate’s delayed introduction in key sectors such as hotels and construction, coupled with the government’s web shop taxation settlement and later-thanexpected creation of the Revenue Enhancement Unit, as the key factors behind why revenues are now forecast to fall seven

SEE PAGE 6

Top official eyes ‘promising’ rich revenue quarter

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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PAGE 2, Thursday, February 28, 2019

THE TRIBUNE

LOGOS SET IMAGE FOR YOUR COMPANY U

NSURE where to start with your logo design? A good place to begin is by deciding on its style. For logos are intended to be the face of a company. They are meant to visually communicate the unique identity of the brand and what it represents.

Depending on philosophy, a simple logo features elements that refer to the activity of any symbol created for the purpose of identification. I will explain how each of them is defined, when and why you should use them.

Logo styles can primarily be divided into five basic

categories: Word marks; letter marks; brand marks; combination marks; and emblems.

WORD MARK, also known as Word mark or logotype, is in many ways the simplest type of logo as it casts the company’s name in text alone. They may be based on handwriting, signatures, custom fonts or (less common) existing fonts. Famous examples include the logos for CocaCola, Visa, Google and Facebook.

The “word mark” can also be a good choice for a start-up, as it contains the company’s full name and helps to make it well-known

while offering a sense of confidence, history and stability.

LETTER MARK, also known as a monogram logo, is also made of text, and uses the initials of the company rather than its full name. Famous examples include the logos for Cable News Network (CNN), ZNS and Bahamas Power

& Light (BPL). As these examples suggest, a letter mark is a good choice for a company whose name is difficult to pronounce or is too long.

Shortening a long company’s name to initials will also make it easier for your audience to remember, especially in global markets.

BRAND MARK, also

known as a pictorial mark, contains no text. It is an image, icon or symbol that represents a company or brand. Famous examples include the Apple silhouette, the Nike “Swoosh” and the Red Cross symbol.

A brand mark can be a great way for audiences to form a psychological connection to your brand, as the brain responds on a deeper, more instinctive level to an image than written text, which needs to be interpreted.

Using only a symbol to explain your brand also has obvious advantages when it comes to serving a global market, as it is (in theory) instantly understood everywhere in the world. The success of a brand mark, however, does rely on audiences knowing what the symbol means.

COMBINATION MARK includes a mixture of “word mark” and symbol. Famous examples include the logos for adidas, Doritos McDonald’s, Wal-Mart, Microsoft and Domino’s Pizza.

Also known as iconic logotypes, combination marks mean you can convey a visual idea of what the brand represents, as well as making it clear what it is called. They are particularly useful for new or less well-known brands.

Their complexity also means they are easier to trademark, and means your logo is more distinctive and less likely to be confused with other brands’ logos.

That same complexity, however, means it is more difficult to reduce the design down to smaller sizes.

Therefore, it is ideal if the different elements can be used separately as well as in combination.

EMBLEM is similar to the combination mark, and involves both text and symbol. Famous examples include the logos for Ford, Starbucks, UPS, MasterCard and Burger King.

Emblems are less flexible

The Art of Graphix

BY DEIDRE M BASTIAN

than combination marks, as their elements are typically difficult to separate.

Generally used by organisations such as schools, charities, sports teams and government agencies, this style of logo can lend an air of authority and authenticity to a modern-day brand.

As a final point, despite the many personalities and function of a logo design, it is no secret that this plays a huge role in a business’s public perception. In fact, is one of the most functional branding investments a business can make. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game!

NB: Columnist welcomes feedback at deedee21bastian@gmail.com.

ABOUT COLUMNIST: Ms Deidre Maria Bastian is a professionally trained Graphic Designer/ Marketing Coordinator with qualifications of MSc, BSc, ASc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

THE TRIBUNE

Thursday, February 28, 2019, PAGE 3

GOVT TARGETS ‘VALUE’ FOR ITS $400M SOES

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE government yesterday unveiled plans to ensure its gets “value for money” from the near-$400m in annual subsidies it pumps into state-owned enterprises (SOEs).

K Peter Turnquest, deputy prime minister, lamented that while some $398m in recurrent spending was allocated to SOEs for the 2018-2019

fiscal year, there was no framework to properly monitor whether these entities are spending taxpayer monies wisely.

Unveiling the mid-year budget statement in the House of Assembly, Mr Turnquest said the government will next month launch a project to evaluate its state-owned enterprises.

“Historically, successive governments have not had the effective means to evaluate the fiscal stewardship of state-owned enterprises

WTO ANALYSIS EYES ‘POLICY TRADE-OFFS’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE private sectorfunded report detailing the impact full World Trade Organisation (WTO) membership will have on the economy is set for an early April completion, it was revealed yesterday.

Darron Pickstock, who heads the Chamber of Commerce’s trade and investment division, said the Oxford Economics study will also assess the “policy trade-offs” available to The Bahamas

during its accession process.

Mr Pickstock, speaking after a chamber breakfast meeting yesterday, told Tribune Business: “They are now having to look at the various positions. The next approach is they are going to review our current negotiating position and look at the policy trade-offs for The Bahamas to accede to the WTO. They will also look at various other economies and countries that acceded as well.”

“They [Oxford Economics] are going to design potential scenarios from that, and will give recommendations regarding the

(SOEs),” he added. “Some 15.4 percent of the government’s recurrent expenditure is allocated to these SOEs, which translates to some $398m.

“Yet, even as their share of the public purse has grown, the framework to obtain the timely and consistent information necessary to assess the value for money obtained by these SOEs simply has not been developed. We intend to change this.”

Mr Turnquest continued:

“The project is expected to take place over three phases, the first being an analysis of SOEs, authorities, and other quasigovernment entities and their operations, so as to provide forward looking strategies for each entity.

“The second phase will include the formation of a comprehensive strategy for cost rationalisation and cost recovery for SOEs in line with international best practices - as well as an efficient financial and

management reporting model. The third stage will include the implementation of the strategic model, and the roll out of new budgeting, accounting and performance management.”

Mr Turnquest added that there have been “significant developments” in the government’s efforts to instill prudent fiscal management via the drafting of several bills focused on strengthening governance.

“Specifically, the Public Financial Management

Bill (or PFM Bill) is being drafted with assistance from the IMF’s Caribbean Technical Assistance Centre (CARTAC), and is expected to modernise and eventually replace the Financial Administration and Audit Act, 2010,” said Mr Turnquest.

“Its main objective is to provide a more comprehensive legal framework that will provide the necessary support to strengthening the oversight, management and control of public funds.”

design of negotiating strategies. This will be shared with the government so that, if and when this proceeds, we will have our recommendation on any negotiating strategy.

“Once that report is completed the chamber will make its determination as to whether it is beneficial for The Bahamas to become a member of the WTO. In any event, we have asked them to come up with various negotiating strategies. We expect to have that report in the first week of April. We really have only one more month and that report should be ready.”

Mr Pickstock said Oxford Economics had conducted numerous interviews with private sector stakeholders, who had expressed various concerns. “They were on the ground for perhaps the

entire month of November 2018 doing private sector and government meetings,” he added. “They have pointed out some of the challenges raised, and points expressed, by the private sector.

“Mainly it was issues such as the high cost of doing business; the concern that local business would struggle to benefit from the WTO in the absence of the right environment that would allow them to compete directly with foreign suppliers. They also pointed out the inefficient and costly bureaucracy. They also pointed out high bank charges, insurance rates, high legal fees, access to credit and labour costs.

“They have indicated that effectively to become a member we would have to look at our policy and regulatory choices as they

have an impact, obviously, on the competitiveness of our economy. This is a part of what the government has to do if it is to become a member of the WTO.”

To advertise in The Tribune, contact 502-2394

DR Hubert Minnis held a bilateral meeting with Estonia’s president, Kersti Kaljulaid, at the 30th CARICOM inter-sessional meeting.

Photo: Yontalay Bowe/BIS

PM: BAHAMAS CAN FOLLOW ESTONIA ON E-GOVERNMENT

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE prime minister believes The Bahamas can follow Estonia’s lead by using technology to transform government services and attract international investment.

Dr Hubert Minnis met the Baltic republic’s president, Kersti Kaljulaid, during this week’s Caribbean heads of government (CARICOM) meeting in Jamaica.

“The world is moving in the direction of digital transformation, and if The Bahamas fails to prepare or keep up with advances it will be left behind; relegated not to a third world country but a fourth world country,”

the prime minister said.

Estonia is considered a world leader in e-government and digital innovation, and has become a model for many countries seeking to update and improve their own public services.

Transforming government services through the modernisation and digitisation of the public sector is a key priority for the Minnis administration, and is being monitored and supported by the Prime Minister’s Delivery Unit.

A Modernisation Unit has been established in the Office of the Prime Minister, and senior government officials took part in e-governance training at Estonia’s e-Governance Academy in October 2018, sponsored by

the Inter-American Development Bank (IDB).

Earlier this year, representatives from the e-Governance Academy visited The Bahamas to hold meetings with private and public stakeholders who will be involved in transforming government services.

While all ministries have made some progress, the goal is to streamline government procedures and services by making them available online; increase the use of information and communications technology (ICT) in the public sector and by the government; increase government transparency; and strengthen auditing and control mechanisms.

PAGE 4, Thursday, February 28, 2019

THE TRIBUNE

‘DOUBLE DIGIT’ GROWTH DRIVES NATION’S AWARDS THE Bahamas’ “very impressive double-digit growth” in stopover arrivals was a decisive factor in the country earning the Caribbean Journal’s ‘Tourism Destination of the Year’ designation.

Dionisio D’Aguilar, minister of tourism and aviation, also earned the Journal’s “Tourism Minister of the Year” designation “for shepherding this very complete and diverse growth this year”.

Alexander Britell, founder and editor-in-chief of Caribbean Journal, said The Bahamas’ “complete and diverse growth” over the past year “was very impressive”.

He presented Mr D’Aguilar with the double awards during a brief ceremony at

DIONISIO D’AGUILAR, minister of tourism and aviation, receives Caribbean Journal’s Destination of the Year Award during a brief ceremony at the Ministry’s offices. Photo: Patrick Hanna/BIS the Ministry of Tourism. Also present was Guy Britton, executive vice-president and managing director of the Caribbean Journal.

“The Bahamas, for its

very complete and diverse growth this year, took home the crown and the minister earned Minister of the Year Award for his efforts to shepherd that,” said Mr Britell.

“In many ways, and this has happened several times, the two awards are intertwined. Sometimes when you win Tourism Destination of the Year, in large part, it is because you have a minister who is stewarding that growth and making that growth happen.

The Bahamas’ growth was very impressive this year because there was double-digit arrival growth across the destination, including the (Family Islands) which was a new thing.”

Mr Britell added: “People are talking about Cat Island, Long Island, Eleuthera and Harbour Island, and I think it was that complete overall impact and growth that was really eye-opening this year.

It’s sort of a new Bahamas, and people are really starting to see that (The Bahamas) it’s not just Nassau and Grand Bahama, but that it is all of the 700 islands and cays.”

Mr D’Aguilar said the recognition fortifies what officials at the Ministry of Tourism have been trying to accomplish in marketing The Bahamas as 16 different destinations.

“I have said this over and

over again; that there is no need to visit anywhere else in the Caribbean because, in The Bahamas, we have everything you could possibly want in a Caribbean vacation,” he added.

“In Nassau, which is our epicentre and where we have our large resorts, our guests can visit nice restaurants, shop in nice stores, visit the casinos, have that big resort feel, and go on wonderful excursions.

Then we have our 15 other Family Islands that we market where you have that more intimate experience.

“It is delightful to see that our marketing strategy is working as The Bahamas, overall, had in excess of 16 percent growth in stopover visitors and we are seeing that continue into this year with the growth spread over many of the islands.”

Mr D’Aguilar added: “Abaco is doing extremely well, up 17 percent; Eleuthera is up a whopping 28 percent; San Salvador is up eight percent; Andros is up eight percent and so we are seeing all of our major Family island destinations experience wonderful growth.

“It really brings about the culmination of what we have been trying to do at the Ministry of Tourism, and that is to market our 16 different destinations. We have developed a credible strategy, launched a new marketing campaign. All of that is contributing to the phenomenal growth that we are seeing.”

Mr D’Aguilar said he was “delighted and humbled” to receive both awards.

“Delighted that The Bahamas was selected by a reputable and well-known company such as Caribbean Journal as the Destination of the Year, and then I am humbled to receive the Tourism Minister of the Year Award,” he added.

“I really am receiving this on behalf of the 376 hardworking members of the Ministry of Tourism. It is because of them that I am here today receiving this award. I am delighted and humbled to receive both of these awards from the Caribbean Journal and I shall have them prominently displayed for everyone to see what wonderful things we are doing here in The Bahamas.”

Opposition: Govt all ‘head, no heart’

deemed “an arrogant lack of consultation” with various industries, Mr Cooper added that the “ill-advised and poorly executed” handling of the VAT rate hike and taxation of web shop operators had led to what will be a “significant revenue shortfall”.

He also charged that disbanding the Revenue Enhancement Unit established by the former Christie

administration, and the delay in reforming it, has also proven to be “folly” as shown by the potential loss of $80m in projected revenue.

“We heard nothing to inspire confidence,” Mr Cooper said. “At half-year, revenue projections are only 38 percent of annual projections, down against projections despite the painful 60 percent increase in VAT. “This government has put yet another revenue enhancement unit in place, and the $80m in lost revenue it promised it would capture was just another empty promise. This amounts to around a $200m shortfall by the government’s own calculations. We expect that, at the end of the day, it will be

FROM PAGE ONE (IMF) and rating agencies rather than the Bahamian people. He added that it appeared to be operating with “head and no heart”.

Slamming the Minnis administration for what he

SEE PAGE 6

THE TRIBUNE

Thursday, February 28, 2019, PAGE 5

BAHAMAS REPRESENTED AT REGIONAL IMO MEET A CABINET minister led the Bahamian delegation to this week’s International Maritime Organisation (IMO) organised meeting of senior Caribbean policymakers and officials.

Renward R Wells, minister of transport and local government, led the group to the International Maritime Organisation (IMO) symposium (HLS) for Caribbean ministers of transport.

The ministerial symposium was preceded by a meeting of Caribbean senior maritime administrators,

Ex-minister fearful on $130m spending cut FROM PAGE ONE Mr Smith, pictured, who was minister of state for finance from 2002-2007, and is also an exCentral Bank governor, said solely concentrating on fiscal issues - and listening to closely to the likes of the credit rating agencies - could cost it “the opportunity to target more meaningful things” such as the unemployment rate.

The Bahamas has endured a prolonged period of fiscal austerity, featuring new and increased taxes, which has lasted for around a decade. “One outcome of getting the targets right in terms of deficit reduction is you may end up, in the medium term, with higher unemployment,” Mr Smith said.

“Your total output, in the Keynesian way, is government spending, private sector investment and consumption by consumers. If you depress government spending, other things being

RENWARD R WELLS, minister of transport and local government, is seen next to the IMO secretary-general along with ministers from seven other Caribbean states. which was attended representatives from

by 18

CARICOM member states and six observer states.

equal, you depress gross domestic product (GDP).

“Government spending is a very important component of GDP, and they’re positively correlated. If you begin reducing that, it reduces by some multiplier the impact on GDP.” Mr Smith’s comments are likely to revive, in a Bahamian context, the ages-old debate over the proper role of government within a nation’s economy. Many observers believe that the private sector should be the primary growth driver and job creator, with government merely acting as a facilitator for it through efficient laws, regulations and policies - including on the fiscal side.

Members of the Minnis Cabinet have argued that the former Christie administration instead sought to solve its economic and political problems by expanding the public sector through mass hires. However, the opposition, led by its leader, Philip Davis, have this week echoed Mr Smith’s concerns by warning of potential dangers for the economy by contracting government spending.

While giving “kudos” to the government for seemingly holding true to its fiscal consolidation plan, Mr Smith told Tribune Business: “I’d like to remind ourselves that if we become overly concerned with

meeting the macroeconomic fiscal targets, particularly in terms of the government’s fiscal accounts, we might lose the opportunity to target more meaningful things with the economy like lowering the unemployment rate and growing GDP, both of which sometimes require expansionary policies that put pressure on the deficit.”

Such policies, he suggested, involved investments in infrastructure vital to facilitating private sector growth as well as training initiatives to improve workforce productivity.

“I think we don’t want to take our eyes off wider macroeconomic policies that positively impact the economy,” Mr Smith added.

“There’s a tendency to meet these macro fiscal targets, the mechanisms the rating agencies follow very closely, because they provide the reports to the people that end to us.

“The government has a bigger role, and sometimes to do that it has to adopt a slingshot approach where it pulls back to go forward.

I’m not saying this is necessarily happening, but based on what is coming out publicly they seem to be laser-focused on mechanisms to deal with the deficit and debt.”

The former finance minister urged the government to focus on a “larger target” than simply tackling its debt and deficit woes, and

The Bahamas’ delegation comprised Captain Dwain Hutchinson, the Bahamas Maritime Authority’s (BMA) acting managing director and chief executive; Katie Clarke, the BMA’s Nassau branch manager; and Commander Raymond King, acting port controller.

The meeting’s theme was Maritime transportation: Harnessing the Blue Economy for the sustainable development of the Caribbean. The ministerial symposium was to update policymakers on challenges

Caribbean countries face in preserving the marine environment, and strategies to help them meet their IMO obligations to protect it as well as liability and compensation instruments.

The IMO secretary-general, Kitack Lim, highlighted the organisation’s commitment to the United Nations Sustainable Development Goals (SDG), especially the 14th - “Life below the waters - conserve and sustainably use the oceans, seas and marine resources for sustainable development”.

Delegates were also reminded that the Blue Economy extended beyond maritime transport, as its economic benefit and environmental impact also affects tourism, fisheries and agriculture.

The meeting adopted a resolution reaffirming the Caribbean ministers’ commitment to regional support and co-operation that accounts for the Blue Economy when assessing the long term sustainability of the Caribbean Sea.

said it needed to consider the medium and long-term effects of its policy actions - especially those that

impacted job creation and economic growth.

“On several occasions I pointed out it’s possible to

have a balanced budget with 20 percent unemployment and no growth, and that’s not desirable,” he added.

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PAGE 6, Thursday, February 28, 2019

Opposition: Govt all ‘head, no heart’ FROM PAGE FOUR an even greater shortfall and the deficit predictions will be missed.

“Now they will seek to further starve capital expenditure that will help Bahamian contractors and small to medium-sized business owners. In the meantime vendors, cannot get paid and schools remain in disrepair.”

Mr Cooper also asserted that any economic growth was only as a result of projects brought on stream by the former Christie administration. “The potential projected GDP growth, while good news - and while it has little or nothing to do with this administration - we restate that it matters not if Bahamians cannot feel the growth in their lives and pockets. The foundation of this growth is PLP projects, mainly Baha Mar and the Pointe,” he added.

Mr Cooper also fired back against criticisms over

the “mountain of arrears” inherited by the Minnis administration, saying: “We are in year two of this administration. We’re not going to encourage deflections from this administration’s management, or lack thereof, of the economy.

“We want to talk about the current state of affairs, the borrowings they did since they came to office; how they dismantled the Revenue Enhancement Unit; said that they didn’t, and now say that they are going to put it back in place during the second half of the year.

We’re concerned about the inconsistencies. We’re more concerned about the revenue shortfall we see as a result of putting aside good initiatives that the PLP left in the pipeline.”

K Peter Turnquest, deputy prime minister and minister of finance, yesterday said the fiscal deficit contracted by 31 percent or $78.7m to $175.3m during the first half of the year.

THE TRIBUNE

Govt $185m ‘short’ but will beat deficit FROM PAGE ONE percent short of budget predictions.

This amounts to a $185.43m undershoot of the initial $2.649bn target, this newspaper has calculated, although Mr Turnquest implied that the VAT rate hike and other tax measures had still produced their desired effect because fullyear recurrent revenues will be more than $400m ahead of 2017-2018.

However, he confirmed long-standing predictions that VAT collections will be “somewhat under the budget forecast” for 2018-2019 as a result of the transition period granted to the likes of hotels and contractors, which enabled them to honour reservations and contracts

that were in effect prior to the budget at the former 7.5 percent rate.

Mr Turnquest added that the revised web shop taxation structure, which has reduced the “sliding scale” levy from six to two lower rates, and the switch to taxing patrons on their winnings rather than deposits and ticket sales, was forecast to reduce the government’s tax take from the sector by $18m compared to initial estimates.

And he revealed there will be a “dip” in the $80m that was forecast to be collected via enhanced compliance/enforcement due to the delayed creation of the Revenue Enhancement Unit, which is supposed to target tax evasion relating to VAT, business licence fees, stamp duty and real property tax.

The deputy prime minister did not provide a figure for the projected VAT shortfall, although based on the total undershoot and the losses relating to web shops and the Revenue Enhancement Unit - this is likely to be around $90m or half of the $185m.

“All told, we now estimate that revenues will fall short of the budget projection by some seven percent, but still come in some $400m higher than the last fiscal year,” Mr Turnquest told the House of Assembly.

However, he said “significant expenditure restraint” had kept the government on course to hit the $237.6m full-year deficit target, equivalent to 1.8 percent of Bahamian GDP, as mandated by the Fiscal Responsibility Act’s goals.

“Based on expenditure trends in the first half of the fiscal year, it is now estimated that both recurrent and capital expenditure will come in somewhat lower than had been projected at the time of the 2018-2019 budget,” Mr Turnquest said. “That, in large measure, reflects the government’s dedicated commitment to stringent expenditure restraint.

“Accordingly, recurrent expenditure is now projected at a level some five

percent below the budget forecast. Capital expenditure was particularly subdued in the first half of the fiscal year but, with our commitment to significantly invest in new and modern public infrastructure, we expect the pace of spending in this area to pick up appreciably in the second half of the year. The estimated outturn for capital expenditure is nonetheless now expected to come in below the amount budgeted for the entire year.”

The deputy prime minister did not produce a revised full-year estimate for capital spending, which was initially forecast to total just under $300m. Just $86.949m, or less than onethird of this sum, had been spent at the fiscal mid-year point of end-December 2018 - thus giving the government enough room to increase this and still come in under projections.

Confident that spending controls will offset the revenue shortfall, Mr Turnquest said: “With the fiscal outturn in the first half and projected developments in the second half, we now foresee a fiscal deficit in 2018-2019 slightly under the budget forecast by some $5-10m. Thus we project presently a budget deficit of somewhere near $230m, which means we remain firmly on target.”

A further indication of the government’s optimism that it will not be thrown off-target comes from the fact that no new borrowing measures, above and beyond what was approved in May’s budget, were unveiled in the House of Assembly yesterday.

Pledging to maintain the Minnis administration’s cost-cutting focus, Mr Turnquest said it was “taking a hard look” at all government programmes and services “to see where we can cut spending, enhance value for money, improve services to make them more efficient and effective, and identify savings and reallocations to accommodate higher priority policy objectives”.

He added that

the Ministry of Finance was poised to take its regular monthly meetings with government agencies a step further by “mandating the creation of monthly spending plans by agencies, so as to foster proper financial planning and cash management, and minimise the accumulation of further arrears”.

Mr Turnquest added that the government was continuing to work on a Public Debt Management Bill to improve governance of its existing $8bn-plus national debt, and ensure its “prudent management”.

This, he said, will lead to the creation of a Public Debt Management Office within the Ministry of Finance and, under it, a Public Debt Management Unit to co-ordinate strategy for minimising The Bahamas’ debt servicing costs.

“This development will eradicate the past practice of inefficiently managing the country’s debt portfolio, and will instead create a framework for actively managing the country’s debt, with the aim of achieving the overarching goal of the Fiscal Responsibility Act of reducing the debt-to-GDP ratio to a more sustainable level,” Mr Turnquest told the House.

He added that the government was also set to complete its transition to its new chart of accounts by July 1 this year, bringing it more into line with international standards and setting the stage for accrual-based accounting come 2022.

“Last May, this government accepted the difficult decision of raising taxes and the tax burden on Bahamians,” the deputy prime minister said. “We did this knowing full well the political consequences and the harsh criticism that the government would face, even from our own side.

“We realised that this sacrifice asked of Bahamians was not the politically popular thing to do, but it was the right thing to do. It was the right thing to do.”

THE TRIBUNE

Thursday, February 28, 2019, PAGE 7

‘Phenomenal’ if lower deficit forecast holds FROM PAGE ONE restraint” that will cut the government’s fixed costs by $130m or five percent compared to budget projections, enabling it to maintain a recurrent surplus.

Mr Myers praised such cut backs, in the face of revenue shortages, as “the responsible and accountable thing to do” in preventing the addition of further “red ink” to the already $8bnplus national debt.

Acknowledging that “you’re not going to build Rome overnight”, the ORG chief said the government now needed to both deliver on its 2018-2019 targets and convert this into a “sustainable trajectory” over the next three to four years.

Doing so, Mr Myers added, would revive trust in the government’s fiscal management and create the “massive increase in consumer, investor and business confidence” required to drive higher Bahamian gross domestic product (GDP) growth and end double-digit unemployment.

Already seeing positive signs, Mr Myers revealed that he is “walking the walk” by taking the risk of incorporating a new business within the past week.

“I don’t do that if we’re going south; only if we’re going north,” he told Tribune Business.

Describing Mr Turnquest’s deficit-beating expectation as “very encouraging”, the ORG chief said the explanation provided for the major revenue shortfall was credible.

The deputy prime minister blamed the

under-performance on a combination of VAT lags, the web shop taxation settlement and delayed creation of a Revenue Enhancement Unit that was projected to generate $80m this fiscal year.

Mr Myers said the VAT transition periods granted to the hotel and construction industries, in particular, so that reservations and contracts in existence prior to last May’s budget could be honoured at the old 7.5 percent rate would have had a “significant” impact.

“It’s not small numbers,” he said. “From 7.5 percent to 12 percent, that 4.5 percentage points is not a small number when you look at the balance of work remaining on those contracts. When I think about hotels and construction they’re easily in the top three industries in the country.

“You’re always going to have shortfalls in budgeted revenue. You’re taking your best crack at it in the budget. You’re taking your best guess-estimate. What’s important is to be responsible and accountable enough when you see that shortfall.

When there’s a shortfall in revenue you’ve got to cut back on expenditure; that’s the responsible and accountable thing to do.

They’re doing that.”

Voicing optimism that the government is in the early stages of placing the public finances on “a great trajectory”, Mr Myers added: “You’re not going to build Rome overnight; it takes time.

“You’ve now got to do this sustainably over the

next three-four years, and you will see a massive increase in investor confidence and business confidence. If we can sustain that trajectory and results over a sustained period of time you’re going to have a very positive effect on confidence.

“Obviously you want to eliminate the deficit altogether, but if you can keep beating these targets and get more accountability from the public sector, lowering the deficit and continuing to lower the deficit, you’re making progress.”

Mr Turnquest yesterday said 2019 and last year marked the first time in 12 years that The Bahamas is projected to enjoy consecutive years of GDP growth higher than two percent.

Concurring, Mr Myers added: “If you look at the last ten years we’ve had indicators going in the wrong direction, and now we have indicators in the right direction. It’s a good thing; it’s taken time, and it’s positive. If we improve these things you will see a rising tide lifts all boats.

“If we increase efficiency and accountability within government; reduce the deficit and balance the budget; get rid of loss-making stateowned enterprises (SOEs); get rid of tax cheats, investor and business confidence are only going to increase and that’s how you get economic growth.

“These things are explicitly linked. That’s how you get GDP growth, and that’s going to help everybody.

If, over the next ten years, we move to annual GDP

growth of five to 5.5 percent we are rocking and rolling. It may take that long, but that’s the right trajectory. These little signs are so important that we get it right and move in the right direction.”

Mr Myers argued that such positive messages would be picked up by the likes of the International Monetary Fund (IMF), Inter-American Development Bank (IDB), World Bank and the credit rating agencies, further bolstering confidence in The Bahamas and its fiscal and economic prospects.

“When that confidence comes in, that’s what will pole vault you out of this negative trajectory,” he told Tribune Business. “We get this right and we can easily move from 2.1-2.3 percent growth to three percent in a year; a whole one percentage point increase in GDP just because business, consumer and investor confidence has improved so much.

“People realise they can do business efficiently and effectively in this country.

One or two large projects will make a massive difference and local businesses feed off that. People start spending their money, take it off fixed deposit and start training and hiring people, bringing in more goods.

“They get excited about that coming growth. Good news feeds off good news.

People get excited about that and look for ways to invest. I’m walking the walk. I see positive signs and have said: OK, I can look at this business. I just incorporated a business last week, another one. I don’t do that if things are going south; only if they’re

going north,” Mr Myers continued.

“If the signs are going north I invest in opportunity and growth. If they’re going south, I’m not doing anything. If they’re being fiscally irresponsible, what the hell? I’m not going to throw good money after bad.

“That’s why it’s important to have transparency, accountability and get rid of corruption because it does make a difference to investors like myself and consumers. You’re not going to buy a home, build a home, buy a car, build a home extension if you think the economy is going to collapse.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SHARRICKA ROBERTS and ZUHLEKA NABBIE, of the Eastern District of the Island of New Providence, parents of SHALICIA ANGEL ROLLE, a minor, intends to change her name to SHALICIA ANGEL JOHNSON. 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.

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PAGE 8, Thursday, February 28, 2019

THE TRIBUNE

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

T

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

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

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

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

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

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

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

BENEFITS

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

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

THE TRIBUNE

Thursday, February 28, 2019, PAGE 9

Top official eyes ‘promising’ rich revenue quarter FROM PAGE ONE deficit - measuring by how much government spending exceeds revenues - will come in better than initially forecast.

He predicted that it would finish the year around $230m, some $5m$10m better than the initially forecast $237.6m, as a result of “significant expenditure restraint” that will compensate - and offset - a projected seven percent, or $185.43m, revenue shortfall compared to the May budget’s projections.

The government is predicting that recurrent spending, which covers its fixed costs such as civil service salaries, benefits and rents, will be held five percent or $130m below initial forecasts, thus enabling it to produce the promised recurrent surplus.

“The game plan has been to manage the expenditure growth so that we maintain the overall fiscal targets,” Mr Johnson told Tribune

Business. “That’s why the deputy prime minister is able to speak with some measure of confidence that we’re on track.

“Revenue is off for the reasons outlined, but expenditure is staying fairly well contained so that the government can meet its deficit targets. We’re actively managing expenditure, planned expenditure and expenditure growth, and when there’s the opportunity to do so we will make sure we scrutinise expenditure - especially large expenditure items.”

Mr Johnson said he had seen no sign that the government’s “stringent” spending regime had forced major cutbacks, or negatively impacted the delivery of public services, saying: “As in the case of business licences we’re trying to optimise how we do business so we do more with the same resources, but there’s been no cut back in any capital works plan.

“We’ve been able to keep

people on budget. We’ve started regular budget meetings with agencies. The policy has been to manage expenditure controls, meet with agencies and ensure they stay in line with budget policies, and that’s helped quite a bit.”

Mr Johnson said the Revenue Enhancement Unit (REU), whose delayed creation could cost the government up to $80m in projected revenues this fiscal year, was set to be “imminently” established in March.

He added that the Public Financial Management Bill was “still in its nascent stage”, and said: “It’s an extremely comprehensive bill. It is intended to replace eventually the Financial Administration and Audit Act. “It will really modernise and bring standards to public sector financial management in line with best international practices.

That will take some time.”

Mr Johnson said a second

round of consultations among senior civil servants on the bill was set to take place prior to its presentation to ministers, and then it will be released for wider public assessment.

The acting financial secretary said the government’s plans to evaluate, then overhaul, oversight of state-owned enterprises (SOEs) that will receive nearly $400m in taxpayer subsidies this fiscal year will be a three-phase project that starts in March and

lasts 18 months.

Emphasising that it was intended to put SOEs in a position to meet the government’s demands for “cost recovery” and “value for money”, Mr Johnson said: “As the government would have said, to remain within the parameters of any fiscal policy it’s important to have a clear understanding of how money is being spent.

“We want to optimise the tax dollars. It’s important to get government agencies to the point, not

just SOEs, of providing information to show they’re efficiently meeting their mandate. This is value for money, measuring value and making use of technology in the delivery of public services.

“We want to get to a benchmark, and use empirical numbers, so we have a basis where we can compare them, set some performance indicators and measure them in an empirical way.”

PAGE 10, Thursday, February 28, 2019

THE TRIBUNE

IN TOBACCO STATE, STUDENTS TESTIFY ABOUT YOUNGSTERS’ VAPING FRANKFORT, Ky. (AP) — Twelve-yearold Hannah Piedad first

encountered vaping — an electronic form of smoking — at a New Year’s party. It

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NOTICE The Following Pensioners/Beneficaries are asked to please contact the

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FIRST NAME

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Deandre Richard Jr. Ethelyn Paulette Tiffany Margaret O’Mando Lillian Melvese Stephen Errol Dorothy Lisa Mary Petra Katis Shirley Leoma Sylvia Arimintha Arthur Eudean Judy Ryan Marie Althea Orlean Harrison Deborah Geoffrey Naomi Una Viola Willamae Anita Verneta Marva Carol Malrie Conrad Jonathan Sheila Myrtle Daphine Jean Lyndera Christeana Isaac Jack Juliean Miriam Rudolph Terecita Gerlene Leeandra Bloneva Helen Lorenzo Donna Annabelle Marie Kathleen Gleadena Berel Joycelyn Annie Carra mae Mavis Mary Kevon Carlton Rhona Paula Levern Deanne

Adderley Albury Anthony Aranha Archer Armbrister Bastian Bethel Bethel Bethel Bodie Bowe Bowe Bowe Brice Brown Brown Burke Butler Cambridge Cambridge Carlton Carter Cartwright Charlow Clarke Clarke Coakley Collie-Hanna Cooper Cooper Cooper Cooper Cooper Curry Curry Curtis-Sands Dames Darling Darville Davis Demeritte Deveaux Deveaux Dorvil Duncanson Edgecombe Ferguson Ferguson Ferguson Ferguson Ferguson Ferguson Ferguson Finlayson Flowers Forbes Forbes Francis-Ferguson Gibson Gibson Grant Green Green Greene Hall Hamilton Hanna Hepburn Higgs Higgs Hinzie Hunt-Saunders Johnson Jones

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King King Knowles Knowles Laing Lewis Lightbourne Lightbourne Lord Major Major Major McKenzie McPhee McPhee McPhee Miller Miller Miller Missick Morley Moss Moss Munroe Munroe Munroe Newry Newton-Horton Noel Noel Robins Robinson Roker Roker Rolle Rolle Rolle Rolle Rolle Rolle Rolle Rolle-Bodie Rolle-Storr Russell Sands Saunders Saunders Saunders Sherman Smith Smith Smith Solomon Stewart Stuart Stuart Stubbs Stubbs Swain Symonette Taylor Thompson-Higgs Tinker Toote Turnquest Turnquest Tynes Tynes Watson Whyms Whymss-Johnson Williams Williams Williams Woodside

was the smell that got her attention.

“I was intrigued because it smelled just like maple syrup,” she said.

Now the student at Johnson County Middle School in eastern Kentucky has testified before lawmakers in this tobacco state that e-cigarettes have become commonplace at her school despite a state law requiring a person to be at least 18 to buy them.

Piedad and her classmates told state lawmakers yesterday that they regularly find their peers vaping in the bathroom, with many hiding the products in plain sight. They plug them into their laptops to fool teachers into thinking they just have a USB storage device or they carry them around in water bottles with secret compartments.

“Imagine a whole generation of us, but addicted to nicotine. That is what’s happening all across Kentucky right now,” warned Emily Farler, 13.

The students’ testimony before the Kentucky Senate Health and Welfare Committee highlights a challenge for tobacco companies, which have bet

their future on e-cigarettes and other vaping products.

But those products have drawn the scrutiny of federal regulators, who blame their flavored varieties for appealing to children and halting what had been a steady decline of youth smoking rates.

Altria, one of the world’s largest tobacco companies, has purchased a nearly $13bn stake in Juul Labs, one of the leading makers of e-cigarettes. Recently, those companies have been trying to persuade state legislatures across the country to raise the tobacco age to 21 in an effort to address concerns by the Food and Drug Administration. Similar proposals have been filed in Tennessee, Delaware and Arkansas. And last week, Virginia became the seventh state to raise the tobacco age to 21.

But lawmakers in Kentucky, one of the country’s largest tobacco-producing states, rejected a similar effort on Monday. Republican state Sen Stan Humphries, who is a tobacco farmer, declared just before that vote that “tobacco is still king”.

THE TRIBUNE

Thursday, February 28, 2019, PAGE 11

UK lawmakers vote to hold prime minister to Brexit promises LONDON Associated Press PRIME Minister Theresa May insisted yesterday that Britain will leave the European Union on schedule next month, amid signs that her promise to give Parliament a vote on delaying Brexit was boosting support for her unpopular EU divorce deal.

May has bowed to pressure from within her Conservative government and given Parliament the chance to delay Britain’s scheduled March 29 departure if lawmakers fail to approve her divorce agreement with the bloc.

The change of course was welcomed by pro-EU members of Britain’s divided Parliament, who sought further guarantees the government would not try to renege on May’s commitment. Lawmakers in the House of Commons voted 502-20 in favour of a symbolic motion underscoring May’s promise.

Some pro-Brexit lawmakers, who fear delaying Brexit day could be used to

BRITAIN’s Prime Minister Theresa May speaks to lawmakers in parliament, London, yesterday. May insisted yesterday that Britain will leave the European Union on schedule next month, amid signs that her promise to give Parliament a vote on delaying Brexit was boosting support for her unpopular EU divorce deal. try to stop Britain’s withdrawal altogether, abstained from the vote.

On Tuesday, May gave Parliament a greater say over Brexit to forestall a rebellion by pro-EU members of her government, who threatened to quit and vote with the opposition in order to rule out a

disruptive “no-deal” Brexit.

She said Parliament will get to vote again on her deal with the EU by March 12.

If it is rejected, lawmakers will then vote on whether to leave the EU without an agreement or seek to postpone Brexit by up to three months.

May stressed that she

personally opposes extending the Brexit deadline, and said “the United Kingdom remains on course to leave the European Union with a deal” if lawmakers “hold their nerve”. Writing in the Daily Mail, May said talks with the EU about securing changes to the divorce deal to make it more palatable to Parliament have “begun to bear fruit”.

The House of Commons rejected May’s deal with the EU by a huge margin last month — largely over concerns about a provision to guarantee an open border between the UK’s Northern Ireland and EU member Ireland — and sent May back to Brussels to get changes.

The EU is adamant that the legally binding withdrawal agreement can’t be changed, though the bloc’s negotiators are holding talks with UK Attorney General Geoffrey Cox about potential tweaks or additions to reassure pro-Brexit British lawmakers that the border “backstop” is only a temporary measure.

May is calculating that the prospect of a delay may

persuade pro-Brexit lawmakers to support her deal despite their reservations.

Many Brexiteers feel the Irish backstop portion of the deal keeps the UK bound closely to EU trade rules, unable to strike new agreements around the world.

Brexit-backing Conservative lawmaker Edward Leigh said yesterday that colleagues should back the agreement because “the choice is no longer perhaps between an imperfect deal and no deal — it is between an imperfect deal and no Brexit”.

Lawmakers rejected a bid yesterday by the main opposition Labour Party to force the government to embrace its alternative Brexit plan, which calls for retaining close ties with the EU. Labour has said if it can’t get its plan through Parliament, it will campaign for a second referendum on Britain’s EU membership.

The government caved in on a vote it looked set to lose, agreeing to guarantee the rights of EU citizens living in Britain whether or not the UK leaves the bloc without a Brexit deal.

“That such an amendment is needed is in itself a very sad state of affairs,” said Alberto Costa, the Conservative lawmaker behind the motion. He said 3 million EU citizens in Britain and one million UK citizens in other EU countries “should never have been used as a bargaining chip”.

British businesses welcomed the prospect of a

Brexit delay. They warn that without a deal, Britain risks a chaotic departure that could disrupt trade between the UK and the EU, its biggest trading partner.

Confederation of British Industry head Carolyn Fairbairn said leaving without a deal would be “a wrecking ball on our economy” and giving the option to delay “feels like an option on sanity”.

Delaying Brexit would require approval from all 27 other EU countries, whose leaders are annoyed by what they see as the inability of feuding British politicians to agree on what kind of relationship the UK wants with the bloc.

Chief EU Brexit negotiator Michel Barnier said yesterday that there must be clarity that extending negotiations wouldn’t just prolong the impasse facing both sides.

EU politicians say Britain must have a good reason for seeking a pause.

French President Emmanuel Macron said any such request would need to be justified by “a clear perspective on the goal”.

“We don’t need time. We need decisions,” he said at a joint news conference in Paris with German Chancellor Angela Merkel.

Merkel said the EU wouldn’t refuse Britain “a bit more time.”

She said “we are aiming for an orderly solution — an orderly withdrawal by the British from the European Union.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, FLORID SYDNEY SAWEY of #15 Lillian Court, Bahama Reef Yacht and Country Club Subdivision, Freeport, Bahamas intend to change my name to SIDNEY FLOYD MCINTOSH. 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.

Legal Notice NOTICE NOTICE IS HEREBY GIVEN as follows: LYFORD INVESTMENT FUND LTD (SAC) Pursuant to the Provisions of Section 138(8) of the International Business Companies Act 2000 notice is hereby given that the above named Company has been dissolved and struck off the Registrar pursuant to a certificate of Dissolution issued by the Registrar General on 19th day of December, 2018.

PAGE 14, Thursday, February 28, 2019

THE TRIBUNE

Powell says Fed likely to end bond trimming by end of 2019

NOTICE

AJAX HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) AJAX HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

WASHINGTON Associated Press

(b) The dissolution of the said company commenced on the 26th February, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.

FEDERAL Reserve Chairman Jerome Powell said yesterday that the Fed is close to announcing a plan to end the reduction of the size of its massive bond portfolio, which looks likely by the end of the year.

Powell, delivering the Fed’s semiannual monetary report to Congress, faced a number of questions about the bond runoff from members of the House Financial Services Committee.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 28th day of February, A. D. 2019 _________________________________ Bukit Merah Limited Liquidator

The central bank boosted its holdings by more than four-fold in the wake of the 2008 financial crisis and subsequent recession, in an effort to lower long-term interest rates as it looked for unconventional ways to boost economic growth. The Fed’s balance sheet hit a record high of $4.5tn before it began trimming the size of its holdings in October 2017.

The bond purchases, dubbed quantitative easing, were heavily criticised by conservative Republicans who believed the program was giving the central bank too much power over the US economy. But financial markets are now worried that if the Fed reduces its holdings too drastically, it could push long-term interest rates higher, hurting key sectors of the economy such as home building and auto sales.

In his most extensive public comments on the issue, Powell told lawmakers yesterday that the Fed has held three discussions on how to reduce its bond holdings.

“We have worked out the framework of a plan that we hope to be able to announce soon,” Powell said. “It will light the way all the way to the end of the balance sheet normalisation and that will result in the end of asset runoff sometime later this year.”

The Fed’s balance sheet now stands around $4tn.

Powell has said the Fed plans to maintain a larger balance sheet than it did before the financial crisis, but he has not specified what the eventual size will be. Private economists have estimated it could fall to a range of $3tn to $3.5tn.

The balance sheet is currently composed of both Treasury bonds and mortgage-backed securities.

Powell’s prepared testimony before the House panel was identical to

MARKET REPORT WEDNESDAY, 27 FEBRUARY 2019

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

BISX ALL SHARE INDEX: CLOSE 2,058.00 | CHG 0.07 | %CHG 0.00 | YTD -51.45 | YTD% -2.44 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 5.50 1.80 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 LAST CLOSE AML 4.37 APD 17.43 BPF 7.00 BWL 5.39 BOB 1.77 BBL 0.80 CAB 2.28 CIB 9.85 CHL 6.16 CBL 4.29 CBB 10.99 CWCB 2.62 DHS 1.78 EMAB 8.63 FAM 6.40 FBB 14.10 FIN 6.98 FCL 3.05 JSJ 13.85 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

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 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

CLOSE 4.37 17.43 7.00 5.39 1.78 0.80 2.28 9.85 6.16 4.29 10.99 2.63 1.78 8.63 6.40 14.10 6.98 3.05 13.85

CHANGE 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 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

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

5,000

VOLUME

EPS$ 0.147 0.932 -0.306 0.323 0.104 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 25.8 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% 2.28% 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

FEDERAL Reserve Board Chair Jerome Powell testifies before the House Committee on Financial Services hearing on Capitol Hill in Washington, yesterday. Photo: Pablo Martinez Monsivais/AP his remarks on Tuesday before the Senate Banking Committee. He assured lawmakers on both committees that the Fed intended to take a “patient approach” in determining future hikes.

He said he would closely watch emerging risks, including a slowdown in growth in China, Europe and elsewhere, and a severe bout of instability that hit the stock market in the final three months of last year.

The Fed in January left rates unchanged in a range of 2.25 percent to 2.5 percent. It signaled that it was ready to take a pause in a rate-hike campaign that saw the Fed boosting rates four times in 2018.

The Fed in December projected that it could raise rates two times in 2019. But many private economists believe the central bank may keep rates unchanged all year, reflecting expectations

that the economy will slow significantly.

Powell told lawmakers that the Fed is making its decisions on interest rates based on “our best thinking” and not political considerations.

That comment came in response to a question from Rep Al Green, D-Texas, who noted that President Donald Trump had attacked the Fed’s interest rate decisions repeatedly last year.

Trump charged that the Fed’s string of rate hikes had triggered the big declines in stock prices and were a mistake because inflation was not a threat.

Powell told Green that the Fed was setting monetary policy “based on our best thinking and not political considerations”. He said that the Fed’s culture to keep political pressures from influencing policy decisions “was a strong one”.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, KIRK DARRON TUCKER of #7 West Mall Drive, Freeport, Bahamas intend to change my name to KIRK DARRON DELANCY. 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 MARTHE ROSE ALEXIS of Olde Corner off East Street, 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 21st day of February 2019 to the Minister Responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Thursday, February 28, 2019, PAGE 15

CANADA EX-ATTORNEY: GOVERNMENT TRIED TO INTERFERE IN CASE TORONTO Associated Press CANADA’S former attorney general testified yesterday she experienced a consistent and sustained effort by many people in Prime Minister Justin Trudeau’s government to inappropriately interfere in the prosecution of a major Canadian engineering company and said the effort included “veiled threats”.

Ex-justice minister and ex-attorney general Jody Wilson-Raybould said 11 people tried to interfere in her prosecutorial discretion.

In a meeting with Trudeau, the prime minister raised the issue and asked her to “help out” with the case, she said.

Wilson-Raybould said she asked Trudeau if he was politically interfering with her role as attorney general and told him she would strongly advise against it.

“No, no, no. We just need a find a solution,” she said Trudeau responded.

She said Trudeau told her that if Montreal-based SNC-Lavalin didn’t get a deferred prosecution there would be jobs lost and the company would move its headquarters from Montreal to London. Wilson-Raybould said she was “barraged” and subjected to “hounding” by members of the government.

Trudeau’s government has been on the defensive since the Globe and Mail newspaper reported Feb 7 that Trudeau or his staff pressured her to try to avoid a criminal prosecution of SNC-Lavalin over allegations of corruption involving government contracts in Libya. Critics say that would

CANADA’s former Attorney General Jody Wilson-Raybould appears to testify in front of the House of Commons Justice Committee on Parliament Hill in Ottawa, yesterday. Wilson-Raybould said she experienced a consistent and sustained effort by many people in Prime Minister Justin Trudeau’s government to inappropriately interfere in the prosecution of a Montreal engineering giant SNCLavalin and says it included “veiled threats”. be improper political meddling in a legal case.

“For a period of approximately four months, between September and December of 2018, I experienced a consistent and sustained effort by many people within the government to seek to politically interfere in the exercise of prosecutorial discretion in my role as the attorney general of Canada,” she told a Parliament justice committee.

The scandal has been a significant blow to Trudeau, who is facing an election this year.

Gerald Butts, Trudeau’s closet adviser, resigned last week but denied that he or anyone else pressured Wilson-Raybould. Michael Wernick, the top civil servant in the government, has also said that no inappropriate pressure was put on Wilson-Raybould and that Trudeau repeatedly assured Wilson-Raybould the

decision on the SNC-Lavalin prosecution was hers alone.

Wilson-Raybould resigned from the Cabinet on Feb 12 as veteran affairs minister but gave no reasons. She had been demoted from justice minister last month, and was furious, releasing a 2,000word statement after that.

“I was concerned I was shuffled because of a decision I would not take with SNC, I raised those concerns with the PM,” she said. “Those concerns were denied.”

Wilson-Raybould said she would have resigned from Cabinet earlier if the government had overridden her and instructed the public prosecutor to begin negotiations on a settlement.

The Globe and Mail’s report this month said Trudeau’s office pressured her to instruct the director of public prosecutions to negotiate a remediation agreement with

SNC-Lavalin. The agreement would have allowed

the company to pay reparations but avoid a criminal trial on charges of corruption and bribery.

If convicted criminally, the company would be banned from receiving any federal government business for a decade. SNC-Lavalin is a major employer in Quebec, with about 3,400 employees in the province, 9,000 employees in Canada and more than 50,000 worldwide.

“It’s OK to talk about job losses. It’s OK to talk about it in initial conversations but when those topics continue to be brought up after there is a clear awareness that a decision has been made it becomes inappropriate,” Wilson-Raybould said.

Asked if she has confidence in Trudeau, Wilson-Raybould paused for some time and did not say yes.

“I’ll say this ... I resigned from Cabinet because I did not have confidence to sit around the Cabinet table,” she said.

Wilson-Raybould remains a member of Trudeau’s Liberal party in Parliament. A spokeswoman for the prime minister said he will speak later in Montreal.

Daniel Beland, a political science professor at McGill university, said Wilson-Raybould’s testimony is very bad for Trudeau and threatens his re-election changes this fall.

“Her testimony was both detailed and credible.

She also implicated a lot of people, from top advisers and the most powerful civil servant in the country to the prime minister and the finance minister, Bill Morneau,” Beland said.

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT COMMON LAW AND EQUITY DIVISION

2014 CLE/Qui/01039

IN THE MATTER of the Quieting Titles Act, 1959 AND IN THE MATTER OF ALL THAT parcel of land being Lot Number 5 in Block Number 305 in the “Grants Town” comprising 22539 square feet situate on the Southern Side of Fleming Street approximately 109 feet East of Blue Hill Road in the Southern District of the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas.

AND IN THE MATTER of the PETITION OF KRANSTON KEY, VERNA BROWN, GERARD BROWN, WENDALL PEDICAN, JOHN ADDERLEY, ANTHONY HARRIS, DENICE BLACK and TARIANO ADDERLEY, ANYA M. JASMIN, SHANDO JOHNSON and ELLAMAE EVANS AND SHARON WHYLLY NOTICE OF ADVERSE CLAIM TAKE NOTICE THAT KRANSTON KEY, VERNA BROWN, GERARD BROWN, WENDALL PEDICAN, JOHN ADDERLEY, ANTHONY HARRIS, DENICE BLACK and TARIANO ADDERLEY, ANYA M. JASMIN, SHANDO JOHNSON and ELLAMAE EVANS AND SHARON WHYLLY of Grants Town, Fleming Street, Nassau, NP, Bahamas, claims to be the owner of the fee simple estate in possession of the tract of land herein before described free from encumbrances.

AND the Petitioners have made application to the Supreme Court of The Bahamas under Section # of The Quieting Titles Acts, 1959 to have her title to the said tract of land investigated and the declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. NOTICE IS HEREBY GIVEN that any person having Dower or a Right Dower or an Adverse Claim or a claim not recognized in the Petition, which was filed in the Registry of the Supreme Court on the 14th of July, 2014, shall, on or before Friday the 25th of April, 2019, file in the Supreme Court and serve on the Petition Attorney at the address below a statement of his/her statement of his/her claim in the prescribed form verified by a Affidavit to be filed there with. Failure of any such person to file and serve a statement of his/her Claim on or before Friday, the 25th day of April, A.D. 2019 will operate as a bar to such Claim Petitioner’s Attorney at the address below.

AND FURTHER TAKE NOTICE that copies of the Plan was filed in the Supreme Court on the 14th day of February, 2019 and may be inspected at the Registry of the Supreme Court situate at the Ground Floor of the British American Building, Malborough Street (Annex), Nassau, The Bahamas and at the office of the Petition’s attorneys below.

DATED this 14th day of February, A.D. 2019 DULWICH LAW CHAMBERS 2nd Floor, Destiny Plaza #86 Farrington Road Nassau, The Bahamas

PAGE 16, Thursday, February 28, 2019

THE TRIBUNE

Southwest gets FAA OK for flights to Hawaii from California

DALLAS As soc iated Pres s The Federal Aviation Administration said

yesterday it has granted Southwest Airlines approval to begin flights between California and Hawaii, capping the airline’s effort to extend its reach 2,400 miles (3,800 kilometers) across the Pacific.

The Dallas-based airline’s chief operating officer, Mike Van de Ven, said Southwest will announce timing for selling tickets and beginning flights in the coming days.

The FAA will increase oversight of Southwest for the first six months, an agency spokesman said, adding that the additional monitoring is standard practice.

Southwest plans to launch flights to four of the Hawaiian islands, including Oahu, where Honolulu is located. It will fly from four cities in California: San Jose,

Oakland, Sacramento and San Diego.

CEO Gary Kelly has left open the option of adding flights between islands, which would encroach on markets dominated by Hawaiian Airlines.

Southwest needed FAA certification of its ability to operate long, over-water flights with twin-engine jets where the options for emergency landings are few. In recent weeks Southwest has operated several test flights with FAA personnel on board to monitor such things as navigation and communications.

Southwest hoped to begin selling Hawaii tickets last year, but that had slipped even before the 35-day partial government shutdown, which began in late December and resulted in the furlough of thousands of FAA employees.

The beautiful, luxury 5 star cove resort in Gregory Town Eleuthera is presently looking for trained and experience personal to commence the following work positions immediately.

*Food And Beverage Manager *Restaurant Manager *Assistant Food And Beverage Manager Bachelor’s Degree from four–Year College or Bachelo University: or equivalent related work related experience and/or training. Prior food and Beverage Management experience and simular preferred.

Preper 3+ Years’ prior supervisory skills and hotel/resort food and beverage operations experience. Must have strong organizational skills, excellent written and verbal communication skills and be able to perform and prioritize multiple tasks with ease. Computer skills required, strong guest and team member relation skills.

Must maintain current food handlers certification.

Please contact the human resources department at telephone number 242-335-5141-3, or send resume to email address Amunroe@Thecoveeleuthera.com

PAGE 18, Thursday, February 28, 2019

THE TRIBUNE COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

2018 CLE/gen/00897

Common Law and Equity Division IN THE MATTER of an Indenture of Mortgage dated the 24th day of May, 2001 and made between Lesley Joseph as Borrower and FirstCaribbean International Bank (Bahamas) Limited (formerly CIBC Bahamas Limited) as Lender AND IN THE MATTER of the Conveyancing and Law of Property Act, Chapter 138 of the Revised Statute Laws of the Commonwealth of The Bahamas.

BETWEEN FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED Plaintiff AND LESLEY JOSEPH

Defendant

To: Lesley Joseph.

Last known address of Sir Lynden Pindling Estates, New Providence.

ADVERTISEMENT OF SERVICE OF THE ORIGINATING SUMMONS TAKE NOTICE that an action has been commenced against you in the Supreme Court, Common Law and Equity Division, Action No. 2018/CLE/gen/00897 in which the Plaintiff, FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED, has issued an Originating Summons filed on the 3rd day of August, 2018 and the supporting Affidavit of Garth McDonald filed on the 3rd day of August, 2018 seeking the following orders: 1.

delivery up of possession of ALL THAT piece parcel or lot of land being Lot Number 2853 of Sir Lynden Pindling Estates Subdivision in the Southern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas; and

2.

judgment in the sum of $126,062.50 being combined principal and interest due as of the 17th July, 2018 with interest continuing to accrue at the contractual rate of 7.25% per annum.

TAKE FURTHER NOTICE that upon application by Mr. Christopher Francis of Counsel for the Plaintiff on the 29th day of January, 2019 it was ordered by Mrs. Carol Misiewicz, Deputy Registrar of the Supreme Court, that the service of the aforesaid Originating Summons (and the aforesaid Affidavit in support) in the said action be effected on you by way of this advertisement. The said Affidavit of Garth McDonald can be collected from the Chambers of the Plaintiff’s Attorneys as set out below.

AND TAKE FURTHER NOTICE that you must within fourteen (14) days from the publication of this advertisement, inclusive of the day of such publication, enter an appearance to this action, otherwise Judgment may be entered against you as the Court may think just.

DATED this 1st day of February, A.D., 2019 BAYCOURT CHAMBERS Cumberland House 15 Cumberland and Duke Streets Nassau, The Bahamas Attorneys for the Plaintiff