03062020 BUSINESS

business@tribunemedia.net

FRIDAY, MARCH 6, 2020

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Investor ‘comfort’ delays BPL bond

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

B

AHAMAS Power & Light’s (BPL) mammoth refinancing has been further delayed by the need to alter its enabling legislation to better protect investors, a Cabinet minister revealed yesterday.

Desmond Bannister, minister of works, disclosed to Tribune Business that The Bahamas must make “one or two small tweaks” to the Electricity Rate Reduction Bond Act that was passed by Parliament in late

A CABINET minister yesterday told Bahamians to “stop focusing on the peanuts” as he revealed that the cruise lines’ Freeport projects will generate $63m in annual taxes from just one revenue stream.

Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that it was “impossible to put a negative spin” on the Grand Lucayan’s sale to the ITM/ Royal Caribbean joint venture as he pushed back hard against the deal’s critics.

Pointing to the 2.5m extra cruise passengers that this partnership will bring to Freeport Harbour annually, Mr D’Aguilar said when combined with the 1m visitors that Carnival plans to bring to its Grand Port, and multiplied by the $18 per

DESMOND BANNISTER

2019 in response to global capital markets feedback.

Admitting that “this is totally new territory for us”, Mr Bannister signalled that major institutions wanted greater comfort - given that the upcoming BPL bond issue will not be backed by a Bahamian government guarantee - before they would be prepared to invest their clients’ capital.

Mr Bannister, while not

giving more details on the proposed changes, said the Attorney General’s Office was working on their drafting and that they should be presented to Parliament for its approval “very soon”.

He also disclosed that the total sum sought to refinance BPL “may be less” than the $580m figure previously given.

That

SEE PAGE 4

• Minister: Single stream offsets Lucayan cost • Adds: ‘You can’t be negative about this deal’ • PLP paid Hutchison $20m a year subsidy

DIONISIO D’AGUILAR head departure tax, the government stands to earn an extra $63m annually from this one revenue stream alone.

Mr D’Aguilar, who announced in late 2018 that he had scrapped the long-standing departure tax

US: Bahamas regulators are in denial over gaming risks

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE US government has accused “certain” Bahamian regulators of failing to accept the financial crime risks posed by online gaming and money transmission businesses.

The Trump administration, in its just-released International Narcotics Control Strategy Report (INCSR), did not name the regulators it was referring to but signalled dissatisfaction with the number of money laundering prosecutions and convictions that occurred in this nation during 2019.

Noting that these had “dropped by at least 67 percent” despite the Financial Action Task Force’s (FATF) demand for improvements in this area before it will remove The Bahamas from its surveillance list, the US report - which is submitted to Congress annually - also signalled that the number of suspicious transactions reports (STRs) filed is too low for a financial sector with $400bn in client assets.

And it also zeroed in on what it described as “global money laundering challenges” posed by The Bahamas’ casino and

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Private sector: Coronavirus not in our control

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net PRIVATE sector executives yesterday said there was little they can do to combat the coronavirus outbreak and they will take their lead from the government .

Wesley Ferguson, president of the Bahamas Taxi Cab Union (BTCU), told Tribune Business that while he was “very concerned” about the potential economic fall-out “there is nothing much that we can do within ourselves, because these things are controlled by The Bahamas’ government.

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Bar ethics body’s ‘woeful failure’ in QC reprimand

• Capital markets seek more legal changes • Minister: ‘This is new territory for us’ • Utility may seek less than $580m

‘Stop focusing on the peanuts’: GB deals grow one tax $63m

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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“Preparedness in the event that it happens, what is it we can do or cannot do, this information needs to come from The Bahamas government and they need to take the lead on what is the best way to protect ourselves.”

Mr Ferguson added: “The taxi drivers are at the dock, they are at the hotels, they are at the airports. You have big countries like the United States that still don’t know how to exactly combat this disease. So we are basically marking time and hoping that it doesn’t come here, but the whole point is you know

SEE PAGE 6

rebates previously granted to the cruise line, said this illustrated why Bahamians needed to focus on the employment, economic output and revenue gains that both projects will generate when they begin full operations in 2022.

While the government’s opponents wanted to keep the focus on the Grand Lucayan purchase price and the operating losses sustained by taxpayers during its 18-month ownership, Mr D’Aguilar reiterated that these will be far outweighed by the long-term benefits of what he branded “a bloody good deal”.

And he argued that the operating subsidies incurred

by the Minnis administration were far less than the annual sums paid to the previous owner, Hutchison Whampoa, by the last Christie and Ingraham governments to merely keep the Grand Lucayan open and its workforce employed. These subsidies, the minister said, often amounted to as much as $20m or more per annum.

“A lot of focus has been put on the cost of the transfer, and the cost the government incurred while holding the hotel,” Mr D’Aguilar told Tribune Business. “While that may be news worthy at the moment, more focus needs

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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas Bar Council’s ethics committee has been blasted by the Court of Appeal for “woefully failing” to explain its decision to reprimand a prominent QC. Sir Michael Barnett, the court’s president, in a unanimous verdict ruled that the committee’s inability to provide reasons for its findings against Wayne Munroe QC, pictured, and one of his associates, Donovan Gibson, was “sufficient” by itself to grant the two attorneys’ appeal.

And he found that “natural justice” had been breached because Messrs Munroe and Gibson were not given an opportunity to respond before the ethics committee censured them - a verdict that resulted in the Court of Appeal setting aside the earlier findings against them.

The ethics committee had reprimanded the duo, using the powers available under the Legal Profession Act, after finding they had allegedly breached The Bahamas Bar (Code of Professional Conduct) regulations in their handling of a client’s case.

Millicent Gertrude Smith

had submitted a complaint against Mr Munroe on January 3, 2019, alleging that his law firm had failed to file the necessary documents or appear in court in relation to a matter he was consulted on eight years before.

The late Anthony Smith had approached the wellknown QC about taking legal action against Doctor’s Hospital and Dr Dane Bowe over how they treated his leg injury. The doctor had allegedly left something in his leg and also used “the wrong type of steel” for Mr Smith’s diabetes.

The ethics committee subsequently forwarded the complaint to Mr Munroe on January 7, 2019, seeking his response. The QC replied 14 days later stating that he did not have the file on the case as it had been forwarded to another attorney upon request.

Mr Munroe was ultimately summoned on June 5, 2019, for an “inquisitorial hearing” that took place one month later featuring himself, Mrs Smith, her daughter and sonin-law. Mr Gibson attended even though he was not named in the complaint, yet the committee found he - as well as Mr Munroe - to be at fault and reprimanded the pair of them.

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PAGE 2, Friday, March 6, 2020

THE TRIBUNE

How businesses can combat coronavirus THE coronavirus (Covid19) crisis has reached a critical new phase where businesses need to seriously consider the economic impact the pandemic will have on their bottom line.

While the world focuses on containing and mitigating the disease itself, companies need to chart the way forward to keep their operations economically viable.

Strategies that the business owner can employ include ensuring that the following considerations are made: 1.

Communications: Employees will likely be exposed to conflicting information, and feel anxious or confused about the best course of action. Be sure to communicate policies promptly, clearly and in a balanced manner.

Furthermore, communicate contextual information and the reasoning behind policies, so that employees can deepen their own understanding. This will also help them to take the initiative

While the world focuses on containing and mitigating the disease itself, companies need to chart the way forward to keep their operations economically viable.

in unanticipated situations, such as employee holidays in a restricted location or how to handle international clients.

2.

Employee needs: Restrictions on travel and congregation will trigger employee needs for access to education, health care, daily provisions and the like.

You should anticipate and develop solutions to these issues, and create an information hub where staff can find all the information they need. Many of these needs will be local specific, requiring a multi-tiered approach to decision-making.

3. Travel: Make sure that travel policies are clear in terms of where employees can travel to, and for what reasons. Be clear on all the permissions that are required, and when the policy will be reviewed.

4. Remote work: Be clear on your policies — where they apply, how they will work, and when they will be reviewed. Perhaps this is time to begin clarifying what

work from home looks like in your company.

5. Supply-chain stabilisation: Attempt to stabilise supply chains by using safety stocks, alternative sources, and working with suppliers to solve bottlenecks. Where rapid solutions are not possible, co-develop plans, put in place interim solutions, and communicate strategies to all relevant stakeholders.

With China-based products and services on hold, we all need solutions in the short and long-term.

6. Business tracking and forecasting: It is likely that the crisis will create unpredictable fluctuations. Put in place rapid reporting cycles so that you can understand how your business is being affected, where mitigation is required, and how quickly operations are recovering. A crisis does not imply immunity from performance management goals and, sooner or later, markets will judge which companies managed the challenge most effectively.

IAN FERGUSON BY

7. Being part of the broader solution: As a corporate citizen you should support others in your supply chain, industry, community and even the government. Consider how your business can contribute, be it in health care, communications, food or some other domain. Above all, keep it positive. This, too, shall pass.

• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.

DEVELOPMENT BANK LEADS FARMING REVIVAL THE Bahamas Development Bank (BDB) has teamed with other government and international agencies to revive sheep, goat and pig farming in The Bahamas.

The institution, in a statement, said it has teamed with the Ministry of Agriculture and Marine Resources, and the Caribbean Agriculture Research Development Institute (CARDI), to launch the Small Ruminant

Revitalisation Programme (SRRP). The initiative kicked-off on Tuesday, March 3, with a three-day workshop at the NGM Major High School in Deadman’s Cay, Long Island.

The programme aims to reinvigorate small ruminant (sheep and goat) and pig stocks in The Bahamas by offering both training, and financing, to new and existing farmers. Long Island has been selected

for the launch.

Besides providing fresh meat to Bahamians, the initiative’s objectives for the next five years include improving The Bahamas’ foreign exchange earnings by 2.5 percent through replacing goat, sheep and pig-related imports with home-grown stock.

It aims to expand Family Island economies by one percent annually through establishing five small ruminant and pig

THE DELEGATION from the Bahamas Development Bank included, from left: Ava Strachan, project officer and green economy lead; Stefanie Edgecombe, SRRP project lead; Dave Smith, managing director. farming enterprises, which will support at least ten new jobs on each island. The BDB said the programme also intends to give Family Island youth an opportunity for employment in their own communities, broaden wealth creation via new businesses, and boost food security.

The programme has four interconnected components designed to address the structural and market challenges faced by small farmers. The first, education and training, provides persons with an overview of the industry, programme design and business management. The introductory workshop was hosted by the BDB, CARDI and the Department of Agriculture this week on Long Island.

CARDI and Department of Agriculture certified trainers will provide ongoing technical training, support and supervision for the first five years of the initiative. The second component, establishing programme participants

TAYNIA FARQUHARSON, president of the Long Island Farmers Association, addresses the audience. and their roles’ ensures that that all areas of the value chain are supported through close collaboration between farmers, government inspectors, slaughterhouse/harvesting inspectors, truckers, shippers, and agriculture marketers and brokers.

Government support, the third component, includes policy setting and strengthening institutions along with operational support.

The BDB will provide the fourth component, access to funding, through affordable loans once candidates successfully complete the training and education

element as well as an initial business plan submission and borrowing evaluation.

The funding will help farmers and entrepreneurs secure resources and partnerships that will start their businesses using the SRFP model.

The SRRP was developed as part of the Bahamas Development Bank’s sectoral development approach, which supports emerging industries by directing training, financing and policy support to entrepreneurs in areas of national interest that meet The Bahamas’ sustainable development goals.

New union chief meets minister THE Bahamas Electrical Workers Union’s (BEWU) newly-elected president, Kyle Wilson, paid a courtesy call on Senator Dion Foulkes, minister of labour, on February 24.

He was accompanied by the union’s outgoing president, Paul Maynard.

Pictured from left: Reginald Saunders, acting permanent secretary, Ministry of Labour; Mr Foulkes; Mr Wilson; and Mr Maynard.

Photo: Ministry of Labour.

THE TRIBUNE

Friday, March 6, 2020, PAGE 3

Taxi chief: Cruise line’s PI House committee concerns deal ‘adds insult to injury’ prompt transparency calls

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net ROYAL Caribbean’s planned $50m beach break destination on Paradise Island further “adds insult to injury” for taxi drivers already struggling to earn a living, their union chief said yesterday.

Wesley Ferguson, the Bahamas Taxi Cab Union’s (BTCU) president, in an statement sent to Tribune Business, said: “The BTCU is very concerned over the deal recently signed by the government and Royal Caribbean.

“It is believed to be laden with the potential to negatively affect the already unfair competitive environment under which taxi drivers who operate from the Prince George Dock labour on a daily basis.

“Though I strongly disagree with taxi drivers sleeping on the dock, some of them contend that it is the only way they can make an honest day pay amidst the fierce competition they have to endure from the mega tour companies on a day-to-day basis.”

Mr Ferguson, elaborating on these concerns, told this newspaper: “After all of those tour companies came out there is now a whole slate of busses that

END TO ONE-CENT WILL DRIVE BREADBASKET PRICE CHANGE

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BREADBASKET items will undergo a “major price adjustment” in the coming months due to the Central Bank’s plan to end the Bahamian one-cent coin’s use as legal tender, a key regulator said yesterday.

Danny Sumner, the Price Control Commission’s chairman, told Tribune Business it will examine the effects this move will have from a “pricing perspective to make sure the consumers are protected at all times”.

He added: “When it comes down to volume, one cent can go a long way. Let’s say, for example, they sell a product at any given store and they sell 500 of them a week or a day, and there is an additional cent or two added on to that particular item.

“A one-cent on a particular product means a lot, these things add up.

So Bahamians need to be fully aware when it comes down to pricing in the store and what they pay for and,

congregate at the dock every day, and they carry the lion’s share of the guests that come off of the cruise ships because the cruise ships have hired them to move their guests in large numbers.

“Because of that it diminishes the amount of jobs or fares a taxi driver can get in a day, so they are now resorting to sleeping on the dock so they can get the remainder - or at least a little share - out of what is left over from the tour companies.

“The tour companies already have their work pre-arranged and they don’t have to hustle. They just get the lion’s share because they have some 15, 20 or 30 busses for each company that carry these people in droves, and the taxi driver is left with just the remainder, or whoever decides not to sign up with them. So they end up sleeping on the dock so they can be first on line to at least get a fare for that day.”

Mr Ferguson said there “eventually there is going to be a change” at the dock because Global Ports Holding have taken over the area for its $250m cruise port redevelopment. He added: “The BTCU is on top of that to ensure that we are not grossly disenfranchised.”

While no agreement has yet been signed between the government and Royal Caribbean for the latter’s Royal Beach Club, which it expects to be operational by late 2022, Mr Ferguson said this plan would further deprive taxi drivers of business “with little or no concern for the local Bahamians who they claim they are helping” by taking passengers to Paradise Island by water.

“The cruise passengers sail into Nassau and are ferried across to their private beach, spend a lot of money and are ferried back to the ship and saw nothing of beautiful Nassau,” he added. “The locals get nothing, bearing in mind this end of Paradise Island has no access for vehicular traffic, so taxi drivers, hair braiders, straw market vendors and the local businesses operating in the downtown area once again have been left out.”

Agreeing with the sentiments voiced by downtown Nassau merchants to this newspaper earlier this week, Mr Ferguson “wholeheartedly” feels such a scenario is “totally unfair” to Bahamian-owned businesses, entrepreneurs and employees and needs a rethink.

whether it be produce, food or clothing, it is critically important.”

The Central Bank previously said it had already “alerted” the government’s consumer protection agencies, including the Price Control Commission, to the issue of whether additional rules are required for the “rounding” that will be necessary with cash-based transactions after the onecent ceases to be legal tender come year-end 2020.

The Central Bank’s current “rounding” guidelines for cash payments, where a consumer bill does not end in zero or five cents, stipulate that transactions ending in the digits one or two will be rounded to zero; those ending in three, four, six and seven will be rounded to five; and those ending in eight or nine rounded up to ten.

Mr Sumner, meanwhile, noted the possible effect of this on breadbasket items that are price-controlled by the government through statute law. He said: “I think from a pricing perspective we have to look at that because we have a price index where these merchants have a ceiling they can go up to, but cannot go over.

“So it is up to how we deal with it. We are going to make it in a way where the merchant doesn’t have an advantage. From what I can

see I think all of those breadbasket items, looking at the price index I have in front of me, a lot of them will be impacted heavily when the elimination of he penny comes into effect.

“We’ll determine moving forward how we can effectively put in a proper price index for those items that are controlled by the government. By the time the one-cent will be eliminated we would have made a major adjustment to the price index.”

Kevin Demeritte, a Central Bank spokesman, said the regulator was only concerned with what consumers are paying at the cash register, not the prices merchants will charge, once the one-cent coin’s use as legal tender ends.

“We have no say over prices. Merchants price their product as they wish, and are only regulated by consumer affairs,” he explained. “We do not speak about prices at all. What we speak about is what you are paying at the cash register. Merchants are not asked or encouraged to round their prices.

“What is rounded is the final bill that consumers pay. So it is not the price of the product but what comes up at the cash register as your total. It’s one cash register cost to you.”

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Equity Side

2018 COM/qui/00720

IN THE MATTER OF ALL THAT piece parcel lot of land Lot No. Eleven (11) comprising one (1) Acre of land and originally granted to Edward George in Adelaide Village in the Western District of the Island of New Providence NORTHWARDLY and running thereon Two hundred and Thirty-one (231) feet EASTWARDLY running thereon One hundred and Ninety - two (192) feet and running thereon Two hundred and Twenty - four (224) feet SOUTHWARDLY bounded by swamp land and running thereon One hundred and Fifty (150) feet WESTWARDLY, which said piece parcel or lot of land has such position shape marks and dimensions as are more particularly and delineated on the diagram or plan attached hereto and thereon colored in PINK AND IN THE MATTER OF THE Quieting Titles Act 1959 IN THE MATTER OF THE Petition of MAE WALLACE HIGGS NOTICE NOTICE IS HEREBY GIVEN that MAE WALLACE HIGGS of the Western District of the Island of New Providence one of the Islands of the Commonwealth of the Bahamas is applying to the Supreme Court to have her title to the following land investigated to be granted by the said Court in accordance with the provisions of the said Act: ALL THAT piece parcel lot of land Lot No. Eleven (11) comprising one (1) Acre of land and originally granted to Edward George situate in Adelaide Village in the Western District of the Island of New Providence NORTHWARDLY and running thereon Two hundred and Thirty-one (231) feet EASTWARDLY running thereon One hundred Ninety - two (192) feet and running thereon Two hundred and Twenty - four (224) feet SOUTHWARDLY bounded by swamp land and running thereon One hundred and Fifty (150) feet WESTWARDLY, which said piece parcel or lot of land has such position shape marks and dimensions as are more particularly described and delineated on the

Copies of the Plan may be inspected during normal office hours at the following places: (A)

The Registry of The Supreme Court, British American Building, By Street, in the City of Nassau, or

(b)

The Chambers of WILVER W. DELEVEAUX at No.11 Sandra Avenue Sunset Park Carmi chael Road, Nassau Bahamas.

ANY PERSON who objects to the granting of the said Certificate of Title is required to file in the Supreme Court and serve on the Petitioner or their Attorney a Statement of its, his or her Claim in the prescribed Form, verified by an Addidavit and other related documents to be filed therewith by the 1st day of March, A.D., 2020 FAILURE OF ANY PERSON to file and serve a Statement of its, his or her Claim together with the related documents by the 1st day of March, A.D., 2020, will operate as a bar to such claim WILVER W. DELEVEAUX Attorneys for the Petitioner

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net GOVERNANCE reformers yesterday called for improved transparency in government amid continuing concerns that parliamentary committees are failing to regularly meet.

Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, told Tribune Business that Reece Chipman, the independent MP for Centreville, had raised “a critical point...relating to the need for these committees to be active and reporting”.

“The state of the Treasury is key, as is the Public Accounts Committee, and I think they are in place to provide another level of accountability and oversight - one that falls across partisan lines. It gives a further level of assurance to the public that governance is happening,” Mr Aubry said, noting the concerns over the Public Accounts Committee’s inactivity despite its role as spending watchdog.

“I think, with all honesty, what we heard in Parliament on Wednesday related to the lack of those committees meeting, and the lack of timeline for reporting on their actions, as well as the stated concern related to how agenda items are put forward.”

Mr Chipman, a Public Accounts Committee member, questioned in the House of Assembly on Wednesday how the two main political parties could be in “campaign mode” when the Public

MATT AUBRY

REECE CHIPMAN

Accounts Committee had yet to report on the condition of the government’s finances.

“The fact that these committees have not met, and the fact that there is not even a semblance that they intend to, to me is a dereliction of duty that is impactful when we send people in this House of Assembly to represent us the Bahamian people,” Mr Chipman said.

“These members on these committees represent more than 60,000 constituents -registered voters, if you look at the map. I just think it is important for the citizens of the Bahamas to realise how serious our House of Assembly is and how serious we take the business of the people.”

“PLPs and FNMs are on these committees, and for two-and-a-half years there has been nothing; no response on the state of the Public Treasury or the accounts of our country.”

Mr Aubry, in response, said: “In other spaces not only will these types of reports be tabled, and be a more regular and more active process, but they augment the other systems in place. So if you have a Fiscal Responsibility Act, you have reports from the

Central Bank and you have a Fiscal Responsibility Council, this gives a number of different perspectives that are put in place.

“We’re looking at not just how the finances of the Bahamian government, and the use of taxpayer money, is being monitored and managed, but what is the long-term state of these institutions like the Treasury.

“Ultimately, when they talk about the House rules and the work of the Parliament, are these managed and being kept up in accordance with what is an ever-developing standard that speaks to a more effective and efficient system of government that ensures more inclusive and strong democracy.”

Mr Chipman had also complained he was not being informed about which legislation was to be debated in Parliament on any given day. Renward Wells, leader of government business in the House, replied that MPs are expected to be prepared to debate whatever is on the agenda for the day, regardless if it was tabled months ago and scheduled for a second reading, or tabled during that day’s sitting for the first reading.

Straw Market Authority Public Notice Pease be advised that the

Bay Street, Straw Market will Re-Open

to the Vendors at 6:00am

Saturday, March 7, 2020

and to the General Public at 7:00am on

Saturday, March 7th, 2020. we apologise for any inconvenience caused.

PAGE 4, Friday, March 6, 2020

THE TRIBUNE

BPL Clifton Pier Station during a previous fire.

Investor ‘comfort’ delays BPL bond FROM PAGE ONE already represented a major drop from the initiallyplanned $650m, but Mr Bannister said “everything is in place and ready to go” for placing the bond once the amendments are passed into statute law.

The minister, who has Cabinet responsibility for BPL, acknowledged that much hinges on a successful refinancing of the state-owned utility monopoly’s existing $321m debt together with the provision of more than $220m in new working capital to fund upgrades to its longneglected transmission and distribution (T&D) network.

For BPL’s entire turnaround plan, and the provision of reliable, lower cost energy to its business and residential consumers, depends on this bond issue.

Mr Bannister added that its completion was critical to finalising the agreement with Shell North America to own, and operate, the new multi-fuel power plant at Clifton Pier together with liquefied natural gas (LNG) regasification terminal.

“There are a few minor

challenges we have to look at and, quite frankly, there is going to be another amendment to the legislation,” Mr Bannister told Tribune Business. “This bond is a new thing to us, moving into the markets and everything, it’s a new thing to us.

“The PLP tried to get the legislation right but they made a lot of mistakes.

We amended the legislation but, as we consulted the capital markets and got feedback, and based on legal advice, we may have to make one or two small tweaks to do what has to be done to stay on top of modern developments in the capital markets.

“The attorney general is currently working on it.

I anticipate it will be very soon when we bring it to Parliament and make a full disclosure to the Bahamian people.”

The original Electricity Rate Reduction Bond Act was passed by Parliament in 2015 during the last Christie administration’s tenure in office. The critical need to refinance and recapitalise BPL was well known from then, but the then-government elected to go no further than passing

the enabling legislation, leaving its successors to determine when - and how - to execute.

The Minnis administration made multiple changes to the legislation last year, in a bid to both modernise it and bring it into line with current capital markets practices, but Mr Bannister yesterday conceded that the major institutions targeted as potential investors in the BPL bond wanted more assurance before they are prepared to part with their capital.

He indicated that market concerns centred on the absence of a government guarantee, with BPL having to stand on its own to repay investors. This, combined with The Bahamas’ status as a small island state with a common law legal system that is not based on US law, meant investors were seeking greater comfort.

“As we moved ahead we found there were one or two things in the capital markets that required us to look at some changes,” Mr Bannister reiterated.

“Those changes relate to the fact we’re a small sovereign country that is not part of the US legal system.

“Bahamian law is such

that we have to ensure that investors are protected. It is a huge amount of money [BPL is looking to raise].

The challenge is there will be no government guarantee on this. This will solely be a bond for BPL to repay.”

Many observers will argue that it is Bahamian households and businesses that will be doing the repaying given the extra debt servicing fee, likely equivalent to around 15 percent of existing consumption, that will be added to consumer bills. BPL is arguing that this fee will ultimately be offset by reduced fuel costs and more efficient generation capacity.

Mr Bannister, meanwhile, explained further: “In the absence of a government guarantee we have to do certain things. There are some protections which we have to look at, feel out, and get the advice of attorneys on. This is totally new territory for us: A small country that is looking for the confidence of very large institutional investors.”

BPL and the government had initially hoped the bond issue, which will be placed by a special purpose vehicle (SPV) to keep the debt off both their balance sheets, would be completed by the end of February 2020 with the first debt servicing levy appearing on consumers’ March bills.

Given that the original target date has already been missed, with the extra legislative changes creating

further uncertainty over the timeline, it is now unclear when the extra charge will be added. The BPL bond had already been delayed by the wait to obtain a credit rating - something seen as vital for investors to assess the issue’s risk, and to determine the cost Bahamians must incur to repay it.

Mr Bannister yesterday voiced optimism that BPL was poised to obtain a positive assessment, adding: “We don’t have an official rating but we believe we are going to get an incredibly good one”.

He added that the utility and its advisers were still “finalising” the total capital it will seek to raise, and confirmed it may be less than the $580m figure previously given. “We’re cognisant of our responsibilities as a country and cognisant of our responsibilities as BPL,” Mr Bannister said.

“As soon as we get back to Parliament and amend the legislation, we’re ready to go. We’re ready to place the bond. Everything is in place, everything has been done.”

Mr Bannister said completing the refinancing was the key outstanding element required to finalise BPL’s agreements with Shell North America in negotiations that have lasted more than one year.

“I think the challenge relates to the current situation with respect to the finances; BPL’s finances,” he added. “As soon as we finalise that process, I think the

Shell deal will be completed.

That’s really the only challenge; putting the bond in place.”

BPL has stepped into Shell North America’s shoes by financing the total $170m costs of constructing the new power plant at Clifton Pier a role the global energy giant was supposed to perform.

The state-owned utility will now sell these assets to Shell as part of a wider deal that will also involve a power purchase agreement to buy energy from the new plant.

Mr Bannister, meanwhile, pledged that daily summer load shedding by BPL will no longer occur after the government showcased the utility’s new 30 megawatt (MW) General Electric aeroderivative engine yesterday.

“We’re not going to have a repeat of any previous summer,” he told Tribune Business. “We’ve had this widespread load shedding now for the best part of two decades, and we’re not going to have a repeat of it at all.

“It’s been most of my life watching this challenge, my entire adult life, and we’re going to resolve the generation challenge. Generation will no longer be an issue.”

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THE TRIBUNE

‘Stop focusing on the peanuts’: GB deals grow one tax $63m

Friday, March 6, 2020, PAGE 5

Bar ethics body’s ‘woeful failure’ in QC reprimand FROM PAGE ONE

THE COURTYARD at The Grand Lucayan.

FROM PAGE ONE to be on future revenues and the future economic impact.

“If you take the projection of 2.5m extra passengers that ITM/Royal Caribbean are going to bring to Grand Bahama, and the 1m extra that Carnival is going to bring to Grand Bahama, and multiply that by the $18 per head departure tax - if you just zero in on that one tax, that’s $63m in one year.

“That isn’t even looking at the hotel, the VAT receipts on the hotel sales, employment and entrepreneurial opportunities in excursions and transportation... We’re focusing on the peanuts. We need to focus on the revenue end of it. That’s huge. In one year alone we’re going to get $63m in head tax,” he continued.

“You have 3,000 persons being employed directly and indirectly, you have visitors coming by air, you have persons contributing to the restoration of the airport, people employed in excursions, operating those hotels.

The VAT that’s going to generate, the activity at the port.

“While the opposition [the PLP] want everybody focused on buying and selling - we bought it for $65m and sold it for $65m, so there’s zero gain - and some operating losses, it ain’t as large as $63m in head tax in one year.

“Their focus is going to be on what this cost. I’m focused on what we’re getting in return. Is this a good deal? It’s a bloody good deal.

You cannot put a negative spin on it.”

Much attention following Monday’s Heads of Agreement signing has centred on the fact that the government will receive a “net” $50m on the Grand Lucayan’s sale as a result of providing ITM/ Royal Caribbean’s joint venture with a credit from the Hurricane Dorian-related

insurance claim. The government’s share of these proceeds, though, will ensure the “gross” price remains $65m.

Mr D’Aguilar, meanwhile, said the terms of the deal required Bahamian entrepreneurs to own and operate the retail and restaurant facilities at the Freeport Harbour cruise port - something he hailed as a first-time achievement.

He added that both the Carnival and ITM/Royal Caribbean deals, together with agreements involving Disney Cruise Line at Lighthouse Point in Eleuthera and Virgin Cruise Lines in Bimini, had stayed true to the FNM’s election manifesto promises of spurring economic activity near population centres where it would have the most impact rather than on the cruise lines’ private islands.

Pointing out that “investment is a function of optimism”, Mr D’Aguilar said the Carnival and ITM/ Royal Caribbean deals represented a tremendous confidence boost that would cause Bahamian businesses to think of expanding their workforces and equipment in a bid to offer services to these projects.

He added that it would also likely encourage Grand Bahama residents to return and repair their homes knowing jobs and incomeearning opportunities will be coming. “Optimism is such an important catalyst. If you’re not optimistic you’re not going to invest in the future of the economy,” Mr D’Aguilar told Tribune Business.

“Eveybody is: How much does it cost? That’s fine. I get that, but how much revenue are we going to get? How much economic impact?

There’s not a negative thing you can say about this transaction in my humble opinion.”

He added: “The crazy thing was even when we didn’t own the hotel we were paying subsidies as high as $20m a year. The PLP were paying as high as $20m a year to keep the people employed. It was a crappy property and no one was investing in it.

“Now we’ve got someone to invest $300m in it. You can say what you want but that sounds a bloody good deal to me. Hutchison had told us they were going to close it: ‘Take it or leave it’.

If it closed it would have become much harder to sell as you would have had all the vagrants living in there destroying and stripping out the product.

“It’s very hard to sell a closed hotel. The Royal Oasis is a glaring example of that. Once that closed it was never opened. You cannot ask for better than this deal in Grand Bahama following a hurricane. It wasn’t easy to seal the deal. Here was a property that everyone knew we were determined to sell, and we had a hurricane in the middle of the sales process.

“I don’t want to sound trite, but the couple of dollars at the outset are far outweighed by the tremendous amount of revenues, economic activity and output these deals are going to generate.”

Mr D’Aguilar said Freeport’s proximity to Florida and the major cruise ports 65 miles away provided a further competitive advantage for Freeport, while passengers were able to visit multiple destinations in The Bahamas paying the $18 head tax just one time.

He added that the rate compared favourably with the $20 charge levied in Bermuda and Havana, and the $17.50 and $15 per head that was imposed by the Cayman Islands and Jamaica, respectively.

The Court of Appeal swiftly found that “the reprimand against Mr Gibson cannot stand” because he was never the subject of the complaint, and it agreed with Mr Munroe that the decision against him was “materially defective” because it never explained which allegations had been proven.

The ethics committee hearing’s transcript showed that it found against Mr Munroe despite establishing that he, and his Munroe & Associates law firm, had filed a valid writ of summons initiating legal action against Dr Bowe on Mrs Smith’s behalf as her late husband’s representative.

The writ was filed on November 30, 2015, and had kept Mrs Smith’s action alive. In addition, Mr Munroe and his firm had

also entered a default judgment against Dr Bowe after he failed to respond to legal papers served on him.

The ethics committee noted that these actions had enabled Mrs Smith’s new attorney, Christina Galanos, to apply for a damages assessment to build on the work done by Mr Munroe.

“In this case the ethics committee has woefully failed to explain the reasons why it made the decision to reprimand Mr Munroe,” Sir Michael wrote. “It has said that he is in breach of Rule II but does not say how he is in breach of that Rule.

“It has said that Mrs Smith has proved her allegations against Mr Munroe but has not identified what evidence it has accepted to show that the complaint has been proved. This, in and of itself, is sufficient to allow this appeal and set aside the decision.”

Sir Michael also found that Mr Munroe had not been given an opportunity to be heard after he was found to be at fault, and before the reprimand was issued.

“In our judgment, it is a fundamental breach of natural justice to impose a punishment on an attorney without giving an opportunity to make representation as to what, if any, punishment should be imposed upon him,” the appeal court president added. “This [is] certainly the case in criminal proceedings.

“Although said in the context of criminal proceedings, the principle in our judgment applies equally to disciplinary proceedings where an attorney is in jeopardy of a punishment which may adversely affect him professionally. This was not done in this case.”

To advertise in The Tribune, contact 502-2394

PAGE 6, Friday, March 6, 2020

THE TRIBUNE

US: Bahamas regulators Private sector: Coronavirus not in our control are in denial over gaming risks FROM PAGE ONE

FROM PAGE ONE “online gaming” sectors. Including web shops in the latter definition, the INCSR report said Central Bank statistics showed the casino and “online gaming” sectors generated $1.3bn and $3.2bn in gross gaming revenues for the first eight and nine months of 2019, respectively.

Such figures have never been divulged before, and it is unclear whether they are correct or have been inflated because the Central Bank is not the primarily gaming regulator. However, the report said 93 percent of all “online gaming” transactions in 2018 involved cash, while just ten percent of all STRs came from the two gaming sectors despite their combined top line being equivalent to 27 percent of Bahamian GDP. “Although The Bahamas has taken significant steps toward strengthening its antimoney laundering regime, potential vulnerabilities in the online gaming and money transfer business sectors are further exacerbated by certain regulators’ reluctance to acknowledge them,” the US INCSR report blasted.

“The Bahamas faces global money laundering challenges related to casino gambling and the online gaming sector, including ‘web shops’, which are restricted to citizens and residents of The Bahamas.

As reported by the Central Bank, The Bahamas generated $1.3bn in casino gaming gross revenues (January to August 2019) and $3.2bn in online gaming sector sales (January to September 2019) in a country with an overall GDP of $12 billion.

“In 2018, cash transactions in the online gaming

sector accounted for 93 percent of all transactions. Of the STRs filed in 2019, only ten percent originated from casinos and none originated from the online gaming industry, whose total sales in circulation amounted to a figure equivalent to 27 percent of GDP.” The timing of the US government’s report, and assertions, could not be worse for The Bahamas with the government, financial services regulators and the wider industry all gearing up for an FATF “site visit” to this nation before mid-May 2020 that is crucial to determining whether the country comes off its monitoring list of states with deficiencies in their antifinancial crime defences.

The FATF is the global standard setter in the fight against anti-money laundering and terror financing, and has worked with The Bahamas on an “action plan” to address its weaknesses - a number of which have been flagged up again by the US report.

The INCSR document recognised the legislative reforms that The Bahamas has implemented in response to the FATF concerns, especially the Attorney General’s Office’s new electronic case management system and improved analytical tools for processing STRs. “This has allowed the international co-operation unit of the Attorney General’s Office to collate statistics more efficiently and respond more effectively to international partners,” it acknowledged.

Yet, pointing to areas of concern also identified by the FATF, the US government report said: “International experts have stated The Bahamas should continue to work on demonstrating that authorities

are investigating and prosecuting all types of money laundering, including cases involving virtual currencies, stand-alone money laundering, and cases involving proceeds of foreign offenses such as tax crimes.

“In 2019, the number of money laundering prosecutions and convictions dropped by at least 67 percent despite significant legal and regulatory progress to-date. Political will to pass legislation related to strengthening the antimoney laundering and counter terror financing regime is strong, and The Bahamas has implemented a strategic action plan to correct noted deficiencies.

“However, effective implementation may pose challenges. The number of filed STRs continues to be low when compared to the size and scope of the financial sector. As of October 30, 2019, the FIU received 454 STRs for a sector encompassing $400bn in assets, up from 332 in 2018 and slightly higher than 446 in 2017,” the report continued.

“The Bahamas earns approximately 20 percent of GDP through financial services. The international bank and trust sector, the largest segment of the industry, has close to $400bn in assets under administration.

International and domestic banks and trust companies face high exposure to money laundering risks as they conduct a high volume of transactions, handle significant wealth, utilise wire transfers, and provide banking services through channels that vary in anonymity and complexity.”

Real estate was identified as an area of money laundering “vulnerability”, along with gaming and financial services.

when Florida sneezes, The Bahamas catches the cold.

“It does not only affect taxi drivers. You have to understand taxi drivers also have families, and once that starts to spread there is no way for you to be able to control it. Taxi drivers are all over the place, so we have to watch that and see how that works out. “ Peter Maury, president of the Association of Bahamas Marinas (ABM), told Tribune Business: “What can I do? It’s up to the government. They let in whom they want. All of the boats are under quarantine when they

WASHINGTON Associated Press COMPANIES and consumers have scrapped travel plans, and factories have endured broken supply chains from the coronavirus outbreak. If employers were to respond by slashing jobs, it would significantly escalate the economic damage.

For that reason, a range of job market barometers will provide some of the most vital signals about the economy in the coming weeks and months. So far, they have yet to show much impact.

Widespread layoffs can transform slowdowns in just one or two sectors — the travel industry, say, or manufacturing — into a full-blown downturn for the overall economy. When workers lose jobs and pay, they typically cut spending.

Their friends and relatives who are still employed grow anxious about their own jobs and wary of spending freely, a cycle that can trigger further job cuts.

Layoffs “tend to build on

www.bisxbahamas.com

(242) 323-2330

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,196.94 | CHG: -3.64 | %CHG: -0.17 | YTD: -34.66 | YTD%: -1.55 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.70 2.60 2.00 5.47 12.77 6.17 4.50 10.75 3.64 5.10 10.88 8.00 16.99 9.40 3.90 15.20

52WK LOW 3.35 20.91 5.50 5.38 1.77 0.67 2.00 9.91 5.60 3.95 6.10 2.53 1.76 8.00 6.40 14.00 6.80 3.14 13.85

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

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

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

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

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

1.00 10.00 1.00

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 3.50 17.43 6.00 6.68 2.10 1.62 3.00 11.61 6.00 4.32 6.10 3.61 5.06 10.64 8.00 15.08 9.33 3.71 15.20

CLOSE 3.50 17.43 6.00 6.68 2.10 1.62 3.00 11.61 6.00 4.29 6.10 3.46 5.06 10.92 8.00 15.08 9.33 3.72 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.03 0.00 -0.15 0.00 0.28 0.00 0.00 0.00 0.01 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00

CHANGE 0.00

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

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

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

destination to meet up with a yacht crew already docked here, Mr Maury said: “They weren’t allowed to land. All I know is the captain said they won’t let our guests land.

“I can’t begin to tell you what the estimate is on how this will affect our numbers. I’m hoping that most of the boats in South Florida are fine with coming here and there are no problems.

That’s what we’re hoping for but clearing that vessel is not up to me.”

He is advising persons still interested in scheduling a boat charter to The Bahamas to “clear in the same way they always do,” adding that “it’s up to Customs and they set the precedent”.

To gauge economic damage from virus, watch for US jobs data

MARKET REPORT THURSDAY, 5 MARCH 2020

come in and, at that point, Customs will let them in or not let them in. Just like the cruise ships and everything else there is nothing I can do about it, and there is nothing I can say about it.”

Explaining that all boats are under quarantine as a general rule whenever they enter a country prior to being cleared, Mr Maury added: “We have had one or two boats cancel because their charter guests couldn’t fly in because they were from afflicted countries, but other than that nothing major.”

Revealing that these guests were flying in on a private charter jet to The Bahamas from an unknown

VOLUME

5,000 500

750 98,200

VOLUME

EPS$ 0.239 0.932 1.760 0.369 0.070 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.646 0.728 0.816 0.939 0.203 0.631

DIV$ 0.170 1.260 0.000 0.260 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.434 0.060 0.328 0.240 0.540 0.200 0.120 0.610

P/E 14.6 18.7 N/M 18.1 N/M N/M -6.8 16.1 13.4 23.3 43.6 33.9 10.8 16.9 11.0 18.5 9.9 18.3 24.1

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 4.86% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.20% 3.67% 2.80% 0.00% 12.54% 1.19% 3.00% 3.00% 3.58% 2.14% 3.23% 4.01% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

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

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

YTD% 12 MTH% 0.37% 3.81% 0.24% 4.38% 0.23% 2.75% 5.76% 5.76% 12.81% 12.81% 0.58% 4.04% -1.09% 5.26% 0.22% 4.45% 2.29% 9.61% 11.57% 11.57% 18.35% 18.35% 5.17% 5.17% 15.86% 15.86% 5.67% 5.67% 3.40% 3.40% N/A N/A 10.80% 2.60% 10.40% -4.00%

NAV Date 31-Jan-2020 31-Jan-2020 31-Jan-2020 31-Dec-2019 31-Dec-2019 31-Jan-2020 31-Jan-2020 31-Jan-2020 31-Jan-2020 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019

each other,” said Tara Sinclair, an economist at the jobs website Indeed. “That spiral is really what we’re worried about happening.”

Today, the government will issue its jobs report for February, which won’t likely reflect much damage from the outbreak. The data for the report was gathered mainly in the second week of February, before the virus began to spread through the United States.

Economists have forecast that the February report will show that employers added 170,000 jobs and that the unemployment rate remained at a very low 3.6%, according to data provider FactSet. So long as monthly job gains remain above 100,000 or so, the unemployment rate should stay low and the economy will avoid a downturn, Mark Zandi, chief economist at Moody’s Analytics, said. If the monthly pace were to sink below that level for a sustained period, the unemployment rate would likely rise.

“Once the unemployment rate notches higher, that’s when a recession becomes a real threat,” Zandi said.

The timeliest gauge of layoffs is the government’s weekly report on applications for unemployment benefits. Only people who are laid off are eligible for the aid.

The latest data, issued

yesterday, was reassuring: It showed that the number of people seeking unemployment benefits dropped 3,000 to 216,000 in the week that ended Feb 29.

That is roughly the same as the average over the past month and is a very low level historically.

The job market appears resilient for now according to several gauges.

Sinclair said that Indeed’s data shows that companies have yet to cut their job postings, evidence that they are still willing to hire.

And on Wednesday, payroll processor ADP said companies added a healthy 183,000 jobs in February. That figure was likely boosted, though, by unseasonably warm weather that spurred hiring in construction and a category that mostly includes restaurants and hotels.

Should coronavirus worries start to depress consumer and business confidence, a broader pullback in spending and hiring could then weaken the economy.

So far, that evidence is mixed. A consumer confidence survey by survey research company Morning Consult has already shown clear declines. But a separate survey of small businesses by the National Federation for Independent Business found that about one-fifth of small companies in February planned to add jobs, unchanged from the previous month.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, , CHAD JACQUES JACQUES LOUIS ofHillside Street off Mackey Street,P.O.Box SP-63877 New Providence, The Bahamas, intend to change my name to CHAD LOUIS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, , ETHEL VALRINE EMMANUEL AKA ETHEL VALVARINE EMMANUEL AKA ETHEL WILLIAMS AKA ETHEL VELREANE WILLIAMS of Blue Hill Road South, New Providence, The Bahamas, intend to change my name to ETHEL VELREANE EMMANUEL. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

MUTUAL FUNDS 52WK HI 2.30 4.38 2.09 195.13 166.73 1.67 1.83 1.76 1.23 8.34 10.26 6.94 12.01 12.35 10.74 10.00 8.98 11.79

52WK LOW 1.67 3.30 1.68 164.74 116.70 1.67 1.83 1.76 1.23 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

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

NAV 2.30 4.38 2.09 195.13 166.73 1.67 1.83 1.76 1.23 8.34 10.23 6.94 12.01 12.35 10.73 N/A 8.98 11.40

MARKET TERMS

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

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

LEGAL NOTICE

NOTICE

BANNOCK INVEST LTD. NOTICE is hereby given as follows: (a)

Bannock Invest Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000.

(b)

The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas.

(c)

The Liquidator of the said Company is Beatus Limited of Nassau, Bahamas.

30-Sep-2019 30-Sep-2019 30-Sep-2019

Dated 6th March, 2020

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

Beatus Limited Liquidator

THE TRIBUNE

Friday, March 6, 2020, PAGE 7

Facebook drops Trump ads after Pelosi cites census confusion

By MIKE SCHNEIDER AND AMANDA SEITZ Associated Press FACEBOOK yesterday began taking down ads for the reelection campaign of President Donald Trump that direct people to a survey labeled a “census”, hours after House Speaker Nancy Pelosi said people would confuse it with the once-a-decade head count.

Facebook said in a statement that it was enforcing its policies to prevent confusion over the 2020 census, which begins next week for most people.

“There are policies in place to prevent confusion around the official US Census and this is an example of those being enforced,” the Facebook statement said.

Earlier in the day, Pelosi had called the survey sponsored by the Trump reelection campaign, “an absolute lie”.

“A lie that is consistent with the misrepresentation policy of Facebook,” Pelosi said. “But now they’re messing with who we are as Americans. I know the profit motive is their business model, but it should not come at the cost of counting who is in our country.”

The ad says, “President Trump needs you to take the Official 2020 Congressional District Census today.” Clicking on a red button saying “Take the Survey” leads to a website with questions asking visitors about party affiliation, whether they intend to support Trump and which media organisations they get their information, among other questions.

Similar mailings have been distributed around the US. Yesterday, four Democratic House members — Reps Carolyn Maloney of New York, Jamie Raskin of Maryland, Gerry Connolly of Virginia, and Katie Porter of California — demanded in a letter that the Republican National

HOUSE Speaker Nancy Pelosi, D-Calif, flanked by Rep Karen Bass, D-Calif, chair of the Congressional Black Caucus, left, and Rep Joaquin Castro, D-Texas, chair of the Congressional Hispanic Caucus, speaks to the media about the 2020 Census and the concern for getting an accurate count in minority communities on Capitol Hill in Washington yesterday.

Photo: J Scott Applewhite/AP Committee stop any mailings or online ads that resemble Census Bureau documents.

In a statement, the Republican National Committee said it would add language to future mailings, making it clear what it is.

“This is a standard direct mail piece that has been utilised for decades. These mailers are fully compliant with the law, clearly marked as a fundraising solicitation from the Republican National Committee, and in no way resemble the official government census,” the RNC statement said.

Census Bureau officials have been on high alert for online misinformation aimed at confusing people about who is eligible to fill out the form or how to properly file it, along with imitation websites posing as the official census site.

The bureau has spent the last year forging relationships with the major tech platforms -- Facebook, Twitter and Google — to put out accurate information about how the census works and yank misinformation about the form from their sites.

In January, Facebook began banning ads that discourage people from participating in the census or portray it as “useless”. The ban applies to ads on both Facebook and Instagram, which Facebook owns. The

platform also announced that misleading posts about the census would be subject to removal. Typically, the platform does not remove false or misleading content from its site, unless it gives wrong information about voting.

The Trump campaign on Tuesday began running different versions of the census ad on Facebook across the country from Trump and Vice President Mike Pence’s official Facebook page. The campaign purchased thousands of the online ads that were viewed thousands of times before Facebook began removing them yesterday.

Former Census Bureau director John Thompson said the Trump campaign has put a new spin on an old campaign strategy: For years, Republicans have sent fundraising mailers that mimic the census.

Although it’s hard to tell if those tactics have had any impact on the response rate to the census, Thompson said “the less confusion, the better” when it comes to the once-every-decade survey.

Trump’s ads and the Republican mailers could dupe some people into thinking they’ve already filled out the official census form, and if there’s any consequence at all, it could be that the move backfires on Trump’s own supporters, Thompson said.

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

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PAGE 8, Friday, March 6, 2020

THE TRIBUNE