03272018 business

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TUESDAY, MARCH 27, 2018

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IDB: Bahamas ‘4x costlier’ over company registration

Galleria blasts ‘shocking’ verdict on copyright law

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

R

egistering a company in the Bahamas is “four times’ costlier” than in developed countries, with less than 3 per cent of government procedures able to be completed online.

The Inter-American Development Bank (IDB), unveiling a $30 million project to transform the Government’s digital/IT infrastructure and boost Bahamian economic competitiveness, revealed this nation has an enormous amount of ground to make up on its rivals over the ‘ease of doing business’.

Warning that stifling red tape “increases the opportunities for corruption”, the IDB said the Bahamas suffered from “a silo culture” where just four

* And just 3% of Gov’t processes online * 74th in Open Data, behind Cambodia, Iran * Only 1% of civil servants can be trained * $30m project to attack ‘silo culture’, IT deficit out of 18 government agencies are equipped to properly exchange information due to a paperdominated system.

The paper added that governed officials were “inadequately trained” to offer service that focused on citizen and business needs, with the Ministry of Public Service’s $150,000 training budget enabling it to assist just 200 civil servants - only 1 per cent of the total - per year.

The Bahamas also ranked 74th out of 94 countries in the Open Data Index, the global benchmark for assessing government

openness on making data available to its citizens.

The Bahamas scored just 17 per cent, well below world leader Taiwan at 90 per cent, and behind ‘economic powerhouses’ such as Cambodia, Zambia, Iran, Kosovo and Bolivia.

Pointing out that such deficiencies have resulted in the Bahamas achieving average economic growth of just 0.53 per cent for the past decade, the IDB study said: “Registering a company in the Bahamas is four’ times costlier than in OECD countries. Government bureaucracy affects competitiveness by adding

an extra cost to the regular cost of operating a business, and puts a financial burden on low income families that must spend time and money in transportation and waiting lines, thereby losing the income related to the time required to deal with the administrative bureaucracy.

“Time-consuming government procedures are also a deterrent for entrepreneurial activity, since entrepreneurs need to operate with agility in their initial stages to quickly generate revenue with their limited initial capital.”

SEE PAGE 5

ATTORNEYS for Galleria Cinemas yesterday said the Court of Appeal had “shockingly misunderstood” copyright law MOSS in a ruling that revives a long-running claim against the movie operator.

Greg Moss told Tribune Business that Galleria, whose principal is Democratic National Alliance (DNA) leader Chris Mortimer, planned to appeal the verdict to the Privy Council, adding that “we have to get this right” if the creative economy is to flourish.

Mr Moss, the former MP, was speaking after the Court of Appeal unanimously overturned a previous Supreme Court

* CINEMA OPERATOR PLANS PRIVY COUNCIL APPEAL * APPEAL COURT BACKS FILM SOUNDTRACK CLAIM * ATTORNEY: ‘WE MUST GET THIS RIGHT’ verdict that found the owners of musical copyright relinquished such rights when their work was incorporated into movie soundtracks.

But acting Justice Milton Evans, in a ruling supported by his two fellow Appeal judges, found that there was nothing in the Copyright Act 1998 to support Galleria Cinemas’ contention that the authors of music give up their ownership

SEE PAGE 6

IMF SLIGHTLY PREMATURE ON ‘TURNED THE CORNER’ VERDICT

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net PRIVATE sector leaders yesterday said the IMF’s assessment that the Bahamian economy has “turned the corner” was slightly premature, one saying: “I’m definitely not celebrating yet.”

Both Michael Maura, the Bahamas Chamber of Commerce’s chairman, and Robert Myers, the Organisation for Responsible Governance’s (ORG) council chairman, told Tribune Business it was probably more accurate to say this nation was “turning the corner”.

Yet each emphasised there appeared to be renewed private sector optimism that had received further encouragement from the International Monetary Fund’s (IMF) verdict, while reiterating that “our sleeves should be rolled up” to deal with the numerous economic challenges that remain.

“I would say that we’re turning the corner with a sense of optimism,” Mr Maura told Tribune Business.

* ‘Turning the corner’ branded better * Many small firms ‘not left corner behind’ * ‘I’m not celebrating yet,’ says ORG chair

MICHAEL MAURA

ROBERT MYERS

“I think we are in the process of turning. “Have we turned the corner? I speak to many small businesses, and they have not left the corner behind them. They would tell you that the last number of months have been challenging ones. While there is optimism, there are still challenges.

Things are still tough for Bahamian businesses.”

Describing the IMF verdict as “very encouraging news”, Mr Myers backed Mr Maura, saying: “I think we’re absolutely turning the corner, and it’s very good for the Bahamas, but there’s

a tremendous amount to do.

“Our sleeves should still be rolled up and I wouldn’t celebrate yet. The Government seems set and wants to talk about what we’re doing. It’s important now we get that done as opposed to talking about it.

“The Deputy Prime Minister [K P Turnquest] is definitely on the right track with expenditure and we hope that pans out, and we have a balanced Budget by 2020. That’s fantastic if we can do it, but we also need to build some reserves in the event of a global economic downturn or some

form of natural catastrophe,” Mr Myers continued.

“We’ve got to keep slogging away. I’m definitely not celebrating, but it’s a good indicator that we’re turning the corner. We’re turning the corner, not turned the corner. That’s a better expression. We need to keep pushing the Government and leadership to make good on their promises to implement a Fiscal Responsibility Act.” The IMF, in a summary of the findings arising from its two-week visit to the Bahamas in early March, said this nation has much work to do in addressing its fiscal and current account (trade) imbalances, as well as eliminating “structural bottlenecks” to economic growth. It called for a Budget “adjustment” equivalent to 2.2 per cent of gross domestic product (GDP) - some $235 million - to slash the fiscal deficit to “desirable levels”, and also urged the Government to

set a “permanent deficit ceiling” equal to 1 per cent of GDP as part of its Fiscal Responsibility legislation.

Mr Maura said that while the IMF’s fiscal proposals were laudable, the Government may have a challenge implementing them given that it was still being ‘blindsided’ by liabilities and spending commitments incurred by the previous government.

“In the conversations that the Chamber has had with the Ministry of Finance, it remains apparent that the Government - up to about a month ago - was still being surprised by liabilities,” Mr Maura told Tribune Business.

“So we appreciate what the IMF is saying, and we hope that the Government’s period of discovery has ended, because if it hasn’t it will likely challenge the Government in meeting that recommendation.”

And while the IMF had called for the Government

to make state-owned enterprises “self-sufficient”, Mr Maura suggested it needed to go further by embracing more public-private partnership (PPP) arrangements such as Arawak Port Development Company (APD).

“In my opinion, the only path to achieving that [selfsufficiency] is, in effect, the Government divesting itself, and it means specifically entering in some form of PPP with a proven and capable private operator to ensure we don’t find political interference in the future,” Mr Maura, who is APD’s chief executive, said.

“Using APD as an example, we are a privately-run entity that is very much self-sufficient. The Government has an ability, through its three directors on the Board, to remain involved in the planning, operations and performance. We operate as a private company,

SEE PAGE 4

US urges ‘full Unions seek PM intervention over safeguards’ on Morton Salt ruling gaming sector

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamas’ two main trade union groups have written jointly to the Prime Minister seeking an “urgent meeting” over a Court of Appeal ruling they claim will “cripple” organised labour.

The Nation Congress of Trade Unions (NCTUB) and the Trades Union Congress (CBTUC), in a show of solidarity, said they had reached out to Dr Hubert Minnis over the concerns created by last month’s ruling on a dispute involving Inagua-based salt harvester, Morton Salt.

Bernard Evans, the NCTUB president, and

his TUC counterpart, Obie Ferguson, while flanked by union affiliates argued that the Court of Appeal ruling had effectively rendered all industrial agreements in the Bahamas null and void.

The verdict dismissed the Bahamas Industrial, Manufacturing and Allied Workers Union’s case against Morton Salt and, creating this latest controversy, determined that an industrial agreement is an employment contract.

Dion Foulkes, minister of labour, told Tribune Business yesterday that the matter would be referred to the Attorney General’s Office. He confirmed that Mr Ferguson had contacted him about the verdict and

SEE PAGE 4

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE US government has identified “gaming” as a popular money laundering mechanism in the Bahamas, urging this nation to “emphasise enforcement” in its fight against financial crime.

The concerns, raised in the US State Department’s annual International Narcotics Control Strategy (INCSR) report, did not specify precisely how drug dealers and other criminals are laundering money through “gaming”, or the type of “gaming” involved, but called for the “full implementation of appropriate safeguards” on the sector.

* SAYS INDUSTRY USED

BY MONEY LAUNDERERS * US GOV’T URGES ‘ENFORCEMENT’ IN CRIME FIGHT * SUGGESTS NOT ENOUGH OFFENDERS PROSECUTED However, many observers are likely to blame the now-legalised web shop industry, which the just-published US government report described as “flourishing”.

“The primary sources of illicit funds in the Bahamas

SEE PAGE 7

PAGE 2, Tuesday, March 27, 2018

THE TRIBUNE

LYNDEN Pindling International Airport’s (LPIA) operator is predicting the busiest Easter weekend on record.

Record Easter for Nassau’s airport LYNDEN Pindling International Airport’s (LPIA) operator is predicting the busiest Easter weekend on record, officials said yesterday.

“People in Canada and the US, who have suffered through a season of what felt like never-ending northeasters, are just plain weary and worn down by the weather. The appeal of the Bahamas, where they can bask under a shining sun and escape the harsh conditions is so inviting, trading the white of mounds of snow on the ground for the white of warm sand,” said Vernice Walkine, the Nassau Airport Development Company’s (NAD) president and chief executive.

“For us, the important takeaway is that whatever is driving the uptick we have to maintain the highest standards to ensure our customers, visitors and locals who pass through LPIA have the quality experience they deserve.”

In addition to NAD’s preparations to meet increased demand, airlines are adding seats. Air Canada and West Jet, both of which serve Canada and account for most of the increase in non-US international arrivals, have altered flight schedules and are flying at nearly 90 per cent capacity.

On Saturday, March 24, LPIA handled 1,014 aircraft movements, nearly double the 600 or so movements on a typical day. One of the strongest segments was private FBOs (fixed base operators), including Jet Aviation and Odyssey Aviation. Last year, the busiest travel day of the Easter holiday was the Saturday before Easter, with some 23,370 US-bound passengers flying over the five-day holiday period, Thursday through Monday.

The prediction of a record Easter weekend came just days after NAD reported the best December and January in its 11-year history, with bookings appearing strong for the coming months. Apart from the winter weather, a stronger U.S. dollar, increases in tourism marketing and the opening of Baha Mar are credited with boosting interest in The Bahamas. In one recent survey of visitors to Exuma, more than 50% said the swimming pigs led them to

the destination. And Expedia released figures today showing that The Bahamas was among the top three destinations for regional travel.

Ms Walkine said travellers will benefit from preparing for the holiday rush, including arriving extra early. “We had a great Easter last year, and we are expecting an even better and busier one this year,” she added.

“As such the public should be aware, and encouraged to plan and travel wisely. Arrive at least three hours ahead of their flight. That sounds like a lot of lead time, but we have created an atmosphere that makes the airport experience memorable so that it becomes an extension of the positive Bahamas vacation experience.

“We have comfortable lounges, restaurants, shopping and even outdoor patios to allow visitors to pass the time and get that last bit of sun prior to leaving. NAD and industry partners will also be hosting activities in the terminal to enhance the visitor experience.”

Ms Walkine advised those picking up passengers: “Be aware of parking options, know the rules and conveniences around dropping off and collecting persons from the airport,” she said.

“We encourage persons picking up from the airport to park in the short-term parking lot, and we have made this affordable at $2 for a half hour. This is far more economical and convenient than burning fuel to circle the airport while waiting for your guest or, worse, parking in prohibited areas and being towed.”

The 151,454 passengers who landed at LPIA in December, and the 140,314 in January, represented the highest figures since the pre-recession holidays of 2007-2008.

December’s increase was the highest in a single month, up nearly 15,000 over the second best year a decade earlier.

Preliminary results for March, with Easter falling on April 1, are even more impressive with arrivals todate up by 24 per cent over 2017.

More than 3.3 million passengers pass through LPIA every year, with the airport serving 55 destinations via 24 airlines.

THE TRIBUNE

Tuesday, March 27, 2018, PAGE 3

A new day dawns for Bahamian borrowers LEGISLATION called the Credit Reporting Bill 2017 (the Bill) was passed in Parliament on January 31, 2018, with little fanfare.

The Bill seeks to introduce a legal framework for credit reporting within the financial system in the Bahamas which, it is hoped, will result in a healthier, more robust financial system.

The Bill, a milestone in the domestic financial services industry, seeks to facilitate credit information sharing and reporting so as to foster better lending decisions by financial institutions and other credit providers. At the helm will be a Credit Bureau, responsible for collecting, storing and managing credit information.

Information acquired from a Credit Bureau, known as a credit report, gives a lender the means to better assess the creditworthiness of a borrower. Ideally, this will reward those persons who consistently meet their financial obligations on time with the benefit of a lower interest rate.

Conversely, persons that historically do not meet their financial obligations within the terms of the loan ought to be offered higher interest rates as a reflection of the added risk borne by the financial institution in future lending.

According to the Bill, a credit report is a “communication by a Credit Bureau pertaining to the credit information and personal information of the data subject”. In other words, it is a comprehensive profile of

THE CHAMBER OF COMMERCE’S VICE-CHAIRMAN ASSESSES THE FUTURE IMPACT OF A BILL THAT HAS RECEIVED LITTLE ATTENTION the person detailing their credit history. Although a potential consequence of establishing a Credit Bureau is the possibility of some persons being denied access to credit, having such a facility provides some clear benefits.

Namely, a reduction in the time required for banks to reach a decision on a loan application, as they would have access to comprehensive, fair and balanced reports on potential borrowers. It will promote credit discipline on the part of borrowers, as well as engender a national culture of repayment. It will contribute to a reduction in bad debts, which impacts the overall well-being of the financial system in the Bahamas, and it will promote confidence in the financial system, with access to credit based on fair and equitable information for lending.

The Bill specifies the institutions that will be providing credit information to the Credit Bureau. They are insurance companies and financial services providers, limited to their capacity as a credit provider; banks; credit unions; the Bahamas Mortgage Corporation; and the Bahamas Development Bank.

With the numerous safeguards in the Bill, there are obligations placed on these institutions to make sure that information is accurate, updated in a timely

NOTICE

NOTICE is hereby given that LENLINE MITCHELL of Spring City, Abaco, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 20th day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that LEVAN LEON PINNOCK of Bel-air Estates, P.O. Box N-4912, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that FEDNO JASON CELESTIN of Lincoln Blvd.P.O Box N357, 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 27th day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that ANNASTACIA OSTRAL of Treasure Cay, Abaco, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE Anwar Rolando Morley the father of Antwone Raymond Morley who is also the minor son of Desiree Russell, (deceased) of Lowe Sound Andros is asked to contact, Ms.Rebecca Delrea Moss, the Grand Mother of the Minor child at tel# 242-823-6570

manner, and secure. The Bill expressly stipulates the type of information that will be collected and retained.

Specifically, this includes the amount and nature of loans granted; the collateral used to secure the loan; whether there was a guarantee; the borrower’s income; and history of financial transactions, including adverse court judgments.

Credit information can only be requested and given in limited circumstances, referred to in the Bill as “permissible purposes”.

These circumstances are: To consider an application for credit or an offer by a person to act as a guarantor; for use in relation to the purchase of collection of a debt of the borrower; underwriting of insurance of the borrower; entry into or renewal of a landlord/ tenant agreement; and, in

some instances for use in a pre-employment checks.

Another safeguard in the Bill is the ability to discover who has made requests for your credit information. The Bill states that individuals are entitled to a free annual report disclosing the type of credit information provided; the name of individuals or institutions that requested the information; and what information was given.

This safeguard gives individuals an opportunity to review the information and advise the Credit Bureau if the same was inaccurate or false. The Bill also makes provision for individuals to make complaints, and to report that information is inaccurate, false and needs to be corrected with the establishment of a Review Commission.

With credit reporting now everyone’s business, we

must be aware of several things. First, you can be denied credit on the basis of your credit report. Second, both positive and negative information will be included in the report and, finally, that interest rates will be impacted, positively or negatively, by one’s credit history.

Though the legislation has been passed in the lower house, the reality is that it will take a few years for the Credit Bureau to function the way it is intended. As a result, individuals can take positive steps to put themselves in the best possible position to enjoy continued access to credit, and to make sure they have available to them the best and lowest interest rates possible. The only way to do so is by being financially responsible. There are a number of financial institutions that

BY KHRYSTLE RUTHERFORD-

FERGUSON offer free financial planning. You must learn how to budget and put repaying financial obligations first. The Bill heralds the dawn of a new day in assessing one’s creditworthiness, giving some the chance to clean up their credit by practicing good financial habits now, and the opportunity to go into their financial institution and address any loans or other obligations that are not being paid.

NB: Khrystle Rutherford-Ferguson is the vice-chairman of the Bahamas Chamber of Commerce and Employers Confederation (BCCEC), chair of the Chamber’s policy and regulation division, and treasurer of the Bahamas Bar Association

PAGE 4, Tuesday, March 27, 2018

THE TRIBUNE

Taxi union chief hails app team-up as ‘perfect mix’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamas Taxicab Union’s president yesterday said branded its partnership with a transportation-based mobile app as the “perfect mix”, suggesting it will help modernise the industry.

Philip Watkins, speaking at a press conference to announce the union’s partnership with Bahamas Ride, said: “This is

a perfect mix. It will cut down on the down time with the drivers, and the system will ensure a quicker response. In addition we hope that the dead spots will be eliminated.”

He told Tribune Business: “We operated a 24-hour operator system for more than 50 years, and that system was discontinued in 2015. What happened was the money from the drivers, which was $20 a week, is what was paying the operation. We needed

three operators for 24-hour services and we also needed a relief operator.

“Due to the fact that drivers were using cell phones and other devices, there was insufficient funds to pay for the service. The union had to end up covering most of the cost and we had to ultimately close that down. With Bahamas Ride you can see right from your app where the driver is located.”

Gavin Christie, Bahamas Ride’s president, said the ondemand taxi service, which will launch on April 12, will ensure less driver down time, vetted drivers, and a driver rating system while allowing for all forms of payment. He added that the service was targeting locals as well as visitors.

The service is expected to roll-out on New Providence first, before heading to Grand Bahama, Eleuthera, Abaco,

Unions seek PM intervention over Morton Salt ruling FROM PAGE 1

its alleged implications, but he had not had time to read it. “I had a meeting with Obie Ferguson along with my senior officers,” he said. “The matter also came up recently at the Tripartite Council general meeting last week. I have not yet read the ruling and I have not had an opportunity to advise Cabinet on it as yet.

“The matter will be referred to the Attorney General’s Office to have the considered opinion of the Attorney General, at which time the Government will make a decision on it. I have not had the opportunity to speak to Cabinet yet, so I do not want to commit the Government to anything.”

The unions yesterday argued that the Court of Appeal decision

could not be ignored, and would not be accepted, by the trade union movement.

“We are prepared to do whatever it takes to protect the Industrial Relations Act and all similar Acts created for the protection of workers who are the backbone of this great country,” said Mr Evans.

In a letter dated March 23, the unions requested an urgent meeting with the Prime Minister to address the matter. “The ruling renders all industrial agreements in the Bahamas, public and private, void and of no effect,” Mr Ferguson said.

“It was always the prevailing view that once an industrial agreement was registered pursuant to Section 2 and Section 46 and 51 of the Industrial Relations Act, it is binding in law on the employer, the union and the worker.

“The fundamental change as a result of the

ruling necessitates an intervention by government forthwith because every day that passes, the workers are troubled over their rights and benefits they have accrued and accepted over these many years. This ruling takes us back to pre1825 where workers were not allowed to combine.”

Mr Ferguson added: “We don’t know what the Government’s position will be, but in order to protect the workers and the unions in this country we had to file for leave [to appeal] and take this issue to the Privy Council.”

Mr Evans said: “The ruling has a crippling effect on unions. This state of affairs is disconcerting to say the least, and if allowed to persist for any length of time could lead to strong resistance from the working class and their leaders.”

Acting appeal justice, Sir Michael Barnett, found that the Industrial Tribunal was

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“obliged” to apply common law principles relating to contracts when analysing industrial agreements, which the unions argue paves the way for employers to “unilaterally” change the terms and conditions of worker contracts without fear of sanction.

“An industrial agreement is a contract. It is an employment contract,” Sir Michael wrote. “The Tribunal is entitled, nay obliged, to construe it in accordance with common law principles of contract law. The fact that it is given force by statute does not affect the way that the Tribunal must construe it. It is still an agreement. It is still a contract.”

That finding has created alarm throughout the union movement. The unions contend that common law principles cannot apply to industrial agreements as they are creatures of statute law.

Exuma and, ultimately, any island that needs it. Mr Christie said Bahamas Ride was designed to complement, not compete, with the taxi industry.

Mobile operator, Aliv, is Bahamas Ride’s telecommunications partner. ALIV will create special packages for taxi drivers, which will include a smartphone with battery charger and dashboard holder, in-car Wi-Fi solution and unlimited access to the Bahamas Ride App.

IMF SLIGHTLY PREMATURE ON ‘TURNED THE CORNER’ VERDICT FROM PAGE 1 and do not find ourselves challenged with political interference. That’s proven very successful.” Mr Myers, meanwhile, urged the Government to embed fiscal responsibility in law given that successive past administrations have failed to live up to promises of prudence with the public finances.

“Talk is cheap. We want action,” he told Tribune Business. “Part of that action is to implement that in law, so the country corrects itself and opportunities present themselves to all citizens, not just those politically connected.”

The IMF also urged the Government to establish a “savings fund” - containing cash equivalent to be between 2-4 per cent of GDP - to deal with emergencies in the aftermath of a major hurricane strike.

It called for the Government to build-up such a disaster fund by setting aside funds equal to 0.5 per cent of GDP, or around $53.5 million, per annum whenever the Bahamas escaped being hit by storms or other natural catastrophes.

Mr Myers said such a funded needed to financed from government savings, rather than new or increased taxes, that further increased living and business costs in the Bahamas.

“We’ve got to gain that 2-4 per cent from eliminating the inefficiency and gaining efficiency,” he told Tribune Business. “You can’t raise VAT by 1 per cent to cover that as it will increase our costs and harm our competitiveness.

“That’s the major fault for us. Everyone coming to the Bahamas says we’re too expensive. That’s the second homeowner, the tourist. They say it’s a lovely place, but too expensive.”

THE TRIBUNE

Tuesday, March 27, 2018, PAGE 5

IDB: Bahamas ‘4x costlier’ over company registration FROM PAGE 1 The IDB report added that a nation’s competitiveness “depends greatly on its ability to limit the burden of dealing with public administration”, as excessive ‘red tape’ and bureaucracy undermine productivity and private sector innovation as well as increasing costs.

“The country’s limited competitiveness has held up efforts to promote economic growth by attracting foreign investment and facilitating local entrepreneurship,” it added.

“The Bahamas occupied the position 119 out of 190 countries in the 2018 Doing Business report due to the difficulties to conduct business activities in the country. Key procedures to do business such as registering a company or a property require numerous steps and long waiting periods, which increase the costs for local entrepreneurs and potential foreign investors alike.”

Putting this into perspective, the IDB added: “Seven procedures are required to set up a company in the Bahamas according to the Doing Business report. The average in the Organisation for Economic Co-operation and Development (OECD) is 4.9 procedures, and in New Zealand just one procedure is required.

“While registering a company costs 3.1 per cent of the income per capita in OECD countries, in the Bahamas this cost reaches 13.8 per cent. Measured in terms of men days, it takes 21.5 days in the Bahamas and 8.5 days in OECD countries.”

Pointing to the direct relationship between transparency and economic competitiveness, the IDB said excessive red tape and bureaucracy “not only negatively affect competitiveness but also increase the opportunities for corruption”.

“Low levels of transparency diminish the trust in government and the democratic governance, while countries with active access to information and open data policies have seen their competitiveness fostered,” the IDB said, in a statement that seems tailormade for the Bahamas.

“ One of the key instruments to decrease corruption and promote integrity is the implementation of effective oversight and control mechanisms..... The main problem identified by this programme in the Bahamas is the limited competitiveness of its economy.

“Several determinants constrain the competitiveness of the Bahamas, among them a weak infrastructure network; structural problems within the labour market; high energy costs; inadequate air and maritime connectivity; water and sanitation matters; poor access to credit and high financing costs; rising crime; vulnerability to negative climate change impacts and natural disasters; low fiscal space and increasing debt; as well as the inefficiency of government bureaucracy and low levels of transparency.”

The IDB project is targeted at improving an “inefficient government bureaucracy”, with a focus on public administration that tackles both internal processes as well as the interaction with businesses and citizens.

The move to a digital platform and e-government, long touted by successive administrations, has seemingly made little progress, with the IDB study pointing to “complex processes” that depend heavily on paper.

“The operational culture across government agencies follows the ‘silo” model where information is not shared,” the report said.

“The silo culture where information is not shared is clearly illustrated by... the Department of Inland Revenue requesting documents issued by different branches of government.

“Government human resources are inadequately trained to operate in a citizen-centred public sector and feel demoralised due to their lack of involvement in the decision-making processes.

“The Ministry of Public Service, responsible for the management of the government’s human resources, has an annual budget for training of $150,000 for close to 20,000 employees, which allows it to provide training to about 200 employees per year (1 per

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cent of the number of employees).”

The IDB report said the general state of government data, which it described as “incomplete, outdated and not integrated”, limited its usefulness in supporting management and policy decisions.

“Out of 18 ministries, just four have some type of interoperability that allows them to exchange information digitally,” the IDB said, before illustrating how far the Government is from having the necessary digital infrastructure and capability for e-government.

“Although a Cabinet memorandum on e-Government was approved in July 2011, its implementation has been very limited,” the report said. “There is no government branch with the legal mandate to design and implement an e-government plan, and no e-government plan to guide the country’s efforts in this area.

“The only instance created to coordinate ICT efforts across government, the Government ICT Committee (GIC), has never met. The Department of Information Technology (DIT) of the Ministry of Finance, which provides IT services across government and runs one of the Government data centres, has only 18 people. Several of them don’t have sufficient knowledge for the issues they need to handle.

“The department has lots of projects on the waiting list for lack of resources.

The Department of IT in the Registrar General’s Department has one professional full-time and one part-time. This office is responsible for the business and property registries, among other tasks.

“According to the National Development Plan Vision 2040, out of 17,353 employees in the public service just 73 are

classified as information technology professionals.

For these 73, the average years of service is 20.”

The IDB referred to other studies that found the Bahamas “doesn’t reach a third of the level of maturity” on cybersecurity, and added: “Among other things, the report mentions the lack of a cybersecurity strategy, the inexistence of a Computer Emergency Response Team (CERT) and the lack of cyber-forensics in the Royal Bahamas Police Force.

“Out of 400 government procedures managed by the Government, only 11 can be completed online.”

Noting the “limited transparency and accountability” in government, the IDB report added: “The Bahamas performs relatively low among countries assessed under the Open Data Index, being ranked 74th out of 94 included in the survey, and transparency of construction permits and procurement processes is assessed as particularly low.

“The country enacted a new Freedom of Information Act (FOIA) in early 2017, but its roll-out has not yet been completed, and capacity of institutions responsible for overseeing government financial activities and fighting corruption is weakened by limited human resources with adequate training and low access to modern technologies to support its functioning.

“The Office of the Auditor General doesn’t have a tool to see integrated all information related to an inspection process, and its reports are produced on paper.

“The Anti-Corruption Office operates under the Royal Bahamas Police Force, which affects its independence, and is constrained by limited qualified human resources.”

PAGE 6, Tuesday, March 27, 2018

THE TRIBUNE

Galleria blasts ‘shocking’ verdict on copyright law FROM PAGE 1 rights when their works are used in film sound recordings. The outcome of the case, which was brought by the UK-based Performing Right Society (PRS), thus has critical implications for singers, musicians and songwriters - both Bahamian and foreign over the use of their works in the Bahamas and the compensation/royalties they will receive.

Mr Moss yesterday suggested the verdict, and likely Privy Council hearing, would have ramifications beyond music by potentially impacting other forms of copyright and their owners, thus impacting the Bahamas’ efforts to develop the artistic and cultural economy.

Trade-Related Intellectual Property Rights, or TRIPS, are also a key component in rulesbased trading regimes, and will assume critical importance as the Bahamas moves to become a full World Trade Organisation (WTO) member by end-2019.

The Government has recently sought feedback on numerous intellectual property rights upgrades,

and their accompanying regulations, and Mr Moss acknowledged that the Copyright Act and its interpretation were critical to the conduct of commerce in the Bahamas.

“Certainly copyright is very important, and we have to get this right for business purposes,” he told Tribune Business. “Our intention is to appeal this matter to the highest court, which is the Privy Council.

“We deal with very complex commercial matters including copyright laws, and as we move into developing artistic areas of our country, intellectual property and copyright law has to be properly understood so that we not only protect our country but international artists that choose our jurisdiction. “We have to have a modern approach to copyright law, and that is the Berne Convention, the US Copyright Act/Title 17 and the Copyright Act 1998. The Court of Appeal has completely eviscerated that approach if that ruling is allowed to stand.

We intend to file [for leave to appeal] within the next week approximately.”

Copyright is intended to protect inventors and creators by preventing their

works, in any form, from being copied or used without permission. Strong laws and regulations in this area are critical to developing not only the cultural/artistic economy but also if the Bahamas is to attract innovative industries based on research and development, such as the technology sector.

“There’s no doubt this is crucial,” Mr Moss added.

“Not just to music, but all copyrights; artistic works, technical works - every component of thought.

The question is how those thoughts translate.

“This [case] will be a starting point to flesh out what the provisions of the Act really mean 20 years later.” Mr Moss said the PRS action against Galleria had begun in 2001, and added that the Court of Appeal’s ruling did not expose New Providence’s sole cinema operator (at least until the IMAX complex on Gladstone Road becomes operational) to a major copyright claim.

Acting Justice Evans, in his written ruling, said the matter originated in PRS’s claim that Galleria was breaching the musical copyright of its Bahamian and international members,

Employment Opportunity: Program Associate (Project Manager) The Organization: Templeton World Charity Foundation, Inc. (“TWCF”) is a global nonprofit foundation created by Sir John Templeton in 1996 to provide support for scientific breakthroughs and practical tools relating to the search for meaning, purpose, and truth. Through sharing these spiritual discoveries, we seek to impact individual lives across the world. The current grant portfolio of the Foundation comprises over 150 projects in more than 30 countries. The Foundation’s offices are located in Nassau, The Bahamas.

Purpose and Scope: The Program Associate will support the wider program team in many day-to-day operational activities of the Foundation, and will play a critical role in a vibrant office culture. The Program Associate should be comfortable with managing multiple simultaneous projects, motivating others, and working creatively to overcome obstacles. Efficiency, attention to detail, flexibility, and good judgment will be critical in this role.

Position Summary & Responsibilities ● Serve as a project manager or coordinator for multiple initiatives, including prioritizing tasks, tracking progress against deadlines, and ensuring clear communication between multiple stakeholders. ● Assist in scheduling and planning for events, including taking detailed notes and drafting meeting summaries. ● Work on special projects that may include conducting background research, analysis of data, and drafting of reports in both written prose and slide presentation formats. ● Track, monitor, and prioritize ongoing projects. ● Assist with all aspects of proposal development and grant management. ● Support all general office administrative duties as needed, including official correspondence, monitoring payout budgets, record keeping, expense reports, meeting preparation and logistics Required Qualifications and Skills ● Bachelor’s degree from a highly ranked and globally recognized university or college is required. Masters degree preferred. ● Excellent organizational, analytical, and problem-solving skills. ● Excellent interpersonal skills and comfort in working in a small, interdisciplinary team. ● Skilled verbal and written communicator able to work with professionals within the organization and communicate with external parties. ● Demonstrated competence in word processing and presentation software, with ability and willingness to work on a range of different software.

Required Experience ● Prior experience as a project manager or equivalent, preferably in an operational or administrative role for a complex and fast-paced organization. ● Experience in setting priorities and meeting deadlines, balancing the needs of multiple individuals. ● Professional experience in a foundation or research setting preferred but not essential. ● International experience is highly desired. ● Communications experience including web design and social media is highly desired. ● IT project planning and execution is highly desired, including use of Google Docs, Adobe, and Microsoft Powerpoint.

Personal Qualities ● Evidence of interest in aspects of the specific philanthropic aims of the Foundation and Sir John Templeton required. ● Strong attention to detail. ● Maturity and discretion. ● A humble spirit and a desire to benefit others. ● Demonstrated positive, flexible and collaborative approach to work. ● Willing to travel on occasion.

Competitive salary & benefits package are commensurate with experience.

Bahamian citizens or work-permit holders only.

Qualified candidates only should submit CV and a cover letter via email to: Manager, Human Resources at hr@templetonworldcharity.org on or before April 10, 2018.

who include song writers, composers and music publishers.

“The specific allegation of infringement is that the respondent [Galleria] has repeatedly ‘authorized’ or “‘permitted’ public performances at its Cineplex of ‘films containing musical works in the plaintiff’s repertoire’ without the licence of the appellant [PRS],” Justice Evans found.

“In the alternative, the appellant alleges that the respondent has infringed the appellant’s said alleged copyrights by ‘authorising and/or permitting’ its said premises to be used for the ‘performance’ of ‘films containing musical works in the plaintiff’s repertoire’ without the licence or consent of the appellant.”

Galleria, though, argued that the PRS’s case was “wrong in law” because, based on the Copyright Act’s definition of ‘musical works’, such protection was limited to written music intended to be “sung, spoken or performed”.

The cinema operator argued that the copyright/ ownership rights to musical works were extinguished when they were incorporated into movie soundtracks, with the copyright becoming solely vested in the latter.

Justice Ian Winder, at the Supreme Court level, agreed with this interpretation of the Copyright Act’s section 9 (1) (d), finding that the soundtrack was “separate and distinct from a musical work” and that “any overlap” of copyright ownership would create confusion.

Mr Moss and Galleria argued that the Copyright Act’s section 74 reinforced this position, as the owner of ‘musical works’ did not retain their copyright when this was incorporated into a sound recording.

But Ferron Bethell, of Harry B Sands & Lobosky, argued on the PRS’s behalf that ‘musical works’ maintain a separate identity from sound recordings or film tracks, meaning that there were in effect two copyright owners.

Acting Appeal Justice Evans noted Mr Moss’s argument that the Copyright Act’s definition was different from US law, and added: “The resolution of this appeal, then, lay in the determination as to whether on a proper interpretation of the Act, the exclusive right of public performance associated with a musical work is extinguished when that musical work is embodied in a sound recording and that sound recording is subsequently embedded in a motion picture.

“I am satisfied that Section 6(1) (b) provides for a copyright to be obtained in musical works, and by virtue of section 9 ((1) (d) the author of that musical work has the exclusive right to authorise the performance of that work publicly.

“On my reading of the Act I can find nothing which substantiates the position that a holder of that copyright loses his right to the same once that musical work is incorporated into a musical recording.

In my view, the author of the musical work and the

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author of the sound recording which comprises the musical recording can each at the same time hold copyrights to their creations.”

The Court of Appeal found that Mr Moss and Galleria were “technically correct” in arguing that musical work copyright was limited to the song “intended to be performed”, and not the performance itself.

But Acting Appeal Justice Evans said this “overlooks the salient purpose and effect of a copyright. The intent of the copyright is to confer moral and economic rights on different categories of creators, and to ensure that no unauthorised use of the works take place,” he added.

“The appellant in this case is not alleging that it has a copyright in the performance - ie, the sound recording nor the Motion picture. They recognise that there are three separate and distinct copyrights.

Firstly, the copyright to the musical work; secondly, the copyright to the sound recording; and finally, the copyright to the motion picture.

“They submit, however, that notwithstanding any arrangements between the owner of the sound recording and the producers of the motion picture, the production of the motion picture remains subject to the authorisation of the authors of the musical work.” On this basis, the Court of Appeal overturned the Supreme Court verdict.

Mr Moss argued the ruling deviated from the Berne Convention, the international treaty designed to protect literary and artistic works, and which the Bahamas’ Copyright Act 1998 is intended to parallel and be aligned with.

POSITION VACANCY Director of Information Technology AML Foods Limited is searching for a qualified individual to be fill the role of Director of Information Technology.

The Director of Information Technology is responsible to provide vision and leadership in selecting, analyzing and implementing information technology that align with the mission and business objectives of the Company.

The Director of Information Technology will be required to: • Design and implement new organizational Information Technology Best Practices systems, using SoA software applications • Research, recommend and develop new systems, software products and services to support the Company’s near term and long term plans, goals and objectives, Identify and analyze emerging information technologies that can be integrated within the organization • Direct and mange IT plans, schedules, KPIs, policies and programs for the organization’s data processing, network communications, business operations, computer services and management information systems, according to established and approved corporate goals and objectives • Drive the implementation of technology best practices throughout the organization, with governance, measurement and controls to ensure objectives are achieved • Manage technology risk management, resource allocation and project prioritization • Provide information management services for the company to maximize the effectiveness of data collection, processing and reporting • Responsible for company’s Information Technology disaster recovery plan and security • Negotiate with vendors on behalf of the company to ensure cost-effective purchasing decisions Desired Qualifications: • A Bachelor’s Degree in Information Technology, Computer Science, or equivalent IT Certification and 10+ years of progressively responsible experience for a major company or division of a large corporation.

• Experience in partnering with an executive team, and have a high level of written and oral communication skills.

• Ability to establish organizational support around the technology plan and path for the company, as needed for system upgrades and changes.

• A self-starter willing to take initiative, be proactive and aggressively drive toward goals and objectives.

A competitive salary and benefits package will be offered to the successful candidate. If you are a strong leader/manager capable of multi tasking and are interested in being part of a dynamic, growing, retail operation please email your resume to hr@amlfoods.com.

THE TRIBUNE

Tuesday, March 27, 2018, PAGE 7

US urges ‘full safeguards’ on gaming sector FROM PAGE 1 are trafficking in narcotics and weapons and human smuggling,” the US State Department said. “Despite increasingly stringent reporting requirements, drug traffickers and other criminal organisations take advantage of the cash-based economy to launder money.

“Money is laundered through the purchase of property, businesses created for money laundering purposes, and gaming...... The Bahamas has three large casinos, including the Caribbean’s largest casino (the $3.5 billion Chinese ExportImport Bank-funded Baha Mar mega resort) which partially opened in April 2017. Gaming operations based on US lottery results, locally known as ‘web shops’, flourish.”

No evidence was supplied to support the US government’s assertion about the gaming industry’s abuse by money launderers, and the report acknowledged the strict regulatory requirements imposed on both hotel casinos and web shops to counter such crimes.

“Casinos and web shops are licensed by the Gaming Board, and are required to maintain strict internal controls and accounting, comply with AML/CFT (anti-money laundering/ counter terror financing) requirements, and submit STRs (suspicious transactions reports),” the US government report said.

“Geo-fencing protections built into gaming software ensure online

gaming activities are inaccessible outside the country.

The Gaming Board vets all online gaming platforms (software) and retains the ability to log into the programs remotely to observe operations in real time.”

Dionisio D’Aguilar, the Cabinet minister responsible for gaming, generated significant controversy and web shop ‘push back’ last year when he suggested the industry was vulnerable to money laundering, and could damage the Bahamas’ reputation, by allowing its accounts to be used for money transfer purposes.

He argued that the industry was not verifying the source of customers’ funds, but the web shops hit back by arguing they had implemented stricter anti-money laundering (AML) regulations and standards than ‘mainstream’ financial services providers. Island Luck, recognised as the market leader, moved to close down accounts not being used for gaming purposes.

The US government, meanwhile, in an echo of the Caribbean Financial Action Task Force (CFATF) report that found numerous deficiencies in the Bahamas’ financial crime defences, urged this nation to focus on enforcing the laws and regulations.

“The Bahamas has the requisite AML institutional and legal framework but needs to emphasise enforcement,” the US government said. “The Government should continue to provide resources and training to its law enforcement, judicial and prosecutorial bodies to increase their effectiveness.

“The Bahamas should ensure full implementation of appropriate safeguards on the gaming industry. The Financial Intelligence Unit (FIU), in co-operation with the Royal Bahamas Police Force, should continue its outreach to the banking and non-banking sectors.

“The FIU reported one prosecution and conviction for fraud and money laundering in 2017, and there were two money laundering cases under investigation.

The newly-elected government appears to be prioritising anti-corruption and transparency across its agenda. These efforts should lead to greater transparency in government and financial dealings.”

The US called for the Bahamas to release information on the number of STRs, prosecutions and convictions “to better gauge the effectiveness of the Government’s AML programmes, and demanded that this nation “criminalise bulk cash smuggling”.

“The Bahamas does not maintain official records of company beneficial ownership, or require resident paying agents to tell the domestic tax authorities about payments to nonresidents,” the US State Department said.

“It should collect complete, quality and up-to-date information on the beneficial owners of all entities licensed or formed in the country or its offshore centre in line with international standards.... The National Anti-Money Laundering Task Force should seek to promote an AML culture in the Bahamas.”

PAGE 8, Tuesday, March 27, 2018

THE TRIBUNE

NOTICE Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that Batterie Limited is in dissolution and the date of commencement of the dissolution is 23 March, 2018.

Lorna Kemp and Magdaline Carey LIQUIDATORS c/o Clairmont Trust Company Limited Pineapple Grove #5 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas

NOTICE Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that Mills Jar Limited is in dissolution and the date of commencement of the dissolution is 23 March, 2018.

Lorna Kemp and Magdaline Carey LIQUIDATORS c/o Clairmont Trust Company Limited Pineapple Grove #5 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas ANACONDA LIMITED In Voluntary Liquidation

MARKET REPORT MONDAY, 26 FEBRUARY 2018

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

BISX ALL SHARE INDEX: CLOSE 2,050.92 | CHG 0.02 | %CHG 0.00 | YTD -12.65 | YTD% -0.61 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.76 1.64 0.18 4.60 8.70 6.30 5.30 11.87 2.59 1.56 9.70 6.10 10.55 10.90 4.50 12.51 11.00

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

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Premier Real Estate 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 100.00 100.00

52WK LOW 100.00 100.00

SYMBOL LAST CLOSE AML 3.90 APD 17.43 BPF 9.09 BWL 3.34 BOB 1.00 BBL 0.18 CAB 3.60 CIB 8.70 CHL 6.10 CBL 4.74 CBB 9.87 CWCB 2.59 DHS 1.50 EMAB 8.09 FAM 6.10 FBB 10.10 FIN 6.30 FCL 4.47 JSJ 12.51 PRE 10.00 CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

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

SYMBOL FBB18 FBB22

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

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

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

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

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

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

CLOSE 3.90 17.43 9.09 3.34 1.00 0.18 3.60 8.70 6.10 4.74 9.87 2.62 1.50 8.08 6.10 10.10 6.30 4.47 12.51 10.00

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

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

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

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

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

109.49 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

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

VOLUME

400,100

1,125

VOLUME

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

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

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

P/E 8.2 18.7 N/M 6.2 N/M N/M -2.5 13.6 10.5 27.7 15.6 25.7 4.5 12.1 5.4 13.9 13.0 15.0 23.0 0.0

YIELD 2.05% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.68% 3.61% 2.53% 6.99% 2.29% 3.33% 1.75% 4.92% 4.95% 2.38% 2.68% 4.56% 0.00%

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

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

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

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

INTEREST 6.00% Prime + 1.75%

MATURITY 31-May-2018 19-Oct-2022

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

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

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

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

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

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

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act 2000 (No. 45 of 2000) Anaconda Limited is in voluntary liquidation.

The date of the voluntary dissolution was 27th September, 2017; Articles of Dissolution were filed on the 16th March, 2018.

The Liquidator of the Company is Alan E. H. Bates of P. 0. Box N-63, Nassau. Bahamas.

Alan E. H. Bates Liquidator

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